Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 30, 2016 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ava | |
Entity Registrant Name | AVISTA CORP | |
Entity Central Index Key | 104,918 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 63,210,140 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.3425 | $ 0.33 |
Operating Revenues: | ||
Utility revenues | $ 412,793 | $ 436,407 |
Other non-utility revenues | 5,380 | 10,083 |
Total operating revenues | 418,173 | 446,490 |
Utility operating expenses: | ||
Resource costs | 161,719 | 209,560 |
Other operating expenses | 75,779 | 73,172 |
Depreciation and amortization | 39,192 | 34,300 |
Taxes other than income taxes | 29,385 | 29,898 |
Other non-utility operating expenses: | ||
Other operating expenses | 5,825 | 9,816 |
Depreciation and amortization | 188 | 169 |
Total operating expenses | 312,088 | 356,915 |
Income from operations | 106,085 | 89,575 |
Interest expense | 21,273 | 19,902 |
Interest expense to affiliated trusts | 138 | 112 |
Public Utilities, Allowance for Funds Used During Construction, Additions | (914) | (917) |
Other income-net | (2,422) | (2,231) |
Income before income taxes | 88,010 | 72,709 |
Income taxes | 31,942 | 26,247 |
Net income | 56,068 | 46,462 |
Net income attributable to noncontrolling interests | (16) | (13) |
Income (Loss) from Continuing Operations Attributable to Parent | 56,052 | 46,449 |
Net income attributable to Avista Corporation shareholders | $ 56,052 | $ 46,449 |
Weighted-average common shares outstanding (thousands), basic | 62,605 | 62,318 |
Weighted-average common shares outstanding (thousands), diluted | 62,907 | 62,889 |
Earnings per common share attributable to Avista Corporation shareholders: | ||
Basic | $ 0.90 | $ 0.75 |
Diluted (usd per share) | $ 0.89 | $ 0.74 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net income | $ 56,068 | $ 46,462 |
Other Comprehensive Income (Loss): | ||
Change in unfunded benefit obligation for pension and other postretirement benefit plans - net of taxes | (1,229) | 246 |
Total other comprehensive loss | (1,229) | 246 |
Comprehensive income | 54,839 | 46,708 |
Comprehensive income attributable to noncontrolling interests | (16) | (13) |
Comprehensive income attributable to Avista Corporation shareholders | $ 54,823 | $ 46,695 |
Consolidated Statements Of Com4
Consolidated Statements Of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Change in unfunded benefit obligation for pension and other postretirement benefit plans - taxes | $ (663) | $ 132 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 12,767 | $ 10,484 |
Accounts and notes receivable-less allowances of $5,251 and $4,530, respectively | 149,537 | 169,413 |
Utility energy commodity derivative assets | 127 | 683 |
Regulatory asset for utility derivatives | 22,830 | 17,260 |
Materials and supplies, fuel stock and stored natural gas | 43,885 | 54,148 |
Income taxes receivable | 12,911 | 24,121 |
Other current assets | 37,167 | 29,937 |
Total current assets | 279,224 | 306,046 |
Net Utility Property: | ||
Utility plant in service | 5,218,583 | 5,129,192 |
Construction work in progress | 174,877 | 202,683 |
Total | 5,393,460 | 5,331,875 |
Less: Accumulated depreciation and amortization | 1,465,883 | 1,433,286 |
Total net utility property | 3,927,577 | 3,898,589 |
Other Non-current Assets: | ||
Investment in exchange power-net | 8,371 | 8,983 |
Investment in affiliated trusts | 11,547 | 11,547 |
Goodwill | 57,672 | 57,672 |
Long-term energy contract receivable of Spokane Energy | 11,136 | 14,694 |
Other property and investments-net | 54,065 | 50,750 |
Total other non-current assets | 142,791 | 143,646 |
Deferred Charges: | ||
Regulatory assets for deferred income tax | 100,708 | 101,240 |
Regulatory assets for pensions and other postretirement benefits | 229,877 | 235,009 |
Other regulatory assets | 99,142 | 99,798 |
Regulatory Asset For Interest Rate Swap Agreements Noncurrent | 144,966 | 83,973 |
Non-current regulatory asset for utility derivatives | 25,834 | 32,420 |
Other deferred charges | 5,894 | 5,928 |
Total deferred charges | 606,421 | 558,368 |
Total assets | 4,956,013 | 4,906,649 |
Current Liabilities: | ||
Accounts payable | 59,140 | 114,349 |
Current portion of long-term debt | 93,197 | 93,167 |
Short-term borrowings | 90,000 | 105,000 |
Utility energy commodity derivative liabilities | 10,695 | 14,268 |
Other current liabilities | 178,809 | 147,896 |
Total current liabilities | 431,841 | 474,680 |
Long-term debt | 1,479,791 | 1,480,111 |
Long-term debt to affiliated trusts | 51,547 | 51,547 |
Regulatory liability for utility plant retirement costs | 264,951 | 261,594 |
Pensions and other postretirement benefits | 202,013 | 201,453 |
Deferred income taxes | 762,522 | 747,477 |
Other non-current liabilities and deferred credits | 174,080 | 161,500 |
Total liabilities | $ 3,366,745 | $ 3,378,362 |
Commitments and Contingencies (See Notes to Consolidated Financial Statements) | ||
Avista Corporation Stockholders’ Equity: | ||
Common stock, no par value; 200,000,000 shares authorized; 63,208,059 and 62,312,651 shares issued and outstanding as of March 31, 2016 and December 31, 2015, respectively | $ 1,032,023 | $ 1,004,336 |
Accumulated other comprehensive loss | (7,879) | (6,650) |
Retained earnings | 565,447 | 530,940 |
Total Avista Corporation stockholders’ equity | 1,589,591 | 1,528,626 |
Noncontrolling Interests | (323) | (339) |
Total equity | 1,589,268 | 1,528,287 |
Total liabilities and equity | $ 4,956,013 | $ 4,906,649 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Accounts and notes receivable, allowances | $ 5,121 | $ 4,530 |
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares outstanding | 63,208,059 | 62,312,651 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating Activities: | ||
Net income | $ 56,068 | $ 46,462 |
Non-cash items included in net income: | ||
Depreciation and amortization | 40,291 | 35,379 |
Provision for deferred income taxes | 34,030 | (82) |
Power and natural gas cost amortizations (deferrals), net | 5,379 | 8,196 |
Amortization of debt expense | 876 | 895 |
Amortization of investment in exchange power | 613 | 613 |
Stock-based compensation expense | 2,313 | 1,707 |
Equity-related AFUDC | (2,261) | (2,215) |
Pension and other postretirement benefit expense | 9,475 | 9,217 |
Amortization of Spokane Energy contract | 3,558 | 3,271 |
Other | (12,747) | (3,077) |
Contributions to defined benefit pension plan | (4,000) | (4,000) |
Changes in working capital components: | ||
Accounts and notes receivable | 18,364 | 2,664 |
Materials and supplies, fuel stock and natural gas stored | 10,263 | 22,571 |
Increase (Decrease) in Deposit Assets | (42,871) | (18,516) |
Increase (Decrease) in Income Taxes Receivable | 11,210 | 43,331 |
Other current assets | (10,978) | 471 |
Accounts payable | (30,804) | (30,545) |
Increase (Decrease) in Income Taxes Payable | 1,067 | 20,162 |
Other current liabilities | 15,701 | 10,274 |
Net cash provided by operating activities | 105,547 | 146,778 |
Investing Activities: | ||
Utility property capital expenditures (excluding equity-related AFUDC) | (88,878) | (81,597) |
Other capital expenditures | (119) | (412) |
Other | (2,657) | 1,834 |
Net cash used in investing activities | (91,654) | (80,175) |
Financing Activities: | ||
Net decrease in short-term borrowings | (15,000) | (40,000) |
Redemption and maturity of long-term debt | (792) | (639) |
Maturity of nonrecourse long-term debt of Spokane Energy | 0 | (1,431) |
Issuance of common stock | 27,150 | 371 |
Payments for Repurchase of Common Stock | 0 | (2,920) |
Cash dividends paid | (21,545) | (20,717) |
Other | (1,423) | (1,329) |
Net cash used in financing activities | (11,610) | (66,665) |
Net increase (decrease) in cash and cash equivalents | 2,283 | (62) |
Cash and cash equivalents at beginning of period | 10,484 | 22,143 |
Cash and cash equivalents at end of period | $ 12,767 | $ 22,081 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity And Redeemable Noncontrolling Interests - USD ($) $ in Thousands | Total | Common Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Noncontrolling Interests [Member] |
Excess Tax Benefit from Share-based Compensation, Financing Activities | $ 42 | ||||
Noncontrolling Interest in Net Income (Loss) Other Noncontrolling Interests, Nonredeemable | $ 13 | ||||
Beginning Balance (in shares) at Dec. 31, 2014 | 62,243,374 | ||||
Issuance of common stock | 117,159 | ||||
Beginning Balance at Dec. 31, 2014 | $ 999,960 | $ (7,888) | $ 491,599 | (429) | |
Equity compensation expense | 1,513 | ||||
Issuance of common stock, net of issuance costs | 371 | ||||
Adjustments Related to Tax Withholding for Share-based Compensation | (1,480) | ||||
Stock Repurchased During Period, Value | (1,431) | (1,489) | |||
Other comprehensive loss | $ 246 | 246 | |||
Net income attributable to Avista Corporation shareholders | 46,449 | 46,449 | |||
Cash dividends paid (common stock) | (20,717) | ||||
Ending Balance at Mar. 31, 2015 | 1,507,175 | $ 998,975 | (7,642) | 515,842 | (416) |
Ending Balance (in shares) at Mar. 31, 2015 | 62,271,133 | ||||
Stock Repurchased During Period, Shares | (89,400) | ||||
Total equity | 1,506,759 | ||||
Total equity | $ 1,528,287 | ||||
Excess Tax Benefit from Share-based Compensation, Financing Activities | $ 1,597 | ||||
Noncontrolling Interest in Net Income (Loss) Other Noncontrolling Interests, Nonredeemable | 16 | ||||
Beginning Balance (in shares) at Dec. 31, 2015 | 62,312,651 | 62,312,651 | |||
Issuance of common stock | 895,408 | ||||
Beginning Balance at Dec. 31, 2015 | $ 1,528,626 | $ 1,004,336 | (6,650) | 530,940 | (339) |
Equity compensation expense | 1,967 | ||||
Issuance of common stock, net of issuance costs | 27,150 | ||||
Adjustments Related to Tax Withholding for Share-based Compensation | (3,027) | ||||
Stock Repurchased During Period, Value | 0 | 0 | |||
Other comprehensive loss | (1,229) | (1,229) | |||
Net income attributable to Avista Corporation shareholders | 56,052 | 56,052 | |||
Cash dividends paid (common stock) | (21,545) | ||||
Ending Balance at Mar. 31, 2016 | $ 1,589,591 | $ 1,032,023 | $ (7,879) | $ 565,447 | $ (323) |
Ending Balance (in shares) at Mar. 31, 2016 | 63,208,059 | 63,208,059 | |||
Stock Repurchased During Period, Shares | 0 | ||||
Total equity | $ 1,589,268 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business Avista Corp. is primarily an electric and natural gas utility with certain other business ventures. Avista Utilities is an operating division of Avista Corp., comprising the 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 Avista Utilities' Noxon Rapids generating facility. Alaska Energy and Resources Company (AERC) is a wholly-owned subsidiary of Avista Corp. The primary subsidiary of AERC is Alaska Electric Light and Power Company (AEL&P), comprising the regulated utility operations in Alaska. Avista Capital, Inc. (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. in Alaska. 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. Taxes Other Than Income Taxes Taxes other than income taxes include state excise taxes, city occupational and franchise taxes, real and personal property taxes and certain other taxes not based on income. These taxes are generally based on revenues or the value of property. Utility related taxes collected from customers (primarily state excise taxes and city utility taxes) are recorded as operating revenue and expense. Taxes other than income taxes consisted of the following items for the three months ended March 31 (dollars in thousands): 2016 2015 Utility related taxes $ 18,365 $ 19,498 Property taxes 10,420 9,686 Other taxes 600 714 Total $ 29,385 $ 29,898 Other Income-Net Other income-net consisted of the following items for the three months ended March 31 (dollars in thousands): 2016 2015 Interest income $ 540 $ 263 Equity-related AFUDC 2,261 2,215 Other income (loss) (379 ) (247 ) Total $ 2,422 $ 2,231 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 net realizable value for our non-regulated operations and consisted of the following as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, December 31, 2016 2015 Materials and supplies $ 38,718 $ 37,101 Fuel stock 4,254 4,273 Stored natural gas 913 12,774 Total $ 43,885 $ 54,148 Derivative Assets and Liabilities Derivatives are recorded as either assets or liabilities on the Condensed Consolidated Balance Sheets measured at estimated fair value. The Washington Utilities and Transportation Commission (UTC) and the Idaho Public Utilities Commission (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. The orders provide for Avista Corp. to not recognize the unrealized gain or loss on utility derivative commodity instruments in the Condensed Consolidated Statements of Income. Realized gains or losses are recognized in the periods of delivery, subject to approval for recovery through retail rates. Realized gains and losses, result in adjustments to retail rates through purchased gas cost adjustments, the Energy Recovery Mechanism (ERM) in Washington, the Power Cost Adjustment (PCA) mechanism in Idaho, and periodic general rates cases. Regulatory assets are assessed regularly and are probable for 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, each period Avista Corp. records all mark-to-market gains and losses as assets and liabilities and records offsetting regulatory assets and liabilities, such that there is no income statement impact. Upon settlement of interest rate swaps, the regulatory asset or liability (included as part of long-term debt) is amortized as a component of interest expense over the term of the associated debt. While the Company has not received any formal accounting orders from the various state commissions providing for the offset of interest rate swap assets and liabilities with regulatory assets and liabilities, the interest rate swap derivatives are risk management tools similar to energy commodity derivatives and the Company believes that the prior practice of the commissions to provide recovery through the ratemaking process justifies this accounting treatment. As of March 31, 2016 , 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) under ASC 815-10-45. 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 swap derivatives and foreign currency exchange derivatives, are reported at estimated fair value on the Condensed Consolidated Balance Sheets. See Note 9 for the Company’s fair value disclosures. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss, net of tax, consisted of the following as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, December 31, 2016 2015 Unfunded benefit obligation for pensions and other postretirement benefit plans - net of taxes of $4,243 and $3,580, respectively $ 7,879 $ 6,650 The following table details the reclassifications out of accumulated other comprehensive loss by component for the three months ended March 31 (dollars in thousands). Items in parenthesis indicate reductions to net income. Amounts Reclassified from Accumulated Other Comprehensive Loss Details about Accumulated Other Comprehensive Loss Components 2016 2015 Affected Line Item in Statement of Income Amortization of defined benefit pension items Amortization of net prior service cost $ 311 $ 273 (a) Amortization of net loss (3,642 ) (3,688 ) (a) Adjustment due to effects of regulation 5,223 3,037 (a) (b) 1,892 (378 ) Total before tax (663 ) 132 Tax expense (benefit) $ 1,229 $ (246 ) Net of tax (a) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 5 for additional details). (b) The adjustment for the effects of regulation during the first quarter of 2016 includes approximately $2.1 million related to the reclassification of a pension regulatory asset associated with one of our jurisdictions into accumulated other comprehensive loss. Appropriated Retained Earnings In accordance with the hydroelectric licensing requirements of section 10(d) of the Federal Power Act (FPA), the Company maintains an appropriated retained earnings account for any earnings in excess of the specified rate of return on the Company's investment in the licenses for its various hydroelectric projects. Per section 10(d) of the FPA, the Company must maintain these excess earnings in an appropriated retained earnings account until the termination of the licensing agreements or apply them to reduce the net investment in the licenses of the hydroelectric projects at the discretion of the Federal Energy Regulatory Commission (FERC). The Company typically calculates the earnings in excess of the specified rate of return on an annual basis, usually during the second quarter. In addition to the hydroelectric project licenses identified above for Avista Utilities, the requirements of section 10(d) of the FPA also apply to the AEL&P licenses for Lake Dorothy and Annex Creek/Salmon Creek (combined). The appropriated retained earnings amounts included in retained earnings were as follows as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, December 31, 2016 2015 Appropriated retained earnings $ 21,030 $ 21,030 Dividends The payment of dividends on common stock could be limited by: • certain covenants applicable to preferred stock (when outstanding) contained in the Company’s Restated Articles of Incorporation, as amended (currently there are no preferred shares outstanding), • certain covenants applicable to the Company's outstanding long-term debt and committed line of credit agreements, • the hydroelectric licensing requirements of section 10(d) of the FPA (see above), which does not allow appropriated retained earnings to be distributed as dividends, • certain requirements under the Public Utility Commission of Oregon (OPUC) approval of the AERC acquisition. As of July 1, 2015 (one year following the acquisition date), the OPUC does not permit one-time or special dividends from AERC to Avista Corp. and does not permit Avista Utilities' total equity to total capitalization to be less than 40 percent , without approval from the OPUC. However, the OPUC approval does allow for regular distributions of AERC earnings to Avista Corp. as long as AERC remains sufficiently capitalized and insured. Under the covenant applicable to the Company's committed line of credit agreement, which does not permit the ratio of “consolidated total debt” to “consolidated total capitalization” to be greater than 65 percent at any time, the amount of retained earnings available for dividends at March 31, 2016 was limited to $429.3 million . Under the requirements of the OPUC approval of the AERC acquisition as outlined above, the amount available for dividends at March 31, 2016 was limited to $275.4 million . Sales Agency Agreements In March 2016, the Company entered into four separate sales agency agreements under which the sales agents, as Avista Corp.’s agents, may offer and sell up to 3.8 million new shares of Avista Corp.'s common stock, no par value, from time to time. The sales agency agreements expire on February 29, 2020. In the three months ended March 31, 2016 , 0.7 million shares were issued under these agreements resulting in total net proceeds of $27.1 million , leaving 3.1 million shares remaining to be issued. 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 losses that do not meet these conditions for accrual if there is a reasonable possibility that a loss may be incurred. As of March 31, 2016 , the Company has not recorded any significant amounts related to unresolved contingencies. |
New Accounting Standards
New Accounting Standards | 3 Months Ended |
