Restricted Cash and Investments

9 Months Ended

Sep. 30, 2022

Restricted Investments Note [Abstract]

Restricted Cash and Investments. Restricted investments consist of funds on deposit with the Rural Utilities Service in the Cushion of Credit Account that are held by the U.S. Treasury, acting through the Federal Financing Bank. We can only utilize these investments for future Rural Utilities Service-guaranteed Federal Financing Bank debt service payments. For the period from January 1, 2021 to September 30, 2021, deposits earned interest at 4% per annum. Beginning October 1, 2021, the rate was set at the 1-year floating treasury rate, which was 0.09% per annum, and will be reset annually on October 1 of each year thereafter. On October 1, 2022, the rate was reset at the 1-year floating treasury rate, which was 4.05% per annum. The program no longer allows additional funds to be deposited into the account. At September 30, 2022 and December 31, 2021, we had restricted investments totaling $73,282,000 and $320,052,000, respectively, of which $73,282,000 and $246,350,000, respectively, were classified as current.

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


Classification
	Nine months ended
	September 30, 2022		September 30, 2021
	(dollars in thousands)
Cash and cash equivalents	$	572,828	$	452,943

Restricted cash included in restricted cash and short-term investments	67,600		3,400
Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows	$	640,428	$	456,343