FORD MOTOR CREDIT CO LLC, 10-Q filed on 10/27/2023
Quarterly Report
v3.23.3
Document and Entity Information Document
 9 Months Ended
Sep. 30, 2023
shares
Document and Entity Information [Abstract]  
Entity Incorporation, State or Country Code DE
Entity Central Index Key 0000038009
Document Information [Line Items]  
Document Fiscal Year Focus 2023
Document Fiscal Period Focus Q3
Amendment Flag false
Entity Common Stock, Shares Outstanding 0
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Sep. 30, 2023
Document Transition Report false
Entity File Number 1-6368
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 38-1612444
Entity Address, Address Line One One American Road
Entity Address, Postal Zip Code 48126
Entity Address, State or Province MI
Entity Address, City or Town Dearborn,
Local Phone Number (313)
Local Phone Number 322-3000
Current Fiscal Year End Date --12-31
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Non-accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Membership Interests Description All of the limited liability company interests in the registrant (“Shares”) are held by an affiliate of the registrant. None of the Shares are publicly traded.
Entity Registrant Name Ford Motor Credit Co LLC
F/23D [Member]  
Document Information [Line Items]  
Trading Symbol F/23D
Title of 12(b) Security Floating Rate Notes due November 15, 2023*
Security Exchange Name NYSE
F/24L [Member]  
Document Information [Line Items]  
Trading Symbol F/24L
Title of 12(b) Security Floating Rate Notes due December 1, 2024*
Security Exchange Name NYSE
F/25M  
Document Information [Line Items]  
Trading Symbol F/25M
Title of 12(b) Security 3.250% Notes due September 15, 2025*
Security Exchange Name NYSE
F/24M [Member]  
Document Information [Line Items]  
Trading Symbol F/24M
Title of 12(b) Security 3.021% Notes due March 6, 2024*
Security Exchange Name NYSE
F/24S  
Document Information [Line Items]  
Trading Symbol F/24S
Title of 12(b) Security 2.748% Notes due on June 14, 2024*
Security Exchange Name NYSE
F/24O [Member]  
Document Information [Line Items]  
Trading Symbol F/24O
Title of 12(b) Security 4.125% Notes due on June 20, 2024*
Security Exchange Name NYSE
F/24R [Member]  
Document Information [Line Items]  
Trading Symbol F/24R
Title of 12(b) Security 1.744% Notes due July 19, 2024*
Security Exchange Name NYSE
F/24Q [Member]  
Document Information [Line Items]  
Trading Symbol F/24Q
Title of 12(b) Security 3.683% Notes due on December 3, 2024*
Security Exchange Name NYSE
F/25i [Member]  
Document Information [Line Items]  
Trading Symbol F/25I
Title of 12(b) Security 1.355% Notes due February 7, 2025*
Security Exchange Name NYSE
F/25K [Member]  
Document Information [Line Items]  
Trading Symbol F/25K
Title of 12(b) Security 4.535% Notes due March 6, 2025*
Security Exchange Name NYSE
F/25L [Member]  
Document Information [Line Items]  
Trading Symbol F/25L
Title of 12(b) Security 2.330% Notes due on November 25, 2025*
Security Exchange Name NYSE
F/26AB [Member]  
Document Information [Line Items]  
Trading Symbol F/26AB
Title of 12(b) Security 2.386% Notes due February 17, 2026*
Security Exchange Name NYSE
F/26A  
Document Information [Line Items]  
Trading Symbol F/26A
Title of 12(b) Security 6.860% Notes due June 5, 2026*
Security Exchange Name NYSE
F/26N [Member]  
Document Information [Line Items]  
Trading Symbol F/26N
Title of 12(b) Security 3.350% Notes due Nine Months or More from the Date of Issue due August 20, 2026
Security Exchange Name NYSE
F/27A  
Document Information [Line Items]  
Trading Symbol F/27A
Title of 12(b) Security 4.867% Notes due August 3, 2027*
Security Exchange Name NYSE
F/28B  
Document Information [Line Items]  
Trading Symbol F/28B
Title of 12(b) Security 6.125% Notes due May 15, 2028*
Security Exchange Name NYSE
v3.23.3
Consolidated Income Statement - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Financing revenue        
Retail financing $ 1,104 $ 857 $ 3,046 $ 2,637
Dealer financing 617 270 1,721 655
Other 36 17 94 39
Revenue from Contract with Customer, Excluding Assessed Tax 2,774 2,267 7,956 6,831
Depreciation on vehicles subject to operating leases (576) (579) (1,690) (1,643)
Interest expense (1,653) (851) (4,575) (2,119)
Net financing margin 545 837 1,691 3,069
Other revenue        
Premiums Earned, Net 29 19 84 51
Fee based revenue and other 25 17 99 95
Total financing margin and other revenue 599 873 1,874 3,215
Operating expenses 340 336 1,000 991
Financing Receivable, Credit Loss, Expense (Reversal) 74 39 191 (81)
Insurance expenses 14 (2) 54 0
Total expenses 428 373 1,245 910
Other Income / Loss 187 89 413 (59)
Income before income taxes 358 589 1,042 2,246
Provision for income taxes 119 151 277 335
Net income 239 438 765 1,911
Operating Lease, Lease Income $ 1,017 $ 1,123 $ 3,095 $ 3,500
v3.23.3
Consolidated Statement of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Net income $ 239 $ 438 $ 765 $ 1,911
Other comprehensive income/(loss), net of tax        
Comprehensive income / (loss) 115 (38) 747 1,220
Parent [Member]        
Other comprehensive income/(loss), net of tax        
Foreign currency translation (124) (476) (18) (922)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax $ 0 $ 0 $ 0 $ 231
v3.23.3
Consolidated Balance Sheet - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
ASSETS    
Cash and cash equivalents $ 10,651 $ 10,393
Marketable securities 1,464 1,493
Net Investment in Operating Leases 20,358 21,821
Finance receivables, net 105,969 100,513
Derivative financial instruments 1,043 987
Other assets 2,770 2,576
Total assets 143,551 138,576
Liabilities    
Accounts Payable And Due To Affiliated Entities 1,700 1,678
Accounts Payable, Trade 974 1,097
Debt 122,892 119,039
Deferred income taxes 921 921
Derivative financial instruments 2,982 3,026
Other liabilities and deferred income 2,432 2,035
Total liabilities 130,927 126,699
Shareholder's Interest [Member] 5,166 5,166
SHAREHOLDER’S INTEREST 0 0
Shareholder's interest    
Accumulated other comprehensive income (1,035) (1,017)
Retained earnings 8,493 7,728
Stockholders' Equity Attributable to Parent 12,624 11,877
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest 12,624 11,877
Total liabilities and shareholder's interest 143,551 138,576
Affiliated Entity    
ASSETS    
Accounts and Financing Receivable, after Allowance for Credit Loss 1,296 793
Liabilities    
Accounts Payable 726 581
Variable Interest Entity, Primary Beneficiary [Member]    
ASSETS    
Cash and cash equivalents 2,348 2,274
Net Investment in Operating Leases 10,563 12,545
Finance receivables, net 51,805 49,142
Derivative financial instruments 215 264
Liabilities    
Debt 46,664 45,451
Derivative financial instruments 0 2
Retail Installment loans, dealer financing, and other financing [Member]    
ASSETS    
Finance receivables, net 99,041 94,090
Loans and Finance Receivables [Member]    
ASSETS    
Finance receivables, net 6,928 6,423
Property Subject to Operating Lease [Member]    
ASSETS    
Net Investment in Operating Leases $ 20,358 $ 21,821
v3.23.3
Consolidated Balance Sheet (parenthetical) - USD ($)
$ in Millions
Sep. 30, 2023
Jun. 30, 2023
Dec. 31, 2022
Sep. 30, 2022
Jun. 30, 2022
Dec. 31, 2021
Statement of Financial Position [Abstract]            
Financing Receivable, Allowance for Credit Loss $ (876) $ (873) $ (845) $ (760) $ (763) $ (925)
v3.23.3
Consolidated Statement of Shareholder's Interest - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2021
Shareholder's Interest [Roll Forward]                  
Balance at beginning of period     $ 11,877       $ 11,877    
Net income $ 239 $ 286 240 $ 438 $ 804 $ 669 765 $ 1,911  
Other Comprehensive Income (Loss), Net of Tax (124) 18 88 (476) (367) 152      
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance 12,509 12,205 11,877 11,973 12,136 12,398 11,877 12,398  
Distributions declared 0 0 0 (500)   (1,000)      
Stockholders' Equity, Other         (600) (83)      
Balance at end of period 12,624           12,624    
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance 12,624 12,509 12,205 11,435 11,973 12,136 12,624 11,435  
SHAREHOLDER’S INTEREST 0           0    
Shareholder's Interest [Member]                  
Shareholder's Interest [Roll Forward]                  
Balance at beginning of period 5,166 5,166 5,166 5,166 5,166 5,227 5,166 5,227  
Net income 0 0 0 0 0 0      
Other Comprehensive Income (Loss), Net of Tax 0 0 0 0   0      
Distributions declared 0 0 0 0 0 0      
Stockholders' Equity, Other         0 (61)      
Balance at end of period 5,166 5,166 5,166 5,166 5,166 5,166 5,166 5,166  
Accumulated Other Comprehensive Income/(Loss) (Note11) [Member]                  
Shareholder's Interest [Roll Forward]                  
Balance at beginning of period (911) (929) (1,017) (905) (538) (690) (1,017) (690)  
Net income 0 0 0 0 0 0      
Other Comprehensive Income (Loss), Net of Tax (124) 18 88 (476) (367) 152      
Distributions declared 0 0 0 0   0      
Stockholders' Equity, Other         0 0      
Balance at end of period (1,035) (911) (929) (1,381) (905) (538) (1,035) (1,381)  
Retained Earnings [Member]                  
Shareholder's Interest [Roll Forward]                  
Balance at beginning of period 8,254 7,968 7,728 7,712 7,508 7,839 7,728 7,839  
Other Comprehensive Income (Loss), Net of Tax 0 0 0 0 0 0      
Distributions declared 0 0 0 (500) (600) (1,000)      
Stockholders' Equity, Other           0      
Balance at end of period 8,493 8,254 7,968 7,650 7,712 7,508 8,493 7,650  
Noncontrolling Interest                  
Shareholder's Interest [Roll Forward]                  
Net income 0 0 0 0 0 0      
Other Comprehensive Income (Loss), Net of Tax 0 0 0 0 0 0      
Distributions declared 0 0 0 0   0      
Stockholders' Equity, Other         0 (22)      
SHAREHOLDER’S INTEREST 0 0 0 0 0 0 0 0 $ 22
Parent [Member]                  
Shareholder's Interest [Roll Forward]                  
Balance at beginning of period 12,509 12,205              
Net income 239 286 240 438 804 669      
Other Comprehensive Income (Loss), Net of Tax (124) 18 88 (476) (367) 152      
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance       11,973 12,136 12,376   12,376  
Distributions declared 0 0 0 (500)   (1,000)      
Stockholders' Equity, Other         (600) (61)      
Balance at end of period $ 12,624 $ 12,509 $ 12,205       $ 12,624    
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance       $ 11,435 $ 11,973 $ 12,136   $ 11,435  
v3.23.3
Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net Income $ 765 $ 1,911
Financing Receivable, Credit Loss, Expense (Reversal) 191 (81)
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]    
Depreciation Depletion and Amortizations 2,133 2,131
Amortization Of Upfront Interest Supplements (1,305) (1,428)
Net change in deferred income taxes (2) 278
Net change in other assets (605) (377)
Net change in other liabilities 449 668
All other operating activities (62) 83
Net Cash Provided by (Used in) Operating Activities 1,564 3,185
Cash flows from investing activities    
Purchases of finance receivables (30,919) (24,934)
Principal collections of finance receivables 27,336 28,252
Purchases of operating lease vehicles (7,021) (6,949)
Proceeds From Liquidations of Operating Lease Vehicles 6,740 7,736
Net change in wholesale receivables and other (1,129) (6,800)
Purchases of marketable securities (1,918) (3,341)
Proceeds from sales and maturities of marketable securities 1,979 3,585
Settlements of derivatives (214) 179
All other investing activities (58) (69)
Net Cash Provided by (Used in) Investing Activities (5,204) (2,341)
Cash flows from financing activities    
Proceeds from issuances of long-term debt 36,582 29,560
Principal payments on long-term debt (31,663) (33,578)
Change in short-term debt, net (885) 1,137
Cash distributions to parent 0 (2,100)
All other financing activities (109) (58)
Net Cash Provided by (Used in) Financing Activities 3,925 (5,039)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (30) (443)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at January 1 10,520 11,091
Net increase/(decrease) in cash, cash equivalents, and restricted cash 255 (4,638)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents at March 31 $ 10,775 $ 6,453
v3.23.3
Presentation
 9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Presentation PRESENTATION
Principles of Consolidation

For purposes of this report, “Ford Credit,” the “Company,” “we,” “our,” “us,” or similar references mean Ford Motor Credit Company LLC, our consolidated subsidiaries, and our consolidated VIEs of which we are the primary beneficiary, unless the context requires otherwise. We are an indirect, wholly owned subsidiary of Ford Motor Company (“Ford”). Our consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information, instructions to the Quarterly Report on Form 10-Q, and Rule 10-01 of Regulation S-X. We reclassified certain prior year amounts in our consolidated financial statements to conform to the current year presentation.
In the opinion of management, these unaudited financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of our results of operations and financial condition for the periods, and at the dates, presented. The results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. Reference should be made to the financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2022 (“2022 Form 10-K Report”).
v3.23.3
Accounting Policies
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
Accounting Policies ACCOUNTING POLICIES
Adoption of New Accounting Standards
Accounting Standards Update (“ASU”) 2022-02, Financial Instruments – Credit Losses, Troubled Debt Restructurings and Vintage Disclosures. Effective January 1, 2023, we adopted the new standard, which eliminates the troubled debt recognition and measurement guidance and requires disclosure of current-period gross charge-offs by year of origination (vintage disclosure). Adoption of the new standard did not have a material impact to our consolidated financial statements or financial statement disclosures.

We also adopted the following ASUs during 2023, none of which had a material impact to our consolidated financial statements or financial statement disclosures:
ASUEffective Date
2022-01Derivatives and Hedging – Fair Value Hedging – Portfolio Layer HedgingJanuary 1, 2023
2022-03Fair Value Measurement of Equity Securities Subject to Contractual Sale RestrictionsJanuary 1, 2023
2018-12Targeted Improvements to the Accounting for Long Duration Contracts (and related amendments)January 1, 2023
2023-03Amendments to SEC Paragraphs Pursuant to SEC Bulletins & AnnouncementsJuly 14, 2023
2023-04Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 121August 3, 2023

Accounting Standards Issued But Not Yet Adopted

ASUs issued but not yet adopted were assessed and determined to be not applicable or are not expected to have a material impact on our consolidated financial statements or financial statement disclosures.

Provision for Income Taxes

For interim tax reporting, we estimate one single effective tax rate for subsidiaries that are subject to tax, which is applied to the year-to-date ordinary income/(loss). Tax effects of significant unusual or infrequently occurring items are excluded from the estimated annual effective tax rate calculation and recognized in the interim period in which they occur.
v3.23.3
Cash and Cash Equivalents
 9 Months Ended
Sep. 30, 2023
Cash and Cash Equivalents [Abstract]  
CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES
The fair values of cash, cash equivalents, and marketable securities measured at fair value on a recurring basis were as follows (in millions):

Fair Value LevelDecember 31,
2022		September 30,
2023
Cash and cash equivalents
United States government1$1,045 $2,111 
United States government agencies2150 100 
Non-United States government and agencies2199 280 
Corporate debt2792 659 
Total marketable securities classified as cash equivalents2,186 3,150 
Cash, time deposits, and money market funds8,207 7,501 
Total cash and cash equivalents$10,393 $10,651 
Marketable securities
United States government1$187 $274 
United States government agencies2221 223 
Non-United States government and agencies2658 549 
Corporate debt2266 269 
Other marketable securities2161 149 
Total marketable securities$1,493 $1,464 

Cash, Cash Equivalents, and Restricted Cash 

Cash, cash equivalents, and restricted cash, as reported in the consolidated statements of cash flows, were as follows (in millions):
December 31,
2022		September 30,
2023
Cash and cash equivalents$10,393 $10,651 
Restricted cash (a)127 124 
Total cash, cash equivalents, and restricted cash$10,520 $10,775 
__________
(a)Restricted cash is included in Other assets on our consolidated balance sheets and is primarily held to meet certain local governmental and regulatory reserve requirements and cash held under the terms of certain contractual agreements. Restricted cash does not include required minimum balances or cash securing debt issued through securitization transactions.
v3.23.3
Finance Receivables
 9 Months Ended
Sep. 30, 2023
Receivables [Abstract]  
Financing Receivables FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES
We manage finance receivables as “consumer” and “non-consumer” portfolios. The receivables are generally secured by the vehicles, inventory, or other property being financed.

Finance receivables are recorded at the time of origination or purchase at fair value and are subsequently reported at amortized cost, net of any allowance for credit losses.

For all finance receivables, we define “past due” as any payment, including principal and interest, that is at least 31 days past the contractual due date.

Total Finance Receivables, Net

Total finance receivables, net were as follows (in millions):
December 31,
2022		September 30,
2023
Consumer
Retail installment contracts, gross$67,043 $71,240 
Finance leases, gross6,765 7,339 
Retail financing, gross73,808 78,579 
Unearned interest supplements from Ford and affiliated companies(2,305)(2,967)
Consumer finance receivables 71,503 75,612 
Non-Consumer
Dealer financing 28,408 29,366 
Other financing1,447 1,867 
Non-Consumer finance receivables 29,855 31,233 
Total recorded investment $101,358 $106,845 
Recorded investment in finance receivables$101,358 $106,845 
Allowance for credit losses(845)(876)
Total finance receivables, net$100,513 $105,969 
Net finance receivables subject to fair value (a)$94,090 $99,041 
Fair value (b)91,410 96,775 
__________
(a)Net finance receivables subject to fair value exclude finance leases. 
(b)The fair value of finance receivables is categorized within Level 3 of the fair value hierarchy.

Finance leases are comprised of sales-type and direct financing leases. Financing revenue from finance leases for the third quarter of 2022 and 2023 was $73 million and $102 million, respectively, and for the first nine months of 2022 and 2023 was $223 million and $276 million, respectively, and is included in Retail financing on our consolidated income statements.

At December 31, 2022 and September 30, 2023, accrued interest was $187 million and $247 million, respectively, which we report in Other assets on our consolidated balance sheets.

Included in the recorded investment in finance receivables were consumer and non-consumer receivables that have been sold for legal purposes in securitization transactions but continue to be reported in our consolidated financial statements. See Note 6 for additional information.
NOTE 4. FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued)

Credit Quality

Consumer Portfolio. Credit quality ratings for consumer receivables are based on our aging analysis. Consumer receivables credit quality ratings are as follows:

•Pass – current to 60 days past due;
•Special Mention – 61 to 120 days past due and in intensified collection status; and
•Substandard – greater than 120 days past due and for which the uncollectible portion of the receivables has already been charged off, as measured using the fair value of collateral less costs to sell.

The credit quality analysis of consumer receivables at December 31, 2022 was as follows (in millions):

Amortized Cost Basis by Origination Year
Prior to 201820182019202020212022TotalPercent
Consumer
31-60 days past due$41 $60 $91 $181 $150 $126 $649 0.9 %
61-120 days past due9 12 20 39 40 29 149 0.2 
Greater than 120 days past due9 4 5 7 7 6 38 0.1 
Total past due59 76 116 227 197 161 836 1.2 
Current883 2,564 6,149 13,864 18,382 28,825 70,667 98.8 
Total$942 $2,640 $6,265 $14,091 $18,579 $28,986 $71,503 100.0 %

The credit quality analysis of consumer receivables at September 30, 2023 was as follows (in millions):
Amortized Cost Basis by Origination Year
Prior to 201920192020202120222023TotalPercent
Consumer
31-60 days past due$50 $58 $140 $129 $172 $96 $645 0.9 %
61-120 days past due9 12 30 35 50 28 164 0.2 
Greater than 120 days past due8 4 6 10 10 3 41 — 
Total past due67 74 176 174 232 127 850 1.1 
Current1,296 3,093 8,800 12,892 22,287 26,394 74,762 98.9 
Total$1,363 $3,167 $8,976 $13,066 $22,519 $26,521 $75,612 100.0 %
Gross charge-offs$38 $30 $55 $61 $81 $14 $279 

Non-Consumer Portfolio. The credit quality of dealer financing receivables is evaluated based on our internal dealer risk rating analysis. We use a proprietary model to assign each dealer a risk rating. This model uses historical dealer performance data to identify key factors about a dealer that we consider most significant in predicting a dealer’s ability to meet its financial obligations. We also consider numerous other financial and qualitative factors of the dealer’s operations, including capitalization and leverage, liquidity and cash flow, profitability, and credit history with ourselves and other creditors.

Dealers are assigned to one of four groups according to risk ratings as follows:

•Group I – strong to superior financial metrics;
•Group II – fair to favorable financial metrics;
•Group III – marginal to weak financial metrics; and
•Group IV – poor financial metrics, including dealers classified as uncollectible.
NOTE 4. FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued)

The credit quality analysis of dealer financing receivables at December 31, 2022 was as follows (in millions):
Amortized Cost Basis by Origination Year
Dealer Loans
Prior to 201820182019202020212022TotalWholesale LoansTotalPercent
Group I$402 $148 $35 $67 $185 $224 $1,061 $24,242 $25,303 89.1 %
Group II2 21 — 5 2 42 72 2,751 2,823 9.9 
Group III— — — — — 10 10 233 243 0.9 
Group IV— — 1 — — 3 4 35 39 0.1 
Total (a)$404 $169 $36 $72 $187 $279 $1,147 $27,261 $28,408 100.0 %
__________
(a)Total past due dealer financing receivables at December 31, 2022 were $9 million. 

The credit quality analysis of dealer financing receivables at September 30, 2023 was as follows (in millions):
Amortized Cost Basis by Origination Year
Dealer Loans
Prior to 201920192020202120222023TotalWholesale LoansTotalPercent
Group I$491 $31 $66 $159 $62 $304 $1,113 $25,364 $26,477 90.2 %
Group II2 — 2 4 2 50 60 2,384 2,444 8.3 
Group III— — — — 1 6 7 386 393 1.3 
Group IV— 1 — — — 2 3 49 52 0.2 
Total (a)$493 $32 $68 $163 $65 $362 $1,183 $28,183 $29,366 100.0 %
Gross charge-offs$— $— $— $— $— $— $— $— $— 
__________
(a)Total past due dealer financing receivables at September 30, 2023 were $4 million.

Non-Accrual of Revenue. The accrual of financing revenue is discontinued at the time a receivable is determined to be uncollectible or when it is 90 days past due. Accounts may be restored to accrual status only when a customer settles all past-due deficiency balances and future payments are reasonably assured. For receivables in non-accrual status, subsequent financing revenue is recognized only to the extent a payment is received. Payments are generally applied first to outstanding interest and then to the unpaid principal balance.

Loan Modifications. Consumer and non-consumer receivables that have a modified interest rate and/or a term extension (including receivables that were modified in reorganization proceedings pursuant to the U.S. Bankruptcy Code) are typically considered to be loan modifications. We do not grant modifications to the principal balance of our receivables. If a receivable is modified in a reorganization proceeding, all payment requirements of the reorganization plan need to be met before remaining balances are forgiven.
NOTE 4. FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued)

During the collection process, we may offer a term extension to a customer experiencing financial difficulty. During the extension period, finance charges continue to accrue. If the customer's financial difficulty is not temporary, but we believe the customer is willing and able to repay their loan at a lower payment amount, we may offer to modify the interest rate and/or extend the term in order to lower the scheduled monthly payment. In those cases, the outstanding balance generally remains unchanged. The use of interest rate modifications and term extensions helps us mitigate financial loss. Term extensions may assist in cases where we believe the customer will recover from short-term financial difficulty and resume regularly scheduled payments. Before offering an interest rate modification or term extension, we evaluate and take into account the capacity of the customer to meet the revised payment terms. Although the granting of an extension could delay the eventual charge-off of a receivable, we are typically able to repossess and sell the related collateral, thereby mitigating the loss. The effect of most loan modifications made to borrowers experiencing financial difficulty is included in the historical trends used to measure the allowance for credit losses. A loan modification that improves the delinquency status of a borrower reduces the probability of default, which results in a lower allowance for credit losses. At September 30, 2023, an insignificant portion of our total finance receivables portfolio had been granted a loan modification and these modifications are generally treated as a continuation of the existing loan.

Allowance for Credit Losses

The allowance for credit losses represents our estimate of the lifetime expected credit losses inherent in finance receivables as of the balance sheet date. The adequacy of the allowance for credit losses is assessed quarterly.

Adjustments to the allowance for credit losses are made by recording charges to the Provision for/(Benefit from) credit losses on our consolidated income statements. The uncollectible portion of a finance receivable is charged to the allowance for credit losses at the earlier of when an account is deemed to be uncollectible or when an account is 120 days delinquent, taking into consideration the financial condition of the customer or borrower, the value of the collateral, recourse to guarantors, and other factors.

Charge-offs on finance receivables include uncollected amounts related to principal, interest, late fees, and other allowable charges. Recoveries on finance receivables previously charged off as uncollectible are credited to the allowance for credit losses. In the event we repossess the collateral, the receivable is charged off and the collateral is recorded at its estimated fair value less costs to sell and reported in Other assets on our consolidated balance sheets.

NOTE 4. FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued)

An analysis of the allowance for credit losses related to finance receivables for the periods ended September 30 was as follows (in millions):
Third Quarter 2022Third Quarter 2023
ConsumerNon-ConsumerTotal ConsumerNon-ConsumerTotal
Allowance for credit losses
Beginning balance$754 $9 $763 $866 $7 $873 
Charge-offs (73)— (73)(105)— (105)
Recoveries39 1 40 37 — 37 
Provision for/(Benefit from) credit losses40 (1)39 75 (1)74 
Other (a)(9)— (9)(3)— (3)
Ending balance$751 $9 $760 $870 $6 $876 
First Nine Months 2022First Nine Months 2023
ConsumerNon-ConsumerTotalConsumerNon-ConsumerTotal
Allowance for credit losses
Beginning balance$903 $22 $925 $838 $7 $845 
Charge-offs(196)(1)(197)(279)— (279)
Recoveries126 3 129 113 1 114 
Provision for/(Benefit from) credit losses(67)(14)(81)193 (2)191 
Other (a)(15)(1)(16)5 — 5 
Ending balance$751 $9 $760 $870 $6 $876 
__________
(a)Primarily represents amounts related to translation adjustments.

During the third quarter and first nine months of 2023, the allowance for credit losses increased $3 million and $31 million, respectively, driven by an increase in finance receivables. Net charge-offs increased from a year ago, reflecting normalization from extraordinarily low levels. The impact of higher inflation and higher interest rates on future credit losses remains uncertain. We will continue to monitor economic trends and conditions and portfolio performance and will adjust the reserve accordingly.
v3.23.3
Net Investments in Operating Leases
 9 Months Ended
Sep. 30, 2023
Leases, Operating [Abstract]  
NET INVESTMENT IN OPERATING LEASES NET INVESTMENT IN OPERATING LEASES
Net investment in operating leases consists primarily of lease contracts for vehicles with individuals, daily rental companies, and fleet customers with terms of 60 months or less. Included in Net investment in operating leases are net investment in operating leases that have been sold for legal purposes in securitization transactions but continue to be reported in our consolidated financial statements. See Note 6 for additional information.

Net investment in operating leases was as follows (in millions):
December 31,
2022		September 30,
2023
Vehicles, at cost (a)$26,055 $24,235 
Accumulated depreciation(4,234)(3,877)
Net investment in operating leases$21,821 $20,358 
__________
(a)Includes interest supplements and residual support payments we receive on certain leasing transactions under agreements with Ford and affiliated companies, and other vehicle acquisition costs.
v3.23.3
Transfers of Receivables
 9 Months Ended
Sep. 30, 2023
Transfers and Servicing [Abstract]  
TRANSFERS OF RECEIVABLES TRANSFERS OF RECEIVABLES AND VARIABLE INTEREST ENTITIES
We securitize finance receivables and net investment in operating leases through a variety of programs using amortizing, variable funding, and revolving structures. We also sell finance receivables, or pledge them as collateral in certain transactions outside of the United States, in other types of structured financing transactions. Due to the similarities between securitization and structured financing, we refer to structured financings as securitization transactions. Our securitization programs are targeted to institutional investors in both public and private transactions in capital markets primarily in the United States, Canada, Germany, Italy, the United Kingdom, and China.

The finance receivables sold for legal purposes and net investment in operating leases included in securitization transactions are available only for payment of the debt issued by, and other obligations of, the securitization entities that are parties to those securitization transactions. They are not available to pay our other obligations or the claims of our other creditors. The debt is the obligation of our consolidated securitization entities and not the obligation of Ford Credit or our other subsidiaries. We hold the right to receive the excess cash flows not needed to pay the debt issued by, and other obligations of, the securitization entities that are parties to those securitization transactions.

We use special purpose entities (“SPEs”) to issue asset-backed securities in our securitization transactions. We have deemed most of these SPEs to be VIEs of which we are the primary beneficiary, and therefore, are consolidated. The SPEs are established for the sole purpose of financing the securitized financial assets. The SPEs are generally financed through the issuance of notes or commercial paper into the public or private markets or directly with conduits.

We continue to recognize our financial assets related to our sales of receivables when the financial assets are sold to a consolidated VIE or a consolidated voting interest entity. We derecognize our financial assets when the financial assets are sold to a non-consolidated entity and we do not maintain control over the financial assets.

We have the power to direct significant activities of our SPEs when we have the ability to exercise discretion in the servicing of financial assets, issue additional debt, exercise a unilateral call option, add assets to revolving structures, or control investment decisions. We generally retain a portion of the economic interests in the asset-backed securitization transactions, which could be retained in the form of a portion of the senior interests, the subordinated interests, cash reserve accounts, residual interests, and servicing rights. The transfers of assets in our securitization transactions do not qualify for accounting sale treatment.

We have no obligation to repurchase or replace any securitized asset that subsequently becomes delinquent in payment or otherwise is in default, except when representations and warranties about the eligibility of the securitized assets are breached, or when certain changes are made to the underlying asset contracts. Securitization investors have no recourse to us or our other assets and have no right to require us to repurchase the investments. We generally have no obligation to provide liquidity or contribute cash or additional assets to the VIEs and do not guarantee any asset-backed securities. We may be required to support the performance of certain securitization transactions, however, by increasing cash reserves.
NOTE 6. TRANSFERS OF RECEIVABLES AND VARIABLE INTEREST ENTITIES (Continued)

Certain of our securitization entities may enter into derivative transactions to mitigate interest rate exposure, primarily resulting from fixed-rate assets securing floating-rate debt. In certain instances, the counterparty enters into offsetting derivative transactions with us to mitigate its interest rate risk resulting from derivatives with our securitization entities. These related derivatives are not the obligations of our securitization entities. See Note 7 for additional information regarding the accounting for derivatives.

Most of these securitization transactions utilize VIEs. The following tables show the assets and debt related to our securitization transactions that were included in our consolidated financial statements (in billions):
December 31, 2022
Cash and Cash EquivalentsFinance Receivables and Net Investment in Operating Leases (a)Related Debt
(c)
Before Allowance
for Credit Losses		Allowance for
Credit Losses		After Allowance
for Credit Losses
VIE (b)
Retail financing$1.5 $31.7 $0.3 $31.4 $26.6 
Wholesale financing0.2 17.7 — 17.7 10.6 
Finance receivables1.7 49.4 0.3 49.1 37.2 
Net investment in operating leases0.6 12.5 — 12.5 8.2 
Total VIE$2.3 $61.9 $0.3 $61.6 $45.4 
Non-VIE
Retail financing$0.5 $12.2 $0.2 $12.0 $10.7 
Wholesale financing— 0.5 — 0.5 0.3 
Finance receivables0.5 12.7 0.2 12.5 11.0 
Net investment in operating leases— — — — — 
Total Non-VIE$0.5 $12.7 $0.2 $12.5 $11.0 
Total securitization transactions
Retail financing$2.0 $43.9 $0.5 $43.4 $37.3 
Wholesale financing 0.2 18.2 — 18.2 10.9 
Finance receivables2.2 62.1 0.5 61.6 48.2 
Net investment in operating leases0.6 12.5 — 12.5 8.2 
Total securitization transactions$2.8 $74.6 $0.5 $74.1 $56.4 
__________
(a)Unearned interest supplements and residual support are excluded from securitization transactions.
(b)Includes assets to be used to settle the liabilities of the consolidated VIEs.
(c)Includes unamortized discount and debt issuance costs.
NOTE 6. TRANSFERS OF RECEIVABLES AND VARIABLE INTEREST ENTITIES (Continued)

September 30, 2023
Cash and Cash EquivalentsFinance Receivables and Net Investment in Operating Leases (a)Related Debt
(c)
Before Allowance
for Credit Losses		Allowance for
Credit Losses		After Allowance
for Credit Losses
VIE (b)
Retail financing$1.6 $34.9 $0.3 $34.6 $28.7 
Wholesale financing0.2 17.2 — 17.2 10.7 
Finance receivables1.8 52.1 0.3 51.8 39.4 
Net investment in operating leases0.5 10.6 — 10.6 7.3 
Total VIE$2.3 $62.7 $0.3 $62.4 $46.7 
Non-VIE
Retail financing$0.5 $10.3 $0.2 $10.1 $8.9 
Wholesale financing— 0.5 — 0.5 0.3 
Finance receivables0.5 10.8 0.2 10.6 9.2 
Net investment in operating leases— — — — — 
Total Non-VIE$0.5 $10.8 $0.2 $10.6 $9.2 
Total securitization transactions
Retail financing$2.1 $45.2 $0.5 $44.7 $37.6 
Wholesale financing0.2 17.7 — 17.7 11.0 
Finance receivables2.3 62.9 0.5 62.4 48.6 
Net investment in operating leases0.5 10.6 — 10.6 7.3 
Total securitization transactions$2.8 $73.5 $0.5 $73.0 $55.9 
__________
(a)Unearned interest supplements and residual support are excluded from securitization transactions.
(b)Includes assets to be used to settle the liabilities of the consolidated VIEs.
(c)Includes unamortized discount and debt issuance cost.
v3.23.3
Derivative Financial Instruments and Hedging Activities
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES
In the normal course of business, our operations are exposed to global market risks, including the effect of changes in interest rates and foreign currency exchange rates. To manage these risks, we enter into highly effective derivative contracts. We have elected to apply hedge accounting to certain derivatives. Derivatives that are designated in hedging relationships are evaluated for effectiveness using regression analysis at the time they are designated and throughout the hedge period. Some derivatives do not qualify for hedge accounting; for others, we elect not to apply hedge accounting.

Income Effect of Derivative Financial Instruments

The gains/(losses), by hedge designation, reported in income for the periods ended September 30 were as follows (in millions):
Third QuarterFirst Nine Months
2022202320222023
Fair value hedges
Interest rate contracts
Net interest settlements and accruals on hedging instruments$(39)$(137)$62 $(407)
Fair value changes on hedging instruments(600)(219)(1,922)(285)
Fair value changes on hedged debt 615 210 1,991 223 
Cross-currency interest rate swap contracts
Net interest settlements and accruals on hedging instruments(8)(23)(17)(56)
Fair value changes on hedging instruments(66)(46)(164)(48)
Fair value changes on hedged debt67 44 173 47 
Derivatives not designated as hedging instruments
Interest rate contracts130 28 342 125 
Foreign currency exchange contracts (a)112 59 137 30 
Cross-currency interest rate swap contracts(494)(137)(1,164)(112)
Total$(283)$(221)$(562)$(483)
__________
(a)Reflects forward contracts between us and an affiliated company.
NOTE 7. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Continued)

Balance Sheet Effect of Derivative Financial Instruments

Derivative assets and liabilities are reported on the balance sheets at fair value and are presented on a gross basis. The notional amounts of the derivative instruments do not necessarily represent amounts exchanged by the parties and are not a direct measure of our financial exposure. We also enter into master agreements with counterparties that may allow for netting of exposures in the event of default or breach of the counterparty agreement. Collateral represents cash received or paid under reciprocal arrangements that we have entered into with our derivative counterparties, which we do not use to offset our derivative assets and liabilities.

The fair value of our derivative instruments and the associated notional amounts were as follows (in millions):
December 31, 2022September 30, 2023
NotionalFair Value of AssetsFair Value of LiabilitiesNotionalFair Value of AssetsFair Value of Liabilities
Fair value hedges
Interest rate contracts$16,883 $— $1,653 $16,821 $— $1,439 
Cross-currency interest rate swap contracts885 — 161 2,078 — 202 
Derivatives not designated as hedging instruments
Interest rate contracts63,210 931 483 59,155 830 720 
Foreign currency exchange contracts (a)4,219 41 76 11,009 158 106 
Cross-currency interest rate swap contracts6,635 15 653 6,396 55 515 
Total derivative financial instruments, gross (b) (c) $91,832 $987 $3,026 $95,459 $1,043 $2,982 
__________
(a)Includes forward contracts between us and an affiliated company, including offsetting forward contracts with our consolidated entities, totaling $5.6 billion in notional amounts and $95 million in both assets and liabilities at September 30, 2023.
(b)At December 31, 2022 and September 30, 2023, we held collateral of $210 million and $128 million, respectively, and we posted collateral of $193 million and $162 million, respectively.
(c)At December 31, 2022 and September 30, 2023, the fair value of assets and liabilities available for counterparty netting was $166 million and $329 million, respectively. All derivatives are categorized within Level 2 of the fair value hierarchy.
v3.23.3
Other Assets and Other Liabilities and Deferred Income
 9 Months Ended
Sep. 30, 2023
Other Assets and Other Liabilities and Deferred Income [Abstract]  
OTHER ASSETS AND OTHER LIABILITIES AND DEFERRED INCOME OTHER ASSETS AND OTHER LIABILITIES AND DEFERRED REVENUE
Other assets and other liabilities and deferred revenue consist of various balance sheet items that are combined for financial statement presentation due to their respective materiality compared with other individual asset and liability items.

Other assets were as follows (in millions):
December 31,
2022		September 30,
2023
Prepaid reinsurance premiums and other reinsurance recoverables$779 $810 
Accrued interest and other non-finance receivables576 622 
Collateral held for resale, at net realizable value233 330 
Property and equipment, net of accumulated depreciation (a)233 258 
Investment in non-consolidated affiliates177 175 
Deferred charges - income taxes158 153 
Restricted cash127 124 
Operating lease assets64 56 
Other229 242 
Total other assets $2,576 $2,770 
__________
(a)Accumulated depreciation was $415 million and $437 million at December 31, 2022 and September 30, 2023, respectively.

Other liabilities and deferred revenue were as follows (in millions):
December 31,
2022		September 30,
2023
Unearned insurance premiums and fees$891 $922 
Interest payable683 890 
Income tax and related interest (a)115 274 
Operating lease liabilities66 58 
Other280 288 
Total other liabilities and deferred revenue$2,035 $2,432 
__________
(a)Includes income tax and interest payable to affiliated companies of $36 million and $146 million at December 31, 2022 and September 30, 2023, respectively.
v3.23.3
Debt
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block] DEBT
Debt outstanding and interest rates were as follows (in millions):
 Interest Rates
DebtAverage ContractualAverage Effective
 December 31,
2022		September 30,
2023		2022202320222023
Short-term debt
Unsecured debt
Floating rate demand notes$10,303 $10,782 
Other short-term debt6,515 4,897 
Asset-backed debt (a)2,806 3,132 
Total short-term debt19,624 18,811 3.8 %5.0 %3.8 %5.0 %
Long-term debt
Unsecured debt
Notes payable within one year7,980 10,664 
Notes payable after one year39,620 42,700 
Asset-backed debt (a)
Notes payable within one year21,839 18,756 
Notes payable after one year31,840 34,046 
Unamortized (discount)/premium23 13 
Unamortized issuance costs(197)(233)
Fair value adjustments (b)(1,690)(1,865)
Total long-term debt99,415 104,081 3.6 %4.5 %3.6 %4.5 %
Total debt$119,039 $122,892 3.6 %4.5 %3.6 %4.5 %
Fair value of debt (c)$117,214 $122,386 
__________
(a)Asset-backed debt issued in securitizations is the obligation of the consolidated securitization entity that issued the debt and is payable only out of collections on the underlying securitized assets and related enhancements. This asset-backed debt is not the obligation of Ford Credit or our other subsidiaries.
(b)These adjustments are related to hedging activity and include discontinued hedging relationship adjustments of $31 million and $(320) million at December 31, 2022 and September 30, 2023, respectively. The carrying value of hedged debt was $33.3 billion and $37.3 billion at December 31, 2022 and September 30, 2023, respectively.
(c)At December 31, 2022 and September 30, 2023, the fair value of debt includes $16.9 billion and $15.7 billion of short-term debt, respectively, carried at cost, which approximates fair value. All other debt is categorized within Level 2 of the fair value hierarchy.
v3.23.3
Restructuring and Related Activities
 9 Months Ended
Sep. 30, 2023
Restructuring and Related Activities [Abstract]  
Restructuring and Related Activities Disclosure RESTRUCTURING ACTIONS
We generally record costs associated with voluntary separations at the time of employee acceptance. We record costs associated with involuntary separation programs in Operating expenses when management has approved the plan for separation, the affected employees are identified, and it is unlikely that actions required to complete the separation plan will change significantly. Costs associated with benefits that are contingent on the employee continuing to provide service are accrued over the required service period.

