DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION Document - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 28, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-3950 | |
Entity Registrant Name | Ford Motor Co | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 38-0549190 | |
Document Fiscal Period Focus | Q1 | |
Entity Address, Address Line One | One American Road | |
Entity Address, City or Town | Dearborn, | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 48126 | |
City Area Code | 313 | |
Local Phone Number | 322-3000 | |
Title of 12(b) Security | Common Stock, par value $.01 per share | |
Trading Symbol | F | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Entity Central Index Key | 0000037996 | |
Current Fiscal Year End Date | --12-31 | |
Entity Small Business | false | |
Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 3,929,918,250 | |
Class B Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 70,852,076 | |
FPRB | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 6.200% Notes due June 1, 2059 | |
Trading Symbol | FPRB | |
Security Exchange Name | NYSE | |
FPRC | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 6.000% Notes due December 1, 2059 | |
Trading Symbol | FPRC | |
Security Exchange Name | NYSE | |
FPRD | ||
Document Information [Line Items] | ||
Title of 12(b) Security | 6.500% Notes due August 15, 2062 | |
Trading Symbol | FPRD | |
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ||
Net income/(loss) | $ 1,663 | $ (3,119) |
Depreciation and tooling amortization | 1,897 | 1,857 |
Other amortization | (272) | (310) |
Provision for/(Benefit from) credit losses and insurance losses | 83 | (66) |
Pension and other postretirement employee benefits (“OPEB”) expense/(income) (Note 13) | 303 | (213) |
Equity method investment dividends received in excess of (earnings)/losses and impairments | (7) | 199 |
Foreign currency adjustments | (94) | 32 |
Net realized and unrealized (gains)/losses on cash equivalents, marketable securities, and other investments | 51 | 5,454 |
Net (gain)/loss on changes in investments in affiliates | (4) | 125 |
Stock compensation | 100 | 67 |
Provision for/(Benefit from) deferred income taxes | 17 | (1,053) |
Decrease/(Increase) in finance receivables (wholesale and other) | (656) | (2,192) |
Decrease/(Increase) in accounts receivable and other assets | (732) | (956) |
Decrease/(Increase) in inventory | (1,967) | (2,755) |
Increase/(Decrease) in accounts payable and accrued and other liabilities | 2,323 | 1,714 |
Other | 95 | 132 |
Net cash provided by/(used in) operating activities | 2,800 | (1,084) |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract] | ||
Capital spending | (1,780) | (1,370) |
Acquisitions of finance receivables and operating leases | (12,543) | (10,278) |
Collections of finance receivables and operating leases | 11,170 | 11,988 |
Purchases of marketable securities and other investments | (2,545) | (4,319) |
Sales and maturities of marketable securities and other investments | 4,413 | 7,115 |
Settlements of derivatives | (41) | 212 |
Payments to Acquire Equity Method Investments | (699) | (25) |
Other | 48 | (8) |
Net cash provided by/(used in) investing activities | (1,977) | 3,315 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract] | ||
Cash payments for dividends and dividend equivalents | (3,193) | (405) |
Purchases of common stock | 0 | 0 |
Net changes in short-term debt | (2,211) | (614) |
Proceeds from issuance of long-term debt | 13,912 | 12,489 |
Payments of long-term debt | (12,242) | (12,975) |
Other | (140) | (156) |
Net cash provided by/(used in) financing activities | (3,874) | (1,661) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect [Abstract] | ||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 70 | (24) |
Net increase/(decrease) in cash, cash equivalents, and restricted cash | (2,981) | 546 |
Cash, cash equivalents, and restricted cash at beginning of period (Note 7) | 25,340 | 20,737 |
Cash, cash equivalents, and restricted cash at end of period (Note 7) | $ 22,359 | $ 21,283 |
CONSOLIDATED INCOME STATEMENT
CONSOLIDATED INCOME STATEMENT - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues | ||
Total revenues | $ 41,474 | $ 34,476 |
Costs and expenses | ||
Cost of sales | 34,669 | 29,036 |
Selling, administrative, and other expenses | 2,506 | 2,740 |
Total costs and expenses | 39,361 | 33,133 |
Operating income/(loss) | 2,113 | 1,343 |
Interest expense on Company debt excluding Ford Credit | 308 | 308 |
Other income/(loss), net | 224 | (4,850) |
Equity in net income/(loss) of affiliated companies | 130 | (33) |
Income/(Loss) before income taxes | 2,159 | (3,848) |
Provision for/(Benefit from) income taxes | 496 | (729) |
Net income/(loss) | 1,663 | (3,119) |
Less: Income/(Loss) attributable to noncontrolling interests | (94) | (9) |
Net income/(loss) attributable to Ford Motor Company | $ 1,757 | $ (3,110) |
Basic income | ||
Basic income (in dollars per share) | $ 0.44 | $ (0.78) |
Diluted income | ||
Diluted income (in dollars per share) | $ 0.44 | $ (0.78) |
Weighted Average Number of Shares Outstanding, Basic | 3,990 | 4,008 |
Weighted Average Number of Shares Outstanding, Diluted | 4,029 | 4,008 |
Ford Credit | ||
Revenues | ||
Total revenues | $ 2,389 | $ 2,281 |
Costs and expenses | ||
Ford Credit interest, operating, and other expenses | 2,186 | 1,357 |
Company excluding Ford Credit | ||
Revenues | ||
Total revenues | $ 39,085 | $ 32,195 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income/(loss) | $ 1,663 | $ (3,119) |
Foreign currency translation | 493 | 146 |
Marketable Securities | 110 | (253) |
Derivative Instruments | (55) | 144 |
Pension and other postretirement benefits | 3 | 8 |
Total other comprehensive income/(loss), net of tax | 551 | 45 |
Comprehensive income/(loss) | 2,214 | (3,074) |
Less: Comprehensive income/(loss) attributable to noncontrolling interests | (94) | (9) |
Comprehensive income attributable to Ford Motor Company | $ 2,308 | $ (3,065) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) shares in Millions, $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 22,144 | $ 25,134 |
Marketable securities | 17,369 | 18,936 |
Financing Receivable, after Allowance for Credit Loss, Current | 40,350 | 38,720 |
Accounts Receivable, after Allowance for Credit Loss, Current | 14,920 | 15,729 |
Inventories | 16,212 | 14,080 |
Other assets, current | 4,128 | 3,877 |
Total current assets | 115,123 | 116,476 |
Noncurrent Assets | ||
Financing Receivable, after Allowance for Credit Loss, Noncurrent | 51,084 | 49,903 |
Net Investment in Operating Leases, Noncurrent | 22,008 | 22,772 |
Net property | 37,970 | 37,265 |
Equity in net assets of affiliated companies | 3,448 | 2,798 |
Deferred Income Tax Assets, Net | 15,572 | 15,552 |
Other assets, non-current | 11,595 | 11,118 |
Total assets | 256,800 | 255,884 |
Current Liabilities | ||
Payables | 26,028 | 25,605 |
Other liabilities and deferred revenue (Note 12 and Note 20) | 21,827 | 21,097 |
Total current liabilities | 95,905 | 96,866 |
Noncurrent Liabilities | ||
Other liabilities and deferred revenue (Note 12 and Note 20) | 25,908 | 25,497 |
Deferred Tax Liabilities, Other | 1,548 | 1,549 |
Total liabilities | 214,603 | 212,717 |
EQUITY | ||
Capital in excess of par value of stock | 22,889 | 22,832 |
Retained earnings | 30,270 | 31,754 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (8,788) | (9,339) |
Treasury stock | (2,047) | (2,047) |
Total equity attributable to Ford Motor Company | 42,366 | 43,242 |
Equity attributable to noncontrolling interests | (169) | (75) |
Total equity | 42,197 | 43,167 |
Total liabilities and equity | 256,800 | 255,884 |
Variable Interest Entity, Primary Beneficiary | ||
Current Assets | ||
Cash and cash equivalents | $ 2,438 | 2,274 |
Common Stock | ||
EQUITY | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | |
Common Stock, Shares, Issued | 4,082 | |
Common Stock, Shares Authorized | 6,000 | |
Common and Class B Stock | $ 41 | 41 |
Class B Stock | ||
EQUITY | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | |
Common Stock, Shares, Issued | 71 | |
Common Stock, Shares Authorized | 530 | |
Common and Class B Stock | $ 1 | 1 |
Ford Credit | ||
Current Assets | ||
Financing Receivable, after Allowance for Credit Loss, Current | 40,350 | 38,720 |
Noncurrent Assets | ||
Financing Receivable, after Allowance for Credit Loss, Noncurrent | 51,084 | 49,903 |
Operating Segments | Company excluding Ford Credit | ||
Current Assets | ||
Cash and cash equivalents | 12,829 | 14,741 |
Current Liabilities | ||
Debt payable within one year | 522 | 730 |
Noncurrent Liabilities | ||
Long-term debt | 19,190 | 19,200 |
Operating Segments | Ford Credit | ||
Current Assets | ||
Cash and cash equivalents | 9,315 | 10,393 |
Noncurrent Assets | ||
Total assets | 138,225 | |
Current Liabilities | ||
Debt payable within one year | 47,528 | 49,434 |
Noncurrent Liabilities | ||
Long-term debt | $ 72,052 | $ 69,605 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Cash and cash equivalents | $ 22,144 | $ 25,134 |
Financing Receivable, Allowance for Credit Loss, Current | 261 | 255 |
Accounts Receivable, Allowance for Credit Loss, Current | 93 | 105 |
Financing Receivable, Allowance for Credit Loss, Noncurrent | 609 | 590 |
Variable Interest Entity, Primary Beneficiary | ||
Cash and cash equivalents | 2,438 | 2,274 |
Total finance receivables, net | 50,454 | 49,142 |
Net Investment in Operating Lease | 9,472 | 12,545 |
Other assets | 162 | 264 |
Other liabilities and deferred revenue | 3 | 2 |
Debt | $ 45,758 | $ 45,451 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions | Total | Regular Dividend | Supplemental Dividend | Capital Stock | Cap. in Excess of Par Value of Stock | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) (Note 18) | Treasury Stock, Common | Total | Equity Attributable to Non-controlling Interests | ||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||
Total equity attributable to Ford Motor Company | $ 48,519 | $ 41 | $ 22,611 | $ 35,769 | $ (8,339) | $ (1,563) | ||||||||||||
Equity attributable to noncontrolling interests | 103 | |||||||||||||||||
Beginning balance at Dec. 31, 2021 | 48,622 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||
Net income/(loss) | (3,119) | |||||||||||||||||
Other comprehensive income/(loss), net | 45 | |||||||||||||||||
Common Stock issued (a) | (60) | [1] | 1 | (61) | 0 | 0 | 0 | $ (60) | [1] | $ 0 | ||||||||
Treasury stock/other | $ 4 | 0 | 0 | 0 | 0 | (1) | (1) | 5 | ||||||||||
Per share dividend of Common and Class B Stock | $ 0.10 | |||||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | $ 0 | |||||||||||||||||
Dividends and dividend equivalents declared | (408) | [2] | 0 | 0 | (408) | 0 | 0 | (408) | [2] | |||||||||
Ending balance at Mar. 31, 2022 | 45,084 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||
Less: Income/(Loss) attributable to noncontrolling interests | (9) | |||||||||||||||||
Net Income (Loss) Attributable to Parent | (3,110) | 0 | 0 | (3,110) | 0 | 0 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | |||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 45 | 0 | 0 | 0 | 45 | 0 | ||||||||||||
Total equity attributable to Ford Motor Company | 44,985 | 42 | 22,550 | 32,251 | (8,294) | (1,564) | ||||||||||||
Equity attributable to noncontrolling interests | 99 | |||||||||||||||||
Total equity attributable to Ford Motor Company | 43,242 | 42 | 22,832 | 31,754 | (9,339) | (2,047) | ||||||||||||
Equity attributable to noncontrolling interests | (75) | |||||||||||||||||
Beginning balance at Dec. 31, 2022 | 43,167 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||
Net income/(loss) | 1,663 | |||||||||||||||||
Other comprehensive income/(loss), net | 551 | |||||||||||||||||
Common Stock issued (a) | 57 | [1] | 0 | 57 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | 57 | [1] | 0 | [1] | |||
Treasury stock/other | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | ||||||||||
Per share dividend of Common and Class B Stock | $ 0.80 | $ 0.15 | $ 0.65 | |||||||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | [2] | $ 0 | ||||||||||||||||
Dividends and dividend equivalents declared | (3,241) | [2] | 0 | 0 | [2] | (3,241) | [2] | 0 | [2] | 0 | [2] | $ (3,241) | [2] | |||||
Ending balance at Mar. 31, 2023 | 42,197 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||
Less: Income/(Loss) attributable to noncontrolling interests | (94) | |||||||||||||||||
Net Income (Loss) Attributable to Parent | 1,757 | 0 | 0 | 1,757 | 0 | 0 | ||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest | 0 | |||||||||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 551 | 0 | 0 | 0 | 551 | 0 | ||||||||||||
Total equity attributable to Ford Motor Company | 42,366 | $ 42 | $ 22,889 | $ 30,270 | $ (8,788) | $ (2,047) | ||||||||||||
Equity attributable to noncontrolling interests | $ (169) | |||||||||||||||||
[1]Includes impact of share-based compensation.[2]Dividends and dividend equivalents declared for Common and Class B Stock. On February 2, 2023, we declared a regular dividend of $0.15 per share and a supplemental dividend of $0.65 per share. |
Presentation
Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
PRESENTATION | PRESENTATION For purposes of this report, “Ford,” the “Company,” “we,” “our,” “us,” or similar references mean Ford Motor Company, our consolidated subsidiaries, and our consolidated VIEs of which we are the primary beneficiary, unless the context requires otherwise. We also make reference to Ford Motor Credit Company LLC, herein referenced to as Ford Credit. 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 reflect 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”). |
New Accounting Standards (Notes
New Accounting Standards (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
NEW ACCOUNTING STANDARDS | NEW ACCOUNTING STANDARDS 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. ASU 2022-04, Liabilities – Supplier Finance Programs, Disclosure of Supplier Finance Program Obligations. Effective January 1, 2023, we adopted the new standard, which requires that entities that use supplier finance programs disclose information about the nature and potential magnitude of the programs, activity during the period, and changes from period to period. Financial institutions participate in a supply chain finance (“SCF”) program that enables our suppliers, at their sole discretion, to sell their Ford receivables (i.e., our payment obligations to the suppliers) to the financial institutions on a non-recourse basis in order to be paid earlier than our payment terms provide. Our suppliers’ voluntary inclusion of invoices in the SCF program has no bearing on our payment terms, the amounts we pay, or our liquidity. We have no economic interest in a supplier’s decision to participate in the SCF program, and we do not provide any guarantees in connection with it. As of March 31, 2023, the outstanding amount of Ford receivables that suppliers elected to sell to the SCF financial institutions, reported in Payables , was $265 million. The amount settled through the SCF program during the first quarter of 2023 was $452 million. We also adopted the following ASUs during 2023, none of which had a material impact to our consolidated financial statements or financial statement disclosures: ASU Effective Date 2022-01 Derivatives and Hedging – Fair Value Hedging – Portfolio Layer Hedging January 1, 2023 2022-03 Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions January 1, 2023 2018-12 Targeted Improvements to the Accounting for Long Duration Contracts (and related amendments) January 1, 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. |
Revenue (Notes)
Revenue (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE The following tables disaggregate our revenue by major source for the periods ended March 31 (in millions): First Quarter 2022 Company excluding Ford Credit Ford Credit Consolidated Vehicles, parts, and accessories $ 30,991 $ — $ 30,991 Used vehicles 429 — 429 Services and other revenue (a) 722 19 741 Revenues from sales and services 32,142 19 32,161 Leasing income 53 1,211 1,264 Financing income — 1,040 1,040 Insurance income — 11 11 Total revenues $ 32,195 $ 2,281 $ 34,476 First Quarter 2023 Company excluding Ford Credit Consolidated Vehicles, parts, and accessories $ 37,927 $ — $ 37,927 Used vehicles 469 — 469 Services and other revenue (a) 645 17 662 Revenues from sales and services 39,041 17 39,058 Leasing income 44 1,049 1,093 Financing income — 1,301 1,301 Insurance income — 22 22 Total revenues $ 39,085 $ 2,389 $ 41,474 __________ (a) Includes extended service contract revenue. The amount of consideration we receive and revenue we recognize on our vehicles, parts, and accessories varies with changes in return rights and marketing incentives we offer to our customers and their customers. Estimates of marketing incentives are based on expected retail and fleet sales volumes, mix of products to be sold, and incentive programs to be offered. Customer acceptance of products and programs, as well as other market conditions, will impact these estimates. As a result of changes in our estimate of marketing incentives, we recorded an increase of $211 million in the first quarter of 2022 and a decrease of $178 million in the first quarter of 2023 related to revenue recognized in prior periods. We had a balance of $4.4 billion and $4.5 billion of unearned revenue associated primarily with outstanding extended service contracts reported in Other liabilities and deferred revenue at December 31, 2022 and March 31, 2023, respectively . We expect to recognize approximately $1.1 billion of the unearned amount in the remainder of 2023, $1.2 billion in 2024, and $2.2 billion thereafter. We recognized $365 million and $380 million of unearned amounts from prior years as revenue during the first quarter of 2022 and 2023, respectively. Amounts paid to dealers to obtain extended service contracts are deferred and recorded as Other assets |
Other Income_(Loss) (Notes)
Other Income/(Loss) (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME/(LOSS) | OTHER INCOME/(LOSS) The amounts included in Other income/(loss), net for the periods ended March 31 were as follows (in millions): First Quarter 2022 2023 Net periodic pension and OPEB income/(cost), excluding service cost (Note 13) $ 459 $ (165) Investment-related interest income 61 348 Interest income/(expense) on income taxes 5 (4) Realized and unrealized gains/(losses) on cash equivalents, marketable securities, and other investments (a) (5,454) (51) Gains/(Losses) on changes in investments in affiliates (125) 4 Royalty income 144 103 Other 60 (11) Total $ (4,850) $ 224 __________ (a) Includes a $5.4 billion loss and a $25 million loss on our Rivian investment in the first quarter of 2022 and 2023, respectively. |
Income Taxes (Notes)
Income Taxes (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES For interim tax reporting, we estimate one single effective tax rate for tax jurisdictions not subject to a valuation allowance, 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. |
Capital Stock and Earnings Per
Capital Stock and Earnings Per Share (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
CAPITAL STOCK AND EARNINGS PER SHARE | CAPITAL STOCK AND EARNINGS/(LOSS) PER SHARE Earnings/(Loss) Per Share Attributable to Ford Motor Company Common and Class B Stock Basic and diluted earnings/(loss) per share were calculated using the following (in millions): First Quarter 2022 2023 Net income/(loss) attributable to Ford Motor Company $ (3,110) $ 1,757 Basic and Diluted Shares Basic shares (average shares outstanding) 4,008 3,990 Net dilutive options, unvested restricted stock units, unvested restricted stock shares, and convertible debt (a) — 39 Diluted shares 4,008 4,029 __________ (a) In the first quarter of 2022, there were 56 million shares excluded from the calculation of diluted earnings/(loss) per share, due to their anti-dilutive effect. |
Cash, Cash Equivalents, and Mar
Cash, Cash Equivalents, and Marketable Securities (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
