0001826466-21-000124.txt : 20210811 0001826466-21-000124.hdr.sgml : 20210811 20210811145735 ACCESSION NUMBER: 0001826466-21-000124 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 45 CONFORMED PERIOD OF REPORT: 20210630 FILED AS OF DATE: 20210811 DATE AS OF CHANGE: 20210811 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Golden Growers Cooperative CENTRAL INDEX KEY: 0001489874 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE SERVICES [0700] IRS NUMBER: 000000000 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-53957 FILM NUMBER: 211163116 BUSINESS ADDRESS: STREET 1: 1002 MAIN AVENUE WEST STREET 2: SUITE 5 CITY: WEST FARGO STATE: ND ZIP: 58078 BUSINESS PHONE: 701-281-0468 MAIL ADDRESS: STREET 1: 1002 MAIN AVENUE WEST STREET 2: SUITE 5 CITY: WEST FARGO STATE: ND ZIP: 58078 10-Q 1 ggro-2021123110q.htm FORM 10-Q
0001489874 false Q2 2021 --12-31 Yes true 49,835 25,926 16,700 8,600 33,100 17,300 0001489874 2021-01-01 2021-06-30 0001489874 2021-08-09 0001489874 2021-06-30 0001489874 2020-12-31 0001489874 2021-04-01 2021-06-30 0001489874 2020-04-01 2020-06-30 0001489874 2020-01-01 2020-06-30 0001489874 us-gaap:CommonStockMember 2021-04-01 2021-06-30 0001489874 us-gaap:CommonStockMember 2020-04-01 2020-06-30 0001489874 us-gaap:CommonStockMember 2021-01-01 2021-06-30 0001489874 us-gaap:CommonStockMember 2020-01-01 2020-06-30 0001489874 us-gaap:CommonStockMember 2021-03-31 0001489874 us-gaap:CommonStockMember 2020-03-31 0001489874 us-gaap:CommonStockMember 2020-12-31 0001489874 us-gaap:CommonStockMember 2019-12-31 0001489874 us-gaap:CommonStockMember 2021-06-30 0001489874 us-gaap:CommonStockMember 2020-06-30 0001489874 2019-12-31 0001489874 2020-06-30 0001489874 2020-01-01 2020-12-31 0001489874 us-gaap:FairValueInputsLevel2Member us-gaap:CorporateBondSecuritiesMember 2021-06-30 0001489874 us-gaap:CorporateBondSecuritiesMember 2021-06-30 0001489874 us-gaap:FairValueInputsLevel2Member us-gaap:MoneyMarketFundsMember 2021-06-30 0001489874 us-gaap:MoneyMarketFundsMember 2021-06-30 0001489874 us-gaap:FairValueInputsLevel2Member 2021-06-30 0001489874 us-gaap:FairValueInputsLevel2Member us-gaap:CorporateBondSecuritiesMember 2020-12-31 0001489874 us-gaap:CorporateBondSecuritiesMember 2020-12-31 0001489874 us-gaap:FairValueInputsLevel2Member us-gaap:MoneyMarketFundsMember 2020-12-31 0001489874 us-gaap:MoneyMarketFundsMember 2020-12-31 0001489874 us-gaap:FairValueInputsLevel2Member 2020-12-31 0001489874 us-gaap:SalesChannelDirectlyToConsumerMember 2021-01-01 2021-06-30 0001489874 us-gaap:SalesChannelDirectlyToConsumerMember 2020-01-01 2020-06-30 0001489874 us-gaap:SalesChannelThroughIntermediaryMember 2021-01-01 2021-06-30 0001489874 us-gaap:SalesChannelThroughIntermediaryMember 2020-01-01 2020-06-30 0001489874 2021-02-26 2021-02-26 0001489874 2021-02-26 0001489874 2021-06-26 2021-06-29 0001489874 2021-06-29 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure utr:bu iso4217:USD utr:bu ggro:installments

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

[ X ] Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2021
Commission file number: 000-53957

Golden Growers Cooperative
(Exact name of registrant as specified in its charter)

Minnesota 27-1312571
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

 

1002 Main Avenue West, Suite 5
West Fargo, ND 58078
(Address of principal executive offices)

Telephone Number 701-281-0468
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None

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 [ X ] No [ ]

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).

Yes [ X ] No [ ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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 [ X ] Smaller reporting company [X]
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 Act).

YES [ ] NO [ X ]

As of August 9, 2021 the Cooperative had 15,490,480 Units issued and outstanding.

GOLDEN GROWERS COOPERATIVE

FORM 10-Q

INDEX

PART I. FINANCIAL INFORMATION 1
Item 1. Financial Statements 1
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 7
Item 3. Quantitative and Qualitative Disclosures About Market Risk 10
Item 4. Controls and Procedures 10
PART II. OTHER INFORMATION 11
Item 1. Legal Proceedings 11
Item 1A. Risk Factors 11
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 11
Item 3. Defaults Upon Senior Securities 11
Item 4. Mine Safety Disclosures 11
Item 5. Other Information 11
Item 6. Exhibits 11
SIGNATURES   12

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

GOLDEN GROWERS COOPERATIVE
CONDENSED BALANCE SHEETS
(In Thousands)

    June 30, 2021     December 31, 2020  
    (Unaudited)     (Audited)  
ASSETS            
Current Assets:            
       Cash and Cash Equivalents $  2,329   $  3,547  
       Short-Term Investments   3,864     3,438  
       Other Current Assets   47     258  
Total Current Assets   6,240     7,243  
             
Long-Term Investments   1,390     1,743  
Investment in ProGold LLC   18,234     16,976  
             
           Total Assets $  25,864   $  25,962  
             
LIABILITIES AND MEMBERS’ EQUITY            
             
Current Liabilities            
       Accounts Payable $  —   $  2  
       Accrued Liabilities   3     202  
Total Current Liabilities   3     204  
             
             
Members' Equity:            
       Members’ Equity 
              Membership Units, Authorized 60,000,000 Units, Issued and 
              Outstanding 15,490,480 as of June 30, 2021 and 
              December 31, 2020 		  25,861     25,758  
             
Total Members’ Equity   25,861     25,758  
             
Total Liabilities and Members’ Equity $  25,864   $  25,962  

 

See Notes to Condensed Financial Statements

1

GOLDEN GROWERS COOPERATIVE
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(In Thousands, Other Than Share and Per-Share Data)
(Unaudited)

                 
    Three Months Ended     Six Months Ended  
    June 30, 2021     June 30, 2020     June 30, 2021     June 30, 2020  
OPERATIONS                        
Corn Revenue $  26,334   $  11,183   $  49,835   $  25,926  
Corn Expense   (26,351 )   (11,198 )   (49,866 )   (25,955 )
Net Income from ProGold LLC   2,452     1,084     4,346     3,027  
General & Administrative Expenses   (120 )   (115 )   (267 )   (286 )
                         
Net Income from Operations   2,315     954     4,048     2,712  
                         
Other Income   41     47     83     97  
                         
Net Income Before Income Tax $  2,356   $  1,001   $  4,131   $  2,809  
                         
Net Income $  2,356   $  1,001   $  4,131   $  2,809  
                         
Weighted Average Shares/Units Outstanding   15,490,480     15,490,480     15,490,480     15,490,480  
                         
Earnings per Share/Membership Unit                        
Primary and Fully Diluted $  0.15   $  0.06   $  0.27   $  0.18  
                 
    Three Months Ended     Six Months Ended  
    June 30, 2021     June 30, 2020     June 30, 2021     June 30, 2020  
COMPREHENSIVE INCOME                        
Net Income $  2,356   $  1,001   $  4,131   $  2,809  
                         
Comprehensive Income $  2,356   $  1,001   $  4,131   $  2,809  

 

GOLDEN GROWERS COOPERATIVE
STATEMENTS OF CHANGES IN MEMBERS’ EQUITY
(In Thousands)
(Unaudited)

                 
    Three Months Ended     Six Months Ended  
    June 30, 2021     June 30, 2020     June 30, 2021     June 30, 2020  
                         
Changes in Members' Equity                        
     Balance, Beginning of the Period $  25,518   $  26,012   $  25,758   $  26,379  
     Net Income   2,356     1,001     4,131     2,809  
     Pension Liability Adjustment   —     8     —     —  
     Distributions to Members   (2,013 )   (2,015 )   (4,028 )   (4,182 )
     Balance, End of the Period $  25,861   $  25,006   $  25,861   $  25,006  

 

See Notes to Condensed Financial Statements

2

GOLDEN GROWERS COOPERATIVE
CONDENSED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)

         
    Six Months Ended  
    June 30, 2021     June 30, 2020  
             
Cash Flows from Operating Activities            
       Net Income $  4,131   $  2,809  
       Net (Income) from ProGold LLC   (4,346 )   (3,027 )
       Realized (Gain) Loss - Investments   1     (1 )
Changes in assets and liabilities            
       Other Current Assets   211     214  
       Accrued liabilities and payables   (199 )   (210 )
Net Cash Used in Operating Activities   (202 )   (215 )
             
Cash Flows from Investing Activities            
       Purchase of investments   (74 )   (78 )
       Distribution received from ProGold LLC   3,086     3,525  
             
Net Cash Provided in Investing Activities   3,012     3,447  
             
Cash Flows from Financing Activities            
       Member distributions paid   (4,028 )   (4,182 )
Net Cash Used by Financing Activities   (4,028 )   (4,182 )
             
Decrease in Cash and Cash Equivalents   (1,218 )   (950 )
             
Cash and Cash Equivalents, Beginning of Period   3,547     3,228  
             
Cash and Cash Equivalents, End of Period $  2,329   $  2,278  

 

See Notes to Condensed Financial Statements

3

GOLDEN GROWERS COOPERATIVE
NOTES TO CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND 2020

NOTE 1 – BASIS OF PRESENTATION

The condensed financial statements of Golden Growers Cooperative (the “Cooperative”) for the six-month period ended June 30, 2021 and 2020 are unaudited and reflect all adjustments consisting of normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position and operating results for the interim period. The condensed financial statements should be read in conjunction with the financial statements and notes thereto, contained in the Cooperative’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The results of operations for the six-month period ended June 30, 2021 are not necessarily indicative of the results for the entire fiscal year ending December 31, 2021.

NOTE 2 – EXPENSES

The Cooperative contracts with Cargill, Incorporated (“Cargill”) in connection with the procurement of corn and other agency services for an annual fee of $60,000, which is paid by the Cooperative to Cargill in quarterly 4 installments. The agreements between Cargill and the Cooperative terminate concurrently with Cargill’s Second Amended and Restated Facility Lease with ProGold Limited Liability Company (“ProGold LLC”), which terminates on December 31, 2022, but may be extended through 2023 under certain conditions.

NOTE 3 – PROGOLD LIMITED LIABILITY COMPANY

The Cooperative has a 49% ownership interest in ProGold LLC. Following is summary financial information for ProGold LLC, which was derived from the monthly unaudited financial statements of ProGold LLC:

    June 30,     December 31,  
(In Thousands)   2021     2020     2020  
                   
Current Assets $  1,077   $  932   $  216  
Long-Term Assets   41,533     39,755     39,700  
       Total Assets $  42,610   $  40,687   $  39,916  
                   
Current Liabilities $  3,396   $  2,600   $  3,106  
Long-Term Liabilities   2,000     2,250     2,167  
       Total Liabilities   5,396     4,850     5,273  
                   
Members’ Equity   37,214     35,837     34,643  
                   
Total Liabilities and Members’ Equity $  42,610   $  40,687   $  39,916  
                   
Rent Revenue on Operating Lease $  10,271   $  7,780   $  16,293  
Expenses   1,401     1,603     4,179  
                   
Net Income $  8,870   $  6,177   $  12,114  

4

NOTE 4 –INVESTMENTS

The Cooperative has determined fair value of its investments held to maturity based on Level 2 inputs.

June 30, 2021:   Level 1     Level 2     Level 3     Total  
Corporate Bonds $  —   $  5,254   $  —   $  5,254  
Money Market & CD’s   —     53     —     53  
  $  —   $  5,307   $  —   $  5,307  
                         
December 31, 2020:                        
Corporate Bonds $  —   $  4,848   $  —   $  4,848  
Money Market & CD’s   —     441     —     441  
  $  —   $  5,289   $  —   $  5,289  

 

Maturities are as follows as of June 30, 2021:

    Net Carrying     Fair  
    Amount     Value  
Due in 1 year or less $  3,811   $  3,799  
Due in 2 to 5 years   1,289     1,355  
Greater than 5 years   100     100  
  $  5,200   $  5,254  

 

The Coopertive’s investments held to maturity are as follows as of June 30, 2021 and December 31, 2020:

    Amortized     Unrealized     Unrealized        
    Cost     Gains     Losses     Fair Value  
June 30, 2021:                        
Corporate Bonds $  5,200   $  55   $  (1 ) $  5,254  
Money Market & CD’s   53     —     —     53  
  $  5,253   $  55   $  (1 ) $  5,307  
                         
                         
December 31, 2020:                        
Corporate Bonds $  4,740   $  113   $  (5 ) $  4,848  
Money Market & CD’s   441     —     —     441  
  $  5,181   $  113   $  (5 ) $  5,289  

 

NOTE 5 –EMPLOYEE BENEFIT PLANS

Pension Plan – In December 2012, the Cooperative approved a change to freeze the Cooperative’s defined benefit plan as of January 1, 2013. As a result, no additional benefits will accrue to participants in the plan and no new employees are eligible for the plan.

The plan’s fair value and benefit obligation will vary over time as a result of changes in market interest rates, the life expectancy of plan participants, and benefit payments. As of December 31, 2020, the plan had a total fair value of $935,000 and a benefit obligation of $752,000. For the same period in 2019, the plan had a total fair value of $844,000 and a benefit obligation of $784,000.

For the six month periods ended June 30, 2021 and 2020, the Cooperative made $0 in contributions. The Cooperative does not anticipate making a contribution in 2021. Contributions in 2020 totaled $1,000.