Below are employee separation actions and exit and disposal activities that have been initiated. In addition, we continue to review our global businesses and may take additional restructuring actions to maintain long-term competitiveness.

Europe

During the third quarter of 2023, we initiated various actions to improve our cost structure and competitiveness in Europe which will simplify our business model and reduce the number of countries that we operate in. We anticipate the restructuring and recognition of related expenses will be substantially complete by the end of 2025. Total charges, primarily attributable to employee separations and non-cash reclassification of accumulated foreign currency translation gains and losses to income, are not expected to be significant.

South America

In June 2021, we announced that our subsidiaries in Brazil and Argentina would cease originating receivables and wind down operations. During the fourth quarter of 2021, we completed the sale of our wholesale and dealer receivables portfolio in Brazil and ceased originations of wholesale and dealer receivables in Argentina. In the first nine months of 2022, we liquidated three of our investments in Brazil and reclassified accumulated foreign currency translation losses of $155 million to Other income/(loss), net.

In December 2021, we received a capital contribution from a subsidiary of Ford in exchange for a minority interest share in one of our Argentina-based subsidiaries. As a result, we recorded $22 million in Shareholder’s interest attributable to noncontrolling interests on our consolidated balance sheets. During the first quarter of 2022, we reacquired Ford’s minority interest share and, in exchange, transferred assets associated with an Argentina-based subsidiary to Ford. In addition, during the first quarter of 2022, we sold our shares in a second Argentina-based subsidiary to Ford. The difference between the carrying value of the net assets transferred and sold to Ford and the consideration received from Ford was $61 million, reported as a reduction to Shareholder’s interest. As a result of the transfer and sale, Ford Credit reclassified $75 million of accumulated foreign currency translation losses to net income, included in Other income/(loss), net.

Accumulated foreign currency translation losses associated with our remaining investments in Brazil and Argentina included in Accumulated other comprehensive income/(loss) at September 30, 2023 were $223 million. We expect to reclassify these losses to income upon substantially complete liquidation of our investments, which may occur over multiple reporting periods.
v3.23.3
Other Income, Net
 9 Months Ended
Sep. 30, 2023
Other Income and Expenses [Abstract]  
OTHER INCOME, NET OTHER INCOME/(LOSS)
Other income/(loss) consists of various line items that are combined on the consolidated income statements due to their respective materiality compared with other individual income and expense items.

The amounts included in Other income/(loss), net for the periods ended September 30 were as follows (in millions):
Third QuarterFirst Nine Months
2022202320222023
Interest and investment income (a)$30 $135 $26 $378 
Currency revaluation gains/(losses) 351 156 920 24 
Gains/(losses) on derivatives(301)(98)(807)3 
Gains/(losses) on changes in investments in affiliates (b)— — (231)— 
Other 9 (6)33 8 
Total other income/(loss), net$89 $187 $(59)$413 
__________
(a)Includes impairment losses of non-consolidated investments of $9 million in the second quarter of 2023.
(b)Includes 2022 losses related to our restructuring in South America described in Note 10.
v3.23.3
Segment Information
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
We conduct our financing operations directly and indirectly through our subsidiaries and affiliates. We offer substantially similar products and services throughout many different regions, subject to local legal restrictions and market conditions. Our segments are: the United States and Canada, Europe, and All Other. Our All Other segment includes China, India, Mexico, Brazil, Argentina, and our joint venture in South Africa.

We measure the performance of our segments primarily on an income before income taxes basis, after excluding market valuation adjustments to derivatives and exchange-rate fluctuations on foreign currency-denominated transactions, which are reflected in Unallocated Other. These adjustments are excluded when assessing our segment performance because they are carried out at the corporate level.

Beginning in the third quarter of 2022, consistent with how our Chief Operating Decision Maker assesses performance of the segments and makes decisions about resource allocations, we changed the measurements used in allocating interest and governance expenses among the operating segments. Prior period amounts have been adjusted retrospectively to reflect the foregoing changes.
NOTE 12. SEGMENT INFORMATION (Continued)

Key financial information for our business segments for the periods ended or at September 30 was as follows (in millions):
United States and CanadaEuropeAll OtherTotal
Segments		Unallocated Other Total
Third Quarter 2022
Total revenue$2,015 $188 $100 $2,303 $— $2,303 
Income before income taxes 394 74 24 492 97 589 
Depreciation on vehicles subject to operating leases
588 (9)— 579 — 579 
Interest expense792 52 47 891 (40)851 
Provision for/(Benefit from) credit losses42 (12)9 39 — 39 
Third Quarter 2023
Total revenue$2,366 $346 $116 $2,828 $— $2,828 
Income before income taxes 257 78 21 356 2 358 
Depreciation on vehicles subject to operating leases
568 8 — 576 — 576 
Interest expense1,354 185 65 1,604 49 1,653 
Provision for/(Benefit from) credit losses71 4 (1)74 — 74 
First Nine Months 2022
Total revenue$6,073 $604 $300 $6,977 $— $6,977 
Income before income taxes1,840 256 (148)1,948 298 2,246 
Depreciation on vehicles subject to operating leases
1,673 (30)— 1,643 — 1,643 
Interest expense1,998 148 141 2,287 (168)2,119 
Provision for/(Benefit from) credit losses(82)(17)18 (81)— (81)
Net finance receivables and net investment in operating leases93,930 16,454 5,088 115,472 — 115,472 
Total assets102,916 19,282 5,720 127,918 — 127,918 
First Nine Months 2023
Total revenue$6,841 $974 $324 $8,139 $— $8,139 
Income before income taxes801 269 70 1,140 (98)1,042 
Depreciation on vehicles subject to operating leases
1,676 14 — 1,690 — 1,690 
Interest expense3,807 477 173 4,457 118 4,575 
Provision for/(Benefit from) credit losses170 6 15 191 — 191 
Net finance receivables and net investment in operating leases101,885 19,330 5,112 126,327 — 126,327 
Total assets114,585 23,301 5,665 143,551 — 143,551 
v3.23.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Jun. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Pay vs Performance Disclosure                
Net income $ 239 $ 286 $ 240 $ 438 $ 804 $ 669 $ 765 $ 1,911
v3.23.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.23.3
Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2023
Basis of Accounting and Intercompany Transactions [Abstract]  
Basis of Accounting and Intercompany Transactions [Policy Text Block] For purposes of this report, “Ford Credit,” the “Company,” “we,” “our,” “us,” or similar references mean Ford Motor Credit Company LLC, our consolidated subsidiaries, and our consolidated VIEs of which we are the primary beneficiary, unless the context requires otherwise. We are an indirect, wholly owned subsidiary of Ford Motor Company (“Ford”). Our consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information, instructions to the Quarterly Report on Form 10-Q, and Rule 10-01 of Regulation S-X. We reclassified certain prior year amounts in our consolidated financial statements to conform to the current year presentation.In the opinion of management, these unaudited financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of our results of operations and financial condition for the periods, and at the dates, presented. The results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. Reference should be made to the financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2022 (“2022 Form 10-K Report”).
Loans and Leases Receivable Disclosure [Abstract]  
Financing Receivable [Policy Text Block]
Non-Accrual of Revenue. The accrual of financing revenue is discontinued at the time a receivable is determined to be uncollectible or when it is 90 days past due. Accounts may be restored to accrual status only when a customer settles all past-due deficiency balances and future payments are reasonably assured. For receivables in non-accrual status, subsequent financing revenue is recognized only to the extent a payment is received. Payments are generally applied first to outstanding interest and then to the unpaid principal balance.

Loan Modifications. Consumer and non-consumer receivables that have a modified interest rate and/or a term extension (including receivables that were modified in reorganization proceedings pursuant to the U.S. Bankruptcy Code) are typically considered to be loan modifications. We do not grant modifications to the principal balance of our receivables. If a receivable is modified in a reorganization proceeding, all payment requirements of the reorganization plan need to be met before remaining balances are forgiven.
NOTE 4. FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued)

During the collection process, we may offer a term extension to a customer experiencing financial difficulty. During the extension period, finance charges continue to accrue. If the customer's financial difficulty is not temporary, but we believe the customer is willing and able to repay their loan at a lower payment amount, we may offer to modify the interest rate and/or extend the term in order to lower the scheduled monthly payment. In those cases, the outstanding balance generally remains unchanged. The use of interest rate modifications and term extensions helps us mitigate financial loss. Term extensions may assist in cases where we believe the customer will recover from short-term financial difficulty and resume regularly scheduled payments. Before offering an interest rate modification or term extension, we evaluate and take into account the capacity of the customer to meet the revised payment terms. Although the granting of an extension could delay the eventual charge-off of a receivable, we are typically able to repossess and sell the related collateral, thereby mitigating the loss. The effect of most loan modifications made to borrowers experiencing financial difficulty is included in the historical trends used to measure the allowance for credit losses. A loan modification that improves the delinquency status of a borrower reduces the probability of default, which results in a lower allowance for credit losses. At September 30, 2023, an insignificant portion of our total finance receivables portfolio had been granted a loan modification and these modifications are generally treated as a continuation of the existing loan.

Allowance for Credit Losses

The allowance for credit losses represents our estimate of the lifetime expected credit losses inherent in finance receivables as of the balance sheet date. The adequacy of the allowance for credit losses is assessed quarterly.

Adjustments to the allowance for credit losses are made by recording charges to the Provision for/(Benefit from) credit losses on our consolidated income statements. The uncollectible portion of a finance receivable is charged to the allowance for credit losses at the earlier of when an account is deemed to be uncollectible or when an account is 120 days delinquent, taking into consideration the financial condition of the customer or borrower, the value of the collateral, recourse to guarantors, and other factors.

Charge-offs on finance receivables include uncollected amounts related to principal, interest, late fees, and other allowable charges. Recoveries on finance receivables previously charged off as uncollectible are credited to the allowance for credit losses. In the event we repossess the collateral, the receivable is charged off and the collateral is recorded at its estimated fair value less costs to sell and reported in Other assets on our consolidated balance sheets.
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives, Policy [Policy Text Block] We have elected to apply hedge accounting to certain derivatives. Derivatives that are designated in hedging relationships are evaluated for effectiveness using regression analysis at the time they are designated and throughout the hedge period. Some derivatives do not qualify for hedge accounting; for others, we elect not to apply hedge accounting.
Commitments and Contingencies Disclosure [Abstract]  
Lessee, Leases [Policy Text Block] Net investment in operating leases consists primarily of lease contracts for vehicles with individuals, daily rental companies, and fleet customers with terms of 60 months or less. Included in Net investment in operating leases are net investment in operating leases that have been sold for legal purposes in securitization transactions but continue to be reported in our consolidated financial statements. See Note 6 for additional information.
Guarantees and Indemnifications Policies [Policy Text Block] Guarantees and indemnifications are recorded at fair value at their inception. For financial guarantees, subsequent to initial recognition, the guarantee liability is adjusted at each reporting period to reflect the current estimate of expected payments resulting from possible default events over the remaining life of the guarantee. The probability of default is applied to the expected exposure at the time of default less recoveries to determine the expected payments. Factors to consider when estimating the probability of default include the obligor’s financial position, forecasted economic environment, historical loss rates, and other communications. For non-financial guarantees, we regularly review our performance risk under these arrangements, and in the event it becomes probable we will be required to perform under a guarantee or indemnity, the amount of probable payment is recorded.
v3.23.3
Cash, Cash Equivalents, and Marketable Securities (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The fair values of cash, cash equivalents, and marketable securities measured at fair value on a recurring basis were as follows (in millions):

Fair Value LevelDecember 31,
2022		September 30,
2023
Cash and cash equivalents
United States government1$1,045 $2,111 
United States government agencies2150 100 
Non-United States government and agencies2199 280 
Corporate debt2792 659 
Total marketable securities classified as cash equivalents2,186 3,150 
Cash, time deposits, and money market funds8,207 7,501 
Total cash and cash equivalents$10,393 $10,651 
Marketable securities
United States government1$187 $274 
United States government agencies2221 223 
Non-United States government and agencies2658 549 
Corporate debt2266 269 
Other marketable securities2161 149 
Total marketable securities$1,493 $1,464 
Schedule of cash, cash equivalents and restricted cash [Table Text Block]
Cash, cash equivalents, and restricted cash, as reported in the consolidated statements of cash flows, were as follows (in millions):
December 31,
2022		September 30,
2023
Cash and cash equivalents$10,393 $10,651 
Restricted cash (a)127 124 
Total cash, cash equivalents, and restricted cash$10,520 $10,775 
__________
(a)Restricted cash is included in Other assets on our consolidated balance sheets and is primarily held to meet certain local governmental and regulatory reserve requirements and cash held under the terms of certain contractual agreements. Restricted cash does not include required minimum balances or cash securing debt issued through securitization transactions.
v3.23.3
Finance Receivables (Tables)
 9 Months Ended
Sep. 30, 2023
Receivables [Abstract]  
Financing Receivable, Allowance for Credit Loss
An analysis of the allowance for credit losses related to finance receivables for the periods ended September 30 was as follows (in millions):
Third Quarter 2022Third Quarter 2023
ConsumerNon-ConsumerTotal ConsumerNon-ConsumerTotal
Allowance for credit losses
Beginning balance$754 $9 $763 $866 $7 $873 
Charge-offs (73)— (73)(105)— (105)
Recoveries39 1 40 37 — 37 
Provision for/(Benefit from) credit losses40 (1)39 75 (1)74 
Other (a)(9)— (9)(3)— (3)
Ending balance$751 $9 $760 $870 $6 $876 
First Nine Months 2022First Nine Months 2023
ConsumerNon-ConsumerTotalConsumerNon-ConsumerTotal
Allowance for credit losses
Beginning balance$903 $22 $925 $838 $7 $845 
Charge-offs(196)(1)(197)(279)— (279)
Recoveries126 3 129 113 1 114 
Provision for/(Benefit from) credit losses(67)(14)(81)193 (2)191 
Other (a)(15)(1)(16)5 — 5 
Ending balance$751 $9 $760 $870 $6 $876 
__________
(a)Primarily represents amounts related to translation adjustments.
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]
Total finance receivables, net were as follows (in millions):
December 31,
2022		September 30,
2023
Consumer
Retail installment contracts, gross$67,043 $71,240 
Finance leases, gross6,765 7,339 
Retail financing, gross73,808 78,579 
Unearned interest supplements from Ford and affiliated companies(2,305)(2,967)
Consumer finance receivables 71,503 75,612 
Non-Consumer
Dealer financing 28,408 29,366 
Other financing1,447 1,867 
Non-Consumer finance receivables 29,855 31,233 
Total recorded investment $101,358 $106,845 
Recorded investment in finance receivables$101,358 $106,845 
Allowance for credit losses(845)(876)
Total finance receivables, net$100,513 $105,969 
Net finance receivables subject to fair value (a)$94,090 $99,041 
Fair value (b)91,410 96,775 
__________
(a)Net finance receivables subject to fair value exclude finance leases. 
(b)The fair value of finance receivables is categorized within Level 3 of the fair value hierarchy.
Financing Receivable, Past Due [Table Text Block]
The credit quality analysis of consumer receivables at December 31, 2022 was as follows (in millions):

