Delaware | 38-0549190 | ||||||||||
(State of incorporation) | (I.R.S. Employer Identification No.) | ||||||||||
One American Road | |||||||||||
Dearborn, | Michigan | 48126 | |||||||||
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $.01 per share | F | New York Stock Exchange | ||||||||||||
6.200% Notes due June 1, 2059 | FPRB | New York Stock Exchange | ||||||||||||
6.000% Notes due December 1, 2059 | FPRC | New York Stock Exchange |
Table of Contents | Page | ||||||||||
Part I - Financial Information | |||||||||||
Item 1 | Financial Statements | ||||||||||
Consolidated | |||||||||||
Consolidated Income | |||||||||||
Consolidated | |||||||||||
Consolidated Balance | |||||||||||
Consolidated | |||||||||||
Notes to the Financial Statements | |||||||||||
Item 2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||||||||||
Recent Developments | |||||||||||
Results of Operations | |||||||||||
Automotive Segment | |||||||||||
Mobility 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 | |||||||||||
Critical Accounting Estimates | |||||||||||
Accounting Standards Issued But Not Yet Adopted | |||||||||||
Item 3 | Quantitative and Qualitative Disclosures About Market Risk | ||||||||||
Item 4 | Controls and Procedures | ||||||||||
Part II - Other Information | |||||||||||
Item 1 | Legal Proceedings | ||||||||||
Item 1A | Risk Factors | ||||||||||
Item 6 | Exhibits | ||||||||||
Signature |
For the periods ended September 30, | |||||||||||
2019 | 2020 | ||||||||||
First Nine Months | |||||||||||
(unaudited) | |||||||||||
Cash flows from operating activities | |||||||||||
Net income/(loss) | $ | 1,756 | $ | 1,515 | |||||||
Depreciation and tooling amortization | 7,310 | 6,670 | |||||||||
Other amortization | (891) | (938) | |||||||||
Held-for-sale impairment charges (Note 17) | 799 | 21 | |||||||||
Provision for credit and insurance losses | 292 | 866 | |||||||||
Pension and other post-retirement employee benefits (“OPEB”) expense/(income) | 401 | (454) | |||||||||
Equity investment dividends received in excess of (earnings)/losses | 73 | 132 | |||||||||
Foreign currency adjustments | 49 | (216) | |||||||||
Net (gain)/loss on changes in investments in affiliates | (46) | (3,483) | |||||||||
Stock compensation | 238 | 170 | |||||||||
Provision for deferred income taxes | (403) | 978 | |||||||||
Decrease/(Increase) in finance receivables (wholesale and other) | 2,792 | 11,006 | |||||||||
Decrease/(Increase) in accounts receivable and other assets | (1,023) | 74 | |||||||||
Decrease/(Increase) in inventory | (1,790) | (202) | |||||||||
Increase/(Decrease) in accounts payable and accrued and other liabilities | 5,226 | 3,858 | |||||||||
Other | (44) | (267) | |||||||||
Net cash provided by/(used in) operating activities | 14,739 | 19,730 | |||||||||
Cash flows from investing activities | |||||||||||
Capital spending | (5,358) | (4,211) | |||||||||
Acquisitions of finance receivables and operating leases | (41,142) | (43,473) | |||||||||
Collections of finance receivables and operating leases | 37,854 | 36,536 | |||||||||
Proceeds from sale of business (Note 17) | 0 | 1,340 | |||||||||
Purchases of marketable securities and other investments | (12,367) | (27,401) | |||||||||
Sales and maturities of marketable securities and other investments | 12,532 | 24,402 | |||||||||
Settlements of derivatives | 163 | (407) | |||||||||
Other | (53) | 344 | |||||||||
Net cash provided by/(used in) investing activities | (8,371) | (12,870) | |||||||||
Cash flows from financing activities | |||||||||||
Cash payments for dividends and dividend equivalents | (1,794) | (596) | |||||||||
Purchases of common stock | (237) | 0 | |||||||||
Net changes in short-term debt | (1,094) | (2,815) | |||||||||
Proceeds from issuance of long-term debt | 35,705 | 54,325 | |||||||||
Principal payments on long-term debt | (34,847) | (50,641) | |||||||||
Other | (173) | (242) | |||||||||
Net cash provided by/(used in) financing activities | (2,440) | 31 | |||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (154) | (160) | |||||||||
Net increase/(decrease) in cash, cash equivalents, and restricted cash | $ | 3,774 | $ | 6,731 | |||||||
Cash, cash equivalents, and restricted cash at beginning of period (Note 7) | $ | 16,907 | $ | 17,741 | |||||||
Net increase/(decrease) in cash, cash equivalents, and restricted cash | 3,774 | 6,731 | |||||||||
Cash, cash equivalents, and restricted cash at end of period (Note 7) | $ | 20,681 | $ | 24,472 |
For the periods ended March 31, | |||||||
2019 | 2020 | ||||||
First Quarter | |||||||
(unaudited) | |||||||
Cash flows from operating activities | |||||||
Net income/(loss) | $ | 1,183 | $ | (1,993 | ) | ||
Depreciation and tooling amortization | 2,429 | 2,444 | |||||
Other amortization | (287 | ) | (302 | ) | |||
Held-for-sale impairment charges | — | 3 | |||||
Provision for credit and insurance losses | 43 | 598 | |||||
Pension and other post-retirement employee benefits (“OPEB”) expense/(income) | (18 | ) | (178 | ) | |||
Equity investment dividends received in excess of (earnings)/losses | 17 | 118 | |||||
Foreign currency adjustments | (49 | ) | 338 | ||||
Net (gain)/loss on changes in investments in affiliates | (3 | ) | (15 | ) | |||
Stock compensation | 85 | 38 | |||||
Provision for deferred income taxes | 221 | 702 | |||||
Decrease/(Increase) in finance receivables (wholesale and other) | (1,813 | ) | (1,080 | ) | |||
Decrease/(Increase) in accounts receivable and other assets | (237 | ) | 39 | ||||
Decrease/(Increase) in inventory | (1,083 | ) | (1,177 | ) | |||
Increase/(Decrease) in accounts payable and accrued and other liabilities | 2,944 | 194 | |||||
Other | 112 | (202 | ) | ||||
Net cash provided by/(used in) operating activities | 3,544 | (473 | ) | ||||
Cash flows from investing activities | |||||||
Capital spending | (1,633 | ) | (1,780 | ) | |||
Acquisitions of finance receivables and operating leases | (12,595 | ) | (12,184 | ) | |||
Collections of finance receivables and operating leases | 12,336 | 12,709 | |||||
Proceeds from sale of business (Note 17) | — | 1,340 | |||||
Purchases of marketable securities and other investments | (3,923 | ) | (8,244 | ) | |||
Sales and maturities of marketable securities and other investments | 4,441 | 4,998 | |||||
Settlements of derivatives | (14 | ) | 131 | ||||
Other | 54 | (84 | ) | ||||
Net cash provided by/(used in) investing activities | (1,334 | ) | (3,114 | ) | |||
Cash flows from financing activities | |||||||
Cash payments for dividends and dividend equivalents | (597 | ) | (596 | ) | |||
Purchases of common stock | — | — | |||||
Net changes in short-term debt | 420 | (622 | ) | ||||
Proceeds from issuance of long-term debt | 15,411 | 26,691 | |||||
Principal payments on long-term debt | (13,277 | ) | (12,948 | ) | |||
Other | (84 | ) | (71 | ) | |||
