XML 31 R20.htm IDEA: XBRL DOCUMENT v3.26.1
DEBT
 6 Months Ended
Jun. 30, 2026
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,
2025		June 30,
2026
Company excluding Ford Credit  
Debt payable within one year
Short-term$1,355 $1,505 
Long-term debt payable within one year 
Public unsecured debt securities1,672 1,672 
U.K. Export Finance Program— 992 
Convertible notes (a)2,300 — 
Other debt (including finance leases) (b)226 222 
Unamortized (discount)/premium and issuance costs(3)(10)
Total debt payable within one year5,550 4,381 
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 1,323 
Other debt (including finance leases) (b)1,210 1,279 
Unamortized (discount)/premium and issuance costs(283)(256)
Total long-term debt payable after one year16,369 19,238 
Total Company excluding Ford Credit$21,919 $23,619 
Fair value of Company debt excluding Ford Credit (c)$21,640 $23,191 
Ford Credit 
Debt payable within one year
Short-term$18,350 $16,260 
Long-term payable within one year 
Unsecured debt13,625 12,426 
Asset-backed debt19,831 18,321 
Unamortized (discount)/premium and issuance costs(18)(18)
Fair value adjustments (d)(36)(33)
Total debt payable within one year51,752 46,956 
Long-term debt payable after one year
Unsecured debt52,357 54,881 
Asset-backed debt37,741 36,254 
Unamortized (discount)/premium and issuance costs(229)(234)
Fair value adjustments (d)(204)(509)
Total long-term debt payable after one year89,665 90,392 
Total Ford Credit$141,417 $137,348 
Fair value of Ford Credit debt (c)$144,213 $139,545 
__________
(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 June 30, 2026, long-term finance leases payable within one year were $136 million and $134 million, respectively, and long-term finance leases payable after one year were $754 million and $849 million, respectively.
(c)At December 31, 2025 and June 30, 2026, the fair value of debt includes $1.4 billion and $1.5 billion of Company excluding Ford Credit short-term debt, respectively, and $16.4 billion and $14.9 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 $(207) million at December 31, 2025 and June 30, 2026, respectively. The carrying value of hedged debt was $41.7 billion and $44.9 billion at December 31, 2025 and June 30, 2026, respectively.
NOTE 12. DEBT (Continued)

U.S. Department of Energy Loan

In May 2026, we and the U.S. Department of Energy (“DOE”) entered into a Loan Arrangement and Reimbursement Agreement (the “Ford DOE Loan Agreement”), and we assumed from BlueOval SK, LLC (“BOSK”), our former joint venture, all obligations under a $3.8 billion promissory note payable to the DOE for advances previously made to BOSK. The advances were made for the construction of one of two plants in Kentucky that we acquired from BOSK upon the closing of the BOSK Joint Venture Disposition Agreement (“JVDA”). See Note 16 for more information on the BOSK JVDA. The two Kentucky plants we acquired from BOSK are subject to existing liens in favor of the DOE.

Under the terms of the Ford DOE Loan Agreement, the interest rate for the loan is 4.814% per annum. Quarterly interest only payments are required through January 15, 2030, with quarterly principal and interest payments required commencing on April 15, 2030 through July 15, 2040, the final maturity date. The Ford DOE Loan Agreement also contains covenants substantially similar to those in our existing Credit Agreement dated as of December 15, 2006 (as amended and restated, amended, supplemented, or otherwise modified from time to time), including a liquidity covenant requiring that we not permit Available Liquidity (as defined in the Ford DOE Loan Agreement) to be less than $4.0 billion.