Debt (Tables)

9 Months Ended

Sep. 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		September 30, 2020		2019		2020		2019		2020
Short-term debt
Unsecured debt
Floating rate demand notes	$	6,545	$	5,907
Commercial paper	3,560		870
Other short-term debt	2,731		3,170
Asset-backed debt (a)	881		284
Total short-term debt	13,717		10,231		2.8	%	1.7	%	2.8	%	1.7	%
Long-term debt
Unsecured debt
Notes payable within one year	15,062		18,568
Notes payable after one year	55,148		49,946
Asset-backed debt (a)
Notes payable within one year	23,609		20,619
Notes payable after one year	32,162		32,326
Unamortized (discount) / premium	7		2
Unamortized issuance costs	(214)		(220)
Fair value adjustments (b)	538		1,601
Total long-term debt	126,312		122,842		3.0	%	2.7	%	3.0	%	2.7	%
Total debt	$	140,029	$	133,073	2.9	%	2.6	%	3.0	%	2.6	%
Fair value of debt (c)	$	141,678	$	132,647

__________

(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 $42.8 billion at December 31, 2019 and September 30, 2020, respectively.

(c)The fair value of debt includes $12.8 billion and $9.9 billion of short-term debt at December 31, 2019 and September 30, 2020, respectively, carried at cost, which approximates fair value. All other debt is categorized within Level 2 of the fair value hierarchy.