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Debt (Notes)
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
DEBT DEBT
The carrying value of Automotive, Ford Credit, and Other debt was as follows (in millions):
 
December 31,
2019
 
June 30,
2020
Automotive
 
 
 
Debt payable within one year
 
 
 
Short-term
$
315

 
$
1,172

Long-term payable within one year
 

 
 

Credit facilities (a)
—

 
292

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

 
148

Other debt
540

 
472

Unamortized (discount)/premium
(1
)
 
—

Total debt payable within one year
1,445

 
2,084

Long-term debt payable after one year
 

 
 

Public unsecured debt securities (c)
10,583

 
18,583

Credit facilities (a)
—

 
15,068

Delayed draw term loan
1,500

 
1,500

DOE ATVM Incentive Program (b)
880

 
1,138

Other debt (d)
547

 
1,559

Unamortized (discount)/premium
(161
)
 
(242
)
Unamortized issuance costs
(116
)
 
(197
)
Total long-term debt payable after one year
13,233

 
37,409

Total Automotive
$
14,678

 
$
39,493

Fair value of Automotive debt (e)
$
15,606

 
$
38,280

Ford Credit
 

 
 

Debt payable within one year
 

 
 

Short-term
$
13,717

 
$
11,681

Long-term payable within one year
 

 
 

Unsecured debt
15,062

 
18,567

Asset-backed debt
23,609

 
22,997

Unamortized (discount)/premium
1

 
1

Unamortized issuance costs
(17
)
 
(19
)
Fair value adjustments (f)
(1
)
 
33

Total debt payable within one year
52,371

 
53,260

Long-term debt payable after one year
 
 
 
Unsecured debt
55,148

 
49,711

Asset-backed debt
32,162

 
30,794

Unamortized (discount)/premium
6

 
4

Unamortized issuance costs
(197
)
 
(186
)
Fair value adjustments (f)
539

 
1,684

Total long-term debt payable after one year
87,658

 
82,007

Total Ford Credit
$
140,029

 
$
135,267

Fair value of Ford Credit debt (e)
$
141,678

 
$
132,836

Other
 
 
 
Long-term debt payable within one year
$
130

 
$
—

Long-term debt payable after one year
 
 
 
Unsecured debt
474

 
474

Unamortized (discount)/premium and issuance costs
(4
)
 
(4
)
Total long-term debt payable after one year
470

 
470

Total Other
$
600

 
$
470

Fair value of Other debt
$
720

 
$
534

__________
(a)
We drew $15.4 billion under our corporate credit facility and supplemental revolving credit facility in the first quarter of 2020. On July 27, 2020, we repaid $5.7 billion of our corporate credit facility and the full $2 billion outstanding under our supplemental revolving credit facility.
(b)
In June 2020, our DOE ATVM loan was modified, reducing quarterly principal payments from $148 million to $37 million. The deferred portion of the principal payments will be due upon original maturity in June 2022.
(c)
Public unsecured debt securities increased by $8 billion reflecting our unsecured debt issuance in April 2020.
(d)
Includes a £625 million five-year term loan entered into by Ford Motor Company Limited in June 2020 pursuant to U.K. Export Finance program.
(e)
The fair value of debt includes $315 million and $1.2 billion of Automotive short-term debt and $12.8 billion and $10.9 billion of Ford Credit short-term debt at December 31, 2019 and June 30, 2020, respectively, carried at cost, which approximates fair value. All debt is categorized within Level 2 of the fair value hierarchy.
(f)
These adjustments relate to fair value hedges. The carrying value of hedged debt was $39.4 billion and $42.5 billion at December 31, 2019 and June 30, 2020, respectively.