Finance Receivables (Tables)

9 Months Ended

Sep. 30, 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 September 30 was as follows (in millions):

	Third Quarter 2023						Third Quarter 2024
	Consumer		Non-Consumer		Total		Consumer		Non-Consumer		Total
Allowance for credit losses
Beginning balance	$	866	$	7	$	873	$	876	$	4	$	880
Charge-offs	(105)		—		(105)		(155)		—		(155)
Recoveries	37		—		37		41		—		41
Provision for credit losses	75		(1)		74		99		—		99
Other (a)	(3)		—		(3)		(3)		—		(3)
Ending balance	$	870	$	6	$	876	$	858	$	4	$	862
	First Nine Months 2023						First Nine Months 2024
	Consumer		Non-Consumer		Total		Consumer		Non-Consumer		Total
Allowance for credit losses
Beginning balance	$	838	$	7	$	845	$	879	$	3	$	882
Charge-offs	(279)		—		(279)		(408)		(7)		(415)
Recoveries	113		1		114		122		3		125
Provision for credit losses	193		(2)		191		277		5		282
Other (a)	5		—		5		(12)		—		(12)
Ending balance	$	870	$	6	$	876	$	858	$	4	$	862

__________

(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		September 30, 2024
Consumer
Retail installment contracts, gross	$	73,943	$	79,536
Finance leases, gross	7,793		8,752
Retail financing, gross	81,736		88,288
Unearned interest supplements from Ford and affiliated companies	(3,344)		(4,582)
Consumer finance receivables	78,392		83,706
Non-Consumer
Dealer financing	33,377		36,014
Other financing	1,936		2,189
Non-Consumer finance receivables	35,313		38,203
Total recorded investment	$	113,705	$	121,909
Recorded investment in finance receivables	$	113,705	$	121,909
Allowance for credit losses	(882)		(862)
Total finance receivables, net	$	112,823	$	121,047
Net finance receivables subject to fair value (a)	$	105,476	$	112,817
Fair value (b)	103,937		112,579

__________

(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 September 30, 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	$	50	$	97	$	104	$	178	$	224	$	116	$	769	0.9	%
61-120 days past due	9		22		29		49		62		27		198		0.2
Greater than 120 days past due	7		7		10		17		13		2		56		0.1
Total past due	66		126		143		244		299		145		1,023		1.2
Current	1,178		4,053		6,769		14,403		27,212		29,068		82,683		98.8
Total	$	1,244	$	4,179	$	6,912	$	14,647	$	27,511	$	29,213	$	83,706	100.0	%
Gross charge-offs	$	38	$	46	$	55	$	115	$	136	$	18	$	408

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 September 30, 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	$	284	$	63	$	105	$	48	$	254	$	156	$	910	$	32,709	$	33,619	93.4	%
Group II	9		—		3		2		26		26		66		2,022		2,088		5.8
Group III	—		—		—		—		1		5		6		295		301		0.8
Group IV	—		—		—		—		—		—		—		6		6		—
Total (a)	$	293	$	63	$	108	$	50	$	281	$	187	$	982	$	35,032	$	36,014	100.0	%
Gross charge-offs	$	1	$	—	$	—	$	—	$	—	$	—	$	1	$	6	$	7

__________

(a)Total past due dealer financing receivables at September 30, 2024 were $3 million.