Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 02, 2024 | |
Cover [Abstract] | ||
Entity Registrant Name | AVISTA CORPORATION | |
Amendment Flag | false | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Information, Former Legal or Registered Name | None | |
City Area Code | 509 | |
Entity Incorporation, State or Country Code | WA | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2024 | |
Entity File Number | 1-3701 | |
Entity Tax Identification Number | 91-0462470 | |
Entity Address, Address Line One | 1411 East Mission Avenue | |
Entity Address, City or Town | Spokane | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 99202-2600 | |
Local Phone Number | 489-0500 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000104918 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 78,703,761 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | AVA | |
Security Exchange Name | NYSE |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Utility revenues: | ||||
Utility revenues, exclusive of alternative revenue programs | $ 385,861 | $ 374,285 | $ 992,372 | $ 867,828 |
Alternative revenue programs | 16,171 | 5,513 | 19,054 | (13,525) |
Total utility revenues | 402,032 | 379,798 | 1,011,426 | 854,303 |
Non-utility revenues | 40 | 139 | 62 | 265 |
Total operating revenues | 402,072 | 379,937 | 1,011,488 | 854,568 |
Utility operating expenses: | ||||
Resource costs | 144,326 | 141,244 | 437,443 | 334,172 |
Other operating expenses | 109,591 | 103,071 | 220,840 | 208,049 |
Depreciation and amortization | 67,829 | 66,148 | 135,756 | 131,336 |
Taxes other than income taxes | 25,710 | 24,917 | 61,398 | 58,811 |
Non-utility operating expenses | 360 | 749 | 679 | 1,791 |
Total operating expenses | 347,816 | 336,129 | 856,116 | 734,159 |
Income from operations | 54,256 | 43,808 | 155,372 | 120,409 |
Interest expense | 35,924 | 35,018 | 72,828 | 70,102 |
Interest expense to affiliated trust | 656 | 608 | 1,313 | 1,179 |
Capitalized interest | (1,145) | (866) | (2,106) | (1,708) |
Other income-net | (4,532) | (2,626) | (13,817) | (9,055) |
Income before income taxes | 23,353 | 11,674 | 97,154 | 59,891 |
Income tax expense (benefit) | 495 | (5,810) | 2,801 | (12,438) |
Net income | $ 22,858 | $ 17,484 | $ 94,353 | $ 72,329 |
Weighted-average common shares outstanding (thousands), basic | 78,390 | 75,983 | 78,276 | 75,576 |
Weighted-average common shares outstanding (thousands), diluted | 78,456 | 76,131 | 78,333 | 75,703 |
Earnings per common share: | ||||
Basic | $ 0.29 | $ 0.23 | $ 1.2 | $ 0.96 |
Diluted | $ 0.29 | $ 0.23 | $ 1.2 | $ 0.96 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 22,858 | $ 17,484 | $ 94,353 | $ 72,329 |
Change in unfunded benefit obligation for pension and other postretirement benefit plans - net of taxes of $0, ($5), ($2) and ($10), respectively | (19) | (9) | (37) | |
Comprehensive income | $ 22,858 | $ 17,465 | $ 94,344 | $ 72,292 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Other Comprehensive Income (Loss), Defined Benefit Plan, after Reclassification Adjustment, Tax | $ 0 | $ (5) | $ (2) | $ (10) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current Assets: | ||
Cash and cash equivalents | $ 14,647 | $ 35,003 |
Accounts and notes receivable-less allowances of $3,624 and $4,987, respectively | 153,519 | 216,744 |
Inventory | 175,588 | 159,984 |
Regulatory assets | 130,389 | 146,327 |
Other current assets | 76,717 | 103,784 |
Total current assets | 550,860 | 661,842 |
Net utility property | 5,827,143 | 5,700,056 |
Goodwill | 52,426 | 52,426 |
Non-current regulatory assets | 844,767 | 894,168 |
Other property and investments-net and other non-current assets | 408,574 | 393,985 |
Total assets | 7,683,770 | 7,702,477 |
Current Liabilities: | ||
Accounts payable | 104,620 | 143,262 |
Current portion of long-term debt | 15,000 | 15,000 |
Short-term borrowings | 244,000 | 349,000 |
Regulatory liabilities | 94,385 | 76,007 |
Other current liabilities | 166,761 | 191,936 |
Total current liabilities | 624,766 | 775,205 |
Pensions and other postretirement benefits | 92,211 | 89,830 |
Deferred income taxes | 718,728 | 718,318 |
Non-current regulatory liabilities | 829,061 | 856,666 |
Other non-current liabilities and deferred credits | 241,820 | 210,230 |
Total liabilities | 5,156,531 | 5,217,154 |
Commitments and Contingencies (See Notes to Condensed Consolidated Financial Statements) | ||
Shareholders' Equity: | ||
Common stock, no par value; 200,000,000 shares authorized; 78,702,117 and 78,074,587 shares issued and outstanding, respectively | 1,666,692 | 1,644,327 |
Accumulated other comprehensive loss | (366) | (357) |
Retained earnings | 860,913 | 841,353 |
Total shareholders’ equity | 2,527,239 | 2,485,323 |
Total liabilities and equity | 7,683,770 | 7,702,477 |
Non Affiliated Trusts [Member] | ||
Current Liabilities: | ||
Long-term debt | 2,598,398 | 2,515,358 |
Affiliated Trusts [Member] | ||
Current Liabilities: | ||
Long-term debt | $ 51,547 | $ 51,547 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Accounts and notes receivable, allowances | $ 3,624 | $ 4,987 |
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares, issued | 78,702,117 | 78,074,587 |
Common stock, shares outstanding | 78,702,117 | 78,074,587 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Operating Activities: | ||
Net income | $ 94,353 | $ 72,329 |
Non-cash items included in net income: | ||
Depreciation and amortization | 135,761 | 131,367 |
Deferred income tax provision | (23,004) | (20,565) |
Power and natural gas cost deferrals, net | 74,643 | (31,559) |
Amortization of debt expense | 1,039 | 1,980 |
Stock-based compensation expense | 6,350 | 5,460 |
Equity-related AFUDC | (3,830) | (3,172) |
Pension and other postretirement benefit expense | 5,942 | 6,693 |
Other regulatory assets and liabilities | (14,028) | (31,997) |
Other deferred debits and credits | 22,469 | 32,351 |
Change in decoupling regulatory deferral | (18,752) | 14,383 |
Realized and unrealized loss (gain) on assets and investments | (294) | 2,752 |
Other | 1,831 | (2,436) |
Contributions to defined benefit pension plan | (6,666) | (6,666) |
Cash paid for settlement of interest rate swap agreements | (409) | |
Cash received for settlement of interest rate swap agreements | 4,397 | 7,869 |
Changes in certain current assets and liabilities: | ||
Accounts and notes receivable | 59,468 | 111,428 |
Inventory | (15,605) | (8,131) |
Collateral for derivative instruments | 18,453 | 116,602 |
Income taxes receivable | 21,242 | 7,476 |
Other current assets | (81) | (20,228) |
Accounts payable | (33,884) | (96,080) |
Other current liabilities | (12,809) | (19,886) |
Net cash provided by operating activities | 316,995 | 269,561 |
Investing Activities: | ||
Utility property capital expenditures (excluding equity-related AFUDC) | (251,207) | (226,746) |
Issuance of notes receivable | (1,500) | |
Investments made in equity and property | (5,115) | (6,481) |
Other | 2,192 | 652 |
Net cash used in investing activities | (254,130) | (234,075) |
Financing Activities: | ||
Net decrease in short-term borrowings | (105,000) | (260,000) |
Proceeds from issuance of long-term debt | 83,700 | 250,000 |
Maturity of long-term debt and finance leases | (1,700) | (8,118) |
Issuance of common stock, net of issuance costs | 17,600 | 59,525 |
Cash dividends paid | (75,090) | (69,942) |
Other | (2,731) | (4,675) |
Net cash used in financing activities | (83,221) | (33,210) |
Net increase (decrease) in cash and cash equivalents | (20,356) | 2,276 |
Cash and cash equivalents at beginning of period | 35,003 | 13,428 |
Cash and cash equivalents at end of period | $ 14,647 | $ 15,704 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] |
Beginning Balance (in shares) at Dec. 31, 2022 | 74,945,948 | |||
Shares issued | 1,578,236 | |||
Ending Balance (in shares) at Jun. 30, 2023 | 76,524,184 | |||
Beginning Balance at Dec. 31, 2022 | $ 1,525,185 | $ (2,058) | $ 811,541 | |
Equity compensation expense | 5,460 | |||
Issuance of common stock, net of issuance costs | 59,525 | |||
Payment of minimum tax withholdings for share-based payment awards | (1,667) | |||
Other comprehensive loss | (37) | |||
Net income | $ 72,329 | 72,329 | ||
Dividends on common stock | (69,857) | |||
Ending Balance at Jun. 30, 2023 | $ 2,400,421 | $ 1,588,503 | (2,095) | 814,013 |
Dividends declared per common share | $ 0.92 | |||
Beginning Balance (in shares) at Mar. 31, 2023 | 75,762,598 | |||
Shares issued | 761,586 | |||
Ending Balance (in shares) at Jun. 30, 2023 | 76,524,184 | |||
Beginning Balance at Mar. 31, 2023 | $ 1,555,651 | (2,076) | 831,736 | |
Equity compensation expense | 3,239 | |||
Issuance of common stock, net of issuance costs | 29,613 | |||
Other comprehensive loss | (19) | |||
Net income | $ 17,484 | 17,484 | ||
Dividends on common stock | (35,207) | |||
Ending Balance at Jun. 30, 2023 | $ 2,400,421 | $ 1,588,503 | (2,095) | 814,013 |
Dividends declared per common share | $ 0.46 | |||
Beginning Balance (in shares) at Dec. 31, 2023 | 78,074,587 | 78,074,587 | ||
Shares issued | 500,000 | 627,530 | ||
Ending Balance (in shares) at Jun. 30, 2024 | 78,702,117 | 78,702,117 | ||
Beginning Balance at Dec. 31, 2023 | $ 2,485,323 | $ 1,644,327 | (357) | 841,353 |
Equity compensation expense | 6,350 | |||
Issuance of common stock, net of issuance costs | 17,600 | |||
Payment of minimum tax withholdings for share-based payment awards | (1,585) | |||
Other comprehensive loss | (9) | |||
Net income | 94,353 | 94,353 | ||
Dividends on common stock | (74,793) | |||
Ending Balance at Jun. 30, 2024 | $ 2,527,239 | $ 1,666,692 | (366) | 860,913 |
Dividends declared per common share | $ 0.95 | |||
Beginning Balance (in shares) at Mar. 31, 2024 | 78,187,093 | |||
Shares issued | 500,000 | 515,024 | ||
Ending Balance (in shares) at Jun. 30, 2024 | 78,702,117 | 78,702,117 | ||
Beginning Balance at Mar. 31, 2024 | $ 1,645,208 | (366) | 875,658 | |
Equity compensation expense | 3,999 | |||
Issuance of common stock, net of issuance costs | 17,485 | |||
Net income | $ 22,858 | 22,858 | ||
Dividends on common stock | (37,603) | |||
Ending Balance at Jun. 30, 2024 | $ 2,527,239 | $ 1,666,692 | $ (366) | $ 860,913 |
Dividends declared per common share | $ 0.475 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 22,858 | $ 17,484 | $ 94,353 | $ 72,329 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1. SUMMARY OF SIGNIF ICANT ACCOUNTING POLICIES Nature of Business Avista Corp. is primarily an electric and natural gas utility with certain other business ventures. Avista Utilities is an operating division of Avista Corp., comprising its regulated utility operations in the Pacific Northwest. Avista Utilities provides electric distribution and transmission, and natural gas distribution services in parts of eastern Washington and northern Idaho. Avista Utilities also provides natural gas distribution service in parts of northeastern and southwestern Oregon. Avista Utilities has electric generating facilities in Washington, Idaho, Oregon and Montana. Avista Utilities also supplies electricity to a small number of customers in Montana. AERC is a wholly-owned subsidiary of Avista Corp. The primary subsidiary of AERC is AEL&P, which comprises Avista Corp.'s regulated utility operations in Alaska. Avista Capital, a wholly owned non-regulated subsidiary of Avista Corp., is the parent company of the subsidiary companies in the non-utility businesses, except AJT Mining Properties, Inc., which is a subsidiary of AERC. See Note 16 for b usiness segment information. Basis of Reporting The condensed consolidated financial statements include the assets, liabilities, revenues and expenses of the Company and its subsidiaries and other majority owned subsidiaries and variable interest entities for which the Company or its subsidiaries are the primary beneficiaries. Intercompany balances were eliminated in consolidation. The accompanying condensed consolidated financial statements include the Company’s proportionate share of utility plant and related operations associated with its interests in jointly owned plants. Regulation The Company is subject to state regulation in Washington, Idaho, Montana, Oregon and Alaska. The Company is subject to federal regulation primarily by the FERC, as well as various other federal agencies with regulatory oversight of particular aspects of its operations. Derivative Assets and Liabilities Derivatives are recorded as either assets or liabilities on the Condensed Consolidated Balance Sheets measured at estimated fair value. The WUTC and the IPUC issued accounting orders authorizing Avista Corp. to offset energy commodity derivative assets or liabilities with a regulatory asset or liability. This accounting treatment is intended to defer the recognition of mark-to-market gains and losses on energy commodity transactions until the period of delivery. Realized benefits and costs result in adjustments to retail rates through PGAs, the ERM in Washington, the PCA mechanism in Idaho, and periodic general rate cases. The resulting regulatory assets associated with energy commodity derivative instruments are probable of recovery through future rates. Substantially all forward contracts to purchase or sell power and natural gas are recorded as derivative assets or liabilities at estimated fair value with an offsetting regulatory asset or liability. Contracts 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 determined to be other-than-temporary. For interest rate swap derivatives, Avista Corp. records all mark-to-market gains and losses in each accounting period as assets and liabilities, as well as offsetting regulatory assets and liabilities, such that there is no income statement impact. The interest rate swap derivatives are risk management tools similar to energy commodity derivatives. Upon settlement of interest rate swap derivatives, the regulatory asset or liability is amortized as a component of interest expense over the term of the associated debt. The Company records an offset of interest rate swap derivative assets and liabilities with regulatory assets and liabilities, based on the prior practice of the commissions to provide recovery through the ratemaking process. The Company has multiple master netting agreements with a variety of entities allowing for cross-commodity netting of derivative agreements with the same counterparty (i.e. power derivatives can be netted with natural gas derivatives). In addition, some master netting agreements allow for the netting of commodity derivatives and interest rate swap derivatives for the same counterparty. The Company does not have 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, some equity investments, as well as derivatives related to interest rate swaps and foreign currency exchange contracts, are reported at estimated fair value on the Condensed Consolidated Balance Sheets. See Note 11 for the Company’s fair value disclosures. Contingencies The Company has unresolved regulatory, legal and tax issues which have inherently uncertain outcomes. The Company accrues a loss contingency if it is probable that a liability has been incurred and the amount of the loss or impairment can be reasonably estimated. The Company also discloses loss contingencies that do not meet these conditions for accrual if there is a reasonable possibility that a material loss may be incurred. See Note 15 for further discussion of the Company's commitments and contingencies. |
New Accounting Standards
New Accounting Standards | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Standards | NOTE 2. NEW ACCO UNTING STANDARDS ASU 2022-03 "Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions" In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The purpose of this guidance is to clarify that a contractual restriction on the ability to sell an equity security is not considered part of the unit of account of the equity security, and therefore should not be considered when measuring the equity security's fair value. Additionally, an entity cannot separately recognize and measure a contractual sale restriction. This guidance also adds specific disclosures related to equity securities subject to contractual sale restrictions, including (i) the fair value of equity securities subject to contractual sale restrictions reflected in the balance sheet, (ii) the nature and remaining duration of the restrictions and (iii) the circumstances that could cause a lapse in the restrictions. The Company adopted the amendments effective January 1, 2024 , with no material impacts to the Company's financial statements resulting upon adoption. ASU 2023-06 "Disclosure Improvements - Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative" In October 2023, the FASB issued ASU 2023-06, which incorporates a variety of SEC required disclosures into the FASB Accounting Standards Codification (ASC). For entities subject to SEC's existing disclosure requirements, the effective date for each amendment will be the date on which the SEC removes the related disclosure from Regulation S-X or Regulation S-K, with early adoption permitted. If the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K by June 30, 2027, the disclosure requirements will be removed from the Codification. The requirements of the ASU will not have a material impact on the Company's financial statements. ASU 2023-07 "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures" In November 2023, the FASB issued ASU 2023-07, requiring additional disclosures around reportable segment information. The additional required disclosures include significant segment expenses, an amount for other segment activity not included in the disaggregated segment amounts and a description of the activity, and the title and position of the chief operating decision maker and an explanation of how they use the reported measures of segment profit or loss in assessing segment performance and allocating resources. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024, and early adoption is permitted. The Company is in the process of evaluating the impact of the ASU; however, it has determined it will not early adopt. ASU 2023-09 "Income Taxes (Topic 740) - Improvements to Income Tax Disclosures" In December 2023, the FASB issued ASU 2023-09, requiring additional income tax disclosures. The additional disclosures include prescribed items presented in the income tax rate reconciliation, and further disaggregation of income taxes paid amounts between federal, state and foreign taxes. The ASU is effective for fiscal years beginning after December 15, 2024 and early adoption is permitted. The Company is in the process of evaluating the impact of the ASU; however, it has determined it will not early adopt. |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 30, 2024 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | NOTE 3. BALANCE SHEET COMPONENTS Inventory Inventories of materials and supplies, emission allowances, fuel stock and stored natural gas are recorded at average cost and consisted of the following as of June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, December 31, 2024 2023 Materials and supplies $ 92,446 $ 81,651 Emission allowances 64,925 56,097 Stored natural gas 10,937 16,272 Fuel stock 7,280 5,964 Total $ 175,588 $ 159,984 Other Current Assets Other current assets consisted of the following as of June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, December 31, 2024 2023 Prepayments $ 52,276 $ 52,752 Income taxes receivable 7,991 29,234 Derivative assets net of collateral 4,462 11,821 Other 11,988 9,977 Total $ 76,717 $ 103,784 Net Utility Property Net utility property, which is recorded at original cost, net of accumulated depreciation, consisted of the following as of June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, December 31, 2024 2023 Utility plant in service $ 7,946,547 $ 7,799,481 Construction work in progress 222,560 179,527 Total 8,169,107 7,979,008 Less: Accumulated depreciation and amortization 2,341,964 2,278,952 Total $ 5,827,143 $ 5,700,056 Other Property and Investments-Net and Other Non-Current Assets Other property and investments-net and other non-current assets consisted of the following as of June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, December 31, 2024 2023 Equity investments $ 157,369 $ 153,350 Operating lease ROU assets 66,864 67,585 Finance lease ROU assets 34,593 36,414 Non-utility property 33,508 33,813 Notes receivable 15,578 15,287 Long-term prepaid license fees 21,356 19,448 Pension asset 41,625 32,997 Investment in affiliated trust 11,547 11,547 Deferred compensation assets 8,551 7,794 Other 17,583 15,750 Total $ 408,574 $ 393,985 Other Current Liabilities Other current liabilities consisted of the following as of June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, December 31, Accrued taxes other than income taxes $ 28,572 $ 31,928 Derivative liabilities net of collateral 23,764 17,217 Employee paid time off accruals 35,110 32,072 Accrued interest 24,080 23,539 Climate Commitment Act obligations — 19,081 Pensions and other postretirement benefits 11,130 14,082 Other 44,105 54,017 Total $ 166,761 $ 191,936 Other Non-Current Liabilities and Deferred Credits Other non-current liabilities and deferred credits consisted of the following as of June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, December 31, Operating lease liabilities $ 64,851 $ 63,559 Finance lease liabilities 37,313 39,095 Deferred investment tax credits 27,833 28,233 Climate Commitment Act obligations 65,046 26,026 Asset retirement obligations 18,210 18,058 Derivative liabilities net of collateral 8,665 17,902 Other 19,902 17,357 Total $ 241,820 $ 210,230 Regulatory Assets and Liabilities Regulatory assets and liabilities consisted of the following as of June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, 2024 December 31, 2023 Current Non-Current Current Non-Current Regulatory Assets Energy commodity derivatives $ 41,242 $ 10,362 $ 51,419 $ 17,720 Deferred Climate Commitment Act costs 39,558 20,530 — 46,022 Deferred power costs 17,859 12,895 29,190 20,654 Wildfire resiliency 10,487 12,490 — 23,737 Decoupling surcharge 8,133 8,218 4,638 5,469 Deferred natural gas costs 9,452 — 60,667 — Deferred income taxes — 247,393 — 244,303 Pension and other postretirement benefit plans — 112,730 — 117,658 Interest rate swaps — 175,820 — 179,489 AFUDC above FERC allowed rate — 48,727 — 49,985 Settlement with Coeur d'Alene Tribe — 36,134 — 36,692 Advanced meter infrastructure — 27,827 — 29,345 Utility plant abandoned — 36,878 — 38,274 Colstrip excess depreciation — 22,347 — 19,429 COVID-19 deferrals — 11,945 — 12,142 Demand side management programs — 16,068 — 10,033 Other regulatory assets 3,658 44,403 413 43,216 Total regulatory assets $ 130,389 $ 844,767 $ 146,327 $ 894,168 Regulatory Liabilities Other income tax related liabilities $ 14,753 $ 54,559 $ 25,129 $ 56,582 Excess deferred income taxes 14,230 286,185 