(State of incorporation) | (I.R.S. Employer Identification No.) | ||||||||||
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading symbols | Name of each exchange on which registered | ||||||||||||
Table of Contents | Page | ||||||||||
Part I - Financial Information | |||||||||||
Item 1 | Financial 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 2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||||||||||
Key Trends and Economic Factors Affecting Ford and the Automotive Industry | |||||||||||
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 3 | Quantitative and Qualitative Disclosures About Market Risk | ||||||||||
Item 4 | Controls and Procedures | ||||||||||
Part II - Other Information | |||||||||||
Item 1 | Legal Proceedings | ||||||||||
Item 2 | Unregistered Sales of Equity Securities and Use of Proceeds | ||||||||||
Item 6 | Exhibits | ||||||||||
Signature |
For the periods ended March 31, | |||||||||||
2021 | 2022 | ||||||||||
First Quarter | |||||||||||
(unaudited) | |||||||||||
Cash flows from operating activities | |||||||||||
Net income/(loss) | $ | $ | ( | ||||||||
Depreciation and tooling amortization | |||||||||||
Other amortization | ( | ( | |||||||||
Provision for/(Benefit from) credit and insurance losses | ( | ( | |||||||||
Pension and other post-retirement employee benefits (“OPEB”) expense/(income) (Note 13) | ( | ( | |||||||||
Equity method investment dividends received in excess of (earnings)/losses and impairments | |||||||||||
Foreign currency adjustments | |||||||||||
Net realized and unrealized (gains)/losses on cash equivalents, marketable securities, and other investments (Note 4) | ( | ||||||||||
Net (gain)/loss on changes in investments in affiliates (Note 4) | ( | ||||||||||
Stock compensation | |||||||||||
Provision for deferred income taxes | ( | ||||||||||
Decrease/(Increase) in finance receivables (wholesale and other) | ( | ||||||||||
Decrease/(Increase) in accounts receivable and other assets | ( | ( | |||||||||
Decrease/(Increase) in inventory | ( | ( | |||||||||
Increase/(Decrease) in accounts payable and accrued and other liabilities | |||||||||||
Other | ( | ||||||||||
Net cash provided by/(used in) operating activities | ( | ||||||||||
Cash flows from investing activities | |||||||||||
Capital spending | ( | ( | |||||||||
Acquisitions of finance receivables and operating leases | ( | ( | |||||||||
Collections of finance receivables and operating leases | |||||||||||
Purchases of marketable securities and other investments | ( | ( | |||||||||
Sales and maturities of marketable securities and other investments | |||||||||||
Settlements of derivatives | |||||||||||
Other | ( | ( | |||||||||
Net cash provided by/(used in) investing activities | ( | ||||||||||
Cash flows from financing activities | |||||||||||
Cash payments for dividends and dividend equivalents | ( | ( | |||||||||
Purchases of common stock | |||||||||||
Net changes in short-term debt | ( | ||||||||||
Proceeds from issuance of long-term debt | |||||||||||
Payments of long-term debt | ( | ( | |||||||||
Other | ( | ( | |||||||||
Net cash provided by/(used in) financing activities | ( | ( | |||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | ( | ( | |||||||||
Net increase/(decrease) in cash, cash equivalents, and restricted cash | $ | ( | $ | ||||||||
Cash, cash equivalents, and restricted cash at beginning of period (Note 7) | $ | $ | |||||||||
Net increase/(decrease) in cash, cash equivalents, and restricted cash | ( | ||||||||||
Cash, cash equivalents, and restricted cash at end of period (Note 7) | $ | $ |
For the periods ended March 31, | |||||||||||
2021 | 2022 | ||||||||||
First Quarter | |||||||||||
(unaudited) | |||||||||||
Revenues | |||||||||||
Automotive | $ | $ | |||||||||
Ford Credit | |||||||||||
Mobility | |||||||||||
Total revenues (Note 3) | |||||||||||
Costs and expenses | |||||||||||
Cost of sales | |||||||||||
Selling, administrative, and other expenses | |||||||||||
Ford Credit interest, operating, and other expenses | |||||||||||
Total costs and expenses | |||||||||||
Operating income/(loss) | |||||||||||
Interest expense on Company debt excluding Ford Credit | |||||||||||
Other income/(loss), net (Note 4 and Note 17) | ( | ||||||||||
Equity in net income/(loss) of affiliated companies | ( | ||||||||||
Income/(Loss) before income taxes | ( | ||||||||||
Provision for/(Benefit from) income taxes | ( | ||||||||||
Net income/(loss) | ( | ||||||||||
Less: Income/(Loss) attributable to noncontrolling interests | ( | ||||||||||
Net income/(loss) attributable to Ford Motor Company | $ | $ | ( | ||||||||
EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK (Note 6) | |||||||||||
Basic income/(loss) | $ | $ | ( | ||||||||
Diluted income/(loss) | ( | ||||||||||
Weighted-average shares used in computation of earnings/(loss) per share | |||||||||||
Basic shares | |||||||||||
Diluted shares |
For the periods ended March 31, | |||||||||||
2021 | 2022 | ||||||||||
First Quarter | |||||||||||
(unaudited) | |||||||||||
Net income/(loss) | $ | $ | ( | ||||||||
Other comprehensive income/(loss), net of tax (Note 18) | |||||||||||
Foreign currency translation | |||||||||||
Marketable securities | ( | ( | |||||||||
Derivative instruments | ( | ||||||||||
Pension and other postretirement benefits | |||||||||||
Total other comprehensive income/(loss), net of tax | ( | ||||||||||
Comprehensive income/(loss) | ( | ||||||||||
Less: Comprehensive income/(loss) attributable to noncontrolling interests | ( | ||||||||||
Comprehensive income/(loss) attributable to Ford Motor Company | $ | $ | ( |
December 31, 2021 | March 31, 2022 | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Cash and cash equivalents (Note 7) | $ | $ | |||||||||
Marketable securities (Note 7) | |||||||||||
Ford Credit finance receivables, net of allowance for credit losses of $ | |||||||||||
Trade and other receivables, less allowances of $ | |||||||||||
Inventories (Note 9) | |||||||||||
Assets held for sale (Note 17) | |||||||||||
Other assets | |||||||||||
Total current assets | |||||||||||
Ford Credit finance receivables, net of allowance for credit losses of $ | |||||||||||
Net investment in operating leases | |||||||||||
Net property | |||||||||||
Equity in net assets of affiliated companies | |||||||||||
Deferred income taxes | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES | |||||||||||
Payables | $ | $ | |||||||||
Other liabilities and deferred revenue (Note 12 and Note 20) | |||||||||||
Debt payable within one year (Note 14) | |||||||||||
Company excluding Ford Credit | |||||||||||
Ford Credit | |||||||||||
Liabilities held for sale (Note 17) | |||||||||||
Total current liabilities | |||||||||||
Other liabilities and deferred revenue (Note 12 and Note 20) | |||||||||||
Long-term debt (Note 14) | |||||||||||
Company excluding Ford Credit | |||||||||||
Ford Credit | |||||||||||
Deferred income taxes | |||||||||||
Total liabilities | |||||||||||
EQUITY | |||||||||||
Common Stock, par value $ | |||||||||||
Class B Stock, par value $ | |||||||||||
Capital in excess of par value of stock | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income/(loss) (Note 18) | ( | ( | |||||||||
Treasury stock | ( | ( | |||||||||
Total equity attributable to Ford Motor Company | |||||||||||
Equity attributable to noncontrolling interests | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
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, 2021 | March 31, 2022 | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Ford Credit finance receivables, net | |||||||||||
Net investment in operating leases | |||||||||||
Other assets | |||||||||||
LIABILITIES | |||||||||||
Other liabilities and deferred revenue | $ | $ | |||||||||
Debt |
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, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Net income/(loss) | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss), net | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Common Stock issued (a) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Treasury stock/other | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends and dividend equivalents declared (b) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Net income/(loss) | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss), net | |||||||||||||||||||||||||||||||||||||||||||||||
Common Stock issued (a) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Treasury stock/other | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Dividends and dividend equivalents declared ($ | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
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/(Loss) 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 | Acquisitions and Divestitures | |||||||
Note 18 | Accumulated Other Comprehensive Income/(Loss) | |||||||
Note 19 | Variable Interest Entities | |||||||
Note 20 | Commitments and Contingencies | |||||||
Note 21 | Segment Information |
ASU | Effective Date | ||||||||||
2021-04 | Issuer’s Accounting for Certain Modifications or Exchanges of Warrants | January 1, 2022 | |||||||||
2021-05 | Lessors - Certain Leases with Variable Lease Payments | January 1, 2022 | |||||||||
2021-08 | Business Combinations: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers | January 1, 2022 |
First Quarter 2021 | |||||||||||||||||
Company excluding Ford Credit | Ford Credit | Consolidated | |||||||||||||||
Vehicles, parts, and accessories | $ | $ | $ | ||||||||||||||
Used vehicles | |||||||||||||||||
Services and other revenue (a) | |||||||||||||||||
Revenues from sales and services | |||||||||||||||||
Leasing income | |||||||||||||||||
Financing income | |||||||||||||||||
Insurance income | |||||||||||||||||
Total revenues | $ | $ | $ | ||||||||||||||
First Quarter 2022 | |||||||||||||||||
Company excluding Ford Credit | Ford Credit | Consolidated | |||||||||||||||
Vehicles, parts, and accessories | $ | $ | $ | ||||||||||||||
Used vehicles | |||||||||||||||||
Services and other revenue (a) | |||||||||||||||||
Revenues from sales and services | |||||||||||||||||
Leasing income | |||||||||||||||||
Financing income | |||||||||||||||||
Insurance income | |||||||||||||||||
Total revenues | $ | $ | $ | ||||||||||||||
First Quarter | |||||||||||
2021 | 2022 | ||||||||||
Net periodic pension and OPEB income/(cost), excluding service cost (a) | $ | $ | |||||||||
Investment-related interest income | |||||||||||
Interest income/(expense) on income taxes | ( | ||||||||||
Realized and unrealized gains/(losses) on cash equivalents, marketable securities, and other investments (b) | ( | ||||||||||
Gains/(Losses) on changes in investments in affiliates (c) | ( | ||||||||||
Royalty income | |||||||||||
Other | ( | ||||||||||
Total | $ | $ | ( |
First Quarter | |||||||||||
2021 | 2022 | ||||||||||
Net income/(loss) attributable to Ford Motor Company | $ | $ | ( | ||||||||
Basic and Diluted Shares | |||||||||||
Basic shares (average shares outstanding) | |||||||||||
Net dilutive options, unvested restricted stock units, unvested restricted stock shares, and convertible debt (a) | |||||||||||
Diluted shares |
December 31, 2021 | |||||||||||||||||||||||
Fair Value Level | Company excluding Ford Credit | Ford Credit | Consolidated | ||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||
U.S. government | 1 | $ | $ | $ | |||||||||||||||||||
U.S. government agencies | 2 | ||||||||||||||||||||||
Non-U.S. government and agencies | 2 | ||||||||||||||||||||||
Corporate debt | 2 | ||||||||||||||||||||||
Total marketable securities classified as cash equivalents | |||||||||||||||||||||||
Cash, time deposits, and money market funds | |||||||||||||||||||||||
Total cash and cash equivalents | $ | $ | $ | ||||||||||||||||||||
Marketable securities | |||||||||||||||||||||||
U.S. government | 1 | $ | $ | $ | |||||||||||||||||||
U.S. government agencies | 2 | ||||||||||||||||||||||
Non-U.S. government and agencies | 2 | ||||||||||||||||||||||
Corporate debt | 2 | ||||||||||||||||||||||
Equities (a) | 1 | ||||||||||||||||||||||
Other marketable securities | 2 | ||||||||||||||||||||||
Total marketable securities | $ | $ | $ | ||||||||||||||||||||
Restricted cash | $ | $ | $ | ||||||||||||||||||||
Cash, cash equivalents, and restricted cash in held-for-sale assets | $ | $ | $ | ||||||||||||||||||||
