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Notes Payable (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Schedule of Debt | The following tables set forth information related to Farmer Mac's borrowings as of December 31, 2020 and December 31, 2019: Table 7.1
| December 31, 2020
| 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 | $ | 1,797,175 |  |  | 0.11 | % |  | $ | 2,343,702 |  |  | 0.63 | %
Medium-term notes | 2,645,146 |  |  | 0.19 | % |  | 1,593,253 |  |  | 0.60 | %
Current portion of medium-term notes | 6,304,061 |  |  | 0.90 | % |  |  |  |
Total due within one year | $ | 10,746,382 |  |  | 0.59 | % |  |  |  |
Due after one year: |  |  |  |  |  |  |
Medium-term notes due in: |  |  |  |  |  |  |
Two years | $ | 3,004,203 |  |  | 1.00 | % |  |  |  |
Three years | 2,809,551 |  |  | 1.24 | % |  |  |  |
Four years | 927,119 |  |  | 1.67 | % |  |  |  |
Five years | 1,342,250 |  |  | 1.03 | % |  |  |  |
Thereafter | 2,966,172 |  |  | 1.92 | % |  |  |  |
Total due after one year | $ | 11,049,295 |  |  | 1.37 | % |  |  |  |
Total principal net of discounts | $ | 21,795,677 |  |  | 0.98 | % |  |  |  |
Hedging adjustments | 53,240 |  |  |  |  |  |  |
Total | $ | 21,848,917 |  |  |  |  |  |  |
| 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 | $ | 3,696,699 |  |  | 2.04 | % |  |  |  |
Three years | 1,592,315 |  |  | 2.15 | % |  |  |  |
Four years | 1,202,817 |  |  | 2.27 | % |  |  |  |
Five years | 762,003 |  |  | 2.25 | % |  |  |  |
Thereafter | 1,818,299 |  |  | 2.89 | % |  |  |  |
Total due after one year | $ | 9,072,133 |  |  | 2.28 | % |  |  |  |
Total principal net of discounts | $ | 19,091,215 |  |  | 2.05 | % |  |  |  |
Hedging adjustments | 7,433 |  |  |  |  |  |  |
Total | $ | 19,098,648 |  |  |  |  |  |  |
The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2021 as of December 31, 2020: Table 7.2
Debt Callable in 2021 as of December 31, 2020, by Maturity
| Amount |  | Weighted-Average Rate
| (dollars in thousands)
Maturity: |  |  |
2022 | $ | 243,410 |  |  | 0.42 | %
2023 | 592,529 |  |  | 0.97 | %
2024 | 119,898 |  |  | 1.56 | %
2025 | 306,683 |  |  | 1.08 | %
Thereafter | 670,657 |  |  | 1.51 | %
Total | $ | 1,933,177 |  |  | 1.15 | %
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 December 31, 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: |  |  |
2021 | $ | 12,805,994 |  |  | 0.55 | %
2022 | 2,123,372 |  |  | 1.34 | %
2023 | 2,390,730 |  |  | 1.39 | %
2024 | 884,138 |  |  | 1.74 | %
2025 | 1,126,871 |  |  | 1.15 | %
Thereafter | 2,464,572 |  |  | 2.19 | %
Total principal net of discounts | $ | 21,795,677 |  |  | 0.98 | %

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