v3.22.4
Debt and Commitments (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Instrument [Line Items]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
The carrying value of Company debt excluding Ford Credit and Ford Credit debt at December 31 was as follows (in millions):
Interest Rates
Average Contractual Average Effective (a)
Company excluding Ford Credit202120222021202220212022
Debt payable within one year  
Short-term$286 $359 0.4 %2.8 %0.4 %2.8 %
Long-term payable within one year 
Public unsecured debt securities86 — 
U.S. Department of Energy Advanced Technology Vehicles Manufacturing (“DOE ATVM”) Incentive Program953 — 
Delayed draw term loan1,500 — 
Other debt348 372 
Unamortized (discount)/premium2 (1)
Total debt payable within one year3,175 730 
Long-term debt payable after one year 
Public unsecured debt securities13,643 14,935 
Convertible notes2,300 2,300 
U.K. Export Finance Program843 1,654 
Other debt768 682 
Unamortized (discount)/premium(188)(180)
Unamortized issuance costs
(166)(191)
Total long-term debt payable after one year
17,200 19,200 4.4 %(b)4.9 %(b)4.6 %(b)5.1 %(b)
Total Company excluding Ford Credit$20,375 $19,930 
Fair value of Company debt excluding Ford Credit (c)$24,044 $18,557 
Ford Credit  
Debt payable within one year  
Short-term$14,810 $19,624 1.2 %3.8 %1.3 %3.8 %
Long-term payable within one year 
Unsecured debt13,660 7,980 
Asset-backed debt18,049 21,839 
Unamortized (discount)/premium1 — 
Unamortized issuance costs
(13)(13)
Fair value adjustments (d)10 4 
Total debt payable within one year46,517 49,434 
Long-term debt payable after one year
Unsecured debt44,337 39,620 
Asset-backed debt26,654 31,840 
Unamortized (discount)/premium28 23 
Unamortized issuance costs
(199)(184)
Fair value adjustments (d)380 (1,694)
Total long-term debt payable after one year71,200 69,605 2.6 %(b)3.6 %(b)2.6 %(b)3.6 %(b)
Total Ford Credit$117,717 $119,039 
Fair value of Ford Credit debt (c)$120,204 $117,214 
__________
(a)Average effective rates reflect the average contractual interest rate plus amortization of discounts, premiums, and issuance costs.
(b)Includes interest on long-term debt payable within one year and after one year.
(c)At December 31, 2021 and 2022, the fair value of debt includes $209 million and $359 million of Company excluding Ford Credit short-term debt and $14.1 billion and $16.9 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.
(d)These adjustments are related to hedging activity and include discontinued hedging relationship adjustments of $257 million and $31 million at December 31, 2021 and 2022, respectively. The carrying value of hedged debt was $37.5 billion and $33.3 billion at December 31, 2021 and 2022, respectively.
Schedule of Maturities of Long-term Debt [Table Text Block] Debt maturities at December 31, 2022 were as follows (in millions):
 20232024202520262027ThereafterAdjustmentsTotal Debt Maturities
Company excluding Ford Credit       
Public unsecured debt securities$— $— $176 $3,972 $— $13,087 $(258)$16,977 
Short-term and other debt731 95 820 65 939 417 (114)2,953 
Total$731 $95 $996 $4,037 $939 $13,504 $(372)$19,930 
Ford Credit       
Unsecured debt$24,798 $11,533 $10,888 $5,184 $6,187 $5,828 $(1,816)$62,602 
Asset-backed debt24,645 15,625 10,896 3,509 1,110 700 (48)56,437 
Total$49,443 $27,158 $21,784 $8,693 $7,297 $6,528 $(1,864)$119,039 
Schedule of debt outstanding [Table Text Block]
Our public unsecured debt securities outstanding at December 31 were as follows (in millions):
 Aggregate Principal Amount Outstanding
Title of Security20212022
8 7/8% Debentures due January 15, 2022$86 $— 
9.000% Notes due April 22, 2025
1,058 — 
7 1/8% Debentures due November 15, 2025176 176 
0.00% Notes due March 15, 2026
2,300 2,300 
7 1/2% Debentures due August 1, 2026172 172 
4.346% Notes due December 8, 2026
1,500 1,500 
6 5/8% Debentures due February 15, 2028104 104 
6 5/8% Debentures due October 1, 2028 (a) 
446 446 
6 3/8% Debentures due February 1, 2029 (a) 
202 202 
9.30% Notes due March 1, 2030
294 294 
9.625% Notes due April 22, 2030
432 432 
7.45% GLOBLS due July 16, 2031 (a) 
1,070 1,070 
8.900% Debentures due January 15, 2032
108 108 
3.25% Notes due February 12, 2032
2,500 2,500 
9.95% Debentures due February 15, 2032
4 4 
6.10% Notes due August 19, 2032
— 1,750 
4.75% Notes due January 15, 2043
2,000 2,000 
7.75% Debentures due June 15, 2043
73 73 
7.40% Debentures due November 1, 2046
398 398 
5.291% Notes due December 8, 2046
1,300 1,300 
9.980% Debentures due February 15, 2047
114 114 
6.20% Notes due June 1, 2059
750 750 
6.00% Notes due December 1, 2059
800 800 
6.50% Notes due August 15, 2062
— 600 
7.70% Debentures due May 15, 2097
142 142 
Total public unsecured debt securities$16,029 $17,235 
__________
(a)    Listed on the Luxembourg Exchange and on the Singapore Exchange.
Assets And Liabilities Related To Secured Debt Arrangements Disclosure Text Block
The assets and liabilities related to our asset-backed debt arrangements included in our consolidated financial statements at December 31 were as follows (in billions):
 20212022
Assets
Cash and cash equivalents$3.8 $2.8 
Finance receivables, net50.6 61.6 
Net investment in operating leases7.5 12.5 
Liabilities
Debt (a)$45.4 $56.4 
__________
(a)Debt is net of unamortized discount and issuance costs.