Net cash provided by/(used in) financing activities | 1,873 | 12,454 | |||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 29 | (448 | ) | ||||
Net increase/(decrease) in cash, cash equivalents, and restricted cash | $ | 4,112 | $ | 8,419 | |||
Cash, cash equivalents, and restricted cash at beginning of period (Note 7) | $ | 16,907 | $ | 17,741 | |||
Net increase/(decrease) in cash, cash equivalents, and restricted cash | 4,112 | 8,419 | |||||
Cash, cash equivalents, and restricted cash at end of period (Note 7) | $ | 21,019 | $ | 26,160 |
For the periods ended September 30, | |||||||||||||||||||||||
2019 | 2020 | 2019 | 2020 | ||||||||||||||||||||
Third Quarter | First Nine Months | ||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Automotive | $ | 33,931�� | $ | 34,707 | $ | 106,928 | $ | 82,669 | |||||||||||||||
Ford Credit | 3,045 | 2,774 | 9,231 | 8,480 | |||||||||||||||||||
Mobility | 14 | 20 | 26 | 43 | |||||||||||||||||||
Total revenues (Note 3) | 36,990 | 37,501 | 116,185 | 91,192 | |||||||||||||||||||
Costs and expenses | |||||||||||||||||||||||
Cost of sales | 32,282 | 31,223 | 99,881 | 79,677 | |||||||||||||||||||
Selling, administrative, and other expenses | 2,601 | 2,266 | 8,169 | 6,663 | |||||||||||||||||||
Ford Credit interest, operating, and other expenses | 2,368 | 1,661 | 7,104 | 6,818 | |||||||||||||||||||
Total costs and expenses | 37,251 | 35,150 | 115,154 | 93,158 | |||||||||||||||||||
Operating income/(loss) | (261) | 2,351 | 1,031 | (1,966) | |||||||||||||||||||
Interest expense on Automotive debt | 262 | 487 | 723 | 1,140 | |||||||||||||||||||
Interest expense on Other debt | 14 | 11 | 42 | 35 | |||||||||||||||||||
Other income/(loss), net (Note 4) | 534 | 845 | 1,434 | 5,843 | |||||||||||||||||||
Equity in net income/(loss) of affiliated companies | (16) | 58 | 96 | (8) | |||||||||||||||||||
Income/(Loss) before income taxes | (19) | 2,756 | 1,796 | 2,694 | |||||||||||||||||||
Provision for/(Benefit from) income taxes | (442) | 366 | 40 | 1,179 | |||||||||||||||||||
Net income/(loss) | 423 | 2,390 | 1,756 | 1,515 | |||||||||||||||||||
Less: Income/(Loss) attributable to noncontrolling interests | (2) | 5 | 37 | 6 | |||||||||||||||||||
Net income/(loss) attributable to Ford Motor Company | $ | 425 | $ | 2,385 | $ | 1,719 | $ | 1,509 | |||||||||||||||
EARNINGS PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK (Note 6) | |||||||||||||||||||||||
Basic income/(loss) | $ | 0.11 | $ | 0.60 | $ | 0.43 | $ | 0.38 | |||||||||||||||
Diluted income/(loss) | 0.11 | 0.60 | 0.43 | 0.38 | |||||||||||||||||||
Weighted-average shares used in computation of earnings per share | |||||||||||||||||||||||
Basic shares | 3,970 | 3,976 | 3,976 | 3,971 | |||||||||||||||||||
Diluted shares | 4,007 | 4,005 | 4,006 | 3,997 |
For the periods ended March 31, | |||||||
2019 | 2020 | ||||||
First Quarter | |||||||
(unaudited) | |||||||
Revenues | |||||||
Automotive | $ | 37,239 | $ | 31,340 | |||
Ford Credit | 3,097 | 2,967 | |||||
Mobility | 6 | 13 | |||||
Total revenues (Note 3) | 40,342 | 34,320 | |||||
Costs and expenses | |||||||
Cost of sales | 33,942 | 30,522 | |||||
Selling, administrative, and other expenses | 2,843 | 2,432 | |||||
Ford Credit interest, operating, and other expenses | 2,355 | 2,924 | |||||
Total costs and expenses | 39,140 | 35,878 | |||||
Operating income/(loss) | 1,202 | (1,558 | ) | ||||
Interest expense on Automotive debt | 231 | 214 | |||||