5

NOTE 6 – REVENUE RECOGNITION

The Cooperative derives revenue from two sources: operations related to the marketing of members’ corn and income derived from the Cooperative’s membership interest in ProGold LLC. The Cooperative recognizes revenue from its corn marketing operations equal to the value of the corn that is delivered to Cargill. Annually, the Cooperative is required to deliver approximately 15,490,480 bushels of corn to Cargill for processing at the ProGold LLC wet-milling facility. To fulfill that requirement, the Cooperative’s members are contractually obligated to annually deliver corn to the Cooperative by either Method A or Method B or a combination of both. Under Method A, a member is required to physically deliver corn to the Cooperative and under Method B a member appoints the Cooperative as its agent to arrange for the acquisition and delivery of corn on the member’s behalf. The Cooperative contractually appoints Cargill as its agent to arrange for the delivery of the corn by its members who elect to deliver corn using Method A and to acquire corn on its behalf for its members who elect to deliver corn using Method B. In exchange for these services, the Cooperative pays an annual fee of $60,000, paid in quarterly installments.

Members who deliver corn under Method A are paid the market price or contracted price for their corn at the time of delivery, as well as an incentive payment of $.05 per bushel. Cargill pays the aggregate purchase price for corn purchased from the Cooperative’s members to the Cooperative and then, on the Cooperative’s behalf, makes individual payments for corn and incentive payments directly to the Cooperative’s members. In the event a member who has elected to deliver corn by Method A delivers to Cargill less than its committed amount of corn, the quantity of the shortfall is then purchased and delivered by Cargill on the Cooperative’s behalf. The purchase price is equal to the average price reported for Method A corn for the final month of the year. In addition, the Method A member with a shortfall will be charged a purchased corn fee and agency fee determined by the Cooperative’s Board of Directors.

Members who elect Method B to deliver corn pay the Cooperative a $.02 per bushel agency fee for the cost of having the Cooperative deliver corn on their behalf. The price per bushel paid to such member is equal to the price per bushel paid by Cargill to acquire the corn as the Cooperative’s agent. Method B revenue will be equal to the price paid. The Cooperative has determined Corn Expense for Method B deliveries will be the weighted average price for Method A corn during the quarter multiplied by the number of Method B bushels purchased during the quarter.

The incentive payment and agency fee are also a component of Corn Expense. The Cooperative’s Board of Directors has the discretion to change the incentive payment and the agency fee based on the Cooperative’s corn delivery needs.

For the six month periods ended June 30, 2021 and 2020, the Cooperative recognized corn revenue of $49.8 million and $25.9 million, respectively. Disaggregated revenue for the six month periods ended June 30, 2021 and 2020 is as follows: revenue from Method A deliveries totaled $16.7 million and $8.6 million , respectively; and revenue from Method B deliveries totaled $33.1 million and $17.3 million, respectively.

 

NOTE 7 – DISTRIBUTIONS TO MEMBERS

On February 26, 2021, the Cooperative made distributions to its members totaling $2,013,762, or $0.13 per outstanding membership unit. On June 29, 2021, the Cooperative made distributions to its members totaling $2,013,762 or $0.13 per outstanding membership unit.

NOTE 8 – LINE OF CREDIT

The Cooperative has a $2,000,000 line of credit with a variable interest rate. This line of credit matures October 16, 2022. The line of credit is secured by the investment management agency account for the Cooperative maintained by Bell Bank. There was no outstanding balance as of June 30, 2021 or December 31, 2020.

NOTE 9 – COMMITMENTS AND CONTINGENCIES

The Cooperative contracts with Cargill in connection with the procurement of corn and other agency services for an annual fee of $60,000, which is paid by the Cooperative to Cargill in quarterly installments. The agreements between Cargill and the Cooperative terminate concurrently with Cargill’s Second Amended and Restated Facility Lease with ProGold LLC, which terminates on December 31, 2022, but may be extended through 2023 under certain conditions.

NOTE 10 – SUBSEQUENT EVENTS

The Cooperative has evaluated events through the date the financial statements were issued for potential recognition or disclosure in the June 30, 2021 financial statements and concluded that no subsequent events have occurred that would require recognition in the June 30, 2021 financial statements.

6

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward Looking Statements

The following discussion and analysis should be read in conjunction with the financial statements and notes thereto included in Item 1 of Part I of this Quarterly Report on Form 10-Q and the audited consolidated financial statements and related notes thereto and Item 7, Management’s Discussion and Analysis of Financial Conditions and Results of Operations, included in the Cooperative’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. This Quarterly Report on Form 10-Q contains forward-looking statements that involve risks and uncertainties. Such forward-looking statements include, among others, those statements including the words “expect”, “anticipate”, “believe”, “may” and similar expressions. The Cooperative’s actual results could differ materially from those indicated in the forward-looking statements for many reasons, including events beyond the Cooperative’s control and assumptions that prove to be inaccurate or unfounded. The Cooperative’s actual results or actions could and likely will differ materially from those anticipated in the forward-looking statements for many reasons, including but not limited to: (i) the impact of the Cooperative’s minority ownership interest in ProGold; (ii) fluctuations in the market price per bushel of corn; (iii) the unknown impact of the novel coronavirus (COVID-19); and (iv) other factors described from time to time in the Cooperative’s Securities and Exchange Commission filings. The Cooperative does not intend to update the forward-looking statements contained in this Quarterly Report on Form 10-Q other than as required by law and qualifies all of its forward-looking statements by these cautionary statements.

Overview

Golden Growers Cooperative is a value-added agricultural cooperative association governed under Minnesota Statutes Chapter 308B owned by 1,504 members in the business of providing value to its members by facilitating their delivery of corn to the corn wet-milling facility owned by ProGold Limited Liability Company (“ProGold LLC”), a Minnesota limited liability company in which the Cooperative owns a 49% membership interest. ProGold LLC leases its corn wet milling facility to Cargill Incorporated (“Cargill”), which uses the facility to process corn into high fructose corn syrup. The Cooperative accomplishes its business on behalf of its members through its contractual relationships with all of the parties involved in the ownership and operation of the facility. From an income production perspective, the Cooperative’s membership interest in ProGold LLC is its primary asset that, in addition to giving the Cooperative the right to receive distributions from ProGold LLC, also provides the Cooperative’s members with additional value for the delivery of their corn for processing. Annually, the Cooperative is required to deliver approximately 15,490,480 bushels of corn to Cargill for processing at the ProGold LLC facility.

Any person residing in the United States can own membership units of the Cooperative (“Units”) as long as that person delivers or provides for the delivery of corn for processing at the ProGold LLC facility. Ownership of Units requires members to deliver corn to the Cooperative for processing in proportion to the number of Units each member holds. Currently, 15,490,480 Units are issued and outstanding. The Cooperative’s income and losses are allocated to its members based on the volume of corn they deliver. Subject to certain limitations, as long as a member patronizes the Cooperative by delivering corn equal to the number of Units held by the member, the member will be allocated a corresponding portion of the Cooperative’s income (or loss). In this way, the Cooperative operates on a cooperative basis.

To hold Units, a member is required to execute a Uniform Member Agreement that obligates the member to deliver corn to the Cooperative and an Annual Delivery Agreement by which each member annually elects the member’s method to deliver corn - either Method A or Method B, or a combination of both. Under Method A, a member is required to physically deliver the required bushels of corn to the Cooperative either at the facility or another location designated by the Cooperative. Under Method B, a member appoints the Cooperative as its agent to arrange for the acquisition and delivery of the required bushels of corn on the member’s behalf. The Cooperative appoints Cargill as its agent to arrange for the delivery of the corn by members who elect to deliver corn using Method A, and the Cooperative appoints Cargill as its agent to acquire corn on the Cooperative’s behalf for members who elect to deliver corn using Method B. If a member elects to deliver corn using Method B, the price per bushel the Cooperative pays to the member is equal to the price per bushel paid by Cargill to acquire the corn as its agent. Members who deliver corn under Method A are paid the market price or contracted price for their corn at the time of delivery. Members who deliver corn under Method A receive from the Cooperative an incentive payment of $.05 per bushel on the corn that they deliver while members who elect Method B to deliver corn pay to the Cooperative a $.02 per bushel agency fee for the cost of having the Cooperative deliver corn on their behalf. The incentive payment for Method A deliveries and the agency fee for Method B deliveries are subject to annual adjustment at the sole discretion of the Cooperative’s Board of Directors. While the Cooperative is financially responsible for the various payments to the members for corn, Cargill, serving as the Cooperative’s administrative agent, issues payments to members for corn on the Cooperative’s behalf.

7

Annually, the Cooperative notifies Cargill of the number of bushels of Method A corn to be delivered by each member who has elected to deliver corn by Method A. Once the Cooperative provides notification to Cargill of the number of bushels of corn, Cargill then confirms the amount of corn with each member and notifies that member with respect to quality specifications, allowances, deductions and premiums to be applicable to that corn. The member with a Method A corn commitment then directly contracts with Cargill for corn delivered by Method A. At the end of each month, Cargill reports the number of Method A bushels delivered and the average daily price paid for corn that Cargill purchased from members on the Cooperative’s behalf. The product of the number of bushels delivered multiplied by the average monthly market price is reported as Method A corn expense. In the event a member who has elected to deliver corn by Method A delivers to Cargill more than its delivery commitment, any corn delivered in excess of that commitment is handled as a direct sale of corn to Cargill. In the event a member who has elected to deliver corn by Method A delivers to Cargill less than its committed amount of corn, the quantity of the shortfall is then purchased and delivered by Cargill on our behalf. The purchase price is equal to the average price reported for Method A corn for the final month of the year. In addition, the Method A member with a shortfall will be charged a purchased corn fee and agency fee determined by the Cooperative’s Board of Directors.

Cargill then purchases the remainder of the corn to be delivered by the Cooperative on behalf of the Method B delivering members at such time and in such quantities as it deems appropriate and in the best interest of the Cooperative and Cargill. The Cooperative notifies Cargill of the number of Method B bushels to be purchased during the quarter. Cargill will certify to the Cooperative that it has purchased the necessary Method B bushels. The price paid will be the weighted average price for Method A corn during the quarter multiplied by the number of Method B bushels. Method B corn revenue will be equal to the price paid.

The Cooperative’s Second Amended and Restated Bylaws (“Bylaws”) establish a Method A delivery pool and a Method B delivery pool. Generally, The Cooprative’s income and/or losses are allocated annually based on the percentage of bushels of corn the members elect to deliver using either Method A or Method B. Regardless of the actual percentage allocation between the members who deliver bushels of corn using Method A or Method B, the Bylaws require the Cooperative to annually allocate at least 25% of its income and/or losses to the Method A pool. The amount of our income and/or losses actually allocated to the Method A pool is a percentage equal to the greater of 25% or the actual percentage of bushels of corn delivered by members using Method A.

  For fiscal year 2021, members elected to deliver 27% of their corn by Method A and members elected to deliver 73% of their corn by Method B. This election will result in 27% of the Cooperative’s income and/or losses and 27% of any cash distributions being allocated to the Method A pool in fiscal year 2021, which reflects the actual percentage of corn members elected to deliver using Method A and does not result in reallocation to meet the 25% requirement set forth in the Cooperative’s Bylaws.

Impact of COVID-19

  The Cooperative continues to monitor the global outbreak of the novel coronavirus (COVID-19) and its impact on the Cooperative’s results of operations and financial condition. Demand for high fructose corn syrup in food service and entertainment sectors declined. Corn millers idled ethanol plants in response to a depressed demand for ethanol in 2020. Improved ethanol demand has resulted in increased production for 2021. With improving conditions for 2021, food service and entertainment sectors are likely to increase high fructose corn syrup demand as the year progresses. The ProGold facility currently continues to operate in the ordinary course and the Cooperative’s overall business has not been impacted; however, the Cooperative is unable to predict the long-term impact of COVID-19 on its business or the impact on the future operations of the ProGold plant.

8

Results of Operations

Revenues. The Cooperative derives revenue from two sources: operations related to the marketing of members’ corn and income derived from the Cooperative’s membership interest in ProGold LLC. The corn marketing operations generate revenue for the Cooperative equal to the value of the corn that is delivered to Cargill. The Cooperative recognizes expense equal to this same amount, which results in the corn marketing operations being revenue neutral to the Cooperative, except for revenue from the Method B agency fee and expenses related to the Method A incentive payments and the service fee paid to Cargill.

For the three and six-month periods ended June 30, 2021, the Cooperative sold approximately 4.0 and 8.6 million bushels of corn compared to approximately 4.0 and 8.4 million bushels of corn sold during the three and six-month periods ended June 30, 2020. For the three and six-month periods ended June 30, 2021, the members, on the Cooperative’s behalf, delivered to Cargill for processing at the facility approximately 1.2 and 2.9 million bushels of corn using Method A and 2.8 and 5.7 million bushels of corn using Method B. In the same respective periods in 2020, its members, on the Cooperative’s behalf, delivered to Cargill for processing at the facility 1.2 and 2.8 million bushels of corn using Method A and 2.8 and 5.7 million bushels of corn using Method B.

For the three and six-month periods ended June 30, 2021, the Cooperative recognized corn revenue of $26,334,000 and $49,835,000 compared to $11,183,000 and $25,926,000, during the same respective periods in 2020, an increase of 136% for the second quarter and an increase of 92% year to date due primarily to an increase in the price per bushel of corn sold year to date in 2021 compared to 2020.

Expenses. The Cooperative recognized corn expense of $26,351,000 and $49,866,000 for the three and six-month periods ended June 30, 2021, respectively, compared to $11,198,000 and $25,955,000 during the same respective periods in 2020, an increase of 135% for the second quarter, and an increase of 92% year to date due primarily to an increase in the price per bushel of corn purchased in 2021 compared to 2020.

The Cooperative recognized expense of $15,000 and $30,000 for the three and six-month periods ended June 30, 2021, respectively, and during the same respective periods in 2020 in connection with costs incurred to Cargill related to the Cooperative’s corn marketing operation.

