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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 June 30, 2021

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)
Delaware38-0549190
(State of incorporation)(I.R.S. Employer Identification No.)
One American Road
Dearborn,Michigan48126
(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 classTrading symbolsName of each exchange on which registered
Common Stock, par value $.01 per shareFNew York Stock Exchange
6.200% Notes due June 1, 2059FPRBNew York Stock Exchange
6.000% Notes due December 1, 2059FPRCNew 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 July 23, 2021, Ford had outstanding 3,923,912,316 shares of Common Stock and 70,852,076 shares of Class B Stock.

Exhibit Index begins on page 70



FORD MOTOR COMPANY
QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended June 30, 2021
 Table of ContentsPage
 Part I - Financial Information 
Item 1Financial Statements
Consolidated Statements of Cash Flows
Consolidated Income Statements
Consolidated Statements of Comprehensive Income
Consolidated Balance Sheets
Consolidated Statements of Equity
Notes to the Financial Statements
Item 2Management’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
Accounting Standards Issued But Not Yet Adopted
Item 3Quantitative and Qualitative Disclosures About Market Risk
Item 4Controls and Procedures
Part II - Other Information
Item 1Legal Proceedings
Item 2Unregistered Sales of Equity Securities and Use of Proceeds
Item 6Exhibits
Signature

i


PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements.
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
For the periods ended June 30,
 20202021
First Half
(unaudited)
Cash flows from operating activities  
Net income/(loss)$(875)$3,815 
Depreciation and tooling amortization4,802 3,639 
Other amortization(590)(715)
Provision for credit and insurance losses779 (196)
Pension and other postretirement employee benefits (“OPEB”) expense/(income) (Note 13)(454)(808)
Equity investment dividends received in excess of (earnings)/losses169 52 
Foreign currency adjustments113 222 
Net unrealized (gain)/loss on Other Investments (Note 10)8 (917)
Net (gain)/loss on changes in investments in affiliates (Note 4)(3,480)(332)
Stock compensation107 183 
Provision for deferred income taxes655 345 
Decrease/(Increase) in finance receivables (wholesale and other)9,772 10,465 
Decrease/(Increase) in accounts receivable and other assets220 (905)
Decrease/(Increase) in inventory66 (2,929)
Increase/(Decrease) in accounts payable and accrued and other liabilities(2,485)(6,438)
Other(165)(233)
Net cash provided by/(used in) operating activities 8,642 5,248 
Cash flows from investing activities
Capital spending(2,955)(2,881)
Acquisitions of finance receivables and operating leases(27,113)(23,959)
Collections of finance receivables and operating leases22,923 26,782 
Proceeds from sale of business (Note 17)1,340 144 
Purchases of marketable securities and other investments(19,624)(17,593)
Sales and maturities of marketable securities and other investments10,804 23,853 
Settlements of derivatives73 (205)
Other337 37 
Net cash provided by/(used in) investing activities(14,215)6,178 
Cash flows from financing activities  
Cash payments for dividends and dividend equivalents(596)(3)
Purchases of common stock  
Net changes in short-term debt(789)890 
Proceeds from issuance of long-term debt44,303 11,688 
Principal payments on long-term debt(23,345)(26,683)
Other(182)(90)
Net cash provided by/(used in) financing activities19,391 (14,198)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(378)(1)
Net increase/(decrease) in cash, cash equivalents, and restricted cash$13,440 $(2,773)
Cash, cash equivalents, and restricted cash at beginning of period (Note 7)$17,741 $25,935 
Net increase/(decrease) in cash, cash equivalents, and restricted cash13,440 (2,773)
Cash, cash equivalents, and restricted cash at end of period (Note 7)$31,181 $23,162 

The accompanying notes are part of the consolidated financial statements.
1

Item 1. Financial Statements (continued)
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(in millions, except per share amounts)
For the periods ended June 30,
 2020202120202021
 Second QuarterFirst Half
(unaudited)
Revenues  
Automotive$16,625 $24,128 $47,967 $57,682 
Ford Credit2,739 2,603 5,706 5,266 
Mobility7 21 18 32 
Total revenues (Note 3)19,371 26,752 53,691 62,980 
Costs and expenses  
Cost of sales17,932 22,904 48,454 52,201 
Selling, administrative, and other expenses1,965 2,877 4,397 5,720 
Ford Credit interest, operating, and other expenses2,233 993 5,157 2,617 
Total costs and expenses22,130 26,774 58,008 60,538 
Operating income/(loss)(2,759)(22)(4,317)2,442 
Interest expense on Company debt excluding Ford Credit450 453 677 926 
Other income/(loss), net (Note 4, Note 10, and Note 17)4,318 1,159 4,998 3,031 
Equity in net income/(loss) of affiliated companies(25)51 (66)130 
Income/(Loss) before income taxes1,084 735 (62)4,677 
Provision for/(Benefit from) income taxes(34)182 813 862 
Net income/(loss)1,118 553 (875)3,815 
Less: Income/(Loss) attributable to noncontrolling interests1 (8)1 (8)
Net income/(loss) attributable to Ford Motor Company$1,117 $561 $(876)$3,823 
EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK (Note 6)
Basic income/(loss)$0.28 $0.14 $(0.22)$0.96 
Diluted income/(loss)0.28 0.14 (0.22)0.95 
Weighted-average shares used in computation of earnings/(loss) per share
Basic shares3,9753,9923,9693,986
Diluted shares3,9924,0283,9694,022

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
 For the periods ended June 30,
 2020202120202021
 Second QuarterFirst Half
(unaudited)
Net income/(loss)$1,118 $553 $(875)$3,815 
Other comprehensive income/(loss), net of tax (Note 18)
Foreign currency translation(102)(10)(1,555)279 
Marketable securities99 (10)113 (75)
Derivative instruments(24)112 668 (189)
Pension and other postretirement benefits17 12 31 13 
Total other comprehensive income/(loss), net of tax(10)104 (743)28 
Comprehensive income/(loss)1,108 657 (1,618)3,843 
Less: Comprehensive income/(loss) attributable to noncontrolling interests
1 (6)1 (6)
Comprehensive income/(loss) attributable to Ford Motor Company$1,107 $663 $(1,619)$3,849 

The accompanying notes are part of the consolidated financial statements.
2

Item 1. Financial Statements (continued)
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions)
 December 31,
2020
June 30,
2021
 (unaudited)
ASSETS  
Cash and cash equivalents (Note 7)$25,243 $22,955 
Marketable securities (Note 7)24,718 18,081 
Ford Credit finance receivables, net of allowance for credit losses of $394 and $341 (Note 8)
42,401 34,339 
Trade and other receivables, less allowances of $84 and $55
9,993 8,750 
Inventories (Note 9)10,808 13,593 
Other assets3,581 3,557 
Total current assets116,744 101,275 
Ford Credit finance receivables, net of allowance for credit losses of $911 and $720 (Note 8)
55,277 51,836 
Net investment in operating leases27,951 27,562 
Net property37,083 36,723 
Equity in net assets of affiliated companies4,901 4,582 
Deferred income taxes12,423 12,271 
Other assets12,882 14,283 
Total assets$267,261 $248,532 
LIABILITIES  
Payables$22,204 $18,593 
Other liabilities and deferred revenue (Note 12 and Note 20)23,645 18,869 
Debt payable within one year (Note 14)
Company excluding Ford Credit1,374 2,136 
Ford Credit49,969 43,876 
Total current liabilities97,192 83,474 
Other liabilities and deferred revenue (Note 12 and Note 20)28,379 28,586 
Long-term debt (Note 14)
Company excluding Ford Credit22,633 23,776 
Ford Credit87,708 77,129 
Deferred income taxes538 783 
Total liabilities236,450 213,748 
EQUITY  
Common Stock, par value $0.01 per share (4,041 million shares issued of 6 billion authorized)
40 40 
Class B Stock, par value $0.01 per share (71 million shares issued of 530 million authorized)
1 1 
Capital in excess of par value of stock22,290 22,408 
Retained earnings18,243 22,062 
Accumulated other comprehensive income/(loss) (Note 18)(8,294)(8,268)
Treasury stock(1,590)(1,579)
Total equity attributable to Ford Motor Company30,690 34,664 
Equity attributable to noncontrolling interests121 120 
Total equity30,811 34,784 
Total liabilities and equity$267,261 $248,532 
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 sheets above.
December 31,
2020
June 30,
2021
(unaudited)
ASSETS  
Cash and cash equivalents$2,822 $7,555 
Ford Credit finance receivables, net51,472 44,157 
Net investment in operating leases12,794 8,426 
Other assets 5 
LIABILITIES
Other liabilities and deferred revenue$56 $19 
Debt46,770 39,861 

The accompanying notes are part of the consolidated financial statements.
3

Item 1. Financial Statements (Continued)
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(in millions, unaudited)
 Equity Attributable to Ford Motor Company 
 Capital StockCap. In Excess of Par Value of StockRetained EarningsAccumulated Other Comprehensive Income/(Loss) (Note 18)Treasury StockTotalEquity Attributable to Non-controlling InterestsTotal
Equity
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 
Net income/(loss)  1,117   1,117 1 1,118 
Other comprehensive income/(loss), net
   (10) (10) (10)
Common Stock issued (a) 60    60  60 
Treasury stock/other     6 6 (18)(12)
Dividends and dividend equivalents declared (b)  1   1  1 
Balance at June 30, 2020$41 $22,210 $18,645 $(8,471)$(1,601)$30,824 $31 $30,855 
Balance at December 31, 2020$41 $22,290 $18,243 $(8,294)$(1,590)$30,690 $121 $30,811 
Net income/(loss)  3,262   3,262  3,262 
Other comprehensive income/(loss), net
   (76) (76) (76)
Common Stock issued (a) (50)   (50) (50)
Treasury stock/other     5 5 25 30 
Dividends and dividend equivalents declared (b)  (3)  (3) (3)
Balance at March 31, 2021$41 $22,240 $21,502 $(8,370)$(1,585)$33,828 $146 $33,974 
Net income/(loss)  561   561 (8)553 
Other comprehensive income/(loss), net
   102  102 2 104 
Common Stock issued (a) 168    168  168 
Treasury stock/other     6 6 (20)(14)
Dividends and dividend equivalents declared (b)
  (1)  (1) (1)
Balance at June 30, 2021$41 $22,408 $22,062 $(8,268)$(1,579)$34,664 $120 $34,784 
__________
(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 1Presentation
Note 2New Accounting Standards
Note 3Revenue
Note 4Other Income/(Loss)
Note 5Income Taxes
Note 6Capital Stock and Earnings/(Loss) Per Share
Note 7Cash, Cash Equivalents, and Marketable Securities
Note 8Ford Credit Finance Receivables and Allowance for Credit Losses
Note 9Inventories
Note 10Other Investments
Note 11Goodwill
Note 12Other Liabilities and Deferred Revenue
Note 13Retirement Benefits
Note 14Debt
Note 15Derivative Financial Instruments and Hedging Activities
Note 16Employee Separation Actions and Exit and Disposal Activities
Note 17Acquisitions and Divestitures
Note 18Accumulated Other Comprehensive Income/(Loss)
Note 19Variable Interest Entities
Note 20Commitments and Contingencies
Note 21Segment Information
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. 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, 2020 (“2020 Form 10-K Report”).

NOTE 2. NEW ACCOUNTING STANDARDS

Adoption of New Accounting Standards

Accounting Standards Update (“ASU”) 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes. Effective January 1, 2021, we adopted the amendments in this ASU to simplify the accounting for income taxes. The amendments clarified that an entity may elect, but is not required, to reflect an allocation of consolidated current and deferred tax expense for non-taxable legal entities that are treated as disregarded by taxing authorities in their separately issued financial statements.

With the adoption of the amendments in ASU 2019-12, Ford Credit’s separately issued financial statements no longer reflect an allocation of our consolidated U.S. current and deferred tax expense to it and certain of its U.S. subsidiaries that are treated as disregarded entities for U.S. tax purposes. Adoption of these amendments reduces complexity in accounting for income taxes and better reflects Ford Credit’s external obligations to tax authorities. Following the adoption, in April 2021, we entered into a Second Amended and Restated Tax Sharing Agreement with Ford Credit. The adoption of ASU 2019-12 and the Second Amended and Restated Tax Sharing Agreement had no impact on our consolidated financial position and results of operations. The amendments were adopted on a retrospective basis and are reflected in Ford Credit’s standalone financial statements and disclosures.

ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. Effective January 1, 2021, we adopted the new standard, which simplified guidance on the issuer’s accounting for convertible debt instruments and amended certain guidance related to the computation of earnings per share for convertible instruments and contracts in an entity’s own equity. There was no impact on the date of adoption. During the first quarter of 2021, we issued convertible notes (see Note 14).

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.
6

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
NOTE 3. REVENUE

    The following tables disaggregate our revenue by major source for the periods ended June 30 (in millions):
Second Quarter 2020
Company excluding Ford CreditFord CreditConsolidated
Vehicles, parts, and accessories$15,406 $ $15,406 
Used vehicles533  533 
Services and other revenue (a)608 44 652 
Revenues from sales and services
16,547