Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2024

Defined Benefit Plan, Assumptions [Table Text Block]

The assumptions used to determine benefit obligation and net periodic benefit cost/(income) were as follows:


	2023						2024
	Pension Benefits				OPEB		Pension Benefits				OPEB
	U.S. Plans		Non-U.S. Plans		Worldwide		U.S. Plans		Non-U.S. Plans		Worldwide
Weighted Average Assumptions at December 31
Discount rate	5.17	%	3.98	%	5.10	%	5.65	%	4.51	%	5.46	%
Average rate of increase in compensation	4.05		3.54		3.98		3.80		3.52		3.80
Weighted Average Assumptions Used to Determine Net Benefit Cost for the Year Ended December 31
Discount rate - Service cost	5.60	%	4.29	%	5.65	%	5.25	%	3.92	%	5.28	%
Effective interest rate on benefit obligation	5.39		4.45		5.36		5.02		4.01		5.02
Expected long-term rate of return on assets	6.25		4.13		—		5.93		4.53		—
Average rate of increase in compensation	3.70		3.42		3.65		4.05		3.54		3.98

Schedule of defined benefit plans expense [Table Text Block]

The pre-tax net periodic benefit cost/(income) for our defined benefit pension and OPEB plans for the years ended December 31 was as follows (in millions):


	2022						2023						2024
	Pension Benefits				OPEB		Pension Benefits				OPEB		Pension Benefits				OPEB
	U.S. Plans		Non-U.S. Plans		Worldwide		U.S. Plans		Non-U.S. Plans		Worldwide		U.S. Plans		Non-U.S. Plans		Worldwide
Service cost	$	500	$	416	$	42	$	292	$	245	$	21	$	288	$	248	$	24
Interest cost	1,054		504		146		1,641		965		231		1,581		938		226
Expected return on assets	(2,569)		(1,006)		—		(1,897)		(890)		—		(1,817)		(1,019)		—
Amortization of prior service costs/(credits)	2		22		(3)		—		22		3		92		25		10
Net remeasurement (gain)/loss	1,720		(436)		(1,314)		841		932		286		444		(1,019)		(112)
Separation costs/other	46		63		—		20		261		1		22		111		—
Settlements and curtailments	438		(2)		(1)		69		9		—		129		(22)		—
Net periodic benefit cost/(income)	$	1,191	$	(439)	$	(1,130)	$	966	$	1,544	$	542	$	739	$	(738)	$	148

Schedule Of Defined Benefit Plan Obligations [Table Text Block]

The year-end status of these plans was as follows (in millions):


	2023						2024
	Pension Benefits				OPEB		Pension Benefits				OPEB
	U.S. Plans		Non-U.S. Plans		Worldwide		U.S. Plans		Non-U.S. Plans		Worldwide
Change in Benefit Obligation
Benefit obligation at January 1	$	32,867	$	21,605	$	4,459	$	32,676	$	24,004	$	4,696
Service cost	292		245		21		288		248		24
Interest cost	1,641		965		231		1,581		938		226
Amendments (a)	581		46		32		—		—		—
Separation costs/other	(18)		255		—		(19)		103		—
Curtailments	—		6		—		87		(22)		—
Settlements (b)	(1,479)		(21)		—		(8)		(6)		—
Plan participant contributions	16		11		—		15		9		—
Benefits paid	(2,417)		(1,257)		(359)		(2,706)		(1,416)		(324)
Foreign exchange translation	—		960		26		—		(989)		(95)
Actuarial (gain)/loss	1,193		1,189		286		(1,359)		(1,624)		(112)
Benefit obligation at December 31	32,676		24,004		4,696		30,555		21,245		4,415
Change in Plan Assets
Fair value of plan assets at January 1	32,922		21,344		—		31,423		22,958		—
Actual return on plan assets	2,180		1,145		—		13		414		—
Company contributions	238		756		—		808		685		—
Plan participant contributions	16		11		—		15		9		—
Benefits paid	(2,417)		(1,257)		—		(2,706)		(1,416)		—
Settlements (b)	(1,479)		(21)		—		(8)		(6)		—
Foreign exchange translation	—		990		—		—		(880)		—
Other	(37)		(10)		—		(43)		(13)		—
Fair value of plan assets at December 31	31,423		22,958		—		29,502		21,751		—
Funded status at December 31	$	(1,253)	$	(1,046)	$	(4,696)	$	(1,053)	$	506	$	(4,415)

