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Debt
 6 Months Ended
Jun. 30, 2019
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,
2018
 
June 30,
2019
 
2018
 
2019
 
2018
 
2019
Short-term debt
 
 
 
 
 
 
 
 
 
 
 
Unsecured debt
 
 
 
 
 
 
 
 
 
 
 
Floating rate demand notes
$
5,880

 
$
6,146

 
 
 
 
 
 
 
 
Commercial paper
3,749

 
3,832

 
 
 
 
 
 
 
 
Other short-term debt
4,213

 
3,338

 
 
 
 
 
 
 
 
Asset-backed debt
943

 
985

 
 
 
 
 
 
 
 
Total short-term debt
14,785

 
14,301

 
3.5
%
 
3.1
%
 
3.5
%
 
3.1
%
Long-term debt
 
 
 
 
 
 
 
 
 
 
 
Unsecured debt
 
 
 
 
 
 
 
 
 
 
 
Notes payable within one year
14,373

 
13,387

 
 
 
 
 
 
 
 
Notes payable after one year
52,409

 
57,379

 
 
 
 
 
 
 
 
Asset-backed debt (a)
 
 
 
 
 
 
 
 
 
 
 
Notes payable within one year
22,130

 
22,836

 
 
 
 
 
 
 
 
Notes payable after one year
36,844

 
33,248

 
 
 
 
 
 
 
 
Unamortized discount
2

 
—

 
 
 
 
 
 
 
 
Unamortized issuance costs
(211
)
 
(224
)
 
 
 
 
 
 
 
 
Fair value adjustments (b)
(186
)
 
543

 
 
 
 
 
 
 
 
Total long-term debt
125,361

 
127,169

 
2.8
%
 
3.0
%
 
2.8
%
 
3.0
%
Total debt
$
140,146

 
$
141,470

 
2.8
%
 
3.0
%
 
2.9
%
 
3.1
%
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of debt (c)
$
138,888

 
$
142,775

 
 
 
 
 
 
 
 

__________
(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 relate to designated fair value hedges. The carrying value of hedged debt was $38.0 billion and $39.4 billion at December 31, 2018 and June 30, 2019, respectively.
(c)
The fair value of debt includes $13.8 billion and $13.3 billion of short-term debt at December 31, 2018 and June 30, 2019, respectively, carried at cost, which approximates fair value. All other debt is categorized within Level 2 of the fair value hierarchy.