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.
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