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Long-Term Debt (Tables)
 12 Months Ended
May 31, 2021
Debt Instruments [Abstract]  
Summary of long-term debt outstanding and the weighted-average effective interest rates
The following table displays long-term debt outstanding, by debt product type, and the weighted-average interest rate and maturity date for each debt product type, as of May 31, 2021 and 2020. Long-term debt outstanding totaled $20,603 million and accounted for 75% of total debt outstanding as of May 31, 2021, compared with $19,712 million and 76% of total debt outstanding as of May 31, 2020. Long-term debt with fixed- and variable-rate accounted for 89% and 11%, respectively, of our total long-term debt outstanding as of May 31, 2021, compared with 86% and 14%, respectively, of our total long-term debt outstanding as of May 31, 2020.

Table 7.1: Long-Term Debt—Debt Product Types and Weighted-Average Interest Rates
May 31,
20212020
(Dollars in thousands)AmountWeighted- Average
Interest Rate		Maturity
Date		AmountWeighted- Average
Interest Rate		Maturity
Date
Secured long-term debt:  
Collateral trust bonds $7,452,711 3.15 %2022-2049$7,457,711 3.23 %2020-2049
Unamortized discount(227,046)(236,461)
Debt issuance costs(33,721)(32,697)
Total collateral trust bonds7,191,944 7,188,553 
Guaranteed Underwriter Program notes payable6,269,303 2.76 2025-20416,261,312 2.74 2025-2040
Farmer Mac notes payable2,977,909 1.68 2021-20492,809,637 2.07 2020-2049
Other secured notes payable4,412 3.14 2021-20236,068 2.69 2020-2023
Debt issuance costs(22)(117)
Total other secured notes payable4,390 5,951 
Total secured notes payable9,251,602 9,076,900 2.53 
Total secured long-term debt16,443,546 2.74 16,265,453 2.85 
Unsecured long-term debt:   
Medium-term notes sold through dealers 3,943,728 2.31 2021-20323,086,733 3.34 2020-2032
Medium-term notes sold to members 232,346 2.61 2021-2037372,117 2.85 2020-2037
Subtotal medium-term notes4,176,074 — 3,458,850 3.29 
Unamortized discount(2,307)(997)
Debt issuance costs(18,036)(16,943)
Total unsecured medium-term notes4,155,731 3,440,910 
Unsecured notes payable3,886 — 2021-20235,794 — 2020-2023
Unamortized discount(35)(107)
 Debt issuance costs
(5)(26)
Total unsecured notes payable3,846 5,661 
Total unsecured long-term debt4,159,577 2.33 3,446,571 3.29 
Total long-term debt$20,603,123 2.66 $19,712,024 2.92 
Schedule of amount of long-term debt maturities
The following table presents the principal amount of long-term debt maturing in each of the five fiscal years subsequent to May 31, 2021 and thereafter.

Table 7.2: Long-Term Debt—Maturities and Weighted-Average Interest Rates
(Dollars in thousands) Maturity AmountWeighted-Average
Interest Rate
2022$2,597,519 1.81 %
20231,843,775 1.65 
20241,652,300 2.18 
2025842,377 2.76 
20262,428,251 2.86 
Thereafter11,520,073 3.03 
Total$20,884,295 2.66