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Derivatives And Risk Management (Tables)
 3 Months Ended
Mar. 31, 2020
Derivative Instruments and Hedges, Assets [Abstract]  
Energy Commodity Derivatives
The following table presents the underlying energy commodity derivative volumes as of March 31, 2020 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 2020
3

 
395

 
10,232

 
61,330

 
366

 
1,491

 
871

 
27,035

2021
—

 
123

 
305

 
32,120

 
—

 
246

 
1,490

 
21,700

2022
—

 
—

 
450

 
7,820

 
—

 
—

 
—

 
2,700

 
As of March 31, 2020, there are no expected deliveries of energy commodity derivatives after 2022.
The following table presents the underlying energy commodity derivative volumes as of December 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
2020
2

 
442

 
9,813

 
78,803

 
133

 
1,724

 
2,984

 
37,848

2021
—

 
—

 
153

 
25,523

 
—

 
246

 
1,040

 
13,108

2022
—

 
—

 
225

 
4,725

 
—

 
—

 
—

 
675

 
As of December 31, 2019, there are no expected deliveries of energy commodity derivatives after 2022.
(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.
Foreign Currency Exchange Contracts
The following table summarizes the foreign currency exchange derivatives that Avista Corp. has outstanding as of March 31, 2020 and December 31, 2019 (dollars in thousands):
 
March 31,
 
December 31,
 
2020
 
2019
Number of contracts
23

 
20

Notional amount (in United States dollars)
$
5,219

 
$
5,932

Notional amount (in Canadian dollars)
7,247

 
7,828
Interest Rate Swap Agreements
The following table summarizes the unsettled interest rate swap derivatives that Avista Corp. has outstanding as of March 31, 2020 and December 31, 2019 (dollars in thousands):
Balance Sheet Date
 
Number of Contracts
 
Notional Amount
 
Mandatory Cash Settlement Date
March 31, 2020
 
7
 
$
70,000

 
2020
 
 
4
 
45,000

 
2021
 
 
11
 
120,000

 
2022
 
 
1
 
10,000

 
2023
December 31, 2019
 
7
 
70,000

 
2020
 
 
3
 
35,000

 
2021
 
 
10
 
110,000

 
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, 2020 (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
 
$
36

 
$
(103
)
 
$
—

 
$
(67
)
Interest rate swap derivatives
 
 
 
 
 
 
 
 
Other current liabilities
 
—

 
(32,967
)
 
12,967

 
(20,000
)
Other non-current liabilities and deferred credits
 
—

 
(79,271
)
 
14,123

 
(65,148
)
Energy commodity derivatives
 
 
 
 
 
 
 
 
Other current assets
 
28,964

 
(26,503
)
 
(695
)
 
1,766

Other property and investments-net and other non-current assets
 
6,072

 
(3,626
)
 
—

 
2,446

Other current liabilities
 
51

 
(2,590
)
 
—

 
(2,539
)
Other non-current liabilities and deferred credits
 
—

 
(24
)
 
—

 
(24
)
Total derivative instruments recorded on the balance sheet
 
$
35,123

 
$
(145,084
)
 
$
26,395

 
$
(83,566
)
The following table presents the fair values and locations of derivative instruments recorded on the Condensed Consolidated Balance Sheet as of December 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 assets
 
$
97

 
$
—

 
$
—

 
$
97

Interest rate swap derivatives
 
 
 
 
 
 
 
 
Other current assets
 
589

 
—

 
—

 
589

Other current liabilities
 
238

 
(9,379
)
 
1,316

 
(7,825
)
Other non-current liabilities and deferred credits
 
725

 
(24,677
)
 
5,454

 
(18,498
)
Energy commodity derivatives
 
 
 
 
 
 
 
 
Other current assets
 
416

 
(245
)
 
—

 
171

Other property and investments-net and other non-current assets
 
6,369

 
(5,446
)
 
—

 
923

Other current liabilities
 
34,760

 
(41,241
)
 
3,378

 
(3,103
)
Other non-current liabilities and deferred credits
 
28

 
(1,215
)
 
—

 
(1,187
)
Total derivative instruments recorded on the balance sheet
 
$
43,222

 
$
(82,203
)
 
$
10,148

 
$
(28,833
)
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, 2020 and December 31, 2019 (in thousands):
 
March 31,
 
December 31,
 
2020
 
2019
Energy commodity derivatives
 
 
 
Cash collateral posted
$
1,775

 
$
7,812

Letters of credit outstanding
25,000

 
17,400

Balance sheet offsetting (cash collateral against net derivative positions)
(695
)
 
3,378

 
 
 
 
Interest rate swap derivatives
 
 
 
Cash collateral posted
27,090

 
6,770

Letters of credit outstanding
3,910

 
—

Balance sheet offsetting (cash collateral against net derivative positions)
27,090

 
6,770

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, 2020 and December 31, 2019 (in thousands):
 
March 31,
 
December 31,
 
2020
 
2019
Energy commodity derivatives
 
 
 
Liabilities with credit-risk-related contingent features
$
1

 
$
814

Additional collateral to post
1

 
814

 
 
 
 
Interest rate swap derivatives
 
 
 
Liabilities with credit-risk-related contingent features
112,238

 
34,056

Additional collateral to post
81,280

 
26,912