DEBT

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

DEBT

DEBT

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

	December 31, 2024		September 30, 2025
Company excluding Ford Credit
Debt payable within one year
Short-term	$	632	$	1,056
Long-term debt payable within one year
U.K. Export Finance Program	784		—
Public unsecured debt securities	176		348
Convertible notes (a)	—		2,300
Other debt (including finance leases) (b)	176		218
Unamortized (discount)/premium	(11)		(1)
Unamortized issuance costs	(1)		(3)
Total debt payable within one year	1,756		3,918
Long-term debt payable after one year
Public unsecured debt securities	14,759		14,587
Convertible notes (a)	2,300		—
U.K. Export Finance Program (c)	940		2,352
Other debt (including finance leases) (b)	1,160		1,211
Unamortized (discount)/premium	(109)		(150)
Unamortized issuance costs	(152)		(143)
Total long-term debt payable after one year	18,898		17,857
Total Company excluding Ford Credit	$	20,654	$	21,775
Fair value of Company debt excluding Ford Credit (d)	$	20,178	$	21,535
Ford Credit
Debt payable within one year
Short-term	$	17,413	$	17,540
Long-term payable within one year
Unsecured debt	12,871		14,169
Asset-backed debt	23,050		22,085
Unamortized (discount)/premium	2		(1)
Unamortized issuance costs	(18)		(20)
Fair value adjustments (e)	(125)		(63)
Total debt payable within one year	53,193		53,710
Long-term debt payable after one year
Unsecured debt	49,607		53,565
Asset-backed debt	36,224		33,302
Unamortized (discount)/premium	(20)		(20)
Unamortized issuance costs	(217)		(218)
Fair value adjustments (e)	(919)		(174)
Total long-term debt payable after one year	84,675		86,455
Total Ford Credit	$	137,868	$	140,165
Fair value of Ford Credit debt (d)	$	140,046	$	142,583

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(a)As of September 30, 2025, each $1,000 principal amount of the notes will be convertible into 74.5103 shares of our Common Stock, which is equivalent to a conversion price of approximately $13.42 per share. We recognized issuance cost amortization of $2 million during both the third quarter of 2024 and 2025 and $5 million during both the first nine months of 2024 and 2025.

(b)At December 31, 2024 and September 30, 2025, long-term finance leases payable within one year were $94 million and $134 million, respectively, and long-term finance leases payable after one year were $711 million and $761 million, respectively.

(c)Ford of Britain entered into a £1.0 billion 7-year term loan pursuant to the U.K. Export Finance Program in July 2025.

(d)At December 31, 2024 and September 30, 2025, the fair value of debt includes $632 million and $1,056 million of Company excluding Ford Credit short-term debt, respectively, and $16.2 billion and $16.2 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.

(e)These adjustments are related to hedging activity and include discontinued hedging relationship adjustments of $(450) million and $(336) million at December 31, 2024 and September 30, 2025, respectively. The carrying value of hedged debt was $41.1 billion and $42.8 billion at December 31, 2024 and September 30, 2025, respectively.