Derivative Financial Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

The gains / (losses), by hedge designation, reported in income for the periods ended March 31 were as follows (in millions):

	First Quarter
	2019			2020
Fair value hedges
Interest rate contracts
Net interest settlements and accruals on hedging instruments	$	(20	)	$	28
Fair value changes on hedging instruments	250			1,110
Fair value changes on hedged debt	(253		)	(1,093		)
Derivatives not designated as hedging instruments
Interest rate contracts	(27		)	(74		)
Foreign currency exchange contracts (a)	(6		)	207
Cross-currency interest rate swap contracts	(145		)	(151		)
Total	$	(201	)	$	27

__________

(a) Reflects forward contracts between Ford Credit and an affiliated company.

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The fair value of our derivative instruments and the associated notional amounts were as follows (in millions):

	December 31, 2019						March 31, 2020
	Notional		Fair Value of Assets		Fair Value of Liabilities		Notional		Fair Value of Assets		Fair Value of Liabilities
Fair value hedges
Interest rate contracts	$	26,577	$	702	$	19	$	23,663	$	1,549	$	—
Derivatives not designated as hedging instruments
Interest rate contracts	68,914		275		191		72,822		651		561
Foreign currency exchange contracts	5,540		17		79		3,002		94		2
Cross-currency interest rate swap contracts	5,849		134		67		5,938		126		238
Total derivative financial instruments, gross (a) (b)	$	106,880	$	1,128	$	356	$	105,425	$	2,420	$	801

__________

(a) At December 31, 2019 and March 31, 2020, we held collateral of $18 million and $23 million, respectively, and we posted collateral of $78 million and $86 million, respectively.

(b)

At December 31, 2019 and March 31, 2020, the fair value of assets and liabilities available for counterparty netting was $169 million and $451 million, respectively. All derivatives are categorized within Level 2 of the fair value hierarchy.