Income from ProGold LLC. The Cooperative derived income from ProGold LLC for the three and six-month periods ended June 30, 2021 of $2,452,000 and $4,346,000, respectively, compared to $1,084,000 and $3,027,000 during the same respective periods in 2020, an increase of 126% for the second quarter and an increase of 44% year to date due primarily to increased lease revenue and a reduction in depreciation expenses in 2021 compared to 2020.

General and Administrative Expenses. The Cooperative’s general and administrative expenses include salaries and benefits, professional fees and fees paid to its Board of Directors. The general and administrative expenses for the three and six-month periods ended June 30, 2021 were $120,000 and $267,000, respectively, compared to $115,000 and $286,000 during the same respective periods in 2020. The decrease in administrative expenses for the six month period ended June 30, 2021 compared to the six month period ended June 30, 2020 is primarily due to the timing of expenses.

Other Income. Interest income for the three and six-month periods ended June 30, 2021 was $41,000 and $83,000 compared to $47,000 and $97,000 during the same respective periods in 2020. The decrease is primarily due to lower interest on investments. Realized gain (loss) on investments for the three and six month periods ended June 30, 2021 was $0 and ($1,000), respectively, compared to $1,000 and $1,000 during the same respective periods in 2020.

Liquidity and Capital Resources

The Cooperative’s working capital at June 30, 2021 was $6,237,000 compared to $4,374,000 at June 30, 2020. The increased working capital at the end of the second quarter of 2021 as compared to the same period in 2020 was the result of changes in the timing of maturities of the Cooperative’s investments. The Cooperative received cash distributions from ProGold LLC totaling $3,086,000 for the six-month period ended June 30, 2021 compared $3,525,000 for the six-month period ended June 30, 2020. Reduced ProGold LLC distributions are related primarily to reduced lease income and increased capital expense.

9

In fiscal year 2018, the Cooperative invested a portion of its cash reserves in bonds. To ensure that the Cooperative would have access to cash if needed before the maturity of the bonds, the Cooperative also established a $2,000,000 line of credit at a variable interest rate based on the prime rate, which line of credit terminates on October 16, 2022. The line of credit is secured by the investment management agency account for the Cooperative maintained by Bell Bank. There was no outstanding balance as of June 30, 2021 or December 31, 2020.

The Cooperative had no long-term debt as of June 30, 2021 and June 30, 2020 and used operating cash flows of $202,000 for the six-month period ended June 30, 2021 compared to $215,000 for the six-month period ended June 30, 2020. The decrease in operating cash flows for the six month period ended June 30, 2021 compared to the six month period ended June 30, 2020 is primarily due to a change in timing of expenses.

Management believes that non-cash working capital levels, together with the Cooperative’s cash and cash equivalents, are appropriate in the current business environment and does not expect a significant increase or reduction of non-cash working capital in the next twelve months. Management expects that the Cooperative’s cash and cash equivalents, together with available borrowings under the line of credit, will be sufficient to fund its operations for the foreseeable future, including at least the next twelve months.

Significant Accounting Estimates and Policies

The Cooperative generally does not pay out Method A incentive payments or collect Method B agency fees until the end of its fiscal year. The total annual Method B agency fee was determinable once the members completed their delivery method determination prior to January 1, 2021. The quarterly Method B bushel delivery and agency fee revenue is calculated by allocating the portion of the total annual agency fee for that particular quarter or cumulating it for the particular period. The Cooperative tracks Method A corn deliveries throughout the year so it can report the bushels of corn delivered by its members as well as the corresponding Method A incentive fees earned. The final amounts owed by or due to Cargill and/or the Cooperative’s members who elect to deliver using Method A is not calculated until after December 31 in order to account for any failures to deliver or over-deliveries of corn.

The remainder of the Cooperative’s significant accounting policies are described in Note 2, Summary of Significant Accounting Policies, of the Notes to the Financial Statements in the Cooperative’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The Cooperative’s critical accounting estimates are discussed in Item 7, Management’s Discussion and Analysis of Financial Conditions and Results of Operations, in the Cooperative’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. There have been no other significant changes in the Cooperative’s significant accounting policies or critical accounting estimates since December 31, 2020.

Off Balance Sheet Arrangements

  None.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

  As a smaller reporting company, the Cooperative is not required to provide disclosure pursuant to this item.

Item 4. Controls and Procedures

The Cooperative’s Chief Executive Officer and Chief Financial Officer has reviewed and evaluated the effectiveness of the Cooperative’s disclosure controls and procedures (as defined in Rules 240.13a -15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934) as of June 30, 2021. Based on that review and evaluation, the Chief Executive Officer and Chief Financial Officer has concluded that the Cooperative’s current disclosure controls and procedures, as designed and implemented, are effective and provide reasonable assurance that information relating to the Cooperative required to be disclosed in the reports the Cooperative files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, including ensuring that such information is accumulated and communicated to the Cooperative’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

There were no changes in the Cooperative’s internal controls over financial reporting that occurred during the Cooperative’s most recent fiscal quarter that may have materially affected, or are reasonably likely to materially affect, the Cooperative’s internal control over financial reporting.

10

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

  None.

Item 1A. Risk Factors

  As a smaller reporting company, the Cooperative is not required to provide disclosure pursuant to this item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

  None.

Item 3. Defaults Upon Senior Securities

  None.

Item 4. Mine Safety Disclosures

  None.

Item 5. Other Information.

  None.

Item 6. Exhibits

Exhibit No.   Exhibit Description
     
31.1 Certification of Chief Executive Officer and Chief Financial Officer pursuant to Securities Exchange Act Rule 17 CFR 13a-14(a) – filed herewith.
     
32.1 Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 – filed herewith.
     
101 The following materials from this report, formatted in XBRL (Extensible Business Reporting Language) are filed herewith: (i) balance sheets, (ii) statements of operations and comprehensive income, (iii) statements of cash flows, and (iv) the notes to the financial statements.

11

SIGNATURES

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

  GOLDEN GROWERS COOPERATIVE
  (Registrant)
   
Date: August 11, 2021 /s/ Scott Stofferahn
  Scott Stofferahn
  Executive Vice President,
  Chief Financial Officer
  Duly Authorized Officer

12

EX-32.1 2 ggro-20211231ex321.htm EXHIBIT 32.1 Golden Growers Cooperative: Exhibit 32.1 - Filed by EDGARhub LLC

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report on Form 10-Q of Golden Growers Cooperative (the “Company”) for the fiscal quarter ended June 30, 2021, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Scott Stofferahn, Executive Vice President, serving as Chief Executive Officer and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
     
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

  GOLDEN GROWERS COOPERATIVE
   
August 11, 2021 /s/ Scott Stofferahn
  Scott Stofferahn
  Executive Vice President, Chief Executive Officer and
  Chief Financial Officer

EX-31.1 3 ggro-20211231ex311.htm EXHIBIT 31.1 Golden Growers Cooperative: Exhibit 31.1 - Filed by EDGARhub LLC

Exhibit 31.1

CERTIFICATION PURSUANT TO 17 CFR 240.13(a) -14(a)
(SECTION 302 CERTIFICATION)

I, Scott Stofferahn, certify that:

1.

I have reviewed this quarterly report on Form 10-Q of Golden Growers Cooperative (the registrant);

 

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 the registrant as of, and for, the periods presented in this report;

 

4.

I am 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 my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me 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 my 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 my 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 changes in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materia lly affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


5. I have disclosed, based on my 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.


  GOLDEN GROWERS COOPERATIVE
   
August 11, 2021 /s/ Scott Stofferahn
  Scott Stofferahn
  Executive Vice President, Chief Executive Officer and
  Chief Financial Officer

