Restricted Cash and Investments

9 Months Ended

Sep. 30, 2021

Restricted Investments Note [Abstract]

Restricted Cash and Investments

Restricted Cash and Investments.    Restricted investments consist of funds on deposit with the Rural Utilities Service in the Cushion of Credit Account that are held by the U.S. Treasury, acting through the Federal Financing Bank. We can only utilize these investments for future Rural Utilities Service-guaranteed Federal Financing Bank debt service payments. As of October 1, 2020, deposits earned interest at 4% per annum. Beginning October 1, 2021, the rate was set at the 1-year floating treasury rate, which was 0.09% per annum, and will reset annually on October 1 of each year thereafter. The program no longer allows additional funds to be deposited into the account. At September 30, 2021 and December 31, 2020, we had restricted investments totaling $319,980,000 and $487,587,000, respectively, of which $73,400,000 and $306,601,000, respectively, were classified as long-term.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited consolidated balance sheets that sum to the total of the same such amounts reported in the unaudited consolidated statements of cash flows.

Classification
	Nine months ended
	September 30, 2021		September 30, 2020
	(dollars in thousands)
Cash and cash equivalents	$	452,943	$	383,868
Restricted cash included in Prepayments and other current assets	3,400		—
Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows	$	456,343	$	383,868