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Notes Payable (Tables) | 9 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
Schedule of Debt | The following tables set forth information related to Farmer Mac's borrowings as of September 30, 2023 and December 31, 2022: Table 7.1
| September 30, 2023
| 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 | $ | 1,535,856 |  |  | 5.30 | % |  | $ | 942,297 |  |  | 4.92 | %
Medium-term notes | 947,466 |  |  | 4.75 | % |  | 2,085,249 |  |  | 4.00 | %
Current portion of medium-term notes | 5,472,893 |  |  | 2.49 | % |  |  |  |
Total due within one year | $ | 7,956,215 |  |  | 3.30 | % |  |  |  |
Due after one year: |  |  |  |  |  |  |
Medium-term notes due in: |  |  |  |  |  |  |
Two years | $ | 5,231,168 |  |  | 3.05 | % |  |  |  |
Three years | 3,243,230 |  |  | 2.21 | % |  |  |  |
Four years | 3,297,724 |  |  | 2.64 | % |  |  |  |
Five years | 2,306,430 |  |  | 4.07 | % |  |  |  |
Thereafter | 3,567,720 |  |  | 2.80 | % |  |  |  |
Total due after one year | $ | 17,646,272 |  |  | 2.90 | % |  |  |  |
Total principal net of discounts | $ | 25,602,487 |  |  | 3.03 | % |  |  |  |
Hedging adjustments | (478,942) |  |  |  |  |  |  |
Total | $ | 25,123,545 |  |  |  |  |  |  |
| December 31, 2022
| 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 | $ | 565,578 |  |  | 3.91 | % |  | $ | 1,325,026 |  |  | 0.96 | %
Medium-term notes | 2,547,733 |  |  | 3.54 | % |  | 1,442,932 |  |  | 2.11 | %
Current portion of medium-term notes | 4,920,864 |  |  | 1.49 | % |  |  |  |
Total due within one year | $ | 8,034,175 |  |  | 2.31 | % |  |  |  |
Due after one year: |  |  |  |  |  |  |
Medium-term notes due in: |  |  |  |  |  |  |
Two years | $ | 4,072,740 |  |  | 1.71 | % |  |  |  |
Three years | 3,506,480 |  |  | 2.10 | % |  |  |  |
Four years | 2,967,625 |  |  | 1.44 | % |  |  |  |
Five years | 2,361,197 |  |  | 3.12 | % |  |  |  |
Thereafter | 4,057,982 |  |  | 2.60 | % |  |  |  |
Total due after one year | $ | 16,966,024 |  |  | 2.15 | % |  |  |  |
Total principal net of discounts | $ | 25,000,199 |  |  | 2.20 | % |  |  |  |
Hedging adjustments | (531,086) |  |  |  |  |  |  |
Total | $ | 24,469,113 |  |  |  |  |  |  |
The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2023 as of September 30, 2023:Table 7.2
Debt Callable in 2023 as of September 30, 2023, by Maturity
| Amount |  | Weighted-Average Rate
| (dollars in thousands)
Maturity: |  |  |
2024 | $ | 816,830 |  |  | 3.66 | %
2025 | 664,046 |  |  | 2.33 | %
2026 | 1,012,989 |  |  | 1.57 | %
2027 | 560,204 |  |  | 2.27 | %
Thereafter | 1,161,379 |  |  | 2.51 | %
Total | $ | 4,215,448 |  |  | 2.45 | %
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, 2023, 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: |  |  |
2023 | $ | 5,468,108 |  |  | 4.57 | %
2024 | 5,454,586 |  |  | 2.62 | %
2025 | 4,222,333 |  |  | 2.60 | %
2026 | 3,319,847 |  |  | 1.81 | %
2027 | 2,573,406 |  |  | 3.14 | %
Thereafter | 4,564,207 |  |  | 2.87 | %
Total principal net of discounts | $ | 25,602,487 |  |  | 3.03 | %

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