Debt (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]

The carrying value of Automotive, Ford Credit, and Other debt at December 31 was as follows (in millions):



							Interest Rates
							Average Contractual						Average Effective (a)
Automotive	2018			2019			2018			2019			2018			2019
Debt payable within one year
Short-term	$	614		$	315		2.9	%		1.5	%		2.9	%		1.5	%
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			540
Unamortized (discount)/premium	(16		)	(1		)
Total debt payable within one year	2,314			1,445
Long-term debt payable after one year
Public unsecured debt securities	9,033			10,583
DOE ATVM Incentive Program	1,470			880
Delayed draw term loan	—			1,500
Other debt	1,026			547
Unamortized (discount)/premium	(224		)	(161		)
Unamortized issuance costs	(72		)	(116		)
Total long-term debt payable after one year	11,233			13,233			5.2	%	(b)	5.2	%	(b)	5.7	%	(b)	5.3	%	(b)
Total Automotive	$	13,547		$	14,678

Fair value of Automotive debt (c)	$	13,319		$	15,606

Ford Credit
Debt payable within one year
Short-term	$	14,705		$	13,717		3.5	%		2.8	%		3.5	%		2.8	%
Long-term payable within one year
Unsecured debt	14,373			15,062
Asset-backed debt	22,130			23,609
Unamortized (discount)/premium	2			1
Unamortized issuance costs	(16		)	(17		)
Fair value adjustments (d)	(15		)	(1		)
Total debt payable within one year	51,179			52,371
Long-term debt payable after one year
Unsecured debt	52,409			55,148
Asset-backed debt	36,844			32,162
Unamortized (discount)/premium	—			6
Unamortized issuance costs	(195		)	(197		)
Fair value adjustments (d)	(171		)	539
Total long-term debt payable after one year	88,887			87,658			2.8	%	(b)	3.0	%	(b)	2.8	%	(b)	3.0	%	(b)
Total Ford Credit	$	140,066		$	140,029

Fair value of Ford Credit debt (c)	$	138,809		$	141,678

Other
Long-term debt payable within one year	$	—		$	130
Long-term debt payable after one year
Unsecured debt	604			474
Unamortized (discount)/premium	(3		)	(3		)
Unamortized issuance costs	(1		)	(1		)
Total long-term debt payable after one year	600			470			9.3	%	(b)	9.3	%	(b)	9.2	%	(b)	9.2	%	(b)
Total Other	$	600		$	600

Fair value of Other debt	$	697		$	720

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(a)	Average effective rates reflect the average contractual interest rate plus amortization of discounts, premiums, and issuance costs.


(b)	Includes interest on long-term debt payable within one year and after one year.


(c)	At December 31, 2018 and 2019, the fair value of debt includes $458 million and $315 million of Automotive short-term debt and $13.8 billion and $12.8 billion of Ford Credit short-term debt, respectively, carried at cost which approximates fair value. All 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 2019, respectively.

Schedule of Maturities of Long-term Debt [Table Text Block]

Debt maturities at December 31, 2019 were as follows (in millions):



	2020		2021		2022		2023		2024		Thereafter		Adjustments			Total Debt Maturities
Automotive
Public unsecured debt securities	$	—	$	—	$	86	$	—	$	—	$	10,497	$	(234	)	$	10,349
DOE ATVM Incentive Program	591		591		289		—		—		—		—			1,471
Delayed draw term loan	—		—		1,500		—		—		—		—			1,500
Short-term and other debt	855		128		100		151		30		138		(44		)	1,358
Total	$	1,446	$	719	$	1,975	$	151	$	30	$	10,635	$	(278	)	$	14,678

Ford Credit
Unsecured debt	$	27,898	$	16,893	$	12,827	$	7,054	$	8,101	$	10,273	$	395		$	83,441
Asset-backed debt	24,490		14,371		8,925		3,476		2,505		2,885		(64		)	56,588
Total	$	52,388	$	31,264	$	21,752	$	10,530	$	10,606	$	13,158	$	331		$	140,029

Other
Unsecured debt	$	130	$	180	$	—	$	—	$	—	$	294	$	(4	)	$	600

Assets And Liabilities Related To Secured Debt Arrangements Disclosure Text Block

The assets and liabilities related to our asset-backed debt arrangements included in our consolidated financial statements at December 31 were as follows (in billions):



	2018		2019
Assets
Cash and cash equivalents	$	3.0	$	3.5
Finance receivables, net	66.2		64.9
Net investment in operating leases	16.3		14.9

Liabilities
Debt (a)	$	59.8	$	56.6

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(a)

Debt is net of unamortized discount and issuance costs.

Schedule of debt outstanding [Table Text Block]

Our public unsecured debt securities outstanding at December 31 were as follows (in millions):



	Aggregate Principal Amount Outstanding
Title of Security	2018		2019
8 7/8% Debentures due January 15, 2022	$	86	$	86
7 1/8% Debentures due November 15, 2025	209		209
7 1/2% Debentures due August 1, 2026	193		193
6 5/8% Debentures due February 15, 2028	104		104
6 5/8% Debentures due October 1, 2028 (a)	638		638
6 3/8% Debentures due February 1, 2029 (a)	260		260
7.45% GLOBLS due July 16, 2031 (a)	1,794		1,794
8.900% Debentures due January 15, 2032	151		151
9.95% Debentures due February 15, 2032	4		4
7.75% Debentures due June 15, 2043	73		73
7.40% Debentures due November 1, 2046	398		398
9.980% Debentures due February 15, 2047	181		181
7.70% Debentures due May 15, 2097	142		142
4.346% Notes due December 8, 2026	1,500		1,500
4.75% Notes due January 15, 2043	2,000		2,000
5.291% Notes due December 8, 2046	1,300		1,300
6.20% Notes due June 1, 2059	—		750
6.00% Notes due December 1, 2059	—		800
Total public unsecured debt securities (b)	$	9,033	$	10,583

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(a)	Listed on the Luxembourg Exchange and on the Singapore Exchange.

(b)

Excludes 9.215% Debentures due September 15, 2021 with an outstanding balance at December 31, 2019 of $180 million. The proceeds from these securities were on-lent by Ford to Ford Holdings and are reported as Other long-term debt.