Notes Payable (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt

The following tables set forth information related to Farmer Mac's borrowings as of March 31, 2022 and December 31, 2021:

Table 7.1

	March 31, 2022
	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	$	1,892,025	0.35	%	$	1,950,334	0.16	%
Medium-term notes	992,942		0.29	%	898,484		0.16	%
Current portion of medium-term notes	3,684,482		0.81	%
Total due within one year	$	6,569,449	0.60	%
Due after one year:
Medium-term notes due in:
Two years	$	4,183,016	0.89	%
Three years	3,077,629		0.97	%
Four years	2,513,545		0.84	%
Five years	2,769,456		1.30	%
Thereafter	4,206,063		1.70	%
Total due after one year	$	16,749,709	1.17	%
Total principal net of discounts	$	23,319,158	1.01	%
Hedging adjustments	(279,191)
Total	$	23,039,967

	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

The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2022 as of March 31, 2022:Table 7.2

Debt Callable in 2022 as of March 31, 2022, by Maturity
	Amount		Weighted-Average Rate
	(dollars in thousands)
Maturity:
2023	$	243,823	0.42	%
2024	318,361		0.40	%
2025	336,576		0.81	%
2026	1,045,650		1.09	%
Thereafter	1,559,225		1.69	%
Total	$	3,503,635	1.22	%

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, 2022, 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	$	7,552,679	0.57	%
2023	3,911,802		0.90	%
2024	2,921,874		0.94	%
2025	2,245,254		1.00	%
2026	2,650,362		1.10	%
Thereafter	4,037,187		1.94	%
Total principal net of discounts	$	23,319,158	1.01	%