Long-Term Debt (Tables)

3 Months Ended

Aug. 31, 2023

Debt Instruments [Abstract]

Schedule of Long-term Debt Outstanding

The following table displays, by debt product type, long-term debt outstanding as of August 31, 2023 and May 31, 2023. Long-term debt outstanding totaled $23,874 million and accounted for 76% of total debt outstanding as of August 31, 2023, compared with $23,947 million and 77% of total debt outstanding as of May 31, 2023.

Table 7.1: Long-Term Debt by Debt Product Type

(Dollars in thousands)	August 31, 2023		May 31, 2023
Secured long-term debt:
Collateral trust bonds	$	7,792,711	$	7,792,711
Unamortized discount, net	(175,836)		(178,832)
Debt issuance costs	(34,701)		(35,906)
Total collateral trust bonds	7,582,174		7,577,973
Guaranteed Underwriter Program notes payable	6,670,146		6,720,643
Farmer Mac notes payable	3,125,953		3,149,898
Other secured notes payable	1,098		1,098
Debt issuance costs	(1)		(2)
Total other secured notes payable	1,097		1,096
Total secured notes payable	9,797,196		9,871,637
Total secured long-term debt	17,379,370		17,449,610
Unsecured long-term debt:
Medium-term notes sold through dealers	6,144,625		6,152,726
Medium-term notes sold to members	372,355		365,260
Medium term notes sold through dealers and to members	6,516,980		6,517,986
Unamortized premium, net	79		4
Debt issuance costs	(22,226)		(21,122)
Total unsecured medium-term notes	6,494,833		6,496,868
Unsecured notes payable	71		71
Unamortized discount	—		(1)
Total unsecured notes payable	71		70
Total unsecured long-term debt	6,494,904		6,496,938
Total long-term debt	$	23,874,274	$	23,946,548