XML 87 R28.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

NOTES PAYABLE (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Debt Disclosure [Abstract] |
Schedule of Debt | The following tables set forth information related to Farmer Mac's borrowings as of March 31, 2024 and December 31, 2023: Table 7.1
| March 31, 2024
| 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 | $ | 1,898,810 |  |  | 5.23 | % |  | $ | 1,662,014 |  |  | 5.25 | %
Medium-term notes | 366,953 |  |  | 5.28 | % |  | 272,528 |  |  | 5.23 | %
Current portion of medium-term notes | 6,604,250 |  |  | 3.08 | % |  |  |  |
Total due within one year | $ | 8,870,013 |  |  | 3.63 | % |  |  |  |
Due after one year: |  |  |  |  |  |  |
Medium-term notes due in: |  |  |  |  |  |  |
Two years | $ | 4,972,023 |  |  | 2.95 | % |  |  |  |
Three years | 4,064,733 |  |  | 2.60 | % |  |  |  |
Four years | 2,568,251 |  |  | 3.84 | % |  |  |  |
Five years | 2,941,652 |  |  | 4.45 | % |  |  |  |
Thereafter | 3,398,246 |  |  | 2.76 | % |  |  |  |
Total due after one year | $ | 17,944,905 |  |  | 3.21 | % |  |  |  |
Total principal net of discounts | $ | 26,814,918 |  |  | 3.35 | % |  |  |  |
Hedging adjustments | (305,907) |  |  |  |  |  |  |
Total | $ | 26,509,011 |  |  |  |  |  |  |
| 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 |  |  |  |  |  |  |
The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2024 as of March 31, 2024: Table 7.2
Debt Callable in 2024 as of March 31, 2024, by Maturity
| Amount |  | Weighted-Average Rate
| (dollars in thousands)
Maturity: |  |  |
2025 | $ | 1,090,521 |  |  | 3.12 | %
2026 | 1,378,822 |  |  | 2.00 | %
2027 | 884,005 |  |  | 2.80 | %
2028 | 567,953 |  |  | 4.22 | %
Thereafter | 1,775,587 |  |  | 2.48 | %
Total | $ | 5,696,888 |  |  | 2.71 | %
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, 2024, 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 | $ | 8,789,318 |  |  | 4.06 | %
2025 | 5,180,648 |  |  | 3.03 | %
2026 | 3,750,964 |  |  | 2.15 | %
2027 | 2,972,357 |  |  | 3.29 | %
2028 | 2,584,403 |  |  | 4.24 | %
Thereafter | 3,537,228 |  |  | 2.71 | %
Total principal net of discounts | $ | 26,814,918 |  |  | 3.35 | %

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-2 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-3 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482949/835-30-55-8 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480848/942-470-50-3 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-8 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-6 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-7 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration