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Fair Value Disclosures - Fair Value Disclosures (Tables) | 6 Months Ended
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Jun. 30, 2017
Fair Value Disclosures [Abstract] |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | The following tables present information about Farmer Mac's assets and liabilities measured at fair value on a recurring and non-recurring basis as of June 30, 2017 and December 31, 2016, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value: Table 8.1
Assets and Liabilities Measured at Fair Value as of June 30, 2017
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in thousands)
Recurring: |
Assets: |  |  |  |  |  |  |
Investment Securities: |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | — |  |  | $ | — |  |  | $ | 18,518 |  |  | $ | 18,518 |
Floating rate asset-backed securities | — |  |  | 37,423 |  |  | — |  |  | 37,423 |
Floating rate corporate debt securities | — |  |  | 10,094 |  |  | — |  |  | 10,094 |
Floating rate Government/GSE guaranteed mortgage-backed securities | — |  |  | 1,355,482 |  |  | — |  |  | 1,355,482 |
Fixed rate GSE guaranteed mortgage-backed securities | — |  |  | 528 |  |  | 4,651 |  |  | 5,179 |
Floating rate GSE subordinated debt | — |  |  | — |  |  | — |  |  | — |
Fixed rate senior agency debt | — |  |  | 179,029 |  |  | — |  |  | 179,029 |
Fixed rate U.S. Treasuries | 758,080 |  |  | — |  |  | — |  |  | 758,080 |
Total Investment Securities | 758,080 |  |  | 1,582,556 |  |  | 23,169 |  |  | 2,363,805 |
Farmer Mac Guaranteed Securities: |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |
AgVantage | — |  |  | — |  |  | 5,282,562 |  |  | 5,282,562 |
Total Farmer Mac Guaranteed Securities | — |  |  | — |  |  | 5,282,562 |  |  | 5,282,562 |
USDA Securities: |  |  |  |  |  |  |  |  |  |  |
Trading | — |  |  | — |  |  | 16,294 |  |  | 16,294 |
Total USDA Securities | — |  |  | — |  |  | 16,294 |  |  | 16,294 |
Financial derivatives | 120 |  |  | 5,426 |  |  | — |  |  | 5,546 |
Total Assets at fair value | $ | 758,200 |  |  | $ | 1,587,982 |  |  | $ | 5,322,025 |  |  | $ | 7,668,207 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Financial derivatives | $ | — |  |  | $ | 34,114 |  |  | $ | — |  |  | $ | 34,114 |
Total Liabilities at fair value | $ | — |  |  | $ | 34,114 |  |  | $ | — |  |  | $ | 34,114 |
Non-recurring: |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |
Loans held for investment | $ | — |  |  | $ | — |  |  | $ | 1,135 |  |  | $ | 1,135 |
REO | — |  |  | — |  |  | 1,374 |  |  | 1,374 |
Total Non-recurring Assets at fair value | $ | — |  |  | $ | — |  |  | $ | 2,509 |  |  | $ | 2,509 |
Assets and Liabilities Measured at Fair Value as of December 31, 2016
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in thousands)
Recurring: |
Assets: |  |  |  |  |  |  |
Investment Securities: |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | — |  |  | $ | — |  |  | $ | 17,730 |  |  | $ | 17,730 |
Floating rate asset-backed securities | — |  |  | 43,851 |  |  | — |  |  | 43,851 |
Floating rate corporate debt securities | — |  |  | 10,041 |  |  | — |  |  | 10,041 |
Floating rate Government/GSE guaranteed mortgage-backed securities | — |  |  | 1,361,029 |  |  | — |  |  | 1,361,029 |
Fixed rate GSE guaranteed mortgage-backed securities | — |  |  | 7,625 |  |  | — |  |  | 7,625 |
Floating rate GSE subordinated debt | — |  |  | 66,953 |  |  | — |  |  | 66,953 |
Fixed rate senior agency debt | — |  |  | 187,133 |  |  | — |  |  | 187,133 |
Fixed rate U.S. Treasuries | 821,489 |  |  | — |  |  | — |  |  | 821,489 |
Total Investment Securities | 821,489 |  |  | 1,676,632 |  |  | 17,730 |  |  | 2,515,851 |
Farmer Mac Guaranteed Securities: |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |
AgVantage | — |  |  | — |  |  | 4,853,685 |  |  | 4,853,685 |
Total Farmer Mac Guaranteed Securities | — |  |  | — |  |  | 4,853,685 |  |  | 4,853,685 |
USDA Securities: |  |  |  |  |  |  |  |  |  |  |
Trading | — |  |  | — |  |  | 20,388 |  |  | 20,388 |
Total USDA Securities | — |  |  | — |  |  | 20,388 |  |  | 20,388 |
Financial derivatives | — |  |  | 23,182 |  |  | — |  |  | 23,182 |
Total Assets at fair value | $ | 821,489 |  |  | $ | 1,699,814 |  |  | $ | 4,891,803 |  |  | $ | 7,413,106 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Financial derivatives | $ | 155 |  |  | $ | 57,997 |  |  | $ | — |  |  | $ | 58,152 |
Total Liabilities at fair value | $ | 155 |  |  | $ | 57,997 |  |  | $ | — |  |  | $ | 58,152 |
Non-recurring: |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |
Loans held for investment | $ | — |  |  | $ | — |  |  | $ | 2,799 |  |  | $ | 2,799 |
REO | — |  |  | — |  |  | 349 |  |  | 349 |
Total Non-recurring Assets at fair value | $ | — |  |  | $ | — |  |  | $ | 3,148 |  |  | $ | 3,148 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following tables present additional information about assets and liabilities measured at fair value on a recurring basis for which Farmer Mac has used significant unobservable inputs to determine fair value. Net transfers in and/or out of level 3 are based on the fair values of the assets and liabilities as of the beginning of the reporting period. There were no liabilities measured at fair value using significant unobservable inputs during the three and six months ended June 30, 2017 and 2016. Table 8.2
Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended June 30, 2017
| Beginning Balance |  | Transfers in |  | Purchases |  | Sales |  | Settlements |  | Realized and Unrealized Gains/(Losses) included in Income |  | Unrealized Gains/(Losses) included in Other Comprehe- nsive Income |  | Ending Balance
| (in thousands)
Recurring: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 18,124 |  |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 394 |  |  | $ | 18,518 |
Fixed rate GSE guaranteed mortgage-backed securities | 4,819 |  |  | — |  |  | — |  |  | — |  |  | (111 | ) |  | — |  |  | (57 | ) |  | 4,651 |
Total available-for-sale | 22,943 |  |  | — |  |  | — |  |  | — |  |  | (111 | ) |  | — |  |  | 337 |  |  | 23,169 |
Farmer Mac Guaranteed Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AgVantage | 5,243,046 |  |  | — |  |  | 194,288 |  |  | — |  |  | (165,248 | ) |  | 9,552 |  |  | 924 |  |  | 5,282,562 |
Total available-for-sale | 5,243,046 |  |  | — |  |  | 194,288 |  |  | — |  |  | (165,248 | ) |  | 9,552 |  |  | 924 |  |  | 5,282,562 |
USDA Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale | — |  |  | — |  |  | 53,506 |  |  | (53,506 | ) |  | — |  |  | — |  |  | — |  |  | — |
Trading(1) | 18,602 |  |  | — |  |  | — |  |  | — |  |  | (2,306 | ) |  | (2 | ) |  | — |  |  | 16,294 |
Total USDA Securities | 18,602 |  |  | — |  |  | 53,506 |  |  | (53,506 | ) |  | (2,306 | ) |  | (2 | ) |  | — |  |  | 16,294 |
Total Assets at fair value | $ | 5,284,591 |  |  | $ | — |  |  | $ | 247,794 |  |  | $ | (53,506 | ) |  | $ | (167,665 | ) |  | $ | 9,550 |  |  | $ | 1,261 |  |  | $ | 5,322,025 |
(1) | Includes unrealized gains of $0.1 million attributable to assets still held as of June 30, 2017 that are recorded in "(Losses)/gains on trading securities."
Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended June 30, 2016
| Beginning Balance |  | Purchases |  | Sales |  | Settlements |  | Realized and Unrealized Gains included in Income |  | Unrealized Gains included in Other Comprehe-nsive Income |  | Ending Balance
| (in thousands)
Recurring: |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Investment Securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 17,730 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 17,730 |
Total available-for-sale | 17,730 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17,730 |
Trading: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Floating rate asset-backed securities(1) | 383 |  |  | — |  |  | — |  |  | (120 | ) |  | 18 |  |  | — |  |  | 281 |
Total trading | 383 |  |  | — |  |  | — |  |  | (120 | ) |  | 18 |  |  | — |  |  | 281 |
Total Investment Securities | 18,113 |  |  | — |  |  | — |  |  | (120 | ) |  | 18 |  |  | — |  |  | 18,011 |
Farmer Mac Guaranteed Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AgVantage | 4,534,810 |  |  | 163,845 |  |  | — |  |  | (16,699 | ) |  | 13,137 |  |  | 2,491 |  |  | 4,697,584 |
Farmer Mac Guaranteed USDA Securities | 30,694 |  |  | 4,100 |  |  | — |  |  | (2,238 | ) |  | — |  |  | 891 |  |  | 33,447 |
Total Farmer Mac Guaranteed Securities | 4,565,504 |  |  | 167,945 |  |  | — |  |  | (18,937 | ) |  | 13,137 |  |  | 3,382 |  |  | 4,731,031 |
USDA Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale | 1,908,014 |  |  | 129,645 |  |  | (19,014 | ) |  | (97,303 | ) |  | — |  |  | 46,417 |  |  | 1,967,759 |
Trading(2) | 26,869 |  |  | — |  |  | — |  |  | (2,459 | ) |  | 377 |  |  | — |  |  | 24,787 |
Total USDA Securities | 1,934,883 |  |  | 129,645 |  |  | (19,014 | ) |  | (99,762 | ) |  | 377 |  |  | 46,417 |  |  | 1,992,546 |
Total Assets at fair value | $ | 6,518,500 |  |  | $ | 297,590 |  |  | $ | (19,014 | ) |  | $ | (118,819 | ) |  | $ | 13,532 |  |  | $ | 49,799 |  |  | $ | 6,741,588 |
(1) | Unrealized gains are attributable to assets still held as of June 30, 2016 and are recorded in "(Losses)/gains on trading securities."
(2) | Includes unrealized gains of $0.3 million attributable to assets still held as of June 30, 2016 that are recorded in "(Losses)/gains on trading securities."
Level 3 Assets and Liabilities Measured at Fair Value for the Six Months Ended June 30, 2017
| Beginning Balance |  | Transfers in |  | Purchases |  | Sales |  | Settlements |  | Realized and Unrealized Gains/(Losses) included in Income |  | Unrealized Gains/(Losses) included in Other Comprehe- nsive Income |  | Ending Balance
| (in thousands)
Recurring: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 17,730 |  |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 788 |  |  | $ | 18,518 |
Fixed rate GSE guaranteed mortgage-backed securities | — |  |  | 7,041 |  |  | — |  |  | — |  |  | (223 | ) |  | — |  |  | (2,167 | ) |  | 4,651 |
Total available-for-sale | 17,730 |  |  | 7,041 |  |  | — |  |  | — |  |  | (223 | ) |  | — |  |  | (1,379 | ) |  | 23,169 |
Farmer Mac Guaranteed Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AgVantage | 4,853,685 |  |  | — |  |  | 733,815 |  |  | — |  |  | (327,155 | ) |  | 6,337 |  |  | 15,880 |  |  | 5,282,562 |
Total available-for-sale | 4,853,685 |  |  | — |  |  | 733,815 |  |  | — |  |  | (327,155 | ) |  | 6,337 |  |  | 15,880 |  |  | 5,282,562 |
USDA Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale | — |  |  | — |  |  | 86,095 |  |  | (86,095 | ) |  | — |  |  | — |  |  | — |  |  | — |
Trading(1) | 20,388 |  |  | — |  |  | — |  |  | — |  |  | (4,010 | ) |  | (84 | ) |  | — |  |  | 16,294 |
Total USDA Securities | 20,388 |  |  | — |  |  | 86,095 |  |  | (86,095 | ) |  | (4,010 | ) |  | (84 | ) |  | — |  |  | 16,294 |
Total Assets at fair value | $ | 4,891,803 |  |  | $ | 7,041 |  |  | $ | 819,910 |  |  | $ | (86,095 | ) |  | $ | (331,388 | ) |  | $ | 6,253 |  |  | $ | 14,501 |  |  | $ | 5,322,025 |
(1) | Includes unrealized gains of $7,000 attributable to assets still held as of June 30, 2017 that are recorded in "(Losses)/gains on trading securities."