Mar. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Standards | NEW ACCOUNTING STANDARDS In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, "Revenue from Contracts with Customers (Topic 606)," which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle of the revenue model is that an entity identifies the various performance obligations in a contract, allocates the transaction price among the performance obligations and recognizes revenue as the entity satisfies the performance obligations. This ASU was originally effective for periods beginning after December 15, 2016 and early adoption is not permitted. In August 2015, the FASB issued ASU 2015-14 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," which deferred the effective date of ASU 2014-09 for one year, with adoption as of the original date permitted. However, while this ASU is not effective until 2018, it will require retroactive application to all periods presented in the financial statements. As such, at adoption, amounts from the two preceding years may have to be revised or a cumulative adjustment to opening retained earnings may have to be recorded. The Company is evaluating this standard and cannot, at this time, estimate the potential impact on its future financial condition, results of operations and cash flows. In February 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis." This ASU significantly changes the consolidation analysis required under GAAP, including the identification of variable interest entities (VIE). The ASU also removes the deferral of the VIE analysis related to investments in certain investment funds, which will result in a different consolidation evaluation for these types of investments. The Company adopted this standard effective January 1, 2016, which resulted in additional disclosures surrounding the Company's investments in VIEs. See Note 3 for additional discussion regarding the adoption of this ASU. In April 2015, the FASB issued ASU No. 2015-05, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement." This ASU provides guidance on how organizations should account for fees paid in a cloud computing arrangement, including helping organizations understand whether their arrangement includes a software license. If the arrangement includes a software license, the software license would be accounted for in a manner consistent with internal-use software. If a cloud-computing arrangement does not include a software license, the customer is required to account for the arrangement as a service contract. This ASU was effective for periods beginning on or after December 15, 2015 and the Company adopted this standard on a prospective basis effective January 1, 2016. The adoption of this standard did not result in any changes to the Company's existing accounting and did not impact the Company's financial condition, results of operations and cash flows. In February 2016, the FASB issued ASU No. 2016-02 “Leases (Topic 842).” This ASU introduces a new lessee model that brings most leases onto the balance sheet. The standard also aligns certain of the underlying principles of the new lessor model with those in Accounting Standards Codification (ASC) Topic 606, the FASB’s new revenue recognition standard. Furthermore, this ASU addresses other concerns related to the current leases model; for example, eliminating the required use of bright-line tests in current GAAP for determining lease classification (operating leases versus capital leases). This ASU also includes enhanced disclosures surrounding leases. This ASU is effective for periods beginning on or after December 15, 2018; however, early adoption is permitted. Upon adoption, this ASU must be applied using a modified retrospective approach. The modified retrospective approach includes a number of optional practical expedients that entities may elect to apply. The Company evaluated this standard and determined that it will not early adopt this standard as of March 31, 2016 . The Company is still in the process of determining the potential impact on its future financial condition, results of operations and cash flows. In March 2016, the FASB issued ASU 2016-09 "Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting." This ASU simplifies several aspects of the accounting for employee share-based payment transactions including allowing excess tax benefits or tax deficiencies to be recognized as income tax benefits or expenses in the Statements of Income rather than in Additional Paid in Capital (APIC). Also, excess tax benefits no longer represent a financing cash inflow on the Statement of Cash Flows and instead will be included as an operating activity. Under this ASU, excess tax benefits and tax deficiencies will be excluded from the calculation of diluted earnings per share, whereas under current accounting guidance, these amounts must be estimated and included in the calculation. In addition, this ASU simplifies the accounting for forfeitures and changes the statutory tax withholding requirements for share-based payments. This ASU is effective for periods beginning after December 15, 2016 and early adoption is permitted. The Company evaluated this standard and determined that it will not early adopt this standard as of March 31, 2016 . The Company is still in the process of determining the potential impact on its future financial condition, results of operations and cash flows. |
Variable Interest Entities Vari
Variable Interest Entities Variable Interest Entities (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entity Disclosure [Text Block] | VARIABLE INTEREST ENTITIES Lancaster Power Purchase Agreement The Company has a power purchase agreement (PPA) for the purchase of all the output of the Lancaster Plant, a 270 MW natural gas-fired combined cycle combustion turbine plant located in Kootenai County, Idaho, owned by an unrelated third-party (Rathdrum Power LLC), through 2026. Avista Corp. has a variable interest in the PPA. Accordingly, Avista Corp. made an evaluation of which interest holders have the power to direct the activities that most significantly impact the economic performance of the entity and which interest holders have the obligation to absorb losses or receive benefits that could be significant to the entity. Avista Corp. pays a fixed capacity and operations and maintenance payment and certain monthly variable costs under the PPA. Under the terms of the PPA, Avista Corp. makes the dispatch decisions, provides all natural gas fuel and receives all of the electric energy output from the Lancaster Plant. However, Rathdrum Power LLC (the owner) controls the daily operation of the Lancaster Plant and makes operating and maintenance decisions. Rathdrum Power LLC controls all of the rights and obligations of the Lancaster Plant after the expiration of the PPA in 2026. It is estimated that the plant will have 15 to 25 years of useful life after that time. Rathdrum Power LLC bears the maintenance risk of the plant and will receive the residual value of the Lancaster Plant. Avista Corp. has no debt or equity investments in the Lancaster Plant and does not provide financial support through liquidity arrangements or other commitments (other than the PPA). Based on its analysis, Avista Corp. does not consider itself to be the primary beneficiary of the Lancaster Plant. Accordingly, neither the Lancaster Plant nor Rathdrum Power LLC is included in Avista Corp.’s condensed consolidated financial statements. The Company has a future contractual obligation of approximately $289.9 million under the PPA (representing the fixed capacity and operations and maintenance payments through 2026) and believes this would be its maximum exposure to loss. These payments are due regardless of plant performance; however, the Company believes that such costs will be recovered through retail rates. Limited Partnerships and Similar Entities The Company adopted ASU No. 2015-02 effective January 1, 2016. As a result of the adoption of this ASU, the Company evaluated all of its existing investments to determine if any entities would be considered VIEs under the new guidance and whether consolidation would be required. Under the ASU, a limited partnership or similar legal entity that is the functional equivalent of a limited partnership would be considered a VIE regardless of whether it otherwise qualifies as a voting interest entity unless a simple majority or lower threshold of the “unrelated” limited partners (i.e., parties other than the general partner, entities under common control with the general partner, and other parties acting on behalf of the general partner) have substantive kick-out rights (including liquidation rights) or participating rights. The Company has five investments in limited partnerships (or the functional equivalent) where Avista Corp. is a limited partner investor in an investment fund where the general partner makes all the investment and operating decisions with regards to the partnership and fund. To remove the general partner from any of the funds, approval from greater than a simple majority of the limited partners is required. As such, the limited partners do not have substantive kick-out rights and these investment are considered VIEs. Consolidation of these VIEs by Avista Corp. is not required because the Company does not have majority ownership in any of the funds, it does not have the power to direct any activities of the funds and it does not have the power to appoint executive leadership, including the board of directors. Avista Corp. participates in profits and losses of the investment funds based on its ownership percentage and its losses are capped at its total initial investment in the funds. Avista Corp. does not have any additional commitments beyond its initial investment. In addition, the Company is not allowed to withdraw any capital contributions from the investment funds until after the funds' expiration dates and all liabilities of the funds are settled. The expiration dates range from 2016 to 2032 , with one investment having no termination date (perpetual). As of March 31, 2016 , the Company has a total carrying amount in these investment funds of $5.8 million . |
Derivatives And Risk Management
Derivatives And Risk Management | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Derivatives And Risk Management | DERIVATIVES AND RISK MANAGEMENT The disclosures below in Note 4 apply only to Avista Corp. and Avista Utilities; AERC and its primary subsidiary AEL&P do not enter into derivative instruments. Energy Commodity Derivatives Avista Utilities 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 Utilities utilizes derivative instruments, such as forwards, futures, swaps and options in order to manage the various risks relating to these commodity price exposures. The Company has an energy resources risk policy and control procedures to manage these risks. As part of the Company's resource procurement and management operations in the electric business, the Company engages in an ongoing process of resource optimization, which involves the economic selection from available energy resources to serve the Company's load obligations and the use of these resources to capture available economic value. The Company transacts in wholesale markets by selling and purchasing 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 Utilities 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 Utilities’ distribution system. However, daily variations in natural gas demand can be significantly different than monthly demand projections. On the basis of these projections, Avista Utilities 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 four natural gas operating years (November through October) into the future. Avista Utilities also leaves a significant portion of its natural gas supply requirements unhedged for purchase in short-term and spot markets. The following table presents the underlying energy commodity derivative volumes as of March 31, 2016 that are expected to be delivered in each respective year (in thousands of MWhs and mmBTUs): Purchases Sales Electric Derivatives Gas Derivatives Electric Derivatives Gas Derivatives Year Physical (1) MWH Financial (1) MWH Physical (1) mmBTUs Financial (1) mmBTUs Physical (1) Financial (1) Physical (1) Financial (1) 2016 213 1,643 13,846 127,565 200 1,916 968 104,118 2017 397 97 1,265 58,238 255 483 1,360 41,918 2018 397 — — 23,903 286 192 1,360 6,363 2019 235 — 610 10,245 158 — 1,345 — 2020 — — 910 1,815 — — 1,430 — Thereafter — — — — — — 1,060 — The following table presents the underlying energy commodity derivative volumes as of December 31, 2015 that are expected to be delivered in each respective year (in thousands of MWhs and mmBTUs): Purchases Sales Electric Derivatives Gas Derivatives Electric Derivatives Gas Derivatives Year Physical (1) MWH Financial (1) MWH Physical (1) mmBTUs Financial (1) mmBTUs Physical (1) Financial (1) Physical (1) Financial (1) 2016 407 1,954 17,252 142,693 280 2,656 3,182 112,233 2017 397 97 675 49,200 255 483 1,360 26,965 2018 397 — — 15,118 286 — 1,360 2,738 2019 235 — 305 6,935 158 — 1,345 — 2020 — — 455 905 — — 1,430 — Thereafter — — — — — — 1,060 — (1) Physical transactions represent commodity transactions in which Avista Utilities will take or make delivery of either electricity or natural gas; financial transactions represent derivative instruments with delivery of cash in the amount of gain or loss but with no physical delivery of the commodity, such as futures, swaps, 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 delivered and will be included in the various recovery mechanisms (ERM, PCA, and Purchased Gas Adjustments (PGA)), 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 Utilities’ 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 Utilities’ short-term natural gas transactions and long-term Canadian transportation contracts are committed based on Canadian currency prices and settled within 60 days with U.S. dollars. Avista Utilities hedges a portion of the foreign currency risk by purchasing Canadian currency 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 the Company’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 derivatives that the Company has outstanding as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, December 31, 2016 2015 Number of contracts 24 24 Notional amount (in United States currency) $ 2,787 $ 1,463 Notional amount (in Canadian currency) 3,700 2,002 Interest Rate Derivatives Avista Corp. is affected by fluctuating interest rates related to a portion of its existing debt, and future borrowing requirements. The Company hedges a portion of its interest rate risk with financial derivative instruments, which may include interest rate swaps and U.S. Treasury lock agreements. These interest rate swaps 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 interest rate swaps that the Company has entered into as of March 31, 2016 and December 31, 2015 (dollars in thousands): Balance Sheet Date Number of Contracts Notional Amount Mandatory Cash Settlement Date March 31, 2016 6 115,000 2016 4 55,000 2017 13 265,000 2018 3 40,000 2019 4 50,000 2022 December 31, 2015 6 115,000 2016 3 45,000 2017 11 245,000 2018 2 30,000 2019 1 20,000 2022 The fair value of outstanding interest rate swaps can vary significantly from period to period depending on the total notional amount of swaps outstanding and fluctuations in market interest rates compared to the interest rates fixed by the swaps. The Company would be required to make cash payments to settle the interest rate swaps if the fixed rates are higher than prevailing market rates at the date of settlement. Conversely, the Company receives cash to settle its interest rate swaps 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, 2016 and December 31, 2015 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, 2016 (in thousands): Fair Value as of March 31, 2016 Derivative Balance Sheet Location Gross Asset Gross Liability Collateral Netted Net Asset (Liability) on Balance Sheet Foreign currency contracts Other current assets $ 64 $ — $ — $ 64 Interest rate contracts Other property and investments-net and other non-current assets 451 — — 451 Interest rate contracts Other current liabilities — (38,802 ) 10,558 (28,244 ) Interest rate contracts Other non-current liabilities and deferred credits 443 (106,607 ) 65,442 (40,722 ) Commodity contracts Current utility energy commodity derivative assets 127 — — 127 Commodity contracts Non-current utility energy commodity derivative assets 136 (51 ) — 85 Commodity contracts Current utility energy commodity derivative liabilities 68,153 (91,109 ) 12,261 (10,695 ) Commodity contracts Other non-current liabilities and deferred credits 7,967 (33,886 ) 7,711 (18,208 ) Total derivative instruments recorded on the balance sheet $ 77,341 $ (270,455 ) $ 95,972 $ (97,142 ) The following table presents the fair values and locations of derivative instruments recorded on the Condensed Consolidated Balance Sheet as of December 31, 2015 (in thousands): Fair Value as of December 31, 2015 Derivative Balance Sheet Location Gross Asset Gross Liability Collateral Net Asset Foreign currency contracts Other current liabilities $ 2 $ (19 ) $ — $ (17 ) Interest rate contracts Other property and investments-net and other non-current assets 23 — — 23 Interest rate contracts Other current liabilities 118 (23,262 ) 3,880 (19,264 ) Interest rate contracts Other non-current liabilities and deferred credits 1,407 (62,236 ) 30,150 (30,679 ) Commodity contracts Current utility energy commodity derivative assets 1,236 (553 ) — 683 Commodity contracts Current utility energy commodity derivative liabilities 67,466 (85,409 ) 3,675 (14,268 ) Commodity contracts Other non-current liabilities and deferred credits 6,613 (39,033 ) 10,851 (21,569 ) Total derivative instruments recorded on the balance sheet $ 76,865 $ (210,512 ) $ 48,556 $ (85,091 ) Exposure to Demands for Collateral The Company'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 the Company's credit ratings or changes in market prices. In periods of price volatility, the level of exposure can change significantly. As a result, sudden and significant demands may be made against the Company's credit facilities and cash. The Company actively monitors the exposure to possible collateral calls and takes steps to mitigate capital requirements. The following table presents the Company's collateral outstanding related to its derivative instruments as of March 31, 2016 and December 31, 2015 (in thousands): March 31, December 31, 2016 2015 Energy commodity derivatives Cash collateral posted $ 29,618 $ 28,716 Letters of credit outstanding 23,700 28,200 Balance sheet offsetting (cash collateral against net derivative positions) 19,972 14,526 Interest rate swap derivatives Cash collateral posted 76,000 34,030 Letters of credit outstanding 16,700 9,600 Balance sheet offsetting (cash collateral against net derivative positions) 76,000 34,030 There was no cash collateral or letters of credit outstanding as of March 31, 2016 and December 31, 2015 related to foreign currency exchange derivatives. Certain of the Company’s derivative instruments contain provisions that require the Company to maintain an "investment grade" credit rating from the major credit rating agencies. If the Company’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 the Company could be required to post as of March 31, 2016 and December 31, 2015 (in thousands): March 31, December 31, 2016 2015 Energy commodity derivatives Liabilities with credit-risk-related contingent features $ 1,655 $ 7,090 Additional collateral to post 1,416 6,980 Interest rate swap derivatives Liabilities with credit-risk-related contingent features 145,409 85,498 Additional collateral to post 25,420 18,750 Credit Risk Credit risk relates to the potential losses that the Company would incur as a result of non-performance by counterparties of their contractual obligations to deliver energy or make financial settlements. The Company often extends credit to counterparties and customers and is exposed to the risk that it may not be able to collect amounts owed to the Company. Credit risk includes potential counterparty default due to circumstances: • relating directly to it, • caused by market price changes, and • relating to other market participants that have a direct or indirect relationship with such counterparty. Changes in market prices may dramatically alter the size of credit risk with counterparties, even when conservative credit limits are established. Should a counterparty fail to perform, the Company may be required to honor the underlying commitment or to replace existing contracts with contracts at then-current market prices. The Company enters into bilateral transactions with various counterparties. The Company also transacts in energy and related derivative instruments through clearinghouse exchanges. In addition, the Company has concentrations of credit risk related to geographic location as it operates in the western United States and western Canada. These concentrations of counterparties and concentrations of geographic location may impact the Company’s overall exposure to credit risk because the counterparties may be similarly affected by changes in conditions. The Company maintains credit support agreements with certain counterparties and margin calls are periodically made and/or received. Margin calls are triggered when exposures exceed contractual limits or when there are changes in a counterparty’s creditworthiness. Price movements in electricity and natural gas can generate exposure levels in excess of these contractual limits. Negotiating for collateral in the form of cash, letters of credit, or performance guarantees is common industry practice. |
Pension Plans And Other Postret
Pension Plans And Other Postretirement Benefit Plans | 3 Months Ended |
Mar. 31, 2016 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Pension Plans and Other Postretirement Benefit Plans | PENSION PLANS AND OTHER POSTRETIREMENT BENEFIT PLANS The pension and other postretirement benefit plans described below only relate to Avista Utilities. AEL&P (not discussed below) participates in a defined contribution multiemployer plan for its union workers and a defined contribution money purchase pension plan for its nonunion workers. METALfx (not discussed below) has a defined contribution 401(k) savings plan. None of the subsidiary retirement plans, individually or in the aggregate, are significant to Avista Corp. Avista Utilities The Company has a defined benefit pension plan covering the majority of all regular full-time employees at Avista Utilities that were hired prior to January 1, 2014. Individual benefits under this plan are based upon the employee’s years of service, date of hire and average compensation as specified in the plan. Non-union employees hired on or after January 1, 2014 participate in a defined contribution 401(k) plan in lieu of a defined benefit pension plan. Union employees hired on or after January 1, 2014 continue to be covered under the defined benefit pension plan. 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 $4.0 million in cash to the pension plan for the three months ended March 31, 2016 and expects to contribute $12.0 million total in 2016. The Company contributed $12.0 million in cash to the pension plan in 2015 . The Company also has a Supplemental Executive Retirement Plan (SERP) that provides additional pension benefits to executive officers and certain key employees of the Company. The SERP is intended to provide benefits to individuals whose benefits under the defined benefit pension plan are reduced due to the application of Section 415 of the Internal Revenue Code of 1986 and the deferral of salary under deferred compensation plans. The liability and expense for the SERP are included as pension benefits in the tables included in this Note. The Company provides certain health care and life insurance benefits for eligible retired employees that were hired prior to January 1, 2014. The Company accrues the estimated cost of postretirement benefit obligations during the years that employees provide services. The liability and expense of this plan are included as other postretirement benefits. Non-union employees hired on or after January 1, 2014 will have access to the retiree medical plan upon retirement; however, Avista Corp. will no longer provide a contribution toward their medical premium. Union employees hired on or after January 1, 2014 continue to receive a contribution from Avista Corp. toward their medical premiums upon retirement. The Company has a Health Reimbursement Arrangement (HRA) to provide employees with tax-advantaged funds to pay for allowable medical expenses upon retirement. The amount earned by the employee is fixed on the retirement date based on the employee’s years of service and the ending salary. The liability and expense of the HRA are included as other postretirement benefits. The Company provides death benefits to beneficiaries of executive officers who die during their term of office or after retirement. Under the plan, an executive officer’s designated beneficiary will receive a payment equal to twice the executive officer’s annual base salary at the time of death (or if death occurs after retirement, a payment equal to twice the executive officer’s total annual pension benefit). The liability and expense for this plan are included as other postretirement benefits. 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 Post-retirement Benefits 2016 2015 2016 2015 Service cost $ 4,519 $ 4,949 $ 779 $ 699 Interest cost 6,900 6,672 1,559 1,331 Expected return on plan assets (6,750 ) (7,416 ) (475 ) (431 ) Amortization of prior service cost — 6 (312 ) (279 ) Net loss recognition 1,890 2,394 1,365 1,292 Net periodic benefit cost $ 6,559 $ 6,605 $ 2,916 $ 2,612 |
Committed Lines of Credit
Committed Lines of Credit | 3 Months Ended |
Mar. 31, 2016 | |
Short-term Debt [Abstract] | |
Committed Lines of Credit | COMMITTED LINES OF CREDIT Avista Corp. Avista Corp. has a committed line of credit with various financial institutions in the total amount of $400.0 million that expires in April 2019 . The Company has the option to request an extension for an additional one or two years beyond April 2019, provided that (1) no event of default has occurred and is continuing prior to the requested extension and (2) the remaining term of agreement, including the requested extension period, does not exceed five years. During April 2016, the Company notified the lending financial institutions that it intends to exercise the two-year extension option with the extension expected to be finalized during the second quarter of 2016. Balances outstanding and interest rates of borrowings (excluding letters of credit) under the Company’s revolving committed lines of credit were as follows as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, December 31, 2016 2015 Borrowings outstanding at end of period $ 90,000 $ 105,000 Letters of credit outstanding at end of period $ 46,695 $ 44,595 Average interest rate on borrowings at end of period 1.19 % 1.18 % AEL&P AEL&P has a committed line of credit in the amount of $25.0 million that expires in November 2019 . As of March 31, 2016 and December 31, 2015 , there were no borrowings outstanding under this committed line of credit. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2016 | |
Long-term Debt, Unclassified [Abstract] | |
Long-Term Debt | LONG-TERM DEBT AND CAPITAL LEASES The following details long-term debt outstanding as of March 31, 2016 and December 31, 2015 (dollars in thousands): Maturity Interest March 31, December 31, Year Description Rate 2016 2015 Avista Corp. Secured Long-Term Debt 2016 First Mortgage Bonds 0.84% $ 90,000 $ 90,000 2018 First Mortgage Bonds 5.95% 250,000 250,000 2018 Secured Medium-Term Notes 7.39%-7.45% 22,500 22,500 2019 First Mortgage Bonds 5.45% 90,000 90,000 2020 First Mortgage Bonds 3.89% 52,000 52,000 2022 First Mortgage Bonds 5.13% 250,000 250,000 2023 Secured Medium-Term Notes 7.18%-7.54% 13,500 13,500 2028 Secured Medium-Term Notes 6.37% 25,000 25,000 2032 Secured Pollution Control Bonds (1) (1) 66,700 66,700 2034 Secured Pollution Control Bonds (1) (1) 17,000 17,000 2035 First Mortgage Bonds 6.25% 150,000 150,000 2037 First Mortgage Bonds 5.70% 150,000 150,000 2040 First Mortgage Bonds 5.55% 35,000 35,000 2041 First Mortgage Bonds 4.45% 85,000 85,000 2044 First Mortgage Bonds 4.11% 60,000 60,000 2045 First Mortgage Bonds 4.37% 100,000 100,000 2047 First Mortgage Bonds 4.23% 80,000 80,000 Total Avista Corp. secured long-term debt 1,536,700 1,536,700 Alaska Electric Light and Power Company Secured Long-Term Debt 2044 First Mortgage Bonds 4.54% 75,000 75,000 Total consolidated secured long-term debt 1,611,700 1,611,700 Alaska Energy and Resources Company Unsecured Long-Term Debt 2019 Unsecured Term Loan 3.85% 15,000 15,000 Total secured and unsecured long-term debt 1,626,700 1,626,700 Other Long-Term Debt Components Capital lease obligations 67,810 68,601 Settled interest rate swaps (2) (26,334 ) (26,515 ) Unamortized debt discount (916 ) (956 ) Unamortized long-term debt issuance costs (10,572 ) (10,852 ) Total 1,656,688 1,656,978 Secured Pollution Control Bonds held by Avista Corporation (1) (83,700 ) (83,700 ) Current portion of long-term debt and capital leases (93,197 ) (93,167 ) Total long-term debt and capital leases $ 1,479,791 $ 1,480,111 (1) In December 2010, $66.7 million and $17.0 million of the City of Forsyth, Montana Pollution Control Revenue Refunding Bonds (Avista Corporation Colstrip Project) due in 2032 and 2034 , respectively, which had been held by Avista Corp. since 2008 and 2009, respectively, were refunded by new bond issues (Series 2010A and Series 2010B). The new bonds were not offered to the public and were purchased by Avista Corp. due to market conditions. The Company expects that at a later date, subject to market conditions, these bonds may be remarketed to unaffiliated investors. So long as Avista Corp. is the holder of these bonds, the bonds will not be reflected as an asset or a liability on Avista Corp.'s Condensed Consolidated Balance Sheets. (2) Upon settlement of interest rate swaps, these are recorded as a regulatory asset or liability and included as part of long-term debt above. They are amortized as a component of interest expense over the life of the associated debt and included as a part of the Company's cost of debt calculation for ratemaking purposes. Snettisham Capital Lease Obligation Included in long-term capital leases above is a PPA between AEL&P and Alaska Industrial Development and Export Authority (AIDEA), an agency of the State of Alaska, under which AEL&P has a take-or-pay obligation, expiring in December 2038, to purchase all the output of the 78 MW Snettisham hydroelectric project. For accounting purposes, this power purchase agreement is treated as a capital lease. The balances related to the Snettisham capital lease obligation as of March 31, 2016 and December 31, 2015 were as follows (dollars in thousands): March 31, December 31, 2016 2015 Capital lease obligation (1) $ 63,881 $ 64,455 Capital lease asset (2) 71,007 71,007 Accumulated amortization of capital lease asset (2) 6,372 5,462 (1) The capital lease obligation amount is equal to the amount of AIDEA's revenue bonds outstanding. (2) These amounts are included in utility plant in service on the Condensed Consolidated Balance Sheet. Interest on the capital lease obligation and amortization of the capital lease asset are included in utility resource costs in the Condensed Consolidated Statements of Income and totaled the following amounts for the three months ended March 31 (dollars in thousands): 2016 2015 Interest on capital lease obligation $ 789 $ 923 Amortization of capital lease asset 910 910 While the PPA is treated as a capital lease for accounting purposes, for ratemaking purposes this agreement is treated as an operating lease with a constant level of annual rental expense (straight line expense). Because of this regulatory treatment, any difference between the operating lease expense for ratemaking purposes and the expenses recognized under capital lease treatment (interest and depreciation of the capital lease asset) is recorded as a regulatory asset and amortized during the later years of the lease when the capital lease expense is less than the operating lease expense included in base rates. The following table details future capital lease obligations, including interest, under the Snettisham power purchase agreement (dollars in thousands): Remaining 2016 2017 2018 2019 2020 Thereafter Total Principal $ 1,721 $ 2,415 $ 2,535 $ 2,660 $ 2,800 $ 51,750 $ 63,881 Interest 2,368 3,042 2,921 2,795 2,662 19,195 32,983 Total $ 4,089 $ 5,457 $ 5,456 $ 5,455 $ 5,462 $ 70,945 $ 96,864 |
Long- Term Debt to Affiliated T
Long- Term Debt to Affiliated Trust Long-Term Debt to Affiliated Trust (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
Long-Term Debt to Affiliated Trust [Abstract] | |
Long Term Debt To Affiliated Trusts Disclosure [Text Block] | LONG-TERM DEBT TO AFFILIATED TRUSTS In 1997, the Company issued Floating Rate Junior Subordinated Deferrable Interest Debentures, Series B, with a principal amount of $51.5 million to Avista Capital II, an affiliated business trust formed by the Company. Avista Capital II issued $50.0 million of Preferred Trust Securities with a floating distribution rate of LIBOR plus 0.875 percent , calculated and reset quarterly. The distribution rates paid were as follows during the three months ended March 31, 2016 and the year ended December 31, 2015 : March 31, December 31, 2016 2015 Low distribution rate 1.29 % 1.11 % High distribution rate 1.51 % 1.29 % Distribution rate at the end of the period 1.51 % 1.29 % Concurrent with the issuance of the Preferred Trust Securities, Avista Capital II issued $1.5 million of Common Trust Securities to the Company. These debt securities may be redeemed at the option of Avista Capital II on or after June 1, 2007 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 as of March 31, 2016 and December 31, 2015 . 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, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value | FAIR VALUE The carrying values of cash and cash equivalents, accounts and notes receivable, accounts payable and short-term borrowings are reasonable estimates of their fair values. Long-term debt (including current portion and material capital leases) and long-term debt to affiliated trusts are reported at carrying value on the Condensed Consolidated Balance Sheets. The fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to 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, 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, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Long-term debt (Level 2) $ 951,000 $ 1,079,527 $ 951,000 $ 1,055,797 Long-term debt (Level 3) 592,000 634,929 592,000 595,018 Snettisham capital lease obligation (Level 3) 63,881 64,372 64,455 63,150 Long-term debt to affiliated trusts (Level 3) 51,547 37,114 51,547 36,083 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 72.00 to 127.94 , where a par value of 100.0 represents the carrying value recorded on the Condensed Consolidated Balance Sheets. Level 2 long-term debt represents publicly issued bonds with quoted market prices; however, due to their limited trading activity, they are classified as level 2 because brokers must generate quotes and make estimates if there is no trading activity near a period end. Level 3 long-term debt consists of private placement bonds and debt to affiliated trusts, which typically have no secondary trading activity. Fair values in Level 3 are estimated based on market prices from third party brokers using secondary market quotes for debt with similar risk and terms to generate quotes for Avista Corp. bonds. Due to the unique nature of the Snettisham capital lease obligation, the estimated fair value of these items was determined based on a discounted cash flow model using available market information. The Snettisham capital lease obligation was discounted to present value using the Moody's Aaa Corporate discount rate as published by the Federal Reserve on March 31, 2016 . 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, 2016 and December 31, 2015 at fair value on a recurring basis (dollars in thousands): Level 1 Level 2 Level 3 Counterparty Total March 31, 2016 Assets: Energy commodity derivatives $ — $ 76,124 $ — $ (75,912 ) $ 212 Level 3 energy commodity derivatives: Natural gas exchange agreement — — 259 (259 ) — Foreign currency derivatives — 64 — — 64 Interest rate swaps — 894 — (443 ) 451 Deferred compensation assets: Fixed income securities (2) 1,759 — — — 1,759 Equity securities (2) 5,182 — — — 5,182 Total $ 6,941 $ 77,082 $ 259 $ (76,614 ) $ 7,668 Liabilities: Energy commodity derivatives $ — $ 98,491 $ — $ (95,884 ) $ 2,607 Level 3 energy commodity derivatives: Natural gas exchange agreement — — 6,265 (259 ) 6,006 Power exchange agreement — — 20,193 — 20,193 Power option agreement — — 97 — 97 Interest rate swaps — 145,409 — (76,443 ) 68,966 Total $ — $ 243,900 $ 26,555 $ (172,586 ) $ 97,869 Level 1 Level 2 Level 3 Counterparty Total December 31, 2015 Assets: Energy commodity derivatives $ — $ 74,637 $ — $ (73,954 ) $ 683 Level 3 energy commodity derivatives: Natural gas exchange agreement — — 678 (678 ) — Foreign currency derivatives — 2 — (2 ) — Interest rate swaps — 1,548 — — 1,548 Deferred compensation assets: Fixed income securities (2) 1,727 — — — 1,727 Equity securities (2) 5,761 — — — 5,761 Total $ 7,488 $ 76,187 $ 678 $ (74,634 ) $ 9,719 Liabilities: Energy commodity derivatives $ — $ 97,193 $ — $ (88,480 ) $ 8,713 Level 3 energy commodity derivatives: Natural gas exchange agreement — — 5,717 (678 ) 5,039 Power exchange agreement — — 21,961 — 21,961 Power option agreement — — 124 — 124 Interest rate swaps — 85,498 — — 85,498 Foreign currency derivatives — 19 — (2 ) 17 Total $ — $ 182,710 $ 27,802 $ (89,160 ) $ 121,352 (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 trading securities and are included in other property and investments-net 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. To establish fair value for commodity derivatives, the Company uses quoted market prices and forward price curves to estimate the fair value of utility derivative commodity 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 (NYMEX) 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 swaps, 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 swaps 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 $0.6 million as of March 31, 2016 and December 31, 2015 . Level 3 Fair Value Under the power exchange agreement the Company purchases power at a price that is based on the on the average operating and maintenance (O&M) charges from three surrogate nuclear power plants around the country. To estimate the fair value of this agreement the Company estimates the difference between the purchase price based on the future O&M charges and forward prices for energy. The Company compares the Level 2 brokered quotes and forward price curves described above to an internally developed forward price which is based on the average O&M charges from the three surrogate nuclear power plants for the current year. Because the nuclear power plant O&M charges are only known for one year, all forward years are estimated assuming an annual escalation. In addition to the forward price being estimated using unobservable inputs, the Company also estimates the volumes of the transactions that will take place in the future based on historical average transaction volumes per delivery year (November to April). Significant increases or decreases in any of these inputs in isolation would result in a significantly higher or lower fair value measurement. Generally, a change in the current year O&M charges for the surrogate plants is accompanied by a directionally similar change in O&M charges in future years. There is generally not a correlation between external market prices and the O&M charges used to develop the internal forward price. For the power commodity option agreement, the Company uses the Black-Scholes-Merton valuation model to estimate the fair value, and this model includes significant inputs not observable or corroborated in the market. These inputs include: 1) the strike price (which is an internally derived price based on a combination of generation plant heat rate factors, natural gas market pricing, delivery and other O&M charges), 2) estimated delivery volumes, and 3) volatility rates for periods beyond February 2018 . Significant increases or decreases in any of these inputs in isolation would result in a significantly higher or lower fair value measurement. Generally, changes in overall commodity market prices and volatility rates are accompanied by directionally similar changes in the strike price and volatility assumptions used in the calculation. For the natural gas commodity exchange agreement, the Company uses the same Level 2 brokered quotes described above; however, the Company also estimates the purchase and sales volumes (within contractual limits) as well as the timing of those transactions. Changing the timing of volume estimates changes the timing of purchases and sales, impacting which brokered quote is used. Because the brokered quotes can vary significantly from period to period, the unobservable estimates of the timing and volume of transactions can have a significant impact on the calculated fair value. The Company currently estimates volumes and timing of transactions based on a most likely scenario using historical data. Historically, the timing and volume of transactions have not been highly correlated with market prices and market volatility. 