Amortized Cost Basis by Origination Year
Prior to 201820182019202020212022TotalPercent
Consumer
31-60 days past due$41 $60 $91 $181 $150 $126 $649 0.9 %
61-120 days past due9 12 20 39 40 29 149 0.2 
Greater than 120 days past due9 4 5 7 7 6 38 0.1 
Total past due59 76 116 227 197 161 836 1.2 
Current883 2,564 6,149 13,864 18,382 28,825 70,667 98.8 
Total$942 $2,640 $6,265 $14,091 $18,579 $28,986 $71,503 100.0 %

The credit quality analysis of consumer receivables at September 30, 2023 was as follows (in millions):
Amortized Cost Basis by Origination Year
Prior to 201920192020202120222023TotalPercent
Consumer
31-60 days past due$50 $58 $140 $129 $172 $96 $645 0.9 %
61-120 days past due9 12 30 35 50 28 164 0.2 
Greater than 120 days past due8 4 6 10 10 3 41 — 
Total past due67 74 176 174 232 127 850 1.1 
Current1,296 3,093 8,800 12,892 22,287 26,394 74,762 98.9 
Total$1,363 $3,167 $8,976 $13,066 $22,519 $26,521 $75,612 100.0 %
Gross charge-offs$38 $30 $55 $61 $81 $14 $279 
Financing Receivables Credit Quality Indicators [Table Text Block]
The credit quality analysis of dealer financing receivables at December 31, 2022 was as follows (in millions):
Amortized Cost Basis by Origination Year
Dealer Loans
Prior to 201820182019202020212022TotalWholesale LoansTotalPercent
Group I$402 $148 $35 $67 $185 $224 $1,061 $24,242 $25,303 89.1 %
Group II2 21 — 5 2 42 72 2,751 2,823 9.9 
Group III— — — — — 10 10 233 243 0.9 
Group IV— — 1 — — 3 4 35 39 0.1 
Total (a)$404 $169 $36 $72 $187 $279 $1,147 $27,261 $28,408 100.0 %
__________
(a)Total past due dealer financing receivables at December 31, 2022 were $9 million. 

The credit quality analysis of dealer financing receivables at September 30, 2023 was as follows (in millions):
Amortized Cost Basis by Origination Year
Dealer Loans
Prior to 201920192020202120222023TotalWholesale LoansTotalPercent
Group I$491 $31 $66 $159 $62 $304 $1,113 $25,364 $26,477 90.2 %
Group II2 — 2 4 2 50 60 2,384 2,444 8.3 
Group III— — — — 1 6 7 386 393 1.3 
Group IV— 1 — — — 2 3 49 52 0.2 
Total (a)$493 $32 $68 $163 $65 $362 $1,183 $28,183 $29,366 100.0 %
Gross charge-offs$— $— $— $— $— $— $— $— $— 
__________
(a)Total past due dealer financing receivables at September 30, 2023 were $4 million.
v3.23.3
Net Investment in Operating Leases (Tables)
 9 Months Ended
Sep. 30, 2023
Leases, Operating [Abstract]  
Net investment in operating leases [Table Text Block]
Net investment in operating leases was as follows (in millions):
December 31,
2022		September 30,
2023
Vehicles, at cost (a)$26,055 $24,235 
Accumulated depreciation(4,234)(3,877)
Net investment in operating leases$21,821 $20,358 
__________
(a)Includes interest supplements and residual support payments we receive on certain leasing transactions under agreements with Ford and affiliated companies, and other vehicle acquisition costs.
v3.23.3
Transfers of Receivables (Tables)
 9 Months Ended
Sep. 30, 2023
Transfers and Servicing [Abstract]  
Schedule of Assets and Liabilities Related to Securitization Transactions [Table Text Block]
Most of these securitization transactions utilize VIEs. The following tables show the assets and debt related to our securitization transactions that were included in our consolidated financial statements (in billions):
December 31, 2022
Cash and Cash EquivalentsFinance Receivables and Net Investment in Operating Leases (a)Related Debt
(c)
Before Allowance
for Credit Losses		Allowance for
Credit Losses		After Allowance
for Credit Losses
VIE (b)
Retail financing$1.5 $31.7 $0.3 $31.4 $26.6 
Wholesale financing0.2 17.7 — 17.7 10.6 
Finance receivables1.7 49.4 0.3 49.1 37.2 
Net investment in operating leases0.6 12.5 — 12.5 8.2 
Total VIE$2.3 $61.9 $0.3 $61.6 $45.4 
Non-VIE
Retail financing$0.5 $12.2 $0.2 $12.0 $10.7 
Wholesale financing— 0.5 — 0.5 0.3 
Finance receivables0.5 12.7 0.2 12.5 11.0 
Net investment in operating leases— — — — — 
Total Non-VIE$0.5 $12.7 $0.2 $12.5 $11.0 
Total securitization transactions
Retail financing$2.0 $43.9 $0.5 $43.4 $37.3 
Wholesale financing 0.2 18.2 — 18.2 10.9 
Finance receivables2.2 62.1 0.5 61.6 48.2 
Net investment in operating leases0.6 12.5 — 12.5 8.2 
Total securitization transactions$2.8 $74.6 $0.5 $74.1 $56.4 
__________
(a)Unearned interest supplements and residual support are excluded from securitization transactions.
(b)Includes assets to be used to settle the liabilities of the consolidated VIEs.
(c)Includes unamortized discount and debt issuance costs.
NOTE 6. TRANSFERS OF RECEIVABLES AND VARIABLE INTEREST ENTITIES (Continued)

September 30, 2023
Cash and Cash EquivalentsFinance Receivables and Net Investment in Operating Leases (a)Related Debt
(c)
Before Allowance
for Credit Losses		Allowance for
Credit Losses		After Allowance
for Credit Losses
VIE (b)
Retail financing$1.6 $34.9 $0.3 $34.6 $28.7 
Wholesale financing0.2 17.2 — 17.2 10.7 
Finance receivables1.8 52.1 0.3 51.8 39.4 
Net investment in operating leases0.5 10.6 — 10.6 7.3 
Total VIE$2.3 $62.7 $0.3 $62.4 $46.7 
Non-VIE
Retail financing$0.5 $10.3 $0.2 $10.1 $8.9 
Wholesale financing— 0.5 — 0.5 0.3 
Finance receivables0.5 10.8 0.2 10.6 9.2 
Net investment in operating leases— — — — — 
Total Non-VIE$0.5 $10.8 $0.2 $10.6 $9.2 
Total securitization transactions
Retail financing$2.1 $45.2 $0.5 $44.7 $37.6 
Wholesale financing0.2 17.7 — 17.7 11.0 
Finance receivables2.3 62.9 0.5 62.4 48.6 
Net investment in operating leases0.5 10.6 — 10.6 7.3 
Total securitization transactions$2.8 $73.5 $0.5 $73.0 $55.9 
__________
(a)Unearned interest supplements and residual support are excluded from securitization transactions.
(b)Includes assets to be used to settle the liabilities of the consolidated VIEs.
(c)Includes unamortized discount and debt issuance cost.
v3.23.3
Derivative Financial Instruments and Hedging Activities (Tables)
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]
The gains/(losses), by hedge designation, reported in income for the periods ended September 30 were as follows (in millions):
Third QuarterFirst Nine Months
2022202320222023
Fair value hedges
Interest rate contracts
Net interest settlements and accruals on hedging instruments$(39)$(137)$62 $(407)
Fair value changes on hedging instruments(600)(219)(1,922)(285)
Fair value changes on hedged debt 615 210 1,991 223 
Cross-currency interest rate swap contracts
Net interest settlements and accruals on hedging instruments(8)(23)(17)(56)
Fair value changes on hedging instruments(66)(46)(164)(48)
Fair value changes on hedged debt67 44 173 47 
Derivatives not designated as hedging instruments
Interest rate contracts130 28 342 125 
Foreign currency exchange contracts (a)112 59 137 30 
Cross-currency interest rate swap contracts(494)(137)(1,164)(112)
Total$(283)$(221)$(562)$(483)
__________
(a)Reflects forward contracts between us and an affiliated company.
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
The fair value of our derivative instruments and the associated notional amounts were as follows (in millions):
December 31, 2022September 30, 2023
NotionalFair Value of AssetsFair Value of LiabilitiesNotionalFair Value of AssetsFair Value of Liabilities
Fair value hedges
Interest rate contracts$16,883 $— $1,653 $16,821 $— $1,439 
Cross-currency interest rate swap contracts885 — 161 2,078 — 202 
Derivatives not designated as hedging instruments
Interest rate contracts63,210 931 483 59,155 830 720 
Foreign currency exchange contracts (a)4,219 41 76 11,009 158 106 
Cross-currency interest rate swap contracts6,635 15 653 6,396 55 515 
Total derivative financial instruments, gross (b) (c) $91,832 $987 $3,026 $95,459 $1,043 $2,982 
__________
(a)Includes forward contracts between us and an affiliated company, including offsetting forward contracts with our consolidated entities, totaling $5.6 billion in notional amounts and $95 million in both assets and liabilities at September 30, 2023.
(b)At December 31, 2022 and September 30, 2023, we held collateral of $210 million and $128 million, respectively, and we posted collateral of $193 million and $162 million, respectively.
(c)At December 31, 2022 and September 30, 2023, the fair value of assets and liabilities available for counterparty netting was $166 million and $329 million, respectively. All derivatives are categorized within Level 2 of the fair value hierarchy.
v3.23.3
Other Assets and Other Liabilities and Deferred Income (Tables)
 9 Months Ended
Sep. 30, 2023
Other Assets and Other Liabilities and Deferred Income [Abstract]  
Schedule of Other Assets and Other Liabilities [Table Text Block]
Other assets and other liabilities and deferred revenue consist of various balance sheet items that are combined for financial statement presentation due to their respective materiality compared with other individual asset and liability items.

Other assets were as follows (in millions):
December 31,
2022		September 30,
2023
Prepaid reinsurance premiums and other reinsurance recoverables$779 $810 
Accrued interest and other non-finance receivables576 622 
Collateral held for resale, at net realizable value233 330 
Property and equipment, net of accumulated depreciation (a)233 258 
Investment in non-consolidated affiliates177 175 
Deferred charges - income taxes158 153 
Restricted cash127 124 
Operating lease assets64 56 
Other229 242 
Total other assets $2,576 $2,770 
__________
(a)Accumulated depreciation was $415 million and $437 million at December 31, 2022 and September 30, 2023, respectively.