EX-101.PRE 4 ggro-20211231_pre.xml XBRL PRESENTATION FILE EX-101.LAB 5 ggro-20211231_lab.xml XBRL LABEL FILE Equity Components [Axis] Common Stock [Member] Fair Value Hierarchy and NAV [Axis] Fair Value, Inputs, Level 2 [Member] Investment Type [Axis] Corporate Bond Securities [Member] Money Market Funds [Member] Contract with Customer, Sales Channel [Axis] Sales Channel, Directly to Consumer [Member] Sales Channel, Through Intermediary [Member] Cover [Abstract] Document Type Amendment Flag Amendment Description Document Registration Statement Document Annual Report Document Quarterly Report Document Transition Report Document Shell Company Report Document Shell Company Event Date Document Period Start Date Document Period End Date Document Fiscal Period Focus Document Fiscal Year Focus Current Fiscal Year End Date Entity File Number Entity Registrant Name Entity Central Index Key Entity Primary SIC Number Entity Tax Identification Number Entity Incorporation, State or Country Code Entity Address, Address Line One Entity Address, Address Line Two Entity Address, Address Line Three Entity Address, City or Town Entity Address, State or Province Entity Address, Country Entity Address Postal Zip Code Country Region City Area Code Local Phone Number Extension Written Communications Soliciting Material Pre-commencement Tender Offer Pre-commencement Issuer Tender Offer Title of 12(b) Security No Trading Symbol Flag Trading Symbol Security Exchange Name Title of 12(g) Security Security Reporting Obligation Annual Information Form Audited Annual Financial Statements Entity Well-known Seasoned Issuer Entity Voluntary Filers Entity Current Reporting Status Entity Interactive Data Current Entity Filer Category Entity Small Business Entity Emerging Growth Company Elected Not To Use the Extended Transition Period Document Accounting Standard Other Reporting Standard Item Number Entity Shell Company Entity Public Float Entity Bankruptcy Proceedings, Reporting Current Entity Common Stock, Shares Outstanding Documents Incorporated by Reference [Text Block] Statement of Financial Position [Abstract] ASSETS Current Assets:        Cash and Cash Equivalents        Short-Term Investments        Other Current Assets Total Current Assets Long-Term Investments Investment in ProGold LLC            Total Assets LIABILITIES AND MEMBERS’ EQUITY Current Liabilities        Accounts Payable        Accrued Liabilities Total Current Liabilities Members' Equity:        Members’ Equity                Membership Units, Authorized 60,000,000 Units, Issued and                Outstanding 15,490,480 as of June 30, 2021 and                December 31, 2020 Total Members’ Equity Total Liabilities and Members’ Equity Membership Units, Authorized Membership Units, Issued Membership Units, Outstanding Income Statement [Abstract] OPERATIONS Corn Revenue Corn Expense Net Income from ProGold LLC General & Administrative Expenses Net Income from Operations Other Income Net Income Before Income Tax Net Income Weighted Average Shares/Units Outstanding Earnings per Share/Membership Unit Primary and Fully Diluted Net Income Comprehensive Income Statement [Table] Statement [Line Items] Changes in Members' Equity      Balance, Beginning of the Period      Net Income      Pension Liability Adjustment      Distributions to Members      Balance, End of the Period Statement of Cash Flows [Abstract] Cash Flows from Operating Activities        Net Income        Net (Income) from ProGold LLC        Realized (Gain) Loss - Investments Changes in assets and liabilities        Other Current Assets        Accrued liabilities and payables Net Cash Used in Operating Activities Cash Flows from Investing Activities        Purchase of investments        Distribution received from ProGold LLC Net Cash Provided in Investing Activities Cash Flows from Financing Activities        Member distributions paid Net Cash Used by Financing Activities Decrease in Cash and Cash Equivalents Cash and Cash Equivalents, Beginning of Period Cash and Cash Equivalents, End of Period Organization, Consolidation and Presentation of Financial Statements [Abstract] BASIS OF PRESENTATION Other Income and Expenses [Abstract] EXPENSES Equity Method Investments and Joint Ventures [Abstract] PROGOLD LIMITED LIABILITY COMPANY Investments, Debt and Equity Securities [Abstract] INVESTMENTS Retirement Benefits [Abstract] EMPLOYEE BENEFIT PLANS Revenue from Contract with Customer [Abstract] REVENUE RECOGNITION Equity [Abstract] DISTRIBUTIONS TO MEMBERS Debt Disclosure [Abstract] LINE OF CREDIT Commitments and Contingencies Disclosure [Abstract] COMMITMENTS AND CONTINGENCIES Subsequent Events [Abstract] SUBSEQUENT EVENTS Schedule of Financial Information for ProGold LLC Schedule of Fair Value of Investments Held to Maturity Based on Level 2 Inputs Schedule of Investments Held to Maturity Schedule of Bond Maturities Annual Contractual Payments to Cargill to Arrange for Delivery of The Corn and Other Agency Services Number Of Installments Current Assets Long-Term Assets Total Assets Current Liabilities Long-Term Liabilities Total Liabilities [custom:EquityMethodInvestmentMembersEquity-0] [custom:EquityMethodInvestmentTotalLiabilitiesAndMembersEquity-0] Rent Revenue on Operating Lease Expenses Net Income Ownership Percentage in Joint Venture Investment Income [Table] Net Investment Income [Line Items] Fair Value Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity [Abstract] Due in 1 year or less Due in 2 to 5 years Greater than 5 years Total Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] Due in 1 year or less Due in 2 to 5 years Greater than 5 years Total Amortized Cost Unrealized Gains Unrealized Losses Fair Value of Plan Amount of Benefit Obligation Employer Contributions Disaggregation of Revenue [Table] Disaggregation of Revenue [Line Items] Annual Delivery of Bushels of Corn Annual Cooperative Fee for Corn Delivery Incentive Payment Per Bushel to Members on Delivery of Corn under Method A Agency Free Per Bushel for Corn Delivered Using Method B Total Distributions to Members Distribution to members per outstanding membership unit (in dollars per unit) Line Of Credit Maximum Borrowing Capacity Line Of Credit Annual Contractual Payments to Cargill for Procurement of Corn Represents annual contractual payments for the procurement of corn and other agency services. Description of the maturity date of the agreements between Cargill and the Cooperative including whether the agreements extended or not. Represents the amount of incentive paid per bushel to the members who deliver corn to the entity under Method A. Represents the payment Per Bushel made by Cargill for corn delivered to the entity using Method B. Assets, Current Assets Liabilities, Current Liabilities and Equity Cost of Revenue General and Administrative Expense Operating Income (Loss) Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Comprehensive Income (Loss), Net of Tax, Attributable to Parent Net Cash Provided by (Used in) Operating Activities Net Cash Provided by (Used in) Investing Activities Distribution Made to Limited Partner, Cash Distributions Paid Net Cash Provided by (Used in) Financing Activities Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect EquityMethodInvestmentCurrentLiabilities EquityMethodInvestmentNetIncomeLoss Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, Year One Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Fair Value Debt Securities, Held-to-maturity, Accumulated Unrecognized Loss Revenue from Contract with Customer, Including Assessed Tax EX-101.DEF 6 ggro-20211231_def.xml XBRL DEFINITION FILE EX-101.CAL 7 ggro-20211231_cal.xml XBRL CALCULATION FILE EX-101.SCH 8 ggro-20211231.xsd XBRL SCHEMA FILE 00000001 - Document - Cover link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - CONDENSED BALANCE SHEETS link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - CONDENSED BALANCE SHEETS (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - CONDENSED STATEMENTS OF COMPREHENSIVE INCOME link:presentationLink link:calculationLink link:definitionLink 00000006 - Statement - STATEMENTS OF CHANGES IN MEMBERS' EQUITY link:presentationLink link:calculationLink link:definitionLink 00000007 - Statement - CONDENSED STATEMENTS OF CASH FLOWS link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - BASIS OF PRESENTATION link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - EXPENSES link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - PROGOLD LIMITED LIABILITY COMPANY link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - INVESTMENTS link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - EMPLOYEE BENEFIT PLANS link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - REVENUE RECOGNITION link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - DISTRIBUTIONS TO MEMBERS link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - LINE OF CREDIT link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - COMMITMENTS AND CONTINGENCIES link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - SUBSEQUENT EVENTS link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - PROGOLD LIMITED LIABILITY COMPANY (Tables) link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - INVESTMENTS (Tables) link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - EXPENSES (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - Schedule of Financial Information for ProGold LLC (Details) link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - PROGOLD LIMITED LIABILITY COMPANY (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - Schedule of Fair Value of Investments Held to Maturity Based on Level 2 Inputs (Details) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - Schedule of Investments Held to Maturity (Details) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - Schedule of Bond Maturities (Details) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - EMPLOYEE BENEFIT PLANS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - REVENUE RECOGNITION (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - DISTRIBUTIONS TO MEMBERS (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - LINE OF CREDIT (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - COMMITMENTS AND CONTINGENCIES (Details Narrative) link:presentationLink link:calculationLink link:definitionLink XML 9 ggro-2021123110q_htm.xml IDEA: XBRL DOCUMENT 0001489874 2021-01-01 2021-06-30 0001489874 2021-08-09 0001489874 2021-06-30 0001489874 2020-12-31 0001489874 2021-04-01 2021-06-30 0001489874 2020-04-01 2020-06-30 0001489874 2020-01-01 2020-06-30 0001489874 us-gaap:CommonStockMember 2021-04-01 2021-06-30 0001489874 us-gaap:CommonStockMember 2020-04-01 2020-06-30 0001489874 us-gaap:CommonStockMember 2021-01-01 2021-06-30 0001489874 us-gaap:CommonStockMember 2020-01-01 2020-06-30 0001489874 us-gaap:CommonStockMember 2021-03-31 0001489874 us-gaap:CommonStockMember 2020-03-31 0001489874 us-gaap:CommonStockMember 2020-12-31 0001489874 us-gaap:CommonStockMember 2019-12-31 0001489874 us-gaap:CommonStockMember 2021-06-30 0001489874 us-gaap:CommonStockMember 2020-06-30 0001489874 2019-12-31 0001489874 2020-06-30 0001489874 2020-01-01 2020-12-31 0001489874 us-gaap:FairValueInputsLevel2Member us-gaap:CorporateBondSecuritiesMember 2021-06-30 0001489874 us-gaap:CorporateBondSecuritiesMember 2021-06-30 0001489874 us-gaap:FairValueInputsLevel2Member us-gaap:MoneyMarketFundsMember 2021-06-30 0001489874 us-gaap:MoneyMarketFundsMember 2021-06-30 0001489874 us-gaap:FairValueInputsLevel2Member 2021-06-30 0001489874 us-gaap:FairValueInputsLevel2Member us-gaap:CorporateBondSecuritiesMember 2020-12-31 0001489874 us-gaap:CorporateBondSecuritiesMember 2020-12-31 0001489874 us-gaap:FairValueInputsLevel2Member us-gaap:MoneyMarketFundsMember 2020-12-31 0001489874 us-gaap:MoneyMarketFundsMember 2020-12-31 0001489874 us-gaap:FairValueInputsLevel2Member 2020-12-31 0001489874 us-gaap:SalesChannelDirectlyToConsumerMember 2021-01-01 2021-06-30 0001489874 us-gaap:SalesChannelDirectlyToConsumerMember 2020-01-01 2020-06-30 0001489874 us-gaap:SalesChannelThroughIntermediaryMember 2021-01-01 2021-06-30 0001489874 us-gaap:SalesChannelThroughIntermediaryMember 2020-01-01 2020-06-30 0001489874 2021-02-26 2021-02-26 0001489874 2021-02-26 0001489874 2021-06-26 2021-06-29 0001489874 2021-06-29 iso4217:USD shares iso4217:USD shares pure utr:bu iso4217:USD utr:bu ggro:installments 0001489874 false Q2 2021 --12-31 Yes true 49835000 25926000 16700000 8600000 33100000 17300000 10-Q true 2021-06-30 000-53957 Golden Growers Cooperative MN 27-1312571 1002 Main Avenue West, Suite 5 West Fargo ND 58078 701 281-0468 false Yes Yes Non-accelerated Filer true false false 15490480 2329000 3547000 3864000 3438000 47000 258000 6240000 7243000 1390000 1743000 18234000 16976000 25864000 25962000 2000 3000 202000 3000 204000 60000000000 60000000000 15490480000 15490480000 15490480000 15490480000 25861000 25758000 25861000 25758000 25864000 25962000 26334000 11183000 49835000 25926000 26351000 11198000 49866000 25955000 2452000 1084000 4346000 3027000 120000 115000 267000 286000 2315000 954000 4048000 2712000 41000 47000 83000 97000 2356000 1001000 4131000 2809000 2356000 1001000 4131000 2809000 15490480000 15490480000 15490480000 15490480000 0.15 0.06 0.27 0.18 2356000 1001000 4131000 2809000 2356000 1001000 4131000 2809000 25518000 26012000 25758000 26379000 2356000 1001000 4131000 2809000 8000 -2013000 -2015000 -4028000 -4182000 25861000 25006000 25861000 25006000 4131000 2809000 -4346000 -3027000 1000 -1000 211000 214000 -199000 -210000 -202000 -215000 -74000 -78000 3086000 3525000 3012000 3447000 4028000 4182000 -4028000 -4182000 -1218000 -950000 3547000 3228000 2329000 2278000 <p id="xdx_809_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock_z3J8W4iD7wg9" style="text-align: justify"><b>NOTE 1 </b><b>–</b><b> <span id="xdx_827_zgAvwpBldxAf">BASIS OF PRESENTATION</span></b> </p> <p style="text-align: justify">The condensed financial statements of Golden Growers Cooperative (the “Cooperative”) for the six-month period ended June 30, 2021 and 2020 are unaudited and reflect all adjustments consisting of normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position and operating results for the interim period. The condensed financial statements should be read in conjunction with the financial statements and notes thereto, contained in the Cooperative’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The results of operations for the six-month period ended June 30, 2021 are not necessarily indicative of the results for the entire fiscal year ending December 31, 2021.</p> <p id="xdx_803_eus-gaap--OtherIncomeAndOtherExpenseDisclosureTextBlock_zPHZXet786n9" style="text-align: justify"><b>NOTE 2 </b><b>–</b><b> <span id="xdx_82A_zcf8LNG7owch">EXPENSES</span> </b></p> <p style="text-align: justify">The Cooperative contracts with Cargill, Incorporated (“Cargill”) in connection with the procurement of corn and other agency services for an annual fee of <span id="xdx_906_ecustom--AnnualPaymentsForProcurementOfCornAndOtherAgencyServices_c20210101__20210630_zNIP13wMuowb" title="Annual Contractual Payments to Cargill to Arrange for Delivery of The Corn and Other Agency Services">$60,000</span>, which is paid by the Cooperative to Cargill in quarterly <span id="xdx_90E_ecustom--NumberOfInstallments_uInstallment_c20210101__20210630_zGPVKenggkre" title="Number Of Installments"><b style="display: none">4 </b></span>installments. The agreements between Cargill and the Cooperative terminate concurrently with Cargill’s Second Amended and Restated Facility Lease with ProGold Limited Liability Company (“ProGold LLC”), which terminates on December 31, 2022, but may be extended through 2023 under certain conditions.