20 unchanged sentences
Under these interest rate scenarios, Ford Credit expects more assets than debt and liabilities to re-price in the next twelve months.
−Removed: Other things being equal, this means that during a period of rising interest rates, the interest received on Ford Credit’s assets will increase more than the interest paid on Ford Credit’s debt, thereby initially increasing Ford Credit’s pre-tax cash flow.
+Added: Assuming all else being equal, this means that during a period of rising interest rates, the interest received on Ford Credit’s assets will increase more than the interest paid on Ford Credit’s debt, thereby initially increasing Ford Credit’s pre-tax cash flow.
During a period of falling interest rates, Ford Credit would expect its pre-tax cash flow to initially decrease.
4 unchanged sentences
While the sensitivity analysis presented is Ford Credit’s best estimate of the impacts of the specified assumed interest rate scenarios, its actual results could differ from those projected.
−Removed: The model Ford Credit uses to conduct this analysis is heavily dependent on assumptions.
+Added: The model Ford Credit uses to conduct this analysis is heavily dependent on numerous assumptions.
Embedded in the model are assumptions regarding the reinvestment of maturing asset principal, refinancing of maturing debt, replacement of maturing derivatives, exercise of options embedded in debt and derivatives, and predicted repayment of retail financing and operating lease contracts ahead of contractual maturity.
11 unchanged sentences
Derivative Fair Values.
−Removed: The net fair value of Ford Credit’s derivative financial instruments at December 31, 2024 was a liability of $1.2 billion, compared to a liability of $1.3 billion at December 31, 2023.
+Added: The net fair value of Ford Credit’s derivative financial instruments at December 31, 2025 was an asset of $581 million, compared to a liability of $1.2 billion at December 31, 2024.
COUNTERPARTY RISK
10 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.