National Rural Utilities Cooper (NRUC) 10-Q 11 Apr 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Feb. 28, 2018shares
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, 2018
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	2,018
Document Fiscal Period Focus	Q3

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Income Statement [Abstract]
Interest income		$ 271,468	$ 259,920	$ 803,206	$ 773,911
Interest expense	[1],[2]	(198,071)	(186,740)	(585,972)	(551,474)
Net interest income		73,397	73,180	217,234	222,437
Provision for loan losses		(1,105)	(2,065)	(503)	(4,731)
Net interest income after provision for loan losses		72,292	71,115	216,731	217,706
Non-interest income:
Fee and other income		3,935	5,810	13,422	15,437
Derivative gains		168,048	42,455	247,443	194,822
Results of operations of foreclosed assets		0	(29)	(34)	(1,690)
Total non-interest income		171,983	48,236	260,831	208,569
Non-interest expense:
Salaries and employee benefits		(13,011)	(11,537)	(36,843)	(34,412)
Other general and administrative expenses		(9,201)	(9,173)	(28,919)	(27,789)
Gains on early extinguishment of debt		0	192	0	192
Other non-interest expense		(402)	(486)	(1,542)	(1,446)
Total non-interest expense		(22,614)	(21,004)	(67,304)	(63,455)
Income before income taxes		221,661	98,347	410,258	362,820
Income tax expense		(632)	(385)	(1,491)	(1,815)
Net income		221,029	97,962	408,767	361,005
Less: Net income attributable to noncontrolling interests		(1,614)	(404)	(2,646)	(2,289)
Net income attributable to CFC		$ 219,415	$ 97,558	$ 406,121	$ 358,716
[1]	Includes amortization of debt discounts and debt issuance costs, which are generally deferred and recognized as interest expense using the effective interest method. Issuance costs related to dealer commercial paper, however, are recognized as interest expense immediately as incurred.
[2]	Includes fees related to funding arrangements, such as up-front fees paid to banks participating in our committed bank revolving line of credit agreements. Depending on the nature of the fee, amounts may be deferred and recognized as interest expense ratably over the term of the arrangement or recognized immediately as incurred.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 221,029	$ 97,962	$ 408,767	$ 361,005
Other comprehensive income (loss):
Unrealized gains (losses) on available-for-sale investment securities	(1,763)	3,923	(2,906)	2,151
Reclassification of losses on foreclosed assets to net income	0	0	0	9,823
Reclassification of derivative gains to net income	(157)	(195)	(543)	(591)
Defined benefit plan adjustments	128	45	381	133
Other comprehensive income (loss)	(1,792)	3,773	(3,068)	11,516
Total comprehensive income	219,237	101,735	405,699	372,521
Less: Total comprehensive income attributable to noncontrolling interests	(1,614)	(404)	(2,646)	(2,289)
Total comprehensive income attributable to CFC	$ 217,623	$ 101,331	$ 403,053	$ 370,232

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Feb. 28, 2018	May 31, 2017
Assets:
Cash and cash equivalents	$ 250,697	$ 166,615
Restricted cash	6,951	21,806
Time deposits	1,000	226,000
Investment securities:
Available for sale, at fair value	89,648	92,554
Held to maturity, at amortized cost	248,252	0
Total investment securities	337,900	92,554
Loans to members	25,342,922	24,367,044
Less: Allowance for loan losses	(37,879)	(37,376)
Loans to members, net	25,305,043	24,329,668
Accrued interest receivable	114,994	111,493
Other receivables	36,371	45,469
Fixed assets, net	113,060	122,260
Derivative assets	252,888	49,481
Other assets	57,503	40,346
Total assets	26,476,407	25,205,692
Liabilities:
Accrued interest payable	198,316	137,476
Debt outstanding:
Short-term borrowings	3,493,736	3,342,900
Long-term debt	18,813,136	17,955,594
Subordinated deferrable debt	742,375	742,274
Members’ subordinated certificates:
Membership subordinated certificates	630,391	630,098
Loan and guarantee subordinated certificates	528,154	567,830
Member capital securities	221,148	221,097
Total members’ subordinated certificates	1,379,693	1,419,025
Total debt outstanding	24,428,940	23,459,793
Deferred income	65,954	73,972
Derivative liabilities	282,892	385,337
Other liabilities	41,201	50,309
Total liabilities	25,017,303	24,106,887
Commitments and contingencies
CFC equity:
Retained equity	1,416,975	1,056,778
Accumulated other comprehensive income	10,107	13,175
Total CFC equity	1,427,082	1,069,953
Noncontrolling interests	32,022	28,852
Total equity	1,459,104	1,098,805
Total liabilities and equity	$ 26,476,407	$ 25,205,692

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, 2016	$ 817,378	$ 26,086	$ 791,292	$ 1,058	$ 790,234	$ (513,610)	$ 587,219	$ 713,853	$ 2,772
Net income	361,005	2,289	358,716		358,716	358,716
Other comprehensive income (loss)	11,516		11,516	11,516
Patronage capital retirement	(42,490)		(42,490)		(42,490)	103		(42,593)
Other	(71)	572	(643)		(643)				(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
Balance at May. 31, 2017	1,098,805	28,852	1,069,953	13,175	1,056,778	(338,128)	630,305	761,701	2,900
Net income	408,767	2,646	406,121		406,121	406,121
Other comprehensive income (loss)	(3,068)		(3,068)	(3,068)
Patronage capital retirement	(45,220)		(45,220)		(45,220)			(45,220)
Other	(180)	524	(704)		(704)				(704)
Balance at Feb. 28, 2018	$ 1,459,104	$ 32,022	$ 1,427,082	$ 10,107	$ 1,416,975	$ 67,993	$ 630,305	$ 716,481	$ 2,196

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Cash flows from operating activities:
Net income	$ 408,767	$ 361,005
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred loan fees	(8,760)	(9,159)
Amortization of debt issuance costs and deferred charges	7,787	7,034
Amortization of discount on long-term debt	7,488	7,072
Amortization of issuance costs for bank revolving bank line of credit	4,043	4,213
Depreciation and amortization of fixed assets	5,967	5,352
Provision for loan losses	503	4,731
Results of operations of foreclosed assets	0	1,690
Derivative forward value gains	(306,224)	(259,153)
Changes in operating assets and liabilities:
Accrued interest receivable	(3,501)	586
Accrued interest payable	60,840	62,378
Deferred income	743	7,839
Other	(5,680)	(979)
Net cash provided by operating activities	171,973	192,609
Cash flows from investing activities:
Advances on loans	(6,780,736)	(6,042,651)
Principal collections on loans	5,805,231	5,003,038
Net investment in fixed assets	(10,571)	(14,976)
Net cash proceeds from sale of foreclosed assets	0	47,065
Proceeds from foreclosed assets	0	4,036
Net proceeds from (investments in) time deposits	225,000	(290,000)
Purchases of held-to-maturity investments	(249,198)	0
Proceeds from maturities of held-to-maturity investments	777	0
Change in restricted cash	14,855	(16,132)
Net cash used in investing activities	(994,642)	(1,309,620)
Cash flows from financing activities:
Proceeds from short-term borrowings, net	131,109	410,447
Proceeds from short-term borrowings with original maturity greater than 90 days	828,625	791,124
Repayments of short term-debt with original maturity greater than 90 days	(808,898)	(752,340)
Payments for issuance costs for revolving bank lines of credit	(2,441)	(2,543)
Proceeds from issuance of long-term debt, net of issuance costs	2,153,842	1,710,561
Payments for retirement of long-term debt	(1,311,473)	(943,872)
Payments for issuance costs for subordinated deferrable debt	0	(68)
Proceeds from issuance of members’ subordinated certificates	4,802	2,743
Payments for retirement of members’ subordinated certificates	(44,135)	(25,946)
Payments for retirement of patronage capital	(44,667)	(41,871)
Repayments of membership fees, net	(13)	0
Net cash provided by financing activities	906,751	1,148,235
Net increase in cash and cash equivalents	84,082	31,224
Beginning cash and cash equivalents	166,615	204,540
Ending cash and cash equivalents	250,697	235,764
Supplemental disclosure of cash flow information:
Cash paid for interest	513,300	470,777
Cash paid for income taxes	$ 252	$ 386

Summary of Significant Accounti

Summary of Significant Accounting Policies - (Notes)	9 Months Ended
	Feb. 28, 2018
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 interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and 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, 2017 (“ 2017 Form 10-K”). We believe that all necessary adjustments, which consisted only of normal recurring items, have been included in the accompanying financial statements to present fairly the results of the interim periods. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and related disclosures. While management makes its best judgment, actual amounts or results could differ from these estimates. Our most significant estimates and assumptions involve determining the allowance for loan losses and the fair value of financial assets and liabilities. The results of operations in the interim financial statements is not necessarily indicative of the results that may be expected for other interim periods or for the full fiscal year ending May 31, 2018. Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of CFC, variable interest entities (“VIEs”) where CFC is the primary beneficiary and subsidiary entities created and controlled by CFC to hold foreclosed assets. CFC did not have any entities that held foreclosed assets as of February 28, 2018 or May 31, 2017 . All intercompany balances and transactions have been eliminated. National Cooperative Services Corporation (“NCSC”) and Rural Telephone Finance Cooperative (“RTFC”) are VIEs which are required to be consolidated by CFC. NCSC is a taxable member-owned cooperative that 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 for-profit and nonprofit entities that are owned, operated or controlled by, or provide significant benefits to certain members of CFC. RTFC is a taxable Subchapter T cooperative association that provides financing for its rural telecommunications members and their affiliates. Unless stated otherwise, references to “we,” “our” or “us” relate to CFC and its consolidated entities. Restricted Cash Restricted cash, which totaled $7 million and $22 million as of February 28, 2018 and May 31, 2017 , respectively, consisted primarily of funds held in escrow. On July 1, 2016, CFC completed the sale of Caribbean Asset Holdings, LLC (“CAH”), an entity that held foreclosed assets, to ATN VI Holdings, LLC. In connection with the sale, $16 million of the sale proceeds was deposited into escrow to fund potential indemnification claims for a period of 15 months following the closing. Of this amount, $14.5 million was designated to cover general indemnification claims and $1.5 million was designated to cover indemnification of certain tax liens. On September 27, 2017, we received a claim notice from the purchaser of CAH asserting potential indemnification claims against the general escrow amount of $14.5 million . The claims were not substantiated sufficiently to be funded; therefore, the $14.5 million has been released back to us. The $1.5 million designated for tax liens remains in escrow. We continue to be liable for certain indemnifications regardless of whether amounts are held in escrow. Asset Held for Sale In 2007, CFC purchased a parcel of land, consisting of approximately 28 acres, located in Loudoun County, Virginia as a potential site to construct a new facility for its headquarters. CFC subsequently identified another site in Loudoun County for its headquarters, purchased the land and built its headquarters facility at this location. On January 26, 2018, we entered into a letter of intent for the sale of the 28 acres in Loudoun County, Virginia that was purchased in 2007. On March 14, 2018, CFC entered into a purchase and sale agreement (“the agreement”), subject to certain terms and conditions, for the sale of this real estate property in excess of its carrying value of $14 million . The agreement includes a specified purchaser due diligence period that expires on April 20, 2018. The property was previously included in fixed assets, net on our condensed consolidated balance sheet. We designated the property as held for sale as of February 28, 2018 and reclassified it from fixed assets, net to other assets on our condensed consolidated balance sheet. Because the estimated fair value of this property, based on the estimated sale proceeds less cost to sell, exceeds the carrying value, we continue to report the property on our condensed consolidated balance sheet at the carrying amount of $14 million . Although we currently believe the disposition of this property is probable within the next 12 months, there can be no assurance that the disposition will be consummated in accordance with the terms of the agreement. Interest Income The following table presents interest income, by interest-earning asset category, for the three and nine months ended February 28, 2018 and 2017 . Three Months Ended February 28, Nine Months Ended February 28, (Dollars in thousands) 2018 2017 2018 2017 Interest income by interest-earning asset type: Long-term fixed-rate loans (1) $ 250,201 $ 245,480 $ 748,491 $ 733,425 Long-term variable-rate loans 7,020 5,047 18,980 14,561 Line of credit loans 10,367 6,538 27,662 18,057 TDR loans (2) 221 228 669 677 Other income, net (3) (314 ) (230 ) (852 ) (795 ) Total loans 267,495 257,063 794,950 765,925 Cash, time deposits and investment securities 3,973 2,857 8,256 7,986 Total interest income $ 271,468 $ 259,920 $ 803,206 $ 773,911 ____________________________ (1) Includes loan conversion fees, which are generally deferred and recognized as 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 of $66 million and $74 million as of February 28, 2018 and May 31, 2017 , respectively, consists primarily of deferred loan conversion fees totaling $60 million and $68 million , respectively. Interest Expense The following table presents interest expense, by debt product type, for the three and nine months ended February 28, 2018 and 2017 . Three Months Ended February 28, Nine Months Ended February 28, (Dollars in thousands) 2018 2017 2018 2017 Interest expense by debt product type: (1)(2) Short-term borrowings $ 14,593 $ 7,907 $ 35,248 $ 18,198 Medium-term notes 28,051 25,166 80,711 73,456 Collateral trust bonds 83,730 85,582 254,328 255,582 Guaranteed Underwriter Program notes payable 34,233 35,086 105,523 107,074 Farmer Mac notes payable 13,316 8,406 36,753 22,892 Other notes payable 369 437 1,150 1,353 Subordinated deferrable debt 9,414 9,410 28,247 28,247 Subordinated certificates 14,365 14,746 44,012 44,672 Total interest expense $ 198,071 $ 186,740 $ 585,972 $ 551,474 ____________________________ (1) Includes amortization of debt discounts and debt issuance costs, which are generally deferred and recognized as interest expense using the effective interest method. Issuance costs related to dealer commercial paper, however, are recognized as interest expense immediately as incurred. (2) Includes fees related to funding arrangements, such as up-front fees paid to banks participating in our committed bank revolving line of credit agreements. Depending on the nature of the fee, amounts may be deferred and recognized as interest expense ratably over the term of the arrangement or recognized immediately as incurred. Recently Issued But Not Yet Adopted Accounting Standards and Tax Reform Tax Cuts and Jobs Act On December 22, 2017, the President of the United States signed and enacted into law H.R. 1, the Tax Cuts and Jobs Act (“The Act”), which, except for certain provisions, is effective for tax years beginning on or after January 1, 2018. The Act significantly changes existing U.S. tax law and includes numerous provisions that will affect businesses. One of the primary changes is a reduction in the federal statutory corporate U.S. income tax rate to 21% percent from 35% and other changes that impact business-related exclusions, deductions and credits. CFC is exempt from federal income tax under Section 501(c)(4) of the Internal Revenue Code. NCSC is subject to federal income tax; however, NCSC’s annual taxable income and federal income tax is not material to our consolidated results of operations, financial position or liquidity. RTFC is subject to federal income tax; however, the allocation of patronage capital to its members is a deduction that historically has resulted in a significant reduction in its annual taxable income and federal income tax. Therefore, we do not expect The Act to have a material impact on our consolidated results of operations, financial condition or liquidity. Derivatives and Hedging—Targeted Improvements to Accounting for Hedging Activities In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-12, Derivatives and Hedging—Targeted Improvements to Accounting for Hedging Acti vities, which expands the types of risk management strategies that qualify for hedge accounting treatment to more closely align the results of hedge accounting with the economics of certain risk management activities and simplifies certain hedge documentation and assessment requirement. It also eliminates the concept of separately recording hedge ineffectiveness and expands disclosure requirements. The guidance is effective for public entities for fiscal years beginning after December 15, 2018, including interim periods within those years. Early adoption is permitted in any interim period or fiscal year before the effective date. The guidance is effective for us beginning June 1, 2019. Hedge accounting is elective, and we currently do not apply hedge accounting. If we continue to elect not to apply hedge accounting, the adoption of the new guidance will have no impact on our consolidated financial statements. Receivables—Nonrefundable Fees and Other Cost In March 2017, FASB issued ASU 2017-08, Receivables—Nonrefundable Fees and Other Costs, which shortens the amortization period for the premium on certain callable debt securities to the earliest call date rather the maturity date. The guidance is applicable to any individual debt security, purchased at a premium, with an explicit and noncontingent call feature with a fixed price on a preset date. The guidance does not impact the accounting for purchased callable debt securities held at a discount; the discount will continue to amortize to the maturity date. The guidance is effective for public entities in fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. This update is effective for us beginning June 1, 2019. Adoption of the guidance requires modified retrospection transition as of the beginning of the period of adoption through a cumulative-effect adjustment to retained earnings. We do not expect that the adoption of this guidance will have a material impact on our consolidated financial statements. Statement of Cash Flows—Restricted Cash In November 2016, FASB issued ASU 2016-18, Statement of Cash Flows—Restricted Cash, which addresses the presentation of restricted cash in the statement of cash flows. The guidance requires that the statement of cash flows explain the change in the beginning-of-period and end-of-period total of cash, cash equivalents and restricted cash balances. We currently explain the change during the period in total of cash and cash equivalents on our consolidated statements of cash flows. The guidance is effective for public entities in fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, and must be applied retrospectively. This update is effective for us beginning June 1, 2018. The adoption of this guidance will change the presentation of restricted cash on our consolidated statement of cash flows, and we will revise amounts previously reported on our consolidated statements of cash flows to conform to this presentation. Adoption of the guidance, however, will have no impact on our consolidated results of operations, financial condition or liquidity. Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments, which replaces the existing incurred loss impairment model and establishes a single allowance framework based on a current expected credit loss model for financial assets carried at amortized cost, including loans and held-to-maturity debt securities. The current expected loss model requires an entity to estimate the credit losses expected over the life of the credit exposure upon initial recognition of that exposure when the financial asset is originated or acquired, which will generally result in earlier recognition of credit losses. The guidance also amends the other-than-temporary model for available-for-sale debt securities by requiring the use of an allowance, rather than directly reducing the carrying value of the security. The new guidance also requires expanded credit quality disclosures. 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 beginning June 1, 2020. 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, the 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 main provisions include a requirement that all investments in equity securities be measured at fair value through earnings, with certain exceptions, and a requirement to present separately in other comprehensive income the portion of the total change in fair value attributable to an entity’s own credit risk for financial liabilities where the fair value option has been elected. This update will be effective for us beginning June 1, 2018. Upon adoption, we will be required to reclassify the gain (loss) related to our equity investment securities classified as available-for-sale from accumulated other comprehensive income (“AOCI”) to retained earnings as a cumulative-effect adjustment and begin recording future changes in fair value through earnings. We had a gain of $9 million recorded in AOCI for our available-for-sale equity investments as of February 28, 2018 . 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, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , which modifies the guidance used to recognize revenue from contracts with customers for transfers of goods or services and transfers of nonfinancial assets, unless those contracts are within the scope of other guidance. The new guidance is effective for us beginning June 1, 2018. Because the scope of the guidance explicitly excludes net interest income as well as many other revenues for financial assets and liabilities including loans, securities, and derivatives, which account for the substantial majority of our revenues, we do not expect that the adoption of the guidance will have a material impact, if any, on our consolidated financial statements.

Variable Interest Entities - (N

Variable Interest Entities - (Notes)	9 Months Ended
	Feb. 28, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entity Disclosure	NOTE 2—VARIABLE INTEREST ENTITIES NCSC and RTFC meet the definition of a VIE because they do not have sufficient equity investment at risk to finance their activities without financial support. CFC is the primary source of funding for NCSC and the sole source of funding for RTFC. Under the terms of management agreements, CFC manages the business operations of NCSC and RTFC. CFC also unconditionally guarantees full indemnification for any loan losses of NCSC and RTFC pursuant to guarantee agreements with each company. CFC earns management and guarantee fees from its agreements with NCSC and RTFC. NCSC and RTFC creditors have no recourse against CFC in the event of a default by NCSC and RTFC, unless there is a guarantee agreement under which CFC has guaranteed NCSC or RTFC debt obligations to a third party. The following table provides information on incremental consolidated assets and liabilities of VIE’s included in CFC’s condensed consolidated financial statements, after applying intercompany eliminations, as of February 28, 2018 and May 31, 2017 . (Dollars in thousands) February 28, 2018 May 31, 2017 Total loans outstanding $ 1,164,279 $ 968,343 Other assets 11,558 10,157 Total assets $ 1,175,837 $ 978,500 Long-term debt $ 10,000 $ 10,000 Other liabilities 33,620 36,899 Total liabilities $ 43,620 $ 46,899 The following table provides information on CFC’s credit commitments to NCSC and RTFC, and its potential exposure to loss as of February 28, 2018 and May 31, 2017 . (Dollars in thousands) February 28, 2018 May 31, 2017 CFC credit commitments $ 5,500,000 $ 5,500,000 Outstanding commitments: Borrowings payable to CFC (1) 1,129,351 931,686 CFC third-party guarantees 16,733 14,697 Other credit enhancements 17,047 20,963 Total credit enhancements 33,780 35,660 Total outstanding commitments 1,163,131 967,346 CFC available credit commitments $ 4,336,869 $ 4,532,654 ____________________________ (1) Borrowings payable to CFC are eliminated in consolidation. CFC loans to NCSC and RTFC are secured by all assets and revenues of NCSC and RTFC. CFC’s maximum potential exposure for the credit enhancements totaled $36 million . The maturities for obligations guaranteed by CFC extend through 2031.

