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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10-Q

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2020

or

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from  __________ to __________
Commission file number 1-3950

Ford Motor Company
(Exact name of Registrant as specified in its charter)
Delaware
 
38-0549190
(State of incorporation)
 
(I.R.S. Employer Identification No.)
 
 
 
 
One American Road
 
 
Dearborn,
Michigan
 
48126
(Address of principal executive offices)
 
(Zip code)

313-322-3000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading symbol(s)
 
Name of each exchange on which registered
Common Stock, par value $.01 per share
 
F
 
New York Stock Exchange
6.200% Notes due June 1, 2059
 
FPRB
 
New York Stock Exchange
6.000% Notes due December 1, 2059
 
FPRC
 
New York Stock Exchange


Indicate by check mark if the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes     No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes     No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  
Large Accelerated Filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

As of April 24, 2020, Ford had outstanding 3,906,187,867 shares of Common Stock and 70,852,076 shares of Class B Stock.

Exhibit Index begins on page
 


 


FORD MOTOR COMPANY
QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended March 31, 2020
 
Table of Contents
 
Page
 
Part I - Financial Information
 
 
Item 1
Financial Statements
 
 
Consolidated Statement of Cash Flows
 
 
Consolidated Income Statement
 
 
Consolidated Statement of Comprehensive Income
 
 
Consolidated Balance Sheet
 
 
Consolidated Statement of Equity
 
 
Notes to the Financial Statements
 
Item 2
Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
 
Recent Developments
 
 
Results of Operations
 
 
Automotive Segment
 
 
Mobility Segment
 
 
Ford Credit Segment
 
 
Corporate Other
 
 
Interest on Debt
 
 
Taxes
 
 
Liquidity and Capital Resources
 
 
Credit Ratings
 
 
Outlook
 
 
Cautionary Note on Forward-Looking Statements
 
 
Non-GAAP Financial Measures That Supplement GAAP Measures
 
 
Non-GAAP Financial Measure Reconciliations
 
 
Supplemental Information
 
 
Critical Accounting Estimates
 
 
Accounting Standards Issued But Not Yet Adopted
 
Item 3
Quantitative and Qualitative Disclosures About Market Risk
 
Item 4
Controls and Procedures
 
 
 
 
 
 
Part II - Other Information
 
 
Item 1
Legal Proceedings
 
Item 1A
Risk Factors
 
Item 6
Exhibits
 
 
Signature
 


i


PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements.
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(in millions)
 
For the periods ended March 31,
 
2019
 
2020
 
First Quarter
 
(unaudited)
Cash flows from operating activities
 
 
 
Net income/(loss)
$
1,183

 
$
(1,993
)
Depreciation and tooling amortization
2,429

 
2,444

Other amortization
(287
)
 
(302
)
Held-for-sale impairment charges

 
3

Provision for credit and insurance losses
43

 
598

Pension and other post-retirement employee benefits (“OPEB”) expense/(income)
(18
)
 
(178
)
Equity investment dividends received in excess of (earnings)/losses
17

 
118

Foreign currency adjustments
(49
)
 
338

Net (gain)/loss on changes in investments in affiliates
(3
)
 
(15
)
Stock compensation
85

 
38

Provision for deferred income taxes
221

 
702

Decrease/(Increase) in finance receivables (wholesale and other)
(1,813
)
 
(1,080
)
Decrease/(Increase) in accounts receivable and other assets
(237
)
 
39

Decrease/(Increase) in inventory
(1,083
)
 
(1,177
)
Increase/(Decrease) in accounts payable and accrued and other liabilities
2,944

 
194

Other
112

 
(202
)
Net cash provided by/(used in) operating activities
3,544

 
(473
)
 
 
 
 
Cash flows from investing activities
 
 
 
Capital spending
(1,633
)
 
(1,780
)
Acquisitions of finance receivables and operating leases
(12,595
)
 
(12,184
)
Collections of finance receivables and operating leases
12,336

 
12,709

Proceeds from sale of business (Note 17)

 
1,340

Purchases of marketable securities and other investments
(3,923
)
 
(8,244
)
Sales and maturities of marketable securities and other investments
4,441

 
4,998

Settlements of derivatives
(14
)
 
131

Other
54

 
(84
)
Net cash provided by/(used in) investing activities
(1,334
)
 
(3,114
)
 
 
 
 
Cash flows from financing activities
 
 
 
Cash payments for dividends and dividend equivalents
(597
)
 
(596
)
Purchases of common stock

 

