XML 33 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Aug. 31, 2013
Aug. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 158,266 $ 12,646
Adjustments to reconcile net income to net cash provided by operating activities    
Amortization of deferred income (2,830) (3,925)
Amortization of debt issuance costs and deferred charges 1,865 1,978
Amortization of discount on long-term debt 1,333  
Amortization of issuance costs for revolving bank lines of credit 611  
Depreciation 1,457 1,310
Provision for loan losses 1,278 9,122
Recovery of guarantee liability (31) (9)
Results of operations of foreclosed assets 4,049 4,765
Derivative forward value (123,069) 10,729
Changes in operating assets and liabilities:    
Accrued interest and other receivables 2,568 14,047
Accrued interest payable 66,018 65,987
Other 25,537 17,162
Net cash provided by operating activities 137,052 133,812
CASH FLOWS FROM INVESTING ACTIVITIES    
Advances made on loans (2,183,485) (2,082,939)
Principal collected on loans 2,074,710 1,526,701
Net investment in fixed assets (1,173) (1,381)
Proceeds from foreclosed assets 6,442 18,986
Investments in foreclosed assets (10,019) (35,284)
Change in restricted cash (478) (477)
Net cash used in investing activities (114,003) (574,394)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuances of short-term debt, net 316,571 102,074
Proceeds from issuances of short term debt with original maturity greater than 90 days 273,568 128,515
Repayments of short term debt with original maturity greater than 90 days (189,956) (100,288)
Proceeds from issuance of long-term debt 815,066 973,425
Payments for retirement of long-term debt (1,048,931) (320,772)
Proceeds from issuance of members' subordinated certificates 518 46,304
Payments for retirement of members' subordinated certificates (3,892) (4,021)
Net cash provided by financing activities 162,425 824,534
NET INCREASE IN CASH AND CASH EQUIVALENTS 185,474 383,952
BEGINNING CASH AND CASH EQUIVALENTS 177,062 191,167
ENDING CASH AND CASH EQUIVALENTS 362,536 575,119
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid for interest 97,758 108,631
Cash paid for income taxes 3 81
Non-cash financing and investing activities:    
Increase to patronage capital retirement payable 39,630 35,345
Net decrease in debt service reserve funds/debt service reserve certificates (450)  
Revolving bank lines of credit
   
CASH FLOWS FROM FINANCING ACTIVITIES    
Issuance costs for debt (369) (703)
Subordinated deferrable debt
   
CASH FLOWS FROM FINANCING ACTIVITIES    
Issuance costs for debt $ (150)