SEC Form 10-Q filed by Avista Corporation

4/30/24 6:55:15 PM ET

$AVA

Power Generation

Utilities

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10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	FOR THE QUARTERLY PERIOD ENDED March 31, 2024 OR


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	FOR THE TRANSITION PERIOD FROM TO

Commission file number 1-3701

AVISTA CORPORATION

(Exact name of Registrant as specified in its charter)

    Washington

    91-0462470

    (State or other jurisdiction of
incorporation or organization)

    (I.R.S. Employer
Identification No.)

1411 East Mission Avenue, Spokane, Washington 99202-2600

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: 509-489-0500

None

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock	AVA	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes ☐ No ☒

As of April 26, 2024, 78,188,832 shares of Registrant’s Common Stock, no par value (the only class of common stock), were outstanding.


Item No.		Page No.

	Acronyms and Terms	iii
	Forward-Looking Statements	1
	Available Information	5
Part I. Financial Information
Item 1.	Condensed Consolidated Financial Statements (unaudited)	6
	Condensed Consolidated Statements of Income - Three Months Ended March 31, 2024 and 2023	6
	Condensed Consolidated Statements of Comprehensive Income - Three Months Ended March 31, 2024 and 2023	7
	Condensed Consolidated Balance Sheets - March 31, 2024 and December 31, 2023	8
	Condensed Consolidated Statements of Cash Flows - Three Months Ended March 31, 2024 and 2023	9
	Condensed Consolidated Statements of Equity - Three Months Ended March 31, 2024 and 2023	11
	Notes to Condensed Consolidated Financial Statements (unaudited)	12
	Note 1. Summary of Significant Accounting Policies	12
	Note 2. New Accounting Standards	13
	Note 3. Balance Sheet Components	14
	Note 4. Revenue	17
	Note 5. Derivatives and Risk Management	20
	Note 6. Pension Plans and Other Postretirement Benefit Plans	23
	Note 7. Income Taxes	24
	Note 8. Short-Term Borrowings	24
	Note 9. Long-Term Debt	26
	Note 10. Long-Term Debt to Affiliated Trusts	26
	Note 11. Fair Value	26
	Note 12. Accumulated Other Comprehensive Loss	31
	Note 13. Earnings per Common Share	31
	Note 14. Commitments and Contingencies	31
	Note 15. Information by Business Segments	36
	Report of Independent Registered Public Accounting Firm	37

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	38
	Business Segments	38
	Executive Overview	38
	Regulatory Matters	39
	Results of Operations - Overall	41
	Non-GAAP Financial Measures	42
	Results of Operations - Avista Utilities	43
	Results of Operations - Alaska Electric Light and Power Company	50


	Results of Operations - Other Businesses	50
	Critical Accounting Policies and Estimates	50
	Liquidity and Capital Resources	50
	Overall Liquidity	50
	Review of Consolidated Cash Flow Statement	50
	Capital Resources	51
	Capital Expenditures	52
	Pension Plan	53
	Environmental Issues and Contingencies	53
	Enterprise Risk Management	54

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	55

Item 4.	Controls and Procedures	55

Part II. Other Information
Item 1.	Legal Proceedings	57

Item 1A.	Risk Factors	57

Item 5.	Other Information	57

Item 6.	Exhibits	58

	Signature	59


Acronym/Term	Meaning
aMW	-	Average Megawatt - a measure of the average rate at which a particular generating source produces energy over a period of time
AEL&P	-	Alaska Electric Light and Power Company, the primary operating subsidiary of AERC, which provides electric services in Juneau, Alaska
AERC	-	Alaska Energy and Resources Company, the Company's wholly-owned subsidiary based in Juneau, Alaska
AFUDC	-	Allowance for Funds Used During Construction; represents the cost of both the debt and equity funds used to finance utility plant additions during the construction period
ASC	-	Accounting Standards Codification
ASU	-	Accounting Standards Update
Avista Capital	-	Parent company to the Company’s non-utility businesses, with the exception of AJT Mining Properties, Inc., which is a subsidiary of AERC.
Avista Corp.	-	Avista Corporation, the Company
Avista Utilities	-	Operating division of Avista Corp. (not a subsidiary) comprising the regulated utility operations in the Pacific Northwest
Capacity	-	The rate at which a particular generating source is capable of producing energy, measured in KW or MW
Cabinet Gorge	-	The Cabinet Gorge Hydroelectric Generating Project, located on the Clark Fork River in Idaho
CCA	-	Climate Commitment Act
CETA	-	Clean Energy Transformation Act
Colstrip	-	The coal-fired Colstrip Generating Plant in southeastern Montana
Cooling degree days	-	The measure of the warmness of weather experienced, based on the extent to which the average of high and low temperatures for a day exceeds 65 degrees Fahrenheit (annual degree days above historic indicate warmer than average temperatures)
COVID-19	-	Coronavirus disease 2019, a respiratory illness declared a pandemic in March 2020
Deadband or ERM deadband	-	The first $4.0 million in annual power supply costs above or below the amount included in base retail rates in Washington under the ERM in the state of Washington
EIM	-	Energy Imbalance Market
Energy	-	The amount of electricity produced or consumed over a period of time, measured in KWh or MWh. Also, refers to natural gas consumed and is measured in dekatherms
EPA	-	Environmental Protection Agency
ERM	-	The Energy Recovery Mechanism, a mechanism for accounting and rate recovery of certain power supply costs accepted by the utility commission in the state of Washington
FASB	-	Financial Accounting Standards Board
FCA	-	Fixed Cost Adjustment, the electric and natural gas decoupling mechanism in Idaho
FERC	-	Federal Energy Regulatory Commission
GAAP	-	Generally Accepted Accounting Principles
GHG	-	Greenhouse gas
Heating degree days	-	The measure of the coldness of weather experienced, based on the extent to which the average of high and low temperatures for a day falls below 65 degrees Fahrenheit (annual degree days below historic indicate warmer than average temperatures).
IPUC	-	Idaho Public Utilities Commission


KW, KWh	-	Kilowatt (1000 watts): a measure of generating power or capability. Kilowatt-hour (1000 watt hours): a measure of energy produced over a period of time
MPSC	-	Public Service Commission of the State of Montana
MW, MWh	-	Megawatt: 1000 KW. Megawatt-hour: 1000 KWh
Noxon Rapids	-	The Noxon Rapids Hydroelectric Generating Project, located on the Clark Fork River in Montana
OPUC	-	The Public Utility Commission of Oregon
PCA	-	The Power Cost Adjustment mechanism, a procedure for accounting and rate recovery of certain power supply costs accepted by the utility commission in the state of Idaho
PGA	-	Purchased Gas Adjustment
PPA	-	Power Purchase Agreement
RCA	-	The Regulatory Commission of Alaska
REC	-	Renewable energy credit
ROE	-	Return on equity
ROR	-	Rate of return on rate base
ROU	-	Right-of-use lease asset
SEC	-	U.S. Securities and Exchange Commission
SOFR	-	Secured Overnight Financing Rate
Talen	-	Talen Montana, LLC, an indirect subsidiary of Talen Energy Corporation.
Therm	-	Unit of measurement for natural gas; a therm is equal to approximately one hundred cubic feet (volume) or 100,000 BTUs (energy)
Watt	-	Unit of measurement of electric power or capability; a watt is equal to the rate of work represented by a current of one ampere under a pressure of one volt
WUTC	-	Washington Utilities and Transportation Commission


	2024			2023
Operating Revenues:
Utility revenues:
Utility revenues, exclusive of alternative revenue programs	$	606,511		$	493,543
Alternative revenue programs		2,883			(19,038	)
Total utility revenues		609,394			474,505
Non-utility revenues		22			126
Total operating revenues		609,416			474,631
Operating Expenses:
Utility operating expenses:
Resource costs		293,117			192,928
Other operating expenses		111,249			104,978
Depreciation and amortization		67,927			65,188
Taxes other than income taxes		35,688			33,894
Non-utility operating expenses		319			1,042
Total operating expenses		508,300			398,030
Income from operations		101,116			76,601
Interest expense		36,904			35,084
Interest expense to affiliated trusts		657			571
Capitalized interest		(961	)		(842	)
Other income-net		(9,285	)		(6,429	)
Income before income taxes		73,801			48,217
Income tax expense (benefit)		2,306			(6,628	)
Net income	$	71,495		$	54,845
Weighted-average common shares outstanding (thousands), basic		78,161			75,169
Weighted-average common shares outstanding (thousands), diluted		78,211			75,275

Earnings per common share:
Basic	$	0.91		$	0.73
Diluted	$	0.91		$	0.73


	March 31,			December 31,
	2024			2023
Assets:
Current Assets:
Cash and cash equivalents	$	12,274		$	35,003
Accounts and notes receivable-less allowances of $5,038 and $4,987, respectively		217,974			216,744
Inventory		163,709			159,984
Regulatory assets		84,590			146,327
Other current assets		83,398			103,784
Total current assets		561,945			661,842
Net utility property		5,748,295			5,700,056
Goodwill		52,426			52,426
Non-current regulatory assets		887,621			894,168
Other property and investments-net and other non-current assets		398,697			393,985
Total assets	$	7,648,984		$	7,702,477
Liabilities and Equity:
Current Liabilities:
Accounts payable	$	102,886		$	143,262
Current portion of long-term debt		15,000			15,000
Short-term borrowings		212,155			349,000
Regulatory liabilities		62,679			76,007
Other current liabilities		187,560			191,936
Total current liabilities		580,280			775,205
Long-term debt		2,597,791			2,515,358
Long-term debt to affiliated trusts		51,547			51,547
Pensions and other postretirement benefits		88,568			89,830
Deferred income taxes		712,275			718,318
Non-current regulatory liabilities		864,661			856,666
Other non-current liabilities and deferred credits		233,362			210,230
Total liabilities		5,128,484			5,217,154
Commitments and Contingencies (See Notes to Condensed Consolidated Financial Statements)
Equity:
Shareholders’ Equity:
Common stock, no par value; 200,000,000 shares authorized; 78,187,093 and 78,074,587 shares issued and outstanding, respectively		1,645,208			1,644,327
Accumulated other comprehensive loss		(366	)		(357	)
Retained earnings		875,658			841,353
Total shareholders’ equity		2,520,500			2,485,323
Total liabilities and equity	$	7,648,984		$	7,702,477


	2024			2023
Operating Activities:
Net income	$	71,495		$	54,845
Non-cash items included in net income:
Depreciation and amortization		67,930			65,219
Deferred income tax provision		(18,971	)		(10,155	)
Power and natural gas cost deferrals, net		42,701			(53,387	)
Amortization of debt expense		507			1,128
Stock-based compensation expense		2,351			2,221
Equity-related AFUDC		(1,753	)		(1,562	)
Pension and other postretirement benefit expense		3,032			3,407
Other regulatory assets and liabilities		(9,596	)		(10,717	)
Other deferred debits and credits		18,959			19,759
Change in decoupling regulatory deferral		(2,597	)		19,391
Realized and unrealized loss (gain) on assets and investments		(2,374	)		182
Other		(1,384	)		(1,157	)
Contributions to defined benefit pension plan		(3,333	)		(3,333	)
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		(3,813	)		37,743
Inventory		(3,725	)		5,900
Collateral for derivative instruments		21,853			66,371
Income taxes receivable		20,506			2,925
Other current assets		(3,556	)		(17,543	)
Accounts payable		(27,029	)		(87,195	)
Other current liabilities		14,547			(7,256	)
Net cash provided by operating activities		190,147			94,246

