Notes Payable (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt

The following tables set forth information related to Farmer Mac's borrowings as of June 30, 2022 and December 31, 2021:

Table 7.1

	June 30, 2022
	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	$	1,476,680	1.10	%	$	1,733,373	0.37	%
Medium-term notes	1,370,907		1.73	%	942,055		0.58	%
Current portion of medium-term notes	4,216,015		1.05	%
Total due within one year	$	7,063,602	1.19	%
Due after one year:
Medium-term notes due in:
Two years	$	4,356,442	1.13	%
Three years	2,755,310		1.24	%
Four years	2,646,648		1.06	%
Five years	2,750,521		1.64	%
Thereafter	4,265,636		2.03	%
Total due after one year	$	16,774,557	1.45	%
Total principal net of discounts	$	23,838,159	1.37	%
Hedging adjustments	(364,064)
Total	$	23,474,095

	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 June 30, 2022:Table 7.2

Debt Callable in 2022 as of June 30, 2022, by Maturity
	Amount		Weighted-Average Rate
	(dollars in thousands)
Maturity:
2023	$	243,850	0.42	%
2024	312,379		0.40	%
2025	301,612		0.92	%
2026	970,735		1.09	%
Thereafter	1,564,298		1.74	%
Total	$	3,392,874	1.26	%

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, 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	$	5,994,023	1.32	%
2023	4,877,070		1.17	%
2024	3,257,121		1.10	%
2025	2,442,236		1.16	%
2026	2,725,448		1.16	%
Thereafter	4,542,261		2.11	%
Total principal net of discounts	$	23,838,159	1.37	%