14,510 293,029 Deferred Climate Commitment Act revenues 34,670 9,435 — 37,231 Deferred power costs 250 2,463 — 4,000 Deferred natural gas costs 10,469 — 9,296 — Decoupling rebate 9,648 2,869 18,680 6,344 Utility plant retirement costs — 432,227 — 417,027 Interest rate swaps — 24,405 — 23,752 COVID-19 deferrals — 10,787 — 10,172 Other regulatory liabilities 10,365 6,131 8,392 8,529 Total regulatory liabilities $ 94,385 $ 829,061 $ 76,007 $ 856,666 |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | NOTE 4. REVENUE The core principle of the revenue recognition model is that an entity should identify the various performance obligations in a contract, allocate the transaction price among the performance obligations and recognize revenue when (or as) the entity satisfies each performance obligation. Utility Revenues Revenue from Contracts with Customers General The majority of Avista Corp.’s revenue is from rate-regulated sales of electricity and natural gas to retail customers, which has two performance obligations, (1) having service available for a specified period (typically a month at a time) and (2) the delivery of energy to customers. The total energy price generally has a fixed component (basic charge) related to having service available and a usage-based component, related to the delivery and consumption of energy. The commodity is sold and/or delivered to and consumed by the customer simultaneously, and the provisions of the relevant utility commission authorization determine the charges the Company may bill the customer. Since all revenue recognition criteria are met upon the delivery of energy to customers, revenue is recognized immediately. Revenues from contracts with customers are presented in the Condensed Consolidated Statements of Income in the line item "Utility revenues, exclusive of alternative revenue programs." Non-Derivative Wholesale Contracts The Company has certain wholesale contracts that are not accounted for as derivatives and are considered revenue from contracts with customers. Revenue is recognized as energy is delivered to the customer or the service is available for a specified period of time, consistent with the discussion of rate-regulated sales above. Alternative Revenue Programs (Decoupling) ASC 606 retained existing GAAP associated with alternative revenue programs, which specified alternative revenue programs are contracts between an entity and a regulator of utilities, not a contract between an entity and a customer. GAAP requires the presentation of revenue arising from alternative revenue programs separately from revenues arising from contracts with customers on the Condensed Consolidated Statements of Income. The Company's decoupling mechanisms (also known as a FCA in Idaho) qualify as alternative revenue programs. Decoupling revenue deferrals are recognized in the Condensed Consolidated Statements of Income during the period they occur (i.e. during the period of revenue shortfall or excess due to fluctuations in customer usage), subject to certain limitations, and a regulatory asset or liability is established which will be surcharged or rebated to customers in future periods. GAAP requires that for an alternative revenue program, like decoupling, the revenue must be expected to be collected from customers within 24 months of the deferral to qualify for recognition in the Condensed Consolidated Statements of Income. Amounts included in the Company's decoupling program that are not expected to be collected from customers within 24 months are not recorded in the financial statements until the period in which revenue recognition criteria are met. The amounts expected to be collected from customers within 24 months represents an estimate made by the Company on an ongoing basis due to it being based on the volumes of electric and natural gas sold to customers on a go-forward basis. The Company records alternative program revenues under the gross method, which is to amortize the decoupling regulatory asset/liability to the alternative revenue program line item on the Condensed Consolidated Statements of Income as it is collected from or refunded to customers. The cash passing between the Company and the customers is presented in revenue from contracts with customers since it is a portion of the overall tariff paid by customers. This method results in a gross-up to both revenue from contracts with customers and revenue from alternative revenue programs, but has a net zero impact on total revenue. Depending on whether the previous deferral balance being amortized was a regulatory asset or regulatory liability, and depending on the size and direction of the current year deferral of surcharges and/or rebates to customers, it could result in negative alternative revenue program revenue during the year. Derivative Revenue Most wholesale electric and natural gas transactions (including both physical and financial transactions), and the sale of fuel are considered derivatives, which are disclosed separately from revenue from contracts with customers. Revenue is recognized for these items upon the settlement/expiration of the derivative contract. Derivative revenue includes transactions entered into and settled within the same month. Other Utility Revenue Other utility revenue includes rent, sales of materials, late fees and other charges that do not represent contracts with customers. This revenue is excluded from revenue from contracts with customers, as this revenue does not represent items where a customer is a party that has contracted with the Company to obtain goods or services that are an output of the Company’s ordinary activities in exchange for consideration. As such, these revenues are presented separately from revenue from contracts with customers. Other Considerations for Utility Revenues Gross Versus Net Presentation Revenues and resource costs from Avista Utilities’ settled energy contracts “booked out” (not physically delivered) are reported on a net basis as part of derivative revenues. Utility-related taxes collected from customers (primarily state excise taxes and city utility taxes) are imposed on Avista Utilities as opposed to being imposed on customers; therefore, Avista Utilities is the taxpayer and records these transactions on a gross basis in revenue from contracts with customers and operating expense (taxes other than income taxes). The utility-related taxes collected from customers at AEL&P are imposed on the customers rather than AEL&P; therefore, the customers are the taxpayers and AEL&P is acting as their agent. As such, these transactions at AEL&P are presented on a net basis within revenue from contracts with customers. Utility-related taxes included in revenue from contracts with customers were as follows for the three and six months ended June 30 (dollars in thousands): Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Utility-related taxes $ 17,086 $ 16,133 $ 43,667 $ 41,872 Significant Judgments and Unsatisfied Performance Obligations The only significant judgments involving revenue recognition are estimates surrounding unbilled revenue and receivables from contracts with customers and estimates surrounding the amount of decoupling revenues that will be collected from customers within 24 months (discussed above). The Company has certain capacity arrangements, where the Company has a contractual obligation to provide either electric or natural gas capacity to its customers for a fixed fee. Most of these arrangements are paid for in arrears by the customers and do not result in deferred revenue and only result in receivables from the customers. The Company has one capacity agreement where the customer makes payments throughout the year. As of June 30, 2024, the Company estimates it had unsatisfied capacity performance obligations of $ 4.5 million , which will be recognized as revenue in future periods as the capacity is provided to the customers. These performance obligations are not reflected in the financial statements, as the Company has not received payment for these services. Disaggregation of Total Operating Revenue The following table disaggregates total operating revenue by segment and source for the three and six months ended June 30 (dollars in thousands): Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Avista Utilities Revenue from contracts with customers $ 319,373 $ 294,129 $ 818,755 $ 772,904 Derivative revenues 48,605 66,580 138,185 63,518 Alternative revenue programs 16,171 5,513 19,054 ( 13,525 ) Other utility revenues 6,665 2,382 9,756 5,849 Total Avista Utilities 390,814 368,604 985,750 828,746 AEL&P Revenue from contracts with customers 11,035 11,023 25,337 25,234 Other utility revenues 183 171 339 323 Total AEL&P 11,218 11,194 25,676 25,557 Other non-utility revenues 40 139 62 265 Total operating revenues $ 402,072 $ 379,937 $ 1,011,488 $ 854,568 Utility Revenue from Contracts with Customers by Type and Service The following table disaggregates revenue from contracts with customers associated with the Company's electric operations for the three and six months ended June 30 (dollars in thousands): 2024 2023 Avista AEL&P Total Utility Avista AEL&P Total Utility Three months ended June 30: ELECTRIC OPERATIONS Revenue from contracts with customers Residential $ 92,809 $ 4,548 $ 97,357 $ 86,499 $ 4,418 $ 90,917 Commercial 85,344 6,424 91,768 81,346 6,544 87,890 Industrial 30,038 — 30,038 27,956 — 27,956 Public street and highway lighting 2,254 63 2,317 1,980 61 2,041 Total retail revenue 210,445 11,035 221,480 197,781 11,023 208,804 Transmission 9,538 — 9,538 8,475 — 8,475 Other revenue from contracts with 8,334 — 8,334 6,934 — 6,934 Total electric revenue from contracts $ 228,317 $ 11,035 $ 239,352 $ 213,190 $ 11,023 $ 224,213 Six months ended June 30: ELECTRIC OPERATIONS Revenue from contracts with customers Residential $ 234,838 $ 11,702 $ 246,540 $ 209,322 $ 11,299 $ 220,621 Commercial 178,136 13,506 191,642 162,572 13,810 176,382 Industrial 58,104 — 58,104 53,123 — 53,123 Public street and highway lighting 4,418 129 4,547 3,935 125 4,060 Total retail revenue 475,496 25,337 500,833 428,952 25,234 454,186 Transmission 19,130 — 19,130 16,422 — 16,422 Other revenue from contracts with 24,395 — 24,395 24,227 — 24,227 Total electric revenue from contracts $ 519,021 $ 25,337 $ 544,358 $ 469,601 $ 25,234 $ 494,835 The following table disaggregates revenue from contracts with customers associated with the Company's natural gas operations for the three and six months ended June 30 (dollars in thousands): Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Avista Utilities Avista Utilities Avista Utilities Avista Utilities NATURAL GAS OPERATIONS Revenue from contracts with customers Residential $ 54,427 $ 48,004 $ 187,397 $ 188,840 Commercial 29,293 25,477 97,292 97,802 Industrial and interruptible 3,195 4,128 7,160 9,656 Total retail revenue 86,915 77,609 291,849 296,298 Transportation 2,734 1,923 5,072 4,192 Other revenue from contracts with customers 1,407 1,407 2,813 2,813 Total natural gas revenue from contracts with customers $ 91,056 $ 80,939 $ 299,734 $ 303,303 |
Derivatives and Risk Management
Derivatives and Risk Management | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Derivatives and Risk Management | NOTE 5. DERIVATIVES AND RISK MANAGEMENT Energy Commodity Derivatives Avista Corp. is exposed to market risks relating to changes in electricity and natural gas commodity prices and certain other fuel prices. Market risk is, in general, the risk of fluctuation in the market price of the commodity being traded and is influenced primarily by supply and demand. Market risk includes the fluctuation in the market price of associated derivative commodity instruments. Avista Corp. utilizes derivative instruments, such as forwards, futures, swap derivatives and options, to manage the various risks relating to these commodity price exposures. Avista Corp. has an energy resources risk policy and control procedures to manage these risks. As part of Avista Corp.'s resource procurement and management operations in the electric business, Avista Corp. engages in an ongoing process of resource optimization, which involves the economic selection from available energy resources to serve Avista Corp.'s load obligations and the use of these resources to capture available economic value through wholesale market transactions. These include sales and purchases of electric capacity and energy, fuel for electric generation, and derivative contracts related to capacity, energy and fuel. Such transactions are part of the process of matching resources with load obligations and hedging a portion of the related financial risks. These transactions range from terms of intra-hour up to multiple years. As part of its resource procurement and management of its natural gas business, Avista Corp. makes continuing projections of its natural gas loads and assesses available natural gas resources including natural gas storage availability. Natural gas resource planning typically includes peak requirements, low and average monthly requirements and delivery constraints from natural gas supply locations to Avista Corp.’s distribution system. However, daily variations in natural gas demand can be significantly different than monthly demand projections. Based on these projections, Avista Corp. plans and executes a series of transactions to hedge a portion of its projected natural gas requirements through forward market transactions and derivative instruments. These transactions may extend as much as three natural gas operating years (November through October) into the future. Avista Corp. also leaves a significant portion of its natural gas supply requirements unhedged for purchase in short-term and spot markets. Avista Corp. plans for sufficient natural gas delivery capacity to serve its retail customers for a theoretical peak day event. Avista Corp. generally has more pipeline and storage capacity than what is needed during periods other than a peak-day. Avista Corp. optimizes its natural gas resources by using market opportunities to generate economic value that mitigates the fixed costs. Avista Corp. also optimizes its natural gas storage capacity by purchasing and storing natural gas when prices are traditionally lower, typically in the summer, and withdrawing during higher priced months, typically during the winter. However, if market conditions and prices indicate that Avista Corp. should buy or sell natural gas at other times during the year, Avista Corp. engages in optimization transactions to capture value in the marketplace. Natural gas optimization activities include, but are not limited to, wholesale market sales of surplus natural gas supplies, purchases and sales of natural gas to optimize use of pipeline and storage capacity, and participation in the transportation capacity release market. The following table presents the underlying energy commodity derivative volumes as of June 30, 2024 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 Financial Physical Financial Physical Financial Physical Financial Remainder 2024 6 22 16,240 28,818 384 417 636 5,678 2025 — — 20,613 24,585 317 175 1,115 1,125 2026 — — 10,348 8,040 — — — — 2027 — — 2,475 900 — — — — As of June 30, 2024 , there were no expected deliveries of energy commodity derivatives after 2 0 27. The following table presents the underlying energy commodity derivative volumes as of December 31, 2023 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 Financial Physical Financial Physical Financial Physical Financial 2024 9 — 22,747 74,596 472 510 1,723 12,038 2025 — — 12,505 19,590 11 96 1,115 1,125 2026 — — 5,570 3,940 — — — — As of December 31, 2023 , there were no expected deliveries of energy commodity derivatives after 2 0 26. (1) Physical transactions represent commodity transactions in which Avista Corp. will take or make delivery of either electricity or natural gas; financial transactions represent derivative instruments with delivery of cash in the amount of the benefit or cost but with no physical delivery of the commodity, such as futures, swap derivatives, options, or forward contracts. The electric and natural gas derivative contracts above will be included in either power supply costs or natural gas supply costs during the period they are scheduled to be delivered and will be included in the various deferral and recovery mechanisms (ERM, PCA and PGAs), or in the general rate case process, and are expected to be recovered through retail rates from customers. Foreign Currency Exchange Derivatives A significant portion of Avista Corp.’s natural gas supply (including fuel for power generation) is obtained from Canadian sources. Most of those transactions are executed in U.S. dollars, which avoids foreign currency risk. A portion of Avista Corp.’s short-term natural gas transactions and long-term Canadian transportation contracts are committed based on Canadian currency prices. The short-term natural gas transactions are settled within 60 days with U.S. dollars. Avista Corp. hedges a portion of the foreign currency risk by purchasing Canadian currency exchange derivatives when such commodity transactions are initiated. The foreign currency exchange derivatives and the unhedged foreign currency risk have not had a material effect on Avista Corp.’s financial condition, results of operations or cash flows and these differences in cost related to currency fluctuations are included with natural gas supply costs for ratemaking. The following table summarizes the foreign currency exchange derivatives outstanding as of June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, December 31, 2024 2023 Number of contracts 24 5 Notional amount (in United States dollars) $ 1,905 $ 81 Notional amount (in Canadian dollars) 2,608 109 Interest Rate Swap Derivatives Avista Corp. is affected by fluctuating interest rates related to a portion of its existing debt, and future borrowing requirements. Avista Corp. may hedge a portion of its interest rate risk with financial derivative instruments, including interest rate swap derivatives. These interest rate swap derivatives are considered economic hedges against fluctuations in future cash flows associated with anticipated debt issuances. The following table summarizes the unsettled interest rate swap derivatives outstanding as of June 30, 2024 and December 31, 2023 (dollars in thousands): Balance Sheet Date Number of Notional Mandatory June 30, 2024 1 $ 10,000 2025 December 31, 2023 2 $ 20,000 2024 1 10,000 2025 See Note 9 for discussion of the remarketed bonds and the related settlement of interest rate swaps in connection with the pricing of the bonds in March 2024. Summary of Outstanding Derivative Instruments The amounts recorded on the Condensed Consolidated Balance Sheet as of June 30, 2024 and December 31, 2023 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 June 30, 2024 (in thousands): Fair Value Derivative and Balance Sheet Location Gross Gross Collateral Net Asset Interest rate swap derivatives Other property and investments-net and other non-current assets 483 — — 483 Energy commodity derivatives Other current assets 5,444 ( 982 ) — 4,462 Other property and investments-net and other non-current assets 265 — — 265 Other current liabilities 10,372 ( 56,076 ) 21,940 ( 23,764 ) Other non-current liabilities and deferred credits 1,575 ( 12,202 ) 1,962 ( 8,665 ) Total derivative instruments recorded on the balance sheet $ 18,139 $ ( 69,260 ) $ 23,902 $ ( 27,219 ) The following table presents the fair values and locations of derivative instruments recorded on the Condensed Consolidated Balance Sheet as of December 31, 2023 (in thousands): Fair Value Derivative and Balance Sheet Location Gross Gross Collateral Net Asset Foreign currency exchange derivatives Other current assets $ 2 $ — $ — $ 2 Interest rate swap derivatives Other current assets 3,667 — — 3,667 Other non-current liabilities and deferred credits — ( 182 ) — ( 182 ) Energy commodity derivatives Other current assets 8,531 ( 379 ) — 8,152 Other current liabilities 19,510 ( 79,082 ) 42,355 ( 17,217 ) Other non-current liabilities and deferred credits 2,913 ( 20,633 ) — ( 17,720 ) Total derivative instruments recorded on the balance sheet $ 34,623 $ ( 100,276 ) $ 42,355 $ ( 23,298 ) Exposure to Demands for Collateral Avista Corp.'s derivative contracts often require collateral (in the form of cash or letters of credit) or other credit enhancements, or reductions or terminations of a portion of the contract through cash settlement. In the event of changes in market prices or a downgrade in Avista Corp.'s credit ratings or other established credit criteria, additional collateral may be required. In periods of price volatility, the level of exposure can change significantly. As a result, sudden and significant demands may be made against Avista Corp.'s credit facilities and cash. Avista Corp. actively monitors the exposure to possible collateral calls and takes steps to mitigate capital requirements. The following table presents collateral outstanding related to its derivative instruments as of June 30, 2024 and December 31, 2023 (in thousands): June 30, December 31, 2024 2023 Energy commodity derivatives Cash collateral posted $ 23,902 $ 43,095 Letters of credit outstanding 6,900 20,000 Balance sheet offsetting 23,902 42,355 No letters of credit were outstanding, and no cash collateral was on deposit, related to interest rate swap derivatives a s of June 30, 2024 and December 31, 2023. Certain of Avista Corp.’s derivative instruments contain provisions that require Avista Corp. to maintain an "investment grade" credit rating from the major credit rating agencies. If Avista Corp.’s credit ratings were to fall below "investment grade," it would be in violation of these provisions, and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing collateralization on derivative instruments in net liability positions. The following table presents the aggregate fair value of all derivative instruments with credit-risk-related contingent features in a liability position and the amount of additional collateral Avista Corp. could be required to post as of June 30, 2024 (in thousands): June 30, 2024 Energy commodity derivatives Liabilities with credit-risk-related contingent features $ 22,440 Additional collateral to post 22,991 |
Pension Plans and Other Postret
Pension Plans and Other Postretirement Benefit Plans | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits, Description [Abstract] | |