Investing Activities:
Utility property capital expenditures (excluding equity-related AFUDC)		(118,709	)		(100,490	)
Issuance of notes receivable		—			(1,500	)
Equity and property investments		(1,776	)		(4,781	)
Other		2,385			518
Net cash used in investing activities		(118,100	)		(106,253	)


	2024			2023
Financing Activities:
Net decrease in short-term borrowings	$	(54,000	)	$	(232,000	)
Proceeds from issuance of long-term debt		—			250,000
Maturity of long-term debt and finance leases		(850	)		(809	)
Issuance of common stock, net of issuance costs		115			29,912
Cash dividends paid		(37,817	)		(35,029	)
Other		(2,224	)		(2,899	)
Net cash provided by (used in) financing activities		(94,776	)		9,175

Net decrease in cash and cash equivalents		(22,729	)		(2,832	)

Cash and cash equivalents at beginning of period		35,003			13,428

Cash and cash equivalents at end of period	$	12,274		$	10,596


	2024			2023
Common Stock, Shares:
Shares outstanding at beginning of period		78,074,587			74,945,948
Shares issued		112,506			816,650
Shares outstanding at end of period		78,187,093			75,762,598
Common Stock, Amount:
Balance at beginning of period	$	1,644,327		$	1,525,185
Equity compensation expense		2,351			2,221
Issuance of common stock, net of issuance costs		115			29,912
Payment of minimum tax withholdings for share-based payment awards		(1,585	)		(1,667	)
Balance at end of period		1,645,208			1,555,651
Accumulated Other Comprehensive Loss:
Balance at beginning of period		(357	)		(2,058	)
Other comprehensive loss		(9	)		(18	)
Balance at end of period		(366	)		(2,076	)
Retained Earnings:
Balance at beginning of period		841,353			811,541
Net income		71,495			54,845
Dividends on common stock		(37,190	)		(34,650	)
Balance at end of period		875,658			831,736
Total equity	$	2,520,500		$	2,385,311
Dividends declared per common share	$	0.475		$	0.46


	March 31, 2024		December 31, 2023
Accrued taxes other than income taxes	$	38,452	$	31,928
Derivative liabilities		17,288		17,217
Employee paid time off accruals		33,095		32,072
Accrued interest		41,116		23,539
Climate Commitment Act obligations		—		19,081
Pensions and other postretirement benefits		13,280		14,082
Other		44,329		54,017
Total	$	187,560	$	191,936


	2024		2023
Utility-related taxes	$	26,581	$	25,739


	2024						2023
	Avista Utilities		AEL&P		Total Utility		Avista Utilities		AEL&P		Total Utility
ELECTRIC OPERATIONS
Revenue from contracts with customers
Residential	$	142,029	$	7,154	$	149,183	$	122,823	$	6,881	$	129,704
Commercial		92,792		7,082		99,874		81,226		7,266		88,492
Industrial		28,066		—		28,066		25,167		—		25,167
Public street and highway lighting		2,164		66		2,230		1,955		64		2,019
Total retail revenue		265,051		14,302		279,353		231,171		14,211		245,382
Transmission		9,592		—		9,592		7,947		—		7,947
Other revenue from contracts with customers		16,061		—		16,061		17,293		—		17,293
Total electric revenue from contracts with customers	$	290,704	$	14,302	$	305,006	$	256,411	$	14,211	$	270,622


	2024		2023
	Avista Utilities		Avista Utilities
NATURAL GAS OPERATIONS
Revenue from contracts with customers
Residential	$	132,970	$	140,836
Commercial		67,999		72,325
Industrial and interruptible		3,965		5,528
Total retail revenue		204,934		218,689
Transportation		2,338		2,269
Other revenue from contracts with customers		1,406		1,406
Total natural gas revenue from contracts with customers	$	208,678	$	222,364


	March 31,		December 31,
	2024		2023
Number of contracts		23		5
Notional amount (in United States dollars)	$	2,620	$	81
Notional amount (in Canadian dollars)		3,544		109