Interest expense on Other debt | 14 | 13 | |||||
Other income/(loss), net (Note 4) | 628 | 680 | |||||
Equity in net income/(loss) of affiliated companies | 25 | (41 | ) | ||||
Income/(Loss) before income taxes | 1,610 | (1,146 | ) | ||||
Provision for/(Benefit from) income taxes | 427 | 847 | |||||
Net income/(loss) | 1,183 | (1,993 | ) | ||||
Less: Income/(Loss) attributable to noncontrolling interests | 37 | — | |||||
Net income/(loss) attributable to Ford Motor Company | $ | 1,146 | $ | (1,993 | ) | ||
EARNINGS PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK (Note 6) | |||||||
Basic income/(loss) | $ | 0.29 | $ | (0.50 | ) | ||
Diluted income/(loss) | 0.29 | (0.50 | ) | ||||
Weighted-average shares used in computation of earnings per share | |||||||
Basic shares | 3,973 | 3,963 | |||||
Diluted shares | 3,997 | 3,963 |
For the periods ended September 30, | |||||||||||||||||||||||
2019 | 2020 | 2019 | 2020 | ||||||||||||||||||||
Third Quarter | First Nine Months | ||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Net income/(loss) | $ | 423 | $ | 2,390 | $ | 1,756 | $ | 1,515 | |||||||||||||||
Other comprehensive income/(loss), net of tax (Note 18) | |||||||||||||||||||||||
Foreign currency translation | (360) | (70) | (244) | (1,625) | |||||||||||||||||||
Marketable securities | 8 | (17) | 130 | 96 | |||||||||||||||||||
Derivative instruments | (69) | (71) | (398) | 597 | |||||||||||||||||||
Pension and other postretirement benefits | 15 | 15 | 36 | 46 | |||||||||||||||||||
Total other comprehensive income/(loss), net of tax | (406) | (143) | (476) | (886) | |||||||||||||||||||
Comprehensive income/(loss) | 17 | 2,247 | 1,280 | 629 | |||||||||||||||||||
Less: Comprehensive income/(loss) attributable to noncontrolling interests | (2) | 4 | 37 | 5 | |||||||||||||||||||
Comprehensive income/(loss) attributable to Ford Motor Company | $ | 19 | $ | 2,243 | $ | 1,243 | $ | 624 |
For the periods ended March 31, | |||||||
2019 | 2020 | ||||||
First Quarter | |||||||
(unaudited) | |||||||
Net income/(loss) | $ | 1,183 | $ | (1,993 | ) | ||
Other comprehensive income/(loss), net of tax (Note 18) | |||||||
Foreign currency translation | 243 | (1,453 | ) | ||||
Marketable securities | 63 | 14 | |||||
Derivative instruments | (446 | ) | 692 | ||||
Pension and other postretirement benefits | 5 | 14 | |||||
Total other comprehensive income/(loss), net of tax | (135 | ) | (733 | ) | |||
Comprehensive income/(loss) | 1,048 | (2,726 | ) | ||||
Less: Comprehensive income/(loss) attributable to noncontrolling interests | 37 | — | |||||
Comprehensive income/(loss) attributable to Ford Motor Company | $ | 1,011 | $ | (2,726 | ) |
December 31, 2019 | September 30, 2020 | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Cash and cash equivalents (Note 7) | $ | 17,504 | $ | 24,263 | |||||||
Marketable securities (Note 7) | 17,147 | 20,568 | |||||||||
Ford Credit finance receivables, net of allowance for credit losses of $162 and $394 (Note 8) | 53,651 | 41,847 | |||||||||
Trade and other receivables, less allowances of $63 and $80 | 9,237 | 10,114 | |||||||||
Inventories (Note 9) | 10,786 | 10,583 | |||||||||
Assets held for sale (Note 17) | 2,383 | 676 | |||||||||
Other assets | 3,339 | 3,714 | |||||||||
Total current assets | 114,047 | 111,765 | |||||||||
Ford Credit finance receivables, net of allowance for credit losses of $351 and $920 (Note 8) | 53,703 | 55,659 | |||||||||
