Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of debt outstanding [Table Text Block]

The carrying value of Company debt excluding Ford Credit and Ford Credit debt was as follows (in millions):

	December 31, 2020		June 30, 2021
Company excluding Ford Credit
Debt payable within one year
Short-term	$	613	$	301
Long-term payable within one year
Public unsecured debt securities	180		266
U.S. Department of Energy Advanced Technology Vehicles Manufacturing (“DOE ATVM”) Incentive Program	148		1,138
Other debt	434		429
Unamortized (discount)/premium	(1)		2
Total debt payable within one year	1,374		2,136
Long-term debt payable after one year
Public unsecured debt securities	18,877		18,792
Convertible notes	—		2,300
Delayed draw term loan	1,500		1,500
DOE ATVM Incentive Program	1,064		—
U.K. Export Finance Program	854		867
Other debt	768		758
Unamortized (discount)/premium	(242)		(231)
Unamortized issuance costs	(188)		(210)
Total long-term debt payable after one year	22,633		23,776
Total Company excluding Ford Credit	$	24,007	$	25,912
Fair value of Company debt excluding Ford Credit (a)	$	27,794	$	30,401
Ford Credit
Debt payable within one year
Short-term	$	11,429	$	12,558
Long-term payable within one year
Unsecured debt	17,185		14,100
Asset-backed debt	21,345		17,220
Unamortized (discount)/premium	2		2
Unamortized issuance costs	(17)		(15)
Fair value adjustments (b)	25		11
Total debt payable within one year	49,969		43,876
Long-term debt payable after one year
Unsecured debt	54,197		48,402
Asset-backed debt	32,276		28,019
Unamortized (discount)/premium	28		31
Unamortized issuance costs	(235)		(217)
Fair value adjustments (b)	1,442		894
Total long-term debt payable after one year	87,708		77,129
Total Ford Credit	$	137,677	$	121,005
Fair value of Ford Credit debt (a)	$	139,796	$	123,838

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(a)At December 31, 2020 and June 30, 2021, the fair value of debt includes $529 million and $38 million of Company excluding Ford Credit short-term debt and $10.4 billion and $11.9 billion of Ford Credit short-term debt, respectively, carried at cost, which approximates fair value. All other debt is categorized within Level 2 of the fair value hierarchy.

(b)These adjustments are related to hedging activity and include discontinued hedging relationship adjustments of $299 million and $246 million at December 31, 2020 and June 30, 2021, respectively. The carrying value of hedged debt was $45.5 billion and $40.6 billion at December 31, 2020 and June 30, 2021, respectively.