20170930 10Q Q3

Carrying Value

Fair Value Level 2

Long-term obligations (including current installments)

0000878004-17-000030.txt : 20171109 0000878004-17-000030.hdr.sgml : 20171109 20171108173204 ACCESSION NUMBER: 0000878004-17-000030 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 45 CONFORMED PERIOD OF REPORT: 20170930 FILED AS OF DATE: 20171109 DATE AS OF CHANGE: 20171108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHUGACH ELECTRIC ASSOCIATION INC CENTRAL INDEX KEY: 0000878004 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 920014224 STATE OF INCORPORATION: AK FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 033-42125 FILM NUMBER: 171187652 BUSINESS ADDRESS: STREET 1: 5601 ELECTRON DR STREET 2: PO BOX 196300 CITY: ANCHORAGE STATE: AK ZIP: 99518 BUSINESS PHONE: 9075637494 MAIL ADDRESS: STREET 1: 5601 ELECTRON DRIVE CITY: ANCHORAGE STATE: AK ZIP: 99518 10-Q 1 c004-20170930x10q.htm 10-Q 20170930 10Q Q3

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXHANGE ACT OF 1934

For the quarterly period ended September 30, 2017

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 33-42125

CHUGACH ELECTRIC ASSOCIATION, INC.

(Exact name of registrant as specifies in its charter)

State of Alaska

(State or other jurisdiction of

incorporation or organization)

92-0014224

(I.R.S. Employer

Identification No.)

5601 Electron Drive, Anchorage, AK

(Address of principal executive offices)

99518

(Zip Code)

(907) 563-7494

(Registrant’s telephone number, including area code)

None

(Former name, former address, and former fiscal year if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☐ Yes ☒ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☒ (Do not check if a smaller reporting company)	Smaller reporting company ☐
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐ Yes ☒ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

NONE

Table of Contents

CHUGACH ELECTRIC ASSOCIATION, INC.

TABLE OF CONTENTS



Caution Regarding Forward-Looking Statements			2
Part I. Financial Information
	Item 1.	Financial Statements (unaudited)	2
		Consolidated Balance Sheets - as of September 30, 2017, and December 31, 2016	3
		Consolidated Statements of Operations - Three and nine months ended September 30, 2017, and September 30, 2016	5
		Consolidated Statements of Cash Flows - Nine months ended September 30, 2017, and September 30, 2016	6
		Notes to Financial Statements	7
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	33
	Item 4.	Controls and Procedures	34

Part II. Other Information
	Item 1.	Legal Proceedings	35
	Item 1A.	Risk Factors	35
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37
	Item 3.	Defaults Upon Senior Securities	37
	Item 4.	Mine Safety Disclosures	37
	Item 5.	Other Information	37
	Item 6.	Exhibits	38
		Signatures	39
		Exhibits	40

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

Statements in this report that do not relate to historical facts, including statements relating to future plans, events or performance, are forward-looking statements that involve risks and uncertainties. Actual results, events or performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this report and the accuracy of which is subject to inherent uncertainty. It is suggested that these statements be read in conjunction with the audited financial statements for Chugach Electric Association Inc. (Chugach) for the year ended December 31, 2016, filed as part of Chugach’s annual report on Form 10-K. Chugach undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances that may occur after the date of this report or the effect of those events or circumstances on any of the forward-looking statements contained in this report, except as required by law.

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

The unaudited financial statements and notes to the unaudited financial statements of Chugach as of and for the quarter ended September 30, 2017, follow.



Assets	September 30, 2017		December 31, 2016

Utility Plant:
Electric plant in service	$	1,206,712,928	$	1,192,513,869
Construction work in progress		15,817,120		18,455,940
Total utility plant		1,222,530,048		1,210,969,809
Less accumulated depreciation		(513,861,377)		(496,098,131)
Net utility plant		708,668,671		714,871,678

Other property and investments, at cost:
Nonutility property		76,889		76,889
Investments in associated organizations		8,980,409		9,349,311
Special funds		1,137,189		907,836
Restricted cash equivalents		975,732		810,559
Investments - other		1,419,574		3,061,434
Total other property and investments		12,589,793		14,206,029

Current assets:
Cash and cash equivalents		3,966,322		4,672,935
Special deposits		54,300		75,942
Restricted cash equivalents		737,517		899,723
Investments - other		1,891,407		0
Marketable securities		8,384,626		7,375,381
Fuel cost under-recovery		1,443,967		0
Accounts receivable, net		29,662,805		33,000,919
Materials and supplies		14,063,331		27,889,167
Fuel stock		10,773,773		6,321,676
Prepayments		4,921,490		1,407,026
Other current assets		316,335		294,697
Total current assets		76,215,873		81,937,466

Other non-current assets:
Deferred charges, net		33,819,717		25,140,957
Total other non-current assets		33,819,717		25,140,957

Total assets	$	831,294,054	$	836,156,130




Liabilities, Equities and Margins	September 30, 2017		December 31, 2016

Equities and margins:
Memberships	$	1,712,704	$	1,691,014
Patronage capital		168,190,154		169,996,436
Other		14,016,284		13,828,075
Total equities and margins		183,919,142		185,515,525

Long-term obligations, excluding current installments:
Bonds payable		421,833,331		405,249,998
Notes payable		37,962,000		40,356,000
Less unamortized debt issuance costs		(2,734,709)		(2,715,745)
Total long-term obligations		457,060,622		442,890,253

Current liabilities:
Current installments of long-term obligations		26,608,667		24,836,667
Commercial paper		51,000,000		68,200,000
Accounts payable		7,712,302		9,618,630
Consumer deposits		5,219,743		5,207,585
Fuel cost over-recovery		0		3,824,722
Accrued interest		1,095,652		5,873,368
Salaries, wages and benefits		7,310,097		7,315,898
Fuel		9,501,633		6,284,338
Other current liabilities		8,146,356		3,234,586
Total current liabilities		116,594,450		134,395,794

Other non-current liabilities:
Deferred compensation		1,137,189		907,836
Other liabilities, non-current		863,220		655,277
Deferred liabilities		1,574,566		1,179,414
Patronage capital payable		10,798,077		12,008,499
Cost of removal obligation / ARO		59,346,788		58,603,532
Total other non-current liabilities		73,719,840		73,354,558

Total liabilities, equities and margins	$	831,294,054	$	836,156,130

See accompanying notes to financial statements.


	Three months ended September 30,				Nine months ended September 30,
	2017		2016		2017		2016

Operating revenues	$	49,405,607	$	45,132,973	$	161,753,739	$	140,005,625

Operating expenses:
Fuel		17,291,134		11,825,993		55,487,263		37,661,493
Production		4,711,160		4,218,378		12,951,877		12,111,405
Purchased power		3,089,568		3,067,950		11,739,475		11,258,778
Transmission		1,548,215		1,653,494		4,598,273		4,369,240
Distribution		4,080,959		3,769,984		10,368,772		10,530,563
Consumer accounts		1,483,127		1,509,664		4,580,216		4,704,764
Administrative, general and other		4,666,137		5,010,460		17,776,742		17,068,780
Depreciation and amortization		7,980,294		9,252,379		26,936,964		26,435,059
Total operating expenses	$	44,850,594	$	40,308,302	$	144,439,582	$	124,140,082

Interest expense:
Long-term debt and other		5,616,675		5,507,173		16,733,184		16,343,393
Charged to construction		(46,714)		(79,734)		(107,712)		(283,338)
Interest expense, net	$	5,569,961	$	5,427,439	$	16,625,472	$	16,060,055
Net operating margins	$	(1,014,948)	$	(602,768)	$	688,685	$	(194,512)

Nonoperating margins:
Interest income		164,207		89,118		471,038		253,455
Allowance for funds used during construction		19,555		32,978		45,219		117,189
Capital credits, patronage dividends and other		23,751		3,236		105,049		5,636
Total nonoperating margins	$	207,513	$	125,332	$	621,306	$	376,280

Assignable margins	$	(807,435)	$	(477,436)	$	1,309,991	$	181,768

See accompanying notes to financial statements.


	Nine months ended September 30,
	2017		2016
Cash flows from operating activities:
Assignable margins	$	1,309,991	$	181,768
Adjustments to reconcile assignable margins to net cash provided by operating activities:
Depreciation and amortization		26,936,964		26,435,059
Amortization and depreciation cleared to operating expenses		3,548,294		3,799,494
Allowance for funds used during construction		(45,219)		(117,189)
Write off of inventory, deferred charges and projects		393,341		774,190
Other		(52,782)		42,267
(Increase) decrease in assets:
Accounts receivable, net		1,955,518		1,242,132
Fuel cost under-recovery		(1,443,967)		0
Materials and supplies		2,183,548		792,607
Fuel stock		(4,452,097)		(1,436,315)
Prepayments		(3,514,464)		(1,588,834)
Other assets		4		(56,821)
Deferred charges		(432,465)		(3,186,363)
Increase (decrease) in liabilities:
Accounts payable		(1,282,462)		(828,693)
Consumer deposits		12,158		115,384
Fuel cost over-recovery		(3,824,722)		76,906
Accrued interest		(4,777,716)		(4,822,053)
Salaries, wages and benefits		(5,801)		(8,242)
Fuel		3,217,295		393,451
Other current liabilities		131,182		(586,163)
Deferred liabilities		0		6,131
Net cash provided by operating activities		19,856,600		21,228,716
Cash flows from investing activities:
Return of capital from investment in associated organizations		370,010		319,233
Investment in restricted cash equivalents		(2,967)		(199)
Investment in marketable securities and investments-other		(1,158,521)		(8,895,871)
Investment in Beluga River Unit		0		(44,421,161)
Proceeds from capital grants		115,452		387,692
Extension and replacement of plant		(21,844,914)		(26,494,465)
Net cash used in investing activities		(22,520,940)		(79,104,771)
Cash flows from financing activities:
Payments for debt issue costs		(208,498)		(274,373)
Net increase (decrease) in short-term obligations		(17,200,000)		45,200,000
Proceeds from long-term obligations		40,000,000		45,600,000
Repayments of long-term obligations		(24,038,667)		(47,269,832)
Memberships and donations received		209,899		102,806
Retirement of patronage capital and estate payments		(484,345)		(209,043)
Net receipts on consumer advances for construction		3,679,338		2,817,862
Net cash provided by financing activities		1,957,727		45,967,420
Net change in cash and cash equivalents		(706,613)		(11,908,635)
Cash and cash equivalents at beginning of period	$	4,672,935	$	15,626,919
Cash and cash equivalents at end of period	$	3,966,322	$	3,718,284
Supplemental disclosure of non-cash investing and financing activities:
Cost of removal obligation	$	743,256	$	5,776,366
Extension and replacement of plant included in accounts payable	$	1,291,167	$	2,195,012
Supplemental disclosure of cash flow information - interest expense paid, net of amounts capitalized	$	20,518,560	$	19,980,489

See accompanying notes to financial statements.

PRESENTATION OF FINANCIAL INFORMATION

The accompanying unaudited interim financial statements include the accounts of Chugach Electric Association, Inc. (Chugach) and have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by United States of America generally accepted accounting principles (U.S. GAAP) for complete financial statements. They should be read in conjunction with Chugach’s audited financial statements for the year ended December 31, 2016, filed as part of Chugach’s annual report on Form 10-K. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The results of operations for interim periods are not necessarily indicative of the results that may be expected for an entire year or any other period.

DESCRIPTION OF BUSINESS

Chugach is one of the largest electric utilities in Alaska. Chugach is engaged in the generation, transmission and distribution of electricity in the Anchorage and upper Kenai Peninsula areas. Chugach is on an interconnected regional electrical system in an area referred to as the Alaska Railbelt, a 400-mile-long area stretching from the coastline of the southern Kenai Peninsula to the interior of the state, including Alaska's largest cities, Anchorage and Fairbanks.

Chugach’s retail and wholesale members are the consumers of the electricity sold. Chugach supplies much of the power requirements of the City of Seward (Seward), as a wholesale customer. Periodically, Chugach sells available generation, in excess of its own needs, to Matanuska Electric Association, Inc. (MEA), Homer Electric Association, Inc. (HEA), Golden Valley Electric Association, Inc. (GVEA) and Anchorage Municipal Light & Power (ML&P).

Chugach was organized as an Alaska electric cooperative in 1948 and operates on a not‑for‑profit basis and, accordingly, seeks only to generate revenues sufficient to pay operating and maintenance costs, the cost of purchased power, capital expenditures, depreciation, and principal and interest on all indebtedness and to provide for reserves. Chugach is subject to the regulatory authority of the Regulatory Commission of Alaska (RCA).

Chugach has three Collective Bargaining Agreements (CBA’s) with the International Brotherhood of Electrical Workers (IBEW), representing approximately 70% of its workforce. Chugach also has a CBA with the Hotel Employees and Restaurant Employees (HERE). All three IBEW CBA’s have been renewed through June 30, 2021. The three CBA’s provide for wage increases in all years and include health and welfare premium cost sharing provisions. The HERE CBA was renewed through June 30, 2021, and provides for wage, pension contribution, and health and welfare contribution increases in all years.

Table Of Contents

Chugach Electric Association, Inc.

Notes to Consolidated Financial Statements

September 30, 2017 and 2016

SIGNIFICANT ACCOUNTING POLICIES

a. Management Estimates

In preparing the financial statements in conformity with U.S. GAAP, the management of Chugach is required to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the balance sheet and revenues and expenses for the reporting period. Estimates include allowance for doubtful accounts, workers’ compensation liability, deferred charges and liabilities, unbilled revenue, estimated useful life of utility plant, cost of removal and asset retirement obligation (ARO), and remaining proved Beluga River Unit (BRU) reserves. Actual results could differ from those estimates.

b. Regulation

The accounting records of Chugach conform to the Uniform System of Accounts as prescribed by the Federal Energy Regulatory Commission (FERC). Chugach meets the criteria, and accordingly, follows the accounting and reporting requirements of Financial Accounting Standards Board (FASB) ASC 980, “Topic 980 - Regulated Operations.” FASB ASC 980 provides for the recognition of regulatory assets and liabilities as allowed by regulators for costs or credits that are reflected in current rates or are considered probable of being included in future rates. Chugach’s regulated rates are established to recover all of the specific costs of providing electric service. In each rate filing, rates are set at levels to recover all of the specific allowable costs and those rates are then collected from retail and wholesale customers. The regulatory assets or liabilities are then reduced as the cost or credit is reflected in earnings and our rates.

c. Income Taxes

Chugach is exempt from federal income taxes under the provisions of Section 501(c)(12) of the Internal Revenue Code and for the nine month periods ended September 30, 2017, and 2016 was in compliance with that provision.

Chugach applies a more-likely-than-not recognition threshold for all tax uncertainties. FASB ASC 740, “Topic 740 – Income Taxes,” only allows the recognition of those tax benefits that have a greater than 50 percent likelihood of being sustained upon examination by the taxing authorities. Chugach’s management reviewed Chugach’s tax positions and determined there were no outstanding or retroactive tax positions that were not highly certain of being sustained upon examination by the taxing authorities.

d. Restricted Cash Equivalents

Restricted cash equivalents, including both current and long-term amounts, consist of funds on deposit for future workers’ compensation claims. Total restricted cash equivalents amounted to $1.7 million at September 30, 2017, and December 31, 2016.

e. Marketable Securities

Chugach’s marketable securities consist of bond mutual funds classified as trading securities, reported at fair value with gains and losses in earnings. Net gains on marketable securities are included in nonoperating margins – capital credits, patronage dividends and other, and are summarized as follows:



	Nine months ended September 30, 2017
Net gains and losses recognized during the period on trading securities	$	103,443
Less: Net gains and losses recognized during the period on trading securities sold during the period		0
Unrealized gains and losses recognized during the reporting period on trading securities still held at the reporting date	$	103,443

f. Investments – Other

Investments – other, including both current and long-term amounts, consists of certificates of deposit and corporate bond investments. Total investments – other were $3.3 million and $3.1 million as of September 30, 2017, and December 31, 2016, respectively.

g. Accounts Receivable

Included in accounts receivable are amounts invoiced to ML&P for their proportionate share of current Southcentral Power Project (SPP) costs, which amounted to $1.3 million and $1.4 million at September 30, 2017, and December 31, 2016, respectively. At September 30, 2017, and December 31, 2016, accounts receivable also included $0.5 million and $0.7 million, respectively, from BRU operations primarily associated with gas sales to ENSTAR Natural Gas Company (ENSTAR).

h. Fuel Stock

Fuel Stock is the weighted average cost of fuel injected into the Cook Inlet Natural Gas Storage Alaska (CINGSA). Chugach’s fuel balance in storage amounted to $10.8 million and $6.3 million at September 30, 2017, and December 31, 2016, respectively.

Table Of Contents

Chugach Electric Association, Inc.

Notes to Consolidated Financial Statements

September 30, 2017 and 2016

REGULATORY MATTERS

Simplified Rate Filing

Chugach is a participant in the Simplified Rate Filing (SRF) process for adjustments to base demand and energy rates for Chugach retail customers and wholesale customer, Seward Electric System. SRF is an expedited base rate adjustment process available to electric cooperatives in the State of Alaska, with filings made either on a quarterly or semi-annual basis. Chugach is a participant on a quarterly filing schedule basis. Chugach submitted its December 2016 test year SRF with the RCA on March 1, 2017, as an informational filing with no changes to the demand and energy rates of Chugach retail customers or Seward. On May 30, 2017, Chugach filed its SRF based on the test year ending March 2017, requesting approval to reduce the demand and energy rates charged to Chugach retail customers and Seward Electric System by 3.0% and 4.9%, respectively. The RCA approved the filing for rates effective July 1, 2017. On August 29, 2017, Chugach filed its SRF based on the June 2017 test year requesting approval to increase system base demand and energy rates by 1.9%. The RCA approved the filing for rates effective November 1, 2017.

Beluga River Unit Gas Transfer Price

Docket U-16-062 / U-16-074 was established to address the creation of a regulatory asset for the recovery of costs associated with Chugach’s acquisition of a portion of ConocoPhillips Alaska, Inc.’s interest in the BRU and to determine the methodology to establish permanent rates for the gas transfer price (GTP) associated with Chugach’s ownership interest in the BRU. On September 7, 2017, the RCA issued U-16-062(7) / U-16-074(7) accepting a stipulation between Chugach and the Office of the Attorney General Regulatory Affairs and Public Advocacy Section and vacating the procedural hearing. On October 7, 2017, Chugach submitted the BRU GTP calculations to the RCA as part of a compliance filing to the settlement. On October 26, 2017, the RCA issued a final order accepting Chugach’s compliance filing and closing the docket.

Depreciation Study Update

In compliance with a previous order from the RCA (U-12-009(8)), Chugach submitted a 2015 Depreciation Study Update to the RCA, requesting approval of the depreciation rates resulting from the study for use in Chugach’s financial record keeping and for establishing electric rates. The filing was submitted to the RCA on September 30, 2016. Chugach proposed changes to depreciation rates that would result in a $5.9 million reduction in annual depreciation expense. On a demand and energy rate basis, the impact is a 4.7% reduction to retail customers and a 4.6% reduction to Seward. The reductions on a total customer bill basis, which includes fuel and purchased power costs, were 3.2% and 1.9%, respectively. Chugach requested that the updated depreciation rates be implemented on July 1, 2017, for both accounting and ratemaking purposes.

