DEBT (Tables)

6 Months Ended

Jun. 30, 2026

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		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 securities	1,672		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 year	5,550		4,381
Long-term debt payable after one year
Public unsecured debt securities	13,087		13,087
U.S. Department of Energy Loan	—		3,805
U.K. Export Finance Program	2,355		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 year	16,369		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 debt	13,625		12,426
Asset-backed debt	19,831		18,321
Unamortized (discount)/premium and issuance costs	(18)		(18)
Fair value adjustments (d)	(36)		(33)
Total debt payable within one year	51,752		46,956
Long-term debt payable after one year
Unsecured debt	52,357		54,881
Asset-backed debt	37,741		36,254
Unamortized (discount)/premium and issuance costs	(229)		(234)
Fair value adjustments (d)	(204)		(509)
Total long-term debt payable after one year	89,665		90,392
Total Ford Credit	$	141,417	$	137,348
Fair value of Ford Credit debt (c)	$	144,213	$	139,545

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(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.