Tri-State considers highly liquid investments with an original maturity of three months or less to be cash equivalents. The fair value of cash equivalents approximates their carrying values due to their short-term maturity.

Restricted cash and investments represent funds designated by Tri-State's Board for specific uses and funds restricted by contract or other legal reasons. A portion of the funds are amounts that have been restricted by contract that are expected to be settled within one year. These funds are therefore classified as current on Tri-State's consolidated statements of financial position. The other funds are for amounts restricted by contract or other legal reasons that are expected to be settled beyond one year. These funds are classified as noncurrent and are included in other assets and investments on Tri-State's consolidated statements of financial position.

The following table provides a reconciliation of cash, cash equivalents and restricted cash and investments reported within Tri-State's consolidated statements of financial position that sum to the total of the same such amount shown in its consolidated statements of cash flows (dollars in thousands):


	March 31, 2026		December 31, 2025
Cash and cash equivalents	$	144,136	$	177,557
Restricted cash and investments - current	18,020		1,111
Restricted cash and investments - noncurrent	1,953		2,137
Cash, cash equivalents and restricted cash and investments	$	164,109	$	180,805