Debt (Tables)

9 Months Ended

Sep. 30, 2023

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, 2022		September 30, 2023		2022		2023		2022		2023
Short-term debt
Unsecured debt
Floating rate demand notes	$	10,303	$	10,782
Other short-term debt	6,515		4,897
Asset-backed debt (a)	2,806		3,132
Total short-term debt	19,624		18,811		3.8	%	5.0	%	3.8	%	5.0	%
Long-term debt
Unsecured debt
Notes payable within one year	7,980		10,664
Notes payable after one year	39,620		42,700
Asset-backed debt (a)
Notes payable within one year	21,839		18,756
Notes payable after one year	31,840		34,046
Unamortized (discount)/premium	23		13
Unamortized issuance costs	(197)		(233)
Fair value adjustments (b)	(1,690)		(1,865)
Total long-term debt	99,415		104,081		3.6	%	4.5	%	3.6	%	4.5	%
Total debt	$	119,039	$	122,892	3.6	%	4.5	%	3.6	%	4.5	%
Fair value of debt (c)	$	117,214	$	122,386

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(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 $(320) million at December 31, 2022 and September 30, 2023, respectively. The carrying value of hedged debt was $33.3 billion and $37.3 billion at December 31, 2022 and September 30, 2023, respectively.

(c)At December 31, 2022 and September 30, 2023, the fair value of debt includes $16.9 billion and $15.7 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.