Debt (Notes)

9 Months Ended

Sep. 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		September 30, 2020
Automotive
Debt payable within one year
Short-term	$	315	$	807
Long-term payable within one year
U.S. Department of Energy Advanced Technology Vehicles Manufacturing (“DOE ATVM”) Incentive Program (a)	591		148
Other debt	540		414
Unamortized (discount)/premium	(1)		(1)
Total debt payable within one year	1,445		1,368
Long-term debt payable after one year (b)
Public unsecured debt securities (c)	10,583		18,583
Delayed draw term loan	1,500		1,500
DOE ATVM Incentive Program (a)	880		1,101
Other debt (d)	547		1,611
Unamortized (discount)/premium	(161)		(239)
Unamortized issuance costs	(116)		(193)
Total long-term debt payable after one year	13,233		22,363
Total Automotive	$	14,678	$	23,731
Fair value of Automotive debt (e)	$	15,606	$	25,793
Ford Credit
Debt payable within one year
Short-term	$	13,717	$	10,231
Long-term payable within one year
Unsecured debt	15,062		18,568
Asset-backed debt	23,609		20,619
Unamortized (discount)/premium	1		3
Unamortized issuance costs	(17)		(18)
Fair value adjustments (f)	(1)		44
Total debt payable within one year	52,371		49,447
Long-term debt payable after one year
Unsecured debt	55,148		49,946
Asset-backed debt	32,162		32,326
Unamortized (discount)/premium	6		(1)
Unamortized issuance costs	(197)		(202)
Fair value adjustments (f)	539		1,557
Total long-term debt payable after one year	87,658		83,626
Total Ford Credit	$	140,029	$	133,073
Fair value of Ford Credit debt (e)	$	141,678	$	132,647
Other
Long-term debt payable within one year	$	130	$	180
Long-term debt payable after one year
Unsecured debt	474		295
Unamortized (discount)/premium and issuance costs	(4)		(4)
Total long-term debt payable after one year	470		291
Total Other	$	600	$	471
Fair value of Other debt	$	720	$	549

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(a)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.

(b)In the first quarter of 2020, we drew $15.4 billion under our corporate credit facilities and fully repaid these facilities in the third quarter of 2020.

(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 $807 million of Automotive short-term debt and $12.8 billion and $9.9 billion of Ford Credit short-term debt at December 31, 2019 and September 30, 2020, respectively, carried at cost, which approximates fair value. All other 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 $42.8 billion at December 31, 2019 and September 30, 2020, respectively.