Debt (Tables)

3 Months Ended

Mar. 31, 2025

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, 2024		March 31, 2025		2024		2025		2024		2025
Short-term debt
Unsecured debt
Floating rate demand notes	$	12,040	$	12,513
Other short-term debt	4,173		3,848
Asset-backed debt (a)	1,200		713
Total short-term debt	17,413		17,074		4.7	%	4.3	%	4.7	%	4.3	%
Long-term debt
Unsecured debt
Notes payable within one year	12,871		14,029
Notes payable after one year	49,607		51,999
Asset-backed debt (a)
Notes payable within one year	23,050		19,129
Notes payable after one year	36,224		33,025
Unamortized (discount)/premium	(18)		(20)
Unamortized issuance costs	(235)		(248)
Fair value adjustments (b)	(1,044)		(648)
Total long-term debt	120,455		117,266		4.8	%	4.8	%	4.8	%	4.8	%
Total debt	$	137,868	$	134,340	4.8	%	4.7	%	4.8	%	4.8	%
Fair value of debt (c)	$	140,046	$	135,857

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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 $(450) million and $(374) million at December 31, 2024 and March 31, 2025, respectively. The carrying value of hedged debt was $41.1 billion and $43.3 billion at December 31, 2024 and March 31, 2025, respectively.

(c)At December 31, 2024 and March 31, 2025, the fair value of debt includes $16.2 billion and $16.4 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.