Company Quick10K Filing
Quick10K
Avista
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$42.55 66 $2,800
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-07 Earnings, Exhibits
8-K 2019-06-14 Officers
8-K 2019-06-10 Other Events
8-K 2019-05-20 Regulation FD, Exhibits
8-K 2019-05-10 Officers, Exhibits
8-K 2019-05-09 Shareholder Vote
8-K 2019-05-02 Earnings, Exhibits
8-K 2019-03-19 Regulation FD, Exhibits
8-K 2019-02-08 Earnings, Exhibits
8-K 2019-01-23 Enter Agreement, Leave Agreement, Other Events, Exhibits
8-K 2019-01-23 Enter Agreement, Leave Agreement, Other Events, Exhibits
8-K 2019-01-15 Other Events, Exhibits
8-K 2019-01-08 Other Events, Exhibits
8-K 2019-01-03 Other Events, Exhibits
8-K 2018-12-17 Other Events, Exhibits
8-K 2018-12-10 Other Events, Exhibits
8-K 2018-12-05 Other Events, Exhibits
8-K 2018-11-07 Earnings, Exhibits
8-K 2018-09-19 Other Events, Exhibits
8-K 2018-08-07 Other Events
8-K 2018-08-01 Earnings, Exhibits
8-K 2018-06-12 Other Events
8-K 2018-06-04 Other Events
8-K 2018-05-25 Other Events
8-K 2018-05-18 Regulation FD, Exhibits
8-K 2018-05-15 Other Events, Exhibits
8-K 2018-05-10 Shareholder Vote
8-K 2018-05-08 Other Events
8-K 2018-04-13 Other Events
8-K 2018-04-03 Other Events
8-K 2018-03-27 Other Events
8-K 2018-03-21 Regulation FD, Exhibits
8-K 2018-03-16 Other Events
JWN Nordstrom 6,170
CIT CIT Group 4,960
CCMP Cabot Microelectronics 3,320
BCOR Blucora 1,570
HUD Hudson 1,470
FTSV Forty Seven 585
USAT USA Technologies 352
MNLO Menlo Therapeutics 163
TRCB Two River Bancorp 133
PDEX Pro Dex 74
AVA 2019-06-30
Part I. Financial Information
Item 1. Condensed Consolidated Financial Statements
Note 1. Summary of Significant Accounting Policies
Note 2. New Accounting Standards
Note 3. Balance Sheet Components
Note 4. Revenue
Note 5. Leases
Note 6. Derivatives and Risk Management
Note 7. Pension Plans and Other Postretirement Benefit Plans
Note 8. Income Taxes
Note 9. Committed Lines of Credit
Note 10. Long-Term Debt To Affiliated Trusts
Note 11. Fair Value
Note 12. Common Stock
Note 13. Accumulated Other Comprehensive Loss
Note 14. Earnings per Common Share Attributable To Avista Corp. Shareholders
Note 15. Commitments and Contingencies
Note 16. Information By Business Segments
Note 17. Termination of Proposed Acquisition By Hydro One
Note 18. Sale of Metalfx
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-15 ava-20190630xex15.htm
EX-31.1 ava-20190630xex311.htm
EX-31.2 ava-20190630xex312.htm
EX-32 ava-20190630xex32.htm

Avista Earnings 2019-06-30

AVA 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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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 June 30, 2019 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 August 2, 2019, 66,111,437 shares of Registrant’s Common Stock, no par value (the only class of common stock), were outstanding.


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AVISTA CORPORATION



AVISTA CORPORATION
INDEX
Item No.
 
 
Page
No.
 
 
 
 
 
 
 
 
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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Item 3.
 
 
 
 
 
Item 4.
 
 
 
 
 
 
 
Item 1.
 
 
 
 
 
Item 1A.
 
 
 
 
 
Item 6.
 