On March 23, 2017, the RCA issued Order U-16-081(2) approving Chugach’s proposed changes to its depreciation rates. The depreciation rates were approved as filed. The RCA required Chugach to file a new depreciation study by July 1, 2022, based on plant activity as of December 31, 2021. The RCA closed the docket.

Furie Agreement

On March 16, 2017, Chugach submitted a request to the RCA for approval of the agreement entitled, “Firm and Interruptible Gas Sale and Purchase Agreement between Furie Operating Alaska, LLC and Chugach Electric Association, Inc.” (Furie Agreement) dated March 3, 2017. As part of the filing, Chugach also requested RCA approval to recover both firm and interruptible purchases under the agreement and all attendant transportation and storage costs through its quarterly fuel and purchased power cost adjustment process.

The Furie Agreement provides Chugach with both firm and non-firm gas supplies over a 16-year period, with firm purchases beginning on April 1, 2023, and ending March 31, 2033, and interruptible gas purchases available to Chugach immediately and ending on March 31, 2033. With respect to firm purchases beginning on April 1, 2023, and ending on March 31, 2033, the Furie Agreement provides an annual gas commitment by Furie to sell and Chugach to purchase approximately 1.8 Bcf of gas each year, which represents approximately 20% to 25% of Chugach’s projected gas requirements during this period. The Furie Agreement also provides Chugach with additional purchase options, on a firm and interruptible basis. The initial price for firm gas is $7.16 per Mcf beginning April 1, 2023 and escalates annually rising to $7.98 per Mcf on April 1, 2032, the last year of the Furie Agreement.

On May 1, 2017, the RCA approved the Furie Agreement. The RCA also approved recovery of costs associated with the Furie Agreement through its fuel and purchased power cost adjustment process.

MEA Gas Dispatch Agreement

On June 8, 2016, the RCA approved the “Gas Dispatch Agreement” in which Chugach provides gas scheduling and dispatch services to MEA. The term of this agreement was April 1, 2016, through March 31, 2017, however, it was extended through March 31, 2018, in a letter agreement dated July 29, 2016 and extended through March 31, 2019, in an agreement dated July 25, 2017.

Beluga Parts Filing

On November 18, 2016, Chugach submitted a petition to the RCA for approval to create a regulatory asset that would allow Chugach to amortize and recover in rates the value of certain plant needed to support power production equipment located at Beluga Power Plant. Specifically, Chugach requested RCA approval to recover approximately $11.4 million in equipment that supports Beluga generation units. Chugach requested that it be permitted to amortize the value of this plant over a period of 30 months for plant associated with Units 1 and 2 (approximately $0.3 million), and 108 months for all other parts (approximately $11.1 million). The amortization periods are consistent with the proposed depreciation rates for the Beluga units contained in Chugach's depreciation study that was submitted to the RCA on September 30, 2016. On May 17, 2017, the RCA issued Order U-16-092(2) approving Chugach's request.

Cook Inlet Natural Gas Alaska: Found Gas

On August 17, 2017, the Superior Court issued its order affirming the decisions by the RCA that it has authority in this case, that the RCA’s decision was not arbitrary, and that the RCA’s basis for assignment was reasonable. The RCA’s assignment allocation remains unchanged. There is no impact on Chugach’s margin levels as a result of a sale of found gas and any funds Chugach receives will be returned to members as a reduction to fuel expense. It is not known if or when CINGSA will sell any of the found gas.

Table Of Contents

Chugach Electric Association, Inc.

Notes to Consolidated Financial Statements

September 30, 2017 and 2016

DEBT

Lines of Credit

Chugach maintains a $50.0 million line of credit with National Rural Utilities Cooperative Finance Corporation (NRUCFC). Chugach did not utilize this line of credit in the nine months ended September 30, 2017. In addition, Chugach did not utilize this line of credit during 2016 and had no outstanding balance at December 31, 2016. The borrowing rate is calculated using the total rate per annum and may be fixed by NRUCFC. The borrowing rate was 2.75% at September 30, 2017, and 2.50% at December 31, 2016. The NRUCFC Revolving Line Of Credit Agreement requires that Chugach, for each 12-month period, for a period of at least five consecutive days, pay down the entire outstanding principal balance. The NRUCFC line of credit was renewed effective September 29, 2017 and expires September 29, 2022. This line of credit is immediately available for unconditional borrowing.

Commercial Paper

On June 13, 2016, Chugach entered into a $150.0 million senior unsecured credit facility (Credit Agreement), which is used to back Chugach’s commercial paper program. The pricing includes an all-in drawn spread of one month London Interbank Offered Rate (LIBOR) plus 90.0 basis points, along with a 10.0 basis points facility fee (based on an A/A2/A unsecured debt rating). The new Credit Agreement will expire on June 13, 2021. The participating banks include NRUCFC, KeyBank National Association, Bank of America, N.A., and CoBank, ACB. The commercial paper can be repriced between one day and 270 days.

Chugach expects to continue issuing commercial paper in 2017, as needed. Chugach had $51.0 million and $68.2 million of commercial paper outstanding at September 30, 2017, and December 31, 2016, respectively.

The following table provides information regarding average commercial paper balances outstanding for the quarters ended September 30, 2017, and 2016 (dollars in millions), as well as corresponding weighted average interest rates:



2017				2016
Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
$	42.8	1.40	%	$	53.8	0.65	%

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Chugach Electric Association, Inc.

Notes to Consolidated Financial Statements

September 30, 2017 and 2016

Term Loans

Chugach has a term loan facility with CoBank. Loans made under this facility are evidenced by the 2016 CoBank Note, which is governed by the Amended and Restated Master Loan Agreement dated June 30, 2016, and secured by the Second Amended and Restated Indenture of Trust (Indenture). The borrowing rate is fixed at 2.58% on a fifteen year term, maturing April 20, 2031. Chugach had $41.2 million and $43.8 million outstanding on this facility at September 30, 2017, and December 31, 2016.

Financing

On March 17, 2017, Chugach issued $40,000,000 of First Mortgage Bonds, 2017 Series A, due March 15, 2037. The bonds were issued for general corporate purposes. The 2017 Series A Bonds will mature on March 15, 2037, and bear interest at 3.43%. Interest will be paid each March 15 and September 15, commencing on September 15, 2017. The 2017 Series A Bonds require principal payments in equal installments on an annual basis beginning March 15, 2018, resulting in an average life of approximately 10.0 years. The bonds are secured, ranking equally with all other long-term obligations, by a first lien on substantially all of Chugach’s assets, pursuant to the Sixth Supplemental Indenture to the Second Amended and Restated Indenture of Trust, which initially became effective on January 20, 2011, as previously amended and supplemented.

Debt Issuance Costs

The following table outlines debt issuance costs associated with long-term obligations, excluding current installments, at September 30, 2017.



	Long-term Obligations		Unamortized Debt Issuance Costs
2011 Series A Bonds	$	200,333,331	$	1,250,685
2012 Series A Bonds		183,500,000		1,040,988
2017 Series A Bonds		38,000,000		203,643
2016 CoBank Note		37,962,000		239,393
	$	459,795,331	$	2,734,709

The following table outlines debt issuance costs associated with long-term obligations, excluding

current installments, at December 31, 2016.



	Long-term Obligations		Unamortized Debt Issuance Costs
2011 Series A Bonds	$	210,999,998	$	1,347,350
2012 Series A Bonds		194,250,000		1,106,275
2016 CoBank Note		40,356,000		262,120
	$	445,605,998	$	2,715,745

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Chugach Electric Association, Inc.

Notes to Consolidated Financial Statements

September 30, 2017 and 2016

RECENT ACCOUNTING PRONOUNCEMENTS

Issued, not yet adopted:

ASC Update 2014-09 “Revenue from Contracts with Customers (Topic 606)” and Related Updates

In May of 2014, the FASB issued Accounting Standards Codification (ASC) Update 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASC Update 2014-09 provides guidance for the recognition, measurement and disclosure of revenue related to the transfer of promised goods or services to customers. Chugach will begin application of the standard on January 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method. We currently expect to use the cumulative effect method.

We have evaluated our energy sales contracts, including retail, wholesale, and economy energy, and do not believe there will be a material impact to our recognition of revenue from energy sales. However, we do anticipate additional disclosures will be required as a result of adoption. Energy sales are billed monthly per regulator approved tariffs based on the energy consumed by the customer. Total revenue derived from energy sales during 2017 was approximately 99% of our total operating revenue. We have identified the contract assets and contract liabilities associated with our customers and are finalizing the required disclosures.

ASC Update 2016-01 “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities”

In January of 2016, the FASB issued ASC Update 2016-01, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” ASC Update 2016-01 amends guidance related to certain aspects of the recognition, measurement, presentation and disclosure of financial instruments. This update is effective for fiscal years beginning after December 15, 2017, and interim periods within those years, with early adoption not permitted with certain exceptions. Chugach will begin application of ASC 2016-01 on January 1, 2018. Adoption is not expected to have a material effect on its results of operations, financial position, and cash flows.

ASC Update 2016-02 “Leases (Topic 842): Section A – Leases: Amendments to the FASB Accounting Standards Codification; Section B – Conforming Amendments Related to Leases: Amendments to the FASB Accounting Standards Codification; Section C – Background Information and Basis for Conclusions” and Related Updates

In February of 2016, the FASB issued ASC Update 2016-02, “Leases (Topic 842): Section A – Leases: Amendments to the FASB Accounting Standards Codification; Section B – Conforming Amendments Related to Leases: Amendments to the FASB Accounting Standards Codification; Section C – Background Information and Basis for Conclusions.” ASC Update 2016-02 amends guidance related to the recognition, measurement, presentation and disclosure of leases for lessors and lessees. This update is effective for fiscal years beginning after December 15, 2018, including the interim periods within those years, with early adoption permitted. Chugach will begin application of ASC 2016-02 on January 1, 2019. We expect this update to increase the recorded amounts of assets and liabilities and we are evaluating the significance of the increase as we monitor FASB updates and interpretations related to the new standard. We are also evaluating the impact of this update to our results of operations, financial position, and cash flows.

ASC Update 2016-13 “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”

In June 2016, the FASB issued ASC Update 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASC Update 2016-13 revised the criteria for the measurement, recognition, and reporting of credit losses on financial instruments to be recognized when expected. This update is effective for fiscal years beginning after December 15, 2019, including the interim periods within those years, with early adoption permitted for fiscal years beginning after December 15, 2018, including interim periods within those years. Chugach will begin application of ASC 2016-13 on January 1, 2020. Adoption is not expected to have a material effect on its results of operations, financial position, and cash flows.

ASC Update 2016-15 “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force)”

In August 2016, the FASB issued ASC Update 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force).” ASC Update 2016-15 clarifies how certain cash payments and cash proceeds should be classified on the statement of cash flows to limit the diversity in practice. This update is effective for fiscal years beginning after December 15, 2017, including interim periods within those years, with early adoption permitted. Chugach will begin application of ASC 2016-15 on January 1, 2018. Adoption is not expected to have a material effect on its results of operations, financial position, and cash flows.

ASC Update 2016-18 “Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force)”

In November 2016, the FASB issued ASC Update 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force).” ASC Update 2016-18 clarifies how to classify and present changes in restricted cash or cash equivalents that occur when there are transfers between cash, cash equivalents, and restricted cash or restricted cash equivalents and when there are direct cash receipts into or payments made from restricted cash or restricted cash equivalents on the statement of cash flows to limit the diversity in practice. This update is effective for fiscal years beginning after December 15, 2017, including interim periods within those years, with early adoption permitted. Chugach will begin application of ASC 2016-18 on January 1, 2018. Adoption is not expected to have a material effect on its results of operations, financial position, and cash flows.

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Chugach Electric Association, Inc.

Notes to Consolidated Financial Statements

September 30, 2017 and 2016

ASC Update 2017-01 “Business Combinations (Topic 805): Clarifying the Definition of a Business”

In January 2017, the FASB issued ASC Update 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business.” ASC Update 2017-01 clarifies the definition of a business by providing a screen to determine when a set of assets and activities acquired or disposed of constitute a business, as well as a framework for evaluating whether all elements of a business are present in the set. This update is effective for fiscal years beginning after December 15, 2017, including interim periods within those years, with early adoption permitted only when the transaction has not been reported in financial statements. Chugach will begin application of ASC 2017-01 on January 1, 2018. Adoption is not expected to have a material effect on its results of operations, financial position, and cash flows.

ASC Update 2017-07 “Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”

In March 2017, the FASB issued ASC Update 2017-07, “Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” ASC Update 2017-07 amends current guidance on the presentation and disclosure of other compensation costs in the income statement. This update is effective for fiscal years beginning after December 15, 2017, including interim periods within those years, with early adoption permitted only for financial statements that have not been issued. Chugach will begin application of ASC 2017-07 on January 1, 2018. Adoption is not expected to have a material effect on its results of operations, financial position, and cash flows.

FAIR VALUES OF ASSETS AND LIABILITIES

Fair Value Hierarchy

In accordance with FASB ASC 820, Chugach groups its financial assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are:

Level 1 – Valuation is based upon quoted prices for identical instruments traded in active exchange markets, such as the New York Stock Exchange. Level 1 also includes United States Treasury and federal agency securities, which are traded by dealers or brokers in active markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities.

Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market.

Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect Chugach’s estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques.

The table below presents the balance of Chugach’s marketable securities measured at fair value on a recurring basis at September 30, 2017, and December 31, 2016. Chugach’s bond mutual funds and corporate bonds are measured using quoted prices in active markets. Market prices for Chugach’s certificates of deposit are measured using pricing models based upon market-observable interest rates. Chugach had no other assets or liabilities measured at fair value on a recurring basis at September 30, 2017, or at December 31, 2016.



September 30, 2017	Total		Level 1		Level 2		Level 3
Bond mutual funds	$	8,384,626	$	8,384,626	$	0	$	0
Corporate bonds	$	249,068	$	249,068	$	0	$	0
Certificates of deposit	$	3,061,913	$	0	$	3,061,913	$	0

December 31, 2016	Total		Level 1		Level 2		Level 3
Bond mutual funds	$	7,375,381	$	7,375,381	$	0	$	0
Corporate bonds	$	0	$	0	$	0	$	0
Certificates of deposit	$	3,061,434	$	0	$	3,061,434	$	0

Fair Value of Financial Instruments

Fair value estimates are dependent upon subjective assumptions and involve significant uncertainties resulting in variability in estimates with changes in assumptions. The fair value of cash and cash equivalents, accounts receivable and payable, and other short-term monetary assets and liabilities approximate carrying value due to their short-term nature.

The estimated fair value (in thousands) of long-term obligations included in the financial statements at September 30, 2017, are as follows:

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Chugach Electric Association, Inc.

Notes to Consolidated Financial Statements

September 30, 2017 and 2016

8.ENVIRONMENTAL MATTERS

The Clean Air Act and Environmental Protection Agency (EPA) regulations under the Clean Air Act establish ambient air quality standards and limit the emission of many air pollutants. New Clean Air Act regulations impacting electric utilities may result from future events or new regulatory programs. On August 3, 2015, the EPA released the final 111(d) regulation language aimed at reducing emissions of carbon dioxide (CO₂) from existing power plants that provide electricity for utility customers. In the final rule, the EPA took the approach of making individual states responsible for the development and implementation of plans to reduce the rate of CO₂ emissions from the power sector. The EPA initially applied the final rule to 47 of the contiguous states. At this time, Alaska, Hawaii, Vermont, Washington District of Columbia (D.C.) and two U.S. territories are not bound by the regulation. Alaska may be required to comply at some future date. On February 9, 2016 the U.S. Supreme Court issued a stay on the proposed EPA 111(d) regulations until the D.C. Circuit decides the case, or until the disposition of a petition to the Supreme Court on the issue. On September 27, 2016, the U.S. Court of Appeals for the D.C. Circuit heard oral arguments challenging the legality of the Clean Power Plan. While awaiting the court decision, an Executive Order promoting energy independence and economic growth was issued March 28, 2017, by the President instructing the EPA to review the Clean Power Plan. The EPA is directed to review the Clean Power Plan rule and either revise or withdraw the proposed rule. On October 10, 2017, the EPA initiated a Proposed Repeal of the Clean Power Plan. The EPA 111(d) regulation, in its current form, is not expected to have a material effect on Chugach’s financial condition, results of operations, or cash flows. While Chugach cannot predict the implementation of any additional new law or regulation, or the limitations thereof, it is possible that new laws or regulations could increase capital and operating costs. Chugach has obtained or applied for all Clean Air Act permits currently required for the operation of generating facilities.

Chugach is subject to numerous other environmental statutes including the Clean Water Act, the Resource Conservation and Recovery Act, the Toxic Substances Control Act, the Endangered Species Act, and the Comprehensive Environmental Response, Compensation and Liability Act and to the regulations implementing these statutes. Chugach does not believe that compliance with these statutes and regulations to date has had a material impact on its financial condition, results of operation or cash flows. However, the implementation of any additional new law or regulation, or the limitations thereof, or changes in or new interpretations of laws or regulations could result in significant additional capital or operating expenses. Chugach monitors proposed new regulations and existing regulation changes through industry associations and professional organizations.

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Chugach Electric Association, Inc.

Notes to Consolidated Financial Statements

September 30, 2017 and 2016

9. COMMITMENTS AND CONTINGENCIES

Contingencies

Chugach is a participant in various legal actions, rate disputes, personnel matters and claims both for and against Chugach’s interests. Management believes the outcome of any such matters will not materially impact Chugach’s financial condition, results of operations or liquidity. Chugach establishes reserves when a particular contingency is probable and calculable. Chugach has not accrued for any contingency at September 30, 2017, as it does not consider any contingency to be probable and calculable. Chugach faces contingencies that are reasonably possible to occur; however, they cannot currently be estimated.

Concentrations

Approximately 70 percent of Chugach’s employees are members of the IBEW. Chugach has three CBA’s with the IBEW. Chugach also has a CBA with the HERE. All CBA’s have been renewed through June 30, 2021.

Commitments

Fuel Supply Contracts

Chugach has fuel supply contracts with various producers at market terms. Chugach entered into a gas contract with Hilcorp effective January 1, 2015, to provide gas through March 31, 2018. On September 15, 2014, the RCA approved an amendment to the Hilcorp gas purchase agreement extending gas delivery and subsequently filling 100 percent of Chugach’s unmet needs through March 31, 2019. On September 8, 2015, the RCA approved another amendment to the Hilcorp gas purchase agreement extending the term of the agreement, thus filling up to 100 percent of Chugach’s unmet needs through March 31, 2023. The total amount of gas under this contract is estimated to be 60 Bcf. All of the production is expected to come from Cook Inlet, Alaska. The terms of the Hilcorp agreement require Chugach to manage the natural gas transportation over the connecting pipeline systems. Chugach has gas transportation agreements with ENSTAR and Hilcorp.

Chugach has a gas sale and purchase agreement with Furie, see “Item 1 – FINANCIAL STATEMENTS – Note 4 – Regulatory Matters – Furie Agreement.

BRU Operations

Chugach, and other owners, ML&P and Hilcorp, are operating under an existing Joint Operating Agreement. Hilcorp is the operator for BRU. The owners are considering updating the existing Joint Operating Agreement to better match the new owners’ interests.

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Chugach Electric Association, Inc.