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, 2016 (dollars in thousands): Fair Value (Net) at March 31, 2016 Valuation Technique Unobservable Input Range Power exchange agreement $ (20,193 ) Surrogate facility pricing O&M charges $33.52-$43.65/MWh (1) Escalation factor 3% - 2016 to 2019 Transaction volumes 396,984 - 397,030 MWhs Power option agreement $ (97 ) Black-Scholes- Merton Strike price $33.93/MWh - 2016 $48.25/MWh - 2019 Delivery volumes 128,403 - 285,979 MWhs Volatility rates 0.20 (2) Natural gas exchange agreement $ (6,006 ) Internally derived Forward purchase prices $1.26 - $2.81/mmBTU Forward sales prices $1.43 - $3.74/mmBTU Purchase volumes 115,000 - 310,000 mmBTUs Sales volumes 60,000 - 310,000 mmBTUs (1) The average O&M charges for the delivery year beginning in November 2015 are $39.27 per MWh. For ratemaking purposes the average O&M charges to be included for recovery in retail rates vary slightly between regulatory jurisdictions. The average O&M charges for the delivery year beginning in 2015 are $43.52 for Washington and $39.27 for Idaho. (2) The estimated volatility rate of 0.20 is compared to actual quoted volatility rates of 0.38 for 2016 to 0.24 in February 2018 . The valuation methods, significant inputs and resulting fair values described above were developed by the Company's management and are reviewed on at least a quarterly basis to ensure they provide a reasonable estimate of fair value each reporting period. The following table presents activity for energy commodity derivative assets (liabilities) measured at fair value using significant unobservable inputs (Level 3) for the three months ended March 31 (dollars in thousands): Natural Gas Exchange Agreement Power Exchange Agreement Power Option Agreement Total Three months ended March 31, 2016: Balance as of January 1, 2016 $ (5,039 ) $ (21,961 ) $ (124 ) $ (27,124 ) Total gains or losses (realized/unrealized): Included in regulatory assets/liabilities (1) (1,745 ) (2,432 ) 27 (4,150 ) Settlements 778 4,200 — 4,978 Ending balance as of March 31, 2016 (2) $ (6,006 ) $ (20,193 ) $ (97 ) $ (26,296 ) Three months ended March 31, 2015: Balance as of January 1, 2015 $ (35 ) $ (23,299 ) $ (424 ) $ (23,758 ) Total gains or losses (realized/unrealized): Included in regulatory assets/liabilities (1) 777 (6,381 ) 173 (5,431 ) Settlements 75 3,777 — 3,852 Ending balance as of March 31, 2015 (2) $ 817 $ (25,903 ) $ (251 ) $ (25,337 ) (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. |
Earnings Per Common Share Attri
Earnings Per Common Share Attributable To Avista Corporation | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share Attributable To Avista Corporation Shareholders | EARNINGS PER COMMON SHARE ATTRIBUTABLE TO AVISTA CORP. SHAREHOLDERS The following table presents the computation of basic and diluted earnings per common share attributable to Avista Corp. shareholders for the three months ended March 31 (in thousands, except per share amounts): 2016 2015 Numerator: Net income attributable to Avista Corp. shareholders $ 56,052 $ 46,449 Denominator: Weighted-average number of common shares outstanding-basic 62,605 62,318 Effect of dilutive securities: Performance and restricted stock awards 302 571 Weighted-average number of common shares outstanding-diluted 62,907 62,889 Earnings per common share attributable to Avista Corp. shareholders: Basic $ 0.90 $ 0.75 Diluted $ 0.89 $ 0.74 There were no shares excluded from the calculation because they were antidilutive. |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES In the course of its business, the Company becomes involved in various claims, controversies, disputes and other contingent matters, including the items described in this Note. Some of these claims, controversies, disputes and other contingent matters involve litigation or other contested proceedings. For all such matters, the Company intends to vigorously protect and defend its interests and pursue its rights. However, no assurance can be given as to the ultimate outcome of any particular matter because litigation and other contested proceedings are inherently subject to numerous uncertainties. For matters that affect Avista Utilities’ or AEL&P's operations, the Company intends to seek, to the extent appropriate, recovery of incurred costs through the ratemaking process. California Refund Proceeding In February 2016, APX, a market maker in the California Refund Proceedings in whose markets Avista Energy participated in the summer of 2000, has asserted that Avista Energy and its other customer/participants may be responsible for a share of the disgorgement penalty APX may be found to owe to the California parties. The penalty arises as a result of the Federal Energy and Regulatory Commission's (FERC) finding that APX committed violations in the California market in the summer of 2000. APX is making these assertions despite Avista Energy having been dismissed in FERC Opinion No. 536 from the on-going administrative proceeding at the FERC regarding potential wrongdoing in the California markets in the summer of 2000. APX has identified Avista Energy’s share of APX’s exposure to be as much as $16.0 million even though no wrongdoing allegations are specifically attributable to Avista Energy. Avista Energy believes its settlement insulates it from any such liability and that as a dismissed party it cannot be drawn back into the litigation. Avista Energy intends to vigorously dispute APX’s assertions of indirect liability, but cannot at this time predict the eventual outcome. Pacific Northwest Refund Proceeding In July 2001, the FERC initiated a preliminary evidentiary hearing to develop a factual record as to whether prices for spot market sales of wholesale energy in the Pacific Northwest between December 25, 2000 and June 20, 2001 were just and reasonable. In June 2003, the FERC terminated the Pacific Northwest refund proceedings, after finding that the equities do not justify the imposition of refunds. In August 2007, the Ninth Circuit found that the FERC had failed to take into account new evidence of market manipulation and that such failure was arbitrary and capricious and, accordingly, remanded the case to the FERC, stating that the FERC's findings must be reevaluated in light of the new evidence. The Ninth Circuit expressly declined to direct the FERC to grant refunds. On October 3, 2011, the FERC issued an Order on Remand. On April 5, 2013, the FERC issued an Order on Rehearing expanding the temporal scope of the proceeding to permit parties to submit evidence on transactions during the period from January 1, 2000 through and including June 20, 2001. The Order on Remand established an evidentiary, trial-type hearing before an ALJ, and reopened the record to permit parties to present evidence of unlawful market activity. The Order on Remand stated that parties seeking refunds must submit evidence demonstrating that specific unlawful market activity occurred, and must demonstrate that such activity directly affected negotiations with respect to the specific contract rate about which they complain. Simply alleging a general link between the dysfunctional spot market in California and the Pacific Northwest spot market would not be sufficient to establish a causal connection between a particular seller's alleged unlawful activities and the specific contract negotiations at issue. The hearing was conducted in August through October 2013. On July 11, 2012 and March 28, 2013, Avista Energy and Avista Corp. filed settlements of all issues in this docket with regard to the claims made by the City of Tacoma and the California AG (on behalf of the California Department of Water Resources). The FERC approved the settlements and they are final. The remaining direct claimant against Avista Corp. and Avista Energy in this proceeding is the City of Seattle, Washington (Seattle). With regard to the Seattle claims, on March 28, 2014, the Presiding ALJ issued her Initial Decision finding that: 1) Seattle failed to demonstrate that either Avista Corp. or Avista Energy engaged in unlawful market activity and also failed to identify any specific contracts at issue; 2) Seattle failed to demonstrate that contracts with either Avista Corp. or Avista Energy imposed an excessive burden on consumers or seriously harmed the public interest; and that 3) Seattle failed to demonstrate that either Avista Corp. or Avista Energy engaged in any specific violations of substantive provisions of the FPA or any filed tariffs or rate schedules. Accordingly, the ALJ denied all of Seattle’s claims under both section 206 and section 309 of the FPA. On May 22, 2015, the FERC issued its Order on Initial Decision in which it upheld the ALJ’s Initial Decision denying all of Seattle’s claims against Avista Corp. and Avista Energy. Seattle filed a Request for Rehearing of the FERC’s Order on Initial Decision which was denied on December 31, 2015. Seattle appealed the FERC’s decision to the Ninth Circuit. The Company does not expect that this matter will have a material adverse effect on its financial condition, results of operations or cash flows. Sierra Club and Montana Environmental Information Center Litigation In 2013, the Sierra Club and Montana Environmental Information Center (MEIC) (collectively "Plaintiffs"), filed a Complaint in the United States District Court for the District of Montana, Billings Division, against the Owners of the Colstrip Generating Project ("Colstrip"); Avista Corp. owns a 15 percent interest in Units 3 & 4 of Colstrip. The other Colstrip co-Owners are Talen (formerly PPL Montana), Puget Sound Energy, Portland General Electric Company, NorthWestern Energy and PacifiCorp. The Complaint alleges certain violations of the Clean Air Act, including the New Source Review, Title V and opacity requirements. In September 2013, the Plaintiffs filed an Amended Complaint. The Amended Complaint withdrew from the original Complaint fifteen claims related to seven pre-January 1, 2001 Colstrip maintenance projects, upgrade projects and work projects and claims alleging violations of Title V and opacity requirements. The Amended Complaint alleges certain violations of the Clean Air Act and the New Source Review and adds claims with respect to post-January 1, 2001 Colstrip projects. In August 2014, the Plaintiffs filed a Second Amended Complaint. The Second Amended Complaint withdraws from the Amended Complaint five claims and adds one new claim. The Second Amended Complaint alleges certain violations of the Clean Air Act and the New Source Review. The Plaintiffs request that the Court grant injunctive and declaratory relief, order remediation of alleged environmental damages, impose civil penalties, require a beneficial environmental project in the areas affected by the alleged air pollution and require payment of Plaintiffs’ costs of litigation and attorney fees. The Plaintiffs have since indicated that they do not intend to pursue two of the seven projects, leaving a total of five projects remaining. A number of motions for summary judgment were filed by both the Plaintiffs and the defendants. The Court issued its rulings on these motions and, as a result, only two projects remain for trial. The Court has set the liability trial date for May 31, 2016. No date has been set for the remedy trial. The parties are engaged in settlement discussions with the Plaintiffs to resolve the claims raised in the litigation. The parties have made sufficient progress in those negotiations that the parties filed a joint motion to stay the trial date to allow further settlement efforts to proceed. The Court approved the motion to stay the trial date with the proviso that if the case has not settled by June 28, 2016, the parties will have to move to extend the stay or propose a revised bench trial schedule. Management believes that it is reasonably possible that this matter could result in a loss to the Company. However, due to uncertainties concerning this matter, Avista Corp. cannot predict the outcome or determine whether it would have a material impact on the Company. Cabinet Gorge Total Dissolved Gas Abatement Plan Dissolved atmospheric gas levels (referred to as "TDG") in the Clark Fork River exceed state of Idaho and federal water quality numeric standards downstream of Cabinet Gorge during periods when excess river flows must be diverted over the spillway. Under the terms of the Clark Fork Settlement Agreement as incorporated in Avista Corp.’s FERC license for the Clark Fork Project, Avista Corp. has worked in consultation with agencies, tribes and other stakeholders to address this issue. Under the terms of a gas supersaturation mitigation plan, Avista is reducing TDG by constructing spill crest modifications on spill gates at the dam, and the Company expects to continue spill crest modifications over the next several years, in ongoing consultation with key stakeholders. Avista Corp. cannot at this time predict the outcome or estimate a range of costs associated with this contingency; however, the Company will continue to seek recovery, through the ratemaking process, of all operating and capitalized costs related to this issue. Fish Passage at Cabinet Gorge and Noxon Rapids In 1999, the United States Fish and Wildlife Service (USFWS) listed bull trout as threatened under the Endangered Species Act. In 2010, the USFWS issued a revised designation of critical habitat for bull trout, which includes the lower Clark Fork River. The USFWS issued a final recovery plan in October 2015. The Clark Fork Settlement Agreement describes programs intended to help restore bull trout populations in the project area. Using the concept of adaptive management and working closely with the USFWS, the Company evaluated the feasibility of fish passage at Cabinet Gorge and Noxon Rapids. The results of these studies led, in part, to the decision to move forward with development of permanent facilities, among other bull trout enhancement efforts. Fishway designs for Cabinet Gorge have been completed, and the Company is currently developing construction cost estimates. The Company believes its ongoing efforts through the Clark Fork Settlement Agreement continue to effectively address issues related to bull trout. Avista Corp. cannot at this time predict the outcome or estimate a range of costs associated with this contingency; however, the Company will continue to seek recovery, through the ratemaking process, of all operating and capitalized costs related to fish passage at Cabinet Gorge and Noxon Rapids. 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. |
Information By Business Segment
Information By Business Segments | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Information by Business Segments | INFORMATION BY BUSINESS SEGMENTS The business segment presentation reflects the basis used by the Company's management to analyze performance and determine the allocation of resources. The Company's management evaluates performance based on income (loss) from operations before income taxes as well as net income (loss) attributable to Avista Corp. shareholders. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Avista Utilities' business is managed based on the total regulated utility operation; therefore, it is considered one segment. AEL&P is a separate reportable business segment as it has separate financial reports that are reviewed in detail by the Chief Operating Decision Maker and its operations and risks are sufficiently different from Avista Utilities and the other businesses at AERC that it cannot be aggregated with any other operating segments. All goodwill associated with the AERC acquisition in 2014 was assigned to the AEL&P reportable business segment. The Other category, which is not a reportable segment, includes Spokane Energy, which was dissolved during the third quarter of 2015, 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, 2016: Operating revenues $ 400,147 $ 12,646 $ 412,793 $ 5,380 $ — $ 418,173 Resource costs 159,078 2,641 161,719 — — 161,719 Other operating expenses 73,256 2,523 75,779 5,825 — 81,604 Depreciation and amortization 37,866 1,326 39,192 188 — 39,380 Income (loss) from operations 101,245 5,473 106,718 (633 ) — 106,085 Interest expense (2) 20,418 895 21,313 161 (63 ) 21,411 Income taxes 30,269 1,895 32,164 (222 ) — 31,942 Net income (loss) attributable to Avista Corp. shareholders 53,390 2,961 56,351 (299 ) — 56,052 Capital expenditures (3) 84,435 4,443 88,878 119 — 88,997 For the three months ended March 31, 2015: Operating revenues $ 424,083 $ 12,774 $ 436,857 $ 10,083 $ (450 ) $ 446,490 Resource costs 206,660 2,900 209,560 — — 209,560 Other operating expenses 70,409 2,763 73,172 10,266 (450 ) 82,988 Depreciation and amortization 32,997 1,303 34,300 169 — 34,469 Income (loss) from operations 84,788 5,139 89,927 (352 ) — 89,575 Interest expense (2) 18,968 904 19,872 164 (22 ) 20,014 Income taxes 24,888 1,684 26,572 (325 ) — 26,247 Net income (loss) attributable to Avista Corp. shareholders 44,384 2,634 47,018 (569 ) — 46,449 Capital expenditures (3) 81,212 385 81,597 412 — 82,009 Total Assets: As of March 31, 2016: $ 4,645,714 $ 269,036 $ 4,914,750 $ 41,263 $ — $ 4,956,013 As of December 31, 2015: $ 4,601,708 $ 265,735 $ 4,867,443 $ 39,206 $ — $ 4,906,649 (1) Intersegment eliminations reported as operating revenues and resource costs represent intercompany purchases and sales of electric capacity and energy. Intersegment eliminations reported as interest expense and net income (loss) attributable to Avista Corp. shareholders represent intercompany interest. (2) Including interest expense to affiliated trusts. (3) The capital expenditures for the other businesses are included as other capital expenditures on the Condensed Consolidated Statements of Cash Flows. |
Summary Of Significant Accoun21
Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2016 | |
