Short-Term and Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021				2020
	Outstanding		Weighted- Average Interest Rate(1)		Outstanding		Weighted- Average Interest Rate(1)
	(Dollars in millions)
Short-term debt of Fannie Mae	$	2,795	0.03	%	$	12,173	0.18	%

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

Long-Term Debt

The following table displays our outstanding long-term debt.

	As of December 31,
	2021					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	2022 - 2030	$	89,618	2.13	%	2021 - 2030	$	106,691	2.03	%
Medium-term notes(3)	2022 - 2031	38,312		0.60		2021 - 2030	48,524		0.63
Other(4)	2023 - 2038	7,045		3.73		2021 - 2038	6,701		3.90
Total senior fixed		134,975		1.78			161,916		1.69
Senior floating:
Medium-term notes(3)	2022	51,583		0.32		2021 - 2022	100,089		0.35
Connecticut Avenue Securities(5)	2023 - 2031	11,166		4.30		2023 - 2031	14,978		4.16
Other(6)	2037	373		7.17		2037	416		7.75
Total senior floating		63,122		1.05			115,483		0.86
Total long-term debt of Fannie Mae(7)		198,097		1.55			277,399		1.34
Debt of consolidated trusts	2022 - 2061	3,957,299		1.89		2021 - 2060	3,646,164		1.88
Total long-term debt		$	4,155,396	1.88	%		$	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” 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 $1.6 billion and $392 million as of December 31, 2021 and 2020, respectively.

Long-Term Debt by Year of Maturity

The following table displays the amount of our long-term debt as of December 31, 2021 by year of maturity for each of the years 2022 through 2026 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)
2022		$	65,617		$	100,564
2023		23,255			20,856
2024		18,817			14,169
2025		38,141			21,614
2026		9,598			7,195
Thereafter		42,669			33,699
Total long-term debt of Fannie Mae(1)		198,097			198,097
Debt of consolidated trusts(2)		3,957,299			3,957,299
Total long-term debt		$	4,155,396		$	4,155,396

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