Notes to Consolidated Financial Statements

September 30, 2017 and 2016

Patronage Capital

Pursuant to agreements reached with HEA and MEA, patronage capital allocated or retired to HEA or MEA is classified as patronage capital payable on Chugach’s balance sheet. At December 31, 2016, patronage capital payable to HEA and MEA was $7.9 million and $4.1 million, respectively. The Board of Directors approved a capital credit retirement on September 27, 2017. MEA received a retirement of $0.8 million, increasing their payable from $4.1 million to $4.9 million at September 30, 2017. We also finalized a new agreement with HEA which spread their retirement payments between 2017 and 2020 in increments of $2.0 million annually. As a result, $2.0 million of HEA’s patronage capital was reclassified to a current payable under other current liabilities leaving $5.9 million in long term patronage capital payable at September 30, 2017.

Legal Proceedings

Chugach has certain litigation matters and pending claims that arise in the ordinary course of Chugach’s business. In the opinion of management, none of these matters, individually or in the aggregate, is or are likely to have a material adverse effect on Chugach’s results of operations, financial condition or cash flows.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Reference is made to the information contained under the caption “CAUTION REGARDING FORWARD-LOOKING STATEMENTS” at the beginning of this report.

OVERVIEW

Chugach is one of the largest electric utilities in Alaska, engaged in the generation, transmission and distribution of electricity. Chugach is on an interconnected regional electrical system in an area referred to as Alaska’s Railbelt, a 400-mile-long area stretching from the coastline of the southern Kenai Peninsula to the interior of the state which includes Alaska’s largest cities, Anchorage and Fairbanks.

Chugach directly serves retail customers in the Anchorage and upper Kenai Peninsula areas and supplies much of the power requirements of the City of Seward, as a wholesale customer. Periodically, Chugach sells available generation in excess of its own needs to MEA, HEA, GVEA and ML&P.

Chugach is an Alaska electric cooperative operating on a not-for-profit basis and is subject to the regulatory authority of the RCA.

Chugach’s customers’ requirements for capacity and energy generally increase in fall and winter as home heating and lighting needs increase and decline in spring and summer as the weather becomes milder and daylight hours increase.

Chugach Operations

In the near term, Chugach continues to face the challenges of operating in a flat load growth environment and securing additional revenue sources. These challenges, along with energy issues and plans at the state level, will shape how Chugach proceeds into the future.

Railbelt Grid Unification

Chugach is focused on efforts in Alaska’s Railbelt to explore the benefits of grid unification. Currently, each of the six electric utilities in the Alaska’s Railbelt own a portion of the transmission grid, as does the Alaska Energy Authority (AEA). Chugach is a proponent of following other successful business models to effectively unify the grid. Discussions on the issue led the Alaska State Legislature in 2014 to appropriate $250,000 to the RCA to explore the issue and report back to legislators. The RCA expects to analyze and review present efforts in order to assess the organizational and governance structure needed for an independent consolidated system operator. Beginning in 2016, progress reports associated with system-wide economic dispatch were required. With the support of the RCA, Chugach and several other Alaska’s Railbelt utilities are evaluating possible transmission business model opportunities and associated economic dispatch models that Chugach believes may lead to more optimal Alaska’s Railbelt-wide system operations. Chugach intends to finalize this review and evaluation by the end of the second quarter of 2018. While Chugach cannot determine the materiality of any effect on its results of operations, financial condition, and cash flows until a business model and plan are adopted, it anticipates a positive outcome.

Fuel Supply

Chugach actively manages its fuel supply needs and currently has contracts in place to meet up to 100% of its anticipated needs through March of 2023 and approximately 20% to 25% of Chugach’s projected gas requirements from April 2023 through March 2033. Chugach continues its efforts to secure long-term reliable gas supply solutions and encourages new development and continued investment in Cook Inlet. The State of Alaska’s Department of Natural Resources (DNR) published a study in September 2015, “Updated Engineering Evaluation of Remaining Cook Inlet Gas Reserves,” to provide an estimate of Cook Inlet’s gas supply. The study estimated there are 1,183 Bcf of proved and probable reserves remaining in Cook Inlet’s legacy fields. This is higher than the 2009 DNR study estimate of 1,142 Bcf. Effectively, Cook Inlet gas supply estimates have slightly increased from 2009. The 2015 DNR estimate does not include reserves from a large gas field under development by Furie Operating Alaska, LLC (Furie) and another considered for development by BlueCrest Energy, Inc. Furie has constructed an offshore gas production platform and has begun production. The platform and other production facilities are designed for up to 200 million cubic feet (MMcf) per day. Other gas producers are actively developing gas supplies in the Cook Inlet. Chugach is encouraged with these developments but continues to explore other alternatives to diversify its portfolio.

Chugach also has an interest in the BRU, which provides an additional long-term supply of natural gas to meet on-going generation requirements. Gas associated with the BRU is expected to provide approximately 15% of Chugach’s gas requirements through 2033, although actual gas quantities produced are expected to vary on a year-by-year basis. During 2016, 77% of the kilowatt hours sold by Chugach came from natural gas generation, 19% from hydroelectric facilities, and 4% from wind.

Chugach has a firm gas supply contract with Hilcorp, see “Item 1 – FINANCIAL STATEMENTS – Note 9 – Commitments and Contingencies – Commitments – Fuel Supply Contracts”. In addition to this firm contract, Chugach has gas supply agreements with AIX Energy LLC through March 31, 2024 (with an option to extend the term an additional 5-year period through March 31, 2029), with Cook Inlet Energy LLC through March 31, 2023 (Chugach has exercised its option to extend the term an additional 5-year period through March 31, 2023), with Furie beginning April 1, 2023 through March 31, 2033, and had an agreement with ML&P which expired March 31, 2017. Collectively, these agreements provide added diversification and optionality for Chugach to minimize costs within its gas supply portfolio.

Renewable Energy Goals

A State of Alaska Energy Policy approved by the legislature in 2010 included legislative intent that the state achieve a 15% increase in energy efficiency on a per capita basis between 2010 and 2020, receive 50% of its electric generation from renewable and alternative energy sources by 2025, work to ensure reliable in-state gas supply for residents of the state, that the state power project fund serve as the main source of state assistance for energy projects, remain a leader in petroleum and natural gas production and become a leader in renewable and alternative energy development. This is an aspirational goal for the State of Alaska and not a mandate.

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The main project moving Alaska toward its renewable energy goals was to be the Susitna-Watana Hydroelectric Project on the Susitna River, approximately halfway between Anchorage and Fairbanks. The Alaska Legislature has appropriated a total of $192.1 million for AEA to plan, design, and obtain permit of the project. On December 26, 2014, the Governor of Alaska issued Administrative Order 271 suspending discretionary spending on the project. On January 8, 2015, the FERC granted AEA’s request to hold the licensing process in abeyance. On July 6, 2015, the Governor’s office authorized AEA to proceed with the Integrated Licensing Process using previously appropriated funds. In August 2015, AEA requested the FERC’s permission to resume the licensing efforts. As per the Governor’s direction on June 29, 2016, AEA has continued to work towards shutting down the project while preserving the State’s investment to date. On August 4, 2016, the Governor issued a letter to FERC requesting FERC to proceed with the Integrated Licensing Process (ILP) to the point of issuing its updated Study Plan Determination (SPD) to preserve the State’s investment in the project. On August 26, 2016, FERC responded to the Governor’s letter. FERC will proceed with the ILP to complete the SPD. After issuing the SPD, the project will be put into abeyance as requested by the Governor. FERC issued a determination on the initial study reports for this project on June 22, 2017, and overwhelmingly endorsed the previously approved study plan, generally with minor changes. Chugach intends to continue to work with AEA and other parties on this effort.

RESULTS OF OPERATIONS

Current Year Quarter versus Prior Year Quarter

Assignable margins decreased $0.3 million, or 69.1%, during the third quarter of 2017 compared to the third quarter of 2016, primarily due to increased power production and distribution expenses.

Operating revenues, which include sales of electric energy to retail, wholesale and economy energy customers and other miscellaneous revenues, increased $4.3 million, or 9.5%, in the third quarter of 2017 compared to the third quarter of 2016. This increase was primarily due to increased fuel costs recovered through the fuel and purchased power adjustment process as well as increased wheeling and economy energy sales to GVEA, HEA, and MEA.

Retail and wholesale revenue increased $3.0 million, or 7.4%, and $0.3 million, or 25.0%, respectively, in the third quarter of 2017 compared to the third quarter of 2016, primarily due to higher fuel costs recovered through the fuel and purchased power adjustment process.

Economy revenue increased $0.4 million, or 133.3%, in the third quarter of 2017 compared to the third quarter of 2016, due to economy energy sales to GVEA, HEA, and MEA.

Miscellaneous revenue increased $0.6 million, or 18.2%, in the third quarter of 2017 compared to the third quarter of 2016, due to an increase in wheeling and BRU revenue.

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Based on the results of fixed and variable cost recovery established in Chugach’s last rate case, wholesale sales to Seward contributed approximately $0.4 million to Chugach’s fixed costs for each of the quarters ended September 30, 2017 and 2016.

The following table shows the base rate sales revenue and fuel and purchased power revenue by customer class that is included in revenue for the quarters ended September 30, 2017, and 2016:



	Base Rate Sales Revenue							Fuel and Purchased Power Revenue							Total Revenue
		2017		2016		% Variance			2017		2016		% Variance			2017		2016		% Variance
Retail
Residential		$	14.0	$	14.2	(1.4	%)		$	6.8	$	5.2	30.8	%		$	20.8	$	19.4	7.2	%
Small Commercial		$	2.5	$	2.5	0.0	%		$	1.6	$	1.3	23.1	%		$	4.1	$	3.8	7.9	%
Large Commercial		$	10.3	$	10.9	(5.5	%)		$	7.7	$	5.8	32.8	%		$	18.0	$	16.7	7.8	%
Lighting		$	0.4	$	0.4	0.0	%		$	0.0	$	0.0	0.0	%		$	0.4	$	0.4	0.0	%
Total Retail		$	27.2	$	28.0	(2.9	%)		$	16.1	$	12.3	30.9	%		$	43.3	$	40.3	7.4	%

Wholesale
SES		$	0.6	$	0.6	0.0	%		$	0.9	$	0.6	50.0	%		$	1.5	$	1.2	25.0	%
Total Wholesale		$	0.6	$	0.6	0.0	%		$	0.9	$	0.6	50.0	%		$	1.5	$	1.2	25.0	%

Economy		$	0.2	$	0.0	100.0	%		$	0.5	$	0.3	66.7	%		$	0.7	$	0.3	133.3	%
Miscellaneous		$	0.5	$	0.7	(28.6	%)		$	3.4	$	2.6	30.8	%		$	3.9	$	3.3	18.2	%

Total Revenue		$	28.5	$	29.3	(2.7	%)		$	20.9	$	15.8	32.3	%		$	49.4	$	45.1	9.5	%

The following table summarizes kilowatt hour (kWh) sales for the quarter ended September 30:


Customer	2017 kWh	2016 kWh

Retail	251,003,486	255,491,835
Wholesale	15,896,837	15,319,452
Economy Energy	10,388,000	0
Total	277,288,323	270,811,287

Base rates charged to retail customers and wholesale customer, Seward, decreased 3.0% and 4.9%, respectively, in the third quarter of 2017 from the third quarter of 2016. The decrease to base rates is primarily driven by lower depreciation expense.

Total operating expenses increased $4.5 million, or 11.3%, in the third quarter of 2017 compared to the third quarter of 2016, primarily due to higher fuel, production, and distribution expenses.

Fuel expense increased $5.5 million, or 46.2%, in the third quarter of 2017 compared to the third quarter of 2016, primarily due to a higher average effective delivered price. In the third quarter of 2017, Chugach used 2,031,831 Mcf of fuel at an average effective delivered price of $7.69 per Mcf. In the third quarter of 2016, Chugach used 1,917,405 Mcf of fuel at an average effective delivered price of $5.40 per Mcf.

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Production expense increased $0.5 million or 11.7% in the third quarter of 2017 compared to the third quarter of 2016, primarily due to higher labor expense and amortization expense associated with the Beluga power production parts.

Purchased power expense did not materially change in the third quarter of 2017 compared to the third quarter of 2016. While not a significant overall variance, more energy purchased was offset by a lower price. In the third quarter of 2017, Chugach purchased 67,879 megawatt hours (MWh) of energy at an average effective price of 3.46 cents per kWh. In the third quarter of 2016, Chugach purchased 40,744 MWh of energy at an average effective price of 5.77 cents per kWh.

Transmission expense decreased $0.1 million or 6.4% in the third quarter of 2017 compared to the third quarter of 2016, primarily due to lower vegetation control expenses.

Distribution expense increased $0.3 million or 8.3% in the third quarter of 2017 compared to the third quarter of 2016, primarily due to higher labor expenses.

Consumer accounts expenses did not materially change in the third quarter of 2017 compared to the third quarter of 2016.

Administrative, general and other expense decreased $0.3 million, or 6.9%, in the third quarter of 2017 compared to the third quarter of 2016, primarily due to a decrease in inventory writeoffs and property tax expense.

Depreciation and amortization decreased $1.3 million, or 13.8%, in the third quarter of 2017 compared to the third quarter of 2016, primarily due to the implementation of lower depreciation rates effective July 1, 2017.

Interest on long-term and other debt and interest charged to construction did not materially change in the third quarter of 2017 compared to the third quarter of 2016.

Non-operating margins increased $0.1 million, or 65.6%, in the third quarter of 2017 compared to the third quarter of 2016, primarily due to the dividends, interest income, and change in market value of marketable securities.

Current Year to Date versus Prior Year to Date

Assignable margins increased $1.1 million, or 620.7%, in the first nine months of 2017 compared to the same period of 2016, primarily due to increased sales revenue.

Operating revenues, which include sales of electric energy to retail, wholesale and economy energy customers and other miscellaneous revenues, increased $21.8 million, or 15.6%, in the first nine months of 2017 compared to the same period of 2016. This increase was primarily due to increased energy sales caused by colder weather, as well as higher fuel and purchased power costs recovered through the fuel and purchased power adjustment process, increased economy energy sales to GVEA, HEA, and MEA, increased wheeling and BRU revenue.

Retail revenue increased $13.0 million, or 10.1%, in the first nine months of 2017 compared to the same period of 2016, due to increased energy sales, as discussed above, and higher fuel and purchased power costs recovered through the fuel and purchased power adjustment process.

Wholesale revenue increased $0.7 million, or 18.9%, in the first nine months of 2017 compared to the same period of 2016, due to increased energy sales and higher fuel and purchased power costs recovered through the fuel and purchased power adjustment process.

Economy revenue increased $2.8 million in the first nine months of 2017 compared to the same period of 2016, due to economy energy sales to GVEA, HEA, and MEA.

Miscellaneous revenue increased $5.3 million, or 75.7%, in the first nine months of 2017 compared to the same period of 2016, due to an increase in wheeling and BRU revenue.

Based on the results of fixed and variable cost recovery established in Chugach’s last rate case, wholesale sales to Seward contributed approximately $1.1 million and $1.0 million to Chugach’s fixed costs for the nine months ended September 30, 2017, and 2016, respectively.

The following table shows the base rate sales revenue and fuel and purchased power revenue by customer class that is included in revenue for the nine months ended September 30, 2017, and 2016:



	Base Rate Sales Revenue							Fuel and Purchased Power Revenue							Total Revenue
		2017		2016		% Variance			2017		2016		% Variance			2017		2016		% Variance
Retail
Residential		$	47.9	$	45.8	4.6	%		$	23.7	$	18.4	28.8	%		$	71.6	$	64.2	11.5	%
Small Commercial		$	8.4	$	8.3	1.2	%		$	5.6	$	4.5	24.4	%		$	14.0	$	12.8	9.4	%
Large Commercial		$	31.9	$	32.1	(0.6	%)		$	23.2	$	18.6	24.7	%		$	55.1	$	50.7	8.7	%
Lighting		$	1.2	$	1.2	0.0	%		$	0.1	$	0.1	0.0	%		$	1.3	$	1.3	0.0	%
Total Retail		$	89.4	$	87.4	2.3	%		$	52.6	$	41.6	26.4	%		$	142.0	$	129.0	10.1	%

Wholesale
SES		$	1.7	$	1.6	6.2	%		$	2.7	$	2.1	28.6	%		$	4.4	$	3.7	18.9	%
Total Wholesale		$	1.7	$	1.6	6.2	%		$	2.7	$	2.1	28.6	%		$	4.4	$	3.7	18.9	%

Economy		$	0.4	$	0.0	100.0	%		$	2.7	$	0.3	800.0	%		$	3.1	$	0.3	933.3	%
Miscellaneous		$	1.6	$	1.7	(5.9	%)		$	10.7	$	5.3	101.9	%		$	12.3	$	7.0	75.7	%

Total Revenue		$	93.1	$	90.7	2.6	%		$	68.7	$	49.3	39.4	%		$	161.8	$	140.0	15.6	%

The following table summarizes kWh sales for the nine months ended September 30:


Customer	2017 kWh	2016 kWh

Retail	806,832,569	804,456,166
Wholesale	45,503,487	44,850,709
Economy Energy	31,220,000	0
Total	883,556,056	849,306,875

Base rates charged to retail customers and wholesale customer, Seward, decreased 3.0% and 4.9%, respectively, in the first nine months of 2017 from the same period of 2016. The decrease to base rates is largely driven by the results of the 2017 Depreciation Study, which reduced depreciation expense. The reduction in depreciation expense was partially offset by an increase to amortization expense associated with the recovery of Beluga Power Plant production equipment.

Total operating expenses increased $20.3 million, or 16.4%, in the first nine months of 2017 compared to the same period of 2016, primarily due to higher fuel and power production expenses.

Fuel expense increased $17.8 million, or 47.3%, in the first nine months of 2017 compared to the same period of 2016, primarily due to more fuel purchased for generation as a result of increased energy sales, and at a higher average effective delivered price. In the first nine months of 2017, Chugach used 6,327,236 Mcf of fuel at an average effective delivered price of $7.95 per Mcf. In the first nine months of 2016, Chugach used 6,057,602 Mcf of fuel at an average effective delivered price of $5.48 per Mcf.

Production expense increased $0.8 million, or 6.9%, in the first nine months of 2017 compared to the same period of 2016, primarily due to increased labor and production supplies expenses.

Purchased power expense increased $0.5 million, or 4.3%, in the first nine months of 2017 compared to the same period of 2016, primarily due to increased energy requirements caused by higher energy sales despite a lower average effective price. In the first nine months of 2017, Chugach purchased 164,032 MWh of energy at an average effective price of 5.79 cents per kWh. In the first nine months of 2016, Chugach purchased 125,184 MWh of energy at an average effective price of 7.41 cents per kWh.

Transmission expense increased $0.2 million, or 5.2%, in the first nine months of 2017 compared to the same period of 2016, primarily due to higher costs associated with vegetation control.

Distribution, consumer accounts, administrative, general, and other expense, depreciation and amortization expense and interest on long-term and other debt and interest charged to construction did not materially change in the first nine months of 2017 compared to the same period of 2016.

Non-operating margins increased $0.2 million, or 65.1%, in the first nine months of 2017 compared to the same period of 2016, primarily due to the dividends, interest income, and change in market value of marketable securities.

