XML 50 R28.htm IDEA: XBRL DOCUMENT
v3.24.3

NOTES PAYABLE (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Debt | 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 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 | %
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, 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 | %

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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: 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 3: 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 4: 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 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 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 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477734/942-470-50-3 Reference 8: 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 9: 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 10: 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