Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Fair Value Measurements, Recurring and Nonrecurring

The following tables present information about Farmer Mac's assets and liabilities measured at fair value on a recurring and nonrecurring basis as of September 30, 2012 and December 31, 2011, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value:



Assets and Liabilities Measured at Fair Value as of September 30, 2012
	Level 1		Level 2		Level 3		Total
	(in thousands)
Recurring:
Assets:
Investment Securities:
Available-for-sale:
Floating rate auction-rate certificates backed by Government guaranteed student loans	$	—	$	—	$	60,034	$	60,034
Floating rate asset-backed securities	—		167,045		—		167,045
Fixed rate asset-backed securities	—		9,735		—		9,735
Floating rate corporate debt securities	—		78,819		—		78,819
Fixed rate corporate debt	—		52,681		—		52,681
Floating rate Government/GSE guaranteed mortgage-backed securities	—		743,444		—		743,444
Fixed rate GSE guaranteed mortgage-backed securities	—		2,537		—		2,537
Floating rate GSE subordinated debt	—		57,170		—		57,170
Fixed rate commercial paper	—		19,997		—		19,997
Fixed rate GSE preferred stock	—		85,859		—		85,859
Floating rate senior agency debt	—		50,056		—		50,056
Fixed rate senior agency debt	—		127,715		—		127,715
Fixed rate U.S. Treasuries	1,179,892		—		—		1,179,892
Total available-for-sale	1,179,892		1,395,058		60,034		2,634,984
Trading:
Floating rate asset-backed securities	—		—		1,344		1,344
Total trading	—		—		1,344		1,344
Total Investment Securities	1,179,892		1,395,058		61,378		2,636,328
Farmer Mac Guaranteed Securities:
Available-for-sale:
Farmer Mac I	—		—		3,431,588		3,431,588
Farmer Mac II	—		—		29,975		29,975
Rural Utilities	—		—		1,186,944		1,186,944
Total Farmer Mac Guaranteed Securities	—		—		4,648,507		4,648,507
USDA Guaranteed Securities:
Available-for-sale	—		—		1,468,041		1,468,041
Trading	—		—		122,587		122,587
Total USDA Guaranteed Securities	—		—		1,590,628		1,590,628
Financial derivatives	—		36,190		—		36,190
Total Assets at fair value	$	1,179,892	$	1,431,248	$	6,300,513	$	8,911,653
Liabilities:
Financial derivatives	$	3	$	164,066	$	880	$	164,949
Total Liabilities at fair value	$	3	$	164,066	$	880	$	164,949
Nonrecurring:
Assets:
Loans held for investment	$	—	$	—	$	7,822	$	7,822
REO	—		—		1,159		1,159
Total Nonrecurring Assets at fair value	$	—	$	—	$	8,981	$	8,981



Assets and Liabilities Measured at Fair Value as of December 31, 2011
	Level 1		Level 2		Level 3		Total
	(in thousands)
Recurring:
Assets:
Investment Securities:
Available-for-sale:
Floating rate auction-rate certificates backed by Government guaranteed student loans	$	—	$	—	$	60,213	$	60,213
Floating rate asset-backed securities	—		178,560		—		178,560
Floating rate corporate debt securities	—		73,833		—		73,833
Floating rate Government/GSE guaranteed mortgage-backed securities	—		764,038		—		764,038
Fixed rate GSE guaranteed mortgage-backed securities	—		3,360		—		3,360
Floating rate GSE subordinated debt	—		52,562		—		52,562
Fixed rate GSE preferred stock	—		84,878		—		84,878
Fixed rate corporate debt	—		38,699		—		38,699
Fixed rate commercial paper	—		10,000		—		10,000
Fixed rate U.S. Treasuries	799,266		—		—		799,266
Senior agency debt	—		117,285		—		117,285
Total available-for-sale	799,266		1,323,215		60,213		2,182,694
Trading:
Floating rate asset-backed securities	—		—		1,796		1,796
Total trading	—		—		1,796		1,796
Total Investment Securities	799,266		1,323,215		62,009		2,184,490
Farmer Mac Guaranteed Securities:
Available-for-sale:
Farmer Mac I	—		—		2,807,627		2,807,627
Farmer Mac II	—		—		35,599		35,599
Rural Utilities	—		—		1,446,046		1,446,046
Total Farmer Mac Guaranteed Securities	—		—		4,289,272		4,289,272
USDA Guaranteed Securities:
Available-for-sale	—		—		1,279,546		1,279,546
Trading	—		—		212,359		212,359
Total USDA Guaranteed Securities	—		—		1,491,905		1,491,905
Financial derivatives	—		40,250		—		40,250
Total Assets at fair value	$	799,266	$	1,363,465	$	5,843,186	$	8,005,917
Liabilities:
Financial derivatives	$	—	$	158,689	$	1,335	$	160,024
Total Liabilities at fair value	$	—	$	158,689	$	1,335	$	160,024
Nonrecurring:
Assets:
Loans held for investment	$	—	$	—	$	10,118	$	10,118
REO	—		—		1,296		1,296
Total Nonrecurring Assets at fair value	$	—	$	—	$	11,414	$	11,414