Investment Securities - (Notes)

Investment Securities - (Notes)	9 Months Ended
	Feb. 28, 2018
Investments [Abstract]
Investment Securities	NOTE 3—INVESTMENT SECURITIES We record purchases and sales of securities on a trade-date basis. The accounting and measurement framework for investment securities differs depending on the security classification. We currently classify and account for our investment securities as either available for sale (“AFS”) or held to maturity (“HTM”) based on our investment strategy and management’s assessment of our intent and ability to hold the securities until maturity. Securities that we may sell prior to maturity in response to changes in our investment strategy, liquidity needs, credit risk mitigating considerations, market risk profile or for other reasons are classified as AFS. Securities that we have the positive intent and ability to hold until maturity are classified as HTM. We report securities classified as AFS on our condensed consolidated balance sheets at fair value with unrealized gains or losses recorded as a component of accumulated other comprehensive income (“AOCI”). We report securities classified as HTM on our condensed consolidated balance sheets at amortized cost. Interest income on fixed-income securities, including amortization of premiums and accretion of discounts, is generally recognized over the contractual life of the securities based on the effective yield method. We did no t have any securities classified as HTM as of May 31, 2017 . During the second quarter of fiscal year 2018, we commenced the purchase of additional investment securities, consisting primarily of certificates of deposit with maturities greater than 90 days, commercial paper, corporate debt securities, commercial mortgage-backed securities (“MBS”) and other asset-backed securities (“ABS”). We have the positive intent and ability to hold these securities to maturity. As such, we have classified them as held to maturity on our condensed consolidated balance sheet. Pursuant to our investment policy guidelines, all fixed-income securities, at the time of purchase, must be rated at least investment grade and on stable outlook based on external credit ratings from at least two of the leading global credit rating agencies, when available, or the corresponding equivalent, when not available. Securities rated investment grade, that is those rated Baa3 or higher by Moody’s Investors Service (“Moody’s”) or BBB- or higher by S&P Global Ratings (“S&P”), are generally considered by the rating agencies to be of lower credit risk than non-investment grade securities. Amortized Cost and Fair Value of Investment Securities The following tables present the amortized cost and fair value our investment securities and the corresponding gross unrealized gains and losses, by classification category and major security type, as of February 28, 2018 and May 31, 2017 . February 28, 2018 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale: Farmer Mac—Series A Non-Cumulative Preferred Stock $ 30,000 $ — $ (120 ) $ 29,880 Farmer Mac—Series B Non-Cumulative Preferred Stock 25,000 1,620 — 26,620 Farmer Mac—Series C Non-Cumulative Preferred Stock 25,000 1,938 — 26,938 Farmer Mac—Class A Common Stock 538 5,672 — 6,210 Total investment securities, available-for-sale 80,538 9,230 (120 ) 89,648 Held to maturity: Certificates of deposit 4,147 — (10 ) 4,137 Commercial paper 7,228 — (17 ) 7,211 Corporate bonds 210,149 45 (3,696 ) 206,498 Commercial MBS, non-agency 4,040 — (6 ) 4,034 Other ABS (1) 22,688 — (195 ) 22,493 Total investment securities, held-to-maturity 248,252 45 (3,924 ) 244,373 Total investment securities $ 328,790 $ 9,275 $ (4,044 ) $ 334,021 ____________________________ (1) Consists primarily of securities backed by auto lease loans, equipment-backed loans, auto loans and credit card loans. May 31, 2017 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale: Farmer Mac—Series A Non-Cumulative Preferred Stock $ 30,000 $ 1,585 $ — $ 31,585 Farmer Mac—Series B Non-Cumulative Preferred Stock 25,000 1,940 — 26,940 Farmer Mac—Series C Non-Cumulative Preferred Stock 25,000 4,150 — 29,150 Farmer Mac—Class A Common Stock 538 4,341 — 4,879 Total investment securities, available-for-sale $ 80,538 $ 12,016 $ — $ 92,554 For additional information on the unrealized gains (losses) losses recorded on our available-for-sale investment securities, see “Note 9—Equity—Accumulated Other Comprehensive Income.” Investment Securities in Gross Unrealized Loss Position An unrealized loss exists when the current fair value of an individual security is less than its amortized cost basis. The following table presents the fair value and gross unrealized losses for investments in a gross loss position, aggregated by security type, and the length of time the securities have been in a continuous unrealized loss position as of February 28, 2018 . The securities are segregated between investments that have been in a continuous unrealized loss position for less than twelve months and twelve months or more based on the point in time that the fair value declined below the amortized cost basis. We did not have any investment securities in a gross unrealized loss position as of May 31, 2017 . February 28, 2018 Unrealized Loss Position Less than 12 Months Unrealized Loss Position 12 Months or Longer Total (Dollars in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Available for sale: Farmer Mac—Series A Non-Cumulative Preferred Stock $ 29,880 $ (120 ) $ — $ — $ 29,880 $ (120 ) Held to maturity: Certificates of deposit 4,137 (10 ) — — 4,137 (10 ) Commercial paper 7,211 (17 ) — — 7,211 (17 ) Corporate bonds 190,279 (3,696 ) — — 190,279 (3,696 ) Commercial MBS, non-agency 4,034 (6 ) — — 4,034 (6 ) Other asset-backed securities (1) 22,493 (195 ) — — 22,493 (195 ) Total investment securities, held-to-maturity 228,154 (3,924 ) — — 228,154 (3,924 ) Total investment securities $ 258,034 $ (4,044 ) $ — $ — $ 258,034 $ (4,044 ) ____________________________ (1) Consists primarily of securities backed by auto lease loans, equipment-backed loans, auto loans and credit card loans. Other-Than-Temporary Impairment We conduct periodic reviews of all securities with unrealized losses to evaluate whether the impairment is other than temporary. The number of individual securities in an unrealized loss position was 173 as of February 28, 2018 . We have assessed each security with gross unrealized losses included in the above table for credit impairment. As part of that assessment, we concluded that the unrealized losses are primarily driven by changes in market interest rates rather than by adverse changes in the credit quality of these securities. Based on our assessment, we expect to recover the entire amortized cost basis of these securities, as we do not intend to sell any of the securities and believe that it is more likely than not that we will not be required to sell prior to recovery of the amortized cost basis. Accordingly, we currently consider the impairment of these securities to be temporary. Contractual Maturity and Yield The following table presents, by major security type, the remaining contractual maturity based on amortized cost and fair value as of February 28, 2018 of our HTM investment securities. Because borrowers may have the right to call or prepay certain obligations, the expected maturities of our investments may differ from the scheduled contractual maturities presented below. February 28, 2018 (Dollars in thousands) Due in 1 Year or Less Due > 1 Year through 5 Years Due > 5 Years through 10 Years Due >10 Years Total Amortized cost: Certificates of deposit $ 4,147 $ — $ — $ — $ 4,147 Commercial paper 7,228 — — — 7,228 Corporate bonds 4,624 200,975 4,550 — 210,149 Commercial MBS, non-agency — — — 4,040 4,040 Other asset-backed securities (1) — 22,688 — — 22,688 Total $ 15,999 $ 223,663 $ 4,550 $ 4,040 $ 248,252 Fair value: Certificates of deposit $ 4,137 $ — $ — $ — $ 4,137 Commercial paper 7,211 — — — 7,211 Corporate bonds 4,593 197,466 4,439 — 206,498 Commercial MBS, non-agency — — — 4,034 4,034 Other ABS (1) — 22,493 — — 22,493 Total $ 15,941 $ 219,959 $ 4,439 $ 4,034 $ 244,373 Weighted average coupon (2) 1.83 % 2.66 % 3.25 % 2.46 % 2.61 % ____________________________ (1) Consists primarily of securities backed by auto lease loans, equipment-backed loans, auto loans and credit card loans. (2) Calculated based on the weighted average coupon rate, which excludes the impact of amortization of premium and accretion of discount. The average contractual maturity and weighted average coupon of our HTM investment securities was three years and 2.61% , respectively, as of February 28, 2018 . The average credit rating of these securities, based on their lowest credit rating by Moody’s and S&P was A3 and A-, respectively, as of February 28, 2018 . Realized Gains and Losses We have not sold any of our investment securities during the three and nine months ended February 28, 2018 and 2017 , and therefore have not recorded any realized gains or losses.

Loans and Commitments - (Notes)

Loans and Commitments - (Notes)	9 Months Ended
	Feb. 28, 2018
Loans and Leases Receivable Disclosure [Abstract]
Loans and Commitments	NOTE 4—LOANS AND COMMITMENTS Loans, which are classified as held for investment, are carried at the outstanding unpaid principal balance net of unamortized loan origination costs. The following table presents loans outstanding, by loan type and by member class, as of February 28, 2018 and May 31, 2017 . February 28, 2018 May 31, 2017 (Dollars in thousands) Loans Outstanding Unadvanced Commitments (1) Loans Outstanding Unadvanced Commitments (1) Loan type: Long-term loans: Fixed rate $ 22,737,089 $ — $ 22,136,690 $ — Variable rate 985,714 4,715,976 847,419 4,802,319 Total long-term loans 23,722,803 4,715,976 22,984,109 4,802,319 Lines of credit 1,609,032 7,435,288 1,372,221 7,772,655 Total loans outstanding 25,331,835 12,151,264 24,356,330 12,574,974 Deferred loan origination costs 11,087 — 10,714 — Loans to members $ 25,342,922 $ 12,151,264 $ 24,367,044 $ 12,574,974 Member class: CFC: Distribution $ 19,687,812 $ 7,750,226 $ 18,825,366 $ 8,295,146 Power supply 4,422,600 3,394,064 4,504,791 3,276,113 Statewide and associate 57,144 126,467 57,830 144,406 Total CFC 24,167,556 11,270,757 23,387,987 11,715,665 NCSC 800,814 581,125 613,924 584,944 RTFC 363,465 299,382 354,419 274,365 Total loans outstanding 25,331,835 12,151,264 24,356,330 12,574,974 Deferred loan origination costs 11,087 — 10,714 — Loans to members $ 25,342,922 $ 12,151,264 $ 24,367,044 $ 12,574,974 ____________________________ (1) The interest rate on unadvanced loan commitments is not set until an advance is made; therefore, all long-term unadvanced loan commitments are reported as variable-rate. However, the borrower may select either a fixed or a variable rate when an advance on a commitment is made. 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, 2018 and the related maturities by fiscal year and thereafter by loan type: Available Balance Notional Maturities of Unadvanced Loan Commitments (Dollars in thousands) 2018 2019 2020 2021 2022 Thereafter Line of credit loans $ 7,435,288 $ 226,587 $ 4,057,079 $ 782,079 $ 995,502 $ 707,497 $ 666,544 Long-term loans 4,715,976 71,913 924,921 585,953 637,024 1,742,934 753,231 Total $ 12,151,264 $ 298,500 $ 4,982,000 $ 1,368,032 $ 1,632,526 $ 2,450,431 $ 1,419,775 Unadvanced line of credit commitments accounted for 61% of total unadvanced loan commitments as of February 28, 2018 , while unadvanced long-term loan commitments accounted for 39% of total unadvanced loan commitments. Unadvanced line of credit commitments are typically revolving facilities for periods not to exceed five years. Unadvanced line of credit commitments generally serve as supplemental back-up liquidity to our borrowers. Historically, borrowers have not drawn the full commitment amount for line of credit facilities, and we have experienced a very low utilization rate on line of credit loan facilities regardless of whether or not we are obligated to fund the facility where a material adverse change exists. Our unadvanced long-term loan commitments have a five-year draw period under which a borrower may advance funds prior to the expiration of the commitment. We expect that the majority of the long-term unadvanced loan commitments of $4,716 million will be advanced prior to the expiration of the commitment. Because we historically have experienced a very low utilization rate on line of credit loan facilities, which account for the majority of our total unadvanced loan commitments, we believe the unadvanced loan commitment total of $12,151 million as of February 28, 2018 is not necessarily representative of our future funding cash 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 $9,374 million and $9,973 million as of February 28, 2018 and May 31, 2017 , 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 $2,777 million and $2,602 million as of February 28, 2018 and May 31, 2017 , 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, 2018 . Available Balance Notional Maturities of Unconditional Committed Lines of Credit (Dollars in thousands) 2018 2019 2020 2021 2022 Thereafter Committed lines of credit $2,776,918 $130,000 $306,122 $515,691 $645,083 $487,908 $692,114 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 $118 million and $33 million , at par for cash, during the nine months ended February 28, 2018 and 2017 , respectively. We recorded immaterial losses upon the sale of these loans, attributable to the unamortized deferred loan origination costs associated with the transferred loans. 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 to the Federal Financing Bank and guaranteed by RUS under the Guaranteed Underwriter Program of the USDA (“Guaranteed Underwriter Program”) and the amount of the corresponding debt outstanding as of February 28, 2018 and May 31, 2017 . See “Note 5—Short-Term Borrowings” and “Note 6—Long-Term Debt” for information on our borrowings. (Dollars in thousands) February 28, 2018 May 31, 2017 Collateral trust bonds: 2007 indenture: Distribution system mortgage notes $ 8,453,575 $ 8,740,572 RUS-guaranteed loans qualifying as permitted investments 142,133 146,373 Total pledged collateral $ 8,595,708 $ 8,886,945 Collateral trust bonds outstanding 7,697,711 7,697,711 1994 indenture: Distribution system mortgage notes $ 249,384 $ 263,007 Collateral trust bonds outstanding 220,000 225,000 Farmer Mac: Distribution and power supply system mortgage notes $ 3,375,180 $ 2,942,456 Notes payable outstanding 2,805,376 2,513,389 Clean Renewable Energy Bonds Series 2009A: Distribution and power supply system mortgage notes $ 13,339 $ 14,943 Cash — 481 Total pledged collateral $ 13,339 $ 15,424 Notes payable outstanding 11,556 13,214 Federal Financing Bank: Distribution and power supply system mortgage notes $ 5,827,497 $ 5,833,515 Notes payable outstanding 4,871,771 4,985,748 Credit Concentration As a tax-exempt, member-owned finance cooperative, CFC’s principal focus is to provide funding to its rural electric utility cooperative members to assist them in acquiring, constructing and operating electric distribution, transmission and related facilities. We serve electric and telecommunications members throughout the United States and its territories, including 49 states, the District of Columbia, American Samoa and Guam. Our consolidated membership totaled 1,447 members and 217 associates as of February 28, 2018 . Texas had the largest concentration of outstanding loans to borrowers in any one state, with approximately 15% of total loans outstanding as of both February 28, 2018 and May 31, 2017 . Outstanding loans to electric utility organizations represented approximately 99% of the total outstanding loan portfolio as of February 28, 2018 , unchanged from May 31, 2017 . The remaining outstanding loans in our portfolio were to RTFC members, affiliates and associates in the telecommunications industry. As a result of lending primarily to our members we have a loan portfolio with single-industry and single-obligor concentration risk. Despite our credit concentration risks, we historically have experienced limited defaults and very low credit losses in our electric loan portfolio. Single-Obligor Concentration The outstanding exposure to our 20 largest borrowers was 23% and 24% as of February 28, 2018 and May 31, 2017 , respectively. The 20 largest borrowers consisted of 10 distribution systems, 9 power supply systems and 1 NCSC associate member as of both February 28, 2018 and May 31, 2017 . The largest total outstanding exposure to a single borrower or controlled group represented approximately 2% of total loans and guarantees outstanding as of both February 28, 2018 and May 31, 2017 . 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 ratings are key indicators, among others, of the level of credit risk in 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. Under this agreement, we may designate certain long-term loans to be covered under the commitment, subject to approval by Farmer Mac, and in the event any such loan later goes into payment default for at least 90 days, upon request by us, Farmer Mac must purchase such loan at par value. The aggregate unpaid principal balance of designated and Farmer Mac approved loans was $777 million and $843 million as of February 28, 2018 and May 31, 2017 , respectively. 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, 2018 . Also, we had long-term loans totaling $163 million and $167 million as of February 28, 2018 and May 31, 2017 , respectively, that were guaranteed by the Rural Utilities Service (“RUS”) of the United States Department of Agriculture. Payment Status of Loans The tables below present the payment status of loans outstanding by member class as of February 28, 2018 and May 31, 2017 . As indicated in the table, we did not have any past due loans as of either February 28, 2018 or May 31, 2017 . February 28, 2018 (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 $ 19,687,812 $ — $ — $ — $ 19,687,812 $ — Power supply 4,422,600 — — — 4,422,600 — Statewide and associate 57,144 — — — 57,144 — CFC total 24,167,556 — — — 24,167,556 — NCSC 800,814 — — — 800,814 — RTFC 363,465 — — — 363,465 — Total loans outstanding $ 25,331,835 $ — $ — $ — $ 25,331,835 $ — Percentage of total loans 100.00 % — % — % — % 100.00 % — % May 31, 2017 (Dollars in thousands) Current 30-89 Days Past Due 90 Days or More Past Due (1) Total Total Financing Nonaccrual Loans CFC: Distribution $ 18,825,366 $ — $ — $ — $ 18,825,366 $ — Power supply 4,504,791 — — — 4,504,791 — Statewide and associate 57,830 — — — 57,830 — CFC total 23,387,987 — — — 23,387,987 — NCSC 613,924 — — — 613,924 — RTFC 354,419 — — — 354,419 — Total loans outstanding $ 24,356,330 $ — $ — $ — $ 24,356,330 $ — Percentage of total loans 100.00 % — % — % — % 100.00 % — % ____________________________ (1) All loans 90 days or more past due are on nonaccrual status. Troubled Debt Restructured (“TDR”) Loans We did not have any loans modified as TDRs during the nine months ended February 28, 2018 . The following table provides a summary of loans modified as TDRs in prior periods, the performance status of these loans and the unadvanced loan commitments related to the TDR loans, by member class, as of February 28, 2018 and May 31, 2017 . February 28, 2018 May 31, 2017 (Dollars in thousands) Loans Outstanding % of Total Loans Unadvanced Commitments Loans Outstanding % of Total Loans Unadvanced Commitments TDR loans: Performing TDR loans: CFC/Distribution $ 6,507 0.03 % $ — $ 6,581 0.02 % $ — RTFC 6,216 0.02 — 6,592 0.03 — Total performing TDR loans 12,723 0.05 — 13,173 0.05 — Total TDR loans $ 12,723 0.05 % $ — $ 13,173 0.05 % $ — We did not have any TDR loans classified as nonperforming as of February 28, 2018 or May 31, 2017 . TDR loans classified as performing as of February 28, 2018 and May 31, 2017 were performing in accordance with the terms of their respective restructured loan agreement and on accrual status as of the respective reported dates. One borrower with a TDR loan also had a line of credit facility, restricted for fuel purchases only, totaling $6 million as of both February 28, 2018 and May 31, 2017 . The outstanding amount under this facility totaled approximately $0.8 million and $0.5 million as of February 28, 2018 and May 31, 2017 , respectively, and was classified as performing as of each respective date. Nonperforming Loans In addition to TDR loans that may be classified as nonperforming, we also may have nonperforming loans that have not been modified as a TDR loan. We did not have any loans classified as nonperforming as of February 28, 2018 or May 31, 2017 . We had no foregone interest income for loans on nonaccrual status during the three and nine months ended February 28, 2018. We had foregone interest income for loans on nonaccrual status totaling $31 thousand during the nine months ended February 28, 2017 . Impaired Loans The following table provides information on loans classified as individually impaired loans as of February 28, 2018 and May 31, 2017 . February 28, 2018 May 31, 2017 (Dollars in thousands) Recorded Investment Related Allowance Recorded Investment Related Allowance With no specific allowance recorded: CFC $ 6,507 $ — $ 6,581 $ — With a specific allowance recorded: RTFC 6,216 1,272 6,592 1,640 Total impaired loans $ 12,723 $ 1,272 $ 13,173 $ 1,640 The following table presents, by company, the average recorded investment for individually impaired loans and the interest income recognized on these loans for the three and nine months ended February 28, 2018 and 2017 . Three Months Ended February 28, 2018 2017 2018 2017 (Dollars in thousands) Average Recorded Investment Interest Income Recognized CFC $ 6,507 $ 6,582 $ 142 $ 144 RTFC 6,299 6,799 79 84 Total impaired loans $ 12,806 $ 13,381 $ 221 $ 228 Nine Months Ended February 28, 2018 2017 2018 2017 (Dollars in thousands) Average Recorded Investment Interest Income Recognized CFC $ 6,529 $ 6,624 $ 428 $ 418 RTFC 6,425 8,093 241 259 Total impaired loans $ 12,954 $ 14,717 $ 669 $ 677 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. Each risk rating is reassessed annually following the receipt of the borrower’s audited financial statements; however, interim risk rating downgrades or upgrades may occur as a result of significant developments or trends. Our borrower risk ratings fall into the following four categories based on the criteria identified below. • Pass : Borrowers that are not experiencing difficulty and/or not showing a potential or well-defined credit weakness. • 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. Loans to borrowers in the pass, special mention and substandard categories are generally included in the collective loan portfolio for purposes of determining the allowance for loan losses. Loans to borrowers in the doubtful category are considered to be individually impaired and therefore reflected in the impaired loan portfolio. The special mention, substandard, and doubtful categories are intended to comply with the definition of criticized loans by the banking regulatory authorities. The following tables present total loans outstanding, by member class and borrower risk rating category, based on the risk ratings used in the estimation of our allowance for loan losses as of February 28, 2018 and May 31, 2017 . February 28, 2018 (Dollars in thousands) Pass Special Mention Substandard Doubtful Total CFC: Distribution $ 19,585,802 $ 102,010 $ — $ — $ 19,687,812 Power supply 4,422,600 — — — 4,422,600 Statewide and associate 57,144 — — — 57,144 CFC total 24,065,546 102,010 — — 24,167,556 NCSC 800,814 — — — 800,814 RTFC 357,249 — 6,216 — 363,465 Total loans outstanding $ 25,223,609 $ 102,010 $ 6,216 $ — $ 25,331,835 May 31, 2017 (Dollars in thousands) Pass Special Mention Substandard Doubtful Total CFC: Distribution $ 18,715,810 $ 109,556 $ — $ — $ 18,825,366 Power supply 4,504,791 — — — 4,504,791 Statewide and associate 56,654 1,176 — — 57,830 CFC total 23,277,255 110,732 — — 23,387,987 NCSC 612,592 1,332 — — 613,924 RTFC 346,944 — 7,475 — 354,419 Total loans outstanding $ 24,236,791 $ 112,064 $ 7,475 $ — $ 24,356,330 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. Our allowance for loan losses consists of an amount for loans collectively evaluated for impairment, referred to as our collective allowance, and an amount for loans designated as individually impaired, referred to as our specific allowance. The following tables summarize changes, by company, in the allowance for loan losses as of and for the three and nine months ended February 28, 2018 and 2017 . Three Months Ended February 28, 2018 (Dollars in thousands) CFC NCSC RTFC Total Balance as of November 30, 2017 $ 28,799 $ 3,117 $ 4,858 $ 36,774 Provision (benefit) for loan losses 506 731 (132 ) 1,105 Balance as of February 28, 2018 $ 29,305 $ 3,848 $ 4,726 $ 37,879 Three Months Ended February 28, 2017 (Dollars in thousands) CFC NCSC RTFC Total Balance as of November 30, 2016 $ 25,857 $ 3,664 $ 4,390 $ 33,911 Provision (benefit) for loan losses 2,448 (215 ) (168 ) 2,065 Recoveries 53 — — 53 Balance as of February 28, 2017 $ 28,358 $ 3,449 $ 4,222 $ 36,029 Nine Months Ended February 28, 2018 (Dollars in thousands) CFC NCSC RTFC Total Balance as of May 31, 2017 $ 29,499 $ 2,910 $ 4,967 $ 37,376 Provision (benefit) for loan losses (194 ) 938 (241 ) 503 Balance as of February 28, 2018 $ 29,305 $ 3,848 $ 4,726 $ 37,879 Nine Months Ended February 28, 2017 (Dollars in thousands) CFC NCSC RTFC Total Balance as of May 31, 2016 $ 24,559 $ 3,134 $ 5,565 $ 33,258 Provision for loan losses 3,640 315 776 4,731 Charge-offs — — (2,119 ) (2,119 ) Recoveries 159 — — 159 Net recoveries (charge-offs) 159 — (2,119 ) (1,960 ) Balance as of February 28, 2017 $ 28,358 $ 3,449 $ 4,222 $ 36,029 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, 2018 and May 31, 2017 . February 28, 2018 (Dollars in thousands) CFC NCSC RTFC Total Allowance by company: Collective allowance $ 29,305 $ 3,848 $ 3,454 $ 36,607 Specific allowance — — 1,272 1,272 Total allowance for loan losses $ 29,305 $ 3,848 $ 4,726 $ 37,879 Recorded investment in loans: Collectively evaluated loans $ 24,161,049 $ 800,814 $ 357,249 $ 25,319,112 Individually evaluated loans 6,507 — 6,216 12,723 Total recorded investment in loans $ 24,167,556 $ 800,814 $ 363,465 $ 25,331,835 Total recorded investment in loans, net (1) $ 24,138,251 $ 796,966 $ 358,739 $ 25,293,956 May 31, 2017 (Dollars in thousands) CFC NCSC RTFC Total Allowance by company: Collective allowance $ 29,499 $ 2,910 $ 3,327 $ 35,736 Specific allowance — — 1,640 1,640 Total ending balance of the allowance $ 29,499 $ 2,910 $ 4,967 $ 37,376 Recorded investment in loans: Collectively evaluated loans $ 23,381,406 $ 613,924 $ 347,827 $ 24,343,157 Individually evaluated loans 6,581 — 6,592 13,173 Total recorded investment in loans $ 23,387,987 $ 613,924 $ 354,419 $ 24,356,330 Total recorded investment in loans, net (1) $ 23,358,488 $ 611,014 $ 349,452 $ 24,318,954 ____________________________ (1) Excludes unamortized deferred loan origination costs $11 million as of both February 28, 2018 and May 31, 2017 . Reserve for Unadvanced Commitments We also maintain a reserve for unadvanced loan commitments at a level estimated by management to provide for probable losses under these commitments as of each balance sheet dated. Unadvanced loan commitments are analyzed and segregated by loan type and risk using our internal risk rating scales. We use these risk classifications, in combination with the probability of commitment usage, and any other pertinent information to estimate a reserve for unadvanced loan commitments, which we record as a liability on our condensed consolidated balance sheets. The reserve for these commitments was less than $1 million as of both February 28, 2018 and May 31, 2017 .