 
 
 
 
 
 
 

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ACRONYMS AND TERMS
(The following acronyms and terms are found in multiple locations within the document)
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
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
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)
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
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).
Hydro One
-
Hydro One Limited, based in Toronto, Ontario, Canada
IPUC
-
Idaho Public Utilities Commission
Juneau
-
The City and Borough of Juneau, Alaska
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

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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
SEC
-
U.S. Securities and Exchange Commission
TCJA
-
The "Tax Cuts and Jobs Act," signed into law on December 22, 2017
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


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AVISTA CORPORATION



Forward-Looking Statements
From time to time, we make forward-looking statements such as statements regarding projected or future:
financial performance;
cash flows;
capital expenditures;
dividends;
capital structure;
other financial items;
strategic goals and objectives;
business environment; and
plans for operations.
These statements are based upon underlying assumptions (many of which are based, in turn, upon further assumptions). Such statements are made both in our reports filed under the Securities Exchange Act of 1934, as amended (including this Quarterly Report on Form 10-Q), and elsewhere. Forward-looking statements are all statements except those of historical fact including, without limitation, those that are identified by the use of words that include “will,” “may,” “could,” “should,” “intends,” “plans,” “seeks,” “anticipates,” “estimates,” “expects,” “forecasts,” “projects,” “predicts,” and similar expressions.
Forward-looking statements (including those made in this Quarterly Report on Form 10-Q) are subject to a variety of risks, uncertainties and other factors. Most of these factors are beyond our control and may have a significant effect on our operations, results of operations, financial condition or cash flows, which could cause actual results to differ materially from those anticipated in our statements. Such risks, uncertainties and other factors include, among others:
Financial Risk
weather conditions, which affect both energy demand and electric generating capability, including the impact of precipitation and temperature on hydroelectric resources, the impact of wind patterns on wind-generated power, weather-sensitive customer demand, and similar impacts on supply and demand in the wholesale energy markets;
our ability to obtain financing through the issuance of debt and/or equity securities, which can be affected by various factors including our credit ratings, interest rates, other capital market conditions and global economic conditions;
changes in interest rates that affect borrowing costs, our ability to effectively hedge interest rates for anticipated debt issuances, variable interest rate borrowing and the extent to which we recover interest costs through retail rates collected from customers;
changes in actuarial assumptions, interest rates and the actual return on plan assets for our pension and other postretirement benefit plans, which can affect future funding obligations, pension and other postretirement benefit expense and the related liabilities;
deterioration in the creditworthiness of our customers;
the outcome of legal proceedings and other contingencies;
economic conditions in our service areas, including the economy's effects on customer demand for utility services;
declining energy demand related to customer energy efficiency, conservation measures and/or increased distributed generation;
changes in the long-term climate and weather may materially affect, among other things, customer demand, the volume and timing of streamflows required for hydroelectric generation, costs of generation, transmission and distribution. Increased or new risks may arise from severe weather or natural disasters, including wildfires;
industry and geographic concentrations which may increase our exposure to credit risks due to counterparties, suppliers and customers being similarly affected by changing conditions;
Utility Regulatory Risk
state and federal regulatory decisions or related judicial decisions that affect our ability to recover costs and earn a reasonable return including, but not limited to, disallowance or delay in the recovery of capital investments, operating

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costs, commodity costs, interest rate swap derivatives, the ordering of refunds to customers and discretion over allowed return on investment;
the loss of regulatory accounting treatment, which could require the write-off of regulatory assets and the loss of regulatory deferral and recovery mechanisms;
Energy Commodity Risk
volatility and illiquidity in wholesale energy markets, including exchanges, the availability of willing buyers and sellers, changes in wholesale energy prices that can affect operating income, cash requirements to purchase electricity and natural gas, value received for wholesale sales, collateral required of us by individual counterparties and/or exchanges in wholesale energy transactions and credit risk to us from such transactions, and the market value of derivative assets and liabilities;
default or nonperformance on the part of any parties from whom we purchase and/or sell capacity or energy;
potential environmental regulations or lawsuits affecting our ability to utilize or resulting in the obsolescence of our power supply resources;
explosions, fires, accidents, pipeline ruptures or other incidents that may limit energy supply to our facilities or our surrounding territory, which could result in a shortage of commodities in the market that could increase the cost of replacement commodities from other sources;
Operational Risk
severe weather or natural disasters, including, but not limited to, avalanches, wind storms, wildfires, earthquakes, snow and ice storms, that can disrupt energy generation, transmission and distribution, as well as the availability and costs of fuel, materials, equipment, supplies and support services;
explosions, fires, accidents, mechanical breakdowns or other incidents that may impair assets and may disrupt operations of any of our generation facilities, transmission, and electric and natural gas distribution systems or other operations and may require us to purchase replacement power;
explosions, fires, accidents or other incidents arising from or allegedly arising from our operations that may cause wildfires, injuries to the public or property damage;
blackouts or disruptions of interconnected transmission systems (the regional power grid);
terrorist attacks, cyberattacks or other malicious acts that may disrupt or cause damage to our utility assets or to the national or regional economy in general, including any effects of terrorism, cyberattacks or vandalism that damage or disrupt information technology systems;
work force issues, including changes in collective bargaining unit agreements, strikes, work stoppages, the loss of key executives, availability of workers in a variety of skill areas, and our ability to recruit and retain employees;
increasing costs of insurance, more restrictive coverage terms and our ability to obtain insurance;
delays or changes in construction costs, and/or our ability to obtain required permits and materials for present or prospective facilities;
increasing health care costs and cost of health insurance provided to our employees and retirees;
third party construction of buildings, billboard signs, towers or other structures within our rights of way, or placement of fuel containers within close proximity to our transformers or other equipment, including overbuild atop natural gas distribution lines;
the loss of key suppliers for materials or services or other disruptions to the supply chain;
adverse impacts to our Alaska electric utility that could result from an extended outage of its hydroelectric generating resources or their inability to deliver energy, due to their lack of interconnectivity to any other electrical grids and the cost of replacement power (diesel);
changing river regulation or operations at hydroelectric facilities not owned by us, which could impact our hydroelectric facilities downstream;
change in the use, availability or abundancy of water resources and/or rights needed for operation of our hydroelectric facilities;