Cash, Cash Equivalents, and Marketable Securities [Abstract] | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | 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): December 31, 2022 Fair Value Level Company excluding Ford Credit Ford Credit Consolidated Cash and cash equivalents U.S. government 1 $ 3,295 $ 1,045 $ 4,340 U.S. government agencies 2 2,245 150 2,395 Non-U.S. government and agencies 2 1,048 199 1,247 Other cash equivalents 2 10 — 10 Corporate debt 2 593 792 1,385 Total marketable securities classified as cash equivalents 7,191 2,186 9,377 Cash, time deposits, and money market funds 7,550 8,207 15,757 Total cash and cash equivalents $ 14,741 $ 10,393 $ 25,134 Marketable securities U.S. government 1 $ 4,947 $ 187 $ 5,134 U.S. government agencies 2 2,641 221 2,862 Non-U.S. government and agencies 2 2,625 658 3,283 Corporate debt 2 6,755 266 7,021 Equities (a) 1 223 — 223 Other marketable securities 2 252 161 413 Total marketable securities $ 17,443 $ 1,493 $ 18,936 Restricted cash $ 79 $ 127 $ 206 March 31, 2023 Fair Value Level Company excluding Ford Credit Ford Credit Consolidated Cash and cash equivalents U.S. government 1 $ 1,958 $ 1,183 $ 3,141 U.S. government agencies 2 2,320 1,045 3,365 Non-U.S. government and agencies 2 150 70 220 Other cash equivalents 2 — — — Corporate debt 2 68 439 507 Total marketable securities classified as cash equivalents 4,496 2,737 7,233 Cash, time deposits, and money market funds 8,333 6,578 14,911 Total cash and cash equivalents $ 12,829 $ 9,315 $ 22,144 Marketable securities U.S. government 1 $ 4,605 $ 173 $ 4,778 U.S. government agencies 2 2,300 270 2,570 Non-U.S. government and agencies 2 2,245 548 2,793 Corporate debt 2 6,212 421 6,633 Equities (a) 1 182 — 182 Other marketable securities 2 250 163 413 Total marketable securities $ 15,794 $ 1,575 $ 17,369 Restricted cash $ 82 $ 133 $ 215 __________ (a) Includes $194 million and $147 million of Rivian common shares valued at $18.43 and $15.48 per share as of December 31, 2022 and March 31, 2023, respectively. In the first quarter of 2023, we sold 1 million of our Rivian common shares for about $21.6 million in total proceeds. Net unrealized gains/losses recognized during full year 2022 and the first quarter of 2023 on all equity securities held at December 31, 2022 and March 31, 2023 were a $968 million loss and a $22 million loss, respectively. NOTE 7. CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES (Continued) The cash equivalents and marketable securities accounted for as available-for-sale (“AFS”) securities were as follows (in millions): December 31, 2022 Fair Value of Securities with Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Within 1 Year After 1 Year through After 5 Years Company excluding Ford Credit U.S. government $ 4,797 $ 1 $ (145) $ 4,653 $ 1,008 $ 3,645 $ — U.S. government agencies 2,508 — (119) 2,389 1,244 1,109 36 Non-U.S. government and agencies 2,248 — (132) 2,116 294 1,810 12 Corporate debt 7,511 6 (197) 7,320 3,117 4,195 8 Other marketable securities 246 — (9) 237 — 181 56 Total $ 17,310 $ 7 $ (602) $ 16,715 $ 5,663 $ 10,940 $ 112 March 31, 2023 Fair Value of Securities with Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Within 1 Year After 1 Year through After 5 Years Company excluding Ford Credit U.S. government $ 4,557 $ 8 $ (109) $ 4,456 $ 1,058 $ 3,387 $ 11 U.S. government agencies 2,338 — (94) 2,244 1,122 1,104 18 Non-U.S. government and agencies 2,320 2 (105) 2,217 407 1,798 12 Corporate debt 6,399 13 (157) 6,255 2,007 4,247 1 Other marketable securities 233 — (7) 226 — 170 56 Total $ 15,847 $ 23 $ (472) $ 15,398 $ 4,594 $ 10,706 $ 98 Sales proceeds and gross realized gains/losses from the sale of AFS securities for the periods ended March 31 were as follows (in millions): First Quarter 2022 2023 Company excluding Ford Credit Sales proceeds $ 4,004 $ 1,163 Gross realized gains 6 1 Gross realized losses 6 12 NOTE 7. CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES (Continued) The present fair values and gross unrealized losses for cash equivalents and marketable securities accounted for as AFS securities that were in an unrealized loss position, aggregated by investment category and the length of time that individual securities have been in a continuous loss position, were as follows (in millions): December 31, 2022 Less than 1 Year 1 Year or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Company excluding Ford Credit U.S. government $ 2,860 $ (52) $ 1,570 $ (93) $ 4,430 $ (145) U.S. government agencies 707 (14) 1,658 (105) 2,365 (119) Non-U.S. government and agencies 751 (23) 1,271 (109) 2,022 (132) Corporate debt 4,571 (79) 1,737 (118) 6,308 (197) Other marketable securities 123 (4) 108 (5) 231 (9) Total $ 9,012 $ (172) $ 6,344 $ (430) $ 15,356 $ (602) March 31, 2023 Less than 1 Year 1 Year or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Company excluding Ford Credit U.S. government $ 1,825 $ (22) $ 1,684 $ (87) $ 3,509 $ (109) U.S. government agencies 465 (3) 1,658 (91) 2,123 (94) Non-U.S. government and agencies 276 (4) 1,685 (101) 1,961 (105) Corporate debt 3,152 (50) 2,012 (107) 5,164 (157) Other marketable securities 107 (3) 101 (4) 208 (7) Total $ 5,825 $ (82) $ 7,140 $ (390) $ 12,965 $ (472) We determine credit losses on AFS debt securities using the specific identification method. During the first quarter of 2023, we did not recognize any credit loss. The unrealized losses on securities are due to changes in interest rates and market liquidity. 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, March 31, Cash and cash equivalents $ 25,134 $ 22,144 Restricted cash (a) 206 215 Total cash, cash equivalents, and restricted cash $ 25,340 $ 22,359 __________ (a) Included in Other assets in the non-current assets section of our consolidated balance sheets. |
Ford Credit Finance Receivables
Ford Credit Finance Receivables and Allowance for Credit Losses (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES | FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES Ford Credit manages 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, Ford Credit defines “past due” as any payment, including principal and interest, that is at least 31 days past the contractual due date. Ford Credit finance receivables, net were as follows (in millions): December 31, March 31, Consumer Retail installment contracts, gross $ 66,954 $ 68,259 Finance leases, gross 6,765 6,990 Retail financing, gross 73,719 75,249 Unearned interest supplements (2,305) (2,435) Consumer finance receivables 71,414 72,814 Non-Consumer Dealer financing 18,054 19,490 Non-Consumer finance receivables 18,054 19,490 Total recorded investment $ 89,468 $ 92,304 Recorded investment in finance receivables $ 89,468 $ 92,304 Allowance for credit losses (845) (870) Total finance receivables, net $ 88,623 $ 91,434 Current portion $ 38,720 $ 40,350 Non-current portion 49,903 51,084 Total finance receivables, net $ 88,623 $ 91,434 Net finance receivables subject to fair value (a) $ 82,200 $ 84,812 Fair value (b) 79,521 82,966 __________ (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. Ford Credit’s finance leases are comprised of sales-type and direct financing leases. Financing revenue from finance leases for the first quarter of 2022 and 2023 was $77 million and $83 million, respectively, and is included in Ford Credit revenues on our consolidated income statements. At December 31, 2022 and March 31, 2023, accrued interest was $187 million and $198 million, respectively, which we report in Other assets in the current assets section of our consolidated balance sheets. Included in the recorded investment in finance receivables at December 31, 2022 and March 31, 2023, were consumer receivables of $43.9 billion and $43.9 billion, respectively, and non-consumer receivables of $18.2 billion and $17.6 billion, respectively, (including Ford Blue, Ford Model e, and Ford Pro receivables sold to Ford Credit, which we report in Trade and other receivables ) that have been sold for legal purposes in securitization transactions but continue to be reported in our consolidated financial statements. The receivables 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 the other obligations or the claims of Ford Credit’s other creditors. Ford Credit holds 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. NOTE 8. FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued) Credit Quality Consumer Portfolio. Credit quality ratings for consumer receivables are based on Ford Credit’s 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 2018 2018 2019 2020 2021 2022 Total Percent Consumer 31 - 60 days past due $ 41 $ 60 $ 91 $ 181 $ 150 $ 126 $ 649 0.9 % 61 - 120 days past due 9 12 20 39 40 29 149 0.2 Greater than 120 days past due 9 4 5 7 7 6 38 0.1 Total past due 59 76 116 227 197 161 836 1.2 Current 883 2,563 6,137 13,844 18,357 28,794 70,578 98.8 Total $ 942 $ 2,639 $ 6,253 $ 14,071 $ 18,554 $ 28,955 $ 71,414 100.0 % The credit quality analysis of consumer receivables at March 31, 2023 was as follows (in millions): Amortized Cost Basis by Origination Year Prior to 2019 2019 2020 2021 2022 2023 Total Percent Consumer 31 - 60 days past due $ 75 $ 72 $ 149 $ 135 $ 150 $ 10 $ 591 0.8 % 61 - 120 days past due 11 13 28 30 36 1 119 0.2 Greater than 120 days past due 12 4 8 10 6 — 40 — Total past due 98 89 185 175 192 11 750 1.0 Current 2,574 5,065 12,184 16,542 26,921 8,778 72,064 99.0 Total $ 2,672 $ 5,154 $ 12,369 $ 16,717 $ 27,113 $ 8,789 $ 72,814 100.0 % Gross charge-offs $ 17 $ 12 $ 23 $ 22 $ 22 $ — $ 96 Non-Consumer Portfolio. The credit quality of dealer financing receivables is evaluated based on Ford Credit’s internal dealer risk rating analysis. Ford Credit uses 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 are considered most significant in predicting a dealer’s ability to meet its financial obligations. Ford Credit also considers numerous other financial and qualitative factors of the dealer’s operations, including capitalization and leverage, liquidity and cash flow, profitability, and credit history with Ford Credit 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 8. FORD CREDIT 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 Wholesale Loans Dealer Loans Prior to 2018 2018 2019 2020 2021 2022 Total Total Percent Group I $ 402 $ 148 $ 35 $ 67 $ 185 $ 224 $ 1,061 $ 13,888 $ 14,949 82.8 % Group II 2 21 — 5 2 42 72 2,751 2,823 15.6 Group III — — — — — 10 10 233 243 1.4 Group IV — — 1 — — 3 4 35 39 0.2 Total (a) $ 404 $ 169 $ 36 $ 72 $ 187 $ 279 $ 1,147 $ 16,907 $ 18,054 100.0 % __________ (a) Total past due dealer financing receivables at December 31, 2022 were $9 million. The credit quality analysis of dealer financing receivables at March 31, 2023 was as follows (in millions): Amortized Cost Basis by Origination Year Wholesale Loans Dealer Loans Prior to 2019 2019 2020 2021 2022 2023 Total Total Percent Group I $ 516 $ 33 $ 67 $ 179 $ 83 $ 189 $ 1,067 $ 15,951 $ 17,018 87.3 % Group II 3 — 2 2 1 51 59 2,115 2,174 11.1 Group III — — — — — 10 10 255 265 1.4 Group IV — 1 — — — 3 4 29 33 0.2 Total (a) $ 519 $ 34 $ 69 $ 181 $ 84 $ 253 $ 1,140 $ 18,350 $ 19,490 100.0 % Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — __________ (a) Total past due dealer financing receivables at March 31, 2023 were $7 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. Ford Credit does not grant modifications to the principal balance of the 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. The use of interest rate modifications and term extensions helps Ford Credit mitigate financial loss. Term extensions may assist in cases where Ford Credit believes the customer will recover from short-term financial difficulty and resume regularly scheduled payments. 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 March 31, 2023, an insignificant portion of Ford Credit's total finance receivables portfolio had been granted a loan modification, and these modifications are generally treated as a continuation of the existing loan. NOTE 8. FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued) Allowance for Credit Losses The allowance for credit losses represents an 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 Ford Credit interest, operating, and other expenses 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 Ford Credit repossesses 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. An analysis of the allowance for credit losses related to finance receivables for the periods ended March 31 was as follows (in millions): First Quarter 2022 Consumer Non-Consumer Total Allowance for credit losses Beginning balance $ 903 $ 22 $ 925 Charge-offs (62) — (62) Recoveries 43 1 44 Provision for/(Benefit from) credit losses (59) (5) (64) Other (a) 1 1 2 Ending balance $ 826 $ 19 $ 845 First Quarter 2023 Consumer Non-Consumer Total Allowance for credit losses Beginning balance $ 838 $ 7 $ 845 Charge-offs (96) — (96) Recoveries 38 1 39 Provision for/(Benefit from) credit losses 78 (1) 77 Other (a) 5 — 5 Ending balance $ 863 $ 7 $ 870 __________ (a) Primarily represents amounts related to translation adjustments. During the first quarter of 2023, the allowance for credit losses increased $25 million, driven by an increase in Ford Credit 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. Ford Credit will continue to monitor economic trends and conditions and portfolio performance and will adjust the reserve accordingly. |
Inventories (Notes)
Inventories (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES Inventories were as follows (in millions): December 31, March 31, Raw materials, work-in-process, and supplies $ 5,997 $ 6,464 Finished products 8,083 9,748 Total inventories $ 14,080 $ 16,212 |
Other Investments (Notes)
Other Investments (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
Other Investments [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure | OTHER INVESTMENTS We have investments in entities not accounted for under the equity method for which fair values are not readily available. We record these investments at cost (less impairment, if any), adjusted for observable price changes in orderly transactions for the identical or a similar investment of the same issuer. We report the carrying value of these investments in Other assets |
Goodwill (Notes)
Goodwill (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Disclosure [Text Block] | GOODWILL The net carrying amount of goodwill was $603 million and $609 million at December 31, 2022 and March 31, 2023, respectively, and is reported in Other assets |
Other Liabilities and Deferred
Other Liabilities and Deferred Revenue (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
Other Liabilities [Abstract] | |
OTHER LIABILITIES AND DEFERRED REVENUE | OTHER LIABILITIES AND DEFERRED REVENUE Other liabilities and deferred revenue were as follows (in millions): December 31, March 31, Current Dealer and dealers’ customer allowances and claims $ 9,219 $ 9,881 Deferred revenue 2,404 2,582 Employee benefit plans 2,020 1,505 Accrued interest 935 938 Operating lease liabilities 404 415 OPEB (a) 329 328 Pension (a) 196 198 Other (b) 5,590 5,980 Total current other liabilities and deferred revenue $ 21,097 $ 21,827 Non-current Dealer and dealers’ customer allowances and claims $ 6,095 $ 6,538 Pension (a) 5,673 5,835 OPEB (a) 4,130 4,069 Deferred revenue 4,883 4,835 Operating lease liabilities 1,101 1,201 Employee benefit plans 834 829 Other (b) 2,781 2,601 Total non-current other liabilities and deferred revenue $ 25,497 $ 25,908 __________ (a) Balances at March 31, 2023 reflect pension and OPEB liabilities at December 31, 2022, updated for: service and interest cost; expected return on assets; curtailments, settlements, and associated interim remeasurement (where applicable); separation expense; actual benefit payments; and cash contributions. The discount rate and rate of expected return assumptions are unchanged from year-end 2022. Included in Other assets are pension assets of $5.7 billion and $5.8 billion at December 31, 2022 and March 31, 2023, respectively. (b) Includes current derivative liabilities non-current derivative liabilities |
Retirement Benefits (Notes)
Retirement Benefits (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
RETIREMENT BENEFITS | RETIREMENT BENEFITS Defined Benefit Plans - Expense The pre-tax net periodic benefit cost/(income) for our defined benefit pension and OPEB plans for the periods ended March 31 were as follows (in millions): First Quarter Pension Benefits U.S. Plans Non-U.S. Plans Worldwide OPEB 2022 2023 2022 2023 2022 2023 Service cost $ 125 $ 72 $ 111 $ 61 $ 10 $ 5 Interest cost 263 408 134 237 37 58 Expected return on assets (642) (486) (268) (219) — — Amortization of prior service costs/(credits) — — 7 5 (1) 1 Net remeasurement (gain)/loss — 113 — — — — Separation programs/other 4 2 7 4 — — Settlements and curtailments — 42 — — — — Net periodic benefit cost/(income) $ (250) $ 151 $ (9) $ 88 $ 46 $ 64 The service cost component is included in Cost of sales and Selling, administrative, and other expenses . Other components of net periodic benefit cost/(income) are included in Other income/(loss), net on our consolidated income statements. In the first quarter of 2023, we paid lump sums for one of our U.S. pension plans, which resulted in a remeasurement and settlement expenses of $113 million and $42 million, respectively. Pension Plan Contributions |
Debt (Notes)
Debt (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT The carrying value of Company debt excluding Ford Credit and Ford Credit debt was as follows (in millions): December 31, March 31, Company excluding Ford Credit Debt payable within one year Short-term $ 359 $ 186 Long-term payable within one year Other debt 372 336 Unamortized (discount)/premium (1) — Total debt payable within one year 730 522 Long-term debt payable after one year Public unsecured debt securities 14,935 14,935 Convertible notes (a) 2,300 2,300 U.K. Export Finance Program 1,654 1,702 Other debt 682 616 Unamortized (discount)/premium (180) (176) Unamortized issuance costs (191) (187) Total long-term debt payable after one year 19,200 19,190 Total Company excluding Ford Credit $ 19,930 $ 19,712 Fair value of Company debt excluding Ford Credit (b) $ 18,557 $ 19,046 Ford Credit Debt payable within one year Short-term $ 19,624 $ 17,890 Long-term payable within one year Unsecured debt 7,980 10,128 Asset-backed debt 21,839 19,502 Unamortized (discount)/premium — — Unamortized issuance costs (13) (16) Fair value adjustments (c) 4 24 Total debt payable within one year 49,434 47,528 Long-term debt payable after one year Unsecured debt 39,620 41,237 Asset-backed debt 31,840 32,449 Unamortized (discount)/premium 23 17 Unamortized issuance costs (184) (209) Fair value adjustments (c) (1,694) (1,442) Total long-term debt payable after one year 69,605 72,052 Total Ford Credit $ 119,039 $ 119,580 Fair value of Ford Credit debt (b) $ 117,214 $ 118,688 __________ (a) As of March 31, 2023, each $1,000 principal amount of the notes will be convertible into 63.0921 shares of our Common Stock, which is equivalent to a conversion price of approximately $15.85 per share. We recognized issuance cost amortization of $2 million during both the first quarter of 2022 and 2023. (b) At December 31, 2022 and March 31, 2023, the fair value of debt includes $359 million and $186 million of Company excluding Ford Credit short-term debt, respectively, and $16.9 billion and $14.8 billion of Ford Credit short-term debt, respectively, carried at cost, which approximates fair value. All other debt is categorized within Level 2 of the fair value hierarchy. (c) These adjustments are related to hedging activity and include discontinued hedging relationship adjustments of $31 million and $(31) million at December 31, 2022 and March 31, 2023, respectively. The carrying value of hedged debt was $33.3 billion and $36.5 billion at December 31, 2022 and March 31, 2023, respectively. |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging Activities (Notes) | 3 Months Ended |
Mar. 31, 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 foreign currency exchange rates, certain commodity prices, and interest 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 March 31 were as follows (in millions): First Quarter Cash flow hedges 2022 2023 Reclassified from AOCI to Cost of sales Foreign currency exchange contracts (a) $ (90) $ 26 Commodity contracts (b) 58 (9) Fair value hedges Interest rate contracts Net interest settlements and accruals on hedging instruments 76 (140) Fair value changes on hedging instruments (986) 250 Fair value changes on hedged debt 991 (279) Cross-currency interest rate swap contracts Net interest settlements and accruals on hedging instruments (3) (14) Fair value changes on hedging instruments (37) 22 Fair value changes on hedged debt 41 (19) Derivatives not designated as hedging instruments Foreign currency exchange contracts (c) (46) (3) Cross-currency interest rate swap contracts (227) 85 Interest rate contracts 123 (12) Commodity contracts 109 (11) Total $ 9 $ (104) __________ (a) For the first quarter of 2022 and 2023, a $128 million loss and a $63 million loss, respectively, were reported in Other comprehensive income/(loss), net of tax . (b) For the first quarter of 2022 and 2023, a $284 million gain and an $8 million gain, respectively, were reported in Other comprehensive income/(loss), net of tax . (c) For the first quarter of 2022 and 2023, a $44 million loss and a $19 million gain, respectively, were reported in Cost of sales , and a $2 million loss and a $22 million loss, respectively, were reported in Other income/(loss), net . NOTE 15. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Continued) Balance Sheet Effect of Derivative Financial Instruments Derivative assets and liabilities are reported on our consolidated 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, 2022 March 31, 2023 Notional Fair Value of Fair Value of Notional Fair Value of Fair Value of Cash flow hedges Foreign currency exchange contracts $ 11,536 $ 376 $ 52 $ 16,998 $ 316 $ 102 Commodity contracts 990 16 56 1,012 15 40 Fair value hedges Interest rate contracts 16,883 — 1,653 19,042 15 1,302 Cross-currency interest rate swap contracts 885 — 161 1,421 4 135 Derivatives not designated as hedging instruments Foreign currency exchange contracts 20,851 162 285 19,718 136 164 Cross-currency interest rate swap contracts 6,635 15 653 6,115 38 528 Interest rate contracts 63,210 931 483 57,312 753 397 Commodity contracts 841 26 35 949 32 39 Total derivative financial instruments, gross (a) (b) $ 121,831 $ 1,526 $ 3,378 $ 122,567 $ 1,309 $ 2,707 Current portion $ 1,101 $ 1,656 $ 813 $ 1,462 Non-current portion 425 1,722 496 1,245 Total derivative financial instruments, gross $ 1,526 $ 3,378 $ 1,309 $ 2,707 __________ (a) At December 31, 2022 and March 31, 2023, we held collateral of $210 million and $180 million, respectively, and we posted collateral of $201 million and $203 million, respectively. (b) At December 31, 2022 and March 31, 2023, the fair value of assets and liabilities available for counterparty netting was $451 million and $438 million, respectively . |
Employee Separation Actions and
