| Schedule of Carrying Values and Estimated Fair Values of Debt Instruments |
The carrying value of Company debt excluding Ford Credit and Ford Credit debt was as follows (in millions): | | | | | | | | | | | | | December 31,
2023 | | March 31,
2024 | | Company excluding Ford Credit | | | | | Debt payable within one year | | | | | Short-term | $ | 362 | | | $ | 579 | | | Long-term payable within one year | | | | | Other debt (including finance leases) | 117 | | | 150 | | | Unamortized (discount)/premium | (2) | | | (2) | | | Total debt payable within one year | 477 | | | 727 | | | Long-term debt payable after one year | | | | | Public unsecured debt securities | 14,935 | | | 14,935 | | | Convertible notes (a) | 2,300 | | | 2,300 | | | U.K. Export Finance Program | 1,749 | | | 1,735 | | | Other debt (including finance leases) | 811 | | | 775 | | | Unamortized (discount)/premium | (155) | | | (147) | | | Unamortized issuance costs | (173) | | | (168) | | | Total long-term debt payable after one year | 19,467 | | | 19,430 | | | Total Company excluding Ford Credit | $ | 19,944 | | | $ | 20,157 | | | Fair value of Company debt excluding Ford Credit (b) | $ | 19,775 | | | $ | 20,125 | | | Ford Credit | | | | | Debt payable within one year | | | | | Short-term | $ | 18,658 | | | $ | 17,141 | | | Long-term payable within one year | | | | | Unsecured debt | 11,755 | | | 10,917 | | | Asset-backed debt | 18,851 | | | 21,120 | | | Unamortized (discount)/premium | (1) | | | (1) | | Unamortized issuance costs | (13) | | | (18) | | | Fair value adjustments (c) | (58) | | | (96) | | | Total debt payable within one year | 49,192 | | | 49,063 | | | Long-term debt payable after one year | | | | | Unsecured debt | 45,435 | | | 49,842 | | | Asset-backed debt | 36,074 | | | 31,910 | | | Unamortized (discount)/premium | 10 | | | 1 | | Unamortized issuance costs | (224) | | | (236) | | | Fair value adjustments (c) | (1,200) | | | (1,322) | | | Total long-term debt payable after one year | 80,095 | | | 80,195 | | | Total Ford Credit | $ | 129,287 | | | $ | 129,258 | | | Fair value of Ford Credit debt (b) | $ | 130,533 | | | $ | 130,954 | |
__________ (a)As of March 31, 2024, each $1,000 principal amount of the notes will be convertible into 67.352 shares of our Common Stock, which is equivalent to a conversion price of approximately $14.85 per share. We recognized issuance cost amortization of $2 million during both the first quarter of 2023 and 2024. (b)At December 31, 2023 and March 31, 2024, the fair value of debt includes $362 million and $579 million of Company excluding Ford Credit short-term debt, respectively, and $15.5 billion and $15.2 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. (c)These adjustments are related to hedging activity and include discontinued hedging relationship adjustments of $(681) million and $(607) million at December 31, 2023 and March 31, 2024, respectively. The carrying value of hedged debt was $38.7 billion and $40.3 billion at December 31, 2023 and March 31, 2024, respectively.
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