</p> 60000 4 <p id="xdx_80D_eus-gaap--EquityMethodInvestmentsDisclosureTextBlock_z6Cp02CsSKdj" style="text-align: justify"><b>NOTE 3 </b><b>–</b><b> <span id="xdx_827_zfeopLwk04Rd">PROGOLD LIMITED LIABILITY COMPANY </span> </b></p> <p style="text-align: justify">The Cooperative has a <span id="xdx_90E_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_c20210630_zM7jX4EQDEEa" title="Ownership Percentage in Joint Venture">49%</span> ownership interest in ProGold LLC. Following is summary financial information for ProGold LLC, which was derived from the monthly unaudited financial statements of ProGold LLC: </p> <table border="0" cellpadding="0" cellspacing="0" id="xdx_883_eus-gaap--EquityMethodInvestmentsTextBlock_pn3n3_zfEl6td7Mbtd" style="width: 100%; font-size: 10pt; border-collapse: collapse" summary="xdx: Disclosure - Schedule of Financial Information for ProGold LLC (Details)"> <tr style="vertical-align: top"> <td style="vertical-align: bottom; white-space: nowrap; text-align: center">  </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td colspan="4" style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 23%"><b>June 30,</b> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%"><b>December 31,</b> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: left"><b>(In Thousands)</b> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%"><b>2021</b> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%"><b>2020</b> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%"><b>2020</b> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td></tr> <tr> <td style="vertical-align: bottom">  </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">Current Assets </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_985_ecustom--EquityMethodInvestmentCurrentAssets_iI_pn3n3_c20210630_zYMyIrSgO1Uc" style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Current Assets"> 1,077 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_98F_ecustom--EquityMethodInvestmentCurrentAssets_iI_pn3n3_c20200630_zBatm9PUy964" style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Current Assets"> 932 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_984_ecustom--EquityMethodInvestmentCurrentAssets_iI_pn3n3_c20201231_zC91Hhw1gK8" style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Current Assets"> 216 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left">Long-Term Assets </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%"> </td> <td id="xdx_98A_ecustom--EquityMethodInvestmentLongTermAssets_iI_pn3n3_c20210630_zy47WbH87i14" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%" title="Long-Term Assets">41,533 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%"> </td> <td id="xdx_984_ecustom--EquityMethodInvestmentLongTermAssets_iI_pn3n3_c20200630_zeWCe5hTOcLh" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%" title="Long-Term Assets">39,755 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%"> </td> <td id="xdx_98E_ecustom--EquityMethodInvestmentLongTermAssets_iI_pn3n3_c20201231_zuAfwD6xKnA2" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%" title="Long-Term Assets">39,700 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">       Total Assets </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_980_ecustom--EquityMethodInvestmentTotalAssets_iI_pn3n3_c20210630_zHyp8743x085" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Total Assets"> 42,610 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_98D_ecustom--EquityMethodInvestmentTotalAssets_iI_pn3n3_c20200630_zl8MrI1sbojj" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Total Assets"> 40,687 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_980_ecustom--EquityMethodInvestmentTotalAssets_iI_pn3n3_c20201231_z2HrVD94Q1eg" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Total Assets"> 39,916 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr> <td style="vertical-align: bottom">  </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">Current Liabilities </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_98B_ecustom--EquityMethodInvestmentCurrentLiabilities_iI_pn3n3_c20210630_zTDPMa4y1QFa" style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Current Liabilities"> 3,396 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_98C_ecustom--EquityMethodInvestmentCurrentLiabilities_iI_pn3n3_c20200630_zP54UtmvWRWl" style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Current Liabilities"> 2,600 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_98C_ecustom--EquityMethodInvestmentCurrentLiabilities_iI_pn3n3_c20201231_z2G5oLqY9Za4" style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Current Liabilities"> 3,106 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left">Long-Term Liabilities </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%"> </td> <td id="xdx_986_ecustom--EquityMethodInvestmentLongTermLiabilities_iI_pn3n3_c20210630_zzhnMv7tyllg" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%" title="Long-Term Liabilities">2,000 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%"> </td> <td id="xdx_98E_ecustom--EquityMethodInvestmentLongTermLiabilities_iI_pn3n3_c20200630_zJMvtBZtxeW2" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%" title="Long-Term Liabilities">2,250 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%"> </td> <td id="xdx_983_ecustom--EquityMethodInvestmentLongTermLiabilities_iI_pn3n3_c20201231_zeDVn2jHiGv3" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%" title="Long-Term Liabilities">2,167 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">       Total Liabilities </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td id="xdx_981_ecustom--EquityMethodInvestmentTotalLiabilities_iI_pn3n3_c20210630_zyEFPpijx5G2" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Total Liabilities">5,396 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td id="xdx_98E_ecustom--EquityMethodInvestmentTotalLiabilities_iI_pn3n3_c20200630_zCWxhm17CV75" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Total Liabilities">4,850 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td id="xdx_984_ecustom--EquityMethodInvestmentTotalLiabilities_iI_pn3n3_c20201231_zlIvTr5IuADk" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Total Liabilities">5,273 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr> <td style="vertical-align: bottom">  </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">Members’ Equity </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td id="xdx_980_ecustom--EquityMethodInvestmentMembersEquity_iI_pn3n3_c20210630_zzJd3IpL2gWc" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff">37,214 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td id="xdx_98A_ecustom--EquityMethodInvestmentMembersEquity_iI_pn3n3_c20200630_zPP5bkUEnBsj" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff">35,837 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td id="xdx_98A_ecustom--EquityMethodInvestmentMembersEquity_iI_pn3n3_c20201231_zyA9leiytlo3" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff">34,643 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr> <td style="vertical-align: bottom">  </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">Total Liabilities and Members’ Equity </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_98C_ecustom--EquityMethodInvestmentTotalLiabilitiesAndMembersEquity_iI_pn3n3_c20210630_zqSO1cxcm8Xl" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff"> 42,610 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_98E_ecustom--EquityMethodInvestmentTotalLiabilitiesAndMembersEquity_iI_pn3n3_c20200630_zn0uuWELm4Sh" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff"> 40,687 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_98E_ecustom--EquityMethodInvestmentTotalLiabilitiesAndMembersEquity_iI_pn3n3_c20201231_zTbWlHllWDf4" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff"> 39,916 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr> <td style="vertical-align: bottom">  </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">Rent Revenue on Operating Lease </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_982_ecustom--EquityMethodInvestmentRentRevenueOnOperatingLease_pn3n3_c20210101__20210630_zOPM8wEOSqca" style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Rent Revenue on Operating Lease"> 10,271 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_98A_ecustom--EquityMethodInvestmentRentRevenueOnOperatingLease_pn3n3_c20200101__20200630_zkWgai95xXCg" style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Rent Revenue on Operating Lease"> 7,780 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_989_ecustom--EquityMethodInvestmentRentRevenueOnOperatingLease_pn3n3_c20200101__20201231_zY3plvafIcvd" style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Rent Revenue on Operating Lease"> 16,293 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left">Expenses </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%"> </td> <td id="xdx_983_ecustom--EquityMethodInvestmentExpenses_pn3n3_c20210101__20210630_z2qK0M7GBtKi" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%" title="Expenses">1,401 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%"> </td> <td id="xdx_98D_ecustom--EquityMethodInvestmentExpenses_pn3n3_c20200101__20200630_zcbcqbKBTqp" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%" title="Expenses">1,603 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%"> </td> <td id="xdx_984_ecustom--EquityMethodInvestmentExpenses_pn3n3_c20200101__20201231_zNiHMlx0icwe" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%" title="Expenses">4,179 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td></tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; width: 2%; background-color: #e6efff"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left">Net Income </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%">$</td> <td id="xdx_981_ecustom--EquityMethodInvestmentNetIncomeLoss_pn3n3_c20210101__20210630_zDZ39vhLNNs8" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%" title="Net Income"> 8,870 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%">$</td> <td id="xdx_985_ecustom--EquityMethodInvestmentNetIncomeLoss_pn3n3_c20200101__20200630_zk79qHVUdjYf" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%" title="Net Income"> 6,177 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%">$</td> <td id="xdx_98D_ecustom--EquityMethodInvestmentNetIncomeLoss_pn3n3_c20200101__20201231_z8ZgqU0CUl3l" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%" title="Net Income"> 12,114 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td></tr></table> <p style="text-align: center">4 </p> <hr style="border-width: 0; height: 5px; page-break-after: always; width: 100%; color: Gray; background-color: Gray"/> <p style="margin-top: 0pt; margin-bottom: 0pt"><span id="page_7"/></p> 0.49 <table border="0" cellpadding="0" cellspacing="0" id="xdx_883_eus-gaap--EquityMethodInvestmentsTextBlock_pn3n3_zfEl6td7Mbtd" style="width: 100%; font-size: 10pt; border-collapse: collapse" summary="xdx: Disclosure - Schedule of Financial Information for ProGold LLC (Details)"> <tr style="vertical-align: top"> <td style="vertical-align: bottom; white-space: nowrap; text-align: center">  </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td colspan="4" style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 23%"><b>June 30,</b> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%"><b>December 31,</b> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: left"><b>(In Thousands)</b> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%"><b>2021</b> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%"><b>2020</b> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%"><b>2020</b> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td></tr> <tr> <td style="vertical-align: bottom">  </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">Current Assets </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_985_ecustom--EquityMethodInvestmentCurrentAssets_iI_pn3n3_c20210630_zYMyIrSgO1Uc" style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Current Assets"> 1,077 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_98F_ecustom--EquityMethodInvestmentCurrentAssets_iI_pn3n3_c20200630_zBatm9PUy964" style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Current Assets"> 932 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_984_ecustom--EquityMethodInvestmentCurrentAssets_iI_pn3n3_c20201231_zC91Hhw1gK8" style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Current Assets"> 216 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left">Long-Term Assets </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%"> </td> <td id="xdx_98A_ecustom--EquityMethodInvestmentLongTermAssets_iI_pn3n3_c20210630_zy47WbH87i14" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%" title="Long-Term Assets">41,533 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%"> </td> <td id="xdx_984_ecustom--EquityMethodInvestmentLongTermAssets_iI_pn3n3_c20200630_zeWCe5hTOcLh" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%" title="Long-Term Assets">39,755 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%"> </td> <td id="xdx_98E_ecustom--EquityMethodInvestmentLongTermAssets_iI_pn3n3_c20201231_zuAfwD6xKnA2" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%" title="Long-Term Assets">39,700 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">       Total Assets </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_980_ecustom--EquityMethodInvestmentTotalAssets_iI_pn3n3_c20210630_zHyp8743x085" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Total Assets"> 42,610 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_98D_ecustom--EquityMethodInvestmentTotalAssets_iI_pn3n3_c20200630_zl8MrI1sbojj" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Total Assets"> 40,687 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_980_ecustom--EquityMethodInvestmentTotalAssets_iI_pn3n3_c20201231_z2HrVD94Q1eg" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Total Assets"> 39,916 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr> <td style="vertical-align: bottom">  </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">Current Liabilities </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_98B_ecustom--EquityMethodInvestmentCurrentLiabilities_iI_pn3n3_c20210630_zTDPMa4y1QFa" style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Current Liabilities"> 3,396 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_98C_ecustom--EquityMethodInvestmentCurrentLiabilities_iI_pn3n3_c20200630_zP54UtmvWRWl" style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Current Liabilities"> 2,600 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_98C_ecustom--EquityMethodInvestmentCurrentLiabilities_iI_pn3n3_c20201231_z2G5oLqY9Za4" style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Current Liabilities"> 3,106 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left">Long-Term Liabilities </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%"> </td> <td id="xdx_986_ecustom--EquityMethodInvestmentLongTermLiabilities_iI_pn3n3_c20210630_zzhnMv7tyllg" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%" title="Long-Term Liabilities">2,000 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%"> </td> <td id="xdx_98E_ecustom--EquityMethodInvestmentLongTermLiabilities_iI_pn3n3_c20200630_zJMvtBZtxeW2" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%" title="Long-Term Liabilities">2,250 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%"> </td> <td id="xdx_983_ecustom--EquityMethodInvestmentLongTermLiabilities_iI_pn3n3_c20201231_zeDVn2jHiGv3" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%" title="Long-Term Liabilities">2,167 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">       Total Liabilities </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td id="xdx_981_ecustom--EquityMethodInvestmentTotalLiabilities_iI_pn3n3_c20210630_zyEFPpijx5G2" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Total Liabilities">5,396 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td id="xdx_98E_ecustom--EquityMethodInvestmentTotalLiabilities_iI_pn3n3_c20200630_zCWxhm17CV75" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Total Liabilities">4,850 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td id="xdx_984_ecustom--EquityMethodInvestmentTotalLiabilities_iI_pn3n3_c20201231_zlIvTr5IuADk" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Total Liabilities">5,273 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr> <td style="vertical-align: bottom">  </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">Members’ Equity </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td id="xdx_980_ecustom--EquityMethodInvestmentMembersEquity_iI_pn3n3_c20210630_zzJd3IpL2gWc" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff">37,214 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td id="xdx_98A_ecustom--EquityMethodInvestmentMembersEquity_iI_pn3n3_c20200630_zPP5bkUEnBsj" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff">35,837 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td id="xdx_98A_ecustom--EquityMethodInvestmentMembersEquity_iI_pn3n3_c20201231_zyA9leiytlo3" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff">34,643 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr> <td style="vertical-align: bottom">  </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">Total Liabilities and Members’ Equity </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_98C_ecustom--EquityMethodInvestmentTotalLiabilitiesAndMembersEquity_iI_pn3n3_c20210630_zqSO1cxcm8Xl" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff"> 42,610 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_98E_ecustom--EquityMethodInvestmentTotalLiabilitiesAndMembersEquity_iI_pn3n3_c20200630_zn0uuWELm4Sh" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff"> 40,687 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_98E_ecustom--EquityMethodInvestmentTotalLiabilitiesAndMembersEquity_iI_pn3n3_c20201231_zTbWlHllWDf4" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff"> 39,916 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr> <td style="vertical-align: bottom">  </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">Rent Revenue on Operating Lease </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_982_ecustom--EquityMethodInvestmentRentRevenueOnOperatingLease_pn3n3_c20210101__20210630_zOPM8wEOSqca" style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Rent Revenue on Operating Lease"> 10,271 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_98A_ecustom--EquityMethodInvestmentRentRevenueOnOperatingLease_pn3n3_c20200101__20200630_zkWgai95xXCg" style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Rent Revenue on Operating Lease"> 7,780 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_989_ecustom--EquityMethodInvestmentRentRevenueOnOperatingLease_pn3n3_c20200101__20201231_zY3plvafIcvd" style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Rent Revenue on Operating Lease"> 16,293 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left">Expenses </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%"> </td> <td id="xdx_983_ecustom--EquityMethodInvestmentExpenses_pn3n3_c20210101__20210630_z2qK0M7GBtKi" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%" title="Expenses">1,401 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%"> </td> <td id="xdx_98D_ecustom--EquityMethodInvestmentExpenses_pn3n3_c20200101__20200630_zcbcqbKBTqp" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%" title="Expenses">1,603 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%"> </td> <td id="xdx_984_ecustom--EquityMethodInvestmentExpenses_pn3n3_c20200101__20201231_zNiHMlx0icwe" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%" title="Expenses">4,179 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td></tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; width: 2%; background-color: #e6efff"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left">Net Income </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%">$</td> <td id="xdx_981_ecustom--EquityMethodInvestmentNetIncomeLoss_pn3n3_c20210101__20210630_zDZ39vhLNNs8" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%" title="Net Income"> 8,870 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%">$</td> <td id="xdx_985_ecustom--EquityMethodInvestmentNetIncomeLoss_pn3n3_c20200101__20200630_zk79qHVUdjYf" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%" title="Net Income"> 6,177 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%">$</td> <td id="xdx_98D_ecustom--EquityMethodInvestmentNetIncomeLoss_pn3n3_c20200101__20201231_z8ZgqU0CUl3l" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%" title="Net Income"> 12,114 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td></tr></table> 1077000 932000 216000 41533000 39755000 39700000 42610000 40687000 39916000 3396000 2600000 3106000 2000000 2250000 2167000 5396000 4850000 5273000 37214000 35837000 34643000 42610000 40687000 39916000 10271000 7780000 16293000 1401000 1603000 4179000 8870000 6177000 12114000 <p id="xdx_80A_eus-gaap--InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock_zWSTxmxLXiTa" style="text-align: justify"><b>NOTE 4 </b><b>–</b><b><span id="xdx_82F_zXZdVsOmlxxj">INVESTMENTS </span></b></p> <p style="text-align: justify">The Cooperative has determined fair value of its investments held to maturity based on Level 2 inputs.