Pension Plans and Other Postretirement Benefit Plans | NOTE 6. PENSION PLANS AND OTHE R POSTRETIREMENT BENEFIT PLANS Avista Utilities The Company contributed $ 6.7 million in cash to the pension plan for the six months ended June 30, 2024 , and expects to contribute $ 10.0 million in total for 2024. 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 and six months ended June 30 (dollars in thousands): Pension Benefits Other Postretirement Benefits 2024 2023 2024 2023 Three months ended June 30: Service cost $ 3,947 $ 3,100 $ 661 $ 532 Interest cost 8,217 8,521 1,726 1,909 Expected return on plan assets ( 11,356 ) ( 10,922 ) ( 974 ) ( 891 ) Curtailment loss 169 — — — Amortization of prior service cost (credit) 126 123 ( 263 ) ( 263 ) Net loss recognition 569 1,185 88 ( 8 ) Net periodic benefit cost $ 1,672 $ 2,007 $ 1,238 $ 1,279 Six months ended June 30: Service cost $ 7,709 $ 7,994 $ 1,281 $ 1,350 Interest cost 16,582 15,753 3,472 2,953 Expected return on plan assets ( 22,584 ) ( 21,844 ) ( 1,948 ) ( 1,782 ) Curtailment loss 169 — — — Amortization of prior service cost (credit) 249 246 ( 526 ) ( 526 ) Net loss recognition 1,359 2,024 179 525 Net periodic benefit cost $ 3,484 $ 4,173 $ 2,458 $ 2,520 Total service costs in the table above are recorded to the same accounts as labor expense. Labor and benefits expense is recorded to various projects based on whether the work is a capital project or an operating expense. Approximately 40 percent of all labor and benefits is capitalized to utility property and 60 percent is expensed to utility other operating expenses. The non-service portion of costs in the table above are recorded to other expense below income from operations in the Condensed Consolidated Statements of Income or capitalized as a regulatory asset. Approximately 40 percent of the costs are capitalized to regulatory assets and 60 percent is expensed to the income statement. In 2024, the Company offered pension participants an election to leave the pension plan for an alternative defined contribution 401(k) plan. In April 2024, it was determined that due to the number of participants electing to leave the pension plan, as well as the resulting decrease in expected future service, this event resulted in a curtailment of the pension plan, and an associated gain of $ 1.4 million for the reduction in the benefit obligation. This gain was of fset against the unrecognized net actuarial loss (and recorded within a regulatory asset). There was also a $ 0.2 million loss recognized for the acceleration of unrecognized prior service costs. The curtailment triggered a remeasurement of pension plan. The impact of the remeasurement was not material to the Company's condensed consolidated financial statements. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 7. IN COME TAXES In accordance with interim reporting requirements, the Company uses an estimated annual effective tax rate for computing its provisions for income taxes. An estimate of annual income tax expense (or benefit) is made each interim period using estimates for annual pre-tax income, income tax adjustments and tax credits. The estimated annual effective tax rates do not include discrete events such as tax law changes, examination settlements, accounting method changes or adjustments to tax expense or benefits attributable to prior years. Discrete events are recorded in the interim period in which they occur or become known. The estimated annual tax rate is applied to year-to-date pre-tax income to determine income tax expense (or benefit) for the interim period consistent with the annual estimate. In subsequent interim periods, income tax expense (or benefit) for the period is computed as the difference between the year-to-date amount reported for the previous interim period and the current period’s year-to-date amount. The following table summarizes the significant factors impacting the difference between the Company's effective tax rate and the federal statutory rate for the three and six months ended June 30 (dollars in thousands): Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Federal income taxes at statutory rates $ 4,904 21.0 % $ 2,452 21.0 % $ 20,402 21.0 % $ 12,577 21.0 % Increase (decrease) in tax resulting from: Flow through related to deduction of meters ( 2,898 ) ( 12.4 ) ( 5,689 ) ( 48.7 ) ( 11,683 ) ( 12.0 ) ( 19,212 ) ( 32.1 ) Tax effect of regulatory treatment of utility ( 1,463 ) ( 6.3 ) ( 1,525 ) ( 13.1 ) ( 5,974 ) ( 6.1 ) ( 5,212 ) ( 8.7 ) State income tax expense 179 0.8 232 2.0 718 0.7 798 1.3 Tax credits ( 94 ) ( 0.4 ) ( 1,135 ) ( 9.7 ) ( 400 ) ( 0.4 ) ( 1,135 ) ( 1.9 ) Other ( 133 ) ( 0.6 ) ( 145 ) ( 1.3 ) ( 262 ) ( 0.3 ) ( 254 ) ( 0.4 ) Total income tax expense (benefit) $ 495 2.1 % $ ( 5,810 ) ( 49.8 )% $ 2,801 2.9 % $ ( 12,438 ) ( 20.8 )% (1) The Company's general rate cases included approval of base rate increases, offset by tax customer credits. As the tax customer credits are returned to customers, this results in a decrease to income tax expense as a result of flowing through the benefits related to meters and mixed service costs. |
Short-Term Borrowings
Short-Term Borrowings | 6 Months Ended |
Jun. 30, 2024 | |
Short-Term Debt [Abstract] | |
Short-Term Borrowings | NOTE 8. S HORT-TERM BORROWINGS Avista Corp. Lines of Credit Avista Corp. has a committed line of credit in the total amount of $ 500 million, with an expiration date of June 2028 . The Company has the option to extend for two additional one year periods (subject to customary conditions). The committed line of credit is secured by non-transferable first mortgage bonds of Avista Corp. issued to the agent bank that are payable only to the extent that Avista Corp. defaults on its obligations under the committed line of credit. Balances outstanding and interest rates on borrowings (excluding letters of credit) under Avista Corp.’s revolving committed line of credit were as follows as of June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, December 31, 2024 2023 Borrowings outstanding at end of period $ 244,000 $ 349,000 Letters of credit outstanding at end of period 5,100 4,700 Average interest rate on borrowings at end of period 6.55 % 6.46 % Letter of Credit Facility Avista Corp. has a letter of credit a greement in the aggregate amount of $ 50 million. Either party may terminate the agreement at any time. Avista Corp. had $ 6.5 million and $ 20.0 million in letters of credit outstanding under this agreement as of June 30, 2024 and December 31, 2023, respectively. Letters of credit are not reflected on the Condensed Consolidated Balance Sheets. If a letter of credit were drawn upon by the holder, Avista Corp. would have an immediate obligation to reimburse the bank that issued the letter of credit. Covenants and Default Provisions The short-term borrowing agreements contain customary covenants and default provisions, including a change in control (as defined in the agreements). The events of default under each of the credit facilities also include a cross default from other indebtedness (as defined) and, in the case of the letter of credit agreement, other obligations. The committed line of credit agreement also includes a covenant which does not permit the ratio of “consolidated total debt” to “consolidated total capitalization” of Avista Corp. to be greater than 65 percent at any time. As of June 30, 2024, the Company was in compliance with this covenant. AEL&P AEL&P has a committed line of credit in the amount of $ 25.0 million that expires in June 2028 . There were no borrowings or letters of credit outstanding under this agreement as of June 30, 2024 and December 31, 2023. The committed line of credit is secured by non-transferable first mortgage bonds of AEL&P issued to the agent bank that would only become due and payable in the event, and then only to the extent, that AEL&P defaults on its obligations under the committed line of credit. The committed line of credit agreement contains customary covenants and default provisions. The credit agreement has a covenant which does not permit the ratio of "consolidated total debt at AEL&P" to "consolidated total capitalization at AEL&P," including the impact of the Snettisham bonds to be greater than 67.5 percent at any time. As of June 30, 2024 , AEL&P was in compliance with this covenant. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Long Term Debt | NOTE 9. LONG-TERM DEBT In April 2024, the Company closed on the remarketing of $ 66.7 million and $ 17.0 million of the City of Forsyth, Montana Pollution Control Revenue Refunding Bonds due in 2032 and 2034, respectively. The bonds are not subject to ordinary optional redemption. The bonds are secured by equal principal amounts of non-transferable first mortgage bonds of the Company. The interest rate on both series of bonds is 3.875 percent. Avista Corp. purchased the Forsyth bonds upon original issuance in December 2010, with the intention to hold the bonds until market conditions were favorable for remarketing the bonds to unaffiliated investors. While the Company was the holder of these bonds, the bonds were not reflected as an asset or a liability on the Consolidated Balance Sheets. Upon the remarketing of these bonds, the Company recognized long term debt of $ 83.7 million. In connection with the pricing of the Forsyth bonds in March 2024, the Company cash-settled two interest rate swap derivatives (notional aggregate amount of $ 20.0 million) and received a net amount of $ 4.4 million, which will be amortized as a component of interest expense over the life of the bonds. See Note 5 for a discussion of interest rate swap derivatives. The net proceeds from the remarketing of the Forsyth bonds were used to repay a portion of the borrowings outstanding under the Company's committed line of credit. |
Long-Term Debt to Affiliated Tr
Long-Term Debt to Affiliated Trusts | 6 Months Ended |
Jun. 30, 2024 | |
Long Term Debt To Affiliated Trust [Abstract] | |
Long- Term Debt To Affiliated Trusts | NOTE 10. LONG-TERM DEB T 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. T he distribution rate on the Preferred Trust Securities is three-month CME Term SOFR plus 1.137 percent. The distribution rates were as follows during the six months ended June 30, 2024 and the year ended December 31, 2023: June 30, December 31, 2024 2023 Low distribution rate 6.48 % 5.64 % High distribution rate 6.51 % 6.55 % Distribution rate at the end of the period 6.48 % 6.51 % Concurrent with the issuance of the Preferred Trust Securities, Avista Capital II issued $ 1.5 million of Common Trust Securities to the Company. The Preferred Trust Securities may be redeemed at the option of Avista Capital II at any time and mature on June 1, 2037. In December 2000, the Company purchased $ 10.0 million of these Preferred Trust Securities. The Company owns 100 percent of Avista Capital II and has solely and unconditionally guaranteed the payment of distributions on, and redemption price and liquidation amount for, the Preferred Trust Securities to the extent 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 condensed consolidated financial statements as Avista Corp. is not the primary beneficiary. As such, the sole assets of the capital trusts are $ 51.5 million of junior subordinated deferrable interest debentures of Avista Corp., which are reflected on the Condensed Consolidated Balance Sheets. Interest expense to affiliated trusts in the Condensed Consolidated Statements of Income represents interest expense on these debentures. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value | NOTE 11. FAIR VALUE The carrying values of cash and cash equivalents, accounts and notes receivable, accounts payable, and short-term borrowings as shown on the Condensed Consolidated Balance Sheets are reasonable estimates of their fair values. The carrying values of long-term debt (including current portion and material finance leases) and long-term debt to affiliated trusts as shown on the Condensed Consolidated Balance Sheets may be different from the estimated fair value. See below for the estimated fair value of long-term debt and long-term debt to affiliated trusts. 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 measurements) and the lowest priority to fair values derived from unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are defined as follows: Level 1 – Quoted prices are available in active markets for identical assets or liabilities. Active markets are those in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 – Pricing inputs are other than quoted prices in active markets included in Level 1, but which are either directly or indirectly observable as of the reporting date. Level 2 includes financial instruments 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 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 including the credit standing of the counterparties involved and the impact of credit enhancements (such as cash deposits and letters of credit), and 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 June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Long-term debt (Level 2) $ 1,100,000 $ 944,836 $ 1,100,000 $ 968,893 Long-term debt (Level 3) 1,533,700 1,181,680 1,450,000 1,166,512 Snettisham finance lease obligation (Level 3) 40,795 36,900 42,495 39,600 Long-term debt to affiliated trusts (Level 3) 51,547 46,284 51,547 46,098 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 market prices of 58.82 percent to 105.84 percent of the principal amount, where 100.0 percent of the principal amount (adjusted for unamortized discount or premium) represents the carrying value recorded on the Condensed Consolidated Balance Sheets. Level 2 long-term debt represents publicly issued bonds with quoted market prices; however, due to their limited trading activity, they are classified as Level 2 because brokers must generate quotes and make estimates if there is no trading activity near a period end. Level 3 long-term debt consists of private placement bonds and debt to affiliated trusts, which typically have no secondary trading activity. Fair values in Level 3 are estimated based on market prices from third party brokers using secondary market quotes for debt with similar risk and terms to generate quotes for Avista Corp. bonds. Due to the unique nature of the Snettisham finance lease obligation, the estimated fair value of these items was determined based on a discounted cash flow model using available market information. The Snettisham finance lease obligation fair value is determined using the Morgan Markets A Ex-Fin discount rate as published on June 30, 2024 and December 31, 2023. 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 June 30, 2024 and December 31, 2023 at fair value on a recurring basis (dollars in thousands): Level 1 Level 2 Level 3 Counterparty Total June 30, 2024 Assets: Energy commodity derivatives $ — $ 17,656 $ — $ ( 12,929 ) $ 4,727 Interest rate swap derivatives — 483 — — 483 Equity Investments — — 50,357 — 50,357 Deferred compensation assets Mutual Funds: Fixed income securities (3) 995 — — — 995 Equity securities (3) 7,362 — — — 7,362 Total $ 8,357 $ 18,139 $ 50,357 $ ( 12,929 ) $ 63,924 Liabilities: Energy commodity derivatives (2) $ — $ 61,279 $ 7,981 $ ( 36,831 ) $ 32,429 Total $ — $ 61,279 $ 7,981 $ ( 36,831 ) $ 32,429 December 31, 2023 Assets: Energy commodity derivatives (2) $ — $ 30,954 $ — $ ( 22,802 ) $ 8,152 Foreign currency exchange derivatives — 2 — — 2 Interest rate swap derivatives — 3,667 — — 3,667 Equity Investments — — 50,254 — 50,254 Deferred compensation assets Mutual Funds: Fixed income securities (3) 1,117 — — — 1,117 Equity securities (3) 6,524 — — — 6,524 Total $ 7,641 $ 34,623 $ 50,254 $ ( 22,802 ) $ 69,716 Liabilities: Energy commodity derivatives (2) $ — $ 91,844 $ 8,250 $ ( 65,157 ) $ 34,937 Interest rate swap derivatives — 182 — — 182 Total $ — $ 92,026 $ 8,250 $ ( 65,157 ) $ 35,119 (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) The Level 3 energy commodity derivative balances are associated with natural gas exchange agreements. (3) Included in other property and investments-net and other non-current assets on the Condensed Consolidated Balance Sheets. The difference between the amount of derivative assets and liabilities disclosed in respective levels in the table above and the amount of derivative assets and liabilities disclosed on the Condensed Consolidated Balance Sheets is due to netting arrangements with certain counterparties. See Note 5 for additional discussion of derivative netting. To establish fair value for energy commodity derivatives, the Company uses quoted market prices and forward price curves to estimate the fair value of energy commodity derivative instruments included in Level 2. Electric derivative valuations are performed using market quotes, adjusted for periods in between quotable periods. Natural gas derivative valuations are estimated using New York Mercantile Exchange pricing for similar instruments, adjusted for basin differences, using market quotes. Where observable inputs are available for substantially the full term of the contract, the derivative asset or liability is included in Level 2. To establish fair values for interest rate swap derivatives, the Company uses forward market curves for interest rates for the term of the swaps and discounts the cash flows back to present value using an appropriate discount rate. The discount rate is calculated by third party brokers according to the terms of the swap derivatives and evaluated by the Company for reasonableness, with consideration given to the potential non-performance risk by the Company. Future cash flows of the interest rate swap derivatives are equal to the fixed interest rate in the swap compared to the floating market interest rate multiplied by the notional amount for each period. 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. Level 3 Fair Value Natural Gas Exchange Agreement For the natural gas commodity exchange agreement, the Company uses the same Level 2 market 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 are not 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 June 30, 2024 (dollars in thousands): Fair Value Valuation Unobservable Range and Weighted June 30, 2024 Technique Input Average Price Natural gas exchange agreement $ ( 7,981 ) Internally derived weighted average cost of gas Forward purchase prices $ 1.86 - $ 2.34 /mmBTU 2.05 Weighted Average Forward sales prices $ 2.46 - $ 9.48 /mmBTU 6.70 Weighted Average Purchase volumes 41,259 - 100,000 mmBTUs Sales volumes 75,000 - 310,000 mmBTUs The valuation methods, significant inputs and resulting fair values described above were developed by the Company and are reviewed on at least a quarterly basis to ensure they provide a reasonable estimate of fair value each reporting period. Equity Investments The Company has two equity investments measured at fair value on a recurring basis. For one investment, fair value is determined using a market approach, starting with enterprise values from recent market transaction data for comparable companies with similar equity instruments. The market transaction data was used to estimate an enterprise value of the underlying investment and that value was allocated to the various classes of equity via an option pricing model and a waterfall approach. The selection of appropriate comparable companies and the expected time to a liquidation event requires management judgment. The significant assumptions in the analysis include the comparable market transactions and related enterprise values, time to liquidity event and the market discount for lack of liquidity. In the event there are relevant market transactions for the same or similar securities of the subject company or there is the reasonable possibility of a transaction occurring, those transactions are utilized as an input to the valuation with a probability weight applied to the valuation. For the second investment, the fair value is determined using an income approach utilizing a discounted cash flow model. The model is based on income statement forecasts from the underlying company to determine cash flows for the period of ownership. The model then utilizes market multiples from publicly traded comparable companies in similar industries and projects to estimate the terminal fair value. The market multiples are reduced to reflect the difference in the life cycle between the publicly traded comparable companies and the start-up nature of the investment company. The selection of appropriate comparable companies, market multiples and the reduction to those market multiples requires management judgment. The significant assumptions in the model include the discount rate representing the risk associated with the investment, market multiples and the related reduction to those multiples, revenue forecasts, and the estimated terminal date for the investment. In the event there are relevant market transactions for the same or similar securities of the subject company or there is the reasonable possibility of a transaction occurring, those transactions are used to determine the fair value of Avista Corp.’s investment under a market approach instead of utilizing a discounted cash flow model. The market transactions are considered Level 3 inputs because they are not publicly available observable transactions. The following table presents the quantitative information which was used to estimate the fair values of the Level 3 equity investments as of June 30, 2024 (dollars in thousands): Fair Value at June 30, 2024 Valuation Technique Unobservable Input Range Equity investments $ 50,357 Market approach Comparable enterprise values $ 130,000 -$ 388,600 246,000 Average Time to liquidity event 1.75 years Discounted cash flows Revenue market multiples 0.36 x to 5.90 x Revenue 1.95 x Average Market exit reduction 50 % Discount rate 25 % Annual revenues $ 14,000 - $ 245,000 Terminal date 2027 The following table presents activity for assets and liabilities measured at fair value using significant unobservable inputs (Level 3) for the three and six months ended June 30 (dollars in thousands): Natural Gas Exchange Agreement (1) Equity Investments Total Three Months Ended June 30, 2024: Beginning balance $ ( 7,403 ) $ 51,829 $ 44,426 Total gains or (losses) (realized/unrealized): Included in regulatory assets/liabilities ( 906 ) — ( 906 ) Recognized in net income — ( 1,472 ) ( 1,472 ) Purchases and debt conversions — — — Settlements 328 — 328 Ending balance as of June 30, 2024 $ ( 7,981 ) $ 50,357 $ 42,376 Three Months Ended June 30, 2023: Beginning balance $ ( 11,062 ) $ 51,014 $ 39,952 Total gains or (losses) (realized/unrealized): Included in regulatory assets/liabilities ( 1,016 ) — ( 1,016 ) Recognized in net income — ( 2,561 ) ( 2,561 ) Settlements 357 — 357 Ending balance as of June 30, 2023 $ ( 11,721 ) $ 48,453 $ 36,732 Six Months Ended June 30, 2024: Beginning balance $ ( 8,250 ) $ 50,254 $ 42,004 Total gains or (losses) (realized/unrealized): Included in regulatory assets/liabilities ( 18 ) — ( 18 ) Recognized in net income — ( 842 ) ( 842 ) Purchases and debt conversions — 945 945 Settlements 287 — 287 Ending balance as of June 30, 2024 $ ( 7,981 ) $ 50,357 $ 42,376 Six Months Ended June 30, 2023: Beginning balance $ ( 17,734 ) $ 54,284 $ 36,550 Total gains or (losses) (realized/unrealized): Included in regulatory assets/liabilities 5,767 — 5,767 Recognized in net income — ( 5,198 ) ( 5,198 ) Purchases and debt conversions — 2,367 2,367 Settlements 246 — 246 Other — ( 3,000 ) ( 3,000 ) Ending balance as of June 30, 2023 $ ( 11,721 ) $ 48,453 $ 36,732 (1) There were no purchases, issuances or transfers from other categories during the periods presented in the table above. |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2024 | |
