Long-term Line of Credit, Noncurrent

FORD MOTOR COMPANY AND SUBSIDIARIESNOTES TO THE FINANCIAL STATEMENTSNOTE 19.  DEBT AND COMMITMENTS (Continued)  
The carrying value of Company debt excluding Ford Credit and Ford Credit debt at December 31 was as follows (in millions):

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Interest Rates |  |
|  |  |  |  |  | Average Contractual |  |  Average Effective (a) |  |
| Company excluding Ford Credit | 2020 |  | 2021 |  | 2020 |  | 2021 |  | 2020 |  | 2021 |  |
| Debt payable within one year |   |  |   |  |  |  |  |  |  |  |  |  |
| Short-term | $ | 613  |  |  | $ | 286  |  |  | 4.0  | % |  | 0.4  | % |  | 4.0  | % |  | 0.4  | % |  |
| Long-term payable within one year |   |  |   |  |  |  |  |  |  |  |  |  |
| Public unsecured debt securities | 180  |  |  | 86  |  |  |  |  |  |  |  |  |  |  |
| U.S. Department of Energy Advanced Technology Vehicles Manufacturing (“DOE ATVM”) Incentive Program | 148  |  |  | 953  |  |  |  |  |  |  |  |  |  |  |
| Delayed draw term loan | —  |  |  | 1,500  |  |  |  |  |  |  |  |  |  |  |
| Other debt | 434  |  |  | 348  |  |  |  |  |  |  |  |  |  |  |
| Unamortized (discount)/premium | (1) |  |  | 2  |  |  |  |  |  |  |  |  |  |  |
| Total debt payable within one year | 1,374  |  |  | 3,175  |  |  |  |  |  |  |  |  |  |  |
| Long-term debt payable after one year |   |  |   |  |  |  |  |  |  |  |  |  |
| Public unsecured debt securities | 18,877  |  |  | 13,643  |  |  |  |  |  |  |  |  |  |  |
| Convertible notes | —  |  |  | 2,300  |  |  |  |  |  |  |  |  |  |  |
| Delayed draw term loan | 1,500  |  |  | —  |  |  |  |  |  |  |  |  |  |  |
| DOE ATVM Incentive Program | 1,064  |  |  | —  |  |  |  |  |  |  |  |  |  |  |
| U.K. Export Finance Program | 854  |  |  | 843  |  |  |  |  |  |  |  |  |  |  |
| Other debt | 768  |  |  | 768  |  |  |  |  |  |  |  |  |  |  |
| Unamortized (discount)/premium | (242) |  |  | (188) |  |  |  |  |  |  |  |  |  |  |
| Unamortized issuance costs | (188) |  |  | (166) |  |  |  |  |  |  |  |  |  |  |
| Total long-term debt payable after one year | 22,633  |  |  | 17,200  |  |  | 6.3  | % | (b) | 4.4  | % | (b) | 6.5  | % | (b) | 4.6  | % | (b) |
| Total Company excluding Ford Credit | $ | 24,007  |  |  | $ | 20,375  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |
| Fair value of Company debt excluding Ford Credit (c) | $ | 27,794  |  |  | $ | 24,044  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |
| Ford Credit |   |  |   |  |  |  |  |  |  |  |  |  |
| Debt payable within one year |   |  |   |  |  |  |  |  |  |  |  |  |
| Short-term | $ | 11,429  |  |  | $ | 14,810  |  |  | 1.5  | % |  | 1.2  | % |  | 1.6  | % |  | 1.3  | % |  |
| Long-term payable within one year |   |  |   |  |  |  |  |  |  |  |  |  |
| Unsecured debt | 17,185  |  |  | 13,660  |  |  |  |  |  |  |  |  |  |  |
| Asset-backed debt | 21,345  |  |  | 18,049  |  |  |  |  |  |  |  |  |  |  |
| Unamortized (discount)/premium | 2  |  |  | 1  |  |  |  |  |  |  |  |  |  |  |
| Unamortized issuance costs | (17) |  |  | (13) |  |  |  |  |  |  |  |  |  |  |
| Fair value adjustments (d) | 25  |  |  | 10  |  |  |  |  |  |  |  |  |  |  |
| Total debt payable within one year | 49,969  |  |  | 46,517  |  |  |  |  |  |  |  |  |  |  |
| Long-term debt payable after one year |  |  |  |  |  |  |  |  |  |  |  |  |
| Unsecured debt | 54,197  |  |  | 44,337  |  |  |  |  |  |  |  |  |  |  |
| Asset-backed debt | 32,276  |  |  | 26,654  |  |  |  |  |  |  |  |  |  |  |
| Unamortized (discount)/premium | 28  |  |  | 28  |  |  |  |  |  |  |  |  |  |  |
| Unamortized issuance costs | (235) |  |  | (199) |  |  |  |  |  |  |  |  |  |  |
| Fair value adjustments (d) | 1,442  |  |  | 380  |  |  |  |  |  |  |  |  |  |  |
| Total long-term debt payable after one year | 87,708  |  |  | 71,200  |  |  | 2.7  | % | (b) | 2.6  | % | (b) | 2.7  | % | (b) | 2.6  | % | (b) |
| Total Ford Credit | $ | 137,677  |  |  | $ | 117,717  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |
| Fair value of Ford Credit debt (c) | $ | 139,796  |  |  | $ | 120,204  |  |  |  |  |  |  |  |  |  |  |

\_\_\_\_\_\_\_\_\_\_(a)Average effective rates reflect the average contractual interest rate plus amortization of discounts, premiums, and issuance costs.(b)Includes interest on long-term debt payable within one year and after one year.(c)At December 31, 2020 and 2021, the fair value of debt includes $529 million and $209 million of Company excluding Ford Credit short-term debt and $10.4 billion and $14.1 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 $299 million and $257 million at December 31, 2020 and 2021, respectively. The carrying value of hedged debt was $45.5 billion and $37.5 billion at December 31, 2020 and 2021, respectively.155