Level 3 Assets and Liabilities Measured at Fair Value for the Six Months Ended June 30, 2016
| Beginning Balance |  | Purchases |  | Sales |  | Settlements |  | Realized and Unrealized Gains included in Income |  | Unrealized(Losses)/Gains included in Other Comprehe-nsive Income |  | Ending Balance
| (in thousands)
Recurring: |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Investment Securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 44,924 |  |  | $ | — |  |  | $ | (26,806 | ) |  | $ | — |  |  | $ | 6 |  |  | $ | (394 | ) |  | $ | 17,730 |
Total available-for-sale | 44,924 |  |  | — |  |  | (26,806 | ) |  | — |  |  | 6 |  |  | (394 | ) |  | 17,730 |
Trading: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Floating rate asset-backed securities(1) | 491 |  |  | — |  |  | — |  |  | (326 | ) |  | 116 |  |  | — |  |  | 281 |
Total trading | 491 |  |  | — |  |  | — |  |  | (326 | ) |  | 116 |  |  | — |  |  | 281 |
Total Investment Securities | 45,415 |  |  | — |  |  | (26,806 | ) |  | (326 | ) |  | 122 |  |  | (394 | ) |  | 18,011 |
Farmer Mac Guaranteed Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AgVantage | 4,121,244 |  |  | 1,079,376 |  |  | — |  |  | (529,229 | ) |  | 37,435 |  |  | (11,242 | ) |  | 4,697,584 |
Farmer Mac Guaranteed USDA Securities | 31,361 |  |  | 4,100 |  |  | — |  |  | (2,736 | ) |  | — |  |  | 722 |  |  | 33,447 |
Total Farmer Mac Guaranteed Securities | 4,152,605 |  |  | 1,083,476 |  |  | — |  |  | (531,965 | ) |  | 37,435 |  |  | (10,520 | ) |  | 4,731,031 |
USDA Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale | 1,888,344 |  |  | 228,613 |  |  | (22,662 | ) |  | (181,490 | ) |  | — |  |  | 54,954 |  |  | 1,967,759 |
Trading(2) | 28,975 |  |  | — |  |  | — |  |  | (4,824 | ) |  | 636 |  |  | — |  |  | 24,787 |
Total USDA Securities | 1,917,319 |  |  | 228,613 |  |  | (22,662 | ) |  | (186,314 | ) |  | 636 |  |  | 54,954 |  |  | 1,992,546 |
Total Assets at fair value | $ | 6,115,339 |  |  | $ | 1,312,089 |  |  | $ | (49,468 | ) |  | $ | (718,605 | ) |  | $ | 38,193 |  |  | $ | 44,040 |  |  | $ | 6,741,588 |
(1) | Unrealized gains are attributable to assets still held as of June 30, 2016 and are recorded in "(Losses)/gains on trading securities."
(2) | Includes unrealized gains of $0.6 million attributable to assets still held as of June 30, 2016 that are recorded in "(Losses)/gains on trading securities."
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Table Text Block] | The following tables present additional information about the significant unobservable inputs, such as discount rates and constant prepayment rates ("CPR"), used in the fair value measurements categorized in level 3 of the fair value hierarchy as of June 30, 2017 and December 31, 2016. Table 8.3
|  | As of June 30, 2017
Financial Instruments |  | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted-Average)
|  | (in thousands)
Assets: |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |
Floating rate auction-rate certificates backed by Government guaranteed student loans |  | $ | 18,518 |  |  | Indicative bids |  | Range of broker quotes |  | 94.0% - 94.0% (94.0%)
Fixed rate GSE guaranteed mortgage-backed securities |  | $ | 4,651 |  |  | Discounted cash flow |  | Discount rate |  | 3.6%
|  |  |  |  |  | CPR |  | 0 %
Farmer Mac Guaranteed Securities: |  |  |  |  |  |  |  |
AgVantage |  | $ | 5,282,562 |  |  | Discounted cash flow |  | Discount rate |  | 1.9% - 3.1% (2.1%)
USDA Securities |  | $ | 16,294 |  |  | Discounted cash flow |  | Discount rate |  | 3.7% - 5.2% (5.0%)
|  |  |  |  |  | CPR |  | 9% - 19% (18%)
|  | As of December 31, 2016
Financial Instruments |  | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted-Average)
|  | (in thousands)
Assets: |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |
Floating rate auction-rate certificates backed by Government guaranteed student loans |  | $ | 17,730 |  |  | Indicative bids |  | Range of broker quotes |  | 90.0% - 90.0% (90.0%)
Farmer Mac Guaranteed Securities: |  |  |  |  |  |  |  |
AgVantage |  | $ | 4,853,685 |  |  | Discounted cash flow |  | Discount rate |  | 1.5% - 3.3% (1.9%)
USDA Securities |  | $ | 20,388 |  |  | Discounted cash flow |  | Discount rate |  | 4.0% - 5.3% (5.0%)