March 31, 2022 | |||||||||||||||||||||||
Fair Value Level | Company excluding Ford Credit | Ford Credit | Consolidated | ||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||
U.S. government | 1 | $ | $ | $ | |||||||||||||||||||
U.S. government agencies | 2 | ||||||||||||||||||||||
Non-U.S. government and agencies | 2 | ||||||||||||||||||||||
Corporate debt | 2 | ||||||||||||||||||||||
Total marketable securities classified as cash equivalents | |||||||||||||||||||||||
Cash, time deposits, and money market funds | |||||||||||||||||||||||
Total cash and cash equivalents | $ | $ | $ | ||||||||||||||||||||
Marketable securities | |||||||||||||||||||||||
U.S. government | 1 | $ | $ | $ | |||||||||||||||||||
U.S. government agencies | 2 | ||||||||||||||||||||||
Non-U.S. government and agencies | 2 | ||||||||||||||||||||||
Corporate debt | 2 | ||||||||||||||||||||||
Equities (a) | 1 | ||||||||||||||||||||||
Other marketable securities | 2 | ||||||||||||||||||||||
Total marketable securities | $ | $ | $ | ||||||||||||||||||||
Restricted cash | $ | $ | $ | ||||||||||||||||||||
Cash, cash equivalents, and restricted cash in held-for-sale assets | $ | $ | $ |
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Fair Value of Securities with Contractual Maturities | |||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Within 1 Year | After 1 Year through 5 Years | After 5 Years | |||||||||||||||||||||||||||||||||||
Company excluding Ford Credit | |||||||||||||||||||||||||||||||||||||||||
U.S. government | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
U.S. government agencies | ( | ||||||||||||||||||||||||||||||||||||||||
Non-U.S. government and agencies | ( | ||||||||||||||||||||||||||||||||||||||||
Corporate debt | ( | ||||||||||||||||||||||||||||||||||||||||
Other marketable securities | ( | ||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Fair Value of Securities with Contractual Maturities | |||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Within 1 Year | After 1 Year through 5 Years | After 5 Years | |||||||||||||||||||||||||||||||||||
Company excluding Ford Credit | |||||||||||||||||||||||||||||||||||||||||
U.S. government | $ | $ | $ | ( | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||
U.S. government agencies | ( | ||||||||||||||||||||||||||||||||||||||||
Non-U.S. government and agencies | ( | ||||||||||||||||||||||||||||||||||||||||
Corporate debt | ( | ||||||||||||||||||||||||||||||||||||||||
Other marketable securities | ( | ||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | $ | $ | $ |
First Quarter | |||||||||||
2021 | 2022 | ||||||||||
Company excluding Ford Credit | |||||||||||
Sales proceeds | $ | $ | |||||||||
Gross realized gains | |||||||||||
Gross realized losses |
December 31, 2021 | |||||||||||||||||||||||||||||||||||
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 | $ | $ | ( | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||
U.S. government agencies | ( | ( | ( | ||||||||||||||||||||||||||||||||
Non-U.S. government and agencies | ( | ( | ( | ||||||||||||||||||||||||||||||||
Corporate debt | ( | ( | ( | ||||||||||||||||||||||||||||||||
Other marketable securities | ( | ( | |||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
March 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 | $ | $ | ( | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||
U.S. government agencies | ( | ( | ( | ||||||||||||||||||||||||||||||||
Non-U.S. government and agencies | ( | ( | ( | ||||||||||||||||||||||||||||||||
Corporate debt | ( | ( | ( | ||||||||||||||||||||||||||||||||
Other marketable securities | ( | ( | |||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ | $ | ( |
December 31, 2021 | March 31, 2022 | ||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash (a) | |||||||||||
Cash, cash equivalents, and restricted cash in held-for-sale assets | |||||||||||
Total cash, cash equivalents, and restricted cash | $ | $ |
December 31, 2021 | March 31, 2022 | ||||||||||
Consumer | |||||||||||
Retail installment contracts, gross | $ | $ | |||||||||
Finance leases, gross | |||||||||||
Retail financing, gross | |||||||||||
Unearned interest supplements | ( | ( | |||||||||
Consumer finance receivables | |||||||||||
Non-Consumer | |||||||||||
Dealer financing | |||||||||||
Non-Consumer finance receivables | |||||||||||
Total recorded investment | $ | $ | |||||||||
Recorded investment in finance receivables | $ | $ | |||||||||
Allowance for credit losses | ( | ( | |||||||||
Total finance receivables, net | $ | $ | |||||||||
Current portion | $ | $ | |||||||||
Non-current portion | |||||||||||
Total finance receivables, net | $ | $ | |||||||||
Net finance receivables subject to fair value (a) | $ | $ | |||||||||
Fair value (b) |
Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||
Prior to 2017 | 2017 | 2018 | 2019 | 2020 | 2021 | Total | Percent | |||||||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||
31 - 60 days past due | $ | $ | $ | $ | $ | $ | $ | % | ||||||||||||||||||||||||||||||||||||||||||
61 - 120 days past due | ||||||||||||||||||||||||||||||||||||||||||||||||||
Greater than 120 days past due | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total past due | ||||||||||||||||||||||||||||||||||||||||||||||||||
Current | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | % |
Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||
Prior to 2018 | 2018 | 2019 | 2020 | 2021 | 2022 | Total | Percent | |||||||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||
31 - 60 days past due | $ | $ | $ | $ | $ | $ | $ | % | ||||||||||||||||||||||||||||||||||||||||||
61 - 120 days past due | ||||||||||||||||||||||||||||||||||||||||||||||||||
Greater than 120 days past due | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total past due | ||||||||||||||||||||||||||||||||||||||||||||||||||
Current | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | % |
Amortized Cost Basis by Origination Year | Wholesale Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dealer Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prior to 2017 | 2017 | 2018 | 2019 | 2020 | 2021 | Total | Total | Percent | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Group I | $ | $ | $ | $ | $ | $ | $ | $ | $ | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Group II | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Group III | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Group IV | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total (a) | $ | $ | $ | $ | $ | $ | $ | $ | $ | % |
Amortized Cost Basis by Origination Year | Wholesale Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dealer Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prior to 2018 | 2018 | 2019 | 2020 | 2021 | 2022 | Total | Total | Percent | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Group I | $ | $ | $ | $ | $ | $ | $ | $ | $ | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Group II | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Group III | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Group IV | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total (a) | $ | $ | $ | $ | $ | $ | $ | $ | $ | % |
First Quarter 2021 | |||||||||||||||||
Consumer | Non-Consumer | Total | |||||||||||||||
Allowance for credit losses | |||||||||||||||||
Beginning balance | $ | $ | $ | ||||||||||||||
Charge-offs | ( | ( | |||||||||||||||
Recoveries | |||||||||||||||||
Provision for/(Benefit from) credit losses | ( | ( | ( | ||||||||||||||
Other (a) | ( | ( | |||||||||||||||
Ending balance | $ | $ | $ |
First Quarter 2022 | |||||||||||||||||
Consumer | Non-Consumer | Total | |||||||||||||||
Allowance for credit losses | |||||||||||||||||
Beginning balance | $ | $ | $ | ||||||||||||||
Charge-offs | ( | ( | |||||||||||||||
Recoveries | |||||||||||||||||
Provision for/(Benefit from) credit losses | ( | ( | ( | ||||||||||||||
Other (a) | |||||||||||||||||
Ending balance | $ | $ | $ |
December 31, 2021 | March 31, 2022 | ||||||||||
Raw materials, work-in-process, and supplies | $ | $ | |||||||||
Finished products | |||||||||||
Total inventories | $ | $ |
December 31, 2021 | March 31, 2022 | ||||||||||
Current | |||||||||||
Dealer and dealers’ customer allowances and claims | $ | $ | |||||||||
Deferred revenue | |||||||||||
Employee benefit plans | |||||||||||
Accrued interest | |||||||||||
OPEB (a) | |||||||||||
Pension (a) | |||||||||||
Operating lease liabilities | |||||||||||
Other | |||||||||||
Total current other liabilities and deferred revenue | $ | $ | |||||||||
Non-current | |||||||||||
Pension (a) | $ | $ | |||||||||
OPEB (a) | |||||||||||
Dealer and dealers’ customer allowances and claims | |||||||||||
Deferred revenue | |||||||||||
Operating lease liabilities | |||||||||||
Employee benefit plans | |||||||||||
Other | |||||||||||
Total non-current other liabilities and deferred revenue | $ | $ |
First Quarter | |||||||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | Worldwide OPEB | |||||||||||||||||||||||||||||||||
2021 | 2022 | 2021 | 2022 | 2021 | 2022 | ||||||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Interest cost | |||||||||||||||||||||||||||||||||||
Expected return on assets | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Amortization of prior service costs/(credits) | ( | ( | |||||||||||||||||||||||||||||||||
Net remeasurement (gain)/loss | ( | ||||||||||||||||||||||||||||||||||
Separation programs/other | |||||||||||||||||||||||||||||||||||
Settlements and curtailments | |||||||||||||||||||||||||||||||||||
Net periodic benefit cost/(income) | $ | $ | ( | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||
December 31, 2021 | March 31, 2022 | ||||||||||
Company excluding Ford Credit | |||||||||||
Debt payable within one year | |||||||||||
Short-term | $ | $ | |||||||||
Long-term payable within one year | |||||||||||
Public unsecured debt securities | |||||||||||
U.S. Department of Energy Advanced Technology Vehicles Manufacturing (“DOE ATVM”) Incentive Program | |||||||||||
Delayed draw term loan | |||||||||||
Other debt | |||||||||||
Unamortized (discount)/premium | |||||||||||
Total debt payable within one year | |||||||||||
Long-term debt payable after one year | |||||||||||
Public unsecured debt securities | |||||||||||
Convertible notes (a) | |||||||||||
U.K. Export Finance Program | |||||||||||
Other debt | |||||||||||
Unamortized (discount)/premium | ( | ( | |||||||||
Unamortized issuance costs | ( | ( | |||||||||
Total long-term debt payable after one year | |||||||||||
Total Company excluding Ford Credit | $ | $ | |||||||||
Fair value of Company debt excluding Ford Credit (b) | $ | $ | |||||||||
Ford Credit | |||||||||||
Debt payable within one year | |||||||||||
Short-term | $ | $ | |||||||||
Long-term payable within one year | |||||||||||
Unsecured debt | |||||||||||
Asset-backed debt | |||||||||||
Unamortized (discount)/premium | |||||||||||
Unamortized issuance costs | ( | ( | |||||||||
Fair value adjustments (c) | |||||||||||
Total debt payable within one year | |||||||||||
Long-term debt payable after one year | |||||||||||
Unsecured debt | |||||||||||
Asset-backed debt | |||||||||||
Unamortized (discount)/premium | |||||||||||
Unamortized issuance costs | ( | ( | |||||||||
Fair value adjustments (c) | ( | ||||||||||
Total long-term debt payable after one year | |||||||||||
Total Ford Credit | $ | $ | |||||||||
Fair value of Ford Credit debt (b) | $ | $ |
First Quarter | |||||||||||
Cash flow hedges | 2021 | 2022 | |||||||||
Reclassified from AOCI to Cost of sales | |||||||||||
Foreign currency exchange contracts (a) | $ | ( | $ | ( | |||||||
Commodity contracts (b) | |||||||||||
Fair value hedges | |||||||||||
Interest rate contracts | |||||||||||
Net interest settlements and accruals on hedging instruments | |||||||||||
Fair value changes on hedging instruments | ( | ( | |||||||||
Fair value changes on hedged debt | |||||||||||
Cross-currency interest rate swap contracts | |||||||||||
Net interest settlements and accruals on hedging instruments | ( | ( | |||||||||
Fair value changes on hedging instruments | ( | ( | |||||||||
Fair value changes on hedged debt | |||||||||||
Derivatives not designated as hedging instruments | |||||||||||
Foreign currency exchange contracts (c) | ( | ||||||||||
Cross-currency interest rate swap contracts | ( | ( | |||||||||
Interest rate contracts | ( | ||||||||||
