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DEBT | 9 Months Ended
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Sep. 30, 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 |  | September 30, 2025
Company excluding Ford Credit |  |  |
Debt payable within one year |  |  |
Short-term | $ | 632 |  |  | $ | 1,056 |
Long-term debt payable within one year |  |  |
U.K. Export Finance Program | 784 |  |  | — |
Public unsecured debt securities | 176 |  |  | 348 |
Convertible notes (a) | — |  |  | 2,300 |
Other debt (including finance leases) (b) | 176 |  |  | 218 |
Unamortized (discount)/premium | (11) |  |  | (1) |
Unamortized issuance costs | (1) |  |  | (3) |
Total debt payable within one year | 1,756 |  |  | 3,918 |
Long-term debt payable after one year |  |  |
Public unsecured debt securities | 14,759 |  |  | 14,587 |
Convertible notes (a) | 2,300 |  |  | — |
U.K. Export Finance Program (c) | 940 |  |  | 2,352 |
Other debt (including finance leases) (b) | 1,160 |  |  | 1,211 |
Unamortized (discount)/premium | (109) |  |  | (150) |
Unamortized issuance costs | (152) |  |  | (143) |
Total long-term debt payable after one year | 18,898 |  |  | 17,857 |
Total Company excluding Ford Credit | $ | 20,654 |  |  | $ | 21,775 |
Fair value of Company debt excluding Ford Credit (d) | $ | 20,178 |  |  | $ | 21,535 |
Ford Credit |  |  |
Debt payable within one year |  |  |
Short-term | $ | 17,413 |  |  | $ | 17,540 |
Long-term payable within one year |  |  |
Unsecured debt | 12,871 |  |  | 14,169 |
Asset-backed debt | 23,050 |  |  | 22,085 |
Unamortized (discount)/premium | 2 |  |  | (1) |
Unamortized issuance costs | (18) |  |  | (20) |
Fair value adjustments (e) | (125) |  |  | (63) |
Total debt payable within one year | 53,193 |  |  | 53,710 |
Long-term debt payable after one year |  |  |
Unsecured debt | 49,607 |  |  | 53,565 |
Asset-backed debt | 36,224 |  |  | 33,302 |
Unamortized (discount)/premium | (20) |  |  | (20) |
Unamortized issuance costs | (217) |  |  | (218) |
Fair value adjustments (e) | (919) |  |  | (174) |
Total long-term debt payable after one year | 84,675 |  |  | 86,455 |
Total Ford Credit | $ | 137,868 |  |  | $ | 140,165 |
Fair value of Ford Credit debt (d) | $ | 140,046 |  |  | $ | 142,583 |
__________ (a)As of September 30, 2025, each $1,000 principal amount of the notes will be convertible into 74.5103 shares of our Common Stock, which is equivalent to a conversion price of approximately $13.42 per share. We recognized issuance cost amortization of $2 million during both the third quarter of 2024 and 2025 and $5 million during both the first nine months of 2024 and 2025. (b)At December 31, 2024 and September 30, 2025, long-term finance leases payable within one year were $94 million and $134 million, respectively, and long-term finance leases payable after one year were $711 million and $761 million, respectively. (c)Ford of Britain entered into a £1.0 billion 7-year term loan pursuant to the U.K. Export Finance Program in July 2025. (d)At December 31, 2024 and September 30, 2025, the fair value of debt includes $632 million and $1,056 million of Company excluding Ford Credit short-term debt, respectively, and $16.2 billion and $16.2 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. (e)These adjustments are related to hedging activity and include discontinued hedging relationship adjustments of $(450) million and $(336) million at December 31, 2024 and September 30, 2025, respectively. The carrying value of hedged debt was $41.1 billion and $42.8 billion at December 31, 2024 and September 30, 2025, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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