Notes Payable (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

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

Table 7.1

	December 31, 2021
	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	$	2,167,979	0.05	%	$	1,822,714	0.08	%
Medium-term notes	837,580		0.09	%	1,956,870		0.12	%
Current portion of medium-term notes	3,981,240		0.75	%
Total due within one year	$	6,986,799	0.45	%
Due after one year:
Medium-term notes due in:
Two years	$	4,179,985	0.81	%
Three years	2,554,906		0.87	%
Four years	2,119,805		0.85	%
Five years	2,810,894		1.07	%
Thereafter	4,106,144		1.69	%
Total due after one year	$	15,771,734	1.10	%
Total principal net of discounts	$	22,758,533	0.90	%
Hedging adjustments	(42,377)
Total	$	22,716,156

	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 2022 as of December 31, 2021:Table 7.2

Debt Callable in 2022 as of December 31, 2021, by Maturity
	Amount		Weighted-Average Rate
	(dollars in thousands)
Maturity:
2023	$	243,795	0.42	%
2024	318,346		0.40	%
2025	372,048		0.92	%
2026	1,060,594		1.08	%
Thereafter	1,368,758		1.67	%
Total	$	3,363,541	1.19	%

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, 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:
2022	$	8,795,560	0.43	%
2023	3,588,630		0.91	%
2024	2,489,936		0.89	%
2025	1,859,428		0.92	%
2026	2,632,015		1.10	%
Thereafter	3,392,964		1.96	%
Total principal net of discounts	$	22,758,533	0.90	%