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Long-Term Debt to Affiliated Trusts | 6 Months Ended
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Jun. 30, 2023
Long Term Debt To Affiliated Trust [Abstract] |
Long- Term Debt To Affiliated Trusts | NOTE 11. LONG-TERM DEB T TO AFFILIATED TRUSTS In 1997, the Company issued Floating Rate Junior Subordinated Deferrable Interest Debentures, Series B, with a principal amount of $51.5 million to Avista Capital II, an affiliated business trust formed by the Company. Avista Capital II issued $50.0 million of Preferred Trust Securities with a floating distribution rate of LIBOR plus 0.875 percent, calculated and reset quarterly. Effective July 3, 2023, the reference to LIBOR in the formulation for the distribution rate on these securities was replaced with three-month CME Term SOFR, as calculated and published by CME Group Benchmark Administration, Ltd. (a successor administrator), plus a tenor spread adjustment of 0.26 percent. Accordingly, the distribution rate on the Preferred Trust Securities will now be the three-month CME Term SOFR plus 1.137 percent calculated and reset quarterly. The distribution rates were as follows during the six months ended June 30, 2023 and the year ended December 31, 2022:
|  | June 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Low distribution rate |  |  | 5.64 | % |  |  | 1.05 | %
High distribution rate |  |  | 6.37 | % |  |  | 5.64 | %
Distribution rate at the end of the period |  |  | 6.37 | % |  |  | 5.64 | %
Concurrent with the issuance of the Preferred Trust Securities, Avista Capital II issued $1.5 million of Common Trust Securities to the Company. The Preferred Trust Securities may be redeemed at the option of Avista Capital II at any time and mature on June 1, 2037. In December 2000, the Company purchased $10.0 million of these Preferred Trust Securities. The Company owns 100 percent of Avista Capital II and has solely and unconditionally guaranteed the payment of distributions on, and redemption price and liquidation amount for, the Preferred Trust Securities to the extent Avista Capital II has funds available for such payments from the respective debt securities. Upon maturity or prior redemption of such debt securities, the Preferred Trust Securities will be mandatorily redeemed. The Company does not include these capital trusts in its condensed consolidated financial statements as Avista Corp. is not the primary beneficiary. As such, the sole assets of the capital trusts are $51.5 million of junior subordinated deferrable interest debentures of Avista Corp., which are reflected on the Condensed Consolidated Balance Sheets. Interest expense to affiliated trusts in the Condensed Consolidated Statements of Income represents interest expense on these debentures.

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