National Rural Utilities Cooper (NRUC) 10-Q 5 Apr 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Feb. 28, 2017shares
Document and Entity Information
Entity Registrant Name	NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/
Entity Central Index Key	70,502
Document Type	10-Q
Document Period End Date	Feb. 28, 2017
Amendment Flag	false
Current Fiscal Year End Date	--05-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	0
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016
Income Statement [Abstract]
Interest income		$ 259,920	$ 253,633	$ 773,911	$ 756,074
Interest expense	[1],[2],[3]	(186,740)	(171,189)	(551,474)	(504,013)
Net interest income		73,180	82,444	222,437	252,061
Provision for loan losses		(2,065)	1,735	(4,731)	(4,067)
Net interest income after provision for loan losses		71,115	84,179	217,706	247,994
Non-interest income:
Fee and other income		5,810	5,604	15,437	17,336
Derivative gains (losses)		42,455	(243,036)	194,822	(356,237)
Results of operations of foreclosed assets		(29)	1,472	(1,690)	1,605
Total non-interest income		48,236	(235,960)	208,569	(337,296)
Non-interest expense:
Salaries and employee benefits		(11,537)	(11,346)	(34,412)	(33,779)
Other general and administrative expenses		(9,173)	(11,006)	(27,789)	(31,639)
Gains (losses) on early extinguishment of debt		192	(333)	192	(333)
Other		(486)	(509)	(1,446)	(875)
Total non-interest expense		(21,004)	(23,194)	(63,455)	(66,626)
Income (loss) before income taxes		98,347	(174,975)	362,820	(155,928)
Income tax benefit (expense)		(385)	593	(1,815)	153
Net income (loss)		97,962	(174,382)	361,005	(155,775)
Less: Net (income) loss attributable to noncontrolling interests		(404)	1,401	(2,289)	1,982
Net income (loss) attributable to CFC		$ 97,558	$ (172,981)	$ 358,716	$ (153,793)
[1]	Includes fees related to funding activities, including fees paid to banks participating in our committed bank revolving line of credit agreements. Amounts are recognized as incurred or amortized on a straight-line basis over the life of the agreement.
[2]	Includes underwriter’s fees, legal fees, printing costs and certain accounting fees, which are deferred and recognized in interest expense using the effective interest method. Also includes issuance costs related to dealer commercial paper, which are recognized immediately as incurred.
[3]	Represents interest expense and the amortization of discounts on debt.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016
Statement of Comprehensive Income [Abstract]
Net income (loss )	$ 97,962	$ (174,382)	$ 361,005	$ (155,775)
Other comprehensive income (loss):
Unrealized gains (losses) on available-for-sale investment securities	3,923	(2,297)	2,151	589
Reclassification of losses on foreclosed assets to net income	0	0	9,823	0
Reclassification of derivative gains to net income	(195)	(218)	(591)	(689)
Defined benefit plan adjustments	45	43	133	131
Other comprehensive income (loss)	3,773	(2,472)	11,516	31
Total comprehensive income (loss)	101,735	(176,854)	372,521	(155,744)
Less: Total comprehensive (income) loss attributable to noncontrolling interests	(404)	1,402	(2,289)	1,985
Total comprehensive income (loss) attributable to CFC	$ 101,331	$ (175,452)	$ 370,232	$ (153,759)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Feb. 28, 2017	May 31, 2016
ASSETS
Cash and cash equivalents		$ 235,764	$ 204,540
Restricted cash		20,760	4,628
Time deposits		630,000	340,000
Investment securities available for sale, at fair value		90,091	87,940
Loans to members	[1]	24,260,837	23,162,696
Less: Allowance for loan losses		(36,029)	(33,258)
Loans to members, net		24,224,808	23,129,438
Accrued interest receivable		112,686	113,272
Other receivables		46,450	51,478
Fixed assets, net		121,253	112,563
Debt service reserve restricted funds		17,151	17,151
Foreclosed assets, net		0	102,967
Derivative assets		83,850	80,095
Other assets		26,752	26,128
Total assets		25,609,565	24,270,200
LIABILITIES
Accrued interest payable		195,374	132,996
Debt outstanding:
Short-term borrowings		3,388,078	2,938,848
Long-term debt		18,254,301	17,473,603
Subordinated deferrable debt		742,241	742,212
Members’ subordinated certificates:
Membership subordinated certificates		629,982	630,063
Loan and guarantee subordinated certificates		569,529	593,701
Member capital securities		221,097	220,046
Total members’ subordinated certificates		1,420,608	1,443,810
Total debt outstanding		23,805,228	22,598,473
Deferred income		77,331	78,651
Derivative liabilities		339,809	594,820
Other liabilities		44,485	47,882
Total liabilities		24,462,227	23,452,822
Commitments and contingencies
CFC equity:
Retained equity		1,105,817	790,234
Accumulated other comprehensive income		12,574	1,058
Total CFC equity		1,118,391	791,292
Noncontrolling interests		28,947	26,086
Total equity		1,147,338	817,378
Total liabilities and equity		$ 25,609,565	$ 24,270,200
[1]	Includes troubled debt restructured loans.

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Non-controlling Interests	Total CFC Equity	Accumulated Other Comprehensive Income	CFC Retained Equity	Unallocated Net Income (Loss)	Members’ Capital Reserve	Patronage Capital Allocated	Membership Fees and Educational Fund
Balance at May. 31, 2015	$ 911,786	$ 27,464	$ 884,322	$ 4,080	$ 880,242	$ (293,212)	$ 501,731	$ 668,980	$ 2,743
Net income (loss )	(155,775)	(1,982)	(153,793)		(153,793)	(153,793)
Other comprehensive income (loss)	31	(3)	34	34
Patronage capital retirement	(39,384)	0	(39,384)		(39,384)			(39,384)
Other	(162)	486	(648)		(648)	429	(429)	0	(648)
Balance at Feb. 29, 2016	716,496	25,965	690,531	4,114	686,417	(446,576)	501,302	629,596	2,095
Balance at May. 31, 2016	817,378	26,086	791,292	1,058	790,234	(513,610)	587,219	713,853	2,772
Net income (loss )	361,005	2,289	358,716		358,716	358,716
Other comprehensive income (loss)	11,516	0	11,516	11,516
Patronage capital retirement	(42,490)	0	(42,490)		(42,490)	(103)		(42,593)
Other	(71)	572	(643)		(643)	0	0	0	(643)
Balance at Feb. 28, 2017	$ 1,147,338	$ 28,947	$ 1,118,391	$ 12,574	$ 1,105,817	$ (154,791)	$ 587,219	$ 671,260	$ 2,129

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Feb. 28, 2017	Feb. 29, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss )	$ 361,005	$ (155,775)
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred income	(9,159)	(15,792)
Amortization of debt issuance costs and deferred charges	7,034	6,253
Amortization of discount on long-term debt	7,072	6,433
Amortization of issuance costs for revolving bank lines of credit	4,213	4,242
Depreciation and amortization	5,352	5,592
Provision for loan losses	4,731	4,067
Results of operations of foreclosed assets	1,690	(1,605)
Derivative forward value	(259,153)	290,952
Changes in operating assets and liabilities:
Accrued interest receivable	586	125
Accrued interest payable	62,378	62,061
Deferred income	7,839	5,760
Other	(979)	(14,849)
Net cash provided by operating activities	192,609	197,464
Cash flows from investing activities:
Advances on loans	(6,042,651)	(6,765,131)
Principal collections on loans	5,003,038	5,090,296
Net investment in fixed assets	(14,976)	(5,992)
Net cash proceeds from sale of foreclosed assets	47,065	0
Proceeds from foreclosed assets	4,036	4,050
Investments in foreclosed assets	0	(4,349)
(Investments) proceeds from time deposits, net	(290,000)	145,000
Change in restricted cash	(16,132)	(3,782)
Net cash used in investing activities	(1,309,620)	(1,539,908)
Cash flows from financing activities:
Proceeds from issuances of short-term borrowings, net	410,447	239,235
Proceeds from issuances of short-term borrowings with original maturity greater than 90 days	791,124	455,065
Repayments of short term-debt with original maturity greater than 90 days	(752,340)	(513,034)
Payments for issuance costs for revolving bank lines of credit	(2,543)	(3,211)
Proceeds from issuance of long-term debt	1,710,561	2,678,713
Payments for retirement of long-term debt	(943,872)	(1,408,641)
Issuance cost of subordinated deferrable debt	(68)	0
Proceeds from issuance of members’ subordinated certificates	2,743	4,973
Payments for retirement of members’ subordinated certificates	(25,946)	(21,618)
Payments for retirement of patronage capital	(41,871)	(38,850)
Net cash provided by financing activities	1,148,235	1,392,632
Net increase in cash and cash equivalents	31,224	50,188
Beginning cash and cash equivalents	204,540	248,836
Ending cash and cash equivalents	235,764	299,024
Supplemental disclosure of cash flow information:
Cash paid for interest	470,777	425,024
Cash paid for income taxes	$ 386	$ 72

Summary of Significant Accounti

Summary of Significant Accounting Policies - (Notes)	9 Months Ended
	Feb. 28, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	NOTE 1—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company National Rural Utilities Cooperative Finance Corporation (“CFC”) is a member-owned cooperative association incorporated under the laws of the District of Columbia in April 1969. CFC’s principal purpose is to provide its members with financing to supplement the loan programs of the Rural Utilities Service (“RUS”) of the United States Department of Agriculture (“USDA”). CFC makes loans to its rural electric members so they can acquire, construct and operate electric distribution, generation, transmission and related facilities. CFC also provides its members with credit enhancements in the form of letters of credit and guarantees of debt obligations. As a cooperative, CFC is owned by and exclusively serves its membership, which consists of not-for-profit entities or subsidiaries or affiliates of not-for-profit entities. CFC is exempt from federal income taxes. Basis of Presentation and Use of Estimates The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and related disclosures. The most significant estimates and assumptions involve establishing the allowance for loan losses and determining the fair value of financial instruments and other assets and liabilities. While management makes its best judgment, actual amounts or results could differ from these estimates. The results of operations in the interim financial statements are not necessarily indicative of the results that may be expected for the full year. These interim unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements, and related notes thereto, included in CFC’s Annual Report on Form 10-K for the fiscal year ended May 31, 2016 (“ 2016 Form 10-K”). Principles of Consolidation Our accompanying condensed consolidated financial statements include the accounts of CFC, Rural Telephone Finance Cooperative (“RTFC”), National Cooperative Services Corporation (“NCSC”) and subsidiaries created and controlled by CFC to hold foreclosed assets. All intercompany balances and transactions have been eliminated. RTFC was established to provide private financing for the rural telecommunications industry. NCSC may provide financing to members of CFC, government or quasi-government entities which own electric utility systems that meet the Rural Electrification Act definition of “rural”, and the for-profit and nonprofit entities that are owned, operated or controlled by, or provide significant benefits to certain members of CFC. CFC had one entity, Caribbean Asset Holdings, LLC (“CAH”), that held foreclosed assets as of May 31, 2016 . On July 1, 2016, the sale of CAH was completed. As a result, we did not carry any foreclosed assets on our condensed consolidated balance sheet as of February 28, 2017 . Unless stated otherwise, references to “we,” “our” or “us” relate to CFC and its consolidated entities. Interest Income The following table presents interest income, categorized by loan and investment type, for the three and nine months ended February 28, 2017 and February 29, 2016 . Three Months Ended Nine Months Ended (Dollars in thousands) February 28, 2017 February 29, 2016 February 28, 2017 February 29, 2016 Interest income on loans and investments: Long-term fixed-rate loans (1) $ 245,480 $ 240,933 $ 733,425 $ 716,736 Long-term variable-rate loans 5,047 5,077 14,561 14,919 Line of credit loans 6,538 6,335 18,057 18,919 TDR loans (2) 228 163 677 293 Nonperforming loans — 81 — 110 Investments 2,857 1,323 7,986 5,905 Other income, net (3) (230 ) (279 ) (795 ) (808 ) Total interest income $ 259,920 $ 253,633 $ 773,911 $ 756,074 ____________________________ (1) Includes loan conversion fees, which are deferred and recognized in interest income using the effective interest method. (2) Troubled debt restructuring (“TDR”) loans. (3) Consists of late payment fees and net amortization of deferred loan fees and loan origination costs. Deferred income on the condensed consolidated balance sheets consists primarily of deferred loan conversion fees, which totaled $71 million as of February 28, 2017 and May 31, 2016 . Interest Expense The following table presents interest expense, categorized by debt product type, for the three and nine months ended February 28, 2017 and February 29, 2016 . Three Months Ended Nine Months Ended (Dollars in thousands) February 28, 2017 February 29, 2016 February 28, 2017 February 29, 2016 Interest expense on debt: (1)(2)(3) Short-term borrowings $ 7,907 $ 4,387 $ 18,198 $ 10,311 Medium-term notes 25,166 21,773 73,456 62,745 Collateral trust bonds 85,582 83,810 255,582 248,410 Long-term notes payable 43,929 41,412 131,319 122,766 Subordinated deferrable debt 9,410 4,785 28,247 14,356 Subordinated certificates 14,746 15,022 44,672 45,425 Total interest expense $ 186,740 $ 171,189 $ 551,474 $ 504,013 ____________________________ (1) Represents interest expense and the amortization of discounts on debt. (2) Includes underwriter’s fees, legal fees, printing costs and certain accounting fees, which are deferred and recognized in interest expense using the effective interest method. Also includes issuance costs related to dealer commercial paper, which are recognized immediately as incurred. (3) Includes fees related to funding activities, including fees paid to banks participating in our committed bank revolving line of credit agreements. Amounts are recognized as incurred or amortized on a straight-line basis over the life of the agreement. Accounting Standards Adopted in Fiscal Year 2017 Amendments to the Consolidation Analysis In February 2015, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) 2015-02, Amendments to the Consolidation Analysis , which makes several modifications to the consolidation guidance for variable interest entities (“VIEs”) and general partners’ investments in limited partnerships, as well as modifications to the evaluation of whether limited partnerships are VIEs or voting interest entities. The new guidance also amends the consolidation analysis for certain investment funds and excludes certain money market funds. We were required to adopt this guidance either retrospectively or on a modified retrospective basis at the beginning of fiscal year 2017. We adopted this guidance on a modified retrospective basis effective June 1, 2016. The adoption had no impact on our consolidated financial statements. Recently Issued But Not Yet Adopted Accounting Standards Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments In June 2016, FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments, which changes the accounting for credit losses on certain financial assets to an expected loss model from the incurred loss model currently in use. The new guidance will result in earlier recognition of credit losses based on measuring the expected credit losses over the estimated life of financial assets held at each reporting date. The expected loss model will be the basis for determining the allowance for credit losses for loans and leases, unfunded lending commitments, held-to-maturity debt securities and other debt instruments measured at amortized cost. In addition, the new guidance modifies the other-than-temporary impairment model for available-for-sale debt securities to require the recognition of credit losses through a valuation allowance, which allows for the reversal of credit impairments in future periods. The ASU will also require enhanced disclosures to help users of financial statements better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. The new standard is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. Early application will be permitted for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. This update is effective for us on June 1, 2020, the first quarter of fiscal year 2021. Upon adoption, we will be required to record a cumulative-effect adjustment to retained earnings. The impact on our consolidated financial statements from the adoption of this new guidance will depend on the composition and risk profile of our loan portfolio as of the date of adoption. We do not expect to early adopt this guidance. Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, FASB issued ASU 2016-01, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities, which amends certain aspects of the recognition, measurement, presentation and disclosure of certain financial instruments, including equity investments and liabilities measured at fair value under the fair value option. The guidance also updates fair value presentation and disclosure requirements for financial instruments measured at amortized cost. The ASU requires investments in equity securities that do not result in consolidation and are not accounted for under the equity method to be measured at fair value with changes in the fair value recognized through net income, unless one of two available exceptions apply. For financial liabilities where the fair value option has been elected, the portion of the total change in fair value caused by changes in the company’s own credit risk is required to be presented separately in other comprehensive income. The classification and measurement guidance is effective for public entities in fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. This update will be effective for us on June 1, 2018, the first quarter of fiscal year 2019. Upon adoption, we will be required to reclassify the gain (loss) related to our equity investments classified as available-for-sale from accumulated other comprehensive income (“AOCI”) to retained earnings as a cumulative-effective adjustment and begin recording future changes in fair value in earnings. We had a gain of $10 million recorded in AOCI for our available-for-sale equity investments as of February 28, 2017 . The impact on our consolidated financial statements at adoption will depend on the net unrealized gains (losses) recorded in AOCI for these equity investments as of the date of adoption. Revenue from Contracts with Customers In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers , which clarifies the principles for recognizing revenue from contracts with customers and will replace most existing revenue recognition in GAAP when it becomes effective. In July 2015, FASB approved a one year deferral of the effective date of this standard, with a revised effective date for fiscal years beginning after December 15, 2017. Early adoption is permitted, although not prior to fiscal years beginning after December 15, 2016. The new accounting guidance, which does not apply to financial instruments, will be effective for us June 1, 2017, the first quarter of fiscal year 2018. We do not expect the new guidance to have an impact on our consolidated financial statements, as CFC’s primary business and source of revenue is from lending

Variable Interest Entities - (N

Variable Interest Entities - (Notes)	9 Months Ended
	Feb. 28, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entity Disclosure	NOTE 2—VARIABLE INTEREST ENTITIES Based on the accounting standards governing consolidations, we are required to consolidate the financial results of RTFC and NCSC because CFC is the primary beneficiary of RTFC and NCSC. CFC manages the lending activities of RTFC and NCSC. Under separate guarantee agreements, RTFC and NCSC pay CFC a fee to indemnify them against loan losses. CFC is the sole lender to and manages the business operations of RTFC through a management agreement that is automatically renewable on an annual basis unless terminated by either party. RTFC funds its lending programs through loans from CFC. CFC is the primary source of funding to and manages the lending activities of NCSC through a management agreement that is automatically renewable on an annual basis unless terminated by either party. NCSC funds its lending programs through loans from CFC or debt guaranteed by CFC. In connection with these guarantees, NCSC must pay a guarantee fee. RTFC and NCSC creditors have no recourse against CFC in the event of a default by RTFC and NCSC, unless there is a guarantee agreement under which CFC has guaranteed NCSC or RTFC debt obligations to a third party. CFC had guaranteed $43 million of NCSC debt, derivative instruments and guarantees with third parties as of February 28, 2017 , and CFC’s maximum potential exposure for these instruments totaled $46 million . The maturities for NCSC obligations guaranteed by CFC extend through 2031. Guarantees of NCSC debt and derivative instruments are not presented in the amount in “Note 11—Guarantees” as the debt and derivatives are reported on the condensed consolidated balance sheets. CFC guaranteed $2 million of RTFC guarantees with third parties as of February 28, 2017 . The maturities for RTFC obligations guaranteed by CFC extend through 2017. All CFC loans to RTFC and NCSC are secured by all assets and revenue of RTFC and NCSC. RTFC had total assets of $459 million including loans outstanding to members of $363 million , and NCSC had total assets of $626 million including loans outstanding of $617 million as of February 28, 2017 . CFC had committed to lend RTFC up to $2,500 million , of which $344 million was outstanding, as of February 28, 2017 . CFC had committed to provide up to $3,000 million of credit to NCSC, of which $640 million was outstanding, representing $597 million of outstanding loans and $43 million of credit enhancements as of February 28, 2017 .

Investment Securities - (Notes)

Investment Securities - (Notes)	9 Months Ended
	Feb. 28, 2017
Investments [Abstract]
Investment Securities	NOTE 3—INVESTMENT SECURITIES Our investment securities consist of holdings of Federal Agricultural Mortgage Corporation (“Farmer Mac”) preferred and common stock. The following tables present the amortized cost, gross unrealized gains and losses and fair value of our investment securities, all of which were classified as available for sale, as of February 28, 2017 and May 31, 2016 . February 28, 2017 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Farmer Mac—Series A Non-Cumulative Preferred Stock $ 30,000 $ 576 $ — $ 30,576 Farmer Mac—Series B Non-Cumulative Preferred Stock 25,000 1,979 — 26,979 Farmer Mac—Series C Non-Cumulative Preferred Stock 25,000 2,600 — 27,600 Farmer Mac—Class A Common Stock 538 4,398 — 4,936 Total investment securities, available-for-sale $ 80,538 $ 9,553 $ — $ 90,091 May 31, 2016 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Farmer Mac—Series A Non-Cumulative Preferred Stock $ 30,000 $ 780 $ — $ 30,780 Farmer Mac—Series B Non-Cumulative Preferred Stock 25,000 2,600 — 27,600 Farmer Mac—Series C Non-Cumulative Preferred Stock 25,000 1,650 — 26,650 Farmer Mac—Class A Common Stock 538 2,372 — 2,910 Total investment securities, available-for-sale $ 80,538 $ 7,402 $ — $ 87,940 We did not have any investment securities in an unrealized loss position as of February 28, 2017 or May 31, 2016 . For additional information regarding the unrealized gains (losses) recorded on our available-for-sale investment securities, see “Note 10—Equity—Accumulated Other Comprehensive Income.”

Loans and Commitments - (Notes)