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 the 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 Avista Utilities' Noxon Rapids generating facility. Alaska Energy and Resources Company (AERC) is a wholly-owned subsidiary of Avista Corp. The primary subsidiary of AERC is Alaska Electric Light and Power Company (AEL&P), comprising the regulated utility operations in Alaska. Avista Capital, Inc. (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. in Alaska. |
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. |
Taxes Other Than Income Taxes | Taxes Other Than Income Taxes Taxes other than income taxes include state excise taxes, city occupational and franchise taxes, real and personal property taxes and certain other taxes not based on income. These taxes are generally based on revenues or the value of property. Utility related taxes collected from customers (primarily state excise taxes and city utility taxes) are recorded as operating revenue and expense. Taxes other than income taxes consisted of the following items for the three months ended March 31 (dollars in thousands): 2016 2015 Utility related taxes $ 18,365 $ 19,498 Property taxes 10,420 9,686 Other taxes 600 714 Total $ 29,385 $ 29,898 |
Other Income - Net | Other Income-Net Other income-net consisted of the following items for the three months ended March 31 (dollars in thousands): 2016 2015 Interest income $ 540 $ 263 Equity-related AFUDC 2,261 2,215 Other income (loss) (379 ) (247 ) Total $ 2,422 $ 2,231 |
Materials And Supplies, Fuel Stock And Natural Gas Stored | 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 net realizable value for our non-regulated operations and consisted of the following as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, December 31, 2016 2015 Materials and supplies $ 38,718 $ 37,101 Fuel stock 4,254 4,273 Stored natural gas 913 12,774 Total $ 43,885 $ 54,148 |
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 Washington Utilities and Transportation Commission (UTC) and the Idaho Public Utilities Commission (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. The orders provide for Avista Corp. to not recognize the unrealized gain or loss on utility derivative commodity instruments in the Condensed Consolidated Statements of Income. Realized gains or losses are recognized in the periods of delivery, subject to approval for recovery through retail rates. Realized gains and losses, result in adjustments to retail rates through purchased gas cost adjustments, the Energy Recovery Mechanism (ERM) in Washington, the Power Cost Adjustment (PCA) mechanism in Idaho, and periodic general rates cases. Regulatory assets are assessed regularly and are probable for 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, each period Avista Corp. records all mark-to-market gains and losses as assets and liabilities and records offsetting regulatory assets and liabilities, such that there is no income statement impact. Upon settlement of interest rate swaps, the regulatory asset or liability (included as part of long-term debt) is amortized as a component of interest expense over the term of the associated debt. While the Company has not received any formal accounting orders from the various state commissions providing for the offset of interest rate swap assets and liabilities with regulatory assets and liabilities, the interest rate swap derivatives are risk management tools similar to energy commodity derivatives and the Company believes that the prior practice of the commissions to provide recovery through the ratemaking process justifies this accounting treatment. As of March 31, 2016 , 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) under ASC 815-10-45. 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 swap derivatives and foreign currency exchange derivatives, are reported at estimated fair value on the Condensed Consolidated Balance Sheets. See Note 9 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 losses that do not meet these conditions for accrual if there is a reasonable possibility that a loss may be incurred. As of March 31, 2016 , the Company has not recorded any significant amounts related to unresolved contingencies. |
Stockholders' Equity, Policy | Accumulated Other Comprehensive Loss Accumulated other comprehensive loss, net of tax, consisted of the following as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, December 31, 2016 2015 Unfunded benefit obligation for pensions and other postretirement benefit plans - net of taxes of $4,243 and $3,580, respectively $ 7,879 $ 6,650 The following table details the reclassifications out of accumulated other comprehensive loss by component for the three months ended March 31 (dollars in thousands). Items in parenthesis indicate reductions to net income. Amounts Reclassified from Accumulated Other Comprehensive Loss Details about Accumulated Other Comprehensive Loss Components 2016 2015 Affected Line Item in Statement of Income Amortization of defined benefit pension items Amortization of net prior service cost $ 311 $ 273 (a) Amortization of net loss (3,642 ) (3,688 ) (a) Adjustment due to effects of regulation 5,223 3,037 (a) (b) 1,892 (378 ) Total before tax (663 ) 132 Tax expense (benefit) $ 1,229 $ (246 ) Net of tax (a) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 5 for additional details). (b) The adjustment for the effects of regulation during the first quarter of 2016 includes approximately $2.1 million related to the reclassification of a pension regulatory asset associated with one of our jurisdictions into accumulated other comprehensive loss. Appropriated Retained Earnings In accordance with the hydroelectric licensing requirements of section 10(d) of the Federal Power Act (FPA), the Company maintains an appropriated retained earnings account for any earnings in excess of the specified rate of return on the Company's investment in the licenses for its various hydroelectric projects. Per section 10(d) of the FPA, the Company must maintain these excess earnings in an appropriated retained earnings account until the termination of the licensing agreements or apply them to reduce the net investment in the licenses of the hydroelectric projects at the discretion of the Federal Energy Regulatory Commission (FERC). The Company typically calculates the earnings in excess of the specified rate of return on an annual basis, usually during the second quarter. In addition to the hydroelectric project licenses identified above for Avista Utilities, the requirements of section 10(d) of the FPA also apply to the AEL&P licenses for Lake Dorothy and Annex Creek/Salmon Creek (combined). The appropriated retained earnings amounts included in retained earnings were as follows as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, December 31, 2016 2015 Appropriated retained earnings $ 21,030 $ 21,030 Dividends The payment of dividends on common stock could be limited by: • certain covenants applicable to preferred stock (when outstanding) contained in the Company’s Restated Articles of Incorporation, as amended (currently there are no preferred shares outstanding), • certain covenants applicable to the Company's outstanding long-term debt and committed line of credit agreements, • the hydroelectric licensing requirements of section 10(d) of the FPA (see above), which does not allow appropriated retained earnings to be distributed as dividends, • certain requirements under the Public Utility Commission of Oregon (OPUC) approval of the AERC acquisition. As of July 1, 2015 (one year following the acquisition date), the OPUC does not permit one-time or special dividends from AERC to Avista Corp. and does not permit Avista Utilities' total equity to total capitalization to be less than 40 percent , without approval from the OPUC. However, the OPUC approval does allow for regular distributions of AERC earnings to Avista Corp. as long as AERC remains sufficiently capitalized and insured. Under the covenant applicable to the Company's committed line of credit agreement, which does not permit the ratio of “consolidated total debt” to “consolidated total capitalization” to be greater than 65 percent at any time, the amount of retained earnings available for dividends at March 31, 2016 was limited to $429.3 million . Under the requirements of the OPUC approval of the AERC acquisition as outlined above, the amount available for dividends at March 31, 2016 was limited to $275.4 million . Sales Agency Agreements In March 2016, the Company entered into four separate sales agency agreements under which the sales agents, as Avista Corp.’s agents, may offer and sell up to 3.8 million new shares of Avista Corp.'s common stock, no par value, from time to time. The sales agency agreements expire on February 29, 2020. In the three months ended March 31, 2016 , 0.7 million shares were issued under these agreements resulting in total net proceeds of $27.1 million , leaving 3.1 million shares remaining to be issued. |
Summary Of Significant Accoun22
Summary Of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive loss, net of tax, consisted of the following as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, December 31, 2016 2015 Unfunded benefit obligation for pensions and other postretirement benefit plans - net of taxes of $4,243 and $3,580, respectively $ 7,879 $ 6,650 |
Reclassifications Out of Accumulated Other Comprehensive Loss by Component | The following table details the reclassifications out of accumulated other comprehensive loss by component for the three months ended March 31 (dollars in thousands). Items in parenthesis indicate reductions to net income. Amounts Reclassified from Accumulated Other Comprehensive Loss Details about Accumulated Other Comprehensive Loss Components 2016 2015 Affected Line Item in Statement of Income Amortization of defined benefit pension items Amortization of net prior service cost $ 311 $ 273 (a) Amortization of net loss (3,642 ) (3,688 ) (a) Adjustment due to effects of regulation 5,223 3,037 (a) (b) 1,892 (378 ) Total before tax (663 ) 132 Tax expense (benefit) $ 1,229 $ (246 ) Net of tax (a) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 5 for additional details). |
Utility Taxes | Utility related taxes collected from customers (primarily state excise taxes and city utility taxes) are recorded as operating revenue and expense. Taxes other than income taxes consisted of the following items for the three months ended March 31 (dollars in thousands): 2016 2015 Utility related taxes $ 18,365 $ 19,498 Property taxes 10,420 9,686 Other taxes 600 714 Total $ 29,385 $ 29,898 |
Other Income - Net | Other income-net consisted of the following items for the three months ended March 31 (dollars in thousands): 2016 2015 Interest income $ 540 $ 263 Equity-related AFUDC 2,261 2,215 Other income (loss) (379 ) (247 ) Total $ 2,422 $ 2,231 |
Materials And Supplies Fuel Stock And Natural Gas Stored | 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 net realizable value for our non-regulated operations and consisted of the following as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, December 31, 2016 2015 Materials and supplies $ 38,718 $ 37,101 Fuel stock 4,254 4,273 Stored natural gas 913 12,774 Total $ 43,885 $ 54,148 |
Appropriated Retained Earnings [Table Text Block] | The appropriated retained earnings amounts included in retained earnings were as follows as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, December 31, 2016 2015 Appropriated retained earnings $ 21,030 $ 21,030 |
Variable Interest Entities Va23
Variable Interest Entities Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities [Table Text Block] | VARIABLE INTEREST ENTITIES Lancaster Power Purchase Agreement The Company has a power purchase agreement (PPA) for the purchase of all the output of the Lancaster Plant, a 270 MW natural gas-fired combined cycle combustion turbine plant located in Kootenai County, Idaho, owned by an unrelated third-party (Rathdrum Power LLC), through 2026. Avista Corp. has a variable interest in the PPA. Accordingly, Avista Corp. made an evaluation of which interest holders have the power to direct the activities that most significantly impact the economic performance of the entity and which interest holders have the obligation to absorb losses or receive benefits that could be significant to the entity. Avista Corp. pays a fixed capacity and operations and maintenance payment and certain monthly variable costs under the PPA. Under the terms of the PPA, Avista Corp. makes the dispatch decisions, provides all natural gas fuel and receives all of the electric energy output from the Lancaster Plant. However, Rathdrum Power LLC (the owner) controls the daily operation of the Lancaster Plant and makes operating and maintenance decisions. Rathdrum Power LLC controls all of the rights and obligations of the Lancaster Plant after the expiration of the PPA in 2026. It is estimated that the plant will have 15 to 25 years of useful life after that time. Rathdrum Power LLC bears the maintenance risk of the plant and will receive the residual value of the Lancaster Plant. Avista Corp. has no debt or equity investments in the Lancaster Plant and does not provide financial support through liquidity arrangements or other commitments (other than the PPA). Based on its analysis, Avista Corp. does not consider itself to be the primary beneficiary of the Lancaster Plant. Accordingly, neither the Lancaster Plant nor Rathdrum Power LLC is included in Avista Corp.’s condensed consolidated financial statements. The Company has a future contractual obligation of approximately $289.9 million under the PPA (representing the fixed capacity and operations and maintenance payments through 2026) and believes this would be its maximum exposure to loss. These payments are due regardless of plant performance; however, the Company believes that such costs will be recovered through retail rates. Limited Partnerships and Similar Entities The Company adopted ASU No. 2015-02 effective January 1, 2016. As a result of the adoption of this ASU, the Company evaluated all of its existing investments to determine if any entities would be considered VIEs under the new guidance and whether consolidation would be required. Under the ASU, a limited partnership or similar legal entity that is the functional equivalent of a limited partnership would be considered a VIE regardless of whether it otherwise qualifies as a voting interest entity unless a simple majority or lower threshold of the “unrelated” limited partners (i.e., parties other than the general partner, entities under common control with the general partner, and other parties acting on behalf of the general partner) have substantive kick-out rights (including liquidation rights) or participating rights. The Company has five investments in limited partnerships (or the functional equivalent) where Avista Corp. is a limited partner investor in an investment fund where the general partner makes all the investment and operating decisions with regards to the partnership and fund. To remove the general partner from any of the funds, approval from greater than a simple majority of the limited partners is required. As such, the limited partners do not have substantive kick-out rights and these investment are considered VIEs. Consolidation of these VIEs by Avista Corp. is not required because the Company does not have majority ownership in any of the funds, it does not have the power to direct any activities of the funds and it does not have the power to appoint executive leadership, including the board of directors. Avista Corp. participates in profits and losses of the investment funds based on its ownership percentage and its losses are capped at its total initial investment in the funds. Avista Corp. does not have any additional commitments beyond its initial investment. In addition, the Company is not allowed to withdraw any capital contributions from the investment funds until after the funds' expiration dates and all liabilities of the funds are settled. The expiration dates range from 2016 to 2032 , with one investment having no termination date (perpetual). As of March 31, 2016 , the Company has a total carrying amount in these investment funds of $5.8 million . |
Derivatives And Risk Manageme24
Derivatives And Risk Management (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Energy Commodity Derivatives | The following table presents the underlying energy commodity derivative volumes as of March 31, 2016 that are expected to be delivered in each respective year (in thousands of MWhs and mmBTUs): Purchases Sales Electric Derivatives Gas Derivatives Electric Derivatives Gas Derivatives Year Physical (1) MWH Financial (1) MWH Physical (1) mmBTUs Financial (1) mmBTUs Physical (1) Financial (1) Physical (1) Financial (1) 2016 213 1,643 13,846 127,565 200 1,916 968 104,118 2017 397 97 1,265 58,238 255 483 1,360 41,918 2018 397 — — 23,903 286 192 1,360 6,363 2019 235 — 610 10,245 158 — 1,345 — 2020 — — 910 1,815 — — 1,430 — Thereafter — — — — — — 1,060 — The following table presents the underlying energy commodity derivative volumes as of December 31, 2015 that are expected to be delivered in each respective year (in thousands of MWhs and mmBTUs): Purchases Sales Electric Derivatives Gas Derivatives Electric Derivatives Gas Derivatives Year Physical (1) MWH Financial (1) MWH Physical (1) mmBTUs Financial (1) mmBTUs Physical (1) Financial (1) Physical (1) Financial (1) 2016 407 1,954 17,252 142,693 280 2,656 3,182 112,233 2017 397 97 675 49,200 255 483 1,360 26,965 2018 397 — — 15,118 286 — 1,360 2,738 2019 235 — 305 6,935 158 — 1,345 — 2020 — — 455 905 — — 1,430 — Thereafter — — — — — — 1,060 — |
Foreign Currency Exchange Contracts | The following table summarizes the foreign currency derivatives that the Company has outstanding as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, December 31, 2016 2015 Number of contracts 24 24 Notional amount (in United States currency) $ 2,787 $ 1,463 Notional amount (in Canadian currency) 3,700 2,002 |
Interest Rate Swap Agreements | The following table summarizes the interest rate swaps that the Company has entered into as of March 31, 2016 and December 31, 2015 (dollars in thousands): Balance Sheet Date Number of Contracts Notional Amount Mandatory Cash Settlement Date March 31, 2016 6 115,000 2016 4 55,000 2017 13 265,000 2018 3 40,000 2019 4 50,000 2022 December 31, 2015 6 115,000 2016 3 45,000 2017 11 245,000 2018 2 30,000 2019 1 20,000 2022 |
Derivative Instruments Summary | The following table presents the fair values and locations of derivative instruments recorded on the Condensed Consolidated Balance Sheet as of March 31, 2016 (in thousands): Fair Value as of March 31, 2016 Derivative Balance Sheet Location Gross Asset Gross Liability Collateral Netted Net Asset (Liability) on Balance Sheet Foreign currency contracts Other current assets $ 64 $ — $ — $ 64 Interest rate contracts Other property and investments-net and other non-current assets 451 — — 451 Interest rate contracts Other current liabilities — (38,802 ) 10,558 (28,244 ) Interest rate contracts Other non-current liabilities and deferred credits 443 (106,607 ) 65,442 (40,722 ) Commodity contracts Current utility energy commodity derivative assets 127 — — 127 Commodity contracts Non-current utility energy commodity derivative assets 136 (51 ) — 85 Commodity contracts Current utility energy commodity derivative liabilities 68,153 (91,109 ) 12,261 (10,695 ) Commodity contracts Other non-current liabilities and deferred credits 7,967 (33,886 ) 7,711 (18,208 ) Total derivative instruments recorded on the balance sheet $ 77,341 $ (270,455 ) $ 95,972 $ (97,142 ) The following table presents the fair values and locations of derivative instruments recorded on the Condensed Consolidated Balance Sheet as of December 31, 2015 (in thousands): Fair Value as of December 31, 2015 Derivative Balance Sheet Location Gross Asset Gross Liability Collateral Net Asset Foreign currency contracts Other current liabilities $ 2 $ (19 ) $ — $ (17 ) Interest rate contracts Other property and investments-net and other non-current assets 23 — — 23 Interest rate contracts Other current liabilities 118 (23,262 ) 3,880 (19,264 ) Interest rate contracts Other non-current liabilities and deferred credits 1,407 (62,236 ) 30,150 (30,679 ) Commodity contracts Current utility energy commodity derivative assets 1,236 (553 ) — 683 Commodity contracts Current utility energy commodity derivative liabilities 67,466 (85,409 ) 3,675 (14,268 ) Commodity contracts Other non-current liabilities and deferred credits 6,613 (39,033 ) 10,851 (21,569 ) Total derivative instruments recorded on the balance sheet $ 76,865 $ (210,512 ) $ 48,556 $ (85,091 ) |
