National Rural Utilities Cooper (NRUC) 10-Q 11 Oct 24 2025 Q1 Quarterly report Financial data

Cover

Cover	3 Months Ended
	Aug. 31, 2024 shares
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 31, 2024
Document Transition Report	false
Entity File Number	1-7102
Entity Registrant Name	NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION
Entity Incorporation, State or Country Code	DC
Entity Tax Identification Number	52-0891669
Entity Address, Address Line One	20701 Cooperative Way,
Entity Address, City or Town	Dulles,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	20166
City Area Code	(703)
Local Phone Number	467-1800
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	0
Entity Central Index Key	0000070502
Current Fiscal Year End Date	--05-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false
7.35% Collateral Trust Bonds, due 2026
Document Information [Line Items]
Title of 12(b) Security	7.35% Collateral Trust Bonds, due 2026
Trading Symbol	NRUC 26
Security Exchange Name	NYSE
5.50% Subordinated Notes, due 2064
Document Information [Line Items]
Title of 12(b) Security	5.50% Subordinated Notes, due 2064
Trading Symbol	NRUC
Security Exchange Name	NYSE

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Income Statement [Abstract]
Interest income	$ 418,119	$ 380,956
Interest expense	(356,460)	(316,281)
Net interest income	61,659	64,675
Provision for credit losses	(953)	(800)
Net interest income after provision for credit losses	60,706	63,875
Non-interest income (loss):
Fee and other income	5,668	4,537
Derivative gains (losses)	(198,325)	189,887
Investment securities gains	4,131	2,933
Total non-interest income (loss)	(188,526)	197,357
Non-interest expense:
Salaries and employee benefits	(17,188)	(15,874)
Other general and administrative expenses	(19,104)	(15,629)
Losses on early extinguishment of debt	(22)	(939)
Other non-interest expense	(296)	(178)
Total non-interest expense	(36,610)	(32,620)
Income (loss) before income taxes	(164,430)	228,612
Income tax benefit (provision)	104	(328)
Net income (loss)	(164,326)	228,284
Less: Net (income) loss attributable to noncontrolling interests	482	(427)
Net income (loss) attributable to CFC	$ (163,844)	$ 227,857

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (164,326)	$ 228,284
Other comprehensive income (loss):
Changes in unrealized gains on derivative cash flow hedges	803	0
Reclassification to earnings of realized gains on derivatives	(167)	(155)
Defined benefit plan adjustments	96	53
Other comprehensive income (loss)	732	(102)
Total comprehensive income (loss)	(163,594)	228,182
Less: Total comprehensive (income) loss attributable to non-controlling interests	482	(427)
Total comprehensive income (loss) attributable to CFC	$ (163,112)	$ 227,755

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024
Assets:
Cash and cash equivalents	$ 264,655	$ 280,124
Restricted cash	8,219	8,217
Total cash, cash equivalents and restricted cash	272,874	288,341
Investment securities:
Debt securities trading, at fair value	230,824	281,351
Equity securities, at fair value	12,470	36,886
Total investment securities, at fair value	243,294	318,237
Loans to members	35,110,872	34,542,285
Less: Allowance for credit losses	(49,679)	(48,726)
Loans to members, net	35,061,193	34,493,559
Accrued interest receivable	257,953	190,247
Other receivables	28,057	29,240
Fixed assets, net of accumulated depreciation of $85,487 and $83,706 as of August 31, 2024 and May 31, 2024, respectively	84,240	85,119
Derivative assets	454,633	691,249
Other assets	86,097	81,822
Total assets	36,488,341	36,177,814
Liabilities:
Accrued interest payable	306,340	263,372
Debt outstanding:
Short-term borrowings	4,417,039	4,332,690
Long-term debt	26,265,225	25,901,165
Subordinated deferrable debt	1,286,907	1,286,861
Members’ subordinated certificates:
Membership subordinated certificates	628,625	628,625
Loan and guarantee subordinated certificates	322,013	322,863
Member capital securities	246,163	246,163
Total members’ subordinated certificates	1,196,801	1,197,651
Total debt outstanding	33,165,972	32,718,367
Patronage capital retirement payable	46,846	0
Deferred income	32,672	33,356
Derivative liabilities	74,824	80,988
Other liabilities	60,423	69,562
Total liabilities	33,687,077	33,165,645
CFC equity:
Retained equity	2,781,723	2,992,878
Accumulated other comprehensive loss	(684)	(1,416)
Total CFC equity	2,781,039	2,991,462
Noncontrolling interests	20,225	20,707
Total equity	2,801,264	3,012,169
Total liabilities and equity	$ 36,488,341	$ 36,177,814

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 85,487	$ 83,706

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Total CFC Equity	Membership Fees and Educational Fund	Patronage Capital Allocated	Members’ Capital Reserve	Unallocated Net Income	CFC Retained Equity	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interests
Beginning balance at May. 31, 2023	$ 2,589,249	$ 2,562,059	$ 3,534	$ 1,006,115	$ 1,202,152	$ 341,915	$ 2,553,716	$ 8,343	$ 27,190
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	228,284	227,857				227,857	227,857		427
Other comprehensive income (loss)	(102)	(102)						(102)
Patronage capital retirement	(71,980)	(71,980)		(71,980)			(71,980)
Other	2,476	(449)	(449)				(449)		2,925
Ending balance at Aug. 31, 2023	2,747,927	2,717,385	3,085	934,135	1,202,152	569,772	2,709,144	8,241	30,542
Beginning balance at May. 31, 2024	3,012,169	2,991,462	3,576	928,232	1,455,564	605,506	2,992,878	(1,416)	20,707
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(164,326)	(163,844)				(163,844)	(163,844)		(482)
Other comprehensive income (loss)	732	732						732
Patronage capital retirement	(46,846)	(46,846)		(46,846)	0		(46,846)
Other	(465)	(465)	(465)				(465)		0
Ending balance at Aug. 31, 2024	$ 2,801,264	$ 2,781,039	$ 3,111	$ 881,386	$ 1,455,564	$ 441,662	$ 2,781,723	$ (684)	$ 20,225

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ (164,326)	$ 228,284
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization of deferred loan fees	(901)	(1,698)
Amortization of debt issuance costs and discounts	8,181	7,177
Amortization of guarantee fee	4,996	5,121
Depreciation and amortization	2,993	2,720
Provision for credit losses	953	800
Loss on early extinguishment of debt	22	939
Unrealized gains on equity and debt securities	(4,237)	(4,038)
Derivative forward value (gains) losses	230,386	(162,018)
Advances on loans held for sale	(130,500)	(39,000)
Proceeds from sales of loans held for sale	133,000	39,000
Changes in operating assets and liabilities:
Accrued interest receivable	(67,706)	(4,628)
Accrued interest payable	42,968	62,214
Deferred income	217	196
Other	(19,339)	(18,855)
Net cash provided by operating activities	36,707	116,214
Cash flows from investing activities:
Advances on loans held for investment, net	(570,513)	(563,112)
Investments in fixed assets, net	(1,269)	(1,085)
Proceeds from sales and maturities of trading securities	54,075	51,191
Proceeds from redemption of equity securities	25,000	0
Net cash used in investing activities	(492,707)	(513,006)
Cash flows from financing activities:
Proceeds from short-term borrowings ≤ 90 days, net	585,175	182,251
Proceeds from short-term borrowings with original maturity > 90 days	617,855	1,150,142
Repayments of short-term borrowings with original maturity > 90 days	(1,118,681)	(754,333)
Proceeds from issuance of long-term debt, net of discount and issuance costs	595,744	432,366
Payments for retirement of long-term debt	(238,708)	(510,743)
Payments for issuance costs for subordinated deferrable debt	0	(185)
Payments for retirement of subordinated deferrable debt	0	(100,000)
Payments for retirement of members’ subordinated certificates	(850)	(1,100)
Repayments for membership fees, net	(2)	(1)
Net cash provided by financing activities	440,533	398,397
Net increase (decrease) in cash, cash equivalents and restricted cash	(15,467)	1,605
Beginning cash, cash equivalents and restricted cash	288,341	207,237
Ending cash, cash equivalents and restricted cash	272,874	208,842
Supplemental disclosure of cash flow information:
Cash paid for interest	304,157	248,345
Cash paid for income taxes	$ 5	$ 260

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Aug. 31, 2024
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 tax-exempt, 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, electric generation and transmission (“power supply”) systems and related facilities. CFC also provides its members and associates 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. National Cooperative Services Corporation (“NCSC”) is a taxable cooperative incorporated in 1981 in the District of Columbia as a member-owned cooperative association. NCSC’s principal purpose is to provide financing to its members and associates, which consists of two classes: NCSC electric and NCSC telecommunications. NCSC electric members and associates consist of members of CFC, entities eligible to be members of CFC, government or quasi-government entities that own electric utility systems that meet the Rural Electrification Act definition of “rural,” and the for-profit and not-for-profit entities that are owned, operated or controlled by, or provide significant benefit to, certain members of CFC. NCSC telecommunication (“telecom”) members and associates consist of rural telecommunications members and their affiliates. Cooperative Securities LLC (“Cooperative Securities”) is a limited liability company organized and incorporated in 2021 in Delaware and a wholly-owned subsidiary of NCSC. Cooperative Securities is a broker-dealer registered with the U.S. Securities and Exchange Commission (“SEC”), and is a member of the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation. Cooperative Securities provides institutional debt placement services, which may include advising, arranging and structuring private debt financing transactions, for NCSC’s members, and for-profit and not-for-profit entities that are owned, operated or controlled by, or provide a significant benefit to certain rural utility providers. Basis of Presentation and Use of Estimates The accompanying unaudited interim consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). These consolidated financial statements include the accounts of CFC and variable interest entities (“VIEs”) where CFC is the primary beneficiary. NCSC is a VIE that is required to be consolidated by CFC. Prior to December 1, 2023, Rural Telephone Finance Cooperative (“RTFC”) qualified as a VIE that was required to be consolidated by CFC. RTFC was a taxable Subchapter T cooperative association that provided financing for its rural telecommunications members and their affiliates. RTFC was dissolved following the sale of RTFC’s business to NCSC (hereon referred to as the “RTFC sale transaction”), which was completed on December 1, 2023 . For additional discussion of the “RTFC Sale Transaction,” see “Note 1—Summary of Significant Accounting Policies” in our Annual Report on Form 10-K for the fiscal year ended May 31, 2024 (“2024 Form 10-K”). All intercompany balances and transactions have been eliminated. Unless stated otherwise, references to “we,” “our” or “us” relate to CFC and its consolidated entities. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and rel ated disclosures during the period. Management’s most significant estimates and assumptions involve determining the allowance for credit losses. These estimates are based on information available as of the date of the consolidated financial statements. While management makes its best judgments, actual amounts or results could differ from these estimates. In the opinion of management, these unaudited interim financial statements reflect all adjustments of a normal, recurring nature that are necessary for the fair statement of results for the periods presented. The results in the interim financial statements included in our Quarterly Report on Form 10-Q for the quarterly period ended August 31, 2024 (“this Report”) are not necessarily indicative of results that may be expected for the full fiscal year, and the unaudited interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements included in our 2024 Form 10-K. Our fiscal year begins on June 1 and ends on May 31. References to “Q1 FY2025” and “Q1 FY2024” refer to three months ended August 31, 2024 and 2023, respectively. Leases Our lease program is intended to provide equipment financing for leased assets, such as vehicles, to our members. We determine whether an arrangement is a lease and the lease classification under ASC Topic 842, Leases at lease inception for all leas e transactions with an initial term greater than one year. We recorded a total finance lease liability of $4 million and $3 million as of August 31, 2024 and May 31, 2024, respectively, which were included in other liabilities on the consolidated balance sheets. Interest expenses and variable lease cost from the finance leases were not material for Q1 FY2025 and Q1 FY2024. We recorded a total net investment in leases for sales-type leases of $4 million and $3 million as of August 31, 2024 and May 31, 2024, respectively, which were included in other assets on the consolidated balance sheets. Interest income and variable lease payment income from the sales-type leases were not material for Q1 FY2025 and Q1 FY2024. New Accounting Standards Issued But Not Yet Adopted Segment Reporting — Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which introduced key amendments to enhance disclosures for public entities’ reportable segments. The amendments require disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. The amendments also expand the interim segment disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and requires retrospective application to all prior periods presented in the financial statements. We expect to adopt the guidance in fiscal year 2025, and the interim disclosure requirements in the first quarter of fiscal year 2026. We are currently in the process of reviewing the guidance and evaluating its impact on our consolidated financial statements and related disclosures. Disclosure Improvements — Codification Amendment in Response to the SEC’s Disclosure Update and Simplification Initiative In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements — Codification Amendment in Response to the SEC’s Disclosure Update and Simplification Initiative . The amendments in this update modify the disclosure or presentation requirements of a variety of Topics in the Accounting Standards Codification (“ASC”) in response to the SEC’s Release No. 33-10532, Disclosure Update and Simplification Initiative, and align the ASC’s requirements with the SEC’s regulations. For entities subject to the SEC’s existing disclosure requirements, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective. Early adoption is prohibited. We are currently in the process of evaluating the impact of the amendment on our consolidated financial statements and related disclosures.

Interest Income and Interest Ex

Interest Income and Interest Expense	3 Months Ended
	Aug. 31, 2024
Banking and Thrift, Interest [Abstract]
INTEREST INCOME AND INTEREST EXPENSE	NOTE 2—INTEREST INCOME AND INTEREST EXPENSE The following table displays the components of interest income, by interest-earning asset type, and interest expense, by debt product type, presented in our consolidated statements of operations. Table 2.1: Interest Income and Interest Expense (Dollars in thousands) Q1 FY2025 Q1 FY2024 Interest income: Loans (1) $ 414,700 $ 375,568 Cash and investment securities 3,419 5,388 Total interest income 418,119 380,956 Interest expense: (2)(3) Short-term borrowings 54,400 58,394 Long-term debt 266,968 223,976 Subordinated debt 35,092 33,911 Total interest expense 356,460 316,281 Net interest income $ 61,659 $ 64,675 ____________________________ (1) Includes loan conversion fees, which are generally deferred and recognized in interest income over the period to maturity using the effective interest method, late payment fees, commitment fees and net amortization of deferred loan fees and loan origination costs. (2) Includes amortization of debt discounts and premiums, and debt issuance costs, which are generally deferred and recognized as interest expense over the period to maturity using the effective interest method. Issuance costs related to dealer commercial paper, however, are recognized in interest expense immediately as incurred. (3) Includes fees related to funding arrangements, such as up-front fees paid to banks participating in our committed bank revolving line of credit agreements. Based on the nature of the fees, the amount is either recognized immediately as incurred or deferred and recognized in interest expense ratably over the term of the arrangement. Deferred income reported on our consolidated balance sheets of $33 million as of both August 31, 2024 and May 31, 2024, consists primarily of deferred loan conversion fees that totaled $23 million and $24 million as of August 31, 2024 and May 31, 2024, respectively.

Investment Securities

Investment Securities	3 Months Ended
	Aug. 31, 2024
Investments [Abstract]
INVESTMENT SECURITIES	NOTE 3—INVESTMENT SECURITIES Our investment securities portfolio consists of debt securities classified as trading and equity securities with readily determinable fair values. We therefore record changes in the fair value of our debt and equity securities in earnings and report these unrealized changes together with realized gains and losses from the sale of securities as a component of non-interest income in our consolidated statements of operations. Debt Securities The following table presents the composition of our investment debt securities portfolio and the fair value as of August 31, 2024 and May 31, 2024. Table 3.1: Investments in Debt Securities, at Fair Value (Dollars in thousands) August 31, 2024 May 31, 2024 Debt securities, at fair value: Corporate debt securities $ 203,657 $ 246,041 Commercial agency mortgage-backed securities (“MBS”) (1) 4,578 6,663 U.S. state and municipality debt securities 7,091 8,179 Other asset-backed securities (2) 15,498 20,468 Total debt securities trading, at fair value $ 230,824 $ 281,351 ____________________________ (1) Consists of securities backed by the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). (2) Consists primarily of securities backed by auto lease loans, equipment-backed loans, auto loans and credit card loans. We recognized net unrealized gains on our debt securities of $4 million and $3 million for Q1 FY2025 and Q1 FY2024, respectively. We sold $14 million in principal amount of debt securities during Q1 FY2025 and realized gains on the sale of these securities of less than $1 million during the period. We did not sell any debt securities during Q1 FY2024; therefore, no realized gains or losses were recorded during the period for sale of securities. Equity Securities The following table presents the composition of our equity security holdings and the fair value as of August 31, 2024 and May 31, 2024. Table 3.2: Investments in Equity Securities, at Fair Value (Dollars in thousands) August 31, 2024 May 31, 2024 Equity securities, at fair value: Farmer Mac—Series C non-cumulative preferred stock $ — $ 25,130 Farmer Mac—Class A common stock 12,470 11,756 Total equity securities, at fair value $ 12,470 $ 36,886 On July 18, 2024, Farmer Mac redeemed its Series C noncumulative preferred stock at a redemption price of $25.00 per share, plus any declared and unpaid dividends through and including the redemption date. We recorded an immaterial loss as part of this transaction.

Loans

Loans	3 Months Ended
	Aug. 31, 2024
Receivables [Abstract]
LOANS	NOTE 4—LOANS Our loan portfolio is segregated into segments by borrower member class, which is based on the utility sector of the borrowers because the key operational, infrastructure, regulatory, environmental, customer and financial risks of each sector are similar in nature. Total loan portfolio member class consists of CFC distribution, CFC power supply, CFC statewide and associate, NCSC electric and NCSC telecom. We offer both long-term and line of credit loans to our borrowers. Under our long-term loan facilities, a borrower may select a fixed interest rate or a variable interest rate at the time of each loan advance. Line of credit loans are generally revolving loan facilities and have a variable interest rate. Loans to Members Loans to members consist of loans held for investment and loans held for sale. The outstand ing amount of loans held for investment is recorded based on the unpaid principal balance, net of discounts, net charge-offs and recoveries, of loans and deferred loan origination costs. The outstanding amount of loans held for sale is recorded based on the lower of cost or fair value. The following table presents loans to members by legal entity, member class and loan type, as of August 31, 2024 and May 31, 2024. Table 4.1: Loans to Members by Member Class and Loan Type August 31, 2024 May 31, 2024 (Dollars in thousands) Amount % of Total Amount % of Total Member class: CFC: Distribution $ 27,523,892 78 % $ 27,104,463 78 % Power supply 5,724,475 16 5,641,898 16 Statewide and associate 263,893 1 237,346 1 Total CFC 33,512,260 95 32,983,707 95 NCSC: Electric 972,730 3 945,880 3 Telecom 611,207 2 598,597 2 Total NCSC 1,583,937 5 % 1,544,477 5 % Total loans outstanding (1) 35,096,197 100 34,528,184 100 Deferred loan origination costs—CFC (2) 14,675 — 14,101 — Loans to members $ 35,110,872 100 % $ 34,542,285 100 % Loan type: Long-term loans: Fixed rate $ 30,610,570 87 % $ 30,266,043 88 % Variable rate 879,627 3 839,458 2 Total long-term loans 31,490,197 90 31,105,501 90 Lines of credit 3,606,000 10 3,422,683 10 Total loans outstanding (1) 35,096,197 100 34,528,184 100 Deferred loan origination costs—CFC (2) 14,675 — 14,101 — Loans to members $ 35,110,872 100 % $ 34,542,285 100 % ___________________________ (1) Represents the unpaid principal balance, net of discounts, charge-offs and recoveries, of loans as of the end of each period. (2) Deferred loan origination costs are recorded at CFC segment. Loan Sales We may transfer whole loans and participating interests to third partie s. These transfers are typically made concurrently or within a short period of time with the closing of the loan sale or participation agreement at par value and meet the accounting criteria required for sale accounting. We sold CFC and NCSC loans, at par for cash, totaling $133 million and $39 million during Q1 FY2025 and Q1 FY2024 , respectively. We recorded immaterial losses on the sale of these loa ns attributable to the unamortized deferred loan origination costs associated with the transferred loans . We had no loans held for sale as of August 31, 2024. We had loans held for sale totaling $3 million as of May 31, 2024, which were sold at par for cash during Q1 FY2025. Accrued Interest Receivable We report accrued interest on loans separately on our consolidated balance sheets as a component of the line item accrued interest receivable rather than as a component of loans to members. Accrued interest on loans total ed $217 million and $147 million as of August 31, 2024 and May 31, 2024, respectively. Accrued interest receivable amounts generally represent three months or less of accrued interest on loans outstanding. Because our policy is to write off past-due accrued interest receivable in a timely manner, we elected not to measure an allowance for credit losses for accrued interest receivable on loans outstanding. We also elected to exclude accrued interest receivable from the credit quality disclosures required under CECL. Credit Concentration Concentrations of credit may exist when a lender has large credit exposures to single borrowers, large credit exposures to borrowers in the same industry sector or engaged in similar activities or large credit exposures to borrowers in a geographic region that would cause the borrowers to be similarly impacted by economic or other conditions in the region. 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. Because we lend primarily to our rural electric utility cooperative members, we have had a loan portfolio subject to single-industry and single-obligor concentration risks since our inception in 1969. Loans outstanding to electric utility organizations of $34,485 million and $33,930 million as of August 31, 2024 and May 31, 2024, respectively, accounted for 98% of total loans outstanding as of each respective date. The remaining loans outstanding in our portfolio were to members, affiliates and associates in the telecommunications industry. Our credit exposure is partially mitigated by long-term loans guaranteed by RUS, which totaled $112 million an d $114 million as of August 31, 2024 and May 31, 2024, respectively. Single-Obligor Concentration The outstanding loan exposure for o ur 20 largest borrowers totaled $6,956 million and $6,851 million as of August 31, 2024 and May 31, 2024, respectively, representing 20% of total loans outstanding as of each respective date. Our 20 largest borrowers consisted of 13 distribution systems and seven power supp ly systems as of both August 31, 2024 and May 31, 2024. The largest total outstanding exposure to a single borrower or controlled group represented approximately 1% of total loans outstanding as of both August 31, 2024 and May 31, 2024. 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. We are required to pay Farmer Mac a monthly fee based on the unpaid principal balance of loans covered under the purchase commitment. The aggregate unpaid principal balance of designated and Farmer Mac approved loans was $367 million and $370 million as of August 31, 2024 and May 31, 2024, respectively. Loan exposure to our 20 largest borrowers covered under the Fa rmer Mac agreement totaled $156 million and $226 million as of August 31, 2024 and May 31, 2024, respectively, which reduced our exposure to the 20 largest borro wers to 19% of our total loans outstanding as of each respective date. We have had no loan defaults for loans covered under this agreement; therefore, no loa ns have been put to Farmer Mac for purchase pursuant to the standby purchase agreement as of August 31, 2024. Our credit exposure is also mitigated by long-term loans guaranteed by RUS. Geographic Concentration Although our organizational structure and mission result in single-industry concentration, we serve a geographically diverse group of electric and telecommunications borrowers throughout the U.S. The consolidated number of borrowers with loans outstanding totaled 890 and 885 a s of August 31, 2024 and May 31, 2024, respectively, located in 49 states and the District of Columbia. Of the 890 and 885 borrowers with loans outstanding, 49 and 50 were electric power supply borrowers as of August 31, 2024 and May 31, 2024, respectively. Electric power supply borrowers generally require significantly more capital than electric distribution and telecommunications borrowers. Texas accounted for the largest number of borrowers with loans outstanding in any one state as of both August 31, 2024 and May 31, 2024, as well as the largest concentration of loan exposure. The following table presents the Texas-based number of borrowers and loans outstanding by legal entity and member class, as of August 31, 2024 and May 31, 2024. Table 4.2: Loan Exposure to Texas-Based Borrowers August 31, 2024 May 31, 2024 (Dollars in thousands) Number of Borrowers Amount % of Total Number of Borrowers Amount % of Total Member class: CFC: Distribution 57 $ 4,687,644 14 % 57 $ 4,518,859 13 % Power supply 6 1,174,129 3 6 1,148,100 4 Statewide and associate 1 92,055 — 1 75,089 — Total CFC 64 5,953,828 17 64 5,742,048 17 NCSC: Electric 1 13,467 — 1 15,067 — Telecom 2 11,584 — 2 11,426 — Total NCSC 3 25,051 — 3 26,493 — Total loan exposure to Texas-based borrowers 67 5,978,879 17 67 5,768,541 17 Less: Loans covered under Farmer Mac standby purchase commitment (125,164) — (126,185) — Net loan exposure to Texas-based borrowers $ 5,853,715 17 % $ 5,642,356 17 % Credit Quality Indicators Assessing the overall credit quality of our loan portfolio and measuring our credit risk is an ongoing process that involves tracking payment status, modifications to borrowers experiencing financial difficulty, nonperforming loans, charge-offs, 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. Payment status trends and internal risk ratings are indicators, among others, of the probability of borrower default and overall credit quality of our loan portfolio. Payment Status of Loans Loans are considered delinquent when contractual principal or interest amounts become past due 30 days or more following the scheduled payment due date. Loans are placed on nonaccrual status when payment of principal or interest is 90 days or more past due or management determines that the full collection of principal and interest is doubtful. The following table presents the payment status, by legal entity and member class, of loans outstanding as of August 31, 2024 and May 31, 2024. Table 4.3: Payment Status of Loans Outstanding August 31, 2024 (Dollars in thousands) Current 30-89 Days Past Due > 90 Days Total Total Loans Outstanding Nonaccrual Loans Member class: CFC: Distribution $ 27,523,892 $ — $ — $ — $ 27,523,892 $ — Power supply 5,724,475 — — — 5,724,475 48,669 Statewide and associate 263,893 — — — 263,893 — Total CFC 33,512,260 — — — 33,512,260 48,669 NCSC: Electric 972,730 — — — 972,730 — Telecom 611,207 — — — 611,207 — Total NCSC 1,583,937 — — — 1,583,937 — Total loans outstanding $ 35,096,197 $ — $ — $ — $ 35,096,197 $ 48,669 Percentage of total loans 100.00 % — % — % — % 100.00 % 0.14 % May 31, 2024 (Dollars in thousands) Current 30-89 Days Past Due > 90 Days Total Total Loans Outstanding Nonaccrual Loans Member class: CFC: Distribution $ 27,104,463 $ — $ — $ — $ 27,104,463 $ — Power supply 5,641,898 — — — 5,641,898 48,669 Statewide and associate 237,346 — — — 237,346 — Total CFC 32,983,707 — — — 32,983,707 48,669 NCSC: Electric 945,880 — — — 945,880 — Telecom 598,597 — — — 598,597 — Total NCSC 1,544,477 — — — 1,544,477 — Total loans outstanding $ 34,528,184 $ — $ — $ — $ 34,528,184 $ 48,669 Percentage of total loans 100.00 % — % — % — % 100.00 % 0.14 % We had no delinquent loans as of August 31, 2024 and May 31, 2024. We had a power supply loan outstanding of $49 million on nonaccrual status as of both August 31, 2024 and May 31, 2024. Loan Modifications to Borrowers Experiencing Financial Difficulty We actively monitor problem loans and, from time to time, attempt to work with borrowers to manage such exposures through loan workouts or modifications that better align with the borrower’s current ability to pay. Therefore, as part of our loss mitigation efforts, we may provide modifications to a borrower experiencing financial difficulty to improve long-term collectability of the loan and to avoid the need for exercising remedies. We consider the impact of all loan modifications when estimating the credit quality of our loan portfolio and establishing the allowance for credit losses. We had no loan modifications to borrowers experiencing financial difficulty during Q1 FY2025 and Q1 FY2024. Previous loan modification to borrowers experiencing financial difficulty totaled $3 million consisting of one NCSC telecom loan as of both August 31, 2024 and May 31, 2024 , and represented less than 1% of the NCSC telecom loan portfolio a s of August 31, 2024 and 1% of the NCSC telecom loan portfolio a s of May 31, 2024. The loan received a term extension at the modification and has been performing in accordance with the terms of the loan agreement after the modification . There were no unadvanced loan commitments related to this loan. Nonperforming Loans We had a loan to one CFC electric power supply borrower of $49 million classified as nonperforming, which represented 0.14% of total loans outstanding as of both August 31, 2024 and May 31, 2024. Net Charge-Of fs We had no charge-offs or recoveries during Q1 FY2025. W e recorded $1 million in net loan recoveries on previously charged-off loan amounts related to two CFC electric power supply loans during Q1 FY2024, which resulted in an annualized net recovery rate of 0.01% for Q1 FY2024. Prior to the two CFC electric power supply loan defaults in fiscal years 2021 and 2022, we had not experienced any defaults or charge-offs in our electric utility and telecommunications loan portfolios since fiscal year 2013 and 2017, respectively. Borrower Risk Ratings As part of our management of credit risk, we maintain a credit risk rating framework under which we employ a consistent process for assessing the credit quality of our loan portfolio. We evaluate each borrower and loan facility in our loan portfolio and assign internal borrower and loan facility risk ratings based on the consideration of a number of quantitative and qualitative factors. Each risk rating is reassessed annually following the receipt of the borrower’s audited financial statements; however, interim risk-rating adjustments may occur as a result of updated information affecting a borrower’s ability to fulfill its obligations or other significant developments and trends. We categorize loans in our portfolio based on our internally assigned borrower risk ratings, which are intended to assess the general creditworthiness of the borrower and probability of default. Our borrower risk ratings align with the U.S. federal banking regulatory agencies’ credit risk definitions of pass and criticized categories, with the criticized category further segmented among special mention, substandard and doubtful. Pass ratings reflect relatively low probability of default, while criticized ratings have a higher probability of default. The following is a description of the borrower risk rating categories. • Pass : Borrowers that are not included in the categories of special mention, substandard or doubtful. • 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. Our internally assigned borrower risk ratings serve as the primary credit quality indicator for our loan portfolio. Because our internal borrower risk ratings provide important information on the probability of default, they are a key input in determining our allowance for credit losses. Table 4.4 displays total loans outstanding, by borrower risk rating category and by legal entity and member class, as of August 31, 2024 and May 31, 2024. The borrower risk rating categories presented below correspond to the borrower risk rating categories used in calculating our collective allowance for credit losses. If a parent company provides a guarantee of full repayment of loans of a subsidiary borrower, we include the loans outstanding in the borrower risk-rating category of the guarantor parent company rather than the risk rating category of the subsidiary borrower for purposes of calculating the collective allowance. We present term loans outstanding as of August 31, 2024 and May 31, 2024, by fiscal year of origination for each year during the five-year annual reporting period beginning in fiscal year 2021 and 2020 , and in the aggregate for periods prior to fiscal year 2021 and 2020, respectively . The origination period represents the date CFC advances funds to a borrower, rather than the execution date of a loan facility for a borrower. Revolving loans are presented separately. The substantial majority of loans in our portfolio represent fixed-rate advances under secured long-term facilities with terms up to 35 years, and as indicate d in Table 4.4 below, term loan advances made to borrowers prior to fiscal year 2021 totaled $19,421 million, representing 56% of our total loans outstanding as of August 31, 2024. In comparison, term loan advances made to borrowers prior to fiscal year 2020 totaled $17,519 million, representing 51% of our total loans outstanding as of May 31, 2024 . The average remaining maturity of our long-term loans, which accounted for 90% of total loans outstanding, was 19 years, as of both August 31, 2024 and May 31, 2024. Table 4.4: Loans Outstanding by Borrower Risk Ratings and Origination Year August 31, 2024 Term Loans by Fiscal Year of Origination (Dollars in thousands) Q1 FY2025 2024 2023 2022 2021 Prior Revolving Loans Total Pass CFC: Distribution $ 555,940 $ 2,513,459 $ 2,361,985 $ 2,313,757 $ 1,579,662 $ 15,705,057 $ 2,302,755 $ 27,332,615 Power supply 84,254 506,534 451,121 316,270 523,494 2,985,238 808,895 5,675,806 Statewide and associate — 36,672 58,948 13,124 1,619 26,534 115,103 252,000 Total CFC 640,194 3,056,665 2,872,054 2,643,151 2,104,775 18,716,829 3,226,753 33,260,421 NCSC: Electric 2,000 124,092 253,783 17,402 4,720 415,907 154,826 972,730 Telecom 25,543 137,489 45,414 71,973 61,098 208,069 58,692 608,278 Total NCSC 27,543 261,581 299,197 89,375 65,818 623,976 213,518 1,581,008 Total pass $ 667,737 $ 3,318,246 $ 3,171,251 $ 2,732,526 $ 2,170,593 $ 19,340,805 $ 3,440,271 $ 34,841,429 Special mention CFC: Distribution $ — $ 364 $ 4,170 $ — $ 4,658 $ 16,356 $ 165,729 $ 191,277 Statewide and associate — — — — — 11,893 — 11,893 Total CFC — 364 4,170 — 4,658 28,249 165,729 203,170 NCSC telecom — — — — — 2,929 — 2,929 Total special mention $ — $ 364 $ 4,170 $ — $ 4,658 $ 31,178 $ 165,729 $ 206,099 Substandard Total substandard $ — $ — $ — $ — $ — $ — $ — $ — Doubtful CFC power supply $ — $ — $ — $ — $ — $ 48,669 $ — $ 48,669 Total doubtful $ — $ — $ — $ — $ — $ 48,669 $ — $ 48,669 Total criticized loans $ — $ 364 $ 4,170 $ — $ 4,658 $ 79,847 $ 165,729 $ 254,768 Total loans outstanding $ 667,737 $ 3,318,610 $ 3,175,421 $ 2,732,526 $ 2,175,251 $ 19,420,652 $ 3,606,000 $ 35,096,197 May 31, 2024 Term Loans by Fiscal Year of Origination (Dollars in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Total Pass CFC: Distribution $ 2,523,296 $ 2,370,847 $ 2,328,295 $ 1,589,581 $ 1,766,002 $ 14,117,758 $ 2,223,311 $ 26,919,090 Power supply 509,948 454,010 321,289 536,052 170,017 2,866,848 735,065 5,593,229 Statewide and associate 36,794 59,348 13,174 1,684 11,123 16,534 86,796 225,453 Total CFC 3,070,038 2,884,205 2,662,758 2,127,317 1,947,142 17,001,140 3,045,172 32,737,772 NCSC: Electric 76,061 256,974 17,606 4,914 183,510 249,338 157,477 945,880 Telecom 139,732 46,632 74,222 63,580 22,730 188,462 60,209 595,567 Total NCSC 215,793 303,606 91,828 68,494 206,240 437,800 217,686 1,541,447 Total pass $ 3,285,831 $ 3,187,811 $ 2,754,586 $ 2,195,811 $ 2,153,382 $ 17,438,940 $ 3,262,858 $ 34,279,219 Special mention CFC: Distribution $ 364 $ 4,170 $ — $ 4,658 $ — $ 16,356 $ 159,825 $ 185,373 Statewide and associate — — — — — 11,893 — 11,893 Total CFC 364 4,170 — 4,658 — 28,249 159,825 197,266 NCSC telecom — — — — — 3,030 — 3,030 Total special mention $ 364 $ 4,170 $ — $ 4,658 $ — $ 31,279 $ 159,825 $ 200,296 Substandard Total substandard $ — $ — $ — $ — $ — $ — $ — $ — Doubtful CFC Power supply $ — $ — $ — $ — $ — $ 48,669 $ — $ 48,669 Total doubtful $ — $ — $ — $ — $ — $ 48,669 $ — $ 48,669 Total criticized loans $ 364 $ 4,170 $ — $ 4,658 $ — $ 79,948 $ 159,825 $ 248,965 Total loans outstanding $ 3,286,195 $ 3,191,981 $ 2,754,586 $ 2,200,469 $ 2,153,382 $ 17,518,888 $ 3,422,683 $ 34,528,184 Criticized loans totaled $255 million and $249 million as of August 31, 2024 and May 31, 2024, respectively, and represented approxima tely 1% of total loans outstanding as of each respective date. The increase of $6 million in criticized loans was primarily due to an increase in loans outstanding for one CFC electric distribution borrower in the special mention category during Q1 FY2025 . Each of the borrowers with loans outstanding in the criticized category was current with regard to all principal and interest amounts due to us as of August 31, 2024 and May 31, 2024. Special Mention One CFC electric distribution borrower with loans outstan ding of $191 million a nd $185 million as of August 31, 2024 and May 31, 2024, respectively, accounted for the substantial majority of loans in the special mention loan category amount of $206 million and $200 million as of each respective date. This borrower experienced an adverse financial impact from restoration costs incurred to repair damage caused by two successive hurricane s. We expect that the borrower will continue to receive grant funds from the Federal Emergency Management Agency and the state where it is located for the full reimbursement of the hurricane damage-related restoration costs. Substandard We did not have any loans classified as substandard as of August 31, 2024 or May 31, 2024. Doubtful We had one loan outstanding classified as doubtful totaling $49 million to a CFC electric power supply borrower as of both August 31, 2024 and May 31, 2024. Unadvanced Loan Commitments Unadvanced loan commitments represent approved and executed loan contracts for which funds have not been advanced to borrowers. The following table presents unadvanced loan commitments, by member class and by loan type, as of August 31, 2024 and May 31, 2024. Table 4.5: Unadvanced Commitments by Member Class and Loan Type (1) (Dollars in thousands) August 31, 2024 May 31, 2024 Member class: CFC: Distribution $ 11,139,327 $ 11,174,041 Power supply 4,595,124 4,519,150 Statewide and associate 224,375 254,250 Total CFC 15,958,826 15,947,441 NCSC: Electric 462,512 622,125 Telecom 437,590 423,796 Total NCSC 900,102 1,045,921 Total unadvanced commitments $ 16,858,928 $ 16,993,362 Loan type: (2) Long-term loans: Fixed rate $ — $ — Variable rate 6,830,516 6,880,295 Total long-term loans 6,830,516 6,880,295 Lines of credit 10,028,412 10,113,067 Total unadvanced commitments $ 16,858,928 $ 16,993,362 ____________________________ (1) Excludes the portion of any commitment to advance funds under swingline loan facilities in excess of CFC’s total commitment amount in a syndicated credit facility. Other syndicate lenders have an absolute obligation to acquire participations in such swingline loans upon CFC’s election, including during a default by the borrower. (2) The interest rate on unadvanced loan commitments is not set until an advance is made; therefore, all unadvanced long-term loan commitments are reported as variable rate. However, the borrower may select either a fixed or a variable rate when an advance is drawn under a loan commitment. The following table displays, by loan type, the available balance under unadvanced loan commitments as of August 31, 2024, and the related maturities in each fiscal year during the five-year period ended May 31, 2029, and thereafter. Table 4.6: Un advanced Loan Commitments Available Notional Maturities of Unadvanced Loan Commitments (Dollars in thousands) 2025 2026 2027 2028 2029 Thereafter Line of credit loans $ 10,028,412 $ 884,394 $ 4,566,411 $ 1,468,619 $ 1,195,257 $ 1,482,818 $ 430,913 Long-term loans 6,830,516 509,769 699,694 1,092,297 1,412,355 2,699,456 416,945 Total $ 16,858,928 $ 1,394,163 $ 5,266,105 $ 2,560,916 $ 2,607,612 $ 4,182,274 $ 847,858 Unadvanced line of credit commitments accounted for 59% of total unadvanced loan commitments as of August 31, 2024. Unadvanced line of credit commitments are typically revolving facilities for periods not to exceed five years and 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 when a material adverse change has occurred. 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 $16,859 million as of August 31, 2024 is not necessarily representative of our future funding requirements. Our unadvanced long-term loan commitments typically have a five-year draw period under which a borrower may draw funds prior to the expiration of the commitment. We expect that the majority of the long-term unadvanced loan commitme nts of $6,831 million will be advanced prior to the expiration of the commitment. Unadvanced Loan Co mmitments—Conditional The substantial majority of our line of credit commitments and all of our unadvanced long-term loan commitments include material adverse change clauses. Unadvanced loan commitments subject to material adverse change clauses totaled $13,424 million and $13,379 million as of August 31, 2024 and May 31, 2024, 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 otherwi se, 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 t otaling $3,435 million and $3,614 million as of August 31, 2024 and May 31, 2024, respectively. 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 as of August 31, 2024, and the related maturity amounts in each fiscal year during the five-year period ending May 31, 2029, and thereafter. Table 4.7: Unconditional Committed Lines of Credit—Available Balance Available Notional Maturities of Unconditional Committed Lines of Credit (Dollars in thousands) 2025 2026 2027 2028 2029 Thereafter Committed lines of credit $ 3,434,804 $ 115,000 $ 246,450 $ 987,692 $ 900,440 $ 973,263 $ 211,959 Pledged Collateral—Loans We are required to pledge eligible mortgage notes or other collateral in an amount at least equal to the outstanding balance of our secured debt. Table 4.8 displays the borrowing amount under each of our secured borrowing agreements and the corresponding loans outstanding pledged as collateral as of August 31, 2024 and May 31, 2024. See “Note 6—Short-Term Borrowings” and “Note 7—Long-Term Debt” in this Report for information on our secured borrowings and other borrowings. Table 4.8: Pledged Loans (Dollars in thousands) August 31, 2024 May 31, 2024 Collateral trust bonds: 2007 indenture: Collateral trust bonds outstanding $ 7,272,711 $ 6,922,711 Pledged collateral: Distribution system mortgage notes pledged 8,423,379 8,799,864 RUS-guaranteed loans qualifying as permitted investments pledged 111,861 113,890 Total pledged collateral 8,535,240 8,913,754 1994 indenture: Collateral trust bonds outstanding $ 15,000 $ 15,000 Pledged collateral: Distribution system mortgage notes pledged 18,737 19,174 Guaranteed Underwriter Program: Notes payable outstanding $ 6,315,009 $ 6,491,814 Pledged collateral: Distribution and power supply system mortgage notes pledged 7,938,853 8,020,508 Farmer Mac: Notes payable outstanding $ 3,544,156 $ 3,863,510 Pledged collateral: Distribution and power supply system mortgage notes pledged 4,398,501 4,449,650

Allowance for Credit Losses

Allowance for Credit Losses	3 Months Ended
	Aug. 31, 2024
Credit Loss [Abstract]
ALLOWANCE FOR CREDIT LOSSES	NOTE 5—ALLOWANCE FOR CREDIT LOSSES We are required to maintain an allowance based on a current estimate of credit losses that are expected to occur over the remaining term of the loans in our portfolio. Our allowance for credit losses consists of a collective allowance and an asset-specific allowance. The collective allowance is established for loans in our portfolio that share similar risk characteristics and are therefore evaluated on a collective, or pool, basis in measuring expected credit losses. The asset-specific allowance is established for loans in our portfolio that do not share similar risk characteristics with other loans in our portfolio and are therefore evaluated on an individual basis in measuring expected credit losses. Allowance for Credit Losses—Loan Portfolio The following tables summarize, by legal entity and member class, changes in the allowance for credit losses for our loan portfolio and present the allowance components for the periods presented. Table 5.1: Changes in Allowance for Credit Losses Q1 FY2025 (Dollars in thousands) CFC Distribution CFC Power Supply CFC Statewide & Associate CFC Total NCSC Electric NCSC Telecom NCSC Total Total Balance as of May 31, 2024 $ 15,954 $ 25,583 $ 1,189 $ 42,726 $ 3,937 $ 2,063 $ 6,000 $ 48,726 Provision (benefit) for credit losses 732 (489) 10 253 393 307 700 953 Balance as of August 31, 2024 $ 16,686 $ 25,094 $ 1,199 $ 42,979 $ 4,330 $ 2,370 $ 6,700 $ 49,679 Q1 FY2024 (Dollars in thousands) CFC Distribution CFC Power Supply CFC Statewide & Associate CFC Total NCSC Electric NCSC Telecom NCSC Total Total Balance as of May 31, 2023 $ 14,924 $ 33,306 $ 1,194 $ 49,424 $ 2,464 $ 1,206 $ 3,670 $ 53,094 Provision (benefit) for credit losses 798 (904) 4 (102) 148 754 902 800 Recoveries — 1,032 — 1,032 — — — 1,032 Balance as of August 31, 2023 $ 15,722 $ 33,434 $ 1,198 $ 50,354 $ 2,612 $ 1,960 $ 4,572 $ 54,926 The following tables present, by legal entity and member class, the components of our allowance for credit losses as of August 31, 2024 and May 31, 2024. Table 5.2: Allowance for Credit Losses Components August 31, 2024 (Dollars in thousands) CFC Distribution CFC Power Supply CFC Statewide & Associate CFC Total NCSC Electric NCSC Telecom NCSC Total Total Allowance components: Collective allowance $ 16,686 $ 8,518 $ 1,199 $ 26,403 $ 4,330 $ 2,123 $ 6,453 $ 32,856 Asset-specific allowance — 16,576 — 16,576 — 247 247 16,823 Total allowance for credit losses $ 16,686 $ 25,094 $ 1,199 $ 42,979 $ 4,330 $ 2,370 $ 6,700 $ 49,679 Loans outstanding: (1) Collectively evaluated loans $ 27,520,138 $ 5,675,806 $ 263,893 $ 33,459,837 $ 972,730 $ 608,278 $ 1,581,008 $ 35,040,845 Individually evaluated loans 3,754 48,669 — 52,423 — 2,929 2,929 55,352 Total loans outstanding $ 27,523,892 $ 5,724,475 $ 263,893 $ 33,512,260 $ 972,730 $ 611,207 $ 1,583,937 $ 35,096,197 Allowance coverage ratios: Collective allowance coverage ratio (2) 0.06 % 0.15 % 0.45 % 0.08 % 0.45 % 0.35 % 0.41 % 0.09 % Asset-specific allowance coverage ratio (3) — 34.06 — 31.62 — 8.43 8.43 30.39 Total allowance coverage ratio (4) 0.06 0.44 0.45 0.13 0.45 0.39 0.42 0.14 May 31, 2024 (Dollars in thousands) CFC Distribution CFC Power Supply CFC Statewide & Associate CFC Total NCSC Electric NCSC Telecom NCSC Total Total Allowance components: Collective allowance $ 15,954 $ 8,676 $ 1,189 $ 25,819 $ 3,937 $ 1,800 $ 5,737 $ 31,556 Asset-specific allowance — 16,907 — 16,907 — 263 263 17,170 Total allowance for credit losses $ 15,954 $ 25,583 $ 1,189 $ 42,726 $ 3,937 $ 2,063 $ 6,000 $ 48,726 Loans outstanding: (1) Collectively evaluated loans $ 27,100,254 $ 5,593,229 $ 237,346 $ 32,930,829 $ 945,880 $ 595,567 $ 1,541,447 $ 34,472,276 Individually evaluated loans 4,209 48,669 — 52,878 — 3,030 3,030 55,908 Total loans outstanding $ 27,104,463 $ 5,641,898 $ 237,346 $ 32,983,707 $ 945,880 $ 598,597 $ 1,544,477 $ 34,528,184 Allowance coverage ratios: Collective allowance coverage ratio (2) 0.06 % 0.16 % 0.50 % 0.08 % 0.42 % 0.30 % 0.37 % 0.09 % Asset-specific allowance coverage ratio (3) — 34.74 — 31.97 — 8.68 8.68 30.71 Total allowance coverage ratio (4) 0.06 0.45 0.50 0.13 0.42 0.34 0.39 0.14 ____________________________ (1) Represents the unpaid principal amount of loans as of the end of each period. Excludes unamortized deferred loan origination costs of $15 million and $14 million as of August 31, 2024 and May 31, 2024, respectively. (2) Calculated based on the collective allowance component at period end divided by collectively evaluated loans outstanding at period end. (3) Calculated based on the asset-specific allowance component at period end divided by individually evaluated loans outstanding at period end. (4) Calculated based on the total allowance for credit losses at period end divided by total loans outstanding at period end. Our allowance for credit losses increased to $50 million as of August 31, 2024, compared with $49 million as of May 31, 2024. The $1 million increase in the allowance for credit losses reflected an increase in the collective allowance of $1 million, primarily due to loan portfolio growth. Our allowance coverage ratio remained at 0.14% as of both August 31, 2024 and May 31, 2024. Reserve for Credit Losses—Unadvanced Loan Commitments In addition to the allowance for credit losses for our loan portfolio, we maintain an allowance for credit losses for unadvanced loan commitments, which we refer to as our reserve for credit losses because this amount is reported as a component of other liabilities on our consolidated balance sheets. We measure the reserve for credit losses for unadvanced loan commitments based on expected credit losses over the contractual period of our exposure to credit risk arising from our obligation to extend credit, unless that obligation is unconditionally cancellable by us. The reserve for credit losses related to our off-balance sheet exposure for unadvanced loan commitments was less than $1 million as of both August 31, 2024 and May 31, 2024.

Short-Term Borrowings

Short-Term Borrowings	3 Months Ended
	Aug. 31, 2024
Debt Disclosure [Abstract]
SHORT-TERM BORROWINGS	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 $4,417 million as of August 31, 2024, compared with $4,333 million as of May 31, 2024, and accounted for 13% of total debt outstanding as of both August 31, 2024 and May 31, 2024. The following table provides information on our short-term borrowings as of August 31, 2024 and May 31, 2024. Table 6.1: Short-Term Borrowings Sources August 31, 2024 May 31, 2024 (Dollars in thousands) Amount % of Total Debt Outstanding Amount % of Total Debt Outstanding Short-term borrowings: Commercial paper: Commercial paper sold through dealers, net of discounts $ 1,088,656 3 % $ 504,631 1 % Commercial paper sold directly to members, at par 1,143,633 3 1,158,020 4 Total commercial paper 2,232,289 6 1,662,651 5 Select notes to members 1,344,799 4 1,274,066 4 Daily liquidity fund notes to members 321,397 1 375,191 1 Medium-term notes sold to members 518,554 2 520,782 2 Farmer Mac notes payable (1) — — 500,000 1 Total short-term borrowings $ 4,417,039 13 % $ 4,332,690 13 % ____________________________ (1) Advanced under the revolving purchase agreement with Farmer Mac dated March 24, 2011. See “Note 7—Long-Term Debt” in the Report for additional information on this revolving note purchase agreement with Farmer Mac. Committed Bank Revolving Line of Credit Agreements The following table presents the amount available for access under our bank revolving line of credit agreements as of August 31, 2024. Table 6.2: Committed Bank Revolving Line of Credit Agreements Available Amounts August 31, 2024 (Dollars in millions) Total Commitment Letters of Credit Outstanding Available Amount Maturity Annual Facility Fee (1) Bank revolving agreements: 3-year agreement $ 150 $ — $ 150 November 28, 2025 7.5 bps 3-year agreement 1,195 — 1,195 November 28, 2026 7.5 bps Total 3-year agreement 1,345 — 1,345 4-year agreement 150 — 150 November 28, 2026 10.0 bps 4-year agreement 1,305 2 1,303 November 28, 2027 10.0 bps Total 4-year agreement 1,455 2 1,453 Total $ 2,800 $ 2 $ 2,798 ____________________________ (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. The total commitment amount under the three-year facility and the four-year facility was $1,345 million and $1,455 million, respectively, resulting in a combined total commitment amount under the two facilities of $2,800 million as of August 31, 2024. We did not have any outstanding borrowings under our committed bank revolving line of credit agreements as of August 31, 2024; however, we had letters of credit outstanding of $2 million under the four-year committed bank revolving agreement as of this date. These agreements allow us to request up to $300 million of letters of credit, which, if requested, results in a reduction in the total amount available for our use. We were in compliance with all covenants and conditions under the agreements as of August 31, 2024.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Aug. 31, 2024
Debt Instruments [Abstract]
LONG-TERM DEBT	NOTE 7—LONG-TERM DEBT The following table displays, by debt product type, long-term debt outstanding as of August 31, 2024 and May 31, 2024. Long-term debt outstanding totaled $26,265 million as of August 31, 2024, compared with $25,901 million as of May 31, 2024, and accounted for 79% of total debt outstanding as of both August 31, 2024 and May 31, 2024. Table 7.1: Long-Term Debt by Debt Product Type (Dollars in thousands) August 31, 2024 May 31, 2024 Secured long-term debt: Collateral trust bonds $ 7,287,711 $ 6,937,711 Unamortized discount, net (165,818) (166,458) Debt issuance costs (32,930) (31,332) Total collateral trust bonds 7,088,963 6,739,921 Guaranteed Underwriter Program notes payable 6,315,009 6,491,814 Farmer Mac notes payable 3,544,156 3,363,510 Total secured notes payable 9,859,165 9,855,324 Total secured long-term debt 16,948,128 16,595,245 Unsecured long-term debt: Medium-term notes sold through dealers 8,968,635 8,980,513 Medium-term notes sold to members 379,259 358,844 Medium term notes sold through dealers and to members 9,347,894 9,339,357 Unamortized discount, net (1,994) (2,209) Debt issuance costs (28,803) (31,228) Total unsecured long-term debt 9,317,097 9,305,920 Total long-term debt $ 26,265,225 $ 25,901,165 Secured Debt Long-term secured debt of $16,948 million and $16,595 million as of August 31, 2024 and May 31, 2024, respectively, represented 65% and 64% of total long-term debt outstanding as of each respective date. We were in compliance with all covenants and conditions under our secured debt indentures as of August 31, 2024 and May 31, 2024. We are required to pledge eligible mortgage notes in an amount at least equal to the outstanding balance of our secured debt. See “Note 4—Loans” in this Report for information on pledged collateral under our secured debt agreements. 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. We issued $350 million of 5.00% fixed-rate collateral trust bonds due August 15, 2034 during Q1 FY2025. Guaranteed Underwriter Program Notes Payable We repaid $177 million of note s payable outstanding under the Guaranteed Underwriter Program during Q1 FY2025. We had up to $1,200 million available for access under the Guaranteed Underwriter Program as of August 31, 2024. In September 2024, we executed a commitment letter for the guarantee by RUS of a $450 million loan facility from the U.S. Treasury Department’s Federal Financing Bank under the Guaranteed Underwriter Program. The notes outstanding under the Guaranteed Underwriter Program contain a provision that if during any portion of the fiscal year, our senior secured credit ratings do not have at least two of the following ratings: (i) A3 or higher from Moody’s Investors Service (“Moody’s”), (ii) A- or higher from S&P Global Inc. (“S&P”), (iii) A- or higher from Fitch Ratings (“Fitch”) or (iv) an equivalent rating from a successor rating agency to any of the above rating agencies, we may not make cash patronage capital distributions in excess of 5% of total patronage capital. 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. Farmer Mac Notes Payable We have a revolving note purchase agreement with Farmer Mac under which we can borrow up to $6,000 million from Farmer Mac at any time, subject to market conditions, through June 30, 2027. The agreement has successive automatic one-year renewals b eginning June 30, 2026, unless Farmer Mac provides 425 days’ written notice of nonrenewal. Pursuant to this revolving note purchase agreement, we can 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 p ricing agreement. We borrowed a total of $200 million in principal amount of long-term notes payable under the Farmer Mac note purchase agreement during Q1 FY2025. The amount outstanding under this agreement totaled $3,544 million of long-term debt as of August 31, 2024. The amount availab le for borrowing totaled $2,456 million as of August 31, 2024. We are required to pledge eligible electric distribution system or electric power supply system loans as collateral in an amount at least equal to the total principal amount of notes outstanding under this agreement. Unsecured Debt Long-term unsecured debt of $9,317 million and $9,306 million as of August 31, 2024 and May 31, 2024, respectively, represented 35% and 36% of total long-term debt outstanding as of each respective date. Medium-Term Notes Medium-term notes represent unsecured obligations that may be issued through dealers in the capital markets or directly to our members. Subsequent to Q1 FY2025, w e issued an aggregate principal amount of dealer medium-term notes totaling $700 million at an average fixed interest rate of 4.34% with an average term of three years, and an aggregate principal amount of dealer medium-term notes totaling $300 million at a floating interest rate with a term of three years. See “Note 7—Long-Term Debt” in our 2024 Form 10-K for additional information on our various long-term debt product types.

Subordinated Deferrable Debt

Subordinated Deferrable Debt	3 Months Ended
	Aug. 31, 2024
Subordinated Debt [Abstract]
SUBORDINATED DEFERRABLE DEBT	NOTE 8—SUBORDINATED DEFERRABLE DEBT Subordinated deferrable debt represents long-term debt that is subordinated to all debt other than subordinated certificates held by our members. We had subordinated deferrable debt outstanding of $1,287 million as of both August 31, 2024 and May 31, 2024. See “Note 8—Subordinated Deferrable Debt” in our 2024 Form 10-K for additional information on the terms and conditions, including maturity and call dates, of our subordinated deferrable debt outstanding.

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Aug. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	NOTE 9—DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES We are an end user of derivative financial instruments and do not engage in derivative trading. 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. Our derivative instruments are an integral part of our interest rate risk-management strategy. Our principal purpose in using derivatives is to manage our aggregate interest rate risk profile within prescribed risk parameters. The derivative instruments we use primarily consist of interest rate swaps, which we typically hold to maturity. In addition, we may use Treasury locks to manage the interest rate risk associated with future debt issuance or debt that is scheduled to reprice in the future. We typically designate the Treasury locks as cash flow hedges. We did not have any derivatives designated as accounting hedges as of August 31, 2024 and May 31, 2024. We provide a discussion of our accounting for derivatives policy in “Note 1—Summary of Significant Accounting Policies” in our 2024 Form 10-K. Notional Amount of Derivatives Not Designated as Accounting Hedges The notional amount is used only as the basis on which interest payments are determined and is not the amount exchanged, nor recorded on our consolidated balance sheets. The following table shows, by derivative instrument type, the notional amount, the weighted-average rate paid and the weighted-average interest rate received for our interest rate swaps as of August 31, 2024 and May 31, 2024. For the substantial majority of interest rate swap agreements, the daily compounded Secured Overnight Financing Rate (“SOFR”) is used as the basis for determining variable interest payment amounts each period. Table 9.1: Derivative Notional Amount and Weighted Average Rates August 31, 2024 May 31, 2024 (Dollars in thousands) Notional Weighted- Weighted- Notional Weighted- Weighted- Pay-fixed swaps $ 5,835,419 2.79 % 5.58 % $ 5,842,540 2.77 % 5.57 % Receive-fixed swaps 1,522,250 6.10 3.33 1,523,396 6.08 3.33 Total interest rate swaps $ 7,357,669 3.48 5.12 $ 7,365,936 3.46 5.10 Impact of Derivatives on Consolidated Balance Sheets The following table displays the fair value of the derivative assets and derivative liabilities, by derivatives type, recorded on our consolidated balance sheets and the related outstanding notional amount as of August 31, 2024 and May 31, 2024. Table 9.2: Derivative Assets and Liabilities at Fair Value August 31, 2024 May 31, 2024 (Dollars in thousands) Fair Value Notional Amount Fair Value Notional Amount Derivative assets: Interest rate swaps $ 454,633 $ 5,668,710 $ 691,249 $ 5,770,691 Total derivative assets $ 454,633 $ 5,668,710 $ 691,249 $ 5,770,691 Derivative liabilities: Interest rate swaps $ 74,824 $ 1,688,959 $ 80,988 $ 1,595,245 Total derivative liabilities $ 74,824 $ 1,688,959 $ 80,988 $ 1,595,245 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, we report derivative asset and liability amounts on a gross basis by individual contract. The following table presents the gross fair value of derivative assets and liabilities reported on our consolidated balance sheets as of August 31, 2024 and May 31, 2024, and provides information on the impact of netting provisions under our master swap agreements and collateral pledged, if any. Table 9.3: Derivative Gross and Net Amounts August 31, 2024 Gross Amount Gross Amount Net Amount of Assets/ Liabilities Gross Amount (Dollars in thousands) Financial Cash Net Derivative assets: Interest rate swaps $ 454,633 $ — $ 454,633 $ 72,547 $ — $ 382,086 Derivative liabilities: Interest rate swaps 74,824 — 74,824 72,547 — 2,277 May 31, 2024 Gross Amount Gross Amount Net Amount of Assets/ Liabilities Gross Amount (Dollars in thousands) Financial Cash Net Derivative assets: Interest rate swaps $ 691,249 $ — $ 691,249 $ 80,026 $ — $ 611,223 Derivative liabilities: Interest rate swaps 80,988 — 80,988 80,026 — 962 Impact of Derivatives on Consolidated Statements of Operations The primary factors affecting the fair value of our derivatives and the derivative gains (losses) recorded in our consolidated statements of operations include changes in interest rates, the shape of the swap curve and the composition of our derivative portfolio. We generally record derivative losses when interest rates decline and derivative gains when interest rates rise, as our derivative portfolio consists of a higher proportion of pay-fixed swaps than receive-fixed swaps. The following table presents the components of the derivative gains (losses) reported in our consolidated statements of operations. Derivative cash settlements interest expense represents the net periodic contractual interest amount for our interest-rate swaps during the reporting period. Derivative forward value gains (losses) represent the change in fair value of our interest rate swaps during the reporting period due to changes in expected future interest rates over the remaining life of our derivative contracts. We classify the derivative cash settlement amounts for the net periodic contractual interest expense on our interest rate swaps as an operating activity in our consolidated statements of cash flows. Table 9.4: Derivative Gains (Losses) (Dollars in thousands) Q1 FY2025 Q1 FY2024 Derivative gains (losses) attributable to: Derivative cash settlements interest income $ 32,061 $ 27,869 Derivative forward value gains (losses) (230,386) 162,018 Derivative gains (losses) $ (198,325) $ 189,887 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. During Q1 FY2025, Fitch affirmed CFC’s credit ratings and stable outlook. Our senior unsecured credit ratings from Moody’s, S&P and Fitch wer e A2, A- and A, respectively, as of August 31, 2024. Moody’s, S&P and Fitch had our ratings on stable outlook as of August 31, 2024. Our credit ratings and outlook remain unchanged as of the date of this Report. The following table displays the notional amounts of our derivative contracts with rating triggers as of August 31, 2024, 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, 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 assume that amounts for each counterparty would be netted in accordance with the provisions of the master netting agreements with the 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. Table 9.5: Derivative Credit Rating Trigger Exposure (Dollars in thousands) Notional Payable Due from CFC Receivable Net Receivable (Payable) Impact of rating downgrade trigger: Falls below A3/A- (1) $ 25,530 $ (945) $ — $ (945) Falls below Baa1/BBB+ 4,941,813 (1,298) 252,206 250,908 Falls to or below Baa2/BBB (2) 350,804 — 18,637 18,637 Total $ 5,318,147 $ (2,243) $ 270,843 $ 268,600 ____________________________ (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 interest rate swaps with one counterparty that are 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. The outstanding notional amount of these swaps, which is not included in the above table, totaled $267 million as of August 31, 2024. These swaps were in an unrealized gain position of $29 million as of August 31, 2024. The aggregate fair value amount, including the credit valuation adjustment, of all interest rate swaps with rating triggers that were in a net liability position was $2 million as of August 31, 2024. Derivative Counterparty Credit Exposure Our interest-rate swap contracts are subject to credit risk associated with counterparties to these derivative contracts. As mentioned above, we generally engage in OTC derivative transactions, which expose us to individual counterparty credit risk because these transactions are executed and settled directly between us and each counterparty. To manage this risk, we diversify our derivative positions among counterparties with investment-grade credit ratings, perform an internal credit risk analysis and maintain enforceable master netting arrangements, allowing us to net derivative assets and liabilities with the same counterparty. The fair value of our derivatives includes credit valuation adjustments reflecting counterparty credit risk. We had 12 active derivative counterparties with credit ratings ranging from Aa1 to Baa1 by Moody’s as of both August 31, 2024 and May 31, 2024, and from AA- to BBB+ by S&P as of both August 31, 2024 an d May 31, 2024. Our largest counterparty exposure, based on the outstanding notional amount, accounted for approximately 24% of the total outstanding notional amount of our derivatives as of both August 31, 2024 and May 31, 2024. We believe our exposure to derivative counterparty risk, at any point in time, is equal to the amount of our outstanding derivatives in a net gain position, at the individual counterparty level based on the legally enforceable netting provisions under our master swap agreements, which totaled $382 million and $611 million as of August 31, 2024 and May 31, 2024, respectively, as presented in Table 9.3 above.

Equity

Equity	3 Months Ended
	Aug. 31, 2024
Stockholders' Equity Note [Abstract]
EQUITY	NOTE 10—EQUITY Total equity decreased $211 million to $2,801 million as of August 31, 2024 compared to May 31, 2024. The decrease was attributable primarily to the combined impact of our reported net loss of $164 million for Q1 FY2025 and the CFC Board of Directors’ authorized patronage capital retirements of $47 million during the period, as discussed below. Allocation of Net Earnings and Retirement of Patronage Capital 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 and Reconciliations” in this Report for information on adjusted net income. In May 2024, the CFC Board of Directors authorized the allocation of $1 million of net earnings for fiscal year 2024 to the cooperative educational fund. In July 2024, the CFC Board of Directors authorized the allocation of net earnings for fiscal year 2024 as follows: $61 million to members in the form of patronage capital and $228 million to the members’ capital reserve. In July 2024, the CFC Board of Directors also authorized the retirement of allocated net earnings totaling $47 million, of which $30 million represented 50% of the patronage capital allocation for fiscal year 2024 and $17 million represented the portion of the allocation from net earnings for fiscal year 1999 that had been held for 25 years pursuant to the CFC Board of Directors’ polic y. The authorized patronage capital retirement amount of $47 million was returned to members in cash in September 2024. The remaining portion of the patronage capital allocation for fiscal year 2024 will be retained by CFC for 25 years pursuant to the guidelines adopt ed by the CFC Board of Directors in June 2009. See “Note 11—Equity” in our 2024 Form 10-K for additional information on our policy for allocation and retirement of patronage capital. Accumulated Other Comprehensive Income (Loss) The following table presents, by component, changes in AOCI for the periods presented and the balance of each component as of the end of each respective period. Table 10.1: Changes in Accumulated Other Comprehensive Income (Loss) Q1 FY2025 Q1 FY2024 (Dollars in thousands) Unrealized Gains on Derivative Hedges (1) Unrealized Losses on Defined Benefit Plans (2) Total Unrealized Gains on Derivative Hedges (1) Unrealized Losses on Defined Benefit Plans (2) Total Beginning balance $ 3,287 $ (4,703) $ (1,416) $ 11,102 $ (2,759) $ 8,343 Changes in unrealized gains 803 — 803 — — — Realized (gains) losses reclassified to earnings (167) 96 (71) (155) 53 (102) Ending balance $ 3,923 $ (4,607) $ (684) $ 10,947 $ (2,706) $ 8,241 ____________________________ (1) Of the derivative gains reclassified to earnings, a portion is reclassified as a component of the derivative gains (losses) line item and the remainder is reclassified as a component of the interest expense line item in our consolidated statements of operations. (2) Reclassified to earnings as a component of the other non-interest expense line item presented in our consolidated statements of operations. See “Note 9—Derivative Instruments and Hedging Activities” in this Report for discussion on our derivatives designated as accounting hedges. We expect to reclassify realized net gains of $1 million attributable to derivative cash flow hedges from AOCI into earnings over the next 12 months.

Guarantees

Guarantees	3 Months Ended
	Aug. 31, 2024
Guarantees [Abstract]
GUARANTEES	NOTE 11—GUARANTEES We guarantee certain contractual obligations of our members so they may obtain various forms of financing. We use the same credit policies and monitoring procedures in providing guarantees as we do for loans and commitments. If a member system defaults on its obligation to pay debt service, then we are obligated to pay any required amounts under our guarantees. Meeting our guarantee obligations satisfies the underlying obligation of our member systems and prevents the exercise of remedies by the guarantee beneficiary based upon a payment default by a member system. In general, the member system is required to repay any amount advanced by us with interest, pursuant to the documents evidencing the member system’s reimbursement obligation. The following table displays the notional amount of our outstanding guarantee obligations, by guarantee type and by member class, as of August 31, 2024 and May 31, 2024. Table 11.1: Guarantees Outstanding by Type and Member Class (Dollars in thousands) August 31, 2024 May 31, 2024 Guarantee type: Long-term tax-exempt bonds (1) $ 73,755 $ 73,755 Letters of credit (2)(3) 744,628 752,019 Other guarantees 182,018 184,142 Total $ 1,000,401 $ 1,009,916 Member class: CFC: Distribution $ 469,235 $ 472,210 Power supply 445,129 451,828 Statewide and associate (4) 42,153 42,257 CFC total 956,517 966,295 NCSC 43,884 43,621 Total $ 1,000,401 $ 1,009,916 ____________________________ (1) Represents the outstanding principal amount of long-term variable-rate guaranteed bonds. (2) Reflects our maximum potential exposure for letters of credit, which also includes interest due, if any. (3) Under a hybrid letter of credit facility, we had $30 million of commitments that may be used for the issuance of letters of credit as of both August 31, 2024 and May 31, 2024. (4) Includes CFC guarantees to NCSC telecom memb ers totaling $41 million as of both August 31, 2024 and May 31, 2024. We had guarantees outstanding totaling $1,000 million and $1,010 million as of August 31, 2024 and May 31, 2024, respectively. Guarantees under which our right of recovery from our members was not secured totaled $701 million and $718 million and represented 70% and 71% of total guarantees as of August 31, 2024 and May 31, 2024, respectively. Long-term tax-exempt bonds of $74 million as of both August 31, 2024 and May 31, 2024, consist 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 maturities for long-term tax-exempt bonds and the related guarantees extend through calendar year 2037. Of the outstanding letters of credit of $745 million and $752 million as of August 31, 2024 and May 31, 2024, respectively, $201 million and $194 million were secured at each respective date. The maturities for the outstanding letters of credit as of August 31, 2024 extend through calendar year 2044. In addition to the outstanding letters of credit listed in the table above, under master letter of credit facilities in place as of August 31, 2024, we may be required to issue up to an additio nal $147 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 ma terial adverse change clauses at the time of issuance as of August 31, 2024. 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 master letter of credit facility was approved and confirm that the borrower is currently in compliance with the terms and conditions of the agreement governing the facility. The maximum potential exposure for other guarantees was $182 million and $184 million as of August 31, 2024 and May 31, 2024, respectively, of which $25 million was secured as of both August 31, 2024 and May 31, 2024. The maturities for these other guarantees listed in the table above extend through calendar year 2025. In addition to the guarantees described above, we were also the liquidity provider for $74 million of variable-rate tax-exempt bonds as of August 31, 2024, 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 Q1 FY2025 or Q1 FY2024. Guarantee Liability We recorded a total guarantee liability for noncontingent and contingent exposures related to guarantees and liquidity obligations of $15 million and $16 million as of August 31, 2024 and May 31, 2024, respectively. The noncontingent guarantee liability, which pertains to our obligation to stand ready to perform over the term of our guarantees and liquidity obligations we have entered into or modified since January 1, 2003 and accounts for the substantial majority of our guarantee liability, totaled $14 million and $15 million as of August 31, 2024 and May 31, 2024, respectively. The remaining amount pertains to our contingent guarantee exposures.

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Aug. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENT	NOTE 12—FAIR VALUE MEASUREMENT Fair value, also referred to as an exit price, is defined as the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The fair value accounting guidance provides a three-level fair value hierarchy for classifying financial instruments. This hierarchy is based on the markets in which the assets or liabilities trade and whether the inputs to the valuation techniques used to measure fair value are observable or unobservable. The fair value measurement of a financial asset or liability is assigned a level based on the lowest level of any input that is significant to the fair value measurement in its entirety. The levels, in priority order based on the extent to which observable inputs are available to measure fair value, are Level 1, Level 2 and Level 3. The accounting guidance for fair value measurements requires that we maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The following table presents the carrying value and estimated fair value of all of our financial instruments, including those carried at amortized cost, as of August 31, 2024 and May 31, 2024. The table also displays the classification level within the fair value hierarchy based on the degree of observability of the inputs used in the valuation technique for estimating fair value. Table 12.1: Fair Value of Financial Instruments August 31, 2024 Fair Value Measurement Level (Dollars in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 264,655 $ 264,655 $ 264,655 $ — $ — Restricted cash 8,219 8,219 8,219 — — Equity securities, at fair value 12,470 12,470 12,470 — — Debt securities trading, at fair value 230,824 230,824 — 230,824 — Deferred compensation investments 8,066 8,066 8,066 — — Loans to members, net 35,061,193 32,711,726 — — 32,711,726 Accrued interest receivable 257,953 257,953 — 257,953 — Derivative assets 454,633 454,633 — 454,633 — Total financial assets $ 36,298,013 $ 33,948,546 $ 293,410 $ 943,410 $ 32,711,726 Liabilities: Short-term borrowings $ 4,417,039 $ 4,419,681 $ — $ 4,419,681 $ — Long-term debt 26,265,225 25,370,271 — 16,308,249 9,062,022 Accrued interest payable 306,340 306,340 — 306,340 — Guarantee liability 14,858 15,463 — — 15,463 Derivative liabilities 74,824 74,824 — 74,824 — Subordinated deferrable debt 1,286,907 1,313,791 248,140 1,065,651 — Members’ subordinated certificates 1,196,801 1,196,801 — — 1,196,801 Total financial liabilities $ 33,561,994 $ 32,697,171 $ 248,140 $ 22,174,745 $ 10,274,286 May 31, 2024 Fair Value Measurement Level (Dollars in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 280,124 $ 280,124 $ 280,124 $ — $ — Restricted cash 8,217 8,217 8,217 — — Equity securities, at fair value 36,886 36,886 36,886 — — Debt securities trading, at fair value 281,351 281,351 — 281,351 — Deferred compensation investments 7,763 7,763 7,763 — — Loans to members, net 34,493,559 30,884,906 — — 30,884,906 Accrued interest receivable 190,247 190,247 — 190,247 — Derivative assets 691,249 691,249 — 691,249 — Total financial assets $ 35,989,396 $ 32,380,743 $ 332,990 $ 1,162,847 $ 30,884,906 Liabilities: Short-term borrowings $ 4,332,690 $ 4,333,635 $ — $ 3,833,635 $ 500,000 Long-term debt 25,901,165 24,470,693 — 15,529,041 8,941,652 Accrued interest payable 263,372 263,372 — 263,372 — Guarantee liability 15,896 16,477 — — 16,477 Derivative liabilities 80,988 80,988 — 80,988 — Subordinated deferrable debt 1,286,861 1,295,729 244,636 1,051,093 — Members’ subordinated certificates 1,197,651 1,197,651 — — 1,197,651 Total financial liabilities $ 33,078,623 $ 31,658,545 $ 244,636 $ 20,758,129 $ 10,655,780 For additional information regarding fair value measurements, the fair value hierarchy and a description of the methodologies we use to estimate fair value, see “Note 14—Fair Value Measurement” to the Consolidated Financial Statements in our 2024 Form 10-K. 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 include but are 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 into or out of Level 3 of the fair value hierarchy during Q1 FY2025 or Q1 FY2024. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents the carrying value and fair value of financial instruments reported on our consolidated financial statements at fair value on a recurring basis as of August 31, 2024 and May 31, 2024, and the classification of the valuation technique within the fair value hierarchy. We did no t have any assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs during Q1 FY2025 or Q1 FY2024. Table 12.2: Assets and Liabilities Measured at Fair Value on a Recurring Basis August 31, 2024 May 31, 2024 (Dollars in thousands) Level 1 Level 2 Total Level 1 Level 2 Total Assets: Equity securities, at fair value $ 12,470 $ — $ 12,470 $ 36,886 $ — $ 36,886 Debt securities trading, at fair value — 230,824 230,824 — 281,351 281,351 Deferred compensation investments 8,066 — 8,066 7,763 — 7,763 Derivative assets — 454,633 454,633 — 691,249 691,249 Liabilities: Derivative liabilities $ — $ 74,824 $ 74,824 $ — $ 80,988 $ 80,988 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis We may be required, from time to time, to measure certain assets and liabilities at fair value on a nonrecurring basis on our consolidated balance sheets. These assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances, such as in the application of the lower of cost or fair value accounting or when we evaluate assets for impairment. We did not have any assets or liabilities measured at fair value on a nonrecurring basis during Q1 FY2025 or Q1 FY2024.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Aug. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	NOTE 13—VARIABLE INTEREST ENTITIES NCSC meets the definition of a VIE because it does not have sufficient equity investment at risk to finance its activities without financial support. CFC is the primary source of funding for NCSC. Under the terms of management agreements with NCSC, CFC manages the business operations of NCSC. CFC also unconditionally guarantees full indemnification for any loan losses of NCSC pursuant to guarantee agreements with NCSC. CFC earns management and guarantee fees from its agreements with NCSC. All loans that require NCSC board approval also require CFC board approval. CFC is not a member of NCSC and does not elect directors to the NCSC board. If CFC becomes a member of NCSC, it would control the nomination process for one NCSC director. NCSC members elect directors to the NCSC board based on one vote for each member. NCSC is a Class C member of CFC. NCSC creditors have no recourse against CFC in the event of a default by NCSC, unless there is a guarantee agreement under which CFC has guaranteed NCSC debt obligations to a third party. The following table provides information on incremental consolidated assets and liabilities of VIE included in CFC’s consolidated financial statements, after intercompany eliminations, which include NCSC’s consolidated assets and liabilities as of August 31, 2024 and May 31, 2024. Table 13.1: Consolidated Assets and Liabilities of Variable Interest Entities (Dollars in thousands) August 31, 2024 May 31, 2024 Assets: Loans outstanding $ 1,583,937 $ 1,544,477 Other assets 12,702 12,700 Total assets $ 1,596,639 $ 1,557,177 Liabilities: Total liabilities $ 11,659 $ 9,824 The following table provides information on CFC’s credit commitments and potential exposure to loss under these commitments to NCSC as of August 31, 2024 and May 31, 2024. Table 13.2: CFC Exposure Under Credit Commitments to NCSC August 31, 2024 May 31, 2024 (Dollars in thousands) CFC credit commitments: Total CFC credit commitments $ 5,000,000 $ 5,000,000 Outstanding commitments: Borrowings payable to CFC (1) 1,570,890 1,532,781 Credit enhancements: CFC third-party guarantees 43,884 43,621 Other credit enhancements 1,695 757 Total credit enhancements (2) 45,579 44,378 Total outstanding commitments 1,616,469 1,577,159 CFC credit commitments available $ 3,383,531 $ 3,422,841 ____________________________ (1) Intercompany borrowings payable by NCSC to CFC as of August 31, 2024 and May 31, 2024 are eliminated in consolidation. (2) Excludes interest due on these instruments. Under a loan and security agreement with CFC, NCSC had access to $2,000 million revolving line of credit and a $3,000 million revolving term loan from CFC which will mature in 2067. CFC loans to NCSC are secured by all assets and revenue of NCSC. CFC’s maximum potential exposure, including interest due, for the credit enhancements totaled $46 million as of August 31, 2024. Th e maturities for obligations guaranteed by CFC extend through 2043.

Business Segments

Business Segments	3 Months Ended
	Aug. 31, 2024
Segment Reporting [Abstract]
BUSINESS SEGMENTS	NOTE 14—BUSINESS SEGMENTS Our activities were previously conducted through three operating segments, which were based on each of the legal entities included in our consolidated financial statements: CFC, NCSC and RTFC. We reported segment information for CFC separately; however, we aggregated segment information for NCSC and RTFC into one reportable segment because neither entity met the quantitative materiality threshold for separate reporting under the accounting guidance governing segment reporting. On December 1, 2023, RTFC completed the sale of its business to NCSC. Following the RTFC sale transaction, our operating segments for Q1 FY2025 consist of CFC and NCSC, which are based on each of the legal entities included in our consolidated financial statements. As we aggregated segment information for NCSC and RTFC into one reportable segment in Q1 FY2024 , the RTFC sale transaction did not cause a change in the composition of our reportable segments. We present the results of our business segments on the basis in which management internally evaluates operating performance to establish short- and long-term performance goals, develop budgets and forecasts, identify potential trends, allocate resources and make compensation decisions. We describe the business segment reporting methodology in “Note 16—Business Segments” in our 2024 Form 10-K. Segment Results and Reconciliation The following tables display segment results of operations for Q1 FY2025 and Q1 FY2024, assets attributable to each segment as of August 31, 2024 and August 31, 2023 and a reconciliation of total segment amounts to our consolidated total amounts. Table 14.1: Business Segment Information Q1 FY2025 (Dollars in thousands) CFC NCSC Segments Total Reclasses and Adjustments (1) Intersegment Eliminations (2) Consolidated Total Results of operations: Interest income $ 415,719 $ 21,986 $ 437,705 $ — $ (19,586) $ 418,119 Interest expense (356,416) (19,630) (376,046) — 19,586 (356,460) Derivative cash settlements interest income 32,016 45 32,061 (32,061) — — Interest expense (324,400) (19,585) (343,985) (32,061) 19,586 (356,460) Net interest income 91,319 2,401 93,720 (32,061) — 61,659 Provision for credit losses (953) (700) (1,653) — 700 (953) Net interest income after provision for credit losses 90,366 1,701 92,067 (32,061) 700 60,706 Non-interest income (loss): Fee and other income 7,074 1,647 8,721 — (3,053) 5,668 Derivative gains (losses): Derivative cash settlements interest income — — — 32,061 — 32,061 Derivative forward value losses — — — (230,386) — (230,386) Derivative losses — — — (198,325) — (198,325) Investment securities gains 4,131 — 4,131 — — 4,131 Total non-interest income (loss) 11,205 1,647 12,852 (198,325) (3,053) (188,526) Non-interest expense: General and administrative expenses (35,659) (2,474) (38,133) — 1,841 (36,292) Losses on early extinguishment of debt (22) — (22) — — (22) Other non-interest expense (287) (521) (808) — 512 (296) Total non-interest expense (35,968) (2,995) (38,963) — 2,353 (36,610) Income (loss) before income taxes 65,603 353 65,956 (230,386) — (164,430) Income tax benefit — 104 104 — — 104 Net income (loss) $ 65,603 $ 457 $ 66,060 $ (230,386) $ — $ (164,326) August 31, 2024 (Dollars in thousands) CFC NCSC Segments Total Reclasses and Adjustments (1) Intersegment Eliminations (2) Consolidated Total Assets: Total loans outstanding $ 35,083,150 $ 1,583,937 $ 36,667,087 $ — $ (1,570,890) $ 35,096,197 Deferred loan origination costs 14,675 — 14,675 — — 14,675 Loans to members 35,097,825 1,583,937 36,681,762 — (1,570,890) 35,110,872 Less: Allowance for credit losses (49,679) (6,700) (56,379) — 6,700 (49,679) Loans to members, net 35,048,146 1,577,237 36,625,383 — (1,564,190) 35,061,193 Other assets 1,414,447 28,421 1,442,868 — (15,720) 1,427,148 Total assets $ 36,462,593 $ 1,605,658 $ 38,068,251 $ — $ (1,579,910) $ 36,488,341 Q1 FY2024 (Dollars in thousands) CFC NCSC Segments Total Reclasses and Adjustments (1) Intersegment Eliminations (2) Consolidated Total Results of operations: Interest income $ 378,630 $ 19,032 $ 397,662 $ — $ (16,706) $ 380,956 Interest expense (316,273) (16,714) (332,987) — 16,706 (316,281) Derivative cash settlements interest income 27,837 32 27,869 (27,869) — — Interest expense (288,436) (16,682) (305,118) (27,869) 16,706 (316,281) Net interest income 90,194 2,350 92,544 (27,869) — 64,675 Provision for credit losses (800) (902) (1,702) — 902 (800) Net interest income after provision for credit losses 89,394 1,448 90,842 (27,869) 902 63,875 Non-interest income: Fee and other income 6,327 1,666 7,993 — (3,456) 4,537 Derivative gains: Derivative cash settlements interest income — — — 27,869 — 27,869 Derivative forward value gains — — — 162,018 — 162,018 Derivative gains — — — 189,887 — 189,887 Investment securities gains 2,933 — 2,933 — — 2,933 Total non-interest income 9,260 1,666 10,926 189,887 (3,456) 197,357 Non-interest expense: General and administrative expenses (30,936) (2,763) (33,699) — 2,196 (31,503) Losses on early extinguishment of debt (939) — (939) — — (939) Other non-interest expense (177) (359) (536) — 358 (178) Total non-interest expense (32,052) (3,122) (35,174) — 2,554 (32,620) Income (loss) before income taxes 66,602 (8) 66,594 162,018 — 228,612 Income tax provision — (328) (328) — — (328) Net income (loss) $ 66,602 $ (336) $ 66,266 $ 162,018 $ — $ 228,284 August 31, 2023 (Dollars in thousands) CFC NCSC Segments Total Reclasses and Adjustments (1) Intersegment Eliminations (2) Consolidated Total Assets: Total loans outstanding $ 33,063,285 $ 1,462,423 $ 34,525,708 $ — $ (1,442,215) $ 33,083,493 Deferred loan origination costs 13,153 — 13,153 — — 13,153 Loans to members 33,076,438 1,462,423 34,538,861 — (1,442,215) 33,096,646 Less: Allowance for credit losses (54,926) (4,572) (59,498) — 4,572 (54,926) Loans to members, net 33,021,512 1,457,851 34,479,363 — (1,437,643) 33,041,720 Other assets 1,644,426 76,321 1,720,747 — (68,304) 1,652,443 Total assets $ 34,665,938 $ 1,534,172 $ 36,200,110 $ — $ (1,505,947) $ 34,694,163 ____________________________ (1) Consists of (i) the reclassification of net periodic derivative settlement interest income (expense) amounts, which we report as a component of interest expense for business segment reporting purposes but is included in derivatives gains (losses) in our consolidated total results and (ii) derivative forward value gains and losses, which we exclude from our business segment results but is included in derivatives gains (losses) in our consolidated total results. (2) Consists of intercompany borrowings payable by NCSC to CFC and the interest related to those borrowings, management fees paid by NCSC to CFC and other intercompany amounts, all of which are eliminated in consolidation.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Aug. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company	The Company National Rural Utilities Cooperative Finance Corporation (“CFC”) is a tax-exempt, 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, electric generation and transmission (“power supply”) systems and related facilities. CFC also provides its members and associates 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. National Cooperative Services Corporation (“NCSC”) is a taxable cooperative incorporated in 1981 in the District of Columbia as a member-owned cooperative association. NCSC’s principal purpose is to provide financing to its members and associates, which consists of two classes: NCSC electric and NCSC telecommunications. NCSC electric members and associates consist of members of CFC, entities eligible to be members of CFC, government or quasi-government entities that own electric utility systems that meet the Rural Electrification Act definition of “rural,” and the for-profit and not-for-profit entities that are owned, operated or controlled by, or provide significant benefit to, certain members of CFC. NCSC telecommunication (“telecom”) members and associates consist of rural telecommunications members and their affiliates. Cooperative Securities LLC (“Cooperative Securities”) is a limited liability company organized and incorporated in 2021 in Delaware and a wholly-owned subsidiary of NCSC. Cooperative Securities is a broker-dealer registered with the U.S. Securities and Exchange Commission (“SEC”), and is a member of the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation. Cooperative Securities provides institutional debt placement services, which may include advising, arranging and structuring private debt financing transactions, for NCSC’s members, and for-profit and not-for-profit entities that are owned, operated or controlled by, or provide a significant benefit to certain rural utility providers.
Basis of Presentation	Basis of Presentation and Use of Estimates The accompanying unaudited interim consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). These consolidated financial statements include the accounts of CFC and variable interest entities (“VIEs”) where CFC is the primary beneficiary. NCSC is a VIE that is required to be consolidated by CFC. Prior to December 1, 2023, Rural Telephone Finance Cooperative (“RTFC”) qualified as a VIE that was required to be consolidated by CFC. RTFC was a taxable Subchapter T cooperative association that provided financing for its rural telecommunications members and their affiliates. RTFC was dissolved following the sale of RTFC’s business to NCSC (hereon referred to as the “RTFC sale transaction”), which was completed on December 1, 2023 . For additional discussion of the “RTFC Sale Transaction,” see “Note 1—Summary of Significant Accounting Policies” in our Annual Report on Form 10-K for the fiscal year ended May 31, 2024 (“2024 Form 10-K”). All intercompany balances and transactions have been eliminated. Unless stated otherwise, references to “we,” “our” or “us” relate to CFC and its consolidated entities.
Use of Estimates	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and rel ated disclosures during the period. Management’s most significant estimates and assumptions involve determining the allowance for credit losses. These estimates are based on information available as of the date of the consolidated financial statements. While management makes its best judgments, actual amounts or results could differ from these estimates. In the opinion of management, these unaudited interim financial statements reflect all adjustments of a normal, recurring nature that are necessary for the fair statement of results for the
Leases	Leases Our lease program is intended to provide equipment financing for leased assets, such as vehicles, to our members. We determine whether an arrangement is a lease and the lease classification under ASC Topic 842, Leases at lease inception for all leas
Leases	Leases Our lease program is intended to provide equipment financing for leased assets, such as vehicles, to our members. We determine whether an arrangement is a lease and the lease classification under ASC Topic 842, Leases at lease inception for all leas
New Accounting Standards Issued But Not Yet Adopted	New Accounting Standards Issued But Not Yet Adopted Segment Reporting — Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which introduced key amendments to enhance disclosures for public entities’ reportable segments. The amendments require disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. The amendments also expand the interim segment disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and requires retrospective application to all prior periods presented in the financial statements. We expect to adopt the guidance in fiscal year 2025, and the interim disclosure requirements in the first quarter of fiscal year 2026. We are currently in the process of reviewing the guidance and evaluating its impact on our consolidated financial statements and related disclosures. Disclosure Improvements — Codification Amendment in Response to the SEC’s Disclosure Update and Simplification Initiative In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements — Codification Amendment in Response to the SEC’s Disclosure Update and Simplification Initiative . The amendments in this update modify the disclosure or presentation requirements of a variety of Topics in the Accounting Standards Codification (“ASC”) in response to the SEC’s Release No. 33-10532, Disclosure Update and Simplification Initiative, and align the ASC’s requirements with the SEC’s regulations. For entities subject to the SEC’s existing disclosure requirements, the effective date for each amendment will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the Codification and not become effective. Early adoption is prohibited. We are currently in the process of evaluating the impact of the amendment on our consolidated financial statements and related disclosures.
Fair Value Measurement	Fair value, also referred to as an exit price, is defined as the price that would be received for an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The fair value accounting guidance provides a three-level fair value hierarchy for classifying financial instruments. This hierarchy is based on the markets in which the assets or liabilities trade and whether the inputs to the valuation techniques used to measure fair value are observable or unobservable. The fair value measurement of a financial asset or liability is assigned a level based on the lowest level of any input that is significant to the fair value measurement in its entirety. The levels, in priority order based on the extent to which observable inputs are available to measure fair value, are Level 1, Level 2 and Level 3. The accounting guidance for fair value measurements requires that we maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value.
Transfers Between Levels	Transfers Between Levels

Interest Income and Interest _2

Interest Income and Interest Expense (Tables)	3 Months Ended
	Aug. 31, 2024
Banking and Thrift, Interest [Abstract]
Schedule of Interest Income and Expense	The following table displays the components of interest income, by interest-earning asset type, and interest expense, by debt product type, presented in our consolidated statements of operations. Table 2.1: Interest Income and Interest Expense (Dollars in thousands) Q1 FY2025 Q1 FY2024 Interest income: Loans (1) $ 414,700 $ 375,568 Cash and investment securities 3,419 5,388 Total interest income 418,119 380,956 Interest expense: (2)(3) Short-term borrowings 54,400 58,394 Long-term debt 266,968 223,976 Subordinated debt 35,092 33,911 Total interest expense 356,460 316,281 Net interest income $ 61,659 $ 64,675 ____________________________ (1) Includes loan conversion fees, which are generally deferred and recognized in interest income over the period to maturity using the effective interest method, late payment fees, commitment fees and net amortization of deferred loan fees and loan origination costs. (2) Includes amortization of debt discounts and premiums, and debt issuance costs, which are generally deferred and recognized as interest expense over the period to maturity using the effective interest method. Issuance costs related to dealer commercial paper, however, are recognized in interest expense immediately as incurred. (3) Includes fees related to funding arrangements, such as up-front fees paid to banks participating in our committed bank revolving line of credit agreements. Based on the nature of the fees, the amount is either recognized immediately as incurred or deferred and recognized in interest expense ratably over the term of the arrangement.

Investment Securities (Tables)

Investment Securities (Tables)	3 Months Ended
	Aug. 31, 2024
Investments [Abstract]
Schedule of Investment Debt Securities Portfolio and Fair Value	The following table presents the composition of our investment debt securities portfolio and the fair value as of August 31, 2024 and May 31, 2024. Table 3.1: Investments in Debt Securities, at Fair Value (Dollars in thousands) August 31, 2024 May 31, 2024 Debt securities, at fair value: Corporate debt securities $ 203,657 $ 246,041 Commercial agency mortgage-backed securities (“MBS”) (1) 4,578 6,663 U.S. state and municipality debt securities 7,091 8,179 Other asset-backed securities (2) 15,498 20,468 Total debt securities trading, at fair value $ 230,824 $ 281,351 ____________________________ (1) Consists of securities backed by the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”). (2) Consists primarily of securities backed by auto lease loans, equipment-backed loans, auto loans and credit card loans.
Schedule of Equity Securities	The following table presents the composition of our equity security holdings and the fair value as of August 31, 2024 and May 31, 2024. Table 3.2: Investments in Equity Securities, at Fair Value (Dollars in thousands) August 31, 2024 May 31, 2024 Equity securities, at fair value: Farmer Mac—Series C non-cumulative preferred stock $ — $ 25,130 Farmer Mac—Class A common stock 12,470 11,756 Total equity securities, at fair value $ 12,470 $ 36,886

Loans (Tables)

Loans (Tables)	3 Months Ended
	Aug. 31, 2024
Receivables [Abstract]
Schedule of Loans Outstanding to Members and Unadvanced Commitments by Loan Type and by Member Class	The following table presents loans to members by legal entity, member class and loan type, as of August 31, 2024 and May 31, 2024. Table 4.1: Loans to Members by Member Class and Loan Type August 31, 2024 May 31, 2024 (Dollars in thousands) Amount % of Total Amount % of Total Member class: CFC: Distribution $ 27,523,892 78 % $ 27,104,463 78 % Power supply 5,724,475 16 5,641,898 16 Statewide and associate 263,893 1 237,346 1 Total CFC 33,512,260 95 32,983,707 95 NCSC: Electric 972,730 3 945,880 3 Telecom 611,207 2 598,597 2 Total NCSC 1,583,937 5 % 1,544,477 5 % Total loans outstanding (1) 35,096,197 100 34,528,184 100 Deferred loan origination costs—CFC (2) 14,675 — 14,101 — Loans to members $ 35,110,872 100 % $ 34,542,285 100 % Loan type: Long-term loans: Fixed rate $ 30,610,570 87 % $ 30,266,043 88 % Variable rate 879,627 3 839,458 2 Total long-term loans 31,490,197 90 31,105,501 90 Lines of credit 3,606,000 10 3,422,683 10 Total loans outstanding (1) 35,096,197 100 34,528,184 100 Deferred loan origination costs—CFC (2) 14,675 — 14,101 — Loans to members $ 35,110,872 100 % $ 34,542,285 100 % ___________________________ (1) Represents the unpaid principal balance, net of discounts, charge-offs and recoveries, of loans as of the end of each period. (2) Deferred loan origination costs are recorded at CFC segment.
Schedules of Concentration of Risk	The following table presents the Texas-based number of borrowers and loans outstanding by legal entity and member class, as of August 31, 2024 and May 31, 2024. Table 4.2: Loan Exposure to Texas-Based Borrowers August 31, 2024 May 31, 2024 (Dollars in thousands) Number of Borrowers Amount % of Total Number of Borrowers Amount % of Total Member class: CFC: Distribution 57 $ 4,687,644 14 % 57 $ 4,518,859 13 % Power supply 6 1,174,129 3 6 1,148,100 4 Statewide and associate 1 92,055 — 1 75,089 — Total CFC 64 5,953,828 17 64 5,742,048 17 NCSC: Electric 1 13,467 — 1 15,067 — Telecom 2 11,584 — 2 11,426 — Total NCSC 3 25,051 — 3 26,493 — Total loan exposure to Texas-based borrowers 67 5,978,879 17 67 5,768,541 17 Less: Loans covered under Farmer Mac standby purchase commitment (125,164) — (126,185) — Net loan exposure to Texas-based borrowers $ 5,853,715 17 % $ 5,642,356 17 %
Schedule of Payment Status of Loans Outstanding	The following table presents the payment status, by legal entity and member class, of loans outstanding as of August 31, 2024 and May 31, 2024. Table 4.3: Payment Status of Loans Outstanding August 31, 2024 (Dollars in thousands) Current 30-89 Days Past Due > 90 Days Total Total Loans Outstanding Nonaccrual Loans Member class: CFC: Distribution $ 27,523,892 $ — $ — $ — $ 27,523,892 $ — Power supply 5,724,475 — — — 5,724,475 48,669 Statewide and associate 263,893 — — — 263,893 — Total CFC 33,512,260 — — — 33,512,260 48,669 NCSC: Electric 972,730 — — — 972,730 — Telecom 611,207 — — — 611,207 — Total NCSC 1,583,937 — — — 1,583,937 — Total loans outstanding $ 35,096,197 $ — $ — $ — $ 35,096,197 $ 48,669 Percentage of total loans 100.00 % — % — % — % 100.00 % 0.14 % May 31, 2024 (Dollars in thousands) Current 30-89 Days Past Due > 90 Days Total Total Loans Outstanding Nonaccrual Loans Member class: CFC: Distribution $ 27,104,463 $ — $ — $ — $ 27,104,463 $ — Power supply 5,641,898 — — — 5,641,898 48,669 Statewide and associate 237,346 — — — 237,346 — Total CFC 32,983,707 — — — 32,983,707 48,669 NCSC: Electric 945,880 — — — 945,880 — Telecom 598,597 — — — 598,597 — Total NCSC 1,544,477 — — — 1,544,477 — Total loans outstanding $ 34,528,184 $ — $ — $ — $ 34,528,184 $ 48,669 Percentage of total loans 100.00 % — % — % — % 100.00 % 0.14 %
Schedule of Loans Outstanding by Borrower Risk Ratings and Origination Year	Table 4.4: Loans Outstanding by Borrower Risk Ratings and Origination Year August 31, 2024 Term Loans by Fiscal Year of Origination (Dollars in thousands) Q1 FY2025 2024 2023 2022 2021 Prior Revolving Loans Total Pass CFC: Distribution $ 555,940 $ 2,513,459 $ 2,361,985 $ 2,313,757 $ 1,579,662 $ 15,705,057 $ 2,302,755 $ 27,332,615 Power supply 84,254 506,534 451,121 316,270 523,494 2,985,238 808,895 5,675,806 Statewide and associate — 36,672 58,948 13,124 1,619 26,534 115,103 252,000 Total CFC 640,194 3,056,665 2,872,054 2,643,151 2,104,775 18,716,829 3,226,753 33,260,421 NCSC: Electric 2,000 124,092 253,783 17,402 4,720 415,907 154,826 972,730 Telecom 25,543 137,489 45,414 71,973 61,098 208,069 58,692 608,278 Total NCSC 27,543 261,581 299,197 89,375 65,818 623,976 213,518 1,581,008 Total pass $ 667,737 $ 3,318,246 $ 3,171,251 $ 2,732,526 $ 2,170,593 $ 19,340,805 $ 3,440,271 $ 34,841,429 Special mention CFC: Distribution $ — $ 364 $ 4,170 $ — $ 4,658 $ 16,356 $ 165,729 $ 191,277 Statewide and associate — — — — — 11,893 — 11,893 Total CFC — 364 4,170 — 4,658 28,249 165,729 203,170 NCSC telecom — — — — — 2,929 — 2,929 Total special mention $ — $ 364 $ 4,170 $ — $ 4,658 $ 31,178 $ 165,729 $ 206,099 Substandard Total substandard $ — $ — $ — $ — $ — $ — $ — $ — Doubtful CFC power supply $ — $ — $ — $ — $ — $ 48,669 $ — $ 48,669 Total doubtful $ — $ — $ — $ — $ — $ 48,669 $ — $ 48,669 Total criticized loans $ — $ 364 $ 4,170 $ — $ 4,658 $ 79,847 $ 165,729 $ 254,768 Total loans outstanding $ 667,737 $ 3,318,610 $ 3,175,421 $ 2,732,526 $ 2,175,251 $ 19,420,652 $ 3,606,000 $ 35,096,197 May 31, 2024 Term Loans by Fiscal Year of Origination (Dollars in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Total Pass CFC: Distribution $ 2,523,296 $ 2,370,847 $ 2,328,295 $ 1,589,581 $ 1,766,002 $ 14,117,758 $ 2,223,311 $ 26,919,090 Power supply 509,948 454,010 321,289 536,052 170,017 2,866,848 735,065 5,593,229 Statewide and associate 36,794 59,348 13,174 1,684 11,123 16,534 86,796 225,453 Total CFC 3,070,038 2,884,205 2,662,758 2,127,317 1,947,142 17,001,140 3,045,172 32,737,772 NCSC: Electric 76,061 256,974 17,606 4,914 183,510 249,338 157,477 945,880 Telecom 139,732 46,632 74,222 63,580 22,730 188,462 60,209 595,567 Total NCSC 215,793 303,606 91,828 68,494 206,240 437,800 217,686 1,541,447 Total pass $ 3,285,831 $ 3,187,811 $ 2,754,586 $ 2,195,811 $ 2,153,382 $ 17,438,940 $ 3,262,858 $ 34,279,219 Special mention CFC: Distribution $ 364 $ 4,170 $ — $ 4,658 $ — $ 16,356 $ 159,825 $ 185,373 Statewide and associate — — — — — 11,893 — 11,893 Total CFC 364 4,170 — 4,658 — 28,249 159,825 197,266 NCSC telecom — — — — — 3,030 — 3,030 Total special mention $ 364 $ 4,170 $ — $ 4,658 $ — $ 31,279 $ 159,825 $ 200,296 Substandard Total substandard $ — $ — $ — $ — $ — $ — $ — $ — Doubtful CFC Power supply $ — $ — $ — $ — $ — $ 48,669 $ — $ 48,669 Total doubtful $ — $ — $ — $ — $ — $ 48,669 $ — $ 48,669 Total criticized loans $ 364 $ 4,170 $ — $ 4,658 $ — $ 79,948 $ 159,825 $ 248,965 Total loans outstanding $ 3,286,195 $ 3,191,981 $ 2,754,586 $ 2,200,469 $ 2,153,382 $ 17,518,888 $ 3,422,683 $ 34,528,184
Schedule of Unadvanced Commitments	The following table presents unadvanced loan commitments, by member class and by loan type, as of August 31, 2024 and May 31, 2024. Table 4.5: Unadvanced Commitments by Member Class and Loan Type (1) (Dollars in thousands) August 31, 2024 May 31, 2024 Member class: CFC: Distribution $ 11,139,327 $ 11,174,041 Power supply 4,595,124 4,519,150 Statewide and associate 224,375 254,250 Total CFC 15,958,826 15,947,441 NCSC: Electric 462,512 622,125 Telecom 437,590 423,796 Total NCSC 900,102 1,045,921 Total unadvanced commitments $ 16,858,928 $ 16,993,362 Loan type: (2) Long-term loans: Fixed rate $ — $ — Variable rate 6,830,516 6,880,295 Total long-term loans 6,830,516 6,880,295 Lines of credit 10,028,412 10,113,067 Total unadvanced commitments $ 16,858,928 $ 16,993,362 ____________________________ (1) Excludes the portion of any commitment to advance funds under swingline loan facilities in excess of CFC’s total commitment amount in a syndicated credit facility. Other syndicate lenders have an absolute obligation to acquire participations in such swingline loans upon CFC’s election, including during a default by the borrower. (2) The interest rate on unadvanced loan commitments is not set until an advance is made; therefore, all unadvanced long-term loan commitments are reported as variable rate. However, the borrower may select either a fixed or a variable rate when an advance is drawn under a loan commitment.
Schedule of Available Balance and Maturities of Lines of Credit	The following table displays, by loan type, the available balance under unadvanced loan commitments as of August 31, 2024, and the related maturities in each fiscal year during the five-year period ended May 31, 2029, and thereafter. Table 4.6: Un advanced Loan Commitments Available Notional Maturities of Unadvanced Loan Commitments (Dollars in thousands) 2025 2026 2027 2028 2029 Thereafter Line of credit loans $ 10,028,412 $ 884,394 $ 4,566,411 $ 1,468,619 $ 1,195,257 $ 1,482,818 $ 430,913 Long-term loans 6,830,516 509,769 699,694 1,092,297 1,412,355 2,699,456 416,945 Total $ 16,858,928 $ 1,394,163 $ 5,266,105 $ 2,560,916 $ 2,607,612 $ 4,182,274 $ 847,858
Schedule 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 as of August 31, 2024, and the related maturity amounts in each fiscal year during the five-year period ending May 31, 2029, and thereafter. Table 4.7: Unconditional Committed Lines of Credit—Available Balance Available Notional Maturities of Unconditional Committed Lines of Credit (Dollars in thousands) 2025 2026 2027 2028 2029 Thereafter Committed lines of credit $ 3,434,804 $ 115,000 $ 246,450 $ 987,692 $ 900,440 $ 973,263 $ 211,959
Schedule of Pledged Collateral Loans	Table 4.8 displays the borrowing amount under each of our secured borrowing agreements and the corresponding loans outstanding pledged as collateral as of August 31, 2024 and May 31, 2024. See “Note 6—Short-Term Borrowings” and “Note 7—Long-Term Debt” in this Report for information on our secured borrowings and other borrowings. Table 4.8: Pledged Loans (Dollars in thousands) August 31, 2024 May 31, 2024 Collateral trust bonds: 2007 indenture: Collateral trust bonds outstanding $ 7,272,711 $ 6,922,711 Pledged collateral: Distribution system mortgage notes pledged 8,423,379 8,799,864 RUS-guaranteed loans qualifying as permitted investments pledged 111,861 113,890 Total pledged collateral 8,535,240 8,913,754 1994 indenture: Collateral trust bonds outstanding $ 15,000 $ 15,000 Pledged collateral: Distribution system mortgage notes pledged 18,737 19,174 Guaranteed Underwriter Program: Notes payable outstanding $ 6,315,009 $ 6,491,814 Pledged collateral: Distribution and power supply system mortgage notes pledged 7,938,853 8,020,508 Farmer Mac: Notes payable outstanding $ 3,544,156 $ 3,863,510 Pledged collateral: Distribution and power supply system mortgage notes pledged 4,398,501 4,449,650

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	3 Months Ended
	Aug. 31, 2024
Credit Loss [Abstract]
Schedule of Allowance for Credit Losses on Financing Receivables	The following tables summarize, by legal entity and member class, changes in the allowance for credit losses for our loan portfolio and present the allowance components for the periods presented. Table 5.1: Changes in Allowance for Credit Losses Q1 FY2025 (Dollars in thousands) CFC Distribution CFC Power Supply CFC Statewide & Associate CFC Total NCSC Electric NCSC Telecom NCSC Total Total Balance as of May 31, 2024 $ 15,954 $ 25,583 $ 1,189 $ 42,726 $ 3,937 $ 2,063 $ 6,000 $ 48,726 Provision (benefit) for credit losses 732 (489) 10 253 393 307 700 953 Balance as of August 31, 2024 $ 16,686 $ 25,094 $ 1,199 $ 42,979 $ 4,330 $ 2,370 $ 6,700 $ 49,679 Q1 FY2024 (Dollars in thousands) CFC Distribution CFC Power Supply CFC Statewide & Associate CFC Total NCSC Electric NCSC Telecom NCSC Total Total Balance as of May 31, 2023 $ 14,924 $ 33,306 $ 1,194 $ 49,424 $ 2,464 $ 1,206 $ 3,670 $ 53,094 Provision (benefit) for credit losses 798 (904) 4 (102) 148 754 902 800 Recoveries — 1,032 — 1,032 — — — 1,032 Balance as of August 31, 2023 $ 15,722 $ 33,434 $ 1,198 $ 50,354 $ 2,612 $ 1,960 $ 4,572 $ 54,926
Schedule of Allowance for Credit Losses and Recorded Investment in Financing Receivables	The following tables present, by legal entity and member class, the components of our allowance for credit losses as of August 31, 2024 and May 31, 2024. Table 5.2: Allowance for Credit Losses Components August 31, 2024 (Dollars in thousands) CFC Distribution CFC Power Supply CFC Statewide & Associate CFC Total NCSC Electric NCSC Telecom NCSC Total Total Allowance components: Collective allowance $ 16,686 $ 8,518 $ 1,199 $ 26,403 $ 4,330 $ 2,123 $ 6,453 $ 32,856 Asset-specific allowance — 16,576 — 16,576 — 247 247 16,823 Total allowance for credit losses $ 16,686 $ 25,094 $ 1,199 $ 42,979 $ 4,330 $ 2,370 $ 6,700 $ 49,679 Loans outstanding: (1) Collectively evaluated loans $ 27,520,138 $ 5,675,806 $ 263,893 $ 33,459,837 $ 972,730 $ 608,278 $ 1,581,008 $ 35,040,845 Individually evaluated loans 3,754 48,669 — 52,423 — 2,929 2,929 55,352 Total loans outstanding $ 27,523,892 $ 5,724,475 $ 263,893 $ 33,512,260 $ 972,730 $ 611,207 $ 1,583,937 $ 35,096,197 Allowance coverage ratios: Collective allowance coverage ratio (2) 0.06 % 0.15 % 0.45 % 0.08 % 0.45 % 0.35 % 0.41 % 0.09 % Asset-specific allowance coverage ratio (3) — 34.06 — 31.62 — 8.43 8.43 30.39 Total allowance coverage ratio (4) 0.06 0.44 0.45 0.13 0.45 0.39 0.42 0.14 May 31, 2024 (Dollars in thousands) CFC Distribution CFC Power Supply CFC Statewide & Associate CFC Total NCSC Electric NCSC Telecom NCSC Total Total Allowance components: Collective allowance $ 15,954 $ 8,676 $ 1,189 $ 25,819 $ 3,937 $ 1,800 $ 5,737 $ 31,556 Asset-specific allowance — 16,907 — 16,907 — 263 263 17,170 Total allowance for credit losses $ 15,954 $ 25,583 $ 1,189 $ 42,726 $ 3,937 $ 2,063 $ 6,000 $ 48,726 Loans outstanding: (1) Collectively evaluated loans $ 27,100,254 $ 5,593,229 $ 237,346 $ 32,930,829 $ 945,880 $ 595,567 $ 1,541,447 $ 34,472,276 Individually evaluated loans 4,209 48,669 — 52,878 — 3,030 3,030 55,908 Total loans outstanding $ 27,104,463 $ 5,641,898 $ 237,346 $ 32,983,707 $ 945,880 $ 598,597 $ 1,544,477 $ 34,528,184 Allowance coverage ratios: Collective allowance coverage ratio (2) 0.06 % 0.16 % 0.50 % 0.08 % 0.42 % 0.30 % 0.37 % 0.09 % Asset-specific allowance coverage ratio (3) — 34.74 — 31.97 — 8.68 8.68 30.71 Total allowance coverage ratio (4) 0.06 0.45 0.50 0.13 0.42 0.34 0.39 0.14 ____________________________ (1) Represents the unpaid principal amount of loans as of the end of each period. Excludes unamortized deferred loan origination costs of $15 million and $14 million as of August 31, 2024 and May 31, 2024, respectively. (2) Calculated based on the collective allowance component at period end divided by collectively evaluated loans outstanding at period end. (3) Calculated based on the asset-specific allowance component at period end divided by individually evaluated loans outstanding at period end. (4) Calculated based on the total allowance for credit losses at period end divided by total loans outstanding at period end.

Short-Term Borrowings (Tables)

Short-Term Borrowings (Tables)	3 Months Ended
	Aug. 31, 2024
Debt Disclosure [Abstract]
Schedule of Short-term Debt	The following table provides information on our short-term borrowings as of August 31, 2024 and May 31, 2024. Table 6.1: Short-Term Borrowings Sources August 31, 2024 May 31, 2024 (Dollars in thousands) Amount % of Total Debt Outstanding Amount % of Total Debt Outstanding Short-term borrowings: Commercial paper: Commercial paper sold through dealers, net of discounts $ 1,088,656 3 % $ 504,631 1 % Commercial paper sold directly to members, at par 1,143,633 3 1,158,020 4 Total commercial paper 2,232,289 6 1,662,651 5 Select notes to members 1,344,799 4 1,274,066 4 Daily liquidity fund notes to members 321,397 1 375,191 1 Medium-term notes sold to members 518,554 2 520,782 2 Farmer Mac notes payable (1) — — 500,000 1 Total short-term borrowings $ 4,417,039 13 % $ 4,332,690 13 % ____________________________ (1)
Schedule of Line of Credit Facilities	The following table presents the amount available for access under our bank revolving line of credit agreements as of August 31, 2024. Table 6.2: Committed Bank Revolving Line of Credit Agreements Available Amounts August 31, 2024 (Dollars in millions) Total Commitment Letters of Credit Outstanding Available Amount Maturity Annual Facility Fee (1) Bank revolving agreements: 3-year agreement $ 150 $ — $ 150 November 28, 2025 7.5 bps 3-year agreement 1,195 — 1,195 November 28, 2026 7.5 bps Total 3-year agreement 1,345 — 1,345 4-year agreement 150 — 150 November 28, 2026 10.0 bps 4-year agreement 1,305 2 1,303 November 28, 2027 10.0 bps Total 4-year agreement 1,455 2 1,453 Total $ 2,800 $ 2 $ 2,798 ____________________________ (1) Facility fee determined by CFC’s senior unsecured credit ratings based on the pricing schedules put in place at the inception of the related agreement.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Aug. 31, 2024
Debt Instruments [Abstract]
Schedule of Long-term Debt Outstanding	The following table displays, by debt product type, long-term debt outstanding as of August 31, 2024 and May 31, 2024. Long-term debt outstanding totaled $26,265 million as of August 31, 2024, compared with $25,901 million as of May 31, 2024, and accounted for 79% of total debt outstanding as of both August 31, 2024 and May 31, 2024. Table 7.1: Long-Term Debt by Debt Product Type (Dollars in thousands) August 31, 2024 May 31, 2024 Secured long-term debt: Collateral trust bonds $ 7,287,711 $ 6,937,711 Unamortized discount, net (165,818) (166,458) Debt issuance costs (32,930) (31,332) Total collateral trust bonds 7,088,963 6,739,921 Guaranteed Underwriter Program notes payable 6,315,009 6,491,814 Farmer Mac notes payable 3,544,156 3,363,510 Total secured notes payable 9,859,165 9,855,324 Total secured long-term debt 16,948,128 16,595,245 Unsecured long-term debt: Medium-term notes sold through dealers 8,968,635 8,980,513 Medium-term notes sold to members 379,259 358,844 Medium term notes sold through dealers and to members 9,347,894 9,339,357 Unamortized discount, net (1,994) (2,209) Debt issuance costs (28,803) (31,228) Total unsecured long-term debt 9,317,097 9,305,920 Total long-term debt $ 26,265,225 $ 25,901,165

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Aug. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts and Weighted Average Rates Paid and Received	The following table shows, by derivative instrument type, the notional amount, the weighted-average rate paid and the weighted-average interest rate received for our interest rate swaps as of August 31, 2024 and May 31, 2024. For the substantial majority of interest rate swap agreements, the daily compounded Secured Overnight Financing Rate (“SOFR”) is used as the basis for determining variable interest payment amounts each period. Table 9.1: Derivative Notional Amount and Weighted Average Rates August 31, 2024 May 31, 2024 (Dollars in thousands) Notional Weighted- Weighted- Notional Weighted- Weighted- Pay-fixed swaps $ 5,835,419 2.79 % 5.58 % $ 5,842,540 2.77 % 5.57 % Receive-fixed swaps 1,522,250 6.10 3.33 1,523,396 6.08 3.33 Total interest rate swaps $ 7,357,669 3.48 5.12 $ 7,365,936 3.46 5.10
Schedule of Fair Values and Notional Amounts of Outstanding Derivatives	The following table displays the fair value of the derivative assets and derivative liabilities, by derivatives type, recorded on our consolidated balance sheets and the related outstanding notional amount as of August 31, 2024 and May 31, 2024. Table 9.2: Derivative Assets and Liabilities at Fair Value August 31, 2024 May 31, 2024 (Dollars in thousands) Fair Value Notional Amount Fair Value Notional Amount Derivative assets: Interest rate swaps $ 454,633 $ 5,668,710 $ 691,249 $ 5,770,691 Total derivative assets $ 454,633 $ 5,668,710 $ 691,249 $ 5,770,691 Derivative liabilities: Interest rate swaps $ 74,824 $ 1,688,959 $ 80,988 $ 1,595,245 Total derivative liabilities $ 74,824 $ 1,688,959 $ 80,988 $ 1,595,245
Schedule of Offsetting Assets	The following table presents the gross fair value of derivative assets and liabilities reported on our consolidated balance sheets as of August 31, 2024 and May 31, 2024, and provides information on the impact of netting provisions under our master swap agreements and collateral pledged, if any. Table 9.3: Derivative Gross and Net Amounts August 31, 2024 Gross Amount Gross Amount Net Amount of Assets/ Liabilities Gross Amount (Dollars in thousands) Financial Cash Net Derivative assets: Interest rate swaps $ 454,633 $ — $ 454,633 $ 72,547 $ — $ 382,086 Derivative liabilities: Interest rate swaps 74,824 — 74,824 72,547 — 2,277 May 31, 2024 Gross Amount Gross Amount Net Amount of Assets/ Liabilities Gross Amount (Dollars in thousands) Financial Cash Net Derivative assets: Interest rate swaps $ 691,249 $ — $ 691,249 $ 80,026 $ — $ 611,223 Derivative liabilities: Interest rate swaps 80,988 — 80,988 80,026 — 962
Schedule of Offsetting Liabilities	The following table presents the gross fair value of derivative assets and liabilities reported on our consolidated balance sheets as of August 31, 2024 and May 31, 2024, and provides information on the impact of netting provisions under our master swap agreements and collateral pledged, if any. Table 9.3: Derivative Gross and Net Amounts August 31, 2024 Gross Amount Gross Amount Net Amount of Assets/ Liabilities Gross Amount (Dollars in thousands) Financial Cash Net Derivative assets: Interest rate swaps $ 454,633 $ — $ 454,633 $ 72,547 $ — $ 382,086 Derivative liabilities: Interest rate swaps 74,824 — 74,824 72,547 — 2,277 May 31, 2024 Gross Amount Gross Amount Net Amount of Assets/ Liabilities Gross Amount (Dollars in thousands) Financial Cash Net Derivative assets: Interest rate swaps $ 691,249 $ — $ 691,249 $ 80,026 $ — $ 611,223 Derivative liabilities: Interest rate swaps 80,988 — 80,988 80,026 — 962
Schedule 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 consolidated statements of operations. Derivative cash settlements interest expense represents the net periodic contractual interest amount for our interest-rate swaps during the reporting period. Derivative forward value gains (losses) represent the change in fair value of our interest rate swaps during the reporting period due to changes in expected future interest rates over the remaining life of our derivative contracts. We classify the derivative cash settlement amounts for the net periodic contractual interest expense on our interest rate swaps as an operating activity in our consolidated statements of cash flows. Table 9.4: Derivative Gains (Losses) (Dollars in thousands) Q1 FY2025 Q1 FY2024 Derivative gains (losses) attributable to: Derivative cash settlements interest income $ 32,061 $ 27,869 Derivative forward value gains (losses) (230,386) 162,018 Derivative gains (losses) $ (198,325) $ 189,887
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 August 31, 2024, 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, 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 assume that amounts for each counterparty would be netted in accordance with the provisions of the master netting agreements with the 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. Table 9.5: Derivative Credit Rating Trigger Exposure (Dollars in thousands) Notional Payable Due from CFC Receivable Net Receivable (Payable) Impact of rating downgrade trigger: Falls below A3/A- (1) $ 25,530 $ (945) $ — $ (945) Falls below Baa1/BBB+ 4,941,813 (1,298) 252,206 250,908 Falls to or below Baa2/BBB (2) 350,804 — 18,637 18,637 Total $ 5,318,147 $ (2,243) $ 270,843 $ 268,600 ____________________________ (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)

Equity (Tables)

Equity (Tables)	3 Months Ended
	Aug. 31, 2024
Stockholders' Equity Note [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)	The following table presents, by component, changes in AOCI for the periods presented and the balance of each component as of the end of each respective period. Table 10.1: Changes in Accumulated Other Comprehensive Income (Loss) Q1 FY2025 Q1 FY2024 (Dollars in thousands) Unrealized Gains on Derivative Hedges (1) Unrealized Losses on Defined Benefit Plans (2) Total Unrealized Gains on Derivative Hedges (1) Unrealized Losses on Defined Benefit Plans (2) Total Beginning balance $ 3,287 $ (4,703) $ (1,416) $ 11,102 $ (2,759) $ 8,343 Changes in unrealized gains 803 — 803 — — — Realized (gains) losses reclassified to earnings (167) 96 (71) (155) 53 (102) Ending balance $ 3,923 $ (4,607) $ (684) $ 10,947 $ (2,706) $ 8,241 ____________________________ (1) Of the derivative gains reclassified to earnings, a portion is reclassified as a component of the derivative gains (losses) line item and the remainder is reclassified as a component of the interest expense line item in our consolidated statements of operations. (2) Reclassified to earnings as a component of the other non-interest expense line item presented in our consolidated statements of operations.

Guarantees (Tables)

Guarantees (Tables)	3 Months Ended
	Aug. 31, 2024
Guarantees [Abstract]
Schedule of Total Guarantees by Type of Guarantee and Member Class	The following table displays the notional amount of our outstanding guarantee obligations, by guarantee type and by member class, as of August 31, 2024 and May 31, 2024. Table 11.1: Guarantees Outstanding by Type and Member Class (Dollars in thousands) August 31, 2024 May 31, 2024 Guarantee type: Long-term tax-exempt bonds (1) $ 73,755 $ 73,755 Letters of credit (2)(3) 744,628 752,019 Other guarantees 182,018 184,142 Total $ 1,000,401 $ 1,009,916 Member class: CFC: Distribution $ 469,235 $ 472,210 Power supply 445,129 451,828 Statewide and associate (4) 42,153 42,257 CFC total 956,517 966,295 NCSC 43,884 43,621 Total $ 1,000,401 $ 1,009,916 ____________________________ (1) Represents the outstanding principal amount of long-term variable-rate guaranteed bonds. (2) Reflects our maximum potential exposure for letters of credit, which also includes interest due, if any. (3) Under a hybrid letter of credit facility, we had $30 million of commitments that may be used for the issuance of letters of credit as of both August 31, 2024 and May 31, 2024. (4) Includes CFC guarantees to NCSC telecom memb ers totaling $41 million as of both August 31, 2024 and May 31, 2024.

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Aug. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value by Balance Sheet Grouping	The following table presents the carrying value and estimated fair value of all of our financial instruments, including those carried at amortized cost, as of August 31, 2024 and May 31, 2024. The table also displays the classification level within the fair value hierarchy based on the degree of observability of the inputs used in the valuation technique for estimating fair value. Table 12.1: Fair Value of Financial Instruments August 31, 2024 Fair Value Measurement Level (Dollars in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 264,655 $ 264,655 $ 264,655 $ — $ — Restricted cash 8,219 8,219 8,219 — — Equity securities, at fair value 12,470 12,470 12,470 — — Debt securities trading, at fair value 230,824 230,824 — 230,824 — Deferred compensation investments 8,066 8,066 8,066 — — Loans to members, net 35,061,193 32,711,726 — — 32,711,726 Accrued interest receivable 257,953 257,953 — 257,953 — Derivative assets 454,633 454,633 — 454,633 — Total financial assets $ 36,298,013 $ 33,948,546 $ 293,410 $ 943,410 $ 32,711,726 Liabilities: Short-term borrowings $ 4,417,039 $ 4,419,681 $ — $ 4,419,681 $ — Long-term debt 26,265,225 25,370,271 — 16,308,249 9,062,022 Accrued interest payable 306,340 306,340 — 306,340 — Guarantee liability 14,858 15,463 — — 15,463 Derivative liabilities 74,824 74,824 — 74,824 — Subordinated deferrable debt 1,286,907 1,313,791 248,140 1,065,651 — Members’ subordinated certificates 1,196,801 1,196,801 — — 1,196,801 Total financial liabilities $ 33,561,994 $ 32,697,171 $ 248,140 $ 22,174,745 $ 10,274,286 May 31, 2024 Fair Value Measurement Level (Dollars in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 280,124 $ 280,124 $ 280,124 $ — $ — Restricted cash 8,217 8,217 8,217 — — Equity securities, at fair value 36,886 36,886 36,886 — — Debt securities trading, at fair value 281,351 281,351 — 281,351 — Deferred compensation investments 7,763 7,763 7,763 — — Loans to members, net 34,493,559 30,884,906 — — 30,884,906 Accrued interest receivable 190,247 190,247 — 190,247 — Derivative assets 691,249 691,249 — 691,249 — Total financial assets $ 35,989,396 $ 32,380,743 $ 332,990 $ 1,162,847 $ 30,884,906 Liabilities: Short-term borrowings $ 4,332,690 $ 4,333,635 $ — $ 3,833,635 $ 500,000 Long-term debt 25,901,165 24,470,693 — 15,529,041 8,941,652 Accrued interest payable 263,372 263,372 — 263,372 — Guarantee liability 15,896 16,477 — — 16,477 Derivative liabilities 80,988 80,988 — 80,988 — Subordinated deferrable debt 1,286,861 1,295,729 244,636 1,051,093 — Members’ subordinated certificates 1,197,651 1,197,651 — — 1,197,651 Total financial liabilities $ 33,078,623 $ 31,658,545 $ 244,636 $ 20,758,129 $ 10,655,780
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 on our consolidated financial statements at fair value on a recurring basis as of August 31, 2024 and May 31, 2024, and the classification of the valuation technique within the fair value hierarchy. We did no t have any assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs during Q1 FY2025 or Q1 FY2024. Table 12.2: Assets and Liabilities Measured at Fair Value on a Recurring Basis August 31, 2024 May 31, 2024 (Dollars in thousands) Level 1 Level 2 Total Level 1 Level 2 Total Assets: Equity securities, at fair value $ 12,470 $ — $ 12,470 $ 36,886 $ — $ 36,886 Debt securities trading, at fair value — 230,824 230,824 — 281,351 281,351 Deferred compensation investments 8,066 — 8,066 7,763 — 7,763 Derivative assets — 454,633 454,633 — 691,249 691,249 Liabilities: Derivative liabilities $ — $ 74,824 $ 74,824 $ — $ 80,988 $ 80,988

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Aug. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Assets and Liabilities of Variable Interest Entities	The following table provides information on incremental consolidated assets and liabilities of VIE included in CFC’s consolidated financial statements, after intercompany eliminations, which include NCSC’s consolidated assets and liabilities as of August 31, 2024 and May 31, 2024. Table 13.1: Consolidated Assets and Liabilities of Variable Interest Entities (Dollars in thousands) August 31, 2024 May 31, 2024 Assets: Loans outstanding $ 1,583,937 $ 1,544,477 Other assets 12,702 12,700 Total assets $ 1,596,639 $ 1,557,177 Liabilities: Total liabilities $ 11,659 $ 9,824
Schedule of Variable Interest Entities, Credit Commitments	The following table provides information on CFC’s credit commitments and potential exposure to loss under these commitments to NCSC as of August 31, 2024 and May 31, 2024. Table 13.2: CFC Exposure Under Credit Commitments to NCSC August 31, 2024 May 31, 2024 (Dollars in thousands) CFC credit commitments: Total CFC credit commitments $ 5,000,000 $ 5,000,000 Outstanding commitments: Borrowings payable to CFC (1) 1,570,890 1,532,781 Credit enhancements: CFC third-party guarantees 43,884 43,621 Other credit enhancements 1,695 757 Total credit enhancements (2) 45,579 44,378 Total outstanding commitments 1,616,469 1,577,159 CFC credit commitments available $ 3,383,531 $ 3,422,841 ____________________________ (1) Intercompany borrowings payable by NCSC to CFC as of August 31, 2024 and May 31, 2024 are eliminated in consolidation. (2) Excludes interest due on these instruments.

Business Segments (Tables)

Business Segments (Tables)	3 Months Ended
	Aug. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Presentation for the Consolidated Statements of Operations and Consolidated Balance Sheets	The following tables display segment results of operations for Q1 FY2025 and Q1 FY2024, assets attributable to each segment as of August 31, 2024 and August 31, 2023 and a reconciliation of total segment amounts to our consolidated total amounts. Table 14.1: Business Segment Information Q1 FY2025 (Dollars in thousands) CFC NCSC Segments Total Reclasses and Adjustments (1) Intersegment Eliminations (2) Consolidated Total Results of operations: Interest income $ 415,719 $ 21,986 $ 437,705 $ — $ (19,586) $ 418,119 Interest expense (356,416) (19,630) (376,046) — 19,586 (356,460) Derivative cash settlements interest income 32,016 45 32,061 (32,061) — — Interest expense (324,400) (19,585) (343,985) (32,061) 19,586 (356,460) Net interest income 91,319 2,401 93,720 (32,061) — 61,659 Provision for credit losses (953) (700) (1,653) — 700 (953) Net interest income after provision for credit losses 90,366 1,701 92,067 (32,061) 700 60,706 Non-interest income (loss): Fee and other income 7,074 1,647 8,721 — (3,053) 5,668 Derivative gains (losses): Derivative cash settlements interest income — — — 32,061 — 32,061 Derivative forward value losses — — — (230,386) — (230,386) Derivative losses — — — (198,325) — (198,325) Investment securities gains 4,131 — 4,131 — — 4,131 Total non-interest income (loss) 11,205 1,647 12,852 (198,325) (3,053) (188,526) Non-interest expense: General and administrative expenses (35,659) (2,474) (38,133) — 1,841 (36,292) Losses on early extinguishment of debt (22) — (22) — — (22) Other non-interest expense (287) (521) (808) — 512 (296) Total non-interest expense (35,968) (2,995) (38,963) — 2,353 (36,610) Income (loss) before income taxes 65,603 353 65,956 (230,386) — (164,430) Income tax benefit — 104 104 — — 104 Net income (loss) $ 65,603 $ 457 $ 66,060 $ (230,386) $ — $ (164,326) August 31, 2024 (Dollars in thousands) CFC NCSC Segments Total Reclasses and Adjustments (1) Intersegment Eliminations (2) Consolidated Total Assets: Total loans outstanding $ 35,083,150 $ 1,583,937 $ 36,667,087 $ — $ (1,570,890) $ 35,096,197 Deferred loan origination costs 14,675 — 14,675 — — 14,675 Loans to members 35,097,825 1,583,937 36,681,762 — (1,570,890) 35,110,872 Less: Allowance for credit losses (49,679) (6,700) (56,379) — 6,700 (49,679) Loans to members, net 35,048,146 1,577,237 36,625,383 — (1,564,190) 35,061,193 Other assets 1,414,447 28,421 1,442,868 — (15,720) 1,427,148 Total assets $ 36,462,593 $ 1,605,658 $ 38,068,251 $ — $ (1,579,910) $ 36,488,341 Q1 FY2024 (Dollars in thousands) CFC NCSC Segments Total Reclasses and Adjustments (1) Intersegment Eliminations (2) Consolidated Total Results of operations: Interest income $ 378,630 $ 19,032 $ 397,662 $ — $ (16,706) $ 380,956 Interest expense (316,273) (16,714) (332,987) — 16,706 (316,281) Derivative cash settlements interest income 27,837 32 27,869 (27,869) — — Interest expense (288,436) (16,682) (305,118) (27,869) 16,706 (316,281) Net interest income 90,194 2,350 92,544 (27,869) — 64,675 Provision for credit losses (800) (902) (1,702) — 902 (800) Net interest income after provision for credit losses 89,394 1,448 90,842 (27,869) 902 63,875 Non-interest income: Fee and other income 6,327 1,666 7,993 — (3,456) 4,537 Derivative gains: Derivative cash settlements interest income — — — 27,869 — 27,869 Derivative forward value gains — — — 162,018 — 162,018 Derivative gains — — — 189,887 — 189,887 Investment securities gains 2,933 — 2,933 — — 2,933 Total non-interest income 9,260 1,666 10,926 189,887 (3,456) 197,357 Non-interest expense: General and administrative expenses (30,936) (2,763) (33,699) — 2,196 (31,503) Losses on early extinguishment of debt (939) — (939) — — (939) Other non-interest expense (177) (359) (536) — 358 (178) Total non-interest expense (32,052) (3,122) (35,174) — 2,554 (32,620) Income (loss) before income taxes 66,602 (8) 66,594 162,018 — 228,612 Income tax provision — (328) (328) — — (328) Net income (loss) $ 66,602 $ (336) $ 66,266 $ 162,018 $ — $ 228,284 August 31, 2023 (Dollars in thousands) CFC NCSC Segments Total Reclasses and Adjustments (1) Intersegment Eliminations (2) Consolidated Total Assets: Total loans outstanding $ 33,063,285 $ 1,462,423 $ 34,525,708 $ — $ (1,442,215) $ 33,083,493 Deferred loan origination costs 13,153 — 13,153 — — 13,153 Loans to members 33,076,438 1,462,423 34,538,861 — (1,442,215) 33,096,646 Less: Allowance for credit losses (54,926) (4,572) (59,498) — 4,572 (54,926) Loans to members, net 33,021,512 1,457,851 34,479,363 — (1,437,643) 33,041,720 Other assets 1,644,426 76,321 1,720,747 — (68,304) 1,652,443 Total assets $ 34,665,938 $ 1,534,172 $ 36,200,110 $ — $ (1,505,947) $ 34,694,163 ____________________________ (1) Consists of (i) the reclassification of net periodic derivative settlement interest income (expense) amounts, which we report as a component of interest expense for business segment reporting purposes but is included in derivatives gains (losses) in our consolidated total results and (ii) derivative forward value gains and losses, which we exclude from our business segment results but is included in derivatives gains (losses) in our consolidated total results. (2) Consists of intercompany borrowings payable by NCSC to CFC and the interest related to those borrowings, management fees paid by NCSC to CFC and other intercompany amounts, all of which are eliminated in consolidation.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Millions	Aug. 31, 2024 USD ($) class	May 31, 2024 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of classes of members | class	2
Finance lease liability	$ 4	$ 3
Net investment in leases	$ 4	$ 3

Interest Income and Interest _3

Interest Income and Interest Expense - Schedule of Interest Income and Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Interest income:
Cash and investment securities	$ 3,419	$ 5,388
Interest income	418,119	380,956
Interest expense:
Short-term borrowings	54,400	58,394
Interest expense	356,460	316,281
Net interest income	61,659	64,675
Loans
Interest income:
Loans	414,700	375,568
Long-term debt
Interest expense:
Long-term debt and subordinated debt	266,968	223,976
Subordinated debt
Interest expense:
Long-term debt and subordinated debt	$ 35,092	$ 33,911

Interest Income and Interest _4

Interest Income and Interest Expense - Additional Information (Details) - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024
Banking and Thrift, Interest [Abstract]
Deferred income	$ 32,672	$ 33,356
Deferred loan conversion fees	$ 23,000	$ 24,000

Investment Securities - Debt Se

Investment Securities - Debt Securities Trading, at Fair Value (Details) - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024
Debt and Equity Securities, FV-NI [Line Items]
Debt securities trading, at fair value	$ 230,824	$ 281,351
Corporate debt securities
Debt and Equity Securities, FV-NI [Line Items]
Debt securities trading, at fair value	203,657	246,041
Commercial agency mortgage-backed securities (“MBS”)
Debt and Equity Securities, FV-NI [Line Items]
Debt securities trading, at fair value	4,578	6,663
U.S. state and municipality debt securities
Debt and Equity Securities, FV-NI [Line Items]
Debt securities trading, at fair value	7,091	8,179
Other asset-backed securities
Debt and Equity Securities, FV-NI [Line Items]
Debt securities trading, at fair value	$ 15,498	$ 20,468

Investment Securities - Additio

Investment Securities - Additional Information (Details) - USD ($)	3 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Jul. 18, 2024
Debt and Equity Securities, FV-NI [Line Items]
Debt securities, unrealized gains	$ 4,000,000	$ 3,000,000
Proceeds for sale of debt investment securities	14,000,000	0
Debt securities, realized gains (less than $1 million during Q1 FY 2025)	1,000,000	0
Debt securities, realized losses		0
Equity securities, unrealized gains	$ 1,000,000	$ 1,000,000
Farmer Mac—Series C non-cumulative preferred stock
Debt and Equity Securities, FV-NI [Line Items]
Preferred stock, redemption price (USD per share)			$ 25

Investment Securities - Equity

Investment Securities - Equity Securities (Details) - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024
Debt and Equity Securities, FV-NI [Line Items]
Total equity securities, at fair value	$ 12,470	$ 36,886
Farmer Mac—Series C non-cumulative preferred stock | Farmer Mac—Series C non-cumulative preferred stock
Debt and Equity Securities, FV-NI [Line Items]
Total equity securities, at fair value	0	25,130
Farmer Mac—Class A common stock
Debt and Equity Securities, FV-NI [Line Items]
Total equity securities, at fair value	$ 12,470	$ 11,756

Loans - Outstanding Principal B

Loans - Outstanding Principal Balance and Unadvanced Commitments (Details) - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024	Aug. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount	$ 35,096,197	$ 34,528,184	$ 33,083,493
Deferred loan origination costs	14,675		13,153
Loans to members	$ 35,110,872	$ 34,542,285	$ 33,096,646
% of total loans outstanding	100%	100%
Long-term loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount	$ 31,490,197	$ 31,105,501
% of total loans outstanding	90%	90%
Fixed rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount	$ 30,610,570	$ 30,266,043
% of total loans outstanding	87%	88%
Variable rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount	$ 879,627	$ 839,458
% of total loans outstanding	3%	2%
Lines of credit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount	$ 3,606,000	$ 3,422,683
% of total loans outstanding	10%	10%
Deferred Loan Origination Costs—CFC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Deferred loan origination costs	$ 14,675	$ 14,101
% of total loans outstanding	0%	0%
CFC:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount	$ 33,512,260	$ 32,983,707
Deferred loan origination costs	$ 15,000	$ 14,000
% of total loans outstanding	95%	95%
CFC: | Distribution
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount	$ 27,523,892	$ 27,104,463
% of total loans outstanding	78%	78%
CFC: | Power supply
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount	$ 5,724,475	$ 5,641,898
% of total loans outstanding	16%	16%
CFC: | Statewide and associate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount	$ 263,893	$ 237,346
% of total loans outstanding	1%	1%
NCSC:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount	$ 1,583,937	$ 1,544,477
% of total loans outstanding	5%	5%
NCSC: | Electric
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount	$ 972,730	$ 945,880
% of total loans outstanding	3%	3%
NCSC: | Telecom
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount	$ 611,207	$ 598,597
% of total loans outstanding	2%	2%

Loans - Additional Information

Loans - Additional Information - Loan Sales (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	May 31, 2024
Receivables [Abstract]
Proceeds from sale of loans and leases held-for-investment	$ 133	$ 39
Loans held for sale	$ 0		$ 3

Loans - Additional Informatio_2

Loans - Additional Information - Accrued Interest Receivable (Details) - USD ($) $ in Millions	Aug. 31, 2024	May 31, 2024
Receivables [Abstract]
Allowance for credit losses for accrued interest receivable	$ 217	$ 147

Loans - Additional Informatio_3

Loans - Additional Information - Concentration Risk (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Aug. 31, 2024 USD ($) state borrower loan	May 31, 2024 USD ($) borrower state	Aug. 31, 2023 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans to members | $	$ 35,110,872	$ 34,542,285	$ 33,096,646
Number of borrowers	890	885
Number of states in which electric and telecommunications borrowers are located | state	49	49
Accounts Receivable | Credit Concentration Risk | Twenty Largest Borrowers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	19%	19%
Concentration risk, number of borrowers	20	20
Power supply
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of borrowers	49	50
Loans Receivable Commercial And Industrial | Accounts Receivable | Customer Concentration Risk | Twenty Largest Borrowers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans to members | $	$ 6,956,000	$ 6,851,000
Concentration risk, percentage	20%	20%
Concentration risk, number of borrowers	20	20
Loans Receivable Commercial And Industrial | Accounts Receivable | Customer Concentration Risk | Largest Single Borrower Or Controlled Group
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	1%	1%
Loans Receivable Commercial And Industrial | Electric | Accounts Receivable | Credit Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans to members | $	$ 34,485,000	$ 33,930,000
Loans Receivable Commercial And Industrial | Distribution | Accounts Receivable | Customer Concentration Risk | Twenty Largest Borrowers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, number of borrowers	13	13
Loans Receivable Commercial And Industrial | Power supply | Accounts Receivable | Customer Concentration Risk | Twenty Largest Borrowers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, number of borrowers	7	7
Loans and Finance Receivables | Electric | Accounts Receivable | Credit Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	98%	98%
Loans Guaranteed By Rural Utilities Service
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans to members | $	$ 112,000	$ 114,000
Loans Guaranteed By Farmer Mac
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans to members | $	$ 367,000	370,000
Financing receivable, before allowance for credit loss, number of defaults | loan	0
Financing receivable, before allowance for credit loss, number of defaulted loans purchased | loan	0
Loans Guaranteed By Farmer Mac | Accounts Receivable | Credit Concentration Risk | Twenty Largest Borrowers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans to members | $	$ 156,000	$ 226,000
Loans Guaranteed By Farmer Mac | Accounts Receivable | Customer Concentration Risk | Twenty Largest Borrowers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, number of borrowers	20	20

Loans - Schedules of Concentrat

Loans - Schedules of Concentration of Risk (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Aug. 31, 2024 USD ($) borrower	May 31, 2024 USD ($) borrower	Aug. 31, 2023 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of borrowers | borrower	890	885
Loans to members	$ 35,110,872	$ 34,542,285	$ 33,096,646
Power supply
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of borrowers | borrower	49	50
Less: Loans covered under Farmer Mac standby purchase commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans to members	$ 367,000	$ 370,000
TEXAS | Accounts Receivable | Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of borrowers | borrower	67	67
Loans to members	$ 5,978,879	$ 5,768,541
Concentration risk, percentage	17%	17%
TEXAS | Accounts Receivable | Geographic Concentration Risk | Less: Loans covered under Farmer Mac standby purchase commitment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans to members	$ 125,164	$ 126,185
Concentration risk, percentage	0%	0%
TEXAS | Accounts Receivable | Geographic Concentration Risk | Net loan exposure to Texas-based borrowers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans to members	$ 5,853,715	$ 5,642,356
Concentration risk, percentage	17%	17%
CFC: | TEXAS | Accounts Receivable | Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of borrowers | borrower	64	64
Loans to members	$ 5,953,828	$ 5,742,048
Concentration risk, percentage	17%	17%
CFC: | TEXAS | Accounts Receivable | Geographic Concentration Risk | Distribution
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of borrowers | borrower	57	57
Loans to members	$ 4,687,644	$ 4,518,859
Concentration risk, percentage	14%	13%
CFC: | TEXAS | Accounts Receivable | Geographic Concentration Risk | Power supply
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of borrowers | borrower	6	6
Loans to members	$ 1,174,129	$ 1,148,100
Concentration risk, percentage	3%	4%
CFC: | TEXAS | Accounts Receivable | Geographic Concentration Risk | Statewide and associate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of borrowers | borrower	1	1
Loans to members	$ 92,055	$ 75,089
Concentration risk, percentage	0%	0%
NCSC: | TEXAS | Accounts Receivable | Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of borrowers | borrower	3	3
Loans to members	$ 25,051	$ 26,493
Concentration risk, percentage	0%	0%
NCSC: | TEXAS | Accounts Receivable | Geographic Concentration Risk | Electric
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of borrowers | borrower	1	1
Loans to members	$ 13,467	$ 15,067
Concentration risk, percentage	0%	0%
NCSC: | TEXAS | Accounts Receivable | Geographic Concentration Risk | Telecom
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of borrowers | borrower	2	2
Loans to members	$ 11,584	$ 11,426
Concentration risk, percentage	0%	0%

Loans - Payment Status of Loans

Loans - Payment Status of Loans Outstanding (Details) - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024	Aug. 31, 2023
Payment Status of Loans
Amount	$ 35,096,197	$ 34,528,184	$ 33,083,493
Nonaccrual Loans	$ 48,669	$ 48,669
Current, Percentage of total loans	100%	100%
30-89 days past due, Percentage of total loans	0%	0%
> 90 days past due, Percentage of total loans	0%	0%
Total past due, Percentage of total loans	0%	0%
Total loans outstanding, Percentage of total loans	100%	100%
Nonaccrual loans, Percentage of total loans	0.14%	0.14%
CFC:
Payment Status of Loans
Amount	$ 33,512,260	$ 32,983,707
Nonaccrual Loans	48,669	48,669
CFC: | Distribution
Payment Status of Loans
Amount	27,523,892	27,104,463
Nonaccrual Loans	0	0
CFC: | Power supply
Payment Status of Loans
Amount	5,724,475	5,641,898
Nonaccrual Loans	48,669	48,669
CFC: | Statewide and associate
Payment Status of Loans
Amount	263,893	237,346
Nonaccrual Loans	0	0
NCSC:
Payment Status of Loans
Amount	1,583,937	1,544,477
Nonaccrual Loans	0	0
NCSC: | Electric
Payment Status of Loans
Amount	972,730	945,880
Nonaccrual Loans	0	0
NCSC: | Telecom
Payment Status of Loans
Amount	611,207	598,597
Nonaccrual Loans	0	0
Current
Payment Status of Loans
Amount	35,096,197	34,528,184
Current | CFC:
Payment Status of Loans
Amount	33,512,260	32,983,707
Current | CFC: | Distribution
Payment Status of Loans
Amount	27,523,892	27,104,463
Current | CFC: | Power supply
Payment Status of Loans
Amount	5,724,475	5,641,898
Current | CFC: | Statewide and associate
Payment Status of Loans
Amount	263,893	237,346
Current | NCSC:
Payment Status of Loans
Amount	1,583,937	1,544,477
Current | NCSC: | Electric
Payment Status of Loans
Amount	972,730	945,880
Current | NCSC: | Telecom
Payment Status of Loans
Amount	611,207	598,597
Total Past Due
Payment Status of Loans
Amount	0	0
Total Past Due | CFC:
Payment Status of Loans
Amount	0	0
Total Past Due | CFC: | Distribution
Payment Status of Loans
Amount	0	0
Total Past Due | CFC: | Power supply
Payment Status of Loans
Amount	0	0
Total Past Due | CFC: | Statewide and associate
Payment Status of Loans
Amount	0	0
Total Past Due | NCSC:
Payment Status of Loans
Amount	0	0
Total Past Due | NCSC: | Electric
Payment Status of Loans
Amount	0	0
Total Past Due | NCSC: | Telecom
Payment Status of Loans
Amount	0	0
30-89 Days Past Due
Payment Status of Loans
Amount	0	0
30-89 Days Past Due | CFC:
Payment Status of Loans
Amount	0	0
30-89 Days Past Due | CFC: | Distribution
Payment Status of Loans
Amount	0	0
30-89 Days Past Due | CFC: | Power supply
Payment Status of Loans
Amount	0	0
30-89 Days Past Due | CFC: | Statewide and associate
Payment Status of Loans
Amount	0	0
30-89 Days Past Due | NCSC:
Payment Status of Loans
Amount	0	0
30-89 Days Past Due | NCSC: | Electric
Payment Status of Loans
Amount	0	0
30-89 Days Past Due | NCSC: | Telecom
Payment Status of Loans
Amount	0	0
> 90 Days Past Due
Payment Status of Loans
Amount	0	0
> 90 Days Past Due | CFC:
Payment Status of Loans
Amount	0	0
> 90 Days Past Due | CFC: | Distribution
Payment Status of Loans
Amount	0	0
> 90 Days Past Due | CFC: | Power supply
Payment Status of Loans
Amount	0	0
> 90 Days Past Due | CFC: | Statewide and associate
Payment Status of Loans
Amount	0	0
> 90 Days Past Due | NCSC:
Payment Status of Loans
Amount	0	0
> 90 Days Past Due | NCSC: | Electric
Payment Status of Loans
Amount	0	0
> 90 Days Past Due | NCSC: | Telecom
Payment Status of Loans
Amount	$ 0	$ 0

Loans - Additional Informatio_4

Loans - Additional Information - Payment Status of Loans (Details) - USD ($)	Aug. 31, 2024	May 31, 2024	Aug. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans to members	$ 35,110,872,000	$ 34,542,285,000	$ 33,096,646,000
Nonaccrual Loans	48,669,000	48,669,000
Parent Company
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual Loans	48,669,000	48,669,000
Parent Company | Power supply
Accounts, Notes, Loans and Financing Receivable [Line Items]
Nonaccrual Loans	48,669,000	48,669,000
Parent Company | Total Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans to members	$ 0	$ 0

Loans - Additional Informatio_5

Loans - Additional Information - Loan Modifications to Borrowers Experiencing Financial Difficulty (Details) $ in Millions	3 Months Ended		12 Months Ended
	Aug. 31, 2024 USD ($) borrower	Aug. 31, 2023 USD ($)	May 31, 2024 USD ($) borrower
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan modifications to borrowers experiencing financial difficulty	$ 0	$ 0
NCSC | Telecom
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amortized cost	$ 3		$ 3
Number of borrowers experiencing financial difficulty | borrower	1		1
Financing receivables, percentage (less than 1% as of August 31, 2024)	1%		1%
Financing receivable, troubled debt restructuring, commitment to lend	$ 0

Loans - Additional Informatio_6

Loans - Additional Information - Nonperforming Loans (Details) $ in Thousands	Aug. 31, 2024 USD ($) member	May 31, 2024 USD ($) member	Aug. 31, 2023 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans to members	$ 35,110,872	$ 34,542,285	$ 33,096,646
% of total loans outstanding	100%	100%
Nonperforming Financial Instruments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of borrowers, nonperforming loans | member	1	1
Loans to members	$ 49,000	$ 49,000
% of total loans outstanding	0.14%	0.14%

Loans - Additional Informatio_7

Loans - Additional Information - Net Charge-offs (Details)	3 Months Ended		99 Months Ended	135 Months Ended
	Aug. 31, 2024 USD ($)	Aug. 31, 2023 USD ($) loan	Aug. 31, 2024 USD ($)	Aug. 31, 2024 USD ($)	May 31, 2024 USD ($) loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, allowance for credit loss, writeoff	$ 0
Recoveries		$ 1,032,000
Net charge-off rate		0.01%
Loans to members	35,110,872,000	$ 33,096,646,000	$ 35,110,872,000	$ 35,110,872,000	$ 34,542,285,000
Parent Company
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recoveries		1,032,000
Rural Telephone Finance Cooperative
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, allowance for credit loss, writeoff			0
Rural Telephone Finance Cooperative | Loan Defaults
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans to members	0		0	0
Power supply | Parent Company
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recoveries		$ 1,032,000
Power supply | Parent Company | Loan Defaults
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of previously charged-off loans | loan		2			2
Electric Utility And Telecommunications | Rural Telephone Finance Cooperative
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable, allowance for credit loss, writeoff				0
Electric Utility And Telecommunications | Rural Telephone Finance Cooperative | Loan Defaults
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans to members	0		$ 0	$ 0
Brazos and Brazos Sandy Creek | Power supply
Accounts, Notes, Loans and Financing Receivable [Line Items]
Recoveries	$ 0	$ 1,000,000

Loans - Additional Informatio_8

Loans - Additional Information - Borrower Risk Ratings (Details)	3 Months Ended	12 Months Ended
	Aug. 31, 2024 USD ($) borrower loan hurricane	May 31, 2024 USD ($) borrower loan	Aug. 31, 2023 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term of loans	35 years
Loans originated, five years before reporting period	$ 19,420,652,000	$ 17,518,888,000
Percentage of loans originated, five years before reporting period	56%	51%
% of total loans outstanding	100%	100%
Financing receivable, before allowance for credit loss, average remaining maturity	19 years	19 years
Loans to members	$ 35,110,872,000	$ 34,542,285,000	$ 33,096,646,000
Number of borrowers | borrower	890	885
Number of successive hurricanes | hurricane	2
Parent Company
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of total loans outstanding	95%	95%
Parent Company | Distribution
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of total loans outstanding	78%	78%
Criticized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans originated, five years before reporting period	$ 79,847,000	$ 79,948,000
% of total loans outstanding	1%	1%
Loans to members	$ 255,000,000	$ 249,000,000
Increase (decrease) in finance receivables	6,000,000
Special mention
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans originated, five years before reporting period	31,178,000	31,279,000
Loans to members	206,000,000	200,000,000
Special mention | Parent Company
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans originated, five years before reporting period	28,249,000	28,249,000
Special mention | Parent Company | Distribution
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans originated, five years before reporting period	$ 16,356,000	16,356,000
Special mention | Parent Company | CFC Electric Distribution Borrower And Subsidiary | Distribution
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of borrowers | borrower	1
Special mention | Parent Company | CFC Electric Distribution Borrower | Distribution
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans to members	$ 191,000,000	185,000,000
Substandard
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans originated, five years before reporting period	0	0
Loans to members	0	0
Doubtful
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans originated, five years before reporting period	48,669,000	48,669,000
Loans to members	$ 49,000,000	$ 49,000,000
Number of loans outstanding | loan	1	1
Long-term loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
% of total loans outstanding	90%	90%

Loans - Loans Outstanding by Bo

Loans - Loans Outstanding by Borrower Risk Ratings and Origination Year (Details) - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024	Aug. 31, 2023
Credit Quality
Term loans by fiscal year of origination, year one	$ 667,737	$ 3,286,195
Term loans by fiscal year of origination, year two	3,318,610	3,191,981
Term loans by fiscal year of origination, year three	3,175,421	2,754,586
Term loans by fiscal year of origination, year four	2,732,526	2,200,469
Term loans by fiscal year of origination, year five	2,175,251	2,153,382
Prior	19,420,652	17,518,888
Revolving Loans	3,606,000	3,422,683
Total	35,096,197	34,528,184	$ 33,083,493
CFC:
Credit Quality
Total	33,512,260	32,983,707
CFC: | Distribution
Credit Quality
Total	27,523,892	27,104,463
CFC: | Power supply
Credit Quality
Total	5,724,475	5,641,898
CFC: | Statewide and associate
Credit Quality
Total	263,893	237,346
NCSC:
Credit Quality
Total	1,583,937	1,544,477
NCSC: | Electric
Credit Quality
Total	972,730	945,880
NCSC: | Telecom
Credit Quality
Total	611,207	598,597
Pass
Credit Quality
Term loans by fiscal year of origination, year one	667,737	3,285,831
Term loans by fiscal year of origination, year two	3,318,246	3,187,811
Term loans by fiscal year of origination, year three	3,171,251	2,754,586
Term loans by fiscal year of origination, year four	2,732,526	2,195,811
Term loans by fiscal year of origination, year five	2,170,593	2,153,382
Prior	19,340,805	17,438,940
Revolving Loans	3,440,271	3,262,858
Total	34,841,429	34,279,219
Pass | CFC:
Credit Quality
Term loans by fiscal year of origination, year one	640,194	3,070,038
Term loans by fiscal year of origination, year two	3,056,665	2,884,205
Term loans by fiscal year of origination, year three	2,872,054	2,662,758
Term loans by fiscal year of origination, year four	2,643,151	2,127,317
Term loans by fiscal year of origination, year five	2,104,775	1,947,142
Prior	18,716,829	17,001,140
Revolving Loans	3,226,753	3,045,172
Total	33,260,421	32,737,772
Pass | CFC: | Distribution
Credit Quality
Term loans by fiscal year of origination, year one	555,940	2,523,296
Term loans by fiscal year of origination, year two	2,513,459	2,370,847
Term loans by fiscal year of origination, year three	2,361,985	2,328,295
Term loans by fiscal year of origination, year four	2,313,757	1,589,581
Term loans by fiscal year of origination, year five	1,579,662	1,766,002
Prior	15,705,057	14,117,758
Revolving Loans	2,302,755	2,223,311
Total	27,332,615	26,919,090
Pass | CFC: | Power supply
Credit Quality
Term loans by fiscal year of origination, year one	84,254	509,948
Term loans by fiscal year of origination, year two	506,534	454,010
Term loans by fiscal year of origination, year three	451,121	321,289
Term loans by fiscal year of origination, year four	316,270	536,052
Term loans by fiscal year of origination, year five	523,494	170,017
Prior	2,985,238	2,866,848
Revolving Loans	808,895	735,065
Total	5,675,806	5,593,229
Pass | CFC: | Statewide and associate
Credit Quality
Term loans by fiscal year of origination, year one	0	36,794
Term loans by fiscal year of origination, year two	36,672	59,348
Term loans by fiscal year of origination, year three	58,948	13,174
Term loans by fiscal year of origination, year four	13,124	1,684
Term loans by fiscal year of origination, year five	1,619	11,123
Prior	26,534	16,534
Revolving Loans	115,103	86,796
Total	252,000	225,453
Pass | NCSC:
Credit Quality
Term loans by fiscal year of origination, year one	27,543	215,793
Term loans by fiscal year of origination, year two	261,581	303,606
Term loans by fiscal year of origination, year three	299,197	91,828
Term loans by fiscal year of origination, year four	89,375	68,494
Term loans by fiscal year of origination, year five	65,818	206,240
Prior	623,976	437,800
Revolving Loans	213,518	217,686
Total	1,581,008	1,541,447
Pass | NCSC: | Electric
Credit Quality
Term loans by fiscal year of origination, year one	2,000	76,061
Term loans by fiscal year of origination, year two	124,092	256,974
Term loans by fiscal year of origination, year three	253,783	17,606
Term loans by fiscal year of origination, year four	17,402	4,914
Term loans by fiscal year of origination, year five	4,720	183,510
Prior	415,907	249,338
Revolving Loans	154,826	157,477
Total	972,730	945,880
Pass | NCSC: | Telecom
Credit Quality
Term loans by fiscal year of origination, year one	25,543	139,732
Term loans by fiscal year of origination, year two	137,489	46,632
Term loans by fiscal year of origination, year three	45,414	74,222
Term loans by fiscal year of origination, year four	71,973	63,580
Term loans by fiscal year of origination, year five	61,098	22,730
Prior	208,069	188,462
Revolving Loans	58,692	60,209
Total	608,278	595,567
Special mention
Credit Quality
Term loans by fiscal year of origination, year one	0	364
Term loans by fiscal year of origination, year two	364	4,170
Term loans by fiscal year of origination, year three	4,170	0
Term loans by fiscal year of origination, year four	0	4,658
Term loans by fiscal year of origination, year five	4,658	0
Prior	31,178	31,279
Revolving Loans	165,729	159,825
Total	206,099	200,296
Special mention | CFC:
Credit Quality
Term loans by fiscal year of origination, year one	0	364
Term loans by fiscal year of origination, year two	364	4,170
Term loans by fiscal year of origination, year three	4,170	0
Term loans by fiscal year of origination, year four	0	4,658
Term loans by fiscal year of origination, year five	4,658	0
Prior	28,249	28,249
Revolving Loans	165,729	159,825
Total	203,170	197,266
Special mention | CFC: | Distribution
Credit Quality
Term loans by fiscal year of origination, year one	0	364
Term loans by fiscal year of origination, year two	364	4,170
Term loans by fiscal year of origination, year three	4,170	0
Term loans by fiscal year of origination, year four	0	4,658
Term loans by fiscal year of origination, year five	4,658	0
Prior	16,356	16,356
Revolving Loans	165,729	159,825
Total	191,277	185,373
Special mention | CFC: | Statewide and associate
Credit Quality
Term loans by fiscal year of origination, year one	0	0
Term loans by fiscal year of origination, year two	0	0
Term loans by fiscal year of origination, year three	0	0
Term loans by fiscal year of origination, year four	0	0
Term loans by fiscal year of origination, year five	0	0
Prior	11,893	11,893
Revolving Loans	0	0
Total	11,893	11,893
Special mention | NCSC: | Telecom
Credit Quality
Term loans by fiscal year of origination, year one	0	0
Term loans by fiscal year of origination, year two	0	0
Term loans by fiscal year of origination, year three	0	0
Term loans by fiscal year of origination, year four	0	0
Term loans by fiscal year of origination, year five	0	0
Prior	2,929	3,030
Revolving Loans	0	0
Total	2,929	3,030
Substandard
Credit Quality
Term loans by fiscal year of origination, year one	0	0
Term loans by fiscal year of origination, year two	0	0
Term loans by fiscal year of origination, year three	0	0
Term loans by fiscal year of origination, year four	0	0
Term loans by fiscal year of origination, year five	0	0
Prior	0	0
Revolving Loans	0	0
Total	0	0
Doubtful
Credit Quality
Term loans by fiscal year of origination, year one	0	0
Term loans by fiscal year of origination, year two	0	0
Term loans by fiscal year of origination, year three	0	0
Term loans by fiscal year of origination, year four	0	0
Term loans by fiscal year of origination, year five	0	0
Prior	48,669	48,669
Revolving Loans	0	0
Total	48,669	48,669
Doubtful | CFC: | Power supply
Credit Quality
Term loans by fiscal year of origination, year one	0	0
Term loans by fiscal year of origination, year two	0	0
Term loans by fiscal year of origination, year three	0	0
Term loans by fiscal year of origination, year four	0	0
Term loans by fiscal year of origination, year five	0	0
Prior	48,669	48,669
Revolving Loans	0	0
Total	48,669	48,669
Criticized
Credit Quality
Term loans by fiscal year of origination, year one	0	364
Term loans by fiscal year of origination, year two	364	4,170
Term loans by fiscal year of origination, year three	4,170	0
Term loans by fiscal year of origination, year four	0	4,658
Term loans by fiscal year of origination, year five	4,658	0
Prior	79,847	79,948
Revolving Loans	165,729	159,825
Total	$ 254,768	$ 248,965

Loans - Schedule of Unadvanced

Loans - Schedule of Unadvanced Commitments (Details) - Unadvanced Commitments - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	$ 16,858,928	$ 16,993,362
Long-term loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	6,830,516	6,880,295
Fixed rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	0	0
Variable rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	6,830,516	6,880,295
Lines of credit
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	10,028,412	10,113,067
CFC:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	15,958,826	15,947,441
CFC: | Distribution
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	11,139,327	11,174,041
CFC: | Power supply
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	4,595,124	4,519,150
CFC: | Statewide and associate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	224,375	254,250
NCSC:
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	900,102	1,045,921
NCSC: | Electric
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	462,512	622,125
NCSC: | Telecom
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	$ 437,590	$ 423,796

Loans - Available Balance Under

Loans - Available Balance Under Unadvanced Commitments and Maturity (Details) - Unadvanced Commitments - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Available Balance	$ 16,858,928	$ 16,993,362
2025	1,394,163
2026	5,266,105
2027	2,560,916
2028	2,607,612
2029	4,182,274
Thereafter	847,858
Line of credit loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Available Balance	10,028,412	10,113,067
2025	884,394
2026	4,566,411
2027	1,468,619
2028	1,195,257
2029	1,482,818
Thereafter	430,913
Long-term loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Available Balance	6,830,516	$ 6,880,295
2025	509,769
2026	699,694
2027	1,092,297
2028	1,412,355
2029	2,699,456
Thereafter	$ 416,945

Loans - Additional Informatio_9

Loans - Additional Information - Unadvanced Loan Commitments (Details) - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2024	May 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Line of credit commitments as percentage of unadvanced loan commitment	59%
Unadvanced line of credit commitments, term	5 years
Unadvanced Commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	$ 16,858,928	$ 16,993,362
Commitments to Extend Credit Subject to Material Adverse Change Clause
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	13,424,000	13,379,000
Unadvanced Commitments Not Subject to Material Adverse Change Clauses
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	3,434,804	3,614,000
Variable rate | Unadvanced Commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	$ 6,830,516	6,880,295
Loan commitment term	5 years
Long-term loans | Unadvanced Commitments
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unadvanced commitments	$ 6,830,516	$ 6,880,295

Loans - Unconditional Committed

Loans - Unconditional Committed Lines of Credit and Maturity (Details) - Unadvanced Commitments Not Subject to Material Adverse Change Clauses - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024
Unadvanced Loan Commitments
Available Balance	$ 3,434,804	$ 3,614,000
2025	115,000
2026	246,450
2027	987,692
2028	900,440
2029	973,263
Thereafter	$ 211,959

Loans - Outstanding Pledged as

Loans - Outstanding Pledged as Collateral (Details) - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024
Collateral Trust Bonds 2007 Indenture
Pledging of Loans and Loans on Deposit
Secured debt	$ 7,272,711	$ 6,922,711
Loans outstanding and pledged as collateral	8,535,240	8,913,754
Collateral Trust Bonds 1994 Indenture
Pledging of Loans and Loans on Deposit
Secured debt	15,000	15,000
Notes Payable | Federal Financing Bank
Pledging of Loans and Loans on Deposit
Secured debt	6,315,009	6,491,814
Notes Payable | Farmer Mac:
Pledging of Loans and Loans on Deposit
Secured debt	3,544,156	3,863,510
Mortgage Notes Pledged | Distribution system mortgage notes pledged | Collateral Trust Bonds 2007 Indenture
Pledging of Loans and Loans on Deposit
Loans outstanding and pledged as collateral	8,423,379	8,799,864
Mortgage Notes Pledged | Distribution system mortgage notes pledged | Collateral Trust Bonds 1994 Indenture
Pledging of Loans and Loans on Deposit
Loans outstanding and pledged as collateral	18,737	19,174
Mortgage Notes Pledged | Distribution and power supply system mortgage notes pledged | Federal Financing Bank
Pledging of Loans and Loans on Deposit
Loans outstanding and pledged as collateral	7,938,853	8,020,508
Mortgage Notes Pledged | Distribution and power supply system mortgage notes pledged | Farmer Mac:
Pledging of Loans and Loans on Deposit
Loans outstanding and pledged as collateral	4,398,501	4,449,650
RUS-guaranteed loans qualifying as permitted investments pledged | Collateral Trust Bonds 2007 Indenture
Pledging of Loans and Loans on Deposit
Loans outstanding and pledged as collateral	$ 111,861	$ 113,890

Allowance for Credit Losses - A

Allowance for Credit Losses - Allowance for Credit Losses, Loan Portfolio (Details) - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan loss, beginning balance	$ 48,726	$ 53,094
Provision (benefit) for credit losses	953	800
Recoveries		1,032
Allowance for loan loss, ending balance	49,679	54,926
CFC:
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan loss, beginning balance	42,726	49,424
Provision (benefit) for credit losses	253	(102)
Recoveries		1,032
Allowance for loan loss, ending balance	42,979	50,354
CFC: | Distribution
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan loss, beginning balance	15,954	14,924
Provision (benefit) for credit losses	732	798
Recoveries		0
Allowance for loan loss, ending balance	16,686	15,722
CFC: | Power supply
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan loss, beginning balance	25,583	33,306
Provision (benefit) for credit losses	(489)	(904)
Recoveries		1,032
Allowance for loan loss, ending balance	25,094	33,434
CFC: | Statewide and associate
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan loss, beginning balance	1,189	1,194
Provision (benefit) for credit losses	10	4
Recoveries		0
Allowance for loan loss, ending balance	1,199	1,198
NCSC:
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan loss, beginning balance	6,000	3,670
Provision (benefit) for credit losses	700	902
Recoveries		0
Allowance for loan loss, ending balance	6,700	4,572
NCSC: | Electric
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan loss, beginning balance	3,937	2,464
Provision (benefit) for credit losses	393	148
Recoveries		0
Allowance for loan loss, ending balance	4,330	2,612
NCSC: | Telecom
Allowance for Loan and Lease Losses [Roll Forward]
Allowance for loan loss, beginning balance	2,063	1,206
Provision (benefit) for credit losses	307	754
Recoveries		0
Allowance for loan loss, ending balance	$ 2,370	$ 1,960

Allowance for Credit Losses - R

Allowance for Credit Losses - Recorded Investments (Details) - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024	Aug. 31, 2023	May 31, 2023
Allowance components:
Collective allowance	$ 32,856	$ 31,556
Asset-specific allowance	16,823	17,170
Total allowance for credit losses	49,679	48,726	$ 54,926	$ 53,094
Loans outstanding:
Collectively evaluated loans	35,040,845	34,472,276
Individually evaluated loans	55,352	55,908
Total	$ 35,096,197	$ 34,528,184	33,083,493
Financing receivable, allowance for coverage ratios	0.14%	0.14%
Deferred loan origination costs	$ 14,675		13,153
Collective Allowance
Loans outstanding:
Financing receivable, allowance for coverage ratios	0.09%	0.09%
Asset-Specific Allowance
Loans outstanding:
Financing receivable, allowance for coverage ratios	30.39%	30.71%
CFC:
Allowance components:
Collective allowance	$ 26,403	$ 25,819
Asset-specific allowance	16,576	16,907
Total allowance for credit losses	42,979	42,726	50,354	49,424
Loans outstanding:
Collectively evaluated loans	33,459,837	32,930,829
Individually evaluated loans	52,423	52,878
Total	$ 33,512,260	$ 32,983,707
Financing receivable, allowance for coverage ratios	0.13%	0.13%
Deferred loan origination costs	$ 15,000	$ 14,000
CFC: | Collective Allowance
Loans outstanding:
Financing receivable, allowance for coverage ratios	0.08%	0.08%
CFC: | Asset-Specific Allowance
Loans outstanding:
Financing receivable, allowance for coverage ratios	31.62%	31.97%
CFC: | Distribution
Allowance components:
Collective allowance	$ 16,686	$ 15,954
Asset-specific allowance	0	0
Total allowance for credit losses	16,686	15,954	15,722	14,924
Loans outstanding:
Collectively evaluated loans	27,520,138	27,100,254
Individually evaluated loans	3,754	4,209
Total	$ 27,523,892	$ 27,104,463
Financing receivable, allowance for coverage ratios	0.06%	0.06%
CFC: | Distribution | Collective Allowance
Loans outstanding:
Financing receivable, allowance for coverage ratios	0.06%	0.06%
CFC: | Distribution | Asset-Specific Allowance
Loans outstanding:
Financing receivable, allowance for coverage ratios	0%	0%
CFC: | Power supply
Allowance components:
Collective allowance	$ 8,518	$ 8,676
Asset-specific allowance	16,576	16,907
Total allowance for credit losses	25,094	25,583	33,434	33,306
Loans outstanding:
Collectively evaluated loans	5,675,806	5,593,229
Individually evaluated loans	48,669	48,669
Total	$ 5,724,475	$ 5,641,898
Financing receivable, allowance for coverage ratios	0.44%	0.45%
CFC: | Power supply | Collective Allowance
Loans outstanding:
Financing receivable, allowance for coverage ratios	0.15%	0.16%
CFC: | Power supply | Asset-Specific Allowance
Loans outstanding:
Financing receivable, allowance for coverage ratios	34.06%	34.74%
CFC: | Statewide and associate
Allowance components:
Collective allowance	$ 1,199	$ 1,189
Asset-specific allowance	0	0
Total allowance for credit losses	1,199	1,189	1,198	1,194
Loans outstanding:
Collectively evaluated loans	263,893	237,346
Individually evaluated loans	0	0
Total	$ 263,893	$ 237,346
Financing receivable, allowance for coverage ratios	0.45%	0.50%
CFC: | Statewide and associate | Collective Allowance
Loans outstanding:
Financing receivable, allowance for coverage ratios	0.45%	0.50%
CFC: | Statewide and associate | Asset-Specific Allowance
Loans outstanding:
Financing receivable, allowance for coverage ratios	0%	0%
NCSC:
Allowance components:
Collective allowance	$ 6,453	$ 5,737
Asset-specific allowance	247	263
Total allowance for credit losses	6,700	6,000	4,572	3,670
Loans outstanding:
Collectively evaluated loans	1,581,008	1,541,447
Individually evaluated loans	2,929	3,030
Total	$ 1,583,937	$ 1,544,477
Financing receivable, allowance for coverage ratios	0.42%	0.39%
NCSC: | Collective Allowance
Loans outstanding:
Financing receivable, allowance for coverage ratios	0.41%	0.37%
NCSC: | Asset-Specific Allowance
Loans outstanding:
Financing receivable, allowance for coverage ratios	8.43%	8.68%
NCSC: | Electric
Allowance components:
Collective allowance	$ 4,330	$ 3,937
Asset-specific allowance	0	0
Total allowance for credit losses	4,330	3,937	2,612	2,464
Loans outstanding:
Collectively evaluated loans	972,730	945,880
Individually evaluated loans	0	0
Total	$ 972,730	$ 945,880
Financing receivable, allowance for coverage ratios	0.45%	0.42%
NCSC: | Electric | Collective Allowance
Loans outstanding:
Financing receivable, allowance for coverage ratios	0.45%	0.42%
NCSC: | Electric | Asset-Specific Allowance
Loans outstanding:
Financing receivable, allowance for coverage ratios	0%	0%
NCSC: | Telecom
Allowance components:
Collective allowance	$ 2,123	$ 1,800
Asset-specific allowance	247	263
Total allowance for credit losses	2,370	2,063	$ 1,960	$ 1,206
Loans outstanding:
Collectively evaluated loans	608,278	595,567
Individually evaluated loans	2,929	3,030
Total	$ 611,207	$ 598,597
Financing receivable, allowance for coverage ratios	0.39%	0.34%
NCSC: | Telecom | Collective Allowance
Loans outstanding:
Financing receivable, allowance for coverage ratios	0.35%	0.30%
NCSC: | Telecom | Asset-Specific Allowance
Loans outstanding:
Financing receivable, allowance for coverage ratios	8.43%	8.68%

Allowance for Credit Losses -_2

Allowance for Credit Losses - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Aug. 31, 2024	May 31, 2024
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for loan loss, rounded amount	$ 50	$ 49
Financing receivable, allowance for credit loss, period increase (decrease)	$ 1
Financing receivable, allowance for coverage ratios	0.14%	0.14%
Credit reserve for unadvanced loan commitments (less than)	$ 1	$ 1
Collective Allowance
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing receivable, allowance for credit loss, period increase (decrease)	$ 1
Financing receivable, allowance for coverage ratios	0.09%	0.09%

Short-Term Borrowings - Additio

Short-Term Borrowings - Additional Information (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Aug. 31, 2024 USD ($) facility	May 31, 2024 USD ($)
Short-term Debt [Line Items]
Short-term borrowings	$ 4,417,039	$ 4,332,690
Number of active facilities | facility	2
Revolving Credit Agreements
Short-term Debt [Line Items]
Short-term borrowings	$ 0
Total Commitment	2,800,000
Letters of credit outstanding, amount	2,000
Letter of credit, maximum amount available	$ 300,000
Short-Term Debt
Short-term Debt [Line Items]
Debt instrument, term	1 year
Short-Term Debt | Debt | Credit Availability Concentration Risk
Short-term Debt [Line Items]
Concentration risk, percentage	13%	13%
Three-year Agreement | Revolving Credit Agreements
Short-term Debt [Line Items]
Debt instrument, term	3 years
Total Commitment	$ 1,345,000
Letters of credit outstanding, amount	$ 0
Four-year Agreement | Revolving Credit Agreements
Short-term Debt [Line Items]
Debt instrument, term	4 years
Total Commitment	$ 1,455,000
Letters of credit outstanding, amount	$ 2,000

Short-Term Borrowings - Outstan

Short-Term Borrowings - Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Aug. 31, 2024	May 31, 2024
Short-term Debt [Line Items]
Short-term borrowings	$ 4,417,039	$ 4,332,690
Total commercial paper
Short-term Debt [Line Items]
Short-term borrowings	$ 2,232,289	$ 1,662,651
Total commercial paper | Debt | Credit Availability Concentration Risk
Short-term Debt [Line Items]
Concentration risk, percentage	6%	5%
Commercial paper sold through dealers, net of discounts
Short-term Debt [Line Items]
Short-term borrowings	$ 1,088,656	$ 504,631
Commercial paper sold through dealers, net of discounts | Debt | Credit Availability Concentration Risk
Short-term Debt [Line Items]
Concentration risk, percentage	3%	1%
Commercial paper sold directly to members, at par
Short-term Debt [Line Items]
Short-term borrowings	$ 1,143,633	$ 1,158,020
Commercial paper sold directly to members, at par | Debt | Credit Availability Concentration Risk
Short-term Debt [Line Items]
Concentration risk, percentage	3%	4%
Select notes to members
Short-term Debt [Line Items]
Short-term borrowings	$ 1,344,799	$ 1,274,066
Select notes to members | Debt | Credit Availability Concentration Risk
Short-term Debt [Line Items]
Concentration risk, percentage	4%	4%
Daily liquidity fund notes to members
Short-term Debt [Line Items]
Short-term borrowings	$ 321,397	$ 375,191
Daily liquidity fund notes to members | Debt | Credit Availability Concentration Risk
Short-term Debt [Line Items]
Concentration risk, percentage	1%	1%
Medium-term notes sold to members
Short-term Debt [Line Items]
Short-term borrowings	$ 518,554	$ 520,782
Medium-term notes sold to members | Debt | Credit Availability Concentration Risk
Short-term Debt [Line Items]
Concentration risk, percentage	2%	2%
Farmer Mac notes payable
Short-term Debt [Line Items]
Short-term borrowings	$ 0	$ 500,000
Farmer Mac notes payable | Debt | Credit Availability Concentration Risk
Short-term Debt [Line Items]
Concentration risk, percentage	0%	1%
Short-Term Debt | Debt | Credit Availability Concentration Risk
Short-term Debt [Line Items]
Concentration risk, percentage	13%	13%

Short-Term Borrowings - Commitm

Short-Term Borrowings - Commitments under Revolving Credit Agreements (Details) - Revolving Credit Agreements $ in Millions	3 Months Ended
	Aug. 31, 2024 USD ($)
Revolving Credit Agreements
Total Commitment	$ 2,800
Letters of Credit Outstanding	2
Available Amount	$ 2,798
Three-year Agreement
Revolving Credit Agreements
Debt instrument, term	3 years
Total Commitment	$ 1,345
Letters of Credit Outstanding	0
Available Amount	$ 1,345
Three-Year Agreement Maturing On Nov 28, 2025
Revolving Credit Agreements
Debt instrument, term	3 years
Total Commitment	$ 150
Letters of Credit Outstanding	0
Available Amount	$ 150
Maturity	Nov. 28, 2025
Annual facility fee	0.075%
Three Year Agreement Mature On Nov 28, 2026
Revolving Credit Agreements
Debt instrument, term	3 years
Total Commitment	$ 1,195
Letters of Credit Outstanding	0
Available Amount	$ 1,195
Maturity	Nov. 28, 2026
Annual facility fee	0.075%
Four-year Agreement
Revolving Credit Agreements
Debt instrument, term	4 years
Total Commitment	$ 1,455
Letters of Credit Outstanding	2
Available Amount	$ 1,453
Four-Year Agreement Maturing On Nov 28, 2026
Revolving Credit Agreements
Debt instrument, term	4 years
Total Commitment	$ 150
Letters of Credit Outstanding	0
Available Amount	$ 150
Maturity	Nov. 28, 2026
Annual facility fee	0.10%
Four Year Agreement Mature On Nov 28, 2027
Revolving Credit Agreements
Total Commitment	$ 1,305
Letters of Credit Outstanding	2
Available Amount	$ 1,303
Maturity	Nov. 28, 2027
Annual facility fee	0.10%

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Oct. 11, 2024	Aug. 31, 2024	May 31, 2024	Sep. 30, 2024
Long-term debt
Long-term debt		$ 26,265,225	$ 25,901,165
Farmer Mac:
Long-term debt
Maximum borrowing capacity		$ 6,000,000
Debt instrument, renewal term		1 year
Debt instrument, termination written notice, term		425 days
Secured Debt
Long-term debt
Long-term debt		$ 16,948,128	16,595,245
Collateral trust bonds
Long-term debt
Long-term debt		7,088,963	6,739,921
Guaranteed Underwriter Program notes payable
Long-term debt
Long-term debt		$ 6,315,009	6,491,814
Maximum percentage of patronage capital distribution allowed		5%
Unsecured Debt
Long-term debt
Long-term debt		$ 9,317,000	$ 9,306,000
5.0 Percent Collateral Trust Bonds | Collateral trust bonds
Long-term debt
Proceeds from notes payable		$ 350,000
Debt instrument, interest rate during period		5%
Committed Loan Facility | Guaranteed Underwriter Program notes payable
Long-term debt
Repayments of notes payable		$ 177,000
Available under committed loan facilities		1,200,000
Committed Loan Facility | Guaranteed Underwriter Program notes payable | Subsequent Event
Long-term debt
Letters of credit outstanding, amount				$ 450,000
Farmer Mac Notes Payable | Farmer Mac:
Long-term debt
Long-term debt		3,544,000
Proceeds from notes payable		200,000
Available under committed loan facilities		$ 2,456,000
Medium-term Notes, Fixed Rate | Medium-Term Notes | Subsequent Event
Long-term debt
Aggregate principal amount	$ 700,000
Average fixed interest rate	4.34%
Debt instrument, term	3 years
Medium-term Notes, Floating Rate | Medium-Term Notes | Subsequent Event
Long-term debt
Aggregate principal amount	$ 300,000
Debt instrument, term	3 years
Debt | Credit Availability Concentration Risk | Secured Debt
Long-term debt
Concentration risk, percentage		65%	64%
Debt | Credit Availability Concentration Risk | Unsecured Debt
Long-term debt
Concentration risk, percentage		35%	36%
Debt | Credit Availability Concentration Risk | Long-term debt
Long-term debt
Concentration risk, percentage		79%	79%
Debt | Credit Availability Concentration Risk | Farmer Mac Notes Payable
Long-term debt
Concentration risk, percentage		0%	1%

Long-Term Debt - Long-Term Debt

Long-Term Debt - Long-Term Debt Outstanding (Details) - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024
Long-term debt
Long-term debt	$ 26,265,225	$ 25,901,165
Collateral trust bonds
Long-term debt
Long-term debt, gross	7,287,711	6,937,711
Unamortized discount, net	(165,818)	(166,458)
Debt issuance costs	(32,930)	(31,332)
Long-term debt	7,088,963	6,739,921
Guaranteed Underwriter Program notes payable
Long-term debt
Long-term debt	6,315,009	6,491,814
Farmer Mac notes payable
Long-term debt
Long-term debt	3,544,156	3,363,510
Total secured notes payable
Long-term debt
Long-term debt	9,859,165	9,855,324
Total secured long-term debt
Long-term debt
Long-term debt	16,948,128	16,595,245
Medium-term notes sold through dealers
Long-term debt
Long-term debt, gross	8,968,635	8,980,513
Medium-term notes sold to members
Long-term debt
Long-term debt, gross	379,259	358,844
Medium term notes sold through dealers and to members
Long-term debt
Long-term debt, gross	9,347,894	9,339,357
Debt issuance costs	(28,803)	(31,228)
Unamortized discount, net	(1,994)	(2,209)
Long-term debt	$ 9,317,097	$ 9,305,920

Subordinated Deferrable Debt (D

Subordinated Deferrable Debt (Details) - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024
Subordinated Debt [Abstract]
Subordinated deferrable debt	$ 1,286,907	$ 1,286,861

