Short-Term and Long-Term Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Short-Term and Long-Term Debt

Short-Term and Long-Term Debt

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
	March 31, 2022				December 31, 2021
	Outstanding		Weighted- Average Interest Rate(1)		Outstanding		Weighted- Average Interest Rate(1)
	(Dollars in millions)
Short-term debt of Fannie Mae	$	4,045	0.15	%	$	2,795	0.03	%

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

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
	March 31, 2022					December 31, 2021
	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	$	82,954	2.18	%	2022 - 2030	$	89,618	2.13	%
Medium-term notes(3)	2022 - 2031	38,114		0.60		2022 - 2031	38,312		0.60
Other(4)	2023 - 2038	6,933		3.79		2023 - 2038	7,045		3.73
Total senior fixed		128,001		1.81			134,975		1.78
Senior floating:
Medium-term notes(3)	2022	37,410		0.42		2022	51,583		0.32
Connecticut Avenue Securities(5)	2023 - 2031	10,406		4.51		2023 - 2031	11,166		4.30
Other(6)	2037	307		7.77		2037	373		7.17
Total senior floating		48,123		1.34			63,122		1.05
Total long-term debt of Fannie Mae(7)		176,124		1.68			198,097		1.55
Debt of consolidated trusts	2022 - 2061	4,028,628		2.03		2022 - 2061	3,957,299		1.89
Total long-term debt		$	4,204,752	2.02	%		$	4,155,396	1.88	%

(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 2021 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 $3.2 billion and $1.6 billion as of March 31, 2022 and December 31, 2021, respectively.