v3.22.2.2
Debt (Tables)
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Schedule of debt outstanding [Table Text Block]
The carrying value of Company debt excluding Ford Credit and Ford Credit debt was as follows (in millions):
December 31,
2021		September 30,
2022
Company excluding Ford Credit  
Debt payable within one year
Short-term$286 $783 
Long-term payable within one year 
Public unsecured debt securities
86 — 
U.S. Department of Energy Advanced Technology Vehicles Manufacturing Incentive Program953 — 
Delayed draw term loan1,500 — 
Other debt348 431 
Unamortized (discount)/premium2 (2)
Total debt payable within one year3,175 1,212 
Long-term debt payable after one year 
Public unsecured debt securities (a)13,643 14,936 
Convertible notes (b)2,300 2,300 
U.K. Export Finance Program (c)843 1,518 
Other debt768 695 
Unamortized (discount)/premium(188)(182)
Unamortized issuance costs(166)(194)
Total long-term debt payable after one year17,200 19,073 
Total Company excluding Ford Credit$20,375 $20,285 
Fair value of Company debt excluding Ford Credit (d)$24,044 $18,390 
Ford Credit  
Debt payable within one year
Short-term$14,810 $14,696 
Long-term payable within one year 
Unsecured debt13,660 8,146 
Asset-backed debt18,049 19,997 
Unamortized (discount)/premium1 — 
Unamortized issuance costs
(13)(12)
Fair value adjustments (e)10 11 
Total debt payable within one year46,517 42,838 
Long-term debt payable after one year
Unsecured debt44,337 39,006 
Asset-backed debt26,654 28,137 
Unamortized (discount)/premium28 24 
Unamortized issuance costs
(199)(185)
Fair value adjustments (e)380 (1,776)
Total long-term debt payable after one year71,200 65,206 
Total Ford Credit$117,717 $108,044 
Fair value of Ford Credit debt (d)$120,204 $105,177 
__________
(a)Public unsecured debt securities increased in the third quarter due to green bond and retail bond issuance, which together totaled $2.4 billion, partially offset by a $1.1 billion bond redemption.
(b)As of September 30, 2022, each $1,000 principal amount of the notes will be convertible into 58.7365 shares of our Common Stock, which is equivalent to a conversion price of approximately $17.03 per share. We recognized issuance cost amortization of $2 million and $4 million during the third quarter and first nine months of 2021, respectively, and $2 million and $5 million during the third quarter and first nine months of 2022, respectively.
(c)We entered into a £750 million 5-year term loan pursuant to the U.K. Export Finance Program in June 2022.
(d)At December 31, 2021 and September 30, 2022, the fair value of debt includes $209 million and $717 million of Company excluding Ford Credit short-term debt and $14.1 billion and $13.9 billion of Ford Credit short-term debt, respectively, carried at cost, which approximates fair value. All other debt is categorized within Level 2 of the fair value hierarchy.
(e)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.