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following tables present additional information about assets and liabilities measured at fair value on a recurring basis for which Farmer Mac has used significant unobservable inputs to determine fair value. Net transfers in and/or out of level 3 are based on the fair values of the assets and liabilities as of the beginning of the reporting period.



Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended September 30, 2012
	Beginning Balance			Purchases		Sales		Settlements			Realized and Unrealized Gains/ (Losses) included in Income			Unrealized Gains/(Losses) included in Other Comprehensive Income			Ending Balance
	(in thousands)
Recurring:
Assets:
Investment Securities:
Available-for-sale:
Floating rate auction-rate certificates backed by Government guaranteed student loans	$	59,707		$	—	$	—	$	—		$	—		$	327		$	60,034
Total available-for-sale	59,707			—		—		—			—			327			60,034
Trading:
Floating rate asset-backed securities(1)	1,430			—		—		(137		)	51			—			1,344
Total trading	1,430			—		—		(137		)	51			—			1,344
Total Investment Securities	61,137			—		—		(137		)	51			327			61,378
Farmer Mac Guaranteed Securities:
Available-for-sale:
Farmer Mac I	3,223,332			201,000		—		(1,809		)	8,378			687			3,431,588
Farmer Mac II	29,899			—		—		(335		)	—			411			29,975
Rural Utilities	1,191,236			250,000		—		(250,000		)	—			(4,292		)	1,186,944
Total Farmer Mac Guaranteed Securities	4,444,467			451,000		—		(252,144		)	8,378			(3,194		)	4,648,507
USDA Guaranteed Securities:
Available-for-sale	1,418,638			114,974		—		(68,516		)	—			2,945			1,468,041
Trading(2)	146,825			—		—		(23,746		)	(492		)	—			122,587
Total USDA Guaranteed Securities	1,565,463			114,974		—		(92,262		)	(492		)	2,945			1,590,628
Total Assets at fair value	$	6,071,067		$	565,974	$	—	$	(344,543	)	$	7,937		$	78		$	6,300,513
Liabilities:
Financial derivatives(3)	$	(967	)	$	—	$	—	$	—		$	87		$	—		$	(880	)
Total Liabilities at fair value	$	(967	)	$	—	$	—	$	—		$	87		$	—		$	(880	)


(1)	Unrealized gains are attributable to assets still held as of September 30, 2012 and are recorded in Losses on trading assets.


(2)	Includes unrealized losses of $0.4 million attributable to assets still held as of September 30, 2012 that are recorded in Losses on trading assets.


(3)	Unrealized gains are attributable to liabilities still held as of September 30, 2012 and are recorded in Gains/(losses) on financial derivatives and hedging activities.



Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended September 30, 2011
	Beginning Balance			Purchases		Sales			Settlements			Realized and Unrealized Gains/ (Losses) included in Income			Unrealized Gains/(Losses) included in Other Comprehensive Income			Ending Balance
	(in thousands)
Recurring:
Assets:
Investment Securities:
Available-for-sale:
Floating rate auction-rate certificates backed by Government guaranteed student loans	$	64,682		$	—	$	—		$	—		$	—		$	(2,439	)	$	62,243

Trading:
Floating rate asset-backed securities(1)	2,209			—		—			(136		)	(310		)	—			1,763
Total Investment Securities	66,891			—		—			(136		)	(310		)	(2,439		)	64,006
Farmer Mac Guaranteed Securities:
Available-for-sale:
Farmer Mac I	1,759,205			1,001,500		—			(2,009		)	—			56,771			2,815,467
Farmer Mac II	36,530			1,264		(1,208		)	(990		)	—			1,003			36,599
Rural Utilities	1,448,230			—		—			—			—			(296		)	1,447,934
Total Farmer Mac Guaranteed Securities	3,243,965			1,002,764		(1,208		)	(2,999		)	—			57,478			4,300,000
USDA Guaranteed Securities:
Available-for-sale	1,120,397			85,894		—			(33,179		)	—			19,903			1,193,015
Trading(2)	249,074			—		—			(17,124		)	1,433			—			233,383
Total USDA Guaranteed Securities	1,369,471			85,894		—			(50,303		)	1,433			19,903			1,426,398
Total Assets at fair value	$	4,680,327		$	1,088,658	$	(1,208	)	$	(53,438	)	$	1,123		$	74,942		$	5,790,404
Liabilities:
Financial derivatives(3)	$	(1,755	)	$	—	$	—		$	—		$	(232	)	$	—		$	(1,987	)
Total Liabilities at fair value	$	(1,755	)	$	—	$	—		$	—		$	(232	)	$	—		$	(1,987	)


(1)	Unrealized losses are attributable to assets still held as of September 30, 2011 and are recorded in Losses on trading assets.


(2)	Includes unrealized gains of $0.6 million attributable to assets still held as of September 30, 2011 that are recorded in Losses on trading assets.


(3)	Unrealized losses are attributable to liabilities still held as of September 30, 2011 and are recorded in Gains/(losses) on financial derivatives and hedging activities.



Level 3 Assets and Liabilities Measured at Fair Value for the Nine Months Ended September 30, 2012
	Beginning Balance			Purchases		Sales			Settlements			Realized and Unrealized Gains/ (Losses) included in Income			Unrealized Gains/(Losses) included in Other Comprehensive Income			Ending Balance
	(in thousands)
Recurring:
Assets:
Investment Securities:
Available-for-sale:
Floating rate auction-rate certificates backed by Government guaranteed student loans	$	60,213		$	—	$	—		$	—		$	—		$	(179	)	$	60,034
Total available-for-sale	60,213			—		—			—			—			(179		)	60,034
Trading:
Floating rate asset-backed securities(1)	1,796			—		—			(664		)	212			—			1,344
Total trading	1,796			—		—			(664		)	212			—			1,344
Total Investment Securities	62,009			—		—			(664		)	212			(179		)	61,378
Farmer Mac Guaranteed Securities:
Available-for-sale:
Farmer Mac I	2,807,627			601,000		—			(2,824		)	8,378			17,407			3,431,588
Farmer Mac II	35,599			5,327		(5,327		)	(6,350		)	—			726			29,975
Rural Utilities	1,446,046			250,000		—			(495,701		)	—			(13,401		)	1,186,944
Total Farmer Mac Guaranteed Securities	4,289,272			856,327		(5,327		)	(504,875		)	8,378			4,732			4,648,507
USDA Guaranteed Securities:
Available-for-sale	1,279,546			376,985		—			(192,309		)	—			3,819			1,468,041
Trading(2)	212,359			—		—			(87,132		)	(2,640		)	—			122,587
Total USDA Guaranteed Securities	1,491,905			376,985		—			(279,441		)	(2,640		)	3,819			1,590,628
Total Assets at fair value	$	5,843,186		$	1,233,312	$	(5,327	)	$	(784,980	)	$	5,950		$	8,372		$	6,300,513
Liabilities:
Financial derivatives(3)	$	(1,335	)	$	—	$	—		$	—		$	455		$	—		$	(880	)
Total Liabilities at fair value	$	(1,335	)	$	—	$	—		$	—		$	455		$	—		$	(880	)


(1)	Unrealized gains are attributable to assets still held as of September 30, 2012 and are recorded in Losses on trading assets.


(2)	Includes unrealized losses of $2.0 million attributable to assets still held as of September 30, 2012 that are recorded in Losses on trading assets.


(3)	Unrealized gains are attributable to liabilities still held as of September 30, 2012 and are recorded in Gains/(losses) on financial derivatives and hedging activities.



Level 3 Assets and Liabilities Measured at Fair Value for the Nine Months Ended September 30, 2011
	Beginning Balance			Purchases		Sales			Settlements			Realized and Unrealized Gains/ (Losses) included in Income		Unrealized Gains/(Losses) included in Other Comprehensive Income			Ending Balance
	(in thousands)
Recurring:
Assets:
Investment Securities:
Available-for-sale:
Floating rate auction-rate certificates backed by Government guaranteed student loans	$	64,335		$	—	$	—		$	—		$	—	$	(2,092	)	$	62,243
Total available-for-sale	64,335			—		—			—			—		(2,092		)	62,243
Trading:
Floating rate asset-backed securities(1)	1,400			—		—			(686		)	1,049		—			1,763
Total Trading	1,400			—		—			(686		)	1,049		—			1,763
Total Investment Securities	65,735			—		—			(686		)	1,049		(2,092		)	64,006
Farmer Mac Guaranteed Securities:
Available-for-sale:
Farmer Mac I	942,809			1,801,500		—			(2,023		)	—		73,181			2,815,467
Farmer Mac II	37,637			3,268		(3,213		)	(3,484		)	—		2,391			36,599
Rural Utilities	1,926,818			—		—			(476,401		)	—		(2,483		)	1,447,934
Total Farmer Mac Guaranteed Securities	2,907,264			1,804,768		(3,213		)	(481,908		)	—		73,089			4,300,000
USDA Guaranteed Securities:
Available-for-sale	1,005,679			300,705		—			(142,965		)	—		29,596			1,193,015
Trading(2)	311,765			—		—			(80,082		)	1,700		—			233,383
Total USDA Guaranteed Securities	1,317,444			300,705		—			(223,047		)	1,700		29,596			1,426,398
Total Assets at fair value	$	4,290,443		$	2,105,473	$	(3,213	)	$	(705,641	)	$	2,749	$	100,593		$	5,790,404
Liabilities:
Financial derivatives(3)	$	(3,390	)	$	—	$	—		$	—		$	1,403	$	—		$	(1,987	)
Total Liabilities at fair value	$	(3,390	)	$	—	$	—		$	—		$	1,403	$	—		$	(1,987	)