Commodity contracts | |||||||||||
Total | $ | $ |
December 31, 2021 | March 31, 2022 | ||||||||||||||||||||||||||||||||||
Notional | Fair Value of Assets | Fair Value of Liabilities | Notional | Fair Value of Assets | Fair Value of Liabilities | ||||||||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Commodity contracts | |||||||||||||||||||||||||||||||||||
Fair value hedges | |||||||||||||||||||||||||||||||||||
Interest rate contracts | |||||||||||||||||||||||||||||||||||
Cross-currency interest rate swap contracts | |||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | |||||||||||||||||||||||||||||||||||
Cross-currency interest rate swap contracts | |||||||||||||||||||||||||||||||||||
Interest rate contracts | |||||||||||||||||||||||||||||||||||
Commodity contracts | |||||||||||||||||||||||||||||||||||
Total derivative financial instruments, gross (a) (b) | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Current portion | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Non-current portion | |||||||||||||||||||||||||||||||||||
Total derivative financial instruments, gross | $ | $ | $ | $ |
First Quarter | |||||||||||
2021 | 2022 | ||||||||||
Beginning balance | $ | $ | |||||||||
Changes in accruals (a) | |||||||||||
Payments | ( | ( | |||||||||
Foreign currency translation | ( | ||||||||||
Ending balance | $ | $ |
March 31, 2022 | |||||
Assets | |||||
Trade and other receivables, net | $ | ||||
Inventories | |||||
Other assets, current | |||||
Net property | |||||
Other assets, non-current | |||||
Total Company excluding Ford Credit assets of held-for-sale operations | |||||
Less: Intercompany asset balances | ( | ||||
Total assets of held-for-sale operations (a) | $ | ||||
Liabilities | |||||
Payables | $ | ||||
Other liabilities and deferred revenue, current | |||||
Company excluding Ford Credit debt payable within one year | |||||
Other liabilities and deferred revenue, non-current | |||||
Total Company excluding Ford Credit liabilities of held-for-sale operations | |||||
Less: Intercompany liability balances | ( | ||||
Total liabilities of held-for-sale operations (a) | $ |
First Quarter | |||||||||||
2021 | 2022 | ||||||||||
Foreign currency translation | |||||||||||
Beginning balance | $ | ( | $ | ( | |||||||
Gains/(Losses) on foreign currency translation | ( | ||||||||||
Less: Tax/(Tax benefit) (a) | ( | ||||||||||
Net gains/(losses) on foreign currency translation | |||||||||||
(Gains)/Losses reclassified from AOCI to net income (b) | ( | ||||||||||
Other comprehensive income/(loss), net of tax | |||||||||||
Ending balance | $ | ( | $ | ( | |||||||
Marketable securities | |||||||||||
Beginning balance | $ | $ | ( | ||||||||
Gains/(Losses) on available for sale securities | ( | ( | |||||||||
Less: Tax/(Tax benefit) | ( | ( | |||||||||
Net gains/(losses) on available for sale securities | ( | ( | |||||||||
(Gains)/Losses reclassified from AOCI to net income | ( | ||||||||||
Less: Tax/(Tax benefit) | ( | ||||||||||
Net (gains)/losses reclassified from AOCI to net income | ( | ||||||||||
Other comprehensive income/(loss), net of tax | ( | ( | |||||||||
Ending balance | $ | $ | ( | ||||||||
Derivative instruments | |||||||||||
Beginning balance | $ | ( | $ | ( | |||||||
Gains/(Losses) on derivative instruments | ( | ||||||||||
Less: Tax/(Tax benefit) | ( | ||||||||||
Net gains/(losses) on derivative instruments | ( | ||||||||||
(Gains)/Losses reclassified from AOCI to net income | |||||||||||
Less: Tax/(Tax benefit) | |||||||||||
Net (gains)/losses reclassified from AOCI to net income (c) | |||||||||||
Other comprehensive income/(loss), net of tax | ( | ||||||||||
Ending balance | $ | ( | $ | ( | |||||||
Pension and other postretirement benefits | |||||||||||
Beginning balance | $ | ( | $ | ( | |||||||
Amortization and recognition of prior service costs/(credits) | |||||||||||
Less: Tax/(Tax benefit) | |||||||||||
Net prior service costs/(credits) reclassified from AOCI to net income | |||||||||||
Translation impact on non-U.S. plans | ( | ||||||||||
Other comprehensive income/(loss), net of tax | |||||||||||
Ending balance | $ | ( | $ | ( | |||||||
Total AOCI ending balance at March 31 | $ | ( | $ | ( |
First Quarter | |||||||||||
2021 | 2022 | ||||||||||
Beginning balance | $ | $ | |||||||||
Payments made during the period | ( | ( | |||||||||
Changes in accrual related to warranties issued during the period | |||||||||||
Changes in accrual related to pre-existing warranties | ( | ||||||||||
Foreign currency translation and other | ( | ||||||||||
Ending balance | $ | $ |
Automotive | Mobility | Ford Credit | Corporate Other | Interest on Debt | Special Items | Adjustments | Total | ||||||||||||||||||||||||||||||||||||||||
First Quarter 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Income/(Loss) before income taxes | ( | ( | ( | (a) | |||||||||||||||||||||||||||||||||||||||||||
Equity in net income/(loss) of affiliated companies | ( | ( | (a) | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | ( | (b) | |||||||||||||||||||||||||||||||||||||||||||||
First Quarter 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Income/(Loss) before income taxes | ( | ( | ( | ( | (c) | ( | |||||||||||||||||||||||||||||||||||||||||
Equity in net income/(loss) of affiliated companies | ( | ( | (d) | ( | |||||||||||||||||||||||||||||||||||||||||||
Total assets | ( | (b) | |||||||||||||||||||||||||||||||||||||||||||||
First Quarter | |||||||||||
2021 | 2022 | ||||||||||
Global Redesign | |||||||||||
Europe | $ | (94) | $ | (22) | |||||||
India | — | (28) | |||||||||
South America | (322) | (27) | |||||||||
Separations and Other (not included above) | — | 19 | |||||||||
Subtotal Global Redesign | $ | (416) | $ | (58) | |||||||
Other Items | |||||||||||
Mark-to-market gain/(loss) on Rivian investment | $ | 902 | $ | (5,449) | |||||||
Ford Credit – Brazil restructuring (see Note 16) | — | (119) | |||||||||
Russia suspension of operations/asset write-off | — | (138) | |||||||||
Patent matters related to prior calendar years | — | (135) | |||||||||
Other | (5) | 33 | |||||||||
Subtotal Other Items | $ | 897 | $ | (5,808) | |||||||
Pension and OPEB Gain/(Loss) | |||||||||||
Pension and OPEB remeasurement | $ | 61 | $ | — | |||||||
Pension settlements and curtailments | (39) | — | |||||||||
Subtotal Pension and OPEB Gain/(Loss) | $ | 22 | $ | — | |||||||
Total EBIT Special Items | $ | 503 | $ | (5,866) | |||||||
Cash effect of Global Redesign (incl. separations) | $ | (345) | $ | (148) | |||||||
Provision for/(Benefit from) tax special items (a) | $ | 58 | $ | (1,192) |
First Quarter | |||||||||||||||||
2021 | 2022 | H / (L) | |||||||||||||||
GAAP Financial Measures | |||||||||||||||||
Cash Flows from Operating Activities ($B) | $ | 4.5 | $ | (1.1) | $ | (5.6) | |||||||||||
Revenue ($M) | 36,228 | 34,476 | (5) | % | |||||||||||||
Net Income/(Loss) ($M) | 3,262 | (3,110) | $ | (6,372) | |||||||||||||
Net Income/(Loss) Margin (%) | 9.0 | % | (9.0) | % | (18.0) ppts | ||||||||||||
EPS (Diluted) | $ | 0.81 | $ | (0.78) | $ | (1.59) | |||||||||||
Non-GAAP Financial Measures (a) | |||||||||||||||||
Company Adj. Free Cash Flow ($B) | $ | (0.4) | $ | (0.6) | $ | (0.2) | |||||||||||
Company Adj. EBIT ($M) | 3,912 | 2,326 | (1,586) | ||||||||||||||
Company Adj. EBIT Margin (%) | 10.8 | % | 6.7 | % | (4.1) ppts | ||||||||||||
Adjusted EPS (Diluted) | $ | 0.70 | $ | 0.38 | $ | (0.32) | |||||||||||
Adjusted ROIC (Trailing Four Quarters) | 6.6 | % | 7.8 | % | 1.2 ppts |
First Quarter | ||||||||||||||||||||
2021 | 2022 | H / (L) | ||||||||||||||||||
Automotive | $ | 3,397 | $ | 1,891 | $ | (1,506) | ||||||||||||||
Mobility | (207) | (242) | (35) | |||||||||||||||||
Ford Credit | 962 | 928 | (34) | |||||||||||||||||
Corporate Other | (240) | (251) | (11) | |||||||||||||||||
Company Adjusted EBIT (a) | 3,912 | 2,326 | (1,586) | |||||||||||||||||
Interest on Debt | (473) | (308) | (165) | |||||||||||||||||
Special Items | 503 | (5,866) | 6,369 | |||||||||||||||||
Taxes / Noncontrolling Interests | (680) | 738 | (1,418) | |||||||||||||||||
Net Income/(Loss) | $ | 3,262 | $ | (3,110) | $ | (6,372) |
First Quarter | ||||||||||||||||||||
2021 | 2022 | H / (L) | ||||||||||||||||||
North America | $ | 2,943 | $ | 1,591 | $ | (1,352) | ||||||||||||||
South America | (73) | 50 | 123 | |||||||||||||||||
Europe | 341 | 207 | (134) | |||||||||||||||||
China (including Taiwan) | (15) | (53) | (38) | |||||||||||||||||
International Markets Group | 201 | 96 | (105) | |||||||||||||||||
Automotive Segment | $ | 3,397 | $ | 1,891 | $ | (1,506) |
First Quarter | |||||||||||||||||
Key Metrics | 2021 | 2022 | H / (L) | ||||||||||||||
Market Share (%) | 5.3 | % | 4.8 | % | (0.6) ppts | ||||||||||||
Wholesale Units (000) | 1,062 | 966 | (96) | ||||||||||||||
Revenue ($M) | $ | 33,554 | $ | 32,111 | $ | (1,443) | |||||||||||
EBIT ($M) | 3,397 | 1,891 | (1,506) | ||||||||||||||
EBIT Margin (%) | 10.1 | % | 5.9 | % | (4.2) ppts |
Change in EBIT by Causal Factor (in millions) | ||||||||
First Quarter 2021 EBIT | $ | 3,397 | ||||||
Volume / Mix | (1,096) | |||||||
Net Pricing | 1,693 | |||||||
Cost | (1,868) | |||||||
Exchange | (25) | |||||||
Other | (210) | |||||||
First Quarter 2022 EBIT | $ | 1,891 |
First Quarter | |||||||||||||||||
Key Metrics | 2021 | 2022 | H / (L) | ||||||||||||||
Market Share (%) | 12.5 | % | 12.0 | % | (0.5) ppts | ||||||||||||
Wholesale Units (000) | 533 | 514 | (20) | ||||||||||||||
Revenue ($M) | $ | 22,993 | $ | 22,318 | $ | (675) | |||||||||||
EBIT ($M) | 2,943 | 1,591 | (1,352) | ||||||||||||||
EBIT Margin (%) | 12.8 | % | 7.1 | % | (5.7) ppts |
Change in EBIT by Causal Factor (in millions) | ||||||||
First Quarter 2021 EBIT | $ | 2,943 | ||||||
Volume / Mix | (883) | |||||||
Net Pricing | 1,098 | |||||||
Cost | (1,356) | |||||||
Exchange | (16) | |||||||
Other | (195) | |||||||
First Quarter 2022 EBIT | $ | 1,591 |
First Quarter | |||||||||||||||||
Key Metrics | 2021 | 2022 | H / (L) | ||||||||||||||
Market Share (%) | 3.6 | % | 2.2 | % | (1.4) ppts | ||||||||||||
Wholesale Units (000) | 18 | 15 | (2) | ||||||||||||||
Revenue ($M) | $ | 436 | $ | 579 | $ | 143 | |||||||||||
EBIT ($M) | (73) | 50 | 123 | ||||||||||||||
EBIT Margin (%) | (16.7) | % | 8.7 | % | 25.4 ppts |
Change in EBIT by Causal Factor (in millions) | ||||||||
First Quarter 2021 EBIT | $ | (73) | ||||||
Volume / Mix | (3) | |||||||
Net Pricing | 180 | |||||||
Cost | (63) | |||||||
Exchange | (18) | |||||||
Other | 27 | |||||||
First Quarter 2022 EBIT | $ | 50 |
First Quarter | |||||||||||||||||
Key Metrics | 2021 | 2022 | H / (L) | ||||||||||||||
Market Share (%) | 7.2 | % | 6.6 | % | (0.5) ppts | ||||||||||||
Wholesale Units (000) (a) | 278 | 254 | (24) | ||||||||||||||
Revenue ($M) | $ | 7,050 | $ | 6,910 | $ | (140) | |||||||||||
EBIT ($M) | 341 | 207 | (134) | ||||||||||||||
EBIT Margin (%) | 4.8 | % | 3.0 | % | (1.8) ppts |
Change in EBIT by Causal Factor (in millions) | ||||||||
First Quarter 2021 EBIT | $ | 341 | ||||||
Volume / Mix | (59) | |||||||
Net Pricing | 345 | |||||||
Cost | (456) | |||||||
Exchange | 28 | |||||||
Other | 8 | |||||||
First Quarter 2022 EBIT | $ | 207 |
First Quarter | |||||||||||||||||
Key Metrics | 2021 | 2022 | H / (L) | ||||||||||||||
Market Share (%) | 2.3 | % | 2.2 | % | (0.1) ppts | ||||||||||||
Wholesale Units (000) (a) | 150 | 128 | (23) | ||||||||||||||
Revenue ($M) | $ | 825 | $ | 561 | $ | (264) | |||||||||||
EBIT ($M) | (15) | (53) | (38) | ||||||||||||||
EBIT Margin (%) | (1.8) | % | (9.4) | % | (7.6) ppts | ||||||||||||
China Unconsolidated Affiliates | |||||||||||||||||
Wholesales (000) (b) | 140 | 125 | (15) | ||||||||||||||
Ford Equity Income/(Loss) ($M) | $ | 49 | $ | 40 | $ | (9) |
Change in EBIT by Causal Factor (in millions) | ||||||||
First Quarter 2021 EBIT | $ | (15) | ||||||
Volume / Mix | (81) | |||||||
Net Pricing | 8 | |||||||
Cost | 20 | |||||||
Exchange | 2 | |||||||
Other (Including Joint Ventures) | 13 | |||||||
First Quarter 2022 EBIT | $ | (53) |
First Quarter | |||||||||||||||||
Key Metrics | 2021 | 2022 | H / (L) | ||||||||||||||
Market Share (%) | 1.7 | % | 1.2 | % | (0.5) ppts | ||||||||||||
Wholesale Units (000) (a) | 82 | 55 | (27) | ||||||||||||||
Revenue ($M) | $ | 2,250 | $ | 1,743 | $ | (507) | |||||||||||
EBIT ($M) | 201 | 96 | (105) | ||||||||||||||
EBIT Margin (%) | 8.9 | % | 5.5 | % | (3.4) ppts |