Employee Separation Actions and Exit and Disposal Activities (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Activities Disclosure [Text Block] | EMPLOYEE SEPARATION ACTIONS AND EXIT AND DISPOSAL ACTIVITIES We generally record costs associated with voluntary separations at the time of employee acceptance. We record costs associated with involuntary separation programs 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. Company Excluding Ford Credit Employee separation actions and exit and disposal activities include employee separation costs, facility and other asset-related charges (e.g., impairment, accelerated depreciation), dealer and supplier payments, other statutory and contractual obligations, and other expenses, which are recorded in Cost of sales and Selling, administrative, and other expenses. Below are actions that have been initiated: • Brazil. Exited manufacturing operations in 2021 resulting in the closure of facilities in Camaçari, Taubaté, and Troller • India. Ceased vehicle manufacturing in Sanand in the fourth quarter of 2021 and ceased manufacturing in Chennai in the third quarter of 2022. A sale of the Sanand vehicle assembly and powertrain plants was completed in the first quarter of 2023 (see Note 17) • Spain. Ceased production of the Mondeo at the Valencia plant in the first quarter of 2022 • China. Ceased development of certain product programs in the first quarter of 2023 In addition, we are continuing to reduce our global workforce and take other restructuring actions, including the separation of salaried workers, primarily in Europe, as announced in the first quarter of 2023. The following table summarizes the activities for the periods ended March 31, which are recorded in Other liabilities and deferred revenue (in millions): First Quarter 2022 2023 Beginning balance $ 950 $ 588 Changes in accruals (a) 66 629 Payments (205) (83) Foreign currency translation 18 (8) Ending balance $ 829 $ 1,126 __________ (a) Excludes pension costs of $7 million and $4 million in the first quarter of 2022 and 2023, respectively. We recorded $23 million and $48 million in the first quarter of 2022 and 2023, respectively, for accelerated depreciation and other non-cash items. In addition, we recognized a $32 million pre-tax net gain on sale of assets in the first quarter of 2022. We recorded costs of $64 million and $681 million in the first quarter of 2022 and 2023, respectively, related to the actions above. We estimate that we will incur total charges in 2023 that range between $1.5 billion and $2 billion related to such actions, primarily attributable to employee separations and supplier settlements. We continue to review our global businesses and may take additional restructuring actions where a path to sustained profitability is not feasible when considering the capital allocation required for those businesses. Ford Credit Accumulated foreign currency translation losses included in Accumulated other comprehensive income/(loss) at March 31, 2023 of $223 million are associated with Ford Credit’s investments in Brazil and Argentina that have ceased operations. We expect to reclassify these losses to income upon substantially complete liquidation of Ford Credit’s investments, which may occur over multiple reporting periods. In the first quarter of 2022, we reclassified losses of $119 million to Other income/(loss), net |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ACQUISITIONS AND DIVESTITURES Company Excluding Ford Credit Argo AI, LLC (“Argo AI”). In October 2022, Ford and Volkswagen AG (“VW”), who held equal interests that together comprised a majority ownership of Argo AI, initiated the process of exiting the joint development of highly automated driving technology (L4) through Argo AI. Argo AI is in the process of winding down operations. The carrying value of our equity method investment in Argo AI was $0 at both December 31, 2022 and March 31, 2023; in addition, we had $65 million and $4 million at December 31, 2022 and March 31, 2023, respectively, in Other liabilities and deferred revenue related to our funding commitment for our share of Argo AI’s expenses previously incurred. Sanand, India (“Sanand”) Plants. In the third quarter of 2022, we entered into an agreement to sell our Sanand vehicle assembly and powertrain plants to Tata Passenger Electric Mobility Limited (“Tata”), a subsidiary of Tata Motors Limited. The sale transaction included the land, buildings, and other fixed assets (excluding the powertrain machinery and equipment) for the plants. We recognized, in Cost of sales , pre-tax impairment charges of $32 million in the third quarter of 2022 to adjust the carrying value of the assets to fair value less costs to sell. We determined fair value using the market approach, based on the negotiated value of the assets. Accordingly, we reported $88 million of fixed assets for this operation as held for sale for the period ended December 31, 2022, which we report in Other assets in the current assets section of our consolidated balance sheets. On January 10, 2023, we completed the sale of the plants to Tata. Ford will continue to operate the powertrain facility by leasing back the associated land and building. As a result of the sale transaction, we derecognized the fixed assets and recognized the powertrain facility operating lease right-of-use asset and related lease liability in the first quarter of 2023. The fair value of the cash consideration received approximated the carrying value of the fixed assets at the time of sale. Ford Romania S.R.L. (“Ford Romania”). On July 1, 2022, we completed the sale of Ford Romania, our wholly-owned Romanian manufacturing subsidiary, to Ford Otosan, a joint venture in which Ford has a 41% ownership share. The transaction resulted in deconsolidation of our Ford Romania subsidiary in the third quarter of 2022. The fair value of consideration received, consisting of cash and a note receivable, approximated the carrying value of Ford Romania at the time of sale. The Ford Romania plant in Craiova, Romania will continue to manufacture Ford-branded vehicles for Ford and Ford Otosan. Ford’s portion of the output is expected to be significant; as a result, at the time of the sale there were about $100 million of assets, such as embedded leases, and related liabilities that continue to be reported as part of our financial statements. Skinny Labs Inc., dba Spin (“Spin”). On April 1, 2022, we completed the sale of Spin, our wholly-owned micro-mobility provider, to TIER Mobility SE, a German-based micro-mobility provider, which resulted in the deconsolidation of our Spin subsidiary in the second quarter of 2022. In exchange for our shares of Spin, we received preferred equity in TIER Mobility SE, which is reflected in our consolidated balance sheets in Other assets as of the second quarter of 2022. The fair value of the preferred equity approximated the carrying value of Spin at the time of the transaction. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income/(Loss) (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) The changes in the balances for each component of accumulated other comprehensive income/(loss) attributable to Ford Motor Company for the periods ended March 31 were as follows (in millions): First Quarter 2022 2023 Foreign currency translation Beginning balance $ (5,487) $ (6,416) Gains/(Losses) on foreign currency translation (71) 485 Less: Tax/(Tax benefit) (a) (96) (10) Net gains/(losses) on foreign currency translation 25 495 (Gains)/Losses reclassified from AOCI to net income (b) 121 (2) Other comprehensive income/(loss), net of tax 146 493 Ending balance $ (5,341) $ (5,923) Marketable securities Beginning balance $ (19) $ (442) Gains/(Losses) on available for sale securities (330) 135 Less: Tax/(Tax benefit) (77) 33 Net gains/(losses) on available for sale securities (253) 102 (Gains)/Losses reclassified from AOCI to net income — 11 Less: Tax/(Tax benefit) — 3 Net (gains)/losses reclassified from AOCI to net income — 8 Other comprehensive income/(loss), net of tax (253) 110 Ending balance $ (272) $ (332) Derivative instruments Beginning balance $ (193) $ 129 Gains/(Losses) on derivative instruments 156 (55) Less: Tax/(Tax benefit) 37 (14) Net gains/(losses) on derivative instruments 119 (41) (Gains)/Losses reclassified from AOCI to net income 32 (17) Less: Tax/(Tax benefit) 7 (3) Net (gains)/losses reclassified from AOCI to net income (c) 25 (14) Other comprehensive income/(loss), net of tax 144 (55) Ending balance $ (49) $ 74 Pension and other postretirement benefits Beginning balance $ (2,640) $ (2,610) Amortization and recognition of prior service costs/(credits) 6 6 Less: Tax/(Tax benefit) 1 1 Net prior service costs/(credits) reclassified from AOCI to net income 5 5 Translation impact on non-U.S. plans 3 (2) Other comprehensive income/(loss), net of tax 8 3 Ending balance $ (2,632) $ (2,607) Total AOCI ending balance at March 31 $ (8,294) $ (8,788) __________ (a) We do not recognize deferred taxes for a majority of the foreign currency translation gains and losses because we do not anticipate reversal in the foreseeable future. However, we have made elections to tax certain non-U.S. operations simultaneously in U.S. tax returns, and have recorded deferred taxes for temporary differences that will reverse, independent of repatriation plans, in U.S. tax returns. Taxes or tax benefits resulting from foreign currency translation of the temporary differences are recorded in Other comprehensive income/(loss), net of tax . (b) Reclassified to Other income/(loss), net. (c) Reclassified to Cost of sales . During the next twelve months, we expect to reclassify existing net gains on cash flow hedges of $147 million (see Note 15). |
Variable Interest Entities (Not
Variable Interest Entities (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entity Disclosure | VARIABLE INTEREST ENTITIES Certain of our affiliates are variable interest entities in which we are not the primary beneficiary. Our maximum exposure to any potential losses associated with these unconsolidated affiliates is limited to our equity investments, accounts receivable, loans, and guarantees and was $1.0 billion and $1.6 billion at December 31, 2022 and March 31, 2023, respectively. Of these amounts, guarantees of $113 million at both December 31, 2022 and March 31, 2023 related to certain obligations of our VIEs also are included in Note 20. On July 13, 2022, Ford, SK On Co., Ltd., and SK Battery America, Inc. (a wholly owned subsidiary of SK On) completed the creation of BlueOval SK, LLC, a 50/50 joint venture that will build and operate electric vehicle battery plants in Tennessee and Kentucky to supply batteries to Ford and Ford affiliates. BlueOval SK is a variable interest entity of which we are not the primary beneficiary, and we use the equity method of accounting for our investment. As of March 31, 2023, Ford has contributed to BlueOval SK $1.3 billion of its agreed capital contribution of up to $6.6 billion through 2026, subject to any adjustments agreed to by the parties. |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments and contingencies primarily consist of guarantees and indemnifications, litigation and claims, and warranty and field service actions. Guarantees and Indemnifications Financial Guarantees. Financial guarantees and indemnifications are recorded at fair value at their inception. 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 maximum potential payments for financial guarantees were $518 million and $522 million at December 31, 2022 and March 31, 2023, respectively. The carrying value of recorded liabilities related to financial guarantees was $31 million and $55 million at December 31, 2022 and March 31, 2023, respectively. Our financial guarantees consist of debt and lease obligations of certain joint ventures, as well as certain financial obligations of outside third parties, including suppliers, to support our business and economic growth. Expiration dates vary through 2037, and guarantees will terminate on payment and/or cancellation of the underlying obligation. A payment by us would be triggered by failure of the joint venture or other third party to fulfill its obligation covered by the guarantee. In some circumstances, we are entitled to recover from a third party amounts paid by us under the guarantee. Non-Financial Guarantees. Non-financial guarantees and indemnifications are recorded at fair value at their inception. 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. The maximum potential payments for non-financial guarantees were $273 million and $165 million at December 31, 2022 and March 31, 2023, respectively. The carrying value of recorded liabilities related to non-financial guarantees was $0 at both December 31, 2022 and March 31, 2023. Included in the $165 million of maximum potential payments at March 31, 2023 are guarantees for the resale value of vehicles sold in certain arrangements to daily rental companies. The maximum potential payment of $159 million as of March 31, 2023 represents the total proceeds we guarantee the rental company will receive on resale. Reflecting our present estimate of proceeds the rental companies will receive on resale from third parties, we do not expect we will have to pay under the guarantee. In the ordinary course of business, we execute contracts involving indemnifications standard in the industry and indemnifications specific to a transaction, such as the sale of a business. These indemnifications might include and are not limited to claims relating to any of the following: environmental, tax, and shareholder matters; intellectual property rights; power generation contracts; governmental regulations and employment-related matters; dealer, supplier, and other commercial contractual relationships; and financial matters, such as securitizations. Performance under these indemnities generally would be triggered by a breach of contract claim brought by a counterparty, including a joint venture or alliance partner, or a third-party claim. While some of these indemnifications are limited in nature, many of them do not limit potential payment. Therefore, we are unable to estimate a maximum amount of future payments that could result from claims made under these unlimited indemnities. NOTE 20. COMMITMENTS AND CONTINGENCIES (Continued) Litigation and Claims Various legal actions, proceedings, and claims (generally, “matters”) are pending or may be instituted or asserted against us. These include, but are not limited to, matters arising out of alleged defects in our products; product warranties; governmental regulations relating to safety, emissions, and fuel economy or other matters; government incentives; tax matters, including trade and customs; alleged illegal acts resulting in fines or penalties; financial services; employment-related matters; dealer, supplier, and other contractual relationships; intellectual property rights; environmental matters; shareholder or investor matters; and financial reporting matters. Certain of the pending legal actions are, or purport to be, class actions. Some of the matters involve or may involve claims for compensatory, punitive, or antitrust or other treble damages in very large amounts, or demands for field service actions, environmental remediation programs, sanctions, loss of government incentives, assessments, or other relief, which, if granted, would require very large expenditures. The extent of our financial exposure to these matters is difficult to estimate. Many matters do not specify a dollar amount for damages, and many others specify only a jurisdictional minimum. To the extent an amount is asserted, our historical experience suggests that in most instances the amount asserted is not a reliable indicator of the ultimate outcome. We accrue for matters when losses are deemed probable and reasonably estimable. In evaluating matters for accrual and disclosure purposes, we take into consideration factors such as our historical experience with matters of a similar nature, the specific facts and circumstances asserted, the likelihood that we will prevail, and the severity of any potential loss. We reevaluate and update our accruals as matters progress over time. For the majority of matters, which generally arise out of alleged defects in our products, we establish an accrual based on our extensive historical experience with similar matters. We do not believe there is a reasonably possible outcome materially in excess of our accrual for these matters. For the remaining matters, where our historical experience with similar matters is of more limited value (i.e., “non-pattern matters”), we evaluate the matters primarily based on the individual facts and circumstances. For non-pattern matters, we evaluate whether there is a reasonable possibility of a material loss in excess of any accrual that can be estimated. Our estimate of reasonably possible loss in excess of our accruals for all material matters currently reflects indirect tax, customs, and regulatory matters, for which we estimate the aggregate risk to be a range of up to a bout $2 billion. As noted, the litigation process is subject to many uncertainties, and the outcome of individual matters is not predictable with assurance. Our assessments are based on our knowledge and experience, but the ultimate outcome of any matter could require payment substantially in excess of the amount that we have accrued and/or disclosed. NOTE 20. COMMITMENTS AND CONTINGENCIES (Continued) Warranty and Field Service Actions We accrue the estimated cost of both base warranty coverages and field service actions at the time of sale. We establish our estimate of base warranty obligations using a patterned estimation model, using historical information regarding the nature, frequency, and average cost of claims for each vehicle line by model year. We establish our estimates of field service action obligations using a patterned estimation model, using historical information regarding the nature, frequency, severity, and average cost of claims for each model year. In addition, from time to time, we issue extended warranties at our expense, the estimated cost of which is accrued at the time of issuance. Warranty and field service action obligations are reported in Other liabilities and deferred revenue . We reevaluate the adequacy of our accruals on a regular basis. We recognize the benefit from a recovery of the costs associated with our warranty and field service actions when specifics of the recovery have been agreed with our supplier and the amount of recovery is virtually certain. Recoveries are reported in Trade and other receivables, net and Other assets. The estimate of our future warranty and field service action costs, net of estimated supplier recoveries, for the periods ended March 31 was as follows (in millions): First Quarter 2022 2023 Beginning balance $ 8,451 $ 9,193 Payments made during the period (984) (990) Changes in accrual related to warranties issued during the period 793 972 Changes in accrual related to pre-existing warranties 21 226 Foreign currency translation and other 38 (117) Ending balance $ 8,319 $ 9,284 Changes to our estimated costs are reported as changes in accrual related to pre-existing warranties in the table above. Our estimate of reasonably possible costs in excess of our accruals for material field service actions and customer satisfaction actions is a range of up to about $700 million in the aggregate. |
Segment Information (Notes)
Segment Information (Notes) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION We report segment information consistent with the way our chief operating decision maker (“CODM”) evaluates the operating results and performance of the Company. On January 1, 2023, we implemented a new operating model and reporting structure. As a result of this change, we analyze the results of our business through the following segments: Ford Blue, Ford Model e, and Ford Pro (combined, replacing the previous Automotive segment), Ford Next (previously the Mobility segment), and Ford Credit. Company adjusted earnings before interest and taxes (“EBIT”) include the financial results of these five reportable segments and Corporate Other, and net income comprises the financial results of the five reportable segments and Corporate Other, as well as Interest on Debt, Special Items, and Taxes. Additionally, past service pension and OPEB income and expense plus related assets, previously reported in the Automotive segment, have been realigned to Corporate Other. Prior period amounts were adjusted retrospectively to reflect each of the above changes. Below is a description of our reportable segments and other activities. Ford Blue Segment Ford Blue primarily includes the sale of Ford and Lincoln internal combustion engine (“ICE”) and hybrid vehicles, service parts, accessories, and digital services for retail customers, together with the associated costs of development, manufacture, and distribution of the vehicles, parts, accessories, and services. This segment focuses on developing Ford and Lincoln ICE and hybrid vehicles. Additionally, this segment provides hardware engineering and manufacturing capabilities to Ford Model e and manufactures vehicles on behalf of Ford Pro and, in certain cases, Ford Model e. Ford Blue also includes: • All sales for markets not presently in scope for Ford Model e or Ford Pro (as further described below) • In markets outside of the United States and Canada, sales to commercial, government, and rental customers of ICE and hybrid vehicles not considered core to Ford Pro • Sales of electric vehicles (“EVs”) by our unconsolidated affiliates in China • All sales of vehicles manufactured and sold to other OEMs Ford Model e Segment Ford Model e primarily includes the sale of our electric vehicles, service parts, accessories, and digital services for retail customers, together with the associated costs of development, manufacture, and distribution of the vehicles, parts, accessories, and services. This segment focuses on developing EV and digital vehicle technologies, as well as software development. Additionally, Ford Model e provides software and connected vehicle technologies on behalf of the enterprise, and manufactures certain EVs, including for Ford Pro. Ford Model e operates in North America, Europe, and China. Ford Model e also includes EV and related sales not considered core to Ford Pro to commercial, government, and rental customers in Europe, China, and Mexico. NOTE 21. SEGMENT INFORMATION (Continued) Ford Pro Segment Ford Pro primarily includes the sale of Ford and Lincoln vehicles, service parts, accessories, and services for commercial, government, and rental customers. Included in this segment are sales of all core Ford Pro vehicles, such as Super Duty and the Transit range of vans in North America and Europe and all sales of Ranger in Europe. In the United States and Canada, Ford Pro also includes all vehicle sales to commercial, government, and rental customers. This segment focuses on selling ICE, hybrid, and electric vehicles, and providing digital and physical services to optimize and maintain fleets, including telematics and EV charging solutions. This segment reflects external sales of vehicles produced by Ford Blue and Ford Model e, and the costs (including intersegment markup) associated with acquiring vehicles for sale and providing services are reflected in this segment. Ford Pro operates in North America and Europe. Ford Next Segment The Ford Next segment (formerly the Mobility segment) primarily includes expenses and investments for emerging business initiatives aimed at creating value for Ford in vehicle-adjacent market segments. Ford Credit Segment The Ford Credit segment is comprised of the Ford Credit business on a consolidated basis, which is primarily vehicle-related financing and leasing activities. Corporate Other Corporate Other primarily includes corporate governance expenses, past service pension and OPEB income and expense, interest income (excluding Ford Credit interest income and interest earned on our extended service contract portfolio) and gains and losses from our cash, cash equivalents, and marketable securities (excluding gains and losses on investments in equity securities), and foreign exchange derivatives gains and losses associated with intercompany lending. Corporate governance expenses are primarily administrative, delivering benefit on behalf of the global enterprise, that are not allocated to operating segments. These include expenses related to setting and directing global policy, providing oversight and stewardship, and promoting the Company’s interests. Corporate Other assets include: cash, cash equivalents and marketable securities, tax related assets, defined benefit pension plan net assets, and other assets managed centrally. Interest on Debt Interest on Debt is presented as a separate reconciling item and consists of interest expense on Company debt excluding Ford Credit. Special Items Special Items are presented as a separate reconciling item. They consist of (i) pension and OPEB remeasurement gains and losses, (ii) gains and losses on investments in equity securities, (iii) significant personnel expenses, supplier- and dealer-related costs, and facility-related charges stemming from our efforts to match production capacity and cost structure to market demand and changing model mix, and (iv) other items that we do not necessarily consider to be indicative of earnings from ongoing operating activities. Our management ordinarily excludes these items from its review of the results of the operating segments for purposes of measuring segment profitability and allocating resources. We also report these special items separately to help investors track amounts related to these activities and to allow investors analyzing our results to identify certain infrequent significant items that they may wish to exclude when considering the trend of ongoing operating results. NOTE 21. SEGMENT INFORMATION (Continued) Segment Revenue, Cost, and Asset Principles for Ford Blue, Ford Model e, and Ford Pro External vehicle and digital services revenue is generally vehicle-specific and included in the segment responsible for the external vehicle sale. A majority of parts and accessories revenue and cost is attributed to customer sales channels or vehicle lines based on recent end customer sales and is included in the respective segment. In the normal course of business, Ford Blue, Ford Model e, and Ford Pro transact between segments and cooperate to leverage synergies, including developing and manufacturing vehicles on behalf of another segment. When one segment produces a vehicle that is sold externally by another segment, an intersegment transaction occurs. The producing segment will report intersegment revenue to recoup the costs associated with the unit produced. This includes material cost, labor and overhead (including depreciation and amortization), inbound freight, and an intersegment markup. The intersegment markup amount is set to deliver a competitive return to the producing segment for its manufacturing and distribution service. Costs are reflected in the associated segment externally reporting the vehicle sale, as detailed in the table below: Income Statement Elements Examples Segment Reporting Costs specific to a particular vehicle Bill of material cost and initial warranty accrual Reported in the segment externally selling the vehicle Costs identifiable by product line Manufacturing and logistics costs, depreciation & amortization expense, direct research & development costs Typically identifiable to the product line or production location. Reported in the segment externally selling the vehicle, based on relative volume Shared costs Selling, general & administrative expense, and indirect / cross product line research & development costs Typically shared across all segments, generally based on relative volume. Certain costs clearly linked to a segment are reported in the specific segment Intersegment markup costs for intersegment vehicle transactions Contract manufacturing and distribution fees Reported in the segment externally selling the vehicle, for each applicable vehicle transaction Assets are reported in each segment, aligned to the appropriate operational responsibility. Manufacturing assets, e.g., our plants and the machinery and equipment therein, are included in our Ford Blue and Ford Model e segments. Manufacturing assets producing only, or primarily, EVs and related components are reflected in Ford Model e. Manufacturing assets that support the production of ICE and hybrid vehicles, including those producing ICE and electric in the same facility, are included in Ford Blue. Vendor tooling dedicated to producing EV parts is reported in Ford Model e. There are no Ford manufacturing assets or vendor tooling reported in Ford Pro. Regardless of the segment reporting the asset, depreciation and amortization expense is reflected on the basis of production volume and reported in the segment that reports the external vehicle sale. Equity in net income/(loss) of affiliated companies is included in Income/(Loss) before income taxes , based primarily on which segment the entity supports or has the majority of the entity’s purchases or sales. The table below shows the segment reporting for our most significant unconsolidated entities: Ford Blue Ford Model e Ford Pro ∘ Changan Ford Automobile Corporation, Ltd. (“CAF”) ∘ BlueOval SK, LLC ∘ Ford Otomotiv Sanayi Anonim Sirketi (“Ford Otosan”) ∘ Jiangling Motors Corporation, Ltd. (“JMC”) ∘ AutoAlliance (Thailand) Co., Ltd. (“AAT”) NOTE 21. SEGMENT INFORMATION (Continued) Key financial information for the periods ended or at March 31 was as follows (in millions): Ford Blue Ford Model e Ford Pro Ford Next Ford Credit Corporate Interest Special Items Eliminations/Adjustments Total First Quarter 2022 External Revenues $ 20,810 $ 972 $ 10,324 $ 84 $ 2,281 $ 5 $ — $ — $ — $ 34,476 Intersegment Revenues (a) 7,254 27 — — — — — — (7,281) — Total Revenues $ 28,064 $ 999 $ 10,324 $ 84 $ 2,281 $ 5 $ — $ — $ (7,281) $ 34,476 Income/(Loss) before income taxes $ 1,328 $ (380) $ 491 $ (242) $ 928 $ 201 $ (308) $ (5,866) (b) $ — $ (3,848) Equity in net income/(loss) of affiliated companies 56 (2) 85 (75) 6 1 — (104) (c) — (33) Total assets 58,329 2,951 1,679 3,501 132,582 54,608 — — (664) (d) 252,986 Ford Blue Ford Model e Ford Pro Ford Next Ford Credit Corporate Interest Special Items Eliminations/Adjustments Total First Quarter 2023 External Revenues $ 25,124 $ 707 $ 13,249 $ 1 $ 2,389 $ 4 $ — $ — $ — $ 41,474 Intersegment Revenues (a) 9,177 9 — — — — — — (9,186) — Total Revenues $ 34,301 $ 716 $ 13,249 $ 1 $ 2,389 $ 4 $ — $ — $ (9,186) $ 41,474 Income/(loss) before income taxes $ 2,623 $ (722) $ 1,366 $ (44) $ 303 $ (147) $ (308) $ (912) (e) $ — $ 2,159 Equity in net income/(loss) of affiliated companies 55 (3) 117 (12) 7 — — (34) — 130 Total assets 57,990 7,242 2,668 371 138,225 52,427 — — (2,123) (d) 256,800 __________ (a) Intersegment revenues only reflect finished vehicle transactions between Ford Blue, Ford Model e, and Ford Pro where there is an intersegment markup and are recognized at the time of the intersegment transaction. (b) Primarily reflects gains/(losses) on our Rivian investment. (c) Primarily reflects the full impairment of our Ford Sollers Netherlands B.V. (the parent company of our joint venture in Russia) equity method investment, resulting from the ongoing regulatory and economic uncertainty in Russia. (d) Primarily includes eliminations of intersegment transactions occurring in the ordinary course of business. (e) Primarily reflects restructuring actions in Europe and China and mark-to-market adjustments for our global pension and OPEB plans. |
Presentation Presentation (Poli
Presentation Presentation (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | For purposes of this report, “Ford,” the “Company,” “we,” “our,” “us,” or similar references mean Ford Motor Company, our consolidated subsidiaries, and our consolidated VIEs of which we are the primary beneficiary, unless the context requires otherwise. We also make reference to Ford Motor Credit Company LLC, herein referenced to as Ford Credit. 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. |
Basis of Accounting, Policy [Policy Text Block] | 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. |
Revenue Revenue (Policies)
Revenue Revenue (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue [Policy Text Block] | The amount of consideration we receive and revenue we recognize on our vehicles, parts, and accessories varies with changes in return rights and marketing incentives we offer to our customers and their customers. Estimates of marketing incentives are based on expected retail and fleet sales volumes, mix of products to be sold, and incentive programs to be offered. Customer acceptance of products and programs, as well as other market conditions, will impact these estimates. |
Income Taxes (Policies)
Income Taxes (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax, Policy [Policy Text Block] | For interim tax reporting, we estimate one single effective tax rate for tax jurisdictions not subject to a valuation allowance, 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. |
Ford Credit Finance Receivabl_2
Ford Credit Finance Receivables and Allowance for Credit Losses (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Financing Receivable, Allowance for Credit Losses, Policy for Uncollectible Amounts [Policy Text Block] | Allowance for Credit Losses The allowance for credit losses represents an 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 Ford Credit interest, operating, and other expenses 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 Ford Credit repossesses 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. |
Financing Receivable [Policy Text Block] | Ford Credit manages 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, Ford Credit defines “past due” as any payment, including principal and interest, that is at least 31 days past the contractual due date. |
Other Investments (Policies)
Other Investments (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Other Investments [Abstract] | |
Equity Securities without Readily Determinable Fair Value | We have investments in entities not accounted for under the equity method for which fair values are not readily available. We record these investments at cost (less impairment, if any), adjusted for observable price changes in orderly transactions for the identical or a similar investment of the same issuer. We report the carrying value of these investments in Other assets |
Retirement Benefits Pension and
Retirement Benefits Pension and Other Postemployment Benefits (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Pension and Other Postretirement Plans, Pensions, Policy [Policy Text Block] | The service cost component is included in Cost of sales and Selling, administrative, and other expenses . Other components of net periodic benefit cost/(income) are included in Other income/(loss), net |
Derivative Financial Instrume_2
Derivative Financial Instruments and Hedging Activities Derivative Financial Instruments and Hedging Activities (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives, Policy [Policy Text Block] | In the normal course of business, our operations are exposed to global market risks, including the effect of changes in foreign currency exchange rates, certain commodity prices, and interest 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. Derivative assets and liabilities are reported on our consolidated 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. |
Employee Separation Actions a_2
Employee Separation Actions and Exit and Disposal Activities (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring Charges [Abstract] | |
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | We generally record costs associated with voluntary separations at the time of employee acceptance. We record costs associated with involuntary separation programs 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. |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies, Policy [Policy Text Block] | Litigation and Claims Various legal actions, proceedings, and claims (generally, “matters”) are pending or may be instituted or asserted against us. These include, but are not limited to, matters arising out of alleged defects in our products; product warranties; governmental regulations relating to safety, emissions, and fuel economy or other matters; government incentives; tax matters, including trade and customs; alleged illegal acts resulting in fines or penalties; financial services; employment-related matters; dealer, supplier, and other contractual relationships; intellectual property rights; environmental matters; shareholder or investor matters; and financial reporting matters. Certain of the pending legal actions are, or purport to be, class actions. Some of the matters involve or may involve claims for compensatory, punitive, or antitrust or other treble damages in very large amounts, or demands for field service actions, environmental remediation programs, sanctions, loss of government incentives, assessments, or other relief, which, if granted, would require very large expenditures. The extent of our financial exposure to these matters is difficult to estimate. Many matters do not specify a dollar amount for damages, and many others specify only a jurisdictional minimum. To the extent an amount is asserted, our historical experience suggests that in most instances the amount asserted is not a reliable indicator of the ultimate outcome. We accrue for matters when losses are deemed probable and reasonably estimable. In evaluating matters for accrual and disclosure purposes, we take into consideration factors such as our historical experience with matters of a similar nature, the specific facts and circumstances asserted, the likelihood that we will prevail, and the severity of any potential loss. We reevaluate and update our accruals as matters progress over time. For the majority of matters, which generally arise out of alleged defects in our products, we establish an accrual based on our extensive historical experience with similar matters. We do not believe there is a reasonably possible outcome materially in excess of our accrual for these matters. |
Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | Financial Guarantees. Financial guarantees and indemnifications are recorded at fair value at their inception. 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. Non-Financial Guarantees. Non-financial guarantees and indemnifications are recorded at fair value at their inception. 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. Warranty and Field Service Actions We accrue the estimated cost of both base warranty coverages and field service actions at the time of sale. We establish our estimate of base warranty obligations using a patterned estimation model, using historical information regarding the nature, frequency, and average cost of claims for each vehicle line by model year. We establish our estimates of field service action obligations using a patterned estimation model, using historical information regarding the nature, frequency, severity, and average cost of claims for each model year. In addition, from time to time, we issue extended warranties at our expense, the estimated cost of which is accrued at the time of issuance. Warranty and field service action obligations are reported in Other liabilities and deferred revenue . We reevaluate the adequacy of our accruals on a regular basis. We recognize the benefit from a recovery of the costs associated with our warranty and field service actions when specifics of the recovery have been agreed with our supplier and the amount of recovery is virtually certain. Recoveries are reported in Trade and other receivables, net and Other assets. |
Segment Information Segment Inf
Segment Information Segment Information (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | We report segment information consistent with the way our chief operating decision maker (“CODM”) evaluates the operating results and performance of the Company. On January 1, 2023, we implemented a new operating model and reporting structure. As a result of this change, we analyze the results of our business through the following segments: Ford Blue, Ford Model e, and Ford Pro (combined, replacing the previous Automotive segment), Ford Next (previously the Mobility segment), and Ford Credit. Company adjusted earnings before interest and taxes (“EBIT”) include the financial results of these five reportable segments and Corporate Other, and net income comprises the financial results of the five reportable segments and Corporate Other, as well as Interest on Debt, Special Items, and Taxes. Additionally, past service pension and OPEB income and expense plus related assets, previously reported in the Automotive segment, have been realigned to Corporate Other. Prior period amounts were adjusted retrospectively to reflect each of the above changes. Below is a description of our reportable segments and other activities. Ford Blue Segment Ford Blue primarily includes the sale of Ford and Lincoln internal combustion engine (“ICE”) and hybrid vehicles, service parts, accessories, and digital services for retail customers, together with the associated costs of development, manufacture, and distribution of the vehicles, parts, accessories, and services. This segment focuses on developing Ford and Lincoln ICE and hybrid vehicles. Additionally, this segment provides hardware engineering and manufacturing capabilities to Ford Model e and manufactures vehicles on behalf of Ford Pro and, in certain cases, Ford Model e. Ford Blue also includes: • All sales for markets not presently in scope for Ford Model e or Ford Pro (as further described below) • In markets outside of the United States and Canada, sales to commercial, government, and rental customers of ICE and hybrid vehicles not considered core to Ford Pro • Sales of electric vehicles (“EVs”) by our unconsolidated affiliates in China • All sales of vehicles manufactured and sold to other OEMs Ford Model e Segment Ford Model e primarily includes the sale of our electric vehicles, service parts, accessories, and digital services for retail customers, together with the associated costs of development, manufacture, and distribution of the vehicles, parts, accessories, and services. This segment focuses on developing EV and digital vehicle technologies, as well as software development. Additionally, Ford Model e provides software and connected vehicle technologies on behalf of the enterprise, and manufactures certain EVs, including for Ford Pro. Ford Model e operates in North America, Europe, and China. Ford Model e also includes EV and related sales not considered core to Ford Pro to commercial, government, and rental customers in Europe, China, and Mexico. NOTE 21. SEGMENT INFORMATION (Continued) Ford Pro Segment Ford Pro primarily includes the sale of Ford and Lincoln vehicles, service parts, accessories, and services for commercial, government, and rental customers. Included in this segment are sales of all core Ford Pro vehicles, such as Super Duty and the Transit range of vans in North America and Europe and all sales of Ranger in Europe. In the United States and Canada, Ford Pro also includes all vehicle sales to commercial, government, and rental customers. This segment focuses on selling ICE, hybrid, and electric vehicles, and providing digital and physical services to optimize and maintain fleets, including telematics and EV charging solutions. This segment reflects external sales of vehicles produced by Ford Blue and Ford Model e, and the costs (including intersegment markup) associated with acquiring vehicles for sale and providing services are reflected in this segment. Ford Pro operates in North America and Europe. Ford Next Segment The Ford Next segment (formerly the Mobility segment) primarily includes expenses and investments for emerging business initiatives aimed at creating value for Ford in vehicle-adjacent market segments. Ford Credit Segment The Ford Credit segment is comprised of the Ford Credit business on a consolidated basis, which is primarily vehicle-related financing and leasing activities. Corporate Other Corporate Other primarily includes corporate governance expenses, past service pension and OPEB income and expense, interest income (excluding Ford Credit interest income and interest earned on our extended service contract portfolio) and gains and losses from our cash, cash equivalents, and marketable securities (excluding gains and losses on investments in equity securities), and foreign exchange derivatives gains and losses associated with intercompany lending. Corporate governance expenses are primarily administrative, delivering benefit on behalf of the global enterprise, that are not allocated to operating segments. These include expenses related to setting and directing global policy, providing oversight and stewardship, and promoting the Company’s interests. Corporate Other assets include: cash, cash equivalents and marketable securities, tax related assets, defined benefit pension plan net assets, and other assets managed centrally. Interest on Debt Interest on Debt is presented as a separate reconciling item and consists of interest expense on Company debt excluding Ford Credit. Special Items Special Items are presented as a separate reconciling item. They consist of (i) pension and OPEB remeasurement gains and losses, (ii) gains and losses on investments in equity securities, (iii) significant personnel expenses, supplier- and dealer-related costs, and facility-related charges stemming from our efforts to match production capacity and cost structure to market demand and changing model mix, and (iv) other items that we do not necessarily consider to be indicative of earnings from ongoing operating activities. Our management ordinarily excludes these items from its review of the results of the operating segments for purposes of measuring segment profitability and allocating resources. We also report these special items separately to help investors track amounts related to these activities and to allow investors analyzing our results to identify certain infrequent significant items that they may wish to exclude when considering the trend of ongoing operating results. NOTE 21. SEGMENT INFORMATION (Continued) Segment Revenue, Cost, and Asset Principles for Ford Blue, Ford Model e, and Ford Pro External vehicle and digital services revenue is generally vehicle-specific and