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Equity Investments | 12 Months Ended
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Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Equity Investments | NOTE 7. EQUITY INVESTMENTS The Company has equity investment holdings that are accounted for under the equity method, at fair value, or using the fair value measurement alternative provided for in ASC 321, adjusting cost for impairment and observable price changes. The following table summarizes Avista Corp.’s equity investments, which are included in “Other property and investments- net and other non-current assets” on the Consolidated Balance Sheets as of December 31 (dollars in thousands):
|  | 2023 |  |  | 2022 |
Equity method investments |  | $ | 78,513 |  |  | $ | 70,196 |
Investments without readily determinable fair value |  |  |  |  |  |
Non-recurring fair value |  |  | 24,583 |  |  |  | 23,329 |
Recurring fair value |  |  | 50,254 |  |  |  | 54,284 |
Total |  | $ | 153,350 |  |  | $ | 147,809 |
Equity Method Investments The Company has investments in limited partnerships (or the functional equivalent) where Avista Corp. is a limited partner investor in an investment fund. Holdings in these investment funds are accounted for under the equity method. Underlying investments held by the funds are recorded at fair value by the fund, and Avista Corp. recognizes its share of the fund's profits and losses based on its ownership percentage. The Company also has ownership in joint ventures with underlying holdings in real estate, which are accounted for under the equity method. The Company's earnings and losses related to equity method investments are included in “Other income- net” on the Consolidated Statements of Net Income. Investments Without Readily Determinable Fair Value The Company has investments that do not qualify for equity method treatment, and for which fair value is not readily determinable. The Company has elected the measurement alternative for a majority of these investments, adjusting the recorded value on a non-recurring basis as a result of observable transactions involving the underlying asset. The observable transaction indicates an updated fair value, and the Company adjusts carrying value to fair value at this point in time. The fair value of these assets is determined using the market approach, and these assets are considered level 2 on the fair value hierarchy (see Note 18 for a description of the fair value hierarchy). The Company has elected to record two investments at fair value on a recurring basis. These equity investments are considered Level 3 on the fair value hierarchy. See further discussion of Level 3 equity investments, including valuation methods and significant inputs, as included in Note 18. Realized and unrealized gains or losses in equity investments are included in net income. The following table summarizes net unrealized gains (losses) related to investments without readily determinable fair value held as of the end of the respective period for the years ended December 31 (dollars in thousands):
|  | 2023 |  |  | 2022 |  |  | 2021 |
Investments recorded at non-recurring fair value |  | $ | — |  |  | $ | 12,285 |  |  | $ | 8,761 |
Investments recorded at recurring fair value |  |  | (4,323 | ) |  |  | 33,382 |  |  |  | — |
Total |  | $ | (4,323 | ) |  | $ | 45,667 |  |  | $ | 8,761 |
Net unrealized gains recorded related to investments recorded at non-recurring fair value result from identified observable transactions. On a cumulative basis, the Company has recognized a net g ain of $14.8 million f or fair value adjustments to investments recorded at non-recurring fair value held at December 31, 2023.

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