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Cash, Cash Equivalents, and Marketable Securities (Notes)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Cash, Cash Equivalents, and Marketable Securities 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, 2020
 Fair Value LevelCompany excluding Ford CreditFord CreditConsolidated
Cash and cash equivalents  
U.S. government1$2,940 $3,255 $6,195 
U.S. government agencies2850 640 1,490 
Non-U.S. government and agencies2600 717 1,317 
Corporate debt2605 970 1,575 
Total marketable securities classified as cash equivalents
4,995 5,582 10,577 
Cash, time deposits, and money market funds5,899 8,767 14,666 
Total cash and cash equivalents$10,894 $14,349 $25,243 
 
Marketable securities
U.S. government1$4,709 $1,082 $5,791 
U.S. government agencies23,259 485 3,744 
Non-U.S. government and agencies24,448 2,693 7,141 
Corporate debt27,095 308 7,403 
Equities (a)1113 — 113 
Other marketable securities2234 292 526 
Total marketable securities$19,858 $4,860 $24,718 
Restricted cash$45 $647 $692 
December 31, 2021
Fair Value
 Level		Company excluding Ford CreditFord CreditConsolidated
Cash and cash equivalents
U.S. government1$2,877 $711 $3,588 
U.S. government agencies2355 240 595 
Non-U.S. government and agencies255 152 207 
Corporate debt2105 940 1,045 
Total marketable securities classified as cash equivalents
3,392 2,043 5,435 
Cash, time deposits, and money market funds6,185 8,920 15,105 
Total cash and cash equivalents$9,577 $10,963 $20,540 
 
Marketable securities
U.S. government1$4,018 $864 $4,882 
U.S. government agencies22,270 75 2,345 
Non-U.S. government and agencies23,373 697 4,070 
Corporate debt26,299 304 6,603 
Equities (a)110,673 — 10,673 
Other marketable securities2247 233 480 
Total marketable securities$26,880 $2,173 $29,053 
Restricted cash$69 $128 $197 
__________
(a)    Includes $10.6 billion of Rivian common shares valued at $103.69 per share as of December 31, 2021. Net unrealized gains/losses incurred during the reporting periods on equity securities still held at December 31, 2020 and 2021 were a $24 million gain and a $8.3 billion gain, respectively. At February 2, 2022, Rivian common shares were valued at $64.32 per share. Ford’s Rivian shares are subject to a contractual 180-day lockup period that commenced with Rivian’s initial public offering (“IPO”) on November 10, 2021.
NOTE 9.  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, 2020
Fair Value of Securities with
Contractual Maturities
 Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueWithin 1 YearAfter 1 Year through 5 YearsAfter 5 Years
Company excluding Ford Credit  
U.S. government$2,894 $44 $— $2,938 $1,649 $1,286 $3 
U.S. government agencies2,588 15 — 2,603 772 1,629 202 
Non-U.S. government and agencies2,926 31 — 2,957 1,330 1,617 10 
Corporate debt7,482 102 (1)7,583 3,566 3,987 30 
Other marketable securities212 3 — 215 1 147 67 
Total
$16,102 $195 $(1)$16,296 $7,318 $8,666 $312 
December 31, 2021
Fair Value of Securities with
Contractual Maturities
Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueWithin 1 YearAfter 1 Year through 5 YearsAfter 5 Years
Company excluding Ford Credit
U.S. government$3,821 $12 $(14)$3,819 $1,360 $2,435 $24 
U.S. government agencies2,249 2 (21)2,230 316 1,802 112 
Non-U.S. government and agencies2,599 6 (21)2,584 854 1,708 22 
Corporate debt6,373 21 (23)6,371 2,645 3,726 — 
Other marketable securities
228 1 (1)228 — 150 78 
Total
$15,270 $42 $(80)$15,232 $5,175 $9,821 $236 

Sales proceeds and gross realized gains/losses from the sale of AFS securities for the years ended December 31 were as follows (in millions):
201920202021
Company excluding Ford Credit
Sales proceeds$5,753 $8,574 $5,943 
Gross realized gains13 56 26 
Gross realized losses10 11 3 
NOTE 9.  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, 2020
Less than 1 Year1 Year or GreaterTotal
 Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
  
Company excluding Ford Credit  
U.S. government$181 $— $— $— $181 $— 
U.S. government agencies83 — — — 83 — 
Non-U.S. government and agencies164 — 10 — 174 — 
Corporate debt1,538 (1)9 — 1,547 (1)
Other marketable securities23 — 13 — 36 — 
Total
$1,989 $(1)$32 $— $2,021 $(1)
 
December 31, 2021
Less than 1 Year1 Year or GreaterTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Company excluding Ford Credit
U.S. government$2,598 $(14)$— $— $2,598 $(14)
U.S. government agencies1,809 (19)73 (2)1,882 (21)
Non-U.S. government and agencies1,614 (20)38 (1)1,652 (21)
Corporate debt3,637 (21)71 (2)3,708 (23)
Other marketable securities178 (1)15 — 193 (1)
Total$9,836 $(75)$197 $(5)$10,033 $(80)

We determine credit losses on AFS debt securities using the specific identification method. During the years ended December 31, 2019, 2020, and 2021, 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,
2020		December 31,
2021
Cash and cash equivalents$25,243 $20,540 
Restricted cash (a)692 197 
Total cash, cash equivalents, and restricted cash$25,935 $20,737 
__________
(a)Included in Other assets in the non-current assets section of our consolidated balance sheets.