Stockholders' Equity Note [Abstract] | |
Common Stock | NOTE 12. COMM ON STOCK The Company issued shares of common stock for total net proceeds of $ 17.5 million and $ 17.6 million during the three and six months ended June 30, 2024, respectively. Most of these shares were issued in at-the-market transactions pursuant to the Company's sales agency agreements under which the Company may offer and sell new shares of common stock through its sales agents from time to time. Under these sales agency agreements, the Company issued 0.5 million shares during the three and six months ended June 30, 2024 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2024 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | NOTE 13. ACCUMULATED OT HER COMPREHENSIVE LOSS Accumulated other comprehensive loss, net of tax, consisted of the following as of June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, December 31, Unfunded benefit obligation for pensions and other postretirement benefit plans - 97 and $ 95 , respectively $ 366 $ 357 The following table details the reclassifications out of accumulated other comprehensive loss by component for the three and six months ended June 30 (dollars in thousands): Amounts Reclassified from Accumulated Other Three months ended June 30, Six months ended June 30, Details about Accumulated Other Comprehensive Loss Components 2024 2023 2024 2023 Amortization of defined benefit pension and Amortization of net prior service cost (1) $ ( 137 ) $ ( 140 ) $ ( 277 ) $ ( 280 ) Amortization of net loss (1) 657 1,177 1,538 2,549 Adjustment due to effects of regulation (1) ( 520 ) ( 1,061 ) ( 1,272 ) ( 2,316 ) Total before tax (2) — ( 24 ) ( 11 ) ( 47 ) Tax expense (2) — 5 2 10 Net of tax (2) $ — $ ( 19 ) $ ( 9 ) $ ( 37 ) (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 6 for additional details). (2) Description is also the affected line item on the Condensed Consolidated Statements of Income. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | NOTE 14. EARNINGS PER COMMON SHAR E The following table presents the computation of basic and diluted earnings per common share for the three and six months ended June 30 (in thousands, except per share amounts): Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Numerator: Net income $ 22,858 $ 17,484 $ 94,353 $ 72,329 Denominator: Weighted-average number of common shares outstanding-basic 78,390 75,983 78,276 75,576 Effect of dilutive securities: Performance and restricted stock awards 66 148 57 127 Weighted-average number of common shares outstanding-diluted 78,456 76,131 78,333 75,703 Earnings per common share: Basic $ 0.29 $ 0.23 $ 1.20 $ 0.96 Diluted $ 0.29 $ 0.23 $ 1.20 $ 0.96 There were no shares excluded from the calculation because they were antidilutive. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 15. COMMITMENT S 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 will vigorously protect and defend its interests and pursue its rights. However, no assurance can be given as to the ultimate outcome of any matter because litigation and other contested proceedings are subject to numerous uncertainties. For matters affecting Avista Utilities’ or AEL&P's operations, the Company intends to seek, to the extent appropriate, recovery of incurred costs through the ratemaking process. Collective Bargaining Agreements The Company's collective bargaining agreement with the IBEW represents 36 percent of all Avista Utilities' employees. The Company's largest represented group, representing approximately 90 percent of Avista Utilities' bargaining unit employees in Washington and Idaho, are covered under a four year agreement which expires in March 2025 . The current agreement includes a clause to negotiate wages in effect for the last year of the agreement. On July 31, 2024, the IBEW voted to approve new wages for 2024 and 2025, with wages for 2024 effective retroactively to March 26, 2024 and wages for 2025 taking effect on January 1, 2025. Boyds Fire (State of Washington Department of Natural Resources v. Avista) In August 2019, the Company was served with a complaint, captioned “State of Washington Department of Natural Resources v. Avista Corporation,” seeking recovery of up to $ 4.4 million for fire suppression and investigation costs and related expenses incurred in connection with a wildfire that occurred in Ferry County, Washington, in August 2018. Specifically, the complaint alleges the fire, which became known as the “Boyds Fire,” was caused by a dead ponderosa pine tree falling into an overhead distribution line, and that Avista Corp., along with its independent vegetation management contractors Asplundh Tree Company and CN Utility Consulting, were negligent in failing to identify and remove the tree before it came into contact with the line. Avista Corp. disputes that it was negligent in failing to identify and remove the tree in question. Additional lawsuits were subsequently filed by private landowners seeking property damages, and holders of insurance subrogation claims seeking recovery of insurance proceeds paid. The lawsuits were filed in the Superior Court of Ferry County, Washington, and is scheduled for trial on July 7, 2025. The Company continues to vigorously defend itself in the litigation. However, at this time the Company is unable to predict the likelihood of an adverse outcome or estimate a range of potential loss in the event of such an outcome. Road 11 Fire In April 2022, Avista Corp. received a notice of claim from property owners seeking damages of $ 5 million in connection with a fire that occurred in Douglas County, Washington, in July 2020. In June 2022, those claimants filed suit in the Superior Court of Douglas County, Washington, seeking unspecified damages. The fire, which was designated as the “Road 11 Fire,” occurred in the vicinity of an Avista Corp. 115kv line, resulting in damage to three overhead transmission structures. The fire occurred during a high wind event and grew to 10,000 acres before being contained. In June 2024, the parties reached an agreement to settle the matter for $ 0.1 million which will result in dismissal of the lawsuit with prejudice. Labor Day 2020 Windstorm/ Babb Road Fire In September 2020, a severe windstorm occurred in eastern Washington and northern Idaho. The extreme weather event resulted in customer outages and multiple wildfires in the region, including the Babb Road Fire, which occurred near the town of Malden, Washington. The Babb Road Fire covered approximately 15,000 acres and destroyed approximately 220 structures. There are no reports of personal injury or death resulting from the fire. In May 2021 the Company learned the Washington Department of Natural Resources (DNR) had completed its investigation and issued a report on the Babb Road Fire. The DNR report concluded, among other things, that • the fire was ignited when a branch of a multi-dominant Ponderosa Pine tree was broken off by the wind and fell on an Avista Corp. distribution line; • the tree was located approximately 30 feet from the center of Avista Corp.’s distribution line and approximately 20 feet beyond Avista Corp.’s right-of-way; • the tree showed some evidence of insect damage, a small area of scarring where a lateral branch/leader (LBL) had broken off in the past, and some past signs of Gall Rust disease. The DNR report concluded that: “because of the unusual configuration of the tree, and its proximity to the powerline, a closer inspection was warranted. A nearer inspection of the tree should have revealed the cut LBL ends and its previous failure, and necessitated determination of the failure potential of the adjacent LBL, implicated in starting the Babb Road Fire.” The DNR report acknowledged that, other than the multi-dominant nature of the tree, the conditions mentioned above would not have been easily visible without close-up inspection of, or cutting into, the tree. The report also acknowledged that, while the presence of multiple tops would have been visible from the nearby roadway, the tree did not fail at a v-fork due to the presence of multiple tops. The Company contends that applicable inspection standards did not require a closer inspection of the otherwise healthy tree, nor was the Company negligent with respect to its maintenance, inspection or vegetation management practices. Eleven lawsuits have been filed in connection with the Babb Road fire. Asplundh Tree Company and CN Utility Consulting, which both perform vegetation management services as independent contractors to the Company, are also named as defendants in each of the lawsuits. The lawsuits include six subrogation actions filed by 51 insurance companies seeking to recover approximately $ 23 million purportedly paid to insureds to date; and five actions on behalf of 128 individual plaintiffs seeking unspecified damages, one of which was originally filed as a class action lawsuit on behalf of three putative individual plaintiffs but which has since been amended to assert direct claims on behalf of the named plaintiffs. In the course of discovery, 29 individual plaintiffs have provided economic damage estimates, claiming total economic losses of approximately $ 5.1 million, of which approximately $ 2.4 million is covered by insurance or other forms of reimbursement. These plaintiffs may also seek as-yet unspecified non-economic damages (pain and suffering and emotional distress). The Company does not believe non-economic damages are applicable in this case and plans to dispute such claims. All proceedings, except for one action filed on September 1, 2023 on behalf of three individual plaintiffs (the "Widman Action") have been consolidated in the Superior Court of Spokane County Washington under the lead action Blakeley v. Avista Corporation et al., and variously assert causes of action for negligence, private nuisance, and trespass (the "Blakeley Proceeding"). In November 2023, all parties to the Blakeley Proceeding agreed to a stipulated order, which was presented to and entered by the Superior Court of Spokane County, Washington. The order consolidates the Blakeley Proceeding for trial (in addition to discovery and pre-trial proceedings) and bifurcates the trial into liability and damages phases, such that the initial trial in the case will focus solely on whether the defendants are legally responsible for the Babb Road Fire. A trial date on the liability phase has been set for May 5, 2025. The Widman Action is set for trial on October 6, 2025. In addition, the stipulated order relating to the Blakeley Proceeding memorializes the plaintiffs' agreement to voluntarily dismiss all claims asserting inverse condemnation as a theory of liability, without prejudice to their ability to seek permission from the Court to refile those claims at a later date if they can show good cause to do so. The Widman Action does not include claims for inverse condemnation. The parties to the Blakeley Proceeding agreed to a preliminary mediation no later than 60 days prior to the liability trial, and, if there is a trial following that mediation and if the jury returns a verdict in the plaintiffs' favor in the liability trial, a second mediation within 90 days following the verdict focusing on damages. Finally, the plaintiffs agreed to complete a damages questionnaire identifying all claimed damages being sought in connection with the litigation. In June 2024, a motion was filed in one of the individual actions (the "VanDyke Action") to add three additional plaintiffs. Although the statute of limitations for new claims has passed, the plaintiffs intend to argue that the addition of new plaintiffs is timely because the lawsuit was initially pled as a class action. Alternatively, the three new plaintiffs will ask the Court to be added as plaintiffs in the case with a claim for inverse condemnation, which carries a longer statute of limitations. The Company intends to contest the addition of any new plaintiffs to the action. The Company will vigorously defend itself in the legal proceedings; however, at this time the Company is unable to predict the likelihood of an adverse outcome or estimate a range of potential loss in the event of such an outcome. Orofino Fire In August 2023, a fire subsequently referred to as the "Hospital Fire" started in windy conditions near Orofino, Idaho, burning 53 acres and seven primary residences , as well as several outbuildings. The Idaho Department of Lands investigated and has issued a report in which it concluded the fire was caused by an electrical fault igniting three separate spots which then spread uphill. The Company has a distribution line in the area near the ignition point. The Company has to date found no evidence suggesting negligence on its part. Except for two claims for damage to personal property, the Company has not, at this time, received any claims in connection with the fire. The Company will vigorously defend itself in the event any such claims are asserted; however, at this time, it is unable to estimate the likelihood of an adverse outcome nor the amount or range of a potential loss in the event of an adverse outcome. Colstrip Colstrip Owners Arbitration and Litigation Colstrip Units 3 and 4 are owned by the Company, PacifiCorp, Portland General Electric (PGE), and Puget Sound Energy (PSE) (collectively, the "Western Co-Owners"), as well as NorthWestern and Talen Montana, LLC (Talen), as tenants in common under an Ownership and Operating Agreement, dated May 6, 1981, as amended (O&O Agreement), in the percentages set forth below: Co-Owner Unit 3 Unit 4 Avista 15 % 15 % PacifiCorp 10 % 10 % PGE 20 % 20 % PSE 25 % 25 % NorthWestern — 30 % Talen 30 % — Colstrip Units 1 and 2, owned by PSE and Talen, were shut down in 2020 and are in the process of being decommissioned. The co-owners of Units 3 and 4 also own undivided interests in facilities common to both Units 3 and 4, as well as in certain facilities common to all four Colstrip units. The Washington Clean Energy Transformation Act (CETA), among other things, imposes deadlines by which each electric utility must eliminate from its electricity rates in Washington the costs and benefits associated with coal-fired resources, such as Colstrip. The practical impact of CETA is electricity from such resources, including Colstrip, may no longer be delivered to Washington retail customers after 2025. The co-owners of Colstrip Units 3 and 4 have differing needs for the generating capacity of these units. Accordingly, certain business disagreements have arisen among the co-owners, including, disagreements as to the requirements for shutting down these units. NorthWestern has initiated arbitration pursuant to the O&O Agreement to resolve these business disagreements, and two actions have been initiated to compel arbitration of those disputes: one by Talen in the Montana Thirteenth Judicial District Court for Yellowstone County, and one by the Western Co-Owners, which is pending in Montana Federal District Court. In light of the ownership transfer agreements, the Colstrip owners agreed to stay both the litigation and the arbitration through March 2024. On April 1, 2024, the agreement to stay lapsed and the parties are now in the process of reengaging in arbitration discussions. An arbitration date has not yet been scheduled. The Company cannot predict the ultimate outcome of the arbitration process. Agreement Between Avista and NorthWestern In January 2023, the Company entered into an agreement with NorthWestern under which, subject to the terms and conditions specified in the agreement, the Company will transfer its 15 percent ownership in Colstrip Units 3 and 4 to NorthWestern. There is no monetary exchange included in the transaction. The transaction is scheduled to close on December 31, 2025 or such other date as the parties mutually agree upon. Under the agreement, the Company will remain obligated through the close of the transaction to pay its share of (i) operating expenses, (ii) capital expenditures, but not in excess of the portion allocable pro rata to the portion of useful life (through 2030) expired through the close of the transaction, and (iii) site remediation expenses except certain costs relating to post closing activities. In addition, the Company would enter into an agreement under which it would retain its voting rights with respect to decisions relating to remediation. The Company will retain its Colstrip transmission system assets, which are excluded from the transaction. Under the Colstrip O&O Agreement, each of the other owners of Colstrip has a 90-day period in which to evaluate the transaction and determine whether to exercise their respective rights of first refusal as to a portion of the generation being turned over to NorthWestern. That period has now expired, and no owners have exercised a right to first refusal. The transaction is subject to the satisfaction of customary closing conditions including the receipt of any required regulatory approvals, as well as NorthWestern's ability to enter into a new coal supply agreement by December 31, 2024. The Company does not expect this transaction to have a direct material impact on its financial results. Agreement Between PSE and NorthWestern In July 2024, PSE entered into an agreement with NorthWestern under which, PSE will transfer its 25 percent ownership in Colstrip Units 3 and 4 to NorthWestern. There is no monetary exchange included in the transaction. The transaction is scheduled to close on December 31, 2025. Burnett et al. v. Talen et al. Multiple property owners initiated a legal proceeding (titled Burnett et al. v. Talen et al. ) in the Montana District Court for Rosebud County against Talen, PSE, PacifiCorp, PGE, Avista Corp., NorthWestern, and Westmoreland Rosebud Mining. The plaintiffs allege a failure to contain coal dust in connection with the operation of Colstrip, and seek unspecified damages. The Colstrip Owners reached a settlement with one of the litigants, Richard Burnett, for an amount of less than $ 0.1 million. The settlement does not involve or implicate the claims of any other litigants. The Company will vigorously defend itself in the litigation, but at this time is unable to predict the outcome, nor an amount or range of potential impact in the event of an outcome adverse to the Company’s interests. Westmoreland Mine Permits Two lawsuits have been commenced by the Montana Environmental Information Center and others, challenging certain permits relating to the operation of the Westmoreland Rosebud Mine, which provides coal to Colstrip. In the first, the Montana District Court for Rosebud County issued an order vacating a permit for one area of the mine, which decision was subsequently upheld by the Montana Supreme Court. In the second, the Montana Federal District Court vacated a decision by the federal Office of Surface Mining Reclamation and Enforcement, a branch of the United States Department of the Interior, approving expansion of the mine into a new area, pending further analysis of potential environmental impact. An initial appeal of that decision to the Ninth Circuit was dismissed for lack of jurisdiction, pending further proceedings before the Department of the Interior. Avista Corp. is not a party to either of these proceedings, but continues to monitor the progress of both issues and assess the impact, if any, of the proceedings on Westmoreland’s ability to meet its contractual coal supply obligations. National Park Service (NPS) - Natural and Cultural Damage Claim In March 2017, the Company accessed property managed by the National Park Service (NPS) to prevent the imminent failure of a power pole surrounded by flood water in the Spokane River. The Company voluntarily reported its actions to the NPS several days later. Thereafter, in March 2018, the NPS notified the Company that it might seek recovery for unspecified costs and damages allegedly caused during the incident pursuant to the System Unit Resource Protection Act (SURPA), 54 U.S.C. 100721 et seq. In January 2021, the United States Department of Justice (DOJ) requested the Company and the DOJ renew discussions relating to the matter. In July 2021, the DOJ communicated that it may seek damages of approximately $ 2 million in connection with the incident for alleged damage to “natural and cultural resources”. In addition, the DOJ indicated that it may seek treble damages under the SURPA and state law, bringing its total potential claim to approximately $ 6 million. In April 2024 the parties reached a settlement in principle, through which the Company has agreed to pay $ 0.9 million in order to settle all claims and allegations relating to the matter. The settlement in principle is contingent upon execution of a mutually acceptable settlement agreement, as well as a required public notice and comment period to be initiated by NPS and/or the DOJ. Rathdrum, Idaho Natural Gas Incident In October 2021, there was an incident in Rathdrum, Idaho involving the Company’s natural gas infrastructure. The incident occurred after a third party damaged those facilities during excavation work. The incident resulted in a fire which destroyed one residence and resulted in minor injuries to the occupants. In January 2023, the Company was served with a lawsuit filed in the District Court of Kootenai County, Idaho by one property owner, seeking unspecified damages. In February 2024, the Company became aware of a second lawsuit filed by the owners of the adjacent property, seeking damages for personal injury and emotional distress from having witnessed the incident. The Company will vigorously defend itself in the legal proceedings; however, at this time the Company is unable to predict the likelihood of an adverse outcome or estimate a range of potential loss in the event of such an outcome. Other Contingencies In the normal course of business, the Company has various other legal claims and contingent matters outstanding. The Company believes 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 a change could occur in the Company’s estimates of the probability or amount of a liability being incurred. Such a change, should it occur, could be significant. See "Note 22 of the Notes to Consolidated Financial Statements" in the 2023 Form 10-K for additional discussion regarding other contingencies. |
Information by Business Segment
