Short-Term and Long-Term Debt

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Short-Term and Long-Term Debt

Short-Term and Long-Term Debt In January 2021, we began applying fair value hedge accounting to certain debt issuances. The objective of our fair value hedges is to reduce GAAP earnings volatility related to changes in benchmark interest rates. See “Note 1, Summary of Significant Accounting Policies” and “Note 8, Derivative Instruments” for additional information on our fair value hedge accounting policy and related disclosures.

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
	September 30, 2021				December 31, 2020
	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)	$	363	(0.04)	%	$	—	—	%
Short-term debt of Fannie Mae	8,045		0.03		12,173		0.18

(1)Includes the effects of discounts, premiums and other cost basis adjustments. Includes interest generated from negative interest rates on certain repurchase agreements.

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

Long-Term Debt

Long-term debt represents debt with an original contractual maturity of greater than one year. The following table displays our outstanding long-term debt.

	As of
	September 30, 2021					December 31, 2020
	Maturities	Outstanding(1)		Weighted- Average Interest Rate(2)		Maturities	Outstanding(1)		Weighted- Average Interest Rate(2)
	(Dollars in millions)
Senior fixed:
Benchmark notes and bonds	2021 - 2030	$	93,233	2.16	%	2021 - 2030	$	106,691	2.03	%
Medium-term notes(3)	2021 - 2031	38,385		0.62		2021 - 2030	48,524		0.63
Other(4)	2023 - 2038	7,048		3.80		2021 - 2038	6,701		3.90
Total senior fixed		138,666		1.82			161,916		1.69
Senior floating:
Medium-term notes(3)	2021 - 2022	74,078		0.33		2021 - 2022	100,089		0.35
Connecticut Avenue Securities(5)	2023 - 2031	13,666		4.11		2023 - 2031	14,978		4.16
Other(6)	2037	388		8.16		2037	416		7.75
Total senior floating		88,132		0.94			115,483		0.86
Total long-term debt of Fannie Mae(7)		226,798		1.48			277,399		1.34
Debt of consolidated trusts	2021 - 2061	3,907,626		1.75		2021 - 2060	3,646,164		1.88
Total long-term debt		$	4,134,424	1.74	%		$	3,923,563	1.85	%

(1)Outstanding debt balance consists of the unpaid principal balance, premiums and discounts, fair value adjustments, hedge-related basis adjustments, and other cost basis adjustments.

(2)Excludes the effects of fair value adjustments and hedge-related basis adjustments.

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

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

(5)Consists of CAS debt issued prior to November 2018, a portion of which is reported at fair value. See “Note 2, Consolidations and Transfers of Financial Assets” in our 2020 Form 10-K for more information about our CAS structures issued beginning November 2018.

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

(7)Includes unamortized discounts and premiums, fair value adjustments, hedge-related cost basis adjustments, and other cost basis adjustments in a net discount position of $1.3 billion and $392 million as of September 30, 2021 and December 31, 2020, respectively.