Notes Payable (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt

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

Table 7.1

	September 30, 2022
	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	$	867,588	2.07	%	$	1,525,565	0.67	%
Medium-term notes	1,905,291		2.78	%	1,166,242		1.39	%
Current portion of medium-term notes	4,618,265		1.31	%
Total due within one year	$	7,391,144	1.78	%
Due after one year:
Medium-term notes due in:
Two years	$	4,057,284	1.40	%
Three years	3,184,014		1.59	%
Four years	2,534,177		1.28	%
Five years	2,705,529		2.10	%
Thereafter	4,194,915		2.34	%
Total due after one year	$	16,675,919	1.77	%
Total principal net of discounts	$	24,067,063	1.77	%
Hedging adjustments	(566,406)
Total	$	23,500,657

	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	(44,762)
Total	$	22,713,771

The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2022 as of September 30, 2022:Table 7.2

Debt Callable in 2022 as of September 30, 2022, by Maturity
	Amount		Weighted-Average Rate
	(dollars in thousands)
Maturity:
2023	$	228,884	0.43	%
2024	247,407		0.60	%
2025	236,680		0.93	%
2026	748,989		1.20	%
Thereafter	1,101,493		1.85	%
Total	$	2,563,453	1.33	%

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, 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	$	4,168,080	2.55	%
2023	5,824,466		1.52	%
2024	3,627,164		1.35	%
2025	2,742,230		1.44	%
2026	2,749,594		1.18	%
Thereafter	4,955,529		2.24	%
Total principal net of discounts	$	24,067,063	1.77	%