Debt (Tables)

3 Months Ended

Mar. 31, 2022

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, 2021		March 31, 2022
Company excluding Ford Credit
Debt payable within one year
Short-term	$	286	$	275
Long-term payable within one year
Public unsecured debt securities	86		—
U.S. Department of Energy Advanced Technology Vehicles Manufacturing (“DOE ATVM”) Incentive Program	953		806
Delayed draw term loan	1,500		1,500
Other debt	348		345
Unamortized (discount)/premium	2		1
Total debt payable within one year	3,175		2,927
Long-term debt payable after one year
Public unsecured debt securities	13,643		13,643
Convertible notes (a)	2,300		2,300
U.K. Export Finance Program	843		820
Other debt	768		735
Unamortized (discount)/premium	(188)		(180)
Unamortized issuance costs	(166)		(160)
Total long-term debt payable after one year	17,200		17,158
Total Company excluding Ford Credit	$	20,375	$	20,085
Fair value of Company debt excluding Ford Credit (b)	$	24,044	$	21,395
Ford Credit
Debt payable within one year
Short-term	$	14,810	$	14,088
Long-term payable within one year
Unsecured debt	13,660		12,045
Asset-backed debt	18,049		19,219
Unamortized (discount)/premium	1		1
Unamortized issuance costs	(13)		(14)
Fair value adjustments (c)	10		20
Total debt payable within one year	46,517		45,359
Long-term debt payable after one year
Unsecured debt	44,337		43,651
Asset-backed debt	26,654		27,365
Unamortized (discount)/premium	28		26
Unamortized issuance costs	(199)		(205)
Fair value adjustments (c)	380		(680)
Total long-term debt payable after one year	71,200		70,157
Total Ford Credit	$	117,717	$	115,516
Fair value of Ford Credit debt (b)	$	120,204	$	115,576

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(a)As of March 31, 2022, each $1,000 principal amount of the notes will be convertible into 57.7721 shares of our Common Stock, which is equivalent to a conversion price of approximately $17.31 per share. We recognized $0.2 million and $1.7 million of issuance cost amortization during the first quarter of 2021 and 2022, respectively.

(b)At December 31, 2021 and March 31, 2022, the fair value of debt includes $209 million and $201 million of Company excluding Ford Credit short-term debt and $14.1 billion and $13.5 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.

(c)These adjustments are related to hedging activity and include discontinued hedging relationship adjustments of $257 million and $242 million at December 31, 2021 and March 31, 2022, respectively. The carrying value of hedged debt was $37.5 billion and $36.3 billion at December 31, 2021 and March 31, 2022, respectively.