Notes Payable (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt

The following tables set forth information related to Farmer Mac's borrowings as of December 31, 2022 and 2021:

Table 7.1

	December 31, 2022
	Outstanding as of December 31, 2022				Average Outstanding During the Year
	Amount		Weighted- Average Rate		Amount		Weighted- Average Rate
	(dollars in thousands)
Due within one year:
Discount notes	$	565,578	3.91	%	$	1,325,026	0.96	%
Medium-term notes	2,547,733		3.54	%	1,442,932		2.11	%
Current portion of medium-term notes	4,920,864		1.49	%
Total due within one year	$	8,034,175	2.31	%
Due after one year:
Medium-term notes due in:
Two years	$	4,072,740	1.71	%
Three years	3,506,480		2.10	%
Four years	2,967,625		1.44	%
Five years	2,361,197		3.12	%
Thereafter	4,057,982		2.60	%
Total due after one year	$	16,966,024	2.15	%
Total principal net of discounts	$	25,000,199	2.20	%
Hedging adjustments	(531,086)
Total	$	24,469,113

	December 31, 2021
	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	$	2,167,979	0.05	%	$	1,822,714	0.08	%
Medium-term notes	837,580		0.09	%	1,956,870		0.12	%
Current portion of medium-term notes	3,981,240		0.75	%
Total due within one year	$	6,986,799	0.45	%
Due after one year:
Medium-term notes due in:
Two years	$	4,179,985	0.81	%
Three years	2,554,906		0.87	%
Four years	2,119,805		0.85	%
Five years	2,810,894		1.07	%
Thereafter	4,106,144		1.69	%
Total due after one year	$	15,771,734	1.10	%
Total principal net of discounts	$	22,758,533	0.90	%
Hedging adjustments	(44,762)
Total	$	22,713,771

The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2023 as of December 31, 2022:Table 7.2

Debt Callable in 2023 as of December 31, 2022, by Maturity
	Amount		Weighted-Average Rate
	(dollars in thousands)
Maturity:
2024	$	587,271	1.74	%
2025	816,087		1.91	%
2026	1,109,736		1.21	%
2027	650,013		2.30	%
Thereafter	1,712,917		2.19	%
Total	$	4,876,024	1.88	%

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 December 31, 2022, 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:
2023	$	9,512,484	2.67	%
2024	3,957,769		1.63	%
2025	3,181,100		1.84	%
2026	2,809,720		1.25	%
2027	2,070,417		2.90	%
Thereafter	3,468,709		2.26	%
Total principal net of discounts	$	25,000,199	2.20	%