Financial Condition

Assets

Total assets did not materially change from December 31, 2016, to September 30, 2017. Decreases in net utility plant, accounts receivable, and materials and supplies were offset by increases in marketable securities, fuel cost under-recovery, fuel stock, prepayments and deferred charges over the same period. Net utility plant decreased $6.2 million, or 0.9%, due to depreciation expense in excess of extension and replacement of plant. Accounts receivable decreased $3.3 million, or 10.1%, primarily due to a decrease in energy sales through the warmer spring and summer months. Materials and supplies decreased $13.8 million, or 49.6%, primarily due to the reclassification of production equipment parts for the Beluga Power Plant to a regulatory asset under deferred charges. Fuel cost under-recovery increased $1.4 million, or 100%, due to the under-collection of the prior quarter’s fuel and purchased power costs. Fuel stock increased $4.5 million, or 70.4%, due to more fuel purchased for storage than used for generation. Prepayments increased $3.5 million due to the prepayment of insurance, memberships, consulting, and technical support for 2017. Deferred charges increased $8.7 million, or 34.5%, primarily due to the aforementioned reclassification of production equipment parts for the Beluga Power Plant.

Liabilities and Equity

Total liabilities, equities and margins did not materially change from December 31, 2016, to September 30, 2017. Decreases in commercial paper, accounts payable, fuel cost over-recovery, accrued interest, patronage capital and patronage capital payable were offset by increases in total long-term obligations, fuel, and other liabilities. Commercial paper decreased $17.2 million, or 25.2%, due primarily to the issuance of the 2017 Series A First Mortgage Bonds which was used to pay down commercial paper. Accounts payable decreased $1.9 million, or 19.8%, due to the timing of cash payments and fuel cost over-recovery decreased $3.8 million, or 100.0%, due to refunding of the prior quarter’s over-collection of fuel and purchased power costs. Accrued interest decreased $4.8 million, or 81.3%, due to the semi-annual interest payment on the Series A Bonds. Patronage capital and patronage capital payable decreased due to the capital credit retirement authorized by the Chugach Board of Directors on September 27, 2017. Long-term obligations increased $14.2 million, or 3.2%, due to the issuance of the 2017 Series A First Mortgage Bonds, which was somewhat offset by the principal payments on Chugach’s existing debt. Fuel increased $3.2 million, or 51.2%, primarily due to an increase in gas purchased for storage in September 2017 compared to December 2016. Other liabilities increased $4.9 million primarily due to an increase in the underground ordinance liability and the aforementioned capital credit retirement.

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LIQUIDITY AND CAPITAL RESOURCES

Summary

Chugach ended the first nine months of 2017 with $3.9 million of cash and cash equivalents, down from $4.7 million at December 31, 2016. At September 30, 2017, Chugach also had $8.4 million in marketable securities available for immediate liquidity, if needed. Chugach did not utilize its $50.0 million line of credit maintained with NRUCFC in the nine months ended September 30, 2017, therefore, this line of credit had no outstanding balance and the available borrowing capacity under this line was $50.0 million at September 30, 2017. Chugach used commercial paper in the first nine months of 2017 and had $51.0 million of commercial paper outstanding at September 30, 2017, thus the available borrowing capacity under the commercial paper program at September 30, 2017, was $99.0 million.

Cash equivalents consist of all highly liquid debt instruments, with a maturity of three months or less when purchased, and a concentration account with First National Bank Alaska.

Cash Flows

The following table summarizes Chugach’s cash flows from operating, investing and financing activities for the nine months ended September 30, 2017 and 2016.



	2017		2016
Total cash provided by (used in):
Operating activities	$	19,856,600	$	21,228,716
Investing activities		(22,520,940)		(79,104,771)
Financing activities		1,957,727		45,967,420
Decrease in cash and cash equivalents	$	(706,613)	$	(11,908,635)

Operating Activities

Cash provided by operating activities was $19.9 million for the nine months ended September 30, 2017, compared with $21.2 million for the nine months ended September 30, 2016. The decrease in cash provided by operating activities in the first nine months of 2017 from the same period in 2016 was primarily due to fuel activity. A shift from a fuel cost over-recovery position to a fuel cost under-recovery position and an increase in fuel stock was somewhat offset by a decrease in cash used for fuel. An increase in cash used for prepayments also contributed to this variance. These variances were somewhat offset by an increase in assignable margins and less cash used for materials and supplies and deferred charges.

Investing Activities

Cash used in investing activities was $22.5 million for the nine months ended September 30, 2017, compared with $79.1 million for the nine months ended September 30, 2016. The change in cash used in investing activities was primarily due to Chugach’s investment in the BRU in 2016.

Capital construction through September 30, 2017, was $21.8 million and is anticipated to reach $29.5 million for 2017, net of funding from other sources totaling $14.8 million. Construction activity is expected to decrease during the fourth quarter as the season ends.

Financing Activities

Cash provided by financing activities was $2.0 million for the nine months ended September 30, 2017, compared with $46.0 million for the nine months ended September 30, 2016. The change in cash provided by financing activities was primarily due to the change in commercial paper and repayments of long-term obligations as a result of the 2017 Series A First Mortgage Bonds and payment of the 2011 CoBank Note.

Sources of Liquidity

Chugach satisfies its operational and capital cash requirements through internally generated funds, a $50.0 million line of credit from NRUCFC and a $150.0 million commercial paper program. At September 30, 2017, there was no outstanding balance on the NRUCFC line of credit and $51.0 million of outstanding commercial paper. Therefore, at September 30, 2017, the available borrowing capacity under Chugach’s line of credit with NRUCFC was $50.0 million and the available commercial paper capacity was $99.0 million.

Commercial paper can be repriced between one day and 270 days. The average commercial paper balance for the nine months ended September 30, 2017, was $42.8 million with a corresponding weighted average interest rate of 1.40%. The maximum balance of outstanding commercial paper for the nine months ended September 30, 2017, was $91.2 million.

The following table provides information regarding monthly average commercial paper balances outstanding (dollars in millions), as well as corresponding monthly weighted average interest rates:



Month	Average Balance		Weighted Average Interest Rate
January 2017	$	65.0	0.94
February 2017	$	63.0	0.92
March 2017	$	60.9	1.04
April 2017	$	44.4	1.14
May 2017	$	42.4	1.14
June 2017	$	40.2	1.29
July 2017	$	41.1	1.40
August 2017	$	41.5	1.40
September 2017	$	45.7	1.40

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At September 30, 2017, Chugach had a term loan facility with CoBank. Loans made under these facilities are evidenced by the 2016 CoBank Note, which is governed by the Second and Amended and Restated Master Loan Agreement dated June 30, 2016 and secured by the Indenture.

At September 30, 2017, Chugach had the following outstanding with this facility:



	Principal Balance		Interest Rate at September 30, 2017	Maturity Date	Principal Payment Dates

2016 CoBank Note	$	41,154,000	2.58%	2031	2017-2031

Under the Indenture, additional obligations may be sold by Chugach upon the basis of bondable additions and the retirement or defeasance of or principal payments on previously outstanding obligations. Chugach’s ability to sell additional debt obligations will be dependent on the market’s perception of Chugach’s financial condition and Chugach’s continuing compliance with financial covenants contained in its debt agreements.

Chugach management continues to expect that cash flows from operations and external funding sources, including additional commercial paper borrowings, will be sufficient to cover operational, financing and capital funding requirements in 2017 and thereafter.

CRITICAL ACCOUNTING POLICIES

As of September 30, 2017, there have been no significant changes in Chugach’s critical accounting policies as disclosed in Chugach’s 2016 Annual Report on Form 10-K. These policies include electric utility regulation and unbilled revenue.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

Information required by this Item is contained in Note 6 to the “Notes to Financial Statements” within Part I, Item 1 of this Form 10-Q.

ENVIRONMENTAL MATTERS

Compliance with Environmental Standards

Chugach’s operations are subject to certain federal, state and local environmental laws and regulations, which seek to limit air, water and other pollution and regulate hazardous or toxic waste disposal. While we monitor these laws and regulations to ensure compliance, they frequently change and often become more restrictive. When this occurs, the costs of our compliance generally increase.

We include costs associated with environmental compliance in both our operating and capital budgets. We accrue for costs associated with environmental remediation obligations when those costs are probable and reasonably estimable. We do not anticipate that environmental related expenditures will have a material effect on our results of operations or financial condition. We cannot, however, predict the nature, extent or cost of new laws or regulations relating to environmental matters.

The Clean Air Act and EPA regulations under the Clean Air Act establish ambient air quality standards and limit the emission of many air pollutants. New Clean Air Act regulations impacting electric utilities may result from future events or new regulatory programs. On August 3, 2015, the EPA released the final 111(d) regulation language aimed at reducing emissions of CO₂ from existing power plants that provide electricity for utility customers. In the final rule, the EPA took the approach of making the individual states responsible for the development and implementation of plans to reduce the rate of CO₂ emissions from the power sector. The EPA initially applied the final rule to 47 of the contiguous states. At this time Alaska, Hawaii, Vermont, Washington District of Columbia (D.C.) and two U.S. territories are not bound by the regulation. Alaska may be required to comply at some future date. On February 9, 2016 the U.S. Supreme Court issued a stay on the proposed EPA 111(d) regulations until the D.C. Circuit decides the case, or until the disposition of a petition to the Supreme Court on the issue. On September 27, 2016, the U.S. Court of Appeals for the D.C. Circuit heard oral arguments challenging the legality of the Clean Power Plan. While awaiting the court decision, an Executive Order promoting energy independence and economic growth was issued March 28, 2017, by the President instructing the EPA to review the Clean Power Plan. The EPA is directed to review the Clean Power Plan rule and either revise or withdraw the proposed rule. On October 10, 2017, the EPA initiated a Proposed Repeal of the Clean Power Plan. The EPA 111(d) regulation, in its current form, is not expected to have a material effect on Chugach’s financial condition, results of operations, or cash flows. While Chugach cannot predict the implementation of any additional new law or regulation, or the limitations thereof, it is possible that new laws or regulations could increase capital and operating costs. Chugach has obtained or applied for all Clean Air Act permits currently required for the operation of generating facilities.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Chugach is exposed to a variety of risks. In the normal course of its business, Chugach manages exposure to these risks as described below. Chugach does not engage in trading market risk-sensitive instruments for speculative purposes.

Interest Rate Risk

At September 30, 2017, short- and long- term debt was comprised of the 2011, 2012 and 2017 Series A Bonds, the 2016 CoBank Note and outstanding commercial paper.

The interest rates of the 2011, 2012 and 2017 Series A Bonds, and 2016 CoBank Note are fixed and set forth in the table below with the carrying value and fair value (dollars in thousands) at September 30, 2017.



	Maturing	Interest Rate		Carrying Value		Fair Value
2011 Series A, Tranche A	2031	4.20	%	$	63,000	$	64,180
2011 Series A, Tranche B	2041	4.75	%		148,000		159,293
2012 Series A, Tranche A	2032	4.01	%		56,250		56,708
2012 Series A, Tranche B	2042	4.41	%		88,000		92,624
2012 Series A, Tranche C	2042	4.78	%		50,000		54,712
2017 Series A, Tranche A	2037	3.43	%		40,000		38,548
2016 CoBank Note	2031	2.58	%		41,154		39,075
Total				$	486,404	$	505,140

Chugach is exposed to market risk from changes in interest rates associated with its credit facility. Chugach’s credit facilities’ interest rates may be reset due to fluctuations in a market-based index, such as the LIBOR. At September 30, 2017, Chugach had $51.0 million of commercial paper outstanding. A 100 basis-point rise or decline in interest rates would increase or decrease interest expense by approximately $0.5 million, based on this variable rate outstanding debt.

Commodity Price Risk

Because fuel and purchased power costs are passed directly to wholesale and retail customers through a fuel and purchased power recovery process, fluctuations in the price paid for gas pursuant to gas supply contracts do not generally impact margins.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Controls and Procedures

As of the end of the period covered by this report, under the supervision and with the participation of Chugach management, including the Chief Executive Officer (CEO) and Chief Financial Officer (CFO), Chugach conducted an evaluation of the effectiveness of the design and operation of disclosure controls and procedures, as defined in the Securities Exchange Act of 1934 (Exchange Act) Rule 13a-15(e). Based on this evaluation, the CEO and CFO each concluded that as of the end of the period covered by this report, disclosure controls and procedures are effective in timely alerting them to material information required to be disclosed in Chugach’s periodic reports to the Securities and Exchange Commission (SEC), ensures that such information is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and such information is accumulated and communicated to management, including the CEO and CFO, to allow timely decisions regarding required disclosure.

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Changes in Internal Control Over Financial Reporting

There have been no changes in Chugach’s internal controls over financial reporting identified in connection with the evaluation that occurred during the third quarter of 2017 that has materially affected, or is reasonably likely to materially affect, internal controls over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Information required by this Item is contained in Note 9 to the “Notes to Financial Statements” within Part I, Item 1 of this Form 10-Q.

ITEM 1A. RISK FACTORS

Regulatory

Chugach’s billing rates are approved by the RCA. Chugach submits quarterly filings for adjustments to base demand and energy rates under the SRF process. See “Item 1 FINANCIAL STATEMENTS – Note 4 – Regulatory Matters – Simplified Rate Filing.”

Financing

Fuel Supply

In 2016, 77% of our power was generated from natural gas. Our primary sources of natural gas in 2016 were Hilcorp, ConocoPhillips, ML&P, and Chugach’s 10% share of the Beluga River Unit. Chugach currently has gas contracts in place to fill up to 100% of Chugach’s needs through March 31, 2023.

On May 1, 2017, the RCA approved the Furie Agreement. The Furie Agreement provides Chugach with both firm and non-firm gas supplies over a 16-year period, with firm purchases beginning on April 1, 2023, and ending March 31, 2033, and interruptible gas purchases available to Chugach immediately and ending on March 31, 2033. With respect to firm purchases beginning on April 1, 2023, and ending on March 31, 2033, the Furie Agreement provides an Annual Gas Commitment by Furie to sell and Chugach to purchase approximately 1.8 Bcf of gas each year, which represents approximately 20% to 25% of Chugach’s projected gas requirements during this period. The Furie Agreement also provides Chugach with additional purchase options, on a firm and interruptible basis. The initial price for firm gas is $7.16 per Mcf beginning April 1, 2023 and escalates annually rising to $7.98 per Mcf on April 1, 2032, the last year of the contract.

Chugach also has agreements with Cook Inlet Energy (CIE) and AIX Energy, LLC, which provide a structure to purchase supplemental gas, adding diversity in Chugach’s sources of natural gas to meet system load requirements.

Green House Gas Regulations, Carbon Emission and Climate Change

Uncertainty remains regarding the impacts of potential regulations regarding greenhouse gases (GHG), carbon emissions, and climate change on Chugach’s operations. The EPA is moving forward with regulations that seek to limit carbon emissions in the United States. Power plants are the single largest source of carbon emissions in the United States. On August 3, 2015, the EPA released the final 111(d) regulation aimed at reducing emissions of CO₂ from existing power plants. Alaska is not bound by the 111(d) regulation, however Alaska may be required to comply at some future date. On February 9, 2016, the U.S. Supreme Court issued a stay on the proposed EPA 111(d) regulations until the DC Circuit decides the case, or until the disposition of a petition to the Supreme Court on the issue. On September 27, 2016, the US Court of Appeals for the District of Columbia Circuit heard oral arguments challenging the legality of the Clean Power Plan. While awaiting the court decision, an Executive Order promoting energy independence and economic growth was issued on March 28, 2017, by the President instructing the EPA to review the Clean Power Plan. The EPA is directed to review the Clean Power Plan rule and either revise or withdraw the proposed rule. On October 10, 2017, the EPA initiated a Proposed Repeal of the Clean Power Plan. The EPA 111(d) regulation, in its current form, is not expected to have a material effect on Chugach’s financial condition, results of operations, or cash flows.

Additional costs related to a GHG tax or cap and trade program, if enacted by Congress, or other regulatory action, could affect the relative cost of the energy Chugach produces. While Chugach cannot predict the implementation of any additional new law or regulation, or the limitations thereof, it is possible that new laws or regulations could increase capital and operating costs. Chugach has obtained or applied for all Clean Air Act permits currently required for the operation of generating facilities.

For information regarding additional risk factors, refer to Item 1A of Chugach’s Annual Report on Form 10-K for the year ended December 31, 2016. Except as noted above, these risk factors have not materially changed as of September 30, 2017.

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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Not applicable.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

None.

ITEM 5. OTHER INFORMATION

None.

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ITEM 6. EXHIBITS

Revolving Line of Credit Agreement between the Registrant and National Rural Utilities Cooperative Finance Corporation (NRUCFC) effective September 29, 2017

Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

XBRL Instance Document

XBRL Taxonomy Extension Schema Document

XBRL Taxonomy Extension Calculation Linkbase Document

XBRL Taxonomy Extension Label Linkbase Document

XBRL Taxonomy Extension Presentation Linkbase Document

XBRL Taxonomy Extension Definition Linkbase Document

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SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this quarterly report to be signed on its behalf by the undersigned thereunto duly authorized.


		CHUGACH ELECTRIC ASSOCIATION, INC.



	By:	/s/ Lee D. Thibert
		Lee D. Thibert
		Chief Executive Officer

	By:	/s/ Sherri L. Highers
		Sherri L. Highers
		Chief Financial Officer


	Date:	November 8, 2017

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EXHIBITS

Listed below are the exhibits, which are filed as part of this Report:


Exhibit Number	Description
10.47.5	Revolving Line of Credit Agreement between the Registrant and National Rural Utilities Cooperative Finance Corporation (NRUCFC) effective September 29, 2017. Incorporated by reference to the Registrant’s Form 8-K dated September 29, 2017.
31.1	Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document

EX-31.1 2 c004-20170930xex31_1.htm EX-31.1 20170930 EX 31_1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

Certification Pursuant to 18 U.S.C. Section 1350 (Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002)

I, Lee D. Thibert, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Chugach Electric Association, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of Chugach as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the third fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: November 8, 2017	By:	/s/ Lee D. Thibert
		Lee D. Thibert
		Chief Executive Officer
		Principal Executive Officer

EX-31.2 3 c004-20170930xex31_2.htm EX-31.2 20170930 EX 31_2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

Certification Pursuant to 18 U.S.C. Section 1350 (Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002)

I, Sherri L. Highers, certify that:

1.I have reviewed this quarterly report on Form 10-Q of Chugach Electric Association, Inc.;

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s third fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: November 8, 2017	By:	/s/ Sherri L. Highers
		Sherri L. Highers
		Chief Financial Officer
		Principal Financial Officer

EX-32.1 4 c004-20170930xex32_1.htm EX-32.1 20170930 EX 32_1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

Certification Pursuant to 18 U.S.C. Section 1350 (Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)

In connection with the quarterly report on Form 10-Q of Chugach Electric Association, Inc. (the "Company") for the quarter ended September 30, 2017, as filed with the Securities and Exchange Commission (the "Report"), I, Lee D. Thibert, Chief Executive Officer and Principal Executive Officer of the Company, hereby certify as the date hereof, solely for purposes of Title 18, Chapter 63, Section 1350 of the United States Code, that to the best of my knowledge:

(1)

the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated.


Date: November 8, 2017	By:	/s/ Lee D. Thibert
		Lee D. Thibert
		Chief Executive Officer
		Principal Executive Officer

EX-32.2 5 c004-20170930xex32_2.htm EX-32.2 20170930 EX 32_2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

Certification Pursuant to 18 U.S.C. Section 1350 (Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002)

In connection with the quarterly report on Form 10-Q of Chugach Electric Association, Inc. (the "Company") for the quarter ended September 30, 2017, as filed with the Securities and Exchange Commission (the "Report"), I, Sherri L. Highers, Chief Financial Officer and Principal Financial Officer of the Company, hereby certify as the date hereof, solely for purposes of Title 18, Chapter 63, Section 1350 of the United States Code, that to the best of my knowledge:

(1)

the Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated.


Date: November 8, 2017	By:	/s/ Sherri L. Highers
		Sherri L. Highers
		Chief Financial Officer
		Principal Financial Officer

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chgch:BelugaPowerPlantMember chgch:BelugaPowerPlantUnit1Member 2017-09-30 0000878004 chgch:BelugaPowerPlantMember 2017-09-30 0000878004 chgch:FurieOperatingAlaskaLlcPurchaseCommitmentMember us-gaap:MinimumMember 2017-01-01 2017-09-30 0000878004 chgch:FurieOperatingAlaskaLlcPurchaseCommitmentMember us-gaap:MaximumMember 2017-01-01 2017-09-30 0000878004 chgch:FurieOperatingAlaskaLlcPurchaseCommitmentMember 2017-09-30 0000878004 us-gaap:RevolvingCreditFacilityMember 2017-01-01 2017-09-30 0000878004 chgch:InternationalBrotherhoodOfElectricalWorkersMember 2017-01-01 2017-09-30 0000878004 chgch:HotelEmployeesAndRestaurantEmployeesMember 2017-01-01 2017-09-30 0000878004 chgch:HilcorpAlaskaCookInletMember 2017-01-01 2017-09-30 0000878004 chgch:FurieOperatingAlaskaLlcPurchaseCommitmentMember 2017-01-01 2017-09-30 0000878004 2017-09-30 0000878004 2016-12-31 0000878004 us-gaap:MinimumMember us-gaap:CommercialPaperMember 2017-01-01 2017-09-30 0000878004 us-gaap:MaximumMember us-gaap:CommercialPaperMember 2017-01-01 2017-09-30 0000878004 2017-07-01 2017-09-30 0000878004 2017-01-01 2017-09-30 0000878004 2016-07-01 2016-09-30 0000878004 2016-01-01 2016-09-30 xbrli:shares xbrli:pure iso4217:USD utr:Mcfe utr:Mcf chgch:agreement utr:mi iso4217:USD 283338 79734 107712 46714 P270D P1D 400 185515525 183919142 <div> <div style="margin-left:0pt;margin-right:0pt;"> h. Fuel Stock Fuel Stock is the weighted average cost of fuel injected into the Cook Inlet Natural Gas Storage Alaska (CINGSA). Chugach’s fuel balance in storage amounted to $10.8 million and $6.3 million at September 30, 2017, and December 31, 2016, respectively. </div> </div> 2023-04-01 2015-01-01 2033-03-31 2018-03-31 2019-03-31 2023-03-31 1691014 1712704 102806 209899 <div> <div style="margin-left:0pt;margin-right:0pt;"> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:28.8pt;"> <tr> <td valign="bottom" style="width:73.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> </td> <td valign="bottom" style="width:06.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:20.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:73.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> </td> <td valign="bottom" style="width:06.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:20.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:73.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> </td> <td colspan="2" valign="bottom" style="width:27.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Nine months ended September 30, 2017 </td> </tr> <tr> <td valign="bottom" style="width:73.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Net gains and losses recognized during the period on trading securities </td> <td valign="bottom" style="width:06.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:20.66%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">103,443  </td> </tr> <tr> <td valign="bottom" style="width:73.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Less: Net gains and losses recognized during the period on trading securities sold during the period </td> <td valign="top" style="width:06.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:20.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">0  </td> </tr> <tr> <td valign="bottom" style="width:73.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Unrealized gains and losses recognized during the reporting period on trading securities still held at the reporting date </td> <td valign="bottom" style="width:06.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:20.66%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">103,443  </td> </tr> </table></div> </div> </div> 1 3 P5D 1800000 7.98 7.16 25140957 33819717 11400000 300000 11100000 13828075 14016284 169996436 168190154 2000000 1.00 0.25 0.20 P12M 387692 115452 319233 370010 209043 484345 774190 393341 false --12-31 Q3 2017 2017-09-30 10-Q 0000878004 0 Non-accelerated Filer CHUGACH ELECTRIC ASSOCIATION INC

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<div> <div style="margin-left:0pt;margin-right:0pt;"> d. Restricted Cash Equivalents Restricted cash equivalents, including both current and long-term amounts, consist of funds on deposit for future workers’ compensation claims.  Total restricted cash equivalents amounted to $1.7 million at September 30, 2017, and December 31, 2016. </div> </div>

68200000

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<div> <div style="margin-left:0pt;margin-right:0pt;"> 9.        COMMITMENTS AND CONTINGENCIES Contingencies Chugach is a participant in various legal actions, rate disputes, personnel matters and claims both for and against Chugach’s interests. Management believes the outcome of any such matters will not materially impact Chugach’s financial condition, results of operations or liquidity. Chugach establishes reserves when a particular contingency is probable and calculable. Chugach has not accrued for any contingency at September 30, 2017, as it does not consider any contingency to be probable and calculable. Chugach faces contingencies that are reasonably possible to occur; however, they cannot currently be estimated. Concentrations Approximately 70 percent of Chugach’s employees are members of the IBEW. Chugach has three CBA’s with the IBEW. Chugach also has a CBA with the HERE. All CBA’s have been renewed through June 30, 2021.   Commitments Fuel Supply Contracts  Chugach has fuel supply contracts with various producers at market terms. Chugach entered into a gas contract with Hilcorp effective January 1, 2015, to provide gas through March 31, 2018. On September 15, 2014, the RCA approved an amendment to the Hilcorp gas purchase agreement extending gas delivery and subsequently filling 100 percent of Chugach’s unmet needs through March 31, 2019. On September 8, 2015, the RCA approved another amendment to the Hilcorp gas purchase agreement extending the term of the agreement, thus filling up to 100 percent of Chugach’s unmet needs through March 31, 2023.  The total amount of gas under this contract is estimated to be 60 Bcf. All of the production is expected to come from Cook Inlet, Alaska. The terms of the Hilcorp agreement require Chugach to manage the natural gas transportation over the connecting pipeline systems. Chugach has gas transportation agreements with ENSTAR and Hilcorp. Chugach has a gas sale and purchase agreement with Furie, see “Item 1 – FINANCIAL STATEMENTS – Note 4 – Regulatory Matters – Furie Agreement. BRU Operations Chugach, and other owners, ML&P and Hilcorp, are operating under an existing Joint Operating Agreement.  Hilcorp is the operator for BRU.  The owners are considering updating the existing Joint Operating Agreement to better match the new owners’ interests. Patronage Capital Pursuant to agreements reached with HEA and MEA, patronage capital allocated or retired to HEA or MEA is classified as patronage capital payable on Chugach’s balance sheet.  At December 31, 2016, patronage capital payable to HEA and MEA was $7.9 million and $4.1 million, respectively.  The Board of Directors approved a capital credit retirement on September 27, 2017.  MEA received a retirement of $0.8 million, increasing their payable from $4.1 million to $4.9 million at September 30, 2017.  We also finalized a new agreement with HEA which spread their retirement payments between 2017 and 2020 in increments of $2.0 million annually.  As a result, $2.0 million of HEA’s patronage capital was reclassified to a current payable under other current liabilities leaving $5.9 million in long term patronage capital payable at September 30, 2017.  Legal Proceedings Chugach has certain litigation matters and pending claims that arise in the ordinary course of Chugach’s business. In the opinion of management, none of these matters, individually or in the aggregate, is or are likely to have a material adverse effect on Chugach’s results of operations, financial condition or cash flows. </div> </div>

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<div> <div style="margin-left:0pt;margin-right:0pt;"> <div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:8pt;"></td><td valign="top" align="left" style="width: 22.00pt;"> 5. </td><td style="width:5pt;"></td><td align="left" valign="top"> <a name="_f4ae0a38f8114be2af8d613f1f0a7a41"></a><a name="_737e946fba4d4da29aa6b3e212b6748b"></a><a name="_ab32c1dd7a314222a2b08f2d7ab53179"></a><a name="_0f8b686cc8914973872b04ccc1418c0c"></a><a name="_5e7f9c139cb043cd988726b0a2c97913"></a>DEBT</td></tr></table></div> Lines of Credit Chugach maintains a $50.0 million line of credit with National Rural Utilities Cooperative Finance Corporation (NRUCFC). Chugach did not utilize this line of credit in the nine months ended September 30, 2017. In addition, Chugach did not utilize this line of credit during 2016 and had no outstanding balance at December 31, 2016. The borrowing rate is calculated using the total rate per annum and may be fixed by NRUCFC. The borrowing rate was 2.75%  at September 30, 2017, and 2.50% at December 31, 2016. The NRUCFC Revolving Line Of Credit Agreement requires that Chugach, for each 12-month period, for a period of at least five consecutive days, pay down the entire outstanding principal balance. The NRUCFC line of credit was renewed effective September 29, 2017 and expires September 29, 2022. This line of credit is immediately available for unconditional borrowing. Commercial Paper On June 13, 2016, Chugach entered into a $150.0 million senior unsecured credit facility (Credit Agreement), which is used to back Chugach’s commercial paper program. The pricing includes an all-in drawn spread of one month London Interbank Offered Rate (LIBOR) plus 90.0 basis points, along with a 10.0 basis points facility fee (based on an A/A2/A unsecured debt rating). The new Credit Agreement will expire on June 13, 2021. The participating banks include NRUCFC, KeyBank National Association, Bank of America, N.A., and CoBank, ACB. The commercial paper can be repriced between one day and 270 days. Chugach expects to continue issuing commercial paper in 2017, as needed. Chugach had $51.0 million and $68.2 million of commercial paper outstanding at September 30, 2017, and December 31, 2016, respectively. The following table provides information regarding average commercial paper balances outstanding for the quarters ended September 30, 2017, and 2016 (dollars in millions), as well as corresponding weighted average interest rates: <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:28.8pt;"> <tr> <td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> </td> <td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:03.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> </td> <td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:03.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:11.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> </tr> <tr> <td colspan="5" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2017 </td> <td valign="bottom" style="width:03.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> 2016 </td> </tr> <tr> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Average Balance </td> <td valign="bottom" style="width:02.20%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Weighted Average Interest Rate </td> <td valign="bottom" style="width:03.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Average Balance </td> <td valign="bottom" style="width:02.20%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Weighted Average Interest Rate </td> </tr> <tr> <td valign="bottom" style="width:11.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 42.8 </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">1.40  </td> <td valign="bottom" style="width:11.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:03.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> 53.8 </td> <td valign="bottom" style="width:02.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">0.65  </td> <td valign="bottom" style="width:11.48%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> </table></div> Term Loans Chugach has a term loan facility with CoBank. Loans made under this facility are evidenced by the 2016 CoBank Note, which is governed by the Amended and Restated Master Loan Agreement dated June 30, 2016, and secured by the Second Amended and Restated Indenture of Trust (Indenture). The borrowing rate is fixed at 2.58% on a fifteen year term, maturing April 20, 2031. Chugach had $41.2 million and $43.8 million outstanding on this facility at September 30, 2017, and December 31, 2016.     Financing On March 17, 2017, Chugach issued $40,000,000 of First Mortgage Bonds, 2017 Series A, due March 15, 2037. The bonds were issued for general corporate purposes. The 2017 Series A Bonds will mature on March 15, 2037, and bear interest at 3.43%. Interest will be paid each March 15 and September 15, commencing on September 15, 2017. The 2017 Series A Bonds require principal payments in equal installments on an annual basis beginning March 15, 2018, resulting in an average life of approximately 10.0 years. The bonds are secured, ranking equally with all other long-term obligations, by a first lien on substantially all of Chugach’s assets, pursuant to the Sixth Supplemental Indenture to the Second Amended and Restated Indenture of Trust, which initially became effective on January 20, 2011, as previously amended and supplemented.  Debt Issuance Costs The following table outlines debt issuance costs associated with long-term obligations, excluding current installments, at September 30, 2017. <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:28.8pt;"> <tr> <td valign="bottom" style="width:53.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:18.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:20.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:53.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:4.75pt;padding:0pt;"> </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:4.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:18.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:4.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:4.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:4.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:20.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:4.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:53.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:29.25pt;padding:0pt;"> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:29.25pt;padding:0pt;"> Long-term Obligations </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:29.25pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:29.25pt;padding:0pt;"> Unamortized Debt Issuance Costs </td> </tr> <tr> <td valign="bottom" style="width:53.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;"> 2011 Series A Bonds </td> <td valign="bottom" style="width:02.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">200,333,331  </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:20.12%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">1,250,685  </td> </tr> <tr> <td valign="bottom" style="width:53.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;"> 2012 Series A Bonds </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:18.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">183,500,000  </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:20.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">1,040,988  </td> </tr> <tr> <td valign="bottom" style="width:53.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;"> 2017 Series A Bonds </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:18.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">38,000,000  </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:20.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">203,643  </td> </tr> <tr> <td valign="bottom" style="width:53.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;"> 2016 CoBank Note </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:18.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">37,962,000  </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:20.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">239,393  </td> </tr> <tr> <td valign="bottom" style="width:53.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;"> </td> <td valign="bottom" style="width:02.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">459,795,331  </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:20.12%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">2,734,709  </td> </tr> </table></div> The following table outlines debt issuance costs associated with long-term obligations, excluding current installments, at December 31, 2016. <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:28.8pt;"> <tr> <td valign="bottom" style="width:53.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:18.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:20.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:53.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:4.75pt;padding:0pt;"> </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:4.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:18.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:4.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:4.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:4.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:20.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:4.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:53.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:33.75pt;padding:0pt;"> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:33.75pt;padding:0pt;"> Long-term Obligations </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:33.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:33.75pt;padding:0pt;"> Unamortized Debt Issuance Costs </td> </tr> <tr> <td valign="bottom" style="width:53.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;"> 2011 Series A Bonds </td> <td valign="bottom" style="width:02.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">210,999,998  </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:20.12%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">1,347,350  </td> </tr> <tr> <td valign="bottom" style="width:53.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;"> 2012 Series A Bonds </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:18.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">194,250,000  </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:20.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">1,106,275  </td> </tr> <tr> <td valign="bottom" style="width:53.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;"> 2016 CoBank Note </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:18.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">40,356,000  </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:20.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">262,120  </td> </tr> <tr> <td valign="bottom" style="width:53.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;"> </td> <td valign="bottom" style="width:02.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">445,605,998  </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:20.12%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">2,715,745  </td> </tr> </table></div> </div> </div>

0.00900

445605998

43800000

210999998

40356000

194250000

459795331

41200000

38000000

200333331

37962000

183500000

40000000

0.0343

0.0258

2037-03-15

2031-04-20

P10Y

P15Y

907836

1137189

1443967

12111405

4218378

12951877

4711160

7315898

7310097

6321676

10773773

<div> <div style="margin-left:0pt;margin-right:0pt;"> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:28.8pt;"> <tr> <td valign="bottom" style="width:27.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:27.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:27.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> September 30, 2017 </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Level 1 </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Level 2 </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Level 3 </td> </tr> <tr> <td valign="bottom" style="width:27.12%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> Bond mutual funds </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">8,384,626  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">8,384,626  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">0  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">0  </td> </tr> <tr> <td valign="bottom" style="width:27.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> Corporate bonds </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">249,068  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">249,068  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">0  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">0  </td> </tr> <tr> <td valign="bottom" style="width:27.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> Certificates of deposit </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">3,061,913  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">0  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">3,061,913  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">0  </td> </tr> <tr> <td valign="bottom" style="width:27.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:27.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;"> December 31, 2016 </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;"> Level 1 </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;"> Level 2 </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;"> Level 3 </td> </tr> <tr> <td valign="bottom" style="width:27.12%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> Bond mutual funds </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">7,375,381  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">7,375,381  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">0  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">0  </td> </tr> <tr> <td valign="bottom" style="width:27.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> Corporate bonds </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">0  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">0  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">0  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">0  </td> </tr> <tr> <td valign="bottom" style="width:27.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> Certificates of deposit </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">3,061,434  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">0  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">3,061,434  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">0  </td> </tr> </table></div> </div> </div>

<div> <div style="margin-left:0pt;margin-right:0pt;"> <div style="width:100%"><table style="width:100%; table-layout: fixed;" cellpadding="0" cellspacing="0"><tr><td style="width:8pt;"></td><td valign="top" align="left" style="width: 22.00pt;"> 7. </td><td style="width:5pt;"></td><td align="left" valign="top"> <a name="_225acced3a4948ac9732612d8935f219"></a><a name="_ff9790513e8d4443af1bb95896c7070d"></a><a name="_f559bbae435549f19e592cfb2be6566c"></a><a name="_af92d9d17091497d939b991c2375c842"></a><a name="_f5edec6eca304e33ad5f4c3d2cbe2482"></a><a name="_0ba5eff67c0d46bf9da989b424ce93be"></a>FAIR VALUES OF ASSETS AND LIABILITIES</td></tr></table></div> Fair Value Hierarchy In accordance with FASB ASC 820, Chugach groups its financial assets and liabilities measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are: Level 1 – Valuation is based upon quoted prices for identical instruments traded in active exchange markets, such as the New York Stock Exchange. Level 1 also includes United States Treasury and federal agency securities, which are traded by dealers or brokers in active markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities. Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect Chugach’s estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flow models and similar techniques. The table below presents the balance of Chugach’s marketable securities measured at fair value on a recurring basis at September 30, 2017, and December 31, 2016. Chugach’s bond mutual funds and corporate bonds are measured using quoted prices in active markets. Market prices for Chugach’s certificates of deposit are measured using pricing models based upon market-observable interest rates. Chugach had no other assets or liabilities measured at fair value on a recurring basis at September 30, 2017, or at  December 31, 2016.   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:28.8pt;"> <tr> <td valign="bottom" style="width:27.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:27.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:27.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> September 30, 2017 </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Level 1 </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Level 2 </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Level 3 </td> </tr> <tr> <td valign="bottom" style="width:27.12%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> Bond mutual funds </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">8,384,626  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">8,384,626  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">0  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">0  </td> </tr> <tr> <td valign="bottom" style="width:27.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> Corporate bonds </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">249,068  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">249,068  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">0  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">0  </td> </tr> <tr> <td valign="bottom" style="width:27.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> Certificates of deposit </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">3,061,913  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">0  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">3,061,913  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">0  </td> </tr> <tr> <td valign="bottom" style="width:27.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:27.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;"> December 31, 2016 </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;"> Level 1 </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;"> Level 2 </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;"> Level 3 </td> </tr> <tr> <td valign="bottom" style="width:27.12%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> Bond mutual funds </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">7,375,381  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.84%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">7,375,381  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">0  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">0  </td> </tr> <tr> <td valign="bottom" style="width:27.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> Corporate bonds </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">0  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">0  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">0  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">0  </td> </tr> <tr> <td valign="bottom" style="width:27.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> Certificates of deposit </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">3,061,434  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">0  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">3,061,434  </td> <td valign="bottom" style="width:02.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">0  </td> </tr> </table></div> Fair Value of Financial Instruments Fair value estimates are dependent upon subjective assumptions and involve significant uncertainties resulting in variability in estimates with changes in assumptions. The fair value of cash and cash equivalents, accounts receivable and payable, and other short-term monetary assets and liabilities approximate carrying value due to their short-term nature. The estimated fair value (in thousands) of long-term obligations included in the financial statements at September 30, 2017, are as follows: <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:28.8pt;"> <tr> <td valign="bottom" style="width:54.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:18.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:18.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:54.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:18.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:18.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:54.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Carrying Value </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.75pt;padding:0pt;"> Fair Value Level 2 </td> </tr> <tr> <td valign="bottom" style="width:54.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;"> Long-term obligations (including current installments) </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">486,404  </td> <td valign="bottom" style="width:01.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:01.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.96%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:11pt;text-align:right;" nowrap="nowrap">505,140  </td> </tr> </table></div> </div> </div>