Short-Term Borrowings - (Notes)

Short-Term Borrowings - (Notes)	9 Months Ended
	Feb. 28, 2018
Debt Disclosure [Abstract]
Short-Term Debt	NOTE 5—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 $3,494 million and accounted for 14% of total debt outstanding as of February 28, 2018 , compared with $3,343 million , or 14% , of total debt outstanding as of May 31, 2017 . Committed Bank Revolving Line of Credit Agreements We had $3,085 million and $3,165 million of commitments under committed bank revolving line of credit agreements as of February 28, 2018 and May 31, 2017 , 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. On November 20, 2017 , we amended and restated the three-year and five-year committed bank revolving line of credit agreements to extend the maturity dates to November 20, 2020 and November 20, 2022 , respectively, and to terminate certain third-party bank commitments totaling $40 million under the three-year agreement and $40 million under the five- year agreement. As a result, the total commitment amount from third-parties under the three-year facility and the five-year facility is $1,493 million and $1,592 million , respectively, resulting in a combined total commitment amount under the two facilities of $3,085 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, 2018 and May 31, 2017 . February 28, 2018 May 31, 2017 (Dollars in millions) Total Commitment Letters of Credit Outstanding Net Available for Use Total Commitment Letters of Credit Outstanding Net Available for Use Maturity Annual Facility Fee (1) 3-year agreement $ — $ — $ — $ 1,533 $ — $ 1,533 November 19, 2019 7.5 bps 3-year agreement 1,493 — 1,493 — — — November 20, 2020 7.5 bps Total 3-year agreement 1,493 — 1,493 1,533 — 1,533 5-year agreement — — — 1,632 1 1,631 November 19, 2021 10 bps 5-year agreement 1,592 2 1,590 — — — November 20, 2022 10 bps Total 5-year agreement 1,592 2 1,590 1,632 1 1,631 Total $ 3,085 $ 2 $ 3,083 $ 3,165 $ 1 $ 3,164 ____________________________ (1) 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 had no borrowings outstanding under our committed bank revolving line of credit agreements as of February 28, 2018 or May 31, 2017 , and we were in compliance with all covenants and conditions under the agreements as of each date.

Long-Term Debt - (Notes)

Long-Term Debt - (Notes)	9 Months Ended
	Feb. 28, 2018
Debt Instruments [Abstract]
Long-Term Debt	NOTE 6—LONG-TERM DEBT The following table displays long-term debt outstanding, by debt type, as of February 28, 2018 and May 31, 2017 . (Dollars in thousands) February 28, 2018 May 31, 2017 Unsecured long-term debt: Medium-term notes sold through dealers $ 3,081,779 $ 2,386,956 Medium-term notes sold to members 411,373 422,779 Subtotal medium-term notes 3,493,152 2,809,735 Unamortized discount (704 ) (382 ) Debt issuance costs (22,897 ) (21,903 ) Total unsecured medium-term notes 3,469,551 2,787,450 Unsecured notes payable 20,892 22,799 Unamortized discount (300 ) (379 ) Debt issuance costs (74 ) (94 ) Total unsecured notes payable 20,518 22,326 Total unsecured long-term debt 3,490,069 2,809,776 Secured long-term debt: Collateral trust bonds 7,917,711 7,922,711 Unamortized discount (252,991 ) (258,329 ) Debt issuance costs (29,857 ) (30,334 ) Total collateral trust bonds 7,634,863 7,634,048 Guaranteed Underwriter Program notes payable 4,871,771 4,985,748 Debt issuance costs (239 ) (264 ) Total Guaranteed Underwriter Program notes payable 4,871,532 4,985,484 Farmer Mac notes payable 2,805,376 2,513,389 Other secured notes payable 11,556 13,214 Debt issuance costs (260 ) (317 ) Total other secured notes payable 11,296 12,897 Total secured notes payable 7,688,204 7,511,770 Total secured long-term debt 15,323,067 15,145,818 Total long-term debt $ 18,813,136 $ 17,955,594 Collateral Trust Bonds On February 7, 2018, we issued $700 million aggregate principal amount of 3.40% collateral trust bonds due 2028. Secured Notes Payable We had outstanding secured notes payable totaling $4,872 million and $4,985 million as of February 28, 2018 and May 31, 2017 , respectively, under bond purchase agreements with Federal Financing Bank and a bond guarantee agreement with RUS issued under the Guaranteed Underwriter Program, which provides guarantees to Federal Financing Bank. We pay RUS a fee of 30 basis points per year on the total amount outstanding. On November 9, 2017 , we closed on a $750 million committed loan facility (“Series M”) from the Federal Financing Bank under the Guaranteed Underwriter Program. Pursuant to this facility, we may borrow any time before July 15, 2022. Each advance is subject to quarterly amortization and a final maturity not longer than 20 years from the advance date. On January 16, 2018 we redeemed $325 million of notes payable outstanding under the Guaranteed Underwriter Program, with an original maturity of April 15, 2026. During the nine months ended February 28, 2018 , we borrowed $250 million under our committed loan facilities with the Federal Financing Bank. We had up to $1,225 million available for access under the Guaranteed Underwriter Program as of February 28, 2018 . 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. We have two revolving note purchase agreements with Farmer Mac, which together allow us to borrow up to $5,500 million from Farmer Mac. On February 26, 2018, we amended our first revolving note purchase agreement with Farmer Mac, dated March 24, 2011. Under the amended agreement, we currently can borrow, subject to market conditions, up to $5,200 million at any time through January 11, 2022, 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 $2,805 million and $2,513 million as of February 28, 2018 and May 31, 2017 , respectively. We borrowed $325 million under this note purchase agreement with Farmer Mac during the nine months ended February 28, 2018 . 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 at a fixed spread over LIBOR. 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. We had no notes payable outstanding under this revolving note purchase agreement with Farmer Mac as of February 28, 2018 and May 31, 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, 2018 and May 31, 2017 .

Subordinated Deferrable Debt -

Subordinated Deferrable Debt - (Notes)	9 Months Ended
	Feb. 28, 2018
Subordinated Debt [Abstract]
Subordinated Deferrable Debt	NOTE 7—SUBORDINATED DEFERRABLE DEBT The following table presents subordinated deferrable debt outstanding as of February 28, 2018 and May 31, 2017 . February 28, 2018 May 31, 2017 (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 (7,625 ) (7,726 ) Total subordinated deferrable debt $ 742,375 $ 742,274

Derivative Financial Instrument

Derivative Financial Instruments - (Notes)	9 Months Ended
	Feb. 28, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	NOTE 8—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. 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, 2018 and May 31, 2017 . 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, 2018 May 31, 2017 (Dollars in thousands) Notional Amount Weighted- Average Rate Paid Weighted- Average Rate Received Notional Weighted- Weighted- Pay-fixed swaps $ 6,987,403 2.84 % 1.78 % $ 6,807,013 2.85 % 1.16 % Receive-fixed swaps 3,824,000 2.37 2.50 3,699,000 1.72 2.64 Total interest rate swaps 10,811,403 2.67 2.03 10,506,013 2.46 1.68 Forward pay-fixed swaps 226,256 285,383 Total $ 11,037,659 $ 10,791,396 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, 2018 and May 31, 2017 . February 28, 2018 May 31, 2017 (Dollars in thousands) Fair Value Notional Balance Fair Value Notional Balance Derivative assets $ 252,888 $ 5,168,362 $ 49,481 $ 3,754,120 Derivative liabilities (282,892 ) 5,869,297 (385,337 ) 7,037,276 Total $ (30,004 ) $ 11,037,659 $ (335,856 ) $ 10,791,396 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, 2018 and May 31, 2017 , and provides information on the impact of netting provisions and collateral pledged. February 28, 2018 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 $ 252,888 $ — $ 252,888 $ 200,760 $ — $ 52,128 Derivative liabilities: Interest rate swaps 282,892 — 282,892 200,760 — 82,132 May 31, 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 $ 49,481 $ — $ 49,481 $ 49,481 $ — $ — Derivative liabilities: Interest rate swaps 385,337 — 385,337 49,481 — 335,856 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 gains (losses). Derivative cash settlements represent net contractual interest expense accruals on interest rate swaps during the period. The derivative forward value gains (losses) represent 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, 2018 and 2017 . Three Months Ended February 28, Nine Months Ended February 28, (Dollars in thousands) 2018 2017 2018 2017 Derivative cash settlements $ (18,924 ) $ (19,354 ) $ (58,781 ) $ (64,331 ) Derivative forward value gains 186,972 61,809 306,224 259,153 Derivative gains $ 168,048 $ 42,455 $ 247,443 $ 194,822 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 the termination date. Our senior unsecured credit ratings from Moody’s and S&P were A2 and A, respectively, as of February 28, 2018 . Both Moody’s and S&P had our ratings on stable outlook as of February 28, 2018 . The following table displays the notional amounts of our derivative contracts with rating triggers as of February 28, 2018 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) $ 54,890 $ (10,007 ) $ — $ (10,007 ) Falls below Baa1/BBB+ 7,237,155 (61,923 ) 40,825 (21,098 ) Falls to or below Baa2/BBB (2) 503,125 — 5,191 5,191 Falls below Baa3/BBB- 258,923 (12,974 ) — (12,974 ) Total $ 8,054,093 $ (84,904 ) $ 46,016 $ (38,888 ) ____________________________ (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. Our largest counterparty exposure, based on the outstanding notional amount, represented approximately 22% and 23% of the total outstanding notional amount of derivatives as of February 28, 2018 and May 31, 2017 , respectively. The aggregate fair value amount, including the credit risk valuation adjustment, of all interest rate swaps with rating triggers that were in a net liability position was $85 million as of February 28, 2018 .

Equity - (Notes)

Equity - (Notes)	9 Months Ended
	Feb. 28, 2018
Stockholders' Equity Note [Abstract]
Equity	NOTE 9—EQUITY Total equity increased by $360 million to $1,459 million as of February 28, 2018 . The increase was primarily attributable to our reported net income of $409 million for the nine months ended February 28, 2018 , which was partially offset by patronage capital retirement of $45 million in September 2017. The following table presents the components of equity as of February 28, 2018 and May 31, 2017 . (Dollars in thousands) February 28, 2018 May 31, 2017 Membership fees $ 968 $ 971 Educational fund 1,228 1,929 Total membership fees and educational fund 2,196 2,900 Patronage capital allocated 716,481 761,701 Members’ capital reserve 630,305 630,305 Unallocated net income (loss): Prior year-end cumulative derivative forward value losses (1) (332,525 ) (507,904 ) Current year derivative forward value gains (1) 302,308 175,379 Current period-end cumulative derivative forward value losses (1) (30,217 ) (332,525 ) Other unallocated net income (loss) 98,210 (5,603 ) Unallocated net income (loss) 67,993 (338,128 ) CFC retained equity 1,416,975 1,056,778 Accumulated other comprehensive income 10,107 13,175 Total CFC equity 1,427,082 1,069,953 Noncontrolling interests 32,022 28,852 Total equity $ 1,459,104 $ 1,098,805 ____________________________ (1) Represents derivative forward value gains (losses) for CFC only, as total CFC equity does not include the noncontrolling interests of the consolidated variable interest entities NCSC and RTFC. See “Note 12—Business Segments” for the separate statements of operations for CFC . In July 2017, the CFC Board of Directors authorized the allocation of the fiscal year 2017 adjusted net income as follows: $90 million to members in the form of patronage capital; $43 million to members’ capital reserve; and $1 million to the Cooperative Educational Fund. The amount of patronage capital allocated each year by CFC’s Board of Directors is based on adjusted net income, which excludes the impact of derivative forward value gains (losses). See “MD&A—Non-GAAP Financial Measures” for information on adjusted net income. In July 2017, the CFC Board of Directors authorized the retirement of patronage capital totaling $45 million , which represented 50% of the fiscal year 2017 allocation of patronage capital of $90 million . We returned the $45 million to members in cash in September 2017. The remaining portion of the allocated amount will be retained by CFC for 25 years under guidelines adopted by the CFC Board of Directors in June 2009. The CFC Board of Directors is required to make annual allocations of adjusted net income, if any. CFC has made annual retirements of allocated net earnings in 38 of the last 39 fiscal years; however, future retirements of allocated amounts are determined based on CFC’s 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. See “Item 1. Business—Allocation and Retirement of Patronage Capital” of our 2017 Form 10-K for additional information. 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, 2018 and 2017 . Three Months Ended February 28, 2018 (Dollars in thousands) Unrealized Gains (Losses) AFS Securities Unrealized Gains Unrealized Losses Foreclosed Assets Unrealized Losses Defined Benefit Plan Total Beginning balance $ 10,873 $ 3,316 $ — $ (2,290 ) $ 11,899 Unrealized losses (1,763 ) — — — (1,763 ) Losses reclassified into earnings — — — 128 128 Gains reclassified into earnings — (157 ) — — (157 ) Other comprehensive income (loss) (1,763 ) (157 ) — 128 (1,792 ) Ending balance $ 9,110 $ 3,159 $ — $ (2,162 ) $ 10,107 Three 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 $ 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 (loss) 3,923 (195 ) — 45 3,773 Ending balance $ 9,553 $ 3,896 $ — $ (875 ) $ 12,574 Nine Months Ended February 28, 2018 (Dollars in thousands) Unrealized Gains (Losses) AFS Securities Unrealized Gains Derivatives Unrealized Losses Foreclosed Assets Unrealized Losses Defined Benefit Plan Total Beginning balance $ 12,016 $ 3,702 $ — $ (2,543 ) $ 13,175 Unrealized losses (2,906 ) — — — (2,906 ) Losses reclassified into earnings — — — 381 381 Gains reclassified into earnings — (543 ) — — (543 ) Other comprehensive income (loss) (2,906 ) (543 ) — 381 (3,068 ) Ending balance $ 9,110 $ 3,159 $ — $ (2,162 ) $ 10,107 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 (loss) 2,151 (591 ) 9,823 133 11,516 Ending balance $ 9,553 $ 3,896 $ — $ (875 ) $ 12,574 We expect to reclassify approximately $0.5 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, 2018
Guarantees [Abstract]
Guarantees	NOTE 10—GUARANTEES The following table summarizes total guarantees, by type of guarantee and by member class, as of February 28, 2018 and May 31, 2017 . (Dollars in thousands) February 28, 2018 May 31, 2017 Total by type: Long-term tax-exempt bonds (1) $ 317,960 $ 468,145 Letters of credit (2) 248,124 307,321 Other guarantees 113,884 114,151 Total $ 679,968 $ 889,617 Total by member class: CFC: Distribution $ 141,137 $ 126,188 Power supply 517,051 743,678 Statewide and associate 5,047 5,054 CFC total 663,235 874,920 NCSC 15,159 13,123 RTFC 1,574 1,574 Total $ 679,968 $ 889,617 ____________________________ (1) Represents the outstanding principal amount of long-term fixed-rate and variable-rate guaranteed bonds. (2) Reflects our maximum potential exposure for letters of credit. Long-term tax-exempt bonds of $318 million and $468 million as of February 28, 2018 and May 31, 2017 , respectively, consisted of $251 million and $400 million , respectively, of adjustable or variable-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 may be required to pay related to the remaining adjustable and variable-rate bonds. Many of these bonds have a call provision that allows us to call the bond in the event of a default, which would limit our exposure to future interest payments on these bonds. Our maximum potential exposure generally is secured by mortgage liens on the members’ assets and future revenue. If a member’s debt is accelerated because of a determination that the interest thereon is not tax-exempt, the member’s obligation to reimburse us for any guarantee payments will be treated as a long-term loan. The remaining long-term tax-exempt bonds of $67 million as of February 28, 2018 are fixed-rate. The maximum potential exposure for these bonds, including the outstanding principal of $67 million and related interest through maturity, totaled $95 million as of February 28, 2018 . The maturities for long-term tax-exempt bonds and the related guarantees extend through calendar year 2042. Of the outstanding letters of credit of $248 million and $307 million as of February 28, 2018 and May 31, 2017 , respectively, $42 million and $125 million , respectively, were secured. We did not have any letters of credit outstanding that provided for standby liquidity for adjustable and floating-rate tax-exempt bonds issued for the benefit of our members as of February 28, 2018 . 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 as of May 31, 2017 . Security provisions include a mortgage lien on substantially all of the member’s assets, future revenue and the member’s investment in our commercial paper. The maturities for the outstanding letters of credit as February 28, 2018 extend through calendar year 2027. In addition to the letters of credit listed in the table above, under master letter of credit facilities in place as of February 28, 2018 , we may be required to issue up to an additional $66 million in letters of credit to third parties for the benefit of our members. All of our master letter of credit facilities were subject to material adverse change clauses at the time of issuance as of February 28, 2018 . 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 maximum potential exposure for other guarantees was $115 million as of both February 28, 2018 and May 31, 2017 , all of which were unsecured. The maturities for these other guarantees listed in the table above extend through calendar year 2025. Guarantees under which our right of recovery from our members was not secured totaled $320 million and $297 million and represented 47% and 33% of total guarantees as of February 28, 2018 and May 31, 2017 , respectively. In addition to the guarantees described above, we were also the liquidity provider for $251 million of variable-rate tax-exempt bonds as of February 28, 2018 , 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. We were not required to perform as liquidity provider pursuant to these obligations during the nine months ended February 28, 2018 or the prior fiscal year. Guarantee Liability As of February 28, 2018 and May 31, 2017 , we recorded a guarantee liability of $8 million and $15 million respectively, which represents the contingent and noncontingent exposures related to guarantees and liquidity obligations. The contingent guarantee liability was $1 million as of both February 28, 2018 and May 31, 2017 , based on management’s estimate of exposure to losses within the guarantee portfolio. The remaining balance of the total guarantee liability of $7 million and $14 million as of February 28, 2018 and May 31, 2017 , 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, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurement	NOTE 11—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 2017 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, 2018 and May 31, 2017 . The tables also display the classification within the fair value hierarchy of the valuation technique used in estimating fair value. February 28, 2018 Fair Value Measurement Level (Dollars in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 250,697 $ 250,697 $ 250,697 $ — $ — Restricted cash 6,951 6,951 6,951 — — Time deposits 1,000 1,000 1,000 Investment securities, available-for-sale 89,648 89,648 89,648 — — Investment securities, held-to-maturity 248,252 244,373 — 244,373 — Deferred compensation investments 5,128 5,128 5,128 — — Loans to members, net 25,305,043 24,113,185 — — 24,113,185 Accrued interest receivable 114,994 114,994 — 114,994 — Debt service reserve funds 17,151 17,151 17,151 — — Derivative assets 252,888 252,888 — 252,888 — Liabilities: Short-term borrowings $ 3,493,736 $ 3,492,913 $ 1,562,476 $ 1,930,437 $ — Long-term debt 18,813,136 19,069,285 — 11,520,304 7,548,981 Accrued interest payable 198,316 198,316 — 198,316 — Guarantee liability 7,916 7,861 — — 7,861 Derivative liabilities 282,892 282,892 — 282,892 — Subordinated deferrable debt 742,375 781,110 — 781,110 — Members’ subordinated certificates 1,379,693 1,379,715 — — 1,379,715 May 31, 2017 Fair Value Measurement Level (Dollars in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 166,615 $ 166,615 $ 166,615 $ — $ — Restricted cash 21,806 21,806 21,806 — — Time deposits 226,000 226,000 — 226,000 — Investment securities, available-for-sale 92,554 92,554 92,554 — — Deferred compensation investments 4,693 4,693 4,693 — — Loans to members, net 24,329,668 24,182,724 — — 24,182,724 Accrued interest receivable 111,493 111,493 — 111,493 — Debt service reserve funds 17,151 17,151 17,151 — — Derivative assets 49,481 49,481 — 49,481 — Liabilities: Short-term borrowings $ 3,342,900 $ 3,342,990 $ 1,527,990 $ 1,815,000 $ — Long-term debt 17,955,594 18,744,331 — 11,215,290 7,529,041 Accrued interest payable 137,476 137,476 — 137,476 — Guarantee liability 15,241 16,204 — — 16,204 Derivative liabilities 385,337 385,337 — 385,337 — Subordinated deferrable debt 742,274 788,079 — 788,079 — Members’ subordinated certificates 1,419,025 1,419,048 — — 1,419,048 Investment Securities, Held-to-Maturity, Fair Value As discussed above in “Note 3—Investment Securities,” we did not have any securities classified as HTM as of May 31, 2017 . During the second quarter of fiscal year 2018, we commenced the purchase of additional investment securities, consisting primarily of certificates of deposit, commercial paper and corporate debt securities, commercial MBS and other ABS traded in secondary markets. We designated these securities as HTM. Management estimates the fair value of our HTM securities utilizing the assistance of third-party pricing services. Methodologies employed, controls relied upon and inputs used by third-party pricing vendors are subject to management review when such services are provided. This review may consist of, in part, obtaining and evaluating control reports issued and pricing methodology materials distributed. We review the pricing methodologies provided by the vendors in order to determine if observable market information is being used to determine the fair value versus unobservable inputs. Investment securities traded in secondary markets are typically valued using unadjusted vendor prices. These investment securities, which include those measured using unadjusted vendor prices, are generally classified as Level 2 because the valuation typically involves using quoted market prices for similar securities, pricing models, discounted cash flow analyses using significant observable market where available or a combination of multiple valuation techniques for which all significant assumptions are observable in the market. 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, 2018 and 2017 . 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, 2018 and May 31, 2017 , and the classification of the valuation technique within the fair value hierarchy. February 28, 2018 May 31, 2017 (Dollars in thousands) Level 1 Level 2 Total Level 1 Level 2 Total Investment securities, available for sale $ 89,648 $ — $ 89,648 $ 92,554 $ — $ 92,554 Deferred compensation investments 5,128 — 5,128 4,693 — 4,693 Derivative assets — 252,888 252,888 — 49,481 49,481 Derivative liabilities — 282,892 282,892 — 385,337 385,337 Nonrecurring Fair Value We did not have any assets or liabilities reported in our condensed consolidated financial statements at fair value on a nonrecurring basis during the three and nine months ended February 28, 2018 and 2017 . 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, 2018 and May 31, 2017 , 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, 2018
Segment Reporting [Abstract]
Segment Information	NOTE 12—BUSINESS SEGMENTS The following tables display segment results for the three and nine months ended February 28, 2018 and 2017 , and assets attributable to each segment as of February 28, 2018 and February 28, 2017 . Three Months Ended February 28, 2018 (Dollars in thousands) CFC Other Elimination Consolidated Total Statement of operations: Interest income $ 268,753 $ 12,921 $ (10,206 ) $ 271,468 Interest expense (197,844 ) (10,433 ) 10,206 (198,071 ) Net interest income 70,909 2,488 — 73,397 Provision for loan losses (1,105 ) — — (1,105 ) Net interest income after provision for loan losses 69,804 2,488 — 72,292 Non-interest income: Fee and other income 3,882 300 (247 ) 3,935 Derivative gains (losses): Derivative cash settlements (18,317 ) (607 ) — (18,924 ) Derivative forward value gains 184,967 2,005 — 186,972 Derivative gains 166,650 1,398 — 168,048 Total non-interest income 170,532 1,698 (247 ) 171,983 Non-interest expense: General and administrative expenses (20,519 ) (1,693 ) — (22,212 ) Other non-interest expense (402 ) (247 ) 247 (402 ) Total non-interest expense (20,921 ) (1,940 ) 247 (22,614 ) Income before income taxes 219,415 2,246 — 221,661 Income tax expense — (632 ) — (632 ) Net income $ 219,415 $ 1,614 $ — $ 221,029 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 (losses): Derivative cash settlements (18,618 ) (736 ) — (19,354 ) Derivative forward value gains 60,808 1,001 — 61,809 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 non-interest expense (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 Nine Months Ended February 28, 2018 (Dollars in thousands) CFC Other Elimination Consolidated Total Statement of operations: Interest income $ 795,344 $ 36,127 $ (28,265 ) $ 803,206 Interest expense (585,292 ) (28,945 ) 28,265 (585,972 ) Net interest income 210,052 7,182 — 217,234 Provision for loan losses (503 ) — — (503 ) Net interest income after benefit for loan losses 209,549 7,182 — 216,731 Non-interest income: Fee and other income 13,260 1,001 (839 ) 13,422 Derivative gains (losses): Derivative cash settlements (56,871 ) (1,910 ) — (58,781 ) Derivative forward value gains 302,308 3,916 — 306,224 Derivative gains 245,437 2,006 — 247,443 Results of operations of foreclosed assets (34 ) — — (34 ) Total non-interest income 258,663 3,007 (839 ) 260,831 Non-interest expense: General and administrative expenses (60,549 ) (5,213 ) — (65,762 ) Other non-interest expense (1,542 ) (839 ) 839 (1,542 ) Total non-interest expense (62,091 ) (6,052 ) 839 (67,304 ) Income before income taxes 406,121 4,137 — 410,258 Income tax expense — (1,491 ) — (1,491 ) Net income $ 406,121 $ 2,646 $ — $ 408,767 February 28, 2018 CFC Other Elimination Consolidated Total Assets: Loans to members $ 25,307,994 $ 1,164,279 $ (1,129,351 ) $ 25,342,922 Less: Allowance for loan losses (37,879 ) — — (37,879 ) Loans to members, net 25,270,115 1,164,279 (1,129,351 ) 25,305,043 Other assets 1,159,806 105,728 (94,170 ) 1,171,364 Total assets $ 26,429,921 $ 1,270,007 $ (1,223,521 ) $ 26,476,407 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 (losses): Derivative cash settlements (62,048 ) (2,283 ) (64,331 ) Derivative forward value gains 255,018 4,135 — 259,153 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 non-interest expense (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: Loans to members $ 24,222,017 $ 980,395 $ (941,575 ) $ 24,260,837 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