Loans and Commitments - (Notes)	9 Months Ended
	Feb. 28, 2017
Loans and Leases Receivable Disclosure [Abstract]
Loans and Commitments	NOTE 4—LOANS AND COMMITMENTS Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are considered loans held for investment. The loans presented on our consolidated balance sheet are classified and accounted for as held for investment. Loans held for investment are carried at the principal amount outstanding, net of premiums, discounts, unearned income and deferred loan fees and costs. The following table presents the outstanding principal balance of loans to members, including deferred loan origination costs, and unadvanced loan commitments, by loan type and member class, as of February 28, 2017 and May 31, 2016 . February 28, 2017 May 31, 2016 (Dollars in thousands) Loans Outstanding Unadvanced Commitments (1) Loans Outstanding Unadvanced Commitments (1) Loan type: (2) Long-term loans: Long-term fixed-rate loans $ 22,066,751 $ — $ 21,390,576 $ — Long-term variable-rate loans 925,267 4,314,490 757,500 4,508,562 Total long-term loans (3) 22,992,018 4,314,490 22,148,076 4,508,562 Line of credit loans 1,258,152 8,153,484 1,004,441 8,696,448 Total loans outstanding (4) 24,250,170 12,467,974 23,152,517 13,205,010 Deferred loan origination costs 10,667 — 10,179 — Loans to members $ 24,260,837 $ 12,467,974 $ 23,162,696 $ 13,205,010 Member class: (2) CFC: Distribution $ 18,690,627 $ 8,267,180 $ 17,674,335 $ 8,967,730 Power supply 4,522,551 3,163,899 4,401,185 3,191,873 Statewide and associate 56,597 147,077 54,353 155,129 CFC total (3) 23,269,775 11,578,156 22,129,873 12,314,732 RTFC 363,006 262,331 341,842 246,657 NCSC 617,389 627,487 680,802 643,621 Total loans outstanding (4) $ 24,250,170 $ 12,467,974 $ 23,152,517 $ 13,205,010 ____________________________ (1) The interest rate on unadvanced loan commitments is not set until drawn; therefore, the long-term unadvanced loan commitments have been classified in this table as variable-rate unadvanced loan commitments. However, at the time of the advance, the borrower may select a fixed or a variable rate on the new loan. (2) Includes troubled debt restructured loans. (3) Includes long-term loans guaranteed by RUS totaling $169 million and $174 million as of February 28, 2017 and May 31, 2016 , respectively, and long-term loans covered under the Farmer Mac standby purchase commitment agreement totaling $852 million and $926 million as of February 28, 2017 and May 31, 2016 , respectively. (4) Represents the unpaid principal balance excluding deferred loan origination costs. Unadvanced Loan Commitments Unadvanced loan commitments represent approved and executed loan contracts for which funds have not been advanced to borrowers. The following table summarizes the available balance under unadvanced loan commitments as of February 28, 2017 and the related maturities by fiscal year and thereafter by loan type: Available Balance Notional Maturities of Unadvanced Loan Commitments (Dollars in thousands) 2017 2018 2019 2020 2021 Thereafter Line of credit loans $ 8,153,484 $ 85,665 $ 4,855,109 $ 905,597 $ 784,867 $ 689,926 $ 832,320 Long-term loans 4,314,490 25,120 563,126 870,387 709,467 786,966 1,359,424 Total $ 12,467,974 $ 110,785 $ 5,418,235 $ 1,775,984 $ 1,494,334 $ 1,476,892 $ 2,191,744 Unadvanced loan commitments related to line of credit loans are typically for periods not to exceed five years and are generally revolving facilities used for working capital and backup liquidity purposes. Historically, we have experienced a very low utilization rate on line of credit loan facilities, whether or not there is a material adverse change clause. Since we generally do not charge a fee on the unadvanced portion of the majority of our loan facilities, our borrowers will typically request long-term facilities to fund construction work plans and other capital expenditures for periods of up to five years and draw down on the facility over that time. In addition, borrowers will typically request an amount in excess of their immediate estimated loan requirements to avoid the expense related to seeking additional loan funding for unexpected items. These factors contribute to our expectation that the majority of the unadvanced loan commitments will expire without being fully drawn upon and that the total unadvanced amount does not necessarily represent future cash funding requirements. Unadvanced Loan Commitments—Conditional The substantial majority of our line of credit commitments and all of our unadvanced long-term loan commitments include material adverse change clauses. Unadvanced loan commitments subject to material adverse change clauses totaled $9,813 million and $10,757 million as of February 28, 2017 and May 31, 2016 , respectively. Prior to making an advance on these facilities, we confirm that there has been no material adverse change in the business or condition, financial or otherwise, of the borrower since the time the loan was approved and confirm that the borrower is currently in compliance with loan terms and conditions. In some cases, the borrower’s access to the full amount of the facility is further constrained by the designated purpose, imposition of borrower-specific restrictions or by additional conditions that must be met prior to advancing funds. Unadvanced Loan Commitments—Unconditional Unadvanced loan commitments not subject to material adverse change clauses at the time of each advance consisted of unadvanced committed lines of credit totaling $2,655 million and $2,448 million as of February 28, 2017 and May 31, 2016 , respectively. As such, we are required to advance amounts on these committed facilities as long as the borrower is in compliance with the terms and conditions of the facility. The following table summarizes the available balance under unconditional committed lines of credit, and the related maturities by fiscal year and thereafter, as of February 28, 2017 . Available Balance Notional Maturities of Unconditional Committed Lines of Credit (Dollars in thousands) 2017 2018 2019 2020 2021 Thereafter Committed lines of credit $2,655,038 $ — $444,311 $579,615 $550,903 $425,900 $654,309 Loan Sales We transfer, from time to time, loans to third parties under our direct loan sale program. We sold CFC loans with outstanding balances totaling $33 million and $84 million , at par for cash, during the nine months ended February 28, 2017 and February 29, 2016 , respectively. Because the loans were sold at par, we recorded immaterial losses related to unamortized deferred loan origination costs on the sale. Credit Quality We closely monitor loan performance trends to manage and evaluate our credit risk exposure. We seek to provide a balance between meeting the credit needs of our members while also ensuring the sound credit quality of our loan portfolio. Payment status and internal risk rating trends are key indicators, among others, of the level of credit risk within our loan portfolio. As part of our strategy in managing our credit risk exposure, we entered into a long-term standby purchase commitment agreement with Farmer Mac on August 31, 2015, as amended on May 31, 2016. Under this agreement, we may designate certain loans to be covered under the commitment, subject to approval by Farmer Mac, and in the event any such loan later goes into material default for at least 90 days, upon request by us, Farmer Mac must purchase such loan at par value. We designated, and Farmer Mac approved, loans that had an aggregate outstanding principal balance of $852 million as of February 28, 2017 . Under the agreement, we are required to pay Farmer Mac a monthly fee based on the unpaid principal balance of loans covered under the purchase commitment. No loans had been put to Farmer Mac for purchase, pursuant to this agreement, as of February 28, 2017 . Payment Status of Loans The tables below present the payment status of loans outstanding by member class as of February 28, 2017 and May 31, 2016 . February 28, 2017 (Dollars in thousands) Current 30-89 Days Past Due 90 Days or More Past Due (1) Total Past Due Total Financing Receivables Nonaccrual Loans CFC: Distribution $ 18,690,627 $ — $ — $ — $ 18,690,627 $ — Power supply 4,522,551 — — — 4,522,551 — Statewide and associate 56,597 — — — 56,597 — CFC total 23,269,775 — — — 23,269,775 — RTFC 363,006 — — — 363,006 — NCSC 617,389 — — — 617,389 — Total loans outstanding $ 24,250,170 $ — $ — $ — $ 24,250,170 $ — As a % of total loans 100.00 % — % — % — % 100.00 % — % May 31, 2016 (Dollars in thousands) Current 30-89 Days Past Due 90 Days or More Past Due (1) Total Total Financing Nonaccrual Loans CFC: Distribution $ 17,674,335 $ — $ — $ — $ 17,674,335 $ — Power supply 4,401,185 — — — 4,401,185 — Statewide and associate 54,353 — — — 54,353 — CFC total 22,129,873 — — — 22,129,873 — RTFC 338,336 — 3,506 3,506 341,842 3,506 NCSC 680,802 — — — 680,802 — Total loans outstanding $ 23,149,011 $ — $ 3,506 $ 3,506 $ 23,152,517 $ 3,506 As a % of total loans 99.98 % — % 0.02 % 0.02 % 100.00 % 0.02 % ____________________________ (1) All loans 90 days or more past due are on nonaccrual status. Internal Risk Ratings of Loans We evaluate the credit quality of our loans using an internal risk rating system that employs similar criteria for all member classes. Our internal risk rating system is based on a determination of a borrower’s risk of default utilizing both quantitative and qualitative measurements. We have grouped our risk ratings into the categories of pass and criticized based on the criteria below. (i) Pass: Borrowers that are not experiencing difficulty and/or not showing a potential or well-defined credit weakness. (ii) Criticized: Includes borrowers categorized as special mention, substandard and doubtful as described below: • Special mention: Borrowers that may be characterized by a potential credit weakness or deteriorating financial condition that is not sufficiently serious to warrant a classification of substandard or doubtful. • Substandard: Borrowers that display a well-defined credit weakness that may jeopardize the full collection of principal and interest. • Doubtful: Borrowers that have a well-defined weakness and the full collection of principal and interest is questionable or improbable. Borrowers included in the pass, special mention, and substandard categories are generally reflected in the general portfolio of loans. Borrowers included in the doubtful category are reflected in the impaired portfolio of loans. Each risk rating is reassessed annually following the receipt of the borrower’s audited financial statements; however, interim risk rating downgrades or upgrades may take place at any time as significant events or trends occur. The following table presents our loan portfolio by risk rating category and member class based on available data as of February 28, 2017 and May 31, 2016 . February 28, 2017 May 31, 2016 (Dollars in thousands) Pass Criticized Total Pass Criticized Total CFC: Distribution $ 18,567,388 $ 123,239 $ 18,690,627 $ 17,640,928 $ 33,407 $ 17,674,335 Power supply 4,522,551 — 4,522,551 4,401,185 — 4,401,185 Statewide and associate 55,358 1,239 56,597 54,100 253 54,353 CFC total 23,145,297 124,478 23,269,775 22,096,213 33,660 22,129,873 RTFC 355,356 7,650 363,006 330,167 11,675 341,842 NCSC 611,942 5,447 617,389 678,552 2,250 680,802 Total loans outstanding $ 24,112,595 $ 137,575 $ 24,250,170 $ 23,104,932 $ 47,585 $ 23,152,517 Allowance for Loan Losses We maintain an allowance for loan losses at a level estimated by management to provide for probable losses inherent in the loan portfolio as of each balance sheet date. The tables below summarize changes, by company, in the allowance for loan losses as of and for the three and nine months ended February 28, 2017 and February 29, 2016 . Three Months Ended February 28, 2017 (Dollars in thousands) CFC RTFC NCSC Total Balance as of November 30, 2016 $ 25,857 $ 4,390 $ 3,664 $ 33,911 Provision for loan losses 2,448 (168 ) (215 ) 2,065 Recoveries 53 — — 53 Balance as of February 28, 2017 $ 28,358 $ 4,222 $ 3,449 $ 36,029 Three Months Ended February 29, 2016 (Dollars in thousands) CFC RTFC NCSC Total Balance as of November 30, 2015 $ 27,700 $ 5,918 $ 5,982 $ 39,600 Provision for loan losses (2,136 ) 798 (397 ) (1,735 ) Recoveries 53 — — 53 Balance as of February 29, 2016 $ 25,617 $ 6,716 $ 5,585 $ 37,918 Nine Months Ended February 28, 2017 (Dollars in thousands) CFC RTFC NCSC Total Balance as of May 31, 2016 $ 24,559 $ 5,565 $ 3,134 $ 33,258 Provision for loan losses 3,640 776 315 4,731 Charge-offs — (2,119 ) — (2,119 ) Recoveries 159 — — 159 Balance as of February 28, 2017 $ 28,358 $ 4,222 $ 3,449 $ 36,029 Nine Months Ended February 29, 2016 (Dollars in thousands) CFC RTFC NCSC Total Balance as of May 31, 2015 $ 23,716 $ 4,533 $ 5,441 $ 33,690 Provision for loan losses 1,740 2,183 144 4,067 Recoveries 161 — — 161 Balance as of February 29, 2016 $ 25,617 $ 6,716 $ 5,585 $ 37,918 Our allowance for loan losses consists of a specific allowance for loans individually evaluated for impairment and a collective allowance for loans collectively evaluated for impairment. The tables below present, by company, the components of our allowance for loan losses and the recorded investment of the related loans as of February 28, 2017 and May 31, 2016 . February 28, 2017 (Dollars in thousands) CFC RTFC NCSC Total Ending balance of the allowance: Collectively evaluated loans $ 28,358 $ 3,063 $ 3,449 $ 34,870 Individually evaluated loans — 1,159 — 1,159 Total ending balance of the allowance $ 28,358 $ 4,222 $ 3,449 $ 36,029 Recorded investment in loans: Collectively evaluated loans $ 23,263,194 $ 356,289 $ 617,389 $ 24,236,872 Individually evaluated loans 6,581 6,717 — 13,298 Total recorded investment in loans $ 23,269,775 $ 363,006 $ 617,389 $ 24,250,170 Loans to members, net (1) $ 23,241,417 $ 358,784 $ 613,940 $ 24,214,141 May 31, 2016 (Dollars in thousands) CFC RTFC NCSC Total Ending balance of the allowance: Collectively evaluated $ 24,559 $ 2,465 $ 3,134 $ 30,158 Individually evaluated — 3,100 — 3,100 Total ending balance of the allowance $ 24,559 $ 5,565 $ 3,134 $ 33,258 Recorded investment in loans: Collectively evaluated $ 22,123,157 $ 331,244 $ 680,802 $ 23,135,203 Individually evaluated 6,716 10,598 — 17,314 Total recorded investment in loans $ 22,129,873 $ 341,842 $ 680,802 $ 23,152,517 Loans to members, net (1) $ 22,105,314 $ 336,277 $ 677,668 $ 23,119,259 ____________________________ (1) Excludes unamortized deferred loan origination costs of $11 million and $10 million as of February 28, 2017 and May 31, 2016 , respectively. Impaired Loans The following table provides information on loans classified as individually impaired loans as of February 28, 2017 and May 31, 2016 are summarized below. February 28, 2017 May 31, 2016 (Dollars in thousands) Recorded Investment Related Allowance Recorded Investment Related Allowance With no specific allowance recorded: CFC $ 6,581 $ — $ 6,716 $ — With a specific allowance recorded: RTFC 6,717 1,159 10,598 3,100 Total impaired loans $ 13,298 $ 1,159 $ 17,314 $ 3,100 The following table represents the average recorded investment in individually impaired loans and the interest income recognized, by company, for the three and nine months ended February 28, 2017 and February 29, 2016 . Three Months Ended February 28, 2017 February 29, 2016 February 28, 2017 February 29, 2016 (Dollars in thousands) Average Recorded Investment Interest Income Recognized CFC $ 6,582 $ 6,716 $ 144 $ 130 RTFC 6,799 13,362 84 113 Total impaired loans $ 13,381 $ 20,078 $ 228 $ 243 Nine Months Ended February 28, 2017 February 29, 2016 February 28, 2017 February 29, 2016 (Dollars in thousands) Average Recorded Investment Interest Income Recognized CFC $ 6,624 $ 6,884 $ 418 $ 260 RTFC 8,093 9,092 259 142 Total impaired loans $ 14,717 $ 15,976 $ 677 $ 402 Troubled Debt Restructured (“TDR”) Loans We did not have any loans modified as TDRs during the nine months ended February 28, 2017 . The following table provides a summary of loans modified as TDRs in prior periods, the performance status of these loans and the related unadvanced loan commitments, by member class, as of February 28, 2017 and May 31, 2016 . February 28, 2017 May 31, 2016 (Dollars in thousands) Loans Outstanding % of Total Loans Unadvanced Commitments Loans Outstanding % of Total Loans Unadvanced Commitments TDR loans: Nonperforming TDR loans: RTFC $ — — % $ — $ 3,506 0.01 % $ — Performing TDR loans: CFC/Distribution 6,581 — 6,716 — RTFC 6,717 — 7,092 — Total performing TDR loans 13,298 0.05 — 13,808 0.06 — Total TDR loans $ 13,298 0.05 % $ — $ 17,314 0.07 % $ — As indicated in the table above, we did not have any TDR loans classified as nonperforming as of February 28, 2017 . We had TDR loans classified as nonperforming totaling $4 million as of May 31, 2016. TDR loans classified as performing totaled $13 million and $14 million as of February 28, 2017 and May 31, 2016 , respectively. These loans were on accrual status as of the respective dates. Nonperforming Loans In addition to nonperforming TDR loans, we also may have nonperforming loans that have not been modified and classified as a TDR. We classify such loans as nonperforming at the earlier of the date when we determine: (i) interest or principal payments on the loan is past due 90 days or more; (ii) as a result of court proceedings, the collection of interest or principal payments based on the original contractual terms is not expected; or (iii) the full and timely collection of interest or principal is otherwise uncertain. Once a loan is classified as nonperforming, we generally place the loan on nonaccrual status. Interest accrued but not collected at the date a loan is placed on nonaccrual status is reversed against earnings. We had no other loans classified as nonperforming as of February 28, 2017 or May 31, 2016 . The following table shows foregone interest income for loans on nonaccrual status for the three and nine months ended February 28, 2017 and February 29, 2016 . Three Months Ended Nine Months Ended (Dollars in thousands) February 28, 2017 February 29, 2016 February 28, 2017 February 29, 2016 Nonperforming loans $ — $ 2 $ — $ 14 Performing TDR loans — — — 166 Nonperforming TDR loans — 31 31 77 Total $ — $ 33 $ 31 $ 257 Pledging of Loans We are required to pledge eligible mortgage notes in an amount at least equal to the outstanding balance of our secured debt. The following table summarizes our loans outstanding as collateral pledged to secure our collateral trust bonds, Clean Renewable Energy Bonds, notes payable to Farmer Mac and notes payable under the Guaranteed Underwriter Program of the USDA (“Guaranteed Underwriter Program”) and the amount of the corresponding debt outstanding as of February 28, 2017 and May 31, 2016 . See “Note 6—Short-Term Borrowings” and “Note 7—Long-Term Debt” for information on our borrowings. (Dollars in thousands) February 28, 2017 May 31, 2016 Collateral trust bonds: 2007 indenture: Distribution system mortgage notes $ 7,525,623 $ 7,246,973 RUS guaranteed loans qualifying as permitted investments 147,751 151,687 Total pledged collateral $ 7,673,374 $ 7,398,660 Collateral trust bonds outstanding 6,897,711 6,747,711 1994 indenture: Distribution system mortgage notes $ 921,952 $ 968,030 Collateral trust bonds outstanding 795,000 800,000 Farmer Mac: Distribution and power supply system mortgage notes $ 2,971,654 $ 2,683,806 Notes payable outstanding 2,624,228 2,303,122 Clean Renewable Energy Bonds Series 2009A: Distribution and power supply system mortgage notes $ 15,553 $ 17,081 Notes payable outstanding 13,214 14,871 Federal Financing Bank: Distribution and power supply system mortgage notes $ 5,916,785 $ 5,248,935 Notes payable outstanding 4,997,884 4,777,404

Foreclosed Assets - (Notes)

Foreclosed Assets - (Notes)	9 Months Ended
	Feb. 28, 2017
Repossessed Assets [Abstract]
Foreclosed Assets	NOTE 5—FORECLOSED ASSETS Foreclosed assets consist of operating entities or other assets acquired through lending activities in satisfaction of indebtedness. On July 1, 2016, the sale of CAH to ATN VI Holdings, LLC (“Buyer”) was completed. As a result, we did not carry any foreclosed assets on our consolidated balance sheet as of February 28, 2017 . Our net proceeds at closing totaled $109 million , which represents the purchase price of $144 million less agreed-upon purchase price adjustments as of the closing date. Upon closing, $16 million of the sale proceeds was deposited into escrow to fund potential indemnification claims for a period of 15 months following the closing. In connection with the sale, RTFC provided a loan in the amount of $60 million to Buyer to finance a portion of the transaction. ATN International, Inc., the parent corporation of Buyer, has provided a guarantee on an unsecured basis of Buyer’s obligations to RTFC pursuant to the financing. The net proceeds at closing were subject to post-closing adjustments. The Buyer provided a statement of post-closing adjustments and we agreed upon a net amount due to us for post-closing adjustments of approximately $1 million, which we received during the second quarter of fiscal year 2017. CFC remains subject to potential indemnification claims, as specified in the Purchase Agreement. We recorded expense of less than $1 million for the current quarter and expense of $2 million for the nine months ended February 28, 2017 related to CAH. These amounts include the combined impact of adjustments recorded at the closing date of the sale of CAH, post-closing purchase price adjustments and certain legal costs incurred pertaining to CAH. Upon closing of the sale of CAH, we derecognized the loss of $10 million recorded in AOCI attributable to actuarial-related changes in CAH’s pension and other postretirement benefit obligations as an offset against the sale proceeds. This derecognition had no effect on our consolidated statement of operations during the three and nine months ended February 28, 2017, as the amount was taken into consideration in the measurement of the CAH impairment loss recorded in fiscal year 2016.

Short-Term Borrowings - (Notes)

Short-Term Borrowings - (Notes)	9 Months Ended
	Feb. 28, 2017
Debt Disclosure [Abstract]
Short-Term Debt	NOTE 6—SHORT-TERM BORROWINGS Short-term borrowings consist of borrowings with an original contractual maturity of one year or less and do not include the current portion of long-term debt. Our short-term borrowings totaled $3,388 million and accounted for 14% of total debt outstanding as of February 28, 2017 , compared with $2,939 million , or 13% , of total debt outstanding as of May 31, 2016 . Committed Bank Revolving Line of Credit Agreements We had $3,165 million and $3,420 million of commitments under committed bank revolving line of credit agreements as of February 28, 2017 and May 31, 2016 , respectively. Under our current committed bank revolving line of credit agreements, we have the ability to request up to $300 million of letters of credit, which would result in a reduction in the remaining available amount under the facilities. In September 2016, NCSC assigned a total of $50 million of its commitment to another financial institution under our committed bank revolving line of credit agreements, which consisted of $25 million under the three-year agreement and $25 million under the five-year agreement. On November 18, 2016, we amended and restated the three-year and five-year committed bank revolving line of credit agreements to extend the maturity dates to November 19, 2019 and November 19, 2021, respectively, and to terminate certain third-party bank commitments totaling $165 million under the three-year agreement and $45 million under the five-year agreement. This reduction was partially offset by an increase in commitment amounts from certain existing banks of $8 million under each of the three-year and five-year agreements. We also terminated NCSC’s remaining commitment of $60 million . As a result, the total commitment amount from third-parties under the three-year facility and the five-year facility is $1,533 million and $1,632 million , respectively, resulting in a combined total commitment amount under the two facilities of $3,165 million . The following table presents the total commitment, the net amount available for use and the outstanding letters of credit under our committed bank revolving line of credit agreements as of February 28, 2017 and May 31, 2016 . February 28, 2017 May 31, 2016 (Dollars in millions) Total Commitment Letters of Credit Outstanding Net Available for Use (1) Total Commitment Letters of Credit Outstanding Net Available for Use (1) Maturity Annual Facility Fee (2) 3-year agreement $ — $ — $ — $ 25 $ — $ 25 October 28, 2017 7.5 bps 3-year agreement — — — 1,640 — 1,640 November 19, 2018 7.5 bps 3-year agreement 1,533 — 1,533 — — — November 19, 2019 7.5 bps Total 3-year agreement 1,533 — 1,533 1,665 — 1,665 5-year agreement — — — 45 — 45 October 28, 2019 10 bps 5-year agreement — — — 1,600 1 1,599 November 19, 2020 10 bps 5-year agreement 1,632 1 1,631 — — — November 19, 2021 10 bps Total 5-year agreement 1,632 1 1,631 1,645 1 1,644 Total $ 3,165 $ 1 $ 3,164 $ 3,310 $ 1 $ 3,309 ____________________________ (1) Reflects amounts available from unaffiliated third parties that are not consolidated by CFC. (2) Facility fee determined by CFC’s senior unsecured credit ratings based on the pricing schedules put in place at the inception of the related agreement. We were in compliance with all covenants and conditions under our committed bank revolving line of credit agreements and there were no borrowings outstanding under these agreements as of February 28, 2017 and May 31, 2016 .

Long-Term Debt - (Notes)

Long-Term Debt - (Notes)	9 Months Ended
	Feb. 28, 2017
Debt Instruments [Abstract]
Long-Term Debt	NOTE 7—LONG-TERM DEBT Borrowings with an original contractual maturity of greater than one year are classified as long-term debt. The following table displays long-term debt outstanding, by debt type, as of February 28, 2017 and May 31, 2016 . (Dollars in thousands) February 28, 2017 May 31, 2016 Unsecured long-term debt: Medium-term notes sold through dealers $ 2,796,296 $ 2,668,276 Medium-term notes sold to members 415,337 450,960 Subtotal medium-term notes 3,211,633 3,119,236 Unamortized discount (409 ) (537 ) Debt issuance costs (21,955 ) (19,370 ) Total unsecured medium-term notes 3,189,269 3,099,329 Unsecured notes payable 24,799 27,092 Unamortized discount (407 ) (496 ) Debt issuance costs (100 ) (123 ) Total unsecured notes payable 24,292 26,473 Total unsecured long-term debt 3,213,561 3,125,802 Secured long-term debt: Collateral trust bonds 7,692,711 7,547,711 Unamortized discount (259,860 ) (265,837 ) Debt issuance costs (26,830 ) (28,778 ) Total collateral trust bonds 7,406,021 7,253,096 Guaranteed Underwriter Program notes payable 4,997,884 4,777,404 Debt issuance costs (271 ) (293 ) Total Guaranteed Underwriter Program notes payable 4,997,613 4,777,111 Farmer Mac notes payable 2,624,228 2,303,123 Other secured notes payable 13,214 14,871 Debt issuance costs (336 ) (400 ) Total other secured notes payable 12,878 14,471 Total secured notes payable 7,634,719 7,094,705 Total secured long-term debt 15,040,740 14,347,801 Total long-term debt $ 18,254,301 $ 17,473,603 Collateral Trust Bonds On February 7, 2017, we issued $450 million aggregate principal amount of 2.95% collateral trust bonds due 2024. Secured Notes Payable We had outstanding secured notes payable totaling $4,998 million and $4,777 million as of February 28, 2017 and May 31, 2016 , respectively, under a bond purchase agreement with the Federal Financing Bank and a bond guarantee agreement with RUS issued under the Guaranteed Underwriter Program, which provides guarantees to the Federal Financing Bank. We pay RUS a fee of 30 basis points per year on the total amount borrowed. We are required to pledge eligible distribution system or power supply system loans as collateral in an amount at least equal to the total principal amount of notes outstanding under the Guaranteed Underwriter Program. See “Note 4—Loans and Commitments” for additional information on the collateral pledged to secure notes payable under this program. On December 1, 2016, we closed on the $375 million committed (“Series L”) loan facility from the Federal Financing Bank guaranteed by RUS pursuant to the Guaranteed Underwriter Program. Under the Series L facility, we are able to borrow an additional $375 million any time before October 15, 2019 with each advance amortizing quarterly and having a final maturity no longer than 20 years from the advance date. We borrowed $250 million under the Guaranteed Underwriter Program during the nine months ended February 28, 2017 . We had up to $725 million available under the Guaranteed Underwriter Program as of February 28, 2017 . We have two revolving note purchase agreements with Farmer Mac, which together allow us to borrow up to $4,800 million from Farmer Mac. Under the terms of the first revolving note purchase agreement with Farmer Mac dated March 24, 2011, as amended, we can borrow up to $4,500 million at any time through January 11, 2020, and such date shall automatically extend on each anniversary date of the closing for an additional year, unless prior to any such anniversary date, Farmer Mac provides us with a notice that the draw period will not be extended beyond the remaining term. This revolving note purchase agreement allows us to borrow, repay and re-borrow funds at any time through maturity, as market conditions permit, provided that the outstanding principal amount at any time does not exceed the total available under the agreement. Each borrowing under the revolving note purchase agreement is evidenced by a pricing agreement setting forth the interest rate, maturity date and other related terms as we may negotiate with Farmer Mac at the time of each such borrowing. We may select a fixed rate or variable rate at the time of each advance with a maturity as determined in the applicable pricing agreement. Under this note purchase agreement with Farmer Mac, we had outstanding secured notes payable totaling $2,524 million and $2,303 million as of February 28, 2017 and May 31, 2016 . We borrowed $250 million under this note purchase agreement with Farmer Mac during the nine months ended February 28, 2017 . Under the terms of the second revolving note purchase agreement with Farmer Mac dated July 31, 2015, we can borrow up to $300 million at any time through July 31, 2018. This agreement also allows us to borrow, repay and re-borrow funds at any time through maturity, provided that the outstanding principal amount at any time does not exceed the total available under the agreement. On February 22, 2017, we received an advance of $100 million under this committed note purchase agreement with Farmer Mac, resulting in outstanding secured notes payable under this note purchase agreement of $100 million as of February 28, 2017 . This advance was repaid in full subsequent to February 28, 2017 . We are required to pledge eligible distribution system or power supply system loans as collateral in an amount at least equal to the total principal amount of notes outstanding under each of our Farmer Mac revolving note purchase agreements. See “Note 4—Loans and Commitments” for additional information on the collateral pledged to secure notes payable under these programs. We were in compliance with all covenants and conditions under our senior debt indentures as of February 28, 2017 and May 31, 2016 .