included in the segment responsible for the external vehicle sale. A majority of parts and accessories revenue and cost is attributed to customer sales channels or vehicle lines based on recent end customer sales and is included in the respective segment. In the normal course of business, Ford Blue, Ford Model e, and Ford Pro transact between segments and cooperate to leverage synergies, including developing and manufacturing vehicles on behalf of another segment. When one segment produces a vehicle that is sold externally by another segment, an intersegment transaction occurs. The producing segment will report intersegment revenue to recoup the costs associated with the unit produced. This includes material cost, labor and overhead (including depreciation and amortization), inbound freight, and an intersegment markup. The intersegment markup amount is set to deliver a competitive return to the producing segment for its manufacturing and distribution service. Costs are reflected in the associated segment externally reporting the vehicle sale, as detailed in the table below: Income Statement Elements Examples Segment Reporting Costs specific to a particular vehicle Bill of material cost and initial warranty accrual Reported in the segment externally selling the vehicle Costs identifiable by product line Manufacturing and logistics costs, depreciation & amortization expense, direct research & development costs Typically identifiable to the product line or production location. Reported in the segment externally selling the vehicle, based on relative volume Shared costs Selling, general & administrative expense, and indirect / cross product line research & development costs Typically shared across all segments, generally based on relative volume. Certain costs clearly linked to a segment are reported in the specific segment Intersegment markup costs for intersegment vehicle transactions Contract manufacturing and distribution fees Reported in the segment externally selling the vehicle, for each applicable vehicle transaction Assets are reported in each segment, aligned to the appropriate operational responsibility. Manufacturing assets, e.g., our plants and the machinery and equipment therein, are included in our Ford Blue and Ford Model e segments. Manufacturing assets producing only, or primarily, EVs and related components are reflected in Ford Model e. Manufacturing assets that support the production of ICE and hybrid vehicles, including those producing ICE and electric in the same facility, are included in Ford Blue. Vendor tooling dedicated to producing EV parts is reported in Ford Model e. There are no Ford manufacturing assets or vendor tooling reported in Ford Pro. Regardless of the segment reporting the asset, depreciation and amortization expense is reflected on the basis of production volume and reported in the segment that reports the external vehicle sale. Equity in net income/(loss) of affiliated companies is included in Income/(Loss) before income taxes , based primarily on which segment the entity supports or has the majority of the entity’s purchases or sales. The table below shows the segment reporting for our most significant unconsolidated entities: Ford Blue Ford Model e Ford Pro ∘ Changan Ford Automobile Corporation, Ltd. (“CAF”) ∘ BlueOval SK, LLC ∘ Ford Otomotiv Sanayi Anonim Sirketi (“Ford Otosan”) ∘ Jiangling Motors Corporation, Ltd. (“JMC”) ∘ AutoAlliance (Thailand) Co., Ltd. (“AAT”) |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation Of Revenue | The following tables disaggregate our revenue by major source for the periods ended March 31 (in millions): First Quarter 2022 Company excluding Ford Credit Ford Credit Consolidated Vehicles, parts, and accessories $ 30,991 $ — $ 30,991 Used vehicles 429 — 429 Services and other revenue (a) 722 19 741 Revenues from sales and services 32,142 19 32,161 Leasing income 53 1,211 1,264 Financing income — 1,040 1,040 Insurance income — 11 11 Total revenues $ 32,195 $ 2,281 $ 34,476 First Quarter 2023 Company excluding Ford Credit Consolidated Vehicles, parts, and accessories $ 37,927 $ — $ 37,927 Used vehicles 469 — 469 Services and other revenue (a) 645 17 662 Revenues from sales and services 39,041 17 39,058 Leasing income 44 1,049 1,093 Financing income — 1,301 1,301 Insurance income — 22 22 Total revenues $ 39,085 $ 2,389 $ 41,474 __________ (a) Includes extended service contract revenue. |
Other Income_(Loss) (Tables)
Other Income/(Loss) (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | The amounts included in Other income/(loss), net for the periods ended March 31 were as follows (in millions): First Quarter 2022 2023 Net periodic pension and OPEB income/(cost), excluding service cost (Note 13) $ 459 $ (165) Investment-related interest income 61 348 Interest income/(expense) on income taxes 5 (4) Realized and unrealized gains/(losses) on cash equivalents, marketable securities, and other investments (a) (5,454) (51) Gains/(Losses) on changes in investments in affiliates (125) 4 Royalty income 144 103 Other 60 (11) Total $ (4,850) $ 224 __________ (a) Includes a $5.4 billion loss and a $25 million loss on our Rivian investment in the first quarter of 2022 and 2023, respectively. |
Capital Stock and Earnings Pe_2
Capital Stock and Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | Basic and diluted earnings/(loss) per share were calculated using the following (in millions): First Quarter 2022 2023 Net income/(loss) attributable to Ford Motor Company $ (3,110) $ 1,757 Basic and Diluted Shares Basic shares (average shares outstanding) 4,008 3,990 Net dilutive options, unvested restricted stock units, unvested restricted stock shares, and convertible debt (a) — 39 Diluted shares 4,008 4,029 __________ (a) In the first quarter of 2022, there were 56 million shares excluded from the calculation of diluted earnings/(loss) per share, due to their anti-dilutive effect. |
Cash, Cash Equivalents, and M_2
Cash, Cash Equivalents, and Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Cash, Cash Equivalents, and Marketable Securities [Abstract] | |
Fair Value, Assets 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): December 31, 2022 Fair Value Level Company excluding Ford Credit Ford Credit Consolidated Cash and cash equivalents U.S. government 1 $ 3,295 $ 1,045 $ 4,340 U.S. government agencies 2 2,245 150 2,395 Non-U.S. government and agencies 2 1,048 199 1,247 Other cash equivalents 2 10 — 10 Corporate debt 2 593 792 1,385 Total marketable securities classified as cash equivalents 7,191 2,186 9,377 Cash, time deposits, and money market funds 7,550 8,207 15,757 Total cash and cash equivalents $ 14,741 $ 10,393 $ 25,134 Marketable securities U.S. government 1 $ 4,947 $ 187 $ 5,134 U.S. government agencies 2 2,641 221 2,862 Non-U.S. government and agencies 2 2,625 658 3,283 Corporate debt 2 6,755 266 7,021 Equities (a) 1 223 — 223 Other marketable securities 2 252 161 413 Total marketable securities $ 17,443 $ 1,493 $ 18,936 Restricted cash $ 79 $ 127 $ 206 March 31, 2023 Fair Value Level Company excluding Ford Credit Ford Credit Consolidated Cash and cash equivalents U.S. government 1 $ 1,958 $ 1,183 $ 3,141 U.S. government agencies 2 2,320 1,045 3,365 Non-U.S. government and agencies 2 150 70 220 Other cash equivalents 2 — — — Corporate debt 2 68 439 507 Total marketable securities classified as cash equivalents 4,496 2,737 7,233 Cash, time deposits, and money market funds 8,333 6,578 14,911 Total cash and cash equivalents $ 12,829 $ 9,315 $ 22,144 Marketable securities U.S. government 1 $ 4,605 $ 173 $ 4,778 U.S. government agencies 2 2,300 270 2,570 Non-U.S. government and agencies 2 2,245 548 2,793 Corporate debt 2 6,212 421 6,633 Equities (a) 1 182 — 182 Other marketable securities 2 250 163 413 Total marketable securities $ 15,794 $ 1,575 $ 17,369 Restricted cash $ 82 $ 133 $ 215 __________ |
Debt Securities, Available-for-sale | The cash equivalents and marketable securities accounted for as available-for-sale (“AFS”) securities were as follows (in millions): December 31, 2022 Fair Value of Securities with Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Within 1 Year After 1 Year through After 5 Years Company excluding Ford Credit U.S. government $ 4,797 $ 1 $ (145) $ 4,653 $ 1,008 $ 3,645 $ — U.S. government agencies 2,508 — (119) 2,389 1,244 1,109 36 Non-U.S. government and agencies 2,248 — (132) 2,116 294 1,810 12 Corporate debt 7,511 6 (197) 7,320 3,117 4,195 8 Other marketable securities 246 — (9) 237 — 181 56 Total $ 17,310 $ 7 $ (602) $ 16,715 $ 5,663 $ 10,940 $ 112 March 31, 2023 Fair Value of Securities with Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Within 1 Year After 1 Year through After 5 Years Company excluding Ford Credit U.S. government $ 4,557 $ 8 $ (109) $ 4,456 $ 1,058 $ 3,387 $ 11 U.S. government agencies 2,338 — (94) 2,244 1,122 1,104 18 Non-U.S. government and agencies 2,320 2 (105) 2,217 407 1,798 12 Corporate debt 6,399 13 (157) 6,255 2,007 4,247 1 Other marketable securities 233 — (7) 226 — 170 56 Total $ 15,847 $ 23 $ (472) $ 15,398 $ 4,594 $ 10,706 $ 98 Sales proceeds and gross realized gains/losses from the sale of AFS securities for the periods ended March 31 were as follows (in millions): First Quarter 2022 2023 Company excluding Ford Credit Sales proceeds $ 4,004 $ 1,163 Gross realized gains 6 1 Gross realized losses 6 12 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The present fair values and gross unrealized losses for cash equivalents and marketable securities accounted for as AFS securities that were in an unrealized loss position, aggregated by investment category and the length of time that individual securities have been in a continuous loss position, were as follows (in millions): December 31, 2022 Less than 1 Year 1 Year or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Company excluding Ford Credit U.S. government $ 2,860 $ (52) $ 1,570 $ (93) $ 4,430 $ (145) U.S. government agencies 707 (14) 1,658 (105) 2,365 (119) Non-U.S. government and agencies 751 (23) 1,271 (109) 2,022 (132) Corporate debt 4,571 (79) 1,737 (118) 6,308 (197) Other marketable securities 123 (4) 108 (5) 231 (9) Total $ 9,012 $ (172) $ 6,344 $ (430) $ 15,356 $ (602) March 31, 2023 Less than 1 Year 1 Year or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Company excluding Ford Credit U.S. government $ 1,825 $ (22) $ 1,684 $ (87) $ 3,509 $ (109) U.S. government agencies 465 (3) 1,658 (91) 2,123 (94) Non-U.S. government and agencies 276 (4) 1,685 (101) 1,961 (105) Corporate debt 3,152 (50) 2,012 (107) 5,164 (157) Other marketable securities 107 (3) 101 (4) 208 (7) Total $ 5,825 $ (82) $ 7,140 $ (390) $ 12,965 $ (472) |
Schedule 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, March 31, Cash and cash equivalents $ 25,134 $ 22,144 Restricted cash (a) 206 215 Total cash, cash equivalents, and restricted cash $ 25,340 $ 22,359 __________ (a) Included in Other assets in the non-current assets section of our consolidated balance sheets. |
Ford Credit Finance Receivabl_3
Ford Credit Finance Receivables (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Ford Credit finance receivables, net were as follows (in millions): December 31, March 31, Consumer Retail installment contracts, gross $ 66,954 $ 68,259 Finance leases, gross 6,765 6,990 Retail financing, gross 73,719 75,249 Unearned interest supplements (2,305) (2,435) Consumer finance receivables 71,414 72,814 Non-Consumer Dealer financing 18,054 19,490 Non-Consumer finance receivables 18,054 19,490 Total recorded investment $ 89,468 $ 92,304 Recorded investment in finance receivables $ 89,468 $ 92,304 Allowance for credit losses (845) (870) Total finance receivables, net $ 88,623 $ 91,434 Current portion $ 38,720 $ 40,350 Non-current portion 49,903 51,084 Total finance receivables, net $ 88,623 $ 91,434 Net finance receivables subject to fair value (a) $ 82,200 $ 84,812 Fair value (b) 79,521 82,966 __________ (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 | The credit quality analysis of consumer receivables at December 31, 2022 was as follows (in millions): Amortized Cost Basis by Origination Year Prior to 2018 2018 2019 2020 2021 2022 Total Percent Consumer 31 - 60 days past due $ 41 $ 60 $ 91 $ 181 $ 150 $ 126 $ 649 0.9 % 61 - 120 days past due 9 12 20 39 40 29 149 0.2 Greater than 120 days past due 9 4 5 7 7 6 38 0.1 Total past due 59 76 116 227 197 161 836 1.2 Current 883 2,563 6,137 13,844 18,357 28,794 70,578 98.8 Total $ 942 $ 2,639 $ 6,253 $ 14,071 $ 18,554 $ 28,955 $ 71,414 100.0 % The credit quality analysis of consumer receivables at March 31, 2023 was as follows (in millions): Amortized Cost Basis by Origination Year Prior to 2019 2019 2020 2021 2022 2023 Total Percent Consumer 31 - 60 days past due $ 75 $ 72 $ 149 $ 135 $ 150 $ 10 $ 591 0.8 % 61 - 120 days past due 11 13 28 30 36 1 119 0.2 Greater than 120 days past due 12 4 8 10 6 — 40 — Total past due 98 89 185 175 192 11 750 1.0 Current 2,574 5,065 12,184 16,542 26,921 8,778 72,064 99.0 Total $ 2,672 $ 5,154 $ 12,369 $ 16,717 $ 27,113 $ 8,789 $ 72,814 100.0 % Gross charge-offs $ 17 $ 12 $ 23 $ 22 $ 22 $ — $ 96 |
Financing Receivable Credit Quality Indicators | The credit quality analysis of dealer financing receivables at December 31, 2022 was as follows (in millions): Amortized Cost Basis by Origination Year Wholesale Loans Dealer Loans Prior to 2018 2018 2019 2020 2021 2022 Total Total Percent Group I $ 402 $ 148 $ 35 $ 67 $ 185 $ 224 $ 1,061 $ 13,888 $ 14,949 82.8 % Group II 2 21 — 5 2 42 72 2,751 2,823 15.6 Group III — — — — — 10 10 233 243 1.4 Group IV — — 1 — — 3 4 35 39 0.2 Total (a) $ 404 $ 169 $ 36 $ 72 $ 187 $ 279 $ 1,147 $ 16,907 $ 18,054 100.0 % __________ (a) Total past due dealer financing receivables at December 31, 2022 were $9 million. The credit quality analysis of dealer financing receivables at March 31, 2023 was as follows (in millions): Amortized Cost Basis by Origination Year Wholesale Loans Dealer Loans Prior to 2019 2019 2020 2021 2022 2023 Total Total Percent Group I $ 516 $ 33 $ 67 $ 179 $ 83 $ 189 $ 1,067 $ 15,951 $ 17,018 87.3 % Group II 3 — 2 2 1 51 59 2,115 2,174 11.1 Group III — — — — — 10 10 255 265 1.4 Group IV — 1 — — — 3 4 29 33 0.2 Total (a) $ 519 $ 34 $ 69 $ 181 $ 84 $ 253 $ 1,140 $ 18,350 $ 19,490 100.0 % Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — __________ (a) Total past due dealer financing receivables at March 31, 2023 were $7 million. |
Financing Receivable, Allowance for Credit Loss | An analysis of the allowance for credit losses related to finance receivables for the periods ended March 31 was as follows (in millions): First Quarter 2022 Consumer Non-Consumer Total Allowance for credit losses Beginning balance $ 903 $ 22 $ 925 Charge-offs (62) — (62) Recoveries 43 1 44 Provision for/(Benefit from) credit losses (59) (5) (64) Other (a) 1 1 2 Ending balance $ 826 $ 19 $ 845 First Quarter 2023 Consumer Non-Consumer Total Allowance for credit losses Beginning balance $ 838 $ 7 $ 845 Charge-offs (96) — (96) Recoveries 38 1 39 Provision for/(Benefit from) credit losses 78 (1) 77 Other (a) 5 — 5 Ending balance $ 863 $ 7 $ 870 __________ (a) Primarily represents amounts related to translation adjustments. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory [Table Text Block] | Inventories were as follows (in millions): December 31, March 31, Raw materials, work-in-process, and supplies $ 5,997 $ 6,464 Finished products 8,083 9,748 Total inventories $ 14,080 $ 16,212 |
Other Liabilities and Deferre_2
Other Liabilities and Deferred Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Other Liabilities [Abstract] | |
Schedule of Accrued Liabilities and Deferred Revenue [Table Text Block] | Other liabilities and deferred revenue were as follows (in millions): December 31, March 31, Current Dealer and dealers’ customer allowances and claims $ 9,219 $ 9,881 Deferred revenue 2,404 2,582 Employee benefit plans 2,020 1,505 Accrued interest 935 938 Operating lease liabilities 404 415 OPEB (a) 329 328 Pension (a) 196 198 Other (b) 5,590 5,980 Total current other liabilities and deferred revenue $ 21,097 $ 21,827 Non-current Dealer and dealers’ customer allowances and claims $ 6,095 $ 6,538 Pension (a) 5,673 5,835 OPEB (a) 4,130 4,069 Deferred revenue 4,883 4,835 Operating lease liabilities 1,101 1,201 Employee benefit plans 834 829 Other (b) 2,781 2,601 Total non-current other liabilities and deferred revenue $ 25,497 $ 25,908 __________ (a) Balances at March 31, 2023 reflect pension and OPEB liabilities at December 31, 2022, updated for: service and interest cost; expected return on assets; curtailments, settlements, and associated interim remeasurement (where applicable); separation expense; actual benefit payments; and cash contributions. The discount rate and rate of expected return assumptions are unchanged from year-end 2022. Included in Other assets are pension assets of $5.7 billion and $5.8 billion at December 31, 2022 and March 31, 2023, respectively. (b) Includes current derivative liabilities non-current derivative liabilities |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Defined Benefit Plans - Expense | The pre-tax net periodic benefit cost/(income) for our defined benefit pension and OPEB plans for the periods ended March 31 were as follows (in millions): First Quarter Pension Benefits U.S. Plans Non-U.S. Plans Worldwide OPEB 2022 2023 2022 2023 2022 2023 Service cost $ 125 $ 72 $ 111 $ 61 $ 10 $ 5 Interest cost 263 408 134 237 37 58 Expected return on assets (642) (486) (268) (219) — — Amortization of prior service costs/(credits) — — 7 5 (1) 1 Net remeasurement (gain)/loss — 113 — — — — Separation programs/other 4 2 7 4 — — Settlements and curtailments — 42 — — — — Net periodic benefit cost/(income) $ (250) $ 151 $ (9) $ 88 $ 46 $ 64 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of debt outstanding [Table Text Block] | The carrying value of Company debt excluding Ford Credit and Ford Credit debt was as follows (in millions): December 31, March 31, Company excluding Ford Credit Debt payable within one year Short-term $ 359 $ 186 Long-term payable within one year Other debt 372 336 Unamortized (discount)/premium (1) — Total debt payable within one year 730 522 Long-term debt payable after one year Public unsecured debt securities 14,935 14,935 Convertible notes (a) 2,300 2,300 U.K. Export Finance Program 1,654 1,702 Other debt 682 616 Unamortized (discount)/premium (180) (176) Unamortized issuance costs (191) (187) Total long-term debt payable after one year 19,200 19,190 Total Company excluding Ford Credit $ 19,930 $ 19,712 Fair value of Company debt excluding Ford Credit (b) $ 18,557 $ 19,046 Ford Credit Debt payable within one year Short-term $ 19,624 $ 17,890 Long-term payable within one year Unsecured debt 7,980 10,128 Asset-backed debt 21,839 19,502 Unamortized (discount)/premium — — Unamortized issuance costs (13) (16) Fair value adjustments (c) 4 24 Total debt payable within one year 49,434 47,528 Long-term debt payable after one year Unsecured debt 39,620 41,237 Asset-backed debt 31,840 32,449 Unamortized (discount)/premium 23 17 Unamortized issuance costs (184) (209) Fair value adjustments (c) (1,694) (1,442) Total long-term debt payable after one year 69,605 72,052 Total Ford Credit $ 119,039 $ 119,580 Fair value of Ford Credit debt (b) $ 117,214 $ 118,688 __________ (a) As of March 31, 2023, each $1,000 principal amount of the notes will be convertible into 63.0921 shares of our Common Stock, which is equivalent to a conversion price of approximately $15.85 per share. We recognized issuance cost amortization of $2 million during both the first quarter of 2022 and 2023. (b) At December 31, 2022 and March 31, 2023, the fair value of debt includes $359 million and $186 million of Company excluding Ford Credit short-term debt, respectively, and $16.9 billion and $14.8 billion of Ford Credit short-term debt, respectively, carried at cost, which approximates fair value. All other debt is categorized within Level 2 of the fair value hierarchy. (c) These adjustments are related to hedging activity and include discontinued hedging relationship adjustments of $31 million and $(31) million at December 31, 2022 and March 31, 2023, respectively. The carrying value of hedged debt was $33.3 billion and $36.5 billion at December 31, 2022 and March 31, 2023, respectively. |
Derivative Financial Instrume_3
Derivative Financial Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Income Effect of Derivative Instruments [Table Text Block] | The gains/(losses), by hedge designation, reported in income for the periods ended March 31 were as follows (in millions): First Quarter Cash flow hedges 2022 2023 Reclassified from AOCI to Cost of sales Foreign currency exchange contracts (a) $ (90) $ 26 Commodity contracts (b) 58 (9) Fair value hedges Interest rate contracts Net interest settlements and accruals on hedging instruments 76 (140) Fair value changes on hedging instruments (986) 250 Fair value changes on hedged debt 991 (279) Cross-currency interest rate swap contracts Net interest settlements and accruals on hedging instruments (3) (14) Fair value changes on hedging instruments (37) 22 Fair value changes on hedged debt 41 (19) Derivatives not designated as hedging instruments Foreign currency exchange contracts (c) (46) (3) Cross-currency interest rate swap contracts (227) 85 Interest rate contracts 123 (12) Commodity contracts 109 (11) Total $ 9 $ (104) __________ (a) For the first quarter of 2022 and 2023, a $128 million loss and a $63 million loss, respectively, were reported in Other comprehensive income/(loss), net of tax . (b) For the first quarter of 2022 and 2023, a $284 million gain and an $8 million gain, respectively, were reported in Other comprehensive income/(loss), net of tax . (c) For the first quarter of 2022 and 2023, a $44 million loss and a $19 million gain, respectively, were reported in Cost of sales , and a $2 million loss and a $22 million loss, respectively, were reported in Other income/(loss), net |
