Notes Payable (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Debt

The following tables set forth information related to Farmer Mac's borrowings as of September 30, 2020 and December 31, 2019:

Table 7.1

	September 30, 2020
	Outstanding as of September 30				Average Outstanding During the First Nine Months
	Amount		Weighted- Average Rate		Amount		Weighted- Average Rate
	(dollars in thousands)
Due within one year:
Discount notes	$	2,358,943	0.21	%	$	2,313,477	0.79	%
Medium-term notes	2,065,148		0.27	%	1,312,909		0.81	%
Current portion of medium-term notes	6,510,992		0.90	%
Total due within one year	$	10,935,083	0.63	%
Due after one year:
Medium-term notes due in:
Two years	$	3,277,494	0.96	%
Three years	2,326,812		1.44	%
Four years	1,056,062		1.73	%
Five years	1,242,150		1.35	%
Thereafter	2,751,684		2.07	%
Total due after one year	10,654,202		1.47	%
Total	$	21,589,285	1.05	%

	December 31, 2019
	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	$	2,194,177	1.72	%	$	1,977,214	2.25	%
Medium-term notes	1,152,770		1.98	%	1,780,517		2.33	%
Current portion of medium-term notes	6,672,135		1.85	%
Total due within one year	$	10,019,082	1.84	%
Due after one year:
Medium-term notes due in:
Two years	$	3,700,835	2.04	%
Three years	1,594,709		2.15	%
Four years	1,205,276		2.27	%
Five years	760,887		2.25	%
Thereafter	1,817,859		2.89	%
Total due after one year	9,079,566		2.28	%
Total	$	19,098,648	2.05	%

The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2020 as of September 30, 2020:

Table 7.2

Debt Callable in 2020 as of September 30, 2020, by Maturity
	Amount		Weighted-Average Rate
	(dollars in thousands)
Maturity:
2021	$	215,949	0.17	%
2022	122,918		0.59	%
2023	127,863		0.47	%
2024	59,941		1.33	%
Thereafter	374,144		1.84	%
Total	$	900,815	1.04	%

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, 2020, 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:
2020	$	10,523,446	0.31	%
2021	3,219,231		1.55	%
2022	1,787,566		1.59	%
2023	2,026,445		1.62	%
2024	919,753		1.77	%
Thereafter	3,112,844		2.09	%
Total	$	21,589,285	1.05	%