	March 31, 2024		December 31, 2023
Operating lease liabilities	$	64,377	$	63,559
Finance lease liabilities		38,204		39,095
Deferred investment tax credits		28,033		28,233
Climate Commitment Act obligations		60,701		26,026
Asset retirement obligations		18,175		18,058
Derivative liabilities		4,773		17,902
Other		19,099		17,357
Total	$	233,362	$	210,230


	March 31, 2024				December 31, 2023
	Current		Non-Current		Current		Non-Current
Regulatory Assets
Energy commodity derivatives	$	29,868	$	4,458	$	51,419	$	17,720
Decoupling surcharge		5,791		3,637		4,638		5,469
Deferred natural gas costs		24,013		—		60,667		—
Deferred power costs		24,420		18,261		29,190		20,654
Deferred income taxes		—		245,260		—		244,303
Pension and other postretirement benefit plans		—		116,658		—		117,658
Interest rate swaps		—		177,563		—		179,489
AFUDC above FERC allowed rate		—		49,317		—		49,985
Settlement with Coeur d'Alene Tribe		—		36,413		—		36,692
Advanced meter infrastructure		—		28,586		—		29,345
Utility plant abandoned		—		36,774		—		38,274
Deferred Climate Commitment Act costs		—		61,491		—		46,022
COVID-19 deferrals		—		12,044		—		12,142
Unamortized debt repurchase costs		—		5,584		—		5,701
Demand side management programs		—		10,407		—		10,033
Other regulatory assets		498		81,168		413		80,681
Total regulatory assets	$	84,590	$	887,621	$	146,327	$	894,168
Regulatory Liabilities
Other income tax related liabilities	$	18,436	$	55,264	$	25,129	$	56,582
Excess deferred income taxes		14,240		289,738		14,510		293,029
Deferred natural gas costs		8,916		—		9,296		—
Deferred power costs		—		1,631		—		4,000
Decoupling rebate		12,544		9,205		18,680		6,344
Utility plant retirement costs		—		424,807		—		417,027
Interest rate swaps		—		24,559		—		23,752
Deferred Climate Commitment Act revenues		—		41,775		—		37,231
COVID-19 deferrals		—		9,744		—		10,172
Other regulatory liabilities		8,543		7,938		8,392		8,529
Total regulatory liabilities	$	62,679	$	864,661	$	76,007	$	856,666


	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 2024		10		—		17,165		35,513		211		308		395		6,878
2025		—		—		16,660		19,895		11		96		1,115		1,125
2026		—		—		8,150		5,765		—		—		—		—
2027		—		—		900		450		—		—		—		—


Balance Sheet Date	Number of Contracts		Notional Amount		Mandatory Cash Settlement Date
March 31, 2024		1	$	10,000	2025
December 31, 2023		2	$	20,000	2024
		1		10,000	2025


	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	$	—	$	(11	)	$	—	$	(11	)
Interest rate swap derivatives
Other property and investments-net and other non-current assets		295		—			—		295
Energy commodity derivatives
Other current assets		3,800		(203	)		—		3,597
Other property and investments-net and other non-current assets		1,606		(1,292	)		—		314
Other current liabilities		17,653		(51,117	)		16,187		(17,277	)
Other non-current liabilities and deferred credits		1,286		(6,059	)		—		(4,773	)
Total derivative instruments recorded on the balance sheet	$	24,640	$	(58,682	)	$	16,187	$	(17,855	)


	Pension Benefits						Other Postretirement Benefits
	2024			2023			2024			2023
Service cost	$	3,762		$	4,894		$	620		$	818
Interest cost		8,365			7,232			1,746			1,044
Expected return on plan assets		(11,228	)		(10,922	)		(974	)		(891	)
Amortization of prior service cost (credit)		123			123			(263	)		(263	)
Net loss recognition		790			839			91			533
Net periodic benefit cost	$	1,812		$	2,166		$	1,220		$	1,241