Net changes in short-term debt
420

 
(622
)
Proceeds from issuance of long-term debt
15,411

 
26,691

Principal payments on long-term debt
(13,277
)
 
(12,948
)
Other
(84
)
 
(71
)
Net cash provided by/(used in) financing activities
1,873

 
12,454

 
 
 
 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
29

 
(448
)
 
 
 
 
Net increase/(decrease) in cash, cash equivalents, and restricted cash
$
4,112

 
$
8,419

 
 
 
 
Cash, cash equivalents, and restricted cash at beginning of period (Note 7)
$
16,907

 
$
17,741

Net increase/(decrease) in cash, cash equivalents, and restricted cash
4,112

 
8,419

Cash, cash equivalents, and restricted cash at end of period (Note 7)
$
21,019

 
$
26,160


The accompanying notes are part of the consolidated financial statements.

1

Item 1. Financial Statements (continued)

FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
(in millions, except per share amounts)
 
For the periods ended March 31,
 
2019
 
2020
 
First Quarter
 
(unaudited)
Revenues
 
 
 
Automotive
$
37,239

 
$
31,340

Ford Credit
3,097

 
2,967

Mobility
6

 
13

Total revenues (Note 3)
40,342

 
34,320

 
 
 
 
Costs and expenses
 
 
 
Cost of sales
33,942

 
30,522

Selling, administrative, and other expenses
2,843

 
2,432

Ford Credit interest, operating, and other expenses
2,355

 
2,924

Total costs and expenses
39,140

 
35,878

Operating income/(loss)
1,202

 
(1,558
)
 
 
 
 
Interest expense on Automotive debt
231

 
214

Interest expense on Other debt
14

 
13

 
 
 
 
Other income/(loss), net (Note 4)
628

 
680

Equity in net income/(loss) of affiliated companies
25

 
(41
)
Income/(Loss) before income taxes
1,610

 
(1,146
)
Provision for/(Benefit from) income taxes
427


847

Net income/(loss)
1,183

 
(1,993
)
Less: Income/(Loss) attributable to noncontrolling interests
37



Net income/(loss) attributable to Ford Motor Company
$
1,146


$
(1,993
)
 
 
 
 
EARNINGS PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK (Note 6)
Basic income/(loss)
$
0.29

 
$
(0.50
)
Diluted income/(loss)
0.29

 
(0.50
)
 
 
 
 
Weighted-average shares used in computation of earnings per share
 
 
 
Basic shares
3,973

3,963
Diluted shares
3,997
 
3,963

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(in millions)
 
For the periods ended March 31,
 
2019
 
2020
 
First Quarter
 
(unaudited)
Net income/(loss)
$
1,183

 
$
(1,993
)
Other comprehensive income/(loss), net of tax (Note 18)
 
 
 
Foreign currency translation
243

 
(1,453
)
Marketable securities
63

 
14

Derivative instruments
(446
)
 
692

Pension and other postretirement benefits
5

 
14

Total other comprehensive income/(loss), net of tax
(135
)
 
(733
)
Comprehensive income/(loss)
1,048

 
(2,726
)
Less: Comprehensive income/(loss) attributable to noncontrolling interests
37

 

Comprehensive income/(loss) attributable to Ford Motor Company
$
1,011

 
$
(2,726
)

The accompanying notes are part of the consolidated financial statements.

2

Item 1. Financial Statements (continued)

FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in millions)
 
December 31,
2019
 
March 31,
2020
 
(unaudited)
ASSETS
 
 
 
Cash and cash equivalents (Note 7)
$
17,504

 
$
25,971

Marketable securities (Note 7)
17,147

 
20,399

Ford Credit finance receivables, net of allowance for credit losses of $162 and $389 (Note 8)
53,651

 
54,889

Trade and other receivables, less allowances of $63 and $72
9,237

 
6,625

Inventories (Note 9)
10,786

 
11,312

Assets held for sale (Note 17)
2,383

 
700

Other assets
3,339

 
4,380

Total current assets
114,047

 
124,276

 
 
 
 
Ford Credit finance receivables, net of allowance for credit losses of $351 and $842 (Note 8)
53,703

 
51,141

Net investment in operating leases
29,230

 
28,514

Net property
36,469

 
35,294

Equity in net assets of affiliated companies
2,519

 
2,275

Deferred income taxes
11,863

 
10,922

Other assets
10,706

 
11,728

Total assets
$
258,537

 
$
264,150

 
 
 
 
LIABILITIES
 
 
 