Subordinated Deferrable Debt -

Subordinated Deferrable Debt - (Notes)	9 Months Ended
	Feb. 28, 2017
Subordinated Debt [Abstract]
Subordinated Deferrable Debt	NOTE 8—SUBORDINATED DEFERRABLE DEBT The following table presents subordinated deferrable debt outstanding as of February 28, 2017 and May 31, 2016 . February 28, 2017 May 31, 2016 (Dollars in thousands) Amount Amount 4.75% due 2043 with a call date of April 30, 2023 $ 400,000 $ 400,000 5.25% due 2046 with a call date of April 20, 2026 350,000 350,000 Debt issuance costs (7,759 ) (7,788 ) Total subordinated deferrable debt $ 742,241 $ 742,212

Derivative Financial Instrument

Derivative Financial Instruments - (Notes)	9 Months Ended
	Feb. 28, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	NOTE 9—DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Use of Derivatives We are an end user of derivative financial instruments and do not engage in derivative trading. We use derivatives, primarily interest rate swaps and Treasury rate locks, to manage interest rate risk. Derivatives may be privately negotiated contracts, which are often referred to as over-the-counter (“OTC”) derivatives, or they may be listed and traded on an exchange. We generally engage in OTC derivative transactions. Accounting for Derivatives In accordance with the accounting standards for derivatives and hedging activities, we record derivative instruments at fair value as either a derivative asset or derivative liability on our condensed consolidated balance sheets. We report derivative asset and liability amounts on a gross basis based on individual contracts, which does not take into consideration the effects of master netting agreements or collateral netting. Derivatives in a gain position are reported as derivative assets on our condensed consolidated balance sheets, while derivatives in a loss position are reported as derivative liabilities. Accrued interest related to derivatives is reported on our condensed consolidated balance sheets as a component of either accrued interest and other receivables or accrued interest payable. If we do not elect hedge accounting treatment, changes in the fair value of derivative instruments, which consist of net accrued periodic derivative cash settlements and derivative forward value amounts, are recognized in our consolidated statements of operations under derivative gains (losses). If we elect hedge accounting treatment for derivatives, we formally document, designate and assess the effectiveness of the hedge relationship. Changes in the fair value of derivatives designated as qualifying fair value hedges are recorded in earnings together with offsetting changes in the fair value of the hedged item and any related ineffectiveness. Changes in the fair value of derivatives designated as qualifying cash flow hedges are recorded as a component of OCI, to the extent that the hedge relationships are effective, and reclassified AOCI to earnings using the effective interest method over the term of the forecasted transaction. Any ineffectiveness in the hedging relationship is recognized as a component of derivative gains (losses) in our consolidated statement of operations. We generally do not designate interest rate swaps, which currently represent all of our outstanding derivatives, for hedge accounting. Accordingly, changes in the fair value of interest rate swaps are reported in our consolidated statements of operations under derivative gains (losses). Net periodic cash settlements related to interest rate swaps are classified as an operating activity in our consolidated statements of cash flows. We typically designate treasury rate locks as cash flow hedges of forecasted debt issuances. Accordingly, changes in the fair value of the derivative instruments are recorded as a component of OCI and reclassified to interest expense when the forecasted transaction occurs using the effective interest method. Any ineffectiveness in the hedging relationship is recognized as a component of derivative gains (losses) in our consolidated statements of operations. We did not have any derivatives designated as accounting hedges as of February 28, 2017 and May 31, 2016 . Outstanding Notional Amount of Derivatives The notional amount provides an indication of the volume of our derivatives activity, but this amount is not recorded on our condensed consolidated balance sheets. The notional amount is used only as the basis on which interest payments are determined and is not the amount exchanged. The following table shows the outstanding notional amounts and the weighted-average rate paid and received for our interest rate swaps, by type, as of February 28, 2017 and May 31, 2016 . The substantial majority of our interest rate swaps use an index based on the London Interbank Offered Rate (“LIBOR”) for either the pay or receive leg of the swap agreement. February 28, 2017 May 31, 2016 (Dollars in thousands) Notional Amount Weighted- Average Rate Paid Weighted- Average Rate Received Notional Weighted- Weighted- Pay-fixed swaps $ 6,680,825 2.86 % 1.01 % $ 6,661,471 2.95 % 0.63 % Receive-fixed swaps 4,399,000 1.50 2.58 3,499,000 1.02 2.82 Total interest rate swaps 11,079,825 2.32 1.64 10,160,471 2.29 1.39 Forward pay-fixed swaps 111,929 40,000 Total $ 11,191,754 $ 10,200,471 Impact of Derivatives on Condensed Consolidated Balance Sheets The following table displays the fair value of the derivative assets and derivative liabilities recorded on our condensed consolidated balance sheets and the related outstanding notional amount of our interest rate swaps as of February 28, 2017 and May 31, 2016 . February 28, 2017 May 31, 2016 (Dollars in thousands) Fair Value Notional Balance Fair Value Notional Balance Derivative assets $ 83,850 $ 4,021,137 $ 80,095 $ 2,879,567 Derivative liabilities (339,809 ) 7,170,617 (594,820 ) 7,320,904 Total $ (255,959 ) $ 11,191,754 $ (514,725 ) $ 10,200,471 All of our master swap agreements include legally enforceable netting provisions that allow for offsetting of all contracts with a given counterparty in the event of default by one of the two parties. However, as indicated above, we report derivative asset and liability amounts on a gross basis by individual contracts. The following table presents the gross fair value of derivative assets and liabilities reported on our condensed consolidated balance sheets as of February 28, 2017 and May 31, 2016 , and provides information on the impact of netting provisions and collateral pledged. February 28, 2017 Gross Amount of Recognized Assets/ Liabilities Gross Amount Offset in the Balance Sheet Net Amount of Assets/ Liabilities Presented in the Balance Sheet Gross Amount Not Offset in the Balance Sheet (Dollars in thousands) Financial Instruments Cash Collateral Pledged Net Amount Derivative assets: Interest rate swaps $ 83,850 $ — $ 83,850 $ 78,672 $ — $ 5,178 Derivative liabilities: Interest rate swaps 339,809 — 339,809 78,672 — 261,137 May 31, 2016 Gross Amount of Recognized Assets/ Liabilities Gross Amount Offset in the Balance Sheet Net Amount of Assets/ Liabilities Presented in the Balance Sheet Gross Amount Not Offset in the Balance Sheet (Dollars in thousands) Financial Instruments Cash Collateral Pledged Net Amount Derivative assets: Interest rate swaps $ 80,095 $ — $ 80,095 $ 80,095 $ — $ — Derivative liabilities: Interest rate swaps 594,820 — 594,820 80,095 — 514,725 Impact of Derivatives on Condensed Consolidated Statements of Operations Derivative gains (losses) reported in our condensed consolidated statements of operations consist of derivative cash settlements and derivative forward value. Derivative cash settlements represent net contractual interest expense accruals on interest rate swaps during the period. The derivative forward value represents the change in fair value of our interest rate swaps during the reporting period due to changes in the estimate of future interest rates over the remaining life of our derivative contracts. The following table presents the components of the derivative gains (losses) reported in our condensed consolidated statements of operations for our interest rate swaps for the three and nine months ended February 28, 2017 and February 29, 2016 . Three Months Ended Nine Months Ended (Dollars in thousands) February 28, 2017 February 29, 2016 February 28, 2017 February 29, 2016 Derivative cash settlements $ (19,354 ) $ (22,556 ) $ (64,331 ) $ (65,285 ) Derivative forward value gains (losses) 61,809 (220,480 ) 259,153 (290,952 ) Derivative gains (losses) $ 42,455 $ (243,036 ) $ 194,822 $ (356,237 ) Credit-Risk-Related Contingent Features Our derivative contracts typically contain mutual early termination provisions, generally in the form of a credit rating trigger. Under the mutual credit rating trigger provisions, either counterparty may, but is not obligated to, terminate and settle the agreement if the credit rating of the other counterparty falls to a level specified in the agreement. If a derivative contract is terminated, the amount to be received or paid by us would be equal to the mark-to-market value, as defined in the agreement, as of termination date. Our senior unsecured credit ratings from Moody’s and S&P were A2 and A, respectively, as of February 28, 2017 . Both Moody’s and S&P had our ratings on stable outlook as of February 28, 2017 . The following table displays the notional amounts of our derivative contracts with rating triggers as of February 28, 2017 and the payments that would be required if the contracts were terminated as of that date because of a downgrade of our unsecured credit ratings or the counterparty’s unsecured credit ratings below A3/A-, below Baa1/BBB+, to or below Baa2/BBB, below Baa3/BBB-, or to or below Ba2/BB+ by Moody’s or S&P, respectively. In calculating the payment amounts that would be required upon termination of the derivative contracts, we assumed that the amounts for each counterparty would be netted in accordance with the provisions of the master netting agreements for each counterparty. The net payment amounts are based on the fair value of the underlying derivative instrument, excluding the credit risk valuation adjustment, plus any unpaid accrued interest amounts. (Dollars in thousands) Notional Amount Payable Due From CFC Receivable Due to CFC Net (Payable)/Receivable Impact of rating downgrade trigger: Falls below A3/A- (1) $ 59,165 $ (14,246 ) $ — $ (14,246 ) Falls below Baa1/BBB+ 7,156,973 (163,243 ) 5,874 (157,369 ) Falls to or below Baa2/BBB (2) 460,611 — 2,030 2,030 Falls below Baa3/BBB- 370,585 (20,734 ) — (20,734 ) Total $ 8,047,334 $ (198,223 ) $ 7,904 $ (190,319 ) ____________________________ (1) Rating trigger for CFC falls below A3/A-, while rating trigger for counterparty falls below Baa1/BBB+ by Moody’s or S&P, respectively. (2) Rating trigger for CFC falls to or below Baa2/BBB, while rating trigger for counterparty falls to or below Ba2/BB+ by Moody’s or S&P, respectively. The aggregate fair value amount, excluding and including the credit risk valuation adjustment, of all interest rate swaps with rating triggers that were in a net liability position was $198 million and $197 million , respectively, as of February 28, 2017 .

Equity - (Notes)

Equity - (Notes)	9 Months Ended
	Feb. 28, 2017
Stockholders' Equity Note [Abstract]
Equity	NOTE 10—EQUITY Total equity increased by $330 million during the nine months ended February 28, 2017 to $1,147 million . The increase in total equity was primarily attributable to our net income of $361 million for the period, which was partially offset by patronage capital retirements totaling $43 million . The following table presents the components of equity as of February 28, 2017 and May 31, 2016 . (Dollars in thousands) February 28, 2017 May 31, 2016 Membership fees $ 971 $ 974 Educational fund 1,158 1,798 Total membership fees and educational fund 2,129 2,772 Patronage capital allocated 671,260 713,853 Members’ capital reserve 587,219 587,219 Unallocated net loss: Current-year derivative forward value income (loss) 255,018 (220,827 ) Prior-year cumulative derivative forward value losses (507,904 ) (287,077 ) Current year cumulative derivative forward value losses (252,886 ) (507,904 ) Other unallocated net income (loss) 98,095 (5,706 ) Unallocated net loss (154,791 ) (513,610 ) CFC retained equity 1,105,817 790,234 Accumulated other comprehensive income 12,574 1,058 Total CFC equity 1,118,391 791,292 Noncontrolling interests 28,947 26,086 Total equity $ 1,147,338 $ 817,378 In July 2016, the CFC Board of Directors authorized the allocation of the fiscal year 2016 net earnings as follows: $1 million to the Cooperative Educational Fund, $86 million to the members’ capital reserve and $84 million to members in the form of patronage capital. In July 2016, the CFC Board of Directors authorized the retirement of allocated net earnings totaling $42 million , representing 50% of the fiscal year 2016 allocation. This amount was returned to members in cash in the second quarter of fiscal year 2017. Future allocations and retirements of net earnings may be made annually as determined by the CFC Board of Directors with due regard for its financial condition. The CFC Board of Directors has the authority to change the current practice for allocating and retiring net earnings at any time, subject to applicable laws and regulations. Accumulated Other Comprehensive Income The following tables summarize, by component, the activity in AOCI as of and for the three and nine months ended February 28, 2017 and February 29, 2016 . Three Months Ended February 28, 2017 (Dollars in thousands) Unrealized Gains (Losses) AFS Securities Unrealized Gains Unrealized Losses Foreclosed Assets Unrealized Losses Defined Benefit Plan Total Beginning balance $ 5,630 $ 4,091 $ — $ (920 ) $ 8,801 Unrealized gains 3,923 — — — 3,923 Losses reclassified into earnings — — — 45 45 Gains reclassified into earnings — (195 ) — — (195 ) Other comprehensive income 3,923 (195 ) — 45 3,773 Ending balance $ 9,553 $ 3,896 $ — $ (875 ) $ 12,574 Three Months Ended February 29, 2016 (Dollars in thousands) Unrealized Gains (Losses) AFS Securities Unrealized Gains Derivatives Unrealized Losses Foreclosed Assets Unrealized Losses Defined Benefit Plan Total Beginning balance $ 6,820 $ 4,902 $ (4,248 ) $ (889 ) $ 6,585 Unrealized losses (2,297 ) — — — (2,297 ) Losses reclassified into earnings — — — 43 43 Gains reclassified into earnings — (217 ) — — (217 ) Other comprehensive income (2,297 ) (217 ) — 43 (2,471 ) Ending balance $ 4,523 $ 4,685 $ (4,248 ) $ (846 ) $ 4,114 Nine Months Ended February 28, 2017 (Dollars in thousands) Unrealized Gains (Losses) AFS Securities Unrealized Gains Derivatives Unrealized Losses Foreclosed Assets Unrealized Losses Defined Benefit Plan Total Beginning balance $ 7,402 $ 4,487 $ (9,823 ) $ (1,008 ) $ 1,058 Unrealized gains 2,151 — — — 2,151 Losses reclassified into earnings — — 9,823 133 9,956 Gains reclassified into earnings — (591 ) — — (591 ) Other comprehensive income 2,151 (591 ) 9,823 133 11,516 Ending balance $ 9,553 $ 3,896 $ — $ (875 ) $ 12,574 Nine Months Ended February 29, 2016 (Dollars in thousands) Unrealized Gains (Losses) AFS Securities Unrealized Gains Derivatives Unrealized Losses Foreclosed Assets Unrealized Losses Defined Benefit Plan Total Beginning balance $ 3,934 $ 5,371 $ (4,248 ) $ (977 ) $ 4,080 Unrealized gains 589 — — — 589 Losses reclassified into earnings — — — 131 131 Gains reclassified into earnings — (686 ) — — (686 ) Other comprehensive income 589 (686 ) — 131 34 Ending balance $ 4,523 $ 4,685 $ (4,248 ) $ (846 ) $ 4,114 We expect to reclassify approximately $1 million of amounts in AOCI related to unrealized derivative gains into earnings over the next 12 months.

Guarantees - (Notes)

Guarantees - (Notes)	9 Months Ended
	Feb. 28, 2017
Guarantees [Abstract]
Guarantees	NOTE 11—GUARANTEES The following table summarizes total guarantees by type of guarantee and member class as of February 28, 2017 and May 31, 2016 . (Dollars in thousands) February 28, 2017 May 31, 2016 Total by type: Long-term tax-exempt bonds $ 469,080 $ 475,965 Letters of credit 304,359 319,596 Other guarantees 114,045 113,647 Total $ 887,484 $ 909,208 Total by member class: CFC: Distribution $ 124,256 $ 127,890 Power supply 736,970 759,345 Statewide and associate 5,061 5,054 CFC total 866,287 892,289 RTFC 1,574 1,574 NCSC 19,623 15,345 Total $ 887,484 $ 909,208 The maturities for the long-term tax-exempt bonds and the related guarantees run through calendar year 2042. Amounts in the table represent the outstanding principal amount of the guaranteed bonds. As of February 28, 2017 , our maximum potential exposure for the $68 million of fixed-rate tax-exempt bonds is $95 million , representing principal and interest. Of the amounts shown in the table above for long-term tax-exempt bonds, $401 million and $406 million as of February 28, 2017 and May 31, 2016 , respectively, are adjustable or floating-rate bonds that may be converted to a fixed rate as specified in the applicable indenture for each bond offering. We are unable to determine the maximum amount of interest that we could be required to pay related to the remaining adjustable and floating-rate bonds. Many of these bonds have a call provision that allows us to call the bond in the event of a default. This would limit our exposure to future interest payments on these bonds. Generally our maximum potential exposure is secured by mortgage liens on the systems’ assets and future revenue. If a system’s debt is accelerated because of a determination that the interest thereon is not tax-exempt, the system’s obligation to reimburse us for any guarantee payments will be treated as a long-term loan. The maturities for letters of credit run through calendar year 2027. The amounts shown in the table above represent our maximum potential exposure, of which $130 million is secured as of February 28, 2017 . As of February 28, 2017 and May 31, 2016 , the letters of credit include $76 million to provide the standby liquidity for adjustable and floating-rate tax-exempt bonds issued for the benefit of our members, respectively. Security provisions include a mortgage lien on substantially all of the system’s assets, future revenue and the system’s investment in our commercial paper. In addition to the letters of credit listed in the table above, under master letter of credit facilities in place as of February 28, 2017 , we may be required to issue up to an additional $64 million in letters of credit to third parties for the benefit of our members. As of February 28, 2017 , all of our master letter of credit facilities were subject to material adverse change clauses at the time of issuance. Prior to issuing a letter of credit, we would confirm that there has been no material adverse change in the business or condition, financial or otherwise, of the borrower since the time the loan was approved and confirm that the borrower is currently in compliance with the letter of credit terms and conditions. The maturities for other guarantees listed in the table run through calendar year 2025. The maximum potential exposure for these other guarantees is $115 million , all of which is unsecured. As of February 28, 2017 and May 31, 2016 , we had $289 million and $308 million of guarantees, respectively, representing 33% and 34% , respectively, of total guarantees, under which our right of recovery from our members was not secured. In addition to the guarantees described above, as of February 28, 2017 , we were the liquidity provider for a total of $477 million of variable-rate tax-exempt bonds issued for our member cooperatives. While the bonds are in variable-rate mode, in return for a fee, we have unconditionally agreed to purchase bonds tendered or put for redemption if the remarketing agents are unable to sell such bonds to other investors. During the nine months ended February 28, 2017 , we were not required to perform as liquidity provider pursuant to these obligations. Guarantee Liability As of February 28, 2017 and May 31, 2016 , we recorded a guarantee liability of $16 million and $17 million respectively, which represents the contingent and noncontingent exposures related to guarantees and liquidity obligations. The contingent guarantee liability as of February 28, 2017 and May 31, 2016 was $1 million based on management’s estimate of exposure to losses within the guarantee portfolio. The remaining balance of the total guarantee liability of $15 million and $16 million as of February 28, 2017 and May 31, 2016 , respectively, relates to our noncontingent obligation to stand ready to perform over the term of our guarantees and liquidity obligations that we have entered into or modified since January 1, 2003.

Fair Value Measurement - (Notes

Fair Value Measurement - (Notes)	9 Months Ended
	Feb. 28, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurement	NOTE 12—FAIR VALUE MEASUREMENT We use fair value measurements for the initial recording of certain assets and liabilities and periodic remeasurement of certain assets and liabilities on a recurring or nonrecurring basis. The accounting guidance for fair value measurements and disclosures establishes a three-level fair value hierarchy that prioritizes the inputs into the valuation techniques used to measure fair value. The levels of the fair value hierarchy, in priority order, include Level 1, Level 2 and Level 3. For additional information regarding the fair value hierarchy and a description of the methodologies we use to measure fair value, see “Note 14—Fair Value Measurement” to the Consolidated Financial Statements in our 2016 Form 10-K. The following tables present the carrying value and fair value for all of our financial instruments, including those carried at amortized cost, as of February 28, 2017 and May 31, 2016 . The table also displays the classification within the fair value hierarchy of the valuation technique used in estimating fair value. February 28, 2017 Fair Value Measurements Using (Dollars in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 235,764 $ 235,764 $ 235,764 $ — $ — Restricted cash 20,760 20,760 20,760 — — Time deposits 630,000 630,000 — 630,000 — Investment securities, available for sale 90,091 90,091 90,091 — — Deferred compensation investments 4,555 4,555 4,555 — — Loans to members, net 24,224,808 23,809,544 — — 23,809,544 Accrued interest receivable 112,686 112,686 — 112,686 — Debt service reserve funds 17,151 17,151 17,151 — — Derivative assets 83,850 83,850 — 83,850 — Liabilities: Short-term borrowings $ 3,388,078 $ 3,387,840 $ 1,534,752 $ 1,853,088 $ — Long-term debt 18,254,301 18,928,996 — 11,309,437 7,619,559 Accrued interest payable 195,374 195,374 — 195,374 — Guarantee liability 15,849 17,230 — — 17,230 Derivative liabilities 339,809 339,809 — 339,809 — Subordinated deferrable debt 742,241 770,239 — 770,239 — Members’ subordinated certificates 1,420,608 1,420,631 — — 1,420,631 May 31, 2016 Fair Value Measurements Using (Dollars in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 204,540 $ 204,540 $ 204,540 $ — $ — Restricted cash 4,628 4,628 4,628 — — Time deposits 340,000 340,000 — 340,000 — Investment securities, available for sale 87,940 87,940 87,940 — — Deferred compensation investments 4,326 4,326 4,326 — — Loans to members, net 23,129,438 23,297,924 — — 23,297,924 Accrued interest receivable 113,272 113,272 — 113,272 — Debt service reserve funds 17,151 17,151 17,151 — — Derivative assets 80,095 80,095 — 80,095 — Liabilities: Short-term borrowings $ 2,938,848 $ 2,938,716 $ 1,185,959 $ 1,752,757 $ — Long-term debt 17,473,603 18,577,261 — 11,327,004 7,250,257 Accrued interest payable 132,996 132,996 — 132,996 — Guarantee liability 17,109 19,019 — — 19,019 Derivative liabilities 594,820 594,820 — 594,820 — Subordinated deferrable debt 742,212 751,395 — 751,395 — Members’ subordinated certificates 1,443,810 1,443,834 — — 1,443,834 Transfers Between Levels We monitor the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy and transfer between Level 1, Level 2, and Level 3 accordingly. Observable market data includes but is not limited to quoted prices and market transactions. Changes in economic conditions or market liquidity generally will drive changes in availability of observable market data. Changes in availability of observable market data, which also may result in changes in the valuation technique used, are generally the cause of transfers between levels. We did not have any transfers between levels for financial instruments measured at fair value on a recurring basis for the nine months ended February 28, 2017 and February 29, 2016 . Recurring Fair Value Measurements The following table presents the carrying value and fair value of financial instruments reported in our condensed consolidated financial statements at fair value on a recurring basis as of February 28, 2017 and May 31, 2016 , and the classification of the valuation technique within the fair value hierarchy. February 28, 2017 May 31, 2016 (Dollars in thousands) Level 1 Level 2 Total Level 1 Level 2 Total Investment securities available for sale $ 90,091 $ — $ 90,091 $ 87,940 $ — $ 87,940 Deferred compensation investments 4,555 — 4,555 4,326 — 4,326 Derivative assets — 83,850 83,850 — 80,095 80,095 Derivative liabilities — 339,809 339,809 — 594,820 594,820 Nonrecurring Fair Value The following table presents the carrying value and fair value of assets reported in our condensed consolidated financial statements at fair value on a nonrecurring basis as of February 28, 2017 and May 31, 2016 , and unrealized losses for the three and nine months ended February 28, 2017 and February 29, 2016 . Level 3 Fair Value Unrealized Losses Three Months Ended, Unrealized Losses Nine Months Ended, (Dollars in thousands) February 28, 2017 May 31, 2016 February 28, 2017 February 29, 2016 February 28, 2017 February 29, 2016 Impaired loans, net of specific reserves $ — $ 7,498 $ — $ (1,890 ) $ — $ (3,901 ) Significant Unobservable Level 3 Inputs Impaired Loans We utilize the fair value of estimated cash flows or the collateral underlying the loan to determine the fair value and specific allowance for impaired loans. The valuation technique used to determine fair value of the impaired loans provided by both our internal staff and third-party specialists includes market multiples (i.e., comparable companies). The significant unobservable inputs used in the determination of fair value for individually impaired loans is a multiple of earnings before interest, taxes, depreciation and amortization based on various factors (i.e., financial condition of the borrower). In estimating the fair value of the collateral, we may use third-party valuation specialists, internal estimates or a combination of both. The significant unobservable inputs for estimating the fair value of impaired collateral-dependent loans are reviewed by our Credit Risk Management group to assess the reasonableness of the assumptions used and the accuracy of the work performed. In cases where we rely on third-party inputs, we use the final unadjusted third-party valuation analysis as support for any adjustments to our consolidated financial statements and disclosures. Because of the limited amount of impaired loans as of February 28, 2017 and May 31, 2016 , we do not believe that potential changes in the significant unobservable inputs used in the determination of the fair value for impaired loans will have a material impact on the fair value measurement of these assets or our results of operations.

