XML 35 R25.htm IDEA: XBRL DOCUMENT v2.4.0.8
Derivatives And Risk Management (Tables)
 9 Months Ended
Sep. 30, 2013
Derivative Instruments and Hedges, Assets [Abstract]  
Energy Commodity Derivatives
 
Purchases
 
Sales
 
Electric Derivatives
 
Gas Derivatives
 
Electric Derivatives
 
Gas Derivatives
Year
Physical (1)
MWH
 
Financial (1)
MWH
 
Physical (1)
mmBTUs
 
Financial (1)
mmBTUs
 
Physical
MWH
 
Financial
MWH
 
Physical
mmBTUs
 
Financial
mmBTUs
2013
385

 
997

 
11,576

 
36,932

 
230

 
1,123

 
906

 
26,934

2014
702

 
1,942

 
22,613

 
115,004

 
345

 
2,839

 
1,786

 
84,108

2015
379

 
1,013

 
4,523

 
72,320

 
254

 
2,542

 
—

 
46,840

2016
367

 
—

 
2,505

 
38,210

 
287

 
1,634

 
—

 
13,380

2017
366

 
—

 
675

 
—

 
286

 
—

 
—

 
—

Thereafter
583

 
—

 
—

 
—

 
443

 
—

 
—

 
—

 
(1)
Physical transactions represent commodity transactions where Avista Utilities will take delivery of either electricity or natural gas and financial transactions represent derivative instruments with no physical delivery, such as futures, swaps or options.
Foreign Currency Exchange Contracts
 
September 30,
 
December 31,
 
2013
 
2012
Number of contracts
14

 
20

Notional amount (in United States dollars)
$
1,852

 
$
12,621

Notional amount (in Canadian dollars)
1,929

 
12,502
Interest Rate Swap Agreements
Balance Sheet Date
 
Number of Contracts
 
Notional Amount
 
Mandatory Cash Settlement Date
September 30, 2013
 
2
 
$
50,000

 
October 2014
 
 
2
 
45,000

 
October 2015
 
 
1
 
20,000

 
October 2016
 
 
2
 
50,000

 
June 2018
December 31, 2012
 
2
 
85,000

 
June 2013
 
 
2
 
50,000

 
October 2014
 
 
1
 
25,000

 
October 2015
Derivative Instruments Summary
 
 
 
 
Fair Value
Derivative
 
Balance Sheet Location
 
Gross
Asset
 
Gross
Liability
 
Collateral
Netting
 
Net Asset
(Liability)
in Balance
Sheet
 
Gross Assets Not Offset
 
Gross Liabilities Not Offset
 
Net Asset (Liability)
Foreign currency contracts
 
Other current assets
 
$
19

 
$
(1
)
 
$
—

 
$
18

 
$
—

 
$
—

 
$
18

Interest rate contracts
 
Other non-current liabilities and deferred credits
 
—

 
(471
)
 
—

 
(471
)
 
—

 
—

 
(471
)
Interest rate contracts
 
Other property and investments - net
 
25,178

 
—

 
—

 
25,178

 
—

 
—

 
25,178

Commodity contracts (1)
 
Current utility energy commodity derivative assets
 
4,078

 
(648
)
 
—

 
3,430

 
—

 
—

 
3,430

Commodity contracts (1)
 
Non-current utility energy commodity derivative assets
 
7,191

 
(6,898
)
 
—

 
293

 
—

 
—

 
293

Commodity contracts (1)
 
Current utility energy commodity derivative liabilities
 
34,858

 
(58,687
)
 
5,121

 
(18,708
)
 
—

 
—

 
(18,708
)
Commodity contracts (1)
 
Other non-current liabilities and deferred credits
 
23,274

 
(48,296
)
 
5,292

 
(19,730
)
 
—

 
—

 
(19,730
)
Total derivative instruments recorded on the balance sheet
 
$
94,598

 
$
(115,001
)
 
$
10,413

 
$
(9,990
)
 
$
—

 
$
—

 
$
(9,990
)














The following table presents the fair values and locations of derivative instruments recorded on the Condensed Consolidated Balance Sheet as of December 31, 2012 (in thousands):
 
 
 
 
Fair Value
Derivative
 
Balance Sheet Location
 
Gross
Asset
 
Gross
Liability
 
Collateral
Netting
 
Net Asset
(Liability)
in Balance
Sheet
 
Gross Assets Not Offset
 
Gross Liabilities Not Offset
 
Net Asset (Liability)
Foreign currency contracts
 
Other current liabilities
 
$
7

 
$
(34
)
 
$
—

 
$
(27
)
 
$
—

 
$
—

 
$
(27
)
Interest rate contracts
 
Other current liabilities
 
—

 
(1,406
)
 
—

 
(1,406
)
 
—

 
—

 
(1,406
)
Interest rate contracts
 
Other property and investments - net
 
7,265

 
—

 
—

 
7,265

 
—

 
—

 
7,265

Commodity contracts (1)
 
Current utility energy commodity derivative assets
 
10,772

 
(6,633
)
 
—

 
4,139

 
(9,678
)
 
6,572

 
1,033

Commodity contracts (1)
 
Non-current utility energy commodity derivative assets
 
18,779

 
(17,686
)
 
—

 
1,093

 
—

 
—

 
1,093

Commodity contracts (1)
 
Current utility energy commodity derivative liabilities
 
50,227

 
(89,449
)
 
9,707

 
(29,515
)
 
9,678

 
(6,572
)
 
(26,409
)
Commodity contracts (1)
 
Other non-current liabilities and deferred credits
 
2,247

 
(28,558
)
 
—

 
(26,311
)
 
—

 
—

 
(26,311
)
Total derivative instruments recorded on the balance sheet
 
$
89,297

 
$
(143,766
)
 
$
9,707

 
$
(44,762
)
 
$
—

 
$
—

 
$
(44,762
)

(1)
Avista Corp. has a master netting agreement that governs the transactions of multiple affiliated legal entities under this single master netting agreement. This master netting agreement allows for cross-commodity netting (i.e. netting physical power, physical natural gas, and financial transactions) and cross-affiliate netting for the parties to the agreement. Avista Corp. performs cross-commodity netting for each legal entity that is a party to the master netting agreement for presentation in the Condensed Consolidated Balance Sheets; however, Avista Corp. does not perform cross-affiliate netting because the Company believes that cross-affiliate netting may not be enforceable. Therefore, the requirements for cross-affiliate netting under ASC 210-20-45 are not applicable for Avista Corp. As of September 30, 2013, all derivatives for each affiliated entity under this master netting agreement were in a net liability position. As such, there is no additional netting which requires disclosure.