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NOTES PAYABLE | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
NOTES PAYABLE | NOTES PAYABLE Farmer Mac's borrowings consist of discount notes and medium-term notes, both of which are unsecured general obligations of Farmer Mac. Discount notes generally have original maturities of 1 year or less, whereas medium-term notes generally have maturities of 0.5 years to 25.0 years. The following tables set forth information related to Farmer Mac's borrowings as of September 30, 2024 and December 31, 2023: Table 7.1
| September 30, 2024
| 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 | $ | 2,209,572 |  |  | 4.82 | % |  | $ | 1,884,228 |  |  | 5.22 | %
Medium-term notes | 1,533,369 |  |  | 5.05 | % |  | 625,746 |  |  | 5.28 | %
Current portion of medium-term notes | 6,202,504 |  |  | 3.29 | % |  |  |  |
Total due within one year | $ | 9,945,445 |  |  | 3.90 | % |  |  |  |
Due after one year: |  |  |  |  |  |  |
Medium-term notes due in: |  |  |  |  |  |  |
Two years | $ | 4,552,685 |  |  | 2.90 | % |  |  |  |
Three years | 4,322,588 |  |  | 3.09 | % |  |  |  |
Four years | 2,731,158 |  |  | 3.97 | % |  |  |  |
Five years | 2,286,867 |  |  | 4.62 | % |  |  |  |
Thereafter | 3,355,828 |  |  | 2.73 | % |  |  |  |
Total due after one year | $ | 17,249,126 |  |  | 3.31 | % |  |  |  |
Total principal net of discounts | $ | 27,194,571 |  |  | 3.53 | % |  |  |  |
Hedging adjustments | (65,115) |  |  |  |  |  |  |
Total | $ | 27,129,456 |  |  |  |  |  |  |
| 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 maximum amount of Farmer Mac's discount notes outstanding at any month end during each of the nine months ended September 30, 2024 and 2023 was $2.3 billion and $1.5 billion, respectively. Callable medium-term notes give Farmer Mac the option to redeem the debt at par value on a specified call date or at any time on or after a specified call date. The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2024 as of September 30, 2024: Table 7.2
Debt Callable in 2024 as of September 30, 2024, by Maturity
| Amount |  | Weighted-Average Rate
| (dollars in thousands)
Maturity: |  |  |
2025 | $ | 703,213 |  |  | 2.48 | %
2026 | 1,102,104 |  |  | 1.85 | %
2027 | 747,096 |  |  | 2.79 | %
2028 | 281,393 |  |  | 3.92 | %
Thereafter | 1,215,130 |  |  | 2.62 | %
Total | $ | 4,048,936 |  |  | 2.51 | %
The following schedule summarizes the earliest interest rate reset date, or debt maturities, of total borrowings outstanding as of September 30, 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 | $ | 6,127,512 |  |  | 4.53 | %
2025 | 6,369,714 |  |  | 3.39 | %
2026 | 4,490,285 |  |  | 2.54 | %
2027 | 3,366,626 |  |  | 3.44 | %
2028 | 2,414,941 |  |  | 4.10 | %
Thereafter | 4,425,493 |  |  | 3.10 | %
Total principal net of discounts | $ | 27,194,571 |  |  | 3.53 | %
During the nine months ended September 30, 2024 and 2023, Farmer Mac called $1.2 billion and $111.0 million of callable medium-term notes, respectively. Authority to Borrow from the U.S. Treasury Farmer Mac's statutory charter authorizes it, upon satisfying certain conditions, to borrow up to $1.5 billion from the U.S. Treasury through the issuance of debt obligations to the U.S. Treasury. Any funds borrowed from the U.S. Treasury may be used solely to fulfill Farmer Mac's guarantee obligations. Any debt obligations issued by Farmer Mac under this authority would bear interest at a rate determined by the U.S. Treasury, taking into consideration the average rate on outstanding marketable obligations of the United States as of the last day of the last calendar month ending before the date of the purchase of the obligations from Farmer Mac. The charter requires Farmer Mac to repurchase any of its debt obligations held by the U.S. Treasury within a reasonable time. As of September 30, 2024, Farmer Mac had not used this borrowing authority. Gains on Repurchases of Outstanding Debt No outstanding debt repurchases were made in the three and nine months ended September 30, 2024 and 2023.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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