Summary of Significant Accoun19

Summary of Significant Accounting Policies - (Policies)	9 Months Ended
	Feb. 28, 2018
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 interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and 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, 2017 (“ 2017 Form 10-K”). We believe that all necessary adjustments, which consisted only of normal recurring items, have been included in the accompanying financial statements to present fairly the results of the interim periods.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and related disclosures. While management makes its best judgment, actual amounts or results could differ from these estimates. Our most significant estimates and assumptions involve determining the allowance for loan losses and the fair value of financial assets and liabilities. The results of operations in the interim financial statements is not necessarily indicative of the results that may be expected for other interim periods or for the full fiscal year ending May 31, 2018.
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of CFC, variable interest entities (“VIEs”) where CFC is the primary beneficiary and subsidiary entities created and controlled by CFC to hold foreclosed assets. CFC did not have any entities that held foreclosed assets as of February 28, 2018 or May 31, 2017 . All intercompany balances and transactions have been eliminated. National Cooperative Services Corporation (“NCSC”) and Rural Telephone Finance Cooperative (“RTFC”) are VIEs which are required to be consolidated by CFC. NCSC is a taxable member-owned cooperative that 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 for-profit and nonprofit entities that are owned, operated or controlled by, or provide significant benefits to certain members of CFC. RTFC is a taxable Subchapter T cooperative association that provides financing for its rural telecommunications members and their affiliates. Unless stated otherwise, references to “we,” “our” or “us” relate to CFC and its consolidated entities.
Restricted Cash	Restricted Cash Restricted cash, which totaled $7 million and $22 million as of February 28, 2018 and May 31, 2017 , respectively, consisted primarily of funds held in escrow. On July 1, 2016, CFC completed the sale of Caribbean Asset Holdings, LLC (“CAH”), an entity that held foreclosed assets, to ATN VI Holdings, LLC. In connection with the sale, $16 million of the sale proceeds was deposited into escrow to fund potential indemnification claims for a period of 15 months following the closing. Of this amount, $14.5 million was designated to cover general indemnification claims and $1.5 million was designated to cover indemnification of certain tax liens. On September 27, 2017, we received a claim notice from the purchaser of CAH asserting potential indemnification claims against the general escrow amount of $14.5 million . The claims were not substantiated sufficiently to be funded; therefore, the $14.5 million has been released back to us. The $1.5 million designated for tax liens remains in escrow. We continue to be liable for certain indemnifications regardless of whether amounts are held in escrow.
Recently Issued but Not Yet Adopted Accounting Standards	Recently Issued But Not Yet Adopted Accounting Standards and Tax Reform Tax Cuts and Jobs Act On December 22, 2017, the President of the United States signed and enacted into law H.R. 1, the Tax Cuts and Jobs Act (“The Act”), which, except for certain provisions, is effective for tax years beginning on or after January 1, 2018. The Act significantly changes existing U.S. tax law and includes numerous provisions that will affect businesses. One of the primary changes is a reduction in the federal statutory corporate U.S. income tax rate to 21% percent from 35% and other changes that impact business-related exclusions, deductions and credits. CFC is exempt from federal income tax under Section 501(c)(4) of the Internal Revenue Code. NCSC is subject to federal income tax; however, NCSC’s annual taxable income and federal income tax is not material to our consolidated results of operations, financial position or liquidity. RTFC is subject to federal income tax; however, the allocation of patronage capital to its members is a deduction that historically has resulted in a significant reduction in its annual taxable income and federal income tax. Therefore, we do not expect The Act to have a material impact on our consolidated results of operations, financial condition or liquidity. Derivatives and Hedging—Targeted Improvements to Accounting for Hedging Activities In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-12, Derivatives and Hedging—Targeted Improvements to Accounting for Hedging Acti vities, which expands the types of risk management strategies that qualify for hedge accounting treatment to more closely align the results of hedge accounting with the economics of certain risk management activities and simplifies certain hedge documentation and assessment requirement. It also eliminates the concept of separately recording hedge ineffectiveness and expands disclosure requirements. The guidance is effective for public entities for fiscal years beginning after December 15, 2018, including interim periods within those years. Early adoption is permitted in any interim period or fiscal year before the effective date. The guidance is effective for us beginning June 1, 2019. Hedge accounting is elective, and we currently do not apply hedge accounting. If we continue to elect not to apply hedge accounting, the adoption of the new guidance will have no impact on our consolidated financial statements. Receivables—Nonrefundable Fees and Other Cost In March 2017, FASB issued ASU 2017-08, Receivables—Nonrefundable Fees and Other Costs, which shortens the amortization period for the premium on certain callable debt securities to the earliest call date rather the maturity date. The guidance is applicable to any individual debt security, purchased at a premium, with an explicit and noncontingent call feature with a fixed price on a preset date. The guidance does not impact the accounting for purchased callable debt securities held at a discount; the discount will continue to amortize to the maturity date. The guidance is effective for public entities in fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. This update is effective for us beginning June 1, 2019. Adoption of the guidance requires modified retrospection transition as of the beginning of the period of adoption through a cumulative-effect adjustment to retained earnings. We do not expect that the adoption of this guidance will have a material impact on our consolidated financial statements. Statement of Cash Flows—Restricted Cash In November 2016, FASB issued ASU 2016-18, Statement of Cash Flows—Restricted Cash, which addresses the presentation of restricted cash in the statement of cash flows. The guidance requires that the statement of cash flows explain the change in the beginning-of-period and end-of-period total of cash, cash equivalents and restricted cash balances. We currently explain the change during the period in total of cash and cash equivalents on our consolidated statements of cash flows. The guidance is effective for public entities in fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, and must be applied retrospectively. This update is effective for us beginning June 1, 2018. The adoption of this guidance will change the presentation of restricted cash on our consolidated statement of cash flows, and we will revise amounts previously reported on our consolidated statements of cash flows to conform to this presentation. Adoption of the guidance, however, will have no impact on our consolidated results of operations, financial condition or liquidity. Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments, which replaces the existing incurred loss impairment model and establishes a single allowance framework based on a current expected credit loss model for financial assets carried at amortized cost, including loans and held-to-maturity debt securities. The current expected loss model requires an entity to estimate the credit losses expected over the life of the credit exposure upon initial recognition of that exposure when the financial asset is originated or acquired, which will generally result in earlier recognition of credit losses. The guidance also amends the other-than-temporary model for available-for-sale debt securities by requiring the use of an allowance, rather than directly reducing the carrying value of the security. The new guidance also requires expanded credit quality disclosures. 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 beginning June 1, 2020. 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, the 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 main provisions include a requirement that all investments in equity securities be measured at fair value through earnings, with certain exceptions, and a requirement to present separately in other comprehensive income the portion of the total change in fair value attributable to an entity’s own credit risk for financial liabilities where the fair value option has been elected. This update will be effective for us beginning June 1, 2018. Upon adoption, we will be required to reclassify the gain (loss) related to our equity investment securities classified as available-for-sale from accumulated other comprehensive income (“AOCI”) to retained earnings as a cumulative-effect adjustment and begin recording future changes in fair value through earnings. We had a gain of $9 million recorded in AOCI for our available-for-sale equity investments as of February 28, 2018 . 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, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , which modifies the guidance used to recognize revenue from contracts with customers for transfers of goods or services and transfers of nonfinancial assets, unless those contracts are within the scope of other guidance. The new guidance is effective for us beginning June 1, 2018. Because the scope of the guidance explicitly excludes net interest income as well as many other revenues for financial assets and liabilities including loans, securities, and derivatives, which account for the substantial majority of our revenues, we do not expect that the adoption of the guidance will have a material impact, if any, on our consolidated financial statements.
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.
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 2017 Form 10-K.
Investment Securities, Held-to-Maturity, Fair Value	Investment Securities, Held-to-Maturity, Fair Value As discussed above in “Note 3—Investment Securities,” we did not have any securities classified as HTM as of May 31, 2017 . During the second quarter of fiscal year 2018, we commenced the purchase of additional investment securities, consisting primarily of certificates of deposit, commercial paper and corporate debt securities, commercial MBS and other ABS traded in secondary markets. We designated these securities as HTM. Management estimates the fair value of our HTM securities utilizing the assistance of third-party pricing services. Methodologies employed, controls relied upon and inputs used by third-party pricing vendors are subject to management review when such services are provided. This review may consist of, in part, obtaining and evaluating control reports issued and pricing methodology materials distributed. We review the pricing methodologies provided by the vendors in order to determine if observable market information is being used to determine the fair value versus unobservable inputs. Investment securities traded in secondary markets are typically valued using unadjusted vendor prices. These investment securities, which include those measured using unadjusted vendor prices, are generally classified as Level 2 because the valuation typically involves using quoted market prices for similar securities, pricing models, discounted cash flow analyses using significant observable market where available or a combination of multiple valuation techniques for which all significant assumptions are observable in the market.
Impaired loans	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 Accoun20

Summary of Significant Accounting Policies - (Tables)	9 Months Ended
	Feb. 28, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of components of interest income	The following table presents interest income, by interest-earning asset category, for the three and nine months ended February 28, 2018 and 2017 . Three Months Ended February 28, Nine Months Ended February 28, (Dollars in thousands) 2018 2017 2018 2017 Interest income by interest-earning asset type: Long-term fixed-rate loans (1) $ 250,201 $ 245,480 $ 748,491 $ 733,425 Long-term variable-rate loans 7,020 5,047 18,980 14,561 Line of credit loans 10,367 6,538 27,662 18,057 TDR loans (2) 221 228 669 677 Other income, net (3) (314 ) (230 ) (852 ) (795 ) Total loans 267,495 257,063 794,950 765,925 Cash, time deposits and investment securities 3,973 2,857 8,256 7,986 Total interest income $ 271,468 $ 259,920 $ 803,206 $ 773,911 ____________________________ (1) Includes loan conversion fees, which are generally deferred and recognized as 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 of $66 million and $74 million as of February 28, 2018 and May 31, 2017 , respectively, consists primarily of deferred loan conversion fees totaling $60 million and $68 million , respectively.
Schedule of components of interest expense	The following table presents interest expense, by debt product type, for the three and nine months ended February 28, 2018 and 2017 . Three Months Ended February 28, Nine Months Ended February 28, (Dollars in thousands) 2018 2017 2018 2017 Interest expense by debt product type: (1)(2) Short-term borrowings $ 14,593 $ 7,907 $ 35,248 $ 18,198 Medium-term notes 28,051 25,166 80,711 73,456 Collateral trust bonds 83,730 85,582 254,328 255,582 Guaranteed Underwriter Program notes payable 34,233 35,086 105,523 107,074 Farmer Mac notes payable 13,316 8,406 36,753 22,892 Other notes payable 369 437 1,150 1,353 Subordinated deferrable debt 9,414 9,410 28,247 28,247 Subordinated certificates 14,365 14,746 44,012 44,672 Total interest expense $ 198,071 $ 186,740 $ 585,972 $ 551,474 ____________________________ (1) Includes amortization of debt discounts and debt issuance costs, which are generally deferred and recognized as interest expense using the effective interest method. Issuance costs related to dealer commercial paper, however, are recognized as interest expense immediately as incurred. (2) Includes fees related to funding arrangements, such as up-front fees paid to banks participating in our committed bank revolving line of credit agreements. Depending on the nature of the fee, amounts may be deferred and recognized as interest expense ratably over the term of the arrangement or recognized immediately as incurred.

Variable Interest Entities - (T

Variable Interest Entities - (Tables)	9 Months Ended
	Feb. 28, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The following table provides information on incremental consolidated assets and liabilities of VIE’s included in CFC’s condensed consolidated financial statements, after applying intercompany eliminations, as of February 28, 2018 and May 31, 2017 . (Dollars in thousands) February 28, 2018 May 31, 2017 Total loans outstanding $ 1,164,279 $ 968,343 Other assets 11,558 10,157 Total assets $ 1,175,837 $ 978,500 Long-term debt $ 10,000 $ 10,000 Other liabilities 33,620 36,899 Total liabilities $ 43,620 $ 46,899
Schedule of Variable Interest Entities, Credit Commitments	The following table provides information on CFC’s credit commitments to NCSC and RTFC, and its potential exposure to loss as of February 28, 2018 and May 31, 2017 . (Dollars in thousands) February 28, 2018 May 31, 2017 CFC credit commitments $ 5,500,000 $ 5,500,000 Outstanding commitments: Borrowings payable to CFC (1) 1,129,351 931,686 CFC third-party guarantees 16,733 14,697 Other credit enhancements 17,047 20,963 Total credit enhancements 33,780 35,660 Total outstanding commitments 1,163,131 967,346 CFC available credit commitments $ 4,336,869 $ 4,532,654 ____________________________ (1) Borrowings payable to CFC are eliminated in consolidation.

Investment Securities - (Tables

Investment Securities - (Tables)	9 Months Ended
	Feb. 28, 2018
Investments [Abstract]
Unrealized Gain (Loss) on Investments	The following tables present the amortized cost and fair value our investment securities and the corresponding gross unrealized gains and losses, by classification category and major security type, as of February 28, 2018 and May 31, 2017 . February 28, 2018 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale: Farmer Mac—Series A Non-Cumulative Preferred Stock $ 30,000 $ — $ (120 ) $ 29,880 Farmer Mac—Series B Non-Cumulative Preferred Stock 25,000 1,620 — 26,620 Farmer Mac—Series C Non-Cumulative Preferred Stock 25,000 1,938 — 26,938 Farmer Mac—Class A Common Stock 538 5,672 — 6,210 Total investment securities, available-for-sale 80,538 9,230 (120 ) 89,648 Held to maturity: Certificates of deposit 4,147 — (10 ) 4,137 Commercial paper 7,228 — (17 ) 7,211 Corporate bonds 210,149 45 (3,696 ) 206,498 Commercial MBS, non-agency 4,040 — (6 ) 4,034 Other ABS (1) 22,688 — (195 ) 22,493 Total investment securities, held-to-maturity 248,252 45 (3,924 ) 244,373 Total investment securities $ 328,790 $ 9,275 $ (4,044 ) $ 334,021 ____________________________ (1) Consists primarily of securities backed by auto lease loans, equipment-backed loans, auto loans and credit card loans. May 31, 2017 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale: Farmer Mac—Series A Non-Cumulative Preferred Stock $ 30,000 $ 1,585 $ — $ 31,585 Farmer Mac—Series B Non-Cumulative Preferred Stock 25,000 1,940 — 26,940 Farmer Mac—Series C Non-Cumulative Preferred Stock 25,000 4,150 — 29,150 Farmer Mac—Class A Common Stock 538 4,341 — 4,879 Total investment securities, available-for-sale $ 80,538 $ 12,016 $ — $ 92,554
Schedule of Unrealized Loss on Investments	The following table presents the fair value and gross unrealized losses for investments in a gross loss position, aggregated by security type, and the length of time the securities have been in a continuous unrealized loss position as of February 28, 2018 . The securities are segregated between investments that have been in a continuous unrealized loss position for less than twelve months and twelve months or more based on the point in time that the fair value declined below the amortized cost basis. We did not have any investment securities in a gross unrealized loss position as of May 31, 2017 . February 28, 2018 Unrealized Loss Position Less than 12 Months Unrealized Loss Position 12 Months or Longer Total (Dollars in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Available for sale: Farmer Mac—Series A Non-Cumulative Preferred Stock $ 29,880 $ (120 ) $ — $ — $ 29,880 $ (120 ) Held to maturity: Certificates of deposit 4,137 (10 ) — — 4,137 (10 ) Commercial paper 7,211 (17 ) — — 7,211 (17 ) Corporate bonds 190,279 (3,696 ) — — 190,279 (3,696 ) Commercial MBS, non-agency 4,034 (6 ) — — 4,034 (6 ) Other asset-backed securities (1) 22,493 (195 ) — — 22,493 (195 ) Total investment securities, held-to-maturity 228,154 (3,924 ) — — 228,154 (3,924 ) Total investment securities $ 258,034 $ (4,044 ) $ — $ — $ 258,034 $ (4,044 ) ____________________________ (1) Consists primarily of securities backed by auto lease loans, equipment-backed loans, auto loans and credit card loans.
Investments Classified by Contractual Maturity Date	The following table presents, by major security type, the remaining contractual maturity based on amortized cost and fair value as of February 28, 2018 of our HTM investment securities. Because borrowers may have the right to call or prepay certain obligations, the expected maturities of our investments may differ from the scheduled contractual maturities presented below. February 28, 2018 (Dollars in thousands) Due in 1 Year or Less Due > 1 Year through 5 Years Due > 5 Years through 10 Years Due >10 Years Total Amortized cost: Certificates of deposit $ 4,147 $ — $ — $ — $ 4,147 Commercial paper 7,228 — — — 7,228 Corporate bonds 4,624 200,975 4,550 — 210,149 Commercial MBS, non-agency — — — 4,040 4,040 Other asset-backed securities (1) — 22,688 — — 22,688 Total $ 15,999 $ 223,663 $ 4,550 $ 4,040 $ 248,252 Fair value: Certificates of deposit $ 4,137 $ — $ — $ — $ 4,137 Commercial paper 7,211 — — — 7,211 Corporate bonds 4,593 197,466 4,439 — 206,498 Commercial MBS, non-agency — — — 4,034 4,034 Other ABS (1) — 22,493 — — 22,493 Total $ 15,941 $ 219,959 $ 4,439 $ 4,034 $ 244,373 Weighted average coupon (2) 1.83 % 2.66 % 3.25 % 2.46 % 2.61 % ____________________________ (1) Consists primarily of securities backed by auto lease loans, equipment-backed loans, auto loans and credit card loans. (2) Calculated based on the weighted average coupon rate, which excludes the impact of amortization of premium and accretion of discount.