6284338

9501633

17068780

5010460

17776742

4666137

<div> <div style="margin-left:0pt;margin-right:0pt;"> c. Income Taxes Chugach is exempt from federal income taxes under the provisions of Section 501(c)(12) of the Internal Revenue Code and for the nine month periods ended September 30, 2017, and 2016 was in compliance with that provision. Chugach applies a more-likely-than-not recognition threshold for all tax uncertainties. FASB ASC 740, “Topic 740 – Income Taxes,” only allows the recognition of those tax benefits that have a greater than 50 percent likelihood of being sustained upon examination by the taxing authorities. Chugach’s management reviewed Chugach’s tax positions and determined there were no outstanding or retroactive tax positions that were not highly certain of being sustained upon examination by the taxing authorities. </div> </div>

-828693

-1282462

-1242132

-1955518

2817862

3679338

115384

12158

-8242

-5801

1436315

4452097

-4822053

-4777716

-792607

-2183548

393451

3217295

56821

-4

-586163

131182

3186363

432465

-76906

3824722

1588834

3514464

6131

-1443967

199

2967

16060055

5427439

16625472

5569961

16343393

5507173

16733184

5616675

19980489

20518560

5873368

1095652

253455

89118

471038

164207

<div> <div style="margin-left:0pt;margin-right:0pt;"> f. Investments – Other Investments – other, including both current and long-term amounts, consists of certificates of deposit and corporate bond investments.  Total investments – other were $3.3 million and $3.1 million as of September 30, 2017, and December 31, 2016, respectively.  </div> </div>

14206029

12589793

7375381

3061434

7375381

3061434

8384626

3061913

249068

8384626

3061913

249068

836156130

831294054

134395794

116594450

73354558

73719840

0.00100

2022-09-29

2021-06-13

2016-06-13

0.0250

0.0275

The borrowing rate is calculated using the total rate per annum and may be fixed by NRUCFC.

one month London Interbank Offered Rate (LIBOR) plus 90.0 basis points, along with a 10.0 basis points facility fee (based on an A/A2/A unsecured debt rating)

50000000

150000000

24836667

26608667

486404000

505140000

442890253

457060622

P16Y

<div> <div style="margin-left:0pt;margin-right:0pt;"> e. Marketable Securities Chugach’s marketable securities consist of bond mutual funds classified as trading securities, reported at fair value with gains and losses in earnings. Net gains on marketable securities are included in nonoperating margins – capital credits, patronage dividends and other, and are summarized as follows: <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:28.8pt;"> <tr> <td valign="bottom" style="width:73.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> </td> <td valign="bottom" style="width:06.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:20.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:73.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> </td> <td valign="bottom" style="width:06.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> <td valign="bottom" style="width:20.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:73.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> </td> <td colspan="2" valign="bottom" style="width:27.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;padding:0pt;"> Nine months ended September 30, 2017 </td> </tr> <tr> <td valign="bottom" style="width:73.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Net gains and losses recognized during the period on trading securities </td> <td valign="bottom" style="width:06.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:20.66%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">103,443  </td> </tr> <tr> <td valign="bottom" style="width:73.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Less: Net gains and losses recognized during the period on trading securities sold during the period </td> <td valign="top" style="width:06.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:20.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">0  </td> </tr> <tr> <td valign="bottom" style="width:73.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> Unrealized gains and losses recognized during the reporting period on trading securities still held at the reporting date </td> <td valign="bottom" style="width:06.34%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:20.66%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">103,443  </td> </tr> </table></div> </div> </div>

2021-06-30

0.70

45967420

1957727

-79104771

-22520940

21228716

19856600

181768

-477436

1309991

-807435

103443

376280

125332

621306

207513

40356000

37962000

60000000

-194512

-602768

688685

-1014948

294697

316335

25140957

33819717

3100000

3300000

3234586

8146356

2000000

655277

863220

3061434

1419574

5636

3236

105049

23751

42267

-52782

75942

54300

1891407

26494465

21844914

274373

208498

44421161

8895871

1158521

1407026

4921490

45600000

40000000

45200000

-17200000

76889

117189

32978

45219

19555

-0.049

-0.03

0.019

27889167

14063331

<div> <div style="margin-left:0pt;margin-right:0pt;"> b. Regulation The accounting records of Chugach conform to the Uniform System of Accounts as prescribed by the Federal Energy Regulatory Commission (FERC). Chugach meets the criteria, and accordingly, follows the accounting and reporting requirements of Financial Accounting Standards Board (FASB) ASC 980, “Topic 980 - Regulated Operations.” FASB ASC 980 provides for the recognition of regulatory assets and liabilities as allowed by regulators for costs or credits that are reflected in current rates or are considered probable of being included in future rates. Chugach’s regulated rates are established to recover all of the specific costs of providing electric service. In each rate filing, rates are set at levels to recover all of the specific allowable costs and those rates are then collected from retail and wholesale customers. The regulatory assets or liabilities are then reduced as the cost or credit is reflected in earnings and our rates. </div> </div>

496098131

513861377

18455940

15817120

714871678

708668671

1192513869

1206712928

1210969809

1222530048

-5900000

-0.046

-0.047

-0.019

-0.032

<div> <div style="margin-left:0pt;margin-right:0pt;"> g. Accounts Receivable Included in accounts receivable are amounts invoiced to ML&P for their proportionate share of current Southcentral Power Project (SPP) costs, which amounted to $1.3 million and $1.4 million at September 30, 2017, and December 31, 2016, respectively. At September 30, 2017, and December 31, 2016, accounts receivable also included $0.5 million and $0.7 million, respectively, from BRU operations primarily associated with gas sales to ENSTAR Natural Gas Company (ENSTAR). </div> </div>

3824722

140005625

45132973

161753739

49405607

P30M

P108M

1179414

1574566

47269832

24038667

1700000

899723

737517

810559

975732

907836

1137189

<div> <div style="margin-left:0pt;margin-right:0pt;"> The following table outlines debt issuance costs associated with long-term obligations, excluding current installments, at September 30, 2017. <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:28.8pt;"> <tr> <td valign="bottom" style="width:53.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:18.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:20.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:53.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:4.75pt;padding:0pt;"> </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:4.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:18.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:4.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:4.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:4.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:20.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:4.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:53.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:29.25pt;padding:0pt;"> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:29.25pt;padding:0pt;"> Long-term Obligations </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:29.25pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:29.25pt;padding:0pt;"> Unamortized Debt Issuance Costs </td> </tr> <tr> <td valign="bottom" style="width:53.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;"> 2011 Series A Bonds </td> <td valign="bottom" style="width:02.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">200,333,331  </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:20.12%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">1,250,685  </td> </tr> <tr> <td valign="bottom" style="width:53.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;"> 2012 Series A Bonds </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:18.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">183,500,000  </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:20.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">1,040,988  </td> </tr> <tr> <td valign="bottom" style="width:53.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;"> 2017 Series A Bonds </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:18.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">38,000,000  </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:20.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">203,643  </td> </tr> <tr> <td valign="bottom" style="width:53.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;"> 2016 CoBank Note </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:18.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">37,962,000  </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:20.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">239,393  </td> </tr> <tr> <td valign="bottom" style="width:53.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;"> </td> <td valign="bottom" style="width:02.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">459,795,331  </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:20.12%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">2,734,709  </td> </tr> </table></div> The following table outlines debt issuance costs associated with long-term obligations, excluding current installments, at December 31, 2016. <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:28.8pt;"> <tr> <td valign="bottom" style="width:53.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:18.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> <td valign="bottom" style="width:20.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:53.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:4.75pt;padding:0pt;"> </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:4.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:18.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:4.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:4.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:4.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:20.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:4.75pt;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:53.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:33.75pt;padding:0pt;"> </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:33.75pt;padding:0pt;"> Long-term Obligations </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:33.75pt;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:33.75pt;padding:0pt;"> Unamortized Debt Issuance Costs </td> </tr> <tr> <td valign="bottom" style="width:53.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;"> 2011 Series A Bonds </td> <td valign="bottom" style="width:02.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">210,999,998  </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:20.12%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">1,347,350  </td> </tr> <tr> <td valign="bottom" style="width:53.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;"> 2012 Series A Bonds </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:18.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">194,250,000  </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:20.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">1,106,275  </td> </tr> <tr> <td valign="bottom" style="width:53.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;"> 2016 CoBank Note </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:18.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">40,356,000  </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:20.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">262,120  </td> </tr> <tr> <td valign="bottom" style="width:53.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;"> </td> <td valign="bottom" style="width:02.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.64%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">445,605,998  </td> <td valign="bottom" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;">   </td> <td valign="bottom" style="width:02.86%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;padding:0pt;"> $ </td> <td valign="bottom" style="width:20.12%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.75pt;color:#000000;font-family:Times New Roman;font-size:12pt;text-align:right;" nowrap="nowrap">2,715,745  </td> </tr> </table></div> </div> </div>

405249998

421833331

53800000

42800000

0.0065

0.0140

7375381

8384626

103443

2715745

1347350

262120

1106275

2734709

203643

1250685

239393

1040988

<div> <div style="margin-left:0pt;margin-right:0pt;"> a. Management Estimates In preparing the financial statements in conformity with U.S. GAAP, the management of Chugach is required to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the balance sheet and revenues and expenses for the reporting period. Estimates include allowance for doubtful accounts, workers’ compensation liability, deferred charges and liabilities, unbilled revenue, estimated useful life of utility plant, cost of removal and asset retirement obligation (ARO), and remaining proved Beluga River Unit (BRU) reserves. Actual results could differ from those estimates. </div> </div>

124140082

40308302

144439582

44850594

26435059

9252379

26936964

7980294

37661493

11825993

55487263

17291134

10530563

3769984

10368772

4080959

4704764

1509664

4580216

1483127

11258778

3067950

11739475

3089568

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Document And Entity Information [Abstract] Statement [Table] Statement [Line Items] Entity Registrant Name Entity Filer Category Entity Central Index Key Amendment Flag Document Type Document Fiscal Period Focus Document Period End Date Document Fiscal Year Focus Current Fiscal Year End Date Entity Common Stock, Shares Outstanding Consolidated Balance Sheets [Abstract] Assets [Abstract] Assets Utility plant: Public Utilities, Property, Plant and Equipment, Other Property, Plant and Equipment Electric plant in service Public Utilities, Property, Plant and Equipment, Construction Work in Progress Construction work in progress Public Utilities, Property, Plant and Equipment, Plant in Service Total utility plant Public Utilities, Property, Plant and Equipment, Accumulated Depreciation Less accumulated depreciation Public Utilities, Property, Plant and Equipment, Net Net utility plant Long-term Investments [Abstract] Other property and investments, at cost: Property, Plant and Equipment, Gross Nonutility property Cost Method Investments Investments in associated organizations Restricted Investments, Noncurrent Special funds Restricted Cash and Cash Equivalents, Noncurrent Restricted cash equivalents Other Long-term Investments Investments - other Long-term Investments Total other property and investments Assets, Current [Abstract] Current assets: Cash and Cash Equivalents, at Carrying Value Cash and cash equivalents at end of period Cash and cash equivalents at beginning of period Cash and cash equivalents Other Restricted Assets, Current Special deposits Restricted Cash and Cash Equivalents, Current Restricted cash equivalents Other Short-term Investments Investments - other Trading Securities, Fair Value Disclosure Marketable securities Deferred Fuel Cost Fuel cost under-recovery Accounts Receivable, Net, Current Accounts receivable, net Accounts receivable Public Utilities, Inventory Materials and supplies Energy Related Inventory, Gas Stored Underground Fuel stock Prepaid Expense, Current Prepayments Other Assets, Current Other current assets Assets, Current Total current assets Other non-current assets: Other assets, noncurrent, deferred charges, net Other assets, noncurrent, deferred charges, net Deferred charges, net Other Assets, Noncurrent Total other non-current assets Assets Total assets Liabilities and Equity [Abstract] Liabilities, Equities and Margins Stockholders' Equity Attributable to Parent [Abstract] Equities and margins: Value of membership fees collected from members of the cooperative. Memberships Value of retained margins to be returned to members of the cooperative. Represents the members' equity. Patronage Capital Patronage capital Other equities attributable to the cooperative, including but not limited to donations received from members and reacquired capital. Other Equities Other Total of Equities and Margins Equities and Margins Total equities and margins Long-term Debt, Excluding Current Maturities [Abstract] Long-term obligations, excluding current installments: Secured Long-term Debt, Noncurrent Bonds payable Other Long-term Debt, Noncurrent Notes payable Unamortized Debt Issuance Expense Less unamortized debt issuance costs Unnamortized Debt Issuance Costs Long-term Debt, Excluding Current Maturities Total long-term obligations Liabilities, Current [Abstract] Current liabilities: Long-term Debt, Current Maturities Current installments of long-term obligations Commercial Paper Commercial paper Accounts Payable, Current Accounts payable Customer Advances and Deposits, Current Consumer deposits Refundable Gas Costs Fuel cost over-recovery Interest Payable, Current Accrued interest Employee-related Liabilities, Current Salaries, wages and benefits Gas Purchase Payable, Current Fuel Other Liabilities, Current Other current liabilities Liabilities, Current Total current liabilities Other non-current liabilities: Deferred Compensation Liability, Current and Noncurrent Deferred compensation Other Liabilities, Noncurrent Other liabilities, non-current Regulatory Liability, Noncurrent Deferred liabilities Customer Refund Liability, Noncurrent Patronage capital payable, noncurrent Patronage capital payable Asset Retirement Obligations, Noncurrent Cost of removal obligation / ARO Liabilities, Other than Long-term Debt, Noncurrent Total other non-current liabilities Liabilities and Equity Total liabilities, equities and margins Consolidated Statements Of Operations [Abstract] Regulated Operating Revenue Operating revenues Operating Expenses [Abstract] Operating expenses: Utilities Operating Expense, Fuel Used Fuel Electric Production Expense Production Utilities Operating Expense, Purchased Power Purchased power Cost of Transmission Transmission Utilities Operating Expense, Maintenance and Operations Distribution Utilities Operating Expense, Other Consumer accounts General and Administrative Expense Administrative, general and other Depreciation and Amortiation Depreciation and amortization Utilities Operating Expense Total operating expenses Interest Expense [Abstract] Interest expense: Interest Expense, Debt Long-term debt and other Allowance for Funds Used During Construction, Interest Charged to Construction Allowance for Funds Used During Construction, Interest Charged to Construction Charged to construction Interest Expense Interest expense, net Operating Income (Loss) Net operating margins Nonoperating Income (Expense) [Abstract] Nonoperating margins: Investment Income, Interest and Dividend Interest income Public Utilities, Allowance for Funds Used During Construction, Additions Allowance for funds used during construction Allowance for funds used during construction Other Nonoperating Income Capital credits, patronage dividends and other Nonoperating Income (Expense) Total nonoperating margins Net Income (Loss) Attributable to Parent Assignable margins Assignable margins Consolidated Statements Of Cash Flows [Abstract] Net Cash Provided by (Used in) Operating Activities [Abstract] Cash flows from operating activities: Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile assignable margins to net cash provided by operating activities: Amortization Amortization and depreciation cleared to operating expenses The amount of expense recognized in the current period that reflects the write-off of inventory, deferred assets and projects. Write Off Of Inventory, Deferred Charges and Projects Write off of inventory, deferred charges and projects Other Operating Activities, Cash Flow Statement Other Increase (Decrease) in Operating Assets [Abstract] (Increase) decrease in assets: Increase (Decrease) in Accounts Receivable Accounts receivable, net Increase (Decrease) in under Energy Recovery Fuel cost under-recovery Increase (Decrease) in Inventories Materials and supplies Increase (Decrease) in Fuel Inventories Fuel stock Increase (Decrease) in Prepaid Expense Prepayments Increase (Decrease) in Other Operating Assets Other assets Increase (Decrease) in Deferred Charges Deferred charges Increase (Decrease) in Operating Liabilities [Abstract] Increase (decrease) in liabilities: Increase (Decrease) in Accounts Payable Accounts payable Increase (Decrease) in Customer Deposits Consumer deposits Increase (Decrease) in over Energy Recovery Fuel cost over-recovery Increase (Decrease) in Interest Payable, Net Accrued interest Increase (Decrease) in Employee Related Liabilities Salaries, wages and benefits Increase (Decrease) in Other Accrued Liabilities Fuel Increase (Decrease) in Other Operating Liabilities Other current liabilities Increase (Decrease) in Regulatory Liabilities Deferred liabilities Net Cash Provided by (Used in) Operating Activities Net cash provided by operating activities Net Cash Provided by (Used in) Investing Activities [Abstract] Cash flows from investing activities: This item represents the cash inflow associated with the retirement of cost method investments. Retirement of Cost Method Investments Return of capital from investment in associated organizations Increase in Restricted Cash Investment in restricted cash equivalents Payments to Acquire Marketable Securities Investment in marketable securitiesand investments-other Payments to Acquire Businesses, Gross Investment in Beluga River Unit Proceeds from capital grants. Proceeds from capital grants Proceeds from capital grants Payments for Capital Improvements Extension and replacement of plant Net Cash Provided by (Used in) Investing Activities Net cash used in investing activities Net Cash Provided by (Used in) Financing Activities [Abstract] Cash flows from financing activities: Payments of Debt Issuance Costs Payments for debt issue costs Proceeds from (Repayments of) Short-term Debt Net increase (decrease) in short-term obligations Proceeds from Issuance of Long-term Debt Proceeds from long-term obligations Repayments of Long-term Debt Repayments of long-term obligations The cash inflow from membership fees collected and donations of patronage capital. Memberships and Donations Received Memberships and donations received The cash outflow of capital credit retirements and estate payments to members of the cooperative. Retirement of Patronage Capital and Estate Payments Retirement of patronage capital and estate payments Increase (Decrease) in Customer Advances Net receipts on consumer advances for construction Net Cash Provided by (Used in) Financing Activities Net cash provided by financing activities Cash and Cash Equivalents, Period Increase (Decrease) Net change in cash and cash equivalents Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] Supplemental disclosure of non-cash investing and financing activities: Asset Retirement Obligation, Liabilities Incurred Cost of removal obligation Capital Expenditures Incurred but Not yet Paid Extension and replacement of plant included in accounts payable Interest Paid Supplemental disclosure of cash flow information - interest expense paid, net of amounts capitalized Presentation Of Financial Information [Abstract] Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Presentation Of Financial Information Description of business [abstract]. Description Of Business [Abstract] Nature of Operations [Text Block] Description Of Business Significant Accounting Policies [Abstract] Significant Accounting Policies [Text Block] Significant Accounting Policies Regulatory Matters [Abstract] Public Utilities Disclosure [Text Block] Regulatory Matters Debt [Abstract] Debt Disclosure [Text Block] Debt Recent Accounting Pronouncements [Abstract] Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] Recent Accounting Pronouncements Fair Value Of Assets And Liabilities [Abstract] Fair Value Disclosures [Text Block] Fair Value Of Assets And Liabilities Environmental Matters [Abstract] Environmental Loss Contingency Disclosure [Text Block] Environmental Matters Commitments And Contingencies [Abstract] Commitments and Contingencies Disclosure [Text Block] Commitments And Contingencies Use of Estimates, Policy [Policy Text Block] Management Estimates Public Utilities, Policy [Policy Text Block] Regulation Income Tax, Policy [Policy Text Block] Income Taxes Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] Restricted Cash Equivalents Marketable Securities, Policy [Policy Text Block] Marketable Securities Investment, Policy [Policy Text Block] Investments - Other Receivables, Policy [Policy Text Block] Accounts Receivable Disclosure of accounting policy for fuel stock. Fuel Stock [Policy Text Block] Fuel Stock Net Realized and Unrealized Gain (Loss) on Trading Securities [Table Text Block] Net Realized and Unrealized Gain (Loss) on Trading Securities [Table Text Block] Schedule Of Gains And Losses On Trading Securities Schedule of average commercial paper balances outstanding and weighted average interest rates Schedule Of Average Commercial Paper Balances Outstanding And Weighted Average Interest Rates Schedule of Long-term Debt Instruments [Table Text Block] Schedule Of Debt Issuance Costs Associated With Long-Term Obligations Fair Value, Assets Measured on Recurring Basis [Table Text Block] Schedule Of Marketable Securities Fair Value, by Balance Sheet Grouping [Table Text Block] Schedule Of Estimated Fair Value Of Long-Term Obligations Included In Financial Statements Description Of Business [Table] Description Of Business [Table] Description Of Business [Line Items] Description Of Business [Line Items] Electrification Area. Electrification Area Electrification area Number of collective bargaining agreements. Number of collective bargaining agreements Number of collective bargaining agreements Multiemployer Plans, Collective-Bargaining Arrangement, Percentage of Participants Percentage of employees belonging to unions Multiemployer Plans, Collective-Bargaining Arrangement, Expiration Date Expiration date of collective bargaining agreements Significant Accounting Policies [Table] Significant Accounting Policies [Table] Major Customers [Axis] Name Of Major Customer [Domain] Name of Major Customer [Domain] M L and P for Fuel and South Central Power Project Costs [Member] M L And P For Fuel And South Central Power Project Costs [Member] ML&P For Fuel And South Central Power Project Costs [Member] Significant Accounting Policies [Line Items] Significant Accounting Policies [Line Items] Restricted Cash and Cash Equivalents Restricted cash equivalents Other Investments Other investments Net Realized and Unrealized Gain (Loss) on Trading Securities Net gains and losses recognized during the period on trading securities Trading Securities, Realized Gain (Loss) Less: Net gains and losses recognized during the period on trading securities sold during the period Trading Securities, Change in Unrealized Holding Gain (Loss) Unrealized gains and losses recognized during the reporting period on trading securities still held at the reporting date Other Commitments [Table] Range [Axis] EX-101.PRE 11 c004-20170930_pre.xml EX-101.PRE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document And Entity Information	9 Months Ended
Document And Entity Information	Sep. 30, 2017 shares
Document And Entity Information [Abstract]
Entity Registrant Name	CHUGACH ELECTRIC ASSOCIATION INC
Entity Filer Category	Non-accelerated Filer
Entity Central Index Key	0000878004
Amendment Flag	false
Document Type	10-Q
Document Fiscal Period Focus	Q3
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2017
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	0

