Equity (Tables)

12 Months Ended

May 31, 2023

Stockholders' Equity Note [Abstract]

Schedule of components of equity

Table 11.1: Equity

	May 31,
(Dollars in thousands)	2023		2022
Membership fees	$	969	$	970
Educational fund	2,565		2,417
Total membership fees and educational fund	3,534		3,387
Patronage capital allocated	1,006,115		954,988
Members’ capital reserve	1,202,152		1,062,286
Unallocated net income (loss):
Prior year-end cumulative derivative forward value gains (losses)	92,363		(461,162)
Current-year derivative forward value gains(1)	250,261		553,525
Current year-end cumulative derivative forward value gains	342,624		92,363
Other unallocated net loss	(709)		(709)
Unallocated net gain	341,915		91,654
CFC retained equity	2,553,716		2,112,315
Accumulated other comprehensive income	8,343		2,258
Total CFC equity	2,562,059		2,114,573
Noncontrolling interests	27,190		27,396
Total equity	$	2,589,249	$	2,141,969

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(1) Represents derivative forward value gains (losses) for CFC only, as total CFC equity does not include the noncontrolling interests of the consolidated variable interest entities NCSC and RTFC. See “Note 16—Business Segments” for the statements of operations for CFC.

Summary of activity in accumulated other comprehensive income account by component

The following table presents, by component, changes in AOCI for the years ended May 31, 2023 and 2022 and the balance of each component as of the end of each respective period.

Table 11.2: Changes in Accumulated Other Comprehensive Income (Loss)

	Year Ended May 31,
	2023							2022
(Dollars in thousands)		Unrealized Gains on Derivative Hedges(1)		Unrealized Losses on Defined Benefit Plans (2)		Total		Unrealized Gains on Derivative Hedges(1)		Unrealized Losses on Defined Benefit Plans (2)		Total
Beginning balance		$	5,123	$	(2,865)	$	2,258	$	1,718	$	(1,743)	$	(25)
Changes in unrealized gains (losses)		6,691		(213)		6,478		4,028		(1,409)		2,619
Realized (gains) losses reclassified to earnings		(712)		319		(393)		(623)		287		(336)
Ending balance		$	11,102	$	(2,759)	$	8,343	$	5,123	$	(2,865)	$	2,258

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(1) Of the derivative gains reclassified to earnings, a portion is reclassified as a component of the derivative gains (losses) line item and the remainder is reclassified as a component of the interest expense line item on our consolidated statements of operations.

(2) Reclassified to earnings as a component of the other non-interest expense line item presented on our consolidated statements of operations.