Amounts Recognized on the Balance Sheets
Prepaid assets	$	1,229	$	3,060	$	—	$	983	$	3,155	$	—
Other liabilities	(2,482)		(4,106)		(4,696)		(2,036)		(2,649)		(4,415)
Total	$	(1,253)	$	(1,046)	$	(4,696)	$	(1,053)	$	506	$	(4,415)
Amounts Recognized in Accumulated Other Comprehensive Loss (pre-tax)
Unamortized prior service costs/(credits)	$	581	$	161	$	55	$	449	$	132	$	42

Pension Plans in which Accumulated Benefit Obligation Exceeds Plan Assets at December 31
Accumulated benefit obligation	$	14,045	$	9,135			$	1,641	$	2,793
Fair value of plan assets	12,154		5,587				85		500

Accumulated Benefit Obligation at December 31	$	32,086	$	22,661			$	30,070	$	20,209

Pension Plans in which Projected Benefit Obligation Exceeds Plan Assets at December 31
Projected benefit obligation	$	14,636	$	9,991			$	13,696	$	8,813
Fair value of plan assets	12,154		5,885				11,660		6,164

Projected Benefit Obligation at December 31	$	32,676	$	24,004			$	30,555	$	21,245

__________

(a) Reflects benefit enhancements included in the collective bargaining agreements with the UAW and Unifor ratified in 2023.

(b) For U.S. plans, 2023 primarily reflects salaried lump sum retirement payments.

Schedule of Expected Benefit Payments [Table Text Block]

The expected future benefit payments at December 31, 2024 were as follows (in millions):


	Benefit Payments
	Pension				OPEB
	U.S. Plans		Non-U.S. Plans		Worldwide
2025	$	2,685	$	1,365	$	345
2026	2,650		1,275		340
2027	2,605		1,290		335
2028	2,575		1,295		335
2029	2,575		1,310		330
2030-2034	12,180		6,575		1,590

Schedule of Allocation of Plan Assets [Table Text Block]

The fair value of our defined benefit pension plan assets (including dividends and interest receivables of $239 million and $58 million for U.S. and non-U.S. plans, respectively) by asset category at December 31 was as follows (in millions):


	2023
	U.S. Plans										Non-U.S. Plans
	Level 1		Level 2		Level 3		Assets measured at NAV (a)		Total		Level 1		Level 2		Level 3		Assets measured at NAV (a)		Total
Asset Category
Equity
U.S. companies	$	855	$	1	$	2	$	—	$	858	$	1,968	$	37	$	—	$	—	$	2,005
International companies	493		29		6		—		528		1,293		20		—		—		1,313
Total equity	1,348		30		8		—		1,386		3,261		57		—		—		3,318
Fixed Income
U.S. government and agencies	7,236		1,493		—		—		8,729		38		28		—		—		66
Non-U.S. government	2		482		2		—		486		—		12,843		184		—		13,027
Corporate bonds	—		16,470		11		—		16,481		—		1,890		66		—		1,956
Mortgage/other asset-backed	—		444		—		—		444		—		289		11		—		300
Commingled funds	—		65		—		—		65		23		191		—		—		214
Derivative financial instruments, net	(3)		161		—		—		158		—		36		36		—		72
Total fixed income	7,235		19,115		13		—		26,363		61		15,277		297		—		15,635
Alternatives
Hedge funds	—		—		—		3,603		3,603		—		—		—		906		906
Private equity	—		—		—		1,093		1,093		—		—		—		477		477
Real estate	—		—		—		1,406		1,406		—		—		—		381		381
Total alternatives	—		—		—		6,102		6,102		—		—		—		1,764		1,764
Cash, cash equivalents, and repurchase agreements (b)	(1,779)		—		—		—		(1,779)		(1,364)		—		—		—		(1,364)
Other (c)	(649)		—		—		—		(649)		(236)		—		3,841		—		3,605
Total assets at fair value	$	6,155	$	19,145	$	21	$	6,102	$	31,423	$	1,722	$	15,334	$	4,138	$	1,764	$	22,958

__________

(a)Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

(b)Primarily short-term investment funds to provide liquidity to plan investment managers and cash held to pay benefits, offset by repurchase agreements valued at $(2.7) billion in U.S. plans and $(1.8) billion in non-U.S. plans.

