v3.26.3
DEBT (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
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,
2025		September 30,
2026
Company excluding Ford Credit
Debt payable within one year
Short-term$1,355 $1,400 
Long-term debt payable within one year
Public unsecured debt securities1,672 1,500 
U.K. Export Finance Program— 997 
Convertible notes (a)2,300 — 
Other debt (including finance leases) (b)226 265 
Unamortized (discount)/premium and issuance costs(3)(8)
Total debt payable within one year5,550 4,154 
Long-term debt payable after one year
Public unsecured debt securities13,087 13,087 
U.S. Department of Energy Loan— 3,805 
U.K. Export Finance Program2,355 1,329 
Other debt (including finance leases) (b)1,210 1,565 
Unamortized (discount)/premium and issuance costs(283)(251)
Total long-term debt payable after one year16,369 19,535 
Total Company excluding Ford Credit$21,919 $23,689 
Fair value of Company debt excluding Ford Credit (c)$21,640 $22,363 
Ford Credit
Debt payable within one year
Short-term$18,350 $16,811 
Long-term payable within one year
Unsecured debt13,625 12,785 
Asset-backed debt19,831 19,635 
Unamortized (discount)/premium and issuance costs(18)(20)
Fair value adjustments (d)(36)(52)
Total debt payable within one year51,752 49,159 
Long-term debt payable after one year
Unsecured debt52,357 55,345 
Asset-backed debt37,741 36,571 
Unamortized (discount)/premium and issuance costs(229)(232)
Fair value adjustments (d)(204)(1,450)
Total long-term debt payable after one year89,665 90,234 
Total Ford Credit$141,417 $139,393 
Fair value of Ford Credit debt (c)$144,213 $140,725 
__________
(a)On March 16, 2026, we settled the principal amount of our $2.3 billion 0.00% Convertible Senior Notes in cash and issued 6.6 million shares of Ford Common Stock held as treasury stock to settle the conversion premium, which were subsequently repurchased as part of our anti-dilutive share repurchase program.
(b)At December 31, 2025 and September 30, 2026, long-term finance leases payable within one year were $136 million and $150 million, respectively, and long-term finance leases payable after one year were $754 million and $1,141 million, respectively.
(c)At December 31, 2025 and September 30, 2026, the fair value of debt includes $1.4 billion and $1.4 billion of Company excluding Ford Credit short-term debt, respectively, and $16.4 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.
(d)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.