Loans and Commitments - (Tables

Loans and Commitments - (Tables)	9 Months Ended
	Feb. 28, 2018
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 loans outstanding, by loan type and by member class, as of February 28, 2018 and May 31, 2017 . February 28, 2018 May 31, 2017 (Dollars in thousands) Loans Outstanding Unadvanced Commitments (1) Loans Outstanding Unadvanced Commitments (1) Loan type: Long-term loans: Fixed rate $ 22,737,089 $ — $ 22,136,690 $ — Variable rate 985,714 4,715,976 847,419 4,802,319 Total long-term loans 23,722,803 4,715,976 22,984,109 4,802,319 Lines of credit 1,609,032 7,435,288 1,372,221 7,772,655 Total loans outstanding 25,331,835 12,151,264 24,356,330 12,574,974 Deferred loan origination costs 11,087 — 10,714 — Loans to members $ 25,342,922 $ 12,151,264 $ 24,367,044 $ 12,574,974 Member class: CFC: Distribution $ 19,687,812 $ 7,750,226 $ 18,825,366 $ 8,295,146 Power supply 4,422,600 3,394,064 4,504,791 3,276,113 Statewide and associate 57,144 126,467 57,830 144,406 Total CFC 24,167,556 11,270,757 23,387,987 11,715,665 NCSC 800,814 581,125 613,924 584,944 RTFC 363,465 299,382 354,419 274,365 Total loans outstanding 25,331,835 12,151,264 24,356,330 12,574,974 Deferred loan origination costs 11,087 — 10,714 — Loans to members $ 25,342,922 $ 12,151,264 $ 24,367,044 $ 12,574,974 ____________________________ (1) The interest rate on unadvanced loan commitments is not set until an advance is made; therefore, all long-term unadvanced loan commitments are reported as variable-rate. However, the borrower may select either a fixed or a variable rate when an advance on a commitment is made.
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, 2018 and the related maturities by fiscal year and thereafter by loan type: Available Balance Notional Maturities of Unadvanced Loan Commitments (Dollars in thousands) 2018 2019 2020 2021 2022 Thereafter Line of credit loans $ 7,435,288 $ 226,587 $ 4,057,079 $ 782,079 $ 995,502 $ 707,497 $ 666,544 Long-term loans 4,715,976 71,913 924,921 585,953 637,024 1,742,934 753,231 Total $ 12,151,264 $ 298,500 $ 4,982,000 $ 1,368,032 $ 1,632,526 $ 2,450,431 $ 1,419,775
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, 2018 . Available Balance Notional Maturities of Unconditional Committed Lines of Credit (Dollars in thousands) 2018 2019 2020 2021 2022 Thereafter Committed lines of credit $2,776,918 $130,000 $306,122 $515,691 $645,083 $487,908 $692,114
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 to the Federal Financing Bank and guaranteed by RUS under the Guaranteed Underwriter Program of the USDA (“Guaranteed Underwriter Program”) and the amount of the corresponding debt outstanding as of February 28, 2018 and May 31, 2017 . See “Note 5—Short-Term Borrowings” and “Note 6—Long-Term Debt” for information on our borrowings. (Dollars in thousands) February 28, 2018 May 31, 2017 Collateral trust bonds: 2007 indenture: Distribution system mortgage notes $ 8,453,575 $ 8,740,572 RUS-guaranteed loans qualifying as permitted investments 142,133 146,373 Total pledged collateral $ 8,595,708 $ 8,886,945 Collateral trust bonds outstanding 7,697,711 7,697,711 1994 indenture: Distribution system mortgage notes $ 249,384 $ 263,007 Collateral trust bonds outstanding 220,000 225,000 Farmer Mac: Distribution and power supply system mortgage notes $ 3,375,180 $ 2,942,456 Notes payable outstanding 2,805,376 2,513,389 Clean Renewable Energy Bonds Series 2009A: Distribution and power supply system mortgage notes $ 13,339 $ 14,943 Cash — 481 Total pledged collateral $ 13,339 $ 15,424 Notes payable outstanding 11,556 13,214 Federal Financing Bank: Distribution and power supply system mortgage notes $ 5,827,497 $ 5,833,515 Notes payable outstanding 4,871,771 4,985,748
Past Due Financing Receivables	The tables below present the payment status of loans outstanding by member class as of February 28, 2018 and May 31, 2017 . As indicated in the table, we did not have any past due loans as of either February 28, 2018 or May 31, 2017 . February 28, 2018 (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 $ 19,687,812 $ — $ — $ — $ 19,687,812 $ — Power supply 4,422,600 — — — 4,422,600 — Statewide and associate 57,144 — — — 57,144 — CFC total 24,167,556 — — — 24,167,556 — NCSC 800,814 — — — 800,814 — RTFC 363,465 — — — 363,465 — Total loans outstanding $ 25,331,835 $ — $ — $ — $ 25,331,835 $ — Percentage of total loans 100.00 % — % — % — % 100.00 % — % May 31, 2017 (Dollars in thousands) Current 30-89 Days Past Due 90 Days or More Past Due (1) Total Total Financing Nonaccrual Loans CFC: Distribution $ 18,825,366 $ — $ — $ — $ 18,825,366 $ — Power supply 4,504,791 — — — 4,504,791 — Statewide and associate 57,830 — — — 57,830 — CFC total 23,387,987 — — — 23,387,987 — NCSC 613,924 — — — 613,924 — RTFC 354,419 — — — 354,419 — Total loans outstanding $ 24,356,330 $ — $ — $ — $ 24,356,330 $ — Percentage of total loans 100.00 % — % — % — % 100.00 % — % ____________________________ (1) All loans 90 days or more past due are on nonaccrual status.
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 unadvanced loan commitments related to the TDR loans, by member class, as of February 28, 2018 and May 31, 2017 . February 28, 2018 May 31, 2017 (Dollars in thousands) Loans Outstanding % of Total Loans Unadvanced Commitments Loans Outstanding % of Total Loans Unadvanced Commitments TDR loans: Performing TDR loans: CFC/Distribution $ 6,507 0.03 % $ — $ 6,581 0.02 % $ — RTFC 6,216 0.02 — 6,592 0.03 — Total performing TDR loans 12,723 0.05 — 13,173 0.05 — Total TDR loans $ 12,723 0.05 % $ — $ 13,173 0.05 % $ —
Impaired Financing Receivable with Related Allowance Recorded Investment	The following table provides information on loans classified as individually impaired loans as of February 28, 2018 and May 31, 2017 . February 28, 2018 May 31, 2017 (Dollars in thousands) Recorded Investment Related Allowance Recorded Investment Related Allowance With no specific allowance recorded: CFC $ 6,507 $ — $ 6,581 $ — With a specific allowance recorded: RTFC 6,216 1,272 6,592 1,640 Total impaired loans $ 12,723 $ 1,272 $ 13,173 $ 1,640
Schedule of average recorded investment in impaired loans and the interest income recognized by member class	The following table presents, by company, the average recorded investment for individually impaired loans and the interest income recognized on these loans for the three and nine months ended February 28, 2018 and 2017 . Three Months Ended February 28, 2018 2017 2018 2017 (Dollars in thousands) Average Recorded Investment Interest Income Recognized CFC $ 6,507 $ 6,582 $ 142 $ 144 RTFC 6,299 6,799 79 84 Total impaired loans $ 12,806 $ 13,381 $ 221 $ 228 Nine Months Ended February 28, 2018 2017 2018 2017 (Dollars in thousands) Average Recorded Investment Interest Income Recognized CFC $ 6,529 $ 6,624 $ 428 $ 418 RTFC 6,425 8,093 241 259 Total impaired loans $ 12,954 $ 14,717 $ 669 $ 677
Schedule of loan portfolio by risk rating category and member class based on available data	The following tables present total loans outstanding, by member class and borrower risk rating category, based on the risk ratings used in the estimation of our allowance for loan losses as of February 28, 2018 and May 31, 2017 . February 28, 2018 (Dollars in thousands) Pass Special Mention Substandard Doubtful Total CFC: Distribution $ 19,585,802 $ 102,010 $ — $ — $ 19,687,812 Power supply 4,422,600 — — — 4,422,600 Statewide and associate 57,144 — — — 57,144 CFC total 24,065,546 102,010 — — 24,167,556 NCSC 800,814 — — — 800,814 RTFC 357,249 — 6,216 — 363,465 Total loans outstanding $ 25,223,609 $ 102,010 $ 6,216 $ — $ 25,331,835 May 31, 2017 (Dollars in thousands) Pass Special Mention Substandard Doubtful Total CFC: Distribution $ 18,715,810 $ 109,556 $ — $ — $ 18,825,366 Power supply 4,504,791 — — — 4,504,791 Statewide and associate 56,654 1,176 — — 57,830 CFC total 23,277,255 110,732 — — 23,387,987 NCSC 612,592 1,332 — — 613,924 RTFC 346,944 — 7,475 — 354,419 Total loans outstanding $ 24,236,791 $ 112,064 $ 7,475 $ — $ 24,356,330
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	Our allowance for loan losses consists of an amount for loans collectively evaluated for impairment, referred to as our collective allowance, and an amount for loans designated as individually impaired, referred to as our specific allowance. The following tables summarize changes, by company, in the allowance for loan losses as of and for the three and nine months ended February 28, 2018 and 2017 . Three Months Ended February 28, 2018 (Dollars in thousands) CFC NCSC RTFC Total Balance as of November 30, 2017 $ 28,799 $ 3,117 $ 4,858 $ 36,774 Provision (benefit) for loan losses 506 731 (132 ) 1,105 Balance as of February 28, 2018 $ 29,305 $ 3,848 $ 4,726 $ 37,879 Three Months Ended February 28, 2017 (Dollars in thousands) CFC NCSC RTFC Total Balance as of November 30, 2016 $ 25,857 $ 3,664 $ 4,390 $ 33,911 Provision (benefit) for loan losses 2,448 (215 ) (168 ) 2,065 Recoveries 53 — — 53 Balance as of February 28, 2017 $ 28,358 $ 3,449 $ 4,222 $ 36,029 Nine Months Ended February 28, 2018 (Dollars in thousands) CFC NCSC RTFC Total Balance as of May 31, 2017 $ 29,499 $ 2,910 $ 4,967 $ 37,376 Provision (benefit) for loan losses (194 ) 938 (241 ) 503 Balance as of February 28, 2018 $ 29,305 $ 3,848 $ 4,726 $ 37,879 Nine Months Ended February 28, 2017 (Dollars in thousands) CFC NCSC RTFC Total Balance as of May 31, 2016 $ 24,559 $ 3,134 $ 5,565 $ 33,258 Provision for loan losses 3,640 315 776 4,731 Charge-offs — — (2,119 ) (2,119 ) Recoveries 159 — — 159 Net recoveries (charge-offs) 159 — (2,119 ) (1,960 ) Balance as of February 28, 2017 $ 28,358 $ 3,449 $ 4,222 $ 36,029
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, 2018 and May 31, 2017 . February 28, 2018 (Dollars in thousands) CFC NCSC RTFC Total Allowance by company: Collective allowance $ 29,305 $ 3,848 $ 3,454 $ 36,607 Specific allowance — — 1,272 1,272 Total allowance for loan losses $ 29,305 $ 3,848 $ 4,726 $ 37,879 Recorded investment in loans: Collectively evaluated loans $ 24,161,049 $ 800,814 $ 357,249 $ 25,319,112 Individually evaluated loans 6,507 — 6,216 12,723 Total recorded investment in loans $ 24,167,556 $ 800,814 $ 363,465 $ 25,331,835 Total recorded investment in loans, net (1) $ 24,138,251 $ 796,966 $ 358,739 $ 25,293,956 May 31, 2017 (Dollars in thousands) CFC NCSC RTFC Total Allowance by company: Collective allowance $ 29,499 $ 2,910 $ 3,327 $ 35,736 Specific allowance — — 1,640 1,640 Total ending balance of the allowance $ 29,499 $ 2,910 $ 4,967 $ 37,376 Recorded investment in loans: Collectively evaluated loans $ 23,381,406 $ 613,924 $ 347,827 $ 24,343,157 Individually evaluated loans 6,581 — 6,592 13,173 Total recorded investment in loans $ 23,387,987 $ 613,924 $ 354,419 $ 24,356,330 Total recorded investment in loans, net (1) $ 23,358,488 $ 611,014 $ 349,452 $ 24,318,954 ____________________________ (1) Excludes unamortized deferred loan origination costs $11 million as of both February 28, 2018 and May 31, 2017

Short-Term Borrowings - (Tables

Short-Term Borrowings - (Tables)	9 Months Ended
	Feb. 28, 2018
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, 2018 and May 31, 2017 . February 28, 2018 May 31, 2017 (Dollars in millions) Total Commitment Letters of Credit Outstanding Net Available for Use Total Commitment Letters of Credit Outstanding Net Available for Use Maturity Annual Facility Fee (1) 3-year agreement $ — $ — $ — $ 1,533 $ — $ 1,533 November 19, 2019 7.5 bps 3-year agreement 1,493 — 1,493 — — — November 20, 2020 7.5 bps Total 3-year agreement 1,493 — 1,493 1,533 — 1,533 5-year agreement — — — 1,632 1 1,631 November 19, 2021 10 bps 5-year agreement 1,592 2 1,590 — — — November 20, 2022 10 bps Total 5-year agreement 1,592 2 1,590 1,632 1 1,631 Total $ 3,085 $ 2 $ 3,083 $ 3,165 $ 1 $ 3,164 ____________________________ (1) 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, 2018
Debt Instruments [Abstract]
Summary of long-term debt outstanding	The following table displays long-term debt outstanding, by debt type, as of February 28, 2018 and May 31, 2017 . (Dollars in thousands) February 28, 2018 May 31, 2017 Unsecured long-term debt: Medium-term notes sold through dealers $ 3,081,779 $ 2,386,956 Medium-term notes sold to members 411,373 422,779 Subtotal medium-term notes 3,493,152 2,809,735 Unamortized discount (704 ) (382 ) Debt issuance costs (22,897 ) (21,903 ) Total unsecured medium-term notes 3,469,551 2,787,450 Unsecured notes payable 20,892 22,799 Unamortized discount (300 ) (379 ) Debt issuance costs (74 ) (94 ) Total unsecured notes payable 20,518 22,326 Total unsecured long-term debt 3,490,069 2,809,776 Secured long-term debt: Collateral trust bonds 7,917,711 7,922,711 Unamortized discount (252,991 ) (258,329 ) Debt issuance costs (29,857 ) (30,334 ) Total collateral trust bonds 7,634,863 7,634,048 Guaranteed Underwriter Program notes payable 4,871,771 4,985,748 Debt issuance costs (239 ) (264 ) Total Guaranteed Underwriter Program notes payable 4,871,532 4,985,484 Farmer Mac notes payable 2,805,376 2,513,389 Other secured notes payable 11,556 13,214 Debt issuance costs (260 ) (317 ) Total other secured notes payable 11,296 12,897 Total secured notes payable 7,688,204 7,511,770 Total secured long-term debt 15,323,067 15,145,818 Total long-term debt $ 18,813,136 $ 17,955,594

Subordinated Deferrable Debt 26

Subordinated Deferrable Debt - (Tables)	9 Months Ended
	Feb. 28, 2018
Subordinated Debt [Abstract]
Schedule of Subordinated Borrowing	The following table presents subordinated deferrable debt outstanding as of February 28, 2018 and May 31, 2017 . February 28, 2018 May 31, 2017 (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 (7,625 ) (7,726 ) Total subordinated deferrable debt $ 742,375 $ 742,274

Derivative Financial Instrume27

Derivative Financial Instruments - (Tables)	9 Months Ended
	Feb. 28, 2018
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, 2018 and May 31, 2017 . 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, 2018 May 31, 2017 (Dollars in thousands) Notional Amount Weighted- Average Rate Paid Weighted- Average Rate Received Notional Weighted- Weighted- Pay-fixed swaps $ 6,987,403 2.84 % 1.78 % $ 6,807,013 2.85 % 1.16 % Receive-fixed swaps 3,824,000 2.37 2.50 3,699,000 1.72 2.64 Total interest rate swaps 10,811,403 2.67 2.03 10,506,013 2.46 1.68 Forward pay-fixed swaps 226,256 285,383 Total $ 11,037,659 $ 10,791,396
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, 2018 and May 31, 2017 . February 28, 2018 May 31, 2017 (Dollars in thousands) Fair Value Notional Balance Fair Value Notional Balance Derivative assets $ 252,888 $ 5,168,362 $ 49,481 $ 3,754,120 Derivative liabilities (282,892 ) 5,869,297 (385,337 ) 7,037,276 Total $ (30,004 ) $ 11,037,659 $ (335,856 ) $ 10,791,396
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, 2018 and May 31, 2017 , and provides information on the impact of netting provisions and collateral pledged. February 28, 2018 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 $ 252,888 $ — $ 252,888 $ 200,760 $ — $ 52,128 Derivative liabilities: Interest rate swaps 282,892 — 282,892 200,760 — 82,132 May 31, 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 $ 49,481 $ — $ 49,481 $ 49,481 $ — $ — Derivative liabilities: Interest rate swaps 385,337 — 385,337 49,481 — 335,856
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, 2018 and May 31, 2017 , and provides information on the impact of netting provisions and collateral pledged. February 28, 2018 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 $ 252,888 $ — $ 252,888 $ 200,760 $ — $ 52,128 Derivative liabilities: Interest rate swaps 282,892 — 282,892 200,760 — 82,132 May 31, 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 $ 49,481 $ — $ 49,481 $ 49,481 $ — $ — Derivative liabilities: Interest rate swaps 385,337 — 385,337 49,481 — 335,856
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, 2018 and 2017 . Three Months Ended February 28, Nine Months Ended February 28, (Dollars in thousands) 2018 2017 2018 2017 Derivative cash settlements $ (18,924 ) $ (19,354 ) $ (58,781 ) $ (64,331 ) Derivative forward value gains 186,972 61,809 306,224 259,153 Derivative gains $ 168,048 $ 42,455 $ 247,443 $ 194,822
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, 2018 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) $ 54,890 $ (10,007 ) $ — $ (10,007 ) Falls below Baa1/BBB+ 7,237,155 (61,923 ) 40,825 (21,098 ) Falls to or below Baa2/BBB (2) 503,125 — 5,191 5,191 Falls below Baa3/BBB- 258,923 (12,974 ) — (12,974 ) Total $ 8,054,093 $ (84,904 ) $ 46,016 $ (38,888 ) ____________________________ (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, 2018
Stockholders' Equity Note [Abstract]
Schedule of Stockholders Equity	The following table presents the components of equity as of February 28, 2018 and May 31, 2017 . (Dollars in thousands) February 28, 2018 May 31, 2017 Membership fees $ 968 $ 971 Educational fund 1,228 1,929 Total membership fees and educational fund 2,196 2,900 Patronage capital allocated 716,481 761,701 Members’ capital reserve 630,305 630,305 Unallocated net income (loss): Prior year-end cumulative derivative forward value losses (1) (332,525 ) (507,904 ) Current year derivative forward value gains (1) 302,308 175,379 Current period-end cumulative derivative forward value losses (1) (30,217 ) (332,525 ) Other unallocated net income (loss) 98,210 (5,603 ) Unallocated net income (loss) 67,993 (338,128 ) CFC retained equity 1,416,975 1,056,778 Accumulated other comprehensive income 10,107 13,175 Total CFC equity 1,427,082 1,069,953 Noncontrolling interests 32,022 28,852 Total equity $ 1,459,104 $ 1,098,805 ____________________________ (1) Represents derivative forward value gains (losses) for CFC only, as total CFC equity does not include the noncontrolling interests of the consolidated variable interest entities NCSC and RTFC. See “Note 12—Business Segments” for the separate statements of operations for CFC .
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, 2018 and 2017 . Three Months Ended February 28, 2018 (Dollars in thousands) Unrealized Gains (Losses) AFS Securities Unrealized Gains Unrealized Losses Foreclosed Assets Unrealized Losses Defined Benefit Plan Total Beginning balance $ 10,873 $ 3,316 $ — $ (2,290 ) $ 11,899 Unrealized losses (1,763 ) — — — (1,763 ) Losses reclassified into earnings — — — 128 128 Gains reclassified into earnings — (157 ) — — (157 ) Other comprehensive income (loss) (1,763 ) (157 ) — 128 (1,792 ) Ending balance $ 9,110 $ 3,159 $ — $ (2,162 ) $ 10,107 Three 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 $ 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 (loss) 3,923 (195 ) — 45 3,773 Ending balance $ 9,553 $ 3,896 $ — $ (875 ) $ 12,574 Nine Months Ended February 28, 2018 (Dollars in thousands) Unrealized Gains (Losses) AFS Securities Unrealized Gains Derivatives Unrealized Losses Foreclosed Assets Unrealized Losses Defined Benefit Plan Total Beginning balance $ 12,016 $ 3,702 $ — $ (2,543 ) $ 13,175 Unrealized losses (2,906 ) — — — (2,906 ) Losses reclassified into earnings — — — 381 381 Gains reclassified into earnings — (543 ) — — (543 ) Other comprehensive income (loss) (2,906 ) (543 ) — 381 (3,068 ) Ending balance $ 9,110 $ 3,159 $ — $ (2,162 ) $ 10,107 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 (loss) 2,151 (591 ) 9,823 133 11,516 Ending balance $ 9,553 $ 3,896 $ — $ (875 ) $ 12,574

Guarantees - (Tables)

Guarantees - (Tables)	9 Months Ended
	Feb. 28, 2018
Guarantees [Abstract]
Summary of total guarantees by type of guarantee and member class	The following table summarizes total guarantees, by type of guarantee and by member class, as of February 28, 2018 and May 31, 2017 . (Dollars in thousands) February 28, 2018 May 31, 2017 Total by type: Long-term tax-exempt bonds (1) $ 317,960 $ 468,145 Letters of credit (2) 248,124 307,321 Other guarantees 113,884 114,151 Total $ 679,968 $ 889,617 Total by member class: CFC: Distribution $ 141,137 $ 126,188 Power supply 517,051 743,678 Statewide and associate 5,047 5,054 CFC total 663,235 874,920 NCSC 15,159 13,123 RTFC 1,574 1,574 Total $ 679,968 $ 889,617 ____________________________ (1) Represents the outstanding principal amount of long-term fixed-rate and variable-rate guaranteed bonds. (2) Reflects our maximum potential exposure for letters of credit.

Fair Value Measurement - (Table

Fair Value Measurement - (Tables)	9 Months Ended
	Feb. 28, 2018
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	The tables also display the classification within the fair value hierarchy of the valuation technique used in estimating fair value. February 28, 2018 Fair Value Measurement Level (Dollars in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 250,697 $ 250,697 $ 250,697 $ — $ — Restricted cash 6,951 6,951 6,951 — — Time deposits 1,000 1,000 1,000 Investment securities, available-for-sale 89,648 89,648 89,648 — — Investment securities, held-to-maturity 248,252 244,373 — 244,373 — Deferred compensation investments 5,128 5,128 5,128 — — Loans to members, net 25,305,043 24,113,185 — — 24,113,185 Accrued interest receivable 114,994 114,994 — 114,994 — Debt service reserve funds 17,151 17,151 17,151 — — Derivative assets 252,888 252,888 — 252,888 — Liabilities: Short-term borrowings $ 3,493,736 $ 3,492,913 $ 1,562,476 $ 1,930,437 $ — Long-term debt 18,813,136 19,069,285 — 11,520,304 7,548,981 Accrued interest payable 198,316 198,316 — 198,316 — Guarantee liability 7,916 7,861 — — 7,861 Derivative liabilities 282,892 282,892 — 282,892 — Subordinated deferrable debt 742,375 781,110 — 781,110 — Members’ subordinated certificates 1,379,693 1,379,715 — — 1,379,715 May 31, 2017 Fair Value Measurement Level (Dollars in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 166,615 $ 166,615 $ 166,615 $ — $ — Restricted cash 21,806 21,806 21,806 — — Time deposits 226,000 226,000 — 226,000 — Investment securities, available-for-sale 92,554 92,554 92,554 — — Deferred compensation investments 4,693 4,693 4,693 — — Loans to members, net 24,329,668 24,182,724 — — 24,182,724 Accrued interest receivable 111,493 111,493 — 111,493 — Debt service reserve funds 17,151 17,151 17,151 — — Derivative assets 49,481 49,481 — 49,481 — Liabilities: Short-term borrowings $ 3,342,900 $ 3,342,990 $ 1,527,990 $ 1,815,000 $ — Long-term debt 17,955,594 18,744,331 — 11,215,290 7,529,041 Accrued interest payable 137,476 137,476 — 137,476 — Guarantee liability 15,241 16,204 — — 16,204 Derivative liabilities 385,337 385,337 — 385,337 — Subordinated deferrable debt 742,274 788,079 — 788,079 — Members’ subordinated certificates 1,419,025 1,419,048 — — 1,419,048
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, 2018 and May 31, 2017 , and the classification of the valuation technique within the fair value hierarchy. February 28, 2018 May 31, 2017 (Dollars in thousands) Level 1 Level 2 Total Level 1 Level 2 Total Investment securities, available for sale $ 89,648 $ — $ 89,648 $ 92,554 $ — $ 92,554 Deferred compensation investments 5,128 — 5,128 4,693 — 4,693 Derivative assets — 252,888 252,888 — 49,481 49,481 Derivative liabilities — 282,892 282,892 — 385,337 385,337

Segment Information - (Tables)

Segment Information - (Tables)	9 Months Ended
	Feb. 28, 2018
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, 2018 and 2017 , and assets attributable to each segment as of February 28, 2018 and February 28, 2017 . Three Months Ended February 28, 2018 (Dollars in thousands) CFC Other Elimination Consolidated Total Statement of operations: Interest income $ 268,753 $ 12,921 $ (10,206 ) $ 271,468 Interest expense (197,844 ) (10,433 ) 10,206 (198,071 ) Net interest income 70,909 2,488 — 73,397 Provision for loan losses (1,105 ) — — (1,105 ) Net interest income after provision for loan losses 69,804 2,488 — 72,292 Non-interest income: Fee and other income 3,882 300 (247 ) 3,935 Derivative gains (losses): Derivative cash settlements (18,317 ) (607 ) — (18,924 ) Derivative forward value gains 184,967 2,005 — 186,972 Derivative gains 166,650 1,398 — 168,048 Total non-interest income 170,532 1,698 (247 ) 171,983 Non-interest expense: General and administrative expenses (20,519 ) (1,693 ) — (22,212 ) Other non-interest expense (402 ) (247 ) 247 (402 ) Total non-interest expense (20,921 ) (1,940 ) 247 (22,614 ) Income before income taxes 219,415 2,246 — 221,661 Income tax expense — (632 ) — (632 ) Net income $ 219,415 $ 1,614 $ — $ 221,029 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 (losses): Derivative cash settlements (18,618 ) (736 ) — (19,354 ) Derivative forward value gains 60,808 1,001 — 61,809 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 non-interest expense (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 Nine Months Ended February 28, 2018 (Dollars in thousands) CFC Other Elimination Consolidated Total Statement of operations: Interest income $ 795,344 $ 36,127 $ (28,265 ) $ 803,206 Interest expense (585,292 ) (28,945 ) 28,265 (585,972 ) Net interest income 210,052 7,182 — 217,234 Provision for loan losses (503 ) — — (503 ) Net interest income after benefit for loan losses 209,549 7,182 — 216,731 Non-interest income: Fee and other income 13,260 1,001 (839 ) 13,422 Derivative gains (losses): Derivative cash settlements (56,871 ) (1,910 ) — (58,781 ) Derivative forward value gains 302,308 3,916 — 306,224 Derivative gains 245,437 2,006 — 247,443 Results of operations of foreclosed assets (34 ) — — (34 ) Total non-interest income 258,663 3,007 (839 ) 260,831 Non-interest expense: General and administrative expenses (60,549 ) (5,213 ) — (65,762 ) Other non-interest expense (1,542 ) (839 ) 839 (1,542 ) Total non-interest expense (62,091 ) (6,052 ) 839 (67,304 ) Income before income taxes 406,121 4,137 — 410,258 Income tax expense — (1,491 ) — (1,491 ) Net income $ 406,121 $ 2,646 $ — $ 408,767 February 28, 2018 CFC Other Elimination Consolidated Total Assets: Loans to members $ 25,307,994 $ 1,164,279 $ (1,129,351 ) $ 25,342,922 Less: Allowance for loan losses (37,879 ) — — (37,879 ) Loans to members, net 25,270,115 1,164,279 (1,129,351 ) 25,305,043 Other assets 1,159,806 105,728 (94,170 ) 1,171,364 Total assets $ 26,429,921 $ 1,270,007 $ (1,223,521 ) $ 26,476,407 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 (losses): Derivative cash settlements (62,048 ) (2,283 ) (64,331 ) Derivative forward value gains 255,018 4,135 — 259,153 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 non-interest expense (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: Loans to members $ 24,222,017 $ 980,395 $ (941,575 ) $ 24,260,837 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