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AVISTA CORPORATION



Compliance Risk
changes in laws, regulations, decisions and policies at the federal, state or local levels, which could materially impact both our electric and gas operations and costs of operations;
the ability to comply with the terms of the licenses and permits for our hydroelectric or thermal generating facilities at cost-effective levels;
Cyber and Technology Risk
cyberattacks on the operating systems that are used in the operation of our electric generation, transmission and distribution facilities and our natural gas distribution facilities, and cyberattacks on such systems of other energy companies with which we are interconnected, which could damage or destroy facilities or systems or disrupt operations for extended periods of  time and result in the incurrence of liabilities and costs;
cyberattacks on the administrative systems that are used in the administration of our business, including customer billing and customer service, accounting, communications, compliance and other administrative functions, and cyberattacks on such systems of our vendors and other companies with which we do business, which could result in the disruption of business operations, the release of private information and the incurrence of liabilities and costs;
changes in costs that impede our ability to effectively implement new information technology systems or to operate and maintain current production technology;
changes in technologies, possibly making some of the current technology we utilize obsolete or introducing new cyber security risks;
insufficient technology skills, which could lead to the inability to develop, modify or maintain our information systems;
Strategic Risk
growth or decline of our customer base and the extent to which new uses for our services may materialize or existing uses may decline, including, but not limited to, the effect of the trend toward distributed generation at customer sites;
the potential effects of negative publicity regarding our business practices, whether true or not, which could hurt our reputation and result in litigation or a decline in our common stock price;
changes in our strategic business plans, which may be affected by any or all of the foregoing, including the entry into new businesses and/or the exit from existing businesses and the extent of our business development efforts where potential future business is uncertain;
entering into or growth of non-regulated activities may increase earnings volatility;
potential legal proceedings arising from the termination of the proposed acquisition of the Company by Hydro One;
External Mandates Risk
changes in environmental laws, regulations, decisions and policies, including present and potential environmental remediation costs and our compliance with these matters;
the potential effects of initiatives, legislation or administrative rulemaking at the federal, state or local levels, including possible effects on our generating resources or restrictions on greenhouse gas emissions to mitigate concerns over global climate changes;
political pressures or regulatory practices that could constrain or place additional cost burdens on our distribution systems through accelerated adoption of distributed generation or electric-powered transportation or on our energy supply sources, such as campaigns to halt coal-fired power generation and opposition to other thermal generation, wind turbines or hydroelectric facilities;
wholesale and retail competition including alternative energy sources, growth in customer-owned power resource technologies that displace utility-supplied energy or that may be sold back to the utility, and alternative energy suppliers and delivery arrangements;
failure to identify changes in legislation, taxation and regulatory issues that are detrimental or beneficial to our overall business;
policy and/or legislative changes in various regulated areas, including, but not limited to, environmental regulation, healthcare regulations and import/export regulations; and

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AVISTA CORPORATION



the risk of municipalization in any of our service territories.
Our expectations, beliefs and projections are expressed in good faith. We believe they are reasonable based on, without limitation, an examination of historical operating trends, our records and other information available from third parties. There can be no assurance that our expectations, beliefs or projections will be achieved or accomplished. Furthermore, any forward-looking statement speaks only as of the date on which such statement is made. We undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances that occur after the date on which such statement is made or to reflect the occurrence of unanticipated events. New risks, uncertainties and other factors emerge from time to time, and it is not possible for us to predict all such factors, nor can we assess the effect of each such factor on our business or the extent that any such factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statement.
Available Information
Our website address is www.myavista.com. We make annual, quarterly and current reports available on our website as soon as practicable after electronically filing these reports with the SEC. The SEC maintains a website that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at www.sec.gov. Except for SEC filings or portions thereof that are specifically referred to in this report, information contained on these websites is not part of this report.


