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Notes Payable (Tables) | 6 Months Ended
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Jun. 30, 2022
Debt Disclosure [Abstract] |
Schedule of Debt | The following tables set forth information related to Farmer Mac's borrowings as of June 30, 2022 and December 31, 2021: Table 7.1
| June 30, 2022
| Outstanding as of June 30 |  | Average Outstanding During the Quarter
| Amount |  | Weighted- Average Rate |  | Amount |  | Weighted- Average Rate
| (dollars in thousands)
Due within one year: |  |  |  |  |  |  |
Discount notes | $ | 1,476,680 |  |  | 1.10 | % |  | $ | 1,733,373 |  |  | 0.37 | %
Medium-term notes | 1,370,907 |  |  | 1.73 | % |  | 942,055 |  |  | 0.58 | %
Current portion of medium-term notes | 4,216,015 |  |  | 1.05 | % |  |  |  |
Total due within one year | $ | 7,063,602 |  |  | 1.19 | % |  |  |  |
Due after one year: |  |  |  |  |  |  |
Medium-term notes due in: |  |  |  |  |  |  |
Two years | $ | 4,356,442 |  |  | 1.13 | % |  |  |  |
Three years | 2,755,310 |  |  | 1.24 | % |  |  |  |
Four years | 2,646,648 |  |  | 1.06 | % |  |  |  |
Five years | 2,750,521 |  |  | 1.64 | % |  |  |  |
Thereafter | 4,265,636 |  |  | 2.03 | % |  |  |  |
Total due after one year | $ | 16,774,557 |  |  | 1.45 | % |  |  |  |
Total principal net of discounts | $ | 23,838,159 |  |  | 1.37 | % |  |  |  |
Hedging adjustments | (364,064) |  |  |  |  |  |  |
Total | $ | 23,474,095 |  |  |  |  |  |  |
| December 31, 2021
| 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 | $ | 2,167,979 |  |  | 0.05 | % |  | $ | 1,822,714 |  |  | 0.08 | %
Medium-term notes | 837,580 |  |  | 0.09 | % |  | 1,956,870 |  |  | 0.12 | %
Current portion of medium-term notes | 3,981,240 |  |  | 0.75 | % |  |  |  |
Total due within one year | $ | 6,986,799 |  |  | 0.45 | % |  |  |  |
Due after one year: |  |  |  |  |  |  |
Medium-term notes due in: |  |  |  |  |  |  |
Two years | $ | 4,179,985 |  |  | 0.81 | % |  |  |  |
Three years | 2,554,906 |  |  | 0.87 | % |  |  |  |
Four years | 2,119,805 |  |  | 0.85 | % |  |  |  |
Five years | 2,810,894 |  |  | 1.07 | % |  |  |  |
Thereafter | 4,106,144 |  |  | 1.69 | % |  |  |  |
Total due after one year | $ | 15,771,734 |  |  | 1.10 | % |  |  |  |
Total principal net of discounts | $ | 22,758,533 |  |  | 0.90 | % |  |  |  |
Hedging adjustments | (42,377) |  |  |  |  |  |  |
Total | $ | 22,716,156 |  |  |  |  |  |  |
The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2022 as of June 30, 2022:Table 7.2
Debt Callable in 2022 as of June 30, 2022, by Maturity
| Amount |  | Weighted-Average Rate
| (dollars in thousands)
Maturity: |  |  |
2023 | $ | 243,850 |  |  | 0.42 | %
2024 | 312,379 |  |  | 0.40 | %
2025 | 301,612 |  |  | 0.92 | %
2026 | 970,735 |  |  | 1.09 | %
Thereafter | 1,564,298 |  |  | 1.74 | %
Total | $ | 3,392,874 |  |  | 1.26 | %
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 June 30, 2022, 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: |  |  |
2022 | $ | 5,994,023 |  |  | 1.32 | %
2023 | 4,877,070 |  |  | 1.17 | %
2024 | 3,257,121 |  |  | 1.10 | %
2025 | 2,442,236 |  |  | 1.16 | %
2026 | 2,725,448 |  |  | 1.16 | %
Thereafter | 4,542,261 |  |  | 2.11 | %
Total principal net of discounts | $ | 23,838,159 |  |  | 1.37 | %

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