Debt (Tables)

9 Months Ended

Sep. 30, 2021

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, 2020		September 30, 2021		2020		2021		2020		2021
Short-term debt
Unsecured debt
Floating rate demand notes	$	6,458	$	8,643
Other short-term debt	3,940		4,010
Asset-backed debt (a)	1,031		403
Total short-term debt	11,429		13,056		1.5	%	1.3	%	1.6	%	1.3	%
Long-term debt
Unsecured debt
Notes payable within one year	17,185		13,229
Notes payable after one year	54,197		47,396
Asset-backed debt (a)
Notes payable within one year	21,345		19,187
Notes payable after one year	32,276		25,542
Unamortized (discount) / premium	30		30
Unamortized issuance costs	(252)		(227)
Fair value adjustments (b)	1,467		743
Total long-term debt	126,248		105,900		2.7	%	2.6	%	2.7	%	2.6	%
Total debt	$	137,677	$	118,956	2.6	%	2.5	%	2.6	%	2.5	%
Fair value of debt (c)	$	139,796	$	121,369

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(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 are related to hedging activity and include discontinued hedging relationship adjustments of $299 million and $220 million at December 31, 2020 and September 30, 2021, respectively. The carrying value of hedged debt was $45.5 billion and $38.0 billion at December 31, 2020 and September 30, 2021, respectively.

(c)At December 31, 2020 and September 30, 2021, the fair value of debt includes $10.4 billion and $12.7 billion of short-term debt, respectively, carried at cost, which approximates fair value. All other debt is categorized within Level 2 of the fair value hierarchy.