0000037996-23-000050.txt : 20230728 0000037996-23-000050.hdr.sgml : 20230728 20230727193509 ACCESSION NUMBER: 0000037996-23-000050 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 123 CONFORMED PERIOD OF REPORT: 20230630 FILED AS OF DATE: 20230728 DATE AS OF CHANGE: 20230727 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FORD MOTOR CO CENTRAL INDEX KEY: 0000037996 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLES & PASSENGER CAR BODIES [3711] IRS NUMBER: 380549190 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-03950 FILM NUMBER: 231119856 BUSINESS ADDRESS: STREET 1: ONE AMERICAN ROAD CITY: DEARBORN STATE: MI ZIP: 48126 BUSINESS PHONE: 3133223000 MAIL ADDRESS: STREET 1: ONE AMERICAN RD CITY: DEARBORN STATE: MI ZIP: 48126 10-Q 1 f-20230630.htm 10-Q f-20230630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10-Q

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 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 July 24, 2023, Ford had outstanding 3,931,373,526 shares of Common Stock and 70,852,076 shares of Class B Stock.

Exhibit Index begins on page 66



FORD MOTOR COMPANY
QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended June 30, 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
Recent Developments
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 5Other Information
Item 6Exhibits
Signature

i


PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements.
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
For the periods ended June 30,
 20222023
First Half
(unaudited)
Cash flows from operating activities  
Net income/(loss)$(2,481)$3,679 
Depreciation and tooling amortization3,774 3,775 
Other amortization(608)(554)
Provision for/(Benefit from) credit and insurance losses(107)212 
Pension and other postretirement employee benefits (“OPEB”) expense/(income) (Note 13)(400)612 
Equity method investment dividends received in excess of (earnings)/losses and impairments171 142 
Foreign currency adjustments60 (97)
Net realized and unrealized (gains)/losses on cash equivalents, marketable securities, and other investments (Note 4)
7,974 163 
Net (gain)/loss on changes in investments in affiliates (Note 4)146 (17)
Stock compensation170 238 
Provision for/(Benefit from) deferred income taxes(1,160)3 
Decrease/(Increase) in finance receivables (wholesale and other)(4,611)(1,473)
Decrease/(Increase) in accounts receivable and other assets(1,856)(1,793)
Decrease/(Increase) in inventory(2,507)(3,354)
Increase/(Decrease) in accounts payable and accrued and other liabilities3,180 6,134 
Other118 165 
Net cash provided by/(used in) operating activities 1,863 7,835 
Cash flows from investing activities
Capital spending(3,069)(3,729)
Acquisitions of finance receivables and operating leases(20,749)(26,231)
Collections of finance receivables and operating leases24,139 22,517 
Purchases of marketable securities and other investments(8,065)(4,860)
Sales and maturities of marketable securities and other investments11,257 7,584 
Settlements of derivatives156 (32)
Capital contributions to equity method investments(36)(1,047)
Other509 (359)
Net cash provided by/(used in) investing activities4,142 (6,157)
Cash flows from financing activities  
Cash payments for dividends and dividend equivalents(807)(3,794)
Purchases of common stock  
Net changes in short-term debt595 (658)
Proceeds from issuance of long-term debt18,868 26,401 
Payments of long-term debt(24,697)(22,213)
Other(199)(197)
Net cash provided by/(used in) financing activities(6,240)(461)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(368)66 
Net increase/(decrease) in cash, cash equivalents, and restricted cash$(603)$1,283 
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 cash(603)1,283 
Cash, cash equivalents, and restricted cash at end of period (Note 7)$20,134 $26,623 