Segment Information - (Notes)

Segment Information - (Notes)	9 Months Ended
	Feb. 28, 2017
Segment Reporting [Abstract]
Segment Information	NOTE 13—BUSINESS SEGMENTS The following tables display segment results for the three and nine months ended February 28, 2017 and February 29, 2016 , and assets attributable to each segment as of February 28, 2017 and February 29, 2016 . Three Months Ended February 28, 2017 (Dollars in thousands) CFC Other Elimination Consolidated Total Statement of operations: Interest income $ 257,390 $ 10,593 $ (8,063 ) $ 259,920 Interest expense (186,468 ) (8,335 ) 8,063 (186,740 ) Net interest income 70,922 2,258 — 73,180 Provision for loan losses (2,065 ) — — (2,065 ) Net interest income after provision for loan losses 68,857 2,258 — 71,115 Non-interest income: Fee and other income 5,698 425 (313 ) 5,810 Derivative gains 42,190 265 — 42,455 Results of operations of foreclosed assets (29 ) — — (29 ) Total non-interest income 47,859 690 (313 ) 48,236 Non-interest expense: General and administrative expenses (18,864 ) (1,846 ) — (20,710 ) Gains on early extinguishment of debt 192 — — 192 Other (486 ) (313 ) 313 (486 ) Total non-interest expense (19,158 ) (2,159 ) 313 (21,004 ) Income before income taxes 97,558 789 — 98,347 Income tax expense — (385 ) — (385 ) Net income $ 97,558 $ 404 $ — $ 97,962 Three Months Ended February 29, 2016 (Dollars in thousands) CFC Other Elimination Consolidated Total Statement of operations: Interest income $ 250,814 $ 11,367 $ (8,548 ) $ 253,633 Interest expense (170,872 ) (8,865 ) 8,548 (171,189 ) Net interest income 79,942 2,502 — 82,444 Provision for loan losses 1,735 — — 1,735 Net interest income after provision for loan losses 81,677 2,502 — 84,179 Non-interest income: Fee and other income 5,341 984 (721 ) 5,604 Derivative losses (240,363 ) (2,673 ) — (243,036 ) Results of operations from foreclosed assets 1,472 — — 1,472 Total non-interest income (233,550 ) (1,689 ) (721 ) (235,960 ) Non-interest expense: General and administrative expenses (20,266 ) (2,341 ) 255 (22,352 ) Losses on early extinguishment of debt (333 ) — — (333 ) Other (509 ) (466 ) 466 (509 ) Total non-interest expense (21,108 ) (2,807 ) 721 (23,194 ) Loss before income taxes (172,981 ) (1,994 ) — (174,975 ) Income tax benefit — 593 — 593 Net loss $ (172,981 ) $ (1,401 ) $ — $ (174,382 ) Nine Months Ended February 28, 2017 (Dollars in thousands) CFC Other Elimination Consolidated Total Statement of operations: Interest income $ 766,096 $ 32,944 $ (25,129 ) $ 773,911 Interest expense (550,695 ) (25,945 ) 25,166 (551,474 ) Net interest income 215,401 6,999 37 222,437 Provision for loan losses (4,731 ) — — (4,731 ) Net interest income after provision for loan losses 210,670 6,999 37 217,706 Non-interest income: Fee and other income 14,654 3,049 (2,266 ) 15,437 Derivative gains 192,970 1,852 — 194,822 Results of operations of foreclosed assets (1,690 ) — — (1,690 ) Total non-interest income 205,934 4,901 (2,266 ) 208,569 Non-interest expense: General and administrative expenses (56,634 ) (5,567 ) — (62,201 ) Gains on early extinguishment of debt 192 — — 192 Other (1,446 ) (2,229 ) 2,229 (1,446 ) Total non-interest expense (57,888 ) (7,796 ) 2,229 (63,455 ) Income before income taxes 358,716 4,104 — 362,820 Income tax expense — (1,815 ) — (1,815 ) Net income $ 358,716 $ 2,289 $ — $ 361,005 February 28, 2017 CFC Other Elimination Consolidated Total Assets: Total loans outstanding $ 24,211,350 $ 980,395 $ (941,575 ) $ 24,250,170 Deferred origination costs 10,667 — — 10,667 Less: Allowance for loan losses (36,029 ) — — (36,029 ) Loans to members, net 24,185,988 980,395 (941,575 ) 24,224,808 Other assets 1,374,619 105,111 (94,973 ) 1,384,757 Total assets $ 25,560,607 $ 1,085,506 $ (1,036,548 ) $ 25,609,565 Nine Months Ended February 29, 2016 (Dollars in thousands) CFC Other Elimination Consolidated Total Statement of operations: Interest income $ 747,490 $ 34,693 $ (26,109 ) $ 756,074 Interest expense (503,061 ) (27,061 ) 26,109 (504,013 ) Net interest income 244,429 7,632 — 252,061 Provision for loan losses (4,067 ) — — (4,067 ) Net interest income after provision for loan losses 240,362 7,632 — 247,994 Non-interest income: Fee and other income 16,020 3,898 (2,582 ) 17,336 Derivative losses (352,153 ) (4,084 ) — (356,237 ) Results of operations of foreclosed assets 1,605 — — 1,605 Total non-interest income (334,528 ) (186 ) (2,582 ) (337,296 ) Non-interest expense: General and administrative expenses (58,419 ) (7,762 ) 763 (65,418 ) Losses on early extinguishment of debt (333 ) — — (333 ) Other (875 ) (1,819 ) 1,819 (875 ) Total non-interest expense (59,627 ) (9,581 ) 2,582 (66,626 ) Loss before income taxes (153,793 ) (2,135 ) — (155,928 ) Income tax benefit — 153 — 153 Net income (loss) $ (153,793 ) $ (1,982 ) $ — $ (155,775 ) February 29, 2016 CFC Other Elimination Consolidated Total Assets: Total loans outstanding $ 23,095,053 $ 1,055,203 $ (1,016,041 ) $ 23,134,215 Deferred origination costs 9,884 — — 9,884 Less: Allowance for loan losses (37,918 ) — — (37,918 ) Loans to members, net 23,067,019 1,055,203 (1,016,041 ) 23,106,181 Other assets 1,270,625 120,001 (103,782 ) 1,286,844 Total assets $ 24,337,644 $ 1,175,204 $ (1,119,823 ) $ 24,393,025

Summary of Significant Accoun20

Summary of Significant Accounting Policies - (Policies)	9 Months Ended
	Feb. 28, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company	The Company National Rural Utilities Cooperative Finance Corporation (“CFC”) is a member-owned cooperative association incorporated under the laws of the District of Columbia in April 1969. CFC’s principal purpose is to provide its members with financing to supplement the loan programs of the Rural Utilities Service (“RUS”) of the United States Department of Agriculture (“USDA”). CFC makes loans to its rural electric members so they can acquire, construct and operate electric distribution, generation, transmission and related facilities. CFC also provides its members with credit enhancements in the form of letters of credit and guarantees of debt obligations. As a cooperative, CFC is owned by and exclusively serves its membership, which consists of not-for-profit entities or subsidiaries or affiliates of not-for-profit entities. CFC is exempt from federal income taxes.
Basis of Presentation	Basis of Presentation and Use of Estimates The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and related disclosures. The most significant estimates and assumptions involve establishing the allowance for loan losses and determining the fair value of financial instruments and other assets and liabilities. While management makes its best judgment, actual amounts or results could differ from these estimates.
Use of Estimates	The results of operations in the interim financial statements are not necessarily indicative of the results that may be expected for the full year. These interim unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements, and related notes thereto, included in CFC’s Annual Report on Form 10-K for the fiscal year ended May 31, 2016 (“ 2016 Form 10-K”).
Principles of Consolidation	Principles of Consolidation Our accompanying condensed consolidated financial statements include the accounts of CFC, Rural Telephone Finance Cooperative (“RTFC”), National Cooperative Services Corporation (“NCSC”) and subsidiaries created and controlled by CFC to hold foreclosed assets. All intercompany balances and transactions have been eliminated. RTFC was established to provide private financing for the rural telecommunications industry. NCSC may provide financing to members of CFC, government or quasi-government entities which own electric utility systems that meet the Rural Electrification Act definition of “rural”, and the for-profit and nonprofit entities that are owned, operated or controlled by, or provide significant benefits to certain members of CFC. CFC had one entity, Caribbean Asset Holdings, LLC (“CAH”), that held foreclosed assets as of May 31, 2016 . On July 1, 2016, the sale of CAH was completed. As a result, we did not carry any foreclosed assets on our condensed consolidated balance sheet as of February 28, 2017 . Unless stated otherwise, references to “we,” “our” or “us” relate to CFC and its consolidated entities.
Recently Issued but Not Yet Adopted Accounting Standards	Accounting Standards Adopted in Fiscal Year 2017 Amendments to the Consolidation Analysis In February 2015, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) 2015-02, Amendments to the Consolidation Analysis , which makes several modifications to the consolidation guidance for variable interest entities (“VIEs”) and general partners’ investments in limited partnerships, as well as modifications to the evaluation of whether limited partnerships are VIEs or voting interest entities. The new guidance also amends the consolidation analysis for certain investment funds and excludes certain money market funds. We were required to adopt this guidance either retrospectively or on a modified retrospective basis at the beginning of fiscal year 2017. We adopted this guidance on a modified retrospective basis effective June 1, 2016. The adoption had no impact on our consolidated financial statements. Recently Issued But Not Yet Adopted Accounting Standards Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments In June 2016, FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments, which changes the accounting for credit losses on certain financial assets to an expected loss model from the incurred loss model currently in use. The new guidance will result in earlier recognition of credit losses based on measuring the expected credit losses over the estimated life of financial assets held at each reporting date. The expected loss model will be the basis for determining the allowance for credit losses for loans and leases, unfunded lending commitments, held-to-maturity debt securities and other debt instruments measured at amortized cost. In addition, the new guidance modifies the other-than-temporary impairment model for available-for-sale debt securities to require the recognition of credit losses through a valuation allowance, which allows for the reversal of credit impairments in future periods. The ASU will also require enhanced disclosures to help users of financial statements better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an entity’s portfolio. The new standard is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. Early application will be permitted for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. This update is effective for us on June 1, 2020, the first quarter of fiscal year 2021. Upon adoption, we will be required to record a cumulative-effect adjustment to retained earnings. The impact on our consolidated financial statements from the adoption of this new guidance will depend on the composition and risk profile of our loan portfolio as of the date of adoption. We do not expect to early adopt this guidance. Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, FASB issued ASU 2016-01, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities, which amends certain aspects of the recognition, measurement, presentation and disclosure of certain financial instruments, including equity investments and liabilities measured at fair value under the fair value option. The guidance also updates fair value presentation and disclosure requirements for financial instruments measured at amortized cost. The ASU requires investments in equity securities that do not result in consolidation and are not accounted for under the equity method to be measured at fair value with changes in the fair value recognized through net income, unless one of two available exceptions apply. For financial liabilities where the fair value option has been elected, the portion of the total change in fair value caused by changes in the company’s own credit risk is required to be presented separately in other comprehensive income. The classification and measurement guidance is effective for public entities in fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. This update will be effective for us on June 1, 2018, the first quarter of fiscal year 2019. Upon adoption, we will be required to reclassify the gain (loss) related to our equity investments classified as available-for-sale from accumulated other comprehensive income (“AOCI”) to retained earnings as a cumulative-effective adjustment and begin recording future changes in fair value in earnings. We had a gain of $10 million recorded in AOCI for our available-for-sale equity investments as of February 28, 2017 . The impact on our consolidated financial statements at adoption will depend on the net unrealized gains (losses) recorded in AOCI for these equity investments as of the date of adoption. Revenue from Contracts with Customers In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers , which clarifies the principles for recognizing revenue from contracts with customers and will replace most existing revenue recognition in GAAP when it becomes effective. In July 2015, FASB approved a one year deferral of the effective date of this standard, with a revised effective date for fiscal years beginning after December 15, 2017. Early adoption is permitted, although not prior to fiscal years beginning after December 15, 2016. The new accounting guidance, which does not apply to financial instruments, will be effective for us June 1, 2017, the first quarter of fiscal year 2018. We do not expect the new guidance to have an impact on our consolidated financial statements, as CFC’s primary business and source of revenue is from lending.
Derivatives	Use of Derivatives We are an end user of derivative financial instruments and do not engage in derivative trading. We use derivatives, primarily interest rate swaps and Treasury rate locks, to manage interest rate risk. Derivatives may be privately negotiated contracts, which are often referred to as over-the-counter (“OTC”) derivatives, or they may be listed and traded on an exchange. We generally engage in OTC derivative transactions. Accounting for Derivatives In accordance with the accounting standards for derivatives and hedging activities, we record derivative instruments at fair value as either a derivative asset or derivative liability on our condensed consolidated balance sheets. We report derivative asset and liability amounts on a gross basis based on individual contracts, which does not take into consideration the effects of master netting agreements or collateral netting. Derivatives in a gain position are reported as derivative assets on our condensed consolidated balance sheets, while derivatives in a loss position are reported as derivative liabilities. Accrued interest related to derivatives is reported on our condensed consolidated balance sheets as a component of either accrued interest and other receivables or accrued interest payable. If we do not elect hedge accounting treatment, changes in the fair value of derivative instruments, which consist of net accrued periodic derivative cash settlements and derivative forward value amounts, are recognized in our consolidated statements of operations under derivative gains (losses). If we elect hedge accounting treatment for derivatives, we formally document, designate and assess the effectiveness of the hedge relationship. Changes in the fair value of derivatives designated as qualifying fair value hedges are recorded in earnings together with offsetting changes in the fair value of the hedged item and any related ineffectiveness. Changes in the fair value of derivatives designated as qualifying cash flow hedges are recorded as a component of OCI, to the extent that the hedge relationships are effective, and reclassified AOCI to earnings using the effective interest method over the term of the forecasted transaction. Any ineffectiveness in the hedging relationship is recognized as a component of derivative gains (losses) in our consolidated statement of operations. We generally do not designate interest rate swaps, which currently represent all of our outstanding derivatives, for hedge accounting. Accordingly, changes in the fair value of interest rate swaps are reported in our consolidated statements of operations under derivative gains (losses). Net periodic cash settlements related to interest rate swaps are classified as an operating activity in our consolidated statements of cash flows. We typically designate treasury rate locks as cash flow hedges of forecasted debt issuances. Accordingly, changes in the fair value of the derivative instruments are recorded as a component of OCI and reclassified to interest expense when the forecasted transaction occurs using the effective interest method. Any ineffectiveness in the hedging relationship is recognized as a component of derivative gains (losses) in our consolidated statements of operations. We did not have any derivatives designated as accounting hedges as of February 28, 2017 and May 31, 2016 .
Impaired Loans	Significant Unobservable Level 3 Inputs Impaired Loans We utilize the fair value of estimated cash flows or the collateral underlying the loan to determine the fair value and specific allowance for impaired loans. The valuation technique used to determine fair value of the impaired loans provided by both our internal staff and third-party specialists includes market multiples (i.e., comparable companies). The significant unobservable inputs used in the determination of fair value for individually impaired loans is a multiple of earnings before interest, taxes, depreciation and amortization based on various factors (i.e., financial condition of the borrower). In estimating the fair value of the collateral, we may use third-party valuation specialists, internal estimates or a combination of both. The significant unobservable inputs for estimating the fair value of impaired collateral-dependent loans are reviewed by our Credit Risk Management group to assess the reasonableness of the assumptions used and the accuracy of the work performed. In cases where we rely on third-party inputs, we use the final unadjusted third-party valuation analysis as support for any adjustments to our consolidated financial statements and disclosures.

Summary of Significant Accoun21

Summary of Significant Accounting Policies - (Tables)	9 Months Ended
	Feb. 28, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of components of interest income	The following table presents interest income, categorized by loan and investment type, for the three and nine months ended February 28, 2017 and February 29, 2016 . Three Months Ended Nine Months Ended (Dollars in thousands) February 28, 2017 February 29, 2016 February 28, 2017 February 29, 2016 Interest income on loans and investments: Long-term fixed-rate loans (1) $ 245,480 $ 240,933 $ 733,425 $ 716,736 Long-term variable-rate loans 5,047 5,077 14,561 14,919 Line of credit loans 6,538 6,335 18,057 18,919 TDR loans (2) 228 163 677 293 Nonperforming loans — 81 — 110 Investments 2,857 1,323 7,986 5,905 Other income, net (3) (230 ) (279 ) (795 ) (808 ) Total interest income $ 259,920 $ 253,633 $ 773,911 $ 756,074 ____________________________ (1) Includes loan conversion fees, which are deferred and recognized in interest income using the effective interest method. (2) Troubled debt restructuring (“TDR”) loans. (3) Consists of late payment fees and net amortization of deferred loan fees and loan origination costs.
Schedule of components of interest expense	The following table presents interest expense, categorized by debt product type, for the three and nine months ended February 28, 2017 and February 29, 2016 . Three Months Ended Nine Months Ended (Dollars in thousands) February 28, 2017 February 29, 2016 February 28, 2017 February 29, 2016 Interest expense on debt: (1)(2)(3) Short-term borrowings $ 7,907 $ 4,387 $ 18,198 $ 10,311 Medium-term notes 25,166 21,773 73,456 62,745 Collateral trust bonds 85,582 83,810 255,582 248,410 Long-term notes payable 43,929 41,412 131,319 122,766 Subordinated deferrable debt 9,410 4,785 28,247 14,356 Subordinated certificates 14,746 15,022 44,672 45,425 Total interest expense $ 186,740 $ 171,189 $ 551,474 $ 504,013 ____________________________ (1) Represents interest expense and the amortization of discounts on debt. (2) Includes underwriter’s fees, legal fees, printing costs and certain accounting fees, which are deferred and recognized in interest expense using the effective interest method. Also includes issuance costs related to dealer commercial paper, which are recognized immediately as incurred. (3) Includes fees related to funding activities, including fees paid to banks participating in our committed bank revolving line of credit agreements. Amounts are recognized as incurred or amortized on a straight-line basis over the life of the agreement.

Investment Securities - (Tables

Investment Securities - (Tables)	9 Months Ended
	Feb. 28, 2017
Investments [Abstract]
Schedule of investments in equity securities	The following tables present the amortized cost, gross unrealized gains and losses and fair value of our investment securities, all of which were classified as available for sale, as of February 28, 2017 and May 31, 2016 . February 28, 2017 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Farmer Mac—Series A Non-Cumulative Preferred Stock $ 30,000 $ 576 $ — $ 30,576 Farmer Mac—Series B Non-Cumulative Preferred Stock 25,000 1,979 — 26,979 Farmer Mac—Series C Non-Cumulative Preferred Stock 25,000 2,600 — 27,600 Farmer Mac—Class A Common Stock 538 4,398 — 4,936 Total investment securities, available-for-sale $ 80,538 $ 9,553 $ — $ 90,091 May 31, 2016 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Farmer Mac—Series A Non-Cumulative Preferred Stock $ 30,000 $ 780 $ — $ 30,780 Farmer Mac—Series B Non-Cumulative Preferred Stock 25,000 2,600 — 27,600 Farmer Mac—Series C Non-Cumulative Preferred Stock 25,000 1,650 — 26,650 Farmer Mac—Class A Common Stock 538 2,372 — 2,910 Total investment securities, available-for-sale $ 80,538 $ 7,402 $ — $ 87,940

