Notes Payable (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Debt

The following tables set forth information related to Farmer Mac's borrowings as of December 31, 2020 and December 31, 2019:

Table 7.1

	December 31, 2020
	Outstanding as of December 31				Average Outstanding During the Year
	Amount		Weighted- Average Rate		Amount		Weighted- Average Rate
	(dollars in thousands)
Due within one year:
Discount notes	$	1,797,175	0.11	%	$	2,343,702	0.63	%
Medium-term notes	2,645,146		0.19	%	1,593,253		0.60	%
Current portion of medium-term notes	6,304,061		0.90	%
Total due within one year	$	10,746,382	0.59	%
Due after one year:
Medium-term notes due in:
Two years	$	3,004,203	1.00	%
Three years	2,809,551		1.24	%
Four years	927,119		1.67	%
Five years	1,342,250		1.03	%
Thereafter	2,966,172		1.92	%
Total due after one year	$	11,049,295	1.37	%
Total principal net of discounts	$	21,795,677	0.98	%
Hedging adjustments	53,240
Total	$	21,848,917

	December 31, 2019
	Outstanding as of December 31				Average Outstanding During the Year
	Amount		Weighted- Average Rate		Amount		Weighted- Average Rate
	(dollars in thousands)
Due within one year:
Discount notes	$	2,194,177	1.72	%	$	1,977,214	2.25	%
Medium-term notes	1,152,770		1.98	%	1,780,517		2.33	%
Current portion of medium-term notes	6,672,135		1.85	%
Total due within one year	$	10,019,082	1.84	%
Due after one year:
Medium-term notes due in:
Two years	$	3,696,699	2.04	%
Three years	1,592,315		2.15	%
Four years	1,202,817		2.27	%
Five years	762,003		2.25	%
Thereafter	1,818,299		2.89	%
Total due after one year	$	9,072,133	2.28	%
Total principal net of discounts	$	19,091,215	2.05	%
Hedging adjustments	7,433
Total	$	19,098,648

The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2021 as of December 31, 2020:

Table 7.2

Debt Callable in 2021 as of December 31, 2020, by Maturity
	Amount		Weighted-Average Rate
	(dollars in thousands)
Maturity:
2022	$	243,410	0.42	%
2023	592,529		0.97	%
2024	119,898		1.56	%
2025	306,683		1.08	%
Thereafter	670,657		1.51	%
Total	$	1,933,177	1.15	%

Schedule of Long-Term Debt Instruments

The following schedule summarizes the earliest interest rate reset date, or debt maturities, of total borrowings outstanding as of December 31, 2020, including callable and non-callable medium-term notes, assuming callable notes are redeemed at the initial call date:

Table 7.3

	Earliest Interest Rate Reset Date, or Debt Maturities, of Borrowings Outstanding
	Amount		Weighted-Average Rate
	(dollars in thousands)
Debt with interest rate resets, or debt maturities in:
2021	$	12,805,994	0.55	%
2022	2,123,372		1.34	%
2023	2,390,730		1.39	%
2024	884,138		1.74	%
2025	1,126,871		1.15	%
Thereafter	2,464,572		2.19	%
Total principal net of discounts	$	21,795,677	0.98	%