Balance Sheet Effect of Derivative Instruments [Table Text Block] | The fair value of our derivative instruments and the associated notional amounts were as follows (in millions): December 31, 2022 March 31, 2023 Notional Fair Value of Fair Value of Notional Fair Value of Fair Value of Cash flow hedges Foreign currency exchange contracts $ 11,536 $ 376 $ 52 $ 16,998 $ 316 $ 102 Commodity contracts 990 16 56 1,012 15 40 Fair value hedges Interest rate contracts 16,883 — 1,653 19,042 15 1,302 Cross-currency interest rate swap contracts 885 — 161 1,421 4 135 Derivatives not designated as hedging instruments Foreign currency exchange contracts 20,851 162 285 19,718 136 164 Cross-currency interest rate swap contracts 6,635 15 653 6,115 38 528 Interest rate contracts 63,210 931 483 57,312 753 397 Commodity contracts 841 26 35 949 32 39 Total derivative financial instruments, gross (a) (b) $ 121,831 $ 1,526 $ 3,378 $ 122,567 $ 1,309 $ 2,707 Current portion $ 1,101 $ 1,656 $ 813 $ 1,462 Non-current portion 425 1,722 496 1,245 Total derivative financial instruments, gross $ 1,526 $ 3,378 $ 1,309 $ 2,707 __________ (a) At December 31, 2022 and March 31, 2023, we held collateral of $210 million and $180 million, respectively, and we posted collateral of $201 million and $203 million, respectively. (b) At December 31, 2022 and March 31, 2023, the fair value of assets and liabilities available for counterparty netting was $451 million and $438 million, respectively . |
Employee Separation Actions a_3
Employee Separation Actions and Exit and Disposal Activities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Type of Cost | The following table summarizes the activities for the periods ended March 31, which are recorded in Other liabilities and deferred revenue (in millions): First Quarter 2022 2023 Beginning balance $ 950 $ 588 Changes in accruals (a) 66 629 Payments (205) (83) Foreign currency translation 18 (8) Ending balance $ 829 $ 1,126 __________ (a) Excludes pension costs of $7 million and $4 million in the first quarter of 2022 and 2023, respectively. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income/(Loss) (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The changes in the balances for each component of accumulated other comprehensive income/(loss) attributable to Ford Motor Company for the periods ended March 31 were as follows (in millions): First Quarter 2022 2023 Foreign currency translation Beginning balance $ (5,487) $ (6,416) Gains/(Losses) on foreign currency translation (71) 485 Less: Tax/(Tax benefit) (a) (96) (10) Net gains/(losses) on foreign currency translation 25 495 (Gains)/Losses reclassified from AOCI to net income (b) 121 (2) Other comprehensive income/(loss), net of tax 146 493 Ending balance $ (5,341) $ (5,923) Marketable securities Beginning balance $ (19) $ (442) Gains/(Losses) on available for sale securities (330) 135 Less: Tax/(Tax benefit) (77) 33 Net gains/(losses) on available for sale securities (253) 102 (Gains)/Losses reclassified from AOCI to net income — 11 Less: Tax/(Tax benefit) — 3 Net (gains)/losses reclassified from AOCI to net income — 8 Other comprehensive income/(loss), net of tax (253) 110 Ending balance $ (272) $ (332) Derivative instruments Beginning balance $ (193) $ 129 Gains/(Losses) on derivative instruments 156 (55) Less: Tax/(Tax benefit) 37 (14) Net gains/(losses) on derivative instruments 119 (41) (Gains)/Losses reclassified from AOCI to net income 32 (17) Less: Tax/(Tax benefit) 7 (3) Net (gains)/losses reclassified from AOCI to net income (c) 25 (14) Other comprehensive income/(loss), net of tax 144 (55) Ending balance $ (49) $ 74 Pension and other postretirement benefits Beginning balance $ (2,640) $ (2,610) Amortization and recognition of prior service costs/(credits) 6 6 Less: Tax/(Tax benefit) 1 1 Net prior service costs/(credits) reclassified from AOCI to net income 5 5 Translation impact on non-U.S. plans 3 (2) Other comprehensive income/(loss), net of tax 8 3 Ending balance $ (2,632) $ (2,607) Total AOCI ending balance at March 31 $ (8,294) $ (8,788) __________ (a) We do not recognize deferred taxes for a majority of the foreign currency translation gains and losses because we do not anticipate reversal in the foreseeable future. However, we have made elections to tax certain non-U.S. operations simultaneously in U.S. tax returns, and have recorded deferred taxes for temporary differences that will reverse, independent of repatriation plans, in U.S. tax returns. Taxes or tax benefits resulting from foreign currency translation of the temporary differences are recorded in Other comprehensive income/(loss), net of tax . (b) Reclassified to Other income/(loss), net. (c) Reclassified to Cost of sales . During the next twelve months, we expect to reclassify existing net gains on cash flow hedges of $147 million (see Note 15). |
Commitments and Contingencies_2
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Warranty [Table Text Block] | The estimate of our future warranty and field service action costs, net of estimated supplier recoveries, for the periods ended March 31 was as follows (in millions): First Quarter 2022 2023 Beginning balance $ 8,451 $ 9,193 Payments made during the period (984) (990) Changes in accrual related to warranties issued during the period 793 972 Changes in accrual related to pre-existing warranties 21 226 Foreign currency translation and other 38 (117) Ending balance $ 8,319 $ 9,284 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Key financial information for the periods ended or at March 31 was as follows (in millions): Ford Blue Ford Model e Ford Pro Ford Next Ford Credit Corporate Interest Special Items Eliminations/Adjustments Total First Quarter 2022 External Revenues $ 20,810 $ 972 $ 10,324 $ 84 $ 2,281 $ 5 $ — $ — $ — $ 34,476 Intersegment Revenues (a) 7,254 27 — — — — — — (7,281) — Total Revenues $ 28,064 $ 999 $ 10,324 $ 84 $ 2,281 $ 5 $ — $ — $ (7,281) $ 34,476 Income/(Loss) before income taxes $ 1,328 $ (380) $ 491 $ (242) $ 928 $ 201 $ (308) $ (5,866) (b) $ — $ (3,848) Equity in net income/(loss) of affiliated companies 56 (2) 85 (75) 6 1 — (104) (c) — (33) Total assets 58,329 2,951 1,679 3,501 132,582 54,608 — — (664) (d) 252,986 Ford Blue Ford Model e Ford Pro Ford Next Ford Credit Corporate Interest Special Items Eliminations/Adjustments Total First Quarter 2023 External Revenues $ 25,124 $ 707 $ 13,249 $ 1 $ 2,389 $ 4 $ — $ — $ — $ 41,474 Intersegment Revenues (a) 9,177 9 — — — — — — (9,186) — Total Revenues $ 34,301 $ 716 $ 13,249 $ 1 $ 2,389 $ 4 $ — $ — $ (9,186) $ 41,474 Income/(loss) before income taxes $ 2,623 $ (722) $ 1,366 $ (44) $ 303 $ (147) $ (308) $ (912) (e) $ — $ 2,159 Equity in net income/(loss) of affiliated companies 55 (3) 117 (12) 7 — — (34) — 130 Total assets 57,990 7,242 2,668 371 138,225 52,427 — — (2,123) (d) 256,800 __________ (a) Intersegment revenues only reflect finished vehicle transactions between Ford Blue, Ford Model e, and Ford Pro where there is an intersegment markup and are recognized at the time of the intersegment transaction. (b) Primarily reflects gains/(losses) on our Rivian investment. (c) Primarily reflects the full impairment of our Ford Sollers Netherlands B.V. (the parent company of our joint venture in Russia) equity method investment, resulting from the ongoing regulatory and economic uncertainty in Russia. (d) Primarily includes eliminations of intersegment transactions occurring in the ordinary course of business. (e) Primarily reflects restructuring actions in Europe and China and mark-to-market adjustments for our global pension and OPEB plans. |
New Accounting Standards Cumula
New Accounting Standards Cumulative Effect of Changes due to Adoption (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Accounting Policies [Abstract] | |
Supplier Finance Program, Obligation | $ 265 |
Supplier Finance Program, Obligation, Settlement | $ 452 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue from Contract with Customer by Products and Services (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 41,474 | $ 34,476 |
Company excluding Ford Credit | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 39,085 | 32,195 |
Ford Credit | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 2,389 | 2,281 |
Vehicles, parts, and accessories | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 37,927 | 30,991 |
Used vehicles | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 469 | 429 |
Service and Other Revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 662 | 741 |
Revenues from sales and services | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 39,058 | 32,161 |
Leasing income | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 1,093 | 1,264 |
Financing income | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 1,301 | 1,040 |
Insurance income | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 22 | 11 |
Operating Segments | Company excluding Ford Credit | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 39,085 | 32,195 |
Operating Segments | Ford Credit | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 2,389 | 2,281 |
Operating Segments | Vehicles, parts, and accessories | Company excluding Ford Credit | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 37,927 | 30,991 |
Operating Segments | Vehicles, parts, and accessories | Ford Credit | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Operating Segments | Used vehicles | Company excluding Ford Credit | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 469 | 429 |
Operating Segments | Used vehicles | Ford Credit | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Operating Segments | Service and Other Revenue | Company excluding Ford Credit | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 645 | 722 |
Operating Segments | Service and Other Revenue | Ford Credit | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 17 | 19 |
Operating Segments | Revenues from sales and services | Company excluding Ford Credit | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 39,041 | 32,142 |
Operating Segments | Revenues from sales and services | Ford Credit | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 17 | 19 |
Operating Segments | Leasing income | Company excluding Ford Credit | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 44 | 53 |
Operating Segments | Leasing income | Ford Credit | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 1,049 | 1,211 |
Operating Segments | Financing income | Company excluding Ford Credit | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Operating Segments | Financing income | Ford Credit | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 1,301 | 1,040 |
Operating Segments | Insurance income | Company excluding Ford Credit | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | 0 | 0 |
Operating Segments | Insurance income | Ford Credit | ||
Disaggregation of Revenue [Line Items] | ||
Total revenues | $ 22 | $ 11 |
Revenue Revenue - Narrative (De
Revenue Revenue - Narrative (Details) - Operating Segments - Company excluding Ford Credit - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Vehicles, parts, and accessories | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Contract with Customer, Performance Obligation Satisfied in Previous Period | $ (178) | $ 211 | |
Services and other revenue (a) | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Amount | 1,100 | ||
Contract with Customer, Liability | 4,500 | $ 4,400 | |
Contract with Customer, Liability, Revenue Recognized | 380 | 365 | |
Capitalized Contract Cost, Net | 324 | $ 315 | |
Capitalized Contract Cost, Amortization | $ 26 | $ 22 |
Revenue Revenue - Performance O
Revenue Revenue - Performance Obligations (Details) - Services and other revenue (a) - Company excluding Ford Credit - Operating Segments $ in Millions | Mar. 31, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 1,100 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-04 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 1,200 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Amount | $ 2,200 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 8 years |
Other Income_(Loss) (Details)
Other Income/(Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | $ (165) | $ 459 |
Investment-related interest income | 348 | 61 |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | (4) | 5 |
Gain (Loss) on Investments | (51) | (5,454) |
Gains (Losses) On Changes In Investments In Affiliates | 4 | (125) |
Royalty income | 103 | 144 |
Other | (11) | 60 |
Total | 224 | (4,850) |
Equities (a) | Rivian | ||
Gain (Loss) on Investments | $ (25) | $ (5,400) |
Capital Stock and Earnings Pe_3
Capital Stock and Earnings Per Share (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Basic and Diluted Income Attributable to Ford Motor Company [Abstract] | ||
Net income/(loss) attributable to Ford Motor Company | $ 1,757 | $ (3,110) |
Basic and Diluted Shares [Abstract] | ||
Basic shares (average shares outstanding) | 3,990 | 4,008 |
Net dilutive options, unvested restricted stock units, unvested restricted stock shares, and convertible debt (a) | 39 | 0 |
Diluted shares | 4,029 | 4,008 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 56 |
Cash, Cash Equivalents, and M_3
Cash, Cash Equivalents, and Marketable Securities (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total cash and cash equivalents | $ 22,144 | $ 25,134 | ||
Restricted cash | 215 | 206 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 22,359 | $ 21,283 | 25,340 | $ 20,737 |
Net realized and unrealized (gains)/losses on cash equivalents, marketable securities, and other investments | 51 | 5,454 | ||
Operating Segments | Ford Credit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total cash and cash equivalents | 9,315 | 10,393 | ||
Restricted cash | 133 | 127 | ||
Operating Segments | Company excluding Ford Credit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total cash and cash equivalents | 12,829 | 14,741 | ||
Debt Securities, Available-for-sale | 15,398 | 16,715 | ||
Restricted cash | 82 | 79 | ||
U.S. government | Operating Segments | Company excluding Ford Credit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 4,456 | 4,653 | ||
U.S. government agencies | Operating Segments | Company excluding Ford Credit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 2,244 | 2,389 | ||
Non-U.S. government and agencies | Operating Segments | Company excluding Ford Credit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 2,217 | 2,116 | ||
Corporate debt | Operating Segments | Company excluding Ford Credit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 6,255 | 7,320 | ||
Equities (a) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable Securities, Unrealized Gain (Loss) | (22) | (968) | ||
Equities (a) | Rivian | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net realized and unrealized (gains)/losses on cash equivalents, marketable securities, and other investments | 25 | $ 5,400 | ||
Equities (a) | Rivian | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Marketable Security, Common Stock | $ 147 | $ 194 | ||
Share Price | $ 15.48 | $ 18.43 | ||
Marketable Security, Common Stock, Shares Sold | 1 | |||
Proceeds from Sale of Equity Securities, FV-NI | $ 21.6 | |||
Other marketable securities | Operating Segments | Company excluding Ford Credit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 226 | $ 237 | ||
Fair Value, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 7,233 | 9,377 | ||
Cash, Cash Equivalents, and Short-term Investments | 14,911 | 15,757 | ||
Debt Securities, Available-for-sale | 17,369 | 18,936 | ||
Fair Value, Recurring | Operating Segments | Ford Credit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 2,737 | 2,186 | ||
Cash, Cash Equivalents, and Short-term Investments | 6,578 | 8,207 | ||
Debt Securities, Available-for-sale | 1,575 | 1,493 | ||
Fair Value, Recurring | Operating Segments | Company excluding Ford Credit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 4,496 | 7,191 | ||
Cash, Cash Equivalents, and Short-term Investments | 8,333 | 7,550 | ||
Debt Securities, Available-for-sale | 15,794 | 17,443 | ||
Fair Value, Recurring | Level 1 [Member] | U.S. government | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 3,141 | 4,340 | ||
Debt Securities, Available-for-sale | 4,778 | 5,134 | ||
Fair Value, Recurring | Level 1 [Member] | U.S. government | Operating Segments | Ford Credit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 1,183 | 1,045 | ||
Debt Securities, Available-for-sale | 173 | 187 | ||
Fair Value, Recurring | Level 1 [Member] | U.S. government | Operating Segments | Company excluding Ford Credit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 1,958 | 3,295 | ||
Debt Securities, Available-for-sale | 4,605 | 4,947 | ||
Fair Value, Recurring | Level 1 [Member] | Equities (a) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 182 | 223 | ||
Fair Value, Recurring | Level 1 [Member] | Equities (a) | Operating Segments | Ford Credit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 0 | 0 | ||
Fair Value, Recurring | Level 1 [Member] | Equities (a) | Operating Segments | Company excluding Ford Credit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 182 | 223 | ||
Fair Value, Recurring | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other Cash Equivalents, at Carrying Value | 0 | 10 | ||
Fair Value, Recurring | Level 2 [Member] | Operating Segments | Ford Credit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other Cash Equivalents, at Carrying Value | 0 | 0 | ||
Fair Value, Recurring | Level 2 [Member] | Operating Segments | Company excluding Ford Credit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other Cash Equivalents, at Carrying Value | 0 | 10 | ||
Fair Value, Recurring | Level 2 [Member] | U.S. government agencies | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 3,365 | 2,395 | ||
Debt Securities, Available-for-sale | 2,570 | 2,862 | ||
Fair Value, Recurring | Level 2 [Member] | U.S. government agencies | Operating Segments | Ford Credit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 1,045 | 150 | ||
Debt Securities, Available-for-sale | 270 | 221 | ||
Fair Value, Recurring | Level 2 [Member] | U.S. government agencies | Operating Segments | Company excluding Ford Credit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 2,320 | 2,245 | ||
Debt Securities, Available-for-sale | 2,300 | 2,641 | ||
Fair Value, Recurring | Level 2 [Member] | Non-U.S. government and agencies | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 220 | 1,247 | ||
Debt Securities, Available-for-sale | 2,793 | 3,283 | ||
Fair Value, Recurring | Level 2 [Member] | Non-U.S. government and agencies | Operating Segments | Ford Credit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 70 | 199 | ||
Debt Securities, Available-for-sale | 548 | 658 | ||
Fair Value, Recurring | Level 2 [Member] | Non-U.S. government and agencies | Operating Segments | Company excluding Ford Credit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 150 | 1,048 | ||
Debt Securities, Available-for-sale | 2,245 | 2,625 | ||
Fair Value, Recurring | Level 2 [Member] | Corporate debt | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 507 | 1,385 | ||
Debt Securities, Available-for-sale | 6,633 | 7,021 | ||
Fair Value, Recurring | Level 2 [Member] | Corporate debt | Operating Segments | Ford Credit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 439 | 792 | ||
Debt Securities, Available-for-sale | 421 | 266 | ||
Fair Value, Recurring | Level 2 [Member] | Corporate debt | Operating Segments | Company excluding Ford Credit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and Cash Equivalents, Fair Value Disclosure | 68 | 593 | ||
Debt Securities, Available-for-sale | 6,212 | 6,755 | ||
Fair Value, Recurring | Level 2 [Member] | Other marketable securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 413 | 413 | ||
Fair Value, Recurring | Level 2 [Member] | Other marketable securities | Operating Segments | Ford Credit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 163 | 161 | ||
Fair Value, Recurring | Level 2 [Member] | Other marketable securities | Operating Segments | Company excluding Ford Credit | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | $ 250 | $ 252 |
Cash, Cash Equivalents, and M_4
Cash, Cash Equivalents, and Marketable Securities Available for Sale Securities (Details) - Operating Segments - Company excluding Ford Credit - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Debt Securities, Available-for-sale [Abstract] | |||
Debt Securities, Available-for-sale, Amortized Cost | $ 15,847 | $ 17,310 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 23 | 7 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (472) | (602) | |
Debt Securities, Available-for-sale | 15,398 | 16,715 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | 4,594 | 5,663 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 10,706 | 10,940 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value | 98 | 112 | |
Sales proceeds | 1,163 | $ 4,004 | |
Gross realized gains | 1 | 6 | |
Gross realized losses | 12 | $ 6 | |
U.S. government | |||
Debt Securities, Available-for-sale [Abstract] | |||
Debt Securities, Available-for-sale, Amortized Cost | 4,557 | 4,797 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 8 | 1 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (109) | (145) | |
Debt Securities, Available-for-sale | 4,456 | 4,653 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | 1,058 | 1,008 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 3,387 | 3,645 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value | 11 | 0 | |
U.S. government agencies | |||
Debt Securities, Available-for-sale [Abstract] | |||
Debt Securities, Available-for-sale, Amortized Cost | 2,338 | 2,508 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (94) | (119) | |
Debt Securities, Available-for-sale | 2,244 | 2,389 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | 1,122 | 1,244 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 1,104 | 1,109 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value | 18 | 36 | |
Non-U.S. government and agencies | |||
Debt Securities, Available-for-sale [Abstract] | |||
Debt Securities, Available-for-sale, Amortized Cost | 2,320 | 2,248 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 2 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (105) | (132) | |
Debt Securities, Available-for-sale | 2,217 | 2,116 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | 407 | 294 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 1,798 | 1,810 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value | 12 | 12 | |
Corporate debt | |||
Debt Securities, Available-for-sale [Abstract] | |||
Debt Securities, Available-for-sale, Amortized Cost | 6,399 | 7,511 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 13 | 6 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (157) | (197) | |