Loans and Commitments - (Tables

Loans and Commitments - (Tables)	9 Months Ended
	Feb. 28, 2017
Loans and Leases Receivable Disclosure [Abstract]
Summary of loans outstanding to members and unadvanced commitments by loan type and by member class	The following table presents the outstanding principal balance of loans to members, including deferred loan origination costs, and unadvanced loan commitments, by loan type and member class, as of February 28, 2017 and May 31, 2016 . February 28, 2017 May 31, 2016 (Dollars in thousands) Loans Outstanding Unadvanced Commitments (1) Loans Outstanding Unadvanced Commitments (1) Loan type: (2) Long-term loans: Long-term fixed-rate loans $ 22,066,751 $ — $ 21,390,576 $ — Long-term variable-rate loans 925,267 4,314,490 757,500 4,508,562 Total long-term loans (3) 22,992,018 4,314,490 22,148,076 4,508,562 Line of credit loans 1,258,152 8,153,484 1,004,441 8,696,448 Total loans outstanding (4) 24,250,170 12,467,974 23,152,517 13,205,010 Deferred loan origination costs 10,667 — 10,179 — Loans to members $ 24,260,837 $ 12,467,974 $ 23,162,696 $ 13,205,010 Member class: (2) CFC: Distribution $ 18,690,627 $ 8,267,180 $ 17,674,335 $ 8,967,730 Power supply 4,522,551 3,163,899 4,401,185 3,191,873 Statewide and associate 56,597 147,077 54,353 155,129 CFC total (3) 23,269,775 11,578,156 22,129,873 12,314,732 RTFC 363,006 262,331 341,842 246,657 NCSC 617,389 627,487 680,802 643,621 Total loans outstanding (4) $ 24,250,170 $ 12,467,974 $ 23,152,517 $ 13,205,010 ____________________________ (1) The interest rate on unadvanced loan commitments is not set until drawn; therefore, the long-term unadvanced loan commitments have been classified in this table as variable-rate unadvanced loan commitments. However, at the time of the advance, the borrower may select a fixed or a variable rate on the new loan. (2) Includes troubled debt restructured loans. (3) Includes long-term loans guaranteed by RUS totaling $169 million and $174 million as of February 28, 2017 and May 31, 2016 , respectively, and long-term loans covered under the Farmer Mac standby purchase commitment agreement totaling $852 million and $926 million as of February 28, 2017 and May 31, 2016 , respectively. (4) Represents the unpaid principal balance excluding deferred loan origination costs.
Schedule of available balance and maturities of lines of credit	The following table summarizes the available balance under unadvanced loan commitments as of February 28, 2017 and the related maturities by fiscal year and thereafter by loan type: Available Balance Notional Maturities of Unadvanced Loan Commitments (Dollars in thousands) 2017 2018 2019 2020 2021 Thereafter Line of credit loans $ 8,153,484 $ 85,665 $ 4,855,109 $ 905,597 $ 784,867 $ 689,926 $ 832,320 Long-term loans 4,314,490 25,120 563,126 870,387 709,467 786,966 1,359,424 Total $ 12,467,974 $ 110,785 $ 5,418,235 $ 1,775,984 $ 1,494,334 $ 1,476,892 $ 2,191,744
Summary of available balance under committed lines of credit and the related maturities by fiscal year	The following table summarizes the available balance under unconditional committed lines of credit, and the related maturities by fiscal year and thereafter, as of February 28, 2017 . Available Balance Notional Maturities of Unconditional Committed Lines of Credit (Dollars in thousands) 2017 2018 2019 2020 2021 Thereafter Committed lines of credit $2,655,038 $ — $444,311 $579,615 $550,903 $425,900 $654,309
Schedule of analysis of the age of the recorded investment in loans outstanding by member class	The tables below present the payment status of loans outstanding by member class as of February 28, 2017 and May 31, 2016 . February 28, 2017 (Dollars in thousands) Current 30-89 Days Past Due 90 Days or More Past Due (1) Total Past Due Total Financing Receivables Nonaccrual Loans CFC: Distribution $ 18,690,627 $ — $ — $ — $ 18,690,627 $ — Power supply 4,522,551 — — — 4,522,551 — Statewide and associate 56,597 — — — 56,597 — CFC total 23,269,775 — — — 23,269,775 — RTFC 363,006 — — — 363,006 — NCSC 617,389 — — — 617,389 — Total loans outstanding $ 24,250,170 $ — $ — $ — $ 24,250,170 $ — As a % of total loans 100.00 % — % — % — % 100.00 % — % May 31, 2016 (Dollars in thousands) Current 30-89 Days Past Due 90 Days or More Past Due (1) Total Total Financing Nonaccrual Loans CFC: Distribution $ 17,674,335 $ — $ — $ — $ 17,674,335 $ — Power supply 4,401,185 — — — 4,401,185 — Statewide and associate 54,353 — — — 54,353 — CFC total 22,129,873 — — — 22,129,873 — RTFC 338,336 — 3,506 3,506 341,842 3,506 NCSC 680,802 — — — 680,802 — Total loans outstanding $ 23,149,011 $ — $ 3,506 $ 3,506 $ 23,152,517 $ 3,506 As a % of total loans 99.98 % — % 0.02 % 0.02 % 100.00 % 0.02 % ____________________________ (1) All loans 90 days or more past due are on nonaccrual status.
Schedule of loan portfolio by risk rating category and member class based on available data	The following table presents our loan portfolio by risk rating category and member class based on available data as of February 28, 2017 and May 31, 2016 . February 28, 2017 May 31, 2016 (Dollars in thousands) Pass Criticized Total Pass Criticized Total CFC: Distribution $ 18,567,388 $ 123,239 $ 18,690,627 $ 17,640,928 $ 33,407 $ 17,674,335 Power supply 4,522,551 — 4,522,551 4,401,185 — 4,401,185 Statewide and associate 55,358 1,239 56,597 54,100 253 54,353 CFC total 23,145,297 124,478 23,269,775 22,096,213 33,660 22,129,873 RTFC 355,356 7,650 363,006 330,167 11,675 341,842 NCSC 611,942 5,447 617,389 678,552 2,250 680,802 Total loans outstanding $ 24,112,595 $ 137,575 $ 24,250,170 $ 23,104,932 $ 47,585 $ 23,152,517
Summary of the activity in the loan loss allowance reflecting disaggregation by company of the allowance for loan losses held at CFC based on borrower type	The tables below summarize changes, by company, in the allowance for loan losses as of and for the three and nine months ended February 28, 2017 and February 29, 2016 . Three Months Ended February 28, 2017 (Dollars in thousands) CFC RTFC NCSC Total Balance as of November 30, 2016 $ 25,857 $ 4,390 $ 3,664 $ 33,911 Provision for loan losses 2,448 (168 ) (215 ) 2,065 Recoveries 53 — — 53 Balance as of February 28, 2017 $ 28,358 $ 4,222 $ 3,449 $ 36,029 Three Months Ended February 29, 2016 (Dollars in thousands) CFC RTFC NCSC Total Balance as of November 30, 2015 $ 27,700 $ 5,918 $ 5,982 $ 39,600 Provision for loan losses (2,136 ) 798 (397 ) (1,735 ) Recoveries 53 — — 53 Balance as of February 29, 2016 $ 25,617 $ 6,716 $ 5,585 $ 37,918 Nine Months Ended February 28, 2017 (Dollars in thousands) CFC RTFC NCSC Total Balance as of May 31, 2016 $ 24,559 $ 5,565 $ 3,134 $ 33,258 Provision for loan losses 3,640 776 315 4,731 Charge-offs — (2,119 ) — (2,119 ) Recoveries 159 — — 159 Balance as of February 28, 2017 $ 28,358 $ 4,222 $ 3,449 $ 36,029 Nine Months Ended February 29, 2016 (Dollars in thousands) CFC RTFC NCSC Total Balance as of May 31, 2015 $ 23,716 $ 4,533 $ 5,441 $ 33,690 Provision for loan losses 1,740 2,183 144 4,067 Recoveries 161 — — 161 Balance as of February 29, 2016 $ 25,617 $ 6,716 $ 5,585 $ 37,918
Schedule of loan loss allowance and the recorded investment in outstanding loans by impairment methodology and by company	The tables below present, by company, the components of our allowance for loan losses and the recorded investment of the related loans as of February 28, 2017 and May 31, 2016 . February 28, 2017 (Dollars in thousands) CFC RTFC NCSC Total Ending balance of the allowance: Collectively evaluated loans $ 28,358 $ 3,063 $ 3,449 $ 34,870 Individually evaluated loans — 1,159 — 1,159 Total ending balance of the allowance $ 28,358 $ 4,222 $ 3,449 $ 36,029 Recorded investment in loans: Collectively evaluated loans $ 23,263,194 $ 356,289 $ 617,389 $ 24,236,872 Individually evaluated loans 6,581 6,717 — 13,298 Total recorded investment in loans $ 23,269,775 $ 363,006 $ 617,389 $ 24,250,170 Loans to members, net (1) $ 23,241,417 $ 358,784 $ 613,940 $ 24,214,141 May 31, 2016 (Dollars in thousands) CFC RTFC NCSC Total Ending balance of the allowance: Collectively evaluated $ 24,559 $ 2,465 $ 3,134 $ 30,158 Individually evaluated — 3,100 — 3,100 Total ending balance of the allowance $ 24,559 $ 5,565 $ 3,134 $ 33,258 Recorded investment in loans: Collectively evaluated $ 22,123,157 $ 331,244 $ 680,802 $ 23,135,203 Individually evaluated 6,716 10,598 — 17,314 Total recorded investment in loans $ 22,129,873 $ 341,842 $ 680,802 $ 23,152,517 Loans to members, net (1) $ 22,105,314 $ 336,277 $ 677,668 $ 23,119,259 ____________________________ (1) Excludes unamortized deferred loan origination costs of $11 million and $10 million as of February 28, 2017 and May 31, 2016
Summary of recorded investment in individually-impaired loans and the related specific valuation allowance by member class	The following table provides information on loans classified as individually impaired loans as of February 28, 2017 and May 31, 2016 are summarized below. February 28, 2017 May 31, 2016 (Dollars in thousands) Recorded Investment Related Allowance Recorded Investment Related Allowance With no specific allowance recorded: CFC $ 6,581 $ — $ 6,716 $ — With a specific allowance recorded: RTFC 6,717 1,159 10,598 3,100 Total impaired loans $ 13,298 $ 1,159 $ 17,314 $ 3,100
Schedule of average recorded investment in impaired loans and the interest income recognized by member class	The following table represents the average recorded investment in individually impaired loans and the interest income recognized, by company, for the three and nine months ended February 28, 2017 and February 29, 2016 . Three Months Ended February 28, 2017 February 29, 2016 February 28, 2017 February 29, 2016 (Dollars in thousands) Average Recorded Investment Interest Income Recognized CFC $ 6,582 $ 6,716 $ 144 $ 130 RTFC 6,799 13,362 84 113 Total impaired loans $ 13,381 $ 20,078 $ 228 $ 243 Nine Months Ended February 28, 2017 February 29, 2016 February 28, 2017 February 29, 2016 (Dollars in thousands) Average Recorded Investment Interest Income Recognized CFC $ 6,624 $ 6,884 $ 418 $ 260 RTFC 8,093 9,092 259 142 Total impaired loans $ 14,717 $ 15,976 $ 677 $ 402
Schedule of Troubled Debt Restructured loans	The following table provides a summary of loans modified as TDRs in prior periods, the performance status of these loans and the related unadvanced loan commitments, by member class, as of February 28, 2017 and May 31, 2016 . February 28, 2017 May 31, 2016 (Dollars in thousands) Loans Outstanding % of Total Loans Unadvanced Commitments Loans Outstanding % of Total Loans Unadvanced Commitments TDR loans: Nonperforming TDR loans: RTFC $ — — % $ — $ 3,506 0.01 % $ — Performing TDR loans: CFC/Distribution 6,581 — 6,716 — RTFC 6,717 — 7,092 — Total performing TDR loans 13,298 0.05 — 13,808 0.06 — Total TDR loans $ 13,298 0.05 % $ — $ 17,314 0.07 % $ —
Summary of foregone interest income as a result of holding loans on non-accrual status	The following table shows foregone interest income for loans on nonaccrual status for the three and nine months ended February 28, 2017 and February 29, 2016 . Three Months Ended Nine Months Ended (Dollars in thousands) February 28, 2017 February 29, 2016 February 28, 2017 February 29, 2016 Nonperforming loans $ — $ 2 $ — $ 14 Performing TDR loans — — — 166 Nonperforming TDR loans — 31 31 77 Total $ — $ 33 $ 31 $ 257
Summary of loans outstanding as collateral pledged to secure the entity's collateral trust bonds, Clean Renewable Energy Bonds and notes payable to the Federal Agricultural Mortgage Corporation and the amount of the corresponding debt outstanding	The following table summarizes our loans outstanding as collateral pledged to secure our collateral trust bonds, Clean Renewable Energy Bonds, notes payable to Farmer Mac and notes payable under the Guaranteed Underwriter Program of the USDA (“Guaranteed Underwriter Program”) and the amount of the corresponding debt outstanding as of February 28, 2017 and May 31, 2016 . See “Note 6—Short-Term Borrowings” and “Note 7—Long-Term Debt” for information on our borrowings. (Dollars in thousands) February 28, 2017 May 31, 2016 Collateral trust bonds: 2007 indenture: Distribution system mortgage notes $ 7,525,623 $ 7,246,973 RUS guaranteed loans qualifying as permitted investments 147,751 151,687 Total pledged collateral $ 7,673,374 $ 7,398,660 Collateral trust bonds outstanding 6,897,711 6,747,711 1994 indenture: Distribution system mortgage notes $ 921,952 $ 968,030 Collateral trust bonds outstanding 795,000 800,000 Farmer Mac: Distribution and power supply system mortgage notes $ 2,971,654 $ 2,683,806 Notes payable outstanding 2,624,228 2,303,122 Clean Renewable Energy Bonds Series 2009A: Distribution and power supply system mortgage notes $ 15,553 $ 17,081 Notes payable outstanding 13,214 14,871 Federal Financing Bank: Distribution and power supply system mortgage notes $ 5,916,785 $ 5,248,935 Notes payable outstanding 4,997,884 4,777,404

Short-Term Borrowings - (Tables

Short-Term Borrowings - (Tables)	9 Months Ended
	Feb. 28, 2017
Debt Disclosure [Abstract]
Schedule of Line of Credit Facilities	The following table presents the total commitment, the net amount available for use and the outstanding letters of credit under our committed bank revolving line of credit agreements as of February 28, 2017 and May 31, 2016 . February 28, 2017 May 31, 2016 (Dollars in millions) Total Commitment Letters of Credit Outstanding Net Available for Use (1) Total Commitment Letters of Credit Outstanding Net Available for Use (1) Maturity Annual Facility Fee (2) 3-year agreement $ — $ — $ — $ 25 $ — $ 25 October 28, 2017 7.5 bps 3-year agreement — — — 1,640 — 1,640 November 19, 2018 7.5 bps 3-year agreement 1,533 — 1,533 — — — November 19, 2019 7.5 bps Total 3-year agreement 1,533 — 1,533 1,665 — 1,665 5-year agreement — — — 45 — 45 October 28, 2019 10 bps 5-year agreement — — — 1,600 1 1,599 November 19, 2020 10 bps 5-year agreement 1,632 1 1,631 — — — November 19, 2021 10 bps Total 5-year agreement 1,632 1 1,631 1,645 1 1,644 Total $ 3,165 $ 1 $ 3,164 $ 3,310 $ 1 $ 3,309 ____________________________ (1) Reflects amounts available from unaffiliated third parties that are not consolidated by CFC. (2) Facility fee determined by CFC’s senior unsecured credit ratings based on the pricing schedules put in place at the inception of the related agreement.

Long-Term Debt - (Tables)

Long-Term Debt - (Tables)	9 Months Ended
	Feb. 28, 2017
Debt Instruments [Abstract]
Summary of long-term debt outstanding	The following table displays long-term debt outstanding, by debt type, as of February 28, 2017 and May 31, 2016 . (Dollars in thousands) February 28, 2017 May 31, 2016 Unsecured long-term debt: Medium-term notes sold through dealers $ 2,796,296 $ 2,668,276 Medium-term notes sold to members 415,337 450,960 Subtotal medium-term notes 3,211,633 3,119,236 Unamortized discount (409 ) (537 ) Debt issuance costs (21,955 ) (19,370 ) Total unsecured medium-term notes 3,189,269 3,099,329 Unsecured notes payable 24,799 27,092 Unamortized discount (407 ) (496 ) Debt issuance costs (100 ) (123 ) Total unsecured notes payable 24,292 26,473 Total unsecured long-term debt 3,213,561 3,125,802 Secured long-term debt: Collateral trust bonds 7,692,711 7,547,711 Unamortized discount (259,860 ) (265,837 ) Debt issuance costs (26,830 ) (28,778 ) Total collateral trust bonds 7,406,021 7,253,096 Guaranteed Underwriter Program notes payable 4,997,884 4,777,404 Debt issuance costs (271 ) (293 ) Total Guaranteed Underwriter Program notes payable 4,997,613 4,777,111 Farmer Mac notes payable 2,624,228 2,303,123 Other secured notes payable 13,214 14,871 Debt issuance costs (336 ) (400 ) Total other secured notes payable 12,878 14,471 Total secured notes payable 7,634,719 7,094,705 Total secured long-term debt 15,040,740 14,347,801 Total long-term debt $ 18,254,301 $ 17,473,603

Subordinated Deferrable Debt 26

Subordinated Deferrable Debt - (Tables)	9 Months Ended
	Feb. 28, 2017
Subordinated Debt [Abstract]
Schedule of Subordinated Borrowing	The following table presents subordinated deferrable debt outstanding as of February 28, 2017 and May 31, 2016 . February 28, 2017 May 31, 2016 (Dollars in thousands) Amount Amount 4.75% due 2043 with a call date of April 30, 2023 $ 400,000 $ 400,000 5.25% due 2046 with a call date of April 20, 2026 350,000 350,000 Debt issuance costs (7,759 ) (7,788 ) Total subordinated deferrable debt $ 742,241 $ 742,212

Derivative Financial Instrume27

Derivative Financial Instruments - (Tables)	9 Months Ended
	Feb. 28, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of notional amounts and weighted average rates paid and received	The following table shows the outstanding notional amounts and the weighted-average rate paid and received for our interest rate swaps, by type, as of February 28, 2017 and May 31, 2016 . The substantial majority of our interest rate swaps use an index based on the London Interbank Offered Rate (“LIBOR”) for either the pay or receive leg of the swap agreement. February 28, 2017 May 31, 2016 (Dollars in thousands) Notional Amount Weighted- Average Rate Paid Weighted- Average Rate Received Notional Weighted- Weighted- Pay-fixed swaps $ 6,680,825 2.86 % 1.01 % $ 6,661,471 2.95 % 0.63 % Receive-fixed swaps 4,399,000 1.50 2.58 3,499,000 1.02 2.82 Total interest rate swaps 11,079,825 2.32 1.64 10,160,471 2.29 1.39 Forward pay-fixed swaps 111,929 40,000 Total $ 11,191,754 $ 10,200,471
Schedule of fair values and notional amounts of outstanding derivatives	The following table displays the fair value of the derivative assets and derivative liabilities recorded on our condensed consolidated balance sheets and the related outstanding notional amount of our interest rate swaps as of February 28, 2017 and May 31, 2016 . February 28, 2017 May 31, 2016 (Dollars in thousands) Fair Value Notional Balance Fair Value Notional Balance Derivative assets $ 83,850 $ 4,021,137 $ 80,095 $ 2,879,567 Derivative liabilities (339,809 ) 7,170,617 (594,820 ) 7,320,904 Total $ (255,959 ) $ 11,191,754 $ (514,725 ) $ 10,200,471
Schedule of offsetting assets and liabilities	The following table presents the gross fair value of derivative assets and liabilities reported on our condensed consolidated balance sheets as of February 28, 2017 and May 31, 2016 , and provides information on the impact of netting provisions and collateral pledged. February 28, 2017 Gross Amount of Recognized Assets/ Liabilities Gross Amount Offset in the Balance Sheet Net Amount of Assets/ Liabilities Presented in the Balance Sheet Gross Amount Not Offset in the Balance Sheet (Dollars in thousands) Financial Instruments Cash Collateral Pledged Net Amount Derivative assets: Interest rate swaps $ 83,850 $ — $ 83,850 $ 78,672 $ — $ 5,178 Derivative liabilities: Interest rate swaps 339,809 — 339,809 78,672 — 261,137 May 31, 2016 Gross Amount of Recognized Assets/ Liabilities Gross Amount Offset in the Balance Sheet Net Amount of Assets/ Liabilities Presented in the Balance Sheet Gross Amount Not Offset in the Balance Sheet (Dollars in thousands) Financial Instruments Cash Collateral Pledged Net Amount Derivative assets: Interest rate swaps $ 80,095 $ — $ 80,095 $ 80,095 $ — $ — Derivative liabilities: Interest rate swaps 594,820 — 594,820 80,095 — 514,725
Schedule of offsetting assets and liabilities	The following table presents the gross fair value of derivative assets and liabilities reported on our condensed consolidated balance sheets as of February 28, 2017 and May 31, 2016 , and provides information on the impact of netting provisions and collateral pledged. February 28, 2017 Gross Amount of Recognized Assets/ Liabilities Gross Amount Offset in the Balance Sheet Net Amount of Assets/ Liabilities Presented in the Balance Sheet Gross Amount Not Offset in the Balance Sheet (Dollars in thousands) Financial Instruments Cash Collateral Pledged Net Amount Derivative assets: Interest rate swaps $ 83,850 $ — $ 83,850 $ 78,672 $ — $ 5,178 Derivative liabilities: Interest rate swaps 339,809 — 339,809 78,672 — 261,137 May 31, 2016 Gross Amount of Recognized Assets/ Liabilities Gross Amount Offset in the Balance Sheet Net Amount of Assets/ Liabilities Presented in the Balance Sheet Gross Amount Not Offset in the Balance Sheet (Dollars in thousands) Financial Instruments Cash Collateral Pledged Net Amount Derivative assets: Interest rate swaps $ 80,095 $ — $ 80,095 $ 80,095 $ — $ — Derivative liabilities: Interest rate swaps 594,820 — 594,820 80,095 — 514,725
Summary of gains and losses recorded on the consolidated statements of operations for the entity's interest rate swaps	The following table presents the components of the derivative gains (losses) reported in our condensed consolidated statements of operations for our interest rate swaps for the three and nine months ended February 28, 2017 and February 29, 2016 . Three Months Ended Nine Months Ended (Dollars in thousands) February 28, 2017 February 29, 2016 February 28, 2017 February 29, 2016 Derivative cash settlements $ (19,354 ) $ (22,556 ) $ (64,331 ) $ (65,285 ) Derivative forward value gains (losses) 61,809 (220,480 ) 259,153 (290,952 ) Derivative gains (losses) $ 42,455 $ (243,036 ) $ 194,822 $ (356,237 )
Schedule of notional amounts of derivative instruments having rating triggers	The following table displays the notional amounts of our derivative contracts with rating triggers as of February 28, 2017 and the payments that would be required if the contracts were terminated as of that date because of a downgrade of our unsecured credit ratings or the counterparty’s unsecured credit ratings below A3/A-, below Baa1/BBB+, to or below Baa2/BBB, below Baa3/BBB-, or to or below Ba2/BB+ by Moody’s or S&P, respectively. In calculating the payment amounts that would be required upon termination of the derivative contracts, we assumed that the amounts for each counterparty would be netted in accordance with the provisions of the master netting agreements for each counterparty. The net payment amounts are based on the fair value of the underlying derivative instrument, excluding the credit risk valuation adjustment, plus any unpaid accrued interest amounts. (Dollars in thousands) Notional Amount Payable Due From CFC Receivable Due to CFC Net (Payable)/Receivable Impact of rating downgrade trigger: Falls below A3/A- (1) $ 59,165 $ (14,246 ) $ — $ (14,246 ) Falls below Baa1/BBB+ 7,156,973 (163,243 ) 5,874 (157,369 ) Falls to or below Baa2/BBB (2) 460,611 — 2,030 2,030 Falls below Baa3/BBB- 370,585 (20,734 ) — (20,734 ) Total $ 8,047,334 $ (198,223 ) $ 7,904 $ (190,319 ) ____________________________ (1) Rating trigger for CFC falls below A3/A-, while rating trigger for counterparty falls below Baa1/BBB+ by Moody’s or S&P, respectively. (2) Rating trigger for CFC falls to or below Baa2/BBB, while rating trigger for counterparty falls to or below Ba2/BB+ by Moody’s or S&P, respectively.

Equity - (Tables)

Equity - (Tables)	9 Months Ended
	Feb. 28, 2017
Stockholders' Equity Note [Abstract]
Schedule of Stockholders Equity	The following table presents the components of equity as of February 28, 2017 and May 31, 2016 . (Dollars in thousands) February 28, 2017 May 31, 2016 Membership fees $ 971 $ 974 Educational fund 1,158 1,798 Total membership fees and educational fund 2,129 2,772 Patronage capital allocated 671,260 713,853 Members’ capital reserve 587,219 587,219 Unallocated net loss: Current-year derivative forward value income (loss) 255,018 (220,827 ) Prior-year cumulative derivative forward value losses (507,904 ) (287,077 ) Current year cumulative derivative forward value losses (252,886 ) (507,904 ) Other unallocated net income (loss) 98,095 (5,706 ) Unallocated net loss (154,791 ) (513,610 ) CFC retained equity 1,105,817 790,234 Accumulated other comprehensive income 12,574 1,058 Total CFC equity 1,118,391 791,292 Noncontrolling interests 28,947 26,086 Total equity $ 1,147,338 $ 817,378
Schedule of Accumulated Other Comprehensive Income (Loss)	The following tables summarize, by component, the activity in AOCI as of and for the three and nine months ended February 28, 2017 and February 29, 2016 . Three Months Ended February 28, 2017 (Dollars in thousands) Unrealized Gains (Losses) AFS Securities Unrealized Gains Unrealized Losses Foreclosed Assets Unrealized Losses Defined Benefit Plan Total Beginning balance $ 5,630 $ 4,091 $ — $ (920 ) $ 8,801 Unrealized gains 3,923 — — — 3,923 Losses reclassified into earnings — — — 45 45 Gains reclassified into earnings — (195 ) — — (195 ) Other comprehensive income 3,923 (195 ) — 45 3,773 Ending balance $ 9,553 $ 3,896 $ — $ (875 ) $ 12,574 Three Months Ended February 29, 2016 (Dollars in thousands) Unrealized Gains (Losses) AFS Securities Unrealized Gains Derivatives Unrealized Losses Foreclosed Assets Unrealized Losses Defined Benefit Plan Total Beginning balance $ 6,820 $ 4,902 $ (4,248 ) $ (889 ) $ 6,585 Unrealized losses (2,297 ) — — — (2,297 ) Losses reclassified into earnings — — — 43 43 Gains reclassified into earnings — (217 ) — — (217 ) Other comprehensive income (2,297 ) (217 ) — 43 (2,471 ) Ending balance $ 4,523 $ 4,685 $ (4,248 ) $ (846 ) $ 4,114 Nine Months Ended February 28, 2017 (Dollars in thousands) Unrealized Gains (Losses) AFS Securities Unrealized Gains Derivatives Unrealized Losses Foreclosed Assets Unrealized Losses Defined Benefit Plan Total Beginning balance $ 7,402 $ 4,487 $ (9,823 ) $ (1,008 ) $ 1,058 Unrealized gains 2,151 — — — 2,151 Losses reclassified into earnings — — 9,823 133 9,956 Gains reclassified into earnings — (591 ) — — (591 ) Other comprehensive income 2,151 (591 ) 9,823 133 11,516 Ending balance $ 9,553 $ 3,896 $ — $ (875 ) $ 12,574 Nine Months Ended February 29, 2016 (Dollars in thousands) Unrealized Gains (Losses) AFS Securities Unrealized Gains Derivatives Unrealized Losses Foreclosed Assets Unrealized Losses Defined Benefit Plan Total Beginning balance $ 3,934 $ 5,371 $ (4,248 ) $ (977 ) $ 4,080 Unrealized gains 589 — — — 589 Losses reclassified into earnings — — — 131 131 Gains reclassified into earnings — (686 ) — — (686 ) Other comprehensive income 589 (686 ) — 131 34 Ending balance $ 4,523 $ 4,685 $ (4,248 ) $ (846 ) $ 4,114

Guarantees - (Tables)

Guarantees - (Tables)	9 Months Ended
	Feb. 28, 2017
Guarantees [Abstract]
Summary of total guarantees by type of guarantee and member class	The following table summarizes total guarantees by type of guarantee and member class as of February 28, 2017 and May 31, 2016 . (Dollars in thousands) February 28, 2017 May 31, 2016 Total by type: Long-term tax-exempt bonds $ 469,080 $ 475,965 Letters of credit 304,359 319,596 Other guarantees 114,045 113,647 Total $ 887,484 $ 909,208 Total by member class: CFC: Distribution $ 124,256 $ 127,890 Power supply 736,970 759,345 Statewide and associate 5,061 5,054 CFC total 866,287 892,289 RTFC 1,574 1,574 NCSC 19,623 15,345 Total $ 887,484 $ 909,208