Information by Business Segments | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Information by Business Segments | NOTE 16. INFORMATION BY BUSINESS SEGMENTS The business segment presentation reflects the basis used by the Company's management to analyze performance and determine the allocation of resources. The Company's management evaluates performance based on income (loss) from operations before income taxes as well as net income (loss). The accounting policies of the segments are the same as those described in the summary of significant accounting policies. Avista Utilities' business is managed based on the total regulated utility operation; therefore, it is considered one segment. AEL&P is a separate reportable business segment, as it has separate financial reports 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 other operating segments. The Other category, which is not a reportable segment, includes other investments and operations of various subsidiaries, as well as certain other operations of Avista Capital. The following table presents information for each of the Company’s business segments (dollars in thousands): Avista Alaska Total Utility Other Intersegment Total For the three months ended June 30, 2024: Operating revenues $ 390,814 $ 11,218 $ 402,032 $ 40 $ — $ 402,072 Resource costs 143,125 1,201 144,326 — — 144,326 Other operating expenses 105,532 4,059 109,591 358 — 109,949 Depreciation and amortization 64,973 2,856 67,829 2 — 67,831 Income (loss) from operations 51,752 2,824 54,576 ( 320 ) — 54,256 Interest expense (2) 35,035 1,415 36,450 642 ( 512 ) 36,580 Income tax expense (benefit) 714 374 1,088 ( 593 ) — 495 Net income (loss) 23,935 1,109 25,044 ( 2,186 ) — 22,858 Capital expenditures (3) 127,916 4,582 132,498 — — 132,498 For the three months ended June 30, 2023: Operating revenues $ 368,604 $ 11,194 $ 379,798 $ 139 $ — $ 379,937 Resource costs 140,017 1,227 141,244 — — 141,244 Other operating expenses 99,276 3,795 103,071 749 — 103,820 Depreciation and amortization 63,419 2,729 66,148 — — 66,148 Income (loss) from operations 41,257 3,161 44,418 ( 610 ) — 43,808 Interest expense (2) 34,044 1,452 35,496 448 ( 318 ) 35,626 Income tax expense (benefit) ( 5,556 ) 473 ( 5,083 ) ( 727 ) — ( 5,810 ) Net income (loss) 18,810 1,359 20,169 ( 2,685 ) — 17,484 Capital expenditures (3) 121,834 4,422 126,256 — — 126,256 For the six months ended June 30, 2024: Operating revenues $ 985,750 $ 25,676 $ 1,011,426 $ 62 $ — $ 1,011,488 Resource costs 435,633 1,810 437,443 — — 437,443 Other operating expenses 212,847 7,993 220,840 674 — 221,514 Depreciation and amortization 130,058 5,698 135,756 5 — 135,761 Income (loss) from operations 146,389 9,600 155,989 ( 617 ) — 155,372 Interest expense (2) 71,066 2,815 73,881 1,212 ( 952 ) 74,141 Income tax expense (benefit) 1,514 1,861 3,375 ( 574 ) — 2,801 Net income (loss) 91,443 5,020 96,463 ( 2,110 ) — 94,353 Capital expenditures (3) 245,160 6,047 251,207 — — 251,207 For the six months ended June 30, 2023: Operating revenues $ 828,746 $ 25,557 $ 854,303 $ 265 $ — $ 854,568 Resource costs 332,154 2,018 334,172 — — 334,172 Other operating expenses 200,665 7,384 208,049 1,760 — 209,809 Depreciation and amortization 125,883 5,453 131,336 31 — 131,367 Income (loss) from operations 111,816 10,119 121,935 ( 1,526 ) — 120,409 Interest expense (2) 68,118 2,904 71,022 795 ( 536 ) 71,281 Income tax expense (benefit) ( 13,504 ) 2,012 ( 11,492 ) ( 946 ) — ( 12,438 ) Net income (loss) 70,437 5,401 75,838 ( 3,509 ) — 72,329 Capital expenditures (3) 219,598 7,148 226,746 3 — 226,749 Total Assets: As of June 30, 2024: $ 7,240,803 $ 273,961 $ 7,514,764 $ 194,145 $ ( 25,139 ) $ 7,683,770 As of December 31, 2023: $ 7,262,704 $ 269,683 $ 7,532,387 $ 191,665 $ ( 21,575 ) $ 7,702,477 (1) Intersegment eliminations reported as interest expense represent intercompany interest. (2) Including interest expense to affiliated trusts. (3) The capital expenditures for the other businesses are included in other investing activities on the Condensed Consolidated Statements of Cash Flows. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business Avista Corp. is primarily an electric and natural gas utility with certain other business ventures. Avista Utilities is an operating division of Avista Corp., comprising its regulated utility operations in the Pacific Northwest. Avista Utilities provides electric distribution and transmission, and natural gas distribution services in parts of eastern Washington and northern Idaho. Avista Utilities also provides natural gas distribution service in parts of northeastern and southwestern Oregon. Avista Utilities has electric generating facilities in Washington, Idaho, Oregon and Montana. Avista Utilities also supplies electricity to a small number of customers in Montana. AERC is a wholly-owned subsidiary of Avista Corp. The primary subsidiary of AERC is AEL&P, which comprises Avista Corp.'s regulated utility operations in Alaska. Avista Capital, a wholly owned non-regulated subsidiary of Avista Corp., is the parent company of the subsidiary companies in the non-utility businesses, except AJT Mining Properties, Inc., which is a subsidiary of AERC. See Note 16 for b usiness segment information. |
Basis of Reporting | Basis of Reporting The condensed consolidated financial statements include the assets, liabilities, revenues and expenses of the Company and its subsidiaries and other majority owned subsidiaries and variable interest entities for which the Company or its subsidiaries are the primary beneficiaries. Intercompany balances were eliminated in consolidation. The accompanying condensed consolidated financial statements include the Company’s proportionate share of utility plant and related operations associated with its interests in jointly owned plants. |
Regulation | Regulation The Company is subject to state regulation in Washington, Idaho, Montana, Oregon and Alaska. The Company is subject to federal regulation primarily by the FERC, as well as various other federal agencies with regulatory oversight of particular aspects of its operations. |
Derivative Assets and Liabilities | Derivative Assets and Liabilities Derivatives are recorded as either assets or liabilities on the Condensed Consolidated Balance Sheets measured at estimated fair value. The WUTC and the IPUC issued accounting orders authorizing Avista Corp. to offset energy commodity derivative assets or liabilities with a regulatory asset or liability. This accounting treatment is intended to defer the recognition of mark-to-market gains and losses on energy commodity transactions until the period of delivery. Realized benefits and costs result in adjustments to retail rates through PGAs, the ERM in Washington, the PCA mechanism in Idaho, and periodic general rate cases. The resulting regulatory assets associated with energy commodity derivative instruments are probable of recovery through future rates. Substantially all forward contracts to purchase or sell power and natural gas are recorded as derivative assets or liabilities at estimated fair value with an offsetting regulatory asset or liability. Contracts 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 determined to be other-than-temporary. For interest rate swap derivatives, Avista Corp. records all mark-to-market gains and losses in each accounting period as assets and liabilities, as well as offsetting regulatory assets and liabilities, such that there is no income statement impact. The interest rate swap derivatives are risk management tools similar to energy commodity derivatives. Upon settlement of interest rate swap derivatives, the regulatory asset or liability is amortized as a component of interest expense over the term of the associated debt. The Company records an offset of interest rate swap derivative assets and liabilities with regulatory assets and liabilities, based on the prior practice of the commissions to provide recovery through the ratemaking process. The Company has multiple master netting agreements with a variety of entities allowing for cross-commodity netting of derivative agreements with the same counterparty (i.e. power derivatives can be netted with natural gas derivatives). In addition, some master netting agreements allow for the netting of commodity derivatives and interest rate swap derivatives for the same counterparty. The Company does not have 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, some equity investments, as well as derivatives related to interest rate swaps and foreign currency exchange contracts, are reported at estimated fair value on the Condensed Consolidated Balance Sheets. See Note 11 for the Company’s fair value disclosures. |
Contingencies | Contingencies The Company has unresolved regulatory, legal and tax issues which have inherently uncertain outcomes. The Company accrues a loss contingency if it is probable that a liability has been incurred and the amount of the loss or impairment can be reasonably estimated. The Company also discloses loss contingencies that do not meet these conditions for accrual if there is a reasonable possibility that a material loss may be incurred. See Note 15 for further discussion of the Company's commitments and contingencies. |
Inventory | Inventories of materials and supplies, emission allowances, fuel stock and stored natural gas are recorded at average cost and consisted of the following as of June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, December 31, 2024 2023 Materials and supplies $ 92,446 $ 81,651 Emission allowances 64,925 56,097 Stored natural gas 10,937 16,272 Fuel stock 7,280 5,964 Total $ 175,588 $ 159,984 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Inventory | Inventories of materials and supplies, emission allowances, fuel stock and stored natural gas are recorded at average cost and consisted of the following as of June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, December 31, 2024 2023 Materials and supplies $ 92,446 $ 81,651 Emission allowances 64,925 56,097 Stored natural gas 10,937 16,272 Fuel stock 7,280 5,964 Total $ 175,588 $ 159,984 |
Schedule of Other Current Assets | Other current assets consisted of the following as of June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, December 31, 2024 2023 Prepayments $ 52,276 $ 52,752 Income taxes receivable 7,991 29,234 Derivative assets net of collateral 4,462 11,821 Other 11,988 9,977 Total $ 76,717 $ 103,784 |
Schedule of Net Utility Property Recorded at Original Cost Net of Accumulated Depreciation | Net utility property, which is recorded at original cost, net of accumulated depreciation, consisted of the following as of June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, December 31, 2024 2023 Utility plant in service $ 7,946,547 $ 7,799,481 Construction work in progress 222,560 179,527 Total 8,169,107 7,979,008 Less: Accumulated depreciation and amortization 2,341,964 2,278,952 Total $ 5,827,143 $ 5,700,056 |
Other Property and Investments-Net and Other Non-Current Assets | Other property and investments-net and other non-current assets consisted of the following as of June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, December 31, 2024 2023 Equity investments $ 157,369 $ 153,350 Operating lease ROU assets 66,864 67,585 Finance lease ROU assets 34,593 36,414 Non-utility property 33,508 33,813 Notes receivable 15,578 15,287 Long-term prepaid license fees 21,356 19,448 Pension asset 41,625 32,997 Investment in affiliated trust 11,547 11,547 Deferred compensation assets 8,551 7,794 Other 17,583 15,750 Total $ 408,574 $ 393,985 |
Other Current Liabilities | Other current liabilities consisted of the following as of June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, December 31, Accrued taxes other than income taxes $ 28,572 $ 31,928 Derivative liabilities net of collateral 23,764 17,217 Employee paid time off accruals 35,110 32,072 Accrued interest 24,080 23,539 Climate Commitment Act obligations — 19,081 Pensions and other postretirement benefits 11,130 14,082 Other 44,105 54,017 Total $ 166,761 $ 191,936 |
Schedule of Other Non-Current Liabilities and Deferred Credits | Other non-current liabilities and deferred credits consisted of the following as of June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, December 31, Operating lease liabilities $ 64,851 $ 63,559 Finance lease liabilities 37,313 39,095 Deferred investment tax credits 27,833 28,233 Climate Commitment Act obligations 65,046 26,026 Asset retirement obligations 18,210 18,058 Derivative liabilities net of collateral 8,665 17,902 Other 19,902 17,357 Total $ 241,820 $ 210,230 |
Schedule of Regulatory Assets and Liabilities | Regulatory assets and liabilities consisted of the following as of June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, 2024 December 31, 2023 Current Non-Current Current Non-Current Regulatory Assets Energy commodity derivatives $ 41,242 $ 10,362 $ 51,419 $ 17,720 Deferred Climate Commitment Act costs 39,558 20,530 — 46,022 Deferred power costs 17,859 12,895 29,190 20,654 Wildfire resiliency 10,487 12,490 — 23,737 Decoupling surcharge 8,133 8,218 4,638 5,469 Deferred natural gas costs 9,452 — 60,667 — Deferred income taxes — 247,393 — 244,303 Pension and other postretirement benefit plans — 112,730 — 117,658 Interest rate swaps — 175,820 — 179,489 AFUDC above FERC allowed rate — 48,727 — 49,985 Settlement with Coeur d'Alene Tribe — 36,134 — 36,692 Advanced meter infrastructure — 27,827 — 29,345 Utility plant abandoned — 36,878 — 38,274 Colstrip excess depreciation — 22,347 — 19,429 COVID-19 deferrals — 11,945 — 12,142 Demand side management programs — 16,068 — 10,033 Other regulatory assets 3,658 44,403 413 43,216 Total regulatory assets $ 130,389 $ 844,767 $ 146,327 $ 894,168 Regulatory Liabilities Other income tax related liabilities $ 14,753 $ 54,559 $ 25,129 $ 56,582 Excess deferred income taxes 14,230 286,185 14,510 293,029 Deferred Climate Commitment Act revenues 34,670 9,435 — 37,231 Deferred power costs 250 2,463 — 4,000 Deferred natural gas costs 10,469 — 9,296 — Decoupling rebate 9,648 2,869 18,680 6,344 Utility plant retirement costs — 432,227 — 417,027 Interest rate swaps — 24,405 — 23,752 COVID-19 deferrals — 10,787 — 10,172 Other regulatory liabilities 10,365 6,131 8,392 8,529 Total regulatory liabilities $ 94,385 $ 829,061 $ 76,007 $ 856,666 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Utilities Operating Revenue Expense Taxes | Utility-related taxes included in revenue from contracts with customers were as follows for the three and six months ended June 30 (dollars in thousands): Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Utility-related taxes $ 17,086 $ 16,133 $ 43,667 $ 41,872 |
Disaggregation of Revenue | Disaggregation of Total Operating Revenue The following table disaggregates total operating revenue by segment and source for the three and six months ended June 30 (dollars in thousands): Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Avista Utilities Revenue from contracts with customers $ 319,373 $ 294,129 $ 818,755 $ 772,904 Derivative revenues 48,605 66,580 138,185 63,518 Alternative revenue programs 16,171 5,513 19,054 ( 13,525 ) Other utility revenues 6,665 2,382 9,756 5,849 Total Avista Utilities 390,814 368,604 985,750 828,746 AEL&P Revenue from contracts with customers 11,035 11,023 25,337 25,234 Other utility revenues 183 171 339 323 Total AEL&P 11,218 11,194 25,676 25,557 Other non-utility revenues 40 139 62 265 Total operating revenues $ 402,072 $ 379,937 $ 1,011,488 $ 854,568 Utility Revenue from Contracts with Customers by Type and Service The following table disaggregates revenue from contracts with customers associated with the Company's electric operations for the three and six months ended June 30 (dollars in thousands): 2024 2023 Avista AEL&P Total Utility Avista AEL&P Total Utility Three months ended June 30: ELECTRIC OPERATIONS Revenue from contracts with customers Residential $ 92,809 $ 4,548 $ 97,357 $ 86,499 $ 4,418 $ 90,917 Commercial 85,344 6,424 91,768 81,346 6,544 87,890 Industrial 30,038 — 30,038 27,956 — 27,956 Public street and highway lighting 2,254 63 2,317 1,980 61 2,041 Total retail revenue 210,445 11,035 221,480 197,781 11,023 208,804 Transmission 9,538 — 9,538 8,475 — 8,475 Other revenue from contracts with 8,334 — 8,334 6,934 — 6,934 Total electric revenue from contracts $ 228,317 $ 11,035 $ 239,352 $ 213,190 $ 11,023 $ 224,213 Six months ended June 30: ELECTRIC OPERATIONS Revenue from contracts with customers Residential $ 234,838 $ 11,702 $ 246,540 $ 209,322 $ 11,299 $ 220,621 Commercial 178,136 13,506 191,642 162,572 13,810 176,382 Industrial 58,104 — 58,104 53,123 — 53,123 Public street and highway lighting 4,418 129 4,547 3,935 125 4,060 Total retail revenue 475,496 25,337 500,833 428,952 25,234 454,186 Transmission 19,130 — 19,130 16,422 — 16,422 Other revenue from contracts with 24,395 — 24,395 24,227 — 24,227 Total electric revenue from contracts $ 519,021 $ 25,337 $ 544,358 $ 469,601 $ 25,234 $ 494,835 The following table disaggregates revenue from contracts with customers associated with the Company's natural gas operations for the three and six months ended June 30 (dollars in thousands): Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Avista Utilities Avista Utilities Avista Utilities Avista Utilities NATURAL GAS OPERATIONS Revenue from contracts with customers Residential $ 54,427 $ 48,004 $ 187,397 $ 188,840 Commercial 29,293 25,477 97,292 97,802 Industrial and interruptible 3,195 4,128 7,160 9,656 Total retail revenue 86,915 77,609 291,849 296,298 Transportation 2,734 1,923 5,072 4,192 Other revenue from contracts with customers 1,407 1,407 2,813 2,813 Total natural gas revenue from contracts with customers $ 91,056 $ 80,939 $ 299,734 $ 303,303 |
Derivatives and Risk Manageme_2
Derivatives and Risk Management (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Schedule of Energy Commodity Derivative Volumes | The following table presents the underlying energy commodity derivative volumes as of June 30, 2024 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 Financial Physical Financial Physical Financial Physical Financial Remainder 2024 6 22 16,240 28,818 384 417 636 5,678 2025 — — 20,613 24,585 317 175 1,115 1,125 2026 — — 10,348 8,040 — — — — 2027 — — 2,475 900 — — — — As of June 30, 2024 , there were no expected deliveries of energy commodity derivatives after 2 0 27. The following table presents the underlying energy commodity derivative volumes as of December 31, 2023 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 Financial Physical Financial Physical Financial Physical Financial 2024 9 — 22,747 74,596 472 510 1,723 12,038 2025 — — 12,505 19,590 11 96 1,115 1,125 2026 — — 5,570 3,940 — — — — As of December 31, 2023 , there were no expected deliveries of energy commodity derivatives after 2 0 26. (1) Physical transactions represent commodity transactions in which Avista Corp. will take or make delivery of either electricity or natural gas; financial transactions represent derivative instruments with delivery of cash in the amount of the benefit or cost but with no physical delivery of the commodity, such as futures, swap derivatives, options, or forward contracts. |
Summary of Foreign Currency Exchange Derivatives | The following table summarizes the foreign currency exchange derivatives outstanding as of June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, December 31, 2024 2023 Number of contracts 24 5 Notional amount (in United States dollars) $ 1,905 $ 81 Notional amount (in Canadian dollars) 2,608 109 |
Summary of Unsettled Interest Rate Swap Derivatives | The following table summarizes the unsettled interest rate swap derivatives outstanding as of June 30, 2024 and December 31, 2023 (dollars in thousands): Balance Sheet Date Number of Notional Mandatory June 30, 2024 1 $ 10,000 2025 December 31, 2023 2 $ 20,000 2024 1 10,000 2025 |
Schedules of Fair Values and Locations of Derivative Instruments | The following table presents the fair values and locations of derivative instruments recorded on the Condensed Consolidated Balance Sheet as of June 30, 2024 (in thousands): Fair Value Derivative and Balance Sheet Location Gross Gross Collateral Net Asset Interest rate swap derivatives Other property and investments-net and other non-current assets 483 — — 483 Energy commodity derivatives Other current assets 5,444 ( 982 ) — 4,462 Other property and investments-net and other non-current assets 265 — — 265 Other current liabilities 10,372 ( 56,076 ) 21,940 ( 23,764 ) Other non-current liabilities and deferred credits 1,575 ( 12,202 ) 1,962 ( 8,665 ) Total derivative instruments recorded on the balance sheet $ 18,139 $ ( 69,260 ) $ 23,902 $ ( 27,219 ) The following table presents the fair values and locations of derivative instruments recorded on the Condensed Consolidated Balance Sheet as of December 31, 2023 (in thousands): Fair Value Derivative and Balance Sheet Location Gross Gross Collateral Net Asset Foreign currency exchange derivatives Other current assets $ 2 $ — $ — $ 2 Interest rate swap derivatives Other current assets 3,667 — — 3,667 Other non-current liabilities and deferred credits — ( 182 ) — ( 182 ) Energy commodity derivatives Other current assets 8,531 ( 379 ) — 8,152 Other current liabilities 19,510 ( 79,082 ) 42,355 ( 17,217 ) Other non-current liabilities and deferred credits 2,913 ( 20,633 ) — ( 17,720 ) Total derivative instruments recorded on the balance sheet $ 34,623 $ ( 100,276 ) $ 42,355 $ ( 23,298 ) |
Schedule of Collateral Outstanding Related to Derivative Instruments | The following table presents collateral outstanding related to its derivative instruments as of June 30, 2024 and December 31, 2023 (in thousands): June 30, December 31, 2024 2023 Energy commodity derivatives Cash collateral posted $ 23,902 $ 43,095 Letters of credit outstanding 6,900 20,000 Balance sheet offsetting 23,902 42,355 No letters of credit were outstanding, and no cash collateral was on deposit, related to interest rate swap derivatives a s of June 30, 2024 and December 31, 2023. Certain of Avista Corp.’s derivative instruments contain provisions that require Avista Corp. to maintain an "investment grade" credit rating from the major credit rating agencies. If Avista Corp.’s credit ratings were to fall below "investment grade," it would be in violation of these provisions, and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing collateralization on derivative instruments in net liability positions. The following table presents the aggregate fair value of all derivative instruments with credit-risk-related contingent features in a liability position and the amount of additional collateral Avista Corp. could be required to post as of June 30, 2024 (in thousands): June 30, 2024 Energy commodity derivatives Liabilities with credit-risk-related contingent features $ 22,440 Additional collateral to post 22,991 |
Pension Plans and Other Postr_2
Pension Plans and Other Postretirement Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits, Description [Abstract] | |
