Debt (Tables)

9 Months Ended

Sep. 30, 2023

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, 2022		September 30, 2023
Company excluding Ford Credit
Debt payable within one year
Short-term	$	359	$	284
Long-term payable within one year
Other debt (including finance leases)	372		154
Unamortized (discount)/premium	(1)		(1)
Total debt payable within one year	730		437
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		1,684
Other debt (including finance leases)	682		751
Unamortized (discount)/premium	(180)		(160)
Unamortized issuance costs	(191)		(177)
Total long-term debt payable after one year	19,200		19,333
Total Company excluding Ford Credit	$	19,930	$	19,770
Fair value of Company debt excluding Ford Credit (b)	$	18,557	$	18,582
Ford Credit
Debt payable within one year
Short-term	$	19,624	$	18,811
Long-term payable within one year
Unsecured debt	7,980		10,664
Asset-backed debt	21,839		18,756
Unamortized (discount)/premium	—		—
Unamortized issuance costs	(13)		(14)
Fair value adjustments (c)	4		(16)
Total debt payable within one year	49,434		48,201
Long-term debt payable after one year
Unsecured debt	39,620		42,700
Asset-backed debt	31,840		34,046
Unamortized (discount)/premium	23		13
Unamortized issuance costs	(184)		(219)
Fair value adjustments (c)	(1,694)		(1,849)
Total long-term debt payable after one year	69,605		74,691
Total Ford Credit	$	119,039	$	122,892
Fair value of Ford Credit debt (b)	$	117,214	$	122,386

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(a)As of September 30, 2023, each $1,000 principal amount of the notes will be convertible into 64.5755 shares of our Common Stock, which is equivalent to a conversion price of approximately $15.49 per share. We recognized issuance cost amortization of $2 million and $5 million during the third quarter and first nine months of 2022, respectively, and $2 million and $5 million during the third quarter and first nine months of 2023, respectively.

(b)At December 31, 2022 and September 30, 2023, the fair value of debt includes $359 million and $284 million of Company excluding Ford Credit short-term debt, respectively, and $16.9 billion and $15.7 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 $(320) million at December 31, 2022 and September 30, 2023, respectively. The carrying value of hedged debt was $33.3 billion and $37.3 billion at December 31, 2022 and September 30, 2023, respectively.