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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
May 31, 2018
May 31, 2017
May 31, 2016
Income Statement [Abstract]      
Interest income $ 1,077,357 $ 1,036,634 $ 1,012,636
Interest expense [1],[2] (792,735) (741,738) (681,850)
Net interest income 284,622 294,896 330,786
Benefit (provision) for loan losses 18,575 (5,978) 646
Net interest income after benefit (provision) for loan losses 303,197 288,918 331,432
Non-interest income:      
Fee and other income 17,578 19,713 21,785
Derivative gains (losses) 231,721 94,903 (309,841)
Results of operations of foreclosed assets 0 (1,749) (6,899)
Total non-interest income 249,299 112,867 (294,955)
Non-interest expense:      
Salaries and employee benefits (51,422) (47,769) (44,590)
Other general and administrative expenses (39,462) (38,457) (41,753)
Gains (losses) on early extinguishment of debt 0 192 (333)
Other non-interest expense (1,943) (1,948) (1,260)
Total non-interest expense (92,827) (87,982) (87,936)
Income (loss) before income taxes 459,669 313,803 (51,459)
Income tax expense (2,305) (1,704) (57)
Net income (loss) 457,364 312,099 (51,516)
Less: Net (income) loss attributable to noncontrolling interests (2,178) (2,193) 1,863
Net income (loss) attributable to CFC $ 455,186 $ 309,906 $ (49,653)
[1] (1) Includes amortization of debt discounts and debt issuance costs, which are generally deferred and recognized as interest expense using the effective interest method. Issuance costs related to dealer commercial paper, however, are recognized as interest expense immediately as incurred.
[2] (2) Includes fees related to funding arrangements, such as up-front fees paid to banks participating in our committed bank revolving line of credit agreements. Depending on the nature of the fee, amounts may be deferred and recognized as interest expense ratably over the term of the arrangement or recognized immediately as incurred.