Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The carrying value of Company debt excluding Ford Credit and Ford Credit debt was as follows (in millions):

	December 31, 2023		June 30, 2024
Company excluding Ford Credit
Debt payable within one year
Short-term	$	362	$	799
Long-term payable within one year
U.K. Export Finance Program	—		790
Other debt (including finance leases)	117		147
Unamortized (discount)/premium	(2)		(21)
Unamortized issuance costs	—		(3)
Total debt payable within one year	477		1,712
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	1,749		948
Other debt (including finance leases)	811		790
Unamortized (discount)/premium	(155)		(119)
Unamortized issuance costs	(173)		(160)
Total long-term debt payable after one year	19,467		18,694
Total Company excluding Ford Credit	$	19,944	$	20,406
Fair value of Company debt excluding Ford Credit (b)	$	19,775	$	20,239
Ford Credit
Debt payable within one year
Short-term	$	18,658	$	17,030
Long-term payable within one year
Unsecured debt	11,755		11,805
Asset-backed debt	18,851		20,164
Unamortized (discount)/premium	(1)		(1)
Unamortized issuance costs	(13)		(16)
Fair value adjustments (c)	(58)		(129)
Total debt payable within one year	49,192		48,853
Long-term debt payable after one year
Unsecured debt	45,435		51,232
Asset-backed debt	36,074		31,897
Unamortized (discount)/premium	10		(17)
Unamortized issuance costs	(224)		(235)
Fair value adjustments (c)	(1,200)		(1,235)
Total long-term debt payable after one year	80,095		81,642
Total Ford Credit	$	129,287	$	130,495
Fair value of Ford Credit debt (b)	$	130,533	$	132,119

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(a)As of June 30, 2024, each $1,000 principal amount of the notes will be convertible into 68.17 shares of our Common Stock, which is equivalent to a conversion price of approximately $14.67 per share. We recognized issuance cost amortization of $2 million and $3 million during the second quarter and first half of 2023 and 2024, respectively.

(b)At December 31, 2023 and June 30, 2024, the fair value of debt includes $362 million and $799 million of Company excluding Ford Credit short-term debt, respectively, and $15.5 billion and $15.2 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.

(c)These adjustments are related to hedging activity and include discontinued hedging relationship adjustments of $(681) million and $(527) million at December 31, 2023 and June 30, 2024, respectively. The carrying value of hedged debt was $38.7 billion and $42.0 billion at December 31, 2023 and June 30, 2024, respectively.