</p> <table border="0" cellpadding="0" cellspacing="0" id="xdx_88D_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisTextBlock_zOLQm8f8QUB6" style="width: 100%; font-size: 10pt; border-collapse: collapse" summary="xdx: Disclosure - Schedule of Fair Value of Investments Held to Maturity Based on Level 2 Inputs (Details)"> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left">June 30, 2021: </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: center; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: center; width: 10%"><b>Level 1 </b></td> <td style="vertical-align: bottom; text-align: center; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: center; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: center; width: 10%"><b>Level 2 </b></td> <td style="vertical-align: bottom; text-align: center; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: center; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: center; width: 10%"><b>Level 3 </b></td> <td style="vertical-align: bottom; text-align: center; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: center; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: center; width: 10%"><b>Total </b></td> <td style="vertical-align: bottom; text-align: center; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">Corporate Bonds </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff"> — </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_987_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20210630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--InvestmentTypeAxis__us-gaap--CorporateBondSecuritiesMember_zQG8vEsia65l" style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Fair Value"> 5,254 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff"> — </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_981_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20210630__us-gaap--InvestmentTypeAxis__us-gaap--CorporateBondSecuritiesMember_zaFp2khxBHrc" style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff"> 5,254 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left">Money Market &amp; CD’s </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%">— </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%"> </td> <td id="xdx_989_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20210630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--InvestmentTypeAxis__us-gaap--MoneyMarketFundsMember_zUFftf8IzN7b" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%">53 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%">— </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%"> </td> <td id="xdx_98D_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20210630__us-gaap--InvestmentTypeAxis__us-gaap--MoneyMarketFundsMember_z95h5VmLHPt3" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%">53 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">  </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff"> — </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_989_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20210630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z48LiQOhfBBe" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff"> 5,307 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff"> — </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_982_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20210630_zXkEnJwHJngb" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff"> 5,307 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr> <td style="vertical-align: bottom">  </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">December 31, 2020: </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left">Corporate Bonds </td> <td style="vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td style="vertical-align: bottom; text-align: right; width: 10%"><b> </b>— </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_989_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--InvestmentTypeAxis__us-gaap--CorporateBondSecuritiesMember_zXyWzsLjo5lc" style="vertical-align: bottom; text-align: right; width: 10%"><b> </b>4,848 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td style="vertical-align: bottom; text-align: right; width: 10%"><b> </b>— </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_98E_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20201231__us-gaap--InvestmentTypeAxis__us-gaap--CorporateBondSecuritiesMember_zsVqXBjV6yY6" style="vertical-align: bottom; text-align: right; width: 10%"><b> </b>4,848 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">Money Market &amp; CD’s </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff">— </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td id="xdx_98F_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--InvestmentTypeAxis__us-gaap--MoneyMarketFundsMember_zt37IRRiX6O7" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff">441 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff">— </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td id="xdx_984_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20201231__us-gaap--InvestmentTypeAxis__us-gaap--MoneyMarketFundsMember_zFk1iE9aT7fc" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff">441 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left">  </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%"> — </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%">$</td> <td id="xdx_988_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zVt1l0yCYOpj" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%"> 5,289 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%"> — </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%">$</td> <td id="xdx_982_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20201231_z3ymFK0fUQPf" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%"> 5,289 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td></tr></table> <p style="text-align: justify"> </p> <p style="text-align: justify">Maturities are as follows as of June 30, 2021: </p> <table border="0" cellpadding="0" cellspacing="0" id="xdx_88C_eus-gaap--HeldToMaturitySecuritiesTextBlock_zxJTBw8iCPC9" style="width: 100%; font-size: 10pt; border-collapse: collapse" summary="xdx: Disclosure - Schedule of Investments Held to Maturity (Details)"> <tr style="vertical-align: top"> <td style="vertical-align: bottom; white-space: nowrap; text-align: center"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%"><b>Net Carrying </b></td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%"><b>Fair </b></td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; white-space: nowrap; text-align: center"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%"><b>Amount </b></td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%"><b>Value </b></td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">Due in 1 year or less </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_980_eus-gaap--HeldToMaturitySecuritiesDebtMaturitiesWithinOneYearNetCarryingAmount_iIP1us-gaap--HeldToMaturitySecuritiesDebtMaturitiesNetCarryingAmountAbstract_c20210630_zm8lkSLL9bab" style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Due in 1 year or less"> 3,811 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_98C_eus-gaap--HeldToMaturitySecuritiesDebtMaturitiesWithinOneYearFairValue_iIP1us-gaap--HeldToMaturitySecuritiesDebtMaturitiesFairValueAbstract_c20210630_zL33EiI8vcS9" style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Due in 1 year or less"> 3,799 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left">Due in 2 to 5 years </td> <td style="vertical-align: bottom; text-align: left; width: 1%"> </td> <td id="xdx_98A_eus-gaap--HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughFiveYearsNetCarryingAmount_iIP1us-gaap--HeldToMaturitySecuritiesDebtMaturitiesNetCarryingAmountAbstract_c20210630_ztx9z3JrG5o5" style="vertical-align: bottom; text-align: right; width: 10%" title="Due in 2 to 5 years">1,289 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%"> </td> <td id="xdx_98B_eus-gaap--HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue_iIP1us-gaap--HeldToMaturitySecuritiesDebtMaturitiesFairValueAbstract_c20210630_zFZM71sQdpb9" style="vertical-align: bottom; text-align: right; width: 10%" title="Due in 2 to 5 years">1,355 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">Greater than 5 years </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td id="xdx_987_eus-gaap--HeldToMaturitySecuritiesDebtMaturitiesAfterFiveThroughTenYearsNetCarryingAmount_iIP1us-gaap--HeldToMaturitySecuritiesDebtMaturitiesNetCarryingAmountAbstract_c20210630_zbYIftJl61p2" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Greater than 5 years">100 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td id="xdx_98B_eus-gaap--HeldToMaturitySecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue_iIP1us-gaap--HeldToMaturitySecuritiesDebtMaturitiesFairValueAbstract_c20210630_zuM24UxNcgfj" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Greater than 5 years">100 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%">$</td> <td id="xdx_981_eus-gaap--HeldToMaturitySecuritiesDebtMaturitiesSingleMaturityDateAmortizedCostBasis_iIP1us-gaap--HeldToMaturitySecuritiesDebtMaturitiesNetCarryingAmountAbstract_c20210630_zBaUDkBdaIj" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%" title="Total"> 5,200 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%">$</td> <td id="xdx_98A_eus-gaap--HeldToMaturitySecuritiesDebtMaturitiesSingleMaturityDateFairValue_iIP1us-gaap--HeldToMaturitySecuritiesDebtMaturitiesFairValueAbstract_c20210630_zG6Bz5iHzfuh" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%" title="Total"> 5,254 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td></tr></table> <p style="text-align: justify"> </p> <p style="text-align: justify">The Coopertive’s investments held to maturity are as follows as of June 30, 2021 and December 31, 2020: </p> <table border="0" cellpadding="0" cellspacing="0" id="xdx_88A_eus-gaap--ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_zjUpYvhU0Mf8" style="width: 100%; font-size: 10pt; border-collapse: collapse" summary="xdx: Disclosure - Schedule of Bond Maturities (Details)"> <tr style="vertical-align: top"> <td style="vertical-align: bottom; white-space: nowrap; text-align: center">  </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%"><b>Amortized </b></td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%"><b>Unrealized </b></td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%"><b>Unrealized </b></td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%">  </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; white-space: nowrap; text-align: center">  </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%"><b>Cost </b></td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%"><b>Gains </b></td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%"><b>Losses </b></td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%"><b>Fair Value </b></td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">June 30, 2021: </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left">Corporate Bonds </td> <td style="vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_988_eus-gaap--HeldToMaturitySecurities_iI_c20210630__us-gaap--InvestmentTypeAxis__us-gaap--CorporateBondSecuritiesMember_zUiNTNelQlA" style="vertical-align: bottom; text-align: right; width: 10%" title="Amortized Cost"><b> </b>5,200 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_980_eus-gaap--HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain_iI_c20210630__us-gaap--InvestmentTypeAxis__us-gaap--CorporateBondSecuritiesMember_zQX0qyG7i2Y5" style="vertical-align: bottom; text-align: right; width: 10%" title="Unrealized Gains"><b> </b>55 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_988_eus-gaap--HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss_iNI_di_c20210630__us-gaap--InvestmentTypeAxis__us-gaap--CorporateBondSecuritiesMember_zuq9S3JdxMzd" style="vertical-align: bottom; text-align: right; width: 10%" title="Unrealized Losses"><b> </b>(1</td> <td style="vertical-align: bottom; text-align: left; width: 2%">) </td> <td style="vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_985_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20210630__us-gaap--InvestmentTypeAxis__us-gaap--CorporateBondSecuritiesMember_zz6HZ1BXViN4" style="vertical-align: bottom; text-align: right; width: 10%" title="Fair Value"><b> </b>5,254 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">Money Market &amp; CD’s </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td id="xdx_98D_eus-gaap--HeldToMaturitySecurities_iI_c20210630__us-gaap--InvestmentTypeAxis__us-gaap--MoneyMarketFundsMember_zHK2uSFcWaWl" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Amortized Cost">53 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff">— </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff">— </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td id="xdx_985_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20210630__us-gaap--InvestmentTypeAxis__us-gaap--MoneyMarketFundsMember_zuRm1N4brqkk" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Fair Value">53 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left">  </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_98E_eus-gaap--HeldToMaturitySecurities_iI_c20210630_zpxAp6orYIpf" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%" title="Amortized Cost"><b> </b>5,253 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_98E_eus-gaap--HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain_iI_c20210630_zm32xmk9q1Bd" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%" title="Unrealized Gains"><b> </b>55 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_985_eus-gaap--HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss_iNI_di_c20210630_zQqpro0yMnU1" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%" title="Unrealized Losses"><b> </b>(1</td> <td style="vertical-align: bottom; text-align: left; width: 2%">) </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%">$</td> <td id="xdx_98F_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20210630_ztfG65Q9mJY5" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%" title="Fair Value"> 5,307 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td></tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; width: 2%; background-color: #e6efff"> </td></tr> <tr> <td style="vertical-align: bottom">  </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">December 31, 2020: </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left">Corporate Bonds </td> <td style="vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_98C_eus-gaap--HeldToMaturitySecurities_iI_c20201231__us-gaap--InvestmentTypeAxis__us-gaap--CorporateBondSecuritiesMember_zpb3vTzuOaNc" style="vertical-align: bottom; text-align: right; width: 10%" title="Amortized Cost"><b> </b>4,740 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_986_eus-gaap--HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain_iI_c20201231__us-gaap--InvestmentTypeAxis__us-gaap--CorporateBondSecuritiesMember_z5Jh7eniaXK" style="vertical-align: bottom; text-align: right; width: 10%" title="Unrealized Gains"><b> </b>113 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_98E_eus-gaap--HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss_iNI_di_c20201231__us-gaap--InvestmentTypeAxis__us-gaap--CorporateBondSecuritiesMember_zzTsvY3N4nH7" style="vertical-align: bottom; text-align: right; width: 10%" title="Unrealized Losses"><b> </b>(5</td> <td style="vertical-align: bottom; text-align: left; width: 2%">) </td> <td style="vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_98F_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20201231__us-gaap--InvestmentTypeAxis__us-gaap--CorporateBondSecuritiesMember_zqLBcl5A2Ao" style="vertical-align: bottom; text-align: right; width: 10%" title="Fair Value"><b> </b>4,848 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">Money Market &amp; CD’s </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td id="xdx_98A_eus-gaap--HeldToMaturitySecurities_iI_c20201231__us-gaap--InvestmentTypeAxis__us-gaap--MoneyMarketFundsMember_zEw3v9wtJybe" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Amortized Cost">441 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff">— </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff">— </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td id="xdx_982_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20201231__us-gaap--InvestmentTypeAxis__us-gaap--MoneyMarketFundsMember_zAUdKmEIDky2" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Fair Value">441 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left">  </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_982_eus-gaap--HeldToMaturitySecurities_iI_c20201231_zCTzdkgkYVUb" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%" title="Amortized