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Derivative Notional Amounts and Weighted-Average Rate (Details) - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024
Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 7,357,669	$ 7,365,936
Weighted- Average Rate Paid	3.48%	3.46%
Weighted- Average Rate Received	5.12%	5.10%
Pay-fixed swaps
Derivative [Line Items]
Notional Amount	$ 5,835,419	$ 5,842,540
Weighted- Average Rate Paid	2.79%	2.77%
Weighted- Average Rate Received	5.58%	5.57%
Receive-fixed swaps
Derivative [Line Items]
Notional Amount	$ 1,522,250	$ 1,523,396
Weighted- Average Rate Paid	6.10%	6.08%
Weighted- Average Rate Received	3.33%	3.33%

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Additional Information (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Aug. 31, 2024 USD ($) counterparty	May 31, 2024 USD ($) counterparty
Derivative [Line Items]
Number of counterparties subject to ratings trigger and early termination provision | counterparty	1
Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 7,357,669	$ 7,365,936
Number of active derivative counterparties | counterparty	12	12
Derivative asset, fair value, amount offset against collateral	$ 382,086	$ 611,223
Interest rate swaps | Derivative | Counterparty Exposure Risk
Derivative [Line Items]
Concentration risk, percentage	24%	24%
Interest Rate Swap Subject To Rating Trigger and Early Termination Provision
Derivative [Line Items]
Notional Amount	$ 267,000
Unrealized gain position	29,000
Interest Rate Swap with Rating Trigger
Derivative [Line Items]
Notional Amount	5,318,147
Net liability position	$ 2,000

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Balance Sheet Impact (Details) - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024
Derivative [Line Items]
Derivative assets	$ 454,633	$ 691,249
Derivative liabilities	74,824	80,988
Derivative asset, notional amount	5,668,710	5,770,691
Derivative liability, notional amount	1,688,959	1,595,245
Interest rate swaps
Derivative [Line Items]
Derivative assets	454,633	691,249
Derivative liabilities	74,824	80,988
Derivative asset, notional amount	5,668,710	5,770,691
Derivative liability, notional amount	$ 1,688,959	$ 1,595,245

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Derivatives Offsetting (Details) - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024
Derivative [Line Items]
Derivative asset, fair value, amount not offset against collateral	$ 454,633	$ 691,249
Derivative liability, fair value, amount not offset against collateral	74,824	80,988
Interest rate swaps
Derivative [Line Items]
Derivative asset, fair value, gross asset	454,633	691,249
Derivative asset, fair value, gross liability	0	0
Derivative asset, fair value, amount not offset against collateral	454,633	691,249
Derivative, collateral, obligation to return securities	72,547	80,026
Derivative, collateral, obligation to return cash	0	0
Derivative asset, fair value, amount offset against collateral	382,086	611,223
Derivative liability, fair value, gross liability	74,824	80,988
Derivative liability, fair value, gross asset	0	0
Derivative liability, fair value, amount not offset against collateral	74,824	80,988
Derivative, collateral, right to reclaim securities	72,547	80,026
Derivative, collateral, right to reclaim cash	0	0
Derivative liability, fair value, amount offset against collateral	$ 2,277	$ 962

Derivative Instruments and He_7

Derivative Instruments and Hedging Activities - Income Statement Impact (Details) - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Derivative [Line Items]
Derivative cash settlements interest income	$ 0	$ 0
Derivative forward value gains (losses)	(230,386)	162,018
Derivative gains (losses)	(198,325)	189,887
Interest rate swaps
Derivative [Line Items]
Derivative cash settlements interest income	32,061	27,869
Derivative forward value gains (losses)	(230,386)	162,018
Derivative gains (losses)	$ (198,325)	$ 189,887

Derivative Instruments and He_8

Derivative Instruments and Hedging Activities - Rating Triggers (Details) - Interest Rate Swap with Rating Trigger $ in Thousands	Aug. 31, 2024 USD ($)
Derivative [Line Items]
Notional Amount	$ 5,318,147
Payable Due from CFC	(2,243)
Receivable Due to CFC	270,843
Net Receivable (Payable)	268,600
Falls below A3/A-
Derivative [Line Items]
Notional Amount	25,530
Payable Due from CFC	(945)
Receivable Due to CFC	0
Net Receivable (Payable)	(945)
Falls below Baa1/BBB+
Derivative [Line Items]
Notional Amount	4,941,813
Payable Due from CFC	(1,298)
Receivable Due to CFC	252,206
Net Receivable (Payable)	250,908
Falls to or below Baa2/BBB
Derivative [Line Items]
Notional Amount	350,804
Payable Due from CFC	0
Receivable Due to CFC	18,637
Net Receivable (Payable)	$ 18,637

Equity - Additional Information

Equity - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended
	Sep. 30, 2024	Jul. 31, 2024	May 31, 2024	Aug. 31, 2024	Aug. 31, 2023	May 31, 2023
Stockholder's Equity [Line Items]
Equity increase (decrease)				$ (211,000)
Equity			$ 3,012,169	2,801,264	$ 2,747,927	$ 2,589,249
Net loss				(164,326)	228,284
Patronage capital retirement				46,846	71,980
Cash Flow Hedging
Stockholder's Equity [Line Items]
Expected reclassification from AOCI over 12 months				1,000
Retained Earnings Allocation To Cooperative Education Fund
Stockholder's Equity [Line Items]
Equity			3,576	3,111	3,085	3,534
Retained Earnings Allocation To Patronage Capital Retirement
Stockholder's Equity [Line Items]
Equity			928,232	881,386	934,135	1,006,115
Patronage capital retirement				46,846	71,980
Retained Earnings Allocation To Members' Capital Reserve
Stockholder's Equity [Line Items]
Equity			1,455,564	1,455,564	$ 1,202,152	$ 1,202,152
Patronage capital retirement				$ 0
Parent Company | Retained Earnings Allocation To Cooperative Education Fund
Stockholder's Equity [Line Items]
Net loss			$ 1,000
Parent Company | Retained Earnings Allocation To Patronage Capital Retirement
Stockholder's Equity [Line Items]
Net loss		$ 61,000
Parent Company | Retained Earnings Allocation To Members' Capital Reserve
Stockholder's Equity [Line Items]
Net loss		228,000
Parent Company | Retained Earnings, Appropriated Patronage Capital Allocated And Retired
Stockholder's Equity [Line Items]
Net loss		47,000
Parent Company | Retained Earnings, Appropriated Patronage Capital Allocated And Retired | Subsequent Event
Stockholder's Equity [Line Items]
Patronage refunds	$ 47,000
Parent Company | Retained Earnings Allocation Of 50% Of Prior Year Patronage Capital Allocation
Stockholder's Equity [Line Items]
Net loss		$ 30,000
Percentage of patronage capital allocation		50%
Parent Company | Retained Earnings Allocation Held For Twenty Five Years
Stockholder's Equity [Line Items]
Net loss		$ 17,000
Period for which prior years allocated patronage capital is required to be held		25 years

Equity - Accumulated Other Comp

Equity - Accumulated Other Comprehensive Income Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
AOCI, Net of Tax
Beginning balance	$ 3,012,169	$ 2,589,249
Changes in unrealized gains	803	0
Realized (gains) losses reclassified to earnings	(71)	(102)
Ending balance	2,801,264	2,747,927
Total
AOCI, Net of Tax
Beginning balance	(1,416)	8,343
Ending balance	(684)	8,241
Unrealized Gains on Derivative Hedges
AOCI, Net of Tax
Beginning balance	3,287	11,102
Changes in unrealized gains	803	0
Realized (gains) losses reclassified to earnings	(167)	(155)
Ending balance	3,923	10,947
Unrealized Losses on Defined Benefit Plans
AOCI, Net of Tax
Beginning balance	(4,703)	(2,759)
Changes in unrealized gains	0	0
Realized (gains) losses reclassified to earnings	96	53
Ending balance	$ (4,607)	$ (2,706)

Guarantees - Guarantees Outstan

Guarantees - Guarantees Outstanding (Details) - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024
Guarantees
Guarantor obligations	$ 1,000,401	$ 1,009,916
CFC:
Guarantees
Guarantor obligations	956,517	966,295
CFC: | Distribution
Guarantees
Guarantor obligations	469,235	472,210
CFC: | Power supply
Guarantees
Guarantor obligations	445,129	451,828
CFC: | Statewide and associate
Guarantees
Guarantor obligations	42,153	42,257
NCSC:
Guarantees
Guarantor obligations	43,884	43,621
Variable Interest Entity, Primary Beneficiary
Guarantees
Guarantor obligations	43,884	43,621
Variable Interest Entity, Primary Beneficiary | Statewide and associate
Guarantees
Guarantor obligations	41,000	41,000
Long-term tax-exempt bonds
Guarantees
Guarantor obligations	73,755	73,755
Letters of credit
Guarantees
Guarantor obligations	744,628	752,019
Other guarantees
Guarantees
Guarantor obligations	182,018	184,142
Master letter of credit | Hybrid Letter Of Credit
Guarantees
Maximum additional amount potentially required to be issued	$ 30,000	$ 30,000

Guarantees - Additional Informa

Guarantees - Additional Information (Details) - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024
Guarantees
Guarantor obligations	$ 1,000,401	$ 1,009,916
Guarantee obligations unsecured	$ 701,000	$ 718,000
Percentage of total commitment	70%	71%
Guarantee liability recorded	$ 15,000	$ 16,000
Guaranty liabilities	14,000	15,000
Long-term tax-exempt bonds
Guarantees
Guarantor obligations	73,755	73,755
Letters of credit
Guarantees
Guarantor obligations	744,628	752,019
Guarantee obligations secured	201,000	194,000
Master letter of credit | Master Letter Of Credit
Guarantees
Maximum additional amount potentially required to be issued	147,000
Other guarantees
Guarantees
Guarantor obligations	182,018	184,142
Guarantor obligations, maximum exposure, undiscounted	182,000	184,000
Other secured guarantees
Guarantees
Guarantor obligations, maximum exposure, undiscounted	25,000	25,000
Financial standby letter of credit | Adjustable And Floating Rate Tax Exempt Bonds
Guarantees
Guarantor obligations	$ 0	$ 0

Fair Value Measurement - Fair V

Fair Value Measurement - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024	Aug. 31, 2023
Assets:
Cash and cash equivalents	$ 264,655	$ 280,124
Cash and cash equivalents	264,655	280,124
Restricted cash	8,219	8,217
Equity securities, at fair value	12,470	36,886
Debt securities trading, at fair value	230,824	281,351
Deferred compensation investments	8,066	7,763
Loans to members, net	35,061,193	34,493,559	$ 33,041,720
Loans to members, net	32,711,726	30,884,906
Accrued interest receivable	257,953	190,247
Accrued interest receivable	257,953	190,247
Derivative assets	454,633	691,249
Total financial assets	36,298,013	35,989,396
Total financial assets	33,948,546	32,380,743
Liabilities:
Short-term borrowings	4,417,039	4,332,690
Short-term borrowings	4,419,681	4,333,635
Long-term debt	26,265,225	25,901,165
Long-term debt	25,370,271	24,470,693
Accrued interest payable	306,340	263,372
Guarantee liability	14,858	15,896
Guarantee liability	15,463	16,477
Derivative liabilities	74,824	80,988
Subordinated deferrable debt	1,286,907	1,286,861
Subordinated deferrable debt	1,313,791	1,295,729
Members’ subordinated certificates	1,196,801	1,197,651
Members’ subordinated certificates	1,196,801	1,197,651
Total financial liabilities	33,561,994	33,078,623
Total financial liabilities	32,697,171	31,658,545
Level 1
Assets:
Cash and cash equivalents	264,655	280,124
Restricted cash	8,219	8,217
Equity securities, at fair value	12,470	36,886
Debt securities trading, at fair value	0	0
Deferred compensation investments	8,066	7,763
Loans to members, net	0	0
Accrued interest receivable	0	0
Derivative assets	0	0
Total financial assets	293,410	332,990
Liabilities:
Short-term borrowings	0	0
Long-term debt	0	0
Accrued interest payable	0	0
Guarantee liability	0	0
Derivative liabilities	0	0
Subordinated deferrable debt	248,140	244,636
Members’ subordinated certificates	0	0
Total financial liabilities	248,140	244,636
Level 2
Assets:
Cash and cash equivalents	0	0
Restricted cash	0	0
Equity securities, at fair value	0	0
Debt securities trading, at fair value	230,824	281,351
Deferred compensation investments	0	0
Loans to members, net	0	0
Accrued interest receivable	257,953	190,247
Derivative assets	454,633	691,249
Total financial assets	943,410	1,162,847
Liabilities:
Short-term borrowings	4,419,681	3,833,635
Long-term debt	16,308,249	15,529,041
Accrued interest payable	306,340	263,372
Guarantee liability	0	0
Derivative liabilities	74,824	80,988
Subordinated deferrable debt	1,065,651	1,051,093
Members’ subordinated certificates	0	0
Total financial liabilities	22,174,745	20,758,129
Level 3
Assets:
Cash and cash equivalents	0	0
Restricted cash	0	0
Equity securities, at fair value	0	0
Debt securities trading, at fair value	0	0
Deferred compensation investments	0	0
Loans to members, net	32,711,726	30,884,906
Accrued interest receivable	0	0
Derivative assets	0	0
Total financial assets	32,711,726	30,884,906
Liabilities:
Short-term borrowings	0	500,000
Long-term debt	9,062,022	8,941,652
Accrued interest payable	0	0
Guarantee liability	15,463	16,477
Derivative liabilities	0	0
Subordinated deferrable debt	0	0
Members’ subordinated certificates	1,196,801	1,197,651
Total financial liabilities	$ 10,274,286	$ 10,655,780

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Details) - USD ($)	Aug. 31, 2024	May 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	$ 33,948,546,000	$ 32,380,743,000
Total financial liabilities	32,697,171,000	31,658,545,000
Recurring Basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	0
Total financial liabilities	0	0
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total financial assets	0	0
Total financial liabilities	$ 0	$ 0

Fair Value Measurement - Recurr

Fair Value Measurement - Recurring Fair Value Measurements (Details) - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024
Assets:
Equity securities, at fair value	$ 12,470	$ 36,886
Debt securities trading, at fair value	230,824	281,351
Deferred compensation investments	8,066	7,763
Derivative assets	454,633	691,249
Liabilities:
Derivative liabilities	74,824	80,988
Level 1
Assets:
Equity securities, at fair value	12,470	36,886
Debt securities trading, at fair value	0	0
Deferred compensation investments	8,066	7,763
Derivative assets	0	0
Liabilities:
Derivative liabilities	0	0
Level 2
Assets:
Equity securities, at fair value	0	0
Debt securities trading, at fair value	230,824	281,351
Deferred compensation investments	0	0
Derivative assets	454,633	691,249
Liabilities:
Derivative liabilities	74,824	80,988
Recurring Basis
Assets:
Equity securities, at fair value	12,470	36,886
Debt securities trading, at fair value	230,824	281,351
Deferred compensation investments	8,066	7,763
Derivative assets	454,633	691,249
Liabilities:
Derivative liabilities	74,824	80,988
Recurring Basis | Level 1
Assets:
Equity securities, at fair value	12,470	36,886
Debt securities trading, at fair value	0	0
Deferred compensation investments	8,066	7,763
Derivative assets	0	0
Liabilities:
Derivative liabilities	0	0
Recurring Basis | Level 2
Assets:
Equity securities, at fair value	0	0
Debt securities trading, at fair value	230,824	281,351
Deferred compensation investments	0	0
Derivative assets	454,633	691,249
Liabilities:
Derivative liabilities	$ 74,824	$ 80,988

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) $ in Millions	Aug. 31, 2024 USD ($) director vote
Revolving Credit Agreements
Variable Interest Entity [Line Items]
Variable interest entity, maximum borrowing capacity	$ 2,800
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Maximum potential exposure credit enhancements	$ 46
Variable Interest Entity, Primary Beneficiary | NCSC
Variable Interest Entity [Line Items]
Number of directors for whom nomination process is controlled | director	1
Number of votes per member for election of directors | vote	1
Variable Interest Entity, Primary Beneficiary | NCSC | Revolving Credit Agreements
Variable Interest Entity [Line Items]
Variable interest entity, maximum borrowing capacity	$ 2,000
Variable Interest Entity, Primary Beneficiary | NCSC | Revolving Term Loan
Variable Interest Entity [Line Items]
Variable interest entity, maximum borrowing capacity	$ 3,000

Variable Interest Entities - Co

Variable Interest Entities - Consolidated Assets and Liabilities of VIEs included in CFCs Condensed Consolidated Financial Statements (Details) - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024	Aug. 31, 2023
Assets:
Other assets	$ 86,097	$ 81,822
Total assets	36,488,341	36,177,814	$ 34,694,163
Liabilities:
Total liabilities	33,687,077	33,165,645
Variable Interest Entity, Primary Beneficiary
Assets:
Loans outstanding	1,583,937	1,544,477
Other assets	12,702	12,700
Total assets	1,596,639	1,557,177
Liabilities:
Total liabilities	$ 11,659	$ 9,824

Variable Interest Entities - In

Variable Interest Entities - Information on CFCs Credit Commitments to NCSC and RTFC (Details) - USD ($) $ in Thousands	Aug. 31, 2024	May 31, 2024
Variable Interest Entity [Line Items]
CFC third-party guarantees	$ 1,000,401	$ 1,009,916
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Total CFC credit commitments	5,000,000	5,000,000
Borrowings payable to CFC	1,570,890	1,532,781
CFC third-party guarantees	43,884	43,621
Other credit enhancements	1,695	757
Total credit enhancements	45,579	44,378
Total outstanding commitments	1,616,469	1,577,159
CFC credit commitments available	$ 3,383,531	$ 3,422,841

Business Segments - Additional

Business Segments - Additional Information (Details)	Dec. 01, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	3
Number of aggregated segments	1

Business Segments - Segment Res

Business Segments - Segment Results and Total Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	May 31, 2024	May 31, 2023
Statement of operations:
Interest income	$ 418,119	$ 380,956
Interest expense	(356,460)	(316,281)
Derivative cash settlements interest income	0	0
Interest expense	(356,460)	(316,281)
Net interest income	61,659	64,675
Provision for credit losses	(953)	(800)
Net interest income after provision for credit losses	60,706	63,875
Non-interest income (loss):
Fee and other income	5,668	4,537
Derivative gains (losses):
Derivative forward value gains (losses)	(230,386)	162,018
Derivative gains (losses)	(198,325)	189,887
Investment securities gains	4,131	2,933
Total non-interest income (loss)	(188,526)	197,357
Non-interest expense:
General and administrative expenses	(36,292)	(31,503)
Losses on early extinguishment of debt	(22)	(939)
Other non-interest expense	(296)	(178)
Total non-interest expense	(36,610)	(32,620)
Income (loss) before income taxes	(164,430)	228,612
Income tax benefit (provision)	104	(328)
Net income (loss)	(164,326)	228,284
Assets:
Total loans outstanding	35,096,197	33,083,493	$ 34,528,184
Deferred loan origination costs	14,675	13,153
Loans to members	35,110,872	33,096,646	34,542,285
Less: Allowance for credit losses	(49,679)	(54,926)	(48,726)	$ (53,094)
Loans to members, net	35,061,193	33,041,720	34,493,559
Other assets	1,427,148	1,652,443
Total assets	36,488,341	34,694,163	$ 36,177,814
Interest rate swaps
Statement of operations:
Derivative cash settlements interest income	32,061	27,869
Derivative gains (losses):
Derivative cash settlements interest income	32,061	27,869
Derivative forward value gains (losses)	(230,386)	162,018
Derivative gains (losses)	(198,325)	189,887
Operating Segments
Statement of operations:
Interest income	437,705	397,662
Interest expense	(376,046)	(332,987)
Derivative cash settlements interest income	32,061	27,869
Interest expense	(343,985)	(305,118)
Net interest income	93,720	92,544
Provision for credit losses	(1,653)	(1,702)
Net interest income after provision for credit losses	92,067	90,842
Non-interest income (loss):
Fee and other income	8,721	7,993
Derivative gains (losses):
Derivative gains (losses)	0	0
Investment securities gains	4,131	2,933
Total non-interest income (loss)	12,852	10,926
Non-interest expense:
General and administrative expenses	(38,133)	(33,699)
Losses on early extinguishment of debt	(22)	(939)
Other non-interest expense	(808)	(536)
Total non-interest expense	(38,963)	(35,174)
Income (loss) before income taxes	65,956	66,594
Income tax benefit (provision)	104	(328)
Net income (loss)	66,060	66,266
Assets:
Total loans outstanding	36,667,087	34,525,708
Deferred loan origination costs	14,675	13,153
Loans to members	36,681,762	34,538,861
Less: Allowance for credit losses	(56,379)	(59,498)
Loans to members, net	36,625,383	34,479,363
Other assets	1,442,868	1,720,747
Total assets	38,068,251	36,200,110
Operating Segments | Interest rate swaps
Derivative gains (losses):
Derivative cash settlements interest income	0	0
Derivative forward value gains (losses)	0	0
Reclasses and Adjustments
Statement of operations:
Interest income	0	0
Interest expense	0	0
Derivative cash settlements interest income	(32,061)	(27,869)
Interest expense	(32,061)	(27,869)
Net interest income	(32,061)	(27,869)
Provision for credit losses	0	0
Net interest income after provision for credit losses	(32,061)	(27,869)
Non-interest income (loss):
Fee and other income	0	0
Derivative gains (losses):
Derivative gains (losses)	(198,325)	189,887
Investment securities gains	0	0
Total non-interest income (loss)	(198,325)	189,887
Non-interest expense:
General and administrative expenses	0	0
Losses on early extinguishment of debt	0	0
Other non-interest expense	0	0
Total non-interest expense	0	0
Income (loss) before income taxes	(230,386)	162,018
Income tax benefit (provision)	0	0
Net income (loss)	(230,386)	162,018
Assets:
Total loans outstanding	0	0
Deferred loan origination costs	0	0
Loans to members	0	0
Less: Allowance for credit losses	0	0
Loans to members, net	0	0
Other assets	0	0
Total assets	0	0
Reclasses and Adjustments | Interest rate swaps
Derivative gains (losses):
Derivative cash settlements interest income	32,061	27,869
Derivative forward value gains (losses)	(230,386)	162,018
Intersegment Eliminations
Statement of operations:
Interest income	(19,586)	(16,706)
Interest expense	19,586	16,706
Derivative cash settlements interest income	0	0
Interest expense	19,586	16,706
Net interest income	0	0
Provision for credit losses	700	902
Net interest income after provision for credit losses	700	902
Non-interest income (loss):
Fee and other income	(3,053)	(3,456)
Derivative gains (losses):
Derivative gains (losses)	0	0
Investment securities gains	0	0
Total non-interest income (loss)	(3,053)	(3,456)
Non-interest expense:
General and administrative expenses	1,841	2,196
Losses on early extinguishment of debt	0	0
Other non-interest expense	512	358
Total non-interest expense	2,353	2,554
Income (loss) before income taxes	0	0
Income tax benefit (provision)	0	0
Net income (loss)	0	0
Assets:
Total loans outstanding	(1,570,890)	(1,442,215)
Deferred loan origination costs	0	0
Loans to members	(1,570,890)	(1,442,215)
Less: Allowance for credit losses	6,700	4,572
Loans to members, net	(1,564,190)	(1,437,643)
Other assets	(15,720)	(68,304)
Total assets	(1,579,910)	(1,505,947)
Intersegment Eliminations | Interest rate swaps
Derivative gains (losses):
Derivative cash settlements interest income	0	0
Derivative forward value gains (losses)	0	0
CFC | Operating Segments
Statement of operations:
Interest income	415,719	378,630
Interest expense	(356,416)	(316,273)
Derivative cash settlements interest income	32,016	27,837
Interest expense	(324,400)	(288,436)
Net interest income	91,319	90,194
Provision for credit losses	(953)	(800)
Net interest income after provision for credit losses	90,366	89,394
Non-interest income (loss):
Fee and other income	7,074	6,327
Derivative gains (losses):
Derivative gains (losses)	0	0
Investment securities gains	4,131	2,933
Total non-interest income (loss)	11,205	9,260
Non-interest expense:
General and administrative expenses	(35,659)	(30,936)
Losses on early extinguishment of debt	(22)	(939)
Other non-interest expense	(287)	(177)
Total non-interest expense	(35,968)	(32,052)
Income (loss) before income taxes	65,603	66,602
Income tax benefit (provision)	0	0
Net income (loss)	65,603	66,602
Assets:
Total loans outstanding	35,083,150	33,063,285
Deferred loan origination costs	14,675	13,153
Loans to members	35,097,825	33,076,438
Less: Allowance for credit losses	(49,679)	(54,926)
Loans to members, net	35,048,146	33,021,512
Other assets	1,414,447	1,644,426
Total assets	36,462,593	34,665,938
CFC | Operating Segments | Interest rate swaps
Derivative gains (losses):
Derivative cash settlements interest income	0	0
Derivative forward value gains (losses)	0	0
NCSC | Operating Segments
Statement of operations:
Interest income	21,986	19,032
Interest expense	(19,630)	(16,714)
Derivative cash settlements interest income	45	32
Interest expense	(19,585)	(16,682)
Net interest income	2,401	2,350
Provision for credit losses	(700)	(902)
Net interest income after provision for credit losses	1,701	1,448
Non-interest income (loss):
Fee and other income	1,647	1,666
Derivative gains (losses):
Derivative gains (losses)	0	0
Investment securities gains	0	0
Total non-interest income (loss)	1,647	1,666
Non-interest expense:
General and administrative expenses	(2,474)	(2,763)
Losses on early extinguishment of debt	0	0
Other non-interest expense	(521)	(359)
Total non-interest expense	(2,995)	(3,122)
Income (loss) before income taxes	353	(8)
Income tax benefit (provision)	104	(328)
Net income (loss)	457	(336)
Assets:
Total loans outstanding	1,583,937	1,462,423
Deferred loan origination costs	0	0
Loans to members	1,583,937	1,462,423
Less: Allowance for credit losses	(6,700)	(4,572)
Loans to members, net	1,577,237	1,457,851
Other assets	28,421	76,321
Total assets	1,605,658	1,534,172
NCSC | Operating Segments | Interest rate swaps
Derivative gains (losses):
Derivative cash settlements interest income	0	0
Derivative forward value gains (losses)	$ 0	$ 0