Components of Net Periodic Benefit Cost | 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 and six months ended June 30 (dollars in thousands): Pension Benefits Other Postretirement Benefits 2024 2023 2024 2023 Three months ended June 30: Service cost $ 3,947 $ 3,100 $ 661 $ 532 Interest cost 8,217 8,521 1,726 1,909 Expected return on plan assets ( 11,356 ) ( 10,922 ) ( 974 ) ( 891 ) Curtailment loss 169 — — — Amortization of prior service cost (credit) 126 123 ( 263 ) ( 263 ) Net loss recognition 569 1,185 88 ( 8 ) Net periodic benefit cost $ 1,672 $ 2,007 $ 1,238 $ 1,279 Six months ended June 30: Service cost $ 7,709 $ 7,994 $ 1,281 $ 1,350 Interest cost 16,582 15,753 3,472 2,953 Expected return on plan assets ( 22,584 ) ( 21,844 ) ( 1,948 ) ( 1,782 ) Curtailment loss 169 — — — Amortization of prior service cost (credit) 249 246 ( 526 ) ( 526 ) Net loss recognition 1,359 2,024 179 525 Net periodic benefit cost $ 3,484 $ 4,173 $ 2,458 $ 2,520 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Summary of Significant Factors Impact on Difference Between Effective Tax Rate and Federal Statutory Rate | The following table summarizes the significant factors impacting the difference between the Company's effective tax rate and the federal statutory rate for the three and six months ended June 30 (dollars in thousands): Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Federal income taxes at statutory rates $ 4,904 21.0 % $ 2,452 21.0 % $ 20,402 21.0 % $ 12,577 21.0 % Increase (decrease) in tax resulting from: Flow through related to deduction of meters ( 2,898 ) ( 12.4 ) ( 5,689 ) ( 48.7 ) ( 11,683 ) ( 12.0 ) ( 19,212 ) ( 32.1 ) Tax effect of regulatory treatment of utility ( 1,463 ) ( 6.3 ) ( 1,525 ) ( 13.1 ) ( 5,974 ) ( 6.1 ) ( 5,212 ) ( 8.7 ) State income tax expense 179 0.8 232 2.0 718 0.7 798 1.3 Tax credits ( 94 ) ( 0.4 ) ( 1,135 ) ( 9.7 ) ( 400 ) ( 0.4 ) ( 1,135 ) ( 1.9 ) Other ( 133 ) ( 0.6 ) ( 145 ) ( 1.3 ) ( 262 ) ( 0.3 ) ( 254 ) ( 0.4 ) Total income tax expense (benefit) $ 495 2.1 % $ ( 5,810 ) ( 49.8 )% $ 2,801 2.9 % $ ( 12,438 ) ( 20.8 )% (1) The Company's general rate cases included approval of base rate increases, offset by tax customer credits. As the tax customer credits are returned to customers, this results in a decrease to income tax expense as a result of flowing through the benefits related to meters and mixed service costs. |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Line of Credit Facility [Line Items] | |
Schedule of Balances Outstanding and Interest Rates of Borrowings | Balances outstanding and interest rates on borrowings (excluding letters of credit) under Avista Corp.’s revolving committed line of credit were as follows as of June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, December 31, 2024 2023 Borrowings outstanding at end of period $ 244,000 $ 349,000 Letters of credit outstanding at end of period 5,100 4,700 Average interest rate on borrowings at end of period 6.55 % 6.46 % |
Long-Term Debt to Affiliated _2
Long-Term Debt to Affiliated Trusts (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Long Term Debt To Affiliated Trust [Abstract] | |
Schedule of Distribution Rates | The distribution rates were as follows during the six months ended June 30, 2024 and the year ended December 31, 2023: June 30, December 31, 2024 2023 Low distribution rate 6.48 % 5.64 % High distribution rate 6.51 % 6.55 % Distribution rate at the end of the period 6.48 % 6.51 % |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Value and Estimated Fair Value of Financial Instruments | The following table sets forth the carrying value and estimated fair value of the Company’s financial instruments not reported at estimated fair value on the Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, 2024 December 31, 2023 Carrying Estimated Carrying Estimated Long-term debt (Level 2) $ 1,100,000 $ 944,836 $ 1,100,000 $ 968,893 Long-term debt (Level 3) 1,533,700 1,181,680 1,450,000 1,166,512 Snettisham finance lease obligation (Level 3) 40,795 36,900 42,495 39,600 Long-term debt to affiliated trusts (Level 3) 51,547 46,284 51,547 46,098 |
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis | The following table discloses by level within the fair value hierarchy the Company’s assets and liabilities measured and reported on the Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 at fair value on a recurring basis (dollars in thousands): Level 1 Level 2 Level 3 Counterparty Total June 30, 2024 Assets: Energy commodity derivatives $ — $ 17,656 $ — $ ( 12,929 ) $ 4,727 Interest rate swap derivatives — 483 — — 483 Equity Investments — — 50,357 — 50,357 Deferred compensation assets Mutual Funds: Fixed income securities (3) 995 — — — 995 Equity securities (3) 7,362 — — — 7,362 Total $ 8,357 $ 18,139 $ 50,357 $ ( 12,929 ) $ 63,924 Liabilities: Energy commodity derivatives (2) $ — $ 61,279 $ 7,981 $ ( 36,831 ) $ 32,429 Total $ — $ 61,279 $ 7,981 $ ( 36,831 ) $ 32,429 December 31, 2023 Assets: Energy commodity derivatives (2) $ — $ 30,954 $ — $ ( 22,802 ) $ 8,152 Foreign currency exchange derivatives — 2 — — 2 Interest rate swap derivatives — 3,667 — — 3,667 Equity Investments — — 50,254 — 50,254 Deferred compensation assets Mutual Funds: Fixed income securities (3) 1,117 — — — 1,117 Equity securities (3) 6,524 — — — 6,524 Total $ 7,641 $ 34,623 $ 50,254 $ ( 22,802 ) $ 69,716 Liabilities: Energy commodity derivatives (2) $ — $ 91,844 $ 8,250 $ ( 65,157 ) $ 34,937 Interest rate swap derivatives — 182 — — 182 Total $ — $ 92,026 $ 8,250 $ ( 65,157 ) $ 35,119 (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) The Level 3 energy commodity derivative balances are associated with natural gas exchange agreements. (3) Included in other property and investments-net and other non-current assets on the Condensed Consolidated Balance Sheets. |
Schedule of Quantitative Information | The following table presents the quantitative information which was used to estimate the fair values of the Level 3 assets and liabilities above as of June 30, 2024 (dollars in thousands): Fair Value Valuation Unobservable Range and Weighted June 30, 2024 Technique Input Average Price Natural gas exchange agreement $ ( 7,981 ) Internally derived weighted average cost of gas Forward purchase prices $ 1.86 - $ 2.34 /mmBTU 2.05 Weighted Average Forward sales prices $ 2.46 - $ 9.48 /mmBTU 6.70 Weighted Average Purchase volumes 41,259 - 100,000 mmBTUs Sales volumes 75,000 - 310,000 mmBTUs The following table presents the quantitative information which was used to estimate the fair values of the Level 3 equity investments as of June 30, 2024 (dollars in thousands): Fair Value at June 30, 2024 Valuation Technique Unobservable Input Range Equity investments $ 50,357 Market approach Comparable enterprise values $ 130,000 -$ 388,600 246,000 Average Time to liquidity event 1.75 years Discounted cash flows Revenue market multiples 0.36 x to 5.90 x Revenue 1.95 x Average Market exit reduction 50 % Discount rate 25 % Annual revenues $ 14,000 - $ 245,000 Terminal date 2027 |
Schedule of Activity For Energy Commodity Derivative Assets (Liabilities) Measured At Fair Value and Equity Investments Using Significant Unobservable Inputs (Level 3) | The following table presents activity for assets and liabilities measured at fair value using significant unobservable inputs (Level 3) for the three and six months ended June 30 (dollars in thousands): Natural Gas Exchange Agreement (1) Equity Investments Total Three Months Ended June 30, 2024: Beginning balance $ ( 7,403 ) $ 51,829 $ 44,426 Total gains or (losses) (realized/unrealized): Included in regulatory assets/liabilities ( 906 ) — ( 906 ) Recognized in net income — ( 1,472 ) ( 1,472 ) Purchases and debt conversions — — — Settlements 328 — 328 Ending balance as of June 30, 2024 $ ( 7,981 ) $ 50,357 $ 42,376 Three Months Ended June 30, 2023: Beginning balance $ ( 11,062 ) $ 51,014 $ 39,952 Total gains or (losses) (realized/unrealized): Included in regulatory assets/liabilities ( 1,016 ) — ( 1,016 ) Recognized in net income — ( 2,561 ) ( 2,561 ) Settlements 357 — 357 Ending balance as of June 30, 2023 $ ( 11,721 ) $ 48,453 $ 36,732 Six Months Ended June 30, 2024: Beginning balance $ ( 8,250 ) $ 50,254 $ 42,004 Total gains or (losses) (realized/unrealized): Included in regulatory assets/liabilities ( 18 ) — ( 18 ) Recognized in net income — ( 842 ) ( 842 ) Purchases and debt conversions — 945 945 Settlements 287 — 287 Ending balance as of June 30, 2024 $ ( 7,981 ) $ 50,357 $ 42,376 Six Months Ended June 30, 2023: Beginning balance $ ( 17,734 ) $ 54,284 $ 36,550 Total gains or (losses) (realized/unrealized): Included in regulatory assets/liabilities 5,767 — 5,767 Recognized in net income — ( 5,198 ) ( 5,198 ) Purchases and debt conversions — 2,367 2,367 Settlements 246 — 246 Other — ( 3,000 ) ( 3,000 ) Ending balance as of June 30, 2023 $ ( 11,721 ) $ 48,453 $ 36,732 (1) There were no purchases, issuances or transfers from other categories during the periods presented in the table above. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss, Net of Tax | Accumulated other comprehensive loss, net of tax, consisted of the following as of June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, December 31, Unfunded benefit obligation for pensions and other postretirement benefit plans - 97 and $ 95 , respectively $ 366 $ 357 |
Reclassification out of Accumulated Other Comprehensive Loss | The following table details the reclassifications out of accumulated other comprehensive loss by component for the three and six months ended June 30 (dollars in thousands): Amounts Reclassified from Accumulated Other Three months ended June 30, Six months ended June 30, Details about Accumulated Other Comprehensive Loss Components 2024 2023 2024 2023 Amortization of defined benefit pension and Amortization of net prior service cost (1) $ ( 137 ) $ ( 140 ) $ ( 277 ) $ ( 280 ) Amortization of net loss (1) 657 1,177 1,538 2,549 Adjustment due to effects of regulation (1) ( 520 ) ( 1,061 ) ( 1,272 ) ( 2,316 ) Total before tax (2) — ( 24 ) ( 11 ) ( 47 ) Tax expense (2) — 5 2 10 Net of tax (2) $ — $ ( 19 ) $ ( 9 ) $ ( 37 ) (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost (see Note 6 for additional details). (2) Description is also the affected line item on the Condensed Consolidated Statements of Income. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Common Share | The following table presents the computation of basic and diluted earnings per common share for the three and six months ended June 30 (in thousands, except per share amounts): Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Numerator: Net income $ 22,858 $ 17,484 $ 94,353 $ 72,329 Denominator: Weighted-average number of common shares outstanding-basic 78,390 75,983 78,276 75,576 Effect of dilutive securities: Performance and restricted stock awards 66 148 57 127 Weighted-average number of common shares outstanding-diluted 78,456 76,131 78,333 75,703 Earnings per common share: Basic $ 0.29 $ 0.23 $ 1.20 $ 0.96 Diluted $ 0.29 $ 0.23 $ 1.20 $ 0.96 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Ownership and Operating Ownership Interest Percentage | Colstrip Units 3 and 4 are owned by the Company, PacifiCorp, Portland General Electric (PGE), and Puget Sound Energy (PSE) (collectively, the "Western Co-Owners"), as well as NorthWestern and Talen Montana, LLC (Talen), as tenants in common under an Ownership and Operating Agreement, dated May 6, 1981, as amended (O&O Agreement), in the percentages set forth below: Co-Owner Unit 3 Unit 4 Avista 15 % 15 % PacifiCorp 10 % 10 % PGE 20 % 20 % PSE 25 % 25 % NorthWestern — 30 % Talen 30 % — |
Information by Business Segme_2
Information by Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Business Segments | The following table presents information for each of the Company’s business segments (dollars in thousands): Avista Alaska Total Utility Other Intersegment Total For the three months ended June 30, 2024: Operating revenues $ 390,814 $ 11,218 $ 402,032 $ 40 $ — $ 402,072 Resource costs 143,125 1,201 144,326 — — 144,326 Other operating expenses 105,532 4,059 109,591 358 — 109,949 Depreciation and amortization 64,973 2,856 67,829 2 — 67,831 Income (loss) from operations 51,752 2,824 54,576 ( 320 ) — 54,256 Interest expense (2) 35,035 1,415 36,450 642 ( 512 ) 36,580 Income tax expense (benefit) 714 374 1,088 ( 593 ) — 495 Net income (loss) 23,935 1,109 25,044 ( 2,186 ) — 22,858 Capital expenditures (3) 127,916 4,582 132,498 — — 132,498 For the three months ended June 30, 2023: Operating revenues $ 368,604 $ 11,194 $ 379,798 $ 139 $ — $ 379,937 Resource costs 140,017 1,227 141,244 — — 141,244 Other operating expenses 99,276 3,795 103,071 749 — 103,820 Depreciation and amortization 63,419 2,729 66,148 — — 66,148 Income (loss) from operations 41,257 3,161 44,418 ( 610 ) — 43,808 Interest expense (2) 34,044 1,452 35,496 448 ( 318 ) 35,626 Income tax expense (benefit) ( 5,556 ) 473 ( 5,083 ) ( 727 ) — ( 5,810 ) Net income (loss) 18,810 1,359 20,169 ( 2,685 ) — 17,484 Capital expenditures (3) 121,834 4,422 126,256 — — 126,256 For the six months ended June 30, 2024: Operating revenues $ 985,750 $ 25,676 $ 1,011,426 $ 62 $ — $ 1,011,488 Resource costs 435,633 1,810 437,443 — — 437,443 Other operating expenses 212,847 7,993 220,840 674 — 221,514 Depreciation and amortization 130,058 5,698 135,756 5 — 135,761 Income (loss) from operations 146,389 9,600 155,989 ( 617 ) — 155,372 Interest expense (2) 71,066 2,815 73,881 1,212 ( 952 ) 74,141 Income tax expense (benefit) 1,514 1,861 3,375 ( 574 ) — 2,801 Net income (loss) 91,443 5,020 96,463 ( 2,110 ) — 94,353 Capital expenditures (3) 245,160 6,047 251,207 — — 251,207 For the six months ended June 30, 2023: Operating revenues $ 828,746 $ 25,557 $ 854,303 $ 265 $ — $ 854,568 Resource costs 332,154 2,018 334,172 — — 334,172 Other operating expenses 200,665 7,384 208,049 1,760 — 209,809 Depreciation and amortization 125,883 5,453 131,336 31 — 131,367 Income (loss) from operations 111,816 10,119 121,935 ( 1,526 ) — 120,409 Interest expense (2) 68,118 2,904 71,022 795 ( 536 ) 71,281 Income tax expense (benefit) ( 13,504 ) 2,012 ( 11,492 ) ( 946 ) — ( 12,438 ) Net income (loss) 70,437 5,401 75,838 ( 3,509 ) — 72,329 Capital expenditures (3) 219,598 7,148 226,746 3 — 226,749 Total Assets: As of June 30, 2024: $ 7,240,803 $ 273,961 $ 7,514,764 $ 194,145 $ ( 25,139 ) $ 7,683,770 As of December 31, 2023: $ 7,262,704 $ 269,683 $ 7,532,387 $ 191,665 $ ( 21,575 ) $ 7,702,477 (1) Intersegment eliminations reported as interest expense represent intercompany interest. (2) Including interest expense to affiliated trusts. (3) The capital expenditures for the other businesses are included in other investing activities on the Condensed Consolidated Statements of Cash Flows. |
New Accounting Standards - Addi
New Accounting Standards - Additional Information (Details) - ASU 2022-03 | Jun. 30, 2024 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Change in accounting principle accounting standards update, adopted | true |
Change in accounting principle accounting standards update, adoption date | Jan. 01, 2024 |
Change in accounting principle accounting standards update, immaterial effect | true |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Inventory (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Balance Sheet Related Disclosures [Abstract] | ||
Materials and supplies | $ 92,446 | $ 81,651 |
Emission allowances | 64,925 | 56,097 |
Stored natural gas | 10,937 | 16,272 |
Fuel stock | 7,280 | 5,964 |
Total | $ 175,588 | $ 159,984 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Balance Sheet Related Disclosures [Abstract] | ||
Prepayments | $ 52,276 | $ 52,752 |
Income taxes receivable | 7,991 | 29,234 |
Derivative assets net of collateral | 4,462 | 11,821 |
Other | 11,988 | 9,977 |
Total | $ 76,717 | $ 103,784 |
Balance Sheet Components - Sc_3
Balance Sheet Components - Schedule of Net Utility Property Recorded at Original Cost Net of Accumulated Depreciation (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Balance Sheet Related Disclosures [Abstract] | ||
Utility plant in service | $ 7,946,547 | $ 7,799,481 |
Construction work in progress | 222,560 | 179,527 |
Total | 8,169,107 | 7,979,008 |
Less: Accumulated depreciation and amortization | 2,341,964 | 2,278,952 |
Total | $ 5,827,143 | $ 5,700,056 |
Balance Sheet Components - Othe
Balance Sheet Components - Other Property and Investments-Net and Other Non-current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Balance Sheet Related Disclosures [Abstract] | ||
Equity investments | $ 157,369 | $ 153,350 |
Operating lease ROU assets | $ 66,864 | $ 67,585 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total | Total |
Finance lease ROU assets | $ 34,593 | $ 36,414 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total | Total |
Non-utility property | $ 33,508 | $ 33,813 |
Notes receivable | 15,578 | 15,287 |
Long-term prepaid license fees | 21,356 | 19,448 |
Pension asset | 41,625 | 32,997 |
Investment in affiliated trust | 11,547 | 11,547 |
Deferred compensation assets | 8,551 | 7,794 |
Other | 17,583 | 15,750 |
Total | $ 408,574 | $ 393,985 |
Balance Sheet Components - Ot_2
Balance Sheet Components - Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued taxes other than income taxes | $ 28,572 | $ 31,928 |
Derivative liabilities net of collateral | 23,764 | 17,217 |
Employee paid time off accruals | 35,110 | 32,072 |
Accrued interest | 24,080 | 23,539 |
Climate Commitment Act obligations | 0 | 19,081 |
Pensions and other postretirement benefits | 11,130 | 14,082 |
Other | 44,105 | 54,017 |
Total | $ 166,761 | $ 191,936 |
Balance Sheet Components - Sc_4
Balance Sheet Components - Schedule of Other Non-Current Liabilities and Deferred Credits (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Balance Sheet Related Disclosures [Abstract] | ||
Operating lease liabilities | $ 64,851 | $ 63,559 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Total | Total |
Finance lease liabilities | $ 37,313 | $ 39,095 |
Deferred investment tax credits | 27,833 | 28,233 |
Climate Commitment Act obligations | 65,046 | 26,026 |
Asset retirement obligations | 18,210 | 18,058 |
Derivative liabilities net of collateral | 8,665 | 17,902 |
Other | 19,902 | 17,357 |
Total | $ 241,820 | $ 210,230 |
Balance Sheet Components - Sc_5
Balance Sheet Components - Schedule of Regulatory Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Regulated Asset Liability [Line Items] | ||
Regulatory Assets, Current | $ 130,389 | $ 146,327 |
Regulatory Assets, Non-Current | 844,767 | 894,168 |
Regulatory Liabilities, Current | 94,385 | 76,007 |
Regulatory Liabilities, Non-Current | 829,061 | 856,666 |
Other Income Tax Related Liabilities [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory Liabilities, Current | 14,753 | 25,129 |
Regulatory Liabilities, Non-Current | 54,559 | 56,582 |
Excess Deferred Income Taxes [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory Liabilities, Current | 14,230 | 14,510 |
Regulatory Liabilities, Non-Current | 286,185 | 293,029 |
Deferred Climate Commitment Act Revenues [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory Liabilities, Current | 34,670 | 0 |
Regulatory Liabilities, Non-Current | 9,435 | 37,231 |
Deferred Power Costs [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory Liabilities, Current | 250 | 0 |
Regulatory Liabilities, Non-Current | 2,463 | 4,000 |
Deferred Natural Gas Costs [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory Liabilities, Current | 10,469 | 9,296 |
Regulatory Liabilities, Non-Current | 0 | 0 |
Decoupling Rebate [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory Liabilities, Current | 9,648 | 18,680 |
Regulatory Liabilities, Non-Current | 2,869 | 6,344 |
Utility Plant Retirement Costs [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory Liabilities, Current | 0 | 0 |
Regulatory Liabilities, Non-Current | 432,227 | 417,027 |
Interest Rate Swaps [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory Liabilities, Current | 0 | 0 |
Regulatory Liabilities, Non-Current | 24,405 | 23,752 |
COVID-19 Deferrals [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory Liabilities, Current | 0 | 0 |
Regulatory Liabilities, Non-Current | 10,787 | 10,172 |
Other Regulatory Liabilities [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory Liabilities, Current | 10,365 | 8,392 |
Regulatory Liabilities, Non-Current | 6,131 | 8,529 |
Energy Commodity Derivatives [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory Assets, Current | 41,242 | 51,419 |
Regulatory Assets, Non-Current | 10,362 | 17,720 |
Deferred Climate Commitment Act Costs [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory Assets, Current | 39,558 | 0 |
Regulatory Assets, Non-Current | 20,530 | 46,022 |
Deferred Power Costs [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory Assets, Current | 17,859 | 29,190 |
Regulatory Assets, Non-Current | 12,895 | 20,654 |
Wildfire Resiliency [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory Assets, Current | 10,487 | 0 |
Regulatory Assets, Non-Current | 12,490 | 23,737 |
Decoupling Surcharge [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory Assets, Current | 8,133 | 4,638 |
Regulatory Assets, Non-Current | 8,218 | 5,469 |
Deferred Natural Gas Costs [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory Assets, Current | 9,452 | 60,667 |
Regulatory Assets, Non-Current | 0 | 0 |
Deferred Income Taxes [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory Assets, Current | 0 | 0 |
Regulatory Assets, Non-Current | 247,393 | 244,303 |
Pension and Other Postretirement Benefit Plans [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory Assets, Current | 0 | 0 |
Regulatory Assets, Non-Current | 112,730 | 117,658 |
Interest Rate Swaps [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory Assets, Current | 0 | 0 |
Regulatory Assets, Non-Current | 175,820 | 179,489 |
AFUDC Above FERC Allowed Rate [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory Assets, Current | 0 | 0 |
Regulatory Assets, Non-Current | 48,727 | 49,985 |
Settlement with Coeur d'Alene Tribe [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory Assets, Current | 0 | 0 |
Regulatory Assets, Non-Current | 36,134 | 36,692 |
Advanced Meter Infrastructure [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory Assets, Current | 0 | 0 |
Regulatory Assets, Non-Current | 27,827 | 29,345 |
Utility Plant Abandoned [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory Assets, Current | 0 | 0 |
Regulatory Assets, Non-Current | 36,878 | 38,274 |
Colstrip Excess Depreciation [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory Assets, Current | 0 | 0 |
Regulatory Assets, Non-Current | 22,347 | 19,429 |
COVID-19 Deferrals [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory Assets, Current | 0 | 0 |
Regulatory Assets, Non-Current | 11,945 | 12,142 |
Demand Side Management Programs [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory Assets, Current | 0 | 0 |
