DEBT AND COMMITMENTS (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Debt Disclosure [Abstract] |
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| Schedule of Carrying Value Debt |
The carrying value of Company debt excluding Ford Credit and Ford Credit debt at December 31 was as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Average Contractual | | | | | | | Interest Rates | | | Company excluding Ford Credit | 2024 | | 2025 | | 2024 | | 2025 | | | Debt payable within one year | | | | | | | | | | Short-term | $ | 632 | | | $ | 1,355 | | | 4.0 | % | | 3.8 | % | | | Long-term payable within one year | | | | | | | | | | U.K. Export Finance Program | 784 | | | — | | | | | | | | Public unsecured debt securities | 176 | | | 1,672 | | | | | | | | Convertible notes | — | | | 2,300 | | | | | | | | Other debt (including finance leases) (a) | 176 | | | 226 | | | | | | | | Unamortized (discount)/premium and issuance costs | (12) | | | (3) | | | | | | | | Total debt payable within one year | 1,756 | | | 5,550 | | | | | | | | Long-term debt payable after one year | | | | | | | | | | Public unsecured debt securities | 14,759 | | | 13,087 | | | | | | | | Convertible notes | 2,300 | | | — | | | | | | | | U.K. Export Finance Program | 940 | | | 2,355 | | | | | | | | Other debt (including finance leases) (a) | 1,160 | | | 1,210 | | | | | | | | Unamortized (discount)/premium and issuance costs | (261) | | | (283) | | | | | | | Total long-term debt payable after one year | 18,898 | | | 16,369 | | | 5.1 | % | (b) | 5.0 | % | (b) | | Total Company excluding Ford Credit | $ | 20,654 | | | $ | 21,919 | | | | | | | | | | | | | | | | | Fair value of Company debt excluding Ford Credit (c) | $ | 20,178 | | | $ | 21,640 | | | | | | | | | | | | | | | | | Ford Credit | | | | | | | | | | Debt payable within one year | | | | | | | | | | Short-term | $ | 17,413 | | | $ | 18,350 | | | 4.7 | % | | 3.7 | % | | | Long-term payable within one year | | | | | | | | | | Unsecured debt | 12,871 | | | 13,625 | | | | | | | | Asset-backed debt | 23,050 | | | 19,831 | | | | | | | | Unamortized (discount)/premium and issuance costs | (16) | | | (18) | | | | | | | | Fair value adjustments (d) | (125) | | | (36) | | | | | | | | Total debt payable within one year | 53,193 | | | 51,752 | | | | | | | | Long-term debt payable after one year | | | | | | | | | | Unsecured debt | 49,607 | | | 52,357 | | | | | | | | Asset-backed debt | 36,224 | | | 37,741 | | | | | | | | Unamortized (discount)/premium and issuance costs | (237) | | | (229) | | | | | | | | Fair value adjustments (d) | (919) | | | (204) | | | | | | | | Total long-term debt payable after one year | 84,675 | | | 89,665 | | | 4.8 | % | (b) | 4.7 | % | (b) | | Total Ford Credit | $ | 137,868 | | | $ | 141,417 | | | | | | | | | | | | | | | | | Fair value of Ford Credit debt (c) | $ | 140,046 | | | $ | 144,213 | | | | | | |
__________ (a)At December 31, 2024 and 2025, long-term finance leases payable within one year were $94 million and $136 million, respectively, and long-term finance leases payable after one year were $711 million and $754 million, respectively. (b)Includes interest on long-term debt payable within one year and after one year. (c)At December 31, 2024 and 2025, the fair value of debt includes $632 million and $1,355 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 $(319) million at December 31, 2024 and 2025, respectively. The carrying value of hedged debt was $41.1 billion and $41.7 billion at December 31, 2024 and 2025, respectively.
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| Schedule of Debt Maturities |
The amounts contractually due for our debt maturities and interest payments on long-term debt at December 31, 2025 were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2026 | | 2027 | | 2028 | | 2029 | | 2030 | | Thereafter | | Adjustments | | Total Debt Maturities | | Company excluding Ford Credit | | | | | | | | | | | | | | | | | Public unsecured debt securities | $ | 3,972 | | | $ | — | | | $ | 550 | | | $ | 202 | | | $ | 432 | | | $ | 11,903 | | | $ | (197) | | | $ | 16,862 | | | Short-term and other debt | 1,581 | | | 1,184 | | | 273 | | | 258 | | | 253 | | | 1,597 | | | (89) | | | 5,057 | | | Total | $ | 5,553 | | | $ | 1,184 | | | $ | 823 | | | $ | 460 | | | $ | 685 | | | $ | 13,500 | | | $ | (286) | | | $ | 21,919 | | | Interest payments relating to long-term debt (a) | $ | 1,026 | | | $ | 904 | | | $ | 869 | | | $ | 817 | | | $ | 763 | | | $ | 8,370 | | | $ | — | | | $ | 12,749 | | | | | | | | | | | | | | | | | | | Ford Credit | | | | | | | | | | | | | | | | | Unsecured debt | $ | 30,053 | | | $ | 12,941 | | | $ | 11,657 | | | $ | 8,613 | | | $ | 7,836 | | | $ | 11,310 | | | $ | (423) | | | $ | 81,987 | | | Asset-backed debt | 21,753 | | | 17,819 | | | 12,104 | | | 4,581 | | | 3,237 | | | — | | | (64) | | | 59,430 | | | Total | $ | 51,806 | | | $ | 30,760 | | | $ | 23,761 | | | $ | 13,194 | | | $ | 11,073 | | | $ | 11,310 | | | $ | (487) | | | $ | 141,417 | | | Interest payments relating to long-term debt (a) | $ | 5,309 | | | $ | 3,858 | | | $ | 2,583 | | | $ | 1,633 | | | $ | 1,057 | | | $ | 1,666 | | | $ | — | | | $ | 16,106 | |
__________ (a)Long-term debt may have fixed or variable interest rates. For long-term debt with variable-rate interest, we estimate the future interest payments based on projected market interest rates for various floating-rate benchmarks received from third parties.
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| Schedule of Public Unsecured Debt Securities Outstanding |
Our public unsecured debt securities outstanding at December 31 were as follows (in millions): | | | | | | | | | | | | | | Aggregate Principal Amount Outstanding | | Title of Security | 2024 | | 2025 | | 7 1/8% Debentures due November 15, 2025 | $ | 176 | | | $ | — | | 0.00% Notes due March 15, 2026 | 2,300 | | | 2,300 | | | 7 1/2% Debentures due August 1, 2026 | 172 | | | 172 | | 4.346% Notes due December 8, 2026 | 1,500 | | | 1,500 | | | 6 5/8% Debentures due February 15, 2028 | 104 | | | 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 | | | 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 | | | 600 | | 7.70% Debentures due May 15, 2097 | 142 | | | 142 | | | Total public unsecured debt securities | $ | 17,235 | | | $ | 17,059 | |
__________ (a) Listed on the Luxembourg Exchange and on the Singapore Exchange.
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| Schedule of Assets and Liabilities Related to our Asset-Backed Debt Arrangements |
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): | | | | | | | | | | | | | | 2024 | | 2025 | | Assets | | | | | Cash and cash equivalents | $ | 3.0 | | | $ | 2.9 | | | Finance receivables, net | 71.6 | | | 63.7 | | | Net investment in operating leases | 13.3 | | | 13.6 | | | | | | | Liabilities | | | | | Debt (a) | $ | 60.4 | | | $ | 59.5 | |
__________ (a)Debt is net of unamortized discount and issuance costs.
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