XML 13 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Utility plant:
Electric plant in service	$ 1,206,712,928	$ 1,192,513,869
Construction work in progress	15,817,120	18,455,940
Total utility plant	1,222,530,048	1,210,969,809
Less accumulated depreciation	(513,861,377)	(496,098,131)
Net utility plant	708,668,671	714,871,678
Other property and investments, at cost:
Nonutility property	76,889	76,889
Investments in associated organizations	8,980,409	9,349,311
Special funds	1,137,189	907,836
Restricted cash equivalents	975,732	810,559
Investments - other	1,419,574	3,061,434
Total other property and investments	12,589,793	14,206,029
Current assets:
Cash and cash equivalents	3,966,322	4,672,935
Special deposits	54,300	75,942
Restricted cash equivalents	737,517	899,723
Investments - other	1,891,407	0
Marketable securities	8,384,626	7,375,381
Fuel cost under-recovery	1,443,967	0
Accounts receivable, net	29,662,805	33,000,919
Materials and supplies	14,063,331	27,889,167
Fuel stock	10,773,773	6,321,676
Prepayments	4,921,490	1,407,026
Other current assets	316,335	294,697
Total current assets	76,215,873	81,937,466
Other non-current assets:
Deferred charges, net	33,819,717	25,140,957
Total other non-current assets	33,819,717	25,140,957
Total assets	831,294,054	836,156,130
Equities and margins:
Memberships	1,712,704	1,691,014
Patronage capital	168,190,154	169,996,436
Other	14,016,284	13,828,075
Total equities and margins	183,919,142	185,515,525
Long-term obligations, excluding current installments:
Bonds payable	421,833,331	405,249,998
Notes payable	37,962,000	40,356,000
Less unamortized debt issuance costs	(2,734,709)	(2,715,745)
Total long-term obligations	457,060,622	442,890,253
Current liabilities:
Current installments of long-term obligations	26,608,667	24,836,667
Commercial paper	51,000,000	68,200,000
Accounts payable	7,712,302	9,618,630
Consumer deposits	5,219,743	5,207,585
Fuel cost over-recovery	0	3,824,722
Accrued interest	1,095,652	5,873,368
Salaries, wages and benefits	7,310,097	7,315,898
Fuel	9,501,633	6,284,338
Other current liabilities	8,146,356	3,234,586
Total current liabilities	116,594,450	134,395,794
Other non-current liabilities:
Deferred compensation	1,137,189	907,836
Other liabilities, non-current	863,220	655,277
Deferred liabilities	1,574,566	1,179,414
Patronage capital payable	10,798,077	12,008,499
Cost of removal obligation / ARO	59,346,788	58,603,532
Total other non-current liabilities	73,719,840	73,354,558
Total liabilities, equities and margins	$ 831,294,054	$ 836,156,130

XML 14 R3.htm IDEA: XBRL DOCUMENT

Consolidated Statements Of Operations - USD ($)	3 Months Ended		9 Months Ended
Consolidated Statements Of Operations - USD ($)	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Consolidated Statements Of Operations [Abstract]
Operating revenues	$ 49,405,607	$ 45,132,973	$ 161,753,739	$ 140,005,625
Operating expenses:
Fuel	17,291,134	11,825,993	55,487,263	37,661,493
Production	4,711,160	4,218,378	12,951,877	12,111,405
Purchased power	3,089,568	3,067,950	11,739,475	11,258,778
Transmission	1,548,215	1,653,494	4,598,273	4,369,240
Distribution	4,080,959	3,769,984	10,368,772	10,530,563
Consumer accounts	1,483,127	1,509,664	4,580,216	4,704,764
Administrative, general and other	4,666,137	5,010,460	17,776,742	17,068,780
Depreciation and amortization	7,980,294	9,252,379	26,936,964	26,435,059
Total operating expenses	44,850,594	40,308,302	144,439,582	124,140,082
Interest expense:
Long-term debt and other	5,616,675	5,507,173	16,733,184	16,343,393
Charged to construction	(46,714)	(79,734)	(107,712)	(283,338)
Interest expense, net	5,569,961	5,427,439	16,625,472	16,060,055
Net operating margins	(1,014,948)	(602,768)	688,685	(194,512)
Nonoperating margins:
Interest income	164,207	89,118	471,038	253,455
Allowance for funds used during construction	19,555	32,978	45,219	117,189
Capital credits, patronage dividends and other	23,751	3,236	105,049	5,636
Total nonoperating margins	207,513	125,332	621,306	376,280
Assignable margins	$ (807,435)	$ (477,436)	$ 1,309,991	$ 181,768

XML 15 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements Of Cash Flows - USD ($)	9 Months Ended
Consolidated Statements Of Cash Flows - USD ($)	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Assignable margins	$ 1,309,991	$ 181,768
Adjustments to reconcile assignable margins to net cash provided by operating activities:
Depreciation and amortization	26,936,964	26,435,059
Amortization and depreciation cleared to operating expenses	3,548,294	3,799,494
Allowance for funds used during construction	(45,219)	(117,189)
Write off of inventory, deferred charges and projects	393,341	774,190
Other	(52,782)	42,267
(Increase) decrease in assets:
Accounts receivable, net	1,955,518	1,242,132
Fuel cost under-recovery	(1,443,967)	0
Materials and supplies	2,183,548	792,607
Fuel stock	(4,452,097)	(1,436,315)
Prepayments	(3,514,464)	(1,588,834)
Other assets	4	(56,821)
Deferred charges	(432,465)	(3,186,363)
Increase (decrease) in liabilities:
Accounts payable	(1,282,462)	(828,693)
Consumer deposits	12,158	115,384
Fuel cost over-recovery	(3,824,722)	76,906
Accrued interest	(4,777,716)	(4,822,053)
Salaries, wages and benefits	(5,801)	(8,242)
Fuel	3,217,295	393,451
Other current liabilities	131,182	(586,163)
Deferred liabilities	0	6,131
Net cash provided by operating activities	19,856,600	21,228,716
Cash flows from investing activities:
Return of capital from investment in associated organizations	370,010	319,233
Investment in restricted cash equivalents	(2,967)	(199)
Investment in marketable securitiesand investments-other	(1,158,521)	(8,895,871)
Investment in Beluga River Unit	0	(44,421,161)
Proceeds from capital grants	115,452	387,692
Extension and replacement of plant	(21,844,914)	(26,494,465)
Net cash used in investing activities	(22,520,940)	(79,104,771)
Cash flows from financing activities:
Payments for debt issue costs	(208,498)	(274,373)
Net increase (decrease) in short-term obligations	(17,200,000)	45,200,000
Proceeds from long-term obligations	40,000,000	45,600,000
Repayments of long-term obligations	(24,038,667)	(47,269,832)
Memberships and donations received	209,899	102,806
Retirement of patronage capital and estate payments	(484,345)	(209,043)
Net receipts on consumer advances for construction	3,679,338	2,817,862
Net cash provided by financing activities	1,957,727	45,967,420
Net change in cash and cash equivalents	(706,613)	(11,908,635)
Cash and cash equivalents at beginning of period	4,672,935	15,626,919
Cash and cash equivalents at end of period	3,966,322	3,718,284
Supplemental disclosure of non-cash investing and financing activities:
Cost of removal obligation	743,256	5,776,366
Extension and replacement of plant included in accounts payable	1,291,167	2,195,012
Supplemental disclosure of cash flow information - interest expense paid, net of amounts capitalized	$ 20,518,560	$ 19,980,489

XML 16 R5.htm IDEA: XBRL DOCUMENT

Presentation Of Financial Information

9 Months Ended

Sep. 30, 2017

Presentation Of Financial Information [Abstract]

Presentation Of Financial Information

PRESENTATION OF FINANCIAL INFORMATION

XML 17 R6.htm IDEA: XBRL DOCUMENT

Description Of Business

9 Months Ended

Sep. 30, 2017

Description Of Business [Abstract]

Description Of Business

DESCRIPTION OF BUSINESS

XML 18 R7.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies

9 Months Ended

Sep. 30, 2017

Significant Accounting Policies [Abstract]

Significant Accounting Policies

SIGNIFICANT ACCOUNTING POLICIES

a. Management Estimates

b. Regulation

c. Income Taxes

d. Restricted Cash Equivalents

e. Marketable Securities



	Nine months ended September 30, 2017
Net gains and losses recognized during the period on trading securities	$	103,443
Less: Net gains and losses recognized during the period on trading securities sold during the period		0
Unrealized gains and losses recognized during the reporting period on trading securities still held at the reporting date	$	103,443

f. Investments – Other

g. Accounts Receivable

h. Fuel Stock

XML 19 R8.htm IDEA: XBRL DOCUMENT

Regulatory Matters

9 Months Ended

Sep. 30, 2017

Regulatory Matters [Abstract]

Regulatory Matters

REGULATORY MATTERS

Simplified Rate Filing

Beluga River Unit Gas Transfer Price

Depreciation Study Update

Furie Agreement

On May 1, 2017, the RCA approved the Furie Agreement. The RCA also approved recovery of costs associated with the Furie Agreement through its fuel and purchased power cost adjustment process.

MEA Gas Dispatch Agreement

Beluga Parts Filing

Cook Inlet Natural Gas Alaska: Found Gas

XML 20 R9.htm IDEA: XBRL DOCUMENT

Debt

9 Months Ended

Sep. 30, 2017

Debt [Abstract]

Debt

DEBT

Lines of Credit

Commercial Paper



2017				2016
Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
$	42.8	1.40	%	$	53.8	0.65	%

Term Loans

Financing

Debt Issuance Costs

The following table outlines debt issuance costs associated with long-term obligations, excluding current installments, at September 30, 2017.



	Long-term Obligations		Unamortized Debt Issuance Costs
2011 Series A Bonds	$	200,333,331	$	1,250,685
2012 Series A Bonds		183,500,000		1,040,988
2017 Series A Bonds		38,000,000		203,643
2016 CoBank Note		37,962,000		239,393
	$	459,795,331	$	2,734,709

The following table outlines debt issuance costs associated with long-term obligations, excluding

current installments, at December 31, 2016.



	Long-term Obligations		Unamortized Debt Issuance Costs
2011 Series A Bonds	$	210,999,998	$	1,347,350
2012 Series A Bonds		194,250,000		1,106,275
2016 CoBank Note		40,356,000		262,120
	$	445,605,998	$	2,715,745

XML 21 R10.htm IDEA: XBRL DOCUMENT

Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2017

Recent Accounting Pronouncements [Abstract]

Recent Accounting Pronouncements

RECENT ACCOUNTING PRONOUNCEMENTS

Issued, not yet adopted:

ASC Update 2014-09 “Revenue from Contracts with Customers (Topic 606)” and Related Updates

ASC Update 2016-01 “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities”

ASC Update 2016-13 “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”

ASC Update 2016-15 “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force)”

ASC Update 2016-18 “Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force)”

ASC Update 2017-01 “Business Combinations (Topic 805): Clarifying the Definition of a Business”

ASC Update 2017-07 “Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”

- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22580-107794

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=66092750

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
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-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22499-107794

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-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22583-107794

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-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

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-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305

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-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

+ Details

XML 22 R11.htm IDEA: XBRL DOCUMENT

Fair Value Of Assets And Liabilities

9 Months Ended

Sep. 30, 2017

Fair Value Of Assets And Liabilities [Abstract]

Fair Value Of Assets And Liabilities

FAIR VALUES OF ASSETS AND LIABILITIES

Fair Value Hierarchy



September 30, 2017	Total		Level 1		Level 2		Level 3
Bond mutual funds	$	8,384,626	$	8,384,626	$	0	$	0
Corporate bonds	$	249,068	$	249,068	$	0	$	0
Certificates of deposit	$	3,061,913	$	0	$	3,061,913	$	0

December 31, 2016	Total		Level 1		Level 2		Level 3
Bond mutual funds	$	7,375,381	$	7,375,381	$	0	$	0
Corporate bonds	$	0	$	0	$	0	$	0
Certificates of deposit	$	3,061,434	$	0	$	3,061,434	$	0

Fair Value of Financial Instruments

The estimated fair value (in thousands) of long-term obligations included in the financial statements at September 30, 2017, are as follows:

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 23 R12.htm IDEA: XBRL DOCUMENT

Environmental Matters	9 Months Ended
Environmental Matters	Sep. 30, 2017
Environmental Matters [Abstract]
Environmental Matters	8.ENVIRONMENTAL MATTERS The Clean Air Act and Environmental Protection Agency (EPA) regulations under the Clean Air Act establish ambient air quality standards and limit the emission of many air pollutants. New Clean Air Act regulations impacting electric utilities may result from future events or new regulatory programs. On August 3, 2015, the EPA released the final 111(d) regulation language aimed at reducing emissions of carbon dioxide (CO₂) from existing power plants that provide electricity for utility customers. In the final rule, the EPA took the approach of making individual states responsible for the development and implementation of plans to reduce the rate of CO₂ emissions from the power sector. The EPA initially applied the final rule to 47 of the contiguous states. At this time, Alaska, Hawaii, Vermont, Washington District of Columbia (D.C.) and two U.S. territories are not bound by the regulation. Alaska may be required to comply at some future date. On February 9, 2016 the U.S. Supreme Court issued a stay on the proposed EPA 111(d) regulations until the D.C. Circuit decides the case, or until the disposition of a petition to the Supreme Court on the issue. On September 27, 2016, the U.S. Court of Appeals for the D.C. Circuit heard oral arguments challenging the legality of the Clean Power Plan. While awaiting the court decision, an Executive Order promoting energy independence and economic growth was issued March 28, 2017, by the President instructing the EPA to review the Clean Power Plan. The EPA is directed to review the Clean Power Plan rule and either revise or withdraw the proposed rule. On October 10, 2017, the EPA initiated a Proposed Repeal of the Clean Power Plan. The EPA 111(d) regulation, in its current form, is not expected to have a material effect on Chugach’s financial condition, results of operations, or cash flows. While Chugach cannot predict the implementation of any additional new law or regulation, or the limitations thereof, it is possible that new laws or regulations could increase capital and operating costs. Chugach has obtained or applied for all Clean Air Act permits currently required for the operation of generating facilities. Chugach is subject to numerous other environmental statutes including the Clean Water Act, the Resource Conservation and Recovery Act, the Toxic Substances Control Act, the Endangered Species Act, and the Comprehensive Environmental Response, Compensation and Liability Act and to the regulations implementing these statutes. Chugach does not believe that compliance with these statutes and regulations to date has had a material impact on its financial condition, results of operation or cash flows. However, the implementation of any additional new law or regulation, or the limitations thereof, or changes in or new interpretations of laws or regulations could result in significant additional capital or operating expenses. Chugach monitors proposed new regulations and existing regulation changes through industry associations and professional organizations.