Debt Securities, Available-for-sale | 6,255 | 7,320 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | 2,007 | 3,117 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 4,247 | 4,195 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value | 1 | 8 | |
Other marketable securities | |||
Debt Securities, Available-for-sale [Abstract] | |||
Debt Securities, Available-for-sale, Amortized Cost | 233 | 246 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | (7) | (9) | |
Debt Securities, Available-for-sale | 226 | 237 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | 0 | 0 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 170 | 181 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value | $ 56 | $ 56 |
Cash, Cash Equivalents, and M_5
Cash, Cash Equivalents, and Marketable Securities Debt Securities in Unrealized Loss Position (Details) - Company excluding Ford Credit - Operating Segments - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 5,825 | $ 9,012 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (82) | (172) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 7,140 | 6,344 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (390) | (430) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 12,965 | 15,356 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (472) | (602) |
U.S. government | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 1,825 | 2,860 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (22) | (52) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,684 | 1,570 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (87) | (93) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 3,509 | 4,430 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (109) | (145) |
U.S. government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 465 | 707 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (3) | (14) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,658 | 1,658 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (91) | (105) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,123 | 2,365 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (94) | (119) |
Non-U.S. government and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 276 | 751 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (4) | (23) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,685 | 1,271 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (101) | (109) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,961 | 2,022 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (105) | (132) |
Corporate debt | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 3,152 | 4,571 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (50) | (79) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,012 | 1,737 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (107) | (118) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 5,164 | 6,308 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (157) | (197) |
Other marketable securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 107 | 123 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (3) | (4) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 101 | 108 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (4) | (5) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 208 | 231 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (7) | $ (9) |
Cash, Cash Equivalents, and M_6
Cash, Cash Equivalents, and Marketable Securities Restricted Cash (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 22,144 | $ 25,134 | ||
Restricted cash | 215 | 206 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 22,359 | $ 25,340 | $ 21,283 | $ 20,737 |
Ford Credit Finance Receivabl_4
Ford Credit Finance Receivables, net (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivables [Line Items] | ||||
Number Of Days After Which Finance Receivable Is Considered Past Due | 31 days | |||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||||
Current portion | $ 40,350 | $ 38,720 | ||
Non-current portion | 51,084 | 49,903 | ||
Variable Interest Entity, Primary Beneficiary | ||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||||
Total finance receivables, net | 50,454 | 49,142 | ||
Ford Credit | ||||
Financing Receivables [Line Items] | ||||
Sales-type Lease, Lease Income | 83 | $ 77 | ||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||||
Retail installment contracts, gross | 92,304 | 89,468 | ||
Total finance receivables, net | 91,434 | 88,623 | ||
Financing Receivable, Allowance for Credit Loss | (870) | (845) | (845) | $ (925) |
Current portion | 40,350 | 38,720 | ||
Non-current portion | 51,084 | 49,903 | ||
Net finance receivables subject to fair value (a) | 84,812 | 82,200 | ||
Interest Receivable | 198 | 187 | ||
Ford Credit | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||||
Fair value (b) | 82,966 | 79,521 | ||
Ford Credit | Consumer | ||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||||
Retail installment contracts, gross | 72,814 | 71,414 | ||
Retail financing, gross | 75,249 | 73,719 | ||
Financing Receivable, Allowance for Credit Loss | (863) | (826) | (838) | (903) |
Ford Credit | Consumer | Variable Interest Entity, Primary Beneficiary | ||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||||
Retail installment contracts, gross | 43,900 | 43,900 | ||
Ford Credit | Consumer | Retail installment contracts | ||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||||
Retail financing, gross | 68,259 | 66,954 | ||
Ford Credit | Consumer | Retail financing | ||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||||
Retail installment contracts, gross | 72,814 | 71,414 | ||
Unearned interest supplements | (2,435) | (2,305) | ||
Ford Credit | Finance Leases Portfolio Segment | Retail financing | ||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||||
Finance leases, gross | 6,990 | 6,765 | ||
Ford Credit | Non-consumer | ||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||||
Retail installment contracts, gross | 19,490 | 18,054 | ||
Financing Receivable, Allowance for Credit Loss | (7) | $ (19) | (7) | $ (22) |
Ford Credit | Non-consumer | Variable Interest Entity, Primary Beneficiary | ||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||||
Retail installment contracts, gross | 17,600 | 18,200 | ||
Ford Credit | Non-consumer | Dealer financing | ||||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | ||||
Retail installment contracts, gross | $ 19,490 | $ 18,054 |
Ford Credit Finance Receivabl_5
Ford Credit Finance Receivables - Aging (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Pass | Consumer | Maximum | |||
Financing Receivables, Aging [Line Items] | |||
Finance Receivables Credit Quality Ratings Term Range | 60 days | ||
Special Mention | Consumer | Minimum | |||
Financing Receivables, Aging [Line Items] | |||
Finance Receivables Credit Quality Ratings Term Range | 61 days | ||
Special Mention | Consumer | Maximum | |||
Financing Receivables, Aging [Line Items] | |||
Finance Receivables Credit Quality Ratings Term Range | 120 days | ||
Substandard | Consumer | Minimum | |||
Financing Receivables, Aging [Line Items] | |||
Finance Receivables Credit Quality Ratings Term Range | 120 days | ||
Ford Credit | |||
Financing Receivables, Aging [Line Items] | |||
Recorded investment | $ 92,304 | $ 89,468 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | $ 96 | $ 62 | |
Non-accrual of Financing Revenue | 90 days | ||
Ford Credit | Consumer | |||
Financing Receivables, Aging [Line Items] | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | $ 2,672 | 942 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 5,154 | 2,639 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 12,369 | 6,253 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 16,717 | 14,071 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 27,113 | 18,554 | |
Financing Receivable, Originated in Current Fiscal Year | 8,789 | 28,955 | |
Recorded investment | $ 72,814 | $ 71,414 | |
Financing Receivable, Percent of Consumer Finance Receivables | 100% | 100% | |
Financing Receivable, Originated, More Than Five Years before Current Fiscal Year, Writeoff | $ 17 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 12 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 23 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 22 | ||
Financing Receivable, Year Two, Originated, Fiscal Year Before Current Fiscal Year, Writeoff | 22 | ||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 96 | $ 62 | |
Ford Credit | Consumer | Financing Receivables, 31 to 60 Days Past due [Member] | |||
Financing Receivables, Aging [Line Items] | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 75 | $ 41 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 72 | 60 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 149 | 91 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 135 | 181 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 150 | 150 | |
Financing Receivable, Originated in Current Fiscal Year | 10 | 126 | |
Recorded investment | $ 591 | $ 649 | |
Financing Receivable, Percent of Consumer Finance Receivables | 0.80% | 0.90% | |
Ford Credit | Consumer | Financing Receivables, 61 to 120 Days Past due [Member] | |||
Financing Receivables, Aging [Line Items] | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | $ 11 | $ 9 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 13 | 12 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 28 | 20 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 30 | 39 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 36 | 40 | |
Financing Receivable, Originated in Current Fiscal Year | 1 | 29 | |
Recorded investment | $ 119 | $ 149 | |
Financing Receivable, Percent of Consumer Finance Receivables | 0.20% | 0.20% | |
Ford Credit | Consumer | Financing Receivables, Greater than 120 Days Past due [Member] | |||
Financing Receivables, Aging [Line Items] | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | $ 12 | $ 9 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 4 | 4 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 8 | 5 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 10 | 7 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 6 | 7 | |
Financing Receivable, Originated in Current Fiscal Year | 0 | 6 | |
Recorded investment | $ 40 | $ 38 | |
Financing Receivable, Percent of Consumer Finance Receivables | 0% | 0.10% | |
Ford Credit | Consumer | Financial Asset, Greater than 30 Days Past Due [Member] | |||
Financing Receivables, Aging [Line Items] | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | $ 98 | $ 59 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 89 | 76 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 185 | 116 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 175 | 227 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 192 | 197 | |
Financing Receivable, Originated in Current Fiscal Year | 11 | 161 | |
Recorded investment | $ 750 | $ 836 | |
Financing Receivable, Percent of Consumer Finance Receivables | 1% | 1.20% | |
Ford Credit | Consumer | Financial Asset, 1 to 29 Days Past Due [Member] | |||
Financing Receivables, Aging [Line Items] | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | $ 2,574 | $ 883 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 5,065 | 2,563 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 12,184 | 6,137 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 16,542 | 13,844 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 26,921 | 18,357 | |
Financing Receivable, Originated in Current Fiscal Year | 8,778 | 28,794 | |
Recorded investment | $ 72,064 | $ 70,578 | |
Financing Receivable, Percent of Consumer Finance Receivables | 99% | 98.80% |
Ford Credit Finance Receivabl_6
Ford Credit Finance Receivables - Credit Quality (Details) - Ford Credit - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Credit quality [Line Items] | |||
Recorded investment | $ 92,304 | $ 89,468 | |
Non-accrual of Financing Revenue | 90 days | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | $ 96 | $ 62 | |
Non-consumer | |||
Credit quality [Line Items] | |||
Financing Receivable, Revolving | 18,350 | 16,907 | |
Recorded investment | 19,490 | 18,054 | |
Financing Receivable, Revolving, Writeoff | 0 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | |
Non-consumer | Group I | |||
Credit quality [Line Items] | |||
Financing Receivable, Revolving | 15,951 | 13,888 | |
Non-consumer | Group II | |||
Credit quality [Line Items] | |||
Financing Receivable, Revolving | 2,115 | 2,751 | |
Non-consumer | Group III | |||
Credit quality [Line Items] | |||
Financing Receivable, Revolving | 255 | 233 | |
Non-consumer | Group IV | |||
Credit quality [Line Items] | |||
Financing Receivable, Revolving | 29 | 35 | |
Non-consumer | Dealer Loans | |||
Credit quality [Line Items] | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 519 | 404 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 34 | 169 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 69 | 36 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 181 | 72 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 84 | 187 | |
Financing Receivable, Originated in Current Fiscal Year | 253 | 279 | |
Recorded investment | 1,140 | 1,147 | |
Financing Receivable, Originated, More Than Five Years before Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Year Two, Originated, Fiscal Year Before Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | ||
Non-consumer | Dealer Loans | Group I | |||
Credit quality [Line Items] | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 516 | 402 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 33 | 148 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 67 | 35 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 179 | 67 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 83 | 185 | |
Financing Receivable, Originated in Current Fiscal Year | 189 | 224 | |
Recorded investment | 1,067 | 1,061 | |
Non-consumer | Dealer Loans | Group II | |||
Credit quality [Line Items] | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3 | 2 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 21 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2 | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2 | 5 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1 | 2 | |
Financing Receivable, Originated in Current Fiscal Year | 51 | 42 | |
Recorded investment | 59 | 72 | |
Non-consumer | Dealer Loans | Group III | |||
Credit quality [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 | 0 | 0 | |
Financing Receivable, Originated in Current Fiscal Year | 10 | 10 | |
Recorded investment | 10 | 10 | |
Non-consumer | Dealer Loans | Group IV | |||
Credit quality [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 | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 1 | |
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 | 3 | 3 | |
Recorded investment | 4 | 4 | |
Non-consumer | Wholesale and Dealer Loans | |||
Credit quality [Line Items] | |||
Recorded investment | $ 19,490 | $ 18,054 | |
Financing Receivable, Percent of Dealer Finance Receivables | 100% | 100% | |
Financing Receivable, Allowance for Credit Loss, Writeoff | $ 0 | ||
Non-consumer | Wholesale and Dealer Loans | Financing Receivables, Total Past Due | |||
Credit quality [Line Items] | |||
Recorded investment | 7 | $ 9 | |
Non-consumer | Wholesale and Dealer Loans | Group I | |||
Credit quality [Line Items] | |||
Recorded investment | $ 17,018 | $ 14,949 | |
Financing Receivable, Percent of Dealer Finance Receivables | 87.30% | 82.80% | |
Non-consumer | Wholesale and Dealer Loans | Group II | |||
Credit quality [Line Items] | |||
Recorded investment | $ 2,174 | $ 2,823 | |
Financing Receivable, Percent of Dealer Finance Receivables | 11.10% | 15.60% | |
Non-consumer | Wholesale and Dealer Loans | Group III | |||
Credit quality [Line Items] | |||
Recorded investment | $ 265 | $ 243 | |
Financing Receivable, Percent of Dealer Finance Receivables | 1.40% | 1.40% | |
Non-consumer | Wholesale and Dealer Loans | Group IV | |||
Credit quality [Line Items] | |||
Recorded investment | $ 33 | $ 39 | |
Financing Receivable, Percent of Dealer Finance Receivables | 0.20% | 0.20% | |
Consumer | |||
Credit quality [Line Items] | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | $ 2,672 | $ 942 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 5,154 | 2,639 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 12,369 | 6,253 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 16,717 | 14,071 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 27,113 | 18,554 | |
Financing Receivable, Originated in Current Fiscal Year | 8,789 | 28,955 | |
Recorded investment | 72,814 | $ 71,414 | |
Financing Receivable, Originated, More Than Five Years before Current Fiscal Year, Writeoff | 17 | ||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 12 | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 23 | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 22 | ||
Financing Receivable, Year Two, Originated, Fiscal Year Before Current Fiscal Year, Writeoff | 22 | ||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | $ 96 | $ 62 | |
Financing Receivable, Percent of Consumer Finance Receivables | 100% | 100% | |
Consumer | Financing Receivables, 31 to 60 Days Past due [Member] | |||
Credit quality [Line Items] | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | $ 75 | $ 41 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 72 | 60 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 149 | 91 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 135 | 181 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 150 | 150 | |
Financing Receivable, Originated in Current Fiscal Year | 10 | 126 | |
Recorded investment | $ 591 | $ 649 | |
Financing Receivable, Percent of Consumer Finance Receivables | 0.80% | 0.90% | |
Consumer | Financing Receivables, 61 to 120 Days Past due [Member] | |||
Credit quality [Line Items] | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | $ 11 | $ 9 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 13 | 12 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 28 | 20 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 30 | 39 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 36 | 40 | |
Financing Receivable, Originated in Current Fiscal Year | 1 | 29 | |
Recorded investment | $ 119 | $ 149 | |
Financing Receivable, Percent of Consumer Finance Receivables | 0.20% | 0.20% | |
Consumer | Financing Receivables, Greater than 120 Days Past due [Member] | |||
Credit quality [Line Items] | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | $ 12 | $ 9 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 4 | 4 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 8 | 5 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 10 | 7 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 6 | 7 | |
Financing Receivable, Originated in Current Fiscal Year | 0 | 6 | |
Recorded investment | $ 40 | $ 38 | |
Financing Receivable, Percent of Consumer Finance Receivables | 0% | 0.10% | |
Consumer | Financial Asset, Greater than 30 Days Past Due [Member] | |||
Credit quality [Line Items] | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | $ 98 | $ 59 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 89 | 76 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 185 | 116 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 175 | 227 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 192 | 197 | |
Financing Receivable, Originated in Current Fiscal Year | 11 | 161 | |
Recorded investment | $ 750 | $ 836 | |
Financing Receivable, Percent of Consumer Finance Receivables | 1% | 1.20% | |
Consumer | Financial Asset, 1 to 29 Days Past Due [Member] | |||
Credit quality [Line Items] | |||
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | $ 2,574 | $ 883 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 5,065 | 2,563 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 12,184 | 6,137 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 16,542 | 13,844 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 26,921 | 18,357 | |
Financing Receivable, Originated in Current Fiscal Year | 8,778 | 28,794 | |
Recorded investment | $ 72,064 | $ 70,578 | |
Financing Receivable, Percent of Consumer Finance Receivables | 99% | 98.80% |
Allowance for Credit Losses (De
Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Threshold Period Past Due, Writeoff | 120 days | |
Ford Credit | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Financing Receivable, Allowance for Credit Loss | $ 845 | $ 925 |
Financing Receivable, Allowance for Credit Loss, Writeoff | (96) | (62) |
Financing Receivable, Allowance for Credit Loss, Recovery | 39 | 44 |
Provision for credit losses | 77 | (64) |
Financing Receivable, Allowance for Credit Losses, Other | 5 | 2 |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 870 | 845 |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 25 | |
Consumer | Ford Credit | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Financing Receivable, Allowance for Credit Loss | 838 | 903 |
Financing Receivable, Allowance for Credit Loss, Writeoff | (96) | (62) |
Financing Receivable, Allowance for Credit Loss, Recovery | 38 | 43 |
Provision for credit losses | 78 | (59) |
Financing Receivable, Allowance for Credit Losses, Other | 5 | 1 |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 863 | 826 |
Non-consumer | Ford Credit | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Financing Receivable, Allowance for Credit Loss | 7 | 22 |
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 |
Financing Receivable, Allowance for Credit Loss, Recovery | 1 | 1 |
Provision for credit losses | (1) | (5) |
Financing Receivable, Allowance for Credit Losses, Other | 0 | 1 |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 7 | $ 19 |
Wholesale and Dealer Loans | Non-consumer | Ford Credit | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | $ 0 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials, work-in-process, and supplies | $ 6,464 | $ 5,997 |
Finished products | 9,748 | 8,083 |
Total inventories | $ 16,212 | $ 14,080 |
Other Investments (Details)
Other Investments (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Equity Securities without Readily Determinable Fair Value, Amount | $ 350 | $ 384 |
Other Income [Member] | ||
Equity Securities without Readily Determinable Fair Value, Upward Price Adjustment, Cumulative Amount | $ 101 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 609 | $ 603 |
Other Liabilities and Deferre_3
