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Debt (Notes)
 6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
DEBT DEBT
The carrying value of Automotive, Ford Credit, and Other debt was as follows (in millions):
Automotive
December 31,
2018
 
June 30,
2019
Debt payable within one year
 
 
 
Short-term
$
614

 
$
1,143

Long-term payable within one year
 

 
 

U.S. Department of Energy Advanced Technology Vehicles Manufacturing (“DOE ATVM”) Incentive Program
591

 
591

Other debt
1,125

 
495

Unamortized (discount)/premium
(16
)
 
—

Total debt payable within one year
2,314

 
2,229

Long-term debt payable after one year
 

 
 

Public unsecured debt securities (a)
9,033

 
9,783

DOE ATVM Incentive Program
1,470

 
1,175

Delayed draw term loan (b)
—

 
500

Other debt
1,026

 
568

Adjustments
 
 
 
Unamortized (discount)/premium
(224
)
 
(167
)
Unamortized issuance costs
(72
)
 
(94
)
Total long-term debt payable after one year
11,233

 
11,765

Total Automotive
$
13,547

 
$
13,994

Fair value of Automotive debt (c)
$
13,319

 
$
14,694

Ford Credit
 

 
 

Debt payable within one year
 

 
 

Short-term
$
14,705

 
$
14,301

Long-term payable within one year
 

 
 

Unsecured debt
14,373

 
13,387

Asset-backed debt
22,130

 
22,836

Adjustments
 
 
 
Unamortized (discount)/premium
2

 
1

Unamortized issuance costs
(16
)
 
(18
)
Fair value adjustments (d)
(15
)
 
(15
)
Total debt payable within one year
51,179

 
50,492

Long-term debt payable after one year
 
 
 
Unsecured debt
52,409

 
57,379

Asset-backed debt
36,844

 
33,248

Adjustments
 
 
 
Unamortized (discount)/premium
—

 
(1
)
Unamortized issuance costs
(195
)
 
(206
)
Fair value adjustments (d)
(171
)
 
558

Total long-term debt payable after one year
88,887

 
90,978

Total Ford Credit
$
140,066

 
$
141,470

Fair value of Ford Credit debt (c)
$
138,809

 
$
142,775

Other
 
 
 
Long-term debt payable within one year
$
—

 
$
130

Long-term debt payable after one year
 
 
 
Unsecured debt
604

 
474

Adjustments
 
 
 
Unamortized (discount)/premium
(3
)
 
(3
)
Unamortized issuance costs
(1
)
 
(1
)
Total long-term debt payable after one year
600

 
470

Total Other
$
600

 
$
600

Fair value of Other debt
$
697

 
$
737

__________
(a)
Public unsecured debt securities increased by $750 million reflecting our unsecured debt (retail bond) issuance in the second quarter of 2019.
(b)
We drew $500 million under our delayed draw term loan facility in the second quarter of 2019.
(c)
The fair value of debt includes $458 million and $840 million of Automotive segment short-term debt and $13.8 billion and $13.3 billion of Ford Credit segment short-term debt at December 31, 2018 and June 30, 2019, respectively, carried at cost, which approximates fair value. All other debt is categorized within Level 2 of the fair value hierarchy.
(d)
These adjustments relate to designated fair value hedges. The carrying value of hedged debt was $38 billion and $39.4 billion at December 31, 2018 and June 30, 2019, respectively.