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Notes Payable (Tables) | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Schedule of Debt | The following tables set forth information related to Farmer Mac's borrowings as of September 30, 2021 and December 31, 2020: Table 7.1
| September 30, 2021
| Outstanding as of September 30 |  | Average Outstanding During the Quarter
| Amount |  | Weighted- Average Rate |  | Amount |  | Weighted- Average Rate
| (dollars in thousands)
Due within one year: |  |  |  |  |  |  |
Discount notes | $ | 2,400,268 |  |  | 0.04 | % |  | $ | 1,744,214 |  |  | 0.09 | %
Medium-term notes | 1,276,557 |  |  | 0.08 | % |  | 2,247,220 |  |  | 0.12 | %
Current portion of medium-term notes | 4,405,308 |  |  | 0.69 | % |  |  |  |
Total due within one year | $ | 8,082,133 |  |  | 0.40 | % |  |  |  |
Due after one year: |  |  |  |  |  |  |
Medium-term notes due in: |  |  |  |  |  |  |
Two years | $ | 3,692,620 |  |  | 0.87 | % |  |  |  |
Three years | 2,513,348 |  |  | 0.87 | % |  |  |  |
Four years | 1,684,685 |  |  | 1.01 | % |  |  |  |
Five years | 2,288,647 |  |  | 0.88 | % |  |  |  |
Thereafter | 4,089,552 |  |  | 1.73 | % |  |  |  |
Total due after one year | $ | 14,268,852 |  |  | 1.14 | % |  |  |  |
Total principal net of discounts | $ | 22,350,985 |  |  | 0.87 | % |  |  |  |
Hedging adjustments | 14,136 |  |  |  |  |  |  |
Total | $ | 22,365,121 |  |  |  |  |  |  |
| 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 September 30, 2021:Table 7.2
Debt Callable in 2021 as of September 30, 2021, by Maturity
| Amount |  | Weighted-Average Rate
| (dollars in thousands)
Maturity: |  |  |
2022 | $ | 116,487 |  |  | 0.11 | %
2023 | 210,867 |  |  | 0.99 | %
2024 | 149,405 |  |  | 0.83 | %
2025 | 137,896 |  |  | 0.66 | %
Thereafter | 569,647 |  |  | 1.51 | %
Total | $ | 1,184,302 |  |  | 1.10 | %
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, 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 | $ | 7,159,124 |  |  | 0.22 | %
2022 | 3,242,709 |  |  | 0.89 | %
2023 | 3,267,608 |  |  | 0.98 | %
2024 | 1,870,603 |  |  | 0.98 | %
2025 | 1,633,640 |  |  | 0.90 | %
Thereafter | 5,177,301 |  |  | 1.63 | %
Total principal net of discounts | $ | 22,350,985 |  |  | 0.87 | %

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