(1)	Unrealized gains are attributable to assets still held as of September 30, 2011 and are recorded in Losses on trading assets.


(2)	Includes unrealized losses of $2.0 million attributable to assets still held as of September 30, 2011 that are recorded in Losses on trading assets.


(3)	Unrealized gains are attributable to liabilities still held as of September 30, 2011 and are recorded in Gains/(losses) on financial derivatives and hedging activities.

Fair Value Inputs, Assets and Liabilities, Quantitative Information

The following table presents additional information about the significant unobservable inputs used in the fair value measurements categorized in level 3 of the fair value hierarchy:



	Fair Value as of			Unobservable	Range
Financial Instruments	September 30, 2012		Valuation Technique	Input	(Weighted-Average)
	(in thousands)
Assets:
Investment securities:
Floating rate auction-rate certificates backed by Government guaranteed student loans	$	60,034	Indicative bids	Range of broker quotes	70.0% - 92.0% (81.0%)

Floating rate asset-backed securities	$	1,344	Discounted cash flow	Discount rate	12.0% - 19.0% (15.7%)
				Constant prepayment rate	10%

Farmer Mac Guaranteed Securities:
Farmer Mac I	$	3,431,588	Discounted cash flow	Discount rate	1.1% - 3.2% (1.6%)


Farmer Mac II	$	29,975	Discounted cash flow	Discount rate	0.9% - 3.4% (2.0%)
				Constant prepayment rate	9% - 18% (15%)

Rural Utilities	$	1,186,944	Discounted cash flow	Discount rate	1.0% - 2.7% (1.6%)

USDA Guaranteed Securities	$	1,590,628	Discounted cash flow	Discount rate	1.4% - 5.3% (3.4%)
				Constant prepayment rate	0% - 24% (11%)

Liabilities:
Financial Derivatives:
Basis swaps	$	880	Discounted cash flow	Discount rate	1.0% - 2.7% (1.6%)
				Constant prepayment rate	11% - 19% (17%)

Fair Value, by Balance Sheet Grouping

The following table sets forth the estimated fair values and carrying values for financial assets, liabilities and guarantees and commitments as of September 30, 2012 and December 31, 2011:



	September 30, 2012				December 31, 2011
	Fair Value		Carrying Amount		Fair Value		Carrying Amount
	(in thousands)
Financial assets:
Cash and cash equivalents	$	870,040	$	870,040	$	817,046	$	817,046
Investment securities	2,636,328		2,636,328		2,184,490		2,184,490
Farmer Mac Guaranteed Securities	4,648,507		4,648,507		4,289,272		4,289,272
USDA Guaranteed Securities	1,590,628		1,590,628		1,491,905		1,491,905
Loans	2,589,006		2,549,535		2,971,187		2,894,156
Financial derivatives	36,190		36,190		40,250		40,250
Guarantee and commitment fees receivable:
LTSPCs	23,769		18,461		22,802		15,886
Farmer Mac Guaranteed Securities	20,731		19,279		17,960		15,498
Financial liabilities:
Notes payable:
Due within one year	6,775,228		6,775,226		6,091,573		6,087,879
Due after one year	4,898,122		4,700,680		4,288,670		4,104,882
Debt securities of consolidated trusts held by third parties	170,462		163,909		726,826		701,583
Financial derivatives	164,949		164,949		160,024		160,024
Guarantee and commitment obligations:
LTSPCs	22,947		17,639		22,047		15,131
Farmer Mac Guaranteed Securities	18,206		16,754		14,771		12,309

- Definition

Tabular disclosure related to assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition. Disclosures include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3) as well as transfers between levels 1 and 2.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 6

-Footnote 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a,b,bb)

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2C

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Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 33

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 14

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 18

-Subparagraph c(2), d, e, f

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (a)

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15

-Subparagraph b-d

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-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

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