Debt (Tables)

6 Months Ended

Jun. 30, 2022

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, 2021		June 30, 2022
Company excluding Ford Credit
Debt payable within one year
Short-term	$	286	$	1,102
Long-term payable within one year
Public unsecured debt securities	86		—
U.S. Department of Energy Advanced Technology Vehicles Manufacturing Incentive Program	953		—
Delayed draw term loan	1,500		—
Other debt	348		434
Unamortized (discount)/premium	2		(3)
Total debt payable within one year	3,175		1,533
Long-term debt payable after one year
Public unsecured debt securities	13,643		13,643
Convertible notes (a)	2,300		2,300
U.K. Export Finance Program (b)	843		1,665
Other debt	768		596
Unamortized (discount)/premium	(188)		(198)
Unamortized issuance costs	(166)		(173)
Total long-term debt payable after one year	17,200		17,833
Total Company excluding Ford Credit	$	20,375	$	19,366
Fair value of Company debt excluding Ford Credit (c)	$	24,044	$	18,141
Ford Credit
Debt payable within one year
Short-term	$	14,810	$	13,929
Long-term payable within one year
Unsecured debt	13,660		10,471
Asset-backed debt	18,049		17,884
Unamortized (discount)/premium	1		1
Unamortized issuance costs	(13)		(12)
Fair value adjustments (d)	10		13
Total debt payable within one year	46,517		42,286
Long-term debt payable after one year
Unsecured debt	44,337		39,999
Asset-backed debt	26,654		28,472
Unamortized (discount)/premium	28		24
Unamortized issuance costs	(199)		(198)
Fair value adjustments (d)	380		(1,122)
Total long-term debt payable after one year	71,200		67,175
Total Ford Credit	$	117,717	$	109,461
Fair value of Ford Credit debt (c)	$	120,204	$	106,884

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(a)As of June 30, 2022, each $1,000 principal amount of the notes will be convertible into 57.7721 shares of our Common Stock, which is equivalent to a conversion price of approximately $17.31 per share. We recognized issuance cost amortization of $2 million during the second quarter and first half of 2021, and $2 million and $3 million during the second quarter and first half of 2022, respectively.

(b)We entered into a £750 million 5-year term loan pursuant to the U.K. Export Finance Program in June 2022.

(c)At December 31, 2021 and June 30, 2022, the fair value of debt includes $209 million and $1,033 million of Company excluding Ford Credit short-term debt and $14.1 billion and $13.2 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.

(d)These adjustments are related to hedging activity and include discontinued hedging relationship adjustments of $257 million and $179 million at December 31, 2021 and June 30, 2022, respectively. The carrying value of hedged debt was $37.5 billion and $33.4 billion at December 31, 2021 and June 30, 2022, respectively.