v3.26.3
DEBT
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
Debt outstanding and interest rates were as follows (in millions):
Interest Rates
DebtAverage Contractual
December 31,
2025		September 30,
2026		20252026
Short-term debt
Unsecured debt
Floating rate demand notes$12,950 $12,122 
Other short-term debt3,478 3,109 
Asset-backed debt (a)1,922 1,580 
Total short-term debt18,350 16,811 3.7 %3.8 %
Long-term debt
Unsecured debt
Notes payable within one year13,625 12,785 
Notes payable after one year52,357 55,345 
Asset-backed debt (a)
Notes payable within one year19,831 19,635 
Notes payable after one year37,741 36,571 
Unamortized (discount)/premium and issuance costs(247)(252)
Fair value adjustments (b)(240)(1,502)
Total long-term debt123,067 122,582 4.7 %4.8 %
Total debt$141,417 $139,393 4.6 %4.6 %
Fair value of debt (c)$144,213 $140,725 
__________
(a)Asset-backed debt issued in securitizations is the obligation of the consolidated securitization entity that issued the debt and is payable only out of collections on the underlying securitized assets and related enhancements. This asset-backed debt is not the obligation of Ford Credit or our other subsidiaries.
(b)These adjustments are related to hedging activity and include discontinued hedging relationship adjustments of $(319) million and $(316) million at December 31, 2025 and September 30, 2026, respectively. The carrying value of hedged debt was $41.7 billion and $44.1 billion at December 31, 2025 and September 30, 2026, respectively.
(c)At December 31, 2025 and September 30, 2026, the fair value of debt includes $16.4 billion and $15.2 billion of short-term debt, respectively, carried at cost, which approximates fair value. All other debt is categorized within Level 2 of the fair value hierarchy.