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Created and Owned by America's Electric Cooperative Network

Non-GAAP Financial Measures

CFC makes certain adjustments to financial measures in assessing its financial performance that are not in accordance with Generally Accepted Accounting Principles (GAAP).

These non-GAAP adjustments fall primarily into two categories:

  1. Adjustments related to the calculation of the TIER ratio and
  2. Adjustments related to the calculation of leverage and debt-to-equity ratios.

We believe our adjusted non-GAAP metrics, which are not a substitute for GAAP and may not be consistent with similarly titled non-GAAP measures used by other companies, provide meaningful information and are useful to investors because the financial covenants in our revolving credit agreements and debt indentures are based on these adjusted metrics.

We refer to our non-GAAP financial measures as "adjusted" throughout the following PDF documents.