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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10-Q

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2023

or

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

Ford Motor Company
(Exact name of Registrant as specified in its charter)
Delaware38-0549190
(State of incorporation)(I.R.S. Employer Identification No.)
One American Road
Dearborn,Michigan48126
(Address of principal executive offices)(Zip code)
313-322-3000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolsName of each exchange on which registered
Common Stock, par value $.01 per shareFNew York Stock Exchange
6.200% Notes due June 1, 2059FPRBNew York Stock Exchange
6.000% Notes due December 1, 2059FPRCNew York Stock Exchange
6.500% Notes due August 15, 2062FPRDNew York Stock Exchange

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

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

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

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

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

As of April 28, 2023, Ford had outstanding 3,929,918,250 shares of Common Stock and 70,852,076 shares of Class B Stock.

Exhibit Index begins on page 65



FORD MOTOR COMPANY
QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended March 31, 2023
 Table of ContentsPage
 Part I - Financial Information 
Item 1Financial Statements
Consolidated Statements of Cash Flows
Consolidated Income Statements
Consolidated Statements of Comprehensive Income
Consolidated Balance Sheets
Consolidated Statements of Equity
Notes to the Financial Statements
Item 2Management’s Discussion and Analysis of Financial Condition and Results of Operations
Results of Operations
Ford Blue Segment
Ford Model e Segment
Ford Pro Segment
Ford Next Segment
Ford Credit Segment
Corporate Other
Interest on Debt
Taxes
Liquidity and Capital Resources
Credit Ratings
Outlook
Cautionary Note on Forward-Looking Statements
Non-GAAP Financial Measures That Supplement GAAP Measures
Non-GAAP Financial Measure Reconciliations
Supplemental Information
Accounting Standards Issued But Not Yet Adopted
Item 3Quantitative and Qualitative Disclosures About Market Risk
Item 4Controls and Procedures
Part II - Other Information
Item 1Legal Proceedings
Item 6Exhibits
Signature

i


PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements.
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
For the periods ended March 31,
 20222023
First Quarter
(unaudited)
Cash flows from operating activities  
Net income/(loss)$(3,119)$1,663 
Depreciation and tooling amortization1,857 1,897 
Other amortization(310)(272)
Provision for/(Benefit from) credit and insurance losses(66)83 
Pension and other postretirement employee benefits (“OPEB”) expense/(income) (Note 13)(213)303 
Equity method investment dividends received in excess of (earnings)/losses and impairments199 (7)
Foreign currency adjustments32 (94)
Net realized and unrealized (gains)/losses on cash equivalents, marketable securities, and other investments (Note 4)
5,454 51 
Net (gain)/loss on changes in investments in affiliates (Note 4)125 (4)
Stock compensation67 100 
Provision for/(Benefit from) deferred income taxes(1,053)17 
Decrease/(Increase) in finance receivables (wholesale and other)(2,192)(656)
Decrease/(Increase) in accounts receivable and other assets(956)(732)
Decrease/(Increase) in inventory(2,755)(1,967)
Increase/(Decrease) in accounts payable and accrued and other liabilities1,714 2,323 
Other132 95 
Net cash provided by/(used in) operating activities (1,084)2,800 
Cash flows from investing activities
Capital spending(1,370)(1,780)
Acquisitions of finance receivables and operating leases(10,278)(12,543)
Collections of finance receivables and operating leases11,988 11,170 
Purchases of marketable securities and other investments(4,319)(2,545)
Sales and maturities of marketable securities and other investments7,115 4,413 
Settlements of derivatives212 (41)
Capital contributions to equity method investments(25)(699)
Other(8)48 
Net cash provided by/(used in) investing activities3,315 (1,977)
Cash flows from financing activities  
Cash payments for dividends and dividend equivalents(405)(3,193)
Purchases of common stock  
Net changes in short-term debt(614)(2,211)
Proceeds from issuance of long-term debt12,489 13,912 
Payments of long-term debt(12,975)(12,242)
Other(156)(140)
Net cash provided by/(used in) financing activities(1,661)(3,874)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(24)70 
Net increase/(decrease) in cash, cash equivalents, and restricted cash$546 $(2,981)
Cash, cash equivalents, and restricted cash at beginning of period (Note 7)$20,737 $25,340 
Net increase/(decrease) in cash, cash equivalents, and restricted cash546 (2,981)
Cash, cash equivalents, and restricted cash at end of period (Note 7)$21,283 $22,359 