Schedule of Assets Pledged as Collateral and Related Offsets [Table Text Block] | The following table presents the Company's collateral outstanding related to its derivative instruments as of March 31, 2016 and December 31, 2015 (in thousands): March 31, December 31, 2016 2015 Energy commodity derivatives Cash collateral posted $ 29,618 $ 28,716 Letters of credit outstanding 23,700 28,200 Balance sheet offsetting (cash collateral against net derivative positions) 19,972 14,526 Interest rate swap derivatives Cash collateral posted 76,000 34,030 Letters of credit outstanding 16,700 9,600 Balance sheet offsetting (cash collateral against net derivative positions) 76,000 34,030 There was no cash collateral or letters of credit outstanding as of March 31, 2016 and December 31, 2015 related to foreign currency exchange derivatives. Certain of the Company’s derivative instruments contain provisions that require the Company to maintain an "investment grade" credit rating from the major credit rating agencies. If the Company’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 the Company could be required to post as of March 31, 2016 and December 31, 2015 (in thousands): March 31, December 31, 2016 2015 Energy commodity derivatives Liabilities with credit-risk-related contingent features $ 1,655 $ 7,090 Additional collateral to post 1,416 6,980 Interest rate swap derivatives Liabilities with credit-risk-related contingent features 145,409 85,498 Additional collateral to post 25,420 18,750 |
Pension Plans And Other Postr25
Pension Plans And Other Postretirement Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Components of Net Periodic Benefit Cost | Pension Benefits Other Post-retirement Benefits 2016 2015 2016 2015 Service cost $ 4,519 $ 4,949 $ 779 $ 699 Interest cost 6,900 6,672 1,559 1,331 Expected return on plan assets (6,750 ) (7,416 ) (475 ) (431 ) Amortization of prior service cost — 6 (312 ) (279 ) Net loss recognition 1,890 2,394 1,365 1,292 Net periodic benefit cost $ 6,559 $ 6,605 $ 2,916 $ 2,612 |
Committed Lines of Credit (Tabl
Committed Lines of Credit (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Short-term Debt [Abstract] | |
Schedule of Line of Credit Facilities [Table Text Block] | Balances outstanding and interest rates of borrowings (excluding letters of credit) under the Company’s revolving committed lines of credit were as follows as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, December 31, 2016 2015 Borrowings outstanding at end of period $ 90,000 $ 105,000 Letters of credit outstanding at end of period $ 46,695 $ 44,595 Average interest rate on borrowings at end of period 1.19 % 1.18 % |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Long-term Debt, Unclassified [Abstract] | |
Schedule of Capital Leased Assets [Table Text Block] | The balances related to the Snettisham capital lease obligation as of March 31, 2016 and December 31, 2015 were as follows (dollars in thousands): March 31, December 31, 2016 2015 Capital lease obligation (1) $ 63,881 $ 64,455 Capital lease asset (2) 71,007 71,007 Accumulated amortization of capital lease asset (2) 6,372 5,462 (1) The capital lease obligation amount is equal to the amount of AIDEA's revenue bonds outstanding. (2) These amounts are included in utility plant in service on the Condensed Consolidated Balance Sheet. Interest on the capital lease obligation and amortization of the capital lease asset are included in utility resource costs in the Condensed Consolidated Statements of Income and totaled the following amounts for the three months ended March 31 (dollars in thousands): 2016 2015 Interest on capital lease obligation $ 789 $ 923 Amortization of capital lease asset 910 910 |
Schedule of Maturities of Long-term Debt [Table Text Block] | The following table details future capital lease obligations, including interest, under the Snettisham power purchase agreement (dollars in thousands): Remaining 2016 2017 2018 2019 2020 Thereafter Total Principal $ 1,721 $ 2,415 $ 2,535 $ 2,660 $ 2,800 $ 51,750 $ 63,881 Interest 2,368 3,042 2,921 2,795 2,662 19,195 32,983 Total $ 4,089 $ 5,457 $ 5,456 $ 5,455 $ 5,462 $ 70,945 $ 96,864 |
Long-term Debt Outstanding | Maturity Interest March 31, December 31, Year Description Rate 2016 2015 Avista Corp. Secured Long-Term Debt 2016 First Mortgage Bonds 0.84% $ 90,000 $ 90,000 2018 First Mortgage Bonds 5.95% 250,000 250,000 2018 Secured Medium-Term Notes 7.39%-7.45% 22,500 22,500 2019 First Mortgage Bonds 5.45% 90,000 90,000 2020 First Mortgage Bonds 3.89% 52,000 52,000 2022 First Mortgage Bonds 5.13% 250,000 250,000 2023 Secured Medium-Term Notes 7.18%-7.54% 13,500 13,500 2028 Secured Medium-Term Notes 6.37% 25,000 25,000 2032 Secured Pollution Control Bonds (1) (1) 66,700 66,700 2034 Secured Pollution Control Bonds (1) (1) 17,000 17,000 2035 First Mortgage Bonds 6.25% 150,000 150,000 2037 First Mortgage Bonds 5.70% 150,000 150,000 2040 First Mortgage Bonds 5.55% 35,000 35,000 2041 First Mortgage Bonds 4.45% 85,000 85,000 2044 First Mortgage Bonds 4.11% 60,000 60,000 2045 First Mortgage Bonds 4.37% 100,000 100,000 2047 First Mortgage Bonds 4.23% 80,000 80,000 Total Avista Corp. secured long-term debt 1,536,700 1,536,700 Alaska Electric Light and Power Company Secured Long-Term Debt 2044 First Mortgage Bonds 4.54% 75,000 75,000 Total consolidated secured long-term debt 1,611,700 1,611,700 Alaska Energy and Resources Company Unsecured Long-Term Debt 2019 Unsecured Term Loan 3.85% 15,000 15,000 Total secured and unsecured long-term debt 1,626,700 1,626,700 Other Long-Term Debt Components Capital lease obligations 67,810 68,601 Settled interest rate swaps (2) (26,334 ) (26,515 ) Unamortized debt discount (916 ) (956 ) Unamortized long-term debt issuance costs (10,572 ) (10,852 ) Total 1,656,688 1,656,978 Secured Pollution Control Bonds held by Avista Corporation (1) (83,700 ) (83,700 ) Current portion of long-term debt and capital leases (93,197 ) (93,167 ) Total long-term debt and capital leases $ 1,479,791 $ 1,480,111 (1) In December 2010, $66.7 million and $17.0 million of the City of Forsyth, Montana Pollution Control Revenue Refunding Bonds (Avista Corporation Colstrip Project) due in 2032 and 2034 , respectively, which had been held by Avista Corp. since 2008 and 2009, respectively, were refunded by new bond issues (Series 2010A and Series 2010B). The new bonds were not offered to the public and were purchased by Avista Corp. due to market conditions. The Company expects that at a later date, subject to market conditions, these bonds may be remarketed to unaffiliated investors. So long as Avista Corp. is the holder of these bonds, the bonds will not be reflected as an asset or a liability on Avista Corp.'s Condensed Consolidated Balance Sheets. (2) Upon settlement of interest rate swaps, these are recorded as a regulatory asset or liability and included as part of long-term debt above. They are amortized as a component of interest expense over the life of the associated debt and included as a part of the Company's cost of debt calculation for ratemaking purposes. |
Long- Term Debt to Affiliated28
Long- Term Debt to Affiliated Trust Long-Term Debt to Affiliated Trust (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Long-Term Debt to Affiliated Trust [Abstract] | |
Schedule Of Distribution Rates Paid [Table Text Block] | The distribution rates paid were as follows during the three months ended March 31, 2016 and the year ended December 31, 2015 : March 31, December 31, 2016 2015 Low distribution rate 1.29 % 1.11 % High distribution rate 1.51 % 1.29 % Distribution rate at the end of the period 1.51 % 1.29 % |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |
Fair Value Inputs, Liabilities, Quantitative Information [Table Text Block] | The following table presents the quantitative information which was used to estimate the fair values of the Level 3 assets and liabilities above as of March 31, 2016 (dollars in thousands): Fair Value (Net) at March 31, 2016 Valuation Technique Unobservable Input Range Power exchange agreement $ (20,193 ) Surrogate facility pricing O&M charges $33.52-$43.65/MWh (1) Escalation factor 3% - 2016 to 2019 Transaction volumes 396,984 - 397,030 MWhs Power option agreement $ (97 ) Black-Scholes- Merton Strike price $33.93/MWh - 2016 $48.25/MWh - 2019 Delivery volumes 128,403 - 285,979 MWhs Volatility rates 0.20 (2) Natural gas exchange agreement $ (6,006 ) Internally derived Forward purchase prices $1.26 - $2.81/mmBTU Forward sales prices $1.43 - $3.74/mmBTU Purchase volumes 115,000 - 310,000 mmBTUs Sales volumes 60,000 - 310,000 mmBTUs |
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, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Long-term debt (Level 2) $ 951,000 $ 1,079,527 $ 951,000 $ 1,055,797 Long-term debt (Level 3) 592,000 634,929 592,000 595,018 Snettisham capital lease obligation (Level 3) 63,881 64,372 64,455 63,150 Long-term debt to affiliated trusts (Level 3) 51,547 37,114 51,547 36,083 |
Fair Value of Assets And Liabilities Measured on Recurring Basis | Level 1 Level 2 Level 3 Counterparty Total March 31, 2016 Assets: Energy commodity derivatives $ — $ 76,124 $ — $ (75,912 ) $ 212 Level 3 energy commodity derivatives: Natural gas exchange agreement — — 259 (259 ) — Foreign currency derivatives — 64 — — 64 Interest rate swaps — 894 — (443 ) 451 Deferred compensation assets: Fixed income securities (2) 1,759 — — — 1,759 Equity securities (2) 5,182 — — — 5,182 Total $ 6,941 $ 77,082 $ 259 $ (76,614 ) $ 7,668 Liabilities: Energy commodity derivatives $ — $ 98,491 $ — $ (95,884 ) $ 2,607 Level 3 energy commodity derivatives: Natural gas exchange agreement — — 6,265 (259 ) 6,006 Power exchange agreement — — 20,193 — 20,193 Power option agreement — — 97 — 97 Interest rate swaps — 145,409 — (76,443 ) 68,966 Total $ — $ 243,900 $ 26,555 $ (172,586 ) $ 97,869 Level 1 Level 2 Level 3 Counterparty Total December 31, 2015 Assets: Energy commodity derivatives $ — $ 74,637 $ — $ (73,954 ) $ 683 Level 3 energy commodity derivatives: Natural gas exchange agreement — — 678 (678 ) — Foreign currency derivatives — 2 — (2 ) — Interest rate swaps — 1,548 — — 1,548 Deferred compensation assets: Fixed income securities (2) 1,727 — — — 1,727 Equity securities (2) 5,761 — — — 5,761 Total $ 7,488 $ 76,187 $ 678 $ (74,634 ) $ 9,719 Liabilities: Energy commodity derivatives $ — $ 97,193 $ — $ (88,480 ) $ 8,713 Level 3 energy commodity derivatives: Natural gas exchange agreement — — 5,717 (678 ) 5,039 Power exchange agreement — — 21,961 — 21,961 Power option agreement — — 124 — 124 Interest rate swaps — 85,498 — — 85,498 Foreign currency derivatives — 19 — (2 ) 17 Total $ — $ 182,710 $ 27,802 $ (89,160 ) $ 121,352 (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 trading securities and are included in other property and investments-net on the Condensed Consolidated Balance Sheets. |
Reconciliation for All Assets Measured At Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | Natural Gas Exchange Agreement Power Exchange Agreement Power Option Agreement Total Three months ended March 31, 2016: Balance as of January 1, 2016 $ (5,039 ) $ (21,961 ) $ (124 ) $ (27,124 ) Total gains or losses (realized/unrealized): Included in regulatory assets/liabilities (1) (1,745 ) (2,432 ) 27 (4,150 ) Settlements 778 4,200 — 4,978 Ending balance as of March 31, 2016 (2) $ (6,006 ) $ (20,193 ) $ (97 ) $ (26,296 ) Three months ended March 31, 2015: Balance as of January 1, 2015 $ (35 ) $ (23,299 ) $ (424 ) $ (23,758 ) Total gains or losses (realized/unrealized): Included in regulatory assets/liabilities (1) 777 (6,381 ) 173 (5,431 ) Settlements 75 3,777 — 3,852 Ending balance as of March 31, 2015 (2) $ 817 $ (25,903 ) $ (251 ) $ (25,337 ) (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. |
Earnings Per Common Share Att30
Earnings Per Common Share Attributable To Avista Corporation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Computations Of Earnings Per Share | 2016 2015 Numerator: Net income attributable to Avista Corp. shareholders $ 56,052 $ 46,449 Denominator: Weighted-average number of common shares outstanding-basic 62,605 62,318 Effect of dilutive securities: Performance and restricted stock awards 302 571 Weighted-average number of common shares outstanding-diluted 62,907 62,889 Earnings per common share attributable to Avista Corp. shareholders: Basic $ 0.90 $ 0.75 Diluted $ 0.89 $ 0.74 There were no shares excluded from the calculation because they were antidilutive. |
Information By Business Segme31
Information By Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Information by 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, 2016: Operating revenues $ 400,147 $ 12,646 $ 412,793 $ 5,380 $ — $ 418,173 Resource costs 159,078 2,641 161,719 — — 161,719 Other operating expenses 73,256 2,523 75,779 5,825 — 81,604 Depreciation and amortization 37,866 1,326 39,192 188 — 39,380 Income (loss) from operations 101,245 5,473 106,718 (633 ) — 106,085 Interest expense (2) 20,418 895 21,313 161 (63 ) 21,411 Income taxes 30,269 1,895 32,164 (222 ) — 31,942 Net income (loss) attributable to Avista Corp. shareholders 53,390 2,961 56,351 (299 ) — 56,052 Capital expenditures (3) 84,435 4,443 88,878 119 — 88,997 For the three months ended March 31, 2015: Operating revenues $ 424,083 $ 12,774 $ 436,857 $ 10,083 $ (450 ) $ 446,490 Resource costs 206,660 2,900 209,560 — — 209,560 Other operating expenses 70,409 2,763 73,172 10,266 (450 ) 82,988 Depreciation and amortization 32,997 1,303 34,300 169 — 34,469 Income (loss) from operations 84,788 5,139 89,927 (352 ) — 89,575 Interest expense (2) 18,968 904 19,872 164 (22 ) 20,014 Income taxes 24,888 1,684 26,572 (325 ) — 26,247 Net income (loss) attributable to Avista Corp. shareholders 44,384 2,634 47,018 (569 ) — 46,449 Capital expenditures (3) 81,212 385 81,597 412 — 82,009 Total Assets: As of March 31, 2016: $ 4,645,714 $ 269,036 $ 4,914,750 $ 41,263 $ — $ 4,956,013 As of December 31, 2015: $ 4,601,708 $ 265,735 $ 4,867,443 $ 39,206 $ — $ 4,906,649 (1) Intersegment eliminations reported as operating revenues and resource costs represent intercompany purchases and sales of electric capacity and energy. Intersegment eliminations reported as interest expense and net income (loss) attributable to Avista Corp. shareholders represent intercompany interest. (2) Including interest expense to affiliated trusts. (3) The capital expenditures for the other businesses are included as other capital expenditures on the Condensed Consolidated Statements of Cash Flows. |
Summary Of Significant Accoun32
Summary Of Significant Accounting Policies (Narrative) (Details) $ in Millions | Mar. 31, 2016USD ($) |
Summary Of Significant Accounting Policies [Line Items] | |
Maximum Dividends Allowed by Debt Covenants | $ 429.3 |
Maximum Dividends Allowed by Regulator Approval | $ 275.4 |
Avista Utilities [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Regulatory Restrictions, Maximum Debt to Equity | 40.00% |
Avista Corporation [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Line of Credit Facility, Covenant Terms, Maximum Debt to Equity Ratio | 65.00% |
Summary Of Significant Accoun33
Summary Of Significant Accounting Policies (Utility Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accounting Policies [Abstract] | ||
Utility related taxes | $ 18,365 | $ 19,498 |
Property taxes | 10,420 | 9,686 |
Other taxes | 600 | 714 |
Utilities Operating Expense, Taxes | $ 29,385 | $ 29,898 |
Summary Of Significant Accoun34
Summary Of Significant Accounting Policies (Other Income - Net) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accounting Policies [Abstract] | ||
Interest income | $ 540 | $ 263 |
Equity-related AFUDC | 2,261 | 2,215 |
Other Nonoperating Expense | (379) | (247) |
Total | $ 2,422 | $ 2,231 |
Summary Of Significant Accoun35
Summary Of Significant Accounting Policies (Materials And Supplies Fuel Stock And Natural Gas Stored) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||
Materials and supplies | $ 38,718 | $ 37,101 |
Fuel stock | 4,254 | 4,273 |
Natural gas stored | 913 | 12,774 |
Total | $ 43,885 | $ 54,148 |
Summary Of Significant Accoun36
Summary Of Significant Accounting Policies Summary of Significant Accounting Policies (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans Net Unamortized (Gain) Loss, Tax | $ 4,243 | $ 3,580 |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | 7,879 | 6,650 |
Accumulated other comprehensive loss | $ (7,879) | $ (6,650) |
Summary Of Significant Accoun37
Summary Of Significant Accounting Policies (Reclassifications Out of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||
Income taxes | $ 31,942 | $ 26,247 |
Other Comprehensive Income (Loss), Net of Tax | 1,229 | (246) |
Reclassification Out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | 1,892 | (378) |
Income taxes | (663) | 132 |
Other Comprehensive Income (Loss), Net of Tax | 1,229 | (246) |
Amortization of net loss | 311 | 273 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), before Tax | (3,642) | (3,688) |
Adjustment due to effects of regulation | 5,223 | $ 3,037 |
OREGON | Reclassification Out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||
Reclassification Out of Accumulated Other Comprehensive Income [Line Items] | ||
Adjustment due to effects of regulation | $ 2,100 |
Summary Of Significant Accoun38
Summary Of Significant Accounting Policies Summary of Significant Accounting Policies (Appropriated Retained Earnings) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Equity [Abstract] | ||
Retained Earnings, Appropriated | $ 21,030 | $ 21,030 |
Summary Of Significant Accoun39
Summary Of Significant Accounting Policies Summary of Significant Accounting Policies (Sales Agency Agreements) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | ||
Document Period End Date | Mar. 31, 2016 | |
Sales Agency Agreements Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Sales Agency Agreement [Member] | ||
Class of Stock [Line Items] | ||
Sales Agency Agreements Common Stock, Shares Authorized | 3,800,000 | |
Common Stock, Shares, Issued | 700,000 | |
Common Stock, Value, Issued | $ 27.1 | |
Common Stock Shares Authorized Under Sales Agency Agreements Remaining Shares Authorized To Sell | 3,100,000 |
Variable Interest Entities Va40
Variable Interest Entities Variable Interest Entities (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($)MW | |
Lancaster Power Purchase Agreement [Member] | |
Variable Interest Entity [Line Items] | |
Evaluated Power Capacity | MW | 270 |
Maximum Loss Exposure, Amount | $ 289.9 |
Limited Partnerships and Similar Entities [Member] | |
Variable Interest Entity [Line Items] | |
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets | $ 5.8 |
Minimum [Member] | Lancaster Power Purchase Agreement [Member] | |
Variable Interest Entity [Line Items] | |
Property, Plant and Equipment, Useful Life | 15 years |
Minimum [Member] | Limited Partnerships and Similar Entities [Member] | |
Variable Interest Entity [Line Items] | |
Variable Interest Entity, Restrictions on Withdrawal of Member Capital Account | 2,016 |