Fair Value Measurement - (Table

Fair Value Measurement - (Tables)	9 Months Ended
	Feb. 28, 2017
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	The table also displays the classification within the fair value hierarchy of the valuation technique used in estimating fair value. February 28, 2017 Fair Value Measurements Using (Dollars in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 235,764 $ 235,764 $ 235,764 $ — $ — Restricted cash 20,760 20,760 20,760 — — Time deposits 630,000 630,000 — 630,000 — Investment securities, available for sale 90,091 90,091 90,091 — — Deferred compensation investments 4,555 4,555 4,555 — — Loans to members, net 24,224,808 23,809,544 — — 23,809,544 Accrued interest receivable 112,686 112,686 — 112,686 — Debt service reserve funds 17,151 17,151 17,151 — — Derivative assets 83,850 83,850 — 83,850 — Liabilities: Short-term borrowings $ 3,388,078 $ 3,387,840 $ 1,534,752 $ 1,853,088 $ — Long-term debt 18,254,301 18,928,996 — 11,309,437 7,619,559 Accrued interest payable 195,374 195,374 — 195,374 — Guarantee liability 15,849 17,230 — — 17,230 Derivative liabilities 339,809 339,809 — 339,809 — Subordinated deferrable debt 742,241 770,239 — 770,239 — Members’ subordinated certificates 1,420,608 1,420,631 — — 1,420,631 May 31, 2016 Fair Value Measurements Using (Dollars in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 204,540 $ 204,540 $ 204,540 $ — $ — Restricted cash 4,628 4,628 4,628 — — Time deposits 340,000 340,000 — 340,000 — Investment securities, available for sale 87,940 87,940 87,940 — — Deferred compensation investments 4,326 4,326 4,326 — — Loans to members, net 23,129,438 23,297,924 — — 23,297,924 Accrued interest receivable 113,272 113,272 — 113,272 — Debt service reserve funds 17,151 17,151 17,151 — — Derivative assets 80,095 80,095 — 80,095 — Liabilities: Short-term borrowings $ 2,938,848 $ 2,938,716 $ 1,185,959 $ 1,752,757 $ — Long-term debt 17,473,603 18,577,261 — 11,327,004 7,250,257 Accrued interest payable 132,996 132,996 — 132,996 — Guarantee liability 17,109 19,019 — — 19,019 Derivative liabilities 594,820 594,820 — 594,820 — Subordinated deferrable debt 742,212 751,395 — 751,395 — Members’ subordinated certificates 1,443,810 1,443,834 — — 1,443,834
Schedule of the entity's assets and liabilities that are measured at fair value on a recurring basis	The following table presents the carrying value and fair value of financial instruments reported in our condensed consolidated financial statements at fair value on a recurring basis as of February 28, 2017 and May 31, 2016 , and the classification of the valuation technique within the fair value hierarchy. February 28, 2017 May 31, 2016 (Dollars in thousands) Level 1 Level 2 Total Level 1 Level 2 Total Investment securities available for sale $ 90,091 $ — $ 90,091 $ 87,940 $ — $ 87,940 Deferred compensation investments 4,555 — 4,555 4,326 — 4,326 Derivative assets — 83,850 83,850 — 80,095 80,095 Derivative liabilities — 339,809 339,809 — 594,820 594,820
Schedule of carrying/fair value of the related individual assets and the total losses	The following table presents the carrying value and fair value of assets reported in our condensed consolidated financial statements at fair value on a nonrecurring basis as of February 28, 2017 and May 31, 2016 , and unrealized losses for the three and nine months ended February 28, 2017 and February 29, 2016 . Level 3 Fair Value Unrealized Losses Three Months Ended, Unrealized Losses Nine Months Ended, (Dollars in thousands) February 28, 2017 May 31, 2016 February 28, 2017 February 29, 2016 February 28, 2017 February 29, 2016 Impaired loans, net of specific reserves $ — $ 7,498 $ — $ (1,890 ) $ — $ (3,901 )

Segment Information - (Tables)

Segment Information - (Tables)	9 Months Ended
	Feb. 28, 2017
Segment Reporting [Abstract]
Schedule of segment presentation for the consolidated statements of operations and consolidated balance sheets	The following tables display segment results for the three and nine months ended February 28, 2017 and February 29, 2016 , and assets attributable to each segment as of February 28, 2017 and February 29, 2016 . Three Months Ended February 28, 2017 (Dollars in thousands) CFC Other Elimination Consolidated Total Statement of operations: Interest income $ 257,390 $ 10,593 $ (8,063 ) $ 259,920 Interest expense (186,468 ) (8,335 ) 8,063 (186,740 ) Net interest income 70,922 2,258 — 73,180 Provision for loan losses (2,065 ) — — (2,065 ) Net interest income after provision for loan losses 68,857 2,258 — 71,115 Non-interest income: Fee and other income 5,698 425 (313 ) 5,810 Derivative gains 42,190 265 — 42,455 Results of operations of foreclosed assets (29 ) — — (29 ) Total non-interest income 47,859 690 (313 ) 48,236 Non-interest expense: General and administrative expenses (18,864 ) (1,846 ) — (20,710 ) Gains on early extinguishment of debt 192 — — 192 Other (486 ) (313 ) 313 (486 ) Total non-interest expense (19,158 ) (2,159 ) 313 (21,004 ) Income before income taxes 97,558 789 — 98,347 Income tax expense — (385 ) — (385 ) Net income $ 97,558 $ 404 $ — $ 97,962 Three Months Ended February 29, 2016 (Dollars in thousands) CFC Other Elimination Consolidated Total Statement of operations: Interest income $ 250,814 $ 11,367 $ (8,548 ) $ 253,633 Interest expense (170,872 ) (8,865 ) 8,548 (171,189 ) Net interest income 79,942 2,502 — 82,444 Provision for loan losses 1,735 — — 1,735 Net interest income after provision for loan losses 81,677 2,502 — 84,179 Non-interest income: Fee and other income 5,341 984 (721 ) 5,604 Derivative losses (240,363 ) (2,673 ) — (243,036 ) Results of operations from foreclosed assets 1,472 — — 1,472 Total non-interest income (233,550 ) (1,689 ) (721 ) (235,960 ) Non-interest expense: General and administrative expenses (20,266 ) (2,341 ) 255 (22,352 ) Losses on early extinguishment of debt (333 ) — — (333 ) Other (509 ) (466 ) 466 (509 ) Total non-interest expense (21,108 ) (2,807 ) 721 (23,194 ) Loss before income taxes (172,981 ) (1,994 ) — (174,975 ) Income tax benefit — 593 — 593 Net loss $ (172,981 ) $ (1,401 ) $ — $ (174,382 ) Nine Months Ended February 28, 2017 (Dollars in thousands) CFC Other Elimination Consolidated Total Statement of operations: Interest income $ 766,096 $ 32,944 $ (25,129 ) $ 773,911 Interest expense (550,695 ) (25,945 ) 25,166 (551,474 ) Net interest income 215,401 6,999 37 222,437 Provision for loan losses (4,731 ) — — (4,731 ) Net interest income after provision for loan losses 210,670 6,999 37 217,706 Non-interest income: Fee and other income 14,654 3,049 (2,266 ) 15,437 Derivative gains 192,970 1,852 — 194,822 Results of operations of foreclosed assets (1,690 ) — — (1,690 ) Total non-interest income 205,934 4,901 (2,266 ) 208,569 Non-interest expense: General and administrative expenses (56,634 ) (5,567 ) — (62,201 ) Gains on early extinguishment of debt 192 — — 192 Other (1,446 ) (2,229 ) 2,229 (1,446 ) Total non-interest expense (57,888 ) (7,796 ) 2,229 (63,455 ) Income before income taxes 358,716 4,104 — 362,820 Income tax expense — (1,815 ) — (1,815 ) Net income $ 358,716 $ 2,289 $ — $ 361,005 February 28, 2017 CFC Other Elimination Consolidated Total Assets: Total loans outstanding $ 24,211,350 $ 980,395 $ (941,575 ) $ 24,250,170 Deferred origination costs 10,667 — — 10,667 Less: Allowance for loan losses (36,029 ) — — (36,029 ) Loans to members, net 24,185,988 980,395 (941,575 ) 24,224,808 Other assets 1,374,619 105,111 (94,973 ) 1,384,757 Total assets $ 25,560,607 $ 1,085,506 $ (1,036,548 ) $ 25,609,565 Nine Months Ended February 29, 2016 (Dollars in thousands) CFC Other Elimination Consolidated Total Statement of operations: Interest income $ 747,490 $ 34,693 $ (26,109 ) $ 756,074 Interest expense (503,061 ) (27,061 ) 26,109 (504,013 ) Net interest income 244,429 7,632 — 252,061 Provision for loan losses (4,067 ) — — (4,067 ) Net interest income after provision for loan losses 240,362 7,632 — 247,994 Non-interest income: Fee and other income 16,020 3,898 (2,582 ) 17,336 Derivative losses (352,153 ) (4,084 ) — (356,237 ) Results of operations of foreclosed assets 1,605 — — 1,605 Total non-interest income (334,528 ) (186 ) (2,582 ) (337,296 ) Non-interest expense: General and administrative expenses (58,419 ) (7,762 ) 763 (65,418 ) Losses on early extinguishment of debt (333 ) — — (333 ) Other (875 ) (1,819 ) 1,819 (875 ) Total non-interest expense (59,627 ) (9,581 ) 2,582 (66,626 ) Loss before income taxes (153,793 ) (2,135 ) — (155,928 ) Income tax benefit — 153 — 153 Net income (loss) $ (153,793 ) $ (1,982 ) $ — $ (155,775 ) February 29, 2016 CFC Other Elimination Consolidated Total Assets: Total loans outstanding $ 23,095,053 $ 1,055,203 $ (1,016,041 ) $ 23,134,215 Deferred origination costs 9,884 — — 9,884 Less: Allowance for loan losses (37,918 ) — — (37,918 ) Loans to members, net 23,067,019 1,055,203 (1,016,041 ) 23,106,181 Other assets 1,270,625 120,001 (103,782 ) 1,286,844 Total assets $ 24,337,644 $ 1,175,204 $ (1,119,823 ) $ 24,393,025

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	12 Months Ended
	May 31, 2016USD ($)	Feb. 28, 2017USD ($)	Nov. 30, 2016USD ($)	Feb. 29, 2016USD ($)	Nov. 30, 2015USD ($)	May 31, 2015USD ($)
Summary of Significant Accounting Policies [Line Items]
Number of Lines Holding Foreclosed Assets on Balance Sheet	1
Deferred Loan Conversion Fees	$ 71,000	$ 71,000
Accumulated Other Comprehensive Income (Loss), Net of Tax	1,058	12,574	$ 8,801	$ 4,114	$ 6,585	$ 4,080
Accumulated Net Investment Gain (Loss) Attributable to Parent
Summary of Significant Accounting Policies [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ 7,402	$ 9,553	$ 5,630	$ 4,523	$ 6,820	$ 3,934

Summary of Significant Accoun33

Summary of Significant Accounting Policies - Interest Income, Categorized by Loan and Investment Type (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016
Components of interest income
Interest income		$ 259,920	$ 253,633	$ 773,911	$ 756,074
Interest on investments		2,857	1,323	7,986	5,905
Other income, net		73,180	82,444	222,437	252,061
Long-term fixed-rate loans
Components of interest income
Interest income	[1]	245,480	240,933	733,425	716,736
Long-term variable-rate loans
Components of interest income
Interest income		5,047	5,077	14,561	14,919
Line of credit loans
Components of interest income
Interest income		6,538	6,335	18,057	18,919
Restructured loans
Components of interest income
Interest income	[2]	228	163	677	293
Nonperforming Financial Instruments
Components of interest income
Interest income		0	81	0	110
Other Income
Components of interest income
Other income, net	[3]	$ (230)	$ (279)	$ 795	$ (808)
[1]	Includes loan conversion fees, which are deferred and recognized in interest income using the effective interest method.
[2]	Troubled debt restructuring (“TDR”) loans.
[3]	) Consists of late payment fees and net amortization of deferred loan fees and loan origination costs.

Summary of Significant Accoun34

Summary of Significant Accounting Policies - Interest Expense, Categorized by Debt Product Type (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016
Interest expense on debt:
Total interest expense	[1],[2],[3]	$ 186,740	$ 171,189	$ 551,474	$ 504,013
Short-term borrowings
Interest expense on debt:
Interest expense on debt	[1],[2],[3]	7,907	4,387	18,198	10,311
Medium-term notes
Interest expense on debt:
Interest expense on debt	[1],[2],[3]	25,166	21,773	73,456	62,745
Collateral trust bonds
Interest expense on debt:
Interest expense on debt	[1],[2],[3]	85,582	83,810	255,582	248,410
Long-term notes payable
Interest expense on debt:
Interest expense on debt	[1],[2],[3]	43,929	41,412	131,319	122,766
Subordinated deferrable debt
Interest expense on debt:
Interest expense on debt	[1],[2],[3]	9,410	4,785	28,247	14,356
Subordinated certificates
Interest expense on debt:
Interest expense on debt	[1],[2],[3]	$ 14,746	$ 15,022	$ 44,672	$ 45,425
[1]	Includes fees related to funding activities, including fees paid to banks participating in our committed bank revolving line of credit agreements. Amounts are recognized as incurred or amortized on a straight-line basis over the life of the agreement.
[2]	Includes underwriter’s fees, legal fees, printing costs and certain accounting fees, which are deferred and recognized in interest expense using the effective interest method. Also includes issuance costs related to dealer commercial paper, which are recognized immediately as incurred.
[3]	Represents interest expense and the amortization of discounts on debt.

Variable Interest Entities - (D

Variable Interest Entities - (Details) - USD ($) $ in Thousands	Feb. 28, 2017	May 31, 2016	Feb. 29, 2016
Variable Interest Entity [Line Items]
Loans and Leases Receivable Commercial, Net of Allowance	$ 24,224,808	$ 23,129,438	$ 23,106,181
Variable Interest Entity, Primary Beneficiary | NCSC
Variable Interest Entity [Line Items]
Variable Interest Entity, Consolidated Carrying Amount Obligations Guaranteed by Primary Beneficiary	43,000
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	46,000
Variable Interest Entity, Consolidated, Carrying Amount, Assets	626,000
Loans and Leases Receivable Commercial, Net of Allowance	617,000
Variable Interest Entity, Commitment to Extend Loan Maximum	3,000,000
Variable Interest Entity, Commitment Outstanding	640,000
Variable Interest Entity Loans Outstanding	597,000
Variable Interest Entity, Primary Beneficiary | RTFC
Variable Interest Entity [Line Items]
Variable Interest Entity, Consolidated Carrying Amount Obligations Guaranteed by Primary Beneficiary	2,000
Variable Interest Entity, Consolidated, Carrying Amount, Assets	459,000
Loans and Leases Receivable Commercial, Net of Allowance	363,000
Variable Interest Entity, Commitment to Extend Loan Maximum	2,500,000
Variable Interest Entity, Commitment Outstanding	$ 344,000

Investment Securities - Investm

Investment Securities - Investment Securities (Details) - USD ($) $ in Thousands	Feb. 28, 2017	May 31, 2016
Investments
Amortized Cost	$ 80,538	$ 80,538
Gross Unrealized Gains	9,553	7,402
Gross Unrealized Losses	0	0
Fair Value	90,091	87,940
Preferred Stock | Federal Agricultural Mortgage Corporation Series A preferred stock
Investments
Amortized Cost	30,000	30,000
Gross Unrealized Gains	576	780
Gross Unrealized Losses	0	0
Fair Value	30,576	30,780
Preferred Stock | Federal Agricultural Mortgage Corporation Series B Preferred Stock
Investments
Amortized Cost	25,000	25,000
Gross Unrealized Gains	1,979	2,600
Gross Unrealized Losses	0	0
Fair Value	26,979	27,600
Preferred Stock | Federal Agricultural Mortgage Corporation Series C Preferred Stock
Investments
Amortized Cost	25,000	25,000
Gross Unrealized Gains	2,600	1,650
Gross Unrealized Losses	0	0
Fair Value	27,600	26,650
Common Stock | Federal Agricultural Mortgage Corporation Class A common stock
Investments
Amortized Cost	538	538
Gross Unrealized Gains	4,398	2,372
Gross Unrealized Losses	0	0
Fair Value	$ 4,936	$ 2,910

Investment Securities - Additio

Investment Securities - Additional Information (Details) - USD ($)	Feb. 28, 2017	May 31, 2016
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value	$ 0	$ 0

Loans and Commitments - Outstan

Loans and Commitments - Outstanding Principal Balance and Unadvanced Commitments (Details) - USD ($) $ in Thousands		Feb. 28, 2017		May 31, 2016		Feb. 29, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income		$ 24,250,170	[1],[2]	$ 23,152,517	[1],[2]	$ 23,134,215
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums		10,667	[1]	10,179	[1]	$ 9,884
Loans to members	[1]	24,260,837		23,162,696
Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[3]	12,467,974		13,205,010
CFC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income	[1],[4]	23,269,775		22,129,873
CFC | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[3]	11,578,156		12,314,732
CFC | Distribution
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income	[1]	18,690,627		17,674,335
CFC | Distribution | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[3]	8,267,180		8,967,730
CFC | Power supply
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income	[1]	4,522,551		4,401,185
CFC | Power supply | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[3]	3,163,899		3,191,873
CFC | Statewide and associate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income	[1]	56,597		54,353
CFC | Statewide and associate | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[3]	147,077		155,129
RTFC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income	[1]	363,006		341,842
RTFC | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[3]	262,331		246,657
NCSC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income	[1]	617,389		680,802
NCSC | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[3]	627,487		643,621
Long-term fixed-rate loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income	[1]	22,066,751		21,390,576
Long-term variable-rate loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income	[1]	925,267		757,500
Long-term variable-rate loans | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments		4,314,490		4,508,562	[3]
Long Term Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income	[1],[4]	22,992,018		22,148,076
Long Term Loans | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[3]	4,314,490		4,508,562
Line of credit loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income	[1]	1,258,152		1,004,441
Line of credit loans | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments		8,153,484		8,696,448	[3]
Loans Guaranteed by Rural Utilities Service
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income		169,000		174,000
Loans Guaranteed by Farmer Mac
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income		$ 852,000		$ 926,000
[1]	Includes troubled debt restructured loans.
[2]	Represents the unpaid principal balance excluding deferred loan origination costs.
[3]	The interest rate on unadvanced loan commitments is not set until drawn; therefore, the long-term unadvanced loan commitments have been classified in this table as variable-rate unadvanced loan commitments. However, at the time of the advance, the borrower may select a fixed or a variable rate on the new loan.
[4]	Includes long-term loans guaranteed by RUS totaling $169 million and $174 million as of February 28, 2017 and May 31, 2016, respectively, and long-term loans covered under the Farmer Mac standby purchase commitment agreement totaling $852 million and $926 million as of February 28, 2017 and May 31, 2016, respectively.

Loans and Commitments - Availab

Loans and Commitments - Available Balance Under Unadvanced Commitments and Maturity (Details) - Unadvanced commitments - USD ($) $ in Thousands		Feb. 28, 2017	May 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Available Balance	[1]	$ 12,467,974	$ 13,205,010
2,017		110,785
2,018		5,418,235
2,019		1,775,984
2,020		1,494,334
2,021		1,476,892
Thereafter		2,191,744
Line of credit loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Available Balance		8,153,484	8,696,448	[1]
2,017		85,665
2,018		4,855,109
2,019		905,597
2,020		784,867
2,021		689,926
Thereafter		832,320
Long-term variable-rate loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Available Balance		4,314,490	$ 4,508,562	[1]
2,017		25,120
2,018		563,126
2,019		870,387
2,020		709,467
2,021		786,966
Thereafter		$ 1,359,424
[1]	The interest rate on unadvanced loan commitments is not set until drawn; therefore, the long-term unadvanced loan commitments have been classified in this table as variable-rate unadvanced loan commitments. However, at the time of the advance, the borrower may select a fixed or a variable rate on the new loan.

Loans and Commitments - Uncondi

Loans and Commitments - Unconditional Committed Lines of Credit and Maturity (Details) - USD ($) $ in Thousands		Feb. 28, 2017	May 31, 2016
Unadvanced commitments
Notional maturities of committed lines of credit
Available Balance	[1]	$ 12,467,974	$ 13,205,010
2,017		110,785
2,018		5,418,235
2,019		1,775,984
2,020		1,494,334
2,021		1,476,892
Thereafter		2,191,744
Unadvanced commitments not subject to material adverse change clauses
Notional maturities of committed lines of credit
Available Balance		2,655,038	$ 2,448,000
2,017		0
2,018		444,311
2,019		579,615
2,020		550,903
2,021		425,900
Thereafter		$ 654,309
[1]	The interest rate on unadvanced loan commitments is not set until drawn; therefore, the long-term unadvanced loan commitments have been classified in this table as variable-rate unadvanced loan commitments. However, at the time of the advance, the borrower may select a fixed or a variable rate on the new loan.

Loans and Commitments - Payment

Loans and Commitments - Payment Status of Loans Outstanding (Details) - USD ($) $ in Thousands		Feb. 28, 2017		May 31, 2016		Feb. 29, 2016
Payment Status of Loans
Past due		$ 0		$ 3,506
Loans and Leases Receivable, Net of Deferred Income		24,250,170	[1],[2]	23,152,517	[1],[2]	$ 23,134,215
Non-accrual loans		$ 0		$ 3,506
As a % of total loans
Current (percent)		100.00%		99.98%
30-89 days past due (percent)		0.00%		0.00%
90 days or more past due (percent)	[3]	0.00%		0.02%
Total past due (percent)		0.00%		0.02%
Total financing receivables (percent)		100.00%		100.00%
Non-accrual loans (percent)		0.00%		0.02%
CFC
Payment Status of Loans
Past due		$ 0		$ 0
Loans and Leases Receivable, Net of Deferred Income	[1],[4]	23,269,775		22,129,873
Non-accrual loans		0		0
CFC | Distribution
Payment Status of Loans
Past due		0		0
Loans and Leases Receivable, Net of Deferred Income	[1]	18,690,627		17,674,335
Non-accrual loans		0		0
CFC | Power supply
Payment Status of Loans
Past due		0		0
Loans and Leases Receivable, Net of Deferred Income	[1]	4,522,551		4,401,185
Non-accrual loans		0		0
CFC | Statewide and associate
Payment Status of Loans
Loans and Leases Receivable, Net of Deferred Income	[1]	56,597		54,353
RTFC
Payment Status of Loans
Past due		0		3,506
Loans and Leases Receivable, Net of Deferred Income	[1]	363,006		341,842
Non-accrual loans		0		3,506
NCSC
Payment Status of Loans
Past due		0
Loans and Leases Receivable, Net of Deferred Income	[1]	617,389		680,802
Non-accrual loans		0		0
Financing Receivables, 1 to 29 Days Past Due [Member]
Payment Status of Loans
Current		24,250,170		23,149,011
Financing Receivables, 1 to 29 Days Past Due [Member] | CFC
Payment Status of Loans
Current		23,269,775		22,129,873
Financing Receivables, 1 to 29 Days Past Due [Member] | CFC | Distribution
Payment Status of Loans
Current		18,690,627		17,674,335
Financing Receivables, 1 to 29 Days Past Due [Member] | CFC | Power supply
Payment Status of Loans
Current		4,522,551		4,401,185
Financing Receivables, 1 to 29 Days Past Due [Member] | CFC | Statewide and associate
Payment Status of Loans
Current		56,597		54,353
Financing Receivables, 1 to 29 Days Past Due [Member] | RTFC
Payment Status of Loans
Current		363,006		338,336
Financing Receivables, 1 to 29 Days Past Due [Member] | NCSC
Payment Status of Loans
Current		617,389		680,802
Financing Receivables, 30 to 89 Days Past Due [Member]
Payment Status of Loans
Past due		0		0
Financing Receivables, 30 to 89 Days Past Due [Member] | CFC
Payment Status of Loans
Past due		0		0
Financing Receivables, 30 to 89 Days Past Due [Member] | CFC | Distribution
Payment Status of Loans
Past due		0		0
Financing Receivables, 30 to 89 Days Past Due [Member] | CFC | Power supply
Payment Status of Loans
Past due		0		0
Financing Receivables, 30 to 89 Days Past Due [Member] | RTFC
Payment Status of Loans
Past due		0		0
Financing Receivables, 30 to 89 Days Past Due [Member] | NCSC
Payment Status of Loans
Past due		0		0
Financing Receivables, Equal to Greater than 90 Days Past Due [Member]
Payment Status of Loans
Past due	[3]	0		3,506
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | CFC
Payment Status of Loans
Past due	[3]	0		0
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | CFC | Distribution
Payment Status of Loans
Past due	[3]	0		0
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | CFC | Power supply
Payment Status of Loans
Past due	[3]	0		0
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | RTFC
Payment Status of Loans
Past due	[3]	$ 0		$ 3,506
[1]	Includes troubled debt restructured loans.
[2]	Represents the unpaid principal balance excluding deferred loan origination costs.
[3]	All loans 90 days or more past due are on nonaccrual status.
[4]	Includes long-term loans guaranteed by RUS totaling $169 million and $174 million as of February 28, 2017 and May 31, 2016, respectively, and long-term loans covered under the Farmer Mac standby purchase commitment agreement totaling $852 million and $926 million as of February 28, 2017 and May 31, 2016, respectively.

