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New Accounting Standards (Notes)
 9 Months Ended
Sep. 30, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]  
NEW ACCOUNTING STANDARDS 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 2016-13Balance at
January 1, 2020
Assets
Ford Credit finance receivables, net, current$53,651 $(69)$53,582 
Trade and other receivables, net9,237 (3)9,234 
Ford Credit finance receivables, net, non-current53,703 (183)53,520 
Equity in net assets of affiliated companies2,519 (7)2,512 
Deferred income taxes11,863 2 11,865 
Liabilities
Deferred income taxes490 (58)432 
Equity
Retained earnings20,320 (202)20,118 

ASU 2020-04, Reference Rate Reform:  Facilitation of the Effects of Reference Rate Reform on Financial Reporting.  On April 1, 2020, we adopted the new standard, which provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform (e.g., discontinuation of LIBOR) if certain criteria are met. As of September 30, 2020, we have not yet elected any optional expedients provided in the standard.  We will apply the accounting relief as relevant contract and hedge accounting relationship modifications are made during the reference rate reform transition period. We do not expect the standard to have a material impact on our consolidated financial statements.

We also adopted the following ASUs during 2020, none of which had a material impact to our consolidated financial statements or financial statement disclosures:
ASUEffective Date
2020-01Clarifying the Interaction between Equity Securities, Equity Method and Joint Ventures, and Derivatives and HedgingJanuary 1, 2020
2018-18Clarifying the Interaction between Collaborative Arrangements and Revenue from Contracts with CustomersJanuary 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.