Summary of Significant Accoun32

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	Feb. 28, 2018	Aug. 31, 2017	May 31, 2017	Feb. 28, 2017	Aug. 31, 2016	Jul. 01, 2016	May 31, 2016
Summary of Significant Accounting Policies [Line Items]
Restricted Cash and Cash Equivalents	$ 6,951		$ 21,806
Escrow Deposit	1,500					$ 16,000
Escrow Deposit Released	14,500
Real Estate Held-for-sale	14,000
Accumulated Other Comprehensive Income (Loss), Net of Tax	10,107	$ 11,899	13,175	$ 12,574	$ 8,801		$ 1,058
Accumulated Net Investment Gain (Loss) Attributable to Parent
Summary of Significant Accounting Policies [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ 9,110	$ 10,873	$ 12,016	$ 9,553	$ 5,630		$ 7,402

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, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017	May 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Investment Income, Interest		$ 3,973	$ 2,857	$ 8,256	$ 7,986
Interest income		271,468	259,920	803,206	773,911
Deferred income		65,954		65,954		$ 73,972
Deferred Loan Conversion Fees		60,000		60,000		$ 68,000
Long-term fixed-rate loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	[1]	250,201	245,480	748,491	733,425
Long-term variable-rate loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income		7,020	5,047	18,980	14,561
Line of credit loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income		10,367	6,538	27,662	18,057
Restructured loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	[2]	221	228	669	677
Other Income
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	[3]	314	230	852	795
Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income		$ 267,495	$ 257,063	$ 794,950	$ 765,925
[1]	Includes loan conversion fees, which are generally deferred and recognized as 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 of $66 million and $74 million as of February 28, 2018 and May 31, 2017, respectively, consists primarily of deferred loan conversion fees totaling $60 million and $68 million, respectively

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, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Interest expense on debt:
Total interest expense	[1],[2]	$ 198,071	$ 186,740	$ 585,972	$ 551,474
Short-term borrowings
Interest expense on debt:
Interest expense on debt	[1],[2]	14,593	7,907	35,248	18,198
Medium-term notes
Interest expense on debt:
Interest expense on debt	[1],[2]	28,051	25,166	80,711	73,456
Collateral trust bonds
Interest expense on debt:
Interest expense on debt	[1],[2]	83,730	85,582	254,328	255,582
Guaranteed Underwriter Program notes payable
Interest expense on debt:
Interest expense on debt	[1],[2]	34,233	35,086	105,523	107,074
Farmer Mac notes payable
Interest expense on debt:
Interest expense on debt	[1],[2]	13,316	8,406	36,753	22,892
Other notes payable
Interest expense on debt:
Interest expense on debt	[1],[2]	369	437	1,150	1,353
Subordinated deferrable debt
Interest expense on debt:
Interest expense on debt	[1],[2]	9,414	9,410	28,247	28,247
Subordinated certificates
Interest expense on debt:
Interest expense on debt	[1],[2]	$ 14,365	$ 14,746	$ 44,012	$ 44,672
[1]	Includes amortization of debt discounts and debt issuance costs, which are generally deferred and recognized as interest expense using the effective interest method. Issuance costs related to dealer commercial paper, however, are recognized as interest expense immediately as incurred.
[2]	Includes fees related to funding arrangements, such as up-front fees paid to banks participating in our committed bank revolving line of credit agreements. Depending on the nature of the fee, amounts may be deferred and recognized as interest expense ratably over the term of the arrangement or recognized immediately as incurred.

Variable Interest Entities - Co

Variable Interest Entities - Consolidated Assets and Liabilities of VIEs included in CFCs Condensed Consolidated Financial Statements (Details) - USD ($) $ in Thousands	Feb. 28, 2018	May 31, 2017	Feb. 28, 2017
Variable Interest Entity [Line Items]
Loans to members	$ 25,342,922	$ 24,367,044	$ 24,260,837
Other assets	57,503	40,346
Total assets	26,476,407	25,205,692	$ 25,609,565
Long-term debt	18,813,136	17,955,594
Other liabilities	41,201	50,309
Total liabilities	25,017,303	24,106,887
Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure
Variable Interest Entity [Line Items]
Loans to members	1,164,279	968,343
Other assets	11,558	10,157
Total assets	1,175,837	978,500
Long-term debt	10,000	10,000
Other liabilities	33,620	36,899
Total liabilities	$ 43,620	$ 46,899

Variable Interest Entities - In

Variable Interest Entities - Information on CFCs Credit Commitments to NCSC and RTFC (Details) - USD ($) $ in Thousands		Feb. 28, 2018	May 31, 2017
Variable Interest Entity [Line Items]
Total credit enhancements		$ 679,968	$ 889,617
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
CFC credit commitments		5,500,000	5,500,000
Borrowings payable to CFC	[1]	1,129,351	931,686
Total credit enhancements		16,733	14,697
Variable Interest Entity, Other credit enhancements		17,047	20,963
Variable Interest Entity, Consolidated Carrying Amount Obligations Guaranteed by Primary Beneficiary		33,780	35,660
Variable Interest Entity, Total outstanding commitments		1,163,131	967,346
CFC available credit commitments		$ 4,336,869	$ 4,532,654
[1]	Borrowings payable to CFC are eliminated in consolidation.

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) $ in Millions	Feb. 28, 2018USD ($)
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Maximum Potential Exposure Credit Enhancements	$ 36

Investment Securities - Investm

Investment Securities - Investment Securities and Corresponding Gross Unrealized Gains and Losses (Details) - USD ($) $ in Thousands		Feb. 28, 2018	May 31, 2017
Available-for-sale Securities, Gross Unrealized Gain (Loss) [Abstract]
Amortized Cost		$ 80,538	$ 80,538
Gross Unrealized Gains		9,230	12,016
Gross Unrealized Losses		(120)	0
Available for sale, at fair value		89,648	92,554
Held-to-maturity Securities [Abstract]
Held to maturity, at amortized cost		248,252	0
Gross Unrealized Gains		45
Gross Unrealized Losses		(3,924)
Held-to-maturity Securities, Fair Value		244,373
Available-for-sale Securities and Held-to-maturity Securities [Abstract]
Amortized Cost		328,790
Gross Unrealized Gains		9,275
Gross Unrealized Losses		(4,044)
Fair Value		334,021
Certificates of deposit
Held-to-maturity Securities [Abstract]
Held to maturity, at amortized cost		4,147
Gross Unrealized Gains		0
Gross Unrealized Losses		(10)
Held-to-maturity Securities, Fair Value		4,137
Commercial paper
Held-to-maturity Securities [Abstract]
Held to maturity, at amortized cost		7,228
Gross Unrealized Gains		0
Gross Unrealized Losses		(17)
Held-to-maturity Securities, Fair Value		7,211
Corporate bonds
Held-to-maturity Securities [Abstract]
Held to maturity, at amortized cost		210,149
Gross Unrealized Gains		45
Gross Unrealized Losses		(3,696)
Held-to-maturity Securities, Fair Value		206,498
Commercial MBS, non-agency
Held-to-maturity Securities [Abstract]
Held to maturity, at amortized cost		4,040
Gross Unrealized Gains		0
Gross Unrealized Losses		(6)
Held-to-maturity Securities, Fair Value		4,034
Other asset-backed securities
Held-to-maturity Securities [Abstract]
Held to maturity, at amortized cost	[1],[2]	22,688
Gross Unrealized Gains	[2]	0
Gross Unrealized Losses	[3]	(195)
Held-to-maturity Securities, Fair Value	[1],[2]	22,493
Preferred Stock | Federal Agricultural Mortgage Corporation Series A preferred stock
Available-for-sale Securities, Gross Unrealized Gain (Loss) [Abstract]
Amortized Cost		30,000	30,000
Gross Unrealized Gains		0	1,585
Gross Unrealized Losses		(120)	0
Available for sale, at fair value		29,880	31,585
Preferred Stock | Federal Agricultural Mortgage Corporation Series B Preferred Stock
Available-for-sale Securities, Gross Unrealized Gain (Loss) [Abstract]
Amortized Cost		25,000	25,000
Gross Unrealized Gains		1,620	1,940
Gross Unrealized Losses		0	0
Available for sale, at fair value		26,620	26,940
Preferred Stock | Federal Agricultural Mortgage Corporation Series C Preferred Stock
Available-for-sale Securities, Gross Unrealized Gain (Loss) [Abstract]
Amortized Cost		25,000	25,000
Gross Unrealized Gains		1,938	4,150
Gross Unrealized Losses		0	0
Available for sale, at fair value		26,938	29,150
Common Stock | Federal Agricultural Mortgage Corporation Class A common stock
Available-for-sale Securities, Gross Unrealized Gain (Loss) [Abstract]
Amortized Cost		538	538
Gross Unrealized Gains		5,672	4,341
Gross Unrealized Losses		0	0
Available for sale, at fair value		$ 6,210	$ 4,879
[1]	Consists primarily of securities backed by auto lease loans, equipment-backed loans, auto loans and credit card loans.
[2]	Consists primarily of securities backed by auto lease loans, equipment-backed loans, auto loans and credit card loans.
[3]	Consists primarily of securities backed by auto lease loans, equipment-backed loans, auto loans and credit card loans.

Investment Securities - Fair Va

Investment Securities - Fair Value and Gross Unrealized Losses for Investments in a Gross Loss Position (Details) $ in Thousands	Feb. 28, 2018USD ($)
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract]
Less than 12 months, Fair value, held-to-maturity	$ 228,154
Less than 12 months, Gross unrealized losses, held-to-maturity	(3,924)
Total, Fair value, held-to-maturity	228,154
Total, Gross unrealized losses, held-to-maturity	(3,924)
Marektable Securities Continuous Unrealized Loss Position Aggregate Losses [Abstract]
Less than 12 months, Fair value, investment securities	258,034
Less than 12 months, Gross unrealized losses, investment securities	4,044
Total, Fair value, investment securities	258,034
Total, Gross unrealized losses, investment securities	4,044
Certificates of deposit
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract]
Less than 12 months, Fair value, held-to-maturity	4,137
Less than 12 months, Gross unrealized losses, held-to-maturity	(10)
Total, Fair value, held-to-maturity	4,137
Total, Gross unrealized losses, held-to-maturity	(10)
Commercial paper
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract]
Less than 12 months, Fair value, held-to-maturity	7,211
Less than 12 months, Gross unrealized losses, held-to-maturity	(17)
Total, Fair value, held-to-maturity	7,211
Total, Gross unrealized losses, held-to-maturity	(17)
Corporate bonds
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract]
Less than 12 months, Fair value, held-to-maturity	190,279
Less than 12 months, Gross unrealized losses, held-to-maturity	(3,696)
Total, Fair value, held-to-maturity	190,279
Total, Gross unrealized losses, held-to-maturity	(3,696)
Commercial MBS, non-agency
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract]
Less than 12 months, Fair value, held-to-maturity	4,034
Less than 12 months, Gross unrealized losses, held-to-maturity	(6)
Total, Fair value, held-to-maturity	4,034
Total, Gross unrealized losses, held-to-maturity	(6)
Other asset-backed securities
Held-to-maturity Securities, Continuous Unrealized Loss Position [Abstract]
Less than 12 months, Fair value, held-to-maturity	22,493	[1]
Less than 12 months, Gross unrealized losses, held-to-maturity	(195)
Total, Fair value, held-to-maturity	22,493	[1]
Total, Gross unrealized losses, held-to-maturity	(195)
Federal Agricultural Mortgage Corporation Series A preferred stock | Preferred Stock
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract]
Less than 12 months, Fair value, available-for-sale	29,880
Less than 12 months, Gross unrealized losses, available-for-sale	(120)
12 months or more, Fair value, available-for-sale	29,880
12 months or more, Gross unrealized losses, available-for-sale	$ (120)
[1]	Consists primarily of securities backed by auto lease loans, equipment-backed loans, auto loans and credit card loans.

Investment Securities - Remaini

Investment Securities - Remaining Contractual Maturity Based on Amortized Cost and Fair Value of HTM by Type (Details) - USD ($) $ in Thousands		Feb. 28, 2018	May 31, 2017
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost, Rolling Maturity [Abstract]
Due in 1 Year or Less		$ 15,999
Due 1 Year through 5 Years		223,663
Due 5 Years through 10 Years		4,550
Due 10 Years		4,040
Held to maturity, at amortized cost		248,252	$ 0
Held-to-maturity Securities, Debt Maturities, Fair Value, Rolling Maturity [Abstract]
Due in 1 Year or Less		15,941
Due 1 Year through 5 Years		219,959
Due 5 Years through 10 Years		4,439
Due 10 Years		4,034
Held-to-maturity Securities, Fair Value		$ 244,373
Due in 1 Year or Less	[1]	1.83%
Due 1 Year through 5 Years	[1]	2.66%
Due 5 Years through 10 Years	[1]	3.25%
Due 10 Years	[1]	2.46%
Held To Maturity Securities Expected Debt Maturities Weighted Average Yield	[1]	2.61%
Certificates of deposit
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost, Rolling Maturity [Abstract]
Due in 1 Year or Less		$ 4,147
Held to maturity, at amortized cost		4,147
Held-to-maturity Securities, Debt Maturities, Fair Value, Rolling Maturity [Abstract]
Due in 1 Year or Less		4,137
Held-to-maturity Securities, Fair Value		4,137
Commercial paper
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost, Rolling Maturity [Abstract]
Due in 1 Year or Less		7,228
Held to maturity, at amortized cost		7,228
Held-to-maturity Securities, Debt Maturities, Fair Value, Rolling Maturity [Abstract]
Due in 1 Year or Less		7,211
Held-to-maturity Securities, Fair Value		7,211
Corporate bonds
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost, Rolling Maturity [Abstract]
Due in 1 Year or Less		4,624
Due 1 Year through 5 Years		200,975
Due 5 Years through 10 Years		4,550
Held to maturity, at amortized cost		210,149
Held-to-maturity Securities, Debt Maturities, Fair Value, Rolling Maturity [Abstract]
Due in 1 Year or Less		4,593
Due 1 Year through 5 Years		197,466
Due 5 Years through 10 Years		4,439
Held-to-maturity Securities, Fair Value		206,498
Commercial MBS, non-agency
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost, Rolling Maturity [Abstract]
Due 10 Years		4,040
Held to maturity, at amortized cost		4,040
Held-to-maturity Securities, Debt Maturities, Fair Value, Rolling Maturity [Abstract]
Due 10 Years		4,034
Held-to-maturity Securities, Fair Value		4,034
Other asset-backed securities
Held-to-maturity Securities, Debt Maturities, Single Maturity Date, Amortized Cost, Rolling Maturity [Abstract]
Due 1 Year through 5 Years	[2]	22,688
Due 5 Years through 10 Years	[2]	0
Held to maturity, at amortized cost	[2],[3]	22,688
Held-to-maturity Securities, Debt Maturities, Fair Value, Rolling Maturity [Abstract]
Due 1 Year through 5 Years	[2]	22,493
Due 5 Years through 10 Years	[2]	0
Held-to-maturity Securities, Fair Value	[2],[3]	$ 22,493
[1]	Calculated based on the weighted average coupon rate, which excludes the impact of amortization of premium and accretion of discount.
[2]	Consists primarily of securities backed by auto lease loans, equipment-backed loans, auto loans and credit card loans.
[3]	Consists primarily of securities backed by auto lease loans, equipment-backed loans, auto loans and credit card loans.

Investment Securities - Additio

Investment Securities - Additional Information (Details) - USD ($)		3 Months Ended		9 Months Ended
		Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017	May 31, 2017
Investments, Debt and Equity Securities [Abstract]
Held to maturity, at amortized cost		$ 248,252,000		$ 248,252,000		$ 0
Investment Securities in Unrealized Loss Positions, Number of Positions		173		173
Held To Maturity Securities Expected Debt Maturities Weighted Average Yield	[1]	2.61%		2.61%
Average Contractual Maturity of Held-to-maturity Securities				3 years
Gain (Loss) on Sale of Debt Investments		$ 0	$ 0	$ 0	$ 0
[1]	Calculated based on the weighted average coupon rate, which excludes the impact of amortization of premium and accretion of discount.

Loans and Commitments - Outstan

Loans and Commitments - Outstanding Principal Balance and Unadvanced Commitments (Details) - USD ($) $ in Thousands		Feb. 28, 2018	May 31, 2017		Feb. 28, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income		$ 25,331,835	$ 24,356,330
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums		11,087	10,714
Loans to members		25,342,922	24,367,044		$ 24,260,837
Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[1]	12,151,264	12,574,974
CFC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income		24,167,556	23,387,987
CFC | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[1]	11,270,757	11,715,665
CFC | Distribution
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income		19,687,812	18,825,366
CFC | Distribution | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[1]	7,750,226	8,295,146
CFC | Power supply
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income		4,422,600	4,504,791
CFC | Power supply | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[1]	3,394,064	3,276,113
CFC | Statewide and associate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income		57,144	57,830
CFC | Statewide and associate | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[1]	126,467	144,406
NCSC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income		800,814	613,924
NCSC | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[1]	581,125	584,944
RTFC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income		363,465	354,419
RTFC | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[1]	299,382	274,365
Long-term fixed-rate loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income		22,737,089	22,136,690
Long-term variable-rate loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income		985,714	847,419
Long-term variable-rate loans | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[1]	4,715,976	4,802,319
Long Term Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income		23,722,803	22,984,109
Long Term Loans | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[1]	4,715,976	4,802,319
Line of credit loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income		1,609,032	1,372,221
Line of credit loans | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments		$ 7,435,288	$ 7,772,655	[1]
[1]	The interest rate on unadvanced loan commitments is not set until an advance is made; therefore, all long-term unadvanced loan commitments are reported as variable-rate. However, the borrower may select either a fixed or a variable rate when an advance on a commitment is made.

Loans and Commitments - Availab

Loans and Commitments - Available Balance Under Unadvanced Commitments and Maturity (Details) - Unadvanced commitments - USD ($) $ in Thousands		Feb. 28, 2018	May 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Available Balance	[1]	$ 12,151,264	$ 12,574,974
2,018		298,500
2,019		4,982,000
2,020		1,368,032
2,021		1,632,526
2,022		2,450,431
Thereafter		1,419,775
Line of credit loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Available Balance		7,435,288	7,772,655	[1]
2,018		226,587
2,019		4,057,079
2,020		782,079
2,021		995,502
2,022		707,497
Thereafter		666,544
Long-term variable-rate loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Available Balance	[1]	4,715,976	$ 4,802,319
2,018		71,913
2,019		924,921
2,020		585,953
2,021		637,024
2,022		1,742,934
Thereafter		$ 753,231
[1]	The interest rate on unadvanced loan commitments is not set until an advance is made; therefore, all long-term unadvanced loan commitments are reported as variable-rate. However, the borrower may select either a fixed or a variable rate when an advance on a commitment is made.

Loans and Commitments - Uncondi

Loans and Commitments - Unconditional Committed Lines of Credit and Maturity (Details) - USD ($) $ in Thousands		Feb. 28, 2018	May 31, 2017
Unadvanced commitments
Notional maturities of committed lines of credit
Available Balance	[1]	$ 12,151,264	$ 12,574,974
2,018		298,500
2,019		4,982,000
2,020		1,368,032
2,021		1,632,526
2,022		2,450,431
Thereafter		1,419,775
Unadvanced commitments not subject to material adverse change clauses
Notional maturities of committed lines of credit
Available Balance		2,776,918	$ 2,602,000
2,018		130,000
2,019		306,122
2,020		515,691
2,021		645,083
2,022		487,908
Thereafter		$ 692,114
[1]	The interest rate on unadvanced loan commitments is not set until an advance is made; therefore, all long-term unadvanced loan commitments are reported as variable-rate. However, the borrower may select either a fixed or a variable rate when an advance on a commitment is made.

Loans and Commitments - Outst45

Loans and Commitments - Outstanding Pledged as Collateral (Details) - USD ($) $ in Thousands	Feb. 28, 2018	May 31, 2017
Pledging of Loans and Loans on Deposit
Restricted Cash and Cash Equivalents	$ 6,951	$ 21,806
Collateral trust bonds 2007 indenture
Pledging of Loans and Loans on Deposit
Loans outstanding and pledged as collateral	8,595,708	8,886,945
Secured Debt	7,697,711	7,697,711
Collateral trust bonds 1994 indenture
Pledging of Loans and Loans on Deposit
Secured Debt	220,000	225,000
Notes payable | Federal Agricultural Mortgage Corporation
Pledging of Loans and Loans on Deposit
Secured Debt	2,805,376	2,513,389
Clean Renewable Energy Bonds Series 2009A
Pledging of Loans and Loans on Deposit
Restricted Cash and Cash Equivalents	0	481
Secured Debt	11,556	13,214
Assets Pledged as Collateral	13,339	15,424
Guaranteed Underwriter Program notes payable
Pledging of Loans and Loans on Deposit
Secured Debt	4,871,771	4,985,748
Mortgage notes | Distribution system mortgage notes | Collateral trust bonds 2007 indenture
Pledging of Loans and Loans on Deposit
Loans outstanding and pledged as collateral	8,453,575	8,740,572
Mortgage notes | Distribution system mortgage notes | Collateral trust bonds 1994 indenture
Pledging of Loans and Loans on Deposit
Loans outstanding and pledged as collateral	249,384	263,007
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	3,375,180	2,942,456
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	13,339	14,943
Loans Guaranteed by Rural Utilities Service | Collateral trust bonds 2007 indenture
Pledging of Loans and Loans on Deposit
Loans outstanding and pledged as collateral	142,133	146,373
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	$ 5,827,497	$ 5,833,515

Loans and Commitments - Payment

Loans and Commitments - Payment Status of Loans Outstanding (Details) - USD ($) $ in Thousands		Feb. 28, 2018	May 31, 2017
Payment Status of Loans
Past due		$ 0	$ 0
Loans and Leases Receivable, Net of Deferred Income		25,331,835	24,356,330
Non-accrual loans		$ 0	$ 0
As a % of total loans
Current (percent)		100.00%	100.00%
30-89 days past due (percent)		0.00%	0.00%
90 days or more past due (percent)	[1]	0.00%	0.00%
Total past due (percent)		0.00%	0.00%
Total financing receivables (percent)		100.00%	100.00%
Non-accrual loans (percent)		0.00%	0.00%
CFC
Payment Status of Loans
Past due		$ 0	$ 0
Loans and Leases Receivable, Net of Deferred Income		24,167,556	23,387,987
Non-accrual loans		0	0
CFC | Distribution
Payment Status of Loans
Past due		0	0
Loans and Leases Receivable, Net of Deferred Income		19,687,812	18,825,366
Non-accrual loans		0	0
CFC | Power supply
Payment Status of Loans
Past due		0	0
Loans and Leases Receivable, Net of Deferred Income		4,422,600	4,504,791
Non-accrual loans		0	0
CFC | Statewide and associate
Payment Status of Loans
Loans and Leases Receivable, Net of Deferred Income		57,144	57,830
NCSC
Payment Status of Loans
Past due		0	0
Loans and Leases Receivable, Net of Deferred Income		800,814	613,924
Non-accrual loans		0	0
RTFC
Payment Status of Loans
Past due		0
Loans and Leases Receivable, Net of Deferred Income		363,465	354,419
Non-accrual loans		0	0
Financing Receivables, 1 to 29 Days Past Due [Member]
Payment Status of Loans
Current		25,331,835	24,356,330
Financing Receivables, 1 to 29 Days Past Due [Member] | CFC
Payment Status of Loans
Current		24,167,556	23,387,987
Financing Receivables, 1 to 29 Days Past Due [Member] | CFC | Distribution
Payment Status of Loans
Current		19,687,812	18,825,366
Financing Receivables, 1 to 29 Days Past Due [Member] | CFC | Power supply
Payment Status of Loans
Current		4,422,600	4,504,791
Financing Receivables, 1 to 29 Days Past Due [Member] | CFC | Statewide and associate
Payment Status of Loans
Current		57,144	57,830
Financing Receivables, 1 to 29 Days Past Due [Member] | NCSC
Payment Status of Loans
Current		800,814	613,924
Financing Receivables, 1 to 29 Days Past Due [Member] | RTFC
Payment Status of Loans
Current		363,465	354,419
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] | NCSC
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, Equal to Greater than 90 Days Past Due [Member]
Payment Status of Loans
Past due	[1]	0	0
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | CFC
Payment Status of Loans
Past due	[1]	0	0
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | CFC | Distribution
Payment Status of Loans
Past due	[1]	0	0
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | CFC | Power supply
Payment Status of Loans
Past due	[1]	0	0
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | NCSC
Payment Status of Loans
Past due	[1]	$ 0	$ 0
[1]	All loans 90 days or more past due are on nonaccrual status.

Loans and Commitments - Trouble

Loans and Commitments - Troubled Debt Restructured Loans (Details) - USD ($) $ in Thousands	Feb. 28, 2018	May 31, 2017
Financing Receivable, Modifications [Line Items]
Loans and Leases Receivable, Net of Deferred Income	$ 25,331,835	$ 24,356,330
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	0
Performing TDR loans
Financing Receivable, Modifications [Line Items]
Other Commitment		6,000
Loans outstanding	$ 12,723	$ 13,173
Performing TDR Loans As Percentage of Total Loans	0.05%	0.05%
Total TDR loans
Financing Receivable, Modifications [Line Items]
Loans and Leases Receivable, Net of Deferred Income	$ 12,723	$ 13,173
Loans and Leases Receivable Commercial, Net of Deferred Income, Percentage	0.05%	0.05%
CFC
Financing Receivable, Modifications [Line Items]
Loans and Leases Receivable, Net of Deferred Income	$ 24,167,556	$ 23,387,987
CFC | Performing TDR loans
Financing Receivable, Modifications [Line Items]
Loans outstanding	$ 6,507	$ 6,581
Performing TDR Loans As Percentage of Total Loans	0.03%	0.02%
RTFC
Financing Receivable, Modifications [Line Items]
Impaired Financing Receivable, with Related Allowance, Recorded Investment	$ 6,216	$ 6,592
Loans and Leases Receivable, Net of Deferred Income	363,465	354,419
RTFC | Performing TDR loans
Financing Receivable, Modifications [Line Items]
Loans outstanding	$ 6,216	$ 6,592
Performing TDR Loans As Percentage of Total Loans	0.02%	0.03%

Loans and Commitments Impaired

Loans and Commitments Impaired Loans - Recorded Investment and Allowance (Details) - USD ($) $ in Thousands	Feb. 28, 2018	May 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable, Related Allowance	$ 1,272	$ 1,640
Impaired Financing Receivable, Recorded Investment	12,723	13,173
CFC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	6,507	6,581
RTFC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable, with Related Allowance, Recorded Investment	6,216	6,592
Impaired Financing Receivable, Related Allowance	$ 1,272	$ 1,640

Impaired Loans - Average Record

Impaired Loans - Average Recorded Investment and Interest Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Average recorded investment
Total impaired loans	$ 12,806	$ 13,381	$ 12,954	$ 14,717
Interest income recognized
Interest impaired loans	221	228	669	677
CFC
Average recorded investment
Total impaired loans	6,507	6,582	6,529	6,624
Interest income recognized
Interest impaired loans	142	144	428	418
RTFC
Average recorded investment
Total impaired loans	6,299	6,799	6,425	8,093
Interest income recognized
Interest impaired loans	$ 100	$ 84	$ 241	$ 259

Loans and Commitments - Interna

Loans and Commitments - Internal Risk Rating (Details) - USD ($) $ in Thousands	Feb. 28, 2018	May 31, 2017
Credit Quality
Loans and Leases Receivable, Net of Deferred Income	$ 25,331,835	$ 24,356,330
CFC
Credit Quality
Loans and Leases Receivable, Net of Deferred Income	24,167,556	23,387,987
CFC | Distribution
Credit Quality
Loans and Leases Receivable, Net of Deferred Income	19,687,812	18,825,366
CFC | Power supply
Credit Quality
Loans and Leases Receivable, Net of Deferred Income	4,422,600	4,504,791
CFC | Statewide and associate
Credit Quality
Loans and Leases Receivable, Net of Deferred Income	57,144	57,830
NCSC
Credit Quality
Loans and Leases Receivable, Net of Deferred Income	800,814	613,924
RTFC
Credit Quality
Loans and Leases Receivable, Net of Deferred Income	363,465	354,419
Pass
Credit Quality
Loans and Leases Receivable, Net of Deferred Income	25,223,609	24,236,791
Pass | CFC
Credit Quality
Loans and Leases Receivable, Net of Deferred Income	24,065,546	23,277,255
Pass | CFC | Distribution
Credit Quality
Loans and Leases Receivable, Net of Deferred Income	19,585,802	18,715,810
Pass | CFC | Power supply
Credit Quality
Loans and Leases Receivable, Net of Deferred Income	4,422,600	4,504,791
Pass | CFC | Statewide and associate
Credit Quality
Loans and Leases Receivable, Net of Deferred Income	57,144	56,654
Pass | NCSC
Credit Quality
Loans and Leases Receivable, Net of Deferred Income	800,814	612,592
Pass | RTFC
Credit Quality
Loans and Leases Receivable, Net of Deferred Income	357,249	346,944
Special Mention
Credit Quality
Loans and Leases Receivable, Net of Deferred Income	102,010	112,064
Special Mention | CFC
Credit Quality
Loans and Leases Receivable, Net of Deferred Income	102,010	110,732
Special Mention | CFC | Distribution
Credit Quality
Loans and Leases Receivable, Net of Deferred Income	102,010	109,556
Special Mention | CFC | Statewide and associate
Credit Quality
Loans and Leases Receivable, Net of Deferred Income	0	1,176
Special Mention | NCSC
Credit Quality
Loans and Leases Receivable, Net of Deferred Income	0	1,332
Substandard
Credit Quality
Loans and Leases Receivable, Net of Deferred Income	6,216	7,475
Substandard | RTFC
Credit Quality
Loans and Leases Receivable, Net of Deferred Income	6,216	7,475
Doubtful
Credit Quality
Loans and Leases Receivable, Net of Deferred Income	$ 0	0
Doubtful | RTFC
Credit Quality
Loans and Leases Receivable, Net of Deferred Income		$ 0

Loans and Commitments - Allowan

Loans and Commitments - Allowance for Loan Losses Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017	Aug. 31, 2017	May 31, 2017	Aug. 31, 2016	May 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total ending balance of the allowance	$ 37,879	$ 36,029	$ 37,879	$ 36,029	$ 36,774	$ 37,376	$ 33,911	$ 33,258
Provision for Loan and Lease Losses	1,105	2,065	503	4,731
Allowance for Loan and Lease Losses, Write-offs				(2,119)
Financing Receivable, Allowance for Credit Losses, Recovery		53		159
Allowance for Loan and Lease Losses Write-offs, Net				(1,960)
CFC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total ending balance of the allowance	29,305	28,358	29,305	28,358	28,799	29,499	25,857	24,559
Provision for Loan and Lease Losses	506	2,448	(194)	3,640
Allowance for Loan and Lease Losses, Write-offs				0
Financing Receivable, Allowance for Credit Losses, Recovery		53		159
Allowance for Loan and Lease Losses Write-offs, Net				(159)
NCSC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total ending balance of the allowance	3,848	3,449	3,848	3,449	3,117	2,910	3,664	3,134
Provision for Loan and Lease Losses	731	(215)	938	315
Allowance for Loan and Lease Losses, Write-offs				0
RTFC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total ending balance of the allowance	4,726	4,222	4,726	4,222	$ 4,858	$ 4,967	$ 4,390	$ 5,565
Provision for Loan and Lease Losses	$ (132)	$ (168)	$ (241)	776
Allowance for Loan and Lease Losses, Write-offs				(2,119)
Allowance for Loan and Lease Losses Write-offs, Net				$ 2,119

Loans and Commitments - Allow52

Loans and Commitments - Allowance for Loan Losses and Recorded Investments (Details) - USD ($) $ in Thousands		Feb. 28, 2018	Aug. 31, 2017	May 31, 2017	Feb. 28, 2017	Aug. 31, 2016	May 31, 2016
Ending balance of the allowance:
Collectively evaluated		$ 36,607		$ 35,736
Individually evaluated		1,272		1,640
Total ending balance of the allowance		37,879	$ 36,774	37,376	$ 36,029	$ 33,911	$ 33,258
Recorded investment in loans:
Collectively evaluated		25,319,112		24,343,157
Individually evaluated		12,723		13,173
Loans and Leases Receivable, Net of Deferred Income		25,331,835		24,356,330
Loans and Leases Receivable, Net Amount	[1]	25,293,956		24,318,954
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums		11,087		10,714
CFC
Ending balance of the allowance:
Collectively evaluated		29,305		29,499
Individually evaluated				0
Total ending balance of the allowance		29,305	28,799	29,499	28,358	25,857	24,559
Recorded investment in loans:
Collectively evaluated		24,161,049		23,381,406
Individually evaluated		6,507		6,581
Loans and Leases Receivable, Net of Deferred Income		24,167,556		23,387,987
Loans and Leases Receivable, Net Amount	[1]	24,138,251		23,358,488
NCSC
Ending balance of the allowance:
Collectively evaluated		3,848		2,910
Individually evaluated		0		0
Total ending balance of the allowance		3,848	3,117	2,910	3,449	3,664	3,134
Recorded investment in loans:
Collectively evaluated		800,814		613,924
Individually evaluated		0		0
Loans and Leases Receivable, Net of Deferred Income		800,814		613,924
Loans and Leases Receivable, Net Amount	[1]	796,966		611,014
RTFC
Ending balance of the allowance:
Collectively evaluated		3,454		3,327
Individually evaluated		1,272		1,640
Total ending balance of the allowance		4,726	$ 4,858	4,967	$ 4,222	$ 4,390	$ 5,565
Recorded investment in loans:
Collectively evaluated		357,249		347,827
Individually evaluated		6,216		6,592
Loans and Leases Receivable, Net of Deferred Income		363,465		354,419
Loans and Leases Receivable, Net Amount	[1]	$ 358,739		$ 349,452
[1]	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, 2018 and May 31, 2017. February 28, 2018(Dollars in thousands) CFC NCSC RTFC TotalAllowance by company: Collective allowance $29,305 $3,848 $3,454 $36,607Specific allowance — — 1,272 1,272Total allowance for loan losses $29,305 $3,848 $4,726 $37,879 Recorded investment in loans: Collectively evaluated loans $24,161,049 $800,814 $357,249 $25,319,112Individually evaluated loans 6,507 — 6,216 12,723Total recorded investment in loans $24,167,556 $800,814 $363,465 $25,331,835 Total recorded investment in loans, net(1) $24,138,251 $796,966 $358,739 $25,293,956 May 31, 2017(Dollars in thousands) CFC NCSC RTFC TotalAllowance by company: Collective allowance $29,499 $2,910 $3,327 $35,736Specific allowance — — 1,640 1,640Total ending balance of the allowance $29,499 $2,910 $4,967 $37,376 Recorded investment in loans: Collectively evaluated loans $23,381,406 $613,924 $347,827 $24,343,157Individually evaluated loans 6,581 — 6,592 13,173Total recorded investment in loans $23,387,987 $613,924 $354,419 $24,356,330 Total recorded investment in loans, net(1) $23,358,488 $611,014 $349,452 $24,318,954____________________________ (1) Excludes unamortized deferred loan origination costs $11 million as of both February 28, 2018 and May 31, 2017.Reserve for Unadvanced CommitmentsWe also maintain a reserve for unadvanced loan commitments at a level estimated by management to provide for probable losses under these commitments as of each balance sheet dated. Unadvanced loan commitments are analyzed and segregated by loan type and risk using our internal risk rating scales. We use these risk classifications, in combination with the probability of commitment usage, and any other pertinent information to estimate a reserve for unadvanced loan commitments, which we record as a liability on our condensed consolidated balance sheets. The reserve for these commitments was less than $1 million as of both February 28, 2018 and May 31, 2017.

Loans and Commitments - Additio

Loans and Commitments - Additional Information (Details)		3 Months Ended		9 Months Ended		12 Months Ended
		Feb. 28, 2018USD ($)associatepower_supply_systemdistribution_systemborrowermember	Feb. 28, 2017USD ($)	Feb. 28, 2018USD ($)associatepower_supply_systemdistribution_systemborrowermember	Feb. 28, 2017USD ($)	May 31, 2017USD ($)associatepower_supply_systemdistribution_systemborrower
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of Borrowers With TDR Loans		1		1		1
Line of Credit Commitments as percentage of unadvanced loan commitment		61.00%		61.00%
Long-term Loan commitments as percentage of unadvanced loan commitment		39.00%		39.00%
Loans Receivable Cost of Loans Sold				$ 118,000,000	$ 33,000,000
Number of States in which Entity Operates				49
Number of Associates in Consolidated Membership | associate		217		217
Number of Members in Consolidated Membership | member		1,447		1,447
Loans and Leases Receivable, Net of Deferred Income		$ 25,331,835,000		$ 25,331,835,000		$ 24,356,330,000
Loans and Leases Receivable, Commitments to Purchase or Sell				0
Valuation Allowances and Reserves, Balance		1,000,000		1,000,000		1,000,000
Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[1]	12,151,264,000		12,151,264,000		12,574,974,000
Unadvanced commitments not subject to material adverse change clauses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments		2,776,918,000		2,776,918,000		2,602,000,000
Commitments to Extend Credit Subject to Material Adverse Change Clause
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments		9,374,000,000		9,374,000,000		9,973,000,000
Loans Guaranteed by Farmer Mac
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income		777,000,000		777,000,000		843,000,000
Loans Guaranteed by Rural Utilities Service
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income		163,000,000		163,000,000		167,000,000
Nonperforming TDR loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable, with Related Allowance, Recorded Investment		0		0		0
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans		0	$ 31,000	0
Performing line of credit for Troubled Debt Restructuring Borrower [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments		6,000,000		6,000,000
Loans and Leases Receivable, Net of Deferred Income		800,000		800,000		500,000
Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable, with Related Allowance, Recorded Investment		0		0		0
CFC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income		24,167,556,000		24,167,556,000		23,387,987,000
CFC | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[1]	$ 11,270,757,000		$ 11,270,757,000		$ 11,715,665,000
Credit Concentration Risk | Loans Receivable Commercial and Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration Risk, Percentage				2.00%		2.00%
Concentration Risk Number of Borrowers | borrower		20		20		20
Customer Concentration Risk | Loans Receivable Commercial and Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration Risk, Percentage				23.00%		24.00%
Geographic Concentration Risk | Loans Receivable Commercial and Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration Risk, Percentage				15.00%		15.00%
Product Concentration Risk | Loans Receivable Commercial and Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration Risk, Percentage				99.00%		99.00%
Distribution | CFC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income		$ 19,687,812,000		$ 19,687,812,000		$ 18,825,366,000
Distribution | CFC | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[1]	$ 7,750,226,000		$ 7,750,226,000		$ 8,295,146,000
Distribution | Credit Concentration Risk | Loans Receivable Commercial and Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration Risk Number of Borrowers | distribution_system		10		10		10
Power supply | CFC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans and Leases Receivable, Net of Deferred Income		$ 4,422,600,000		$ 4,422,600,000		$ 4,504,791,000
Power supply | CFC | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[1]	$ 3,394,064,000		$ 3,394,064,000		$ 3,276,113,000
Power supply | Credit Concentration Risk | Loans Receivable Commercial and Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration Risk Number of Borrowers | power_supply_system		9		9		9
Associates | Credit Concentration Risk | Loans Receivable Commercial and Industrial [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration Risk Number of Borrowers | associate		1		1		1
[1]	The interest rate on unadvanced loan commitments is not set until an advance is made; therefore, all long-term unadvanced loan commitments are reported as variable-rate. However, the borrower may select either a fixed or a variable rate when an advance on a commitment is made.

Short-Term Borrowings - Additio

Short-Term Borrowings - Additional Information (Details) - USD ($)	9 Months Ended
	Feb. 28, 2018	May 31, 2017
Short-term Debt [Line Items]
Short-term borrowings	$ 3,493,736,000	$ 3,342,900,000
Short Term Debt as Percentage of Debt Outstanding	14.00%	14.00%
Revolving credit agreements
Short-term Debt [Line Items]
Short-term borrowings	$ 0	$ 0
Maximum borrowing capacity	3,085,000,000	3,165,000,000
CFC | Revolving credit agreements
Short-term Debt [Line Items]
Letter of Credit Maximum Amount Available	300,000,000
Three Year Agreement | Revolving credit agreements
Short-term Debt [Line Items]
Maximum borrowing capacity	1,493,000,000	1,533,000,000
Line Of Credit Facility Terminated	40,000,000
Five Year Agreement | Revolving credit agreements
Short-term Debt [Line Items]
Maximum borrowing capacity	1,592,000,000	$ 1,632,000,000
Line Of Credit Facility Terminated	$ 40,000,000

Short-Term Borrowings - Commitm

Short-Term Borrowings - Commitments under Revolving Credit Agreements (Details) - Revolving credit agreements - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Feb. 28, 2018	May 31, 2017
Revolving Credit Agreements
Maximum borrowing capacity		$ 3,085,000	$ 3,165,000
Letters of credit outstanding		2,000	1,000
Total available		3,083,000	3,164,000
Three Year Agreement
Revolving Credit Agreements
Maximum borrowing capacity		1,493,000	1,533,000
Total available		$ 1,493,000	$ 1,533,000
Debt Instrument, Maturity Date		Nov. 20, 2020	Nov. 19, 2019
Line of Credit Facility Commitment Fee Percentage (percent)	[1]	0.075%	0.075%
Five Year Agreement
Revolving Credit Agreements
Maximum borrowing capacity		$ 1,592,000	$ 1,632,000
Letters of credit outstanding		2,000	1,000
Total available		$ 1,590,000	$ 1,631,000
Debt Instrument, Maturity Date		Nov. 20, 2022	Nov. 19, 2021
Line of Credit Facility Commitment Fee Percentage (percent)	[1]	0.10%	0.10%
[1]	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, 2018	May 31, 2017
Long-term debt
Long-term debt	$ 18,813,136	$ 17,955,594
Medium-term notes sold through dealers
Long-term debt
Long-term Debt, Gross	3,081,779	2,386,956
Medium-term notes sold to members
Long-term debt
Long-term Debt, Gross	411,373	422,779
Unsecured Medium Term Notes
Long-term debt
Unamortized discount	(704)	(382)
Debt issuance costs	(22,897)	(21,903)
Long-term Debt, Gross	3,493,152	2,809,735
Long-term debt	3,469,551	2,787,450
Other Unsecured Notes Payable
Long-term debt
Unamortized discount	(300)	(379)
Debt issuance costs	(74)	(94)
Long-term Debt, Gross	20,892	22,799
Unsecured notes payable
Long-term debt
Long-term debt	20,518	22,326
Unsecured Debt
Long-term debt
Long-term debt	3,490,069	2,809,776
Collateral trust bonds
Long-term debt
Unamortized discount	(252,991)	(258,329)
Debt issuance costs	(29,857)	(30,334)
Long-term Debt, Gross	7,917,711	7,922,711
Long-term debt	7,634,863	7,634,048
Guaranteed Underwriter Program notes payable
Long-term debt
Debt issuance costs	(239)	(264)
Long-term Debt, Gross	4,871,771	4,985,748
Secured Debt	4,871,532	4,985,484
Farmer Mac notes payable
Long-term debt
Long-term Debt, Gross	2,805,376	2,513,389
Other Secured Notes Payable
Long-term debt
Debt issuance costs	(260)	(317)
Long-term Debt, Gross	11,556	13,214
Long-term debt	11,296	12,897
Notes payable
Long-term debt
Long-term debt	7,688,204	7,511,770
Secured Debt
Long-term debt
Long-term debt	15,323,067	15,145,818
Long-Term Debt
Long-term debt
Long-term debt	$ 18,813,136	$ 17,955,594

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($)	9 Months Ended
	Feb. 28, 2018	Nov. 09, 2017	May 31, 2017
Long-term debt
Long-term debt	$ 18,813,136,000		$ 17,955,594,000
Federal Agricultural Mortgage Corporation
Long-term debt
Proceeds from Issuance of Debt	325,000,000
Maximum borrowing capacity	5,500,000,000
Collateral trust bonds
Long-term debt
Proceeds from Issuance of Debt	$ 700,000,000
Debt Instrument, Interest Rate, Stated Percentage	3.40%
Long-term Debt, Gross	$ 7,917,711,000		7,922,711,000
Long-term debt	$ 7,634,863,000		7,634,048,000
Notes payable
Long-term debt
Debt Instrument Fee Percentage	0.30%
Long-term debt	$ 7,688,204,000		7,511,770,000
Guaranteed Underwriter Program notes payable
Long-term debt
Proceeds from Issuance of Debt	250,000,000
Secured Debt	4,871,532,000		4,985,484,000
Available under committed loan facilities	1,225,000,000
Maximum borrowing capacity		$ 750,000,000
Repayments of Secured Debt	325,000,000
Long-term Debt, Gross	4,871,771,000		4,985,748,000
Farmer Mac notes payable
Long-term debt
Long-term Debt, Gross	2,805,376,000		2,513,389,000
Federal Agricultural Mortgage Corporation First Revolving Note Purchase Agreement | Federal Agricultural Mortgage Corporation
Long-term debt
Maximum borrowing capacity	5,200,000,000
Long-term Debt, Gross	2,805,000,000		2,513,000,000
Federal Agricultural Mortgage Corporation Second Revolving Note Purchase Agreement | Federal Agricultural Mortgage Corporation
Long-term debt
Maximum borrowing capacity	300,000,000
Long-term debt	$ 0		$ 0

Subordinated Deferrable Debt Su

Subordinated Deferrable Debt Subordinated Deferrable Debt Outstanding (Details) - USD ($) $ in Thousands	Feb. 28, 2018	May 31, 2017
Subordinated Deferrable Debt
Subordinated Debt	$ 742,375	$ 742,274
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	$ 7,625	$ 7,726

Subordinated Deferrable Debt 59

Subordinated Deferrable Debt - Additional Information (Details)	Feb. 28, 2018	May 31, 2017
4.75 percent due 2043
Subordinated Borrowing [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	4.75%	4.75%
5.25 Percent Due 2046
Subordinated Borrowing [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	5.25%	5.25%