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

Item 1. Financial Statements (continued)
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(in millions, except per share amounts)
For the periods ended March 31,
 20222023
 First Quarter
(unaudited)
Revenues  
Company excluding Ford Credit$32,195 $39,085 
Ford Credit2,281 2,389 
Total revenues (Note 3)34,476 41,474 
Costs and expenses  
Cost of sales29,036 34,669 
Selling, administrative, and other expenses2,740 2,506 
Ford Credit interest, operating, and other expenses1,357 2,186 
Total costs and expenses33,133 39,361 
Operating income/(loss)1,343 2,113 
Interest expense on Company debt excluding Ford Credit308 308 
Other income/(loss), net (Note 4)(4,850)224 
Equity in net income/(loss) of affiliated companies(33)130 
Income/(Loss) before income taxes(3,848)2,159 
Provision for/(Benefit from) income taxes(729)496 
Net income/(loss)(3,119)1,663 
Less: Income/(Loss) attributable to noncontrolling interests(9)(94)
Net income/(loss) attributable to Ford Motor Company$(3,110)$1,757 
EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK (Note 6)
Basic income/(loss)$(0.78)$0.44 
Diluted income/(loss)(0.78)0.44 
Weighted-average shares used in computation of earnings/(loss) per share
Basic shares4,0083,990
Diluted shares4,0084,029

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
 For the periods ended March 31,
 20222023
 First Quarter
(unaudited)
Net income/(loss)$(3,119)$1,663 
Other comprehensive income/(loss), net of tax (Note 18)
Foreign currency translation146 493 
Marketable securities(253)110 
Derivative instruments144 (55)
Pension and other postretirement benefits8 3 
Total other comprehensive income/(loss), net of tax45 551 
Comprehensive income/(loss)(3,074)2,214 
Less: Comprehensive income/(loss) attributable to noncontrolling interests(9)(94)
Comprehensive income/(loss) attributable to Ford Motor Company$(3,065)$2,308 

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

Item 1. Financial Statements (continued)
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions)
 December 31,
2022
March 31,
2023
 (unaudited)
ASSETS  
Cash and cash equivalents (Note 7)$25,134 $22,144 
Marketable securities (Note 7)18,936 17,369 
Ford Credit finance receivables, net of allowance for credit losses of $255 and $261 (Note 8)
38,720 40,350 
Trade and other receivables, less allowances of $105 and $93
15,729 14,920 
Inventories (Note 9)14,080 16,212 
Other assets3,877 4,128 
Total current assets116,476 115,123 
Ford Credit finance receivables, net of allowance for credit losses of $590 and $609 (Note 8)
49,903 51,084 
Net investment in operating leases22,772 22,008 
Net property37,265 37,970 
Equity in net assets of affiliated companies2,798 3,448 
Deferred income taxes15,552 15,572 
Other assets11,118 11,595 
Total assets$255,884 $256,800 
LIABILITIES  
Payables$25,605 $26,028 
Other liabilities and deferred revenue (Note 12 and Note 20)21,097 21,827 
Debt payable within one year (Note 14)
Company excluding Ford Credit730 522 
Ford Credit49,434 47,528 
Total current liabilities96,866 95,905 
Other liabilities and deferred revenue (Note 12 and Note 20)25,497 25,908 
Long-term debt (Note 14)
Company excluding Ford Credit19,200 19,190 
Ford Credit69,605 72,052 
Deferred income taxes1,549 1,548 
Total liabilities212,717 214,603 
EQUITY  
Common Stock, par value $0.01 per share (4,082 million shares issued of 6 billion authorized)
41 41 
Class B Stock, par value $0.01 per share (71 million shares issued of 530 million authorized)
1 1 
Capital in excess of par value of stock22,832 22,889 
Retained earnings31,754 30,270 
Accumulated other comprehensive income/(loss) (Note 18)(9,339)(8,788)
Treasury stock(2,047)(2,047)
Total equity attributable to Ford Motor Company43,242 42,366 
Equity attributable to noncontrolling interests(75)(169)
Total equity43,167 42,197 
Total liabilities and equity$255,884 $256,800 
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,
2022
March 31,
2023
(unaudited)
ASSETS  
Cash and cash equivalents$2,274 $2,438 
Ford Credit finance receivables, net49,142 50,454 
Net investment in operating leases12,545 9,472 
Other assets264 162 
LIABILITIES
Other liabilities and deferred revenue$2 $3 
Debt45,451 45,758 

The accompanying notes are part of the consolidated financial statements.

