v3.25.1
Debt (Notes)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
The carrying value of Company debt excluding Ford Credit and Ford Credit debt was as follows (in millions):
December 31,
2024		March 31,
2025
Company excluding Ford Credit  
Debt payable within one year
Short-term$632 $814 
Long-term debt payable within one year 
U.K. Export Finance Program784 810 
Public unsecured debt securities176 176 
Convertible notes (a)— 2,300 
Other debt (including finance leases) (b)176 199 
Unamortized (discount)/premium(11)(6)
Unamortized issuance costs(1)(7)
Total debt payable within one year1,756 4,286 
Long-term debt payable after one year 
Public unsecured debt securities14,759 14,759 
Convertible notes (a)2,300 — 
U.K. Export Finance Program940 972 
Other debt (including finance leases) (b)1,160 1,161 
Unamortized (discount)/premium(109)(107)
Unamortized issuance costs(152)(141)
Total long-term debt payable after one year18,898 16,644 
Total Company excluding Ford Credit$20,654 $20,930 
Fair value of Company debt excluding Ford Credit (c)$20,178 $20,055 
Ford Credit  
Debt payable within one year
Short-term$17,413 $17,074 
Long-term payable within one year 
Unsecured debt12,871 14,029 
Asset-backed debt23,050 19,129 
Unamortized (discount)/premium2 — 
Unamortized issuance costs
(18)(19)
Fair value adjustments (d)(125)(59)
Total debt payable within one year53,193 50,154 
Long-term debt payable after one year
Unsecured debt49,607 51,999 
Asset-backed debt36,224 33,025 
Unamortized (discount)/premium(20)(20)
Unamortized issuance costs
(217)(229)
Fair value adjustments (d)(919)(589)
Total long-term debt payable after one year84,675 84,186 
Total Ford Credit$137,868 $134,340 
Fair value of Ford Credit debt (c)$140,046 $135,857 
__________`
(a)As of March 31, 2025, each $1,000 principal amount of the notes will be convertible into 72.4656 shares of our Common Stock, which is equivalent to a conversion price of approximately $13.80 per share. We recognized issuance cost amortization of $2 million during both the first quarter of 2024 and 2025.
(b)At December 31, 2024 and March 31, 2025, long-term finance leases payable within one year were $94 million and $109 million, respectively, and long-term finance leases payable after one year were $711 million and $721 million, respectively.
(c)At December 31, 2024 and March 31, 2025, the fair value of debt includes $632 million and $814 million of Company excluding Ford Credit short-term debt, respectively, and $16.2 billion and $16.4 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 $(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.