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Long-Term Debt | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Long-Term Debt | NOTE 16. LONG-TERM DEBT The following details long-term debt outstanding as of December 31 (dollars in thousands):
Maturity Year |  | Description |  | Interest Rate |  |  | 2020 |  |  | 2019 |
Avista Corp. Secured Long-Term Debt |  |  |  |  |  |  |  |  |  |  |  |
2020 |  | First Mortgage Bonds |  | 3.89% |  |  |  | — |  |  |  | 52,000 |
2022 |  | First Mortgage Bonds |  | 5.13% |  |  |  | 250,000 |  |  |  | 250,000 |
2023 |  | Secured Medium-Term Notes |  | 7.18%-7.54% |  |  |  | 13,500 |  |  |  | 13,500 |
2028 |  | Secured Medium-Term Notes |  | 6.37% |  |  |  | 25,000 |  |  |  | 25,000 |
2032 |  | Secured Pollution Control Bonds (1) |  | (1) |  |  |  | 66,700 |  |  |  | 66,700 |
2034 |  | Secured Pollution Control Bonds (1) |  | (1) |  |  |  | 17,000 |  |  |  | 17,000 |
2035 |  | First Mortgage Bonds |  | 6.25% |  |  |  | 150,000 |  |  |  | 150,000 |
2037 |  | First Mortgage Bonds |  | 5.70% |  |  |  | 150,000 |  |  |  | 150,000 |
2040 |  | First Mortgage Bonds |  | 5.55% |  |  |  | 35,000 |  |  |  | 35,000 |
2041 |  | First Mortgage Bonds |  | 4.45% |  |  |  | 85,000 |  |  |  | 85,000 |
2044 |  | First Mortgage Bonds |  | 4.11% |  |  |  | 60,000 |  |  |  | 60,000 |
2045 |  | First Mortgage Bonds |  | 4.37% |  |  |  | 100,000 |  |  |  | 100,000 |
2047 |  | First Mortgage Bonds |  | 4.23% |  |  |  | 80,000 |  |  |  | 80,000 |
2047 |  | First Mortgage Bonds |  | 3.91% |  |  |  | 90,000 |  |  |  | 90,000 |
2048 |  | First Mortgage Bonds |  | 4.35% |  |  |  | 375,000 |  |  |  | 375,000 |
2049 |  | First Mortgage Bonds |  | 3.43% |  |  |  | 180,000 |  |  |  | 180,000 |
2050 |  | First Mortgage Bonds (2) |  | 3.07% |  |  |  | 165,000 |  |  |  | — |
2051 |  | First Mortgage Bonds |  | 3.54% |  |  |  | 175,000 |  |  |  | 175,000 |
|  | Total Avista Corp. secured long-term debt |  |  |  |  |  |  | 2,017,200 |  |  |  | 1,904,200 |
Alaska Electric Light and Power Company Secured Long-Term Debt |  |  |  |  |  |  |  |  |  |  |  |
2044 |  | First Mortgage Bonds |  | 4.54% |  |  |  | 75,000 |  |  |  | 75,000 |
|  | Total secured long-term debt |  |  |  |  |  |  | 2,092,200 |  |  |  | 1,979,200 |
Alaska Energy and Resources Company Unsecured Long-Term Debt |  |  |  |  |  |  |  |  |  |  |  |
2024 |  | Unsecured Term Loan |  | 3.44% |  |  |  | 15,000 |  |  |  | 15,000 |
|  | Total secured and unsecured long-term debt |  |  |  |  |  |  | 2,107,200 |  |  |  | 1,994,200 |
Other Long-Term Debt Components |  |  |  |  |  |  |  |  |  |  |  |
|  | Unamortized debt discount |  |  |  |  |  |  | (710 | ) |  |  | (788 | )
|  | Unamortized long-term debt issuance costs |  |  |  |  |  |  | (14,256 | ) |  |  | (13,944 | )
|  | Total |  |  |  |  |  |  | 2,092,234 |  |  |  | 1,979,468 |
|  | Secured Pollution Control Bonds held by Avista Corporation (1) |  |  |  |  |  |  | (83,700 | ) |  |  | (83,700 | )
|  | Current portion of long-term debt |  |  |  |  |  |  | — |  |  |  | (52,000 | )
|  | Total long-term debt |  |  |  |  |  | $ | 2,008,534 |  |  | $ | 1,843,768 |
(1) | In December 2010, $66.7 million and $17.0 million of the City of Forsyth, Montana Pollution Control Revenue Refunding Bonds (Avista Corporation Colstrip Project) due in 2032 and 2034, respectively, which had been held by Avista Corp. since 2008 and 2009, respectively, were refunded by new variable rate bond issues (Series 2010A and Series 2010B). The new bonds were not offered to the public and were purchased by Avista Corp. due to market conditions. The Company expects that at a later date, subject to market conditions, these bonds may be remarketed to
| unaffiliated investors. So long as Avista Corp. is the holder of these bonds, the bonds will not be reflected as an asset or a liability on Avista Corp.'s Consolidated Balance Sheets.
(2) | In September 2020, the Company issued and sold $165.0 million of 3.07 percent first mortgage bonds due in 2050 pursuant to a bond purchase agreement with institutional investors in the private placement market. The total net proceeds from the sale of the bonds were used to repay maturing long-term debt of $52.0 million and repay a portion of the outstanding balance under Avista Corp.'s $400.0 million committed line of credit. In connection with the pricing of the first mortgage bonds in June 2020, the Company cash settled seven interest rate swap derivatives (notional aggregate amount of $70.0 million) and paid a net amount of $33.5 million. See Note 7 for a discussion of interest rate swap derivatives.
The following table details future long-term debt maturities including long-term debt to affiliated trusts (see Note 17) (dollars in thousands):
|  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  | 2025 |  |  | Thereafter |  |  | Total |
Debt maturities |  | $ | — |  |  | $ | 250,000 |  |  | $ | 13,500 |  |  | $ | 15,000 |  |  | $ | — |  |  | $ | 1,796,547 |  |  | $ | 2,075,047 |
Substantially all of Avista Utilities' and AEL&P's owned properties are subject to the lien of their respective mortgage indentures. Under the Mortgages and Deeds of Trust (Mortgages) securing their first mortgage bonds (including secured medium-term notes), Avista Utilities and AEL&P may each issue additional first mortgage bonds under their specific mortgage in an aggregate principal amount equal to the sum of:
| • | 66-2/3 percent of the cost or fair value (whichever is lower) of property additions of that entity which have not previously been made the basis of any application under that entity's Mortgage, or
| • | an equal principal amount of retired first mortgage bonds of that entity which have not previously been made the basis of any application under that entity's Mortgage, or
| • | deposit of cash.
Avista Utilities and AEL&P may not individually issue any additional first mortgage bonds (with certain exceptions in the case of bonds issued on the basis of retired bonds) unless the particular entity issuing the bonds has “net earnings” (as defined in that entity's Mortgage) for any period of 12 consecutive calendar months out of the preceding 18 calendar months that were at least twice the annual interest requirements on all mortgage securities at the time outstanding, including the first mortgage bonds to be issued, and on all indebtedness of prior rank. As of December 31, 2020, property additions and retired bonds would have allowed, and the net earnings test would not have prohibited, the issuance of $1.7 billion in an aggregate principal amount of additional first mortgage bonds at Avista Utilities and $36.1 million by AEL&P.

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