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Notes Payable (Tables) | 9 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Schedule of Debt | The following tables set forth information related to Farmer Mac's borrowings as of September 30, 2020 and December 31, 2019: Table 7.1
| September 30, 2020
| Outstanding as of September 30 |  | Average Outstanding During the First Nine Months
| Amount |  | Weighted- Average Rate |  | Amount |  | Weighted- Average Rate
| (dollars in thousands)
Due within one year: |  |  |  |  |  |  |
Discount notes | $ | 2,358,943 |  |  | 0.21 | % |  | $ | 2,313,477 |  |  | 0.79 | %
Medium-term notes | 2,065,148 |  |  | 0.27 | % |  | 1,312,909 |  |  | 0.81 | %
Current portion of medium-term notes | 6,510,992 |  |  | 0.90 | % |  |  |  |
Total due within one year | $ | 10,935,083 |  |  | 0.63 | % |  |  |  |
Due after one year: |  |  |  |  |  |  |
Medium-term notes due in: |  |  |  |  |  |  |
Two years | $ | 3,277,494 |  |  | 0.96 | % |  |  |  |
Three years | 2,326,812 |  |  | 1.44 | % |  |  |  |
Four years | 1,056,062 |  |  | 1.73 | % |  |  |  |
Five years | 1,242,150 |  |  | 1.35 | % |  |  |  |
Thereafter | 2,751,684 |  |  | 2.07 | % |  |  |  |
Total due after one year | 10,654,202 |  |  | 1.47 | % |  |  |  |
Total | $ | 21,589,285 |  |  | 1.05 | % |  |  |  |
| December 31, 2019
| 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 | $ | 2,194,177 |  |  | 1.72 | % |  | $ | 1,977,214 |  |  | 2.25 | %
Medium-term notes | 1,152,770 |  |  | 1.98 | % |  | 1,780,517 |  |  | 2.33 | %
Current portion of medium-term notes | 6,672,135 |  |  | 1.85 | % |  |  |  |
Total due within one year | $ | 10,019,082 |  |  | 1.84 | % |  |  |  |
Due after one year: |  |  |  |  |  |  |
Medium-term notes due in: |  |  |  |  |  |  |
Two years | $ | 3,700,835 |  |  | 2.04 | % |  |  |  |
Three years | 1,594,709 |  |  | 2.15 | % |  |  |  |
Four years | 1,205,276 |  |  | 2.27 | % |  |  |  |
Five years | 760,887 |  |  | 2.25 | % |  |  |  |
Thereafter | 1,817,859 |  |  | 2.89 | % |  |  |  |
Total due after one year | 9,079,566 |  |  | 2.28 | % |  |  |  |
Total | $ | 19,098,648 |  |  | 2.05 | % |  |  |  |
The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2020 as of September 30, 2020: Table 7.2
Debt Callable in 2020 as of September 30, 2020, by Maturity
| Amount |  | Weighted-Average Rate
| (dollars in thousands)
Maturity: |  |  |
2021 | $ | 215,949 |  |  | 0.17 | %
2022 | 122,918 |  |  | 0.59 | %
2023 | 127,863 |  |  | 0.47 | %
2024 | 59,941 |  |  | 1.33 | %
Thereafter | 374,144 |  |  | 1.84 | %
Total | $ | 900,815 |  |  | 1.04 | %
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, 2020, 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: |  |  |
2020 | $ | 10,523,446 |  |  | 0.31 | %
2021 | 3,219,231 |  |  | 1.55 | %
2022 | 1,787,566 |  |  | 1.59 | %
2023 | 2,026,445 |  |  | 1.62 | %
2024 | 919,753 |  |  | 1.77 | %
Thereafter | 3,112,844 |  |  | 2.09 | %
Total | $ | 21,589,285 |  |  | 1.05 | %

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