XML 45 R19.htm IDEA: XBRL DOCUMENT
v3.25.0.1

INCOME TAXES | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES Farmer Mac is subject to federal corporate income taxes but is exempt from state and local corporate income taxes. The components of the federal corporate income tax expense for the years ended December 31, 2024, 2023, and 2022 were as follows: Table 10.1
| For the Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (in thousands)
Current income tax expense | $ | 54,687 |  |  | $ | 46,712 |  |  | $ | 35,609 |
Deferred income tax expense | (3,777) |  |  | 6,386 |  |  | 11,926 |
Income tax expense | $ | 50,910 |  |  | $ | 53,098 |  |  | $ | 47,535 |
A reconciliation of income tax at the statutory federal corporate income tax rate to the income tax expense for the years ended December 31, 2024, 2023, and 2022 is as follows: Table 10.2
| For the Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (dollars in thousands)
Tax expense at statutory rate | $ | 54,201 |  |  | $ | 53,151 |  |  | $ | 47,393 |
Excess tax benefits related to stock-based awards | (1,755) |  |  | (924) |  |  | (401) |
Tax credits | (3,260) |  |  | — |  |  | — |
Other | 1,724 |  |  | 871 |  |  | 543 |
Income tax expense | $ | 50,910 |  |  | $ | 53,098 |  |  | $ | 47,535 |
Statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
The components of the deferred tax assets and liabilities as of December 31, 2024 and 2023 were as follows: Table 10.3
| As of December 31,
| 2024 |  | 2023
| (in thousands)
Deferred tax assets: |  |  |
Basis difference related to hedge items | $ | 136,589 |  |  | $ | 84,922 |
Unrealized losses on available-for-sale securities | 12,441 |  |  | 20,514 |
Allowance for losses | 5,310 |  |  | 3,842 |
Compensation and Benefits | 1,779 |  |  | 2,127 |
Stock-based compensation | 3,014 |  |  | 2,481 |
Capital loss carryforwards | — |  |  | 35 |
Valuation allowance | — |  |  | (35) |
Other | 5,887 |  |  | 2,051 |
Total deferred tax assets | $ | 165,020 |  |  | $ | 115,937 |
Deferred tax liability: |  |  |
Basis differences related to financial derivatives | $ | 135,528 |  |  | $ | 80,887 |
Unrealized gains on cash flow hedges | 9,212 |  |  | 9,843 |
Basis difference related to structured securitizations | 18,726 |  |  | 16,647 |
Other | 10 |  |  | 90 |
Total deferred tax liability | $ | 163,476 |  |  | $ | 107,467 |
Net deferred tax asset | $ | 1,544 |  |  | $ | 8,470 |
As of December 31, 2024 and 2023, Farmer Mac did not identify any uncertain tax positions. Farmer Mac did not have any unrecognized tax benefits for the years ended December 31, 2024, 2023, and 2022. Tax years 2021 through 2024 remain subject to examination.

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

X
- Definition The entire disclosure for income tax. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477891/740-270-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-13 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/740/tableOfContent Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-14 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-21 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-17 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration