Notes Payable (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

The following tables set forth information related to Farmer Mac's borrowings as of March 31, 2021 and December 31, 2020:

Table 7.1

	March 31, 2021
	Outstanding as of March 31				Average Outstanding During the Quarter
	Amount		Weighted- Average Rate		Amount		Weighted- Average Rate
	(dollars in thousands)
Due within one year:
Discount notes	$	1,675,995	0.06	%	$	1,625,416	0.11	%
Medium-term notes	2,514,691		0.14	%	2,725,057		0.16	%
Current portion of medium-term notes	5,402,791		0.78	%
Total due within one year	$	9,593,477	0.49	%
Due after one year:
Medium-term notes due in:
Two years	$	2,912,497	0.96	%
Three years	2,509,857		1.16	%
Four years	1,308,945		1.25	%
Five years	1,853,777		0.84	%
Thereafter	3,358,018		1.81	%
Total due after one year	$	11,943,094	1.25	%
Total principal net of discounts	$	21,536,571	0.91	%
Hedging adjustments	23,739
Total	$	21,560,310

	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

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

Table 7.2

Debt Callable in 2021 as of March 31, 2021, by Maturity
	Amount		Weighted-Average Rate
	(dollars in thousands)
Maturity:
2022	$	350,449	0.27	%
2023	355,710		0.77	%
2024	119,413		1.09	%
2025	267,726		0.83	%
Thereafter	788,996		1.44	%
Total	$	1,882,294	0.98	%

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 March 31, 2021, 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	$	10,287,077	0.43	%
2022	2,719,969		1.06	%
2023	2,479,427		1.24	%
2024	1,247,008		1.28	%
2025	1,283,087		1.00	%
Thereafter	3,520,003		1.82	%
Total principal net of discounts	$	21,536,571	0.91	%