Equity (Tables)

12 Months Ended

May 31, 2025

Stockholders' Equity Note [Abstract]

Table 11.1: Equity


	May 31,
(Dollars in thousands)	2025		2024
Membership fees and educational fund:
Membership fees	$	966	$	968
Educational fund	2,658		2,608
Total membership fees and educational fund	3,624		3,576
Patronage capital allocated	948,526		928,232
Members’ capital reserve	1,631,609		1,455,564
Unallocated net income:
Prior fiscal year-end cumulative derivative forward value gains(1)	606,215		342,624
Current fiscal year derivative forward value gains (losses)(1)	(104,552)		263,591
Current fiscal year-end cumulative derivative forward value gains(1)	501,663		606,215
Other unallocated net loss	(709)		(709)
Unallocated net income	500,954		605,506
CFC retained equity	3,084,713		2,992,878
Accumulated other comprehensive loss	(2,236)		(1,416)
Total CFC equity	3,082,477		2,991,462
Noncontrolling interests	20,989		20,707
Total equity	$	3,103,466	$	3,012,169

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(1) Represents derivative forward value gains (losses) for CFC only, as total CFC equity does not include the noncontrolling interests of the consolidated variable interest entities. See “Note 16—Business Segments” for the statements of operations for CFC.

Schedule of Changes in Accumulated Other Comprehensive Income (Loss)

The following table presents, by component, changes in AOCI for the years ended May 31, 2025 and 2024 and the balance of each component as of the end of each respective period.

Table 11.2: Changes in Accumulated Other Comprehensive Income (Loss)


	Year Ended May 31,
	2025							2024
(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 (losses)		803		(850)		(47)		483		(2,156)		(1,673)

Realized (gains) losses reclassified to earnings		(1,155)		382		(773)		(8,298)		212		(8,086)


Ending balance		$	2,935	$	(5,171)	$	(2,236)	$	3,287	$	(4,703)	$	(1,416)

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(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.

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ 10-K