Derivatives And Risk Management (Tables)

3 Months Ended

Mar. 31, 2014

Derivative Instruments and Hedges, Assets [Abstract]

Energy Commodity Derivatives

The following table presents the underlying energy commodity derivative volumes as of March 31, 2014 that are expected to be delivered in each respective year (in thousands of MWhs and mmBTUs):

	Purchases				Sales
	Electric Derivatives		Gas Derivatives		Electric Derivatives		Gas Derivatives
Year	Physical (1) MWH	Financial (1) MWH	Physical (1) mmBTUs	Financial (1) mmBTUs	Physical (1) MWH	Financial (1) MWH	Physical (1) mmBTUs	Financial (1) mmBTUs
2014	725	1,768	18,282	110,762	688	2,522	3,021	87,043
2015	559	1,461	4,973	82,825	222	2,566	1,490	58,210
2016	397	948	2,505	51,950	256	1,634	910	41,490
2017	397	—	675	—	286	—	—	—
2018	397	—	—	—	286	—	—	—
Thereafter	235	—	—	—	158	—	—	—

(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

The following table summarizes the foreign currency hedges that the Company has entered into as of March 31, 2014 and December 31, 2013 (dollars in thousands):

	March 31,		December 31,
	2014		2013
Number of contracts	23		23
Notional amount (in United States dollars)	$	13,128	$	8,631
Notional amount (in Canadian dollars)	14,596		9,191

Interest Rate Swap Agreements

The following table summarizes the interest rate swaps that the Company has entered into as of March 31, 2014 and December 31, 2013 (dollars in thousands):

Balance Sheet Date	Number of Contracts	Notional Amount		Mandatory Cash Settlement Date
March 31, 2014	2	$	50,000	2014
	3	60,000		2015
	3	60,000		2016
	2	30,000		2017
	5	115,000		2018
December 31, 2013	2	50,000		2014
	2	45,000		2015
	2	40,000		2016
	1	15,000		2017
	4	95,000		2018

Derivative Instruments Summary

The following table presents the fair values and locations of derivative instruments recorded on the Condensed Consolidated Balance Sheet as of March 31, 2014 (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 assets	$	47	$	(30	)	$	—		$	17		$	—	$	—		$	17
Interest rate contracts	Other current assets	10,619		—			—			10,619			—		—			10,619
Interest rate contracts	Other property and investments - net	10,641		(3,097		)	—			7,544			—		—			7,544
Interest rate contracts	Other non-current liabilities and deferred credits	—		(8,906		)	2,210			(6,696		)	—		—			(6,696		)
Commodity contracts (1)	Current utility energy commodity derivative assets	58,483		(41,846		)	(2,712		)	13,925			—		(158		)	13,767
Commodity contracts (1)	Non-current utility energy commodity derivative assets	31,510		(27,965		)	—			3,545			—		—			3,545
Commodity contracts (1)	Current utility energy commodity derivative liabilities	1,415		(4,775		)	—			(3,360		)	—		158			(3,202		)
Commodity contracts (1)	Other non-current liabilities and deferred credits	72		(15,271		)	—			(15,199		)	—		—			(15,199		)
Total derivative instruments recorded on the balance sheet		$	112,787	$	(101,890	)	$	(502	)	$	10,395		$	—	$	—		$	10,395

The following table presents the fair values and locations of derivative instruments recorded on the Condensed Consolidated Balance Sheet as of December 31, 2013 (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 assets	$	7	$	(6	)	$	—	$	1		$	—	$	—	$	1
Interest rate contracts	Other current assets	13,968		—			—		13,968			—		—		13,968
Interest rate contracts	Other property and investments - net	19,575		—			—		19,575			—		—		19,575
Commodity contracts (1)	Current utility energy commodity derivative assets	7,416		(4,394		)	—		3,022			—		—		3,022
Commodity contracts (1)	Non-current utility energy commodity derivative assets	7,610		(6,756		)	—		854			—		—		854
Commodity contracts (1)	Current utility energy commodity derivative liabilities	23,455		(37,306		)	2,976		(10,875		)	—		—		(10,875		)
Commodity contracts (1)	Other non-current liabilities and deferred credits	17,101		(41,213		)	5,756		(18,356		)	—		—		(18,356		)
Total derivative instruments recorded on the balance sheet		$	89,132	$	(89,675	)	$	8,732	$	8,189		$	—	$	—	$	8,189

(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 agreementfor 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 December 31, 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 for that period.