| DEBT |
DEBT The carrying value of Company debt excluding Ford Credit and Ford Credit debt was as follows (in millions): | | | | | | | | | | | | | December 31,
2023 | | September 30,
2024 | | Company excluding Ford Credit | | | | | Debt payable within one year | | | | | Short-term | $ | 362 | | | $ | 536 | | | Long-term payable within one year | | | | | U.K. Export Finance Program | — | | | 838 | | | Other debt (including finance leases) | 117 | | | 171 | | | Unamortized (discount)/premium | (2) | | | (17) | | | Unamortized issuance costs | — | | | (2) | | | Total debt payable within one year | 477 | | | 1,526 | | | 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 | | | 1,005 | | | Other debt (including finance leases) | 811 | | | 1,104 | | | Unamortized (discount)/premium | (155) | | | (117) | | | Unamortized issuance costs | (173) | | | (156) | | | Total long-term debt payable after one year | 19,467 | | | 19,071 | | | Total Company excluding Ford Credit | $ | 19,944 | | | $ | 20,597 | | | Fair value of Company debt excluding Ford Credit (b) | $ | 19,775 | | | $ | 20,677 | | | Ford Credit | | | | | Debt payable within one year | | | | | Short-term | $ | 18,658 | | | $ | 17,315 | | | Long-term payable within one year | | | | | Unsecured debt | 11,755 | | | 12,995 | | | Asset-backed debt | 18,851 | | | 21,855 | | | Unamortized (discount)/premium | (1) | | | — | | Unamortized issuance costs | (13) | | | (18) | | | Fair value adjustments (c) | (58) | | | (109) | | | Total debt payable within one year | 49,192 | | | 52,038 | | | Long-term debt payable after one year | | | | | Unsecured debt | 45,435 | | | 52,256 | | | Asset-backed debt | 36,074 | | | 33,144 | | | Unamortized (discount)/premium | 10 | | | (19) | | Unamortized issuance costs | (224) | | | (230) | | | Fair value adjustments (c) | (1,200) | | | (528) | | | Total long-term debt payable after one year | 80,095 | | | 84,623 | | | Total Ford Credit | $ | 129,287 | | | $ | 136,661 | | | Fair value of Ford Credit debt (b) | $ | 130,533 | | | $ | 139,158 | |
__________ (a)As of September 30, 2024, each $1,000 principal amount of the notes will be convertible into 69.2318 shares of our Common Stock, which is equivalent to a conversion price of approximately $14.44 per share. We recognized issuance cost amortization of $2 million and $5 million during the third quarter and first nine months of 2023 and 2024, respectively. (b)At December 31, 2023 and September 30, 2024, the fair value of debt includes $362 million and $536 million of Company excluding Ford Credit short-term debt, respectively, and $15.5 billion and $16.0 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 $(536) million at December 31, 2023 and September 30, 2024, respectively. The carrying value of hedged debt was $38.7 billion and $42.2 billion at December 31, 2023 and September 30, 2024, respectively.
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