XML 24 R13.htm IDEA: XBRL DOCUMENT

Commitments And Contingencies	9 Months Ended
Commitments And Contingencies	Sep. 30, 2017
Commitments And Contingencies [Abstract]
Commitments And Contingencies	9. COMMITMENTS AND CONTINGENCIES Contingencies Chugach is a participant in various legal actions, rate disputes, personnel matters and claims both for and against Chugach’s interests. Management believes the outcome of any such matters will not materially impact Chugach’s financial condition, results of operations or liquidity. Chugach establishes reserves when a particular contingency is probable and calculable. Chugach has not accrued for any contingency at September 30, 2017, as it does not consider any contingency to be probable and calculable. Chugach faces contingencies that are reasonably possible to occur; however, they cannot currently be estimated. Concentrations Approximately 70 percent of Chugach’s employees are members of the IBEW. Chugach has three CBA’s with the IBEW. Chugach also has a CBA with the HERE. All CBA’s have been renewed through June 30, 2021. Commitments Fuel Supply Contracts Chugach has fuel supply contracts with various producers at market terms. Chugach entered into a gas contract with Hilcorp effective January 1, 2015, to provide gas through March 31, 2018. On September 15, 2014, the RCA approved an amendment to the Hilcorp gas purchase agreement extending gas delivery and subsequently filling 100 percent of Chugach’s unmet needs through March 31, 2019. On September 8, 2015, the RCA approved another amendment to the Hilcorp gas purchase agreement extending the term of the agreement, thus filling up to 100 percent of Chugach’s unmet needs through March 31, 2023. The total amount of gas under this contract is estimated to be 60 Bcf. All of the production is expected to come from Cook Inlet, Alaska. The terms of the Hilcorp agreement require Chugach to manage the natural gas transportation over the connecting pipeline systems. Chugach has gas transportation agreements with ENSTAR and Hilcorp. Chugach has a gas sale and purchase agreement with Furie, see “Item 1 – FINANCIAL STATEMENTS – Note 4 – Regulatory Matters – Furie Agreement. BRU Operations Chugach, and other owners, ML&P and Hilcorp, are operating under an existing Joint Operating Agreement. Hilcorp is the operator for BRU. The owners are considering updating the existing Joint Operating Agreement to better match the new owners’ interests. Patronage Capital Pursuant to agreements reached with HEA and MEA, patronage capital allocated or retired to HEA or MEA is classified as patronage capital payable on Chugach’s balance sheet. At December 31, 2016, patronage capital payable to HEA and MEA was $7.9 million and $4.1 million, respectively. The Board of Directors approved a capital credit retirement on September 27, 2017. MEA received a retirement of $0.8 million, increasing their payable from $4.1 million to $4.9 million at September 30, 2017. We also finalized a new agreement with HEA which spread their retirement payments between 2017 and 2020 in increments of $2.0 million annually. As a result, $2.0 million of HEA’s patronage capital was reclassified to a current payable under other current liabilities leaving $5.9 million in long term patronage capital payable at September 30, 2017. Legal Proceedings Chugach has certain litigation matters and pending claims that arise in the ordinary course of Chugach’s business. In the opinion of management, none of these matters, individually or in the aggregate, is or are likely to have a material adverse effect on Chugach’s results of operations, financial condition or cash flows.

XML 25 R14.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Policy)

9 Months Ended

Sep. 30, 2017

Significant Accounting Policies [Abstract]

Management Estimates

a. Management Estimates

Regulation

b. Regulation

Income Taxes

c. Income Taxes

Restricted Cash Equivalents

d. Restricted Cash Equivalents

Marketable Securities

e. Marketable Securities



	Nine months ended September 30, 2017
Net gains and losses recognized during the period on trading securities	$	103,443
Less: Net gains and losses recognized during the period on trading securities sold during the period		0
Unrealized gains and losses recognized during the reporting period on trading securities still held at the reporting date	$	103,443

Investments - Other

f. Investments – Other

Accounts Receivable

g. Accounts Receivable

Fuel Stock

h. Fuel Stock

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

- Definition

Disclosure of accounting policy for investments in financial assets, including marketable securities (debt and equity securities with readily determinable fair values), investments accounted for under the equity method and cost method, securities borrowed and loaned, and repurchase and resale agreements. For marketable securities, the disclosure may include the entity's accounting treatment for transfers between investment categories and how the fair values for such securities are determined. Also, for all investments, an entity may describe its policy for assessing, recognizing and measuring impairment of the investment.

+ References + Details

- Definition

Disclosure of accounting policy for investments in debt and equity securities that have readily determinable fair values (marketable securities). At a minimum, the disclosure might address accounting policies for investments classified as trading, available for sale, or held to maturity and may include how the entity determines whether impairments of available for sale or held to maturity investments are other than temporary, how the fair values of the entity's securities are determined, and the entity's accounting treatment for transfers between investment categories.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
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-Paragraph 1
-Subparagraph (SX 210.9-03(6))
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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 1
-Subparagraph (SAB Topic 5.M)
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-Paragraph 1
-Subparagraph (SX 210.5-02(12))
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-Name Accounting Standards Codification
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-Paragraph 3
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-Name Accounting Standards Codification
-Glossary Readily Determinable Fair Value
-URI http://asc.fasb.org/extlink&oid=65888395

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+ Details

- Definition

Disclosure of accounting policy for trade and other accounts receivable, and finance, loan and lease receivables, including those classified as held for investment and held for sale. This disclosure may include (1) the basis at which such receivables are carried in the entity's statements of financial position (2) how the level of the valuation allowance for receivables is determined (3) when impairments, charge-offs or recoveries are recognized for such receivables (4) the treatment of origination fees and costs, including the amortization method for net deferred fees or costs (5) the treatment of any premiums or discounts or unearned income (6) the entity's income recognition policies for such receivables, including those that are impaired, past due or placed on nonaccrual status and (7) the treatment of foreclosures or repossessions (8) the nature and amount of any guarantees to repurchase receivables.

+ References + Details

XML 26 R15.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2017

Significant Accounting Policies [Abstract]

Schedule Of Gains And Losses On Trading Securities



	Nine months ended September 30, 2017
Net gains and losses recognized during the period on trading securities	$	103,443
Less: Net gains and losses recognized during the period on trading securities sold during the period		0
Unrealized gains and losses recognized during the reporting period on trading securities still held at the reporting date	$	103,443

XML 27 R16.htm IDEA: XBRL DOCUMENT

Debt (Tables)

9 Months Ended

Sep. 30, 2017

Debt [Abstract]

Schedule Of Average Commercial Paper Balances Outstanding And Weighted Average Interest Rates



2017				2016
Average Balance		Weighted Average Interest Rate		Average Balance		Weighted Average Interest Rate
$	42.8	1.40	%	$	53.8	0.65	%

Schedule Of Debt Issuance Costs Associated With Long-Term Obligations

The following table outlines debt issuance costs associated with long-term obligations, excluding current installments, at September 30, 2017.



	Long-term Obligations		Unamortized Debt Issuance Costs
2011 Series A Bonds	$	200,333,331	$	1,250,685
2012 Series A Bonds		183,500,000		1,040,988
2017 Series A Bonds		38,000,000		203,643
2016 CoBank Note		37,962,000		239,393
	$	459,795,331	$	2,734,709

The following table outlines debt issuance costs associated with long-term obligations, excluding

current installments, at December 31, 2016.



	Long-term Obligations		Unamortized Debt Issuance Costs
2011 Series A Bonds	$	210,999,998	$	1,347,350
2012 Series A Bonds		194,250,000		1,106,275
2016 CoBank Note		40,356,000		262,120
	$	445,605,998	$	2,715,745

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.5-02.22)
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-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
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-Paragraph 3
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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
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-Name Accounting Standards Codification
-Topic 835
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+ Details

XML 28 R17.htm IDEA: XBRL DOCUMENT

Fair Value Of Assets And Liabilities (Tables)

9 Months Ended

Sep. 30, 2017

Fair Value Of Assets And Liabilities [Abstract]

Schedule Of Marketable Securities



September 30, 2017	Total		Level 1		Level 2		Level 3
Bond mutual funds	$	8,384,626	$	8,384,626	$	0	$	0
Corporate bonds	$	249,068	$	249,068	$	0	$	0
Certificates of deposit	$	3,061,913	$	0	$	3,061,913	$	0

December 31, 2016	Total		Level 1		Level 2		Level 3
Bond mutual funds	$	7,375,381	$	7,375,381	$	0	$	0
Corporate bonds	$	0	$	0	$	0	$	0
Certificates of deposit	$	3,061,434	$	0	$	3,061,434	$	0

Schedule Of Estimated Fair Value Of Long-Term Obligations Included In Financial Statements

XML 29 R18.htm IDEA: XBRL DOCUMENT

Description Of Business (Details)	9 Months Ended
Description Of Business (Details)	Sep. 30, 2017 mi agreement
Description Of Business [Line Items]
Electrification area \| mi	400
International Brotherhood of Electrical Workers [Member]
Description Of Business [Line Items]
Number of collective bargaining agreements	3
Percentage of employees belonging to unions	70.00%
Expiration date of collective bargaining agreements	Jun. 30, 2021
Hotel Employees and Restaurant Employees [Member]
Description Of Business [Line Items]
Number of collective bargaining agreements	1
Expiration date of collective bargaining agreements	Jun. 30, 2021

XML 30 R19.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Narrative) (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Significant Accounting Policies [Line Items]
Other investments	$ 3,300,000	$ 3,100,000
Accounts receivable	29,662,805	33,000,919
Fuel stock	10,773,773	6,321,676
ML&P For Fuel And South Central Power Project Costs [Member]
Significant Accounting Policies [Line Items]
Accounts receivable	1,300,000	1,400,000
BRU Operations For Gas Sales [Member]
Significant Accounting Policies [Line Items]
Accounts receivable	500,000	700,000
Funds On Deposit [Member]
Significant Accounting Policies [Line Items]
Restricted cash equivalents	$ 1,700,000	$ 1,700,000

XML 31 R20.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Schedule Of Gains And Losses On Trading Securities) (Details)	9 Months Ended
	Sep. 30, 2017 USD ($)
Significant Accounting Policies [Abstract]
Net gains and losses recognized during the period on trading securities	$ 103,443
Less: Net gains and losses recognized during the period on trading securities sold during the period	0
Unrealized gains and losses recognized during the reporting period on trading securities still held at the reporting date	$ 103,443

XML 32 R21.htm IDEA: XBRL DOCUMENT

Regulatory Matters (Details) Mcf in Millions	3 Months Ended		9 Months Ended
Regulatory Matters (Details) Mcf in Millions	Sep. 30, 2017 USD ($) Mcf	Jun. 30, 2017	Sep. 30, 2017 USD ($) $ / Mcfe Mcf	Sep. 30, 2016 USD ($)	Dec. 31, 2016 USD ($)
Other Commitments [Line Items]
Proposed increase (decrease) in rates				$ (5,900,000)
Approved percentage increase (decrease) in rates	1.90%
Other assets, noncurrent, deferred charges, net	$ 33,819,717		$ 33,819,717		$ 25,140,957
Beluga Power Plant [Member]
Other Commitments [Line Items]
Other assets, noncurrent, deferred charges, net	11,400,000		$ 11,400,000
Beluga Power Plant, Unit 1 [Member] \| Beluga Power Plant [Member]
Other Commitments [Line Items]
Amortization period of regulatory asset			30 months
Other assets, noncurrent, deferred charges, net	300,000		$ 300,000
Beluga Power Plant, Unit 2 [Member] \| Beluga Power Plant [Member]
Other Commitments [Line Items]
Amortization period of regulatory asset			108 months
Other assets, noncurrent, deferred charges, net	$ 11,100,000		$ 11,100,000
City Of Seward [Member]
Other Commitments [Line Items]
Proposed percentage increase (decrease) in rates				(4.60%)
Approved percentage increase (decrease) in rates		(4.90%)
City Of Seward [Member] \| Total Customer Bill Basis [Member]
Other Commitments [Line Items]
Proposed percentage increase (decrease) in rates				(1.90%)
Retail Customers [Member]
Other Commitments [Line Items]
Proposed percentage increase (decrease) in rates				(4.70%)
Approved percentage increase (decrease) in rates		(3.00%)
Retail Customers [Member] \| Total Customer Bill Basis [Member]
Other Commitments [Line Items]
Proposed percentage increase (decrease) in rates				(3.20%)
Furie Operating Alaska, LLC Purchase Commitment [Member]
Other Commitments [Line Items]
Term of purchase commitment			16 years
Commencement date of long term contract for purchase of gas supply			Apr. 01, 2023
Expiration date of long term contract for purchase of gas supply			Mar. 31, 2033
Approximate annual volume \| Mcf	1.8		1.8
Furie Operating Alaska, LLC Purchase Commitment [Member] \| Minimum [Member]
Other Commitments [Line Items]
Percentage of met natural gas needs			20.00%
Price per Mcf \| $ / Mcfe			7.16
Furie Operating Alaska, LLC Purchase Commitment [Member] \| Maximum [Member]
Other Commitments [Line Items]
Percentage of met natural gas needs			25.00%
Price per Mcf \| $ / Mcfe			7.98

XML 33 R22.htm IDEA: XBRL DOCUMENT

Debt (Narrative) (Details) - USD ($)	9 Months Ended
Debt (Narrative) (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Commercial paper	$ 51,000,000	$ 68,200,000
Balance outstanding	$ 459,795,331	445,605,998
Commercial Paper [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Commercial paper repricing term	1 day
Commercial Paper [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Commercial paper repricing term	270 days
Revolving Line Of Credit [Member]
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	$ 50,000,000
Line of credit, outstanding balance		$ 0
Line of credit, borrowing rate description	The borrowing rate is calculated using the total rate per annum and may be fixed by NRUCFC.
Line of credit, borrowing rate	2.75%	2.50%
Period of time the line of credit needs to be paid down for five consecutive days	12 months
Number of consecutive days debt needs to be paid down to $0 during a twelve month period	5 days
Line of credit, expiration date	Sep. 29, 2022
Credit Agreement [Member] \| Unsecured Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	$ 150,000,000
Line of credit, borrowing rate description	one month London Interbank Offered Rate (LIBOR) plus 90.0 basis points, along with a 10.0 basis points facility fee (based on an A/A2/A unsecured debt rating)
Line of credit, commencement date	Jun. 13, 2016
Line of credit, expiration date	Jun. 13, 2021
Facility fee	0.10%
Credit Agreement [Member] \| Unsecured Credit Facility [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Variable rate	0.90%
2016 CoBank Note [Member]
Debt Instrument [Line Items]
Maturity date	Apr. 20, 2031
Interest rate	2.58%
Average Life (Years)	15 years
Balance outstanding	$ 41,200,000	$ 43,800,000
2017 Series A Bonds [Member]
Debt Instrument [Line Items]
Bonds issuance amount	$ 40,000,000
Maturity date	Mar. 15, 2037
Interest rate	3.43%
Average Life (Years)	10 years

XML 34 R23.htm IDEA: XBRL DOCUMENT

Debt (Schedule Of Average Commercial Paper Balances Outstanding And Weighted Average Interest Rates) (Details) - Commercial Paper [Member] - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Short-term Debt [Line Items]
Average Balance	$ 42.8	$ 53.8
Weighted Average Interest Rate	1.40%	0.65%

XML 35 R24.htm IDEA: XBRL DOCUMENT

Debt (Schedule Of Debt Issuance Costs Associated With Long-Term Obligations) (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term Obligations	$ 459,795,331	$ 445,605,998
Unnamortized Debt Issuance Costs	2,734,709	2,715,745
2011 Series A Bonds [Member] \| Term Loan Facility [Member]
Debt Instrument [Line Items]
Long-term Obligations	200,333,331	210,999,998
Unnamortized Debt Issuance Costs	1,250,685	1,347,350
2012 Series A Bonds [Member] \| Term Loan Facility [Member]
Debt Instrument [Line Items]
Long-term Obligations	183,500,000	194,250,000
Unnamortized Debt Issuance Costs	1,040,988	1,106,275
2017 Series A Bonds [Member] \| Term Loan Facility [Member]
Debt Instrument [Line Items]
Long-term Obligations	38,000,000
Unnamortized Debt Issuance Costs	203,643
2016 CoBank Note [Member]
Debt Instrument [Line Items]
Long-term Obligations	41,200,000	43,800,000
2016 CoBank Note [Member] \| Term Loan Facility [Member]
Debt Instrument [Line Items]
Long-term Obligations	37,962,000	40,356,000
Unnamortized Debt Issuance Costs	$ 239,393	$ 262,120

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Recent Accounting Pronouncements (Details)	9 Months Ended
Recent Accounting Pronouncements (Details)	Sep. 30, 2017
Product Concentration Risk [Member] \| Sales Revenue, Product Line [Member]
Concentration Risk [Line Items]
Energy percentage of revenue	99.00%

XML 37 R26.htm IDEA: XBRL DOCUMENT

Fair Value Of Assets And Liabilities (Narrative) (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, assets	$ 0	$ 0
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, liabilities	$ 0	$ 0

XML 38 R27.htm IDEA: XBRL DOCUMENT

Fair Value Of Assets And Liabilities (Schedule Of Marketable Securities) (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Bond Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 8,384,626	$ 7,375,381
Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	249,068	0
Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	3,061,913	3,061,434
Level 1 [Member] \| Bond Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	8,384,626	7,375,381
Level 1 [Member] \| Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	249,068	0
Level 1 [Member] \| Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 2 [Member] \| Bond Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 2 [Member] \| Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 2 [Member] \| Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	3,061,913	3,061,434
Level 3 [Member] \| Bond Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 3 [Member] \| Corporate Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	0	0
Level 3 [Member] \| Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 0	$ 0

- Definition

Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(12))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Trading Securities
-URI http://asc.fasb.org/extlink&oid=6526789

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(5))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 35
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=27723805&loc=d3e24584-111560

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(2))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=65884222&loc=d3e22054-111558

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1))
-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Available-for-Sale Securities
-URI http://asc.fasb.org/extlink&oid=6505594

+ Details

XML 39 R28.htm IDEA: XBRL DOCUMENT

Fair Value Of Assets And Liabilities (Schedule Of Estimated Fair Value Of Long-Term Obligations Included In Financial Statements) (Details) $ in Thousands	Sep. 30, 2017 USD ($)
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term obligations (including current installments)	$ 486,404
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term obligations (including current installments)	$ 505,140

XML 40 R29.htm IDEA: XBRL DOCUMENT

Commitments And Contingencies (Narrative) (Details) Mcf in Millions	9 Months Ended
	Sep. 30, 2017 USD ($) $ / Mcfe agreement Mcf	Dec. 31, 2016 USD ($)
Other Commitments [Line Items]
Contingency accruals	$ 0
Patronage capital payable, noncurrent	10,798,077	$ 12,008,499
Other current liabilities	8,146,356	3,234,586
Homer Electric Association, Inc. [Member]
Other Commitments [Line Items]
Patronage capital payable, noncurrent	5,900,000	7,900,000
Patronage capital, annual retirements	2,000,000
Other current liabilities	2,000,000
Matanuska Electric Association, Inc. [Member]
Other Commitments [Line Items]
Patronage capital payable, noncurrent	4,900,000	$ 4,100,000
Retirement payments	$ 800,000
Hilcorp Alaska - Cook Inlet [Member]
Other Commitments [Line Items]
Commencement date of long term contract for purchase of gas supply	Jan. 01, 2015
Expiration date of long term contract for purchase of gas supply	Mar. 31, 2018
Estimated amount of gas under contract \| Mcf	60.0
Percentage Of Met Natural Gas Needs	100.00%
Initial extension date of long term contract for purchase of gas supply	Mar. 31, 2019
Subsequent extension date of long term contract for purchase of gas supply	Mar. 31, 2023
Furie Operating Alaska, LLC Purchase Commitment [Member]
Other Commitments [Line Items]
Term of purchase commitment	16 years
Commencement date of long term contract for purchase of gas supply	Apr. 01, 2023
Expiration date of long term contract for purchase of gas supply	Mar. 31, 2033
Approximate annual volume \| Mcf	1.8
Minimum [Member] \| Furie Operating Alaska, LLC Purchase Commitment [Member]
Other Commitments [Line Items]
Price per Mcf \| $ / Mcfe	7.16
Percentage Of Met Natural Gas Needs	20.00%
Maximum [Member] \| Furie Operating Alaska, LLC Purchase Commitment [Member]
Other Commitments [Line Items]
Price per Mcf \| $ / Mcfe	7.98
Percentage Of Met Natural Gas Needs	25.00%
International Brotherhood of Electrical Workers [Member]
Other Commitments [Line Items]
Percentage of employees belonging to unions	70.00%
Number of collective bargaining agreements \| agreement	3
Expiration date of collective bargaining agreements	Jun. 30, 2021
Hotel Employees and Restaurant Employees [Member]
Other Commitments [Line Items]
Number of collective bargaining agreements \| agreement	1
Expiration date of collective bargaining agreements	Jun. 30, 2021

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