Loans and Commitments - Interna

Loans and Commitments - Internal Risk Rating (Details) - USD ($) $ in Thousands		Feb. 28, 2017		May 31, 2016		Feb. 29, 2016
Credit Quality
Loans and Leases Receivable, Net of Deferred Income		$ 24,250,170	[1],[2]	$ 23,152,517	[1],[2]	$ 23,134,215
CFC
Credit Quality
Loans and Leases Receivable, Net of Deferred Income	[1],[3]	23,269,775		22,129,873
CFC | Distribution
Credit Quality
Loans and Leases Receivable, Net of Deferred Income	[1]	18,690,627		17,674,335
CFC | Power supply
Credit Quality
Loans and Leases Receivable, Net of Deferred Income	[1]	4,522,551		4,401,185
CFC | Statewide and associate
Credit Quality
Loans and Leases Receivable, Net of Deferred Income	[1]	56,597		54,353
RTFC
Credit Quality
Loans and Leases Receivable, Net of Deferred Income	[1]	363,006		341,842
NCSC
Credit Quality
Loans and Leases Receivable, Net of Deferred Income	[1]	617,389		680,802
Pass
Credit Quality
Loans and Leases Receivable, Net of Deferred Income		24,112,595		23,104,932
Pass | CFC
Credit Quality
Loans and Leases Receivable, Net of Deferred Income		23,145,297		22,096,213
Pass | CFC | Distribution
Credit Quality
Loans and Leases Receivable, Net of Deferred Income		18,567,388		17,640,928
Pass | CFC | Power supply
Credit Quality
Loans and Leases Receivable, Net of Deferred Income		4,522,551		4,401,185
Pass | CFC | Statewide and associate
Credit Quality
Loans and Leases Receivable, Net of Deferred Income		55,358		54,100
Pass | RTFC
Credit Quality
Loans and Leases Receivable, Net of Deferred Income		355,356		330,167
Pass | NCSC
Credit Quality
Loans and Leases Receivable, Net of Deferred Income		611,942		678,552
Criticized
Credit Quality
Loans and Leases Receivable, Net of Deferred Income		137,575		47,585
Criticized | CFC
Credit Quality
Loans and Leases Receivable, Net of Deferred Income		124,478		33,660
Criticized | CFC | Distribution
Credit Quality
Loans and Leases Receivable, Net of Deferred Income		123,239		33,407
Criticized | CFC | Power supply
Credit Quality
Loans and Leases Receivable, Net of Deferred Income		0		0
Criticized | CFC | Statewide and associate
Credit Quality
Loans and Leases Receivable, Net of Deferred Income		1,239		253
Criticized | RTFC
Credit Quality
Loans and Leases Receivable, Net of Deferred Income		7,650		11,675
Criticized | NCSC
Credit Quality
Loans and Leases Receivable, Net of Deferred Income		$ 5,447		$ 2,250
[1]	Includes troubled debt restructured loans.
[2]	Represents the unpaid principal balance excluding deferred loan origination costs.
[3]	Includes long-term loans guaranteed by RUS totaling $169 million and $174 million as of February 28, 2017 and May 31, 2016, respectively, and long-term loans covered under the Farmer Mac standby purchase commitment agreement totaling $852 million and $926 million as of February 28, 2017 and May 31, 2016, respectively.

Loans and Commitments - Allowan

Loans and Commitments - Allowance for Loan Losses Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016	Nov. 30, 2016	May 31, 2016	Nov. 30, 2015	May 31, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total ending balance of the allowance	$ 36,029	$ 37,918	$ 36,029	$ 37,918	$ 33,911	$ 33,258	$ 39,600	$ 33,690
Provision for Loan and Lease Losses	2,065	(1,735)	4,731	4,067
Allowance for Loan and Lease Losses, Write-offs			(2,119)
Financing Receivable, Allowance for Credit Losses, Recovery	53	53	159	161
CFC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total ending balance of the allowance	28,358	25,617	28,358	25,617	25,857	24,559	27,700	23,716
Provision for Loan and Lease Losses	2,448	(2,136)	3,640	1,740
Financing Receivable, Allowance for Credit Losses, Recovery	53	53	159	161
RTFC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total ending balance of the allowance	4,222	6,716	4,222	6,716	4,390	5,565	5,918	4,533
Provision for Loan and Lease Losses	(168)	798	776	2,183
Allowance for Loan and Lease Losses, Write-offs			(2,119)
NCSC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total ending balance of the allowance	3,449	5,585	3,449	5,585	$ 3,664	$ 3,134	$ 5,982	$ 5,441
Provision for Loan and Lease Losses	$ (215)	$ (397)	$ 315	$ 144

Loans and Commitments - Allow44

Loans and Commitments - Allowance for Loan Losses and Recorded Investments (Details) - USD ($) $ in Thousands		Feb. 28, 2017		Nov. 30, 2016	May 31, 2016		Feb. 29, 2016	Nov. 30, 2015	May 31, 2015
Ending balance of the allowance:
Collectively evaluated		$ 34,870			$ 30,158
Individually evaluated		1,159			3,100
Total ending balance of the allowance		36,029		$ 33,911	33,258		$ 37,918	$ 39,600	$ 33,690
Recorded investment in loans:
Collectively evaluated		24,236,872			23,135,203
Individually evaluated		13,298			17,314
Loans and Leases Receivable, Net of Deferred Income		24,250,170	[1],[2]		23,152,517	[1],[2]	23,134,215
Loans and Leases Receivable, Net Amount	[3]	24,214,141			23,119,259
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums		10,667	[1]		10,179	[1]	9,884
CFC
Ending balance of the allowance:
Collectively evaluated		28,358			24,559
Individually evaluated					0
Total ending balance of the allowance		28,358		25,857	24,559		25,617	27,700	23,716
Recorded investment in loans:
Collectively evaluated		23,263,194			22,123,157
Individually evaluated		6,581			6,716
Loans and Leases Receivable, Net of Deferred Income	[1],[4]	23,269,775			22,129,873
Loans and Leases Receivable, Net Amount	[3]	23,241,417			22,105,314
RTFC
Ending balance of the allowance:
Collectively evaluated		3,063			2,465
Individually evaluated		1,159			3,100
Total ending balance of the allowance		4,222		4,390	5,565		6,716	5,918	4,533
Recorded investment in loans:
Collectively evaluated		356,289			331,244
Individually evaluated		6,717			10,598
Loans and Leases Receivable, Net of Deferred Income	[1]	363,006			341,842
Loans and Leases Receivable, Net Amount	[3]	358,784			336,277
NCSC
Ending balance of the allowance:
Collectively evaluated		3,449			3,134
Individually evaluated		0			0
Total ending balance of the allowance		3,449		$ 3,664	3,134		$ 5,585	$ 5,982	$ 5,441
Recorded investment in loans:
Collectively evaluated		617,389			680,802
Individually evaluated		0			0
Loans and Leases Receivable, Net of Deferred Income	[1]	617,389			680,802
Loans and Leases Receivable, Net Amount	[3]	$ 613,940			$ 677,668
[1]	Includes troubled debt restructured loans.
[2]	Represents the unpaid principal balance excluding deferred loan origination costs.
[3]	Excludes unamortized deferred loan origination costs of $11 million and $10 million as of February 28, 2017 and May 31, 2016
[4]	Includes long-term loans guaranteed by RUS totaling $169 million and $174 million as of February 28, 2017 and May 31, 2016, respectively, and long-term loans covered under the Farmer Mac standby purchase commitment agreement totaling $852 million and $926 million as of February 28, 2017 and May 31, 2016, respectively.

Loans and Commitments Impaired

Loans and Commitments Impaired Loans - Recorded Investment and Allowance (Details) - USD ($) $ in Thousands	Feb. 28, 2017	May 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable, Related Allowance	$ 1,159	$ 3,100
Impaired Financing Receivable, Recorded Investment	13,298	17,314
CFC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	6,581	6,716
RTFC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable, with Related Allowance, Recorded Investment	6,717	10,598
Impaired Financing Receivable, Related Allowance	$ 1,159	$ 3,100

Impaired Loans - Average Record

Impaired Loans - Average Recorded Investment and Interest Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016
Average recorded investment
Total impaired loans	$ 13,381	$ 20,078	$ 14,717	$ 15,976
Interest income recognized
Interest impaired loans	228	243	677	402
CFC
Average recorded investment
Total impaired loans	6,582	6,716	6,624	6,884
Interest income recognized
Interest impaired loans	144	130	418	260
RTFC
Average recorded investment
Total impaired loans	6,799	13,362	8,093	9,092
Interest income recognized
Interest impaired loans	$ 84	$ 113	$ 259	$ 142

Loans and Commitments - Trouble

Loans and Commitments - Troubled Debt Restructured Loans (Details) - USD ($) $ in Thousands		Feb. 28, 2017		May 31, 2016		Feb. 29, 2016
Financing Receivable, Modifications [Line Items]
Loans and Leases Receivable, Net of Deferred Income		$ 24,250,170	[1],[2]	$ 23,152,517	[1],[2]	$ 23,134,215
Loans and Leases Receivable Commercial, Net of Deferred Income, Percentage		100.00%		100.00%
Unadvanced commitments				$ 0
Nonperforming TDR loans
Financing Receivable, Modifications [Line Items]
Impaired Financing Receivable, with Related Allowance, Recorded Investment		$ 0		$ 3,506
Loans and Leases Receivable Commercial, Net of Deferred Income, Percentage		0.00%		0.01%
Performing TDR loans
Financing Receivable, Modifications [Line Items]
Loans outstanding		$ 13,298		$ 13,808
Performing TDR Loans As Percentage of Total Loans		0.05%		0.06%
Total TDR loans
Financing Receivable, Modifications [Line Items]
Loans and Leases Receivable, Net of Deferred Income		$ 13,298		$ 17,314
Loans and Leases Receivable Commercial, Net of Deferred Income, Percentage		0.05%		0.07%
CFC
Financing Receivable, Modifications [Line Items]
Loans and Leases Receivable, Net of Deferred Income	[1],[3]	$ 23,269,775		$ 22,129,873
CFC | Performing TDR loans
Financing Receivable, Modifications [Line Items]
Loans outstanding		6,581		6,716
RTFC
Financing Receivable, Modifications [Line Items]
Impaired Financing Receivable, with Related Allowance, Recorded Investment		6,717		10,598
Loans and Leases Receivable, Net of Deferred Income	[1]	363,006		341,842
RTFC | Nonperforming TDR loans
Financing Receivable, Modifications [Line Items]
Impaired Financing Receivable, with Related Allowance, Recorded Investment		0		3,506
RTFC | Performing TDR loans
Financing Receivable, Modifications [Line Items]
Loans outstanding		$ 6,717		$ 7,092
[1]	Includes troubled debt restructured loans.
[2]	Represents the unpaid principal balance excluding deferred loan origination costs.
[3]	Includes long-term loans guaranteed by RUS totaling $169 million and $174 million as of February 28, 2017 and May 31, 2016, respectively, and long-term loans covered under the Farmer Mac standby purchase commitment agreement totaling $852 million and $926 million as of February 28, 2017 and May 31, 2016, respectively.

Loans and Commitments - Foregon

Loans and Commitments - Foregone Interest Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans	$ 0	$ 33	$ 31	$ 257
Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans	0	2	0	14
Performing TDR loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans	0	0	0	166
Nonperforming TDR loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans	$ 0	$ 31	$ 31	$ 77

Loans and Commitments - Outst49

Loans and Commitments - Outstanding Pledged as Collateral (Details) - USD ($) $ in Thousands	Feb. 28, 2017	May 31, 2016
Collateral trust bonds 2007 indenture
Pledging of Loans and Loans on Deposit
Loans outstanding and pledged as collateral	$ 7,673,374	$ 7,398,660
Secured Debt	6,897,711	6,747,711
Collateral trust bonds 1994 indenture
Pledging of Loans and Loans on Deposit
Secured Debt	795,000	800,000
Notes payable | Federal Agricultural Mortgage Corporation
Pledging of Loans and Loans on Deposit
Secured Debt	2,624,228	2,303,122
Clean Renewable Energy Bonds Series 2009A
Pledging of Loans and Loans on Deposit
Secured Debt	13,214	14,871
Guaranteed Underwriter Program Notes Payable
Pledging of Loans and Loans on Deposit
Secured Debt	4,997,884	4,777,404
Mortgage notes | Distribution system mortgage notes | Collateral trust bonds 2007 indenture
Pledging of Loans and Loans on Deposit
Loans outstanding and pledged as collateral	7,525,623	7,246,973
Mortgage notes | Distribution system mortgage notes | Collateral trust bonds 1994 indenture
Pledging of Loans and Loans on Deposit
Loans outstanding and pledged as collateral	921,952	968,030
Mortgage notes | Distribution and power supply system mortgage notes | Federal Agricultural Mortgage Corporation
Pledging of Loans and Loans on Deposit
Loans outstanding and pledged as collateral	2,971,654	2,683,806
Mortgage notes | Distribution and power supply system mortgage notes | Clean Renewable Energy Bonds Series 2009A
Pledging of Loans and Loans on Deposit
Loans outstanding and pledged as collateral	15,553	17,081
Loans Guaranteed by Rural Utilities Service | Collateral trust bonds 2007 indenture
Pledging of Loans and Loans on Deposit
Loans outstanding and pledged as collateral	147,751	151,687
Mortgage notes receivable on deposit | Distribution and power supply system mortgage notes | Federal Financing Bank
Pledging of Loans and Loans on Deposit
Loans outstanding and pledged as collateral	$ 5,916,785	$ 5,248,935

Loans and Commitments - Additio

Loans and Commitments - Additional Information (Details) - USD ($)		9 Months Ended
		Feb. 28, 2017		Feb. 29, 2016	May 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans Receivable Cost of Loans Sold		$ 33,000,000		$ 84,000,000
Loans and Leases Receivable, Net of Deferred Income		24,250,170,000	[1],[2]	$ 23,134,215,000	$ 23,152,517,000	[1],[2]
Loans and Leases Receivable, Commitments to Purchase or Sell		$ 0
Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable Unadvanced Commitments Period Maximum		5 years
Unadvanced commitments	[3]	$ 12,467,974,000			13,205,010,000
Unadvanced commitments not subject to material adverse change clauses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable Unadvanced Commitments Period Maximum		5 years
Unadvanced commitments		$ 2,655,038,000			2,448,000,000
Commitments to Extend Credit Subject to Material Adverse Change Clause
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments		9,813,000,000			10,757,000,000
Loans Guaranteed by Farmer Mac
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income		852,000,000			926,000,000
Nonperforming TDR loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable, with Related Allowance, Recorded Investment		0			3,506,000
Performing TDR loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Modifications, Recorded Investment		13,298,000			13,808,000
Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable, with Related Allowance, Recorded Investment		$ 0			$ 0
[1]	Includes troubled debt restructured loans.
[2]	Represents the unpaid principal balance excluding deferred loan origination costs.
[3]	The interest rate on unadvanced loan commitments is not set until drawn; therefore, the long-term unadvanced loan commitments have been classified in this table as variable-rate unadvanced loan commitments. However, at the time of the advance, the borrower may select a fixed or a variable rate on the new loan.

Foreclosed Assets - Additional

Foreclosed Assets - Additional Information (Details) - USD ($) $ in Thousands		2 Months Ended	3 Months Ended			9 Months Ended
		Aug. 29, 2016	Feb. 28, 2017		Feb. 29, 2016	Feb. 28, 2017		Feb. 29, 2016	Jul. 01, 2016	May 31, 2016
Foreclosed Assets
Foreclosed assets, net			$ 0			$ 0				$ 102,967
Net cash proceeds from sale of foreclosed assets		$ 109,000				47,065		$ 0
Disposal Group, Including Discontinued Operation, Consideration									$ 144,000
Escrow Deposit									16,000
Loans and Leases Receivable, Net of Deferred Income			24,250,170	[1],[2]	$ 23,134,215	24,250,170	[1],[2]	23,134,215		23,152,517	[1],[2]
Other receivables			46,450			46,450				51,478
Results of operations of foreclosed assets			29		$ (1,472)	1,690		$ (1,605)
Other Comprehensive Income Loss Reclassification Adjustment From AOCI Foreclosed Asset						9,823
RTFC
Foreclosed Assets
Loans and Leases Receivable, Net of Deferred Income	[1]		363,006			363,006				$ 341,842
ATN VI Holdings LLC | RTFC
Foreclosed Assets
Loans and Leases Receivable, Net of Deferred Income									$ 60,000
Foreclosed Assets
Foreclosed Assets
Other receivables			$ 1,000			$ 1,000
[1]	Includes troubled debt restructured loans.
[2]	Represents the unpaid principal balance excluding deferred loan origination costs.

Short-Term Borrowings - Additio

Short-Term Borrowings - Additional Information (Details) - USD ($)	9 Months Ended
	Feb. 28, 2017	Sep. 30, 2016	May 31, 2016
Short-term Debt [Line Items]
Short-term borrowings	$ 3,388,078,000		$ 2,938,848,000
Short Term Debt as Percentage of Debt Outstanding	14.00%		13.00%
Revolving credit agreements
Short-term Debt [Line Items]
Short-term borrowings	$ 0		$ 0
Maximum borrowing capacity	3,165,000,000		3,310,000,000
CFC | Revolving credit agreements
Short-term Debt [Line Items]
Maximum borrowing capacity	3,420,000,000
Letter of Credit Maximum Amount Available	300,000,000
NCSC
Short-term Debt [Line Items]
Line Of Credit Facility Assigned To Third Party		$ 50,000,000
Line Of Credit Facility Terminated	60,000,000
Three Year Agreement
Short-term Debt [Line Items]
Maximum borrowing capacity	1,533,000,000
Line of Credit Facility, Increase (Decrease), Net	8,000,000
Line Of Credit Facility Terminated	165,000,000
Three Year Agreement | Revolving credit agreements
Short-term Debt [Line Items]
Maximum borrowing capacity	1,533,000,000		1,665,000,000
Three Year Agreement | NCSC
Short-term Debt [Line Items]
Line Of Credit Facility Assigned To Third Party		25,000,000
Five Year Agreement
Short-term Debt [Line Items]
Maximum borrowing capacity	1,632,000,000
Line of Credit Facility, Increase (Decrease), Net	8,000,000
Line Of Credit Facility Terminated	45,000,000
Five Year Agreement | Revolving credit agreements
Short-term Debt [Line Items]
Maximum borrowing capacity	$ 1,632,000,000		$ 1,645,000,000
Five Year Agreement | NCSC
Short-term Debt [Line Items]
Line Of Credit Facility Assigned To Third Party		$ 25,000,000

Short-Term Borrowings - Commitm

Short-Term Borrowings - Commitments under Revolving Credit Agreements (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Feb. 28, 2017	May 31, 2016
Revolving credit agreements
Revolving Credit Agreements
Maximum borrowing capacity		$ 3,165,000	$ 3,310,000
Letters of credit outstanding		1,000	1,000
Total available	[1]	3,164,000	3,309,000
Three Year Nonconsenting Agreement | Revolving credit agreements
Revolving Credit Agreements
Maximum borrowing capacity			25,000
Total available	[1]		$ 25,000
Line of Credit Facility Commitment Fee Percentage (percent)	[2]		0.075%
Three Year Consenting Agreement | Revolving credit agreements
Revolving Credit Agreements
Maximum borrowing capacity			$ 1,640,000
Total available	[1]		$ 1,640,000
Line of Credit Facility Commitment Fee Percentage (percent)	[2]		0.075%
Three Year Agreement
Revolving Credit Agreements
Maximum borrowing capacity		1,533,000
Three Year Agreement | Revolving credit agreements
Revolving Credit Agreements
Maximum borrowing capacity		1,533,000	$ 1,665,000
Total available	[1]	$ 1,533,000	1,665,000
Line of Credit Facility Commitment Fee Percentage (percent)	[2]	0.075%
Five Year Nonconsenting Agreement | Revolving credit agreements
Revolving Credit Agreements
Maximum borrowing capacity			45,000
Letters of credit outstanding			0
Total available	[1]		$ 45,000
Line of Credit Facility Commitment Fee Percentage (percent)	[2]		0.10%
Five Year Consenting Agreement | Revolving credit agreements
Revolving Credit Agreements
Maximum borrowing capacity			$ 1,600,000
Letters of credit outstanding			1,291
Total available	[1]		$ 1,598,709
Line of Credit Facility Commitment Fee Percentage (percent)	[2]		0.10%
Five Year Agreement
Revolving Credit Agreements
Maximum borrowing capacity		$ 1,632,000
Five Year Agreement | Revolving credit agreements
Revolving Credit Agreements
Maximum borrowing capacity		1,632,000	$ 1,645,000
Letters of credit outstanding		1,290	1,291
Total available	[1]	$ 1,631,000	$ 1,644,000
Line of Credit Facility Commitment Fee Percentage (percent)	[2]	0.10%
[1]	Reflects amounts available from unaffiliated third parties that are not consolidated by CFC.
[2]	Facility fee determined by CFC’s senior unsecured credit ratings based on the pricing schedules put in place at the inception of the related agreement.

