Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

DEBT

Debt outstanding and interest rates were as follows (in millions):

					Interest Rates
	Debt				Average Contractual				Average Effective
	December 31, 2023		March 31, 2024		2023		2024		2023		2024
Short-term debt
Unsecured debt
Floating rate demand notes	$	10,907	$	11,009
Other short-term debt	4,593		4,211
Asset-backed debt (a)	3,158		1,921
Total short-term debt	18,658		17,141		5.3	%	5.2	%	5.3	%	5.2	%
Long-term debt
Unsecured debt
Notes payable within one year	11,755		10,917
Notes payable after one year	45,435		49,842
Asset-backed debt (a)
Notes payable within one year	18,851		21,120
Notes payable after one year	36,074		31,910
Unamortized (discount)/premium	9		—
Unamortized issuance costs	(237)		(254)
Fair value adjustments (b)	(1,258)		(1,418)
Total long-term debt	110,629		112,117		4.7	%	4.8	%	4.7	%	4.8	%
Total debt	$	129,287	$	129,258	4.8	%	4.9	%	4.8	%	4.9	%
Fair value of debt (c)	$	130,533	$	130,954

__________

(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 $(681) million and $(607) million at December 31, 2023 and March 31, 2024, respectively. The carrying value of hedged debt was $38.7 billion and $40.3 billion at December 31, 2023 and March 31, 2024, respectively.

(c)At December 31, 2023 and March 31, 2024, the fair value of debt includes $15.5 billion and $15.2 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.