Notes Payable (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of Debt

The following tables set forth information related to Farmer Mac's borrowings as of June 30, 2021 and December 31, 2020:

Table 7.1

	June 30, 2021
	Outstanding as of June 30				Average Outstanding During the Quarter
	Amount		Weighted- Average Rate		Amount		Weighted- Average Rate
	(dollars in thousands)
Due within one year:
Discount notes	$	1,677,800	0.04	%	$	1,720,263	0.09	%
Medium-term notes	2,081,520		0.09	%	2,522,888		0.14	%
Current portion of medium-term notes	4,565,257		0.72	%
Total due within one year	$	8,324,577	0.43	%
Due after one year:
Medium-term notes due in:
Two years	$	3,469,814	0.86	%
Three years	2,547,497		0.91	%
Four years	1,463,668		1.14	%
Five years	2,109,668		0.85	%
Thereafter	3,768,182		1.76	%
Total due after one year	$	13,358,829	1.15	%
Total principal net of discounts	$	21,683,406	0.87	%
Hedging adjustments	22,848
Total	$	21,706,254

	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 June 30, 2021:Table 7.2

Debt Callable in 2021 as of June 30, 2021, by Maturity
	Amount		Weighted-Average Rate
	(dollars in thousands)
Maturity:
2022	$	147,480	0.12	%
2023	245,831		0.90	%
2024	159,393		0.77	%
2025	192,827		0.75	%
Thereafter	845,922		1.47	%
Total	$	1,591,453	1.10	%

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 June 30, 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	$	8,179,536	0.29	%
2022	3,187,154		0.90	%
2023	2,896,525		1.08	%
2024	1,650,373		1.05	%
2025	1,483,928		0.94	%
Thereafter	4,285,890		1.73	%
Total principal net of discounts	$	21,683,406	0.87	%