Cost"><b> </b>5,181 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_98F_eus-gaap--HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain_iI_c20201231_zq8HQ1umJX54" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%" title="Unrealized Gains"><b> </b>113 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_988_eus-gaap--HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss_iNI_di_c20201231_z29LgKCsrZJa" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%" title="Unrealized Losses"><b> </b>(5</td> <td style="vertical-align: bottom; text-align: left; width: 2%">) </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%">$</td> <td id="xdx_98D_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20201231_zIc4R1EBsAq3" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%" title="Fair Value"> 5,289 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td></tr></table> <p style="text-align: justify"><b> </b></p> <table border="0" cellpadding="0" cellspacing="0" id="xdx_88D_eus-gaap--FairValueAssetsMeasuredOnRecurringBasisTextBlock_zOLQm8f8QUB6" style="width: 100%; font-size: 10pt; border-collapse: collapse" summary="xdx: Disclosure - Schedule of Fair Value of Investments Held to Maturity Based on Level 2 Inputs (Details)"> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left">June 30, 2021: </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: center; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: center; width: 10%"><b>Level 1 </b></td> <td style="vertical-align: bottom; text-align: center; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: center; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: center; width: 10%"><b>Level 2 </b></td> <td style="vertical-align: bottom; text-align: center; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: center; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: center; width: 10%"><b>Level 3 </b></td> <td style="vertical-align: bottom; text-align: center; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: center; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: center; width: 10%"><b>Total </b></td> <td style="vertical-align: bottom; text-align: center; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">Corporate Bonds </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff"> — </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_987_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20210630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--InvestmentTypeAxis__us-gaap--CorporateBondSecuritiesMember_zQG8vEsia65l" style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Fair Value"> 5,254 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff"> — </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_981_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20210630__us-gaap--InvestmentTypeAxis__us-gaap--CorporateBondSecuritiesMember_zaFp2khxBHrc" style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff"> 5,254 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left">Money Market &amp; CD’s </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%">— </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%"> </td> <td id="xdx_989_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20210630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--InvestmentTypeAxis__us-gaap--MoneyMarketFundsMember_zUFftf8IzN7b" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%">53 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%">— </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%"> </td> <td id="xdx_98D_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20210630__us-gaap--InvestmentTypeAxis__us-gaap--MoneyMarketFundsMember_z95h5VmLHPt3" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%">53 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">  </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff"> — </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_989_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20210630__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_z48LiQOhfBBe" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff"> 5,307 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff"> — </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_982_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20210630_zXkEnJwHJngb" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff"> 5,307 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr> <td style="vertical-align: bottom">  </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">December 31, 2020: </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left">Corporate Bonds </td> <td style="vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td style="vertical-align: bottom; text-align: right; width: 10%"><b> </b>— </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_989_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--InvestmentTypeAxis__us-gaap--CorporateBondSecuritiesMember_zXyWzsLjo5lc" style="vertical-align: bottom; text-align: right; width: 10%"><b> </b>4,848 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td style="vertical-align: bottom; text-align: right; width: 10%"><b> </b>— </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_98E_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20201231__us-gaap--InvestmentTypeAxis__us-gaap--CorporateBondSecuritiesMember_zsVqXBjV6yY6" style="vertical-align: bottom; text-align: right; width: 10%"><b> </b>4,848 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">Money Market &amp; CD’s </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff">— </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td id="xdx_98F_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--InvestmentTypeAxis__us-gaap--MoneyMarketFundsMember_zt37IRRiX6O7" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff">441 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff">— </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td id="xdx_984_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20201231__us-gaap--InvestmentTypeAxis__us-gaap--MoneyMarketFundsMember_zFk1iE9aT7fc" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff">441 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left">  </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%"> — </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%">$</td> <td id="xdx_988_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20201231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zVt1l0yCYOpj" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%"> 5,289 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%">$</td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%"> — </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%">$</td> <td id="xdx_982_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20201231_z3ymFK0fUQPf" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%"> 5,289 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td></tr></table> 5254 5254 53 53 5307 5307 4848 4848 441 441 5289 5289 <table border="0" cellpadding="0" cellspacing="0" id="xdx_88C_eus-gaap--HeldToMaturitySecuritiesTextBlock_zxJTBw8iCPC9" style="width: 100%; font-size: 10pt; border-collapse: collapse" summary="xdx: Disclosure - Schedule of Investments Held to Maturity (Details)"> <tr style="vertical-align: top"> <td style="vertical-align: bottom; white-space: nowrap; text-align: center"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%"><b>Net Carrying </b></td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%"><b>Fair </b></td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; white-space: nowrap; text-align: center"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%"><b>Amount </b></td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%"><b>Value </b></td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">Due in 1 year or less </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_980_eus-gaap--HeldToMaturitySecuritiesDebtMaturitiesWithinOneYearNetCarryingAmount_iIP1us-gaap--HeldToMaturitySecuritiesDebtMaturitiesNetCarryingAmountAbstract_c20210630_zm8lkSLL9bab" style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Due in 1 year or less"> 3,811 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff">$</td> <td id="xdx_98C_eus-gaap--HeldToMaturitySecuritiesDebtMaturitiesWithinOneYearFairValue_iIP1us-gaap--HeldToMaturitySecuritiesDebtMaturitiesFairValueAbstract_c20210630_zL33EiI8vcS9" style="vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Due in 1 year or less"> 3,799 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left">Due in 2 to 5 years </td> <td style="vertical-align: bottom; text-align: left; width: 1%"> </td> <td id="xdx_98A_eus-gaap--HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughFiveYearsNetCarryingAmount_iIP1us-gaap--HeldToMaturitySecuritiesDebtMaturitiesNetCarryingAmountAbstract_c20210630_ztx9z3JrG5o5" style="vertical-align: bottom; text-align: right; width: 10%" title="Due in 2 to 5 years">1,289 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%"> </td> <td id="xdx_98B_eus-gaap--HeldToMaturitySecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue_iIP1us-gaap--HeldToMaturitySecuritiesDebtMaturitiesFairValueAbstract_c20210630_zFZM71sQdpb9" style="vertical-align: bottom; text-align: right; width: 10%" title="Due in 2 to 5 years">1,355 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">Greater than 5 years </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td id="xdx_987_eus-gaap--HeldToMaturitySecuritiesDebtMaturitiesAfterFiveThroughTenYearsNetCarryingAmount_iIP1us-gaap--HeldToMaturitySecuritiesDebtMaturitiesNetCarryingAmountAbstract_c20210630_zbYIftJl61p2" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Greater than 5 years">100 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td id="xdx_98B_eus-gaap--HeldToMaturitySecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue_iIP1us-gaap--HeldToMaturitySecuritiesDebtMaturitiesFairValueAbstract_c20210630_zuM24UxNcgfj" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Greater than 5 years">100 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%">$</td> <td id="xdx_981_eus-gaap--HeldToMaturitySecuritiesDebtMaturitiesSingleMaturityDateAmortizedCostBasis_iIP1us-gaap--HeldToMaturitySecuritiesDebtMaturitiesNetCarryingAmountAbstract_c20210630_zBaUDkBdaIj" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%" title="Total"> 5,200 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%">$</td> <td id="xdx_98A_eus-gaap--HeldToMaturitySecuritiesDebtMaturitiesSingleMaturityDateFairValue_iIP1us-gaap--HeldToMaturitySecuritiesDebtMaturitiesFairValueAbstract_c20210630_zG6Bz5iHzfuh" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%" title="Total"> 5,254 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td></tr></table> 3811 3799 1289 1355 100 100 5200 5254 <table border="0" cellpadding="0" cellspacing="0" id="xdx_88A_eus-gaap--ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_zjUpYvhU0Mf8" style="width: 100%; font-size: 10pt; border-collapse: collapse" summary="xdx: Disclosure - Schedule of Bond Maturities (Details)"> <tr style="vertical-align: top"> <td style="vertical-align: bottom; white-space: nowrap; text-align: center">  </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%"><b>Amortized </b></td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%"><b>Unrealized </b></td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%"><b>Unrealized </b></td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%">  </td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; white-space: nowrap; text-align: center">  </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%"><b>Cost </b></td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%"><b>Gains </b></td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%"><b>Losses </b></td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 1%"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; white-space: nowrap; text-align: center; width: 10%"><b>Fair Value </b></td> <td style="vertical-align: bottom; white-space: nowrap; text-align: center; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">June 30, 2021: </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left">Corporate Bonds </td> <td style="vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_988_eus-gaap--HeldToMaturitySecurities_iI_c20210630__us-gaap--InvestmentTypeAxis__us-gaap--CorporateBondSecuritiesMember_zUiNTNelQlA" style="vertical-align: bottom; text-align: right; width: 10%" title="Amortized Cost"><b> </b>5,200 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_980_eus-gaap--HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain_iI_c20210630__us-gaap--InvestmentTypeAxis__us-gaap--CorporateBondSecuritiesMember_zQX0qyG7i2Y5" style="vertical-align: bottom; text-align: right; width: 10%" title="Unrealized Gains"><b> </b>55 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_988_eus-gaap--HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss_iNI_di_c20210630__us-gaap--InvestmentTypeAxis__us-gaap--CorporateBondSecuritiesMember_zuq9S3JdxMzd" style="vertical-align: bottom; text-align: right; width: 10%" title="Unrealized Losses"><b> </b>(1</td> <td style="vertical-align: bottom; text-align: left; width: 2%">) </td> <td style="vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_985_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20210630__us-gaap--InvestmentTypeAxis__us-gaap--CorporateBondSecuritiesMember_zz6HZ1BXViN4" style="vertical-align: bottom; text-align: right; width: 10%" title="Fair Value"><b> </b>5,254 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">Money Market &amp; CD’s </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td id="xdx_98D_eus-gaap--HeldToMaturitySecurities_iI_c20210630__us-gaap--InvestmentTypeAxis__us-gaap--MoneyMarketFundsMember_zHK2uSFcWaWl" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Amortized Cost">53 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff">— </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff">— </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td id="xdx_985_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20210630__us-gaap--InvestmentTypeAxis__us-gaap--MoneyMarketFundsMember_zuRm1N4brqkk" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Fair Value">53 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left">  </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_98E_eus-gaap--HeldToMaturitySecurities_iI_c20210630_zpxAp6orYIpf" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%" title="Amortized Cost"><b> </b>5,253 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_98E_eus-gaap--HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain_iI_c20210630_zm32xmk9q1Bd" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%" title="Unrealized Gains"><b> </b>55 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_985_eus-gaap--HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss_iNI_di_c20210630_zQqpro0yMnU1" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%" title="Unrealized Losses"><b> </b>(1</td> <td style="vertical-align: bottom; text-align: left; width: 2%">) </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%">$</td> <td id="xdx_98F_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20210630_ztfG65Q9mJY5" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%" title="Fair Value"> 5,307 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td></tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; width: 2%; background-color: #e6efff"> </td></tr> <tr> <td style="vertical-align: bottom">  </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td> <td style="vertical-align: bottom; width: 1%"> </td> <td style="vertical-align: bottom; width: 10%">  </td> <td style="vertical-align: bottom; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">December 31, 2020: </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="vertical-align: bottom; text-align: left; width: 10%; background-color: #e6efff">  </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left">Corporate Bonds </td> <td style="vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_98C_eus-gaap--HeldToMaturitySecurities_iI_c20201231__us-gaap--InvestmentTypeAxis__us-gaap--CorporateBondSecuritiesMember_zpb3vTzuOaNc" style="vertical-align: bottom; text-align: right; width: 10%" title="Amortized Cost"><b> </b>4,740 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_986_eus-gaap--HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain_iI_c20201231__us-gaap--InvestmentTypeAxis__us-gaap--CorporateBondSecuritiesMember_z5Jh7eniaXK" style="vertical-align: bottom; text-align: right; width: 10%" title="Unrealized Gains"><b> </b>113 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_98E_eus-gaap--HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss_iNI_di_c20201231__us-gaap--InvestmentTypeAxis__us-gaap--CorporateBondSecuritiesMember_zzTsvY3N4nH7" style="vertical-align: bottom; text-align: right; width: 10%" title="Unrealized Losses"><b> </b>(5</td> <td style="vertical-align: bottom; text-align: left; width: 2%">) </td> <td style="vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_98F_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20201231__us-gaap--InvestmentTypeAxis__us-gaap--CorporateBondSecuritiesMember_zqLBcl5A2Ao" style="vertical-align: bottom; text-align: right; width: 10%" title="Fair Value"><b> </b>4,848 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff">Money Market &amp; CD’s </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td id="xdx_98A_eus-gaap--HeldToMaturitySecurities_iI_c20201231__us-gaap--InvestmentTypeAxis__us-gaap--MoneyMarketFundsMember_zEw3v9wtJybe" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Amortized Cost">441 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff">— </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff">— </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td> <td style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff"> </td> <td id="xdx_982_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20201231__us-gaap--InvestmentTypeAxis__us-gaap--MoneyMarketFundsMember_zAUdKmEIDky2" style="border-bottom: #000000 1px solid; vertical-align: bottom; text-align: right; width: 10%; background-color: #e6efff" title="Fair Value">441 </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff"> </td></tr> <tr style="vertical-align: top"> <td style="vertical-align: bottom; text-align: left">  </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_982_eus-gaap--HeldToMaturitySecurities_iI_c20201231_zCTzdkgkYVUb" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%" title="Amortized Cost"><b> </b>5,181 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_98F_eus-gaap--HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingGain_iI_c20201231_zq8HQ1umJX54" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%" title="Unrealized Gains"><b> </b>113 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%"><b>$</b></td> <td id="xdx_988_eus-gaap--HeldToMaturitySecuritiesAccumulatedUnrecognizedHoldingLoss_iNI_di_c20201231_z29LgKCsrZJa" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%" title="Unrealized Losses"><b> </b>(5</td> <td style="vertical-align: bottom; text-align: left; width: 2%">) </td> <td style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: left; width: 1%">$</td> <td id="xdx_98D_eus-gaap--HeldToMaturitySecuritiesFairValue_iI_c20201231_zIc4R1EBsAq3" style="border-bottom: #000000 3px double; vertical-align: bottom; text-align: right; width: 10%" title="Fair Value"> 5,289 </td> <td style="vertical-align: bottom; text-align: left; width: 2%"> </td></tr></table> 5200 55 1 5254 53 53 5253 55 1 5307 4740 113 5 4848 441 441 5181 113 5 5289 <p id="xdx_807_eus-gaap--PensionAndOtherPostretirementBenefitsDisclosureTextBlock_zP57BtWHeBH5" style="text-align: justify"><b>NOTE 5 </b><b>–</b><b><span id="xdx_820_zL0n6Vm8tNzi">EMPLOYEE BENEFIT PLANS </span></b></p> <p style="text-align: justify"><i>Pension Plan </i><i>– </i>In December 2012, the Cooperative approved a change to freeze the Cooperative’s defined benefit plan as of January 1, 2013. As a result, no additional benefits will accrue to participants in the plan and no new employees are eligible for the plan.