Short-Term and Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022				2021
	Outstanding		Weighted- Average Interest Rate(1)		Outstanding		Weighted- Average Interest Rate(1)
	(Dollars in millions)
Short-term debt of Fannie Mae	$	10,204	3.93	%	$	2,795	0.03	%

(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,
	2022					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	2023 - 2030	$	72,261	2.35	%	2022 - 2030	$	89,618	2.13	%
Medium-term notes(3)	2023 - 2031	39,476		0.78		2022 - 2031	38,312		0.60
Other(4)	2023 - 2038	6,778		4.00		2023 - 2038	7,045		3.73
Total senior fixed		118,515		1.94			134,975		1.78
Senior floating:
Medium-term notes(3)	N/A	—		—		2022	51,583		0.32
Connecticut Avenue Securities(5)	2023 - 2031	5,207		8.80		2023 - 2031	11,166		4.30
Other(6)	2037	242		10.00		2037	373		7.17
Total senior floating		5,449		8.86			63,122		1.05
Total long-term debt of Fannie Mae(7)		123,964		2.23			198,097		1.55
Debt of consolidated trusts	2023 - 2062	4,087,720		2.47		2022 - 2061	3,957,299		1.89
Total long-term debt		$	4,211,684	2.47	%		$	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.

(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 $5.1 billion and $1.6 billion as of December 31, 2022 and 2021, respectively.

Long-Term Debt by Year of Maturity

The following table displays the amount of our long-term debt as of December 31, 2022 by year of maturity for each of the years 2023 through 2027 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)
2023		$	23,226		$	56,679
2024		18,951			13,712
2025		37,730			20,911
2026		9,189			6,795
2027		5,608			4,080
Thereafter		29,260			21,787
Total long-term debt of Fannie Mae(1)		123,964			123,964
Debt of consolidated trusts(2)		4,087,720			4,087,720
Total long-term debt		$	4,211,684		$	4,211,684

(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.