Regulatory Assets, Non-Current | 16,068 | 10,033 |
Other Regulatory Assets [Member] | ||
Regulated Asset Liability [Line Items] | ||
Regulatory Assets, Current | 3,658 | 413 |
Regulatory Assets, Non-Current | $ 44,403 | $ 43,216 |
Revenue - Schedule of Utilities
Revenue - Schedule of Utilities Operating Revenue Expense Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | ||||
Utility-related taxes | $ 17,086 | $ 16,133 | $ 43,667 | $ 41,872 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Revenue from Contract with Customer [Abstract] | |
Revenue, Remaining Performance Obligation, Amount | $ 4.5 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Alternative revenue programs | $ 16,171 | $ 5,513 | $ 19,054 | $ (13,525) |
Total utility revenues | 402,032 | 379,798 | 1,011,426 | 854,303 |
Non-utility revenues | 40 | 139 | 62 | 265 |
Total operating revenues | 402,072 | 379,937 | 1,011,488 | 854,568 |
Residential Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 97,357 | 90,917 | 246,540 | 220,621 |
Commercial Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 91,768 | 87,890 | 191,642 | 176,382 |
Industrial Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 30,038 | 27,956 | 58,104 | 53,123 |
Public Street and Highway Lighting Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 2,317 | 2,041 | 4,547 | 4,060 |
Retail Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 221,480 | 208,804 | 500,833 | 454,186 |
Transmission Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 9,538 | 8,475 | 19,130 | 16,422 |
Other Electric Revenues from Contracts With Customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 8,334 | 6,934 | 24,395 | 24,227 |
Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 239,352 | 224,213 | 544,358 | 494,835 |
Avista Utilities [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 319,373 | 294,129 | 818,755 | 772,904 |
Derivative revenues | 48,605 | 66,580 | 138,185 | 63,518 |
Alternative revenue programs | 16,171 | 5,513 | 19,054 | (13,525) |
Other utility revenues | 6,665 | 2,382 | 9,756 | 5,849 |
Total utility revenues | 390,814 | 368,604 | 985,750 | 828,746 |
Avista Utilities [Member] | Residential Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 92,809 | 86,499 | 234,838 | 209,322 |
Avista Utilities [Member] | Commercial Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 85,344 | 81,346 | 178,136 | 162,572 |
Avista Utilities [Member] | Industrial Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 30,038 | 27,956 | 58,104 | 53,123 |
Avista Utilities [Member] | Public Street and Highway Lighting Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 2,254 | 1,980 | 4,418 | 3,935 |
Avista Utilities [Member] | Retail Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 210,445 | 197,781 | 475,496 | 428,952 |
Avista Utilities [Member] | Transmission Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 9,538 | 8,475 | 19,130 | 16,422 |
Avista Utilities [Member] | Other Electric Revenues from Contracts With Customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 8,334 | 6,934 | 24,395 | 24,227 |
Avista Utilities [Member] | Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 228,317 | 213,190 | 519,021 | 469,601 |
Avista Utilities [Member] | Residential Natural Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 54,427 | 48,004 | 187,397 | 188,840 |
Avista Utilities [Member] | Commercial Natural Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 29,293 | 25,477 | 97,292 | 97,802 |
Avista Utilities [Member] | Industrial and Interruptible Natural Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 3,195 | 4,128 | 7,160 | 9,656 |
Avista Utilities [Member] | Retail Natural Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 86,915 | 77,609 | 291,849 | 296,298 |
Avista Utilities [Member] | Transportation Natural Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 2,734 | 1,923 | 5,072 | 4,192 |
Avista Utilities [Member] | Other Natural Gas Revenues from Contracts With Customers [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 1,407 | 1,407 | 2,813 | 2,813 |
Avista Utilities [Member] | Natural Gas [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer including assessed tax | 91,056 | 80,939 | 299,734 | 303,303 |
Alaska Electric Light & Power [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 11,035 | 11,023 | 25,337 | 25,234 |
Other utility revenues | 183 | 171 | 339 | 323 |
Total utility revenues | 11,218 | 11,194 | 25,676 | 25,557 |
Alaska Electric Light & Power [Member] | Residential Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 4,548 | 4,418 | 11,702 | 11,299 |
Alaska Electric Light & Power [Member] | Commercial Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 6,424 | 6,544 | 13,506 | 13,810 |
Alaska Electric Light & Power [Member] | Public Street and Highway Lighting Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 63 | 61 | 129 | 125 |
Alaska Electric Light & Power [Member] | Retail Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 11,035 | 11,023 | 25,337 | 25,234 |
Alaska Electric Light & Power [Member] | Electric [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contracts with customers | 11,035 | 11,023 | 25,337 | 25,234 |
Corporate and Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-utility revenues | $ 40 | $ 139 | $ 62 | $ 265 |
Derivatives and Risk Manageme_3
Derivatives and Risk Management - Schedule of Energy Commodity Derivative Volumes (Details) MWh in Thousands, MMBTU in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 MWh MMBTU | Dec. 31, 2023 MMBTU MWh | |
Purchase [Member] | Physical [Member] | Electric Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
Year one | MWh | 6 | 9 |
Year two | MWh | 0 | 0 |
Year three | MWh | 0 | 0 |
Year four | MWh | 0 | |
Purchase [Member] | Physical [Member] | Gas Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
Year one | MMBTU | 16,240 | 22,747 |
Year two | MMBTU | 20,613 | 12,505 |
Year three | MMBTU | 10,348 | 5,570 |
Year four | MMBTU | 2,475 | |
Purchase [Member] | Financial [Member] | Electric Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
Year one | MWh | 22 | 0 |
Year two | MWh | 0 | 0 |
Year three | MWh | 0 | 0 |
Year four | MWh | 0 | |
Purchase [Member] | Financial [Member] | Gas Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
Year one | MMBTU | 28,818 | 74,596 |
Year two | MMBTU | 24,585 | 19,590 |
Year three | MMBTU | 8,040 | 3,940 |
Year four | MMBTU | 900 | |
Sales [Member] | Physical [Member] | Electric Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
Year one | MWh | 384 | 472 |
Year two | MWh | 317 | 11 |
Year three | MWh | 0 | 0 |
Year four | MWh | 0 | |
Sales [Member] | Physical [Member] | Gas Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
Year one | MMBTU | 636 | 1,723 |
Year two | MMBTU | 1,115 | 1,115 |
Year three | MMBTU | 0 | 0 |
Year four | MMBTU | 0 | |
Sales [Member] | Financial [Member] | Electric Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
Year one | MWh | 417 | 510 |
Year two | MWh | 175 | 96 |
Year three | MWh | 0 | 0 |
Year four | MWh | 0 | |
Sales [Member] | Financial [Member] | Gas Derivative [Member] | ||
Energy Commodity Derivative Volumes [Line Items] | ||
Year one | MMBTU | 5,678 | 12,038 |
Year two | MMBTU | 1,125 | 1,125 |
Year three | MMBTU | 0 | 0 |
Year four | MMBTU | 0 |
Derivatives and Risk Manageme_4
Derivatives and Risk Management - Additional Information (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 USD ($) MMBTU MWh | Dec. 31, 2023 USD ($) MMBTU MWh | |
Canadian [Member] | ||
Derivative [Line Items] | ||
Number of days Canadian currency prices are settled with U.S. dollars | 60 days | |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Cash collateral posted | $ | $ 0 | $ 0 |
Letters of credit outstanding | $ | $ 0 | $ 0 |
Purchase [Member] | Physical [Member] | Electric Derivative [Member] | ||
Derivative [Line Items] | ||
Expected deliveries of energy commodity derivatives after four years | MWh | 0 | |
Expected deliveries of energy commodity derivatives after three years | MWh | 0 | |
Purchase [Member] | Physical [Member] | Gas Derivative [Member] | ||
Derivative [Line Items] | ||
Expected deliveries of energy commodity derivatives after four years | MMBTU | 0 | |
Expected deliveries of energy commodity derivatives after three years | MMBTU | 0 | |
Purchase [Member] | Financial [Member] | Electric Derivative [Member] | ||
Derivative [Line Items] | ||
Expected deliveries of energy commodity derivatives after four years | MWh | 0 | |
Expected deliveries of energy commodity derivatives after three years | MWh | 0 | |
Purchase [Member] | Financial [Member] | Gas Derivative [Member] | ||
Derivative [Line Items] | ||
Expected deliveries of energy commodity derivatives after four years | MMBTU | 0 | |
Expected deliveries of energy commodity derivatives after three years | MMBTU | 0 | |
Sales [Member] | Physical [Member] | Electric Derivative [Member] | ||
Derivative [Line Items] | ||
Expected deliveries of energy commodity derivatives after four years | MWh | 0 | |
Expected deliveries of energy commodity derivatives after three years | MWh | 0 | |
Sales [Member] | Physical [Member] | Gas Derivative [Member] | ||
Derivative [Line Items] | ||
Expected deliveries of energy commodity derivatives after four years | MMBTU | 0 | |
Expected deliveries of energy commodity derivatives after three years | MMBTU | 0 | |
Sales [Member] | Financial [Member] | Electric Derivative [Member] | ||
Derivative [Line Items] | ||
Expected deliveries of energy commodity derivatives after four years | MWh | 0 | |
Expected deliveries of energy commodity derivatives after three years | MWh | 0 | |
Sales [Member] | Financial [Member] | Gas Derivative [Member] | ||
Derivative [Line Items] | ||
Expected deliveries of energy commodity derivatives after four years | MMBTU | 0 | |
Expected deliveries of energy commodity derivatives after three years | MMBTU | 0 |
Derivatives and Risk Manageme_5
Derivatives and Risk Management - Summary of Foreign Currency Exchange Derivatives (Details) $ in Thousands, $ in Thousands | Jun. 30, 2024 USD ($) DerivativeContracts | Jun. 30, 2024 CAD ($) DerivativeContracts | Dec. 31, 2023 USD ($) DerivativeContracts | Dec. 31, 2023 CAD ($) DerivativeContracts |
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||||
Number of contracts | DerivativeContracts | 24 | 24 | 5 | 5 |
United States of America, Dollars [Member] | Foreign Exchange Contract [Member] | ||||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||||
Notional amount | $ 1,905 | $ 81 | ||
Canada, Dollars [Member] | Foreign Exchange Contract [Member] | ||||
Foreign Currency Fair Value Hedge Derivative [Line Items] | ||||
Notional amount | $ 2,608 | $ 109 |
Derivatives and Risk Manageme_6
Derivatives and Risk Management - Summary of Unsettled Interest Rate Swap Derivatives (Details) - Interest Rate Swap [Member] $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 USD ($) Contract | Dec. 31, 2023 USD ($) Contract | |
2024 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Number of Contracts | Contract | 2 | |
Notional Amount | $ | $ 20,000 | |
Mandatory Cash Settlement Date | 2024 | |
2025 [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Number of Contracts | Contract | 1 | 1 |
Notional Amount | $ | $ 10,000 | $ 10,000 |
Mandatory Cash Settlement Date | 2025 | 2025 |
Derivatives and Risk Manageme_7
Derivatives and Risk Management - Schedules of Fair Values and Locations of Derivative Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Derivatives, Fair Value [Line Items] | ||
Gross Asset | $ 18,139 | $ 34,623 |
Gross Liability | (69,260) | (100,276) |
Collateral Netted | 23,902 | 42,355 |
Net Asset (Liability) on Balance Sheet | (27,219) | (23,298) |
Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Collateral Netted | 23,902 | 42,355 |
Other Current Liabilities [Member] | Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 10,372 | 19,510 |
Gross Liability | (56,076) | (79,082) |
Collateral Netted | 21,940 | 42,355 |
Net Asset (Liability) on Balance Sheet | (23,764) | (17,217) |
Other Current Assets [Member] | Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 2 | |
Net Asset (Liability) on Balance Sheet | 2 | |
Other Current Assets [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 3,667 | |
Net Asset (Liability) on Balance Sheet | 3,667 | |
Other Current Assets [Member] | Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 5,444 | 8,531 |
Gross Liability | (982) | (379) |
Net Asset (Liability) on Balance Sheet | 4,462 | 8,152 |
Other Property and Investments-Net and Other Non-current Assets [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 483 | |
Net Asset (Liability) on Balance Sheet | 483 | |
Other Property and Investments-Net and Other Non-current Assets [Member] | Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 265 | |
Net Asset (Liability) on Balance Sheet | 265 | |
Other Noncurrent Liabilities [Member] | Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Liability | (182) | |
Net Asset (Liability) on Balance Sheet | (182) | |
Other Noncurrent Liabilities [Member] | Commodity Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Gross Asset | 1,575 | 2,913 |
Gross Liability | (12,202) | (20,633) |
Collateral Netted | 1,962 | |
Net Asset (Liability) on Balance Sheet | $ (8,665) | $ (17,720) |
Derivatives and Risk Manageme_8
Derivatives and Risk Management - Schedule of Collateral Outstanding Related to Derivative Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Balance sheet offsetting | $ 23,902 | $ 42,355 |
Commodity Contracts [Member] | ||
Derivative [Line Items] | ||
Cash collateral posted | 23,902 | 43,095 |
Letters of credit outstanding | 6,900 | 20,000 |
Balance sheet offsetting | 23,902 | $ 42,355 |
Liabilities with credit-risk-related contingent features | 22,440 | |
Additional collateral to post | $ 22,991 |
Pension Plans and Other Postr_3
Pension Plans and Other Postretirement Benefit Plans - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Payment for pension benefits | $ 6,666 | $ 6,666 | |||
Percentage of service related net periodic benefit costs capitalized to utility property | 40% | ||||
Percentage of service related net periodic benefit costs recorded to operating expenses | 60% | ||||
Percentage of non-service related net periodic benefit costs capitalized to regulatory assets | 40% | ||||
Percentage of non-service related net periodic benefit costs recorded to other expense | 60% | ||||
Curtailment associated gain | $ 1,400 | ||||
Pension Plans, Defined Benefit [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected contributions to pension plan | $ 10,000 | $ 10,000 | |||
Curtailment associated gain | (169) | (169) | |||
Loss on acceleration of unrecognized priof service costs | $ 126 | $ 123 | $ 249 | $ 246 |
Pension Plans and Other Postr_4
Pension Plans and Other Postretirement Benefit Plans - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Curtailment loss | $ (1,400) | ||||
Pension Benefits [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | $ 3,947 | $ 3,100 | $ 7,709 | $ 7,994 | |
Interest cost | 8,217 | 8,521 | 16,582 | 15,753 | |
Expected return on plan assets | (11,356) | (10,922) | (22,584) | (21,844) | |
Curtailment loss | 169 | 169 | |||
Amortization of prior service cost (credit) | 126 | 123 | 249 | 246 | |
Net loss recognition | 569 | 1,185 | 1,359 | 2,024 | |
Net periodic benefit cost | 1,672 | 2,007 | 3,484 | 4,173 | |
Other Postretirement Benefits [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | 661 | 532 | 1,281 | 1,350 | |
Interest cost | 1,726 | 1,909 | 3,472 | 2,953 | |
Expected return on plan assets | (974) | (891) | (1,948) | (1,782) | |
Amortization of prior service cost (credit) | (263) | (263) | (526) | (526) | |
Net loss recognition | 88 | (8) | 179 | 525 | |
Net periodic benefit cost | $ 1,238 | $ 1,279 | $ 2,458 | $ 2,520 |
Income Taxes - Summary of Signi
Income Taxes - Summary of Significant Factors Impact on Difference Between Effective Tax Rate and Federal Statutory Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Federal income taxes at statutory rates | $ 4,904 | $ 2,452 | $ 20,402 | $ 12,577 |
Flow through related to deduction of meters and mixed service costs | (2,898) | (5,689) | (11,683) | (19,212) |
Tax effect of regulatory treatment of utility plant differences | (1,463) | (1,525) | (5,974) | (5,212) |
State income tax expense | 179 | 232 | 718 | 798 |
Tax credits | (94) | (1,135) | (400) | (1,135) |
Other | (133) | (145) | (262) | (254) |
Total income tax expense (benefit) | $ 495 | $ (5,810) | $ 2,801 | $ (12,438) |
Federal income taxes at statutory rates | 21% | 21% | 21% | 21% |
Flow through related to deduction of meters and mixed service costs | (12.40%) | (48.70%) | (12.00%) | (32.10%) |
Tax effect of regulatory treatment of utility plant differences | (6.30%) | (13.10%) | (6.10%) | (8.70%) |
State income tax expense | 0.80% | 2% | 0.70% | 1.30% |
Tax credits | (0.40%) | (9.70%) | (0.40%) | (1.90%) |
Other | (0.60%) | (1.30%) | (0.30%) | (0.40%) |
Total income tax benefit | 2.10% | (49.80%) | 2.90% | (20.80%) |
Short-Term Borrowings - Additio
Short-Term Borrowings - Additional Information (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Avista Utilities [Member] | ||
Short-term Debt [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 500,000,000 | |
Line of credit facility, expiration date | 2028-06 | |
Line of credit facility additional expiration period | 2 years | |
Line of credit facility, covenant terms, maximum debt to equity ratio | 65% | |
Letters of credit outstanding | $ 5,100,000 | $ 4,700,000 |
Avista Utilities [Member] | Letter of Credit [Member] | ||
Short-term Debt [Line Items] | ||
Principal amount | 50,000,000 | |
Letters of credit outstanding | 6,500,000 | 20,000,000 |
Alaska Electric Light & Power [Member] | ||
Short-term Debt [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 25,000,000 | |
Line of credit facility, expiration date | 2028-06 | |
Line of credit facility, covenant terms, maximum debt to equity ratio | 67.50% | |
Line of credit, outstanding | $ 0 | $ 0 |
Short-Term Borrowings - Schedul
Short-Term Borrowings - Schedule of Balances Outstanding and Interest Rates of Borrowings (Details) - Avista Utilities [Member] - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Short-term Debt [Line Items] | ||
Borrowings outstanding at end of period | $ 244,000 | $ 349,000 |
Letters of credit outstanding at end of period | $ 5,100 | $ 4,700 |
Average interest rate on borrowings at end of period | 6.55% | 6.46% |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) $ in Thousands | 1 Months Ended | 6 Months Ended | ||
Mar. 31, 2024 USD ($) Contract | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Apr. 30, 2024 USD ($) | |
Debt Instrument [Line Items] | ||||
Proceeds from issuance of long-term debt | $ 83,700 | $ 250,000 | ||
Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Pollution control bonds | $ 83,700 | |||
3.875% Due in 2032 and 2034 | Interest Rate Swap [Member] | First Mortgage [Member] | ||||
Debt Instrument [Line Items] | ||||
Number of interest rate swaps settled | Contract | 2 | |||
Notional amount | $ 20,000 | |||
Net payments from settlement of derivatives | $ 4,400 | |||
2032 | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument interest rate percentage | 3.875% | |||
Closure of Pollution Control Bonds | $ 66,700 | |||
2034 | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument interest rate percentage | 3.875% | |||
Closure of Pollution Control Bonds | $ 17,000 |
Long-Term Debt to Affiliated _3
Long-Term Debt to Affiliated Trusts - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended |
Jul. 31, 2023 | Jun. 30, 2024 | Dec. 31, 2000 | |
Debt Instrument [Line Items] | |||
Payments for repurchase of trust preferred securities | $ 10 | ||
1997 Floating Rate Junior Subordinated Deferrable Interest Debentures, Series B [Member] | Avista Capital II [Member] | |||
Debt Instrument [Line Items] | |||
Junior subordinated debenture issuance date | 1997 | ||
Principal amount | $ 51.5 | ||
Avista Corp [Member] | |||
Debt Instrument [Line Items] | |||
Noncontrolling interest, ownership percentage by parent | 100% | ||
Trust Preferred Securities Subject to Mandatory Redemption [Member] | 1997 Floating Rate Junior Subordinated Deferrable Interest Debentures, Series B [Member] | Avista Capital II [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 50 | ||
Trust Preferred Securities Subject to Mandatory Redemption [Member] | 1997 Floating Rate Junior Subordinated Deferrable Interest Debentures, Series B [Member] | SOFR [Member] | Avista Capital II [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.137% | ||
Common Trust Securities [Member] | 1997 Floating Rate Junior Subordinated Deferrable Interest Debentures, Series B [Member] | Avista Capital II [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 1.5 |
Long-Term Debt to Affiliated _4
Long-Term Debt to Affiliated Trusts - Schedule of Distribution Rates Paid (Details) - Trust Preferred Securities Subject to Mandatory Redemption [Member] | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Interest rate | 6.48% | 6.51% |
Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.48% | 5.64% |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 6.51% | 6.55% |
Fair Value - Schedule of Carryi
Fair Value - Schedule of Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Level 2 [Member] | Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | $ 1,100,000 | $ 1,100,000 |
Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 944,836 | 968,893 |
Level 3 [Member] | Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 1,533,700 | 1,450,000 |
Level 3 [Member] | Reported Value Measurement [Member] | Alaska Electric Light & Power [Member] | Finance Lease [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Finance Lease Obligation | 40,795 | 42,495 |
Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 1,181,680 | 1,166,512 |
Level 3 [Member] | Estimate of Fair Value Measurement [Member] | Alaska Electric Light & Power [Member] | Finance Lease [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Finance Lease Obligation | 36,900 | 39,600 |
Affiliated Entity [Member] | Level 3 [Member] | Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | 51,547 | 51,547 |
Affiliated Entity [Member] | Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Debt, Fair Value | $ 46,284 | $ 46,098 |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) | Jun. 30, 2024 Investment |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Number of equity investments measured at fair value on recurring basic | 2 |
Measurement Input, Quoted Price [Member] | Secured and Unsecured Debt [Member] | Estimate of Fair Value Measurement [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long-term debt, measurement input | 1 |
Measurement Input, Quoted Price [Member] | Minimum [Member] | Secured and Unsecured Debt [Member] | Estimate of Fair Value Measurement [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long-term debt, measurement input | 0.5882 |
