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Notes Payable - NOTES PAYABLE | 12 Months Ended
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Dec. 31, 2016
Notes Payable [Abstract] |
Debt Disclosure [Text Block] | NOTES PAYABLE Farmer Mac's borrowings consist of discount notes and medium-term notes, both of which are unsecured general obligations of Farmer Mac. Discount notes generally have original maturities of 1 year or less, whereas medium-term notes generally have maturities of 0.5 years to 15 years. The following tables set forth information related to Farmer Mac's borrowings as of December 31, 2016 and 2015: Table 7.1
| December 31, 2016
| 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 | $ | 3,789,137 |  |  | 0.59 | % |  | $ | 5,753,425 |  |  | 0.50 | %
Medium-term notes | 2,495,202 |  |  | 0.70 | % |  | 1,551,094 |  |  | 0.57 | %
Current portion of long-term notes | 2,155,784 |  |  | 0.90 | % |  |  |  |  |  |
Total due within one year | $ | 8,440,123 |  |  | 0.70 | % |  |  |  |  |  |
Due after one year: |  |  |  |  |  |  |  |  |  |  |
Medium-term notes due in: |  |  |  |  |  |  |  |  |  |  |
2018 | $ | 1,733,121 |  |  | 1.08 | % |  |  |  |  |  |
2019 | 1,283,869 |  |  | 1.32 | % |  |  |  |  |  |
2020 | 495,096 |  |  | 1.50 | % |  |  |  |  |  |
2021 | 602,037 |  |  | 1.83 | % |  |  |  |
Thereafter | 1,108,854 |  |  | 3.01 | % |  |  |  |  |  |
Total due after one year | 5,222,977 |  |  | 1.68 | % |  |  |  |  |  |
Total | $ | 13,663,100 |  |  | 1.07 | % |  |  |  |  |  |
| December 31, 2015
| 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 | $ | 6,642,560 |  |  | 0.32 | % |  | $ | 5,251,081 |  |  | 0.22 | %
Medium-term notes | 595,991 |  |  | 0.38 | % |  | 761,998 |  |  | 0.25 | %
Current portion of long-term notes | 1,872,910 |  |  | 1.05 | % |  |  |  |  |  |
Total due within one year | $ | 9,111,461 |  |  | 0.48 | % |  |  |  |  |  |
Due after one year: |  |  |  |  |  |  |  |  |  |  |
Medium-term notes due in: |  |  |  |  |  |  |  |  |  |  |
2017 | $ | 1,200,558 |  |  | 1.02 | % |  |  |  |  |  |
2018 | 1,539,264 |  |  | 0.85 | % |  |  |  |  |  |
2019 | 520,284 |  |  | 1.73 | % |  |  |  |  |  |
2020 | 529,567 |  |  | 1.68 | % |  |  |  |
Thereafter | 1,177,363 |  |  | 3.05 | % |  |  |  |  |  |
Total due after one year | 4,967,036 |  |  | 1.59 | % |  |  |  |  |  |
Total | $ | 14,078,497 |  |  | 0.87 | % |  |  |  |  |  |
The maximum amount of Farmer Mac's discount notes outstanding at any month end during each of the years ended December 31, 2016 and 2015 was $6.9 billion and $6.7 billion, respectively. Callable medium-term notes give Farmer Mac the option to redeem the debt at par value on a specified call date or at any time on or after a specified call date. The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2017 as of December 31, 2016: Table 7.2
Debt Callable in 2017 as of December 31, 2016
| Amount |  | Weighted-Average Rate
| (dollars in thousands)
Maturity: |  |  |
2018 | $ | 9,991 |  |  | 1.24 | %
2019 | 61,922 |  |  | 1.31 | %
2020 | 30,961 |  |  | 1.83 | %
2021 | 148,726 |  |  | 1.72 | %
Thereafter | 91,714 |  |  | 2.69 | %
Total | $ | 343,314 |  |  | 1.90 | %
The following schedule summarizes the earliest interest rate reset date of total borrowings outstanding as of December 31, 2016, 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 of Borrowings Outstanding
| Amount |  | Weighted-Average Rate
| (dollars in thousands)
Debt with interest rate resets in: |  |  |
2017 | $ | 9,416,805 |  |  | 0.73%
2018 | 1,488,131 |  |  | 1.12%
2019 | 919,021 |  |  | 1.47%
2020 | 329,181 |  |  | 1.77%
2021 | 547,078 |  |  | 1.91%
Thereafter | 962,884 |  |  | 3.27%
Total | $ | 13,663,100 |  |  | 1.07%
During 2016 and 2015, Farmer Mac called $1.3 billion and $2.4 billion of callable medium-term notes, respectively. Authority to Borrow from the U.S. Treasury Farmer Mac's statutory charter authorizes it to borrow up to $1.5 billion from the U.S. Treasury through the issuance of debt obligations to the U.S. Treasury. Any funds borrowed from the U.S. Treasury may be used solely for the purpose of fulfilling Farmer Mac's guarantee obligations. Any debt obligations issued by Farmer Mac under this authority would bear interest at a rate determined by the U.S. Treasury, taking into consideration the average rate on outstanding marketable obligations of the United States as of the last day of the last calendar month ending before the date of the purchase of the obligations from Farmer Mac. The charter requires Farmer Mac to repurchase any of its debt obligations held by the U.S. Treasury within a reasonable time. As of December 31, 2016, Farmer Mac had not used this borrowing authority and does not expect to use this borrowing authority in the future. Gains on Repurchase of Outstanding Debt No outstanding debt repurchases were made in 2016, 2015, or 2014.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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