Finance Receivables (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

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):

	First Quarter 2023						First Quarter 2024
	Consumer		Non-Consumer		Total		Consumer		Non-Consumer		Total
Allowance for credit losses
Beginning balance	$	838	$	7	$	845	$	879	$	3	$	882
Charge-offs	(96)		—		(96)		(129)		—		(129)
Recoveries	38		1		39		39		3		42
Provision for credit losses	78		(1)		77		91		(3)		88
Other (a)	5		—		5		(3)		—		(3)
Ending balance	$	863	$	7	$	870	$	877	$	3	$	880

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(a)Primarily represents amounts related to translation adjustments.

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

Total finance receivables, net were as follows (in millions):

	December 31, 2023		March 31, 2024
Consumer
Retail installment contracts, gross	$	73,943	$	75,909
Finance leases, gross	7,793		7,999
Retail financing, gross	81,736		83,908
Unearned interest supplements from Ford and affiliated companies	(3,344)		(3,868)
Consumer finance receivables	78,392		80,040
Non-Consumer
Dealer financing	33,377		34,319
Other financing	1,936		1,885
Non-Consumer finance receivables	35,313		36,204
Total recorded investment	$	113,705	$	116,244
Recorded investment in finance receivables	$	113,705	$	116,244
Allowance for credit losses	(882)		(880)
Total finance receivables, net	$	112,823	$	115,364
Net finance receivables subject to fair value (a)	$	105,476	$	107,841
Fair value (b)	103,937		106,494

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(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.

Financing Receivable, Past Due [Table Text Block]

The credit quality analysis of consumer receivables at December 31, 2023 was as follows (in millions):

	Amortized Cost Basis by Origination Year
	Prior to 2019		2019		2020		2021		2022		2023		Total		Percent
Consumer
31-60 days past due	$	40	$	49	$	130	$	125	$	187	$	159	$	690	0.9	%
61-120 days past due	9		11		30		37		58		50		195		0.2
Greater than 120 days past due	7		4		7		10		10		5		43		0.1
Total past due	56		64		167		172		255		214		928		1.2
Current	891		2,360		7,395		11,325		20,281		35,212		77,464		98.8
Total	$	947	$	2,424	$	7,562	$	11,497	$	20,536	$	35,426	$	78,392	100.0	%
Gross charge-offs	$	47	$	40	$	75	$	85	$	117	$	37	$	401

The credit quality analysis of consumer receivables at March 31, 2024 was as follows (in millions):

	Amortized Cost Basis by Origination Year
	Prior to 2020		2020		2021		2022		2023		2024		Total		Percent
Consumer
31-60 days past due	$	63	$	98	$	103	$	164	$	172	$	12	$	612	0.8	%
61-120 days past due	13		21		27		46		54		2		163		0.2
Greater than 120 days past due	10		8		9		14		8		—		49		—
Total past due	86		127		139		224		234		14		824		1.0
Current	2,393		6,122		9,690		18,203		32,621		10,187		79,216		99.0
Total	$	2,479	$	6,249	$	9,829	$	18,427	$	32,855	$	10,201	$	80,040	100.0	%
Gross charge-offs	$	15	$	17	$	22	$	39	$	36	$	—	$	129

Financing Receivables Credit Quality Indicators [Table Text Block]

The credit quality analysis of dealer financing receivables at December 31, 2023 was as follows (in millions):

	Amortized Cost Basis by Origination Year
	Dealer Loans
	Prior to 2019		2019		2020		2021		2022		2023		Total		Wholesale Loans		Total		Percent
Group I	$	383	$	30	$	58	$	156	$	61	$	349	$	1,037	$	29,095	$	30,132	90.3	%
Group II	16		—		1		3		2		44		66		2,834		2,900		8.7
Group III	—		—		—		—		1		8		9		292		301		0.9
Group IV	—		1		—		—		—		2		3		41		44		0.1
Total (a)	$	399	$	31	$	59	$	159	$	64	$	403	$	1,115	$	32,262	$	33,377	100.0	%
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	1	$	1	$	3	$	4

__________

(a)Total past due dealer financing receivables at December 31, 2023 were $33 million. 

The credit quality analysis of dealer financing receivables at March 31, 2024 was as follows (in millions):

	Amortized Cost Basis by Origination Year
	Dealer Loans
	Prior to 2020		2020		2021		2022		2023		2024		Total		Wholesale Loans		Total		Percent
Group I	$	299	$	60	$	111	$	61	$	268	$	150	$	949	$	30,180	$	31,129	90.7	%
Group II	16		—		4		2		4		26		52		2,859		2,911		8.5
Group III	—		—		—		—		—		7		7		240		247		0.7
Group IV	1		—		—		—		1		—		2		30		32		0.1
Total (a)	$	316	$	60	$	115	$	63	$	273	$	183	$	1,010	$	33,309	$	34,319	100.0	%
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

__________

(a)Total past due dealer financing receivables at March 31, 2024 were $19 million.