Derivatives And Risk Management (Tables)

3 Months Ended

Mar. 31, 2019

Derivative Instruments and Hedges, Assets [Abstract]

The following table presents the underlying energy commodity derivative volumes as of March 31, 2019 that are expected to be delivered in each respective year (in thousands of MWhs and mmBTUs):



	Purchases				Sales
	Electric Derivatives		Gas Derivatives		Electric Derivatives		Gas Derivatives
Year	Physical (1) MWh	Financial (1) MWh	Physical (1) mmBTUs	Financial (1) mmBTUs	Physical (1) MWh	Financial (1) MWh	Physical (1) mmBTUs	Financial (1) mmBTUs
Remainder 2019	30	596	4,640	81,438	109	2,280	669	35,913
2020	—	—	1,138	53,388	123	959	1,430	16,378
2021	—	—	—	15,290	—	246	1,049	4,100
2022	—	—	—	—	—	—	—	—
2023	—	—	—	—	—	—	—	—
Thereafter	—	—	—	—	—	—	—	—

The following table presents the underlying energy commodity derivative volumes as of December 31, 2018 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
2019	206	941	10,732	101,293	197	2,790	2,909	54,418
2020	—	—	1,138	47,225	123	959	1,430	14,625
2021	—	—	—	9,670	—	—	1,049	4,100
2022	—	—	—	—	—	—	—	—
2023	—	—	—	—	—	—	—	—
Thereafter	—	—	—	—	—	—	—	—

Foreign Currency Exchange Contracts

The following table summarizes the foreign currency exchange derivatives that Avista Corp. has outstanding as of March 31, 2019 and December 31, 2018 (dollars in thousands):



	March 31,		December 31,
	2019		2018
Number of contracts	22		31
Notional amount (in United States dollars)	$	6,681	$	4,018
Notional amount (in Canadian dollars)	8,917		5,386

Interest Rate Swap Agreements

The following table summarizes the unsettled interest rate swap derivatives that Avista Corp. has outstanding as of March 31, 2019 and December 31, 2018 (dollars in thousands):



Balance Sheet Date	Number of Contracts	Notional Amount		Mandatory Cash Settlement Date
March 31, 2019	6	$	70,000	2019
	6	60,000		2020
	2	25,000		2021
	8	90,000		2022
December 31, 2018	6	$	70,000	2019
	6	60,000		2020
	2	25,000		2021
	7	80,000		2022

Derivative Instruments Summary

The following table presents the fair values and locations of derivative instruments recorded on the Condensed Consolidated Balance Sheet as of March 31, 2019 (in thousands):



	Fair Value
Derivative and Balance Sheet Location	Gross Asset		Gross Liability			Collateral Netted		Net Asset (Liability) on Balance Sheet
Foreign currency exchange derivatives
Other current liabilities	$	15	$	(15	)	$	—	$	—
Interest rate swap derivatives
Other current assets	2,587		(530		)	—		2,057
Other property and investments-net and other non-current assets	2,503		(1,754		)	—		749
Other current liabilities	—		(524		)	—		(524		)
Other non-current liabilities and deferred credits	—		(12,402		)	2,860		(9,542		)
Energy commodity derivatives
Other current assets	262		(12		)	—		250
Other current liabilities	26,875		(55,284		)	24,374		(4,035		)
Other non-current liabilities and deferred credits	4,349		(16,211		)	10,543		(1,319		)
Total derivative instruments recorded on the balance sheet	$	36,591	$	(86,732	)	$	37,777	$	(12,364	)

The following table presents the fair values and locations of derivative instruments recorded on the Condensed Consolidated Balance Sheet as of December 31, 2018 (in thousands):



	Fair Value
Derivative and Balance Sheet Location	Gross Asset		Gross Liability			Collateral Netted		Net Asset (Liability) on Balance Sheet
Foreign currency exchange derivatives
Other current liabilities	$	—	$	(45	)	$	—	$	(45	)
Interest rate swap derivatives
Other current assets	5,283		—			—		5,283
Other property and investments-net and other non-current assets	5,283		(440		)	—		4,843
Other non-current liabilities and deferred credits	—		(7,391		)	530		(6,861		)
Energy commodity derivatives
Other current assets	400		(130		)	—		270
Other current liabilities	31,457		(73,155		)	37,790		(3,908		)
Other non-current liabilities and deferred credits	4,426		(21,292		)	13,427		(3,439		)
Total derivative instruments recorded on the balance sheet	$	46,849	$	(102,453	)	$	51,747	$	(3,857	)

Schedule of Assets Pledged as Collateral and Related Offsets [Table Text Block]

The following table presents Avista Corp.'s collateral outstanding related to its derivative instruments as of March 31, 2019 and December 31, 2018 (in thousands):



	March 31,		December 31,
	2019		2018
Energy commodity derivatives
Cash collateral posted	$	72,264	$	78,025
Letters of credit outstanding	56,100		6,500
Balance sheet offsetting (cash collateral against net derivative positions)	34,917		51,217

Interest rate swap derivatives
Cash collateral posted	2,860		530
Balance sheet offsetting (cash collateral against net derivative positions)	2,860		530

Certain of Avista Corp.’s derivative instruments contain provisions that require Avista Corp. to maintain an "investment grade" credit rating from the major credit rating agencies. If Avista Corp.’s credit ratings were to fall below "investment grade," it would be in violation of these provisions, and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing collateralization on derivative instruments in net liability positions.

The following table presents the aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a liability position and the amount of additional collateral Avista Corp. could be required to post as of March 31, 2019 and December 31, 2018 (in thousands):



	March 31,		December 31,
	2019		2018
Energy commodity derivatives
Liabilities with credit-risk-related contingent features	$	1,406	$	2,193
Additional collateral to post	1,415		2,193

Interest rate swap derivatives
Liabilities with credit-risk-related contingent features	15,210		7,831
Additional collateral to post	10,064		6,579