Short-Term and Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Short-Term Debt

The following table displays our outstanding short-term debt (debt with an original contractual maturity of one year or less) and weighted-average interest rates of this debt.

	As of December 31,
	2019				2018
	Outstanding		Weighted- Average Interest Rate(1)		Outstanding		Weighted- Average Interest Rate(1)
	(Dollars in millions)
Federal funds purchased and securities sold under agreements to repurchase(2)	$	478	1.67	%	$	—	—	%
Short-term debt of Fannie Mae	$	26,662	1.56	%	$	24,896	2.29	%

⁽¹⁾  Includes the effects of discounts, premiums and other cost basis adjustments.

⁽²⁾  Represents agreements to repurchase securities for a specified price, with repayment generally occurring on the following day, reported as “Other liabilities” in our consolidated balance sheets.

Long-Term Debt

The following table displays our outstanding long-term debt.

	As of December 31,
	2019					2018
	Maturities	Outstanding		Weighted- Average Interest Rate(1)		Maturities	Outstanding		Weighted- Average Interest Rate(1)
	(Dollars in millions)
Senior fixed:
Benchmark notes and bonds	2020 - 2030	$	86,114	2.66	%	2019 - 2030	$	103,206	2.36	%
Medium-term notes(2)	2020 - 2026	32,590		1.57		2019 - 2026	61,455		1.48
Other(3)	2020 - 2038	5,254		5.01		2019 - 2038	6,683		4.62
Total senior fixed		123,958		2.47			171,344		2.13
Senior floating:
Medium-term notes(2)	2020 - 2021	9,774		1.66		2019 - 2020	4,174		2.36
CAS(4)	2023 - 2031	21,424		5.61		2023 - 2031	25,641		5.97
Other(5)	2020 - 2037	398		6.27		2020 - 2037	351		10.19
Total senior floating		31,596		4.40			30,166		5.52
Subordinated debentures	2019	—		—		2019	5,617		9.64
Secured borrowings(6)	2021 - 2022	31		2.31		2021 - 2022	51		1.96
Total long-term debt of Fannie Mae(7)		155,585		2.86			207,178		2.83
Debt of consolidated trusts	2020 - 2059	3,285,139		2.78		2019 - 2058	3,159,846		3.03
Total long-term debt		$	3,440,724	2.78	%		$	3,367,024	3.02	%

⁽¹⁾  Includes the effects of discounts, premiums and other cost basis adjustments.

⁽²⁾  Includes long-term debt with an original contractual maturity of greater than 1 year and up to 10 years, excluding zero-coupon debt.

⁽³⁾  Includes other long-term debt with an original contractual maturity of greater than 10 years and foreign exchange bonds.

⁽⁴⁾  Credit risk-sharing securities that transfer a portion of the credit risk on specified pools of single-family mortgage loans to the investors in these securities, a portion of which is reported at fair value. Represents CAS issued prior to November 2018. See “Note 2, Consolidations and Transfers of Financial Assets” for more information about our CAS structures issued beginning November 2018.

⁽⁵⁾  Consists of structured debt instruments that are reported at fair value.

⁽⁶⁾  Represents our remaining liability resulting from the transfer of financial assets from our consolidated balance sheets that did not qualify as a sale under the accounting guidance for the transfer of financial instruments.

⁽⁷⁾ 

Includes unamortized discounts and premiums, other cost basis adjustments and fair value adjustments of $2 million and $413 million as of December 31, 2019 and 2018, respectively.

Long-Term Debt by Year of Maturity

The following table displays the amount of our long-term debt as of December 31, 2019 by year of maturity for each of the years 2020 through 2024 and thereafter. The first column assumes that we pay off this debt at maturity or on the call date if the call has been announced, while the second column assumes that we redeem our callable debt at the next available call date.

	Long-Term Debt by Year of Maturity			Assuming Callable Debt Redeemed at Next Available Call Date
	(Dollars in millions)
2020		$	47,427		$	60,464
2021		29,028			21,037
2022		15,584			14,010
2023		5,301			4,470
2024		14,344			13,320
Thereafter		43,901			42,284
Total long-term debt of Fannie Mae(1)		155,585			155,585
Debt of consolidated trusts(2)		3,285,139			3,285,139
Total long-term debt		$	3,440,724		$	3,440,724

⁽¹⁾  Includes unamortized discounts and premiums, other cost basis adjustments and fair value adjustments.

⁽²⁾ 

Contractual maturity of debt of consolidated trusts is not a reliable indicator of expected maturity because borrowers of the underlying loans generally have the right to prepay their obligations at any time.