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PART I. Financial Information
Item 1. Condensed Consolidated Financial Statements
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Avista Corporation
For the Three and Six Months Ended June 30
Dollars in thousands, except per share amounts
(Unaudited)
 
Three months ended June 30,
 
Six months ended June 30,
 
2019
 
2018
 
2019
 
2018
Operating Revenues:
 
 
 
 
 
 
 
Utility revenues:
 
 
 
 
 
 
 
Utility revenues, exclusive of alternative revenue programs
$
288,826

 
$
309,134

 
$
682,067

 
$
717,490

Alternative revenue programs
9,725

 
3,570

 
5,067

 
(2,369
)
Total utility revenues
298,551

 
312,704

 
687,134

 
715,121

Non-utility revenues
2,261

 
6,594

 
10,159

 
13,538

Total operating revenues
300,812

 
319,298

 
697,293

 
728,659

Operating Expenses:
 
 
 
 
 
 
 
Utility operating expenses:
 
 
 
 
 
 
 
Resource costs
88,439

 
105,969

 
225,786

 
260,587

Other operating expenses
87,720

 
81,078

 
171,698

 
158,376

Merger transaction costs
11

 
983

 
19,675

 
1,655

Depreciation and amortization
55,479

 
45,651

 
104,393

 
90,384

Taxes other than income taxes
22,908

 
25,596

 
54,851

 
56,425

Non-utility operating expenses:
 
 
 
 
 
 
 
Other operating expenses
6,332

 
6,543

 
13,687

 
13,367

Depreciation and amortization
155

 
199

 
364

 
380

Total operating expenses
261,044

 
266,019

 
590,454

 
581,174

Income from operations
39,768

 
53,279

 
106,839

 
147,485

Interest expense
25,511

 
25,170

 
51,162

 
49,946

Interest expense to affiliated trusts
351

 
302

 
708

 
555

Capitalized interest
(1,101
)
 
(1,139
)
 
(2,029
)
 
(2,107
)
Merger termination fee

 

 
(103,000
)
 

Other expense (income)-net
(8,268
)
 
(1,907
)
 
(9,175
)
 
2,572

Income before income taxes
23,275

 
30,853

 
169,173

 
96,519

Income tax expense (benefit)
(1,741
)
 
5,209

 
28,276

 
15,919

Net income
25,016

 
25,644

 
140,897

 
80,600

Net loss (income) attributable to noncontrolling interests
303

 
(67
)
 
216

 
(133
)
Net income attributable to Avista Corp. shareholders
$
25,319

 
$
25,577

 
$
141,113

 
$
80,467

Weighted-average common shares outstanding (thousands), basic
65,894

 
65,677

 
65,814

 
65,658

Weighted-average common shares outstanding (thousands), diluted
65,963

 
65,983

 
65,883

 
65,957

 
 
 
 
 
 
 
 
Earnings per common share attributable to Avista Corp. shareholders:
 
 
 
 
 
 
 
Basic
$
0.38

 
$
0.39

 
$
2.14

 
$
1.23

Diluted
$
0.38

 
$
0.39

 
$
2.14

 
$
1.22

The Accompanying Notes are an Integral Part of These Statements.

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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Avista Corporation
For the Three and Six Months Ended June 30
Dollars in thousands
(Unaudited)
 
Three months ended June 30,
 
Six months ended June 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
25,016

 
$
25,644

 
$
140,897

 
$
80,600

Other Comprehensive Income:
 
 
 
 
 
 
 
Change in unfunded benefit obligation for pension and other postretirement benefit plans - net of taxes of $42, $54, $85 and $109 respectively
161

 
204

 
321

 
408

Total other comprehensive income
161

 
204

 
321

 
408

Comprehensive income
25,177

 
25,848

 
141,218

 
81,008

Comprehensive loss (income) attributable to noncontrolling interests
303

 
(67
)
 
216

 
(133
)
Comprehensive income attributable to Avista Corporation shareholders
$
25,480

 
$
25,781

 
$
141,434

 
$
80,875


The Accompanying Notes are an Integral Part of These Statements.

