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Debt (Tables)
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Debt [Table Text Block]

Debt outstanding and interest rates were as follows (in millions):
 
 
 
 
 
Interest Rates
 
Debt
 
Average Contractual
 
Average Effective
 
December 31,
2019
 
June 30,
2020
 
2019
 
2020
 
2019
 
2020
Short-term debt
 
 
 
 
 
 
 
 
 
 
 
Unsecured debt
 
 
 
 
 
 
 
 
 
 
 
Floating rate demand notes
$
6,545

 
$
5,910

 
 
 
 
 
 
 
 
Commercial paper
3,560

 
1,793

 
 
 
 
 
 
 
 
Other short-term debt
2,731

 
3,186

 
 
 
 
 
 
 
 
Asset-backed debt (a)
881

 
792

 
 
 
 
 
 
 
 
Total short-term debt
13,717

 
11,681

 
2.8
%
 
2.0
%
 
2.8
%
 
2.0
%
Long-term debt
 
 
 
 
 
 
 
 
 
 
 
Unsecured debt
 
 
 
 
 
 
 
 
 
 
 
Notes payable within one year
15,062

 
18,567

 
 
 
 
 
 
 
 
Notes payable after one year
55,148

 
49,711

 
 
 
 
 
 
 
 
Asset-backed debt (a)
 
 
 
 
 
 
 
 
 
 
 
Notes payable within one year
23,609

 
22,997

 
 
 
 
 
 
 
 
Notes payable after one year
32,162

 
30,794

 
 
 
 
 
 
 
 
Unamortized (discount) / premium
7

 
5

 
 
 
 
 
 
 
 
Unamortized issuance costs
(214
)
 
(205
)
 
 
 
 
 
 
 
 
Fair value adjustments (b)
538

 
1,717

 
 
 
 
 
 
 
 
Total long-term debt
126,312

 
123,586

 
3.0
%
 
2.7
%
 
3.0
%
 
2.7
%
Total debt
$
140,029

 
$
135,267

 
2.9
%
 
2.7
%
 
3.0
%
 
2.7
%
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of debt (c)
$
141,678

 
$
132,836

 
 
 
 
 
 
 
 

__________
(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 fair value hedges. The carrying value of hedged debt was $39.4 billion and $42.5 billion at December 31, 2019 and June 30, 2020, respectively.
(c)
The fair value of debt includes $12.8 billion and $10.9 billion of short-term debt at December 31, 2019 and June 30, 2020, respectively, carried at cost, which approximates fair value. All other debt is categorized within Level 2 of the fair value hierarchy.