Other Liabilities and Deferred Revenue (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Dealer and dealers’ customer allowances and claims | $ 9,881 | $ 9,219 |
Deferred Revenue | 2,582 | 2,404 |
Employee benefit plans | 1,505 | 2,020 |
Accrued interest | 938 | 935 |
OPEB (a) | 328 | 329 |
Pension (a) | 198 | 196 |
Operating lease liabilities | 415 | 404 |
Other (b) | 5,980 | 5,590 |
Total current other liabilities and deferred revenue | 21,827 | 21,097 |
Accounts Payable and Accrued Liabilities, Noncurrent [Abstract] | ||
Dealer and dealers’ customer allowances and claims | 6,538 | 6,095 |
Pension (a) | 5,835 | 5,673 |
OPEB (a) | 4,069 | 4,130 |
Deferred Revenue | 4,835 | 4,883 |
Operating lease liabilities | 1,201 | 1,101 |
Employee benefit plans | 829 | 834 |
Other (b) | 2,601 | 2,781 |
Total non-current other liabilities and deferred revenue | 25,908 | 25,497 |
Net pension assets | 5,800 | 5,700 |
Derivative Liability, Current | 1,300 | 1,300 |
Derivative Liability, Noncurrent | $ 1,200 | $ 1,700 |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Total current other liabilities and deferred revenue | Total current other liabilities and deferred revenue |
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Total non-current other liabilities and deferred revenue | Total non-current other liabilities and deferred revenue |
Retirement Benefits - Expense (
Retirement Benefits - Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Worldwide OPEB | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | ||
Service cost | $ 5 | $ 10 |
Interest cost | 58 | 37 |
Expected return on assets | 0 | 0 |
Amortization of prior service costs/(credits) | 1 | (1) |
Net remeasurement (gain)/loss | 0 | 0 |
Defined Benefit Plan, Other Cost (Credit) | 0 | 0 |
Settlements and curtailments | 0 | 0 |
Net periodic benefit cost/(income) | 64 | 46 |
UNITED STATES | Pension Plan | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | ||
Service cost | 72 | 125 |
Interest cost | 408 | 263 |
Expected return on assets | (486) | (642) |
Amortization of prior service costs/(credits) | 0 | 0 |
Net remeasurement (gain)/loss | 113 | 0 |
Defined Benefit Plan, Other Cost (Credit) | 2 | 4 |
Settlements and curtailments | 42 | 0 |
Net periodic benefit cost/(income) | 151 | (250) |
Foreign Plan | Pension Plan | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | ||
Service cost | 61 | 111 |
Interest cost | 237 | 134 |
Expected return on assets | (219) | (268) |
Amortization of prior service costs/(credits) | 5 | 7 |
Net remeasurement (gain)/loss | 0 | 0 |
Defined Benefit Plan, Other Cost (Credit) | 4 | 7 |
Settlements and curtailments | 0 | 0 |
Net periodic benefit cost/(income) | $ 88 | $ (9) |
Retirement Benefits Pension Pla
Retirement Benefits Pension Plan Contributions (Details) - Pension Plan $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Funded Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 125 |
Unfunded Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 400 |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 99 |
Minimum | Funded Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 500 |
Maximum | Funded Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 600 |
Debt - Debt Outstanding (Detail
Debt - Debt Outstanding (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 |
Debt Instrument [Line Items] | |||
Total assets | $ 256,800 | $ 255,884 | $ 252,986 |
Operating Segments | Ford Credit | |||
Debt Instrument [Line Items] | |||
Unamortized (discount)/premium, current | 0 | 0 | |
Unamortized issuance costs, current | (16) | (13) | |
Adjustment Fair Value Hedging Instruments Unsecured Debt, Current | 24 | 4 | |
Long-term Debt, Current Maturities | 47,528 | 49,434 | |
Long-term debt | 72,052 | 69,605 | |
Unamortized (discount)/premium, noncurrent | 17 | 23 | |
Unamortized issuance costs, noncurrent | (209) | (184) | |
Fair value adjustments, noncurrent | (1,442) | (1,694) | |
Long-term Debt, Excluding Current Maturities | 72,052 | 69,605 | |
Debt, Long-term and Short-term, Combined Amount | 119,580 | 119,039 | |
Short-term Debt, Fair Value | 14,800 | 16,900 | |
Debt Carrying Value Fair Value | 36,500 | 33,300 | |
Total assets | 138,225 | $ 132,582 | |
Adjustment Fair Value Hedging Instruments Unsecured Debt, Discontinued Hedging Relationships | (31) | 31 | |
Operating Segments | Ford Credit | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Long-Term Debt and Lease Obligation, Current | 10,128 | 7,980 | |
Long-term debt | 41,237 | 39,620 | |
Operating Segments | Ford Credit | Asset-Backed Securities | |||
Debt Instrument [Line Items] | |||
Long-Term Debt and Lease Obligation, Current | 19,502 | 21,839 | |
Long-term debt | 32,449 | 31,840 | |
Operating Segments | Ford Credit | Notes Payable, Other Payables | |||
Debt Instrument [Line Items] | |||
Short-term | 17,890 | 19,624 | |
Operating Segments | Company excluding Ford Credit | |||
Debt Instrument [Line Items] | |||
Unamortized (discount)/premium, current | 0 | (1) | |
Long-term Debt, Current Maturities | 522 | 730 | |
Long-term debt | 19,190 | 19,200 | |
Unamortized (discount)/premium, noncurrent | (176) | (180) | |
Unamortized issuance costs, noncurrent | (187) | (191) | |
Long-term Debt, Excluding Current Maturities | 19,190 | 19,200 | |
Debt, Long-term and Short-term, Combined Amount | 19,712 | 19,930 | |
Short-term Debt, Fair Value | 186 | 359 | |
Operating Segments | Company excluding Ford Credit | Convertible Debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 2,300 | 2,300 | |
Operating Segments | Company excluding Ford Credit | Corporate debt | |||
Debt Instrument [Line Items] | |||
Unsecured Long-term Debt, Noncurrent | 14,935 | 14,935 | |
Operating Segments | Company excluding Ford Credit | Notes Payable, Other Payables | |||
Debt Instrument [Line Items] | |||
Other Loans Payable, Current | 336 | 372 | |
Other Loans Payable, Long-term, Noncurrent | 616 | 682 | |
Operating Segments | Company excluding Ford Credit | Notes Payable, Other Payables | U.K. Export Finance Program | |||
Debt Instrument [Line Items] | |||
Other Loans Payable, Long-term, Noncurrent | 1,702 | 1,654 | |
Operating Segments | Company excluding Ford Credit | Notes Payable, Other Payables | |||
Debt Instrument [Line Items] | |||
Short-term | 186 | 359 | |
Fair Value, Nonrecurring [Member] | Level 2 [Member] | Operating Segments | Ford Credit | |||
Debt Instrument [Line Items] | |||
Fair Value | 118,688 | 117,214 | |
Fair Value, Nonrecurring [Member] | Level 2 [Member] | Operating Segments | Company excluding Ford Credit | |||
Debt Instrument [Line Items] | |||
Fair Value | $ 19,046 | $ 18,557 |
Debt - Convertible Debt (Detail
Debt - Convertible Debt (Details) - Convertible Debt - Zero Percent Convertible Senior Notes Due 2026 - Operating Segments - Company excluding Ford Credit - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Instrument [Line Items] | ||
Amortization of Debt Issuance Costs | $ 2,000 | $ 2,000 |
Debt Conversion, Converted Instrument, Amount | $ 1 | |
Debt Conversion, Converted Instrument, Shares Issued | 63.0921 | |
Debt Instrument, Convertible, Conversion Price | $ 15.85 |
Income Effect of Derivative Fin
Income Effect of Derivative Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Derivative [Line Items] | |||
Gain/(Loss) Recognized in Income | $ (104) | $ 9 | |
Held collateral | $ 180 | $ 210 | |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of sales | Cost of sales | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency exchange contracts [Member] | |||
Derivative [Line Items] | |||
Gain/(Loss) Reclassified from AOCI to Income | $ 26 | $ (90) | |
Gains/(losses) on derivative instruments | (63) | (128) | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Commodity Contract [Member] | |||
Derivative [Line Items] | |||
Gain/(Loss) Reclassified from AOCI to Income | (9) | 58 | |
Gains/(losses) on derivative instruments | 8 | 284 | |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Cross-currency interest rate swap contracts [Member] | |||
Derivative [Line Items] | |||
Net interest settlements and accruals on hedging instruments | (14) | (3) | |
Fair value changes on hedging instruments | 22 | (37) | |
Fair value changes on hedged debt | (19) | 41 | |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest rate contracts [Member] | |||
Derivative [Line Items] | |||
Net interest settlements and accruals on hedging instruments | (140) | 76 | |
Fair value changes on hedging instruments | 250 | (986) | |
Fair value changes on hedged debt | (279) | 991 | |
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member] | |||
Derivative [Line Items] | |||
Gain/(Loss) Recognized in Income | (3) | (46) | |
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member] | Nonoperating Income (Expense) [Member] | |||
Derivative [Line Items] | |||
Gain/(Loss) Recognized in Income | (22) | (2) | |
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member] | Cost of Sales | |||
Derivative [Line Items] | |||
Gain/(Loss) Recognized in Income | 19 | (44) | |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative [Line Items] | |||
Gain/(Loss) Recognized in Income | (11) | 109 | |
Not Designated as Hedging Instrument [Member] | Cross-currency interest rate swap contracts [Member] | |||
Derivative [Line Items] | |||
Gain/(Loss) Recognized in Income | 85 | (227) | |
Not Designated as Hedging Instrument [Member] | Interest rate contracts [Member] | |||
Derivative [Line Items] | |||
Gain/(Loss) Recognized in Income | $ (12) | $ 123 |
Balance Sheet Effect of Derivat
Balance Sheet Effect of Derivative Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 122,567 | $ 121,831 |
Derivative Liability, Current | 1,300 | 1,300 |
Derivative Liability, Noncurrent | 1,200 | 1,700 |
Held collateral | 180 | 210 |
Posted collateral | 203 | 201 |
Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member] | Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 16,998 | 11,536 |
Designated as Hedging Instrument [Member] | Cross-currency interest rate swap contracts [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 1,421 | 885 |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 19,042 | 16,883 |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 1,012 | 990 |
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 19,718 | 20,851 |
Not Designated as Hedging Instrument [Member] | Cross-currency interest rate swap contracts [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 6,115 | 6,635 |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 57,312 | 63,210 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 949 | 841 |
Fair Value, Recurring | ||
Derivative [Line Items] | ||
Derivative Asset, Current | 813 | 1,101 |
Derivative Asset, Noncurrent | 496 | 425 |
Derivative Asset | 1,309 | 1,526 |
Derivative Liability, Current | 1,462 | 1,656 |
Derivative Liability, Noncurrent | 1,245 | 1,722 |
Derivative Liability | 2,707 | 3,378 |
Fair Value, Recurring | Level 2 [Member] | ||
Derivative [Line Items] | ||
Fair Value of Assets | 1,309 | 1,526 |
Fair Value of Liabilities | 2,707 | 3,378 |
Counterparty Netting, Assets Not Offset | 438 | 451 |
Counterparty Netting, Liabilities Not Offset | 438 | 451 |
Fair Value, Recurring | Level 2 [Member] | Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member] | Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Fair Value of Assets | 316 | 376 |
Fair Value of Liabilities | 102 | 52 |
Fair Value, Recurring | Level 2 [Member] | Designated as Hedging Instrument [Member] | Cross-currency interest rate swap contracts [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Fair Value of Assets | 4 | 0 |
Fair Value of Liabilities | 135 | 161 |
Fair Value, Recurring | Level 2 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Fair Value of Assets | 15 | 0 |
Fair Value of Liabilities | 1,302 | 1,653 |
Fair Value, Recurring | Level 2 [Member] | Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Fair Value of Assets | 15 | 16 |
Fair Value of Liabilities | 40 | 56 |
Fair Value, Recurring | Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member] | ||
Derivative [Line Items] | ||
Fair Value of Assets | 136 | 162 |
Fair Value of Liabilities | 164 | 285 |
Fair Value, Recurring | Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Cross-currency interest rate swap contracts [Member] | ||
Derivative [Line Items] | ||
Fair Value of Assets | 38 | 15 |
Fair Value of Liabilities | 528 | 653 |
Fair Value, Recurring | Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Fair Value of Assets | 753 | 931 |
Fair Value of Liabilities | 397 | 483 |
Fair Value, Recurring | Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Fair Value of Assets | 32 | 26 |
Fair Value of Liabilities | $ 39 | $ 35 |
Employee Separation Actions a_4
Employee Separation Actions and Exit and Disposal Activities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Restructuring Reserve | ||
Gain (Loss) on Disposition of Property Plant Equipment | $ 32 | |
Restructuring Incurred Cost Statement of Income or Comprehensive Income | $ 681 | 64 |
Operating Segments | Company excluding Ford Credit | ||
Restructuring Reserve | ||
Beginning balance | 588 | 950 |
Changes in accruals (a) | 629 | 66 |
Payments | (83) | (205) |
Foreign currency translation | (8) | 18 |
Ending balance | 1,126 | 829 |
Pension Costs | ||
Restructuring Reserve | ||
Restructuring Charges | 4 | 7 |
Accelerated depreciation | ||
Restructuring Reserve | ||
Restructuring Charges | 48 | $ 23 |
Minimum | ||
Restructuring Reserve | ||
Restructuring and Related Cost, Expected Cost | 1,500 | |
Maximum | ||
Restructuring Reserve | ||
Restructuring and Related Cost, Expected Cost | $ 2,000 |
Employee Separation Actions a_5
Employee Separation Actions and Exit and Disposal Activities Ford Credit (Details) - Ford Credit - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2023 | |
Operating Segments | ||
Restructuring Cost and Reserve [Line Items] | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax | $ 119 | |
Foreign Currency Translation Adjustment | Operating Segments | ||
Restructuring Cost and Reserve [Line Items] | ||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ 223 |
Acquisitions and Divestitures_2
Acquisitions and Divestitures (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Jul. 01, 2022 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Equity in net assets of affiliated companies | $ 3,448 | $ 2,798 | |
Argo AI | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Equity in net assets of affiliated companies | 0 | 0 | |
Committed Capital | $ 4 | $ 65 | |
Ford Otosan | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Equity Method Investment, Ownership Percentage | 41% | ||
Operating Segments | Company excluding Ford Credit | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sale Leaseback Transaction, Assets and Liabilities Remaining After Sale | $ 100 |
Discontinued Operations and Dis
Discontinued Operations and Disposal Groups (Details) - Operating Segments - Disposal Group, Held-for-sale, Not Discontinued Operations - Company excluding Ford Credit - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | $ 32 | |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | $ 88 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Derivative instruments [Abstract] | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $ 147 | ||
Pension and other postretirement benefits | |||
Total AOCI ending balance at March 31 | (8,788) | $ (9,339) | |
Parent Company [Member] | |||
Foreign currency transaction [Abstract] | |||
Beginning balance | (6,416) | $ (5,487) | |
Gains/(Losses) on foreign currency translation | 485 | (71) | |
Less: Tax/(Tax benefit) (a) | (10) | (96) | |
Net gains/(losses) on foreign currency translation | 495 | 25 | |
(Gains)/Losses reclassified from AOCI to income | (2) | 121 | |
Other comprehensive income/(loss), net of tax | 493 | 146 | |
Ending balance | (5,923) | (5,341) | |
Marketable securities [Abstract] | |||
Beginning balance | (442) | (19) | |
Gains/(Losses) on available for sale securities | 135 | (330) | |
Less: Tax/(Tax benefit) | 33 | (77) | |
Net gains/(losses) on available for sale securities | 102 | (253) | |
(Gains)/Losses reclassified from AOCI to net income | 11 | 0 | |
Less: Tax/(Tax benefit) | 3 | 0 | |
Net (gains)/losses reclassified from AOCI to net income | 8 | 0 | |
Other comprehensive income/(loss), net of tax | 110 | (253) | |
Ending balance | (332) | (272) | |
Derivative instruments [Abstract] | |||
Beginning balance | 129 | (193) | |
Gains/(losses) on derivative instruments | (55) | 156 | |
Less: Tax/(tax benefit) | (14) | 37 | |
Net gains/(losses) on derivative instruments | (41) | 119 | |
(Gains)/Losses reclassified from AOCI to net income | (17) | 32 | |
Less: Tax/(tax benefit) | (3) | 7 | |
Net (gains)/losses reclassified to AOCI from net income | (14) | 25 | |
Other comprehensive income/(loss), net of tax | (55) | 144 | |
Ending balance | 74 | (49) | |
Pension and other postretirement benefits | |||
Beginning balance | (2,610) | (2,640) | |
Amortization of prior service costs/(credits) | 6 | 6 | |
Less: Tax/(Tax benefit) | 1 | 1 | |
Net prior service costs/(credits) reclassified from AOCI to net income | 5 | 5 | |
Translation impact on non-U.S. plans | (2) | 3 | |
Other comprehensive income/(loss), net of tax | 3 | 8 | |
Ending balance | (2,607) | (2,632) | |
Total AOCI ending balance at March 31 | $ (8,788) | $ (8,294) |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 | Jul. 13, 2022 |
BlueOval SK, LLC | |||
Variable Interest Entity [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50% | ||
Equity Method Investment, Aggregate Cost | $ 1,300 | ||
Equity Method Investment, Committed Capital, Expected Timing of Satisfaction, Period | 3 years 9 months | ||
BlueOval SK, LLC | Maximum | |||
Variable Interest Entity [Line Items] | |||
Committed Capital | $ 6,600 | ||
Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 1,600 | $ 1,000 | |
Maximum potential payments | $ 113 | $ 113 |
Commitments and Contingencies_3
Commitments and Contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Warranty [Abstract] | |||
Beginning balance | $ 9,193 | $ 8,451 | |
Payments made during the period | (990) | (984) | |
Changes in accrual related to warranties issued during the period | 972 | 793 | |
Changes in accrual related to pre-existing warranties | 226 | 21 | |
Foreign currency translation and other | (117) | 38 | |
Ending balance | 9,284 | $ 8,319 | |
Litigation and Claims | |||
Guarantor Obligations [Line Items] | |||
Loss contingency estimate | 2,000 | ||
Field Service Actions and Customer Satisfaction Actions | |||
Guarantor Obligations [Line Items] | |||
Loss contingency estimate | 700 | ||
Financial Guarantee [Member] | |||
Guarantor Obligations [Line Items] | |||
Maximum potential payments | 522 | $ 518 | |
Carrying value of recorded liabilities related to guarantees and limited indemnities | 55 | 31 | |
Indemnification Agreement [Member] | |||
Guarantor Obligations [Line Items] | |||
Maximum potential payments | 165 | 273 | |
Carrying value of recorded liabilities related to guarantees and limited indemnities | 0 | $ 0 | |
Guarantees to daily rental companies | |||
Guarantor Obligations [Line Items] | |||
Maximum potential payments | 159 | ||
Carrying value of recorded liabilities related to guarantees and limited indemnities | $ 0 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Segment Information | |||
External Revenues | $ 41,474 | $ 34,476 | |
Intersegment Revenues | 0 | 0 | |
Total Revenues | 41,474 | 34,476 | |
Income/(Loss) before income taxes | 2,159 | (3,848) | |
Equity in net income/(loss) of affiliated companies | 130 | (33) | |
Total assets | 256,800 | 252,986 | $ 255,884 |
Ford Credit | |||
Segment Information | |||
External Revenues | 2,389 | 2,281 | |
Operating Segments | Ford Blue | |||
Segment Information | |||
External Revenues | 25,124 | 20,810 | |
Intersegment Revenues | 9,177 | 7,254 | |
Total Revenues | 34,301 | 28,064 | |
Income/(Loss) before income taxes | 2,623 | 1,328 | |
Equity in net income/(loss) of affiliated companies | 55 | 56 | |
Total assets | 57,990 | 58,329 | |
Operating Segments | Ford Model e | |||
Segment Information | |||
External Revenues | 707 | 972 | |
Intersegment Revenues | 9 | 27 | |
Total Revenues | 716 | 999 | |
Income/(Loss) before income taxes | (722) | (380) | |
Equity in net income/(loss) of affiliated companies | (3) | (2) | |
Total assets | 7,242 | 2,951 | |
Operating Segments | Ford Pro | |||
Segment Information | |||
External Revenues | 13,249 | 10,324 | |
Intersegment Revenues | 0 | 0 | |
Total Revenues | 13,249 | 10,324 | |
Income/(Loss) before income taxes | 1,366 | 491 | |
Equity in net income/(loss) of affiliated companies | 117 | 85 | |
Total assets | 2,668 | 1,679 | |
Operating Segments | Ford Credit | |||
Segment Information | |||
External Revenues | 2,389 | 2,281 | |
Intersegment Revenues | 0 | 0 | |
Total Revenues | 2,389 | 2,281 | |
Income/(Loss) before income taxes | 303 | 928 | |
Equity in net income/(loss) of affiliated companies | 7 | 6 | |
Total assets | 138,225 | 132,582 | |
Operating Segments | Ford Next | |||
Segment Information | |||
External Revenues | 1 | 84 | |
Intersegment Revenues | 0 | 0 | |
Total Revenues | 1 | 84 | |
Income/(Loss) before income taxes | (44) | (242) | |
Equity in net income/(loss) of affiliated companies | (12) | (75) | |
Total assets | 371 | 3,501 | |
Corporate Other | |||
Segment Information | |||
External Revenues | 4 | 5 | |
Intersegment Revenues | 0 | 0 | |
Total Revenues | 4 | 5 | |
Income/(Loss) before income taxes | (147) | 201 | |
Equity in net income/(loss) of affiliated companies | 0 | 1 | |
Total assets | 52,427 | 54,608 | |
Intersegment Eliminations | |||
Segment Information | |||
External Revenues | 0 | 0 | |
Intersegment Revenues | (9,186) | (7,281) | |
Total Revenues | (9,186) | (7,281) | |
Income/(Loss) before income taxes | 0 | 0 | |
Equity in net income/(loss) of affiliated companies | 0 | 0 | |
Total assets | (2,123) | (664) | |
Interest on Debt | Adjustments | |||
Segment Information | |||
External Revenues | 0 | 0 | |
Intersegment Revenues | 0 | 0 | |
Total Revenues | 0 | 0 | |
Income/(Loss) before income taxes | (308) | (308) | |
Equity in net income/(loss) of affiliated companies | 0 | 0 | |
Total assets | 0 | 0 | |
Special Items | Adjustments | |||
Segment Information | |||
External Revenues | 0 | 0 | |
Intersegment Revenues | 0 | 0 | |
Total Revenues | 0 | 0 | |
Income/(Loss) before income taxes | (912) | (5,866) | |
Equity in net income/(loss) of affiliated companies | (34) | (104) | |
Total assets | $ 0 | $ 0 |