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Guarantees (Tables) | 12 Months Ended
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Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract] |
Schedule of Guarantor Obligations | The following table presents changes in Farmer Mac's guarantee and commitment obligations in the consolidated balance sheets for the years ended December 31, 2019, 2018, and 2017: Table 12.1
| For the Years Ended December 31, |  |  |  |  |
| 2019 |  | 2018 |  | 2017
| (in thousands) |  |  |  |  |
Beginning balance, January 1 |  | $ | 38,683 |  |  | $ | 38,400 |  |  | $ | 37,282 |
Additions to the guarantee and commitment obligation(1) | 4,398 |  |  | 6,202 |  |  | 7,683 |
Amortization of the guarantee and commitment obligation |  | (6,381) |  |  | (5,919) |  |  | (6,565) |
Ending balance, December 31 |  | $ | 36,700 |  |  | $ | 38,683 |  |  | $ | 38,400 |
(1)Represents the fair value of the guarantee and commitment obligation at inception. The following table presents the maximum principal amount of potential undiscounted future payments that Farmer Mac could be required to make under all off-balance sheet Farmer Mac Guaranteed Securities as of December 31, 2019 and 2018, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans: Table 12.2
Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities |  |  |
| As of December 31, 2019 |  | As of December 31, 2018
| (in thousands) |  |
Farm & Ranch: |  |  |
Guaranteed Securities | $ | 107,322 |  |  | $ | 135,862 |
USDA Guarantees: |  |  |
Farmer Mac Guaranteed USDA Securities | 389,216 |  |  | 367,684 |
Institutional Credit: |  |  |
AgVantage Securities | 7,567 |  |  | 9,898 |
Revolving floating rate AgVantage facility(1) | — |  |  | 300,000 |
Total off-balance sheet Farmer Mac Guaranteed Securities | $ | 504,105 |  |  | $ | 813,444 |
(1)Relates to a revolving floating rate AgVantage facility subject to specified contractual terms. Farmer Mac receives a fixed fee based on the full dollar amount of the facility. This facility was terminated during fourth quarter 2019. The following table presents the liability and the weighted-average remaining maturity of all loans underlying off-balance sheet Farmer Mac Guaranteed Securities: Table 12.4
| As of December 31, |  |
| 2019 |  | 2018
| (dollars in thousands) |  |
Guarantee and commitment obligation | $ | 2,230 |  |  | $ | 2,804 |
Weighted average remaining maturity: |  |  |
Farmer Mac Guaranteed Securities | 9.8 years |  | 10.3 years
AgVantage Securities | 5.0 years |  | 5.0 years
Schedule of Cash Flows Related To Transfer of Securitizations | The following table summarizes the significant cash flows received from and paid to trusts used for Farmer Mac securitizations: Table 12.3
| For the Years Ended December 31, |  |  |  |  |
| 2019 |  | 2018 |  | 2017
| (in thousands) |  |  |  |  |
Proceeds from new securitizations |  | $ | 321,414 |  |  | $ | 382,929 |  |  | $ | 519,219 |
Guarantee fees received |  | 1,413 |  |  | 1,920 |  |  | 2,610 |
Schedule of Long-Term Standby Purchase Commitments | The following table presents the liability, the maximum principal amount of potential undiscounted future payments that Farmer Mac could be requested to make under all LTSPCs, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans, as well as the weighted-average remaining maturity of all loans underlying LTSPCs: Table 12.5
| As of December 31, |  |
| 2019 |  | 2018
| (dollars in thousands) |  |
Guarantee and commitment obligation(1) | $ | 34,470 |  |  | $ | 35,880 |
Maximum principal amount | 3,002,349 |  |  | 3,163,059 |
Weighted-average remaining maturity | 15.2 years |  | 15.3 years
(1) Relates to LTSPCs issued or modified on or after January 1, 2003.
Future Minimum Lease Payments | The future minimum lease payments under Farmer Mac's non-cancellable leases for its office space and other contractual obligations as of December 31, 2019 are as follows: Table 12.6
| Future Minimum Lease Payments |  |  | Other Contractual Obligations |
| (in thousands) |  |  |
2020 | $ | 1,978 |  |  | $ | 3,223 |
2021 | 1,982 |  |  | 1,751 |
2022 | 2,021 |  |  | 1,097 |
2023 | 1,995 |  |  | 1,090 |
2024 | 1,311 |  |  | 611 |
Thereafter |  | — |  |  | — |
Total |  | $ | 9,287 |  |  | $ | 7,772 |

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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=115931803&loc=d3e12069-110248 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=115931803&loc=d3e12265-110248 + Details
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