(c)For U.S. plans, amounts related to net pending security (purchases)/sales and net pending foreign currency purchases/(sales). For non-U.S plans, $3.0 billion of insurance contracts, primarily the Ford-Werke plan, and amounts related to net pending security (purchases)/sales and net pending foreign currency purchases/(sales).

NOTE 16. RETIREMENT BENEFITS (Continued)

The fair value of our defined benefit pension plan assets (including dividends and interest receivables of $236 million and $65 million for U.S. and non-U.S. plans, respectively) by asset category at December 31 was as follows (in millions):


	2024
	U.S. Plans										Non-U.S. Plans
	Level 1		Level 2		Level 3		Assets measured at NAV (a)		Total		Level 1		Level 2		Level 3		Assets measured at NAV (a)		Total
Asset Category
Equity
U.S. companies	$	1,035	$	2	$	2	$	—	$	1,039	$	1,719	$	25	$	—	$	—	$	1,744
International companies	490		38		6		—		534		1,080		47		1		—		1,128
Total equity	1,525		40		8		—		1,573		2,799		72		1		—		2,872
Fixed Income
U.S. government and agencies	7,106		1,079		—		—		8,185		4		26		—		—		30
Non-U.S. government	1		607		—		—		608		1,360		10,698		6		—		12,064
Corporate bonds	—		15,079		21		—		15,100		—		1,667		56		—		1,723
Mortgage/other asset-backed	—		433		—		—		433		—		291		13		—		304
Commingled funds	—		—		—		—		—		30		186		—		—		216
Derivative financial instruments, net	(6)		(57)		—		—		(63)		(1)		(20)		51		—		30
Total fixed income	7,101		17,141		21		—		24,263		1,393		12,848		126		—		14,367
Alternatives
Hedge funds	—		—		—		3,732		3,732		—		—		—		779		779
Private equity	—		—		—		845		845		—		—		—		370		370
Real estate	—		—		—		1,298		1,298		—		—		—		370		370
Total alternatives	—		—		—		5,875		5,875		—		—		—		1,519		1,519
Cash, cash equivalents, and repurchase agreements (b)	(1,656)		—		—		—		(1,656)		(197)		—		—		—		(197)
Other (c)	(553)		—		—		—		(553)		(248)		—		3,438		—		3,190
Total assets at fair value	$	6,417	$	17,181	$	29	$	5,875	$	29,502	$	3,747	$	12,920	$	3,565	$	1,519	$	21,751

__________

(a)Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

(b)Primarily short-term investment funds to provide liquidity to plan investment managers and cash held to pay benefits, offset by repurchase agreements valued at $(2.6) billion in U.S. plans and $(0.7) billion in non-U.S. plans.

(c)For U.S. plans, amounts related to net pending security (purchases)/sales and net pending foreign currency purchases/(sales). For non-U.S plans, $2.7 billion of insurance contracts, primarily the Ford-Werke plan, and amounts related to net pending security (purchases)/sales and net pending foreign currency purchases/(sales).

Schedule of Changes in Fair Value of Plan Assets [Table Text Block]

The following table summarizes the changes in Level 3 defined benefit pension plan assets measured at fair value on a recurring basis for the years ended December 31 (in millions):


	2023
			Return on plan assets
	Fair Value at January 1		Attributable to Assets Held at December 31		Attributable to Assets Sold		Net Purchases/ (Settlements)		Transfers Into/(Out of) Level 3		Fair Value at December 31
U.S. Plans	$	9	$	(6)	$	—	$	9	$	9	$	21
Non-U.S. Plans (a)	3,809		44		(8)		410		(117)		4,138

	2024
			Return on plan assets
	Fair Value at January 1		Attributable to Assets Held at December 31		Attributable to Assets Sold		Net Purchases/ (Settlements)		Transfers Into/(Out of) Level 3		Fair Value at December 31
U.S. Plans	$	21	$	—	$	3	$	4	$	1	$	29
Non-U.S. Plans (a)	4,138		(387)		(16)		(2)		(168)		3,565

__________

(a)Includes insurance contracts, primarily the Ford-Werke plan, valued at $3.0 billion and $2.7 billion at year-end 2023 and 2024, respectively.