Debt

9 Months Ended

Sep. 30, 2022

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, 2021		September 30, 2022		2021		2022		2021		2022
Short-term debt
Unsecured debt
Floating rate demand notes	$	9,400	$	9,516
Other short-term debt	4,701		4,331
Asset-backed debt (a)	709		849
Total short-term debt	14,810		14,696		1.2	%	2.5	%	1.3	%	2.5	%
Long-term debt
Unsecured debt
Notes payable within one year	13,660		8,146
Notes payable after one year	44,337		39,006
Asset-backed debt (a)
Notes payable within one year	18,049		19,997
Notes payable after one year	26,654		28,137
Unamortized (discount)/premium	29		24
Unamortized issuance costs	(212)		(197)
Fair value adjustments (b)	390		(1,765)
Total long-term debt	102,907		93,348		2.6	%	3.1	%	2.6	%	3.1	%
Total debt	$	117,717	$	108,044	2.4	%	3.0	%	2.4	%	3.0	%
Fair value of debt (c)	$	120,204	$	105,177

__________

(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 are related to hedging activity and include discontinued hedging relationship adjustments of $257 million and $112 million at December 31, 2021 and September 30, 2022, respectively. The carrying value of hedged debt was $37.5 billion and $31.2 billion at December 31, 2021 and September 30, 2022, respectively.

(c)At December 31, 2021 and September 30, 2022, the fair value of debt includes $14.1 billion and $13.9 billion of short-term debt, respectively, carried at cost, which approximates fair value. All other debt is categorized within Level 2 of the fair value hierarchy.