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

Item 1. Financial Statements (continued)
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(in millions, except per share amounts)
For the periods ended June 30,
 2022202320222023
 Second QuarterFirst Half
(unaudited)
Revenues  
Company excluding Ford Credit$37,934 $42,427 $70,129 $81,512 
Ford Credit2,256 2,527 4,537 4,916 
Total revenues (Note 3)40,190 44,954 74,666 86,428 
Costs and expenses  
Cost of sales33,191 37,471 62,227 72,140 
Selling, administrative, and other expenses2,759 2,750 5,499 5,256 
Ford Credit interest, operating, and other expenses1,372 2,272 2,729 4,458 
Total costs and expenses37,322 42,493 70,455 81,854 
Operating income/(loss)2,868 2,461 4,211 4,574 
Interest expense on Company debt excluding Ford Credit312 304 620 612 
Other income/(loss), net (Note 4)(1,823)255 (6,673)479 
Equity in net income/(loss) of affiliated companies58 (124)25 6 
Income/(Loss) before income taxes791 2,288 (3,057)4,447 
Provision for/(Benefit from) income taxes153 272 (576)768 
Net income/(loss)638 2,016 (2,481)3,679 
Less: Income/(Loss) attributable to noncontrolling interests(29)99 (38)5 
Net income/(loss) attributable to Ford Motor Company$667 $1,917 $(2,443)$3,674 
EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK (Note 6)
Basic income/(loss)$0.17 $0.48 $(0.61)$0.92 
Diluted income/(loss)0.16 0.47 (0.61)0.91 
Weighted-average shares used in computation of earnings/(loss) per share
Basic shares4,0214,0034,0143,996
Diluted shares4,0524,0414,0144,035

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
 For the periods ended June 30,
 2022202320222023
 Second QuarterFirst Half
(unaudited)
Net income/(loss)$638 $2,016 $(2,481)$3,679 
Other comprehensive income/(loss), net of tax (Note 18)
Foreign currency translation(1,018)278 (872)771 
Marketable securities(83)(44)(336)66 
Derivative instruments(94)(369)50 (424)
Pension and other postretirement benefits12 3 20 6 
Total other comprehensive income/(loss), net of tax(1,183)(132)(1,138)419 
Comprehensive income/(loss)(545)1,884 (3,619)4,098 
Less: Comprehensive income/(loss) attributable to noncontrolling interests(33)103 (42)9 
Comprehensive income/(loss) attributable to Ford Motor Company$(512)$1,781 $(3,577)$4,089 

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
June 30,
2023
 (unaudited)
ASSETS  
Cash and cash equivalents (Note 7)$25,134 $26,406 
Marketable securities (Note 7)18,936 16,415 
Ford Credit finance receivables, net of allowance for credit losses of $255 and $260 (Note 8)
38,720 42,557 
Trade and other receivables, less allowances of $105 and $101
15,729 14,482 
Inventories (Note 9)14,080 17,703 
Other assets3,877 4,149 
Total current assets116,476 121,712 
Ford Credit finance receivables, net of allowance for credit losses of $590 and $613 (Note 8)
49,903 52,567 
Net investment in operating leases22,772 21,662 
Net property37,265 38,503 
Equity in net assets of affiliated companies2,798 3,578 
Deferred income taxes15,552 15,860 
Other assets11,118 12,109 
Total assets$255,884 $265,991 
LIABILITIES  
Payables$25,605 $27,749 
Other liabilities and deferred revenue (Note 12 and Note 20)21,097 23,925 
Debt payable within one year (Note 14)
Company excluding Ford Credit730 410 
Ford Credit49,434 48,931 
Total current liabilities96,866 101,015 
Other liabilities and deferred revenue (Note 12 and Note 20)25,497 25,754 
Long-term debt (Note 14)
Company excluding Ford Credit19,200 19,169 
Ford Credit69,605 74,726 
Deferred income taxes1,549 1,721 
Total liabilities212,717 222,385 
EQUITY  
Common Stock, par value $0.01 per share (4,084 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 23,029 
Retained earnings31,754 31,577 
Accumulated other comprehensive income/(loss) (Note 18)(9,339)(8,924)
Treasury stock(2,047)(2,047)
Total equity attributable to Ford Motor Company43,242 43,677 
Equity attributable to noncontrolling interests(75)(71)
Total equity43,167 43,606 
Total liabilities and equity$255,884 $265,991 
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
June 30,
2023
(unaudited)
ASSETS  
Cash and cash equivalents$2,274 $2,421 
Ford Credit finance receivables, net49,142 52,504 
Net investment in operating leases12,545 8,929 
Other assets264 279 
LIABILITIES
Other liabilities and deferred revenue$2 $ 
Debt45,451 47,891 