Other liabilities and deferred revenue were as follows (in millions):
December 31,
2022		September 30,
2023
Unearned insurance premiums and fees$891 $922 
Interest payable683 890 
Income tax and related interest (a)115 274 
Operating lease liabilities66 58 
Other280 288 
Total other liabilities and deferred revenue$2,035 $2,432 
__________
(a)Includes income tax and interest payable to affiliated companies of $36 million and $146 million at December 31, 2022 and September 30, 2023, respectively.
v3.23.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Debt [Table Text Block]
Debt outstanding and interest rates were as follows (in millions):
 Interest Rates
DebtAverage ContractualAverage Effective
 December 31,
2022		September 30,
2023		2022202320222023
Short-term debt
Unsecured debt
Floating rate demand notes$10,303 $10,782 
Other short-term debt6,515 4,897 
Asset-backed debt (a)2,806 3,132 
Total short-term debt19,624 18,811 3.8 %5.0 %3.8 %5.0 %
Long-term debt
Unsecured debt
Notes payable within one year7,980 10,664 
Notes payable after one year39,620 42,700 
Asset-backed debt (a)
Notes payable within one year21,839 18,756 
Notes payable after one year31,840 34,046 
Unamortized (discount)/premium23 13 
Unamortized issuance costs(197)(233)
Fair value adjustments (b)(1,690)(1,865)
Total long-term debt99,415 104,081 3.6 %4.5 %3.6 %4.5 %
Total debt$119,039 $122,892 3.6 %4.5 %3.6 %4.5 %
Fair value of debt (c)$117,214 $122,386 
__________
(a)Asset-backed debt issued in securitizations is the obligation of the consolidated securitization entity that issued the debt and is payable only out of collections on the underlying securitized assets and related enhancements. This asset-backed debt is not the obligation of Ford Credit or our other subsidiaries.
(b)These adjustments are related to hedging activity and include discontinued hedging relationship adjustments of $31 million and $(320) million at December 31, 2022 and September 30, 2023, respectively. The carrying value of hedged debt was $33.3 billion and $37.3 billion at December 31, 2022 and September 30, 2023, respectively.
(c)At December 31, 2022 and September 30, 2023, the fair value of debt includes $16.9 billion and $15.7 billion of short-term debt, respectively, carried at cost, which approximates fair value. All other debt is categorized within Level 2 of the fair value hierarchy.
v3.23.3
Other Income, Net (Tables)
 9 Months Ended
Sep. 30, 2023
Other Income and Expenses [Abstract]  
Schedule of Other Income [Table Text Block]
The amounts included in Other income/(loss), net for the periods ended September 30 were as follows (in millions):
Third QuarterFirst Nine Months
2022202320222023
Interest and investment income (a)$30 $135 $26 $378 
Currency revaluation gains/(losses) 351 156 920 24 
Gains/(losses) on derivatives(301)(98)(807)3 
Gains/(losses) on changes in investments in affiliates (b)— — (231)— 
Other 9 (6)33 8 
Total other income/(loss), net$89 $187 $(59)$413 
__________
(a)Includes impairment losses of non-consolidated investments of $9 million in the second quarter of 2023.
(b)Includes 2022 losses related to our restructuring in South America described in Note 10.
v3.23.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
Key financial information for our business segments for the periods ended or at September 30 was as follows (in millions):
United States and CanadaEuropeAll OtherTotal
Segments		Unallocated Other Total
Third Quarter 2022
Total revenue$2,015 $188 $100 $2,303 $— $2,303 
Income before income taxes 394 74 24 492 97 589 
Depreciation on vehicles subject to operating leases
588 (9)— 579 — 579 
Interest expense792 52 47 891 (40)851 
Provision for/(Benefit from) credit losses42 (12)9 39 — 39 
Third Quarter 2023
Total revenue$2,366 $346 $116 $2,828 $— $2,828 
Income before income taxes 257 78 21 356 2 358 
Depreciation on vehicles subject to operating leases
568 8 — 576 — 576 
Interest expense1,354 185 65 1,604 49 1,653 
Provision for/(Benefit from) credit losses71 4 (1)74 — 74 
First Nine Months 2022
Total revenue$6,073 $604 $300 $6,977 $— $6,977 
Income before income taxes1,840 256 (148)1,948 298 2,246 
Depreciation on vehicles subject to operating leases
1,673 (30)— 1,643 — 1,643 
Interest expense1,998 148 141 2,287 (168)2,119 
Provision for/(Benefit from) credit losses(82)(17)18 (81)— (81)
Net finance receivables and net investment in operating leases93,930 16,454 5,088 115,472 — 115,472 
Total assets102,916 19,282 5,720 127,918 — 127,918 
First Nine Months 2023
Total revenue$6,841 $974 $324 $8,139 $— $8,139 
Income before income taxes801 269 70 1,140 (98)1,042 
Depreciation on vehicles subject to operating leases
1,676 14 — 1,690 — 1,690 
Interest expense3,807 477 173 4,457 118 4,575 
Provision for/(Benefit from) credit losses170 6 15 191 — 191 
Net finance receivables and net investment in operating leases101,885 19,330 5,112 126,327 — 126,327 
Total assets114,585 23,301 5,665 143,551 — 143,551 
v3.23.3
Cash, Cash Equivalents, and Marketable Securities (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Sep. 30, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Cash, Cash Equivalents, and Short-term Investments $ 7,501 $ 8,207    
Total cash and cash equivalents 10,651 10,393    
Restricted Cash 124 127    
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 10,775 10,520 $ 6,453 $ 11,091
Fair Value, Recurring [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Cash and cash equivalents 3,150 2,186    
Fair Value, Recurring [Member] | Level 2 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Marketable securities 1,464 1,493    
US Government [Member] | Fair Value, Recurring [Member] | Level 1 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Cash and cash equivalents 2,111 1,045    
Marketable securities 274 187    
US Government Agencies [Member] | Fair Value, Recurring [Member] | Level 2 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Cash and cash equivalents 100 150    
Marketable securities 223 221    
Debt Security, Government, Non-US [Member] | Fair Value, Recurring [Member] | Level 2 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Cash and cash equivalents 280 199    
Marketable securities 549 658    
Corporate debt [Member] | Fair Value, Recurring [Member] | Level 2 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Cash and cash equivalents 659 792    
Marketable securities 269 266    
Other Debt Obligations [Member] | Fair Value, Recurring [Member] | Level 2 [Member]        
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]        
Marketable securities $ 149 $ 161    
v3.23.3
Finance Receivables Net (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Jun. 30, 2023
Dec. 31, 2022
Jun. 30, 2022
Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]                
Sales Type and Direct Financing Lease Revenue $ 102 $ 73 $ 276 $ 223        
Net Finance Receivables [Abstract]                
Financing Receivable, before Allowance for Credit Loss 106,845   106,845     $ 101,358    
Financing Receivable, Allowance for Credit Loss (876) (760) (876) (760) $ (873) (845) $ (763) $ (925)
Finance leases, net $ 105,969   $ 105,969     100,513    
Financing Receivable, Threshold Period Past Due 31 days   31 days          
Interest Receivable $ 247   $ 247     187    
Consumer Segment [Member]                
Net Finance Receivables [Abstract]                
Financing Receivable, before Allowance for Credit Loss 75,612   75,612     71,503    
Financing Receivable, Allowance for Credit Loss, Writeoff 279   279          
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff     14          
Financing Receivable, Year Two, Originated, Fiscal Year Before Current Fiscal Year, Writeoff     81          
Financing Receivable, Year Three, Originated, Two Years Before Current Fiscal Year, Writeoff     61          
Financing Receivable, Year Four, Originated, Three Years Before Current Fiscal Year, Writeoff     55          
Financing Receivable, Year Five, Originated, Four Years Before Current Fiscal Year, Writeoff     30          
Financing Receivable, Allowance for Credit Loss (870) (751) (870) (751) (866) (838) (754) (903)
Financing Receivable, Originated, More Than Five Years before Current Fiscal Year, Writeoff     38          
Non-Consumer Segment [Member]                
Net Finance Receivables [Abstract]                
Financing Receivable, before Allowance for Credit Loss 31,233   31,233     29,855    
Financing Receivable, Revolving, Writeoff     0          
Financing Receivable, Allowance for Credit Loss (6) $ (9) (6) $ (9) $ (7) (7) $ (9) $ (22)
Retail Installment Loans [Member] | Consumer Segment [Member]                
Net Finance Receivables [Abstract]                
Financing Receivable, before Allowance for Credit Loss 71,240   71,240     67,043    
Retail [Member] | Consumer Segment [Member]                
Net Finance Receivables [Abstract]                
Unearned interest supplements from Ford and affiliated companies (2,967)   (2,967)     (2,305)    
Financing Receivable, before Allowance for Credit Loss 75,612   75,612     71,503    
Finance Receivable Before Unearned Interest Supplements 78,579   78,579     73,808    
Finance leases [Member]                
Net Finance Receivables [Abstract]                
Finance leases, net 6,928   6,928     6,423    
Finance leases [Member] | Consumer Segment [Member]                
Net Finance Receivables [Abstract]                
Sales-type and Direct Financing Leases, Lease Receivable 7,339   7,339     6,765    
Wholesale and Dealer Loans [Member] | Non-Consumer Segment [Member]                
Net Finance Receivables [Abstract]                
Financing Receivable, before Allowance for Credit Loss 29,366   29,366     28,408    
Financing Receivable, Allowance for Credit Loss, Writeoff 0   0          
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff     0          
Financing Receivable, Year Two, Originated, Fiscal Year Before Current Fiscal Year, Writeoff     0          
Financing Receivable, Year Three, Originated, Two Years Before Current Fiscal Year, Writeoff     0          
Financing Receivable, Year Four, Originated, Three Years Before Current Fiscal Year, Writeoff     0          
Financing Receivable, Year Five, Originated, Four Years Before Current Fiscal Year, Writeoff     0          
Financing Receivable, Originated, More Than Five Years before Current Fiscal Year, Writeoff     0          
Other Finance Receivables [Member] | Non-Consumer Segment [Member]                
Net Finance Receivables [Abstract]                
Financing Receivable, before Allowance for Credit Loss 1,867   1,867     1,447    
Retail Installment loans, dealer financing, and other financing [Member]                
Net Finance Receivables [Abstract]                
Finance leases, net 99,041   99,041     94,090    
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]                
Net Finance Receivables [Abstract]                
Finance leases, net 99,041   99,041     94,090    
Fair value (b) $ 96,775   $ 96,775     $ 91,410    
v3.23.3
Finance Receivables - Credit Quality and Impaired Receivables (Details) - USD ($)
 9 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]    
Non-Accrual of Revenue 90  
Financing Receivables $ 106,845,000,000 $ 101,358,000,000
Wholesale and Dealer Loans [Member] | Financing Receivable [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivables 4,000,000 9,000,000
Commercial Portfolio Segment [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivables 31,233,000,000 29,855,000,000
Financing Receivable, Revolving 28,183,000,000 27,261,000,000
Commercial Portfolio Segment [Member] | Group I    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivables 26,477,000,000 25,303,000,000
Financing Receivable, Revolving 25,364,000,000 24,242,000,000
Commercial Portfolio Segment [Member] | Group I | Percent of Total    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivables 0.902 0.891
Commercial Portfolio Segment [Member] | Group II    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivables 2,444,000,000 2,823,000,000
Financing Receivable, Revolving 2,384,000,000 2,751,000,000
Commercial Portfolio Segment [Member] | Group II | Percent of Total    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivables 0.083 0.099
Commercial Portfolio Segment [Member] | Group III    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivables 393,000,000 243,000,000
Financing Receivable, Revolving 386,000,000 233,000,000
Commercial Portfolio Segment [Member] | Group III | Percent of Total    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivables 0.013 0.009
Commercial Portfolio Segment [Member] | Group IV    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivables 52,000,000 39,000,000
Financing Receivable, Revolving 49,000,000 35,000,000
Commercial Portfolio Segment [Member] | Group IV | Percent of Total    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivables 0.002 0.001
Commercial Portfolio Segment [Member] | Dealer Loan    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 493,000,000 404,000,000
Financing Receivable, Originated Four Years before Latest Fiscal Year 32,000,000 169,000,000
Financing Receivable, Originated Three Years before Latest Fiscal Year 68,000,000 36,000,000
Financing Receivable, Originated Two Years before Latest Fiscal Year 163,000,000 72,000,000
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 65,000,000 187,000,000
Financing Receivable, Originated in Current Fiscal Year 362,000,000 279,000,000
Financing Receivable Originations Total 1,183,000,000 1,147,000,000
Commercial Portfolio Segment [Member] | Dealer Loan | Group I    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 491,000,000 402,000,000
Financing Receivable, Originated Four Years before Latest Fiscal Year 31,000,000 148,000,000
Financing Receivable, Originated Three Years before Latest Fiscal Year 66,000,000 35,000,000
Financing Receivable, Originated Two Years before Latest Fiscal Year 159,000,000 67,000,000
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 62,000,000 185,000,000
Financing Receivable, Originated in Current Fiscal Year 304,000,000 224,000,000
Financing Receivable Originations Total 1,113,000,000 1,061,000,000
Commercial Portfolio Segment [Member] | Dealer Loan | Group II    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 2,000,000 2,000,000
Financing Receivable, Originated Four Years before Latest Fiscal Year 0 21,000,000
Financing Receivable, Originated Three Years before Latest Fiscal Year 2,000,000 0
Financing Receivable, Originated Two Years before Latest Fiscal Year 4,000,000 5,000,000
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 2,000,000 2,000,000
Financing Receivable, Originated in Current Fiscal Year 50,000,000 42,000,000
Financing Receivable Originations Total 60,000,000 72,000,000
Commercial Portfolio Segment [Member] | Dealer Loan | Group III    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 0 0
Financing Receivable, Originated Four Years before Latest Fiscal Year 0 0
Financing Receivable, Originated Three Years before Latest Fiscal Year 0 0
Financing Receivable, Originated Two Years before Latest Fiscal Year 0 0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 1,000,000 0
Financing Receivable, Originated in Current Fiscal Year 6,000,000 10,000,000
Financing Receivable Originations Total 7,000,000 10,000,000
Commercial Portfolio Segment [Member] | Dealer Loan | Group IV    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 0 0
Financing Receivable, Originated Four Years before Latest Fiscal Year 1,000,000 0
Financing Receivable, Originated Three Years before Latest Fiscal Year 0 1,000,000
Financing Receivable, Originated Two Years before Latest Fiscal Year 0 0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 0 0
Financing Receivable, Originated in Current Fiscal Year 2,000,000 3,000,000