6

Table of Contents

CONDENSED CONSOLIDATED BALANCE SHEETS
Avista Corporation
Dollars in thousands
(Unaudited) 
 
June 30,
 
December 31,
 
2019
 
2018
Assets:
 
 
 
Current Assets:
 
 
 
Cash and cash equivalents
$
17,231

 
$
14,656

Accounts and notes receivable-less allowances of $3,415 and $5,233, respectively
115,493

 
165,824

Materials and supplies, fuel stock and stored natural gas
67,659

 
63,881

Regulatory assets
38,785

 
48,552

Other current assets
30,599

 
54,010

Total current assets
269,767

 
346,923

Net utility property
4,684,654

 
4,648,930

Goodwill
52,426

 
57,672

Non-current regulatory assets
630,451

 
614,354

Other property and investments-net and other non-current assets
240,630

 
114,697

Total assets
$
5,877,928

 
$
5,782,576

Liabilities and Equity:
 
 
 
Current Liabilities:
 
 
 
Accounts payable
$
80,619

 
$
108,372

Current portion of long-term debt and capital leases
104,993

 
107,645

Short-term borrowings
169,000

 
190,000

Regulatory liabilities
37,954

 
113,209

Other current liabilities
124,169

 
120,358

Total current liabilities
516,735

 
639,584

Long-term debt and capital leases
1,701,434

 
1,755,529

Long-term debt to affiliated trusts
51,547

 
51,547

Pensions and other postretirement benefits
214,983

 
222,537

Deferred income taxes
508,139

 
487,602

Non-current regulatory liabilities
789,655

 
780,701

Other non-current liabilities and deferred credits
211,401

 
71,031

Total liabilities
3,993,894

 
4,008,531

Commitments and Contingencies (See Notes to Condensed Consolidated Financial Statements)
 
 
 
Equity:
 
 
 
Avista Corporation Shareholders’ Equity:
 
 
 
Common stock, no par value; 200,000,000 shares authorized; 66,111,317 and 65,688,356 shares issued and outstanding, respectively
1,157,024

 
1,136,491

Accumulated other comprehensive loss
(7,545
)
 
(7,866
)
Retained earnings
734,555

 
644,595

Total Avista Corporation shareholders’ equity
1,884,034

 
1,773,220

Noncontrolling Interests

 
825

Total equity
1,884,034

 
1,774,045

Total liabilities and equity
$
5,877,928

 
$
5,782,576

The Accompanying Notes are an Integral Part of These Statements.


7

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Avista Corporation
For the Six Months Ended June 30
Dollars in thousands
(Unaudited) 
 
2019
 
2018
Operating Activities:
 
 
 
Net income
$
140,897

 
$
80,600

Non-cash items included in net income:
 
 
 
Depreciation and amortization
104,757

 
92,584

Deferred income tax provision and investment tax credits
5,577

 
(1,272
)
Power and natural gas cost amortizations (deferrals), net
(47,716
)
 
6,701

Amortization of debt expense
1,338

 
1,635

Amortization of investment in exchange power
1,225

 
1,225

Stock-based compensation expense
7,009

 
3,878

Equity-related AFUDC
(3,253
)
 
(2,845
)
Pension and other postretirement benefit expense
18,040

 
16,025

Other regulatory assets and liabilities and deferred debits and credits
1,122

 
21,323

Change in decoupling regulatory deferral
(5,444
)
 
2,226

Gain on sale of METALfx (before payment of transaction costs)
(6,477
)
 

Other
(3,904
)
 
2,108

Contributions to defined benefit pension plan
(14,600
)
 
(14,600
)
Cash paid for settlement of interest rate swap agreements

 
(31,484
)
Cash received for settlement of interest rate swap agreements

 
5,594

Changes in certain current assets and liabilities:
 
 
 
Accounts and notes receivable
47,771

 
65,843

Materials and supplies, fuel stock and stored natural gas
(7,225
)
 
1,174

Collateral posted for derivative instruments
47,352

 
44,080

Other current assets
(8,783
)
 
3,832

Accounts payable
(19,393
)
 
(21,642
)
Other current liabilities
(5,622
)
 
(1,560
)
Net cash provided by operating activities
252,671

 
275,425

 
 
 
 
Investing Activities:
 
 
 
Utility property capital expenditures (excluding equity-related AFUDC)
(199,988
)
 
(183,132
)
Issuance of notes receivable at subsidiaries
(900
)
 
(2,780
)
Equity and property investments made by subsidiaries
(6,624
)
 
(7,431
)
Proceeds from sale of METALfx (net of cash sold)
16,407

 

Other
1,072

 
438

Net cash used in investing activities
(190,033
)
 
(192,905
)
The Accompanying Notes are an Integral Part of These Statements.

