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Notes Payable (Tables) | 3 Months Ended
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Mar. 31, 2021
Debt Disclosure [Abstract] |
Schedule of Debt | The following tables set forth information related to Farmer Mac's borrowings as of March 31, 2021 and December 31, 2020: Table 7.1
| March 31, 2021
| Outstanding as of March 31 |  | Average Outstanding During the Quarter
| Amount |  | Weighted- Average Rate |  | Amount |  | Weighted- Average Rate
| (dollars in thousands)
Due within one year: |  |  |  |  |  |  |
Discount notes | $ | 1,675,995 |  |  | 0.06 | % |  | $ | 1,625,416 |  |  | 0.11 | %
Medium-term notes | 2,514,691 |  |  | 0.14 | % |  | 2,725,057 |  |  | 0.16 | %
Current portion of medium-term notes | 5,402,791 |  |  | 0.78 | % |  |  |  |
Total due within one year | $ | 9,593,477 |  |  | 0.49 | % |  |  |  |
Due after one year: |  |  |  |  |  |  |
Medium-term notes due in: |  |  |  |  |  |  |
Two years | $ | 2,912,497 |  |  | 0.96 | % |  |  |  |
Three years | 2,509,857 |  |  | 1.16 | % |  |  |  |
Four years | 1,308,945 |  |  | 1.25 | % |  |  |  |
Five years | 1,853,777 |  |  | 0.84 | % |  |  |  |
Thereafter | 3,358,018 |  |  | 1.81 | % |  |  |  |
Total due after one year | $ | 11,943,094 |  |  | 1.25 | % |  |  |  |
Total principal net of discounts | $ | 21,536,571 |  |  | 0.91 | % |  |  |  |
Hedging adjustments | 23,739 |  |  |  |  |  |  |
Total | $ | 21,560,310 |  |  |  |  |  |  |
| 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 |  |  |  |  |  |  |
The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2021 as of March 31, 2021: Table 7.2
Debt Callable in 2021 as of March 31, 2021, by Maturity
| Amount |  | Weighted-Average Rate
| (dollars in thousands)
Maturity: |  |  |
2022 | $ | 350,449 |  |  | 0.27 | %
2023 | 355,710 |  |  | 0.77 | %
2024 | 119,413 |  |  | 1.09 | %
2025 | 267,726 |  |  | 0.83 | %
Thereafter | 788,996 |  |  | 1.44 | %
Total | $ | 1,882,294 |  |  | 0.98 | %
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 March 31, 2021, 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 | $ | 10,287,077 |  |  | 0.43 | %
2022 | 2,719,969 |  |  | 1.06 | %
2023 | 2,479,427 |  |  | 1.24 | %
2024 | 1,247,008 |  |  | 1.28 | %
2025 | 1,283,087 |  |  | 1.00 | %
Thereafter | 3,520,003 |  |  | 1.82 | %
Total principal net of discounts | $ | 21,536,571 |  |  | 0.91 | %

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