Debt (Notes)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

DEBT

DEBT

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

	December 31, 2022		June 30, 2023
Company excluding Ford Credit
Debt payable within one year
Short-term	$	359	$	256
Long-term payable within one year
Other debt (including finance leases)	372		154
Unamortized (discount)/premium	(1)		—
Total debt payable within one year	730		410
Long-term debt payable after one year
Public unsecured debt securities	14,935		14,935
Convertible notes (a)	2,300		2,300
U.K. Export Finance Program	1,654		1,739
Other debt (including finance leases)	682		547
Unamortized (discount)/premium	(180)		(170)
Unamortized issuance costs	(191)		(182)
Total long-term debt payable after one year	19,200		19,169
Total Company excluding Ford Credit	$	19,930	$	19,579
Fair value of Company debt excluding Ford Credit (b)	$	18,557	$	19,224
Ford Credit
Debt payable within one year
Short-term	$	19,624	$	19,405
Long-term payable within one year
Unsecured debt	7,980		9,447
Asset-backed debt	21,839		20,077
Unamortized (discount)/premium	—		—
Unamortized issuance costs	(13)		(15)
Fair value adjustments (c)	4		17
Total debt payable within one year	49,434		48,931
Long-term debt payable after one year
Unsecured debt	39,620		44,377
Asset-backed debt	31,840		32,280
Unamortized (discount)/premium	23		15
Unamortized issuance costs	(184)		(231)
Fair value adjustments (c)	(1,694)		(1,715)
Total long-term debt payable after one year	69,605		74,726
Total Ford Credit	$	119,039	$	123,657
Fair value of Ford Credit debt (b)	$	117,214	$	122,954

__________

(a)As of June 30, 2023, each $1,000 principal amount of the notes will be convertible into 63.8801 shares of our Common Stock, which is equivalent to a conversion price of approximately $15.65 per share. We recognized issuance cost amortization of $2 million and $3 million during the second quarter and first half of 2022, respectively, and $2 million and $3 million during the second quarter and first half of 2023, respectively.

(b)At December 31, 2022 and June 30, 2023, the fair value of debt includes $359 million and $256 million of Company excluding Ford Credit short-term debt, respectively, and $16.9 billion and $16.2 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 $31 million and $(339) million at December 31, 2022 and June 30, 2023, respectively. The carrying value of hedged debt was $33.3 billion and $38.0 billion at December 31, 2022 and June 30, 2023, respectively.