|  |  |  |  |  | CPR |  | 13% - 18% (17%)
Fair Value, by Balance Sheet Grouping [Table Text Block] | The following table sets forth the estimated fair values and carrying values for financial assets, liabilities, and guarantees and commitments as of June 30, 2017 and December 31, 2016: Table 8.4
| As of June 30, 2017 |  | As of December 31, 2016
| Fair Value |  | Carrying Amount |  | Fair Value |  | Carrying Amount
| (in thousands)
Financial assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 319,993 |  |  | $ | 319,993 |  |  | $ | 265,229 |  |  | $ | 265,229 |
Investment securities | 2,363,805 |  |  | 2,363,805 |  |  | 2,515,851 |  |  | 2,515,851 |
Farmer Mac Guaranteed Securities | 7,419,889 |  |  | 7,420,348 |  |  | 6,006,694 |  |  | 6,002,916 |
USDA Securities | 2,016,660 |  |  | 2,082,320 |  |  | 1,934,023 |  |  | 2,029,613 |
Loans | 4,892,895 |  |  | 4,900,470 |  |  | 4,481,019 |  |  | 4,507,435 |
Financial derivatives | 5,546 |  |  | 5,546 |  |  | 23,182 |  |  | 23,182 |
Guarantee and commitment fees receivable: |  |  |  |  |  |  |
LTSPCs | 32,687 |  |  | 32,638 |  |  | 34,720 |  |  | 32,656 |
Farmer Mac Guaranteed Securities | 4,740 |  |  | 4,445 |  |  | 6,197 |  |  | 6,215 |
Financial liabilities: |  |  |  |  |  |  |
Notes payable: |  |  |  |  |  |  |
Due within one year | 7,853,621 |  |  | 7,859,059 |  |  | 8,439,515 |  |  | 8,440,123 |
Due after one year | 7,338,172 |  |  | 7,281,509 |  |  | 5,260,497 |  |  | 5,222,977 |
Debt securities of consolidated trusts held by third parties | 1,221,460 |  |  | 1,249,627 |  |  | 1,107,513 |  |  | 1,142,704 |
Financial derivatives | 34,114 |  |  | 34,114 |  |  | 58,152 |  |  | 58,152 |
Guarantee and commitment obligations: |  |  |  |  |  |  |
LTSPCs | 31,896 |  |  | 31,846 |  |  | 33,860 |  |  | 31,796 |
Farmer Mac Guaranteed Securities | 4,263 |  |  | 3,968 |  |  | 5,467 |  |  | 5,486 |
The carrying value of cash and cash equivalents is a reasonable estimate of their approximate fair value and is classified as level 1 within the fair value hierarchy. Investment securities primarily are valued based on unadjusted quoted prices in active markets and are classified as level 2 within the fair value hierarchy. Farmer Mac internally models the fair value of its loan portfolio, including loans held for investment and loans held for investment in consolidated trusts, Farmer Mac Guaranteed Securities, and USDA Securities by discounting the projected cash flows of these instruments at projected interest rates. The fair values are based on the present value of expected cash flows using management's best estimate of certain key assumptions, which include prepayment speeds, forward yield curves and discount rates commensurate with the risks involved. These fair value measurements do not take into consideration the fair value of the underlying property and are classified as level 3 within the fair value hierarchy. Financial derivatives primarily are valued using unadjusted counterparty valuations and are classified as level 2 within the fair value hierarchy. The fair value of the guarantee fees receivable/obligation and debt securities of consolidated trusts are estimated based on the present value of expected future cash flows of the underlying mortgage assets using management's best estimate of certain key assumptions, which include prepayments speeds, forward yield curves, and discount rates commensurate with the risks involved and are classified as level 3 within the fair value hierarchy. Notes payable are valued by discounting the expected cash flows of these instruments using a yield curve derived from market prices observed for similar agency securities and are also classified as level 3 within the fair value hierarchy. Because the cash flows of Farmer Mac's financial instruments may be interest rate path dependent, estimated fair values and projected discount rates for level 3 financial instruments are derived using a Monte Carlo simulation model. Different market assumptions and estimation methodologies could significantly affect estimated fair value amounts.

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=66048111&loc=SL7498348-110258 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258 + Details
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