</p> <p style="text-align: justify">The plan’s fair value and benefit obligation will vary over time as a result of changes in market interest rates, the life expectancy of plan participants, and benefit payments. As of December 31, 2020, the plan had a total fair value of <span id="xdx_908_eus-gaap--DefinedBenefitPlanFairValueOfPlanAssets_iI_c20201231_zaQ5PQereum1" title="Fair Value of Plan">$935,000</span> and a benefit obligation of <span id="xdx_90C_eus-gaap--DefinedBenefitPlanBenefitObligation_iI_c20201231_zkJmZ8ogxCDc" title="Amount of Benefit Obligation">$752,000</span>. For the same period in 2019, the plan had a total fair value of <span id="xdx_908_eus-gaap--DefinedBenefitPlanFairValueOfPlanAssets_iI_c20191231_zKM5qs7IT0tk">$844,000</span> and a benefit obligation of <span id="xdx_90B_eus-gaap--DefinedBenefitPlanBenefitObligation_iI_c20191231_zAG6TsjisGo5">$784,000</span>. </p> <p style="text-align: justify">For the six month periods ended June 30, 2021 and 2020, the Cooperative made <span id="xdx_90B_eus-gaap--DefinedBenefitPlanContributionsByEmployer_c20210101__20210630_zORxL9eXLaPk" title="Employer Contributions"><span id="xdx_905_eus-gaap--DefinedBenefitPlanContributionsByEmployer_c20200101__20200630_z8wFXZPhFhB4" title="Employer Contributions">$0</span></span> in contributions. The Cooperative does not anticipate making a contribution in 2021. Contributions in 2020 totaled <span id="xdx_903_eus-gaap--DefinedBenefitPlanContributionsByEmployer_c20200101__20201231_zbFuaYssEryi" title="Employer Contributions">$1,000</span>. </p> <p style="text-align: center">5 </p> <hr style="border-width: 0; height: 5px; page-break-after: always; width: 100%; color: Gray; background-color: Gray"/> <p style="margin-top: 0pt; margin-bottom: 0pt"><span id="page_8"/></p> 935000 752000 844000 784000 0 0 1000 <p id="xdx_802_eus-gaap--RevenueFromContractWithCustomerTextBlock_zTFSSsAuIX1e" style="text-align: justify"><b>NOTE 6 </b><b>–</b><b> <span><span><span id="xdx_827_zJKkRq89brDb">REVENUE RECOGNITION</span></span></span></b> </p> <p style="text-align: justify">The Cooperative derives revenue from two sources: operations related to the marketing of members’ corn and income derived from the Cooperative’s membership interest in ProGold LLC. The Cooperative recognizes revenue from its corn marketing operations equal to the value of the corn that is delivered to Cargill. Annually, the Cooperative is required to deliver approximately <span id="xdx_904_ecustom--BushelsOfCorn_uBushel_c20210101__20210630_zfhI4sz5mlq1" title="Annual Delivery of Bushels of Corn">15,490,480</span> bushels of corn to Cargill for processing at the ProGold LLC wet-milling facility. To fulfill that requirement, the Cooperative’s members are contractually obligated to annually deliver corn to the Cooperative by either Method A or Method B or a combination of both. Under Method A, a member is required to physically deliver corn to the Cooperative and under Method B a member appoints the Cooperative as its agent to arrange for the acquisition and delivery of corn on the member’s behalf. The Cooperative contractually appoints Cargill as its agent to arrange for the delivery of the corn by its members who elect to deliver corn using Method A and to acquire corn on its behalf for its members who elect to deliver corn using Method B. In exchange for these services, the Cooperative pays an annual fee of <span id="xdx_906_ecustom--AnnualFeePaidForCornDelivery_c20210101__20210630_zrohUtCTl9qf" title="Annual Cooperative Fee for Corn Delivery">$60,000</span>, paid in quarterly <span id="xdx_90A_ecustom--NumberOfInstallments_uInstallment_c20210101__20210630_zNhXDgza8AIf" style="display: none" title="Number Of Installments">4</span> installments.</p> <p style="text-align: justify">Members who deliver corn under Method A are paid the market price or contracted price for their corn at the time of delivery, as well as an incentive payment of <span id="xdx_909_ecustom--IncentivePaymentPerBushelToMembersOnDeliveryOfCornUnderMethodA_pid_uUSDPBushel_c20210101__20210630_z4HE6NJ3nctc" title="Incentive Payment Per Bushel to Members on Delivery of Corn under Method A">$.05</span> per bushel. Cargill pays the aggregate purchase price for corn purchased from the Cooperative’s members to the Cooperative and then, on the Cooperative’s behalf, makes individual payments for corn and incentive payments directly to the Cooperative’s members. In the event a member who has elected to deliver corn by Method A delivers to Cargill less than its committed amount of corn, the quantity of the shortfall is then purchased and delivered by Cargill on the Cooperative’s behalf. The purchase price is equal to the average price reported for Method A corn for the final month of the year. In addition, the Method A member with a shortfall will be charged a purchased corn fee and agency fee determined by the Cooperative’s Board of Directors. </p> <p style="text-align: justify">Members who elect Method B to deliver corn pay the Cooperative a <span id="xdx_904_ecustom--PaymentPerBushelForCornDeliveredUsingMethodB_pid_uUSDPBushel_c20210101__20210630_z5ujHceosjv1" title="Agency Free Per Bushel for Corn Delivered Using Method B">$.02</span> per bushel agency fee for the cost of having the Cooperative deliver corn on their behalf. The price per bushel paid to such member is equal to the price per bushel paid by Cargill to acquire the corn as the Cooperative’s agent. Method B revenue will be equal to the price paid. The Cooperative has determined Corn Expense for Method B deliveries will be the weighted average price for Method A corn during the quarter multiplied by the number of Method B bushels purchased during the quarter. </p> <p style="text-align: justify">The incentive payment and agency fee are also a component of Corn Expense. The Cooperative’s Board of Directors has the discretion to change the incentive payment and the agency fee based on the Cooperative’s corn delivery needs. </p> <p style="text-align: justify">For the six month periods ended June 30, 2021 and 2020, the Cooperative recognized corn revenue of <span id="xdx_906_eus-gaap--Revenues_pn3n3_dxL_c20210101__20210630_zIKOsktce5S8" title="Corn Revenue::XDX::49%2C835"><span style="-sec-ix-hidden: xdx2ixbrl0441">$49.8</span></span> million and <span id="xdx_909_eus-gaap--Revenues_pn3n3_dxL_c20200101__20200630_zaDMyFxJcj5k" title="Corn Revenue::XDX::25%2C926"><span style="-sec-ix-hidden: xdx2ixbrl0443">$25.9</span></span> million, respectively. Disaggregated revenue for the six month periods ended June 30, 2021 and 2020 is as follows: revenue from Method A deliveries totaled <span id="xdx_909_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_pn3n3_dxL_c20210101__20210630__us-gaap--ContractWithCustomerSalesChannelAxis__us-gaap--SalesChannelDirectlyToConsumerMember_zsOYsmaTDSIc" title="Total::XDX::16%2C700"><span style="-sec-ix-hidden: xdx2ixbrl0445">$16.7</span></span> million and <span id="xdx_90B_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_pn3n3_dxL_c20200101__20200630__us-gaap--ContractWithCustomerSalesChannelAxis__us-gaap--SalesChannelDirectlyToConsumerMember_zq6ktAIyipvc" title="Total::XDX::8%2C600"><span style="-sec-ix-hidden: xdx2ixbrl0447">$8.6</span></span> million , respectively; and revenue from Method B deliveries totaled <span id="xdx_909_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_pn3n3_dxL_c20210101__20210630__us-gaap--ContractWithCustomerSalesChannelAxis__us-gaap--SalesChannelThroughIntermediaryMember_zEhPEGbchCg6" title="Total::XDX::33%2C100"><span style="-sec-ix-hidden: xdx2ixbrl0449">$33.1</span></span> million and <span id="xdx_90D_eus-gaap--RevenueFromContractWithCustomerIncludingAssessedTax_pn3n3_dxL_c20200101__20200630__us-gaap--ContractWithCustomerSalesChannelAxis__us-gaap--SalesChannelThroughIntermediaryMember_zxglXMqNwA64" title="Total::XDX::17%2C300"><span style="-sec-ix-hidden: xdx2ixbrl0451">$17.3</span></span> million, respectively.</p> <p style="text-align: justify"> </p> 15490480 60000 4 0.05 0.02 <p id="xdx_803_eus-gaap--DistributionsMadeToLimitedLiabilityCompanyLlcMemberByDistributionTableTextBlock_zWIcsKt5k7l8" style="text-align: justify"><b>NOTE 7 </b><b>–</b><b> <span id="xdx_82C_zAiaSdvp4jcf">DISTRIBUTIONS TO MEMBERS </span></b></p> <p style="text-align: justify">On February 26, 2021, the Cooperative made distributions to its members totaling <span id="xdx_90F_eus-gaap--GeneralPartnersCapitalAccountDistributionAmount_c20210226__20210226_z0fKKIaTMah1" title="Distributions to Members">$2,013,762</span>, or <span id="xdx_90A_eus-gaap--PartnersCapitalAccountDistributionPerUnitOfLimitedPartnerInterest_iI_c20210226_zuMhNHS5hc28" title="Distribution to members per outstanding membership unit (in dollars per unit)">$0.13</span> per outstanding membership unit. On June 29, 2021, the Cooperative made distributions to its members totaling <span id="xdx_905_eus-gaap--GeneralPartnersCapitalAccountDistributionAmount_c20210626__20210629_zyuRDPOqct1j">$2,013,762</span> or <span id="xdx_906_eus-gaap--PartnersCapitalAccountDistributionPerUnitOfLimitedPartnerInterest_iI_c20210629_zFNWwwEbpZod">$0.13</span> per outstanding membership unit. </p> 2013762 0.13 2013762 0.13 <p id="xdx_80F_eus-gaap--DebtDisclosureTextBlock_zHXicWcztbKh" style="text-align: justify"><b>NOTE 8 </b><b>–</b><b> <span id="xdx_827_zwV1IaR6x6ke">LINE OF CREDIT</span> </b></p> <p style="text-align: justify">The Cooperative has a <span id="xdx_903_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_c20210630_zScVe8ZS8mc1" title="Line Of Credit Maximum Borrowing Capacity"><span id="xdx_902_eus-gaap--LineOfCreditFacilityMaximumBorrowingCapacity_iI_c20201231_zi9b0lZmSM4g" title="Line Of Credit Maximum Borrowing Capacity">$2,000,000</span></span> line of credit with a variable interest rate. This line of credit matures October 16, 2022. The line of credit is secured by the investment management agency account for the Cooperative maintained by Bell Bank. There was <span id="xdx_901_eus-gaap--LineOfCredit_iI_do_c20210630_zwviU7Ss5Oq9" title="Line Of Credit"><span id="xdx_90F_eus-gaap--LineOfCredit_iI_do_c20201231_zB5QhFK9l1ba" title="Line Of Credit">no</span></span> outstanding balance as of June 30, 2021 or December 31, 2020. </p> 2000000 2000000 0 0 <p id="xdx_80D_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_z25AIBnmJSz6" style="text-align: justify"><b>NOTE 9 </b><b>–</b><b> <span id="xdx_82A_zHgonITdwhm8">COMMITMENTS AND CONTINGENCIES</span></b> </p> <p style="text-align: justify">The Cooperative contracts with Cargill in connection with the procurement of corn and other agency services for an annual fee of <span id="xdx_902_ecustom--AnnualPaymentsForProcurementOfCornAndOtherAgencyServices_c20210101__20210630_zf228LRBBh1a" title="Annual Contractual Payments to Cargill for Procurement of Corn">$60,000</span>, which is paid by the Cooperative to Cargill in quarterly <span id="xdx_901_ecustom--NumberOfInstallments_uInstallment_c20210101__20210630_zoVPfKuwEuU2" style="display: none" title="Number Of Installments">4 </span>installments. The agreements between Cargill and the Cooperative terminate concurrently with Cargill’s Second Amended and Restated Facility Lease with ProGold LLC, which terminates on December 31, 2022, but may be extended through 2023 under certain conditions. </p> 60000 4 <p id="xdx_809_eus-gaap--SubsequentEventsTextBlock_zn8WJmiy6sr5" style="text-align: justify"><b>NOTE 10 </b><b>–</b><b> <span id="xdx_82D_zIS0zr4m8y8e">SUBSEQUENT EVENTS </span></b></p> <p style="text-align: justify">The Cooperative has evaluated events through the date the financial statements were issued for potential recognition or disclosure in the June 30, 2021 financial statements and concluded that no subsequent events have occurred that would require recognition in the June 30, 2021 financial statements.</p> XML 10 R1.htm IDEA: XBRL DOCUMENT v3.21.2
Cover - shares
 6 Months Ended
Jun. 30, 2021
Aug. 09, 2021
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Jun. 30, 2021  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2021  
Current Fiscal Year End Date --12-31  
Entity File Number 000-53957  
Entity Registrant Name Golden Growers Cooperative  
Entity Central Index Key 0001489874  
Entity Tax Identification Number 27-1312571  
Entity Incorporation, State or Country Code MN  
Entity Address, Address Line One 1002 Main Avenue West, Suite 5  
Entity Address, City or Town West Fargo  
Entity Address, State or Province ND  
Entity Address Postal Zip Code 58078  
City Area Code 701  
Local Phone Number 281-0468  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   15,490,480
XML 11 R2.htm IDEA: XBRL DOCUMENT v3.21.2
CONDENSED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2021
Dec. 31, 2020
Current Assets:    
       Cash and Cash Equivalents $ 2,329 $ 3,547
       Short-Term Investments 3,864 3,438
       Other Current Assets 47 258
Total Current Assets 6,240 7,243
Long-Term Investments 1,390 1,743
Investment in ProGold LLC 18,234 16,976
           Total Assets 25,864 25,962
Current Liabilities    
       Accounts Payable 2
       Accrued Liabilities 3 202
Total Current Liabilities 3 204
Members' Equity:    
       Members’ Equity                Membership Units, Authorized 60,000,000 Units, Issued and                Outstanding 15,490,480 as of June 30, 2021 and                December 31, 2020 25,861 25,758
Total Members’ Equity 25,861 25,758
Total Liabilities and Members’ Equity $ 25,864 $ 25,962
XML 12 R3.htm IDEA: XBRL DOCUMENT v3.21.2
CONDENSED BALANCE SHEETS (Parenthetical) - shares
shares in Thousands
Jun. 30, 2021
Dec. 31, 2020
Statement of Financial Position [Abstract]    
Membership Units, Authorized 60,000,000 60,000,000
Membership Units, Issued 15,490,480 15,490,480
Membership Units, Outstanding 15,490,480 15,490,480
XML 13 R4.htm IDEA: XBRL DOCUMENT v3.21.2
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
OPERATIONS        
Corn Revenue $ 26,334 $ 11,183 $ 49,835 $ 25,926
Corn Expense (26,351) (11,198) (49,866) (25,955)
Net Income from ProGold LLC 2,452 1,084 4,346 3,027
General & Administrative Expenses (120) (115) (267) (286)
Net Income from Operations 2,315 954 4,048 2,712
Other Income 41 47 83 97
Net Income Before Income Tax 2,356 1,001 4,131 2,809
Net Income $ 2,356 $ 1,001 $ 4,131 $ 2,809
Weighted Average Shares/Units Outstanding 15,490,480 15,490,480 15,490,480 15,490,480
Earnings per Share/Membership Unit        
Primary and Fully Diluted $ 0.15 $ 0.06 $ 0.27 $ 0.18
XML 14 R5.htm IDEA: XBRL DOCUMENT v3.21.2
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Income Statement [Abstract]        
Net Income $ 2,356 $ 1,001 $ 4,131 $ 2,809
Comprehensive Income $ 2,356 $ 1,001 $ 4,131 $ 2,809
XML 15 R6.htm IDEA: XBRL DOCUMENT v3.21.2
STATEMENTS OF CHANGES IN MEMBERS' EQUITY
$ in Thousands
Common Stock [Member]
USD ($)
     Balance, Beginning of the Period at Dec. 31, 2019 $ 26,379
Changes in Members' Equity  
     Net Income 2,809
     Pension Liability Adjustment
     Distributions to Members (4,182)
     Balance, End of the Period at Jun. 30, 2020 25,006
     Balance, Beginning of the Period at Mar. 31, 2020 26,012
Changes in Members' Equity  
     Net Income 1,001
     Pension Liability Adjustment 8
     Distributions to Members (2,015)
     Balance, End of the Period at Jun. 30, 2020 25,006
     Balance, Beginning of the Period at Dec. 31, 2020 25,758
Changes in Members' Equity  
     Net Income 4,131
     Pension Liability Adjustment
     Distributions to Members (4,028)
     Balance, End of the Period at Jun. 30, 2021 25,861
     Balance, Beginning of the Period at Mar. 31, 2021 25,518
Changes in Members' Equity  
     Net Income 2,356
     Pension Liability Adjustment
     Distributions to Members (2,013)
     Balance, End of the Period at Jun. 30, 2021 $ 25,861