Long-Term Debt Outstanding (Det

Long-Term Debt Outstanding (Details) - USD ($) $ in Thousands	Feb. 28, 2017	May 31, 2016
Long-term debt
Long-term debt	$ 18,254,301	$ 17,473,603
Medium-term notes sold through dealers
Long-term debt
Long-term Debt, Gross	2,796,296	2,668,276
Medium-term notes sold to members
Long-term debt
Long-term Debt, Gross	415,337	450,960
Unsecured Medium Term Notes
Long-term debt
Unamortized discount	(409)	(537)
Debt issuance costs	(21,955)	(19,370)
Long-term Debt, Gross	3,211,633	3,119,236
Long-term debt	3,189,269	3,099,329
Other Unsecured Notes Payable
Long-term debt
Unamortized discount	(407)	(496)
Debt issuance costs	(100)	(123)
Long-term Debt, Gross	24,799	27,092
Unsecured notes payable
Long-term debt
Long-term debt	24,292	26,473
Unsecured Debt
Long-term debt
Long-term debt	3,213,561	3,125,802
Collateral trust bonds
Long-term debt
Unamortized discount	(259,860)	(265,837)
Debt issuance costs	(26,830)	(28,778)
Long-term Debt, Gross	7,692,711	7,547,711
Long-term debt	7,406,021	7,253,096
Guaranteed Underwriter Program Notes Payable
Long-term debt
Debt issuance costs	(271)	(293)
Long-term Debt, Gross	4,997,884	4,777,404
Secured Debt	4,997,613	4,777,111
Farmer Mac notes payable
Long-term debt
Long-term Debt, Gross	2,624,228	2,303,123
Other Secured Notes Payable
Long-term debt
Debt issuance costs	(336)	(400)
Long-term Debt, Gross	13,214	14,871
Long-term debt	12,878	14,471
Notes payable
Long-term debt
Long-term debt	7,634,719	7,094,705
Secured Debt
Long-term debt
Long-term debt	15,040,740	14,347,801
Long-Term Debt
Long-term debt
Long-term debt	$ 18,254,301	$ 17,473,603

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Feb. 28, 2017	Dec. 01, 2016	May 31, 2016
Collateral trust bonds
Long-term debt
Proceeds from Issuance of Debt	$ 450,000
Debt Instrument, Interest Rate, Stated Percentage	2.95%
Long-term Debt, Gross	$ 7,692,711		$ 7,547,711
Guaranteed Underwriter Program Notes Payable
Long-term debt
Proceeds from Issuance of Debt	250,000
Secured Debt	4,997,613		4,777,111
Available under committed loan facilities	725,000
Long-term Debt, Gross	4,997,884		4,777,404
Farmer Mac notes payable
Long-term debt
Long-term Debt, Gross	$ 2,624,228		2,303,123
Secured notes payable
Long-term debt
Debt Instrument Fee Percentage	0.30%
Secured notes payable | Federal Agricultural Mortgage Corporation
Long-term debt
Maximum borrowing capacity	$ 4,800,000
Secured notes payable | Farmer Mac revolving note purchase agreement, dated March 24, 2011
Long-term debt
Proceeds from Issuance of Debt	250,000
Maximum borrowing capacity	4,500,000
Long-term Debt, Gross	2,524,000		$ 2,303,000
Secured notes payable | Farmer Mac revolving note purchase agreement, dated July 31, 2015
Long-term debt
Maximum borrowing capacity	300,000
Long-term Debt, Gross	$ 100,000
Series L GUP Facility | Guaranteed Underwriter Program Notes Payable
Long-term debt
Maximum borrowing capacity		$ 375,000

Subordinated Deferrable Debt Su

Subordinated Deferrable Debt Subordinated Deferrable Debt Outstanding (Details) - USD ($) $ in Thousands	Feb. 28, 2017	May 31, 2016
Subordinated Deferrable Debt
Subordinated Debt	$ 742,241	$ 742,212
4.75 percent due 2043
Subordinated Deferrable Debt
Subordinated Debt	400,000	400,000
5.25 Percent Due 2046
Subordinated Deferrable Debt
Subordinated Debt	350,000	350,000
Subordinated Debt
Subordinated Deferrable Debt
Debt issuance costs	$ 7,759	$ 7,788

Derivative Notional Amounts and

Derivative Notional Amounts and Weighted-Average Rate (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Feb. 28, 2017	May 31, 2016
Derivative [Line Items]
Derivative, Notional Amount	$ 11,191,754	$ 10,200,471
Pay-fixed swaps
Derivative [Line Items]
Derivative, Notional Amount	$ 6,680,825	$ 6,661,471
Derivative Weighted Average Interest Rate Paid Percentage	2.86%	2.95%
Derivative Weighted Average Interest Rate Received Percentage	1.01%	0.63%
Receive fixed swaps
Derivative [Line Items]
Derivative, Notional Amount	$ 4,399,000	$ 3,499,000
Derivative Weighted Average Interest Rate Paid Percentage	1.50%	1.02%
Derivative Weighted Average Interest Rate Received Percentage	2.58%	2.82%
Interest rate swaps
Derivative [Line Items]
Derivative, Notional Amount	$ 11,079,825	$ 10,160,471
Derivative Weighted Average Interest Rate Paid Percentage	2.32%	2.29%
Derivative Weighted Average Interest Rate Received Percentage	1.64%	1.39%
Forward Contracts
Derivative [Line Items]
Derivative, Notional Amount	$ 111,929	$ 40,000

Derivatives - Balance Sheet Imp

Derivatives - Balance Sheet Impact (Details) - USD ($) $ in Thousands	Feb. 28, 2017	May 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative assets	$ 83,850	$ 80,095
Derivative liabilities	339,809	594,820
Derivative Asset, Notional Amount	4,021,137	2,879,567
Derivative Liability, Notional Amount	7,170,617	7,320,904
Derivative Assets (Liabilities), at Fair Value, Net	(255,959)	(514,725)
Derivative, Notional Amount	$ 11,191,754	$ 10,200,471

Derivatives Offsetting (Details

Derivatives Offsetting (Details) - Interest rate swaps - USD ($) $ in Thousands	Feb. 28, 2017	May 31, 2016
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 83,850	$ 80,095
Derivative Asset, Fair Value, Gross Liability	0	0
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	83,850	80,095
Derivative, Collateral, Obligation to Return Securities	78,672	80,095
Derivative, Collateral, Obligation to Return Cash	0	0
Derivative Asset, Fair Value, Amount Offset Against Collateral	5,178	0
Derivative Liability, Fair Value, Gross Liability	339,809	594,820
Derivative Liability, Fair Value, Gross Asset	0	0
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	339,809	594,820
Derivative, Collateral, Right to Reclaim Securities	78,672	80,095
Derivative, Collateral, Right to Reclaim Cash	0	0
Derivative Liability, Fair Value, Amount Offset Against Collateral	$ 261,137	$ 514,725

Derivative Financial Instrume60

Derivative Financial Instruments Derivatives - Income Statement Impact (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016
Derivative [Line Items]
Unrealized Gain (Loss) on Derivatives			$ 259,153	$ (290,952)
Derivative gains (losses)	$ 42,455	$ (243,036)	194,822	(356,237)
Interest rate swaps
Derivative [Line Items]
Gain (Loss) on Sale of Derivatives	(19,354)	(22,556)	(64,331)	(65,285)
Unrealized Gain (Loss) on Derivatives	61,809	(220,480)	259,153	(290,952)
Derivative gains (losses)	$ 42,455	$ (243,036)	$ 194,822	$ (356,237)

Derivatives - Rating Triggers (

Derivatives - Rating Triggers (Details) - USD ($) $ in Thousands		Feb. 28, 2017	May 31, 2016
Derivative [Line Items]
Derivative, Notional Amount		$ 11,191,754	$ 10,200,471
Interest rate swaps
Derivative [Line Items]
Derivative, Notional Amount		8,047,334
Assets Needed for Immediate Settlement, Aggregate Fair Value		(198,223)
Assets Received for Immediate Settlement Aggregate Fair Value		7,904
Net Asset Needed for Immediate Settlement Aggregate Fair Value		(190,319)
Moody's, A3 Rating Standard Poor's A- rating | Interest rate swaps
Derivative [Line Items]
Derivative, Notional Amount	[1]	59,165
Assets Needed for Immediate Settlement, Aggregate Fair Value	[1]	(14,246)
Assets Received for Immediate Settlement Aggregate Fair Value	[1]	0
Net Asset Needed for Immediate Settlement Aggregate Fair Value	[1]	(14,246)
Moodys Baa 1 Rating Standard Poor's BBB Plus Rating | Interest rate swaps
Derivative [Line Items]
Derivative, Notional Amount		7,156,973
Assets Needed for Immediate Settlement, Aggregate Fair Value		(163,243)
Assets Received for Immediate Settlement Aggregate Fair Value		5,874
Net Asset Needed for Immediate Settlement Aggregate Fair Value		(157,369)
Moody's Baa 2 Rating Standard Poor's BBB Rating | Interest rate swaps
Derivative [Line Items]
Derivative, Notional Amount	[2]	460,611
Assets Needed for Immediate Settlement, Aggregate Fair Value	[2]	0
Assets Received for Immediate Settlement Aggregate Fair Value	[2]	2,030
Net Asset Needed for Immediate Settlement Aggregate Fair Value	[2]	2,030
Moodys Baa3 Rating Standard Poor's BB Rating | Interest rate swaps
Derivative [Line Items]
Derivative, Notional Amount		370,585
Assets Needed for Immediate Settlement, Aggregate Fair Value		(20,734)
Assets Received for Immediate Settlement Aggregate Fair Value		0
Net Asset Needed for Immediate Settlement Aggregate Fair Value		$ (20,734)
[1]	Rating trigger for CFC falls below A3/A-, while rating trigger for counterparty falls below Baa1/BBB+ by Moody’s or S&P, respectively.
[2]	Rating trigger for CFC falls to or below Baa2/BBB, while rating trigger for counterparty falls to or below Ba2/BB+ by Moody’s or S&P, respectively.

Derivative Financial Instrume62

Derivative Financial Instruments - Additional Information (Details) $ in Millions	Feb. 28, 2017USD ($)
Interest rate swaps
Derivative [Line Items]
Derivative, Net Liability Position, Aggregate Fair Value	$ 197

Equity Components (Details)

Equity Components (Details) - USD ($) $ in Thousands	Feb. 28, 2017	Nov. 30, 2016	May 31, 2016	Feb. 29, 2016	Nov. 30, 2015	May 31, 2015
Equity
Derivative Forward Value Gain (Loss)	$ 255,018		$ (220,827)
Prior Years Cumulative Derivative Forward Value and Foreign Currency Adjustments	(507,904)		(287,077)
Total Cumulative Derivative Forward Value and Foreign Currency Adjustments	(252,886)		(507,904)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	1,147,338		817,378	$ 716,496		$ 911,786
Retained equity	1,105,817		790,234
Accumulated Other Comprehensive Income (Loss), Net of Tax	12,574	$ 8,801	1,058	4,114	$ 6,585	4,080
Stockholders' Equity Attributable to Parent	1,118,391		791,292
Noncontrolling interests	28,947		26,086
Membership Fees
Equity
Retained Earnings before Derivate Forward Value and Foreign Currency Adjustments	971		974
Cooperative educational fund
Equity
Retained Earnings before Derivate Forward Value and Foreign Currency Adjustments	1,158		1,798
Membership Fees and Educational Fund
Equity
Retained Earnings before Derivate Forward Value and Foreign Currency Adjustments	2,129		2,772
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	2,129		2,772	2,095		2,743
Members’ Capital Reserve
Equity
Retained Earnings before Derivate Forward Value and Foreign Currency Adjustments	671,260		713,853
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	587,219		587,219	501,302		501,731
Patronage Capital Allocated
Equity
Retained Earnings before Derivate Forward Value and Foreign Currency Adjustments	587,219		587,219
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	671,260		713,853	629,596		668,980
Other unallocated net income (loss)
Equity
Retained Earnings before Derivate Forward Value and Foreign Currency Adjustments	98,095		(5,706)
Unallocated Net Income (Loss)
Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ (154,791)		$ (513,610)	$ (446,576)		$ (293,212)

Equity - Additional Information

Equity - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016	May 31, 2016	May 31, 2015
Stockholder's Equity [Line Items]
Stockholders' Equity, Period Increase (Decrease)			$ 330,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 1,147,338	$ 716,496	1,147,338	$ 716,496	$ 817,378	$ 911,786
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	97,962	(174,382)	361,005	(155,775)
Patronage Refunds			42,490	39,384
Expected Reclassification from Accumulated Other Comprehensive Income over Next Twelve Months Net of Tax			1,000
Patronage Capital Allocated
Stockholder's Equity [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	671,260	629,596	671,260	629,596	713,853	668,980
Patronage Refunds			42,593	39,384
Members’ Capital Reserve
Stockholder's Equity [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 587,219	$ 501,302	587,219	$ 501,302	$ 587,219	$ 501,731
CFC | Members’ Capital Reserve
Stockholder's Equity [Line Items]
Retained Patronage Allocations			86,000
CFC | Scenario, Plan | Patronage Capital Allocated
Stockholder's Equity [Line Items]
Retained Patronage Allocations			$ 84,000
Patronage Refunds Percentage of Allocation of Net Earnings			50.00%
CFC | Scenario, Plan | Cooperative educational fund
Stockholder's Equity [Line Items]
Retained Patronage Allocations			$ 1,000

Equity - Accumulated Other Comp

Equity - Accumulated Other Comprehensive Income Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016	Nov. 30, 2016	May 31, 2016	Nov. 30, 2015	May 31, 2015
Stockholder's Equity [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ 12,574	$ 4,114	$ 12,574	$ 4,114	$ 8,801	$ 1,058	$ 6,585	$ 4,080
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	3,923	(2,297)	2,151	589
Other Comprehensive Income Loss Reclassification Adjustment From AOCI Foreclosed Asset			9,823
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax	45	43	9,956	131
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	195	217	591	686
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	3,773	(2,471)	11,516	34
Accumulated Net Investment Gain (Loss) Attributable to Parent
Stockholder's Equity [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	9,553	4,523	9,553	4,523	5,630	7,402	6,820	3,934
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	3,923	(2,297)	2,151	589
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	3,923	(2,297)	2,151	589
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Stockholder's Equity [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	3,896	4,685	3,896	4,685	4,091	4,487	4,902	5,371
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	195	217	591	686
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(195)	(217)	(591)	(686)
Accumulated Unrealized Losses on Foreclosed Assets
Stockholder's Equity [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	0	(4,248)	0	(4,248)		(9,823)	(4,248)	(4,248)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent		0	9,823	0
Accumulated Defined Benefit Plans Adjustment, Net Transition Attributable to Parent
Stockholder's Equity [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(875)	(846)	(875)	(846)	$ (920)	$ (1,008)	$ (889)	$ (977)
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Net of Tax	45	43	133	131
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	$ 45	$ 43	$ 133	$ 131

Guarantees Outstanding (Details

Guarantees Outstanding (Details) - USD ($) $ in Thousands	Feb. 28, 2017	May 31, 2016
Guarantees
Guarantor obligations	$ 887,484	$ 909,208
CFC
Guarantees
Guarantor obligations	866,287	892,289
CFC | Distribution
Guarantees
Guarantor obligations	124,256	127,890
CFC | Power supply
Guarantees
Guarantor obligations	736,970	759,345
CFC | Statewide and associate
Guarantees
Guarantor obligations	5,061	5,054
RTFC
Guarantees
Guarantor obligations	1,574	1,574
NCSC
Guarantees
Guarantor obligations	19,623	15,345
Long-term tax-exempt bonds
Guarantees
Guarantor obligations	469,080	475,965
Letters of credit
Guarantees
Guarantor obligations	304,359	319,596
Other guarantees
Guarantees
Guarantor obligations	$ 114,045	$ 113,647

Guarantees - Additional Informa

Guarantees - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Feb. 28, 2017	May 31, 2016
Guarantees
Guarantor obligations	$ 887,484	$ 909,208
Guarantee Obligations Unsecured	$ 289,000	$ 308,000
Guarantee Obligations Unsecured Commitment as Percentage of Total Commitment	33.00%	34.00%
Guarantee Liability Recorded	$ 16,000	$ 17,000
Guaranty Liabilities Contingent	1,000	1,000
Guaranty Liabilities	15,000	16,000
Long-term variable-rate loans
Guarantees
Guarantee Obligations Liquidity Provided to Member Carrying Value	477,000
Financial Guarantee | Long-term fixed-rate loans
Guarantees
Guarantor obligations	68,000
Guarantor Obligations, Maximum Exposure, Undiscounted	95,000
Financial Guarantee | Long-term variable-rate loans
Guarantees
Guarantor obligations	401,000	406,000
Performance Guarantee | Letter of Credit Secured
Guarantees
Guarantee Obligations Secured	130,000
Performance Guarantee | Master Letter of Credit
Guarantees
Letter of Credit Facility Maximum Additional Amount Potentially Required to be Issued	64,000
Financial Standby Letter of Credit | Adjustable and Floating Rate Tax Exempt Bonds
Guarantees
Guarantor obligations	76,000	76,000
Other guarantees
Guarantees
Guarantor obligations	114,045	$ 113,647
Guarantor Obligations, Maximum Exposure, Undiscounted	$ 115,000

Fair Value Measurement Fair Val

Fair Value Measurement Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Feb. 28, 2017	May 31, 2016	Feb. 29, 2016	May 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 235,764	$ 204,540	$ 299,024	$ 248,836
Cash and Cash Equivalents, Fair Value Disclosure	235,764	204,540
Restricted cash	20,760	4,628
Time deposits	630,000	340,000
Time Deposits, At Fair Value	630,000	340,000
Investment securities available for sale, at fair value	90,091	87,940
Investments, Fair Value Disclosure	90,091	87,940
Deferred Compensation Plan Assets	4,555	4,326
Loans and Leases Receivable Commercial, Net of Allowance	24,224,808	23,129,438	$ 23,106,181
Loans Receivable, Fair Value Disclosure	23,809,544	23,297,924
Accrued interest receivable	112,686	113,272
Debt service reserve restricted funds	17,151	17,151
Derivative assets	83,850	80,095
Short-term borrowings	3,388,078	2,938,848
Short-term Debt, Fair Value	3,387,840	2,938,716
Long-term debt	18,254,301	17,473,603
Long-term Debt, Fair Value	18,928,996	18,577,261
Accrued interest payable	195,374	132,996
Guaranty Liabilities Contingent and Noncontingent	15,849	17,109
Guarantees, Fair Value Disclosure	17,230	19,019
Derivative liabilities	339,809	594,820
Subordinated deferrable debt	742,241	742,212
Subordinated Debt Obligations, Fair Value Disclosure	770,239	751,395
Members Subordinated Certificates	1,420,608	1,443,810
Members Subordinated Certificates, At Fair Value	1,420,631	1,443,834
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	235,764	204,540
Restricted cash	20,760	4,628
Investment securities available for sale, at fair value	90,091	87,940
Investments, Fair Value Disclosure	90,091	87,940
Deferred Compensation Plan Assets	4,555	4,326
Accrued interest receivable	0
Debt service reserve restricted funds	17,151	17,151
Short-term Debt, Fair Value	1,534,752	1,185,959
Accrued interest payable	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Time Deposits, At Fair Value	630,000	340,000
Accrued interest receivable	112,686	113,272
Derivative assets	83,850	80,095
Short-term Debt, Fair Value	1,853,088	1,752,757
Long-term Debt, Fair Value	11,309,437	11,327,004
Accrued interest payable	195,374	132,996
Derivative liabilities	339,809	594,820
Subordinated Debt Obligations, Fair Value Disclosure	770,239	751,395
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans Receivable, Fair Value Disclosure	23,809,544	23,297,924
Long-term Debt, Fair Value	7,619,559	7,250,257
Guarantees, Fair Value Disclosure	17,230	19,019
Members Subordinated Certificates, At Fair Value	$ 1,420,631	$ 1,443,834

Fair Value Measurement - Recurr

Fair Value Measurement - Recurring Fair Value Measurements (Details) - USD ($) $ in Thousands	Feb. 28, 2017	May 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available for sale, at fair value	$ 90,091	$ 87,940
Investments, Fair Value Disclosure	90,091	87,940
Deferred Compensation Plan Assets	4,555	4,326
Derivative assets	83,850	80,095
Derivative liabilities	339,809	594,820
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available for sale, at fair value	90,091	87,940
Investments, Fair Value Disclosure	90,091	87,940
Deferred Compensation Plan Assets	4,555	4,326
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	83,850	80,095
Derivative liabilities	339,809	594,820
Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	90,091	87,940
Deferred Compensation Plan Assets	4,555	4,326
Derivative assets	83,850	80,095
Derivative liabilities	$ 339,809	594,820
Recurring basis | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred Compensation Plan Assets		$ 4,326

Fair Value Measurement - Nonrec

Fair Value Measurement - Nonrecurring Fair Value (Details) - Non-recurring basis - Level 3 - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016	May 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financing Receivable Recorded Investment Nonperforming Status Net of Reserve Fair Value Disclosure	$ 0		$ 0		$ 7,498
Fair Value Measurement with Unobservable Inputs Reconciliation Asset Impaired Financing Receivable Nonperforming Status Gain (Loss) Included in Earnings	$ 0	$ (1,890)	$ 0	$ (3,901)

Segment Information - Segment R

Segment Information - Segment Results and Total Assets (Details) - USD ($) $ in Thousands		3 Months Ended			9 Months Ended
		Feb. 28, 2017		Feb. 29, 2016	Feb. 28, 2017		Feb. 29, 2016	Nov. 30, 2016	May 31, 2016		Nov. 30, 2015	May 31, 2015
Statement of operations:
Interest income		$ 259,920		$ 253,633	$ 773,911		$ 756,074
Interest expense	[1],[2],[3]	(186,740)		(171,189)	(551,474)		(504,013)
Net interest income		73,180		82,444	222,437		252,061
Provision for loan losses		(2,065)		1,735	(4,731)		(4,067)
Net interest income after provision for loan losses		71,115		84,179	217,706		247,994
Non-interest income:
Fee and other income		5,810		5,604	15,437		17,336
Derivative gains (losses)		42,455		(243,036)	194,822		(356,237)
Results of operations of foreclosed assets		(29)		1,472	(1,690)		1,605
Total non-interest income		48,236		(235,960)	208,569		(337,296)
Non-interest expense:
General and administrative expenses		(20,710)		(22,352)	(62,201)		(65,418)
Gains (losses) on early extinguishment of debt		192		(333)	192		(333)
Other		(486)		(509)	(1,446)		(875)
Total non-interest expense		(21,004)		(23,194)	(63,455)		(66,626)
Income (loss) before income taxes		98,347		(174,975)	362,820		(155,928)
Income tax benefit (expense)		(385)		593	(1,815)		153
Net income (loss )		97,962		(174,382)	361,005		(155,775)
Assets:
Loans and Leases Receivable, Net of Deferred Income		24,250,170	[4],[5]	23,134,215	24,250,170	[4],[5]	23,134,215		$ 23,152,517	[4],[5]
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums		10,667	[4]	9,884	10,667	[4]	9,884		10,179	[4]
Less: Allowance for loan losses		(36,029)		(37,918)	(36,029)		(37,918)	$ (33,911)	(33,258)		$ (39,600)	$ (33,690)
Loans to members, net		24,224,808		23,106,181	24,224,808		23,106,181		23,129,438
Other assets		1,384,757		1,286,844	1,384,757		1,286,844
Total assets		25,609,565		24,393,025	25,609,565		24,393,025		$ 24,270,200
CFC
Statement of operations:
Interest income		257,390		250,814	766,096		747,490
Interest expense		(186,468)		(170,872)	(550,695)		(503,061)
Net interest income		70,922		79,942	215,401		244,429
Provision for loan losses		(2,065)		1,735	(4,731)		(4,067)
Net interest income after provision for loan losses		68,857		81,677	210,670		240,362
Non-interest income:
Fee and other income		5,698		5,341	14,654		16,020
Derivative gains (losses)		42,190		(240,363)	192,970		(352,153)
Results of operations of foreclosed assets		29		1,472	1,690		(1,605)
Total non-interest income		47,859		(233,550)	205,934		(334,528)
Non-interest expense:
General and administrative expenses		(18,864)		(20,266)	(56,634)		(58,419)
Gains (losses) on early extinguishment of debt		192		(333)	192		(333)
Other		(486)		(509)	(1,446)		(875)
Total non-interest expense		(19,158)		(21,108)	(57,888)		(59,627)
Income (loss) before income taxes		97,558		(172,981)	358,716		(153,793)
Net income (loss )		97,558		(172,981)	358,716		(153,793)
Assets:
Loans and Leases Receivable, Net of Deferred Income		24,211,350		23,095,053	24,211,350		23,095,053
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums		10,667		9,884	10,667		9,884
Less: Allowance for loan losses		(36,029)		(37,918)	(36,029)		(37,918)
Loans to members, net		24,185,988		23,067,019	24,185,988		23,067,019
Other assets		1,374,619		1,270,625	1,374,619		1,270,625
Total assets		25,560,607		24,337,644	25,560,607		24,337,644
Other
Statement of operations:
Interest income		10,593		11,367	32,944		34,693
Interest expense		(8,335)		(8,865)	(25,945)		(27,061)
Net interest income		2,258		2,502	6,999		7,632
Provision for loan losses					0
Net interest income after provision for loan losses		2,258		2,502	6,999		7,632
Non-interest income:
Fee and other income		425		984	3,049		3,898
Derivative gains (losses)		265		(2,673)	1,852		(4,084)
Total non-interest income		690		(1,689)	4,901		(186)
Non-interest expense:
General and administrative expenses		(1,846)		(2,341)	(5,567)		(7,762)
Other		(313)		(466)	(2,229)		(1,819)
Total non-interest expense		(2,159)		(2,807)	(7,796)		(9,581)
Income (loss) before income taxes		789		(1,994)	4,104		(2,135)
Income tax benefit (expense)		(385)		593	(1,815)		153
Net income (loss )		404		(1,401)	2,289		(1,982)
Assets:
Loans and Leases Receivable, Net of Deferred Income		980,395		1,055,203	980,395		1,055,203
Loans to members, net		980,395		1,055,203	980,395		1,055,203
Other assets		105,111		120,001	105,111		120,001
Total assets		1,085,506		1,175,204	1,085,506		1,175,204
Elimination
Statement of operations:
Interest income		(8,063)		(8,548)	(25,129)		(26,109)
Interest expense		8,063		8,548	25,166		26,109
Net interest income		0			37
Provision for loan losses					0
Net interest income after provision for loan losses		0			37
Non-interest income:
Fee and other income		(313)		(721)	(2,266)		(2,582)
Derivative gains (losses)		0		0	0		0
Total non-interest income		(313)		(721)	(2,266)		(2,582)
Non-interest expense:
General and administrative expenses		0		255	0		763
Other		313		466	2,229		1,819
Total non-interest expense		313		721	2,229		2,582
Assets:
Loans and Leases Receivable, Net of Deferred Income		(941,575)		(1,016,041)	(941,575)		(1,016,041)
Loans to members, net		(941,575)		(1,016,041)	(941,575)		(1,016,041)
Other assets		(94,973)		(103,782)	(94,973)		(103,782)
Total assets		$ (1,036,548)		$ (1,119,823)	$ (1,036,548)		$ (1,119,823)
[1]	Includes fees related to funding activities, including fees paid to banks participating in our committed bank revolving line of credit agreements. Amounts are recognized as incurred or amortized on a straight-line basis over the life of the agreement.
[2]	Includes underwriter’s fees, legal fees, printing costs and certain accounting fees, which are deferred and recognized in interest expense using the effective interest method. Also includes issuance costs related to dealer commercial paper, which are recognized immediately as incurred.
[3]	Represents interest expense and the amortization of discounts on debt.
[4]	Includes troubled debt restructured loans.
[5]	Represents the unpaid principal balance excluding deferred loan origination costs.