8

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
Avista Corporation
For the Six Months Ended June 30
Dollars in thousands
(Unaudited)
 
2019
 
2018
Financing Activities:
 
 
 
Net decrease in short-term borrowings
$
(21,000
)
 
$
(105,398
)
Proceeds from issuance of long-term debt

 
374,621

Maturity of long-term debt and capital leases
(1,330
)
 
(276,170
)
Issuance of common stock, net of issuance costs
14,929

 
1,227

Cash dividends paid
(51,153
)
 
(49,101
)
Other
(1,509
)
 
(8,538
)
Net cash used in financing activities
(60,063
)
 
(63,359
)
 
 
 
 
Net increase in cash and cash equivalents
2,575

 
19,161

 
 
 
 
Cash and cash equivalents at beginning of period
14,656

 
16,172

 
 
 
 
Cash and cash equivalents at end of period
$
17,231

 
$
35,333

The Accompanying Notes are an Integral Part of These Statements.



9

Table of Contents

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
Avista Corporation
For the Three and Six Months Ended June 30
Dollars in thousands
(Unaudited)
 
Three months ended June 30,
 
Six months ended June 30,
 
2019
 
2018
 
2019
 
2018
Common Stock, Shares:
 
 
 
 
 
 
 
Shares outstanding at beginning of period
65,749,932

 
65,668,477

 
65,688,356

 
65,494,333

Shares issued
361,385

 
19,015

 
422,961

 
193,159

Shares outstanding at end of period
66,111,317

 
65,687,492

 
66,111,317

 
65,687,492

Common Stock, Amount:
 
 
 
 
 
 
 
Balance at beginning of period
$
1,140,242

 
$
1,131,549

 
$
1,136,491

 
$
1,133,448

Equity compensation expense
2,043

 
1,760

 
6,495

 
3,558

Issuance of common stock, net of issuance costs
14,739

 
995

 
14,929

 
1,227

Payment of minimum tax withholdings for share-based payment awards

 

 
(891
)
 
(3,929
)
Balance at end of period
1,157,024

 
1,134,304

 
1,157,024

 
1,134,304

Accumulated Other Comprehensive Loss:
 
 
 
 
 
 
 
Balance at beginning of period
(7,706
)
 
(9,628
)
 
(7,866
)
 
(8,090
)
Other comprehensive income
161

 
204

 
321

 
408

Reclassification of excess income tax benefits

 

 

 
(1,742
)
Balance at end of period
(7,545
)
 
(9,424
)
 
(7,545
)
 
(9,424
)
Retained Earnings:
 
 
 
 
 
 
 
Balance at beginning of period
734,774

 
636,468

 
644,595

 
604,470

Net income attributable to Avista Corporation shareholders
25,319

 
25,577

 
141,113

 
80,467

Cash dividends paid on common stock
(25,538
)
 
(24,467
)
 
(51,153
)
 
(49,101
)
Reclassification of excess income tax benefits

 

 

 
1,742

Balance at end of period
734,555

 
637,578

 
734,555

 
637,578

Total Avista Corporation shareholders’ equity
1,884,034

 
1,762,458

 
1,884,034

 
1,762,458

Noncontrolling Interests:
 
 
 
 
 
 
 
Balance at beginning of period
912

 
182

 
825

 
656

Net income (loss) attributable to noncontrolling interests
(303
)
 
67

 
(216
)
 
133

Cash dividends paid to subsidiary noncontrolling interests

 

 

 
(540
)
Deconsolidation of noncontrolling interests related to sale of METALfx
(609
)
 

 
(609
)
 

Balance at end of period

 
249

 

 
249

Total equity
$
1,884,034

 
$
1,762,707

 
$
1,884,034

 
$
1,762,707

Dividends declared per common share
$
0.3875

 
$
0.3725

 
$
0.7750