Maximum [Member] | Lancaster Power Purchase Agreement [Member] | |
Variable Interest Entity [Line Items] | |
Property, Plant and Equipment, Useful Life | 25 years |
Maximum [Member] | Limited Partnerships and Similar Entities [Member] | |
Variable Interest Entity [Line Items] | |
Variable Interest Entity, Restrictions on Withdrawal of Member Capital Account | 2,032 |
Derivatives And Risk Manageme41
Derivatives And Risk Management (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Secured Debt | $ 1,611,700 | $ 1,611,700 |
Derivative, Fair Value, Amount Offset Against Collateral, Net | 95,972 | 48,556 |
Commodity Contracts [Member] | ||
Derivative [Line Items] | ||
Cash deposited as collateral | 29,618 | 28,716 |
Letters of credit outstanding | 23,700 | 28,200 |
Derivative, Fair Value, Amount Offset Against Collateral, Net | 19,972 | 14,526 |
Liability position at aggregate fair value | 1,655 | 7,090 |
Additional Collateral, Aggregate Fair Value | 1,416 | 6,980 |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Cash deposited as collateral | 76,000 | 34,030 |
Letters of credit outstanding | 16,700 | 9,600 |
Derivative, Fair Value, Amount Offset Against Collateral, Net | $ 76,000 | $ 34,030 |
Derivatives And Risk Manageme42
Derivatives And Risk Management (Energy Commodity Derivatives) (Details) frequency in Thousands, Volt in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016Voltfrequency | Dec. 31, 2015Voltfrequency | |
Sales [Member] | Physical [Member] | Electric Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2,016 | 200 | 280 |
2,017 | 255 | 255 |
2,018 | 286 | 286 |
2,019 | 158 | 158 |
2,020 | 0 | 0 |
Thereafter | 0 | 0 |
Sales [Member] | Physical [Member] | Gas Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2016 | Volt | 968 | 3,182 |
2017 | Volt | 1,360 | 1,360 |
2018 | Volt | 1,360 | 1,360 |
2,019 | 1,345 | 1,345 |
2,020 | 1,430 | 1,430 |
Thereafter | Volt | 1,060 | 1,060 |
Sales [Member] | Financial [Member] | Electric Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2,016 | 1,916 | 2,656 |
2,017 | 483 | 483 |
2,018 | 192 | 0 |
2,019 | 0 | 0 |
2,020 | 0 | 0 |
Thereafter | 0 | 0 |
Sales [Member] | Financial [Member] | Gas Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2016 | Volt | 104,118 | 112,233 |
2017 | Volt | 41,918 | 26,965 |
2018 | Volt | 6,363 | 2,738 |
2019 | Volt | 0 | 0 |
2,020 | 0 | 0 |
Thereafter | Volt | 0 | 0 |
Purchase [Member] | Physical [Member] | Electric Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2,016 | 213 | 407 |
2,017 | 397 | 397 |
2,018 | 397 | 397 |
2,019 | 235 | 235 |
2,020 | 0 | 0 |
Thereafter | 0 | 0 |
Purchase [Member] | Physical [Member] | Gas Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2016 | Volt | 13,846 | 17,252 |
2017 | Volt | 1,265 | 675 |
2018 | Volt | 0 | 0 |
2019 | Volt | 610 | 305 |
2020 | Volt | 910 | 455 |
Thereafter | Volt | 0 | 0 |
Purchase [Member] | Financial [Member] | Electric Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2,016 | 1,643 | 1,954 |
2,017 | 97 | 97 |
2,018 | 0 | 0 |
2,019 | 0 | 0 |
2,020 | 0 | 0 |
Thereafter | 0 | 0 |
Purchase [Member] | Financial [Member] | Gas Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
2016 | Volt | 127,565 | 142,693 |
2017 | Volt | 58,238 | 49,200 |
2018 | Volt | 23,903 | 15,118 |
2019 | Volt | 10,245 | 6,935 |
2020 | Volt | 1,815 | 905 |
Thereafter | Volt | 0 | 0 |
Derivatives And Risk Manageme43
Derivatives And Risk Management (Interest Rate Swap Agreements) (Details) - Interest Rate Swap Agreements [Member] $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016USD ($)Caontracts | Dec. 31, 2015USD ($)Caontracts | |
2016 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Number of contracts | Caontracts | 6 | 6 |
Derivative, Notional Amount | $ | $ 115,000 | $ 115,000 |
Derivative, Maturity Date | Dec. 31, 2016 | Dec. 31, 2016 |
2017 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Number of contracts | Caontracts | 4 | 3 |
Derivative, Notional Amount | $ | $ 55,000 | $ 45,000 |
Derivative, Maturity Date | Dec. 31, 2017 | Dec. 31, 2017 |
2018 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Number of contracts | Caontracts | 13 | 11 |
Derivative, Notional Amount | $ | $ 265,000 | $ 245,000 |
Derivative, Maturity Date | Dec. 31, 2018 | Dec. 31, 2018 |
2019 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Number of contracts | Caontracts | 3 | 2 |
Derivative, Notional Amount | $ | $ 40,000 | $ 30,000 |
Derivative, Maturity Date | Dec. 31, 2019 | Dec. 31, 2019 |
2022 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Number of contracts | Caontracts | 4 | 1 |
Derivative, Notional Amount | $ | $ 50,000 | $ 20,000 |
Derivative, Maturity Date | Dec. 31, 2022 | Dec. 31, 2022 |
Derivatives And Risk Manageme44
Derivatives And Risk Management (Derivative Instruments Summary) (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Derivatives, Fair Value [Line Items] | ||
Gross Asset | $ 77,341,000 | $ 76,865,000 |
Gross Liability | (270,455,000) | (210,512,000) |
Collateral Netted | 95,972,000 | 48,556,000 |
Net Asset (Liability) on Balance Sheet | (97,142,000) | (85,091,000) |
Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Collateral Netted | 19,972,000 | 14,526,000 |
Other Current Assets [Member] | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 64,000 | |
Gross Liability | 0 | |
Collateral Netted | 0 | |
Net Asset (Liability) on Balance Sheet | 64,000 | |
Other Current Liabilities [Member] | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 2,000 | |
Gross Liability | (19,000) | |
Collateral Netted | 0 | |
Net Asset (Liability) on Balance Sheet | (17,000) | |
Other Current Liabilities [Member] | Interest Rate Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 0 | 118,000 |
Gross Liability | (38,802,000) | (23,262,000) |
Collateral Netted | 10,558,000 | 3,880,000 |
Net Asset (Liability) on Balance Sheet | (28,244,000) | (19,264,000) |
Other Property And Investments Net and Other Non-current Assets[Member] | Interest Rate Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 451,000 | 23,000 |
Gross Liability | 0 | 0 |
Collateral Netted | 0 | 0 |
Net Asset (Liability) on Balance Sheet | 451,000 | 23,000 |
Current Utility Energy Commodity Derivative Assets [Member] | Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 127,000 | 1,236,000 |
Gross Liability | 0 | (553,000) |
Collateral Netted | 0 | 0 |
Net Asset (Liability) on Balance Sheet | 127,000 | 683,000 |
Non Current Utility Energy Commodity Derivative Assets [Member] | Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 136,000 | |
Gross Liability | (51,000) | |
Collateral Netted | 0 | |
Net Asset (Liability) on Balance Sheet | 85,000 | |
Current Utility Energy Commodity Derivative Liabilities [Member] | Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 68,153,000 | 67,466,000 |
Gross Liability | (91,109,000) | (85,409,000) |
Collateral Netted | 12,261,000 | 3,675,000 |
Net Asset (Liability) on Balance Sheet | (10,695,000) | (14,268,000) |
Other Noncurrent Liabilities [Member] | Interest Rate Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 443,000 | 1,407,000 |
Gross Liability | (106,607,000) | (62,236,000) |
Collateral Netted | 65,442,000 | 30,150,000 |
Net Asset (Liability) on Balance Sheet | (40,722,000) | (30,679,000) |
Other Noncurrent Liabilities [Member] | Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 7,967,000 | 6,613,000 |
Gross Liability | (33,886,000) | (39,033,000) |
Collateral Netted | 7,711,000 | 10,851,000 |
Net Asset (Liability) on Balance Sheet | $ (18,208,000) | $ (21,569,000) |
Derivatives And Risk Manageme45
Derivatives And Risk Management Derivatives and Risk Management (Foreign Currency Exchange Contracts) (Details) CAD in Thousands, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016CADderivative_contracts | Mar. 31, 2016USD ($)derivative_contracts | Dec. 31, 2015CADderivative_contracts | Dec. 31, 2015USD ($)derivative_contracts | |
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||||
Number Of Days Canadian Currency Prices Are Settled With U.S. Dollars | 60 days | |||
Number of Foreign Currency Derivatives Held | derivative_contracts | 24 | 24 | 24 | 24 |
United States of America, Dollars | Foreign Exchange Contract [Member] | ||||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||||
Derivative, Notional Amount | $ | $ 2,787 | $ 1,463 | ||
Canada, Dollars | Foreign Exchange Contract [Member] | ||||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||||
Derivative, Notional Amount | CAD | CAD 3,700 | CAD 2,002 |
Derivatives And Risk Manageme46
Derivatives And Risk Management Derivatives and Risk Management (Collateral) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Derivative, Fair Value, Amount Offset Against Collateral, Net | $ 95,972 | $ 48,556 |
Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Liability position at aggregate fair value | 145,409 | 85,498 |
Additional Collateral, Aggregate Fair Value | 25,420 | 18,750 |
Commodity Contracts [Member] | ||
Derivative [Line Items] | ||
Liability position at aggregate fair value | 1,655 | 7,090 |
Additional Collateral, Aggregate Fair Value | 1,416 | 6,980 |
Letters of credit outstanding | 23,700 | 28,200 |
Derivative, Fair Value, Amount Offset Against Collateral, Net | 19,972 | 14,526 |
Collateral Already Posted, Aggregate Fair Value | 29,618 | 28,716 |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Letters of credit outstanding | 16,700 | 9,600 |
Derivative, Fair Value, Amount Offset Against Collateral, Net | 76,000 | 34,030 |
Collateral Already Posted, Aggregate Fair Value | $ 76,000 | $ 34,030 |
Pension Plans And Other Postr47
Pension Plans And Other Postretirement Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Pension Contributions | $ 4,000 | $ 4,000 | $ 12,000 |
Pension Plans, Defined Benefit [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated Pension Contributions in Next Fiscal Year | $ (12,000) |
Pension Plans And Other Postr48
Pension Plans And Other Postretirement Benefit Plans (Components Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 4,519 | $ 4,949 |
Interest cost | 6,900 | 6,672 |
Expected return on plan assets | (6,750) | (7,416) |
Amortization of prior service cost | 0 | 6 |
Net loss recognition | 1,890 | 2,394 |
Net periodic benefit cost | 6,559 | 6,605 |
Other Post-Retirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 779 | 699 |
Interest cost | 1,559 | 1,331 |
Expected return on plan assets | (475) | (431) |
Amortization of prior service cost | (312) | (279) |
Net loss recognition | 1,365 | 1,292 |
Net periodic benefit cost | $ 2,916 | $ 2,612 |
Committed Lines of Credit (Deta
Committed Lines of Credit (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Jul. 01, 2014 | Apr. 30, 2014 |
Short-term Debt [Line Items] | ||||
Line of Credit, Current | $ 90,000 | $ 105,000 | ||
Avista Utilities [Member] | ||||
Short-term Debt [Line Items] | ||||
Line of Credit, Current | 90,000 | 105,000 | ||
Letters of credit outstanding at end of period | $ 46,695 | $ 44,595 | ||
Average interest rate at end of period | 1.19% | 1.18% | ||
Alaska Electric Light & Power [Member] | ||||
Short-term Debt [Line Items] | ||||
Line of Credit, Current | $ 0 | $ 0 | ||
Letters of credit outstanding at end of period | $ 0 | $ 0 | ||
Line of Credit [Member] | Avista Utilities [Member] | ||||
Short-term Debt [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000 | |||
Line of Credit [Member] | Alaska Electric Light & Power [Member] | ||||
Short-term Debt [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Capital Lease Obligations | $ 67,810 | $ 68,601 |
Long-term Pollution Control Bond, Noncurrent | $ (83,700) | $ (83,700) |
Debt Instrument, Interest Rate, Stated Percentage | 1.51% | 1.29% |
Secured Debt | $ 1,611,700 | $ 1,611,700 |
2032 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Pollution Control Bond, Noncurrent | 66,700 | |
2034 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Pollution Control Bond, Noncurrent | 17,000 | |
Avista Utilities [Member] | ||
Debt Instrument [Line Items] | ||
Secured Debt | 1,536,700 | 1,536,700 |
Avista Utilities [Member] | 2032 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Pollution Control Bond, Noncurrent | $ 66,700 | 66,700 |
Maturity Year | 2,032 | |
Avista Utilities [Member] | 2034 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Pollution Control Bond, Noncurrent | $ 17,000 | 17,000 |
Maturity Year | 2,034 | |
Avista Utilities [Member] | 2047 [Member] | First Mortgage Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.23% | |
Secured Debt | $ 80,000 | 80,000 |
Maturity Year | 2,047 | |
Avista Utilities [Member] | 2045 [Member] | First Mortgage Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.37% | |
Secured Debt | $ 100,000 | 100,000 |
Maturity Year | 2,045 | |
Alaska Electric Light & Power [Member] | ||
Debt Instrument [Line Items] | ||
Capital Leased Assets, Gross | $ 71,007 | 71,007 |
Capital Leases Assets Accumulated Depreciation | 6,372 | $ 5,462 |
Alaska Electric Light & Power [Member] | Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Capital Lease Obligations | $ 63,881 |
Long-Term Debt (Schedule Of Lon
Long-Term Debt (Schedule Of Long-Term Debt Instruments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.51% | 1.29% |
Secured and Unsecured Debt | $ 1,626,700 | $ 1,626,700 |
Interest Rate, minimum | 1.29% | 1.11% |
Interest Rate, maximum | 1.51% | 1.29% |
Secured Debt | $ 1,611,700 | $ 1,611,700 |
Capital Lease Obligations | 67,810 | 68,601 |
Settled interest rate swaps | (26,334) | (26,515) |
Unamortized debt discount | (916) | (956) |
Unamortized Debt Issuance Expense | (10,572) | (10,852) |
Total | 1,656,688 | 1,656,978 |
Pollution Control Bonds | (83,700) | (83,700) |
Long-term Debt and Capital Lease Obligations, Current | (93,197) | (93,167) |
Long-term debt and capital leases | $ 1,479,791 | 1,480,111 |
Document Period End Date | Mar. 31, 2016 | |
2018, 7.39% - 7.45% [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate, minimum | 7.39% | |
Interest Rate, maximum | 7.45% | |
2023, 7.18% - 7.54% [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate, minimum | 7.18% | |
Interest Rate, maximum | 7.54% | |
2032 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Pollution Control Bonds | $ 66,700 | |
2034 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Pollution Control Bonds | 17,000 | |
Avista Utilities [Member] | ||
Debt Instrument [Line Items] | ||
Secured Debt | $ 1,536,700 | 1,536,700 |
Avista Utilities [Member] | 2018, 5.95% [Member] | First Mortgage Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Year | 2,018 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.95% | |
Secured Debt | $ 250,000 | 250,000 |
Avista Utilities [Member] | 2018, 7.39% - 7.45% [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Year | 2,018 | |
Medium-Term Notes, Noncurrent | $ 22,500 | 22,500 |
Avista Utilities [Member] | 2019 [Member] | First Mortgage Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Year | 2,019 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.45% | |
Secured Debt | $ 90,000 | 90,000 |
Avista Utilities [Member] | 2020 [Member] | First Mortgage Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Year | 2,020 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.89% | |
Secured Debt | $ 52,000 | 52,000 |
Avista Utilities [Member] | 2022 [Member] | First Mortgage Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Year | 2,022 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.13% | |
Secured Debt | $ 250,000 | 250,000 |
Avista Utilities [Member] | 2023, 7.18% - 7.54% [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Year | 2,023 | |
Medium-Term Notes, Noncurrent | $ 13,500 | 13,500 |
Avista Utilities [Member] | 2028 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Year | 2,028 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.37% | |
Medium-Term Notes, Noncurrent | $ 25,000 | 25,000 |
Avista Utilities [Member] | 2032 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Year | 2,032 | |
Pollution Control Bonds | $ 66,700 | 66,700 |
Avista Utilities [Member] | 2034 [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Year | 2,034 | |
Pollution Control Bonds | $ 17,000 | 17,000 |
Avista Utilities [Member] | 2035 [Member] | First Mortgage Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Year | 2,035 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |
Secured Debt | $ 150,000 | 150,000 |
Avista Utilities [Member] | 2037 [Member] | First Mortgage Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Year | 2,037 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.70% | |
Secured Debt | $ 150,000 | 150,000 |
Avista Utilities [Member] | 2040 [Member] | First Mortgage Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Year | 2,040 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.55% | |
Secured Debt | $ 35,000 | 35,000 |
Avista Utilities [Member] | 2041 [Member] | First Mortgage Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Year | 2,041 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.45% | |
Secured Debt | $ 85,000 | 85,000 |
Avista Utilities [Member] | 2047 [Member] | First Mortgage Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Year | 2,047 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.23% | |
Secured Debt | $ 80,000 | 80,000 |
Avista Utilities [Member] | 2016 [Member] | First Mortgage Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Year | 2,016 | |
Debt Instrument, Interest Rate, Stated Percentage | 0.84% | |
Secured Debt | $ 90,000 | 90,000 |
Avista Utilities [Member] | 2044 [Member] | First Mortgage Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Year | 2,044 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.11% | |
Secured Debt | $ 60,000 | 60,000 |
Avista Utilities [Member] | 2045 [Member] | First Mortgage Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Year | 2,045 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.37% | |
Secured Debt | $ 100,000 | 100,000 |
Alaska Electric Light & Power [Member] | 2044 [Member] | First Mortgage Bonds [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Year | 2,044 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.54% | |
Secured Debt | $ 75,000 | 75,000 |
Alaska Energy Resources Company [Member] | 2019 [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Year | 2,019 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | |
Unsecured Debt | $ 15,000 | $ 15,000 |
Long-Term Debt Long-Term Debt (
Long-Term Debt Long-Term Debt (Snettisham Capital Lease Obligation) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016USD ($)MW | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Capital Leased Assets [Line Items] | |||
Capital Lease Obligations | $ 67,810 | $ 68,601 | |
Debt Instrument, Interest Rate, Stated Percentage | 1.51% | 1.29% | |
Alaska Electric Light & Power [Member] | |||
Capital Leased Assets [Line Items] | |||
Capital Leased Assets, Gross | $ 71,007 | $ 71,007 | |
Capital Leases Assets Accumulated Depreciation | 6,372 | 5,462 | |
Capital Leases, Income Statement, Interest Expense | $ 923 | ||
Capital Leases, Income Statement, Amortization Expense | $ 910 | ||
Alaska Electric Light & Power [Member] | Capital Lease Obligations [Member] | |||
Capital Leased Assets [Line Items] | |||
Capital Lease Obligations | 63,881 | ||
Capital Leases Future Minimum Payments of Principal Remainder Of Fiscal Year | 1,721 | ||
Capital Leases Future Minimum Payments of Principal Year Two | 2,415 | ||
Capital Leases Future Minimum Payments of Principal Year Three | 2,535 | ||
Capital Leases Future Minimum Payments of Principal Year Four | 2,660 | ||
Capital Leases Future Minimum Payments of Principal Year Five | 2,800 | ||
Capital Leases Future Minimum Payments of Principal Thereafter | 51,750 | ||
Capital Leases Future Minimum Payments of Interest Remainder Of Fiscal Year | 2,368 | ||
Capital Leases Future Minimum Payments of Interest Due in Two Years | 3,042 | ||
