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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Feb. 28, 2023
Feb. 28, 2022
Cash flows from operating activities:    
Net income $ 514,855 $ 307,362
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of deferred loan fees (5,720) (6,233)
Amortization of debt issuance costs and discounts 21,692 20,358
Amortization of guarantee fee 14,144 14,078
Depreciation and amortization 3,815 5,811
Provision (benefit) for credit losses 3,806 (12,146)
Unrealized losses on equity and debt securities 2,638 17,619
Derivative forward value gains (330,035) (122,930)
Advances on loans held for sale (148,142) (70,186)
Proceeds from sales of loans held for sale 191,942 64,186
Changes in operating assets and liabilities:    
Accrued interest receivable (50,438) (2,628)
Accrued interest payable 101,740 47,734
Deferred income 1,929 787
Other (25,648) (13,890)
Net cash provided by operating activities 296,578 249,922
Cash flows from investing activities:    
Advances on loans held for investments, net (2,384,524) (1,087,256)
Investments in fixed assets, net (14,586) (12,363)
Purchase of trading securities (118,065) (122,116)
Proceeds from sales and maturities of trading securities 125,268 114,419
Net cash used in investing activities (2,391,907) (1,107,316)
Cash flows from financing activities:    
Proceeds from short-term borrowings ≤ 90 days, net 49,287 31,983
Proceeds from short-term borrowings with original maturity > 90 days 2,141,018 1,975,416
Repayments of short-term borrowings with original maturity > 90 days (2,271,841) (2,161,438)
Payments for issuance costs for revolving bank lines of credit (2,108) (3,563)
Proceeds from issuance of long-term debt, net of discount and issuance costs 4,069,959 3,395,920
Payments for retirement of long-term debt (1,801,904) (2,494,922)
Proceeds from issuance of members’ subordinated certificates 6,127 359
Payments for retirement of members’ subordinated certificates (16,873) (21,183)
Payments for retirement of patronage capital (59,189) (57,761)
Repayments for membership fees, net (1) 0
Net cash provided by financing activities 2,114,475 664,811
Net increase (decrease) in cash, cash equivalents and restricted cash 19,146 (192,583)
Beginning cash, cash equivalents and restricted cash 161,114 303,361
Ending cash, cash equivalents and restricted cash 180,260 110,778
Supplemental disclosure of cash flow information:    
Cash paid for interest 619,052 451,179
Cash paid for income taxes 201 3
Non-cash financing and investing activities:    
Equity investment, at cost, obtained in exchange for loan held for investment $ 7,778 $ 0