Derivative Financial Instruments and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2022

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 years ended December 31 were as follows (in millions):

	2020		2021		2022
Fair value hedges
Interest rate contracts
Net interest settlements and accruals on hedging instruments	$	290	$	393	$	(45)
Fair value changes on hedging instruments	986		(1,001)		(1,875)
Fair value changes on hedged debt	(985)		957		1,893
Cross-currency interest rate swap contracts
Net interest settlements and accruals on hedging instruments	(2)		(8)		(27)
Fair value changes on hedging instruments	38		(93)		(111)
Fair value changes on hedged debt	(37)		82		113
Derivatives not designated as hedging instruments
Interest rate contracts	(100)		(3)		390
Foreign currency exchange contracts (a)	(82)		145		50
Cross-currency interest rate swap contracts	486		(507)		(780)
Total	$	594	$	(35)	$	(392)

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(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 at December 31 were as follows (in millions):

	2021						2022
	Notional		Fair Value of Assets		Fair Value of Liabilities		Notional		Fair Value of Assets		Fair Value of Liabilities
Fair value hedges
Interest rate contracts	$	23,893	$	544	$	274	$	16,883	$	—	$	1,653
Cross-currency interest rate swaps	885		—		49		885		—		161
Derivatives not designated as hedging instruments
Interest rate contracts	50,060		338		126		63,210		931		483
Foreign currency exchange contracts	4,407		66		2		4,219		41		76
Cross-currency interest rate swap contracts	6,533		117		61		6,635		15		653
Total derivative financial instruments, gross (a) (b)	$	85,778	$	1,065	$	512	$	91,832	$	987	$	3,026

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(a)At December 31, 2021 and 2022, we held collateral of $26 million and $210 million, and we posted collateral of $71 million and $193 million, respectively.

(b)At December 31, 2021 and 2022, the fair value of assets and liabilities available for counterparty netting was $415 million and $166 million, respectively. All derivatives are categorized within Level 2 of the fair value hierarchy.