Long-Term Debt - (Tables)

6 Months Ended

Nov. 30, 2019

Debt Instruments [Abstract]

Summary of long-term debt outstanding

The following table displays long-term debt outstanding, by debt type, as of November 30, 2019 and May 31, 2019.

(Dollars in thousands)	November 30, 2019			May 31, 2019
Secured long-term debt:
Collateral trust bonds	$	7,357,711		$	7,662,711
Unamortized discount	(239,551		)	(244,643		)
Debt issuance costs	(31,575		)	(34,336		)
Total collateral trust bonds	7,086,585			7,383,732
Guaranteed Underwriter Program notes payable	5,363,798			5,410,507
Farmer Mac notes payable	2,944,954			3,054,914
Other secured notes payable	9,225			9,225
Debt issuance costs	(146		)	(178		)
Total other secured notes payable	9,079			9,047
Total secured notes payable	8,317,831			8,474,468
Total secured long-term debt	15,404,416			15,858,200
Unsecured long-term debt:
Medium-term notes sold through dealers	2,617,353			2,962,375
Medium-term notes sold to members	423,539			397,080
Subtotal medium-term notes	3,040,892			3,359,455
Unamortized discount	(764		)	(931		)
Debt issuance costs	(17,617		)	(19,399		)
Total unsecured medium-term notes	3,022,511			3,339,125
Unsecured notes payable	7,701			13,701
Unamortized discount	(142		)	(187		)
Debt issuance costs	(35		)	(46		)
Total unsecured notes payable	7,524			13,468
Total unsecured long-term debt	3,030,035			3,352,593
Total long-term debt	$	18,434,451		$	19,210,793