Liquidity Resources	12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]
Liquidity Resources	NOTE 11—Liquidity Resources We maintain a revolving credit facility to cover our short-term and medium-term funding needs that are not met by cash from operations or other available funds. On December 7, 2023, we entered into the Second Amended and Restated Credit Agreement with the lenders party thereto, the issuers of letters of credit party thereto, and CFC, as administrative agent and swingline lender. Available funding under this facility totals $400 million and commitments under this syndicated credit agreement extend through December 7, 2028. As of December 31, 2023, we had outstanding under this facility $191.0 million in borrowings at a blended interest rate of 6.56%. As of December 31, 2022, we had outstanding under this facility $50.0 million in borrowings at an interest rate of 5.35%. As of December 31, 2023, we did not have any letters of credit outstanding under this facility and as of December 31, 2022, we had a $0.5 million letter of credit outstanding. The credit agreement contains customary conditions to borrowing or the issuance of a letter of credit, representations and warranties and covenants. The credit agreement obligates us to maintain a debt to capitalization ratio of no more than 0.85 to 1.00 and to maintain a margins for interest ratio of no less than 1.10 times interest charges (calculated in accordance with our secured indenture as currently in effect). Obligations under the credit agreement may be accelerated following, among other things: • the failure to pay outstanding principal when due or other amounts, including interest, within five days after the due date; • a material misrepresentation; • a cross-payment default or cross-acceleration under specified indebtedness; • failure by us to perform any obligation relating to the credit agreement following, in some cases, specified cure periods; • bankruptcy or insolvency events; • invalidity of the credit agreement and related loan documentation or our assertion of invalidity; and • a failure by our member distribution cooperatives to pay amounts in excess of an agreed threshold owing to us beyond a specified cure period. We are in compliance with the credit agreement.

Liquidity Resources

12 Months Ended

Dec. 31, 2023

NOTE 11—Liquidity Resources

We maintain a revolving credit facility to cover our short-term and medium-term funding needs that are not met by cash from operations or other available funds. On December 7, 2023, we entered into the Second Amended and Restated Credit Agreement with the lenders party thereto, the issuers of letters of credit party thereto, and CFC, as administrative agent and swingline lender. Available funding under this facility totals $400 million and commitments under this syndicated credit agreement extend through December 7, 2028. As of December 31, 2023, we had outstanding under this facility $191.0 million in borrowings at a blended interest rate of 6.56%. As of December 31, 2022, we had outstanding under this facility $50.0 million in borrowings at an interest rate of 5.35%. As of December 31, 2023, we did not have any letters of credit outstanding under this facility and as of December 31, 2022, we had a $0.5 million letter of credit outstanding.

The credit agreement contains customary conditions to borrowing or the issuance of a letter of credit, representations and warranties and covenants. The credit agreement obligates us to maintain a debt to capitalization ratio of no more than 0.85 to 1.00 and to maintain a margins for interest ratio of no less than 1.10 times interest charges (calculated in accordance with our secured indenture as currently in effect). Obligations under the credit agreement may be accelerated following, among other things:

•

the failure to pay outstanding principal when due or other amounts, including interest, within five days after the due date;

•

a material misrepresentation;

•

a cross-payment default or cross-acceleration under specified indebtedness;

•

failure by us to perform any obligation relating to the credit agreement following, in some cases, specified cure periods;

•

bankruptcy or insolvency events;

•

invalidity of the credit agreement and related loan documentation or our assertion of invalidity; and

•

a failure by our member distribution cooperatives to pay amounts in excess of an agreed threshold owing to us beyond a specified cure period.

We are in compliance with the credit agreement.