XML 53 R32.htm IDEA: XBRL DOCUMENT
v3.25.2

Fair Value (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Carrying Value and Estimated Fair Value of Financial Instruments | The following table sets forth the carrying value and estimated fair value of the Company’s financial instruments not reported at estimated fair value on the Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 (dollars in millions):
|  | June 30, 2025 |  |  | December 31, 2024 |
|  | Carrying Value |  |  | Estimated Fair Value |  |  | Carrying Value |  |  | Estimated Fair Value |
Long-term debt (Level 2) |  | $ | 1,100 |  |  | $ | 937 |  |  | $ | 1,100 |  |  | $ | 938 |
Long-term debt (Level 3) |  |  | 1,534 |  |  |  | 1,191 |  |  |  | 1,534 |  |  |  | 1,163 |
Snettisham finance lease obligation (Level 3) |  |  | 37 |  |  |  | 34 |  |  |  | 39 |  |  |  | 35 |
Long-term debt to affiliated trusts (Level 3) |  |  | 52 |  |  |  | 47 |  |  |  | 52 |  |  |  | 47 |
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis | The following table discloses by level within the fair value hierarchy the Company’s assets and liabilities measured and reported on the Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 at fair value on a recurring basis (dollars in millions):
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Counterparty and Cash Collateral Netting (1) |  |  | Total |
June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy commodity derivatives |  | $ | — |  |  | $ | 14 |  |  | $ | — |  |  | $ | (12 | ) |  | $ | 2 |
Interest rate swap derivatives |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 1 |
Equity Investments |  |  | — |  |  |  | — |  |  |  | 49 |  |  |  | — |  |  |  | 49 |
Deferred compensation assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual Funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities (3) |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3 |
Equity securities (3) |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6 |
Total |  | $ | 9 |  |  | $ | 15 |  |  | $ | 49 |  |  | $ | (12 | ) |  | $ | 61 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy commodity derivatives (2) |  | $ | — |  |  | $ | 43 |  |  | $ | 15 |  |  | $ | (25 | ) |  | $ | 33 |
Total |  | $ | — |  |  | $ | 43 |  |  | $ | 15 |  |  | $ | (25 | ) |  | $ | 33 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy commodity derivatives (2) |  | $ | — |  |  | $ | 23 |  |  | $ | — |  |  | $ | (13 | ) |  | $ | 10 |
Interest rate swap derivatives |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 1 |
Equity Investments |  |  | — |  |  |  | — |  |  |  | 53 |  |  |  | — |  |  |  | 53 |
Deferred compensation assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mutual Funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities (3) |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2 |
Equity securities (3) |  |  | 7 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7 |
Total |  | $ | 9 |  |  | $ | 24 |  |  | $ | 53 |  |  | $ | (13 | ) |  | $ | 73 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Energy commodity derivatives (2) |  | $ | — |  |  | $ | 61 |  |  | $ | 3 |  |  | $ | (37 | ) |  | $ | 27 |
Total |  | $ | — |  |  | $ | 61 |  |  | $ | 3 |  |  | $ | (37 | ) |  | $ | 27 |
(1) The Company is permitted to net derivative assets and derivative liabilities with the same counterparty when a legally enforceable master netting agreement exists. In addition, the Company nets derivative assets and derivative liabilities against any payables and receivables for cash collateral held or placed with these same counterparties. (2) The Level 3 energy commodity derivative balances are associated with a natural gas exchange agreement. (3) Included in other property and investments-net and other non-current assets on the Condensed Consolidated Balance Sheets.