3

Item 1. Financial Statements (Continued)
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(in millions, unaudited)
 Equity Attributable to Ford Motor Company 
 Capital StockCap. in Excess of Par Value of StockRetained EarningsAccumulated Other Comprehensive Income/(Loss) (Note 18)Treasury StockTotalEquity Attributable to Non-controlling InterestsTotal
Equity
Balance at December 31, 2021$41 $22,611 $35,769 $(8,339)$(1,563)$48,519 $103 $48,622 
Net income/(loss)  (3,110)  (3,110)(9)(3,119)
Other comprehensive income/(loss), net
   45  45  45 
Common Stock issued (a)1 (61)   (60) (60)
Treasury stock/other     (1)(1)5 4 
Dividends and dividend equivalents declared ($0.10 per share) (b)
  (408)  (408) (408)
Balance at March 31, 2022$42 $22,550 $32,251 $(8,294)$(1,564)$44,985 $99 $45,084 
Balance at December 31, 2022$42 $22,832 $31,754 $(9,339)$(2,047)$43,242 $(75)$43,167 
Net income/(loss)  1,757   1,757 (94)1,663 
Other comprehensive income/(loss), net
   551  551  551 
Common Stock issued (a) 57    57  57 
Treasury stock/other         
Dividends and dividend equivalents declared ($0.80 per share) (b)
  (3,241)  (3,241) (3,241)
Balance at March 31, 2023$42 $22,889 $30,270 $(8,788)$(2,047)$42,366 $(169)$42,197 
__________
(a)Includes impact of share-based compensation.
(b)Dividends and dividend equivalents declared for Common and Class B Stock. On February 2, 2023, we declared a regular dividend of $0.15 per share and a supplemental dividend of $0.65 per share.

The accompanying notes are part of the consolidated financial statements.
4

Item 1. Financial Statements (Continued)
FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS

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

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
NOTE 1.  PRESENTATION

For purposes of this report, “Ford,” the “Company,” “we,” “our,” “us,” or similar references mean Ford Motor Company, our consolidated subsidiaries, and our consolidated VIEs of which we are the primary beneficiary, unless the context requires otherwise. We also make reference to Ford Motor Credit Company LLC, herein referenced to as Ford Credit. Our consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information, instructions to the Quarterly Report on Form 10-Q, and Rule 10-01 of Regulation S-X. We reclassified certain prior year amounts in our consolidated financial statements to conform to the current year presentation.

In the opinion of management, these unaudited financial statements reflect a fair statement of our results of operations and financial condition for the periods, and at the dates, presented.  The results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year.  Reference should be made to the financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2022 (“2022 Form 10-K Report”).

NOTE 2. NEW ACCOUNTING STANDARDS

Adoption of New Accounting Standards

Accounting Standards Update (“ASU”) 2022-02, Financial Instruments – Credit Losses, Troubled Debt Restructurings and Vintage Disclosures. Effective January 1, 2023, we adopted the new standard, which eliminates the troubled debt recognition and measurement guidance and requires disclosure of current period gross charge-offs by year of origination (vintage disclosure). Adoption of the new standard did not have a material impact to our consolidated financial statements or financial statement disclosures.

ASU 2022-04, Liabilities – Supplier Finance Programs, Disclosure of Supplier Finance Program Obligations. Effective January 1, 2023, we adopted the new standard, which requires that entities that use supplier finance programs disclose information about the nature and potential magnitude of the programs, activity during the period, and changes from period to period.

Financial institutions participate in a supply chain finance (“SCF”) program that enables our suppliers, at their sole discretion, to sell their Ford receivables (i.e., our payment obligations to the suppliers) to the financial institutions on a non-recourse basis in order to be paid earlier than our payment terms provide. Our suppliers’ voluntary inclusion of invoices in the SCF program has no bearing on our payment terms, the amounts we pay, or our liquidity. We have no economic interest in a supplier’s decision to participate in the SCF program, and we do not provide any guarantees in connection with it. As of March 31, 2023, the outstanding amount of Ford receivables that suppliers elected to sell to the SCF financial institutions, reported in Payables, was $265 million. The amount settled through the SCF program during the first quarter of 2023 was $452 million.

We also adopted the following ASUs during 2023, none of which had a material impact to our consolidated financial statements or financial statement disclosures:

ASUEffective Date
2022-01
Derivatives and Hedging Fair Value Hedging Portfolio Layer Hedging
January 1, 2023
2022-03Fair Value Measurement of Equity Securities Subject to Contractual Sale RestrictionsJanuary 1, 2023
2018-12Targeted Improvements to the Accounting for Long Duration Contracts (and related amendments)January 1, 2023

Accounting Standards Issued But Not Yet Adopted

ASUs issued but not yet adopted were assessed and determined to be not applicable or are not expected to have a material impact on our consolidated financial statements or financial statement disclosures.

6

Item 1. Financial Statements (Continued)

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

    The following tables disaggregate our revenue by major source for the periods ended March 31 (in millions):
First Quarter 2022
Company excluding Ford CreditFord CreditConsolidated
Vehicles, parts, and accessories$30,991 $ $30,991 
Used vehicles429  429 
Services and other revenue (a)722 19 741 
Revenues from sales and services
32,142 19 32,161 
Leasing income53 1,211 1,264 
Financing income 1,040 1,040 
Insurance income 11 11 
Total revenues$32,195 $2,281 $34,476 
First Quarter 2023
Company excluding
Ford Credit
Ford CreditConsolidated
Vehicles, parts, and accessories$37,927 $ $37,927 
Used vehicles469  469 
Services and other revenue (a)645 17 662 
Revenues from sales and services
39,041 17 39,058 
Leasing income44 1,049 1,093 
Financing income 1,301 1,301 
Insurance income 22 22 
Total revenues$39,085 $2,389 $41,474 
__________
(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 of $211 million in the first quarter of 2022 and a decrease of $178 million in the first quarter of 2023 related to revenue recognized in prior periods.

We had a balance of $4.4 billion and $4.5 billion of unearned revenue associated primarily with outstanding extended service contracts reported in Other liabilities and deferred revenue at December 31, 2022 and March 31, 2023, respectively. We expect to recognize approximately $1.1 billion of the unearned amount in the remainder of 2023, $1.2 billion in 2024, and $2.2 billion thereafter. We recognized $365 million and $380 million of unearned amounts from prior years as revenue during the first quarter of 2022 and 2023, respectively.

Amounts paid to dealers to obtain extended service contracts are deferred and recorded as Other assets. We had a balance of $315 million and $324 million in deferred costs as of December 31, 2022 and March 31, 2023, respectively. We recognized $22 million and $26 million of amortization during the first quarter of 2022 and 2023, respectively.
7

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
NOTE 4. OTHER INCOME/(LOSS)

The amounts included in Other income/(loss), net for the periods ended March 31 were as follows (in millions):
First Quarter
 20222023
Net periodic pension and OPEB income/(cost), excluding service cost (Note 13)
$459 $(165)
Investment-related interest income61 348 
Interest income/(expense) on income taxes
5 (4)
Realized and unrealized gains/(losses) on cash equivalents, marketable securities, and other investments (a)(5,454)(51)
Gains/(Losses) on changes in investments in affiliates(125)4 
Royalty income144 103 
Other60 (11)
Total$(4,850)$224 
__________
(a)    Includes a $5.4 billion loss and a $25 million loss on our Rivian investment in the first quarter of 2022 and 2023, respectively.

NOTE 5. 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.

NOTE 6. 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):
First Quarter
 20222023
Net income/(loss) attributable to Ford Motor Company$(3,110)$1,757 
Basic and Diluted Shares   
Basic shares (average shares outstanding)4,008 3,990 
Net dilutive options, unvested restricted stock units, unvested restricted stock shares, and convertible debt (a) 39 
Diluted shares4,008 4,029 
__________
(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.

8

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
NOTE 7. CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES

The fair values of cash, cash equivalents, and marketable securities measured at fair value on a recurring basis were as follows (in millions):
December 31, 2022
 Fair Value LevelCompany excluding Ford CreditFord CreditConsolidated
Cash and cash equivalents  
U.S. government1$3,295 $1,045 $4,340 
U.S. government agencies22,245 150 2,395 
Non-U.S. government and agencies21,048 199 1,247 
Other cash equivalents210  10 
Corporate debt2593 792 1,385 
Total marketable securities classified as cash equivalents
7,191 2,186 9,377 
Cash, time deposits, and money market funds7,550 8,207 15,757 
Total cash and cash equivalents$14,741 $10,393 $25,134 
Marketable securities
U.S. government1$4,947 $187 $5,134 
U.S. government agencies22,641 221 2,862 
Non-U.S. government and agencies22,625 658 3,283 
Corporate debt26,755 266 7,021 
Equities (a)1223  223 
Other marketable securities2252 161 413 
Total marketable securities$17,443 $1,493 $18,936 
Restricted cash$79 $127 $206 
March 31, 2023
Fair Value LevelCompany excluding Ford CreditFord CreditConsolidated
Cash and cash equivalents  
U.S. government1$1,958 $1,183 $3,141 
U.S. government agencies22,320 1,045 3,365 
Non-U.S. government and agencies2150 70 220 
Other cash equivalents2   
Corporate debt268 439 507 
Total marketable securities classified as cash equivalents
4,496 2,737 7,233 
Cash, time deposits, and money market funds8,333 6,578 14,911 
Total cash and cash equivalents$12,829 $9,315 $22,144 
Marketable securities
U.S. government1$4,605 $173 $4,778 
U.S. government agencies22,300 270 2,570 
Non-U.S. government and agencies22,245 548 2,793 
Corporate debt26,212 421 6,633 
Equities (a)1182  182 
Other marketable securities2250 163 413 
Total marketable securities$15,794