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 
Net income/(loss)  667   667 (29)638 
Other comprehensive income/(loss), net
   (1,179) (1,179)(4)(1,183)
Common Stock issued (a) 103    103  103 
Treasury stock/other       2 2 
Dividends and dividend equivalents declared ($0.10 per share) (b)
  (407)  (407) (407)
Balance at June 30, 2022$42 $22,653 $32,511 $(9,473)$(1,564)$44,169 $68 $44,237 
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 
Net income/(loss)  1,917   1,917 99 2,016 
Other comprehensive income/(loss), net
   (136) (136)4 (132)
Common Stock issued (a) 140    140  140 
Treasury stock/other       (5)(5)
Dividends and dividend equivalents declared ($0.15 per share) (b)
  (610)  (610) (610)
Balance at June 30, 2023$42 $23,029 $31,577 $(8,924)$(2,047)$43,677 $(71)$43,606 
__________
(a)Includes impact of share-based compensation.
(b)Dividends and dividend equivalents declared for Common and Class B Stock. In the first quarter of 2023, in addition to a regular dividend of $0.15 per share, we declared 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 include all adjustments, consisting of only normal recurring adjustments, necessary for 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. The outstanding amount of Ford receivables that suppliers elected to sell to the SCF financial institutions, reported in Payables, was $253 million and $269 million at December 31, 2022 and June 30, 2023, respectively. The amount settled through the SCF program during the second quarter and first half of 2023 was $485 million and $937 million, respectively.

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 June 30 (in millions):
Second Quarter 2022
Company excluding Ford CreditFord CreditConsolidated
Vehicles, parts, and accessories$36,831 $ $36,831 
Used vehicles373  373 
Services and other revenue (a)677 52 729 
Revenues from sales and services
37,881 52 37,933 
Leasing income53 1,166 1,219 
Financing income 1,026 1,026 
Insurance income 12 12 
Total revenues$37,934 $2,256 $40,190 
Second Quarter 2023
Company excluding
Ford Credit
Ford CreditConsolidated
Vehicles, parts, and accessories$41,241 $ $41,241 
Used vehicles457  457 
Services and other revenue (a)683 49 732 
Revenues from sales and services
42,381 49 42,430 
Leasing income46 1,029 1,075 
Financing income 1,426 1,426 
Insurance income 23 23 
Total revenues$42,427 $2,527 $44,954 
First Half 2022
Company excluding
Ford Credit
Ford CreditConsolidated
Vehicles, parts, and accessories$67,822 $ $67,822 
Used vehicles802  802 
Services and other revenue (a)1,399 71 1,470 
Revenues from sales and services
70,023 71 70,094 
Leasing income106 2,377 2,483 
Financing income 2,066 2,066 
Insurance income 23 23 
Total revenues$70,129 $4,537 $74,666 
First Half 2023
Company excluding
Ford Credit
Ford CreditConsolidated
Vehicles, parts, and accessories$79,168 $ $79,168 
Used vehicles926  926 
Services and other revenue (a)1,328 66 1,394 
Revenues from sales and services
81,422 66 81,488 
Leasing income90 2,078 2,168 
Financing income 2,727 2,727 
Insurance income 45 45 
Total revenues$81,512 $4,916 $86,428 
__________
(a)Includes extended service contract revenue.


7

Item 1. Financial Statements (Continued)

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

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 $152 million in the second quarter of 2022 and a decrease of $3 million in the second quarter of 2023 related to revenue recognized in prior periods.