Measurement Input, Quoted Price [Member] | Maximum [Member] | Secured and Unsecured Debt [Member] | Estimate of Fair Value Measurement [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long-term debt, measurement input | 1.0584 |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Gross Asset | $ 18,139 | $ 34,623 | ||
Liability | 69,260 | 100,276 | ||
Fair Value, Recurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Assets, Fair Value Disclosure | 63,924 | 69,716 | ||
Financial Liabilities Fair Value Disclosure | 32,429 | 35,119 | ||
Counterparty and Cash Collateral Netting, Assets | [1] | (12,929) | (22,802) | |
Counterparty and Cash Collateral Netting, Liabilities | [1] | (36,831) | (65,157) | |
Fair Value, Recurring [Member] | Fixed Income Funds [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Deferred compensation assets: | [2] | 995 | 1,117 | |
Fair Value, Recurring [Member] | Equity Funds [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity investments | 50,357 | 50,254 | ||
Deferred compensation assets: | [2] | 7,362 | 6,524 | |
Fair Value, Recurring [Member] | Energy Commodity Derivatives [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Counterparty and Cash Collateral Netting, Assets | [1] | (12,929) | (22,802) | [3] |
Derivative Asset | 4,727 | 8,152 | [3] | |
Counterparty and Cash Collateral Netting, Liabilities | [1],[3] | (36,831) | (65,157) | |
Derivative Liability | [3] | 32,429 | 34,937 | |
Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative Asset | 483 | 3,667 | ||
Derivative Liability | $ 182 | |||
Fair Value, Recurring [Member] | Natural Gas Exchange Agreements [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative Liability | 7,981 | |||
Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Investments and Other Noncurrent Assets | |||
Derivative Asset | $ 2 | |||
Fair Value, Recurring [Member] | Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Assets, Fair Value Disclosure | 8,357 | 7,641 | ||
Fair Value, Recurring [Member] | Level 1 [Member] | Fixed Income Funds [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Deferred compensation assets: | [2] | 995 | 1,117 | |
Fair Value, Recurring [Member] | Level 1 [Member] | Equity Funds [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Deferred compensation assets: | [2] | 7,362 | 6,524 | |
Fair Value, Recurring [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Assets, Fair Value Disclosure | 18,139 | 34,623 | ||
Financial Liabilities Fair Value Disclosure | 61,279 | 92,026 | ||
Fair Value, Recurring [Member] | Level 2 [Member] | Energy Commodity Derivatives [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Gross Asset | 17,656 | 30,954 | [3] | |
Liability | [3] | 61,279 | 91,844 | |
Fair Value, Recurring [Member] | Level 2 [Member] | Interest Rate Swap [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Gross Asset | 483 | 3,667 | ||
Liability | 182 | |||
Fair Value, Recurring [Member] | Level 2 [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Gross Asset | 2 | |||
Fair Value, Recurring [Member] | Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity investments | 50,357 | |||
Assets, Fair Value Disclosure | 50,357 | 50,254 | ||
Financial Liabilities Fair Value Disclosure | 7,981 | 8,250 | ||
Fair Value, Recurring [Member] | Level 3 [Member] | Equity Funds [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity investments | 50,357 | 50,254 | ||
Fair Value, Recurring [Member] | Level 3 [Member] | Energy Commodity Derivatives [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Liability | [3] | $ 7,981 | $ 8,250 | |
[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. Included in other property and investments-net and other non-current assets on the Condensed Consolidated Balance Sheets. The Level 3 energy commodity derivative balances are associated with natural gas exchange agreements. |
Fair Value - Schedule of Quanti
Fair Value - Schedule of Quantitative Information (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) MMBTU $ / MMBTU | |
Fair Value, Recurring [Member] | Level 3 [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Equity investments | $ 50,357 |
Investment, Type [Extensible Enumeration] | Equity Funds [Member] |
Fair Value, Recurring [Member] | Natural Gas Exchange Agreements [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Derivative Liability | $ (7,981) |
Internally Derived Weighted Average Cost Of Gas [Member] | Purchase [Member] | Minimum [Member] | Natural Gas Exchange Agreements [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Derivative, Forward Price | $ / MMBTU | 1.86 |
Transaction/Delivery Volumes | MMBTU | 41,259 |
Internally Derived Weighted Average Cost Of Gas [Member] | Purchase [Member] | Maximum [Member] | Natural Gas Exchange Agreements [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Derivative, Forward Price | $ / MMBTU | 2.34 |
Transaction/Delivery Volumes | MMBTU | 100,000 |
Internally Derived Weighted Average Cost Of Gas [Member] | Purchase [Member] | Weighted Average [Member] | Natural Gas Exchange Agreements [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Derivative, Forward Price | $ / MMBTU | 2.05 |
Internally Derived Weighted Average Cost Of Gas [Member] | Sales [Member] | Minimum [Member] | Natural Gas Exchange Agreements [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Derivative, Forward Price | $ / MMBTU | 2.46 |
Transaction/Delivery Volumes | MMBTU | 75,000 |
Internally Derived Weighted Average Cost Of Gas [Member] | Sales [Member] | Maximum [Member] | Natural Gas Exchange Agreements [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Derivative, Forward Price | $ / MMBTU | 9.48 |
Transaction/Delivery Volumes | MMBTU | 310,000 |
Internally Derived Weighted Average Cost Of Gas [Member] | Sales [Member] | Weighted Average [Member] | Natural Gas Exchange Agreements [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Derivative, Forward Price | $ / MMBTU | 6.7 |
Market Approach [Member] | Minimum [Member] | Fair Value, Recurring [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Equity investments, comparable enterprise values | $ 130,000 |
Equity investments, time to liquidity event | 1 year 9 months |
Investment, Type [Extensible Enumeration] | Equity Funds [Member] |
Market Approach [Member] | Maximum [Member] | Fair Value, Recurring [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Equity investments, comparable enterprise values | $ 388,600 |
Investment, Type [Extensible Enumeration] | Equity Funds [Member] |
Market Approach [Member] | Weighted Average [Member] | Fair Value, Recurring [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Equity investments, comparable enterprise values | $ 246,000 |
Investment, Type [Extensible Enumeration] | Equity Funds [Member] |
Discounted Cash Flows [Member] | Fair Value, Recurring [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Equity investments, terminal date | 2027 |
Investment, Type [Extensible Enumeration] | Equity Funds [Member] |
Discounted Cash Flows [Member] | Discount Rate [Member] | Fair Value, Recurring [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Equity investments, measurement input | 25 |
Investment, Type [Extensible Enumeration] | Equity Funds [Member] |
Discounted Cash Flows [Member] | Market Exit Reduction [Member] | Fair Value, Recurring [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Equity investments, measurement input | 50 |
Investment, Type [Extensible Enumeration] | Equity Funds [Member] |
Discounted Cash Flows [Member] | Revenue Market Multiples [Member] | Minimum [Member] | Fair Value, Recurring [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Equity investments, measurement input | 0.36 |
Investment, Type [Extensible Enumeration] | Equity Funds [Member] |
Discounted Cash Flows [Member] | Revenue Market Multiples [Member] | Maximum [Member] | Fair Value, Recurring [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Equity investments, measurement input | 5.9 |
Investment, Type [Extensible Enumeration] | Equity Funds [Member] |
Discounted Cash Flows [Member] | Revenue Market Multiples [Member] | Weighted Average [Member] | Fair Value, Recurring [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Equity investments, measurement input | 1.95 |
Investment, Type [Extensible Enumeration] | Equity Funds [Member] |
Discounted Cash Flows [Member] | Annual Revenues [Member] | Minimum [Member] | Fair Value, Recurring [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Equity investments, annual revenues | $ 14,000 |
Investment, Type [Extensible Enumeration] | Equity Funds [Member] |
Discounted Cash Flows [Member] | Annual Revenues [Member] | Maximum [Member] | Fair Value, Recurring [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Equity investments, annual revenues | $ 245,000 |
Investment, Type [Extensible Enumeration] | Equity Funds [Member] |
Fair Value - Schedule of Activi
Fair Value - Schedule of Activity For Energy Commodity Derivative Assets (Liabilities) Measured At Fair Value and Equity Investments Using Significant Unobservable Inputs (Level 3) (Details) - Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Fair Value Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning Balance | $ 44,426 | $ 39,952 | $ 42,004 | $ 36,550 | |
Included in regulatory assets/liabilities | (906) | (1,016) | (18) | 5,767 | |
Recognized in net income | $ (1,472) | $ (2,561) | $ (842) | $ (5,198) | |
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | |
Purchases and debt conversions | $ 945 | $ 2,367 | |||
Settlements | $ 328 | $ 357 | 287 | 246 | |
Other | (3,000) | ||||
Ending Balance | 42,376 | 36,732 | 42,376 | 36,732 | |
Equity Investment [Member] | |||||
Fair Value Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning Balance | 51,829 | 51,014 | 50,254 | 54,284 | |
Recognized in net income | $ (1,472) | $ (2,561) | $ (842) | $ (5,198) | |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | Other Nonoperating Income (Expense) | |
Purchases and debt conversions | $ 945 | $ 2,367 | |||
Other | (3,000) | ||||
Ending Balance | $ 50,357 | $ 48,453 | 50,357 | 48,453 | |
Natural Gas Exchange Agreements [Member] | |||||
Fair Value Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||||
Beginning Balance | [1] | (7,403) | (11,062) | (8,250) | (17,734) |
Included in regulatory assets/liabilities | [1] | (906) | (1,016) | (18) | 5,767 |
Settlements | [1] | 328 | 357 | 287 | 246 |
Ending Balance | [1] | $ (7,981) | $ (11,721) | $ (7,981) | $ (11,721) |
[1] There were no purchases, issuances or transfers from other categories during the periods presented in the table above. |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Class Of Stock [Line Items] | |||||
Shares issued under sales agency agreements | 500,000 | 500,000 | |||
Proceeds from issuance of common stock | $ 17,500 | $ 17,600 | $ 59,525 | ||
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | ||
Common Stock [Member] | |||||
Class Of Stock [Line Items] | |||||
Shares issued under sales agency agreements | 515,024 | 761,586 | 627,530 | 1,578,236 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Accumulated Other Comprehensive Loss [Abstract] | ||
Unfunded benefit obligation for pensions and other postretirement benefit plans - net of taxes of $97 and $95, respectively | $ 366 | $ 357 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss, Net of Tax (Parenthetical) (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Accumulated Other Comprehensive Loss [Abstract] | ||
Accumulated other comprehensive income (loss), pension and other postretirement benefit plans net unamortized (gain) loss, tax | $ 97 | $ 95 |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Loss - Reclassification out of Accumulated Other Comprehensive Loss (Details) - Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] - Reclassification out of Accumulated Other Comprehensive Income [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of net prior service cost | $ (137) | $ (140) | $ (277) | $ (280) |
Amortization of net loss | 657 | 1,177 | 1,538 | 2,549 |
Adjustment due to effects of regulation | $ (520) | (1,061) | (1,272) | (2,316) |
Other comprehensive (income) loss, defined benefit plan, reclassification adjustment from AOCI, before tax | (24) | (11) | (47) | |
Other comprehensive (income) loss, defined benefit plan, reclassification adjustment from AOCI, tax | 5 | 2 | 10 | |
Other comprehensive (income) loss, defined benefit plan, reclassification adjustment from AOCI, after tax | $ (19) | $ (9) | $ (37) |
Earnings Per Common Share - Sch
Earnings Per Common Share - Schedule of Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Numerator: | ||||
Net income | $ 22,858 | $ 17,484 | $ 94,353 | $ 72,329 |
Denominator: | ||||
Weighted-average number of common shares outstanding-basic | 78,390 | 75,983 | 78,276 | 75,576 |
Effect of dilutive securities: | ||||
Performance and restricted stock awards | 66 | 148 | 57 | 127 |
Weighted-average number of common shares outstanding-diluted | 78,456 | 76,131 | 78,333 | 75,703 |
Earnings per common share: | ||||
Basic | $ 0.29 | $ 0.23 | $ 1.2 | $ 0.96 |
Diluted | $ 0.29 | $ 0.23 | $ 1.2 | $ 0.96 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 0 | 0 | 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 1 Months Ended | 6 Months Ended | |||||||
Apr. 30, 2024 USD ($) | Apr. 30, 2022 USD ($) a | Jul. 31, 2021 USD ($) | Aug. 31, 2019 USD ($) | Jun. 30, 2024 USD ($) Lawsuit Plaintiff | Jul. 31, 2024 | Aug. 31, 2023 a | Jan. 16, 2023 | Sep. 30, 2020 a Structures | |
Collective Bargaining Agreements Avista Utilities Employees [Member] | IBEW [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Percentage of employees represented | 36% | ||||||||
Collective Bargaining Agreements Avista Utilities Bargaining Unit Employees [Member] | IBEW [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Percentage of largest group of employees represented | 90% | ||||||||
Collective Bargaining Agreements [Member] | IBEW [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Agreement term | 4 years | ||||||||
Agreement expiration month and year | 2025-03 | ||||||||
Natural and Cultural Damage Claim [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss contingency, damages sought, value | $ 2,000,000 | ||||||||
Amout of settle all claims and allegations | $ 900,000 | ||||||||
Unspecified Damages [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number Of Plaintiffs | Plaintiff | 128 | ||||||||
Economic Damage [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Number Of Plaintiffs | Plaintiff | 29 | ||||||||
Boyds Fire [Member] | Damage from Fire [Member] | Maximum [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss contingency, damages sought, value | $ 4,400,000 | ||||||||
Road 11 Fire [Member] | Damage from Fire [Member] | Avista Corp [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss contingency, damages sought, value | $ 5,000,000 | ||||||||
Road fire covered area | a | 10,000 | ||||||||
Settlement Amount | $ 100,000 | ||||||||
Babb Road Fire [Member] | Damage from Fire [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss contingency, damages sought, value | $ 23,000,000 | ||||||||
Number of residential, commercial and other structures impacted | Structures | 220 | ||||||||
Road fire covered area | a | 15,000 | ||||||||
Number of subrogation actions filed | Lawsuit | 6 | ||||||||
Number of actions on behalf of individual plaintiffs | Plaintiff | 5 | ||||||||
Economic Losses Of Plaintiffs | $ 5,100,000 | ||||||||
Insurance Settlements Receivable | $ 2,400,000 | ||||||||
Number of class action lawsuit | Lawsuit | 1 | ||||||||
Orofino Fire [Member] | Damage from Fire [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Road fire covered area | a | 53 | ||||||||
System Unit Resource Protection Act [Member] | Natural and Cultural Damage Claim [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Increased potential claim | $ 6,000,000 | ||||||||
Colstrip [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Agreement voting requirement | NorthWestern has initiated arbitration pursuant to the O&O Agreement to resolve these business disagreements, and two actions have been initiated to compel arbitration of those disputes: one by Talen in the Montana Thirteenth Judicial District Court for Yellowstone County, and one by the Western Co-Owners, which is pending in Montana Federal District Court. In light of the ownership transfer agreements, the Colstrip owners agreed to stay both the litigation and the arbitration through March 2024. On April 1, 2024, the agreement to stay lapsed and the parties are now in the process of reengaging in arbitration discussions. An arbitration date has not yet been scheduled. The Company cannot predict the ultimate outcome of the arbitration process. | ||||||||
Colstrip [Member] | Maximum [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Litigation Settlement | $ 100,000 | ||||||||
Colstrip [Member] | PSE [Member] | Unit 4 [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Owners percentage interest | 25% | ||||||||
Colstrip [Member] | PSE [Member] | Unit 4 [Member] | Subsequent Event [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Owners percentage interest | 25% | ||||||||
Colstrip [Member] | NorthWestern [Member] | Unit 4 [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Owners percentage interest | 30% | 15% |
Commitments and Contingencies_2
Commitments and Contingencies - Ownership and Operating Interest Percentage (Details) - Colstrip [Member] | Jun. 30, 2024 | Jan. 16, 2023 |
Avista [Member] | Unit 3 [Member] | ||
Loss Contingencies [Line Items] | ||
Owners percentage interest | 15% | |
Avista [Member] | Unit 4 [Member] | ||
Loss Contingencies [Line Items] | ||
Owners percentage interest | 15% | |
PacifiCorp [Member] | Unit 3 [Member] | ||
Loss Contingencies [Line Items] | ||
Owners percentage interest | 10% | |
PacifiCorp [Member] | Unit 4 [Member] | ||
Loss Contingencies [Line Items] | ||
Owners percentage interest | 10% | |
PGE [Member] | Unit 3 [Member] | ||
Loss Contingencies [Line Items] | ||
Owners percentage interest | 20% | |
PGE [Member] | Unit 4 [Member] | ||
Loss Contingencies [Line Items] | ||
Owners percentage interest | 20% | |
PSE [Member] | Unit 3 [Member] | ||
Loss Contingencies [Line Items] | ||
Owners percentage interest | 25% | |
PSE [Member] | Unit 4 [Member] | ||
Loss Contingencies [Line Items] | ||
Owners percentage interest | 25% | |
NorthWestern [Member] | Unit 4 [Member] | ||
Loss Contingencies [Line Items] | ||
Owners percentage interest | 30% | 15% |
Talen [Member] | Unit 3 [Member] | ||
Loss Contingencies [Line Items] | ||
Owners percentage interest | 30% |
Information by Business Segme_3
Information by Business Segments - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2024 ReportableSegments | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Information by Business Segme_4
Information by Business Segments - Schedule of Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Segment Reporting Information [Line Items] | |||||
Operating revenues | $ 402,072 | $ 379,937 | $ 1,011,488 | $ 854,568 | |
Resource costs | 144,326 | 141,244 | 437,443 | 334,172 | |
Other operating expenses | 109,949 | 103,820 | 221,514 | 209,809 | |
Depreciation and amortization | 67,831 | 66,148 | 135,761 | 131,367 | |
Income (loss) from operations | 54,256 | 43,808 | 155,372 | 120,409 | |
Interest expense | 36,580 | 35,626 | 74,141 | 71,281 | |
Income tax expense (benefit) | 495 | (5,810) | 2,801 | (12,438) | |
Net income (loss) | 22,858 | 17,484 | 94,353 | 72,329 | |
Capital expenditures | 132,498 | 126,256 | 251,207 | 226,749 | |
Total Assets | 7,683,770 | 7,683,770 | $ 7,702,477 | ||
Operating Segments [Member] | Utility Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 402,032 | 379,798 | 1,011,426 | 854,303 | |
Resource costs | 144,326 | 141,244 | 437,443 | 334,172 | |
Other operating expenses | 109,591 | 103,071 | 220,840 | 208,049 | |
Depreciation and amortization | 67,829 | 66,148 | 135,756 | 131,336 | |
Income (loss) from operations | 54,576 | 44,418 | 155,989 | 121,935 | |
Interest expense | 36,450 | 35,496 | 73,881 | 71,022 | |
Income tax expense (benefit) | 1,088 | (5,083) | 3,375 | (11,492) | |
Net income (loss) | 25,044 | 20,169 | 96,463 | 75,838 | |
Capital expenditures | 132,498 | 126,256 | 251,207 | 226,746 | |
Total Assets | 7,514,764 | 7,514,764 | 7,532,387 | ||
Operating Segments [Member] | Avista Utilities [Member] | Utility Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 390,814 | 368,604 | 985,750 | 828,746 | |
Resource costs | 143,125 | 140,017 | 435,633 | 332,154 | |
Other operating expenses | 105,532 | 99,276 | 212,847 | 200,665 | |
Depreciation and amortization | 64,973 | 63,419 | 130,058 | 125,883 | |
Income (loss) from operations | 51,752 | 41,257 | 146,389 | 111,816 | |
Interest expense | 35,035 | 34,044 | 71,066 | 68,118 | |
Income tax expense (benefit) | 714 | (5,556) | 1,514 | (13,504) | |
Net income (loss) | 23,935 | 18,810 | 91,443 | 70,437 | |
Capital expenditures | 127,916 | 121,834 | 245,160 | 219,598 | |
Total Assets | 7,240,803 | 7,240,803 | 7,262,704 | ||
Operating Segments [Member] | Alaska Electric Light & Power [Member] | Utility Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 11,218 | 11,194 | 25,676 | 25,557 | |
Resource costs | 1,201 | 1,227 | 1,810 | 2,018 | |
Other operating expenses | 4,059 | 3,795 | 7,993 | 7,384 | |
Depreciation and amortization | 2,856 | 2,729 | 5,698 | 5,453 | |
Income (loss) from operations | 2,824 | 3,161 | 9,600 | 10,119 | |
Interest expense | 1,415 | 1,452 | 2,815 | 2,904 | |
Income tax expense (benefit) | 374 | 473 | 1,861 | 2,012 | |
Net income (loss) | 1,109 | 1,359 | 5,020 | 5,401 | |
Capital expenditures | 4,582 | 4,422 | 6,047 | 7,148 | |
Total Assets | 273,961 | 273,961 | 269,683 | ||
Other [Member] | Non-Utility Revenue [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 40 | 139 | 62 | 265 | |
Resource costs | 0 | 0 | 0 | 0 | |
Other operating expenses | 358 | 749 | 674 | 1,760 | |
Depreciation and amortization | 2 | 0 | 5 | 31 | |
Income (loss) from operations | (320) | (610) | (617) | (1,526) | |
Interest expense | 642 | 448 | 1,212 | 795 | |
Income tax expense (benefit) | (593) | (727) | (574) | (946) | |
Net income (loss) | (2,186) | (2,685) | (2,110) | (3,509) | |
Capital expenditures | 0 | 0 | 0 | 3 | |
Total Assets | 194,145 | 194,145 | 191,665 | ||
Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | 0 | 0 | 0 | 0 | |
Resource costs | 0 | 0 | 0 | 0 | |
Other operating expenses | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Income (loss) from operations | 0 | 0 | 0 | 0 | |
Interest expense | (512) | (318) | (952) | (536) | |
Income tax expense (benefit) | 0 | 0 | 0 | 0 | |
Net income (loss) | 0 | 0 | 0 | 0 | |
Capital expenditures | 0 | $ 0 | 0 | $ 0 | |
Total Assets | $ (25,139) | $ (25,139) | $ (21,575) |