Financing Receivable Originations Total 3,000,000 4,000,000
Commercial Portfolio Segment [Member] | Commercial Portfolio Segment [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivables 29,366,000,000 28,408,000,000
Commercial Portfolio Segment [Member] | Commercial Portfolio Segment [Member] | Percent of Total    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivables 1.000 1.000
Commercial Portfolio Segment [Member] | Wholesale and Dealer Loans [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivables 29,366,000,000 28,408,000,000
Financing Receivable, Allowance for Credit Loss, Writeoff 0  
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff 0  
Financing Receivable, Year Three, Originated, Two Years Before Current Fiscal Year, Writeoff 0  
Financing Receivable, Year Four, Originated, Three Years Before Current Fiscal Year, Writeoff 0  
Financing Receivable, Year Five, Originated, Four Years Before Current Fiscal Year, Writeoff 0  
Financing Receivable, Originated, More Than Five Years before Current Fiscal Year, Writeoff 0  
Financing Receivable, Year Two, Originated, Fiscal Year Before Current Fiscal Year, Writeoff 0  
Consumer Portfolio Segment [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivables 75,612,000,000 71,503,000,000
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 1,363,000,000 942,000,000
Financing Receivable, Originated Four Years before Latest Fiscal Year 3,167,000,000 2,640,000,000
Financing Receivable, Originated Three Years before Latest Fiscal Year 8,976,000,000 6,265,000,000
Financing Receivable, Originated Two Years before Latest Fiscal Year 13,066,000,000 14,091,000,000
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 22,519,000,000 18,579,000,000
Financing Receivable, Originated in Current Fiscal Year 26,521,000,000 28,986,000,000
Financing Receivable, Allowance for Credit Loss, Writeoff 279,000,000  
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff 14,000,000  
Financing Receivable, Year Three, Originated, Two Years Before Current Fiscal Year, Writeoff 61,000,000  
Financing Receivable, Year Four, Originated, Three Years Before Current Fiscal Year, Writeoff 55,000,000  
Financing Receivable, Year Five, Originated, Four Years Before Current Fiscal Year, Writeoff 30,000,000  
Financing Receivable, Originated, More Than Five Years before Current Fiscal Year, Writeoff 38,000,000  
Financing Receivable, Year Two, Originated, Fiscal Year Before Current Fiscal Year, Writeoff 81,000,000  
Consumer Portfolio Segment [Member] | Financing Receivables, 31-60 Days Past Due [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivables 645,000,000 649,000,000
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 50,000,000 41,000,000
Financing Receivable, Originated Four Years before Latest Fiscal Year 58,000,000 60,000,000
Financing Receivable, Originated Three Years before Latest Fiscal Year 140,000,000 91,000,000
Financing Receivable, Originated Two Years before Latest Fiscal Year 129,000,000 181,000,000
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 172,000,000 150,000,000
Financing Receivable, Originated in Current Fiscal Year 96,000,000 126,000,000
Consumer Portfolio Segment [Member] | Financing Receivables, 61-120 Days past due [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivables 164,000,000 149,000,000
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 9,000,000 9,000,000
Financing Receivable, Originated Four Years before Latest Fiscal Year 12,000,000 12,000,000
Financing Receivable, Originated Three Years before Latest Fiscal Year 30,000,000 20,000,000
Financing Receivable, Originated Two Years before Latest Fiscal Year 35,000,000 39,000,000
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 50,000,000 40,000,000
Financing Receivable, Originated in Current Fiscal Year 28,000,000 29,000,000
Consumer Portfolio Segment [Member] | Financing Receivables, Greater Than 120 Days Past Due [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivables 41,000,000 38,000,000
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 8,000,000 9,000,000
Financing Receivable, Originated Four Years before Latest Fiscal Year 4,000,000 4,000,000
Financing Receivable, Originated Three Years before Latest Fiscal Year 6,000,000 5,000,000
Financing Receivable, Originated Two Years before Latest Fiscal Year 10,000,000 7,000,000
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 10,000,000 7,000,000
Financing Receivable, Originated in Current Fiscal Year 3,000,000 6,000,000
Consumer Portfolio Segment [Member] | Total past due [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivables 850,000,000 836,000,000
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 67,000,000 59,000,000
Financing Receivable, Originated Four Years before Latest Fiscal Year 74,000,000 76,000,000
Financing Receivable, Originated Three Years before Latest Fiscal Year 176,000,000 116,000,000
Financing Receivable, Originated Two Years before Latest Fiscal Year 174,000,000 227,000,000
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 232,000,000 197,000,000
Financing Receivable, Originated in Current Fiscal Year 127,000,000 161,000,000
Consumer Portfolio Segment [Member] | Financial Asset, 1 to 29 Days Past Due [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivables 74,762,000,000 70,667,000,000
Financing Receivable, Originated Five or More Years before Latest Fiscal Year 1,296,000,000 883,000,000
Financing Receivable, Originated Four Years before Latest Fiscal Year 3,093,000,000 2,564,000,000
Financing Receivable, Originated Three Years before Latest Fiscal Year 8,800,000,000 6,149,000,000
Financing Receivable, Originated Two Years before Latest Fiscal Year 12,892,000,000 13,864,000,000
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year 22,287,000,000 18,382,000,000
Financing Receivable, Originated in Current Fiscal Year 26,394,000,000 28,825,000,000
Consumer Portfolio Segment [Member] | Percent of Total    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivables 1.000 1.000
Consumer Portfolio Segment [Member] | Percent of Total | Financing Receivables, 31-60 Days Past Due [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivables 0.009 0.009
Consumer Portfolio Segment [Member] | Percent of Total | Financing Receivables, 61-120 Days past due [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivables 0.002 0.002
Consumer Portfolio Segment [Member] | Percent of Total | Financing Receivables, Greater Than 120 Days Past Due [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivables 0 0.001
Consumer Portfolio Segment [Member] | Percent of Total | Total past due [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivables 0.011 0.012
Consumer Portfolio Segment [Member] | Percent of Total | Financial Asset, 1 to 29 Days Past Due [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Financing Receivables $ 0.989 $ 0.988
Consumer Portfolio Segment [Member] | Pass [Member] | Maximum [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Finance Receivables Credit Quality Ratings Term Range 60 days  
Consumer Portfolio Segment [Member] | Substandard [Member] | Minimum [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Finance Receivables Credit Quality Ratings Term Range 120 days  
Consumer Portfolio Segment [Member] | Special Mention [Member] | Maximum [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Finance Receivables Credit Quality Ratings Term Range 120 days  
Consumer Portfolio Segment [Member] | Special Mention [Member] | Minimum [Member]    
Financing Receivable, Credit Quality Indicator [Line Items]    
Finance Receivables Credit Quality Ratings Term Range 61 days  
v3.23.3
Finance Receivables and Allowance for Credit Losses Allowance for credit losses (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Jun. 30, 2023
Dec. 31, 2022
Jun. 30, 2022
Dec. 31, 2021
Allowance for Credit Losses [Line Items]                
Financing Receivable, Allowance for Credit Loss $ 876 $ 760 $ 876 $ 760 $ 873 $ 845 $ 763 $ 925
Finance receivables, net 105,969   105,969     100,513    
Financing Receivable, Allowance for Credit Loss, Writeoff (105) (73) (279) (197)        
Financing Receivable, Allowance for Credit Loss, Recovery 37 40 114 129        
Financing Receivable, Credit Loss, Expense (Reversal) 74 39 191 (81)        
Financing Receivable, Allowance for Credit Losses, Other (3) (9) 5 (16)        
Financing Receivable, before Allowance for Credit Loss 106,845   106,845     101,358    
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) $ 3   $ 31          
Financing Receivable, Threshold Period Past Due, Writeoff 120 days   120 days          
Commercial Portfolio Segment [Member]                
Allowance for Credit Losses [Line Items]                
Financing Receivable, Allowance for Credit Loss $ 6 9 $ 6 9 7 7 9 22
Financing Receivable, Allowance for Credit Loss, Writeoff 0 0 0 (1)        
Financing Receivable, Allowance for Credit Loss, Recovery 0 1 1 3        
Financing Receivable, Credit Loss, Expense (Reversal) (1) (1) (2) (14)        
Financing Receivable, Allowance for Credit Losses, Other 0 0 0 (1)        
Financing Receivable, before Allowance for Credit Loss 31,233   31,233     29,855    
Consumer Portfolio Segment [Member]                
Allowance for Credit Losses [Line Items]                
Financing Receivable, Allowance for Credit Loss 870 751 870 751 $ 866 838 $ 754 $ 903
Financing Receivable, Allowance for Credit Loss, Writeoff (105) (73) (279) (196)        
Financing Receivable, Allowance for Credit Loss, Recovery 37 39 113 126        
Financing Receivable, Credit Loss, Expense (Reversal) 75 40 193 (67)        
Financing Receivable, Allowance for Credit Losses, Other (3) $ (9) 5 $ (15)        
Financing Receivable, before Allowance for Credit Loss 75,612   75,612     71,503    
Retail Installment loans, dealer financing, and other financing [Member]                
Allowance for Credit Losses [Line Items]                
Finance receivables, net $ 99,041   $ 99,041     $ 94,090    
v3.23.3
Net Investments in Operating Leases (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment $ 437 $ 415
Net Investment in Operating Leases $ 20,358 21,821
Maximum [Member]    
Net Investment in Operating Leases, Length of Lease 60 months  
Property Subject to Operating Lease [Member]    
Property Subject to or Available for Operating Lease, Gross $ 24,235 26,055
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment 3,877 4,234
Net Investment in Operating Leases $ 20,358 $ 21,821
v3.23.3
Transfers of Receivables - Assets and Liabilities of Securitizations (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Sep. 30, 2022
Securitization Transactions [Line Items]      
Cash and cash equivalents $ 10,651 $ 10,393  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 126,327   $ 115,472
Related Debt 122,892 119,039  
Total assets 143,551 138,576 $ 127,918
Consolidated Entities [Member] | Securitization Transactions [Member]      
Securitization Transactions [Line Items]      
Cash and cash equivalents 2,800 2,800  
Finance Receivables and Net Investment in Operating Leases, Before Allowance for Credit Losses 73,500 74,600  
Allowance for Credit Losses 500 500  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 73,000 74,100  
Related Debt 55,900 56,400  
Consolidated Entities [Member] | Securitization Transactions [Member] | Financing Receivable [Member]      
Securitization Transactions [Line Items]      
Cash and cash equivalents 2,300 2,200  
Finance Receivables and Net Investment in Operating Leases, Before Allowance for Credit Losses 62,900 62,100  
Allowance for Credit Losses 500 500  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 62,400 61,600  
Related Debt 48,600 48,200  
Consolidated Entities [Member] | Securitization Transactions [Member] | Retail [Member]      
Securitization Transactions [Line Items]      
Cash and cash equivalents 2,100 2,000  
Finance Receivables and Net Investment in Operating Leases, Before Allowance for Credit Losses 45,200 43,900  
Allowance for Credit Losses 500 500  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 44,700 43,400  
Related Debt 37,600 37,300  
Consolidated Entities [Member] | Securitization Transactions [Member] | Wholesale [Member]      
Securitization Transactions [Line Items]      
Cash and cash equivalents 200 200  
Finance Receivables and Net Investment in Operating Leases, Before Allowance for Credit Losses 17,700 18,200  
Allowance for Credit Losses 0 0  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 17,700 18,200  
Related Debt 11,000 10,900  
Consolidated Entities [Member] | Securitization Transactions [Member] | Net Investment in Operating Leases [Member]      
Securitization Transactions [Line Items]      
Cash and cash equivalents 500 600  
Finance Receivables and Net Investment in Operating Leases, Before Allowance for Credit Losses 10,600 12,500  
Allowance for Credit Losses 0 0  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 10,600 12,500  
Related Debt 7,300 8,200  
Variable Interest Entity, Primary Beneficiary [Member]      
Securitization Transactions [Line Items]      
Cash and cash equivalents 2,348 2,274  
Related Debt 46,664 45,451  
Variable Interest Entity, Primary Beneficiary [Member] | Securitization Transactions [Member]      
Securitization Transactions [Line Items]      
Cash and cash equivalents 2,300 2,300  
Finance Receivables and Net Investment in Operating Leases, Before Allowance for Credit Losses 62,700 61,900  
Allowance for Credit Losses 300 300  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 62,400 61,600  
Related Debt 46,700 45,400  
Variable Interest Entity, Primary Beneficiary [Member] | Securitization Transactions [Member] | Financing Receivable [Member]      
Securitization Transactions [Line Items]      
Cash and cash equivalents 1,800 1,700  
Finance Receivables and Net Investment in Operating Leases, Before Allowance for Credit Losses 52,100 49,400  
Allowance for Credit Losses 300 300  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 51,800 49,100  
Related Debt 39,400 37,200  
Variable Interest Entity, Primary Beneficiary [Member] | Securitization Transactions [Member] | Retail [Member]      
Securitization Transactions [Line Items]      
Cash and cash equivalents 1,600 1,500  
Finance Receivables and Net Investment in Operating Leases, Before Allowance for Credit Losses 34,900 31,700  
Allowance for Credit Losses 300 300  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 34,600 31,400  
Related Debt 28,700 26,600  
Variable Interest Entity, Primary Beneficiary [Member] | Securitization Transactions [Member] | Wholesale [Member]      
Securitization Transactions [Line Items]      
Cash and cash equivalents 200 200  
Finance Receivables and Net Investment in Operating Leases, Before Allowance for Credit Losses 17,200 17,700  
Allowance for Credit Losses 0 0  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 17,200 17,700  
Related Debt 10,700 10,600  
Variable Interest Entity, Primary Beneficiary [Member] | Securitization Transactions [Member] | Net Investment in Operating Leases [Member]      
Securitization Transactions [Line Items]      
Cash and cash equivalents 500 600  
Finance Receivables and Net Investment in Operating Leases, Before Allowance for Credit Losses 10,600 12,500  
Allowance for Credit Losses 0 0  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 10,600 12,500  
Related Debt 7,300 8,200  
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Securitization Transactions [Member]      
Securitization Transactions [Line Items]      
Cash and cash equivalents 500 500  
Finance Receivables and Net Investment in Operating Leases, Before Allowance for Credit Losses 10,800 12,700  
Allowance for Credit Losses 200 200  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 10,600 12,500  
