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NOTES PAYABLE (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Debt | The following tables set forth information related to Farmer Mac's borrowings as of December 31, 2023 and 2022: Table 7.1
| December 31, 2023
| 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 | $ | 1,734,387 |  |  | 5.32 | % |  | $ | 1,097,300 |  |  | 5.08 | %
Medium-term notes | 384,970 |  |  | 5.07 | % |  | 1,731,308 |  |  | 4.09 | %
Current portion of medium-term notes | 5,967,811 |  |  | 2.90 | % |  |  |  |
Total due within one year | $ | 8,087,168 |  |  | 3.52 | % |  |  |  |
Due after one year: |  |  |  |  |  |  |
Medium-term notes due in: |  |  |  |  |  |  |
Two years | $ | 5,523,671 |  |  | 3.27 | % |  |  |  |
Three years | 3,825,702 |  |  | 2.27 | % |  |  |  |
Four years | 3,038,229 |  |  | 3.44 | % |  |  |  |
Five years | 2,623,202 |  |  | 4.37 | % |  |  |  |
Thereafter | 3,488,987 |  |  | 2.80 | % |  |  |  |
Total due after one year | $ | 18,499,791 |  |  | 3.16 | % |  |  |  |
Total principal net of discounts | $ | 26,586,959 |  |  | 3.27 | % |  |  |  |
Hedging adjustments | (250,417) |  |  |  |  |  |  |
Total | $ | 26,336,542 |  |  |  |  |  |  |
| 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 2024 as of December 31, 2023: Table 7.2
Debt Callable in 2024 as of December 31, 2023, by Maturity
| Amount |  | Weighted-Average Rate
| (dollars in thousands)
Maturity: |  |  |
2025 | $ | 970,468 |  |  | 2.88 | %
2026 | 1,398,727 |  |  | 2.05 | %
2027 | 883,962 |  |  | 2.80 | %
2028 | 582,892 |  |  | 4.27 | %
Thereafter | 1,805,423 |  |  | 2.54 | %
Total | $ | 5,641,472 |  |  | 2.70 | %
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, 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: |  |  |
2024 | $ | 10,125,494 |  |  | 3.95 | %
2025 | 4,568,438 |  |  | 2.79 | %
2026 | 3,622,798 |  |  | 2.07 | %
2027 | 2,747,407 |  |  | 3.20 | %
2028 | 2,380,412 |  |  | 4.24 | %
Thereafter | 3,142,410 |  |  | 2.47 | %
Total principal net of discounts | $ | 26,586,959 |  |  | 3.27 | %

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