	2024					2023
Federal income taxes at statutory rates	$	15,498		21.0	%	$	10,126		21.0	%
Increase (decrease) in tax resulting from:
Flow through related to deduction of meters and mixed service costs (1)		(8,785	)	(11.9	)		(13,523	)	(28.0	)
Tax effect of regulatory treatment of utility plant differences		(4,511	)	(6.1	)		(3,687	)	(7.7	)
State income tax expense		539		0.7			566		1.2
Tax credits		(306	)	(0.4	)		—		—
Other		(129	)	(0.2	)		(110	)	(0.2	)
Total income tax expense (benefit)	$	2,306		3.1	%	$	(6,628	)	(13.7	)%


	March 31, 2024				December 31, 2023
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Long-term debt (Level 2)	$	1,100,000	$	943,749	$	1,100,000	$	968,893
Long-term debt (Level 3)		1,450,000		1,129,480		1,450,000		1,166,512
Snettisham finance lease obligation (Level 3)		41,645		38,200		42,495		39,600
Long-term debt to affiliated trusts (Level 3)		51,547		46,068		51,547		46,098


	Level 1		Level 2		Level 3		Counterparty and Cash Collateral Netting (1)			Total
March 31, 2024
Assets:
Energy commodity derivatives	$	—	$	24,345	$	—	$	(20,434	)	$	3,911
Interest rate swap derivatives		—		295		—		—			295
Equity Investments		—		—		51,829		—			51,829
Deferred compensation assets
Mutual Funds:
Fixed income securities (3)		1,107		—		—		—			1,107
Equity securities (3)		7,226		—		—		—			7,226
Total	$	8,333	$	24,640	$	51,829	$	(20,434	)	$	64,368
Liabilities:
Energy commodity derivatives (2)	$	—	$	51,268	$	7,403	$	(36,621	)	$	22,050
Foreign currency exchange derivatives		—		11		—		—			11
Total	$	—	$	51,279	$	7,403	$	(36,621	)	$	22,061
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


	Fair Value (Net) at			Valuation	Unobservable	Range and Weighted
	March 31, 2024			Technique	Input	Average Price
Natural gas exchange agreement	$	(7,403	)	Internally derived weighted average cost of gas	Forward purchase prices	$1.26 - $2.48/mmBTU $1.87 Weighted Average
					Forward sales prices	$2.65 - $9.57/mmBTU $6.96 Weighted Average
					Purchase volumes	300,000 - 310,000 mmBTUs
					Sales volumes	75,000 - 310,000 mmBTUs

SEC Form 10-Q filed by Avista Corporation

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Financials


	Fair Value at
	March 31, 2024		Valuation Technique	Unobservable Input	Range
Equity investments	$	51,829	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	0.28x to 4.83x Revenue 1.86x Average
				Market exit reduction	50%
				Discount rate	25%
				Annual revenues	$15,000 - $245,000
				Terminal date	2027


	Natural Gas Exchange Agreement (1)			Equity Investments			Total
Three Months Ended March 31, 2024:
Beginning balance	$	(8,250	)	$	50,254		$	42,004
Total gains or (losses) (realized/unrealized):
Included in regulatory assets/liabilities		888			—			888
Recognized in net income		—			630			630
Purchases and debt conversions		—			945			945
Settlements		(41	)		—			(41	)
Ending balance as of March 31, 2024	$	(7,403	)	$	51,829		$	44,426
Three Months Ended March 31, 2023:
Beginning balance	$	(17,734	)	$	54,284		$	36,550
Total gains or (losses) (realized/unrealized):
Included in regulatory assets/liabilities		6,783			—			6,783
Recognized in net income		—			(2,637	)		(2,637	)
Purchases and debt conversions		—			2,367			2,367
Settlements		(111	)		—			(111	)
Other		—			(3,000	)		(3,000	)
Ending balance as of March 31, 2023	$	(11,062	)	$	51,014		$	39,952


	March 31, 2024		December 31, 2023
Unfunded benefit obligation for pensions and other postretirement benefit plans - net of taxes of $97 and $95, respectively	$	366	$	357


