Notes Payable (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Debt

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

Table 7.1

	September 30, 2021
	Outstanding as of September 30				Average Outstanding During the Quarter
	Amount		Weighted- Average Rate		Amount		Weighted- Average Rate
	(dollars in thousands)
Due within one year:
Discount notes	$	2,400,268	0.04	%	$	1,744,214	0.09	%
Medium-term notes	1,276,557		0.08	%	2,247,220		0.12	%
Current portion of medium-term notes	4,405,308		0.69	%
Total due within one year	$	8,082,133	0.40	%
Due after one year:
Medium-term notes due in:
Two years	$	3,692,620	0.87	%
Three years	2,513,348		0.87	%
Four years	1,684,685		1.01	%
Five years	2,288,647		0.88	%
Thereafter	4,089,552		1.73	%
Total due after one year	$	14,268,852	1.14	%
Total principal net of discounts	$	22,350,985	0.87	%
Hedging adjustments	14,136
Total	$	22,365,121

	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 September 30, 2021:Table 7.2

Debt Callable in 2021 as of September 30, 2021, by Maturity
	Amount		Weighted-Average Rate
	(dollars in thousands)
Maturity:
2022	$	116,487	0.11	%
2023	210,867		0.99	%
2024	149,405		0.83	%
2025	137,896		0.66	%
Thereafter	569,647		1.51	%
Total	$	1,184,302	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 September 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	$	7,159,124	0.22	%
2022	3,242,709		0.89	%
2023	3,267,608		0.98	%
2024	1,870,603		0.98	%
2025	1,633,640		0.90	%
Thereafter	5,177,301		1.63	%
Total principal net of discounts	$	22,350,985	0.87	%