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Debt (Tables)
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Schedule of Debt [Table Text Block]

Debt outstanding and interest rates were as follows (in millions):
 
 
 
 
 
Interest Rates
 
Debt
 
Average Contractual
 
Average Effective
 
December 31,
2018
 
September 30,
2019
 
2018
 
2019
 
2018
 
2019
Short-term debt
 
 
 
 
 
 
 
 
 
 
 
Unsecured debt
 
 
 
 
 
 
 
 
 
 
 
Floating rate demand notes
$
5,880

 
$
6,558

 
 
 
 
 
 
 
 
Commercial paper
3,749

 
3,645

 
 
 
 
 
 
 
 
Other short-term debt
4,213

 
2,515

 
 
 
 
 
 
 
 
Asset-backed debt
943

 
823

 
 
 
 
 
 
 
 
Total short-term debt
14,785

 
13,541

 
3.5
%
 
3.0
%
 
3.5
%
 
3.0
%
Long-term debt
 
 
 
 
 
 
 
 
 
 
 
Unsecured debt
 
 
 
 
 
 
 
 
 
 
 
Notes payable within one year
14,373

 
14,854

 
 
 
 
 
 
 
 
Notes payable after one year
52,409

 
55,651

 
 
 
 
 
 
 
 
Asset-backed debt (a)
 
 
 
 
 
 
 
 
 
 
 
Notes payable within one year
22,130

 
24,496

 
 
 
 
 
 
 
 
Notes payable after one year
36,844

 
30,209

 
 
 
 
 
 
 
 
Unamortized discount
2

 
(2
)
 
 
 
 
 
 
 
 
Unamortized issuance costs
(211
)
 
(219
)
 
 
 
 
 
 
 
 
Fair value adjustments (b)
(186
)
 
744

 
 
 
 
 
 
 
 
Total long-term debt
125,361

 
125,733

 
2.8
%
 
3.0
%
 
2.8
%
 
3.0
%
Total debt
$
140,146

 
$
139,274

 
2.8
%
 
3.0
%
 
2.9
%
 
3.0
%
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of debt (c)
$
138,888

 
$
140,110

 
 
 
 
 
 
 
 

__________
(a)
Asset-backed debt issued in securitizations is the obligation of the consolidated securitization entity that issued the debt and is payable only out of collections on the underlying securitized assets and related enhancements. This asset-backed debt is not the obligation of Ford Credit or our other subsidiaries.
(b)
These adjustments relate to designated fair value hedges. The carrying value of hedged debt was $38.0 billion and $39.3 billion at December 31, 2018 and September 30, 2019, respectively.
(c)
The fair value of debt includes $13.8 billion and $12.7 billion of short-term debt at December 31, 2018 and September 30, 2019, respectively, carried at cost, which approximates fair value. All other debt is categorized within Level 2 of the fair value hierarchy.