Schedule of Quantitative Information | The following table presents the quantitative information which was used to estimate the fair values of the Level 3 assets and liabilities above as of June 30, 2025 (dollars in millions, except for per mmBTU amounts):
|  | Fair Value (Net) at |  |  | Valuation |  | Unobservable |  | Range and Weighted
|  | June 30, 2025 |  |  | Technique |  | Input |  | Average Price
Natural gas exchange agreement |  | $ | (15 | ) |  | Internally derived weighted average cost of gas |  | Forward purchase prices |  | $1.18 - $3.70/mmBTU $2.94 Weighted Average
|  |  |  |  |  |  | Forward sales prices |  | $2.63 - $8.60/mmBTU $6.52 Weighted Average
|  |  |  |  |  |  | Purchase volumes |  | 270,000 - 469,009 mmBTUs
|  |  |  |  |  |  | Sales volumes |  | 75,000 - 310,000 mmBTUs
The following table presents the quantitative information and assumptions which were used to estimate the fair values of the Level 3 equity investments as of June 30, 2025 (dollars in millions):
|  | Fair Value at |  |  |  |  |  |  |
|  | June 30, 2025 |  |  | Valuation Technique |  | Unobservable Input |  | Range
Equity investments |  | $ | 49 |  |  | Market approach |  | Comparable enterprise values |  | $130-$389 $246 Average
|  |  |  |  |  |  | Time to liquidity event |  | 1 year
|  |  |  |  | Discounted cash flows |  | Revenue market multiples |  | 0.55 x to 7.53 x Revenue 2.33 x Average
|  |  |  |  |  |  | Market multiple exit reduction |  | 50%
|  |  |  |  |  |  | Discount rate |  | 25%
|  |  |  |  |  |  | Annual revenues |  | $10 - $166
|  |  |  |  |  |  | Terminal date |  | 2030
Schedule of Activity for Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3) | The following table presents activity for assets and liabilities measured at fair value using significant unobservable inputs (Level 3) for the three and six months ended June 30 (dollars in millions):
|  | Natural Gas Exchange Agreement (1) |  |  | Equity Investments |  |  | Total |
Three Months Ended June 30, 2025: |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | (13 | ) |  | $ | 52 |  |  | $ | 39 |
Total gains or (losses) (realized/unrealized): |  |  |  |  |  |  |  |  |
Included in regulatory assets/liabilities |  |  | (2 | ) |  |  | — |  |  |  | (2 | )
Recognized in net income |  |  | — |  |  |  | (3 | ) |  |  | (3 | )
Ending balance as of June 30, 2025 |  | $ | (15 | ) |  | $ | 49 |  |  | $ | 34 |
Three Months Ended June 30, 2024: |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | (7 | ) |  | $ | 52 |  |  | $ | 45 |
Total gains or (losses) (realized/unrealized): |  |  |  |  |  |  |  |  |
Included in regulatory assets/liabilities |  |  | (1 | ) |  |  | — |  |  |  | (1 | )
Recognized in net income |  |  | — |  |  |  | (2 | ) |  |  | (2 | )
Ending balance as of June 30, 2024 |  | $ | (8 | ) |  | $ | 50 |  |  | $ | 42 |
Six Months Ended June 30, 2025: |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | (3 | ) |  | $ | 53 |  |  | $ | 50 |
Total gains or (losses) (realized/unrealized): |  |  |  |  |  |  |  |  |
Included in regulatory assets/liabilities |  |  | (11 | ) |  |  | — |  |  |  | (11 | )
Recognized in net income |  |  | — |  |  |  | (4 | ) |  |  | (4 | )
Settlements |  |  | (1 | ) |  |  | — |  |  |  | (1 | )
Ending balance as of June 30, 2025 |  | $ | (15 | ) |  | $ | 49 |  |  | $ | 34 |
Six Months Ended June 30, 2024: |  |  |  |  |  |  |  |  |
Beginning balance |  | $ | (8 | ) |  | $ | 50 |  |  | $ | 42 |
Total gains or (losses) (realized/unrealized): |  |  |  |  |  |  |  |  |
Recognized in net income |  |  | — |  |  |  | (1 | ) |  |  | (1 | )
Purchases and debt conversions |  |  | — |  |  |  | 1 |  |  |  | 1 |
Ending balance as of June 30, 2024 |  | $ | (8 | ) |  | $ | 50 |  |  | $ | 42 |
(1) There were no purchases, issuances or transfers from other categories during the periods presented in the table above.

X
- Definition FairValue assets and liabilities measured on recurring basis unobservable input reconciliation. + References No definition available. + Details
Name: | ava_FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | ava_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 10 -SubTopic 10 -Topic 825 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-10 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-13 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-12 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration