National Rural Utilities Cooper (NRUC) 10-Q 11 Jan 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Nov. 30, 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	Nov. 30, 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	2,019
Document Fiscal Period Focus	Q2
Entity Small Business	false
Entity Emerging Growth Company	false

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2018	Nov. 30, 2017
Income Statement [Abstract]
Interest income		$ 281,253	$ 265,823	$ 559,744	$ 531,738
Interest expense	[1],[2]	(204,166)	(195,170)	(414,397)	(387,901)
Net interest income		77,087	70,653	145,347	143,837
Benefit for loan losses		1,788	304	1,897	602
Net interest income after benefit for loan losses		78,875	70,957	147,244	144,439
Non-interest income:
Fee and other income		4,321	5,542	7,506	9,487
Derivative gains		63,343	125,593	70,526	79,395
Results of operations of foreclosed assets		0	(10)	0	(34)
Total non-interest income		67,664	131,125	78,032	88,848
Non-interest expense:
Salaries and employee benefits		(12,392)	(12,009)	(25,074)	(23,832)
Other general and administrative expenses		(11,478)	(9,905)	(22,001)	(19,718)
Losses on early extinguishment of debt		0	0	(7,100)	0
Other non-interest expense		(2,700)	(618)	(3,094)	(1,140)
Total non-interest expense		(26,570)	(22,532)	(57,269)	(44,690)
Income before income taxes		119,969	179,550	168,007	188,597
Income tax expense		(243)	(827)	(303)	(859)
Net income		119,726	178,723	167,704	187,738
Less: Net income attributable to noncontrolling interests		(466)	(1,150)	(479)	(1,032)
Net income attributable to CFC		$ 119,260	$ 177,573	$ 167,225	$ 186,706
[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]	ncludes 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.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2018	Nov. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 119,726	$ 178,723	$ 167,704	$ 187,738
Other comprehensive income (loss):
Unrealized losses on equity securities	0	8	0	(1,143)
Unrealized gains on cash flow hedge	1,035	0	1,059	0
Reclassification of derivative gains to net income	(120)	(194)	(239)	(386)
Defined benefit plan adjustments	131	126	262	253
Other comprehensive income (loss)	1,046	(60)	1,082	(1,276)
Total comprehensive income	120,772	178,663	168,786	186,462
Less: Total comprehensive (income) loss attributable to noncontrolling interests	(466)	(1,150)	(479)	(1,032)
Total comprehensive income attributable to CFC	$ 120,306	$ 177,513	$ 168,307	$ 185,430

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Nov. 30, 2018	May 31, 2018
Assets:
Cash and cash equivalents	$ 226,758	$ 230,999
Restricted cash	16,174	7,825
Total cash, cash equivalents and restricted cash	242,932	238,824
Time deposits	0	100,000
Investment securities:
Equity securities	86,988	89,332
Debt securities held to maturity, at amortized cost	558,071	520,519
Total investment securities	645,059	609,851
Loans to members	25,294,175	25,178,608
Less: Allowance for loan losses	(16,904)	(18,801)
Loans to members, net	25,277,271	25,159,807
Accrued interest receivable	133,988	127,442
Other receivables	37,824	39,220
Fixed assets, net	118,490	116,031
Derivative assets	319,687	244,526
Other assets	54,507	54,503
Total assets	26,829,758	26,690,204
Liabilities:
Accrued interest payable	146,639	149,284
Debt outstanding:
Short-term borrowings	4,100,606	3,795,910
Long-term debt	18,477,156	18,714,960
Subordinated deferrable debt	742,480	742,410
Members’ subordinated certificates:
Membership subordinated certificates	630,468	630,448
Loan and guarantee subordinated certificates	525,051	528,386
Member capital securities	221,170	221,148
Total members’ subordinated certificates	1,376,689	1,379,982
Total debt outstanding	24,696,931	24,633,262
Deferred income	61,516	65,922
Derivative liabilities	255,112	275,932
Other liabilities	42,422	59,951
Total liabilities	25,202,620	25,184,351
CFC equity:
Retained equity	1,593,756	1,465,789
Accumulated other comprehensive income (loss)	832	8,544
Total CFC equity	1,594,588	1,474,333
Noncontrolling interests	32,550	31,520
Total equity	1,627,138	1,505,853
Total liabilities and equity	$ 26,829,758	$ 26,690,204

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Total	Non-controlling Interests	Total CFC Equity	Accumulated Other Comprehensive Income (Loss)	CFC Retained Equity	Unallocated Net Income (Loss)	Members’ Capital Reserve	Patronage Capital Allocated	Membership Fees and Educational Fund
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	187,738	1,032	186,706		186,706	186,706
Other comprehensive income (loss)	(1,276)		(1,276)	(1,276)
Patronage capital retirement	(45,220)		(45,220)		(45,220)	0		(45,220)
Other	1	535	(534)		(534)				(534)
Balance at Nov. 30, 2017	1,240,048	30,419	1,209,629	11,899	1,197,730	(151,422)	630,305	716,481	2,366
Balance at Aug. 31, 2017	1,061,580	29,286	1,032,294	11,959	1,020,335	(328,995)	630,305	716,481	2,544
Net income	178,723	1,150	177,573		177,573	177,573
Other comprehensive income (loss)	(60)		(60)	(60)
Other	(195)	(17)	(178)		(178)				(178)
Balance at Nov. 30, 2017	1,240,048	30,419	1,209,629	11,899	1,197,730	(151,422)	630,305	716,481	2,366
Cumulative effect from adoption of new accounting standard				(8,794)	8,794	8,794
Balance as of June 1, 2018	1,505,853	31,520	1,474,333	(250)	1,474,583	(27,640)	687,785	811,493	2,945
Balance at May. 31, 2018	1,505,853	31,520	1,474,333	8,544	1,465,789	(36,434)	687,785	811,493	2,945
Net income	167,704	479	167,225		167,225	167,225
Other comprehensive income (loss)	1,082		1,082	1,082	0	0
Patronage capital retirement	(47,507)		(47,507)		(47,507)			(47,507)
Other	6	551	(545)		(545)				(545)
Balance at Nov. 30, 2018	1,627,138	32,550	1,594,588	832	1,593,756	139,585	687,785	763,986	2,400
Balance at Aug. 31, 2018	1,506,576	32,085	1,474,491	(214)	1,474,705	20,325	687,785	763,986	2,609
Net income	119,726	466	119,260		119,260	119,260
Other comprehensive income (loss)	1,046		1,046	1,046
Other	(210)	(1)	(209)		(209)				(209)
Balance at Nov. 30, 2018	$ 1,627,138	$ 32,550	$ 1,594,588	$ 832	$ 1,593,756	$ 139,585	$ 687,785	$ 763,986	$ 2,400

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Nov. 30, 2018	Nov. 30, 2017
Cash flows from operating activities:
Net income	$ 167,704	$ 187,738
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred loan fees	(5,201)	(6,149)
Amortization of debt issuance costs and deferred charges	5,596	5,148
Amortization of discount on long-term debt	5,416	4,943
Amortization of issuance costs for bank revolving lines of credit	2,813	2,768
Depreciation and amortization	4,346	3,769
Benefit for loan losses	(1,897)	(602)
Loss on early extinguishment of debt	7,100	0
Derivative forward value (gains) losses	(95,160)	(119,252)
Changes in operating assets and liabilities:
Accrued interest receivable	(6,547)	(5,277)
Accrued interest payable	(2,645)	5,609
Deferred income	796	(133)
Other	(14,121)	(7,589)
Net cash provided by operating activities	68,200	70,973
Cash flows from investing activities:
Advances on loans, net	(115,459)	(457,212)
Investment in fixed assets	(7,403)	(6,437)
Net proceeds from time deposits	100,000	175,000
Purchases of held-to-maturity investments	(52,845)	(248,181)
Proceeds from maturities of held-to-maturity investments	15,354	0
Net cash provided by (used in) investing activities	(60,353)	(536,830)
Cash flows from financing activities:
Proceeds from (repayments of) short-term borrowings, net	341,562	181,501
Proceeds from short-term borrowings with original maturity greater than 90 days	629,350	570,060
Repayments of short term-debt with original maturity greater than 90 days	(666,216)	(537,269)
Payments for issuance costs for revolving bank lines of credit	(2,342)	(2,402)
Proceeds from issuance of long-term debt, net of discount and issuance costs	1,362,714	625,021
Payments for retirement of long-term debt	(1,611,437)	(203,819)
Payments made on early extinguishment of debt	(7,100)	0
Proceeds from issuance of members’ subordinated certificates	964	3,989
Payments for retirement of members’ subordinated certificates	(4,279)	(23,340)
Payments for retirement of patronage capital	(46,953)	(44,667)
Repayments for membership fees, net	2	0
Net cash (used in) provided by financing activities	(3,739)	569,074
Net increase in cash, cash equivalents and restricted cash	4,108	103,217
Beginning cash, cash equivalents and restricted cash	238,824	188,421
Ending cash, cash equivalents and restricted cash	242,932	291,638
Supplemental disclosure of cash flow information:
Cash paid for interest	405,249	374,098
Cash paid for income taxes	$ 30	$ 152

Summary of Significant Accounti

Summary of Significant Accounting Policies - (Notes)	6 Months Ended
	Nov. 30, 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 systems, generation and transmission (“power supply”) systems 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”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and related disclosures during the period. Management’s most significant estimates and assumptions involve determining the allowance for loan losses and the fair value of financial assets and liabilities. Actual results could differ from these estimates. We believe these financial statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for the fair presentation of the results for the interim period. The results of operations for interim periods are not necessarily indicative of results for the entire fiscal year. Certain reclassifications have been made to prior periods to conform to the current presentation. The accompanying financial statements should be read in conjunction with the audited consolidated financial statements, and related notes thereto, included in CFC’s Annual Report on Form 10-K for the fiscal year ended May 31, 2018 (“ 2018 Form 10-K”). Refer to “Note 1—Summary of Significant Accounting Policies” in our 2018 Form 10-K for a discussion of our significant accounting policies. 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 November 30, 2018 or May 31, 2018 . 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, totaled $16 million and $8 million as of November 30, 2018 and May 31, 2018 , respectively, and consists primarily of member funds held in escrow for certain specifically designated cooperative programs. Interest Income The following table presents interest income, by interest-earning asset category, for the three and six months ended November 30, 2018 and 2017 . Three Months Ended November 30, Six Months Ended November 30, (Dollars in thousands) 2018 2017 2018 2017 Interest income by interest-earning asset type: Long-term fixed-rate loans (1) $ 253,340 $ 248,926 $ 505,141 $ 498,290 Long-term variable-rate loans 10,066 6,097 19,447 11,960 Line of credit loans 11,752 8,588 23,385 17,295 TDR loans (2) 211 222 429 448 Other income, net (3) (251 ) (306 ) (576 ) (538 ) Total loans 275,118 263,527 547,826 527,455 Cash, time deposits and investment securities 6,135 2,296 11,918 4,283 Total interest income $ 281,253 $ 265,823 $ 559,744 $ 531,738 ____________________________ (1) Includes loan conversion fees, which are generally deferred and recognized as interest income using the effective interest method. (2) Troubled debt restructured (“TDR”) loans. (3) Consists of late payment fees, commitment fees and net amortization of deferred loan fees and loan origination costs. Deferred income of $62 million and $66 million as of November 30, 2018 and May 31, 2018 , respectively, consists primarily of deferred loan conversion fees totaling $56 million and $60 million , respectively. Deferred loan conversion fees are recognized in interest income using the effective interest method. Interest Expense The following table presents interest expense, by debt product type, for the three and six months ended November 30, 2018 and 2017 . Three Months Ended November 30, Six Months Ended November 30, (Dollars in thousands) 2018 2017 2018 2017 Interest expense by debt product type: (1)(2) Short-term borrowings $ 22,619 $ 10,116 $ 42,038 $ 20,655 Medium-term notes 33,816 27,544 66,226 52,660 Collateral trust bonds 68,934 85,321 146,639 170,598 Guaranteed Underwriter Program notes payable 35,014 35,688 70,348 71,290 Farmer Mac notes payable 19,697 11,947 40,808 23,437 Other notes payable 322 391 644 781 Subordinated deferrable debt 9,417 9,417 18,834 18,833 Subordinated certificates 14,347 14,746 28,860 29,647 Total interest expense $ 204,166 $ 195,170 $ 414,397 $ 387,901 ____________________________ (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. Recent Accounting Changes and Other Developments Accounting Standards Adopted in Fiscal Year 2019 Statement of Cash Flows—Restricted Cash In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. Under previous guidance, we were required to explain the total change in cash and cash equivalents during the period. We adopted this guidance on June 1, 2018 on a retrospective basis. We made corresponding changes on our consolidated balance sheet to present a total for cash and cash equivalents and restricted cash. Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, FASB issued ASU 2016-01, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities, which amends certain aspects of the recognition, measurement, presentation and disclosure of certain financial instruments, including equity investments and liabilities measured at fair value under the fair value option. Under this guidance, investments in equity securities must be measured at fair value through earnings, with certain exceptions, and entities can no longer classify investments in equity securities as available for sale or trading. We adopted this guidance on June 1, 2018 on a modified retrospective basis and recorded a cumulative-effect adjustment that increased retained earnings by $9 million as a result of the transition adjustment to reclassify unrealized gains related to our equity securities from accumulated other comprehensive income (“AOCI”) to retained earnings. As a result of adopting this guidance, our investments in equity securities are no longer classified as available for sale and unrealized holding gains and losses are recorded in earnings. Previously, our equity securities were classified as available for sale and unrealized holding gains and losses were recorded in other comprehensive income. Revenue from Contracts with Customers In May 2014, 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. This guidance applies to all contracts with customers to provide goods or services in the ordinary course of business, except for certain contracts specifically excluded from the scope, including financial instruments, guarantees, insurance contracts and leases. As a financial institution, substantially all of our revenue is in the form of interest income derived from financial instruments, primarily our investments in loans and securities. We adopted this guidance on June 1, 2018. Given the scope exception for financial instruments, the adoption of the guidance did not have an impact on our condensed consolidated financial statements and does not affect our accounting. Accounting Standards Issued But Not Yet Adopted Fair Value Measurement—Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, FASB issued ASU 2018-13, Fair Value Measurement—Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. The guidance is effective for public entities for fiscal years beginning after December 15, 2019, 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, 2020. We do not expect that the adoption of this guidance will have a material impact on our consolidated financial statements. Derivatives and Hedging—Targeted Improvements to Accounting for Hedging Activities In August 2017, FASB issued 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 apply hedge accounting on a limited basis, specifically when we enter into treasury rate lock agreements. If we continue to elect not to apply hedge accounting to our interest rate swaps, the adoption of the new guidance will not have a material 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. Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments In June 2016, FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments, which 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. This update is effective for us beginning June 1, 2020. While early adoption is permitted for us beginning in the first quarter of fiscal year 2020, we do not expect to elect that option. We are continuing to evaluate the impact of the guidance on our consolidated financial statements, including assessing and evaluating assumptions and models to estimate losses.We do not expect to early adopt this guidance. 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 our portfolio composition and credit quality at the date of adoption as well as forecasts at that time.

Variable Interest Entities - (N

Variable Interest Entities - (Notes)	6 Months Ended
	Nov. 30, 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 VIEs included in CFC’s condensed consolidated financial statements, after intercompany eliminations, as of November 30, 2018 and May 31, 2018 . (Dollars in thousands) November 30, 2018 May 31, 2018 Total loans outstanding $ 1,122,717 $ 1,149,574 Other assets 16,512 10,280 Total assets $ 1,139,229 $ 1,159,854 Long-term debt $ 8,000 $ 8,000 Other liabilities 39,759 33,923 Total liabilities $ 47,759 $ 41,923 The following table provides information on CFC’s credit commitments to NCSC and RTFC, and its potential exposure to loss as of November 30, 2018 and May 31, 2018 . (Dollars in thousands) November 30, 2018 May 31, 2018 CFC credit commitments $ 5,500,000 $ 5,500,000 Outstanding commitments: Borrowings payable to CFC (1) 1,089,764 1,116,465 Credit enhancements: CFC third-party guarantees 17,073 12,005 Other credit enhancements 13,757 14,655 Total credit enhancements (2) 30,830 26,660 Total outstanding commitments 1,120,594 1,143,125 CFC available credit commitments $ 4,379,406 $ 4,356,875 ____________________________ (1) Borrowings payable to CFC are eliminated in consolidation. (2) Excludes interest due on these instruments. CFC loans to NCSC and RTFC are secured by all assets and revenue of NCSC and RTFC. CFC’s maximum potential exposure, including interest due, for the credit enhancements totaled $32 million as of November 30, 2018 . The maturities for obligations guaranteed by CFC extend through 2031.

Investment Securities - (Notes)

Investment Securities - (Notes)	6 Months Ended
	Nov. 30, 2018
Investments [Abstract]
Investment Securities	NOTE 3—INVESTMENT SECURITIES We currently hold investments in equity and debt securities. We record purchases and sales of our investment securities on a trade-date basis. The accounting and measurement framework for investment securities differs depending on the security type and the classification. Equity Securities We previously had investments in equity securities that were classified as available for sale as of May 31, 2018. The unrealized gains and losses on these securities were recorded in other comprehensive income. Effective with our June 1, 2018 adoption of the financial instrument accounting standard on the recognition and measurement of financial assets and financial liabilities, unrealized gains and losses on equity securities are required to be recorded in earnings. The following table presents the fair value of our equity securities, all of which had readily determinable fair values, as of November 30, 2018 and May 31, 2018 . (Dollars in thousands) November 30, 2018 May 31, 2018 Equity securities at fair value: Farmer Mac—non-cumulative preferred stock $ 82,047 $ 82,352 Farmer Mac—class A common stock 4,941 6,980 Total equity securities at fair value $ 86,988 $ 89,332 We recorded unrealized losses on our investments in equity securities of $1 million and $2 million in earnings during the three and six months ended November 30, 2018 , respectively. These unrealized losses are presented in other expenses on our condensed consolidated statements of income. We recorded unrealized gains on our investments in equity securities of less than $1 million and unrealized losses on our investments in equity securities of $1 million in other comprehensive income during the three and six months ended November 30, 2017 , respectively. For additional information on our investments in equity securities, see “Note 1—Summary of Significant Accounting Policies” and “Note 10—Equity—Accumulated Other Comprehensive Income.” Debt Securities We currently classify and account for our investments in debt securities as held to maturity (“HTM”) because we have the positive intent and ability to hold these securities to maturity. If we acquire debt 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, we would classify such securities as available for sale. We report debt securities classified as HTM on our condensed consolidated balance sheets at amortized cost. Interest income, including amortization of premiums and accretion of discounts, is generally recognized over the contractual life of the securities based on the effective yield method. Pursuant to our investment policy guidelines, all fixed-income debt 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 or BBB- or higher by Fitch Ratings Inc. (“Fitch”), are generally considered by the rating agencies to be of lower credit risk than non-investment grade securities. Amortized Cost and Fair Value of Debt Securities The following tables present the amortized cost and fair value of our investment securities and the corresponding gross unrealized gains and losses, by classification category and major security type, as of November 30, 2018 and May 31, 2018 . November 30, 2018 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt securities held to maturity: Certificates of deposit $ 1,000 $ — $ — $ 1,000 Commercial paper 12,858 — (1 ) 12,857 U.S. agency debt securities 2,823 2 (1 ) 2,824 Corporate debt securities 470,536 21 (7,702 ) 462,855 Commercial MBS: Agency 7,313 5 (15 ) 7,303 Non-agency 3,453 1 (11 ) 3,443 Total commercial MBS 10,766 6 (26 ) 10,746 U.S. state and municipality debt securities 9,612 17 (10 ) 9,619 Foreign government debt securities 1,247 1 — 1,248 Other ABS (1) 49,229 1 (263 ) 48,967 Total debt securities held to maturity $ 558,071 $ 48 $ (8,003 ) $ 550,116 May 31, 2018 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt securities held to maturity: Certificates of deposit $ 5,148 $ — $ — $ 5,148 Commercial paper 9,134 — — 9,134 U.S. agency debt securities 2,000 16 — 2,016 Corporate debt securities 455,721 714 (4,595 ) 451,840 Commercial MBS: Agency 7,024 63 — 7,087 Non-agency 3,453 3 (3 ) 3,453 Total commercial MBS 10,477 66 (3 ) 10,540 U.S. state and municipality debt securities 2,147 24 — 2,171 Foreign government debt securities 1,241 9 — 1,250 Other ABS (1) 34,651 11 (215 ) 34,447 Total debt securities held to maturity $ 520,519 $ 840 $ (4,813 ) $ 516,546 ____________________________ (1) Consists primarily of securities backed by auto lease loans, equipment-backed loans, auto loans and credit card loans. Debt Securities in Gross Unrealized Loss Position An unrealized loss exists when the 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 debt securities 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 November 30, 2018 and May 31, 2018 . The securities are segregated between investments that have been in a continuous unrealized loss position for less than 12 months and 12 months or more based on the point in time that the fair value declined below the amortized cost basis. November 30, 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 Debt securities held to maturity: Commercial paper $ 2,164 $ (1 ) $ — $ — $ 2,164 $ (1 ) U.S. agency debt securities 391 (1 ) — — 391 (1 ) Corporate bonds 286,614 (3,234 ) 154,964 (4,468 ) 441,578 (7,702 ) Commercial MBS: Agency 3,700 (15 ) — — 3,700 (15 ) Non-agency 1,446 (11 ) — — 1,446 (11 ) Total commercial MBS 5,146 (26 ) — — 5,146 (26 ) U.S. state and municipality debt securities 3,917 (10 ) — — 3,917 (10 ) Other ABS (1) 29,180 (98 ) 17,982 (165 ) 47,162 (263 ) Total investment securities $ 327,412 $ (3,370 ) $ 172,946 $ (4,633 ) $ 500,358 $ (8,003 ) May 31, 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 Held to maturity: Corporate debt securities $ 280,139 $ (4,595 ) $ — $ — $ 280,139 $ (4,595 ) Commercial MBS, non-agency 1,451 (3 ) — — 1,451 (3 ) Other ABS (1) 27,012 (215 ) — — 27,012 (215 ) Total investment securities $ 308,602 $ (4,813 ) $ — $ — $ 308,602 $ (4,813 ) ____________________________ (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 431 as of November 30, 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 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 have concluded 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 of our HTM investment securities as of November 30, 2018 and May 31, 2018 . 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. November 30, 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 $ 1,000 $ — $ — $ — $ 1,000 Commercial paper 12,858 — — — 12,858 U.S. agency debt securities — 2,672 151 — 2,823 Corporate debt securities 25,428 403,664 41,444 — 470,536 Commercial MBS: Agency — 342 6,971 — 7,313 Non-agency — — — 3,453 3,453 Total commercial MBS — 342 6,971 3,453 10,766 U.S. state and municipality debt securities — 5,484 4,128 — 9,612 Foreign government debt securities — 1,247 — — 1,247 Other ABS (1) 993 45,791 2,445 — 49,229 Total $ 40,279 $ 459,200 $ 55,139 $ 3,453 $ 558,071 Fair value: Certificates of deposit $ 1,000 $ — $ — $ — $ 1,000 Commercial paper 12,857 — — — 12,857 U.S. agency debt securities — 2,672 152 — 2,824 Corporate debt securities 25,247 396,593 41,015 — 462,855 Commercial MBS: Agency — 340 6,963 — 7,303 Non-Agency — — — 3,443 3,443 Total Commercial MBS — 340 6,963 3,443 10,746 U.S. State and Municipality Debt Securities — 5,475 4,144 — 9,619 Foreign Government Debt Securities — 1,248 — — 1,248 Other ABS (1) 991 45,532 2,444 — 48,967 Total $ 40,095 $ 451,860 $ 54,718 $ 3,443 $ 550,116 Weighted average coupon (2) 1.79 % 2.98 % 3.58 % 3.13 % 2.95 % May 31, 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 $ 5,148 $ — $ — $ — $ 5,148 Commercial paper 9,134 — — — 9,134 U.S. agency debt securities — 2,000 — — 2,000 Corporate debt securities 9,111 377,384 69,226 — 455,721 Commercial MBS: Agency — — 7,024 — 7,024 Non-Agency — — — 3,453 3,453 Total Commercial MBS — — 7,024 3,453 10,477 U.S. State and Municipality Debt Securities — — 2,147 — 2,147 Foreign Government Debt Securities — 1,241 — — 1,241 Other ABS (1) — 33,357 1,294 — 34,651 Total $ 23,393 $ 413,982 $ 79,691 $ 3,453 $ 520,519 Fair value: Certificates of deposit $ 5,148 $ — $ — $ — $ 5,148 Commercial paper 9,134 — — — 9,134 U.S. agency debt securities — 2,016 — — 2,016 Corporate debt securities 9,056 373,284 69,500 — 451,840 Commercial MBS: Agency — — 7,087 — 7,087 Non-Agency — — — 3,453 3,453 Total Commercial MBS — — 7,087 3,453 10,540 U.S. State and Municipality Debt Securities — — 2,171 — 2,171 Foreign Government Debt Securities — 1,250 — — 1,250 Other ABS (1) — 33,157 1,290 — 34,447 Total $ 23,338 $ 409,707 $ 80,048 $ 3,453 $ 516,546 Weighted average coupon (2) 1.81 % 2.84 % 3.60 % 2.74 % 2.91 % ____________________________ (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 2.95% , respectively, as of November 30, 2018 . The average credit rating of these securities, based on the equivalent lowest credit rating by Moody’s, S&P and Fitch was A2, A and A, respectively, as of November 30, 2018 . Realized Gains and Losses We did not sell any of our investment securities during the three months ended November 30, 2018 , and therefore have not recorded any realized gains or losses.

Loans - (Notes)

Loans - (Notes)	6 Months Ended
	Nov. 30, 2018
Loans and Leases Receivable Disclosure [Abstract]
Loans and Commitments	NOTE 4—LOANS 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 the outstanding principal balance of loans to members, including deferred loan origination costs, and unadvanced loan commitments by loan type and member class, as of November 30, 2018 and May 31, 2018 . November 30, 2018 May 31, 2018 (Dollars in thousands) Loans Outstanding Unadvanced Commitments (1) Loans Outstanding Unadvanced Commitments (1) Loan type: Long-term loans: Fixed rate $ 22,713,588 $ — $ 22,696,185 $ — Variable rate 1,077,971 5,289,612 1,039,491 4,952,834 Total long-term loans 23,791,559 5,289,612 23,735,676 4,952,834 Lines of credit 1,491,394 7,854,452 1,431,818 7,692,784 Total loans outstanding 25,282,953 13,144,064 25,167,494 12,645,618 Deferred loan origination costs 11,222 — 11,114 — Loans to members $ 25,294,175 $ 13,144,064 $ 25,178,608 $ 12,645,618 Member class: CFC: Distribution $ 19,812,973 $ 8,531,846 $ 19,551,511 $ 8,188,376 Power supply 4,264,713 3,592,293 4,397,353 3,407,095 Statewide and associate 82,549 130,909 69,055 128,025 Total CFC 24,160,235 12,255,048 24,017,919 11,723,496 NCSC 767,225 597,325 786,457 624,663 RTFC 355,493 291,691 363,118 297,459 Total loans outstanding 25,282,953 13,144,064 25,167,494 12,645,618 Deferred loan origination costs 11,222 — 11,114 — Loans to members $ 25,294,175 $ 13,144,064 $ 25,178,608 $ 12,645,618 ____________________________ (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 November 30, 2018 and the related maturities by fiscal year and thereafter by loan type: Available Balance Notional Maturities of Unadvanced Loan Commitments (Dollars in thousands) 2019 2020 2021 2022 2023 Thereafter Line of credit loans $ 7,854,452 $ 302,927 $ 3,960,406 $ 908,973 $ 755,133 $ 1,339,586 $ 587,427 Long-term loans 5,289,612 417,526 545,467 688,422 1,636,893 1,193,023 808,281 Total $ 13,144,064 $ 720,453 $ 4,505,873 $ 1,597,395 $ 2,392,026 $ 2,532,609 $ 1,395,708 Unadvanced line of credit commitments accounted for 60% of total unadvanced loan commitments as of November 30, 2018 , while unadvanced long-term loan commitments accounted for 40% 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 $5,290 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 $13,144 million as of November 30, 2018 is not necessarily representative of our future funding cash requirements. Unadvanced Loan Commitments—Conditional The 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 $10,090 million and $9,789 million as of November 30, 2018 and May 31, 2018 , 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 $3,054 million and $2,857 million as of November 30, 2018 and May 31, 2018 , 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 November 30, 2018 . Available Balance Notional Maturities of Unconditional Committed Lines of Credit (Dollars in thousands) 2019 2020 2021 2022 2023 Thereafter Committed lines of credit $3,053,902 $110,000 $347,582 $479,348 $455,400 $1,228,176 $433,396 Loan Sales We transfer, from time to time, loans to third parties under our direct loan sale program. We did no t have any loan sales during the six months ended November 30, 2018 . We sold CFC loans with outstanding balances totaling $110 million , at par for cash, during the six months ended November 30, 2017 . 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 under the Guaranteed Underwriter Program of the USDA (“Guaranteed Underwriter Program”) and the amount of the corresponding debt outstanding as of November 30, 2018 and May 31, 2018 . See “Note 6—Short-Term Borrowings” and “Note 7—Long-Term Debt” for information on our borrowings. (Dollars in thousands) November 30, 2018 May 31, 2018 Collateral trust bonds: 2007 indenture: Distribution system mortgage notes $ 8,299,400 $ 8,643,344 RUS-guaranteed loans qualifying as permitted investments 137,839 140,680 Total pledged collateral $ 8,437,239 $ 8,784,024 Collateral trust bonds outstanding 7,322,711 7,697,711 1994 indenture: Distribution system mortgage notes $ 48,929 $ 243,418 Collateral trust bonds outstanding 40,000 220,000 Farmer Mac: Distribution and power supply system mortgage notes $ 3,177,761 $ 3,331,775 Notes payable outstanding 2,763,482 2,891,496 Clean Renewable Energy Bonds Series 2009A: Distribution and power supply system mortgage notes $ 13,755 $ 12,615 Cash 1,087 415 Total pledged collateral $ 14,842 $ 13,030 Notes payable outstanding 11,556 11,556 Federal Financing Bank: Distribution and power supply system mortgage notes $ 5,596,619 $ 5,772,750 Notes payable outstanding 4,925,542 4,856,375 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 systems, power supply systems and related facilities. We serve electric and telecommunications members throughout the United States and its territories, including 50 states, the District of Columbia, American Samoa and Guam. Our consolidated membership totaled 1,449 members and 215 associates as of November 30, 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 November 30, 2018 and May 31, 2018 . Because we lend primarily to our rural electric utility cooperative members, we have a loan portfolio subject to single-industry and single-obligor concentration risks. Loans outstanding to electric utility organizations represented approximately 99% of total loans outstanding as of November 30, 2018 , unchanged from May 31, 2018 . The remaining loans outstanding in our portfolio were to RTFC members, affiliates and associates in the telecommunications industry. The combined exposure of loans and guarantees outstanding for our 20 largest borrowers was 22% and 23% as of November 30, 2018 and May 31, 2018 , respectively. The 20 largest borrowers consisted of nine distribution systems, 10 power supply systems and one NCSC associate member as of both November 30, 2018 and May 31, 2018 . The largest total outstanding exposure to a single borrower or controlled group represented approximately 2% of total loans and guarantees outstanding as of both November 30, 2018 and May 31, 2018 . As part of our strategy in managing our credit exposure, we entered into a long-term standby purchase commitment agreement with Farmer Mac during fiscal year 2016. 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 $643 million and $660 million as of November 30, 2018 and May 31, 2018 , 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 November 30, 2018 . Also, we had long-term loans totaling $158 million and $161 million as of November 30, 2018 and May 31, 2018 , respectively, guaranteed by RUS. Credit Quality Assessing the overall credit quality of our loan portfolio and measuring our credit risk is an ongoing process that involves tracking payment status, charge-offs, troubled debt restructurings, nonperforming and impaired loans, the internal risk ratings of our borrowers and other indicators of credit risk. We monitor and subject each borrower and loan facility in our loan portfolio to an individual risk assessment based on quantitative and qualitative factors. Internal risk ratings and payment status trends are indicators, among others, of the probability of borrower default and level of credit risk in our loan portfolio. Borrower Risk Ratings As part of our credit risk management process, we monitor and evaluate each borrower and loan in our loan portfolio and assign internal borrower and loan facility risk ratings based on quantitative and qualitative assessments. Our borrower risk ratings are intended to assess probability of default. 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 are intended to align with banking regulatory agency credit risk rating definitions of pass and criticized classifications, with criticized divided between special mention, substandard and doubtful. Pass ratings reflect relatively low probability of default, while criticized ratings have a higher probability of default. Following is a description of each rating category. • 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 credit weakness or weaknesses that make full collection of principal and interest, on the basis of currently known facts, conditions and collateral values, highly questionable and improbable. Loans to borrowers in the pass, special mention and substandard categories are generally considered not to be individually impaired and are included in the loan pools for determining the collective reserve component of the allowance for loan losses. Loans to borrowers in the doubtful category are considered to be impaired and are therefore individually assessed for impairment in determining the specific reserve component of the allowance for loan losses. 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 November 30, 2018 and May 31, 2018 . November 30, 2018 (Dollars in thousands) Pass Special Mention Substandard Doubtful Total CFC: Distribution $ 19,683,219 $ 6,364 $ 123,390 $ — $ 19,812,973 Power supply 4,216,130 — 48,583 — 4,264,713 Statewide and associate 82,549 — — — 82,549 CFC total 23,981,898 6,364 171,973 — 24,160,235 NCSC 767,225 — — — 767,225 RTFC 349,651 — 5,842 — 355,493 Total loans outstanding $ 25,098,774 $ 6,364 $ 177,815 $ — $ 25,282,953 May 31, 2018 (Dollars in thousands) Pass Special Mention Substandard Doubtful Total CFC: Distribution $ 19,429,121 $ 6,853 $ 115,537 $ — $ 19,551,511 Power supply 4,348,328 — 49,025 — 4,397,353 Statewide and associate 69,055 — — — 69,055 CFC total 23,846,504 6,853 164,562 — 24,017,919 NCSC 786,457 — — — 786,457 RTFC 356,503 523 6,092 — 363,118 Total loans outstanding $ 24,989,464 $ 7,376 $ 170,654 $ — $ 25,167,494 We had loans to one electric distribution cooperative borrower and its subsidiary totaling $172 million and $165 million as of November 30, 2018 and May 31, 2018 , respectively, that were classified as substandard. The electric distribution cooperative owns and operates a distribution and transmission system and is in the early stages of deploying retail broadband service. The borrower is currently experiencing financial difficulties due to recent net losses and weak cash flows. The borrower and its subsidiary are current with regard to all principal and interest payments and have never been delinquent. The borrower operates in a territory that is not rate-regulated and has the ability to adjust its electric rates to cover operating costs and service debt. Of the outstanding amount, all but $17 million and $7 million was secured under our typical collateral requirements for long-term loan advances as of November 30, 2018 and May 31, 2018 , respectively. We currently expect to collect all principal and interest amounts due from the borrower and its subsidiary. Accordingly, the loans outstanding to this borrower and its subsidiary were not deemed to be impaired as of either November 30, 2018 or May 31, 2018. Payment Status of Loans The tables below present the payment status of loans outstanding by member class as of November 30, 2018 and May 31, 2018 . As indicated in the table, we did not have any past due loans as of either November 30, 2018 or May 31, 2018 . November 30, 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 $ 19,812,973 $ — $ — $ — $ 19,812,973 $ — Power supply 4,264,713 — — — 4,264,713 — Statewide and associate 82,549 — — — 82,549 — CFC total 24,160,235 — — — 24,160,235 — NCSC 767,225 — — — 767,225 — RTFC 355,493 — — — 355,493 — Total loans outstanding $ 25,282,953 $ — $ — $ — $ 25,282,953 $ — Percentage of total loans 100.00 % — % — % — % 100.00 % — % May 31, 2018 (Dollars in thousands) Current 30-89 Days Past Due 90 Days or More Past Due (1) Total Total Financing Nonaccrual Loans CFC: Distribution $ 19,551,511 $ — $ — $ — $ 19,551,511 $ — Power supply 4,397,353 — — — 4,397,353 — Statewide and associate 69,055 — — — 69,055 — CFC total 24,017,919 — — — 24,017,919 — NCSC 786,457 — — — 786,457 — RTFC 363,118 — — — 363,118 — Total loans outstanding $ 25,167,494 $ — $ — $ — $ 25,167,494 $ — Percentage of total loans 100.00 % — % — % — % 100.00 % — % ____________________________ (1) All loans 90 days or more past due are on nonaccrual status. Troubled Debt Restructurings We did not have any loans modified as TDRs during the six months ended November 30, 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 November 30, 2018 and May 31, 2018 . November 30, 2018 May 31, 2018 (Dollars in thousands) Loans Outstanding % of Total Loans Unadvanced Commitments Loans Outstanding % of Total Loans Unadvanced Commitments TDR loans: Performing TDR loans: CFC/Distribution $ 6,261 0.03 % $ — $ 6,507 0.03 % $ — RTFC 5,842 0.02 — 6,092 0.02 — Total performing TDR loans 12,103 0.05 — 12,599 0.05 — Total TDR loans $ 12,103 0.05 % $ — $ 12,599 0.05 % $ — We did not have any TDR loans classified as nonperforming as of November 30, 2018 or May 31, 2018 . TDR loans classified as performing as of November 30, 2018 and May 31, 2018 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 November 30, 2018 and May 31, 2018 . The outstanding amount under this facility totaled less than $1 million as of both November 30, 2018 and May 31, 2018 , 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. We did not have any loans classified as nonperforming as of either November 30, 2018 or May 31, 2018 . We had no foregone interest income for loans on nonaccrual status during the three and six months ended November 30, 2018 and 2017 . Impaired Loans The following table provides information on loans classified as individually impaired loans as of November 30, 2018 and May 31, 2018 . November 30, 2018 May 31, 2018 (Dollars in thousands) Recorded Investment Related Allowance Recorded Investment Related Allowance With no specific allowance recorded: CFC $ 6,261 $ — $ 6,507 $ — With a specific allowance recorded: RTFC 5,842 1,150 6,092 1,198 Total impaired loans $ 12,103 $ 1,150 $ 12,599 $ 1,198 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 six months ended November 30, 2018 and 2017 . Three Months Ended November 30, 2018 2017 2018 2017 (Dollars in thousands) Average Recorded Investment Interest Income Recognized CFC $ 6,261 $ 6,507 $ 137 $ 142 RTFC 5,923 6,423 74 80 Total impaired loans $ 12,184 $ 12,930 $ 211 $ 222 Six Months Ended November 30, 2018 2017 2018 2017 (Dollars in thousands) Average Recorded Investment Interest Income Recognized CFC $ 6,383 $ 6,541 $ 279 $ 286 RTFC 5,986 6,486 150 162 Total impaired loans $ 12,369 $ 13,027 $ 429 $ 448 Net Charge-Offs Charge-offs represent the amount of a loan that has been removed from our consolidated balance sheet when the loan is deemed uncollectible. Generally the amount of a charge-off is the recorded investment in excess of the fair value of the expected cash flows from the loan, or, if the loan is collateral dependent, the fair value of the underlying collateral securing the loan. We report charge-offs net of amounts recovered on previously charged off loans. We had no loan defaults or charge-offs during the three and six months ended November 30, 2018 or 2017.

Allowance for Loan Losses - (No

Allowance for Loan Losses - (Notes)	6 Months Ended
	Nov. 30, 2018
Loans and Leases Receivable Disclosure [Abstract]
Allowance for Loan Losses	NOTE 5—ALLOWANCE FOR LOAN LOSSES We maintain an allowance for loan losses that represents management’s estimate of probable losses inherent in our loan portfolio as of each balance sheet date. Our allowance for loan losses consists of a collective allowance for loans in our portfolio that are not individually impaired and a specific allowance for loans identified as individually impaired. The allowance for loan losses is reported separately on the consolidated balance sheet, and the provision for loan losses is separately reported on our consolidated statement of income. The following tables summarize changes, by company, in the allowance for loan losses as of and for the three and six months ended November 30, 2018 and 2017 . Three Months Ended November 30, 2018 (Dollars in thousands) CFC NCSC RTFC Total Balance as of August 31, 2018 $ 12,508 $ 2,012 $ 4,172 $ 18,692 Benefit for loan losses (334 ) (43 ) (1,411 ) (1,788 ) Balance as of November 30, 2018 $ 12,174 $ 1,969 $ 2,761 $ 16,904 Three Months Ended November 30, 2017 (Dollars in thousands) CFC NCSC RTFC Total Balance as of August 31, 2017 $ 29,521 $ 2,736 $ 4,821 $ 37,078 Provision (benefit) for loan losses (722 ) 381 37 (304 ) Balance as of November 30, 2017 $ 28,799 $ 3,117 $ 4,858 $ 36,774 Six Months Ended November 30, 2018 (Dollars in thousands) CFC NCSC RTFC Total Balance as of May 31, 2018 $ 12,300 $ 2,082 $ 4,419 $ 18,801 Benefit for loan losses (126 ) (113 ) (1,658 ) (1,897 ) Balance as of November 30, 2018 $ 12,174 $ 1,969 $ 2,761 $ 16,904 Six Months Ended November 30, 2017 (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 (700 ) 207 (109 ) (602 ) Balance as of November 30, 2017 $ 28,799 $ 3,117 $ 4,858 $ 36,774 The tables below present, by company, the components of our allowance for loan losses and the recorded investment of the related loans as of November 30, 2018 and May 31, 2018 . November 30, 2018 (Dollars in thousands) CFC NCSC RTFC Total Ending balance of the allowance: Collective allowance $ 12,174 $ 1,969 $ 1,611 $ 15,754 Specific allowance — — 1,150 1,150 Total ending balance of the allowance $ 12,174 $ 1,969 $ 2,761 $ 16,904 Recorded investment in loans: Collectively evaluated loans $ 24,153,974 $ 767,225 $ 349,651 $ 25,270,850 Individually evaluated loans 6,261 — 5,842 12,103 Total recorded investment in loans $ 24,160,235 $ 767,225 $ 355,493 $ 25,282,953 Total recorded investment in loans, net (1) $ 24,148,061 $ 765,256 $ 352,732 $ 25,266,049 May 31, 2018 (Dollars in thousands) CFC NCSC RTFC Total Ending balance of the allowance: Collective allowance $ 12,300 $ 2,082 $ 3,221 $ 17,603 Specific allowance — — 1,198 1,198 Total ending balance of the allowance $ 12,300 $ 2,082 $ 4,419 $ 18,801 Recorded investment in loans: Collectively evaluated loans $ 24,011,412 $ 786,457 $ 357,026 $ 25,154,895 Individually evaluated loans 6,507 — 6,092 12,599 Total recorded investment in loans $ 24,017,919 $ 786,457 $ 363,118 $ 25,167,494 Total recorded investment in loans, net (1) $ 24,005,619 $ 784,375 $ 358,699 $ 25,148,693 ____________________________ (1) Excludes unamortized deferred loan origination costs of $11 million as of both November 30, 2018 and May 31, 2018 . In addition to the allowance for loan losses, 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 date, which was less than $1 million as of both November 30, 2018 and May 31, 2018 .

Short-Term Borrowings - (Notes)

Short-Term Borrowings - (Notes)	6 Months Ended
	Nov. 30, 2018
Debt Disclosure [Abstract]
Short-Term Debt	NOTE 6—SHORT-TERM BORROWINGS Short-term borrowings consist of borrowings with an original contractual maturity of one year or less and do not include the current portion of long-term debt. Our short-term borrowings totaled $4,101 million and accounted for 17% of total debt outstanding as of November 30, 2018 , compared with $3,796 million , or 15% , of total debt outstanding as of May 31, 2018 . The following table displays short-term borrowings outstanding as of November 30, 2018 and May 31, 2018 . (Dollars in thousands) November 30, 2018 May 31, 2018 Short-term borrowings: Commercial paper: Commercial paper to dealers, net of discounts $ 1,058,949 $ 1,064,266 Commercial paper to members, at par 1,218,730 1,202,105 Total commercial paper 2,277,679 2,266,371 Select notes to members 1,031,022 780,472 Daily liquidity fund notes to members 566,935 400,635 Medium-term notes to members 224,970 248,432 Farmer Mac revolving facility — 100,000 Total short-term borrowings $ 4,100,606 $ 3,795,910 Committed Bank Revolving Line of Credit Agreements We had $2,975 million and $3,085 million of commitments under committed bank revolving line of credit agreements as of November 30, 2018 and May 31, 2018 , 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 28, 2018 , we amended the three-year and five-year committed bank revolving line of credit agreements to extend the maturity dates to November 28, 2021 and November 28, 2023 , respectively, and to terminate certain third-party bank commitments totaling $53 million under the three-year agreement and $57 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 $1,440 million and $1,535 million , respectively, resulting in a combined total commitment amount under the two facilities of $2,975 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 November 30, 2018 and May 31, 2018 . November 30, 2018 May 31, 2018 (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 $ — $ — $ — $ 1,492 $ — $ 1,492 November 20, 2020 7.5 bps 3-year agreement 1,440 — 1,440 — — — November 28, 2021 7.5 bps Total 3-year agreement 1,440 — 1,440 1,492 — 1,492 5-year agreement — — — 1,593 3 1,590 November 20, 2022 10 bps 5-year agreement 1,535 3 1,532 — — — November 28, 2023 10 bps Total 5-year agreement 1,535 3 1,532 1,593 3 1,590 Total $ 2,975 $ 3 $ 2,972 $ 3,085 $ 3 $ 3,082 ____________________________ (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 November 30, 2018 or May 31, 2018 , 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)	6 Months Ended
	Nov. 30, 2018
Debt Instruments [Abstract]
Long-Term Debt	NOTE 7—LONG-TERM DEBT The following table displays long-term debt outstanding, by debt type, as of November 30, 2018 and May 31, 2018 . (Dollars in thousands) November 30, 2018 May 31, 2018 Unsecured long-term debt: Medium-term notes sold through dealers $ 3,296,932 $ 3,026,472 Medium-term notes sold to members 397,096 395,389 Subtotal medium-term notes 3,694,028 3,421,861 Unamortized discount (1,094 ) (1,256 ) Debt issuance costs (20,906 ) (22,237 ) Total unsecured medium-term notes 3,672,028 3,398,368 Unsecured notes payable 18,892 18,892 Unamortized discount (229 ) (277 ) Debt issuance costs (56 ) (68 ) Total unsecured notes payable 18,607 18,547 Total unsecured long-term debt 3,690,635 3,416,915 Secured long-term debt: Collateral trust bonds 7,362,711 7,917,711 Unamortized discount (246,914 ) (250,421 ) Debt issuance costs (29,648 ) (28,197 ) Total collateral trust bonds 7,086,149 7,639,093 Guaranteed Underwriter Program notes payable 4,925,542 4,856,375 Debt issuance costs — (232 ) Total Guaranteed Underwriter Program notes payable 4,925,542 4,856,143 Farmer Mac notes payable 2,763,482 2,791,496 Other secured notes payable 11,556 11,556 Debt issuance costs (208 ) (243 ) Total other secured notes payable 11,348 11,313 Total secured notes payable 7,700,372 7,658,952 Total secured long-term debt 14,786,521 15,298,045 Total long-term debt $ 18,477,156 $ 18,714,960 Collateral Trust Bonds Collateral trust bonds represent secured obligations sold to investors in the capital markets. Collateral trust bonds are secured by the pledge of mortgage notes or eligible securities in an amount at least equal to the principal balance of the bonds outstanding. On July 12, 2018, we redeemed $300 million of the $1 billion 10.375% collateral trust bonds due November 1, 2018, at a premium of $7 million . We repaid the remaining $700 million of these bonds on the maturity date. On October 31, 2018 , we issued $325 million aggregate principal amount of 3.90% collateral trust bonds due 2028 and $300 million aggregate principal amount of 4.40% collateral trust bonds due 2048. Secured Notes Payable We had outstanding secured notes payable totaling $4,926 million and $4,856 million as of November 30, 2018 and May 31, 2018 , respectively, under bond purchase agreements with the Federal Financing Bank and a bond guarantee agreement with RUS issued under the Guaranteed Underwriter Program, which provides guarantees to the Federal Financing Bank. We pay RUS a fee of 30 basis points per year on the total amount outstanding. On November 15, 2018 , we closed on a $750 million committed loan facility (Series N) from the Federal Financing Bank under the Guaranteed Underwriter Program. Pursuant to this facility, we may borrow any time before July 15, 2023. Each advance is subject to quarterly amortization and a final maturity not longer than 20 years from the advance date. We had up to $1,875 million available for access under the Guaranteed Underwriter Program as of November 30, 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” 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. Under our first revolving note purchase agreement with Farmer Mac, dated March 24, 2011, as amended, we can currently 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 $2,763 million and $2,791 million as of November 30, 2018 and May 31, 2018 , respectively. Under our second revolving note purchase agreement with Farmer Mac, dated July 31, 2015, as amended, we can borrow up to $300 million at any time through December 20, 2023 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. Prior to the maturity date, Farmer Mac may terminate the agreement upon 30 days written notice to us on periodic facility renewal dates, the first of which is January 31, 2019. Subsequent facility renewal dates are on each June 20 or December 20 thereafter until the maturity date. We may terminate the agreement upon 30 days written notice at any time. Under the terms of the first revolving note purchase agreement with Farmer Mac described above, the $5,200 million commitment will increase to $5,500 million in the event the second revolving note purchase agreement is terminated. 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” 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 November 30, 2018 and May 31, 2018 .

Subordinated Deferrable Debt -

Subordinated Deferrable Debt - (Notes)	6 Months Ended
	Nov. 30, 2018
Subordinated Debt [Abstract]
Subordinated Deferrable Debt	NOTE 8—SUBORDINATED DEFERRABLE DEBT The following table presents subordinated deferrable debt outstanding as of November 30, 2018 and May 31, 2018 . (Dollars in thousands) November 30, 2018 May 31, 2018 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 (7,520 ) (7,590 ) Total subordinated deferrable debt $ 742,480 $ 742,410

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities - (Notes)	6 Months Ended
	Nov. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	NOTE 9—DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES 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 income 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 income. We generally do not designate interest rate swaps, which represented all of our outstanding derivatives as of November 30, 2018 , for hedge accounting. Accordingly, changes in the fair value of interest rate swaps are reported in our consolidated statements of income 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 not Designated as Accounting Hedges 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 November 30, 2018 and May 31, 2018 . 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. November 30, 2018 May 31, 2018 (Dollars in thousands) Notional Amount Weighted- Average Rate Paid Weighted- Average Rate Received Notional Weighted- Weighted- Pay-fixed swaps $ 7,362,136 2.83 % 2.52 % $ 6,987,999 2.83 % 2.30 % Receive-fixed swaps 3,699,000 3.12 2.52 3,824,000 2.93 2.50 Total interest rate swaps 11,061,136 2.93 2.52 10,811,999 2.86 2.37 Forward pay-fixed swaps 83,017 256,154 Total $ 11,144,153 $ 11,068,153 Cash Flow Hedge In anticipation of the repricing of $100 million in notes payable outstanding under the Guaranteed Underwriter Program, we entered into a treasury rate lock agreement with a notional amount of $100 million on May 25, 2018. The agreement, which was scheduled to mature on October 12, 2018, was designated as a cash flow hedge of the forecasted transaction. We recorded an unrealized loss in AOCI of $1 million as of May 31, 2018 related to this cash flow hedge. On September 25, 2018, we terminated this cash flow hedge as the forecasted transaction was no longer expected to occur. Upon termination, the fair value of the derivative had shifted to a gain of $1 million from a loss of $1 million as of May 31, 2018 . We reversed the loss recorded in AOCI and recognized the gain in earnings as a component of derivative gains on our condensed consolidated statements of income. 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 by derivatives type, as of November 30, 2018 and May 31, 2018 . November 30, 2018 May 31, 2018 (Dollars in thousands) Fair Value Notional Balance Fair Value Notional Balance Derivative assets: Interest rate swaps $ 319,687 $ 5,883,946 $ 244,526 $ 5,264,971 Derivative liabilities: Treasury rate lock—cash flow hedge $ — $ — $ 1,059 $ 100,000 Interest rate swaps 255,112 5,260,207 274,873 5,803,182 Total derivative liabilities $ 255,112 $ 5,260,207 $ 275,932 $ 5,903,182 All of our master swap agreements include 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 November 30, 2018 and May 31, 2018 , and provides information on the impact of netting provisions and collateral pledged. November 30, 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 $ 319,687 $ — $ 319,687 $ 202,952 $ — $ 116,735 Derivative liabilities: Interest rate swaps 255,112 — 255,112 202,952 — 52,160 May 31, 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 $ 244,526 $ — $ 244,526 $ 196,633 $ — $ 47,893 Derivative liabilities: Treasury rate lock—cash flow hedge 1,059 — 1,059 — — 1,059 Interest rate swaps 274,873 — 274,873 196,633 — 78,240 Impact of Derivatives on Condensed Consolidated Statements of Income Derivative gains (losses) reported in our condensed consolidated statements of income 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 income for our interest rate swaps for the three and six months ended November 30, 2018 and 2017 . Three Months Ended November 30, Six Months Ended November 30, (Dollars in thousands) 2018 2017 2018 2017 Derivative cash settlements $ (11,805 ) $ (19,635 ) $ (24,634 ) $ (39,857 ) Derivative forward value gains 75,148 145,228 95,160 119,252 Derivative gains $ 63,343 $ 125,593 $ 70,526 $ 79,395 As noted above, during fiscal year 2018, we entered into a treasury rate lock agreement that was designated as a cash flow hedge of a forecasted transaction. This cash flow hedge was terminated on September 25, 2018 and a gain of $1 million was recorded upon termination as a component of derivative cash settlements in on our condensed consolidated statements of income. 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 below 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 prevailing fair 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 November 30, 2018 . Both Moody’s and S&P had our ratings on stable outlook as of November 30, 2018 . The following table displays the notional amounts of our derivative contracts with rating triggers as of November 30, 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) $ 52,555 $ (7,819 ) $ — $ (7,819 ) Falls below Baa1/BBB+ 7,308,946 (37,072 ) 75,448 38,376 Falls to or below Baa2/BBB (2) 525,293 — 7,137 7,137 Falls below Baa3/BBB- 222,643 (8,952 ) — (8,952 ) Total $ 8,109,437 $ (53,843 ) $ 82,585 $ 28,742 ____________________________ (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. We have outstanding notional amount of derivatives with one counterparty subject to a ratings trigger and early termination provision in the event of a downgrade of CFC’s senior unsecured credit ratings below Baa3, BBB- or BBB- by Moody’s, S&P or Fitch, respectively, which is not included in the above table, totaling $165 million as of November 30, 2018 . These contracts were in an unrealized gain position of $2 million as of November 30, 2018 . Our largest counterparty exposure, based on the outstanding notional amount, accounted for approximately 23% and 24% of the total outstanding notional amount of derivatives as of November 30, 2018 and May 31, 2018 , 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 $54 million as of November 30, 2018 .

Equity - (Notes)

Equity - (Notes)	6 Months Ended
	Nov. 30, 2018
Stockholders' Equity Note [Abstract]
Equity	NOTE 10—EQUITY Total equity increased by $121 million to $1,627 million as of November 30, 2018 . The increase was primarily attributable to our reported net income of $168 million for the six months ended November 30, 2018 , which was partially offset by the patronage capital retirement of $48 million in August 2018. In July 2018 , the CFC Board of Directors authorized the allocation of the fiscal year 2018 net earnings as follows: $95 million to members in the form of patronage, $57 million to the 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 2018 , the CFC Board of Directors authorized the retirement of allocated net earnings totaling $48 million , representing 50% of the fiscal year 2018 allocation. This amount was returned to members in cash in August 2018. 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 39 of the last 40 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 2018 Form 10-K for additional information. Accumulated Other Comprehensive Income (Loss) The following tables summarize, by component, the activity in AOCI as of and for the three and six months ended November 30, 2018 and 2017 . Three Months Ended November 30, 2018 (Dollars in thousands) Unrealized Gains (Losses) Equity Securities Unrealized Gains Unrealized Gains (Losses) Cash Flow Hedges Unrealized Losses Defined Benefit Plan Total Beginning balance $ — $ 2,920 $ (1,035 ) $ (2,099 ) $ (214 ) Unrealized gains — — 1,035 — 1,035 (Gains) losses reclassified into earnings — (120 ) — 131 11 Other comprehensive income (loss) — (120 ) 1,035 131 1,046 Ending balance $ — $ 2,800 $ — $ (1,968 ) $ 832 Three Months Ended November 30, 2017 (Dollars in thousands) Unrealized Gains (Losses) Equity Securities Unrealized Gains Derivatives Unrealized Gains (Losses) Cash Flow Hedges Unrealized Losses Defined Benefit Plan Total Beginning balance $ 10,865 $ 3,407 $ 103 $ (2,416 ) $ 11,959 Unrealized gains 8 — — — 8 (Gains) losses reclassified into earnings — (126 ) (68 ) 126 (68 ) Other comprehensive income (loss) 8 (126 ) (68 ) 126 (60 ) Ending balance $ 10,873 $ 3,281 $ 35 $ (2,290 ) $ 11,899 Six Months Ended November 30, 2018 (Dollars in thousands) Unrealized Gains (Losses) Equity Securities Unrealized Gains Derivatives Unrealized Gains (Losses) Cash Flow Hedges Unrealized Losses Defined Benefit Plan Total Beginning balance $ 8,794 $ 3,039 $ (1,059 ) $ (2,230 ) $ 8,544 Cumulative effect from adoption of new accounting standard (1) (8,794 ) — — — (8,794 ) Unrealized gains — — 1,059 — 1,059 (Gains) losses reclassified into earnings — (239 ) — 262 23 Other comprehensive income (loss) — (239 ) 1,059 262 1,082 Ending balance $ — $ 2,800 $ — $ (1,968 ) $ 832 Six Months Ended November 30, 2017 (Dollars in thousands) Unrealized Gains (Losses) Equity Securities Unrealized Gains Derivatives Unrealized Gains (Losses) Cash Flow Hedges Unrealized Losses Defined Benefit Plan Total Beginning balance $ 12,016 $ 3,531 $ 171 $ (2,543 ) $ 13,175 Unrealized losses (1,143 ) — — — (1,143 ) (Gains) losses reclassified into earnings — (250 ) (136 ) 253 (133 ) Other comprehensive income (loss) (1,143 ) (250 ) (136 ) 253 (1,276 ) Ending balance $ 10,873 $ 3,281 $ 35 $ (2,290 ) $ 11,899 ____________________________ (1) Represents the adjustment to AOCI as a result of the new accounting standards adopted during the six months ended November 30, 2018 , see “Note 1—Summary of Significant Accounting Policies. We expect to reclassify less than $1 million of amounts in AOCI related to unrealized derivative gains into earnings over the next 12 months.

Guarantees - (Notes)

Guarantees - (Notes)	6 Months Ended
	Nov. 30, 2018
Guarantees [Abstract]
Guarantees	NOTE 11—GUARANTEES The following table summarizes total guarantees, by type of guarantee and by member class, as of November 30, 2018 and May 31, 2018 . (Dollars in thousands) November 30, 2018 May 31, 2018 Total by type: Long-term tax-exempt bonds (1) $ 313,685 $ 316,985 Letters of credit (2) 312,536 343,970 Other guarantees 145,201 144,206 Total $ 771,422 $ 805,161 Total by member class: CFC: Distribution $ 201,189 $ 201,993 Power supply 549,825 587,837 Statewide and associate 3,335 3,326 CFC total 754,349 793,156 NCSC 15,499 10,431 RTFC 1,574 1,574 Total $ 771,422 $ 805,161 ____________________________ (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 $314 million and $317 million as of November 30, 2018 and May 31, 2018 , respectively, included $248 million and $250 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 $66 million as of November 30, 2018 are fixed-rate. The maximum potential exposure for these bonds, including the outstanding principal of $66 million and related interest through maturity, totaled $92 million as of November 30, 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 $313 million and $344 million as of November 30, 2018 and May 31, 2018 , respectively, $124 million and $120 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 November 30, 2018 . The maturities for the outstanding letters of credit as of November 30, 2018 extend through calendar year 2028. In addition to the letters of credit listed in the table above, under master letter of credit facilities in place as of November 30, 2018 , we may be required to issue up to an additional $58 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 November 30, 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 $146 million and $145 million as of November 30, 2018 and May 31, 2018 , respectively, 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 $308 million and $344 million and represented 40% and 43% of total guarantees as of November 30, 2018 and May 31, 2018 , respectively. In addition to the guarantees described above, we were also the liquidity provider for $248 million of variable-rate tax-exempt bonds as of November 30, 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 six months ended November 30, 2018 or the prior fiscal year. Guarantee Liability As of November 30, 2018 and May 31, 2018 , we recorded a guarantee liability of $10 million and $11 million as of November 30, 2018 and May 31, 2018 , respectively, which represents the contingent and noncontingent exposures related to guarantees and liquidity obligations. The contingent guarantee liability was $1 million as of both November 30, 2018 and May 31, 2018 , based on management’s estimate of exposure to losses within the guarantee portfolio. The remaining balance of the total guarantee liability of $9 million and $10 million as of November 30, 2018 and May 31, 2018 , 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)	6 Months Ended
	Nov. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurement	NOTE 12—FAIR VALUE MEASUREMENT We use fair value measurements for the initial recording of certain assets and liabilities and periodic remeasurement of certain assets and liabilities on a recurring or nonrecurring basis. The accounting guidance for fair value measurements and disclosures establishes a three-level fair value hierarchy that prioritizes the inputs into the valuation techniques used to measure fair value. The levels of the fair value hierarchy, in priority order, include Level 1, Level 2 and Level 3. For additional information regarding the fair value hierarchy and a description of the methodologies we use to measure fair value, see “Note 13—Fair Value Measurement” to the Consolidated Financial Statements in our 2018 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 November 30, 2018 and May 31, 2018 . The tables also display the classification within the fair value hierarchy of the valuation technique used in estimating fair value. November 30, 2018 Fair Value Measurement Level (Dollars in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 226,758 $ 226,758 $ 226,758 $ — $ — Restricted cash 16,174 16,174 16,174 — — Equity securities 86,988 86,988 86,988 — — Debt securities held-to-maturity 558,071 550,116 — 550,116 — Deferred compensation investments 5,001 5,001 5,001 — — Loans to members, net 25,277,271 23,830,865 — — 23,830,865 Accrued interest receivable 133,988 133,988 — 133,988 — Debt service reserve funds 17,151 17,151 17,151 — — Derivative assets 319,687 319,687 — 319,687 — Liabilities: Short-term borrowings $ 4,100,606 $ 4,100,581 $ — $ 4,100,581 $ — Long-term debt 18,477,156 18,370,056 — 10,837,939 7,532,117 Accrued interest payable 146,639 146,639 — 146,639 — Guarantee liability 9,612 9,249 — — 9,249 Derivative liabilities 255,112 255,112 — 255,112 — Subordinated deferrable debt 742,480 738,620 — 738,620 — Members’ subordinated certificates 1,376,689 1,376,689 — — 1,376,689 May 31, 2018 Fair Value Measurement Level (Dollars in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 230,999 $ 230,999 $ 230,999 $ — $ — Restricted cash 7,825 7,825 7,825 — — Time deposits 100,000 100,000 — 100,000 — Equity securities 89,332 89,332 89,332 — — Debt securities held to maturity 520,519 516,546 — 516,546 — Deferred compensation investments 5,194 5,194 5,194 — — Loans to members, net 25,159,807 24,167,886 — — 24,167,886 Accrued interest receivable 127,442 127,442 — 127,442 — Debt service reserve funds 17,151 17,151 17,151 — — Derivative assets 244,526 244,526 — 244,526 — Liabilities: Short-term borrowings $ 3,795,910 $ 3,795,799 $ — $ 3,695,799 $ 100,000 Long-term debt 18,714,960 18,909,276 — 11,373,216 7,536,060 Accrued interest payable 149,284 149,284 — 149,284 — Guarantee liability 10,589 10,454 — — 10,454 Derivative liabilities 275,932 275,932 — 275,932 — Subordinated deferrable debt 742,410 766,088 — 766,088 — Members’ subordinated certificates 1,379,982 1,380,004 — — 1,380,004 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 six months ended November 30, 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 November 30, 2018 and May 31, 2018 , and the classification of the valuation technique within the fair value hierarchy. November 30, 2018 May 31, 2018 (Dollars in thousands) Level 1 Level 2 Total Level 1 Level 2 Total Equity securities $ 86,988 $ — $ 86,988 $ 89,332 $ — $ 89,332 Deferred compensation investments 5,001 — 5,001 5,194 — 5,194 Derivative assets — 319,687 319,687 — 244,526 244,526 Derivative liabilities — 255,112 255,112 — 275,932 275,932 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 six months ended November 30, 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 November 30, 2018 and May 31, 2018 , 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.

Business Segments - (Notes)

Business Segments - (Notes)	6 Months Ended
	Nov. 30, 2018
Segment Reporting [Abstract]
Segment Information	NOTE 13—BUSINESS SEGMENTS The following tables display segment results for the three and six months ended November 30, 2018 and 2017 , and assets attributable to each segment as of November 30, 2018 and November 30, 2017 . Three Months Ended November 30, 2018 (Dollars in thousands) CFC Other Elimination Consolidated Total Statement of operations: Interest income $ 279,033 $ 12,945 $ (10,725 ) $ 281,253 Interest expense (203,985 ) (10,906 ) 10,725 (204,166 ) Net interest income 75,048 2,039 — 77,087 Benefit for loan losses 1,788 — — 1,788 Net interest income after benefit for loan losses 76,836 2,039 — 78,875 Non-interest income: Fee and other income 5,623 490 (1,792 ) 4,321 Derivative gains (losses): Derivative cash settlements (11,546 ) (259 ) — (11,805 ) Derivative forward value gains 74,591 557 — 75,148 Derivative gains 63,045 298 — 63,343 Total non-interest income 68,668 788 (1,792 ) 67,664 Non-interest expense: General and administrative expenses (23,544 ) (1,919 ) 1,593 (23,870 ) Other non-interest expense (2,700 ) (199 ) 199 (2,700 ) Total non-interest expense (26,244 ) (2,118 ) 1,792 (26,570 ) Income before income taxes 119,260 709 — 119,969 Income tax expense — (243 ) — (243 ) Net income $ 119,260 $ 466 $ — $ 119,726 Three Months Ended November 30, 2017 (Dollars in thousands) CFC Other Elimination Consolidated Total Statement of operations: Interest income $ 263,180 $ 12,257 $ (9,614 ) $ 265,823 Interest expense (194,943 ) (9,841 ) 9,614 (195,170 ) Net interest income 68,237 2,416 — 70,653 Benefit for loan losses 304 — — 304 Net interest income after benefit for loan losses 68,541 2,416 — 70,957 Non-interest income: Fee and other income 5,490 301 (249 ) 5,542 Derivative gains (losses): Derivative cash settlements (18,990 ) (645 ) — (19,635 ) Derivative forward value gains 143,452 1,776 — 145,228 Derivative gains 124,462 1,131 — 125,593 Results of operations of foreclosed assets (10 ) — — (10 ) Total non-interest income 129,942 1,432 (249 ) 131,125 Non-interest expense: General and administrative expenses (20,292 ) (1,622 ) — (21,914 ) Other non-interest expense (618 ) (249 ) 249 (618 ) Total non-interest expense (20,910 ) (1,871 ) 249 (22,532 ) Income before income taxes 177,573 1,977 — 179,550 Income tax expense — (827 ) — (827 ) Net income $ 177,573 $ 1,150 $ — $ 178,723 Six Months Ended November 30, 2018 (Dollars in thousands) CFC Other Elimination Consolidated Total Statement of income: Interest income $ 555,276 $ 25,929 $ (21,461 ) $ 559,744 Interest expense (414,035 ) (21,823 ) 21,461 (414,397 ) Net interest income 141,241 4,106 — 145,347 Benefit for loan losses 1,897 — — 1,897 Net interest income after benefit for loan losses 143,138 4,106 — 147,244 Non-interest income: Fee and other income 10,096 1,054 (3,644 ) 7,506 Derivative gains (losses): Derivative cash settlements (24,108 ) (526 ) — (24,634 ) Derivative forward value gains 94,262 898 — 95,160 Derivative gains 70,154 372 — 70,526 Total non-interest income 80,250 1,426 (3,644 ) 78,032 Non-interest expense: General and administrative expenses (45,969 ) (4,293 ) 3,187 (47,075 ) Losses on early extinguishment of debt (7,100 ) — — (7,100 ) Other non-interest expense (3,094 ) (457 ) 457 (3,094 ) Total non-interest expense (56,163 ) (4,750 ) 3,644 (57,269 ) Income before income taxes 167,225 782 — 168,007 Income tax expense — (303 ) — (303 ) Net income $ 167,225 $ 479 $ — $ 167,704 November 30, 2018 CFC Other Elimination Consolidated Total Assets: Total loans outstanding $ 25,250,000 $ 1,122,718 $ (1,089,765 ) $ 25,282,953 Deferred loan origination costs 11,222 — — 11,222 Loans to members 25,261,222 1,122,718 (1,089,765 ) 25,294,175 Less: Allowance for loan losses (16,904 ) — — (16,904 ) Loans to members, net 25,244,318 1,122,718 (1,089,765 ) 25,277,271 Other assets 1,542,099 112,923 (102,535 ) 1,552,487 Total assets $ 26,786,417 $ 1,235,641 $ (1,192,300 ) $ 26,829,758 Six Months Ended November 30, 2017 (Dollars in thousands) CFC Other Elimination Consolidated Total Statement of income: Interest income $ 526,591 $ 23,206 $ (18,059 ) $ 531,738 Interest expense (387,448 ) (18,512 ) 18,059 (387,901 ) Net interest income 139,143 4,694 — 143,837 Benefit for loan losses 602 — — 602 Net interest income after benefit for loan losses 139,745 4,694 — 144,439 Non-interest income: Fee and other income 9,378 701 (592 ) 9,487 Derivative gains (losses): Derivative cash settlements (38,554 ) (1,303 ) (39,857 ) Derivative forward value gains 117,341 1,911 — 119,252 Derivative gains 78,787 608 — 79,395 Results of operations of foreclosed assets (34 ) — — (34 ) Total non-interest income 88,131 1,309 (592 ) 88,848 Non-interest expense: General and administrative expenses (40,030 ) (3,520 ) — (43,550 ) Other non-interest expense (1,140 ) (592 ) 592 (1,140 ) Total non-interest expense (41,170 ) (4,112 ) 592 (44,690 ) Income before income taxes 186,706 1,891 — 188,597 Income tax expense — (859 ) — (859 ) Net income $ 186,706 $ 1,032 $ — $ 187,738 November 30, 2017 CFC Other Elimination Consolidated Total Assets: Total loans outstanding $ 24,777,423 $ 1,111,438 $ (1,075,319 ) $ 24,813,542 Deferred loan origination costs 11,149 — — 11,149 Loans to members 24,788,572 1,111,438 (1,075,319 ) 24,824,691 Less: Allowance for loan losses (36,774 ) — — (36,774 ) Loans to members, net 24,751,798 1,111,438 (1,075,319 ) 24,787,917 Other assets 1,081,850 107,516 (97,040 ) 1,092,326 Total assets $ 25,833,648 $ 1,218,954 $ (1,172,359 ) $ 25,880,243

Summary of Significant Accoun_2

Summary of Significant Accounting Policies - (Policies)	6 Months Ended
	Nov. 30, 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 systems, generation and transmission (“power supply”) systems 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”).
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 during the period. Management’s most significant estimates and assumptions involve determining the allowance for loan losses and the fair value of financial assets and liabilities. Actual results could differ from these estimates. We believe these financial statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for the fair presentation of the results for the interim period. The results of operations for interim periods are not necessarily indicative of results for the entire fiscal year. Certain reclassifications have been made to prior periods to conform to the current presentation.
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 November 30, 2018 or May 31, 2018 . 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	estricted Cash Restricted cash, totaled $16 million and $8 million as of November 30, 2018 and May 31, 2018 , respectively, and consists primarily of member funds held in escrow for certain specifically designated cooperative programs.
Revenue Recognition, Interest	The following table presents interest income, by interest-earning asset category, for the three and six months ended November 30, 2018 and 2017 . Three Months Ended November 30, Six Months Ended November 30, (Dollars in thousands) 2018 2017 2018 2017 Interest income by interest-earning asset type: Long-term fixed-rate loans (1) $ 253,340 $ 248,926 $ 505,141 $ 498,290 Long-term variable-rate loans 10,066 6,097 19,447 11,960 Line of credit loans 11,752 8,588 23,385 17,295 TDR loans (2) 211 222 429 448 Other income, net (3) (251 ) (306 ) (576 ) (538 ) Total loans 275,118 263,527 547,826 527,455 Cash, time deposits and investment securities 6,135 2,296 11,918 4,283 Total interest income $ 281,253 $ 265,823 $ 559,744 $ 531,738 ____________________________ (1) Includes loan conversion fees, which are generally deferred and recognized as interest income using the effective interest method. (2) Troubled debt restructured (“TDR”) loans. (3) Consists of late payment fees, commitment fees and net amortization of deferred loan fees and loan origination costs. Deferred income of $62 million and $66 million as of November 30, 2018 and May 31, 2018 , respectively, consists primarily of deferred loan conversion fees totaling $56 million and $60 million , respectively. Deferred loan conversion fees are recognized in interest income using the effective interest method.
Recently Issued but Not Yet Adopted Accounting Standards	Recent Accounting Changes and Other Developments Accounting Standards Adopted in Fiscal Year 2019 Statement of Cash Flows—Restricted Cash In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. Under previous guidance, we were required to explain the total change in cash and cash equivalents during the period. We adopted this guidance on June 1, 2018 on a retrospective basis. We made corresponding changes on our consolidated balance sheet to present a total for cash and cash equivalents and restricted cash. Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, FASB issued ASU 2016-01, Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities, which amends certain aspects of the recognition, measurement, presentation and disclosure of certain financial instruments, including equity investments and liabilities measured at fair value under the fair value option. Under this guidance, investments in equity securities must be measured at fair value through earnings, with certain exceptions, and entities can no longer classify investments in equity securities as available for sale or trading. We adopted this guidance on June 1, 2018 on a modified retrospective basis and recorded a cumulative-effect adjustment that increased retained earnings by $9 million as a result of the transition adjustment to reclassify unrealized gains related to our equity securities from accumulated other comprehensive income (“AOCI”) to retained earnings. As a result of adopting this guidance, our investments in equity securities are no longer classified as available for sale and unrealized holding gains and losses are recorded in earnings. Previously, our equity securities were classified as available for sale and unrealized holding gains and losses were recorded in other comprehensive income. Revenue from Contracts with Customers In May 2014, 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. This guidance applies to all contracts with customers to provide goods or services in the ordinary course of business, except for certain contracts specifically excluded from the scope, including financial instruments, guarantees, insurance contracts and leases. As a financial institution, substantially all of our revenue is in the form of interest income derived from financial instruments, primarily our investments in loans and securities. We adopted this guidance on June 1, 2018. Given the scope exception for financial instruments, the adoption of the guidance did not have an impact on our condensed consolidated financial statements and does not affect our accounting. Accounting Standards Issued But Not Yet Adopted Fair Value Measurement—Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, FASB issued ASU 2018-13, Fair Value Measurement—Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. The guidance is effective for public entities for fiscal years beginning after December 15, 2019, 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, 2020. We do not expect that the adoption of this guidance will have a material impact on our consolidated financial statements. Derivatives and Hedging—Targeted Improvements to Accounting for Hedging Activities In August 2017, FASB issued 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 apply hedge accounting on a limited basis, specifically when we enter into treasury rate lock agreements. If we continue to elect not to apply hedge accounting to our interest rate swaps, the adoption of the new guidance will not have a material 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. Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments In June 2016, FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments, which 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. This update is effective for us beginning June 1, 2020. While early adoption is permitted for us beginning in the first quarter of fiscal year 2020, we do not expect to elect that option. We are continuing to evaluate the impact of the guidance on our consolidated financial statements, including assessing and evaluating assumptions and models to estimate losses.We do not expect to early adopt this guidance. 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 our portfolio composition and credit quality at the date of adoption as well as forecasts at that time.
Interest Expense, Policy	The following table presents interest expense, by debt product type, for the three and six months ended November 30, 2018 and 2017 . Three Months Ended November 30, Six Months Ended November 30, (Dollars in thousands) 2018 2017 2018 2017 Interest expense by debt product type: (1)(2) Short-term borrowings $ 22,619 $ 10,116 $ 42,038 $ 20,655 Medium-term notes 33,816 27,544 66,226 52,660 Collateral trust bonds 68,934 85,321 146,639 170,598 Guaranteed Underwriter Program notes payable 35,014 35,688 70,348 71,290 Farmer Mac notes payable 19,697 11,947 40,808 23,437 Other notes payable 322 391 644 781 Subordinated deferrable debt 9,417 9,417 18,834 18,833 Subordinated certificates 14,347 14,746 28,860 29,647 Total interest expense $ 204,166 $ 195,170 $ 414,397 $ 387,901 ____________________________ (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.
Derivatives	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 income 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 income. We generally do not designate interest rate swaps, which represented all of our outstanding derivatives as of November 30, 2018 , for hedge accounting. Accordingly, changes in the fair value of interest rate swaps are reported in our consolidated statements of income 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 13—Fair Value Measurement” to the Consolidated Financial Statements in our 2018 Form 10-K.
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 Accoun_3

Summary of Significant Accounting Policies - (Tables)	6 Months Ended
	Nov. 30, 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 six months ended November 30, 2018 and 2017 . Three Months Ended November 30, Six Months Ended November 30, (Dollars in thousands) 2018 2017 2018 2017 Interest income by interest-earning asset type: Long-term fixed-rate loans (1) $ 253,340 $ 248,926 $ 505,141 $ 498,290 Long-term variable-rate loans 10,066 6,097 19,447 11,960 Line of credit loans 11,752 8,588 23,385 17,295 TDR loans (2) 211 222 429 448 Other income, net (3) (251 ) (306 ) (576 ) (538 ) Total loans 275,118 263,527 547,826 527,455 Cash, time deposits and investment securities 6,135 2,296 11,918 4,283 Total interest income $ 281,253 $ 265,823 $ 559,744 $ 531,738 ____________________________ (1) Includes loan conversion fees, which are generally deferred and recognized as interest income using the effective interest method. (2) Troubled debt restructured (“TDR”) loans. (3) Consists of late payment fees, commitment fees and net amortization of deferred loan fees and loan origination costs.
Schedule of Components of Interest (Expense)	The following table presents interest expense, by debt product type, for the three and six months ended November 30, 2018 and 2017 . Three Months Ended November 30, Six Months Ended November 30, (Dollars in thousands) 2018 2017 2018 2017 Interest expense by debt product type: (1)(2) Short-term borrowings $ 22,619 $ 10,116 $ 42,038 $ 20,655 Medium-term notes 33,816 27,544 66,226 52,660 Collateral trust bonds 68,934 85,321 146,639 170,598 Guaranteed Underwriter Program notes payable 35,014 35,688 70,348 71,290 Farmer Mac notes payable 19,697 11,947 40,808 23,437 Other notes payable 322 391 644 781 Subordinated deferrable debt 9,417 9,417 18,834 18,833 Subordinated certificates 14,347 14,746 28,860 29,647 Total interest expense $ 204,166 $ 195,170 $ 414,397 $ 387,901 ____________________________ (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)	6 Months Ended
	Nov. 30, 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 VIEs included in CFC’s condensed consolidated financial statements, after intercompany eliminations, as of November 30, 2018 and May 31, 2018 . (Dollars in thousands) November 30, 2018 May 31, 2018 Total loans outstanding $ 1,122,717 $ 1,149,574 Other assets 16,512 10,280 Total assets $ 1,139,229 $ 1,159,854 Long-term debt $ 8,000 $ 8,000 Other liabilities 39,759 33,923 Total liabilities $ 47,759 $ 41,923
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 November 30, 2018 and May 31, 2018 . (Dollars in thousands) November 30, 2018 May 31, 2018 CFC credit commitments $ 5,500,000 $ 5,500,000 Outstanding commitments: Borrowings payable to CFC (1) 1,089,764 1,116,465 Credit enhancements: CFC third-party guarantees 17,073 12,005 Other credit enhancements 13,757 14,655 Total credit enhancements (2) 30,830 26,660 Total outstanding commitments 1,120,594 1,143,125 CFC available credit commitments $ 4,379,406 $ 4,356,875 ____________________________ (1) Borrowings payable to CFC are eliminated in consolidation. (2) Excludes interest due on these instruments.

Investment Securities - (Tables

Investment Securities - (Tables)	6 Months Ended
	Nov. 30, 2018
Investments [Abstract]
Equity Securities	The following table presents the fair value of our equity securities, all of which had readily determinable fair values, as of November 30, 2018 and May 31, 2018 . (Dollars in thousands) November 30, 2018 May 31, 2018 Equity securities at fair value: Farmer Mac—non-cumulative preferred stock $ 82,047 $ 82,352 Farmer Mac—class A common stock 4,941 6,980 Total equity securities at fair value $ 86,988 $ 89,332
Unrealized Gain (Loss) on Investments	The following tables present the amortized cost and fair value of our investment securities and the corresponding gross unrealized gains and losses, by classification category and major security type, as of November 30, 2018 and May 31, 2018 . November 30, 2018 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt securities held to maturity: Certificates of deposit $ 1,000 $ — $ — $ 1,000 Commercial paper 12,858 — (1 ) 12,857 U.S. agency debt securities 2,823 2 (1 ) 2,824 Corporate debt securities 470,536 21 (7,702 ) 462,855 Commercial MBS: Agency 7,313 5 (15 ) 7,303 Non-agency 3,453 1 (11 ) 3,443 Total commercial MBS 10,766 6 (26 ) 10,746 U.S. state and municipality debt securities 9,612 17 (10 ) 9,619 Foreign government debt securities 1,247 1 — 1,248 Other ABS (1) 49,229 1 (263 ) 48,967 Total debt securities held to maturity $ 558,071 $ 48 $ (8,003 ) $ 550,116 May 31, 2018 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Debt securities held to maturity: Certificates of deposit $ 5,148 $ — $ — $ 5,148 Commercial paper 9,134 — — 9,134 U.S. agency debt securities 2,000 16 — 2,016 Corporate debt securities 455,721 714 (4,595 ) 451,840 Commercial MBS: Agency 7,024 63 — 7,087 Non-agency 3,453 3 (3 ) 3,453 Total commercial MBS 10,477 66 (3 ) 10,540 U.S. state and municipality debt securities 2,147 24 — 2,171 Foreign government debt securities 1,241 9 — 1,250 Other ABS (1) 34,651 11 (215 ) 34,447 Total debt securities held to maturity $ 520,519 $ 840 $ (4,813 ) $ 516,546 ____________________________ (1) Consists primarily of securities backed by auto lease loans, equipment-backed loans, auto loans and credit card loans.
Schedule of Unrealized Loss on Investments	The following table presents the fair value and gross unrealized losses for debt securities 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 November 30, 2018 and May 31, 2018 . The securities are segregated between investments that have been in a continuous unrealized loss position for less than 12 months and 12 months or more based on the point in time that the fair value declined below the amortized cost basis. November 30, 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 Debt securities held to maturity: Commercial paper $ 2,164 $ (1 ) $ — $ — $ 2,164 $ (1 ) U.S. agency debt securities 391 (1 ) — — 391 (1 ) Corporate bonds 286,614 (3,234 ) 154,964 (4,468 ) 441,578 (7,702 ) Commercial MBS: Agency 3,700 (15 ) — — 3,700 (15 ) Non-agency 1,446 (11 ) — — 1,446 (11 ) Total commercial MBS 5,146 (26 ) — — 5,146 (26 ) U.S. state and municipality debt securities 3,917 (10 ) — — 3,917 (10 ) Other ABS (1) 29,180 (98 ) 17,982 (165 ) 47,162 (263 ) Total investment securities $ 327,412 $ (3,370 ) $ 172,946 $ (4,633 ) $ 500,358 $ (8,003 ) May 31, 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 Held to maturity: Corporate debt securities $ 280,139 $ (4,595 ) $ — $ — $ 280,139 $ (4,595 ) Commercial MBS, non-agency 1,451 (3 ) — — 1,451 (3 ) Other ABS (1) 27,012 (215 ) — — 27,012 (215 ) Total investment securities $ 308,602 $ (4,813 ) $ — $ — $ 308,602 $ (4,813 ) ____________________________ (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 of our HTM investment securities as of November 30, 2018 and May 31, 2018 . 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. November 30, 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 $ 1,000 $ — $ — $ — $ 1,000 Commercial paper 12,858 — — — 12,858 U.S. agency debt securities — 2,672 151 — 2,823 Corporate debt securities 25,428 403,664 41,444 — 470,536 Commercial MBS: Agency — 342 6,971 — 7,313 Non-agency — — — 3,453 3,453 Total commercial MBS — 342 6,971 3,453 10,766 U.S. state and municipality debt securities — 5,484 4,128 — 9,612 Foreign government debt securities — 1,247 — — 1,247 Other ABS (1) 993 45,791 2,445 — 49,229 Total $ 40,279 $ 459,200 $ 55,139 $ 3,453 $ 558,071 Fair value: Certificates of deposit $ 1,000 $ — $ — $ — $ 1,000 Commercial paper 12,857 — — — 12,857 U.S. agency debt securities — 2,672 152 — 2,824 Corporate debt securities 25,247 396,593 41,015 — 462,855 Commercial MBS: Agency — 340 6,963 — 7,303 Non-Agency — — — 3,443 3,443 Total Commercial MBS — 340 6,963 3,443 10,746 U.S. State and Municipality Debt Securities — 5,475 4,144 — 9,619 Foreign Government Debt Securities — 1,248 — — 1,248 Other ABS (1) 991 45,532 2,444 — 48,967 Total $ 40,095 $ 451,860 $ 54,718 $ 3,443 $ 550,116 Weighted average coupon (2) 1.79 % 2.98 % 3.58 % 3.13 % 2.95 % May 31, 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 $ 5,148 $ — $ — $ — $ 5,148 Commercial paper 9,134 — — — 9,134 U.S. agency debt securities — 2,000 — — 2,000 Corporate debt securities 9,111 377,384 69,226 — 455,721 Commercial MBS: Agency — — 7,024 — 7,024 Non-Agency — — — 3,453 3,453 Total Commercial MBS — — 7,024 3,453 10,477 U.S. State and Municipality Debt Securities — — 2,147 — 2,147 Foreign Government Debt Securities — 1,241 — — 1,241 Other ABS (1) — 33,357 1,294 — 34,651 Total $ 23,393 $ 413,982 $ 79,691 $ 3,453 $ 520,519 Fair value: Certificates of deposit $ 5,148 $ — $ — $ — $ 5,148 Commercial paper 9,134 — — — 9,134 U.S. agency debt securities — 2,016 — — 2,016 Corporate debt securities 9,056 373,284 69,500 — 451,840 Commercial MBS: Agency — — 7,087 — 7,087 Non-Agency — — — 3,453 3,453 Total Commercial MBS — — 7,087 3,453 10,540 U.S. State and Municipality Debt Securities — — 2,171 — 2,171 Foreign Government Debt Securities — 1,250 — — 1,250 Other ABS (1) — 33,157 1,290 — 34,447 Total $ 23,338 $ 409,707 $ 80,048 $ 3,453 $ 516,546 Weighted average coupon (2) 1.81 % 2.84 % 3.60 % 2.74 % 2.91 % ____________________________ (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 - (Tables)

Loans - (Tables)	6 Months Ended
	Nov. 30, 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 the outstanding principal balance of loans to members, including deferred loan origination costs, and unadvanced loan commitments by loan type and member class, as of November 30, 2018 and May 31, 2018 . November 30, 2018 May 31, 2018 (Dollars in thousands) Loans Outstanding Unadvanced Commitments (1) Loans Outstanding Unadvanced Commitments (1) Loan type: Long-term loans: Fixed rate $ 22,713,588 $ — $ 22,696,185 $ — Variable rate 1,077,971 5,289,612 1,039,491 4,952,834 Total long-term loans 23,791,559 5,289,612 23,735,676 4,952,834 Lines of credit 1,491,394 7,854,452 1,431,818 7,692,784 Total loans outstanding 25,282,953 13,144,064 25,167,494 12,645,618 Deferred loan origination costs 11,222 — 11,114 — Loans to members $ 25,294,175 $ 13,144,064 $ 25,178,608 $ 12,645,618 Member class: CFC: Distribution $ 19,812,973 $ 8,531,846 $ 19,551,511 $ 8,188,376 Power supply 4,264,713 3,592,293 4,397,353 3,407,095 Statewide and associate 82,549 130,909 69,055 128,025 Total CFC 24,160,235 12,255,048 24,017,919 11,723,496 NCSC 767,225 597,325 786,457 624,663 RTFC 355,493 291,691 363,118 297,459 Total loans outstanding 25,282,953 13,144,064 25,167,494 12,645,618 Deferred loan origination costs 11,222 — 11,114 — Loans to members $ 25,294,175 $ 13,144,064 $ 25,178,608 $ 12,645,618 ____________________________ (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 November 30, 2018 and the related maturities by fiscal year and thereafter by loan type: Available Balance Notional Maturities of Unadvanced Loan Commitments (Dollars in thousands) 2019 2020 2021 2022 2023 Thereafter Line of credit loans $ 7,854,452 $ 302,927 $ 3,960,406 $ 908,973 $ 755,133 $ 1,339,586 $ 587,427 Long-term loans 5,289,612 417,526 545,467 688,422 1,636,893 1,193,023 808,281 Total $ 13,144,064 $ 720,453 $ 4,505,873 $ 1,597,395 $ 2,392,026 $ 2,532,609 $ 1,395,708
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 November 30, 2018 . Available Balance Notional Maturities of Unconditional Committed Lines of Credit (Dollars in thousands) 2019 2020 2021 2022 2023 Thereafter Committed lines of credit $3,053,902 $110,000 $347,582 $479,348 $455,400 $1,228,176 $433,396
Summary of loans outstanding as collateral pledged to secure the entity's collateral trust bonds, Clean Renewable Energy Bonds and notes payable to the Federal Agricultural Mortgage Corporation and the amount of the corresponding debt outstanding	The following table summarizes our loans outstanding as collateral pledged to secure our collateral trust bonds, Clean Renewable Energy Bonds, notes payable to Farmer Mac and notes payable under the Guaranteed Underwriter Program of the USDA (“Guaranteed Underwriter Program”) and the amount of the corresponding debt outstanding as of November 30, 2018 and May 31, 2018 . See “Note 6—Short-Term Borrowings” and “Note 7—Long-Term Debt” for information on our borrowings. (Dollars in thousands) November 30, 2018 May 31, 2018 Collateral trust bonds: 2007 indenture: Distribution system mortgage notes $ 8,299,400 $ 8,643,344 RUS-guaranteed loans qualifying as permitted investments 137,839 140,680 Total pledged collateral $ 8,437,239 $ 8,784,024 Collateral trust bonds outstanding 7,322,711 7,697,711 1994 indenture: Distribution system mortgage notes $ 48,929 $ 243,418 Collateral trust bonds outstanding 40,000 220,000 Farmer Mac: Distribution and power supply system mortgage notes $ 3,177,761 $ 3,331,775 Notes payable outstanding 2,763,482 2,891,496 Clean Renewable Energy Bonds Series 2009A: Distribution and power supply system mortgage notes $ 13,755 $ 12,615 Cash 1,087 415 Total pledged collateral $ 14,842 $ 13,030 Notes payable outstanding 11,556 11,556 Federal Financing Bank: Distribution and power supply system mortgage notes $ 5,596,619 $ 5,772,750 Notes payable outstanding 4,925,542 4,856,375
Schedule of loan portfolio by risk rating category and member class based on available data	he 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 November 30, 2018 and May 31, 2018 . November 30, 2018 (Dollars in thousands) Pass Special Mention Substandard Doubtful Total CFC: Distribution $ 19,683,219 $ 6,364 $ 123,390 $ — $ 19,812,973 Power supply 4,216,130 — 48,583 — 4,264,713 Statewide and associate 82,549 — — — 82,549 CFC total 23,981,898 6,364 171,973 — 24,160,235 NCSC 767,225 — — — 767,225 RTFC 349,651 — 5,842 — 355,493 Total loans outstanding $ 25,098,774 $ 6,364 $ 177,815 $ — $ 25,282,953 May 31, 2018 (Dollars in thousands) Pass Special Mention Substandard Doubtful Total CFC: Distribution $ 19,429,121 $ 6,853 $ 115,537 $ — $ 19,551,511 Power supply 4,348,328 — 49,025 — 4,397,353 Statewide and associate 69,055 — — — 69,055 CFC total 23,846,504 6,853 164,562 — 24,017,919 NCSC 786,457 — — — 786,457 RTFC 356,503 523 6,092 — 363,118 Total loans outstanding $ 24,989,464 $ 7,376 $ 170,654 $ — $ 25,167,494
Past Due Financing Receivables	The tables below present the payment status of loans outstanding by member class as of November 30, 2018 and May 31, 2018 . As indicated in the table, we did not have any past due loans as of either November 30, 2018 or May 31, 2018 . November 30, 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 $ 19,812,973 $ — $ — $ — $ 19,812,973 $ — Power supply 4,264,713 — — — 4,264,713 — Statewide and associate 82,549 — — — 82,549 — CFC total 24,160,235 — — — 24,160,235 — NCSC 767,225 — — — 767,225 — RTFC 355,493 — — — 355,493 — Total loans outstanding $ 25,282,953 $ — $ — $ — $ 25,282,953 $ — Percentage of total loans 100.00 % — % — % — % 100.00 % — % May 31, 2018 (Dollars in thousands) Current 30-89 Days Past Due 90 Days or More Past Due (1) Total Total Financing Nonaccrual Loans CFC: Distribution $ 19,551,511 $ — $ — $ — $ 19,551,511 $ — Power supply 4,397,353 — — — 4,397,353 — Statewide and associate 69,055 — — — 69,055 — CFC total 24,017,919 — — — 24,017,919 — NCSC 786,457 — — — 786,457 — RTFC 363,118 — — — 363,118 — Total loans outstanding $ 25,167,494 $ — $ — $ — $ 25,167,494 $ — 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 November 30, 2018 and May 31, 2018 . November 30, 2018 May 31, 2018 (Dollars in thousands) Loans Outstanding % of Total Loans Unadvanced Commitments Loans Outstanding % of Total Loans Unadvanced Commitments TDR loans: Performing TDR loans: CFC/Distribution $ 6,261 0.03 % $ — $ 6,507 0.03 % $ — RTFC 5,842 0.02 — 6,092 0.02 — Total performing TDR loans 12,103 0.05 — 12,599 0.05 — Total TDR loans $ 12,103 0.05 % $ — $ 12,599 0.05 % $ —
Impaired Financing Receivable with Related Allowance Recorded Investment	The following table provides information on loans classified as individually impaired loans as of November 30, 2018 and May 31, 2018 . November 30, 2018 May 31, 2018 (Dollars in thousands) Recorded Investment Related Allowance Recorded Investment Related Allowance With no specific allowance recorded: CFC $ 6,261 $ — $ 6,507 $ — With a specific allowance recorded: RTFC 5,842 1,150 6,092 1,198 Total impaired loans $ 12,103 $ 1,150 $ 12,599 $ 1,198
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 six months ended November 30, 2018 and 2017 . Three Months Ended November 30, 2018 2017 2018 2017 (Dollars in thousands) Average Recorded Investment Interest Income Recognized CFC $ 6,261 $ 6,507 $ 137 $ 142 RTFC 5,923 6,423 74 80 Total impaired loans $ 12,184 $ 12,930 $ 211 $ 222 Six Months Ended November 30, 2018 2017 2018 2017 (Dollars in thousands) Average Recorded Investment Interest Income Recognized CFC $ 6,383 $ 6,541 $ 279 $ 286 RTFC 5,986 6,486 150 162 Total impaired loans $ 12,369 $ 13,027 $ 429 $ 448

Allowance for Loan Losses - (Ta

Allowance for Loan Losses - (Tables)	6 Months Ended
	Nov. 30, 2018
Loans and Leases Receivable Disclosure [Abstract]
Allowance for Credit Losses on Financing Receivables	The following tables summarize changes, by company, in the allowance for loan losses as of and for the three and six months ended November 30, 2018 and 2017 . Three Months Ended November 30, 2018 (Dollars in thousands) CFC NCSC RTFC Total Balance as of August 31, 2018 $ 12,508 $ 2,012 $ 4,172 $ 18,692 Benefit for loan losses (334 ) (43 ) (1,411 ) (1,788 ) Balance as of November 30, 2018 $ 12,174 $ 1,969 $ 2,761 $ 16,904 Three Months Ended November 30, 2017 (Dollars in thousands) CFC NCSC RTFC Total Balance as of August 31, 2017 $ 29,521 $ 2,736 $ 4,821 $ 37,078 Provision (benefit) for loan losses (722 ) 381 37 (304 ) Balance as of November 30, 2017 $ 28,799 $ 3,117 $ 4,858 $ 36,774 Six Months Ended November 30, 2018 (Dollars in thousands) CFC NCSC RTFC Total Balance as of May 31, 2018 $ 12,300 $ 2,082 $ 4,419 $ 18,801 Benefit for loan losses (126 ) (113 ) (1,658 ) (1,897 ) Balance as of November 30, 2018 $ 12,174 $ 1,969 $ 2,761 $ 16,904 Six Months Ended November 30, 2017 (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 (700 ) 207 (109 ) (602 ) Balance as of November 30, 2017 $ 28,799 $ 3,117 $ 4,858 $ 36,774
Allowance for Credit Losses and Recorded Investment in Financing Receivables	The tables below present, by company, the components of our allowance for loan losses and the recorded investment of the related loans as of November 30, 2018 and May 31, 2018 . November 30, 2018 (Dollars in thousands) CFC NCSC RTFC Total Ending balance of the allowance: Collective allowance $ 12,174 $ 1,969 $ 1,611 $ 15,754 Specific allowance — — 1,150 1,150 Total ending balance of the allowance $ 12,174 $ 1,969 $ 2,761 $ 16,904 Recorded investment in loans: Collectively evaluated loans $ 24,153,974 $ 767,225 $ 349,651 $ 25,270,850 Individually evaluated loans 6,261 — 5,842 12,103 Total recorded investment in loans $ 24,160,235 $ 767,225 $ 355,493 $ 25,282,953 Total recorded investment in loans, net (1) $ 24,148,061 $ 765,256 $ 352,732 $ 25,266,049 May 31, 2018 (Dollars in thousands) CFC NCSC RTFC Total Ending balance of the allowance: Collective allowance $ 12,300 $ 2,082 $ 3,221 $ 17,603 Specific allowance — — 1,198 1,198 Total ending balance of the allowance $ 12,300 $ 2,082 $ 4,419 $ 18,801 Recorded investment in loans: Collectively evaluated loans $ 24,011,412 $ 786,457 $ 357,026 $ 25,154,895 Individually evaluated loans 6,507 — 6,092 12,599 Total recorded investment in loans $ 24,017,919 $ 786,457 $ 363,118 $ 25,167,494 Total recorded investment in loans, net (1) $ 24,005,619 $ 784,375 $ 358,699 $ 25,148,693 ____________________________ (1) Excludes unamortized deferred loan origination costs of $11 million as of both November 30, 2018 and May 31, 2018 .

Short-Term Borrowings - (Tables

Short-Term Borrowings - (Tables)	6 Months Ended
	Nov. 30, 2018
Debt Disclosure [Abstract]
Schedule of Short-term Debt	The following table displays short-term borrowings outstanding as of November 30, 2018 and May 31, 2018 . (Dollars in thousands) November 30, 2018 May 31, 2018 Short-term borrowings: Commercial paper: Commercial paper to dealers, net of discounts $ 1,058,949 $ 1,064,266 Commercial paper to members, at par 1,218,730 1,202,105 Total commercial paper 2,277,679 2,266,371 Select notes to members 1,031,022 780,472 Daily liquidity fund notes to members 566,935 400,635 Medium-term notes to members 224,970 248,432 Farmer Mac revolving facility — 100,000 Total short-term borrowings $ 4,100,606 $ 3,795,910
Schedule of Line of Credit Facilities	$2,975 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 November 30, 2018 and May 31, 2018 . November 30, 2018 May 31, 2018 (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 $ — $ — $ — $ 1,492 $ — $ 1,492 November 20, 2020 7.5 bps 3-year agreement 1,440 — 1,440 — — — November 28, 2021 7.5 bps Total 3-year agreement 1,440 — 1,440 1,492 — 1,492 5-year agreement — — — 1,593 3 1,590 November 20, 2022 10 bps 5-year agreement 1,535 3 1,532 — — — November 28, 2023 10 bps Total 5-year agreement 1,535 3 1,532 1,593 3 1,590 Total $ 2,975 $ 3 $ 2,972 $ 3,085 $ 3 $ 3,082 ____________________________ (1) Facility fee determined by CFC’s senior unsecured credit ratings based on the pricing schedules put in place at the inception of the r

Long-Term Debt - (Tables)

Long-Term Debt - (Tables)	6 Months Ended
	Nov. 30, 2018
Debt Instruments [Abstract]
Summary of long-term debt outstanding	The following table displays long-term debt outstanding, by debt type, as of November 30, 2018 and May 31, 2018 . (Dollars in thousands) November 30, 2018 May 31, 2018 Unsecured long-term debt: Medium-term notes sold through dealers $ 3,296,932 $ 3,026,472 Medium-term notes sold to members 397,096 395,389 Subtotal medium-term notes 3,694,028 3,421,861 Unamortized discount (1,094 ) (1,256 ) Debt issuance costs (20,906 ) (22,237 ) Total unsecured medium-term notes 3,672,028 3,398,368 Unsecured notes payable 18,892 18,892 Unamortized discount (229 ) (277 ) Debt issuance costs (56 ) (68 ) Total unsecured notes payable 18,607 18,547 Total unsecured long-term debt 3,690,635 3,416,915 Secured long-term debt: Collateral trust bonds 7,362,711 7,917,711 Unamortized discount (246,914 ) (250,421 ) Debt issuance costs (29,648 ) (28,197 ) Total collateral trust bonds 7,086,149 7,639,093 Guaranteed Underwriter Program notes payable 4,925,542 4,856,375 Debt issuance costs — (232 ) Total Guaranteed Underwriter Program notes payable 4,925,542 4,856,143 Farmer Mac notes payable 2,763,482 2,791,496 Other secured notes payable 11,556 11,556 Debt issuance costs (208 ) (243 ) Total other secured notes payable 11,348 11,313 Total secured notes payable 7,700,372 7,658,952 Total secured long-term debt 14,786,521 15,298,045 Total long-term debt $ 18,477,156 $ 18,714,960

Subordinated Deferrable Debt _2

Subordinated Deferrable Debt - (Tables)	6 Months Ended
	Nov. 30, 2018
Subordinated Debt [Abstract]
Schedule of Subordinated Borrowing	The following table presents subordinated deferrable debt outstanding as of November 30, 2018 and May 31, 2018 . (Dollars in thousands) November 30, 2018 May 31, 2018 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 (7,520 ) (7,590 ) Total subordinated deferrable debt $ 742,480 $ 742,410

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities - (Tables)	6 Months Ended
	Nov. 30, 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 November 30, 2018 and May 31, 2018 . 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. November 30, 2018 May 31, 2018 (Dollars in thousands) Notional Amount Weighted- Average Rate Paid Weighted- Average Rate Received Notional Weighted- Weighted- Pay-fixed swaps $ 7,362,136 2.83 % 2.52 % $ 6,987,999 2.83 % 2.30 % Receive-fixed swaps 3,699,000 3.12 2.52 3,824,000 2.93 2.50 Total interest rate swaps 11,061,136 2.93 2.52 10,811,999 2.86 2.37 Forward pay-fixed swaps 83,017 256,154 Total $ 11,144,153 $ 11,068,153
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 by derivatives type, as of November 30, 2018 and May 31, 2018 . November 30, 2018 May 31, 2018 (Dollars in thousands) Fair Value Notional Balance Fair Value Notional Balance Derivative assets: Interest rate swaps $ 319,687 $ 5,883,946 $ 244,526 $ 5,264,971 Derivative liabilities: Treasury rate lock—cash flow hedge $ — $ — $ 1,059 $ 100,000 Interest rate swaps 255,112 5,260,207 274,873 5,803,182 Total derivative liabilities $ 255,112 $ 5,260,207 $ 275,932 $ 5,903,182
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 November 30, 2018 and May 31, 2018 , and provides information on the impact of netting provisions and collateral pledged. November 30, 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 $ 319,687 $ — $ 319,687 $ 202,952 $ — $ 116,735 Derivative liabilities: Interest rate swaps 255,112 — 255,112 202,952 — 52,160 May 31, 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 $ 244,526 $ — $ 244,526 $ 196,633 $ — $ 47,893 Derivative liabilities: Treasury rate lock—cash flow hedge 1,059 — 1,059 — — 1,059 Interest rate swaps 274,873 — 274,873 196,633 — 78,240
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 November 30, 2018 and May 31, 2018 , and provides information on the impact of netting provisions and collateral pledged. November 30, 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 $ 319,687 $ — $ 319,687 $ 202,952 $ — $ 116,735 Derivative liabilities: Interest rate swaps 255,112 — 255,112 202,952 — 52,160 May 31, 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 $ 244,526 $ — $ 244,526 $ 196,633 $ — $ 47,893 Derivative liabilities: Treasury rate lock—cash flow hedge 1,059 — 1,059 — — 1,059 Interest rate swaps 274,873 — 274,873 196,633 — 78,240
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 income for our interest rate swaps for the three and six months ended November 30, 2018 and 2017 . Three Months Ended November 30, Six Months Ended November 30, (Dollars in thousands) 2018 2017 2018 2017 Derivative cash settlements $ (11,805 ) $ (19,635 ) $ (24,634 ) $ (39,857 ) Derivative forward value gains 75,148 145,228 95,160 119,252 Derivative gains $ 63,343 $ 125,593 $ 70,526 $ 79,395
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 November 30, 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) $ 52,555 $ (7,819 ) $ — $ (7,819 ) Falls below Baa1/BBB+ 7,308,946 (37,072 ) 75,448 38,376 Falls to or below Baa2/BBB (2) 525,293 — 7,137 7,137 Falls below Baa3/BBB- 222,643 (8,952 ) — (8,952 ) Total $ 8,109,437 $ (53,843 ) $ 82,585 $ 28,742 ____________________________ (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)	6 Months Ended
	Nov. 30, 2018
Stockholders' Equity Note [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following tables summarize, by component, the activity in AOCI as of and for the three and six months ended November 30, 2018 and 2017 . Three Months Ended November 30, 2018 (Dollars in thousands) Unrealized Gains (Losses) Equity Securities Unrealized Gains Unrealized Gains (Losses) Cash Flow Hedges Unrealized Losses Defined Benefit Plan Total Beginning balance $ — $ 2,920 $ (1,035 ) $ (2,099 ) $ (214 ) Unrealized gains — — 1,035 — 1,035 (Gains) losses reclassified into earnings — (120 ) — 131 11 Other comprehensive income (loss) — (120 ) 1,035 131 1,046 Ending balance $ — $ 2,800 $ — $ (1,968 ) $ 832 Three Months Ended November 30, 2017 (Dollars in thousands) Unrealized Gains (Losses) Equity Securities Unrealized Gains Derivatives Unrealized Gains (Losses) Cash Flow Hedges Unrealized Losses Defined Benefit Plan Total Beginning balance $ 10,865 $ 3,407 $ 103 $ (2,416 ) $ 11,959 Unrealized gains 8 — — — 8 (Gains) losses reclassified into earnings — (126 ) (68 ) 126 (68 ) Other comprehensive income (loss) 8 (126 ) (68 ) 126 (60 ) Ending balance $ 10,873 $ 3,281 $ 35 $ (2,290 ) $ 11,899 Six Months Ended November 30, 2018 (Dollars in thousands) Unrealized Gains (Losses) Equity Securities Unrealized Gains Derivatives Unrealized Gains (Losses) Cash Flow Hedges Unrealized Losses Defined Benefit Plan Total Beginning balance $ 8,794 $ 3,039 $ (1,059 ) $ (2,230 ) $ 8,544 Cumulative effect from adoption of new accounting standard (1) (8,794 ) — — — (8,794 ) Unrealized gains — — 1,059 — 1,059 (Gains) losses reclassified into earnings — (239 ) — 262 23 Other comprehensive income (loss) — (239 ) 1,059 262 1,082 Ending balance $ — $ 2,800 $ — $ (1,968 ) $ 832 Six Months Ended November 30, 2017 (Dollars in thousands) Unrealized Gains (Losses) Equity Securities Unrealized Gains Derivatives Unrealized Gains (Losses) Cash Flow Hedges Unrealized Losses Defined Benefit Plan Total Beginning balance $ 12,016 $ 3,531 $ 171 $ (2,543 ) $ 13,175 Unrealized losses (1,143 ) — — — (1,143 ) (Gains) losses reclassified into earnings — (250 ) (136 ) 253 (133 ) Other comprehensive income (loss) (1,143 ) (250 ) (136 ) 253 (1,276 ) Ending balance $ 10,873 $ 3,281 $ 35 $ (2,290 ) $ 11,899

Guarantees - (Tables)

Guarantees - (Tables)	6 Months Ended
	Nov. 30, 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 November 30, 2018 and May 31, 2018 . (Dollars in thousands) November 30, 2018 May 31, 2018 Total by type: Long-term tax-exempt bonds (1) $ 313,685 $ 316,985 Letters of credit (2) 312,536 343,970 Other guarantees 145,201 144,206 Total $ 771,422 $ 805,161 Total by member class: CFC: Distribution $ 201,189 $ 201,993 Power supply 549,825 587,837 Statewide and associate 3,335 3,326 CFC total 754,349 793,156 NCSC 15,499 10,431 RTFC 1,574 1,574 Total $ 771,422 $ 805,161 ____________________________ (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)	6 Months Ended
	Nov. 30, 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. November 30, 2018 Fair Value Measurement Level (Dollars in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 226,758 $ 226,758 $ 226,758 $ — $ — Restricted cash 16,174 16,174 16,174 — — Equity securities 86,988 86,988 86,988 — — Debt securities held-to-maturity 558,071 550,116 — 550,116 — Deferred compensation investments 5,001 5,001 5,001 — — Loans to members, net 25,277,271 23,830,865 — — 23,830,865 Accrued interest receivable 133,988 133,988 — 133,988 — Debt service reserve funds 17,151 17,151 17,151 — — Derivative assets 319,687 319,687 — 319,687 — Liabilities: Short-term borrowings $ 4,100,606 $ 4,100,581 $ — $ 4,100,581 $ — Long-term debt 18,477,156 18,370,056 — 10,837,939 7,532,117 Accrued interest payable 146,639 146,639 — 146,639 — Guarantee liability 9,612 9,249 — — 9,249 Derivative liabilities 255,112 255,112 — 255,112 — Subordinated deferrable debt 742,480 738,620 — 738,620 — Members’ subordinated certificates 1,376,689 1,376,689 — — 1,376,689 May 31, 2018 Fair Value Measurement Level (Dollars in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 230,999 $ 230,999 $ 230,999 $ — $ — Restricted cash 7,825 7,825 7,825 — — Time deposits 100,000 100,000 — 100,000 — Equity securities 89,332 89,332 89,332 — — Debt securities held to maturity 520,519 516,546 — 516,546 — Deferred compensation investments 5,194 5,194 5,194 — — Loans to members, net 25,159,807 24,167,886 — — 24,167,886 Accrued interest receivable 127,442 127,442 — 127,442 — Debt service reserve funds 17,151 17,151 17,151 — — Derivative assets 244,526 244,526 — 244,526 — Liabilities: Short-term borrowings $ 3,795,910 $ 3,795,799 $ — $ 3,695,799 $ 100,000 Long-term debt 18,714,960 18,909,276 — 11,373,216 7,536,060 Accrued interest payable 149,284 149,284 — 149,284 — Guarantee liability 10,589 10,454 — — 10,454 Derivative liabilities 275,932 275,932 — 275,932 — Subordinated deferrable debt 742,410 766,088 — 766,088 — Members’ subordinated certificates 1,379,982 1,380,004 — — 1,380,004
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 November 30, 2018 and May 31, 2018 , and the classification of the valuation technique within the fair value hierarchy. November 30, 2018 May 31, 2018 (Dollars in thousands) Level 1 Level 2 Total Level 1 Level 2 Total Equity securities $ 86,988 $ — $ 86,988 $ 89,332 $ — $ 89,332 Deferred compensation investments 5,001 — 5,001 5,194 — 5,194 Derivative assets — 319,687 319,687 — 244,526 244,526 Derivative liabilities — 255,112 255,112 — 275,932 275,932

Business Segments - (Tables)

Business Segments - (Tables)	6 Months Ended
	Nov. 30, 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 six months ended November 30, 2018 and 2017 , and assets attributable to each segment as of November 30, 2018 and November 30, 2017 . Three Months Ended November 30, 2018 (Dollars in thousands) CFC Other Elimination Consolidated Total Statement of operations: Interest income $ 279,033 $ 12,945 $ (10,725 ) $ 281,253 Interest expense (203,985 ) (10,906 ) 10,725 (204,166 ) Net interest income 75,048 2,039 — 77,087 Benefit for loan losses 1,788 — — 1,788 Net interest income after benefit for loan losses 76,836 2,039 — 78,875 Non-interest income: Fee and other income 5,623 490 (1,792 ) 4,321 Derivative gains (losses): Derivative cash settlements (11,546 ) (259 ) — (11,805 ) Derivative forward value gains 74,591 557 — 75,148 Derivative gains 63,045 298 — 63,343 Total non-interest income 68,668 788 (1,792 ) 67,664 Non-interest expense: General and administrative expenses (23,544 ) (1,919 ) 1,593 (23,870 ) Other non-interest expense (2,700 ) (199 ) 199 (2,700 ) Total non-interest expense (26,244 ) (2,118 ) 1,792 (26,570 ) Income before income taxes 119,260 709 — 119,969 Income tax expense — (243 ) — (243 ) Net income $ 119,260 $ 466 $ — $ 119,726 Three Months Ended November 30, 2017 (Dollars in thousands) CFC Other Elimination Consolidated Total Statement of operations: Interest income $ 263,180 $ 12,257 $ (9,614 ) $ 265,823 Interest expense (194,943 ) (9,841 ) 9,614 (195,170 ) Net interest income 68,237 2,416 — 70,653 Benefit for loan losses 304 — — 304 Net interest income after benefit for loan losses 68,541 2,416 — 70,957 Non-interest income: Fee and other income 5,490 301 (249 ) 5,542 Derivative gains (losses): Derivative cash settlements (18,990 ) (645 ) — (19,635 ) Derivative forward value gains 143,452 1,776 — 145,228 Derivative gains 124,462 1,131 — 125,593 Results of operations of foreclosed assets (10 ) — — (10 ) Total non-interest income 129,942 1,432 (249 ) 131,125 Non-interest expense: General and administrative expenses (20,292 ) (1,622 ) — (21,914 ) Other non-interest expense (618 ) (249 ) 249 (618 ) Total non-interest expense (20,910 ) (1,871 ) 249 (22,532 ) Income before income taxes 177,573 1,977 — 179,550 Income tax expense — (827 ) — (827 ) Net income $ 177,573 $ 1,150 $ — $ 178,723 Six Months Ended November 30, 2018 (Dollars in thousands) CFC Other Elimination Consolidated Total Statement of income: Interest income $ 555,276 $ 25,929 $ (21,461 ) $ 559,744 Interest expense (414,035 ) (21,823 ) 21,461 (414,397 ) Net interest income 141,241 4,106 — 145,347 Benefit for loan losses 1,897 — — 1,897 Net interest income after benefit for loan losses 143,138 4,106 — 147,244 Non-interest income: Fee and other income 10,096 1,054 (3,644 ) 7,506 Derivative gains (losses): Derivative cash settlements (24,108 ) (526 ) — (24,634 ) Derivative forward value gains 94,262 898 — 95,160 Derivative gains 70,154 372 — 70,526 Total non-interest income 80,250 1,426 (3,644 ) 78,032 Non-interest expense: General and administrative expenses (45,969 ) (4,293 ) 3,187 (47,075 ) Losses on early extinguishment of debt (7,100 ) — — (7,100 ) Other non-interest expense (3,094 ) (457 ) 457 (3,094 ) Total non-interest expense (56,163 ) (4,750 ) 3,644 (57,269 ) Income before income taxes 167,225 782 — 168,007 Income tax expense — (303 ) — (303 ) Net income $ 167,225 $ 479 $ — $ 167,704 November 30, 2018 CFC Other Elimination Consolidated Total Assets: Total loans outstanding $ 25,250,000 $ 1,122,718 $ (1,089,765 ) $ 25,282,953 Deferred loan origination costs 11,222 — — 11,222 Loans to members 25,261,222 1,122,718 (1,089,765 ) 25,294,175 Less: Allowance for loan losses (16,904 ) — — (16,904 ) Loans to members, net 25,244,318 1,122,718 (1,089,765 ) 25,277,271 Other assets 1,542,099 112,923 (102,535 ) 1,552,487 Total assets $ 26,786,417 $ 1,235,641 $ (1,192,300 ) $ 26,829,758 Six Months Ended November 30, 2017 (Dollars in thousands) CFC Other Elimination Consolidated Total Statement of income: Interest income $ 526,591 $ 23,206 $ (18,059 ) $ 531,738 Interest expense (387,448 ) (18,512 ) 18,059 (387,901 ) Net interest income 139,143 4,694 — 143,837 Benefit for loan losses 602 — — 602 Net interest income after benefit for loan losses 139,745 4,694 — 144,439 Non-interest income: Fee and other income 9,378 701 (592 ) 9,487 Derivative gains (losses): Derivative cash settlements (38,554 ) (1,303 ) (39,857 ) Derivative forward value gains 117,341 1,911 — 119,252 Derivative gains 78,787 608 — 79,395 Results of operations of foreclosed assets (34 ) — — (34 ) Total non-interest income 88,131 1,309 (592 ) 88,848 Non-interest expense: General and administrative expenses (40,030 ) (3,520 ) — (43,550 ) Other non-interest expense (1,140 ) (592 ) 592 (1,140 ) Total non-interest expense (41,170 ) (4,112 ) 592 (44,690 ) Income before income taxes 186,706 1,891 — 188,597 Income tax expense — (859 ) — (859 ) Net income $ 186,706 $ 1,032 $ — $ 187,738 November 30, 2017 CFC Other Elimination Consolidated Total Assets: Total loans outstanding $ 24,777,423 $ 1,111,438 $ (1,075,319 ) $ 24,813,542 Deferred loan origination costs 11,149 — — 11,149 Loans to members 24,788,572 1,111,438 (1,075,319 ) 24,824,691 Less: Allowance for loan losses (36,774 ) — — (36,774 ) Loans to members, net 24,751,798 1,111,438 (1,075,319 ) 24,787,917 Other assets 1,081,850 107,516 (97,040 ) 1,092,326 Total assets $ 25,833,648 $ 1,218,954 $ (1,172,359 ) $ 25,880,243

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Interest Income (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2018	Nov. 30, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income		$ 281,253	$ 265,823	$ 559,744	$ 531,738
Investment Income, Interest		6,135	2,296	11,918	4,283
Long Term Fixed Rate Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	[1]	253,340	248,926	505,141	498,290
Long-term variable-rate loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income		10,066	6,097	19,447	11,960
Line of credit loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income		11,752	8,588	23,385	17,295
Restructured loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	[2]	211	222	429	448
Other Income
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	[3]	251	306	576	538
Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income		$ 275,118	$ 263,527	$ 547,826	$ 527,455
[1]	Includes loan conversion fees, which are generally deferred and recognized as interest income using the effective interest method.
[2]	Troubled debt restructured (“TDR”) loans.
[3]	Consists of late payment fees, commitment fees and net amortization of deferred loan fees and loan origination costs.

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Interest Expense (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2018	Nov. 30, 2017
Interest expense on debt:
Total interest expense	[1],[2]	$ 204,166	$ 195,170	$ 414,397	$ 387,901
Short-term borrowings
Interest expense on debt:
Interest expense on debt	[1],[2]	22,619	10,116	42,038	20,655
Medium-term notes
Interest expense on debt:
Interest expense on debt	[1],[2]	33,816	27,544	66,226	52,660
Collateral trust bonds
Interest expense on debt:
Interest expense on debt	[1],[2]	68,934	85,321	146,639	170,598
Guaranteed Underwriter Program notes payable
Interest expense on debt:
Interest expense on debt	[1],[2]	35,014	35,688	70,348	71,290
Farmer Mac notes payable
Interest expense on debt:
Interest expense on debt	[1],[2]	19,697	11,947	40,808	23,437
Other notes payable
Interest expense on debt:
Interest expense on debt	[1],[2]	322	391	644	781
Subordinated deferrable debt
Interest expense on debt:
Interest expense on debt	[1],[2]	9,417	9,417	18,834	18,833
Subordinated certificates
Interest expense on debt:
Interest expense on debt	[1],[2]	$ 14,347	$ 14,746	$ 28,860	$ 29,647
[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]	ncludes 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.

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Nov. 30, 2018	May 31, 2018
Summary of Significant Accounting Policies [Line Items]
Restricted Cash and Cash Equivalents	$ 16,174	$ 7,825
Deferred income	61,516	65,922
Deferred Loan Conversion Fees	56,000	$ 60,000
Cumulative effect from adoption of new accounting standard	$ 8,794

Variable Interest Entities - Co

Variable Interest Entities - Consolidated Assets and Liabilities of VIEs included in CFCs Condensed Consolidated Financial Statements (Details) - USD ($) $ in Thousands	Nov. 30, 2018	May 31, 2018	Nov. 30, 2017
Variable Interest Entity [Line Items]
Loans to members	$ 25,294,175	$ 25,178,608	$ 24,824,691
Other assets	54,507	54,503
Total assets	26,829,758	26,690,204	$ 25,880,243
Long-term debt	18,477,156	18,714,960
Other liabilities	42,422	59,951
Total liabilities	25,202,620	25,184,351
Variable Interest Entity, Primary Beneficiary, Aggregated Disclosure
Variable Interest Entity [Line Items]
Loans to members	1,122,717	1,149,574
Other assets	16,512	10,280
Total assets	1,139,229	1,159,854
Long-term debt	8,000	8,000
Other liabilities	39,759	33,923
Total liabilities	$ 47,759	$ 41,923

Variable Interest Entities - In

Variable Interest Entities - Information on CFCs Credit Commitments to NCSC and RTFC (Details) - USD ($) $ in Thousands		Nov. 30, 2018	May 31, 2018
Variable Interest Entity [Line Items]
CFC third-party guarantees		$ 771,422	$ 805,161
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
CFC credit commitments		5,500,000	5,500,000
Borrowings payable to CFC	[1]	1,089,764	1,116,465
CFC third-party guarantees		17,073	12,005
Other credit enhancements		13,757	14,655
Total credit enhancements	[2]	30,830	26,660
CFC available credit commitments		1,120,594	1,143,125
CFC available credit commitments		$ 4,379,406	$ 4,356,875
[1]	Borrowings payable to CFC are eliminated in consolidation.
[2]	Excludes interest due on these instruments.

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) $ in Millions	Nov. 30, 2018USD ($)
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Maximum Potential Exposure Credit Enhancements	$ 32

Investment Securities - Amortiz

Investment Securities - Amortized cost and Fair Value of Equity Securities and Corresponding Gross Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	Nov. 30, 2018	May 31, 2018
Debt and Equity Securities [Line Items]
Equity securities	$ 86,988	$ 89,332
Preferred Stock
Debt and Equity Securities [Line Items]
Equity securities	82,047	82,352
Common Stock
Debt and Equity Securities [Line Items]
Equity securities	$ 4,941	$ 6,980

Investment Securities - Debt Se

Investment Securities - Debt Securities and Corresponding Gross Unrealized Gains and Losses (Details) - USD ($) $ in Thousands	Nov. 30, 2018	May 31, 2018
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Debt securities held to maturity, at amortized cost	$ 558,071	$ 520,519
Gross Unrealized Gains	48	840
Gross Unrealized Losses	(8,003)	(4,813)
Debt Securities, Held-to-maturity, Fair Value	550,116	516,546
Certificates of deposit
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Debt securities held to maturity, at amortized cost	1,000	5,148
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Debt Securities, Held-to-maturity, Fair Value	1,000	5,148
Commercial paper
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Debt securities held to maturity, at amortized cost	12,858	9,134
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(1)	0
Debt Securities, Held-to-maturity, Fair Value	12,857	9,134
U.S. agency debt securities
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Debt securities held to maturity, at amortized cost	2,823	2,000
Gross Unrealized Gains	2	16
Gross Unrealized Losses	(1)	0
Debt Securities, Held-to-maturity, Fair Value	2,824	2,016
Corporate debt securities
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Debt securities held to maturity, at amortized cost	470,536	455,721
Gross Unrealized Gains	21	714
Gross Unrealized Losses	(7,702)	(4,595)
Debt Securities, Held-to-maturity, Fair Value	462,855	451,840
Agency
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Debt securities held to maturity, at amortized cost	7,313	7,024
Gross Unrealized Gains	5	63
Gross Unrealized Losses	(15)	0
Debt Securities, Held-to-maturity, Fair Value	7,303	7,087
Non-agency
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Debt securities held to maturity, at amortized cost	3,453	3,453
Gross Unrealized Gains	1	3
Gross Unrealized Losses	(11)	(3)
Debt Securities, Held-to-maturity, Fair Value	3,443	3,453
Total commercial MBS
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Debt securities held to maturity, at amortized cost	10,766	10,477
Gross Unrealized Gains	6	66
Gross Unrealized Losses	(26)	(3)
Debt Securities, Held-to-maturity, Fair Value	10,746	10,540
U.S. state and municipality debt securities
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Debt securities held to maturity, at amortized cost	9,612	2,147
Gross Unrealized Gains	17	24
Gross Unrealized Losses	(10)	0
Debt Securities, Held-to-maturity, Fair Value	9,619	2,171
Foreign government debt securities
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Debt securities held to maturity, at amortized cost	1,247	1,241
Gross Unrealized Gains	1	9
Gross Unrealized Losses	0	0
Debt Securities, Held-to-maturity, Fair Value	1,248	1,250
Other ABS
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract]
Debt securities held to maturity, at amortized cost	49,229	34,651
Gross Unrealized Gains	1	11
Gross Unrealized Losses	(263)	(215)
Debt Securities, Held-to-maturity, Fair Value	$ 48,967	$ 34,447

Investment Securities - Fair Va

Investment Securities - Fair Value and Gross Unrealized Losses for Investments in a Gross Loss Position (Details) - USD ($) $ in Thousands		Nov. 30, 2018	May 31, 2018
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Less than 12 months, Fair value, held-to-maturity		$ 327,412	$ 308,602
Less than 12 months, Gross unrealized losses, held-to-maturity		(3,370)	(4,813)
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value		172,946
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss		(4,633)
Total Fair Value		500,358	308,602
Gross Unrealized Losses		(8,003)	(4,813)
Commercial paper
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Less than 12 months, Fair value, held-to-maturity		2,164
Less than 12 months, Gross unrealized losses, held-to-maturity		(1)
Total Fair Value		2,164
Gross Unrealized Losses		(1)
U.S. agency debt securities
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Less than 12 months, Fair value, held-to-maturity		391
Less than 12 months, Gross unrealized losses, held-to-maturity		(1)
Total Fair Value		391
Gross Unrealized Losses		(1)
Corporate debt securities
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Less than 12 months, Fair value, held-to-maturity		286,614	280,139
Less than 12 months, Gross unrealized losses, held-to-maturity		(3,234)	(4,595)
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value		154,964
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss		(4,468)
Total Fair Value		441,578	280,139
Gross Unrealized Losses		(7,702)	(4,595)
Agency
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Less than 12 months, Fair value, held-to-maturity		3,700
Less than 12 months, Gross unrealized losses, held-to-maturity		(15)
Total Fair Value		3,700
Gross Unrealized Losses		(15)
Non-agency
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Less than 12 months, Fair value, held-to-maturity		1,446	1,451
Less than 12 months, Gross unrealized losses, held-to-maturity		(11)	(3)
Total Fair Value		1,446	1,451
Gross Unrealized Losses		(11)	(3)
Total commercial MBS
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Less than 12 months, Fair value, held-to-maturity		5,146
Less than 12 months, Gross unrealized losses, held-to-maturity		(26)
Total Fair Value		5,146
Gross Unrealized Losses		(26)
U.S. state and municipality debt securities
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Less than 12 months, Fair value, held-to-maturity		3,917
Less than 12 months, Gross unrealized losses, held-to-maturity		(10)
Total Fair Value		3,917
Gross Unrealized Losses		(10)
Other ABS
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract]
Less than 12 months, Fair value, held-to-maturity	[1]	29,180	27,012
Less than 12 months, Gross unrealized losses, held-to-maturity		(98)	(215)	[1]
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value		17,982
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss		(165)
Total Fair Value	[1]	47,162	27,012
Gross Unrealized Losses		$ (263)	$ (215)	[1]
[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	Nov. 30, 2018	May 31, 2018
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost, Rolling Maturity [Abstract]
Due in 1 Year or Less	$ 40,279	$ 23,393
Due 1 Year through 5 Years	459,200	413,982
Due 5 Years through 10 Years	55,139	79,691
Due 10 Years	3,453	3,453
Debt securities held to maturity, at amortized cost	558,071	520,519
Debt Securities, Held-to-maturity, Maturity, Fair Value, Rolling Maturity [Abstract]
Due in 1 Year or Less	40,095	23,338
Due 1 Year through 5 Years	451,860	409,707
Due 5 Years through 10 Years	54,718	80,048
Due 10 Years	3,443	3,453
Debt Securities, Held-to-maturity, Fair Value	$ 550,116	$ 516,546
Due in 1 Year or Less	1.79%	1.81%
Due 1 Year through 5 Years	2.98%	2.84%
Due 5 Years through 10 Years	3.58%	3.60%
Due 10 Years	3.13%	2.74%
Held To Maturity Securities Expected Debt Maturities Weighted Average Yield	2.95%	2.91%
Certificates of deposit
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost, Rolling Maturity [Abstract]
Due in 1 Year or Less	$ 1,000	$ 5,148
Due 1 Year through 5 Years	0
Due 5 Years through 10 Years	0
Due 10 Years	0
Debt securities held to maturity, at amortized cost	1,000	5,148
Debt Securities, Held-to-maturity, Maturity, Fair Value, Rolling Maturity [Abstract]
Due in 1 Year or Less	1,000	5,148
Due 1 Year through 5 Years	0
Due 5 Years through 10 Years	0
Due 10 Years	0
Debt Securities, Held-to-maturity, Fair Value	1,000	5,148
Commercial paper
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost, Rolling Maturity [Abstract]
Due in 1 Year or Less	12,858	9,134
Due 1 Year through 5 Years	0
Due 5 Years through 10 Years	0
Due 10 Years	0
Debt securities held to maturity, at amortized cost	12,858	9,134
Debt Securities, Held-to-maturity, Maturity, Fair Value, Rolling Maturity [Abstract]
Due in 1 Year or Less	12,857	9,134
Due 1 Year through 5 Years	0
Due 5 Years through 10 Years	0
Due 10 Years	0
Debt Securities, Held-to-maturity, Fair Value	12,857	9,134
U.S. agency debt securities
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost, Rolling Maturity [Abstract]
Due 1 Year through 5 Years	2,672	2,000
Due 5 Years through 10 Years	151
Debt securities held to maturity, at amortized cost	2,823	2,000
Debt Securities, Held-to-maturity, Maturity, Fair Value, Rolling Maturity [Abstract]
Due in 1 Year or Less	0
Due 1 Year through 5 Years	2,672	2,016
Due 5 Years through 10 Years	152
Due 10 Years	0
Debt Securities, Held-to-maturity, Fair Value	2,824	2,016
Corporate debt securities
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost, Rolling Maturity [Abstract]
Due in 1 Year or Less	25,428	9,111
Due 1 Year through 5 Years	403,664	377,384
Due 5 Years through 10 Years	41,444	69,226
Due 10 Years	0
Debt securities held to maturity, at amortized cost	470,536	455,721
Debt Securities, Held-to-maturity, Maturity, Fair Value, Rolling Maturity [Abstract]
Due in 1 Year or Less	25,247	9,056
Due 1 Year through 5 Years	396,593	373,284
Due 5 Years through 10 Years	41,015	69,500
Due 10 Years	0
Debt Securities, Held-to-maturity, Fair Value	462,855	451,840
Agency
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost, Rolling Maturity [Abstract]
Due 1 Year through 5 Years	342
Due 5 Years through 10 Years	6,971	7,024
Due 10 Years	0
Debt securities held to maturity, at amortized cost	7,313	7,024
Debt Securities, Held-to-maturity, Maturity, Fair Value, Rolling Maturity [Abstract]
Due in 1 Year or Less	0
Due 1 Year through 5 Years	340
Due 5 Years through 10 Years	6,963	7,087
Due 10 Years	0
Debt Securities, Held-to-maturity, Fair Value	7,303	7,087
Non-agency
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost, Rolling Maturity [Abstract]
Due 1 Year through 5 Years	0
Due 5 Years through 10 Years	0
Due 10 Years	3,453	3,453
Debt securities held to maturity, at amortized cost	3,453	3,453
Debt Securities, Held-to-maturity, Maturity, Fair Value, Rolling Maturity [Abstract]
Due in 1 Year or Less	0
Due 1 Year through 5 Years	0
Due 5 Years through 10 Years	0
Due 10 Years	3,443	3,453
Debt Securities, Held-to-maturity, Fair Value	3,443	3,453
Total commercial MBS
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost, Rolling Maturity [Abstract]
Due 1 Year through 5 Years	342
Due 5 Years through 10 Years	6,971	7,024
Due 10 Years	3,453	3,453
Debt securities held to maturity, at amortized cost	10,766	10,477
Debt Securities, Held-to-maturity, Maturity, Fair Value, Rolling Maturity [Abstract]
Due in 1 Year or Less	0
Due 1 Year through 5 Years	340
Due 5 Years through 10 Years	6,963	7,087
Due 10 Years	3,443	3,453
Debt Securities, Held-to-maturity, Fair Value	10,746	10,540
U.S. state and municipality debt securities
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost, Rolling Maturity [Abstract]
Due 1 Year through 5 Years	5,484
Due 5 Years through 10 Years	4,128	2,147
Due 10 Years	0
Debt securities held to maturity, at amortized cost	9,612	2,147
Debt Securities, Held-to-maturity, Maturity, Fair Value, Rolling Maturity [Abstract]
Due in 1 Year or Less	0
Due 1 Year through 5 Years	5,475
Due 5 Years through 10 Years	4,144	2,171
Due 10 Years	0
Debt Securities, Held-to-maturity, Fair Value	9,619	2,171
Foreign government debt securities
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost, Rolling Maturity [Abstract]
Due 1 Year through 5 Years	1,247	1,241
Due 5 Years through 10 Years	0
Due 10 Years	0
Debt securities held to maturity, at amortized cost	1,247	1,241
Debt Securities, Held-to-maturity, Maturity, Fair Value, Rolling Maturity [Abstract]
Due in 1 Year or Less	0
Due 1 Year through 5 Years	1,248	1,250
Due 5 Years through 10 Years	0
Due 10 Years	0
Debt Securities, Held-to-maturity, Fair Value	1,248	1,250
Other ABS
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost, Rolling Maturity [Abstract]
Due 1 Year through 5 Years	45,791	33,357
Due 5 Years through 10 Years	2,445	1,294
Due 10 Years	0
Debt securities held to maturity, at amortized cost	49,229	34,651
Debt Securities, Held-to-maturity, Maturity, Fair Value, Rolling Maturity [Abstract]
Due in 1 Year or Less	991
Due 1 Year through 5 Years	45,532	33,157
Due 5 Years through 10 Years	2,444	1,290
Due 10 Years	0
Debt Securities, Held-to-maturity, Fair Value	$ 48,967	$ 34,447

Investment Securities - Additio

Investment Securities - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2018	Nov. 30, 2017	May 31, 2018
Debt and Equity Securities [Line Items]
Equity Securities Unrealized Loss	$ 1,000,000		$ 2,000,000
Investment Securities in Unrealized Loss Positions, Number of Positions	431		431
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax	$ 0	$ (8,000)	$ 0	$ 1,143,000
Held To Maturity Securities Expected Debt Maturities Weighted Average Yield	2.95%		2.95%		2.91%
Average Contractual Maturity of Held-to-maturity Securities			3 years
Gain (Loss) on Sale of Debt Investments	$ 0	0	$ 0	$ 0
Maximum
Debt and Equity Securities [Line Items]
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax		$ 1,000,000

Loans - Outstanding Principal B

Loans - Outstanding Principal Balance and Unadvanced Commitments (Details) - USD ($) $ in Thousands		Nov. 30, 2018	May 31, 2018		Nov. 30, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total recorded investment in loans		$ 25,282,953	$ 25,167,494		$ 24,813,542
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums		11,222	11,114		11,149
Loans to members		25,294,175	25,178,608		$ 24,824,691
Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[1]	13,144,064	12,645,618
CFC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total recorded investment in loans		24,160,235	24,017,919
CFC | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[1]	12,255,048	11,723,496
CFC | Distribution
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total recorded investment in loans		19,812,973	19,551,511
CFC | Distribution | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[1]	8,531,846	8,188,376
CFC | Power supply
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total recorded investment in loans		4,264,713	4,397,353
CFC | Power supply | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[1]	3,592,293	3,407,095
CFC | Statewide and associate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total recorded investment in loans		82,549	69,055
CFC | Statewide and associate | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[1]	130,909	128,025
NCSC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total recorded investment in loans		767,225	786,457
NCSC | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[1]	597,325	624,663
RTFC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total recorded investment in loans		355,493	363,118
RTFC | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[1]	291,691	297,459
Long Term Fixed Rate Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total recorded investment in loans		22,713,588	22,696,185
Long-term variable-rate loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total recorded investment in loans		1,077,971	1,039,491
Long-term variable-rate loans | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[1]	5,289,612	4,952,834
Long Term Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total recorded investment in loans		23,791,559	23,735,676
Long Term Loans | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[1]	5,289,612	4,952,834
Line of credit loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total recorded investment in loans		1,491,394	1,431,818
Line of credit loans | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments		$ 7,854,452	$ 7,692,784	[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 - Available Balance Under

Loans - Available Balance Under Unadvanced Commitments and Maturity (Details) - Unadvanced commitments - USD ($) $ in Thousands		Nov. 30, 2018	May 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Available Balance	[1]	$ 13,144,064	$ 12,645,618
2,018		720,453
2,019		4,505,873
2,020		1,597,395
2,021		2,392,026
2,022		2,532,609
Thereafter		1,395,708
Line of credit loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Available Balance		7,854,452	7,692,784	[1]
2,018		302,927
2,019		3,960,406
2,020		908,973
2,021		755,133
2,022		1,339,586
Thereafter		587,427
Long-term variable-rate loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Available Balance	[1]	5,289,612	$ 4,952,834
2,018		417,526
2,019		545,467
2,020		688,422
2,021		1,636,893
2,022		1,193,023
Thereafter		$ 808,281
[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 - Unconditional Committed

Loans - Unconditional Committed Lines of Credit and Maturity (Details) - USD ($) $ in Thousands		Nov. 30, 2018	May 31, 2018
Unadvanced commitments
Notional maturities of committed lines of credit
Available Balance	[1]	$ 13,144,064	$ 12,645,618
2,018		720,453
2,019		4,505,873
2,020		1,597,395
2,021		2,392,026
2,022		2,532,609
Thereafter		1,395,708
Unadvanced commitments not subject to material adverse change clauses
Notional maturities of committed lines of credit
Available Balance		3,053,902	$ 2,857,000
2,018		110,000
2,019		347,582
2,020		479,348
2,021		455,400
2,022		1,228,176
Thereafter		$ 433,396
[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 - Outstanding Pledged as

Loans - Outstanding Pledged as Collateral (Details) - USD ($) $ in Thousands	Nov. 30, 2018	May 31, 2018
Pledging of Loans and Loans on Deposit
Restricted Cash and Cash Equivalents	$ 16,174	$ 7,825
Collateral trust bonds 2007 indenture
Pledging of Loans and Loans on Deposit
Loans outstanding and pledged as collateral	8,437,239	8,784,024
Secured Debt	7,322,711	7,697,711
Collateral trust bonds 1994 indenture
Pledging of Loans and Loans on Deposit
Secured Debt	40,000	220,000
Notes payable | Federal Agricultural Mortgage Corporation
Pledging of Loans and Loans on Deposit
Secured Debt	2,763,482	2,891,496
Clean Renewable Energy Bonds Series 2009A
Pledging of Loans and Loans on Deposit
Restricted Cash and Cash Equivalents	1,087	415
Secured Debt	11,556	11,556
Assets Pledged as Collateral	14,842	13,030
Guaranteed Underwriter Program notes payable
Pledging of Loans and Loans on Deposit
Secured Debt	4,925,542	4,856,375
Mortgage notes | Distribution system mortgage notes | Collateral trust bonds 2007 indenture
Pledging of Loans and Loans on Deposit
Loans outstanding and pledged as collateral	8,299,400	8,643,344
Mortgage notes | Distribution system mortgage notes | Collateral trust bonds 1994 indenture
Pledging of Loans and Loans on Deposit
Loans outstanding and pledged as collateral	48,929	243,418
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	3,177,761	3,331,775
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	13,755	12,615
Loans Guaranteed by Rural Utilities Service | Collateral trust bonds 2007 indenture
Pledging of Loans and Loans on Deposit
Loans outstanding and pledged as collateral	137,839	140,680
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	$ 5,596,619	$ 5,772,750

Loans - Internal Risk Rating (D

Loans - Internal Risk Rating (Details) - USD ($) $ in Thousands	Nov. 30, 2018	May 31, 2018	Nov. 30, 2017
Credit Quality
Total recorded investment in loans	$ 25,282,953	$ 25,167,494	$ 24,813,542
CFC
Credit Quality
Total recorded investment in loans	24,160,235	24,017,919
CFC | Distribution
Credit Quality
Total recorded investment in loans	19,812,973	19,551,511
CFC | Power supply
Credit Quality
Total recorded investment in loans	4,264,713	4,397,353
CFC | Statewide and associate
Credit Quality
Total recorded investment in loans	82,549	69,055
NCSC
Credit Quality
Total recorded investment in loans	767,225	786,457
RTFC
Credit Quality
Total recorded investment in loans	355,493	363,118
Pass
Credit Quality
Total recorded investment in loans	25,098,774	24,989,464
Pass | CFC
Credit Quality
Total recorded investment in loans	23,981,898	23,846,504
Pass | CFC | Distribution
Credit Quality
Total recorded investment in loans	19,683,219	19,429,121
Pass | CFC | Power supply
Credit Quality
Total recorded investment in loans	4,216,130	4,348,328
Pass | CFC | Statewide and associate
Credit Quality
Total recorded investment in loans	82,549	69,055
Pass | NCSC
Credit Quality
Total recorded investment in loans	767,225	786,457
Pass | RTFC
Credit Quality
Total recorded investment in loans	349,651	356,503
Special Mention
Credit Quality
Total recorded investment in loans	6,364	7,376
Special Mention | CFC
Credit Quality
Total recorded investment in loans	6,364	6,853
Special Mention | CFC | Distribution
Credit Quality
Total recorded investment in loans	6,364	6,853
Special Mention | CFC | Statewide and associate
Credit Quality
Total recorded investment in loans	0
Special Mention | NCSC
Credit Quality
Total recorded investment in loans	0
Special Mention | RTFC
Credit Quality
Total recorded investment in loans	0	523
Substandard
Credit Quality
Total recorded investment in loans	177,815	170,654
Substandard | CFC
Credit Quality
Total recorded investment in loans	171,973	164,562
Substandard | CFC | Distribution
Credit Quality
Total recorded investment in loans	123,390	115,537
Substandard | CFC | Power supply
Credit Quality
Total recorded investment in loans	48,583	49,025
Substandard | RTFC
Credit Quality
Total recorded investment in loans	5,842	$ 6,092
Doubtful
Credit Quality
Total recorded investment in loans	$ 0

Loans - Payment Status of Loans

Loans - Payment Status of Loans Outstanding (Details) - USD ($) $ in Thousands		Nov. 30, 2018	May 31, 2018	Nov. 30, 2017
Payment Status of Loans
Past due		$ 0	$ 0
Total recorded investment in loans		25,282,953	25,167,494	$ 24,813,542
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
Total recorded investment in loans		24,160,235	24,017,919
Non-accrual loans		0	0
CFC | Distribution
Payment Status of Loans
Past due		0	0
Total recorded investment in loans		19,812,973	19,551,511
Non-accrual loans		0	0
CFC | Power supply
Payment Status of Loans
Past due		0	0
Total recorded investment in loans		4,264,713	4,397,353
Non-accrual loans		0	0
CFC | Statewide and associate
Payment Status of Loans
Total recorded investment in loans		82,549	69,055
NCSC
Payment Status of Loans
Past due		0	0
Total recorded investment in loans		767,225	786,457
Non-accrual loans		0	0
RTFC
Payment Status of Loans
Past due		0
Total recorded investment in loans		355,493	363,118
Non-accrual loans		0	0
Financing Receivables, 1 to 29 Days Past Due [Member]
Payment Status of Loans
Current		25,282,953	25,167,494
Financing Receivables, 1 to 29 Days Past Due [Member] | CFC
Payment Status of Loans
Current		24,160,235	24,017,919
Financing Receivables, 1 to 29 Days Past Due [Member] | CFC | Distribution
Payment Status of Loans
Current		19,812,973	19,551,511
Financing Receivables, 1 to 29 Days Past Due [Member] | CFC | Power supply
Payment Status of Loans
Current		4,264,713	4,397,353
Financing Receivables, 1 to 29 Days Past Due [Member] | CFC | Statewide and associate
Payment Status of Loans
Current		82,549	69,055
Financing Receivables, 1 to 29 Days Past Due [Member] | NCSC
Payment Status of Loans
Current		767,225	786,457
Financing Receivables, 1 to 29 Days Past Due [Member] | RTFC
Payment Status of Loans
Current		355,493	363,118
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 - Troubled Debt Restructu

Loans - Troubled Debt Restructured Loans (Details) - USD ($) $ in Thousands	Nov. 30, 2018	May 31, 2018	Nov. 30, 2017
Financing Receivable, Modifications [Line Items]
Total recorded investment in loans	$ 25,282,953	$ 25,167,494	$ 24,813,542
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	$ 12,103	$ 12,599
Performing TDR Loans As Percentage of Total Loans	0.05%	0.05%
Total TDR loans
Financing Receivable, Modifications [Line Items]
Total recorded investment in loans	$ 12,103	$ 12,599
Loans and Leases Receivable Commercial, Net of Deferred Income, Percentage	0.05%	0.05%
CFC
Financing Receivable, Modifications [Line Items]
Total recorded investment in loans	$ 24,160,235	$ 24,017,919
CFC | Performing TDR loans
Financing Receivable, Modifications [Line Items]
Loans outstanding	$ 6,261	$ 6,507
Performing TDR Loans As Percentage of Total Loans	0.03%	0.03%
RTFC
Financing Receivable, Modifications [Line Items]
Impaired Financing Receivable, with Related Allowance, Recorded Investment	$ 5,842	$ 6,092
Total recorded investment in loans	355,493	363,118
RTFC | Performing TDR loans
Financing Receivable, Modifications [Line Items]
Loans outstanding	$ 5,842	$ 6,092
Performing TDR Loans As Percentage of Total Loans	0.02%	0.02%

Loans Impaired Loans - Recorded

Loans Impaired Loans - Recorded Investment and Allowance (Details) - USD ($) $ in Thousands	Nov. 30, 2018	May 31, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable, Related Allowance	$ 1,150	$ 1,198
Impaired Financing Receivable, Recorded Investment	12,103	12,599
CFC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable, with No Related Allowance, Recorded Investment	6,261	6,507
RTFC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable, with Related Allowance, Recorded Investment	5,842	6,092
Impaired Financing Receivable, Related Allowance	$ 1,150	$ 1,198

Impaired Loans - Average Record

Impaired Loans - Average Recorded Investment and Interest Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2018	Nov. 30, 2017
Average recorded investment
Total impaired loans	$ 12,184	$ 12,930	$ 12,369	$ 13,027
Interest income recognized
Interest impaired loans	211	222	429	448
CFC
Average recorded investment
Total impaired loans	6,261	6,507	6,383	6,541
Interest income recognized
Interest impaired loans	137	142	279	286
RTFC
Average recorded investment
Total impaired loans	5,923	6,423	5,986	6,486
Interest income recognized
Interest impaired loans	$ 100	$ 80	$ 150	$ 162

Loans - Additional Information

Loans - Additional Information (Details)		3 Months Ended		6 Months Ended		12 Months Ended
		Nov. 30, 2018USD ($)associatepower_supply_systemdistribution_systemborrowermember	Nov. 30, 2017USD ($)	Nov. 30, 2018USD ($)associatepower_supply_systemdistribution_systemborrowermember	Nov. 30, 2017USD ($)	May 31, 2018USD ($)associatepower_supply_systemdistribution_systemborrower	May 31, 2017
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		60.00%		60.00%
Long-term Loan commitments as percentage of unadvanced loan commitment		40.00%		40.00%
Loans Receivable Cost of Loans Sold				$ 0	$ 110,000,000
Number of States in which Entity Operates				50
Number of Associates in Consolidated Membership | associate		215		215
Number of Members in Consolidated Membership | member		1,449		1,449
Total recorded investment in loans		$ 25,282,953,000	$ 24,813,542,000	$ 25,282,953,000	24,813,542,000	$ 25,167,494,000
Financing Receivable, Modifications, Subsequent Default, Recorded Investment				0	0
Allowance for Doubtful Accounts Receivable, Write-offs				0	0
Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[1]	13,144,064,000		13,144,064,000		12,645,618,000
Unadvanced commitments not subject to material adverse change clauses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments		3,053,902,000		3,053,902,000		2,857,000,000
Commitments to Extend Credit Subject to Material Adverse Change Clause
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments		10,090,000,000		10,090,000,000		9,789,000,000
Loans Guaranteed by Farmer Mac
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total recorded investment in loans		643,000,000		643,000,000		660,000,000
Loans Guaranteed by Rural Utilities Service
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total recorded investment in loans		158,000,000		158,000,000		161,000,000
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	$ 0	0	$ 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
Total recorded investment in loans		1,000,000		1,000,000		1,000,000
Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Impaired Financing Receivable, with Related Allowance, Recorded Investment		0		0		0
Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total recorded investment in loans		177,815,000		177,815,000		170,654,000
Substandard | Unsecured Loans [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total recorded investment in loans		17,000,000		17,000,000		7,000,000
CFC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total recorded investment in loans		24,160,235,000		24,160,235,000		24,017,919,000
CFC | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[1]	12,255,048,000		12,255,048,000		11,723,496,000
CFC | Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total recorded investment in loans		$ 171,973,000		$ 171,973,000		$ 164,562,000
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				22.00%		23.00%
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]
Total recorded investment in loans		$ 19,812,973,000		$ 19,812,973,000		$ 19,551,511,000
Distribution | CFC | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[1]	8,531,846,000		8,531,846,000		8,188,376,000
Distribution | CFC | Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total recorded investment in loans		$ 123,390,000		$ 123,390,000		$ 115,537,000
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		9		9		10
Power supply | CFC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total recorded investment in loans		$ 4,264,713,000		$ 4,264,713,000		$ 4,397,353,000
Power supply | CFC | Unadvanced commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	[1]	3,592,293,000		3,592,293,000		3,407,095,000
Power supply | CFC | Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total recorded investment in loans		$ 48,583,000		$ 48,583,000		$ 49,025,000
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		10		10		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.

Allowance for Loan Losses - Ro

Allowance for Loan Losses - Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2018	Nov. 30, 2017	Aug. 31, 2018	May 31, 2018	Aug. 31, 2017	May 31, 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total ending balance of the allowance	$ 16,904	$ 36,774	$ 16,904	$ 36,774	$ 18,692	$ 18,801	$ 37,078	$ 37,376
Provision for Loan and Lease Losses	(1,788)	(304)	(1,897)	(602)
CFC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total ending balance of the allowance	12,174	28,799	12,174	28,799	12,508	12,300	29,521	29,499
Provision for Loan and Lease Losses	(334)	(722)	(126)	(700)
NCSC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total ending balance of the allowance	1,969	3,117	1,969	3,117	2,012	2,082	2,736	2,910
Provision for Loan and Lease Losses	(43)	381	(113)	207
RTFC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total ending balance of the allowance	2,761	4,858	2,761	4,858	$ 4,172	$ 4,419	$ 4,821	$ 4,967
Provision for Loan and Lease Losses	$ (1,411)	$ 37	$ (1,658)	$ (109)

Allowance for Loan Losses - Re

Allowance for Loan Losses - Recorded Investments (Details) - USD ($) $ in Thousands	Nov. 30, 2018	Aug. 31, 2018	May 31, 2018	Nov. 30, 2017	Aug. 31, 2017	May 31, 2017
Ending balance of the allowance:
Collectively evaluated loans	$ 15,754		$ 17,603
Specific allowance	1,150		1,198
Total ending balance of the allowance	16,904	$ 18,692	18,801	$ 36,774	$ 37,078	$ 37,376
Recorded investment in loans:
Collectively evaluated loans	25,270,850		25,154,895
Individually evaluated loans	12,103		12,599
Total recorded investment in loans	25,282,953		25,167,494	24,813,542
Loans and Leases Receivable, Net Amount	25,266,049		25,148,693
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums	11,222		11,114	11,149
CFC
Ending balance of the allowance:
Collectively evaluated loans	12,174		12,300
Specific allowance			0
Total ending balance of the allowance	12,174	12,508	12,300	28,799	29,521	29,499
Recorded investment in loans:
Collectively evaluated loans	24,153,974		24,011,412
Individually evaluated loans	6,261		6,507
Total recorded investment in loans	24,160,235		24,017,919
Loans and Leases Receivable, Net Amount	24,148,061		24,005,619
NCSC
Ending balance of the allowance:
Collectively evaluated loans	1,969		2,082
Specific allowance	0		0
Total ending balance of the allowance	1,969	2,012	2,082	3,117	2,736	2,910
Recorded investment in loans:
Collectively evaluated loans	767,225		786,457
Individually evaluated loans	0		0
Total recorded investment in loans	767,225		786,457
Loans and Leases Receivable, Net Amount	765,256		784,375
RTFC
Ending balance of the allowance:
Collectively evaluated loans	1,611		3,221
Specific allowance	1,150		1,198
Total ending balance of the allowance	2,761	$ 4,172	4,419	$ 4,858	$ 4,821	$ 4,967
Recorded investment in loans:
Collectively evaluated loans	349,651		357,026
Individually evaluated loans	5,842		6,092
Total recorded investment in loans	355,493		363,118
Loans and Leases Receivable, Net Amount	$ 352,732		$ 358,699

Allowance for Loan Losses - Ad

Allowance for Loan Losses - Additional Information (Details) - USD ($) $ in Millions	Nov. 30, 2018	May 31, 2018
Receivables [Abstract]
Credit reserve for unadvanced loan commitments	$ 1	$ 1

Short-Term Borrowings - Additio

Short-Term Borrowings - Additional Information (Details) - USD ($)	6 Months Ended
	Nov. 30, 2018	May 31, 2018
Short-term Debt [Line Items]
Short-term borrowings	$ 4,100,606,000	$ 3,795,910,000
Short Term Debt as Percentage of Debt Outstanding	17.00%	15.00%
Revolving credit agreements
Short-term Debt [Line Items]
Short-term borrowings	$ 0	$ 0
Maximum borrowing capacity	2,975,000,000	3,085,000,000
Letter of Credit Maximum Amount Available	300,000,000
Three Year Agreement | Revolving credit agreements
Short-term Debt [Line Items]
Maximum borrowing capacity	1,440,000,000	1,492,000,000
Line Of Credit Facility Terminated	53,000,000
Five Year Agreement | Revolving credit agreements
Short-term Debt [Line Items]
Maximum borrowing capacity	1,535,000,000	$ 1,593,000,000
Line Of Credit Facility Terminated	$ 57,000,000

Short-Term Borrowings - Outsta

Short-Term Borrowings - Outstanding (Details) - USD ($) $ in Thousands	Nov. 30, 2018	May 31, 2018
Short-term Debt [Line Items]
Short-term borrowings	$ 4,100,606	$ 3,795,910
Commercial paper to dealers, net of discounts
Short-term Debt [Line Items]
Short-term borrowings	1,058,949	1,064,266
Commercial paper to members, at par
Short-term Debt [Line Items]
Short-term borrowings	1,218,730	1,202,105
Commercial paper
Short-term Debt [Line Items]
Short-term borrowings	2,277,679	2,266,371
Select notes to members
Short-term Debt [Line Items]
Short-term borrowings	1,031,022	780,472
Daily liquidity fund notes to members
Short-term Debt [Line Items]
Short-term borrowings	566,935	400,635
Farmer Mac notes payable
Short-term Debt [Line Items]
Short-term borrowings		100,000
Medium-term notes sold to members
Short-term Debt [Line Items]
Short-term borrowings	$ 224,970	$ 248,432

Short-Term Borrowings - Commitm

Short-Term Borrowings - Commitments under Revolving Credit Agreements (Details) - Revolving credit agreements - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Nov. 30, 2018	May 31, 2018	May 31, 2017
Revolving Credit Agreements
Maximum borrowing capacity		$ 2,975,000	$ 3,085,000
Letters of credit outstanding		3,000	3,000
Total available		2,972,000	3,082,000
Three Year Agreement
Revolving Credit Agreements
Maximum borrowing capacity		1,440,000	1,492,000
Total available		$ 1,440,000	$ 1,492,000
Debt Instrument, Maturity Date		Nov. 28, 2021		Nov. 20, 2020
Line of Credit Facility Commitment Fee Percentage (percent)	[1]	0.075%	0.075%
Five Year Agreement
Revolving Credit Agreements
Maximum borrowing capacity		$ 1,535,000	$ 1,593,000
Letters of credit outstanding		3,000	3,000
Total available		$ 1,532,000	$ 1,590,000
Debt Instrument, Maturity Date		Nov. 28, 2023		Nov. 20, 2022
Line of Credit Facility Commitment Fee Percentage (percent)	[1]	0.10%	0.10%
[1]	_____________ (1) Facility fee determined by CFC’s senior unsecured credit ratings based on the pricing schedules put in place at the inception of the r

Long-Term Debt Outstanding (Det

Long-Term Debt Outstanding (Details) - USD ($) $ in Thousands	Nov. 30, 2018	May 31, 2018
Long-term debt
Long-term debt	$ 18,477,156	$ 18,714,960
Medium-term notes sold through dealers
Long-term debt
Long-term Debt, Gross	3,296,932	3,026,472
Medium-term notes sold to members
Long-term debt
Long-term Debt, Gross	397,096	395,389
Unsecured Medium Term Notes
Long-term debt
Long-term Debt, Gross	3,694,028	3,421,861
Unamortized discount	(1,094)	(1,256)
Debt issuance costs	(20,906)	(22,237)
Long-term debt	3,672,028	3,398,368
Other Unsecured Notes Payable
Long-term debt
Long-term Debt, Gross	18,892	18,892
Unamortized discount	(229)	(277)
Debt issuance costs	(56)	(68)
Unsecured notes payable
Long-term debt
Long-term debt	18,607	18,547
Unsecured Debt
Long-term debt
Long-term debt	3,690,635	3,416,915
Collateral trust bonds
Long-term debt
Long-term Debt, Gross	7,362,711	7,917,711
Unamortized discount	(246,914)	(250,421)
Debt issuance costs	(29,648)	(28,197)
Long-term debt	7,086,149	7,639,093
Guaranteed Underwriter Program notes payable
Long-term debt
Long-term Debt, Gross	4,925,542	4,856,375
Debt issuance costs	0	(232)
Long-term debt	4,925,542	4,856,143
Farmer Mac notes payable
Long-term debt
Long-term Debt, Gross	2,763,482	2,791,496
Other Secured Notes Payable
Long-term debt
Long-term Debt, Gross	11,556	11,556
Debt issuance costs	(208)	(243)
Long-term debt	11,348	11,313
Notes payable
Long-term debt
Long-term debt	7,700,372	7,658,952
Secured Debt
Long-term debt
Long-term debt	$ 14,786,521	$ 15,298,045

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Nov. 30, 2018	Aug. 31, 2018	Nov. 30, 2017	Nov. 30, 2018	Nov. 30, 2017	Jul. 12, 2018	May 31, 2018
Long-term debt
Losses on early extinguishment of debt	$ 0		$ 0	$ 7,100	$ 0
Long-term debt	18,477,156			18,477,156			$ 18,714,960
Federal Agricultural Mortgage Corporation
Long-term debt
Maximum borrowing capacity	5,500,000			$ 5,500,000
10.375% CTB
Long-term debt
Repayments of Secured Debt	$ 700,000	$ 300,000
Long-term Debt, Gross						$ 1,000,000
Debt Instrument, Interest Rate, Stated Percentage						10.375%
Three Point Nine Percent Collateral Trust Bonds [Member]
Long-term debt
Debt Instrument, Interest Rate, Stated Percentage	3.90%			3.90%
Proceeds from Issuance of Debt				$ 325,000
Four Point Four Percent Collateral Trust Bonds [Member]
Long-term debt
Debt Instrument, Interest Rate, Stated Percentage	4.40%			4.40%
Proceeds from Issuance of Debt				$ 300,000
Guaranteed Underwriter Program notes payable
Long-term debt
Long-term Debt, Gross	$ 4,925,542			4,925,542			4,856,375
Long-term debt	4,925,542			4,925,542			4,856,143
Additional Debt Instrument, Borrowing Capacity Issued, Amount				750,000
Available under committed loan facilities	1,875,000			1,875,000
Collateral trust bonds
Long-term debt
Long-term Debt, Gross	7,362,711			7,362,711			7,917,711
Long-term debt	7,086,149			7,086,149			7,639,093
Notes payable
Long-term debt
Long-term debt	7,700,372			$ 7,700,372			7,658,952
Debt Instrument Fee Percentage				0.30%
Farmer Mac notes payable
Long-term debt
Long-term Debt, Gross	2,763,482			$ 2,763,482			2,791,496
Federal Agricultural Mortgage Corporation First Revolving Note Purchase Agreement | Federal Agricultural Mortgage Corporation
Long-term debt
Long-term debt	2,763,000			2,763,000			2,791,000
Maximum borrowing capacity	$ 5,200,000			$ 5,200,000
Federal Agricultural Mortgage Corporation Second Revolving Note Purchase Agreement | Federal Agricultural Mortgage Corporation
Long-term debt
Maximum borrowing capacity							$ 300,000

Subordinated Deferrable Debt Su

Subordinated Deferrable Debt Subordinated Deferrable Debt Outstanding (Details) - USD ($) $ in Thousands	Nov. 30, 2018	May 31, 2018
Subordinated Deferrable Debt
Subordinated Debt	$ 742,480	$ 742,410
4.75 percent due 2043
Subordinated Deferrable Debt
Subordinated Debt	$ 400,000	$ 400,000
Debt Instrument, Interest Rate, Stated Percentage	4.75%	4.75%
5.25 Percent Due 2046
Subordinated Deferrable Debt
Subordinated Debt	$ 350,000	$ 350,000
Debt Instrument, Interest Rate, Stated Percentage	5.25%	5.25%
Subordinated Debt
Subordinated Deferrable Debt
Debt issuance costs	$ 7,520	$ 7,590

Derivative Notional Amounts and

Derivative Notional Amounts and Weighted-Average Rate (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Nov. 30, 2018	May 31, 2017	May 31, 2018
Pay-fixed swaps
Derivative [Line Items]
Derivative, Notional Amount	$ 7,362,136		$ 6,987,999
Derivative Weighted Average Interest Rate Paid Percentage	2.83%	2.83%
Derivative Weighted Average Interest Rate Received Percentage	2.52%	2.30%
Receive fixed swaps
Derivative [Line Items]
Derivative, Notional Amount	$ 3,699,000		3,824,000
Derivative Weighted Average Interest Rate Paid Percentage	3.12%	2.93%
Derivative Weighted Average Interest Rate Received Percentage	2.52%	2.50%
Interest Rate Swap
Derivative [Line Items]
Derivative, Notional Amount	$ 11,061,136		10,811,999
Derivative Weighted Average Interest Rate Paid Percentage	2.93%	2.86%
Derivative Weighted Average Interest Rate Received Percentage	2.52%	2.37%
Forward Contracts
Derivative [Line Items]
Derivative, Notional Amount	$ 83,017		256,154
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Notional Amount	$ 11,144,153		$ 11,068,153

Derivatives - Balance Sheet Imp

Derivatives - Balance Sheet Impact (Details) - USD ($) $ in Thousands	Nov. 30, 2018	May 31, 2018
Derivative [Line Items]
Derivative assets	$ 319,687	$ 244,526
Derivative liabilities	255,112	275,932
Derivative Asset, Notional Amount	5,883,946	5,264,971
Derivative Liability, Notional Amount	5,260,207	5,903,182
Derivative Assets (Liabilities), at Fair Value, Net	255,112	275,932
Treasury Lock
Derivative [Line Items]
Derivative liabilities	0	1,059
Derivative Liability, Notional Amount	0	100,000
Interest Rate Swap
Derivative [Line Items]
Derivative liabilities	255,112	274,873
Derivative Liability, Notional Amount	$ 5,260,207	$ 5,803,182

Derivatives Offsetting (Details

Derivatives Offsetting (Details) - USD ($) $ in Thousands	Nov. 30, 2018	May 31, 2018
Derivative [Line Items]
Derivative liabilities	$ 255,112	$ 275,932
Interest Rate Swap
Derivative [Line Items]
Derivative Asset, Fair Value, Gross Asset	319,687	244,526
Derivative Asset, Fair Value, Gross Liability	0	0
Derivative Asset, Fair Value, Amount Not Offset Against Collateral	319,687	244,526
Derivative, Collateral, Obligation to Return Securities	202,952	196,633
Derivative, Collateral, Obligation to Return Cash	0	0
Derivative Asset, Fair Value, Amount Offset Against Collateral	116,735	47,893
Derivative liabilities	255,112	274,873
Derivative Liability, Fair Value, Gross Asset	0	0
Derivative Liability, Fair Value, Amount Not Offset Against Collateral	255,112	274,873
Derivative, Collateral, Right to Reclaim Securities	202,952	196,633
Derivative, Collateral, Right to Reclaim Cash	0	0
Derivative Liability, Fair Value, Amount Offset Against Collateral	52,160	78,240
Treasury Lock
Derivative [Line Items]
Derivative liabilities	$ 0	1,059
Derivative Liability, Fair Value, Gross Asset		0
Derivative Liability, Fair Value, Amount Not Offset Against Collateral		1,059
Derivative, Collateral, Right to Reclaim Securities		0
Derivative, Collateral, Right to Reclaim Cash		0
Derivative Liability, Fair Value, Amount Offset Against Collateral		$ 1,059

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities Derivatives - Income Statement Impact (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2018	Nov. 30, 2017
Derivative [Line Items]
Gain (Loss) on Sale of Derivatives	$ (11,805)	$ (19,635)		$ (39,857)
Unrealized Gain (Loss) on Derivatives	75,148	145,228	$ 95,160	119,252
Derivative gains	63,343	125,593	70,526	79,395
Interest Rate Swap
Derivative [Line Items]
Gain (Loss) on Sale of Derivatives	(11,805)	(19,635)	(24,634)	(39,857)
Unrealized Gain (Loss) on Derivatives	75,148	145,228	95,160	119,252
Derivative gains	$ 63,343	$ 125,593	$ 70,526	$ 79,395

Derivatives - Rating Triggers (

Derivatives - Rating Triggers (Details) - Interest rate swaps $ in Thousands	Nov. 30, 2018USD ($)
Derivative [Line Items]
Derivative, Notional Amount	$ 8,109,437
Assets Needed for Immediate Settlement, Aggregate Fair Value	(53,843)
Assets Received for Immediate Settlement Aggregate Fair Value	82,585
Net Asset Needed for Immediate Settlement Aggregate Fair Value	28,742
Moody's, A3 Rating Standard Poor's A- rating
Derivative [Line Items]
Derivative, Notional Amount	52,555	[1]
Assets Needed for Immediate Settlement, Aggregate Fair Value	(7,819)	[1]
Assets Received for Immediate Settlement Aggregate Fair Value	0	[1]
Net Asset Needed for Immediate Settlement Aggregate Fair Value	(7,819)	[1]
Moodys Baa 1 Rating Standard Poor's BBB Plus Rating
Derivative [Line Items]
Derivative, Notional Amount	7,308,946
Assets Needed for Immediate Settlement, Aggregate Fair Value	(37,072)
Assets Received for Immediate Settlement Aggregate Fair Value	75,448
Net Asset Needed for Immediate Settlement Aggregate Fair Value	38,376
Moody's Baa 2 Rating Standard Poor's BBB Rating
Derivative [Line Items]
Derivative, Notional Amount	525,293	[2]
Assets Needed for Immediate Settlement, Aggregate Fair Value	0	[2]
Assets Received for Immediate Settlement Aggregate Fair Value	7,137	[2]
Net Asset Needed for Immediate Settlement Aggregate Fair Value	7,137	[2]
Moodys Baa3 Rating Standard Poor's BB Rating
Derivative [Line Items]
Derivative, Notional Amount	222,643
Assets Needed for Immediate Settlement, Aggregate Fair Value	(8,952)
Assets Received for Immediate Settlement Aggregate Fair Value	0
Net Asset Needed for Immediate Settlement Aggregate Fair Value	$ (8,952)
[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 Instruments and He_4

Derivative Instruments and Hedging Activities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2018	May 31, 2018
Derivative [Line Items]
Long-term debt	$ 18,477,156	$ 18,477,156	$ 18,714,960
Derivative Liability, Notional Amount	5,260,207	5,260,207	5,903,182
Accumulated Other comprehensive income (loss) cumulative changes in net gain (loss)	1,000	1,000
Gain on Cash Flow Hedge Ineffectiveness	1,000	1,000
Treasury Lock
Derivative [Line Items]
Derivative Liability, Notional Amount	0	0	$ 100,000
Interest Rate Contracts and Treasury Lock
Derivative [Line Items]
Derivative, Notional Amount	165,000	165,000
Assets Needed for Immediate Settlement, Aggregate Fair Value	2,000	$ 2,000
Interest Rate Swaps and Treasury Lock [Member]
Derivative [Line Items]
Concentration Risk, Percentage		23.00%	24.00%
Derivative, Net Liability Position, Aggregate Fair Value	54,000	$ 54,000
Designated as Hedging Instrument | Treasury Lock
Derivative [Line Items]
Derivative Liability, Notional Amount	100,000	100,000
Guaranteed Underwriter Program notes payable
Derivative [Line Items]
Long-term debt	4,925,542	4,925,542	$ 4,856,143
Guaranteed Underwriter Program notes payable | Designated as Hedging Instrument
Derivative [Line Items]
Long-term debt	$ 100,000	$ 100,000

Equity - Accumulated Other Comp

Equity - Accumulated Other Comprehensive Income Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2018	Nov. 30, 2017	Aug. 31, 2018	May 31, 2018	May 31, 2017	Nov. 30, 2016
Stockholder's Equity [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ 832	$ 11,899	$ 832	$ 11,899	$ (214)	$ 8,544	$ 13,175	$ 11,959
Cumulative effect from adoption of new accounting standard			(8,794)
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax	0	8	0	(1,143)
Unrealized gains on cash flow hedge	1,035	0	1,059	0
Other Comprehensive Income Loss Reclassification Adjustment From AOCI Foreclosed Asset			23	(133)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	1,046	(60)	1,082	(1,276)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(11)	68
Accumulated Net Investment Gain (Loss) Attributable to Parent
Stockholder's Equity [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	0	10,873	0	10,873	0	8,794	12,016	10,865
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax	0	8	0	(1,143)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	0	8	0	(1,143)
AOCI, Derivative Qualifying as Hedge, Excluded Component, Parent [Member]
Stockholder's Equity [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	2,800	3,281	2,800	3,281		3,039	3,531
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax			(239)	(250)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent			(239)	(250)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Stockholder's Equity [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	0	35	0	35		(1,059)	171
Unrealized gains on cash flow hedge	1,035		1,059
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax		(68)	0	(136)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent			1,059	(136)
Accumulated Defined Benefit Plans Adjustment, Net Transition Attributable to Parent
Stockholder's Equity [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(1,968)	(2,290)	(1,968)	(2,290)	(2,099)	$ (2,230)	$ (2,543)	(2,416)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	131	126	262	253
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	131	126	262	253
Retained Earnings, Unappropriated
Stockholder's Equity [Line Items]
Cumulative effect from adoption of new accounting standard			(8,794)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Stockholder's Equity [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	2,800	3,281	2,800	3,281	2,920			3,407
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(120)	(126)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	120	126
Accumulated Unrealized Losses on Foreclosed Assets [Member]
Stockholder's Equity [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	0	35	$ 0	$ 35	$ (1,035)			$ 103
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	$ 1,035	$ (68)

Equity - Additional Information

Equity - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2018	Nov. 30, 2017	Aug. 31, 2018	May 31, 2018	Aug. 31, 2017	May 31, 2017	Nov. 30, 2016
Stockholder's Equity [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ 832	$ 11,899	$ 832	$ 11,899	$ (214)	$ 8,544		$ 13,175	$ 11,959
Stockholders' Equity, Period Increase (Decrease)			121,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	1,627,138	1,240,048	1,627,138	1,240,048	1,506,576	1,505,853	$ 1,061,580	1,098,805
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	119,726	178,723	167,704	187,738
Patronage Refunds			$ 47,507	45,220
Fiscal Period Duration			40 years
Expected Reclassification from Accumulated Other Comprehensive Income over Next Twelve Months Net of Tax			$ 1,000
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax	0	8	0	(1,143)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	(11)	68
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	1,046	(60)	1,082	(1,276)
Accumulated Net Investment Gain (Loss) Attributable to Parent
Stockholder's Equity [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	0	10,873	0	10,873	0	8,794		12,016	10,865
Other Comprehensive Income (Loss), Securities, Available-for-Sale, Unrealized Holding Gain (Loss) Arising During Period, after Tax	0	8	0	(1,143)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	0	8	0	(1,143)
Patronage Capital Allocated
Stockholder's Equity [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	763,986	716,481	763,986	716,481	763,986	811,493	716,481	761,701
Patronage Refunds			47,507	45,220
Members’ Capital Reserve
Stockholder's Equity [Line Items]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	687,785	630,305	$ 687,785	630,305	687,785	687,785	$ 630,305	630,305
Patronage Capital Retired
Stockholder's Equity [Line Items]
Fiscal Period Duration			39 years
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Stockholder's Equity [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	2,800	3,281	$ 2,800	3,281	2,920				3,407
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	120	126
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(120)	(126)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
Stockholder's Equity [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	0	35	0	35		(1,059)		171
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent			1,059	(136)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax		(68)	0	(136)
Accumulated Unrealized Losses on Foreclosed Assets [Member]
Stockholder's Equity [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	0	35	0	35	(1,035)				103
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	1,035	(68)
Accumulated Defined Benefit Plans Adjustment, Net Transition Attributable to Parent
Stockholder's Equity [Line Items]
Accumulated Other Comprehensive Income (Loss), Net of Tax	(1,968)	(2,290)	(1,968)	(2,290)	$ (2,099)	$ (2,230)		$ (2,543)	$ (2,416)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	131	126	262	253
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	$ 131	$ 126	262	$ 253
CFC | Patronage Capital Allocated
Stockholder's Equity [Line Items]
Patronage Refunds			48,000
Retained Patronage Allocations			$ 95,000
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			$ 57,000

Guarantees Outstanding (Details

Guarantees Outstanding (Details) - USD ($) $ in Thousands		Nov. 30, 2018	May 31, 2018
Guarantees
Guarantor obligations		$ 771,422	$ 805,161
CFC
Guarantees
Guarantor obligations		754,349	793,156
CFC | Distribution
Guarantees
Guarantor obligations		201,189	201,993
CFC | Power supply
Guarantees
Guarantor obligations		549,825	587,837
CFC | Statewide and associate
Guarantees
Guarantor obligations		3,335	3,326
NCSC
Guarantees
Guarantor obligations		15,499	10,431
RTFC
Guarantees
Guarantor obligations		1,574	1,574
Long-term tax-exempt bonds
Guarantees
Guarantor obligations	[1]	313,685	316,985
Letters of credit
Guarantees
Guarantor obligations	[2]	312,536	343,970
Other guarantees
Guarantees
Guarantor obligations		$ 145,201	$ 144,206
[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		6 Months Ended
		Nov. 30, 2018	May 31, 2018
Guarantees
Guarantor obligations		$ 771,422	$ 805,161
Guarantee Obligations Unsecured		$ 308,000	$ 344,000
Guarantee Obligations Unsecured Commitment as Percentage of Total Commitment		40.00%	43.00%
Guarantee Liability Recorded		$ 10,000	$ 11,000
Guaranty Liabilities Contingent		1,000	1,000
Guaranty Liabilities		9,000	10,000
Long-term variable-rate loans
Guarantees
Guarantee Obligations Liquidity Provided to Member Carrying Value		248,000
Long-term tax-exempt bonds
Guarantees
Guarantor obligations	[1]	313,685	316,985
Financial Guarantee | Long-term fixed-rate bonds
Guarantees
Guarantor obligations		66,000
Financial Guarantee | Long Term Fixed Rate Loans
Guarantees
Guarantor Obligations, Maximum Exposure, Undiscounted		92,000
Financial Guarantee | Long-term variable-rate loans
Guarantees
Guarantor obligations		248,000	250,000
Letters of credit
Guarantees
Guarantor obligations	[2]	312,536	343,970
Guarantee Obligations Secured		124,000	120,000
Master Letter of Credit | Master Letter of Credit
Guarantees
Letter of Credit Facility Maximum Additional Amount Potentially Required to be Issued		58,000
Other guarantees
Guarantees
Guarantor obligations		145,201	144,206
Guarantor Obligations, Maximum Exposure, Undiscounted		$ 146,000	$ 145,000
[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	Nov. 30, 2018	May 31, 2018	Nov. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 226,758	$ 230,999
Cash and Cash Equivalents, Fair Value Disclosure	226,758	230,999
Restricted cash	16,174	7,825
Time deposits	0	100,000
Equity securities	86,988	89,332
Debt Securities, Held-to-maturity	558,071	520,519
Debt Securities, Held-to-maturity, Fair Value	550,116	516,546
Deferred Compensation Plan Assets	5,001	5,194
Loans and Leases Receivable Commercial, Net of Allowance	25,277,271	25,159,807	$ 24,787,917
Loans Receivable, Fair Value Disclosure	23,830,865	24,167,886
Accrued interest receivable	133,988	127,442
Debt service reserve restricted funds	17,151	17,151
Derivative assets	319,687	244,526
Short-term borrowings	4,100,606	3,795,910
Short-term Debt, Fair Value	4,100,581	3,795,799
Long-term debt	18,477,156	18,714,960
Long-term Debt, Fair Value	18,370,056	18,909,276
Accrued interest payable	146,639	149,284
Guaranty Liabilities Contingent and Noncontingent	9,612	10,589
Guarantees, Fair Value Disclosure	9,249	10,454
Derivative liabilities	255,112	275,932
Subordinated deferrable debt	742,480	742,410
Subordinated Debt Obligations, Fair Value Disclosure	738,620	766,088
Members Subordinated Certificates	1,376,689	1,379,982
Members Subordinated Certificates, At Fair Value	1,376,689	1,380,004
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	226,758	230,999
Restricted cash	16,174	7,825
Equity securities	86,988	89,332
Deferred Compensation Plan Assets	5,001	5,194
Accrued interest receivable	0
Debt service reserve restricted funds	17,151	17,151
Short-term Debt, Fair Value	0
Accrued interest payable	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Time deposits		100,000
Debt Securities, Held-to-maturity, Fair Value	550,116	516,546
Accrued interest receivable	133,988	127,442
Derivative assets	319,687	244,526
Short-term Debt, Fair Value	4,100,581	3,695,799
Long-term Debt, Fair Value	10,837,939	11,373,216
Accrued interest payable	146,639	149,284
Derivative liabilities	255,112	275,932
Subordinated Debt Obligations, Fair Value Disclosure	738,620	766,088
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loans Receivable, Fair Value Disclosure	23,830,865	24,167,886
Short-term Debt, Fair Value		100,000
Long-term Debt, Fair Value	7,532,117	7,536,060
Guarantees, Fair Value Disclosure	9,249	10,454
Members Subordinated Certificates, At Fair Value	$ 1,376,689	$ 1,380,004

Fair Value Measurement - Recurr

Fair Value Measurement - Recurring Fair Value Measurements (Details) - USD ($) $ in Thousands	Nov. 30, 2018	May 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	$ 86,988	$ 89,332
Deferred Compensation Plan Assets	5,001	5,194
Derivative assets	319,687	244,526
Derivative liabilities	255,112	275,932
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	86,988	89,332
Deferred Compensation Plan Assets	5,001	5,194
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	319,687	244,526
Derivative liabilities	255,112	275,932
Recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	86,988	89,332
Deferred Compensation Plan Assets	5,001	5,194
Derivative assets	319,687	244,526
Derivative liabilities	255,112	275,932
Recurring basis | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities	86,988	89,332
Deferred Compensation Plan Assets	5,001	5,194
Recurring basis | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	319,687	244,526
Derivative liabilities	$ 255,112	$ 275,932

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2018	Nov. 30, 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

Business Segments - Segment Res

Business Segments - Segment Results and Total Assets (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Nov. 30, 2018	Nov. 30, 2017	Nov. 30, 2018	Nov. 30, 2017	Aug. 31, 2018	May 31, 2018	Aug. 31, 2017	May 31, 2017
Statement of operations:
Interest income		$ 281,253	$ 265,823	$ 559,744	$ 531,738
Interest expense	[1],[2]	(204,166)	(195,170)	(414,397)	(387,901)
Net interest income		77,087	70,653	145,347	143,837
Provision for loan losses		1,788	304	1,897	602
Net interest income after benefit for loan losses		78,875	70,957	147,244	144,439
Fee and other income		4,321	5,542	7,506	9,487
Non-interest income:
Gain (Loss) on Sale of Derivatives		(11,805)	(19,635)		(39,857)
Unrealized Gain (Loss) on Derivatives		(75,148)	(145,228)	(95,160)	(119,252)
Derivative gains		63,343	125,593	70,526	79,395
Results of operations of foreclosed assets		0	(10)	0	(34)
Total non-interest income		67,664	131,125	78,032	88,848
Non-interest expense:
General and administrative expenses		(23,870)	(21,914)	(47,075)	(43,550)
Losses on early extinguishment of debt		0	0	(7,100)	0
Other non-interest expense		(2,700)	(618)	(3,094)	(1,140)
Total non-interest expense		(26,570)	(22,532)	(57,269)	(44,690)
Income (loss) before income taxes		119,969	179,550	168,007	188,597
Income tax expense		(243)	(827)	(303)	(859)
Net income		119,726	178,723	167,704	187,738
Assets:
Loans Receivable, Gross, Commercial and Industrial		25,294,175	24,824,691	25,294,175	24,824,691		$ 25,178,608
Less: Allowance for loan losses		(16,904)	(36,774)	(16,904)	(36,774)	$ (18,692)	(18,801)	$ (37,078)	$ (37,376)
Loans to members, net		25,277,271	24,787,917	25,277,271	24,787,917		25,159,807
Other assets		1,552,487	1,092,326	1,552,487	1,092,326
Total assets		26,829,758	25,880,243	26,829,758	25,880,243		26,690,204
Total recorded investment in loans		25,282,953	24,813,542	25,282,953	24,813,542		25,167,494
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums		11,222	11,149	11,222	11,149		$ 11,114
CFC
Statement of operations:
Interest income		279,033	263,180	555,276	526,591
Interest expense		(203,985)	(194,943)	(414,035)	(387,448)
Net interest income		75,048	68,237	141,241	139,143
Provision for loan losses		1,788	304	1,897	602
Net interest income after benefit for loan losses		76,836	68,541	143,138	139,745
Fee and other income		5,623	5,490	10,096	9,378
Non-interest income:
Gain (Loss) on Sale of Derivatives		(11,546)	(18,990)	(24,108)	(38,554)
Unrealized Gain (Loss) on Derivatives		(74,591)	(143,452)	(94,262)	(117,341)
Derivative gains		63,045	124,462	70,154	78,787
Results of operations of foreclosed assets			(10)		34
Total non-interest income		68,668	129,942	80,250	88,131
Non-interest expense:
General and administrative expenses		(23,544)	(20,292)	(45,969)	(40,030)
Losses on early extinguishment of debt				(7,100)
Other non-interest expense		(2,700)	(618)	(3,094)	(1,140)
Total non-interest expense		(26,244)	(20,910)	(56,163)	(41,170)
Income (loss) before income taxes		119,260	177,573	167,225	186,706
Net income		119,260	177,573	167,225	186,706
Assets:
Loans Receivable, Gross, Commercial and Industrial		25,261,222	24,788,572	25,261,222	24,788,572
Less: Allowance for loan losses		(16,904)	(36,774)	(16,904)	(36,774)
Loans to members, net		25,244,318	24,751,798	25,244,318	24,751,798
Other assets		1,542,099	1,081,850	1,542,099	1,081,850
Total assets		26,786,417	25,833,648	26,786,417	25,833,648
Total recorded investment in loans		25,250,000	24,777,423	25,250,000	24,777,423
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums		11,222	11,149	11,222	11,149
Other
Statement of operations:
Interest income		12,945	12,257	25,929	23,206
Interest expense		(10,906)	(9,841)	(21,823)	(18,512)
Net interest income		2,039	2,416	4,106	4,694
Provision for loan losses				0
Net interest income after benefit for loan losses		2,039	2,416	4,106	4,694
Fee and other income		490	301	1,054	701
Non-interest income:
Gain (Loss) on Sale of Derivatives		(259)	(645)	(526)	(1,303)
Unrealized Gain (Loss) on Derivatives		557	1,776	898	1,911
Derivative gains		298	1,131	372	608
Total non-interest income		788	1,432	1,426	1,309
Non-interest expense:
General and administrative expenses		(1,919)	(1,622)	(4,293)	(3,520)
Other non-interest expense		(199)	(249)	(457)	(592)
Total non-interest expense		(2,118)	(1,871)	(4,750)	(4,112)
Income (loss) before income taxes		709	1,977	782	1,891
Income tax expense		(243)	(827)	(303)	(859)
Net income		466	1,150	479	1,032
Assets:
Loans Receivable, Gross, Commercial and Industrial		1,122,718	1,111,438	1,122,718	1,111,438
Loans to members, net		1,122,718	1,111,438	1,122,718	1,111,438
Other assets		112,923	107,516	112,923	107,516
Total assets		1,235,641	1,218,954	1,235,641	1,218,954
Total recorded investment in loans		1,122,718	1,111,438	1,122,718	1,111,438
Elimination
Statement of operations:
Interest income		(10,725)	(9,614)	(21,461)	(18,059)
Interest expense		10,725	9,614	21,461	18,059
Net interest income		0	0	0	0
Provision for loan losses				0
Net interest income after benefit for loan losses		0	0	0	0
Fee and other income		(1,792)	(249)	(3,644)	(592)
Non-interest income:
Derivative gains		0	0	0	0
Total non-interest income		(1,792)	(249)	(3,644)	(592)
Non-interest expense:
General and administrative expenses		1,593	0	3,187	0
Other non-interest expense		199	249	457	592
Total non-interest expense		1,792	249	3,644	592
Assets:
Loans Receivable, Gross, Commercial and Industrial		(1,089,765)	(1,075,319)	(1,089,765)	(1,075,319)
Loans to members, net		(1,089,765)	(1,075,319)	(1,089,765)	(1,075,319)
Other assets		(102,535)	(97,040)	(102,535)	(97,040)
Total assets		(1,192,300)	(1,172,359)	(1,192,300)	(1,172,359)
Total recorded investment in loans		$ (1,089,765)	$ (1,075,319)	$ (1,089,765)	$ (1,075,319)
[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]	ncludes 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.