Guarantees and Long Term Standby Purchase Commitments - Guarantees and Long-Term Standby Purchase Commitments (Tables)

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Rental expense for Farmer Mac's office space for each of the years ended December 31, 2018, 2017, and 2016 was $2.0 million, $1.6 million, and $1.3 million, respectively. The future minimum lease payments under Farmer Mac's non-cancellable leases for its office space and other contractual obligations as of December 31, 2018 are as follows:

Table 12.4



	Future Minimum Lease Payments		Other Contractual Obligations
	(in thousands)
2019	$	1,944	$	1,965
2020	1,937		1,110
2021	1,977		233
2022	2,021		—
2023	1,995		—
Thereafter	1,311		—
Total	$	11,185	$	3,308

Other contractual obligations in the table above include minimum amounts due under non-cancellable agreements to purchase goods or services that are enforceable and legally binding and specify all significant terms. These agreements include, among others, agreements for the provision of consulting services, information technology support, equipment maintenance, and financial analysis software and services. The amounts actually paid under these agreements will likely be higher due to the variable components of some of these agreements under which the ultimate obligation owed is determined by reference to actual usage or hours worked.

Schedule of Guarantor Obligations [Table Text Block]

The following table presents the maximum principal amount of potential undiscounted future payments that Farmer Mac could be required to make under all off-balance sheet Farmer Mac Guaranteed Securities as of December 31, 2018 and 2017, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans:

Table 12.2



Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities
	As of December 31, 2018		As of December 31, 2017
	(in thousands)
Farm & Ranch:
Guaranteed Securities⁽¹⁾	$	135,862	$	333,511
USDA Guarantees:
Farmer Mac Guaranteed USDA Securities	367,684		254,217
Institutional Credit:
AgVantage Securities	9,898		11,556
Revolving floating rate AgVantage facility⁽²⁾	300,000		300,000
Total off-balance sheet Farmer Mac Guaranteed Securities	$	813,444	$	899,284

⁽¹⁾

During fourth quarter 2018, Farmer Mac repurchased the 100% participation interests in loans underlying a pool of $134.1 million in Farm & Ranch Guaranteed Securities at par, thereby redeeming the corresponding Farm & Ranch Guaranteed Securities from their sole security holder. Farmer Mac repurchased these participation interests at the request of the sole security holder in exchange for the termination of the participation interests and the reconveyance of all beneficial interest in the loans to the sole security holder that owned the loans in which the participation interests had been issued. The resulting pool of Farm & Ranch loans was concurrently added under LTSPCs. The commitment fee Farmer Mac receives on these loans added under LTSPCs is the same as the guarantee fee Farmer Mac had been earning on the Farm & Ranch Guaranteed Securities.


⁽²⁾	Relates to a revolving floating rate AgVantage facility subject to specified contractual terms. Farmer Mac receives a fixed fee based on the full dollar amount of the facility.

Schedule of Cash Flows Related To Transfer of Securitizations [Table Text Block]

Eligible loans and other eligible assets may be placed into trusts that are used as vehicles for the securitization of the transferred assets and the Farmer Mac-guaranteed beneficial interests in the trusts are sold to investors. The following table summarizes the significant cash flows received from and paid to trusts used for Farmer Mac securitizations:

Table 12.3



	For the Year Ended December 31,
	2018			2017			2016
	(in thousands)
Proceeds from new securitizations	$	382,929		$	519,219		$	609,347
Guarantee fees received	1,920			2,610			3,552
Purchases of assets from the trusts	(7,748		)	(5,670		)	(2,118		)

Farmer Mac has recorded a liability for its obligation to stand ready under the guarantee in the guarantee and commitment obligation on the consolidated balance sheets. This liability approximated $2.8 million as of December 31, 2018 and $3.6 million as of December 31, 2017. As of December 31, 2018 and 2017, the weighted-average remaining maturity of all loans underlying off-balance sheet Farmer Mac Guaranteed Securities, excluding AgVantage securities, was 10.3 years and 10.0 years, respectively. As of December 31, 2018 and 2017, the weighted-average remaining maturity of the off-balance sheet AgVantage securities was 5.0 years and 0.8 years, respectively.