Payables
$
20,673

 
$
18,439

Other liabilities and deferred revenue (Note 12)
22,987

 
22,674

Automotive debt payable within one year (Note 14)
1,445

 
1,609

Ford Credit debt payable within one year (Note 14)
52,371

 
51,303

Other debt payable within one year (Note 14)
130

 

Liabilities held for sale (Note 17)
526

 
469

Total current liabilities
98,132

 
94,494

 
 
 
 
Other liabilities and deferred revenue (Note 12)
25,324

 
25,105

Automotive long-term debt (Note 14)
13,233

 
28,411

Ford Credit long-term debt (Note 14)
87,658

 
85,533

Other long-term debt (Note 14)
470

 
470

Deferred income taxes
490

 
439

Total liabilities
225,307

 
234,452

 
 
 
 
EQUITY
 
 
 
Common Stock, par value $.01 per share (4,023 million shares issued of 6 billion authorized)
40

 
40

Class B Stock, par value $.01 per share (71 million shares issued of 530 million authorized)
1

 
1

Capital in excess of par value of stock
22,165

 
22,150

Retained earnings
20,320

 
17,527

Accumulated other comprehensive income/(loss) (Note 18)
(7,728
)
 
(8,461
)
Treasury stock
(1,613
)
 
(1,607
)
Total equity attributable to Ford Motor Company
33,185

 
29,650

Equity attributable to noncontrolling interests
45

 
48

Total equity
33,230

 
29,698

Total liabilities and equity
$
258,537

 
$
264,150

The following table includes assets to be used to settle liabilities of the consolidated variable interest entities (“VIEs”). These assets and liabilities are included in the consolidated balance sheet above.
 
December 31,
2019
 
March 31,
2020
 
(unaudited)
ASSETS
 
 
 
Cash and cash equivalents
$
3,202

 
$
2,549

Ford Credit finance receivables, net
58,478

 
54,038

Net investment in operating leases
14,883

 
14,410

Other assets
12

 
1

LIABILITIES
 
 
 
Other liabilities and deferred revenue
$
19

 
$
110

Debt
50,865

 
48,379


The accompanying notes are part of the consolidated financial statements.

3

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EQUITY
(in millions, unaudited)
 
Equity Attributable to Ford Motor Company
 
 
 
 
 
Capital Stock
 
Cap. In Excess of Par Value of Stock
 
Retained Earnings
 
Accumulated Other Comprehensive Income/(Loss) (Note 18)
 
Treasury Stock
 
Total
 
Equity Attributable to Non-controlling Interests
 
Total
Equity
Balance at December 31, 2018
$
41

 
$
22,006

 
$
22,668

 
$
(7,366
)
 
$
(1,417
)
 
$
35,932

 
$
34

 
$
35,966

Adoption of accounting standards

 

 
13

 

 

 
13

 

 
13

Net income

 

 
1,146

 

 

 
1,146

 
37

 
1,183

Other comprehensive income/(loss), net

 

 

 
(135
)
 

 
(135
)
 

 
(135
)
Common stock issued (a)

 
20

 

 

 

 
20

 

 
20

Treasury stock/other 

 

 

 

 
23

 
23

 
(35
)
 
(12
)
Dividends and dividend equivalents declared ($0.15 per share) (b)

 

 
(601
)
 

 

 
(601
)
 

 
(601
)
Balance at March 31, 2019
$
41

 
$
22,026

 
$
23,226

 
$
(7,501
)
 
$
(1,394
)
 
$
36,398

 
$
36

 
$
36,434

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2019
$
41

 
$
22,165

 
$
20,320

 
$
(7,728
)
 
$
(1,613
)
 
$
33,185

 
$
45

 
$
33,230

Adoption of accounting standards

 

 
(202
)
 

 

 
(202
)
 

 
(202
)
Net income/(loss)

 

 
(1,993
)
 

 

 
(1,993
)
 

 
(1,993
)
Other comprehensive income/(loss), net

 

 

 
(733
)
 

 
(733
)
 

 
(733
)
Common stock issued (a)

 
(15
)
 

 

 

 
(15
)
 

 
(15
)
Treasury stock/other 

 

 

 

 
6

 
6

 
3

 
9

Dividends and dividend equivalents declared ($0.15 per share) (b)

 

 
(598
)
 

 

 
(598
)
 

 
(598
)
Balance at March 31, 2020
$
41

 
$
22,150

 
$
17,527

 
$
(8,461
)
 
$
(1,607
)
 
$
29,650

 
$
48

 
$
29,698

__________
(a)
Includes impacts of share-based compensation.
(b)
Dividends and dividend equivalents declared for Common and Class B Stock.