Net investment in operating leases | 29,230 | 27,895 | |||||||||
Net property | 36,469 | 36,118 | |||||||||
Equity in net assets of affiliated companies | 2,519 | 4,741 | |||||||||
Deferred income taxes | 11,863 | 10,907 | |||||||||
Other assets | 10,706 | 12,858 | |||||||||
Total assets | $ | 258,537 | $ | 259,943 | |||||||
LIABILITIES | |||||||||||
Payables | $ | 20,673 | $ | 21,466 | |||||||
Other liabilities and deferred revenue (Note 12) | 22,987 | 20,293 | |||||||||
Automotive debt payable within one year (Note 14) | 1,445 | 1,368 | |||||||||
Ford Credit debt payable within one year (Note 14) | 52,371 | 49,447 | |||||||||
Other debt payable within one year (Note 14) | 130 | 180 | |||||||||
Liabilities held for sale (Note 17) | 526 | 405 | |||||||||
Total current liabilities | 98,132 | 93,159 | |||||||||
Other liabilities and deferred revenue (Note 12) | 25,324 | 26,826 | |||||||||
Automotive long-term debt (Note 14) | 13,233 | 22,363 | |||||||||
Ford Credit long-term debt (Note 14) | 87,658 | 83,626 | |||||||||
Other long-term debt (Note 14) | 470 | 291 | |||||||||
Deferred income taxes | 490 | 517 | |||||||||
Total liabilities | 225,307 | 226,782 | |||||||||
EQUITY | |||||||||||
Common Stock, par value $0.01 per share (4,025 million shares issued of 6 billion authorized) | 40 | 40 | |||||||||
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 stock | 22,165 | 22,262 | |||||||||
Retained earnings | 20,320 | 21,031 | |||||||||
Accumulated other comprehensive income/(loss) (Note 18) | (7,728) | (8,613) | |||||||||
Treasury stock | (1,613) | (1,596) | |||||||||
Total equity attributable to Ford Motor Company | 33,185 | 33,125 | |||||||||
Equity attributable to noncontrolling interests | 45 | 36 | |||||||||
Total equity | 33,230 | 33,161 | |||||||||
Total liabilities and equity | $ | 258,537 | $ | 259,943 |
December 31, 2019 | March 31, 2020 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Cash and cash equivalents (Note 7) | $ | 17,504 | $ | 25,971 | |||
Marketable securities (Note 7) | 17,147 | 20,399 | |||||
Ford Credit finance receivables, net of allowance for credit losses of $162 and $389 (Note 8) | 53,651 | 54,889 | |||||
Trade and other receivables, less allowances of $63 and $72 | 9,237 | 6,625 | |||||
Inventories (Note 9) | 10,786 | 11,312 | |||||
Assets held for sale (Note 17) | 2,383 | 700 | |||||
Other assets | 3,339 | 4,380 | |||||
Total current assets | 114,047 | 124,276 | |||||
Ford Credit finance receivables, net of allowance for credit losses of $351 and $842 (Note 8) | 53,703 | 51,141 | |||||
Net investment in operating leases | 29,230 | 28,514 | |||||
Net property | 36,469 | 35,294 | |||||
Equity in net assets of affiliated companies | 2,519 | 2,275 | |||||
Deferred income taxes | 11,863 | 10,922 | |||||
Other assets | 10,706 | 11,728 | |||||
Total assets | $ | 258,537 | $ | 264,150 | |||
LIABILITIES | |||||||
Payables | $ | 20,673 | $ | 18,439 | |||
Other liabilities and deferred revenue (Note 12) | 22,987 | 22,674 | |||||
Automotive debt payable within one year (Note 14) | 1,445 | 1,609 | |||||
Ford Credit debt payable within one year (Note 14) | 52,371 | 51,303 | |||||
Other debt payable within one year (Note 14) | 130 | — | |||||
Liabilities held for sale (Note 17) | 526 | 469 | |||||
Total current liabilities | 98,132 | 94,494 | |||||
Other liabilities and deferred revenue (Note 12) | 25,324 | 25,105 | |||||
Automotive long-term debt (Note 14) | 13,233 | 28,411 | |||||