	Amounts Reclassified from Accumulated Other Comprehensive Loss
Details about Accumulated Other Comprehensive Loss Components (Affected Line Item in Statement of Income)	2024			2023
Amortization of defined benefit pension and postretirement benefit items
Amortization of net prior service cost (1)	$	(140	)	$	(140	)
Amortization of net loss (1)		881			1,372
Adjustment due to effects of regulation (1)		(752	)		(1,255	)
Total before tax (2)		(11	)		(23	)
Tax expense (2)		2			5
Net of tax (2)	$	(9	)	$	(18	)


	2024		2023
Numerator:
Net income	$	71,495	$	54,845
Denominator:
Weighted-average number of common shares outstanding-basic		78,161		75,169
Effect of dilutive securities:
Performance and restricted stock awards		50		106
Weighted-average number of common shares outstanding-diluted		78,211		75,275
Earnings per common share:
Basic	$	0.91	$	0.73
Diluted	$	0.91	$	0.73


Co-Owner	Unit 3			Unit 4
Avista		15	%		15	%
PacifiCorp		10	%		10	%
PGE		20	%		20	%
PSE		25	%		25	%
NorthWestern		—			30	%
Talen		30	%		—


	Avista Utilities			Alaska Electric Light and Power Company		Total Utility			Other			Intersegment Eliminations (1)			Total
For the three months ended March 31, 2024:
Operating revenues	$	594,936		$	14,458	$	609,394		$	22		$	—		$	609,416
Resource costs		292,508			609		293,117			—			—			293,117
Other operating expenses		107,315			3,934		111,249			316			—			111,565
Depreciation and amortization		65,085			2,842		67,927			3			—			67,930
Income (loss) from operations		94,637			6,776		101,413			(297	)		—			101,116
Interest expense (2)		36,031			1,400		37,431			570			(440	)		37,561
Income tax expense		800			1,487		2,287			19			—			2,306
Net income		67,508			3,911		71,419			76			—			71,495
Capital expenditures (3)		117,244			1,465		118,709			—			—			118,709
For the three months ended March 31, 2023:
Operating revenues	$	460,142		$	14,363	$	474,505		$	126		$	—		$	474,631
Resource costs		192,137			791		192,928			—			—			192,928
Other operating expenses		101,389			3,589		104,978			1,011			—			105,989
Depreciation and amortization		62,464			2,724		65,188			31			—			65,219
Income (loss) from operations		70,559			6,958		77,517			(916	)		—			76,601
Interest expense (2)		34,074			1,452		35,526			347			(218	)		35,655
Income tax expense (benefit)		(7,948	)		1,539		(6,409	)		(219	)		—			(6,628	)
Net income (loss)		51,627			4,042		55,669			(824	)		—			54,845
Capital expenditures (3)		97,764			2,726		100,490			3			—			100,493
Total Assets:
As of March 31, 2024:	$	7,206,221		$	272,623	$	7,478,844		$	192,904		$	(22,764	)	$	7,648,984
As of December 31, 2023:	$	7,262,704		$	269,683	$	7,532,387		$	191,665		$	(21,575	)	$	7,702,477


	Electric Customers				Natural Gas Customers
	2024		2023		2024		2023
Residential		370,786		364,542		343,826		339,639
Commercial		44,529		45,010		37,480		37,073
Interruptible		—		—		48		49
Industrial		1,183		1,186		185		186
Public street and highway lighting		702		687		—		—
Total retail customers		417,200		411,425		381,539		376,947


	Electric Decoupling Revenues
	2024			2023
Current year decoupling deferrals (a)	$	(6,163	)	$	(2,522	)
Amortization of prior year decoupling deferrals (b)		8,217			2,723
Total electric decoupling revenue	$	2,054		$	201


	Natural Gas Decoupling Revenues
	2024			2023
Current year decoupling deferrals (a)	$	1,719		$	(15,162	)
Amortization of prior year decoupling deferrals (b)		(890	)		(4,077	)
Total natural gas decoupling revenue	$	829		$	(19,239	)