The accompanying notes are part of the consolidated financial statements.

4

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS

Table of Contents
Footnote
 
Page
Note 1
Presentation
Note 2
New Accounting Standards
Note 3
Revenue
Note 4
Other Income/(Loss)
Note 5
Income Taxes
Note 6
Capital Stock and Earnings Per Share
Note 7
Cash, Cash Equivalents, and Marketable Securities
Note 8
Ford Credit Finance Receivables and Allowance for Credit Losses
Note 9
Inventories
Note 10
Other Investments
Note 11
Goodwill
Note 12
Other Liabilities and Deferred Revenue
Note 13
Retirement Benefits
Note 14
Debt
Note 15
Derivative Financial Instruments and Hedging Activities
Note 16
Employee Separation Actions and Exit and Disposal Activities
Note 17
Held-for-Sale Operations
Note 18
Accumulated Other Comprehensive Income/(Loss)
Note 19
Commitments and Contingencies
Note 20
Segment Information
Note 21
Subsequent Event

5

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS

NOTE 1.  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.

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, 2019 (“2019 Form 10-K Report”).

Global Pandemic

On March 11, 2020, the World Health Organization characterized the outbreak of COVID-19 as a global pandemic and recommended containment and mitigation measures.  Since then, extraordinary actions have been taken by international, federal, state, and local public health and governmental authorities to contain and combat the outbreak and spread of COVID-19 in regions throughout the world. These actions include travel bans, quarantines, “stay-at-home” orders, and similar mandates for many individuals to substantially restrict daily activities and for many businesses to curtail or cease normal operations.

Consistent with the actions taken by governmental authorities, in late March 2020, we idled our manufacturing operations in regions around the world, other than China, where manufacturing operations were suspended in January and February, but began resuming operations in March. In addition, nearly all of our non-production employees outside of China are currently working remotely in order to reduce the spread of COVID-19.

To ensure the Company maintains sufficient cash reserves while taking these unprecedented actions in our operations, on March 19, 2020, we announced the suspension of our regular quarterly dividend and fully drew our corporate and supplemental revolving credit facilities for $15.4 billion (see Note 14). To further enhance our liquidity, on April 22, 2020, we issued in the aggregate $8 billion of three-year, five-year, and ten-year public, unsecured debt securities (see Note 21).

The full impact of the COVID-19 pandemic on our full year financial results will depend on future developments, such as the ultimate duration and scope of the outbreak, its impact on our customers, dealers, and suppliers, the rate at which economic conditions, operations, and demand for our products return to pre-COVID-19 levels, and the risk of a recession in key markets due to the effects of the pandemic. Although the ultimate impact on Ford cannot be determined at this time, we expect our full year 2020 results of operations to be adversely affected.

Our first quarter 2020 results include various adjustments to our assets and liabilities made due to the impact of COVID-19, the most significant of which were a valuation allowance of $855 million on certain deferred tax assets (see Note 5), a charge of $486 million to the provision for credit losses on Ford Credit’s finance receivables (see Note 8), and approximately $100 million of adjustments to net realizable value for certain assets to account for declines in auction values. Our assessments of the effect of COVID-19 on our financial statements, including estimates, are based on a variety of factors and are subject to many uncertainties.

Although the potential magnitude and duration of the business and economic impacts of COVID-19 are uncertain, we believe the phased restart of our manufacturing plants, supply network, and other dependent functions is probable of commencing in the second quarter of 2020. We believe this, along with our cash on hand at March 31, 2020, funds received in April 2020 in connection with our unsecured debt offering, and management's operating plan, will provide sufficient liquidity to fund our operations for at least the next twelve months from the issuance of these financial statements. If we experience a significant delay in the phased restart of our manufacturing operations, or we are unable to maintain expected levels of production, we may take additional actions, such as further reducing costs or seeking additional financing.

6

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS

NOTE 2. NEW ACCOUNTING STANDARDS

Adoption of New Accounting Standards

Accounting Standards Update (“ASU”) 2016-13, Credit Losses - Measurement of Credit Losses on Financial Instruments. On January 1, 2020, we adopted the new credit loss standard and all of the related amendments, which replaced the incurred loss impairment method with a method that reflects lifetime expected credit losses. We adopted the changes in accounting for credit losses by recognizing the cumulative effect of initially applying the new credit loss standard as an adjustment to the opening balance of Retained earnings. The comparative information has not been restated and continues to be reported under the accounting standard in effect for those periods.

The cumulative effect of the changes made to our consolidated balance sheet at January 1, 2020, for the adoption of ASU 2016-13, Credit Losses - Measurement of Credit Losses on Financial Instruments, was as follows (in millions):
 
 
Balance at December 31, 2019
 
Adjustments due to ASU 2016-13
 
Balance at
January 1, 2020
Assets
 
 
 
 
 
 
Ford Credit finance receivables, net, current
 
$
53,651

 
$
(69
)
 
$
53,582

Trade and other receivables, net
 
9,237

 
(3
)
 
9,234

Ford Credit finance receivables, net, non-current
 
53,703

 
(183
)
 
53,520

Equity in net assets of affiliated companies
 
2,519

 
(7
)
 
2,512

Deferred income taxes
 
11,863

 
2

 
11,865

Liabilities
 
 
 
 
 
 
Deferred income taxes
 
490

 
(58
)
 
432

Equity
 
 
 
 
 
 
Retained earnings
 
20,320

 
(202
)
 
20,118



We also adopted the following ASUs during 2020, none of which had a material impact to our consolidated financial statements or financial statement disclosures:
ASU
 
Effective Date
2020-01
Clarifying the Interaction between Equity Securities, Equity Method and Joint Ventures, and Derivatives and Hedging
 
January 1, 2020
2018-18
Clarifying the Interaction between Collaborative Arrangements and Revenue from Contracts with Customers
 
January 1, 2020
2018-15
Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract
 
January 1, 2020

Accounting Standards Issued But Not Yet Adopted

The Company considers the applicability and impact of all ASUs.  ASUs were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial statements.

7

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS

NOTE 3. REVENUE

The following table disaggregates our revenue by major source for the periods ended March 31 (in millions):
 
First Quarter 2019
 
Automotive
 
Mobility
 
Ford Credit
 
Consolidated
Vehicles, parts, and accessories
$
35,576

 
$

 
$

 
$
35,576

Used vehicles
1,020

 

 

 
1,020

Extended service contracts
333

 

 

 
333

Other revenue
213

 
6

 
51

 
270

Revenues from sales and services
37,142

 
6

 
51

 
37,199

 
 
 
 
 
 
 
 
Leasing income
97

 

 
1,477

 
1,574

Financing income

 

 
1,528

 
1,528

Insurance income

 

 
41

 
41

Total revenues
$
37,239

 
$
6

 
$
3,097

 
$
40,342

 
 
 
 
 
 
 
 
 
First Quarter 2020
 
Automotive
 
Mobility
 
Ford Credit
 
Consolidated
Vehicles, parts, and accessories
$
29,841

 
$

 
$

 
$
29,841

Used vehicles
931

 

 

 
931

Extended service contracts
364

 

 

 
364

Other revenue
146

 
13

 
41

 
200

Revenues from sales and services
31,282

 
13

 
41

 
31,336

 
 
 
 
 
 
 
 
Leasing income
58

 

 
1,459

 
1,517

Financing income

 

 
1,425

 
1,425

Insurance income

 

 
42

 
42

Total revenues
$
31,340

 
$
13

 
$
2,967

 
$
34,320


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 a decrease related to revenue recognized in prior periods of $481 million and $885 million in the first quarter of 2019 and 2020, respectively. The change in estimate for the first quarter of 2020 includes additional marketing incentives offered to customers in connection with market conditions affected by the COVID-19 pandemic.

We sell separately-priced service contracts that extend mechanical and maintenance coverages beyond our base warranty agreements to vehicle owners (“extended service contracts”). We had a balance of $4.2 billion and $4.1 billion of unearned revenue associated with outstanding contracts reported in Other liabilities and deferred revenue at December 31, 2019 and March 31, 2020, respectively. We expect to recognize approximately $1 billion of the unearned amount in the remainder of 2020, $1.1 billion in 2021, and $2 billion thereafter. We recognized $305 million and $330 million of unearned amounts as revenue during the first quarter of 2019 and 2020, respectively.

Amounts paid to dealers to obtain these contracts are deferred and recorded as Other assets. We had a balance of $270 million and $280 million in deferred costs as of December 31, 2019 and March 31, 2020, respectively. We recognized $19 million and $20 million of amortization during the first quarter of 2019 and 2020, respectively.


8

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS

NOTE 4. OTHER INCOME/(LOSS)

The amounts included in Other income/(loss), net for the periods ended March 31 were as follows (in millions):
 
First Quarter
 
2019
 
2020
Net periodic pension and OPEB income/(cost), excluding service cost
$
272