NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP DC
For the period ended May 31, 2024. Filed Aug 1, 2024.
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FY2024 · Filed Aug 1, 2024
NRUC$19.67-1.8%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Year Ended May 31, | |||
|---|---|---|---|
| (Dollars in thousands) | 2024 | 2023 | 2022 |
| Cash flows from operating activities: | |||
| Net income | $554,316 | $501,587 | $798,537 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Amortization of deferred loan fees | (6,463) | (7,500) | (8,211) |
| Amortization of debt issuance costs and discount | 29,827 | 28,744 | 27,417 |
| Amortization of guarantee fee | 20,679 | 19,300 | 18,763 |
| Depreciation and amortization | 10,469 | 5,717 | 7,553 |
| Provision (benefit) for credit losses | (5,516) | 603 | (17,972) |
| Loss on early extinguishment of debt | 1,025 | 117 | 754 |
| Unrealized (gains) losses on equity and debt securities | (16,461) | 1,090 | 28,742 |
| Derivative forward value gains | (264,871) | (252,267) | (557,867) |
| Advances on loans held for sale | (326,500) | (213,142) | (214,486) |
| Proceeds from sales of loans held for sale | 324,000 | 256,942 | 170,686 |
| Changes in operating assets and liabilities: | |||
| Accrued interest receivable | (17,524) | (61,305) | (3,562) |
| Accrued interest payable | 51,032 | 80,390 | 8,278 |
| Deferred income | 1,218 | 1,769 | 1,345 |
| Other | (34,608) | (24,272) | (9,184) |
| Net cash provided by operating activities | 320,623 | 337,773 | 250,793 |
| Cash flows from investing activities: | |||
| Advances on loans held for investment, net | (2,005,187) | (2,534,642) | (1,592,447) |
| Investments in fixed assets, net | (6,154) | (7,721) | (17,727) |
| Purchases of trading securities | — | (117,288) | (181,545) |
| Proceeds from sales and maturities of trading securities | 202,903 | 201,849 | 162,739 |
| Cash impact of VIE deconsolidation | (10,341) | — | — |
| Net cash used in investing activities | (1,818,779) | (2,457,802) | (1,628,980) |
| Cash flows from financing activities: | |||
| Proceeds from (repayments of) short-term borrowings ≤ 90 days, net | (536,592) | (417,487) | 270,405 |
| Proceeds from short-term borrowings with original maturity > 90 days | 3,062,591 | 2,864,699 | 2,693,256 |
| Repayments of short-term borrowings with original maturity > 90 days | (2,739,584) | (2,882,104) | (2,564,590) |
| Payments for issuance costs for revolving bank lines of credit | (2,612) | (2,108) | (3,563) |
| Proceeds from issuance of long-term debt, net of discount and issuance costs | 4,520,730 | 4,293,185 | 3,973,810 |
| Payments for retirement of long-term debt | (2,591,494) | (1,916,514) | (3,055,120) |
| Payments for issuance costs for subordinated deferrable debt | (1,165) | (3,295) | — |
| Proceeds from issuance of subordinated deferrable debt | 103,500 | 300,000 | — |
| Payments for retirement of subordinated deferrable debt | (100,000) | — | — |
| Proceeds from issuance of members’ subordinated certificates | 103 | 6,133 | 1,364 |
| Payments for retirement of members’ subordinated certificates | (25,579) | (17,168) | (21,863) |
| Payments for retirement of patronage capital | (110,202) | (59,189) | (57,761) |
| Additions (repayments) for membership fees, net | (436) | — | 2 |
| Net cash provided by financing activities | 1,579,260 | 2,166,152 | 1,235,940 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 81,104 | 46,123 | (142,247) |
| Beginning cash, cash equivalents and restricted cash | 207,237 | 161,114 | 303,361 |
| Ending cash, cash equivalents and restricted cash | $288,341 | $207,237 | $161,114 |
| The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. | |||
| Year Ended May 31, | |||
|---|---|---|---|
| (Dollars in thousands) | 2024 | 2023 | 2022 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid for interest | $1,261,683 | $934,602 | $668,276 |
| Cash paid for income taxes | 578 | 335 | 3 |
| Noncash financing and investing activities: | |||
| Equity investment, at cost, obtained in exchange for loan held for investment | $— | $7,778 | $— |
| The accompanying Notes to Consolidated Financial Statements are an integral part of these statements. | |||
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