Related Debt 9,200 11,000  
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Securitization Transactions [Member] | Financing Receivable [Member]      
Securitization Transactions [Line Items]      
Cash and cash equivalents 500 500  
Finance Receivables and Net Investment in Operating Leases, Before Allowance for Credit Losses 10,800 12,700  
Allowance for Credit Losses 200 200  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 10,600 12,500  
Related Debt 9,200 11,000  
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Securitization Transactions [Member] | Retail [Member]      
Securitization Transactions [Line Items]      
Cash and cash equivalents 500 500  
Finance Receivables and Net Investment in Operating Leases, Before Allowance for Credit Losses 10,300 12,200  
Allowance for Credit Losses 200 200  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 10,100 12,000  
Related Debt 8,900 10,700  
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Securitization Transactions [Member] | Wholesale [Member]      
Securitization Transactions [Line Items]      
Cash and cash equivalents 0 0  
Finance Receivables and Net Investment in Operating Leases, Before Allowance for Credit Losses 500 500  
Allowance for Credit Losses 0 0  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 500 500  
Related Debt 300 300  
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | Securitization Transactions [Member] | Net Investment in Operating Leases [Member]      
Securitization Transactions [Line Items]      
Cash and cash equivalents 0 0  
Finance Receivables and Net Investment in Operating Leases, Before Allowance for Credit Losses 0 0  
Allowance for Credit Losses 0 0  
Finance Receivables and Net Investment In Operating Leases, After Allowance for Credit Losses 0 0  
Related Debt $ 0 $ 0  
v3.23.3
Derivative Financial Instruments and Hedging Activities (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Derivative [Line Items]          
Debt Carrying Value Fair Value $ 37,300,000,000   $ 37,300,000,000   $ 33,300,000,000
Income Effect of Derivative Financial Instruments [Abstract]          
Derivative, Gain (Loss) on Derivative, Net (221,000,000) $ (283,000,000) (483,000,000) $ (562,000,000)  
Balance Sheet Effect of Derivative Financial Instruments [Abstract]          
Fair Value of Derivative Assets 1,043,000,000   1,043,000,000   987,000,000
Fair Value of Derivative Liabilities 2,982,000,000   2,982,000,000   3,026,000,000
Derivative, Notional Amount 95,459,000,000   95,459,000,000   91,832,000,000
Derivative, Collateral, Obligation to Return Cash 128,000,000   128,000,000   210,000,000
Derivative, Collateral, Right to Reclaim Cash 162,000,000   162,000,000   193,000,000
Derivative Asset, Not Offset, Policy Election Deduction 329,000,000   329,000,000   166,000,000
Derivative Liability, Not Offset, Policy Election Deduction 329,000,000   329,000,000   166,000,000
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member]          
Income Effect of Derivative Financial Instruments [Abstract]          
Net interest settlements and accruals excluded from the assessment of hedge effectiveness (137,000,000) (39,000,000) (407,000,000) 62,000,000  
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments (219,000,000) (600,000,000) (285,000,000) (1,922,000,000)  
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 210,000,000 615,000,000 223,000,000 1,991,000,000  
Balance Sheet Effect of Derivative Financial Instruments [Abstract]          
Derivative, Notional Amount 16,821,000,000   16,821,000,000   16,883,000,000
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Currency Swap          
Income Effect of Derivative Financial Instruments [Abstract]          
Net interest settlements and accruals excluded from the assessment of hedge effectiveness (23,000,000) (8,000,000) (56,000,000) (17,000,000)  
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments (46,000,000) (66,000,000) (48,000,000) (164,000,000)  
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge 44,000,000 67,000,000 47,000,000 173,000,000  
Balance Sheet Effect of Derivative Financial Instruments [Abstract]          
Derivative, Notional Amount 2,078,000,000   2,078,000,000   885,000,000
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | Fair Value Hedging [Member]          
Balance Sheet Effect of Derivative Financial Instruments [Abstract]          
Fair Value of Derivative Assets 0   0   0
Fair Value of Derivative Liabilities 1,439,000,000   1,439,000,000   1,653,000,000
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | Currency Swap          
Balance Sheet Effect of Derivative Financial Instruments [Abstract]          
Fair Value of Derivative Assets 0   0   0
Fair Value of Derivative Liabilities 202,000,000   202,000,000   161,000,000
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member]          
Income Effect of Derivative Financial Instruments [Abstract]          
Derivative, Gain (Loss) on Derivative, Net 28,000,000 130,000,000 125,000,000 342,000,000  
Balance Sheet Effect of Derivative Financial Instruments [Abstract]          
Derivative, Notional Amount 59,155,000,000   59,155,000,000   63,210,000,000
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | Level 2 [Member] | Fair Value, Recurring [Member]          
Balance Sheet Effect of Derivative Financial Instruments [Abstract]          
Fair Value of Derivative Assets 830,000,000   830,000,000   931,000,000
Fair Value of Derivative Liabilities 720,000,000   720,000,000   483,000,000
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | Affiliated Entity          
Balance Sheet Effect of Derivative Financial Instruments [Abstract]          
Fair Value of Derivative Assets 95,000,000   95,000,000    
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member]          
Income Effect of Derivative Financial Instruments [Abstract]          
Derivative, Gain (Loss) on Derivative, Net 59,000,000 112,000,000 30,000,000 137,000,000  
Balance Sheet Effect of Derivative Financial Instruments [Abstract]          
Derivative, Notional Amount 11,009,000,000   11,009,000,000   4,219,000,000
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Affiliated Entity          
Balance Sheet Effect of Derivative Financial Instruments [Abstract]          
Derivative, Notional Amount 5,600,000,000   5,600,000,000    
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Level 2 [Member] | Fair Value, Recurring [Member]          
Balance Sheet Effect of Derivative Financial Instruments [Abstract]          
Fair Value of Derivative Assets 158,000,000   158,000,000   41,000,000
Fair Value of Derivative Liabilities 106,000,000   106,000,000   76,000,000
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Level 2 [Member] | Fair Value, Recurring [Member] | Affiliated Entity          
Balance Sheet Effect of Derivative Financial Instruments [Abstract]          
Fair Value of Derivative Liabilities 95,000,000   95,000,000    
Cross Currency Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member]          
Income Effect of Derivative Financial Instruments [Abstract]          
Derivative, Gain (Loss) on Derivative, Net (137,000,000) $ (494,000,000) (112,000,000) $ (1,164,000,000)  
Balance Sheet Effect of Derivative Financial Instruments [Abstract]          
Derivative, Notional Amount 6,396,000,000   6,396,000,000   6,635,000,000
Cross Currency Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | Level 2 [Member] | Fair Value, Recurring [Member]          
Balance Sheet Effect of Derivative Financial Instruments [Abstract]          
Fair Value of Derivative Assets 55,000,000   55,000,000   15,000,000
Fair Value of Derivative Liabilities $ 515,000,000   $ 515,000,000   $ 653,000,000
v3.23.3
Other Assets and Other Liabilities and Deferred Income (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Other Assets and Other Liabilities [Abstract]    
Accrued interest and other non-finance receivables $ 622 $ 576
Property, Plant and Equipment, Net 258 233
Collateral held for resale, at net realizable value, and other inventory 330 233
Deferred charges - income taxes 153 158
Prepaid Reinsurance Premiums and Other Reinsurance Recoverables 810 779
Operating lease assets 56 64
Investment in non-consolidated affiliates 175 177
Other 242 229
Other assets 2,770 2,576
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment 437 415
Unearned Premiums and Fees 922 891
Interest Payable 890 683
Taxes Payable 274 115
Operating Lease, Liability 58 66
Other Liabilities 2,432 2,035
Related Party Transactions Income Taxes and Related Interest Payable 146 36
Other Liabilities, Miscellaneous 288 280
Restricted Cash 124 127
Property Subject to Operating Lease [Member]    
Other Assets and Other Liabilities [Abstract]    
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment $ 3,877 $ 4,234
v3.23.3
Debt (Details) - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Total short-term debt $ 18,811,000,000 $ 19,624,000,000
Unamortized discount 13,000,000 23,000,000
Unamortized debt issuance costs (233,000,000) (197,000,000)
Fair value adjustments (1,865,000,000) (1,690,000,000)
Total long-term debt 104,081,000,000 99,415,000,000
Total debt $ 122,892,000,000 $ 119,039,000,000
Average Contractual (interest rate) 4.50% 3.60%
Average Effective (interest rate) 4.50% 3.60%
Debt Carrying Value Fair Value $ 37,300,000,000 $ 33,300,000,000
Fair value of short-term debt 15,700,000,000 16,900,000,000
Discontinued Hedged Debt (320,000,000) 31,000,000
Floating Rate Demand Notes [Member]    
Debt Instrument [Line Items]    
Total short-term debt 10,782,000,000 10,303,000,000
Other short-term debt [Member]    
Debt Instrument [Line Items]    
Total short-term debt 4,897,000,000 6,515,000,000
Asset-backed Securities [Member]    
Debt Instrument [Line Items]    
Total short-term debt 3,132,000,000 2,806,000,000
Unsecured Debt [Member]    
Debt Instrument [Line Items]    
Notes payable within one year 10,664,000,000 7,980,000,000
Notes payable after one year 42,700,000,000 39,620,000,000
Asset-backed Securities [Member]    
Debt Instrument [Line Items]    
Notes payable within one year 18,756,000,000 21,839,000,000
Notes payable after one year $ 34,046,000,000 $ 31,840,000,000
Total short-term debt [Member]    
Debt Instrument [Line Items]    
Average Contractual (interest rate) 5.00% 3.80%
Average Effective (interest rate) 5.00% 3.80%
Total long-term debt [Member]    
Debt Instrument [Line Items]    
Average Contractual (interest rate) 4.50% 3.60%
Average Effective (interest rate) 4.50% 3.60%
Fair Value, Nonrecurring [Member] | Level 2 [Member]    
Debt Instrument [Line Items]    
Fair value of debt $ 122,386,000,000 $ 117,214,000,000
v3.23.3
Restructuring and Related Activities (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]          
SHAREHOLDER’S INTEREST $ 0   $ 0   $ 0
Shareholder's Interest [Member] 5,166   5,166   $ 5,166
ARGENTINA          
Restructuring Cost and Reserve [Line Items]          
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax       $ 75  
BRAZIL          
Restructuring Cost and Reserve [Line Items]          
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax       155  
Parent [Member]          
Restructuring Cost and Reserve [Line Items]          
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax 0 $ 0 0 231  
Foreign Currency Translation Adjustment          
Restructuring Cost and Reserve [Line Items]          
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax $ 223   $ 223    
Equity Component [Domain]          
Restructuring Cost and Reserve [Line Items]          
Shareholder's Interest [Member]   $ 61   $ 61  
v3.23.3
Other Income, Net (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Other Income and Expenses [Abstract]        
Gains/(Losses) on derivatives $ (98) $ (301) $ 3 $ (807)
Currency revaluation gains/(losses) 156 351 24 920
Interest and investment income 135 30 378 26
Gains/(Losses) On Changes In Investments In Affiliates 0 0 0 (231)
Other (6) 9 8 33
Other income, net $ 187 $ 89 $ 413 $ (59)
v3.23.3
Segment Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Segment Reporting Information [Line Items]          
Total revenue $ 2,828 $ 2,303 $ 8,139 $ 6,977  
Income before income taxes 358 589 1,042 2,246  
Other disclosures [Abstract]          
Depreciation on vehicles subject to operating leases 576 579 1,690 1,643  
Interest expense 1,653 851 4,575 2,119  
Financing Receivable, Credit Loss, Expense (Reversal) 74 39 191 (81)  
Provision for credit losses 74 39 191 (81)  
Net finance receivables and net investment in operating leases 126,327 115,472 126,327 115,472  
Total assets 143,551 127,918 143,551 127,918 $ 138,576
Reportable segments          
Segment Reporting Information [Line Items]          
Total revenue 2,828 2,303 8,139 6,977  
Income before income taxes 356 492 1,140 1,948  
Other disclosures [Abstract]          
Depreciation on vehicles subject to operating leases 576 579 1,690 1,643  
Interest expense 1,604 891 4,457 2,287  
Financing Receivable, Credit Loss, Expense (Reversal) 74 39 191 (81)  
Net finance receivables and net investment in operating leases 126,327 115,472 126,327 115,472  
Total assets 143,551 127,918 143,551 127,918  
Reportable segments | All Other          
Other disclosures [Abstract]          
Net finance receivables and net investment in operating leases 5,112 5,088 5,112 5,088  
Total assets 5,665 5,720 5,665 5,720  
Reportable segments | United States and Canada          
Other disclosures [Abstract]          
Net finance receivables and net investment in operating leases 101,885 93,930 101,885 93,930  
Total assets 114,585 102,916 114,585 102,916  
Reportable segments | Europe          
Other disclosures [Abstract]          
Net finance receivables and net investment in operating leases 19,330 16,454 19,330 16,454  
Total assets 23,301 19,282 23,301 19,282  
Reportable segments | United States and Canada          
Segment Reporting Information [Line Items]          
Total revenue 2,366 2,015 6,841 6,073  
Income before income taxes 257 394 801 1,840  
Other disclosures [Abstract]          
Depreciation on vehicles subject to operating leases 568 588 1,676 1,673  
Interest expense 1,354 792 3,807 1,998  
Financing Receivable, Credit Loss, Expense (Reversal) 71 42 170 (82)  
Reportable segments | Europe          
Segment Reporting Information [Line Items]          
Total revenue 346 188 974 604  
Income before income taxes 78 74 269 256  
Other disclosures [Abstract]          
Depreciation on vehicles subject to operating leases 8 (9) 14 (30)  
Interest expense 185 52 477 148  
Financing Receivable, Credit Loss, Expense (Reversal) 4 (12) 6 (17)  
Reportable segments | All Other          
Segment Reporting Information [Line Items]          
Total revenue 116 100 324 300  
Income before income taxes 21 24 70 (148)  
Other disclosures [Abstract]          
Depreciation on vehicles subject to operating leases 0 0 0 0  
Interest expense 65 47 173 141  
Financing Receivable, Credit Loss, Expense (Reversal) (1) 9 15 18  
Unallocated other          
Segment Reporting Information [Line Items]          
Total revenue 0 0 0 0  
Income before income taxes 2 97 (98) 298  
Other disclosures [Abstract]          
Depreciation on vehicles subject to operating leases 0 0 0 0  
Interest expense 49 (40) 118 (168)  
Financing Receivable, Credit Loss, Expense (Reversal) 0 0 0 0  
Net finance receivables and net investment in operating leases 0 0 0 0  
Total assets $ 0 $ 0 $ 0 $ 0  
v3.23.3
Commitments and Contingencies (Details) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Financial Guarantee [Member]    
Guarantor Obligations [Line Items]    
Guarantor Obligations, Maximum Exposure, Undiscounted $ 47 $ 83
Counter Guarantee [Member] | Ford Motor Company [Member]    
Guarantor Obligations [Line Items]    
Counter guarantee $ 20 $ 17