We had a balance of $4.4 billion and $4.6 billion of unearned revenue associated primarily with outstanding extended service contracts reported in Other liabilities and deferred revenue at December 31, 2022 and June 30, 2023, respectively. We expect to recognize approximately $800 million of the unearned amount in the remainder of 2023, $1.3 billion in 2024, and $2.5 billion thereafter. We recognized $352 million and $374 million of unearned amounts from prior years as revenue during the second quarter of 2022 and 2023, respectively, and $717 million and $754 million in the first half 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 $320 million in deferred costs as of December 31, 2022 and June 30, 2023, respectively. We recognized $22 million and $25 million of amortization during the second quarter of 2022 and 2023, respectively, and $44 million and $51 million in the first half of 2022 and 2023, respectively.
8

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 June 30 were as follows (in millions):
Second QuarterFirst Half
 2022202320222023
Net periodic pension and OPEB income/(cost), excluding service cost (Note 13)
$430 $(167)$889 $(332)
Investment-related interest income89 372 150 720 
Interest income/(expense) on income taxes
2 (2)7 (6)
Realized and unrealized gains/(losses) on cash equivalents, marketable securities, and other investments (a)(2,520)(112)(7,974)(163)
Gains/(Losses) on changes in investments in affiliates(21)13 (146)17 
Royalty income111 127 255 230 
Other86 24 146 13 
Total$(1,823)$255 $(6,673)$479 
__________
(a)    Includes a $2.4 billion loss and a $6 million loss on our Rivian investment in the second quarter of 2022 and 2023, respectively, and a $7.9 billion loss and a $31 million loss in the first half 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):
Second QuarterFirst Half
 2022202320222023
Net income/(loss) attributable to Ford Motor Company$667 $1,917 $(2,443)$3,674 
Basic and Diluted Shares   
Basic shares (average shares outstanding)4,021 4,003 4,014 3,996 
Net dilutive options, unvested restricted stock units, unvested restricted stock shares, and convertible debt (a)31 38  39 
Diluted shares4,052 4,041 4,014 4,035 
__________
(a)    In the first half of 2022, there were 43 million shares excluded from the calculation of diluted earnings/(loss) per share, due to their anti-dilutive effect.

9

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 
June 30, 2023
Fair Value LevelCompany excluding Ford CreditFord CreditConsolidated
Cash and cash equivalents  
U.S. government1$4,038 $1,252 $5,290 
U.S. government agencies23,055 650 3,705 
Non-U.S. government and agencies2902 441 1,343 
Corporate debt2539 756 1,295 
Total marketable securities classified as cash equivalents
8,534 3,099 11,633 
Cash, time deposits, and money market funds6,411 8,362 14,773 
Total cash and cash equivalents$14,945 $11,461 $26,406 
Marketable securities
U.S. government1$4,612 $281 $4,893 
U.S. government agencies22,361 319 2,680 
Non-U.S. government and agencies22,307 577 2,884 
Corporate debt25,245 271 5,516 
Equities (a)129  29 
Other marketable securities2255 158 413 
Total marketable securities$14,809 $1,606 $16,415 
Restricted cash$86 $131 $217 
__________
(a)Includes $194 million of Rivian common shares valued at $18.43 per share as of December 31, 2022. In the second quarter of 2023, we sold the remaining 9.5 million of our Rivian common shares for about $141 million in total proceeds. Net unrealized gains/losses recognized during full year 2022 and the first half of 2023 on all equity securities held at December 31, 2022 and June 30, 2023 were a $968 million loss and de minimis, respectively.
10

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
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):
December 31, 2022
Fair Value of Securities with
Contractual Maturities
 Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueWithin 1 YearAfter 1 Year through
5 Years
After 5 Years
Company excluding Ford Credit  
U.S. government$4,797 $1 $(145)$4,653 $1,008 $3,645 $ 
U.S. government agencies2,508  (119)2,389 1,244 1,109 36 
Non-U.S. government and agencies