Debt

3 Months Ended

Mar. 31, 2023

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, 2022		March 31, 2023		2022		2023		2022		2023
Short-term debt
Unsecured debt
Floating rate demand notes	$	10,303	$	10,278
Other short-term debt	6,515		4,462
Asset-backed debt (a)	2,806		3,150
Total short-term debt	19,624		17,890		3.8	%	4.2	%	3.8	%	4.2	%
Long-term debt
Unsecured debt
Notes payable within one year	7,980		10,128
Notes payable after one year	39,620		41,237
Asset-backed debt (a)
Notes payable within one year	21,839		19,502
Notes payable after one year	31,840		32,449
Unamortized (discount)/premium	23		17
Unamortized issuance costs	(197)		(225)
Fair value adjustments (b)	(1,690)		(1,418)
Total long-term debt	99,415		101,690		3.6	%	4.0	%	3.6	%	4.0	%
Total debt	$	119,039	$	119,580	3.6	%	4.0	%	3.6	%	4.0	%
Fair value of debt (c)	$	117,214	$	118,688

__________

(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 $31 million and $(31) million at December 31, 2022 and March 31, 2023, respectively. The carrying value of hedged debt was $33.3 billion and $36.5 billion at December 31, 2022 and March 31, 2023, respectively.

(c)At December 31, 2022 and March 31, 2023, the fair value of debt includes $16.9 billion and $14.8 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.