Derivative Notional Amounts and

Derivative Notional Amounts and Weighted-Average Rate (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Feb. 28, 2018	May 31, 2017
Derivative [Line Items]
Derivative, Notional Amount	$ 11,037,659	$ 10,791,396
Pay-fixed swaps
Derivative [Line Items]
Derivative, Notional Amount	$ 6,987,403	$ 6,807,013
Derivative Weighted Average Interest Rate Paid Percentage	2.84%	2.85%
Derivative Weighted Average Interest Rate Received Percentage	1.78%	1.16%
Receive fixed swaps
Derivative [Line Items]
Derivative, Notional Amount	$ 3,824,000	$ 3,699,000
Derivative Weighted Average Interest Rate Paid Percentage	2.37%	1.72%
Derivative Weighted Average Interest Rate Received Percentage	2.50%	2.64%
Interest rate swaps
Derivative [Line Items]
Derivative, Notional Amount	$ 10,811,403	$ 10,506,013
Derivative Weighted Average Interest Rate Paid Percentage	2.67%	2.46%
Derivative Weighted Average Interest Rate Received Percentage	2.03%	1.68%
Forward Contracts
Derivative [Line Items]
Derivative, Notional Amount	$ 226,256	$ 285,383

Derivatives - Balance Sheet Imp

Derivatives - Balance Sheet Impact (Details) - USD ($) $ in Thousands	Feb. 28, 2018	May 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative assets	$ 252,888	$ 49,481
Derivative liabilities	282,892	385,337
Derivative Asset, Notional Amount	5,168,362	3,754,120
Derivative Liability, Notional Amount	5,869,297	7,037,276
Derivative Assets (Liabilities), at Fair Value, Net	(30,004)	(335,856)
Derivative, Notional Amount	$ 11,037,659	$ 10,791,396

Derivatives Offsetting (Details

Derivatives Offsetting (Details) - Interest rate swaps - USD ($) $ in Thousands	Feb. 28, 2018	May 31, 2017
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 252,888	$ 49,481
Derivative Asset, Fair Value, Gross Liability	0	0
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	252,888	49,481
Derivative, Collateral, Obligation to Return Securities	200,760	49,481
Derivative, Collateral, Obligation to Return Cash	0	0
Derivative Asset, Fair Value, Amount Offset Against Collateral	52,128	0
Derivative Liability, Fair Value, Gross Liability	282,892	385,337
Derivative Liability, Fair Value, Gross Asset	0	0
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	282,892	385,337
Derivative, Collateral, Right to Reclaim Securities	200,760	49,481
Derivative, Collateral, Right to Reclaim Cash	0	0
Derivative Liability, Fair Value, Amount Offset Against Collateral	$ 82,132	$ 335,856

Derivative Financial Instrume63

Derivative Financial Instruments Derivatives - Income Statement Impact (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Derivative [Line Items]
Gain (Loss) on Sale of Derivatives	$ (18,924)	$ (19,354)	$ (58,781)	$ (64,331)
Unrealized Gain (Loss) on Derivatives	186,972	61,809	306,224	259,153
Derivative gains	168,048	42,455	247,443	194,822
Interest rate swaps
Derivative [Line Items]
Gain (Loss) on Sale of Derivatives	(18,924)	(19,354)		(64,331)
Unrealized Gain (Loss) on Derivatives	186,972	61,809		259,153
Derivative gains	$ 168,048	$ 42,455	$ 247,443	$ 194,822

Derivatives - Rating Triggers (

Derivatives - Rating Triggers (Details) - USD ($) $ in Thousands		Feb. 28, 2018	May 31, 2017
Derivative [Line Items]
Derivative, Notional Amount		$ 11,037,659	$ 10,791,396
Interest rate swaps
Derivative [Line Items]
Derivative, Notional Amount		8,054,093
Assets Needed for Immediate Settlement, Aggregate Fair Value		(84,904)
Assets Received for Immediate Settlement Aggregate Fair Value		46,016
Net Asset Needed for Immediate Settlement Aggregate Fair Value		(38,888)
Moody's, A3 Rating Standard Poor's A- rating | Interest rate swaps
Derivative [Line Items]
Derivative, Notional Amount	[1]	54,890
Assets Needed for Immediate Settlement, Aggregate Fair Value	[1]	(10,007)
Assets Received for Immediate Settlement Aggregate Fair Value	[1]	0
Net Asset Needed for Immediate Settlement Aggregate Fair Value	[1]	(10,007)
Moodys Baa 1 Rating Standard Poor's BBB Plus Rating | Interest rate swaps
Derivative [Line Items]
Derivative, Notional Amount		7,237,155
Assets Needed for Immediate Settlement, Aggregate Fair Value		(61,923)
Assets Received for Immediate Settlement Aggregate Fair Value		40,825
Net Asset Needed for Immediate Settlement Aggregate Fair Value		(21,098)
Moody's Baa 2 Rating Standard Poor's BBB Rating | Interest rate swaps
Derivative [Line Items]
Derivative, Notional Amount	[2]	503,125
Assets Needed for Immediate Settlement, Aggregate Fair Value	[2]	0
Assets Received for Immediate Settlement Aggregate Fair Value	[2]	5,191
Net Asset Needed for Immediate Settlement Aggregate Fair Value	[2]	5,191
Moodys Baa3 Rating Standard Poor's BB Rating | Interest rate swaps
Derivative [Line Items]
Derivative, Notional Amount		258,923
Assets Needed for Immediate Settlement, Aggregate Fair Value		(12,974)
Assets Received for Immediate Settlement Aggregate Fair Value		0
Net Asset Needed for Immediate Settlement Aggregate Fair Value		$ (12,974)
[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 Instrume65

Derivative Financial Instruments - Additional Information (Details) - Interest rate swaps - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Feb. 28, 2018	May 31, 2017
Derivative [Line Items]
Concentration Risk, Percentage	22.00%	23.00%
Derivative, Net Liability Position, Aggregate Fair Value	$ 85

Equity Components (Details)

Equity Components (Details) - USD ($) $ in Thousands	Feb. 28, 2018	Aug. 31, 2017	May 31, 2017	Feb. 28, 2017	Aug. 31, 2016	May 31, 2016
Equity
Derivative Forward Value Gain (Loss)	$ (332,525)		$ (507,904)
Prior Years Cumulative Derivative Forward Value and Foreign Currency Adjustments	302,308		175,379
Total Cumulative Derivative Forward Value and Foreign Currency Adjustments	(30,217)		(332,525)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	1,459,104		1,098,805	$ 1,147,338		$ 817,378
Retained equity	1,416,975		1,056,778
Accumulated Other Comprehensive Income (Loss), Net of Tax	10,107	$ 11,899	13,175	12,574	$ 8,801	1,058
Stockholders' Equity Attributable to Parent	1,427,082		1,069,953
Noncontrolling interests	32,022		28,852
Membership Fees
Equity
Retained Earnings before Derivate Forward Value and Foreign Currency Adjustments	968		971
Cooperative educational fund
Equity
Retained Earnings before Derivate Forward Value and Foreign Currency Adjustments	1,228		1,929
Membership Fees and Educational Fund
Equity
Retained Earnings before Derivate Forward Value and Foreign Currency Adjustments	2,196		2,900
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	2,196		2,900	2,129		2,772
Members’ Capital Reserve
Equity
Retained Earnings before Derivate Forward Value and Foreign Currency Adjustments	716,481		761,701
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	630,305		630,305	587,219		587,219
Patronage Capital Allocated
Equity
Retained Earnings before Derivate Forward Value and Foreign Currency Adjustments	630,305		630,305
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	716,481		761,701	671,260		713,853
Other unallocated net income (loss)
Equity
Retained Earnings before Derivate Forward Value and Foreign Currency Adjustments	98,210		(5,603)
Unallocated Net Income (Loss)
Equity
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 67,993		$ (338,128)	$ (154,791)		$ (513,610)

Equity - Accumulated Other Comp

Equity - Accumulated Other Comprehensive Income Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017	Aug. 31, 2017	May 31, 2017	Aug. 31, 2016	May 31, 2016
Stockholder's Equity [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ 10,107	$ 12,574	$ 10,107	$ 12,574	$ 11,899	$ 13,175	$ 8,801	$ 1,058
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	(1,763)	3,923	(2,906)	2,151
Other Comprehensive Income Loss Reclassification Adjustment From AOCI Foreclosed Asset			0	9,823
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax	128	45	381	9,956
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	157	195	543	591
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(1,792)	3,773	(3,068)	11,516
Accumulated Net Investment Gain (Loss) Attributable to Parent
Stockholder's Equity [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	9,110	9,553	9,110	9,553	10,873	12,016	5,630	7,402
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax	(1,763)	3,923	(2,906)	2,151
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(1,763)	3,923	(2,906)	2,151
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Stockholder's Equity [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	3,159	3,896	3,159	3,896	3,316	3,702	4,091	4,487
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	157	195	543	591
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(157)	(195)	(543)	(591)
Accumulated Unrealized Losses on Foreclosed Assets
Stockholder's Equity [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	0	0	0	0		0	0	(9,823)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent		0	0	9,823
Accumulated Defined Benefit Plans Adjustment, Net Transition Attributable to Parent
Stockholder's Equity [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(2,162)	(875)	(2,162)	(875)	$ (2,290)	$ (2,543)	$ (920)	$ (1,008)
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax	128	45	381	133
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	$ 128	$ 45	$ 381	$ 133

Equity - Additional Information

Equity - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017	May 31, 2017	May 31, 2016
Stockholder's Equity [Line Items]
Stockholders' Equity, Period Increase (Decrease)			$ 360,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 1,459,104	$ 1,147,338	1,459,104	$ 1,147,338	$ 1,098,805	$ 817,378
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	221,029	97,962	408,767	361,005
Patronage Refunds			45,220	42,490
Expected Reclassification from Accumulated Other Comprehensive Income over Next Twelve Months Net of Tax			$ 1,000
Fiscal Period Duration			39 years
Patronage Capital Allocated
Stockholder's Equity [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	716,481	671,260	$ 716,481	671,260	761,701	713,853
Patronage Refunds			45,220	42,593
Members’ Capital Reserve
Stockholder's Equity [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 630,305	$ 587,219	$ 630,305	$ 587,219	$ 630,305	$ 587,219
Patronage Capital Retired
Stockholder's Equity [Line Items]
Fiscal Period Duration			38 years
CFC | Patronage Capital Allocated
Stockholder's Equity [Line Items]
Patronage Refunds			$ 45,220
Retained Patronage Allocations			$ 90,000
Patronage Refunds Percentage of Allocation of Net Earnings			50.00%
CFC | Cooperative educational fund
Stockholder's Equity [Line Items]
Retained Patronage Allocations			$ 1,000
CFC | Members’ Capital Reserve
Stockholder's Equity [Line Items]
Retained Patronage Allocations			$ 43,000

Guarantees Outstanding (Details

Guarantees Outstanding (Details) - USD ($) $ in Thousands		Feb. 28, 2018	May 31, 2017
Guarantees
Guarantor obligations		$ 679,968	$ 889,617
CFC
Guarantees
Guarantor obligations		663,235	874,920
CFC | Distribution
Guarantees
Guarantor obligations		141,137	126,188
CFC | Power supply
Guarantees
Guarantor obligations		517,051	743,678
CFC | Statewide and associate
Guarantees
Guarantor obligations		5,047	5,054
NCSC
Guarantees
Guarantor obligations		15,159	13,123
RTFC
Guarantees
Guarantor obligations		1,574	1,574
Long-term tax-exempt bonds
Guarantees
Guarantor obligations	[1]	317,960	468,145
Letters of credit
Guarantees
Guarantor obligations	[2]	248,124	307,321
Other guarantees
Guarantees
Guarantor obligations		$ 113,884	$ 114,151
[1]	Represents the outstanding principal amount of long-term fixed-rate and variable-rate guaranteed bonds.
[2]	Reflects our maximum potential exposure for letters of credit.

Guarantees - Additional Informa

Guarantees - Additional Information (Details) - USD ($) $ in Thousands		9 Months Ended
		Feb. 28, 2018	May 31, 2017
Guarantees
Guarantor obligations		$ 679,968	$ 889,617
Guarantee Obligations Unsecured		$ 320,000	$ 297,000
Guarantee Obligations Unsecured Commitment as Percentage of Total Commitment		47.00%	33.00%
Guarantee Liability Recorded		$ 8,000	$ 15,000
Guaranty Liabilities Contingent		1,000	1,000
Guaranty Liabilities		7,000	14,000
Long-term variable-rate loans
Guarantees
Guarantee Obligations Liquidity Provided to Member Carrying Value		251,000
Financial Standby Letter of Credit | Adjustable and Floating Rate Tax Exempt Bonds
Guarantees
Guarantor obligations		0
Long-term tax-exempt bonds
Guarantees
Guarantor obligations	[1]	317,960	468,145
Financial Guarantee | Long-term fixed-rate bonds
Guarantees
Guarantor obligations		67,000
Guarantor Obligations, Maximum Exposure, Undiscounted		95,000
Financial Guarantee | Long-term variable-rate loans
Guarantees
Guarantor obligations		251,000	400,000
Letters of credit
Guarantees
Guarantor obligations	[2]	248,124	307,321
Guarantee Obligations Secured		42,000	125,000
Letters of credit | Adjustable and Floating Rate Tax Exempt Bonds
Guarantees
Guarantor obligations			76,000
Master Letter of Credit
Guarantees
Letter of Credit Facility Maximum Additional Amount Potentially Required to be Issued		66,000
Other guarantees
Guarantees
Guarantor obligations		113,884	114,151
Guarantor Obligations, Maximum Exposure, Undiscounted		$ 115,000	$ 115,000
[1]	Represents the outstanding principal amount of long-term fixed-rate and variable-rate guaranteed bonds.
[2]	Reflects our maximum potential exposure for letters of credit.

Fair Value Measurement Fair Val

Fair Value Measurement Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Feb. 28, 2018	May 31, 2017	Feb. 28, 2017	May 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 250,697	$ 166,615	$ 235,764	$ 204,540
Cash and Cash Equivalents, Fair Value Disclosure	250,697	166,615
Restricted cash	6,951	21,806
Time deposits	1,000	226,000
Time Deposits, At Fair Value	1,000	226,000
Investment securities available for sale, at fair value	89,648	92,554
Held-to-maturity Securities	248,252	0
Held-to-maturity Securities, Fair Value	244,373
Deferred Compensation Plan Assets	5,128	4,693
Loans and Leases Receivable Commercial, Net of Allowance	25,305,043	24,329,668	$ 24,224,808
Loans Receivable, Fair Value Disclosure	24,113,185	24,182,724
Accrued interest receivable	114,994	111,493
Debt service reserve restricted funds	17,151	17,151
Derivative assets	252,888	49,481
Short-term borrowings	3,493,736	3,342,900
Short-term Debt, Fair Value	3,492,913	3,342,990
Long-term debt	18,813,136	17,955,594
Long-term Debt, Fair Value	19,069,285	18,744,331
Accrued interest payable	198,316	137,476
Guaranty Liabilities Contingent and Noncontingent	7,916	15,241
Guarantees, Fair Value Disclosure	7,861	16,204
Derivative liabilities	282,892	385,337
Subordinated deferrable debt	742,375	742,274
Subordinated Debt Obligations, Fair Value Disclosure	781,110	788,079
Members Subordinated Certificates	1,379,693	1,419,025
Members Subordinated Certificates, At Fair Value	1,379,715	1,419,048
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	250,697	166,615
Restricted cash	6,951	21,806
Investment securities available for sale, at fair value	89,648
Deferred Compensation Plan Assets	5,128	4,693
Accrued interest receivable	0
Debt service reserve restricted funds	17,151	17,151
Short-term Debt, Fair Value	1,562,476	1,527,990
Accrued interest payable	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Time Deposits, At Fair Value	1,000	226,000
Held-to-maturity Securities, Fair Value	244,373
Accrued interest receivable	114,994	111,493
Derivative assets	252,888	49,481
Short-term Debt, Fair Value	1,930,437	1,815,000
Long-term Debt, Fair Value	11,520,304	11,215,290
Accrued interest payable	198,316	137,476
Derivative liabilities	282,892	385,337
Subordinated Debt Obligations, Fair Value Disclosure	781,110	788,079
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans Receivable, Fair Value Disclosure	24,113,185	24,182,724
Long-term Debt, Fair Value	7,548,981	7,529,041
Guarantees, Fair Value Disclosure	7,861	16,204
Members Subordinated Certificates, At Fair Value	$ 1,379,715	$ 1,419,048

Fair Value Measurement - Recurr

Fair Value Measurement - Recurring Fair Value Measurements (Details) - USD ($) $ in Thousands	Feb. 28, 2018	May 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available for sale, at fair value	$ 337,900	$ 92,554
Investments, Fair Value Disclosure		92,554
Deferred Compensation Plan Assets	5,128	4,693
Derivative assets	252,888	49,481
Derivative liabilities	282,892	385,337
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment securities available for sale, at fair value	89,648	92,554
Investments, Fair Value Disclosure		92,554
Deferred Compensation Plan Assets	5,128	4,693
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	252,888	49,481
Derivative liabilities	282,892	385,337
Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, Fair Value Disclosure	89,648	92,554
Deferred Compensation Plan Assets	5,128	4,693
Derivative assets	252,888	49,481
Derivative liabilities	$ 282,892	$ 385,337

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Fair Value Disclosures [Abstract]
Fair Value Assets on a Nonrecurring Basis	$ 0	$ 0	$ 0	$ 0
Fair Value Liabilities on a Nonrecurring Basis	$ 0	$ 0	$ 0	$ 0

Segment Information - Segment R

Segment Information - Segment Results and Total Assets (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017	Aug. 31, 2017	May 31, 2017	Aug. 31, 2016	May 31, 2016
Statement of operations:
Interest income		$ 271,468	$ 259,920	$ 803,206	$ 773,911
Interest expense	[1],[2]	(198,071)	(186,740)	(585,972)	(551,474)
Net interest income		73,397	73,180	217,234	222,437
Provision for loan losses		(1,105)	(2,065)	(503)	(4,731)
Net interest income after provision for loan losses		72,292	71,115	216,731	217,706
Non-interest income:
Fee and other income		3,935	5,810	13,422	15,437
Gain (Loss) on Sale of Derivatives		(18,924)	(19,354)	(58,781)	(64,331)
Unrealized Gain (Loss) on Derivatives		(186,972)	(61,809)	(306,224)	(259,153)
Derivative gains		168,048	42,455	247,443	194,822
Results of operations of foreclosed assets		0	(29)	(34)	(1,690)
Total non-interest income		171,983	48,236	260,831	208,569
Non-interest expense:
General and administrative expenses		(22,212)	(20,710)	(65,762)	(62,201)
Gains on early extinguishment of debt		0	192	0	192
Other non-interest expense		(402)	(486)	(1,542)	(1,446)
Total non-interest expense		(22,614)	(21,004)	(67,304)	(63,455)
Income (loss) before income taxes		221,661	98,347	410,258	362,820
Income tax expense		(632)	(385)	(1,491)	(1,815)
Net income		221,029	97,962	408,767	361,005
Assets:
Loans Receivable, Gross, Commercial and Industrial		25,342,922	24,260,837	25,342,922	24,260,837		$ 24,367,044
Less: Allowance for loan losses		(37,879)	(36,029)	(37,879)	(36,029)	$ (36,774)	(37,376)	$ (33,911)	$ (33,258)
Loans to members, net		25,305,043	24,224,808	25,305,043	24,224,808		24,329,668
Other assets		1,171,364	1,384,757	1,171,364	1,384,757
Total assets		26,476,407	25,609,565	26,476,407	25,609,565		$ 25,205,692
CFC
Statement of operations:
Interest income		268,753	257,390	795,344	766,096
Interest expense		(197,844)	(186,468)	(585,292)	(550,695)
Net interest income		70,909	70,922	210,052	215,401
Provision for loan losses		(1,105)	(2,065)	(503)	(4,731)
Net interest income after provision for loan losses		69,804	68,857	209,549	210,670
Non-interest income:
Fee and other income		3,882	5,698	13,260	14,654
Gain (Loss) on Sale of Derivatives		(18,317)	(18,618)	(56,871)	(62,048)
Unrealized Gain (Loss) on Derivatives		(184,967)	(60,808)	(302,308)	(255,018)
Derivative gains		166,650	42,190	245,437	192,970
Results of operations of foreclosed assets			(29)	34	1,690
Total non-interest income		170,532	47,859	258,663	205,934
Non-interest expense:
General and administrative expenses		(20,519)	(18,864)	(60,549)	(56,634)
Gains on early extinguishment of debt			192		192
Other non-interest expense		(402)	(486)	(1,542)	(1,446)
Total non-interest expense		(20,921)	(19,158)	(62,091)	(57,888)
Income (loss) before income taxes		219,415	97,558	406,121	358,716
Net income		219,415	97,558	406,121	358,716
Assets:
Loans Receivable, Gross, Commercial and Industrial		25,307,994	24,222,017	25,307,994	24,222,017
Less: Allowance for loan losses		(37,879)	(36,029)	(37,879)	(36,029)
Loans to members, net		25,270,115	24,185,988	25,270,115	24,185,988
Other assets		1,159,806	1,374,619	1,159,806	1,374,619
Total assets		26,429,921	25,560,607	26,429,921	25,560,607
Other
Statement of operations:
Interest income		12,921	10,593	36,127	32,944
Interest expense		(10,433)	(8,335)	(28,945)	(25,945)
Net interest income		2,488	2,258	7,182	6,999
Provision for loan losses				0
Net interest income after provision for loan losses		2,488	2,258	7,182	6,999
Non-interest income:
Fee and other income		300	425	1,001	3,049
Gain (Loss) on Sale of Derivatives		(607)	(736)	(1,910)	(2,283)
Unrealized Gain (Loss) on Derivatives		2,005	1,001	3,916	4,135
Derivative gains		1,398	265	2,006	1,852
Total non-interest income		1,698	690	3,007	4,901
Non-interest expense:
General and administrative expenses		(1,693)	(1,846)	(5,213)	(5,567)
Other non-interest expense		(247)	(313)	(839)	(2,229)
Total non-interest expense		(1,940)	(2,159)	(6,052)	(7,796)
Income (loss) before income taxes		2,246	789	4,137	4,104
Income tax expense		(632)	(385)	(1,491)	(1,815)
Net income		1,614	404	2,646	2,289
Assets:
Loans Receivable, Gross, Commercial and Industrial		1,164,279	980,395	1,164,279	980,395
Loans to members, net		1,164,279	980,395	1,164,279	980,395
Other assets		105,728	105,111	105,728	105,111
Total assets		1,270,007	1,085,506	1,270,007	1,085,506
Elimination
Statement of operations:
Interest income		(10,206)	(8,063)	(28,265)	(25,129)
Interest expense		10,206	8,063	28,265	25,166
Net interest income		0	0	0	37
Provision for loan losses				0
Net interest income after provision for loan losses		0	0	0	37
Non-interest income:
Fee and other income		(247)	(313)	(839)	(2,266)
Derivative gains		0	0	0	0
Total non-interest income		(247)	(313)	(839)	(2,266)
Non-interest expense:
General and administrative expenses		0	0	0	0
Other non-interest expense		247	313	839	2,229
Total non-interest expense		247	313	839	2,229
Assets:
Loans Receivable, Gross, Commercial and Industrial		(1,129,351)	(941,575)	(1,129,351)	(941,575)
Loans to members, net		(1,129,351)	(941,575)	(1,129,351)	(941,575)
Other assets		(94,170)	(94,973)	(94,170)	(94,973)
Total assets		$ (1,223,521)	$ (1,036,548)	$ (1,223,521)	$ (1,036,548)
[1]	Includes amortization of debt discounts and debt issuance costs, which are generally deferred and recognized as interest expense using the effective interest method. Issuance costs related to dealer commercial paper, however, are recognized as interest expense immediately as incurred.
[2]	Includes fees related to funding arrangements, such as up-front fees paid to banks participating in our committed bank revolving line of credit agreements. Depending on the nature of the fee, amounts may be deferred and recognized as interest expense ratably over the term of the arrangement or recognized immediately as incurred.