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Short-Term Borrowings | 3 Months Ended
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Mar. 31, 2023
Short-Term Debt [Abstract] |
Short-Term Borrowings | NOTE 9. S HORT-TERM BORROWINGS Avista Corp. Lines of Credit Avista Corp. has a committed line of credit in the total amount of $400 million. with expiration date of June 2026. Avista Corp. has the option to extend for an additional one year period (subject to customary conditions). The committed line of credit is secured by non-transferable first mortgage bonds of Avista Corp. issued to the agent bank that would only become due and payable in the event, and then only to the extent, Avista Corp. defaults on its obligations under the committed line of credit. Balances outstanding and interest rates on borrowings (excluding letters of credit) under Avista Corp.’s $400 million revolving committed line of credit were as follows as of March 31, 2023 and December 31, 2022 (dollars in thousands):
|  | March 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Borrowings outstanding at end of period |  | $ | 231,000 |  |  | $ | 313,000 |
Letters of credit outstanding at end of period |  |  | 4,638 |  |  |  | 35,563 |
Average interest rate on borrowings at end of period |  |  | 5.79 | % |  |  | 5.31 | %
In 2022, Avista Corp. entered into a revolving credit agreement in the amount of $100 million with a maturity date in November 2023. As of March 31, 2023 and December 31, 2022, Avista Corp. did no t have any outstanding borrowings under this agreement. The borrowings outstanding under Avista Corp.'s committed lines of credit were classified as short-term borrowings on the Condensed Consolidated Balance Sheets. 2022 Term Loan Avista Corp. had a term loan agreement in the amount of $150 million with a maturity date of March 30, 2023. Avista Corp. borrowed the entire $150 million available under the agreement in 2022, and repaid the entire outstanding balance in March 2023. 2022 Letter of Credit Facility In December 2022, Avista Corp. entered into a continuing letter of credit a greement in the aggregate amount of $50 million. Either party may terminate the agreement at any time. As of March 31, 2023, Avista Corp. had $24.0 million in letters of credit outstanding under this agreement. Letters of credit are not reflected on the Condensed Consolidated Balance Sheets. If a letter of credit were drawn upon by the holder, we would have an immediate obligation to reimburse the bank that issued the letter. Covenants and Default Provisions The short-term borrowing agreements contain customary covenants and default provisions, including a change in control (as defined in the agreements). The events of default under each of the credit facilities also include a cross default from other indebtedness (as defined) and in some cases other obligations. Most of the short-term borrowing agreement also include a covenant which does not permit the ratio of “consolidated total debt” to “consolidated total capitalization” of Avista Corp. to be greater than 65 percent at any time. As of March 31, 2023, the Company was in compliance with this covenant. AEL&P AEL&P has a committed line of credit in the amount of $25.0 million that expires in November 2024. There were no borrowings or letters of credit outstanding under this agreement as of March 31, 2023 and December 31, 2022. The committed line of credit is secured by non-transferable first mortgage bonds of AEL&P issued to the agent bank that would only become due and payable in the event, and then only to the extent, that AEL&P defaults on its obligations under the committed line of credit.

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 + Details
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