Capital Leases Future Minimum Payments of Interest Due in Three Years | 2,921 | ||
Capital Leases Future Minimum Payments of Interest Due in Four Years | 2,795 | ||
Capital Leases Future Minimum Payments of Interest Due in Five Years | 2,662 | ||
Capital Leases Future Minimum Payments of Interest Due Thereafter | 19,195 | ||
Capital Leases Future Minimum Payments of Interest Due | 32,983 | ||
Capital Leases, Future Minimum Payments, Remainder of Fiscal Year | 4,089 | ||
Capital Leases, Future Minimum Payments Due in Two Years | 5,457 | ||
Capital Leases, Future Minimum Payments Due in Three Years | 5,456 | ||
Capital Leases, Future Minimum Payments Due in Four Years | 5,455 | ||
Capital Leases, Future Minimum Payments Due in Five Years | 5,462 | ||
Capital Leases, Future Minimum Payments Due Thereafter | 70,945 | ||
Capital Leases, Future Minimum Payments Due | 96,864 | ||
Alaska Electric Light & Power [Member] | Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Capital Lease Obligations [Member] | |||
Capital Leased Assets [Line Items] | |||
Capital Lease Obligations | 63,881 | $ 64,455 | |
Operating Expense [Member] | Alaska Electric Light & Power [Member] | |||
Capital Leased Assets [Line Items] | |||
Capital Leases, Income Statement, Interest Expense | 789 | ||
Capital Leases, Income Statement, Amortization Expense | $ 910 | ||
Power purchase agreement [Member] | Alaska Electric Light & Power [Member] | |||
Capital Leased Assets [Line Items] | |||
Evaluated Power Capacity | MW | 78 |
Long- Term Debt to Affiliated53
Long- Term Debt to Affiliated Trust Long-Term Debt to Affiliated Trust (Schedule of Distribution Rates Paid) (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Long-Term Debt to Affiliated Trust [Abstract] | ||
Interest Rate, minimum | 1.29% | 1.11% |
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 1.51% | 1.29% |
Long- Term Debt to Affiliated54
Long- Term Debt to Affiliated Trust Long-Term Debt to Affiliated Trust (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2000 | Dec. 31, 1997 | |
Debt Instrument [Line Items] | |||
Payments for Repurchase of Trust Preferred Securities | $ 10 | ||
Equity Method Investment, Ownership Percentage | 100.00% | ||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | $ 51.5 | $ 51.5 | |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from Issuance of Trust Preferred Securities | 50 | ||
Debt Instrument, Description of Variable Rate Basis | LIBOR | ||
Debt Instrument, Basis Spread on Variable Rate | 0.875% | ||
Common Trust Securities [Member] | |||
Debt Instrument [Line Items] | |||
Proceeds from Issuance of Trust Preferred Securities | $ 1.5 |
Fair Value (Carrying Value And
Fair Value (Carrying Value And Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value and Carrying Value, by Balance Sheet Grouping [Line Items] | ||
Capital Lease Obligations | $ 67,810 | $ 68,601 |
Estimate of Fair Value Measurement [Member] | Secured and Unsecured Debt [Member] | ||
Fair Value and Carrying Value, by Balance Sheet Grouping [Line Items] | ||
Fair Value Inputs, Offered Quotes | $ 100 | |
Estimate of Fair Value Measurement [Member] | Level 2 [Member] | ||
Fair Value and Carrying Value, by Balance Sheet Grouping [Line Items] | ||
Long-term debt | $ 1,079,527 | 1,055,797 |
Estimate of Fair Value Measurement [Member] | Level 3 [Member] | ||
Fair Value and Carrying Value, by Balance Sheet Grouping [Line Items] | ||
Long-term debt | 634,929 | 595,018 |
Reported Value Measurement [Member] | Level 2 [Member] | ||
Fair Value and Carrying Value, by Balance Sheet Grouping [Line Items] | ||
Long-term debt | 951,000 | 951,000 |
Reported Value Measurement [Member] | Level 3 [Member] | ||
Fair Value and Carrying Value, by Balance Sheet Grouping [Line Items] | ||
Long-term debt | $ 592,000 | 592,000 |
Minimum [Member] | Estimate of Fair Value Measurement [Member] | Secured and Unsecured Debt [Member] | ||
Fair Value and Carrying Value, by Balance Sheet Grouping [Line Items] | ||
Fair Value Inputs, Offered Quotes | $ 72 | |
Maximum [Member] | Estimate of Fair Value Measurement [Member] | Secured and Unsecured Debt [Member] | ||
Fair Value and Carrying Value, by Balance Sheet Grouping [Line Items] | ||
Fair Value Inputs, Offered Quotes | $ 127.94 | |
Alaska Electric Light & Power [Member] | Capital Lease Obligations [Member] | ||
Fair Value and Carrying Value, by Balance Sheet Grouping [Line Items] | ||
Capital Lease Obligations | $ 63,881 | |
Alaska Electric Light & Power [Member] | Estimate of Fair Value Measurement [Member] | Level 3 [Member] | Capital Lease Obligations [Member] | ||
Fair Value and Carrying Value, by Balance Sheet Grouping [Line Items] | ||
Capital Lease Obligations | 64,372 | 63,150 |
Alaska Electric Light & Power [Member] | Reported Value Measurement [Member] | Level 3 [Member] | Capital Lease Obligations [Member] | ||
Fair Value and Carrying Value, by Balance Sheet Grouping [Line Items] | ||
Capital Lease Obligations | 63,881 | 64,455 |
Affiliated Entity [Member] | Estimate of Fair Value Measurement [Member] | Level 3 [Member] | ||
Fair Value and Carrying Value, by Balance Sheet Grouping [Line Items] | ||
Long-term debt | 37,114 | 36,083 |
Affiliated Entity [Member] | Reported Value Measurement [Member] | Level 3 [Member] | ||
Fair Value and Carrying Value, by Balance Sheet Grouping [Line Items] | ||
Long-term debt | $ 51,547 | $ 51,547 |
Fair Value (Fair Value Of Asset
Fair Value (Fair Value Of Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Gross Asset | $ 77,341 | $ 76,865 | ||
Liability | 270,455 | 210,512 | ||
Cash and cash equivalents | 12,767 | 10,484 | $ 22,081 | $ 22,143 |
Fixed Income Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 600 | 600 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Counterparty and collateral netting, assets | (76,614) | (74,634) | ||
Interest rate swaps | 451 | 1,548 | ||
Total | 7,668 | 9,719 | ||
Counterparty and collateral netting, liabilities | (172,586) | (89,160) | ||
Interest rate swaps | 68,966 | 85,498 | ||
Total | 97,869 | 121,352 | ||
Fair Value, Measurements, Recurring [Member] | Natural Gas Exchange Agreements [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Counterparty and collateral netting, assets | (259) | (678) | ||
Derivative Asset | 0 | 0 | ||
Counterparty and collateral netting, liabilities | (259) | (678) | ||
Derivative Liability | 6,006 | 5,039 | ||
Fair Value, Measurements, Recurring [Member] | Power Exchange Agreements [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Counterparty and collateral netting, liabilities | 0 | 0 | ||
Derivative Liability | 20,193 | 21,961 | ||
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Counterparty and collateral netting, assets | (443) | 0 | ||
Counterparty and collateral netting, liabilities | (76,443) | 0 | ||
Fair Value, Measurements, Recurring [Member] | Energy commodity derivatives [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Counterparty and collateral netting, assets | (75,912) | (73,954) | ||
Derivative Asset | 212 | 683 | ||
Counterparty and collateral netting, liabilities | (95,884) | (88,480) | ||
Derivative Liability | 2,607 | 8,713 | ||
Fair Value, Measurements, Recurring [Member] | Power Option Agreement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Counterparty and collateral netting, liabilities | 0 | 0 | ||
Derivative Liability | 97 | 124 | ||
Fair Value, Measurements, Recurring [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Counterparty and collateral netting, assets | 0 | (2) | ||
Derivative Asset | 64 | 0 | ||
Counterparty and collateral netting, liabilities | (2) | |||
Derivative Liability | 17 | |||
Fair Value, Measurements, Recurring [Member] | Fixed Income Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Deferred compensation assets: | 1,759 | 1,727 | ||
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Deferred compensation assets: | 5,182 | 5,761 | ||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total | 6,941 | 7,488 | ||
Total | 0 | 0 | ||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Fixed Income Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Deferred compensation assets: | 1,759 | 1,727 | ||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Equity Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Deferred compensation assets: | 5,182 | 5,761 | ||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Interest rate swaps | 894 | 1,548 | ||
Total | 77,082 | 76,187 | ||
Interest rate swaps | 145,409 | 85,498 | ||
Total | 243,900 | 182,710 | ||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Energy commodity derivatives [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Gross Asset | 76,124 | 74,637 | ||
Liability | 98,491 | 97,193 | ||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Gross Asset | 64 | 2 | ||
Liability | 19 | |||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Total | 259 | 678 | ||
Total | 26,555 | 27,802 | ||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Natural Gas Exchange Agreements [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Gross Asset | 259 | 678 | ||
Liability | 6,265 | 5,717 | ||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Power Exchange Agreements [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Liability | 20,193 | 21,961 | ||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Power Option Agreement [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Liability | $ 97 | $ 124 |
Fair Value (Quantitative Inform
Fair Value (Quantitative Information) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)$ / MWHMMBTUMWh$ / shares$ / MmBtu | Dec. 31, 2015USD ($) | |
Power Exchange Agreements [Member] | 2016 to 2019 [Member] | Surrogate Facility Pricing [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Escalation Factor | 3.00% | |
Power Option Agreement [Member] | Black Scholes Merton [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Assumptions, Expected Volatility Rate | 20.00% | |
Power Option Agreement [Member] | 2016 [Member] | Black Scholes Merton [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Assumptions, Expected Volatility Rate | 38.00% | |
Fair Value Assumptions, Exercise Price | $ / shares | $ 33.93 | |
Power Option Agreement [Member] | 2019 [Member] | Black Scholes Merton [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Assumptions, Exercise Price | $ / shares | $ 48.25 | |
Power Option Agreement [Member] | 2018 [Member] | Black Scholes Merton [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Fair Value Assumptions, Expected Volatility Rate | 24.00% | |
Minimum [Member] | Power Exchange Agreements [Member] | Surrogate Facility Pricing [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Operation and Maintenance Charges | 33.52 | |
Transaction/Delivery Volumes | MWh | 396,984 | |
Minimum [Member] | Power Option Agreement [Member] | Black Scholes Merton [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Transaction/Delivery Volumes | MWh | 128,403 | |
Maximum [Member] | Power Exchange Agreements [Member] | Surrogate Facility Pricing [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Operation and Maintenance Charges | 43.65 | |
Transaction/Delivery Volumes | MWh | 397,030 | |
Maximum [Member] | Power Option Agreement [Member] | Black Scholes Merton [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Transaction/Delivery Volumes | MWh | 285,979 | |
Average [Member] | Power Exchange Agreements [Member] | Surrogate Facility Pricing [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Operation and Maintenance Charges | 39.27 | |
Fair Value, Measurements, Recurring [Member] | Power Exchange Agreements [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Liability | $ | $ (20,193) | $ (21,961) |
Fair Value, Measurements, Recurring [Member] | Power Option Agreement [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Liability | $ | (97) | (124) |
Fair Value, Measurements, Recurring [Member] | Natural Gas Exchange Agreements [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative Liability | $ | $ (6,006) | $ (5,039) |
WASHINGTON | Average [Member] | Power Exchange Agreements [Member] | Surrogate Facility Pricing [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Operation and Maintenance Charges | 43.52 | |
IDAHO | Average [Member] | Power Exchange Agreements [Member] | Surrogate Facility Pricing [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Operation and Maintenance Charges | 39.27 | |
Sales [Member] | Minimum [Member] | Natural Gas Exchange Agreements [Member] | Internally Derived Weighted Average Cost Of Gas [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Forward Price | $ / MmBtu | 1.43 | |
Transaction/Delivery Volumes | MMBTU | 60,000 | |
Sales [Member] | Maximum [Member] | Natural Gas Exchange Agreements [Member] | Internally Derived Weighted Average Cost Of Gas [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Forward Price | $ / MmBtu | 3.74 | |
Transaction/Delivery Volumes | MMBTU | 310,000 | |
Purchase [Member] | Minimum [Member] | Natural Gas Exchange Agreements [Member] | Internally Derived Weighted Average Cost Of Gas [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Forward Price | $ / MmBtu | 1.26 | |
Transaction/Delivery Volumes | MMBTU | 115,000 | |
Purchase [Member] | Maximum [Member] | Natural Gas Exchange Agreements [Member] | Internally Derived Weighted Average Cost Of Gas [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative, Forward Price | $ / MmBtu | 2.81 | |
Transaction/Delivery Volumes | MMBTU | 310,000 |
Fair Value (Reconciliation For
Fair Value (Reconciliation For All Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs (Level 3)) (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Fair Value Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | $ (27,124) | $ (23,758) |
Included in regulatory assets/liabilities | (4,150) | (5,431) |
Settlements | 4,978 | 3,852 |
Ending Balance | (26,296) | (25,337) |
Natural Gas Exchange Agreements [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Ending Balance | 817 | |
Fair Value Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | (5,039) | (35) |
Included in regulatory assets/liabilities | (1,745) | 777 |
Settlements | 778 | 75 |
Ending Balance | (6,006) | |
Power Option Agreement [Member] | ||
Fair Value Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | (124) | (424) |
Included in regulatory assets/liabilities | 27 | 173 |
Settlements | 0 | 0 |
Ending Balance | (97) | (251) |
Power Exchange Agreements [Member] | ||
Fair Value Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning Balance | (21,961) | (23,299) |
Included in regulatory assets/liabilities | (2,432) | (6,381) |
Settlements | 4,200 | 3,777 |
Ending Balance | $ (20,193) | $ (25,903) |
Earnings Per Share Attributable
Earnings Per Share Attributable To Avista Corporation (Computation Of Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Income (Loss) from Continuing Operations Attributable to Parent | $ 56,052 | $ 46,449 |
Numerator: | ||
Net income attributable to Avista Corporation shareholders | $ 56,052 | $ 46,449 |
Denominator: | ||
Weighted-average number of common shares outstanding-basic | 62,605 | 62,318 |
Performance and restricted stock awards | 302 | 571 |
Weighted-average number of common shares outstanding-diluted | 62,907 | 62,889 |
Earnings per common share attributable to Avista Corporation: | ||
Basic | $ 0.90 | $ 0.75 |
Diluted (usd per share) | $ 0.89 | $ 0.74 |
Commitments And Contingencies (
Commitments And Contingencies (Details) $ in Millions | Mar. 31, 2016USD ($) |
Market Manipulation Lawsuit [Member] | |
Loss Contingencies [Line Items] | |
Loss Contingency, Range of Possible Loss, Maximum | $ 16 |
Information By Business Segme61
Information By Business Segments (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016USD ($)Reportable_Segments | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | ||
Segment Reporting Information [Line Items] | ||||
Number of Reportable Segments | Reportable_Segments | 2 | |||
Operating revenues | $ 418,173 | $ 446,490 | ||
Resource costs | 161,719 | 209,560 | ||
Other operating expenses | 81,604 | 82,988 | ||
Depreciation and amortization | 39,380 | 34,469 | ||
Income from operations | 106,085 | 89,575 | ||
Interest expense | [1] | 21,411 | 20,014 | |
Income taxes | 31,942 | 26,247 | ||
Income (Loss) from Continuing Operations Attributable to Parent | 56,052 | 46,449 | ||
Payments to Acquire Other Property, Plant, and Equipment | [2] | 88,997 | 82,009 | |
Total assets | 4,956,013 | $ 4,906,649 | ||
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | [3] | 0 | (450) | |
Resource costs | [3] | 0 | 0 | |
Other operating expenses | [3] | 0 | (450) | |
Depreciation and amortization | [3] | 0 | 0 | |
Income from operations | [3] | 0 | 0 | |
Interest expense | [1],[3] | (63) | (22) | |
Income taxes | [3] | 0 | 0 | |
Income (Loss) from Continuing Operations Attributable to Parent | [3] | 0 | 0 | |
Payments to Acquire Other Property, Plant, and Equipment | [3] | 0 | 0 | |
Total assets | [3] | 0 | 0 | |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 412,793 | 436,857 | ||
Resource costs | 161,719 | 209,560 | ||
Other operating expenses | 75,779 | 73,172 | ||
Depreciation and amortization | 39,192 | 34,300 | ||
Income from operations | 106,718 | 89,927 | ||
Interest expense | [1] | 21,313 | 19,872 | |
Income taxes | 32,164 | 26,572 | ||
Income (Loss) from Continuing Operations Attributable to Parent | 56,351 | 47,018 | ||
Payments to Acquire Other Property, Plant, and Equipment | [2] | 88,878 | 81,597 | |
Total assets | 4,914,750 | 4,867,443 | ||
Operating Segments [Member] | Avista Utilities [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 400,147 | 424,083 | ||
Resource costs | 159,078 | 206,660 | ||
Other operating expenses | 73,256 | 70,409 | ||
Depreciation and amortization | 37,866 | 32,997 | ||
Income from operations | 101,245 | 84,788 | ||
Interest expense | [1] | 20,418 | 18,968 | |
Income taxes | 30,269 | 24,888 | ||
Income (Loss) from Continuing Operations Attributable to Parent | 53,390 | 44,384 | ||
Payments to Acquire Other Property, Plant, and Equipment | 84,435 | 81,212 | ||
Total assets | 4,645,714 | 4,601,708 | ||
Operating Segments [Member] | Alaska Electric Light & Power [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 12,646 | 12,774 | ||
Resource costs | 2,641 | 2,900 | ||
Other operating expenses | 2,523 | 2,763 | ||
Depreciation and amortization | 1,326 | 1,303 | ||
Income from operations | 5,473 | 5,139 | ||
Interest expense | [1] | 895 | 904 | |
Income taxes | 1,895 | 1,684 | ||
Income (Loss) from Continuing Operations Attributable to Parent | 2,961 | 2,634 | ||
Payments to Acquire Other Property, Plant, and Equipment | 4,443 | 385 | ||
Total assets | 269,036 | 265,735 | ||
Operating Segments [Member] | Corporate and Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating revenues | 5,380 | 10,083 | ||
Resource costs | 0 | 0 | ||
Other operating expenses | 5,825 | 10,266 | ||
Depreciation and amortization | 188 | 169 | ||
Income from operations | (633) | (352) | ||
Interest expense | [1] | 161 | 164 | |
Income taxes | (222) | (325) | ||
Income (Loss) from Continuing Operations Attributable to Parent | (299) | (569) | ||
Payments to Acquire Other Property, Plant, and Equipment | [2] | 119 | $ 412 | |
Total assets | $ 41,263 | $ 39,206 | ||
[1] | Including interest expense to affiliated trusts. | |||
[2] | The capital expenditures for the other businesses are included as other capital expenditures on the Condensed Consolidated Statements of Cash Flows. | |||
[3] | Intersegment eliminations reported as operating revenues and resource costs represent intercompany purchases and sales of electric capacity and energy. Intersegment eliminations reported as interest expense and net income (loss) attributable to Avista Corp. shareholders represent intercompany interest. |