Restricted Cash and Investments

3 Months Ended

Mar. 31, 2022

Restricted Investments Note [Abstract]

Restricted Cash and Investments

Restricted Cash and Investments.    Restricted investments consist of funds on deposit with the Rural Utilities Service in the Cushion of Credit Account that are held by the U.S. Treasury, acting through the Federal Financing Bank. We can only utilize these investments for future Rural Utilities Service-guaranteed Federal Financing Bank debt service payments. For the period from January 1, 2021 to September 30, 2021, deposits earned interest at 4% per annum. Beginning October 1, 2021, the rate was set at the 1-year floating treasury rate, which was 0.09% per annum, and will be reset annually on October 1 of each year thereafter. The program no longer allows additional funds to be deposited into the account. At March 31, 2022 and December 31, 2021, we had restricted investments totaling $196,820,000 and $320,052,000, respectively, of which $196,820,000 and $246,350,000, respectively, were classified as current.

Restricted cash consists of collateral posted by our counterparties under our natural gas swap agreements. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited consolidated balance sheets that sum to the total of the same such amounts reported in the unaudited consolidated statements of cash flows.

Classification
	Three months ended
	March 31, 2022		March 31, 2021
	(dollars in thousands)
Cash and cash equivalents	$	467,353	$	561,101
Restricted cash included in Restricted cash and investments	39,200		—
Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows	$	506,553	$	561,101