Change in EBIT by Causal Factor (in millions) | ||||||||
First Quarter 2021 EBIT | $ | 201 | ||||||
Volume / Mix | (71) | |||||||
Net Pricing | 63 | |||||||
Cost | (14) | |||||||
Exchange | (22) | |||||||
Other | (61) | |||||||
First Quarter 2022 EBIT | $ | 96 |
First Quarter | |||||||||||||||||
Key Metrics | 2021 | 2022 | H / (L) | ||||||||||||||
Total Net Receivables ($B) | $ | 127 | $ | 117 | (8) | % | |||||||||||
Loss-to-Receivables (bps) (a) | 22 | 8 | (14) | ||||||||||||||
Auction Values (b) | $ | 22,955 | $ | 30,300 | 32 | % | |||||||||||
EBT ($M) | 962 | 928 | $ | (34) | |||||||||||||
ROE (%) | 22 | % | 22 | % | — ppts | ||||||||||||
Other Balance Sheet Metrics | |||||||||||||||||
Debt ($B) | $ | 127 | $ | 116 | (9) | % | |||||||||||
Net Liquidity ($B) | 34 | 28 | (16) | % | |||||||||||||
Financial Statement Leverage (to 1) | 8.3 | 9.5 | 1.2 |
Change in EBT by Causal Factor (in millions) | ||||||||
First Quarter 2021 EBT | $ | 962 | ||||||
Volume / Mix | (78) | |||||||
Financing Margin | (101) | |||||||
Credit Loss | 24 | |||||||
Lease Residual | (5) | |||||||
Exchange | 11 | |||||||
Other | 115 | |||||||
First Quarter 2022 EBT | $ | 928 |
December 31, 2021 | March 31, 2022 | ||||||||||
Balance Sheets ($B) | |||||||||||
Company Cash | $ | 36.5 | $ | 28.8 | |||||||
Liquidity | 52.4 | 44.6 | |||||||||
Debt | (20.4) | (20.1) | |||||||||
Cash Net of Debt | 16.1 | 8.7 | |||||||||
Pension Funded Status ($B) (a) | |||||||||||
Funded Plans | $ | 5.8 | $ | 6.0 | |||||||
Unfunded Plans | (6.1) | (5.8) | |||||||||
Total Global Pension | $ | (0.3) | $ | 0.2 | |||||||
Total Funded Status OPEB | $ | (6.0) | $ | (6.0) |
First Quarter | |||||||||||
2021 | 2022 | ||||||||||
Company Excluding Ford Credit | |||||||||||
Company Adjusted EBIT excluding Ford Credit (a) | $ | 2.9 | $ | 1.4 | |||||||
Capital spending | $ | (1.4) | $ | (1.3) | |||||||
Depreciation and tooling amortization | 1.2 | 1.3 | |||||||||
Net spending | $ | (0.1) | $ | (0.1) | |||||||
Receivables | $ | (0.6) | $ | — | |||||||
Inventory | (2.2) | (2.7) | |||||||||
Trade Payables | 1.6 | 1.5 | |||||||||
Changes in working capital | $ | (1.2) | $ | (1.2) | |||||||
Ford Credit distributions | $ | 1.0 | $ | 1.0 | |||||||
Interest on debt and cash taxes | (0.4) | (0.3) | |||||||||
All other and timing differences | (2.6) | (1.3) | |||||||||
Company adjusted free cash flow (a) | $ | (0.4) | $ | (0.6) | |||||||
Global Redesign (including separations) | $ | (0.3) | $ | (0.1) | |||||||
Changes in debt | 1.9 | (0.3) | |||||||||
Funded pension contributions | (0.2) | (0.2) | |||||||||
Shareholder distributions | — | (0.4) | |||||||||
All other (b) | (0.4) | (6.2) | |||||||||
Change in cash | $ | 0.5 | $ | (7.8) |
March 31, 2021 | December 31, 2021 | March 31, 2022 | |||||||||||||||
Funding Structure | |||||||||||||||||
Term unsecured debt | $ | 66.1 | $ | 59.4 | $ | 55.1 | |||||||||||
Term asset-backed securities | 50.2 | 45.4 | 47.1 | ||||||||||||||
Ford Interest Advantage / Retail Deposits | 10.5 | 12.9 | 13.3 | ||||||||||||||
Other | (0.9) | (0.2) | 1.7 | ||||||||||||||
Equity | 15.3 | 12.4 | 12.1 | ||||||||||||||
Adjustments for cash | (14.1) | (12.4) | (11.9) | ||||||||||||||
Total Net Receivables | $ | 127.1 | $ | 117.5 | $ | 117.4 | |||||||||||
Securitized Funding as Percent of Total Debt | 39.6 | % | 38.5 | % | 40.8 | % |
2020 Actual | 2021 Actual | 2022 Forecast | Through April 26 | |||||||||||||||||||||||
Unsecured | $ | 14 | $ | 5 | $ 8 - 11 | $ | 4 | |||||||||||||||||||
Securitizations (a) | 13 | 9 | 6 - 9 | 3 | ||||||||||||||||||||||
Total public | $ | 27 | $ | 14 | $ 14 - 20 | $ | 7 |
March 31, 2021 | December 31, 2021 | March 31, 2022 | |||||||||||||||
Liquidity Sources (a) | |||||||||||||||||
Cash | $ | 14.1 | $ | 12.4 | $ | 11.9 | |||||||||||
Committed asset-backed facilities | 38.2 | 37.1 | 36.1 | ||||||||||||||
Other unsecured credit facilities | 2.5 | 2.7 | 2.8 | ||||||||||||||
Total liquidity sources | $ | 54.8 | $ | 52.2 | $ | 50.8 | |||||||||||
Utilization of Liquidity (a) | |||||||||||||||||
Securitization and restricted cash | $ | (5.4) | $ | (3.9) | $ | (3.0) | |||||||||||
Committed asset-backed facilities | (11.9) | (12.5) | (17.0) | ||||||||||||||
Other unsecured credit facilities | (0.6) | (1.0) | (0.4) | ||||||||||||||
Total utilization of liquidity | $ | (17.9) | $ | (17.4) | $ | (20.4) | |||||||||||
Gross liquidity | $ | 36.9 | $ | 34.8 | $ | 30.4 | |||||||||||
Asset-backed capacity in excess of eligible receivables and other adjustments | (3.2) | (2.8) | (2.0) | ||||||||||||||
Net liquidity available for use | $ | 33.7 | $ | 32.0 | $ | 28.4 |
April - December 2022 | 2023 | 2024 | 2025 and Beyond | |||||||||||||||||||||||
Balance Sheet Liquidity Profile | ||||||||||||||||||||||||||
Assets (a) | $ | 56 | $ | 85 | $ | 108 | $ | 134 | ||||||||||||||||||
Total debt (b) | 43 | 69 | 86 | 116 | ||||||||||||||||||||||
Memo: Unsecured long-term debt maturities | 8 | 11 | 11 | 26 |
March 31, 2021 | December 31, 2021 | March 31, 2022 | ||||||||||||||||||
Leverage Calculation | ||||||||||||||||||||
Debt | $ | 126.8 | $ | 117.7 | $ | 115.5 | ||||||||||||||
Equity (a) | 15.3 | 12.4 | 12.1 | |||||||||||||||||
Financial statement leverage (to 1) | 8.3 | 9.5 | 9.5 |
Four Quarters Ending | |||||||||||
March 31, 2021 | March 31, 2022 | ||||||||||
Adjusted Net Operating Profit/(Loss) After Cash Tax | |||||||||||
Net income/(loss) attributable to Ford | $ | 4.0 | $ | 11.6 | |||||||
Add: Noncontrolling interest | — | — | |||||||||
Less: Income tax | — | 1.5 | |||||||||
Add: Cash tax | (0.4) | (0.6) | |||||||||
Less: Interest on debt | (1.9) | (1.6) | |||||||||
Less: Total pension/OPEB income/(cost) | (0.9) | 4.8 | |||||||||
Add: Pension/OPEB service costs | (1.1) | (1.1) | |||||||||
Net operating profit/(loss) after cash tax | $ | 5.2 | $ | 5.2 | |||||||
Less: Special items (excl. pension/OPEB) pre-tax | 0.5 | (0.4) | |||||||||
Adjusted net operating profit/(loss) after cash tax | $ | 4.8 | $ | 5.6 | |||||||
Invested Capital | |||||||||||
Equity | $ | 34.0 | $ | 45.1 | |||||||
Debt (excl. Ford Credit) | 25.9 | 20.1 | |||||||||
Net pension and OPEB liability | 12.2 | 5.8 | |||||||||
Invested capital (end of period) | $ | 72.1 | $ | 70.9 | |||||||
Average invested capital | $ | 72.9 | $ | 72.7 | |||||||
ROIC (a) | 7.2 | % | 7.2 | % | |||||||
Adjusted ROIC (Non-GAAP) (b) | 6.6 | % | 7.8 | % |
NRSRO RATINGS | |||||||||||||||||||||||||||||||||||||||||
Ford | Ford Credit | NRSROs | |||||||||||||||||||||||||||||||||||||||
Issuer Default / Corporate / Issuer Rating | Long-Term Senior Unsecured | Outlook / Trend | Long-Term Senior Unsecured | Short-Term Unsecured | Outlook / Trend | Minimum Long-Term Investment Grade Rating | |||||||||||||||||||||||||||||||||||
DBRS | BB (high) | BB (high) | Stable | BB (high) | R-4 | Stable | BBB (low) | ||||||||||||||||||||||||||||||||||
Fitch | BB+ | BB+ | Stable | BB+ | B | Stable | BBB- | ||||||||||||||||||||||||||||||||||
Moody’s | N/A | Ba2 | Stable | Ba2 | NP | Stable | Baa3 | ||||||||||||||||||||||||||||||||||
S&P | BB+ | BB+ | Positive | BB+ | B | Positive | BBB- |
2022 Guidance | ||||||||
Total Company | ||||||||
Adjusted EBIT (a) | $11.5 - $12.5 billion | |||||||
Adjusted Free Cash Flow (a) | $5.5 - $6.5 billion | |||||||
Capital spending | About $7.0 billion | |||||||
Pension contributions | $0.7 - $0.8 billion | |||||||
Global Redesign EBIT charges (b) | $1.0 - $1.5 billion | |||||||
Global Redesign cash effects (b) | $1.0 - $1.5 billion | |||||||
Ford Credit | ||||||||
EBT | Strong but lower than 2021 |
Pre-Tax Special Item | Significance Guideline | |||||||
∘ Pension and OPEB remeasurement gains and losses | ∘ No minimum | |||||||
∘ Gains and losses on investments in equity securities | ∘ No minimum | |||||||
∘ Personnel expenses, 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 | ∘ Generally $100 million or more | |||||||
∘ Other items that we do not necessarily consider to be indicative of earnings from ongoing operating activities | ∘ $500 million or more for individual field service actions; generally $100 million or more for other items |
First Quarter | ||||||||||||||
2021 | 2022 | |||||||||||||
Net income/(loss) attributable to Ford (GAAP) | $ | 3,262 | $ | (3,110) | ||||||||||
Income/(Loss) attributable to noncontrolling interests | — | (9) | ||||||||||||
Net income/(loss) | $ | 3,262 | $ | (3,119) | ||||||||||
Less: (Provision for)/Benefit from income taxes | (680) | 729 | ||||||||||||
Income/(Loss) before income taxes | $ | 3,942 | $ | (3,848) | ||||||||||
Less: Special items pre-tax | 503 | (5,866) | ||||||||||||
Income/(Loss) before special items pre-tax | $ | 3,439 | $ | 2,018 | ||||||||||
Less: Interest on debt | (473) | (308) | ||||||||||||
Adjusted EBIT (Non-GAAP) | $ | 3,912 | $ | 2,326 | ||||||||||
Memo: | ||||||||||||||
Revenue ($B) | $ | 36.2 | $ | 34.5 | ||||||||||
Net income/(loss) margin (GAAP) (%) | 9.0 | % | (9.0) | % | ||||||||||
Adjusted EBIT margin (Non-GAAP) (%) | 10.8 | % | 6.7 | % |
First Quarter | ||||||||||||||
2021 | 2022 | |||||||||||||
Diluted After-Tax Results ($M) | ||||||||||||||
Diluted after-tax results (GAAP) | $ | 3,262 | $ | (3,110) | ||||||||||
Less: Impact of pre-tax and tax special items | 445 | (4,674) | ||||||||||||
Adjusted net income/(loss) – diluted (Non-GAAP) | $ | 2,817 | $ | 1,564 | ||||||||||
Basic and Diluted Shares (M) | ||||||||||||||
Basic shares (average shares outstanding) | 3,980 | 4,008 | ||||||||||||
Net dilutive options, unvested restricted stock units, unvested restricted stock shares, and convertible debt | 36 | 56 | ||||||||||||
Diluted shares | 4,016 | 4,064 | ||||||||||||
Earnings/(Loss) per share – diluted (GAAP) (a) | $ | 0.81 | $ | (0.78) | ||||||||||
Less: Net impact of adjustments | 0.11 | (1.16) | ||||||||||||
Adjusted earnings/(loss) per share – diluted (Non-GAAP) | $ | 0.70 | $ | 0.38 |
First Quarter | ||||||||||||||||||||
2021 | 2022 | Memo: FY 2021 | ||||||||||||||||||
Pre-Tax Results ($M) | ||||||||||||||||||||
Income/(Loss) before income taxes (GAAP) | $ | 3,942 | $ | (3,848) | $ | 17,780 | ||||||||||||||
Less: Impact of special items | 503 | (5,866) | 9,583 | |||||||||||||||||
Adjusted earnings before taxes (Non-GAAP) | $ | 3,439 | $ | 2,018 | $ | 8,197 | ||||||||||||||
Taxes ($M) | ||||||||||||||||||||
(Provision for)/Benefit from income taxes (GAAP) | $ | (680) | $ | 729 | $ | 130 | ||||||||||||||
Less: Impact of special items | (58) | 1,192 | 1,924 | |||||||||||||||||
Adjusted (provision for)/benefit from income taxes (Non-GAAP) | $ | (622) | $ | (463) | $ | (1,794) | ||||||||||||||
Tax Rate (%) | ||||||||||||||||||||
Effective tax rate (GAAP) | 17.3 | % | 18.9 | % | (0.7) | % | ||||||||||||||
Adjusted effective tax rate (Non-GAAP) | 18.1 | % | 22.9 | % | 21.9 | % |
First Quarter | ||||||||||||||
2021 | 2022 | |||||||||||||
Net cash provided by/(used in) operating activities (GAAP) | $ | 4,492 | $ | (1,084) | ||||||||||
Less: Items not included in Company Adjusted Free Cash Flows | ||||||||||||||
Ford Credit operating cash flows | $ | 4,998 | $ | (419) | ||||||||||
Funded pension contributions | (229) | (174) | ||||||||||||
Global Redesign (including separations) | (345) | (148) | ||||||||||||
Ford Credit tax payments/(refunds) under tax sharing agreement | 4 | — | ||||||||||||
Other, net | 64 | (48) | ||||||||||||
Add: Items included in Company Adjusted Free Cash Flows | ||||||||||||||
Company excluding Ford Credit capital spending | $ | (1,358) | $ | (1,349) | ||||||||||
Ford Credit distributions | 1,000 | 1,000 | ||||||||||||
Settlement of derivatives | (25) | 64 | ||||||||||||
Company adjusted free cash flow (Non-GAAP) | $ | (383) | $ | (580) |
For the period ended March 31, 2022 | ||||||||||||||||||||||||||
First Quarter | ||||||||||||||||||||||||||
Cash flows from operating activities | Company excluding Ford Credit | Ford Credit | Eliminations | Consolidated | ||||||||||||||||||||||
Net income | $ | (3,962) | $ | 843 | $ | — | $ | (3,119) | ||||||||||||||||||
Depreciation and tooling amortization | 1,332 | 525 | — | 1,857 | ||||||||||||||||||||||
Other amortization | 33 | (343) | — | (310) | ||||||||||||||||||||||
Provision for/(Benefit from) credit and insurance losses | 5 | (71) | — | (66) | ||||||||||||||||||||||
Pension and OPEB expense/(income) | (213) | — | — | (213) | ||||||||||||||||||||||
Equity method investment dividends received in excess of (earnings)/losses and impairments | 205 | (6) | — | 199 | ||||||||||||||||||||||
Foreign currency adjustments | (57) | 89 | — | 32 | ||||||||||||||||||||||
Net realized and unrealized (gains)/losses on cash equivalents, marketable securities, and other investments | 5,415 | 39 | — | 5,454 | ||||||||||||||||||||||
Net (gain)/loss on changes in investments in affiliates | 123 | 2 | — | 125 | ||||||||||||||||||||||
Stock compensation | 64 | 3 | — | 67 | ||||||||||||||||||||||
Provision for deferred income taxes | (1,090) | 37 | — | (1,053) | ||||||||||||||||||||||
Decrease/(Increase) in finance receivables (wholesale and other) | — | (2,192) | — | (2,192) | ||||||||||||||||||||||
Decrease/(Increase) in intersegment receivables/payables | (570) | 570 | — | — | ||||||||||||||||||||||
Decrease/(Increase) in accounts receivable and other assets | (876) | (80) | — | (956) | ||||||||||||||||||||||
Decrease/(Increase) in inventory | (2,755) | — | — | (2,755) | ||||||||||||||||||||||
Increase/(Decrease) in accounts payable and accrued and other liabilities | 1,828 | (114) | — | 1,714 | ||||||||||||||||||||||
Other | 310 | (178) | — | 132 | ||||||||||||||||||||||
Interest supplements and residual value support to Ford Credit | (457) | 457 | — | — | ||||||||||||||||||||||
Net cash provided by/(used in) operating activities | $ | (665) | $ | (419) | $ | — | $ | (1,084) |
Cash flows from investing activities | Company excluding Ford Credit | Ford Credit | Eliminations | Consolidated | ||||||||||||||||||||||
Capital spending | $ | (1,358) | $ | (12) | $ | — | $ | (1,370) | ||||||||||||||||||
Acquisitions of finance receivables and operating leases | — | (10,278) | — | (10,278) | ||||||||||||||||||||||
Collections of finance receivables and operating leases | — | 11,988 | — | 11,988 | ||||||||||||||||||||||
Purchases of marketable and other investments | (3,410) | (909) | — | (4,319) | ||||||||||||||||||||||
Sales and maturities of marketable securities and other investments | 6,108 | 1,007 | — | 7,115 | ||||||||||||||||||||||
Settlements of derivatives | 64 | 148 | — | 212 | ||||||||||||||||||||||
Other | (35) | 2 | — | (33) | ||||||||||||||||||||||
Investing activity (to)/from other segments | 1,031 | (30) | (1,001) | — | ||||||||||||||||||||||
Net cash provided by/(used in) investing activities | $ | 2,400 | $ | 1,916 | $ | (1,001) | $ | 3,315 |
Cash flows from financing activities | Company excluding Ford Credit | Ford Credit | Eliminations | Consolidated | ||||||||||||||||||||||
Cash payments for dividends and dividend equivalents | $ | (405) | $ | — | $ | — | $ | (405) | ||||||||||||||||||
Purchases of common stock | — | — | — | — | ||||||||||||||||||||||
Net changes in short-term debt | (6) | (608) | — | (614) | ||||||||||||||||||||||
Proceeds from issuance of long-term debt | — | 12,489 | — | 12,489 | ||||||||||||||||||||||
Payments of long-term debt | (270) | (12,705) | — | (12,975) | ||||||||||||||||||||||
Other | (124) | (32) | — | (156) | ||||||||||||||||||||||
Financing activity to/(from) other segments | (1) | (1,000) | 1,001 | — | ||||||||||||||||||||||
Net cash provided by/(used in) financing activities | $ | (806) | $ | (1,856) | $ | 1,001 | $ | (1,661) | ||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | $ | 10 | $ | (34) | $ | — | $ | (24) |
For the period ended March 31, 2022 | |||||||||||||||||
First Quarter | |||||||||||||||||
Company excluding Ford Credit | Ford Credit | Consolidated | |||||||||||||||
Revenues | $ | 32,195 | $ | 2,281 | $ | 34,476 | |||||||||||
Total costs and expenses | 31,776 | 1,357 | 33,133 | ||||||||||||||
Operating income/(loss) | 419 | 924 | 1,343 | ||||||||||||||
Interest expense on Company debt excluding Ford Credit | 308 | — | 308 | ||||||||||||||
Other income/(loss), net | (4,848) | (2) | (4,850) | ||||||||||||||
Equity in net income/(loss) of affiliated companies | (39) | 6 | (33) | ||||||||||||||
Income/(Loss) before income taxes | (4,776) | 928 | (3,848) | ||||||||||||||
Provision for/(Benefit from) income taxes | (814) | 85 | (729) | ||||||||||||||
Net income/(loss) | (3,962) | 843 | (3,119) | ||||||||||||||
Less: Income/(Loss) attributable to noncontrolling interests | (9) | — | (9) | ||||||||||||||
Net income/(loss) attributable to Ford Motor Company | $ | (3,953) | $ | 843 | $ | (3,110) | |||||||||||
March 31, 2022 | ||||||||||||||||||||||||||
Assets | Company excluding Ford Credit | Ford Credit | Eliminations | Consolidated | ||||||||||||||||||||||
Cash and cash equivalents | $ | 10,434 | $ | 10,579 | $ | — | $ | 21,013 | ||||||||||||||||||
Marketable securities | 18,179 | 2,036 | — | 20,215 | ||||||||||||||||||||||
Ford Credit finance receivables, net | — | 32,775 | — | 32,775 | ||||||||||||||||||||||
Trade and other receivables, net | 3,559 | 9,472 | — | 13,031 | ||||||||||||||||||||||
Inventories | 14,647 | — | — | 14,647 | ||||||||||||||||||||||
Assets held for sale | 825 | 1 | — | 826 | ||||||||||||||||||||||
Other assets | 2,905 | 730 | — | 3,635 | ||||||||||||||||||||||
Receivable from other segments | 5 | 641 | (646) | — | ||||||||||||||||||||||
Total current assets | 50,554 | 56,234 | (646) | 106,142 | ||||||||||||||||||||||
Ford Credit finance receivables, net | — | 50,000 | — | 50,000 | ||||||||||||||||||||||
Net investment in operating leases | 1,183 | 24,363 | — | 25,546 | ||||||||||||||||||||||
Net property | 36,400 | 225 | — | 36,625 | ||||||||||||||||||||||
Equity in net assets of affiliated companies | 4,177 | 129 | — | 4,306 | ||||||||||||||||||||||
Deferred income taxes | 14,774 | 207 | 10 | 14,991 | ||||||||||||||||||||||
Other assets | 13,980 | 1,396 | — | 15,376 | ||||||||||||||||||||||
Receivable from other segments | — | 28 | (28) | — | ||||||||||||||||||||||
Total assets | $ | 121,068 | $ | 132,582 | $ | (664) | $ | 252,986 |
Liabilities | Company excluding Ford Credit | Ford Credit | Eliminations | Consolidated | ||||||||||||||||||||||
Payables | $ | 22,251 | $ | 1,005 | $ | — | $ | 23,256 | ||||||||||||||||||
Other liabilities and deferred revenue | 17,018 | 1,245 | — | 18,263 | ||||||||||||||||||||||
Debt payable within one year | 2,927 | 45,359 | — | 48,286 | ||||||||||||||||||||||
Liabilities held for sale | 547 | — | — | 547 | ||||||||||||||||||||||
Payable to other segments | 646 | — | (646) | — | ||||||||||||||||||||||
Total current liabilities | 43,389 | 47,609 | (646) | 90,352 | ||||||||||||||||||||||
Other liabilities and deferred revenue | 26,560 | 1,941 | — | 28,501 | ||||||||||||||||||||||
Long-term debt | 17,158 | 70,157 | — | 87,315 | ||||||||||||||||||||||
Deferred income taxes | 984 | 740 | 10 | 1,734 | ||||||||||||||||||||||
Payable to other segments | 28 | — | (28) | — | ||||||||||||||||||||||
Total liabilities | $ | 88,119 | $ | 120,447 | $ | (664) | $ | 207,902 |
Increase/ (Decrease) | |||||
Net income/(loss) | $ | (3.1) | |||
Shareholder distributions | (0.4) | ||||
Total | $ | (3.5) |
U.S. Sales | U.S. Wholesales | ||||||||||
Trucks | 212,312 | 211,193 | |||||||||
SUVs | 205,798 | 238,784 | |||||||||
Cars | 14,022 | 9,088 | |||||||||
Total Vehicles | 432,132 | 459,065 |
ASU | Effective Date (a) | ||||||||||
2018-12 | Targeted Improvements to the Accounting for Long Duration Contracts | January 1, 2023 | |||||||||
2022-01 | Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method | January 1, 2023 | |||||||||
2022-02 | Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures | January 1, 2023 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly-Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
January 1, 2022 through January 31, 2022 | 784,211 | $ | 23.74 | — | — | |||||||||||||||||||||
February 1, 2022 through February 28, 2022 | 299,166 | 17.34 | — | — | ||||||||||||||||||||||
March 1, 2022 through March 31, 2022 | 589,521 | 17.34 | — | — | ||||||||||||||||||||||
Total / Average | 1,672,898 | $ | 20.34 | — | — |
Designation | Description | Method of Filing | ||||||||||||
Annual Incentive Compensation Plan Metrics for 2022. | Filed with this Report. | |||||||||||||
Performance-Based Restricted Stock Unit Metrics for 2022. | Filed with this Report. | |||||||||||||
Benefit Equalization Plan, as amended and restated effective as of January 1, 2022. | Filed with this Report. | |||||||||||||
Defined Benefit Supplemental Executive Retirement Plan, as amended and restated effective as of January 1, 2022. | Filed with this Report. | |||||||||||||
Defined Contribution Supplemental Executive Retirement Plan, as amended and restated effective as of January 1, 2022. | Filed with this Report. | |||||||||||||
Rule 15d-14(a) Certification of CEO. | Filed with this Report. | |||||||||||||
Rule 15d-14(a) Certification of CFO. | Filed with this Report. | |||||||||||||
Section 1350 Certification of CEO. | Furnished with this Report. | |||||||||||||
Section 1350 Certification of CFO. | Furnished with this Report. | |||||||||||||
Exhibit 101.INS | Interactive Data Files pursuant to Rule 405 of Regulation S-T formatted in Inline Extensible Business Reporting Language (“Inline XBRL”). | (a) | ||||||||||||
Exhibit 101.SCH | XBRL Taxonomy Extension Schema Document. | (a) | ||||||||||||
Exhibit 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | (a) | ||||||||||||
Exhibit 101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | (a) | ||||||||||||
Exhibit 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | (a) | ||||||||||||
Exhibit 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | (a) | ||||||||||||
Exhibit 104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101). | (a) |
By: | /s/ Cathy O’Callaghan | ||||
Cathy O’Callaghan, Controller | |||||
(principal accounting officer) | |||||
Date: | April 27, 2022 |
Financial Metrics – 100% Company Adjusted Free Cash Flow Company Adjusted EBIT Margin External Annual ROIC | Weighting 50% 30% 20% | ||||
Total Shareholder Return | Modifier | ||||
Total Shareholder Return (TSR) | +/- 25% |
Status at Retirement | Applicable Percentage | ||||
Chairman, Vice Chairman, President | .90% | ||||
Executive Vice President | .80% | ||||
Vice President | .70% | ||||
Non-Vice Presidents | |||||
- Salary Grade 21, 20, 19 | .60% | ||||
- Salary Grade 18, 17, 16 | .40% | ||||
- Salary Grade 15, 14, 13 | .20% |
Status at Retirement | Applicable Percentage | ||||
Vice President Band | |||||
–Chairman, Vice Chairman, President | .90% | ||||
–Executive Vice President | .80% | ||||
–Group Vice President | .75% | ||||
–Vice President | .70% | ||||
Non-Vice President | |||||
–General Executive Band | .60% | ||||
–Executive Band | .40% | ||||
–Salary Grade 15, 14, 13 | .20% |
Status at Retirement | Applicable Percentage | ||||
Leadership Level One | |||||
–Executive Chairman, Chairman, Vice Chairman, Chief Executive Officer, President, Chief Operating Officer | .90% | ||||
–Executive Vice President | .80% | ||||
–Group Vice President | .75% | ||||
–Vice President | .70% | ||||
Leadership Level Two2 | |||||
–Standard Benefit | .40% | ||||
–Non-standard Benefit3 | .60% | ||||
Leadership Level Three | .20% | ||||
Leadership Level Four | .20% |
Status at Retirement | Applicable Percentage | ||||
Leadership Level One | |||||
- Executive Chairman, Chairman, Vice Chairman, Chief Executive Officer, President, Chief Operating Officer | .90% | ||||
- Executive Vice President | .80% | ||||
- Group Vice President | .75% | ||||
- Vice President | .70% | ||||
Leadership Level Two | .40% | ||||
Leadership Level Three | .20% | ||||
Leadership Level Four | .20% |
Status at Retirement | Applicable Percentage | ||||
Leadership Level One | |||||
–Reward Band 0 | .90% | ||||
–Reward Band 1 | .80% | ||||
–Reward Band 2 | .75% | ||||
–Reward Band 3 | .70% | ||||
–Reward Band 4 | .70% | ||||
Leadership Level Two | .40% | ||||
Leadership Level Three | .20% | ||||
Leadership Level Four | .20% |
Applicable Percentage (prior to January 1, 2022) | ||||||||||||||
Age < 40 | Age 40-49 | Age 50+ | ||||||||||||
Leadership Level One –Executive Chairman, Chairman, Vice Chairman, Chief Executive Officer, President, Chief Operating Officer | 16.50% | 15.50% | 14.50% | |||||||||||
–Executive Vice President | 10.50% | 9.50% | 8.50% | |||||||||||
–Group Vice President & Vice President | 7.50% | 6.50% | 5.50% | |||||||||||
Leadership Level Two | 4.50% | 3.50% | 2.50% | |||||||||||
Leadership Level Three & Four | 3.00% | 2.00% | 1.00% |
Applicable Percentage (on or after January 1, 2022) | ||||||||||||||
Age < 40 | Age 40-49 | Age 50+ | ||||||||||||
Leadership Level One –Reward Band 0 | 16.50% | 15.50% | 14.50% | |||||||||||
–Reward Band 1 | 10.50% | 9.50% | 8.50% | |||||||||||
–Reward Band 2 | 7.50% | 6.50% | 5.50% | |||||||||||
–Reward Band 3 | 7.50% | 6.50% | 5.50% | |||||||||||
–Reward Band 4 | 7.50% | 6.50% | 5.50% | |||||||||||
Leadership Level Two | 4.50% | 3.50% | 2.50% | |||||||||||
Leadership Level Three & Four | 3.00% | 2.00% | 1.00% |
Dated: April 27, 2022 | /s/ James D. Farley, Jr. | |||||||
James D. Farley, Jr. | ||||||||
President and Chief Executive Officer |
Dated: April 27, 2022 | /s/ John T. Lawler | |||||||
John T. Lawler | ||||||||
Chief Financial Officer | ||||||||
Dated: April 27, 2022 | /s/ James D. Farley, Jr. | |||||||
James D. Farley, Jr. | ||||||||
President and Chief Executive Officer |
Dated: April 27, 2022 | /s/ John T. Lawler | |||||||
John T. Lawler | ||||||||
Chief Financial Officer | ||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ (3,119) | $ 3,262 |
Foreign currency translation | 146 | 289 |
Marketable Securities | (253) | (65) |
Derivative Instruments | 144 | (301) |
Pension and other postretirement benefits | 8 | 1 |
Total other comprehensive income/(loss), net of tax | 45 | (76) |
Comprehensive income | (3,074) | 3,186 |
Less: Comprehensive income/(loss) attributable to noncontrolling interests | (9) | 0 |
Comprehensive income attributable to Ford Motor Company | $ (3,065) | $ 3,186 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Cash and cash equivalents | $ 21,013 | $ 20,540 |
Financing Receivable, Allowance for Credit Loss, Current | 262 | 282 |
Accounts Receivable, Allowance for Credit Loss, Current | 77 | 48 |
Financing Receivable, Allowance for Credit Loss, Noncurrent | 583 | 643 |
Variable Interest Entity, Primary Beneficiary | ||
Cash and cash equivalents | 2,473 | 3,407 |
Total finance receivables, net | 42,119 | 43,001 |
Net Investment in Operating Lease | 10,191 | 7,540 |
Other assets | 152 | 39 |
Other liabilities and deferred revenue | 1 | 6 |
Debt | $ 40,139 | $ 38,274 |
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions |
Total |
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 |
|||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance at Dec. 31, 2020 | $ 30,811 | $ 41 | $ 22,290 | $ 18,243 | $ (8,294) | $ (1,590) | $ 30,690 | $ 121 | |||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||||
Net income/(loss) | 3,262 | 0 | 0 | 3,262 | 0 | 0 | 3,262 | 0 | |||||||||||
Other comprehensive income/(loss), net | (76) | 0 | 0 | 0 | (76) | 0 | (76) | 0 | |||||||||||
Common Stock issued (a) | (50) | [1] | 0 | (50) | 0 | 0 | 0 | (50) | [1] | 0 | |||||||||
Treasury stock/other | 30 | 0 | 0 | 0 | 0 | 5 | 5 | 25 | |||||||||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 0 | ||||||||||||||||||
Dividends and dividend equivalents declared | (3) | [2] | 0 | 0 | (3) | 0 | 0 | (3) | [2] | ||||||||||
Ending balance at Mar. 31, 2021 | 33,974 | 41 | 22,240 | 21,502 | (8,370) | (1,585) | 33,828 | 146 | |||||||||||
Beginning balance at Dec. 31, 2021 | 48,622 | 41 | 22,611 | 35,769 | (8,339) | (1,563) | 48,519 | 103 | |||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||||
Net income/(loss) | (3,119) | 0 | 0 | (3,110) | 0 | 0 | (3,110) | (9) | |||||||||||
Other comprehensive income/(loss), net | 45 | 0 | 0 | 0 | 45 | 0 | 45 | 0 | |||||||||||
Common Stock issued (a) | (60) | [1] | 1 | (61) | [1] | 0 | [1] | 0 | [1] | 0 | [1] | (60) | [1] | 0 | [1] | ||||
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 | [2] | 0 | |||||||||||||||||
Dividends and dividend equivalents declared | [2] | $ (408) | 0 | 0 | (408) | 0 | 0 | (408) | |||||||||||
Ending balance at Mar. 31, 2022 | $ 45,084 | $ 42 | $ 22,550 | $ 32,251 | $ (8,294) | $ (1,564) | $ 44,985 | $ 99 | |||||||||||
|
Presentation |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
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, 2021 (“2021 Form 10-K Report”).
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New Accounting Standards (Notes) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Standards Update and Change in Accounting Principle [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NEW ACCOUNTING STANDARDS | NEW ACCOUNTING STANDARDS Adoption of New Accounting Standards Accounting Standards Update (“ASU”) 2021-10, Government Assistance: Disclosures by Business Entities about Government Assistance. In November 2021, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update requiring entities to provide certain disclosures in annual period financial statements for those transactions with governments that are accounted for by applying a grant or contribution accounting model via analogy to other applicable accounting standards. We are assessing the effect on our annual consolidated financial statement disclosures; however, adoption will not impact our consolidated balance sheets or income statements. We also adopted the following ASUs during 2022, none of which had a material impact to our consolidated financial statements or financial statement disclosures:
Accounting Standards Issued But Not Yet Adopted ASU 2022-02, Financial Instruments – Credit Losses, Troubled Debt Restructurings and Vintage Disclosures. In March 2022, the FASB issued a new accounting standard that eliminates the troubled debt recognition and measurement guidance. The new standard requires that an entity apply the loan refinancing and restructuring guidance in ASC 310 to all loan modifications and/or receivable modifications. It also enhances disclosure requirements for certain refinancings and restructurings by creditors when a borrower is experiencing financial difficulty and requires disclosure of current-period gross charge-offs by year of origination in the vintage disclosure. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. We are assessing the effect of the new standard on our consolidated financial statements and disclosures. All other ASUs issued but not yet adopted were assessed and determined to be either not applicable or are not expected to have a material impact to our consolidated financial statements or financial statement disclosures.
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Revenue (Notes) |
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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):
__________ (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 related to revenue recognized in prior periods of $359 million and $211 million in the first quarter of 2021 and 2022, respectively. We had a balance of $4.3 billion of unearned revenue associated primarily with outstanding extended service contracts reported in Other liabilities and deferred revenue at December 31, 2021 and March 31, 2022. We expect to recognize approximately $1 billion of the unearned amount in the remainder of 2022, $1.2 billion in 2023, and $2.1 billion thereafter. We recognized $342 million and $365 million of unearned amounts as revenue during the first quarter of 2021 and 2022, respectively. Amounts paid to dealers to obtain extended service contracts are deferred and recorded as Other assets. We had a balance of $309 million and $317 million in deferred costs as of December 31, 2021 and March 31, 2022, respectively. We recognized $20 million and $22 million of amortization during the first quarter of 2021 and 2022, respectively
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Other Income/(Loss) (Notes) |
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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):
__________ (a) See Note 13 for additional information relating to our pension and OPEB remeasurements. (b) Includes a $0.9 billion unrealized gain and a $5.4 billion unrealized loss on our Rivian equity investment in the first quarter of 2021 and 2022, respectively. (c) Primarily reflects a gain on Getrag Ford Transmission GmbH in first quarter 2021 (see Note 17), and a loss on the Ford Credit Brazil liquidation in first quarter 2022 (see Note 16).
|
Income Taxes (Notes) |
3 Months Ended |
---|---|
Mar. 31, 2022 | |
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 Share (Notes) |
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
__________ (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.
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Cash, Cash Equivalents, and Marketable Securities (Notes) |
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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):
__________ (a)Includes $10.6 billion and $5.1 billion of Rivian common shares valued at $103.69 and $50.24 per share as of December 31, 2021 and March 31, 2022, respectively. During full year 2021 and first quarter 2022, we recognized an unrealized gain of $8.3 billion and an unrealized loss of $5.4 billion, respectively. At April 26, 2022, Rivian common shares were valued at $30.68 per share. Ford’s Rivian shares are subject to a contractual 180-day lock-up period that commenced with Rivian’s initial public offering (“IPO”) on November 10, 2021. 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):
Sales proceeds and gross realized gains/losses from the sale of AFS securities for the periods ended March 31 were as follows (in millions):
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):
We determine credit losses on AFS debt securities using the specific identification method. During the first quarter of 2022, 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):
__________ (a)Included in Other assets in the non-current assets section of our consolidated balance sheets.
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Ford Credit Finance Receivables and Allowance for Credit Losses (Notes) |
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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):
__________ (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 2021 and 2022 was $90 million and $77 million, respectively, and is included in Ford Credit revenues on our consolidated income statements. At December 31, 2021 and March 31, 2022, accrued interest was $125 million and $122 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, 2021 and March 31, 2022, were consumer receivables of $39 billion and $38.3 billion, respectively, and non-consumer receivables of $12 billion and $11.9 billion, respectively, (including Automotive 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, 2021 was as follows (in millions):
The credit quality analysis of consumer receivables at March 31, 2022 was as follows (in millions):
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, 2021 was as follows (in millions):
__________ (a)Total past due dealer financing receivables at December 31, 2021 were $62 million. The credit quality analysis of dealer financing receivables at March 31, 2022 was as follows (in millions):
__________ (a)Total past due dealer financing receivables at March 31, 2022 were $13 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. Troubled Debt Restructuring (“TDR”). A restructuring of debt constitutes a TDR if Ford Credit grants a concession to a debtor for economic or legal reasons related to the debtor’s financial difficulties that Ford Credit otherwise would not consider. Consumer and non-consumer receivables that have a modified interest rate below market rate or that were modified in reorganization proceedings pursuant to the U.S. Bankruptcy Code, except non-consumer receivables that are current with minimal risk of loss, are considered to be TDRs. Ford Credit does not grant concessions on 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. 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. NOTE 8. FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued) 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):
__________ (a) Primarily represents amounts related to translation adjustments. During the first quarter of 2022, the allowance for credit losses decreased $80 million, primarily reflecting improvement in the economic outlook that caused Ford Credit to lower its expectation of lifetime losses attributable to macroeconomic assumptions driven by COVID-19. Although net charge-offs in the quarter ended March 31, 2022 remained low, due in part to high vehicle auction values, the impact of higher inflation 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.
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Inventories (Notes) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES | INVENTORIES Inventories were as follows (in millions):
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Other Investments (Notes) |
3 Months Ended |
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Mar. 31, 2022 | |
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 in the non-current assets section of our consolidated balance sheets. These investments were $0.9 billion and $1.2 billion at December 31, 2021 and March 31, 2022, respectively. The cumulative net unrealized gain from adjustments related to Other Investments held at March 31, 2022 is $138 million. |
Goodwill (Notes) |
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Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Disclosure [Text Block] | GOODWILL The net carrying amount of goodwill was $619 million and $617 million at December 31, 2021 and March 31, 2022, respectively, and is reported in Other assets in the non-current assets section of our consolidated balance sheets. |
Other Liabilities and Deferred Revenue (Notes) |
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Other Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER LIABILITIES AND DEFERRED REVENUE | OTHER LIABILITIES AND DEFERRED REVENUE Other liabilities and deferred revenue were as follows (in millions):
__________ (a)Balances at March 31, 2022 reflect pension and OPEB liabilities at December 31, 2021, updated (where applicable) for service and interest cost, expected return on assets, separation expense, actual benefit payments, and cash contributions. The discount rate and rate of expected return assumptions are unchanged from year-end 2021. Included in Other assets are pension assets of $8.5 billion and $8.8 billion at December 31, 2021 and March 31, 2022, respectively.
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Retirement Benefits (Notes) |
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
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 2021 and 2022, we recognized expenses of $38 million and $7 million, respectively, in non-U.S. pension plans related to ongoing redesign programs. Until our Global Redesign programs are completed, we anticipate further adjustments to our plans in subsequent periods. Pension Plan Contributions During 2022, we expect to contribute between $700 million and $800 million of cash to our global funded pension plans. We also expect to make about $400 million of benefit payments to participants in unfunded plans. In the first quarter of 2022, we contributed $174 million to our global funded pension plans and made $98 million of benefit payments to participants in unfunded plans.
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Debt (Notes) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | DEBT The carrying value of Company debt excluding Ford Credit and Ford Credit debt was as follows (in millions):
__________ (a)As of March 31, 2022, each $1,000 principal amount of the notes will be convertible into 57.7721 shares of our Common Stock, which is equivalent to a conversion price of approximately $17.31 per share. We recognized $0.2 million and $1.7 million of issuance cost amortization during the first quarter of 2021 and 2022, respectively. (b)At December 31, 2021 and March 31, 2022, the fair value of debt includes $209 million and $201 million of Company excluding Ford Credit short-term debt and $14.1 billion and $13.5 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 $257 million and $242 million at December 31, 2021 and March 31, 2022, respectively. The carrying value of hedged debt was $37.5 billion and $36.3 billion at December 31, 2021 and March 31, 2022, respectively.
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Derivative Financial Instruments and Hedging Activities (Notes) |
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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):
__________ (a)For the first quarter of 2021 and 2022, a $461 million loss and a $128 million loss, respectively, were reported in Other comprehensive income/(loss), net of tax. (b)For the first quarter of 2021 and 2022, an $80 million gain and a $284 million gain, respectively, were reported in Other comprehensive income/(loss), net of tax. (c)For the first quarter of 2021 and 2022, a $181 million gain and a $44 million loss, respectively, were reported in Cost of sales, and a $52 million gain and a $2 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):
__________ (a)At December 31, 2021 and March 31, 2022, we held collateral of $26 million and $102 million, respectively, and we posted collateral of $71 million and $109 million, respectively. (b)At December 31, 2021 and March 31, 2022, the fair value of assets and liabilities available for counterparty netting was $719 million and $429 million, respectively. All derivatives are categorized within Level 2 of the fair value hierarchy.
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Employee Separation Actions and Exit and Disposal Activities (Notes) |
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Restructuring and Related Activities Disclosure [Text Block] | EMPLOYEE SEPARATION ACTIONS AND EXIT AND DISPOSAL ACTIVITIES We record costs associated with voluntary separations at the time of employee acceptance, unless the acceptance requires explicit approval by the Company. 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 initiated, primarily related to the global redesign of our business: •Ford Motor Company Brasil Ltda. exited manufacturing operations in Brazil, which resulted in the closure of facilities in Camaçari, Taubaté, and Troller in 2021 •Ford Motor Company Limited ceased production at the Bridgend plant in the United Kingdom and the facility was closed in September 2020 •Ford India Private Limited ceased vehicle manufacturing in Sanand in fourth quarter 2021 and plans to cease engine and vehicle manufacturing in Chennai by mid-2022 •Ford Espana S.L. ceased production of the Mondeo at the Valencia plant in Spain in March 2022 In addition, we are continuing to reduce our global workforce and take other restructuring actions. The following table summarizes the activities for the periods ended March 31, which are recorded in Other liabilities and deferred revenue (in millions):
__________ (a)Excludes pension costs of $38 million and $7 million in the first quarter of 2021 and 2022, respectively. We recorded $302 million and $23 million in the first quarter of 2021 and 2022, respectively, for accelerated depreciation and other non-cash items. In addition, we recognized a pre-tax net gain on sale of assets of $32 million in the first quarter of 2022. We estimate that we will incur total charges in 2022 that range between $1.0 billion and $1.5 billion related to the actions above, primarily attributable to employee separations and dealer and supplier settlements. We continue to review our global businesses and may take additional restructuring actions in markets where a path to sustained profitability is not feasible when considering the capital allocation required for those markets. Ford Credit Accumulated foreign currency translation losses included in Accumulated other comprehensive income/(loss) at March 31, 2022 of $259 million are associated with Ford Credit’s investments in Brazil and Argentina, that it no longer plans to operate. 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 recognized a $119 million loss on the liquidation of two investments in Brazil. Although the timing for the completion of the remaining actions is uncertain, we expect the majority of losses to be recognized in 2024 or later.
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Acquisitions and Divestitures (Notes) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ACQUISITIONS AND DIVESTITURES Company Excluding Ford Credit Ford Romania S.A. (“Ford Romania”). In the first quarter of 2022, we entered into an agreement to sell our wholly-owned Ford Romania subsidiary to Ford Otosan, a joint venture in which Ford has a 41% ownership share. This transaction will result in the deconsolidation of Ford Romania. Following the sale, the plant in Craiova, Romania will continue to manufacture Ford-branded vehicles for Ford and Ford Otosan. We expect to complete the sale in mid-2022. We have reported the assets and liabilities of the Ford Romania operations as held for sale and ceased depreciation and amortization of those assets. The assets and liabilities classified as held for sale for the period ended March 31, were as follows (in millions):
__________ (a) As of March 31, 2022, intercompany items and transactions have been eliminated on the consolidated balance sheets. Upon closing, the buyer will assume the intercompany assets and liabilities. Accordingly, we have presented those balances in the table for informational purposes. Held-for-sale assets are measured at the lower of carrying amount or fair value less cost to sell. We estimated the fair value using a market approach based on the negotiated value of the assets, and determined the assets held for sale were not impaired. Skinny Labs Inc., dba Spin (“Spin”). In the first quarter of 2022, we entered into an agreement to sell Spin, our wholly-owned micro-mobility provider. Accordingly, we have reported the $116 million of assets, including $76 million of cash, and $28 million of liabilities of this operation as held for sale for the period ended March 31, 2022. We determined the assets held for sale were not impaired. On April 1, 2022, we completed the sale of Spin to TIER Mobility SE, a German-based micro-mobility provider, which will result 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 we will reflect in our consolidated balance sheets in Other assets in the second quarter of 2022. We expect the fair value of the preferred equity to approximate the carrying value of Spin at the time of the transaction. NOTE 17. ACQUISITIONS AND DIVESTITURES (Continued) Electriphi, Inc. (“Electriphi”). On June 18, 2021, we acquired Electriphi, a California-based provider of charging management and fleet monitoring software for electric vehicles. Assets acquired primarily include goodwill, reported in Other assets, and software, reported in Net property. The acquisition did not have a material impact on our financial statements. Ford Lio Ho Motor Co., Ltd. (“FLH”). On April 1, 2021, we completed the sale of our controlling financial interest in FLH and its wholly owned subsidiary FLH Marketing & Service Limited, which resulted in deconsolidation of our Ford Taiwan subsidiary in the second quarter of 2021. FLH will continue to import, manufacture, and sell Ford-branded vehicles through at least 2025. We recognized a pre-tax gain of $161 million, which was reported in Other income/(loss), net in the second quarter of 2021. Getrag Ford Transmissions GmbH (“GFT”). Prior to March 2021, Ford and Magna International Inc. (“Magna”) equally owned and operated the GFT joint venture for the purpose of developing, manufacturing, and selling transmissions. We accounted for our investment in GFT as an equity method investment. During the first quarter of 2021 and prior to our acquisition, GFT recorded restructuring charges, of which our share was $40 million. These charges are included in Equity in net income/(loss) of affiliated companies. On March 1, 2021, we acquired Magna’s shares in the restructured GFT. The purchase price, which was subject to post-closing revisions, was $275 million. The restructured GFT includes the Halewood, UK and Cologne, Germany transmission plants, but excludes the Bordeaux, France transmission plant and China interests acquired by Magna. We concluded with Magna that these businesses would be better served under separate ownership. The Sanand, India transmission plant will continue under joint Ford/Magna ownership. As a result of the transaction, we consolidated the restructured GFT, remeasured our prior investment in GFT at its $275 million fair value, and recognized in Other income/(loss), net a pre-tax gain of $178 million during 2021 and post-closing revisions resulting in a pre-tax gain of $2 million during the first quarter of 2022. We estimated the fair value of GFT in negotiations with Magna based on the income approach. The significant assumptions used in the valuation included GFT’s cash flows that reflect the approved business plan, discounted at a rate typically used for a company like GFT.
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Accumulated Other Comprehensive Income/(Loss) (Notes) |
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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):
__________ (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 $11 million (see Note 15).
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Variable Interest Entities (Notes) |
3 Months Ended |
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Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entity Disclosure | VARIABLE INTEREST ENTITIESCertain 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 affiliates is limited to our investments and loans and was $2.8 billion and $3 billion at December 31, 2021 and March 31, 2022, respectively. |
Commitments and Contingencies (Notes) |
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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 $357 million and $358 million at December 31, 2021 and March 31, 2022, respectively. The carrying value of recorded liabilities related to financial guarantees was $36 million and $35 million at December 31, 2021 and March 31, 2022, 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 2033, 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 $453 million and $295 million at December 31, 2021 and March 31, 2022, respectively. The carrying value of recorded liabilities related to non-financial guarantees was $38 million and $16 million at December 31, 2021 and March 31, 2022, respectively. Included in the $295 million of maximum potential payments at March 31, 2022 are guarantees for the resale value of vehicles sold in certain arrangements to daily rental companies. The maximum potential payment of $288 million as of March 31, 2022 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 have recorded $16 million as our best estimate of the amount 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 about $2.1 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):
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.
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Segment Information (Notes) |
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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. Accordingly, we analyze the results of our business through the following segments: Automotive, Mobility, and Ford Credit. Effective with fourth quarter 2021 reporting, special items include gains and losses on investments in equity securities. Prior period amounts were adjusted retrospectively to reflect the change. Below is a description of our reportable segments and other activities. Automotive Segment The Automotive segment primarily includes the sale of Ford and Lincoln vehicles, service parts, and accessories worldwide, together with the associated costs to develop, manufacture, distribute, and service the vehicles, parts, and accessories. This segment includes revenues and costs related to our electrification vehicle programs and enterprise connectivity. The segment includes the following regional business units: North America, South America, Europe, China (including Taiwan), and the International Markets Group. Mobility Segment The Mobility segment primarily includes development costs for Ford’s autonomous vehicles and related businesses, Ford’s equity ownership in Argo AI (a developer of autonomous driving systems), and other mobility businesses and investments. 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, interest income (excluding interest earned on our extended service contract portfolio that is included in our Automotive segment) 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; other investments; 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. The underlying liability is reported in the Automotive segment and in Corporate Other. 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, 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) Key financial information for the periods ended or at March 31 was as follows (in millions):
__________ (a)Primarily reflects gains/(losses) on investments in equity securities (including a $902 million unrealized gain on our Rivian equity investment) and Global Redesign actions. (b)Includes eliminations of intersegment transactions occurring in the ordinary course of business and deferred tax netting. (c)Primarily reflects gains/(losses) on investments in equity securities (including a $5.4 billion unrealized loss on our Rivian equity investment). (d)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.
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Presentation Presentation (Policies) |
3 Months Ended |
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Mar. 31, 2022 | |
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) |
3 Months Ended |
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Mar. 31, 2022 | |
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) |
3 Months Ended |
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Mar. 31, 2022 | |
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 Receivables and Allowance for Credit Losses (Policies) |
3 Months Ended |
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Mar. 31, 2022 | |
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. NOTE 8. FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued) 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.
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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.
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Other Investments (Policies) |
3 Months Ended |
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Mar. 31, 2022 | |
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 in the non-current assets section of our consolidated balance sheets. |
Retirement Benefits Pension and Other Postemployment Benefits (Policies) |
3 Months Ended |
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Mar. 31, 2022 | |
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 on our consolidated income statements. |
Derivative Financial Instruments and Hedging Activities Derivative Financial Instruments and Hedging Activities (Policies) |
3 Months Ended |
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Mar. 31, 2022 | |
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 and Exit and Disposal Activities (Policies) |
3 Months Ended |
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Mar. 31, 2022 | |
Restructuring Charges [Abstract] | |
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | We record costs associated with voluntary separations at the time of employee acceptance, unless the acceptance requires explicit approval by the Company. 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 Commitments and Contingencies (Policies) |
3 Months Ended |
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Mar. 31, 2022 | |
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. 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.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.
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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.
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Segment Information Segment Information (Policies) |
3 Months Ended |
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Mar. 31, 2022 | |
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. Accordingly, we analyze the results of our business through the following segments: Automotive, Mobility, and Ford Credit. Effective with fourth quarter 2021 reporting, special items include gains and losses on investments in equity securities. Prior period amounts were adjusted retrospectively to reflect the change. Below is a description of our reportable segments and other activities. Automotive Segment The Automotive segment primarily includes the sale of Ford and Lincoln vehicles, service parts, and accessories worldwide, together with the associated costs to develop, manufacture, distribute, and service the vehicles, parts, and accessories. This segment includes revenues and costs related to our electrification vehicle programs and enterprise connectivity. The segment includes the following regional business units: North America, South America, Europe, China (including Taiwan), and the International Markets Group. Mobility Segment The Mobility segment primarily includes development costs for Ford’s autonomous vehicles and related businesses, Ford’s equity ownership in Argo AI (a developer of autonomous driving systems), and other mobility businesses and investments. 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, interest income (excluding interest earned on our extended service contract portfolio that is included in our Automotive segment) 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; other investments; 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. The underlying liability is reported in the Automotive segment and in Corporate Other. 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, 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.
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Revenue (Tables) |
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Disaggregation Of Revenue | The following tables disaggregate our revenue by major source for the periods ended March 31 (in millions):
__________ (a)Includes extended service contract revenue.
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Other Income/(Loss) (Tables) |
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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):
__________ (a) See Note 13 for additional information relating to our pension and OPEB remeasurements. (b) Includes a $0.9 billion unrealized gain and a $5.4 billion unrealized loss on our Rivian equity investment in the first quarter of 2021 and 2022, respectively. (c) Primarily reflects a gain on Getrag Ford Transmission GmbH in first quarter 2021 (see Note 17), and a loss on the Ford Credit Brazil liquidation in first quarter 2022 (see Note 16).
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Capital Stock and Earnings Per Share (Tables) |
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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):
__________ (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.
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Cash, Cash Equivalents, and Marketable Securities (Tables) |
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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):
__________ (a)Includes $10.6 billion and $5.1 billion of Rivian common shares valued at $103.69 and $50.24 per share as of December 31, 2021 and March 31, 2022, respectively. During full year 2021 and first quarter 2022, we recognized an unrealized gain of $8.3 billion and an unrealized loss of $5.4 billion, respectively. At April 26, 2022, Rivian common shares were valued at $30.68 per share. Ford’s Rivian shares are subject to a contractual 180-day lock-up period that commenced with Rivian’s initial public offering (“IPO”) on November 10, 2021.
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Debt Securities, Available-for-sale | The cash equivalents and marketable securities accounted for as available-for-sale (“AFS”) securities were as follows (in millions):
Sales proceeds and gross realized gains/losses from the sale of AFS securities for the periods ended March 31 were as follows (in millions):
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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):
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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):
__________ (a)Included in Other assets in the non-current assets section of our consolidated balance sheets.
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Ford Credit Finance Receivables (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable | Ford Credit finance receivables, net were as follows (in millions):
__________ (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.
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Financing Receivable, Past Due | The credit quality analysis of consumer receivables at December 31, 2021 was as follows (in millions):
The credit quality analysis of consumer receivables at March 31, 2022 was as follows (in millions):
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Financing Receivable Credit Quality Indicators | The credit quality analysis of dealer financing receivables at December 31, 2021 was as follows (in millions):
__________ (a)Total past due dealer financing receivables at December 31, 2021 were $62 million. The credit quality analysis of dealer financing receivables at March 31, 2022 was as follows (in millions):
__________ (a)Total past due dealer financing receivables at March 31, 2022 were $13 million.
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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):
__________ (a) Primarily represents amounts related to translation adjustments.
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Inventories (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory [Table Text Block] | Inventories were as follows (in millions):
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Other Liabilities and Deferred Revenue (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Other Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities and Deferred Revenue [Table Text Block] | Other liabilities and deferred revenue were as follows (in millions):
__________ (a)Balances at March 31, 2022 reflect pension and OPEB liabilities at December 31, 2021, updated (where applicable) for service and interest cost, expected return on assets, separation expense, actual benefit payments, and cash contributions. The discount rate and rate of expected return assumptions are unchanged from year-end 2021. Included in Other assets are pension assets of $8.5 billion and $8.8 billion at December 31, 2021 and March 31, 2022, respectively.
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Retirement Benefits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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):
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Debt (Tables) |
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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):
__________ (a)As of March 31, 2022, each $1,000 principal amount of the notes will be convertible into 57.7721 shares of our Common Stock, which is equivalent to a conversion price of approximately $17.31 per share. We recognized $0.2 million and $1.7 million of issuance cost amortization during the first quarter of 2021 and 2022, respectively. (b)At December 31, 2021 and March 31, 2022, the fair value of debt includes $209 million and $201 million of Company excluding Ford Credit short-term debt and $14.1 billion and $13.5 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 $257 million and $242 million at December 31, 2021 and March 31, 2022, respectively. The carrying value of hedged debt was $37.5 billion and $36.3 billion at December 31, 2021 and March 31, 2022, respectively.
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Derivative Financial Instruments and Hedging Activities (Tables) |
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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):
__________ (a)For the first quarter of 2021 and 2022, a $461 million loss and a $128 million loss, respectively, were reported in Other comprehensive income/(loss), net of tax. (b)For the first quarter of 2021 and 2022, an $80 million gain and a $284 million gain, respectively, were reported in Other comprehensive income/(loss), net of tax. (c)For the first quarter of 2021 and 2022, a $181 million gain and a $44 million loss, respectively, were reported in Cost of sales, and a $52 million gain and a $2 million loss, respectively, were reported in Other income/(loss), net.
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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):
__________ (a)At December 31, 2021 and March 31, 2022, we held collateral of $26 million and $102 million, respectively, and we posted collateral of $71 million and $109 million, respectively. (b)At December 31, 2021 and March 31, 2022, the fair value of assets and liabilities available for counterparty netting was $719 million and $429 million, respectively. All derivatives are categorized within Level 2 of the fair value hierarchy.
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Employee Separation Actions and Exit and Disposal Activities (Tables) |
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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):
__________ (a)Excludes pension costs of $38 million and $7 million in the first quarter of 2021 and 2022, respectively.
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Investments, Equity Method and Joint Ventures (Tables) |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] | The assets and liabilities classified as held for sale for the period ended March 31, were as follows (in millions):
__________ (a) As of March 31, 2022, intercompany items and transactions have been eliminated on the consolidated balance sheets. Upon closing, the buyer will assume the intercompany assets and liabilities. Accordingly, we have presented those balances in the table for informational purposes.
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Accumulated Other Comprehensive Income/(Loss) (Tables) |
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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):
__________ (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 $11 million (see Note 15).
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Commitments and Contingencies (Tables) |
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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):
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Segment Information (Tables) |
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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):
__________ (a)Primarily reflects gains/(losses) on investments in equity securities (including a $902 million unrealized gain on our Rivian equity investment) and Global Redesign actions. (b)Includes eliminations of intersegment transactions occurring in the ordinary course of business and deferred tax netting. (c)Primarily reflects gains/(losses) on investments in equity securities (including a $5.4 billion unrealized loss on our Rivian equity investment). (d)Primarily reflects the full impairment of our Ford Sollers Netherlands B.V. (the parent company of our joint venture in Russia) equity method investment, resulting from the ongoing regulatory and economic uncertainty in Russia.
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Revenue Revenue - Narrative (Details) - Operating Segments - Company excluding Ford Credit - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
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Vehicles, parts, and accessories | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue Performance Obligation Satisfied In Prior Period | $ 211 | $ 359 | |
Services and other revenue (a) | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Amount | 1,000 | ||
Contract with Customer, Liability | 4,300 | $ 4,300 | |
Contract with Customer, Liability, Revenue Recognized | 365 | 342 | |
Capitalized Contract Cost, Net | 317 | $ 309 | |
Capitalized Contract Cost, Amortization | $ 22 | $ 20 |
Other Income/(Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2021 |
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Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component | $ 459 | $ 612 | |
Investment-related interest income | 61 | 72 | |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 5 | (3) | |
Gain (Loss) on Investments | (5,454) | 899 | |
Gains (Losses) On Changes In Investments In Affiliates | (125) | 166 | |
Royalty income | 144 | 171 | |
Other | 60 | (45) | |
Total | (4,850) | 1,872 | |
Equities (a) | |||
Marketable Securities, Unrealized Gain (Loss) | (5,400) | $ 8,300 | |
Rivian | Equities (a) | |||
Marketable Securities, Unrealized Gain (Loss) | $ (5,400) | ||
Other Income [Member] | Rivian | |||
Equity Securities without Readily Determinable Fair Value, Upward Price Adjustment, Annual Amount | $ 902 |
Capital Stock and Earnings Per Share (Details) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
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Basic and Diluted Income Attributable to Ford Motor Company [Abstract] | ||
Net income/(loss) attributable to Ford Motor Company | $ (3,110) | $ 3,262 |
Basic and Diluted Shares [Abstract] | ||
Basic shares (average shares outstanding) | 4,008 | 3,980 |
Net dilutive options, unvested restricted stock units, unvested restricted stock shares, and convertible debt (a) | 0 | 36 |
Diluted shares | 4,008 | 4,016 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 56 |
Cash, Cash Equivalents, and Marketable Securities Restricted Cash (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 21,013 | $ 20,540 | ||
Restricted cash | 194 | 197 | ||
Cash, cash equivalents, and restricted cash in held-for-sale assets | 76 | 0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 21,283 | $ 20,737 | $ 22,050 | $ 25,935 |
Inventories (Details) $ in Millions |
Mar. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials, work-in-process, and supplies | $ 6,117 | $ 5,785 |
Finished products | 8,530 | 6,280 |
Total inventories | $ 14,647 | $ 12,065 |
Inventory, finished goods, awaiting installation of components | 53,000 |
Other Investments (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Equity Securities without Readily Determinable Fair Value, Amount | $ 1,200 | $ 900 |
Other Income [Member] | ||
Equity Securities without Readily Determinable Fair Value, Upward Price Adjustment, Cumulative Amount | $ 138 |
Goodwill (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 617 | $ 619 |
Other Liabilities and Deferred Revenue (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Dealer and dealers’ customer allowances and claims | $ 8,134 | $ 8,300 |
Deferred revenue | 2,328 | 2,349 |
Employee benefit plans | 1,289 | 1,687 |
Accrued interest | 781 | 888 |
OPEB (a) | 333 | 332 |
Pension (a) | 202 | 202 |
Operating lease liabilities | 351 | 345 |
Other | 4,845 | 4,583 |
Total current other liabilities and deferred revenue | 18,263 | 18,686 |
Accounts Payable and Accrued Liabilities, Noncurrent [Abstract] | ||
Pension (a) | 8,407 | 8,658 |
OPEB (a) | 5,669 | 5,708 |
Dealer and dealers’ customer allowances and claims | 5,076 | 4,909 |
Deferred revenue | 4,864 | 4,683 |
Operating lease liabilities | 1,032 | 1,048 |
Employee benefit plans | 990 | 1,007 |
Other | 2,463 | 1,692 |
Total non-current other liabilities and deferred revenue | 28,501 | 27,705 |
Net pension assets | $ 8,800 | $ 8,500 |
Debt - Convertible Debt (Details) - Convertible Debt - Zero Percent Convertible Senior Notes Due 2026 - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Debt Instrument [Line Items] | ||
Amortization of Debt Issuance Costs | $ 1,700,000 | $ 200,000 |
Debt Conversion, Converted Instrument, Amount | $ 1,000 | |
Debt Conversion, Converted Instrument, Shares Issued | 57.7721 | |
Debt Instrument, Convertible, Conversion Price | $ 17.31 |
Employee Separation Actions and Exit and Disposal Activities Global Redesign (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2022 |
Mar. 31, 2021 |
|
Operating Segments | Company excluding Ford Credit | ||
Restructuring Reserve | ||
Beginning balance | $ 950 | $ 1,732 |
Changes in accruals (a) | 66 | 193 |
Payments | (205) | (291) |
Foreign currency translation | 18 | (135) |
Ending balance | 829 | 1,499 |
Global Redesign | ||
Restructuring Reserve | ||
Gain (Loss) on Disposition of Property Plant Equipment | 32 | |
Global Redesign | Pension Costs | ||
Restructuring Reserve | ||
Restructuring Charges | 7 | 38 |
Global Redesign | Accelerated depreciation | ||
Restructuring Reserve | ||
Restructuring Charges | 23 | $ 302 |
Minimum | Global Redesign | Accelerated depreciation, separations, and payments | ||
Restructuring Reserve | ||
Restructuring and Related Cost, Expected Cost | 1,000 | |
Maximum | Global Redesign | Accelerated depreciation, separations, and payments | ||
Restructuring Reserve | ||
Restructuring and Related Cost, Expected Cost | $ 1,500 |
Employee Separation Actions and Exit and Disposal Activities Ford Credit (Details) - Ford Credit $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2022
USD ($)
| |
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 | $ 259 |
Variable Interest Entities (Details) - USD ($) $ in Millions |
Mar. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 3,000.0 | $ 2,800.0 |
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