Long-Term Debt - (Tables)

9 Months Ended

Feb. 28, 2022

Debt Instruments [Abstract]

Schedule of Long-term Debt Outstanding

The following table displays, by debt product type, long-term debt outstanding as of February 28, 2022 and May 31, 2021. Long-term debt outstanding totaled $21,522 million and accounted for 76% of total debt outstanding as of February 28, 2022, compared with $20,603 million and 75% of total debt outstanding as of May 31, 2021.

Table 7.1: Long-Term Debt by Debt Product Type

(Dollars in thousands)	February 28, 2022		May 31, 2021
Secured long-term debt:
Collateral trust bonds	$	7,547,711	$	7,452,711
Unamortized discount	(219,775)		(227,046)
Debt issuance costs	(33,787)		(33,721)
Total collateral trust bonds	7,294,149		7,191,944
Guaranteed Underwriter Program notes payable	6,149,203		6,269,303
Farmer Mac notes payable	3,018,130		2,977,909
Other secured notes payable	2,755		4,412
Debt issuance costs	(11)		(22)
Total other secured notes payable	2,744		4,390
Total secured notes payable	9,170,077		9,251,602
Total secured long-term debt	16,464,226		16,443,546
Unsecured long-term debt:
Medium-term notes sold through dealers	4,891,283		3,943,728
Medium-term notes sold to members	186,104		232,346
Medium term notes sold through dealers and to members	5,077,387		4,176,074
Unamortized discount	(2,155)		(2,307)
Debt issuance costs	(19,687)		(18,036)
Total unsecured medium-term notes	5,055,545		4,155,731
Unsecured notes payable	1,979		3,886
Unamortized discount	(14)		(35)
Debt issuance costs	(2)		(5)
Total unsecured notes payable	1,963		3,846
Total unsecured long-term debt	5,057,508		4,159,577
Total long-term debt	$	21,521,734	$	20,603,123