Ford Credit long-term debt (Note 14) | 87,658 | 85,533 | |||||
Other long-term debt (Note 14) | 470 | 470 | |||||
Deferred income taxes | 490 | 439 | |||||
Total liabilities | 225,307 | 234,452 | |||||
EQUITY | |||||||
Common Stock, par value $.01 per share (4,023 million shares issued of 6 billion authorized) | 40 | 40 | |||||
Class B Stock, par value $.01 per share (71 million shares issued of 530 million authorized) | 1 | 1 | |||||
Capital in excess of par value of stock | 22,165 | 22,150 | |||||
Retained earnings | 20,320 | 17,527 | |||||
Accumulated other comprehensive income/(loss) (Note 18) | (7,728 | ) | (8,461 | ) | |||
Treasury stock | (1,613 | ) | (1,607 | ) | |||
Total equity attributable to Ford Motor Company | 33,185 | 29,650 | |||||
Equity attributable to noncontrolling interests | 45 | 48 | |||||
Total equity | 33,230 | 29,698 | |||||
Total liabilities and equity | $ | 258,537 | $ | 264,150 |
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, 2019 | September 30, 2020 | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 3,202 | $ | 2,905 | |||||||
Ford Credit finance receivables, net | 58,478 | 48,490 | |||||||||
Net investment in operating leases | 14,883 | 14,613 | |||||||||
Other assets | 12 | 0 | |||||||||
LIABILITIES | |||||||||||
Other liabilities and deferred revenue | $ | 19 | $ | 69 | |||||||
Debt | 50,865 | 44,766 |
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 sheet above. | |||||||
December 31, 2019 | March 31, 2020 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 3,202 | $ | 2,549 | |||
Ford Credit finance receivables, net | 58,478 | 54,038 | |||||
Net investment in operating leases | 14,883 | 14,410 | |||||
Other assets | 12 | 1 | |||||
LIABILITIES | |||||||
Other liabilities and deferred revenue | $ | 19 | $ | 110 | |||
Debt | 50,865 | 48,379 |
Equity Attributable to Ford Motor Company | Equity Attributable to Ford Motor Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital Stock | Cap. In Excess of Par Value of Stock | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) (Note 18) | Treasury Stock | Total | Equity Attributable to Non-controlling Interests | Total Equity | Capital Stock | Cap. In Excess of Par Value of Stock | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) (Note 18) | Treasury Stock | Total | Equity Attributable to Non-controlling Interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | 41 | $ | 22,006 | $ | 22,668 | $ | (7,366 | ) | $ | (1,417 | ) | $ | 35,932 | $ | 34 | $ | 35,966 | Balance at December 31, 2018 | $ | 41 | $ | 22,006 | $ | 22,668 | $ | (7,366) | $ | (1,417) | $ | 35,932 | $ | 34 | $ | 35,966 | |||||||||||||||||||||||||||||||||||||||||||
Adoption of accounting standards | — | — | 13 | — | — | 13 | — | 13 | Adoption of accounting standards | 0 | 0 | 13 | 0 | 0 | 13 | 0 | 13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | 1,146 | — | — | 1,146 | 37 | 1,183 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) | Net income/(loss) | 0 | 0 | 1,146 | 0 | 0 | 1,146 | 37 | 1,183 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss), net | — | — | — | (135 | ) | — | (135 | ) | — | (135 | ) | Other comprehensive income/(loss), net | 0 | 0 | 0 | (135) | 0 | (135) | 0 | (135) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued (a) | — | 20 | — | — | — | 20 | — | 20 | Common stock issued (a) | 0 | 20 | 0 | 0 | 0 | 20 | 0 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock/other | — | — | — | — | 23 | 23 | (35 | ) | (12 | ) | Treasury stock/other | 0 | 0 | 0 | 0 | 23 | 23 | (35) | (12) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and dividend equivalents declared ($0.15 per share) (b) | — | — | (601 | ) | — | — | (601 | ) | — | (601 | ) | Dividends and dividend equivalents declared ($0.15 per share) (b) | 0 | 0 | (601) | 0 | 0 | (601) | 0 | (601) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2019 | $ | 41 | $ | 22,026 | $ | 23,226 | $ | (7,501 | ) | $ | (1,394 | ) | $ | 36,398 | $ | 36 | $ | 36,434 | Balance at March 31, 2019 | $ | 41 | $ | 22,026 | $ | 23,226 | $ | (7,501) | $ | (1,394) | $ | 36,398 | $ | 36 | $ | 36,434 | |||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) | Net income/(loss) | 0 | 0 | 148 | 0 | 0 | 148 | 2 | 150 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss), net | Other comprehensive income/(loss), net | 0 | 0 | 0 | 65 | 0 | 65 | 0 | 65 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued (a) | Common stock issued (a) | 0 | 85 | 0 | 0 | 0 | 85 | 0 | 85 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock/other | Treasury stock/other | 0 | 0 | 0 | 0 | 6 | 6 | 1 | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and dividend equivalents declared ($0.15 per share) (b) | Dividends and dividend equivalents declared ($0.15 per share) (b) | 0 | 0 | (605) | 0 | 0 | (605) | 0 | (605) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | Balance at June 30, 2019 | $ | 41 | $ | 22,111 | $ | 22,769 | $ | (7,436) | $ | (1,388) | $ | 36,097 | $ | 39 | $ | 36,136 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) | Net income/(loss) | 0 | 0 | 425 | 0 | 0 | 425 | (2) | 423 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss), net | Other comprehensive income/(loss), net | 0 | 0 | 0 | (406) | 0 | (406) | 0 | (406) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued (a) | Common stock issued (a) | 0 | 68 | 0 | 0 | 0 | 68 | 0 | 68 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock/other | Treasury stock/other | 0 | 0 | 0 | 0 | (231) | (231) | 1 | (230) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and dividend equivalents declared ($0.15 per share) (b) | Dividends and dividend equivalents declared ($0.15 per share) (b) | 0 | 0 | (604) | 0 | 0 | (604) | 0 | (604) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2019 | Balance at September 30, 2019 | $ | 41 | $ | 22,179 | $ | 22,590 | $ | (7,842) | $ | (1,619) | $ | 35,349 | $ | 38 | $ | 35,387 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 41 | $ | 22,165 | $ | 20,320 | $ | (7,728 | ) | $ | (1,613 | ) | $ | 33,185 | $ | 45 | $ | 33,230 | Balance at December 31, 2019 | $ | 41 | $ | 22,165 | $ | 20,320 | $ | (7,728) | $ | (1,613) | $ | 33,185 | $ | 45 | $ | 33,230 | |||||||||||||||||||||||||||||||||||||||||||
Adoption of accounting standards | — | — | (202 | ) | — | — | (202 | ) | — | (202 | ) | Adoption of accounting standards | 0 | 0 | (202) | 0 | 0 | (202) | 0 | (202) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) | — | — | (1,993 | ) | — | — | (1,993 | ) | — | (1,993 | ) | Net income/(loss) | 0 | 0 | (1,993) | 0 | 0 | (1,993) | 0 | (1,993) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss), net | — | — | — | (733 | ) | — | (733 | ) | — | (733 | ) | Other comprehensive income/(loss), net | 0 | 0 | 0 | (733) | 0 | (733) | 0 | (733) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued (a) | — | (15 | ) | — | — | — | (15 | ) | — | (15 | ) | Common stock issued (a) | 0 | (15) | 0 | 0 | 0 | (15) | 0 | (15) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock/other | — | — | — | — | 6 | 6 | 3 | 9 | Treasury stock/other | 0 | 0 | 0 | 0 | 6 | 6 | 3 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and dividend equivalents declared ($0.15 per share) (b) | — | — | (598 | ) | — | — | (598 | ) | — | (598 | ) | Dividends and dividend equivalents declared ($0.15 per share) (b) | 0 | 0 | (598) | 0 | 0 | (598) | 0 | (598) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | 41 | $ | 22,150 | $ | 17,527 | $ | (8,461 | ) | $ | (1,607 | ) | $ | 29,650 | $ | 48 | $ | 29,698 | Balance at March 31, 2020 | $ | 41 | $ | 22,150 | $ | 17,527 | $ | (8,461) | $ | (1,607) | $ | 29,650 | $ | 48 | $ | 29,698 | |||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) | Net income/(loss) | 0 | 0 | 1,117 | 0 | 0 | 1,117 | 1 | 1,118 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss), net | Other comprehensive income/(loss), net | 0 | 0 | 0 | (10) | 0 | (10) | 0 | (10) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued (a) | Common stock issued (a) | 0 | 60 | 0 | 0 | 0 | 60 | 0 | 60 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock/other | Treasury stock/other | 0 | 0 | 0 | 0 | 6 | 6 | (18) | (12) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and dividend equivalents declared (b) | Dividends and dividend equivalents declared (b) | — | — | 1 | — | — | 1 | — | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | Balance at June 30, 2020 | $ | 41 | $ | 22,210 | $ | 18,645 | $ | (8,471) | $ | (1,601) | $ | 30,824 | $ | 31 | $ | 30,855 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) | Net income/(loss) | 0 | 0 | 2,385 | 0 | 0 | 2,385 | 5 | 2,390 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss), net | Other comprehensive income/(loss), net | 0 | 0 | 0 | (142) | 0 | (142) | (1) | (143) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued (a) | Common stock issued (a) | 0 | 52 | 0 | 0 | 0 | 52 | 0 | 52 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury stock/other | Treasury stock/other | 0 | 0 | 0 | 0 | 5 | 5 | 1 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and dividend equivalents declared (b) | Dividends and dividend equivalents declared (b) | 0 | 0 | 1 | 0 | 0 | 1 | 0 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | Balance at September 30, 2020 | $ | 41 | $ | 22,262 | $ | 21,031 | $ | (8,613) | $ | (1,596) | $ | 33,125 | $ | 36 | $ | 33,161 |
Footnote | Page | |||||||
Note 1 | Presentation | |||||||
Note 2 | New Accounting Standards | |||||||
Note 3 | Revenue | |||||||
Note 4 | Other Income/(Loss) | |||||||
Note 5 | Income Taxes | |||||||
Note 6 | Capital Stock and Earnings Per Share | |||||||
Note 7 | Cash, Cash Equivalents, and Marketable Securities | |||||||
Note 8 | Ford Credit Finance Receivables and Allowance for Credit Losses | |||||||
Note 9 | Inventories | |||||||
Note 10 | Other Investments | |||||||
Note 11 | Goodwill | |||||||
Note 12 | Other Liabilities and Deferred Revenue | |||||||
Note 13 | Retirement Benefits | |||||||
Note 14 | Debt | |||||||
Note 15 | Derivative Financial Instruments and Hedging Activities | |||||||
Note 16 | Employee Separation Actions and Exit and Disposal Activities | |||||||
Note 17 | Held-for-Sale Operations and Changes in Investments in Affiliates | |||||||
Note 18 | Accumulated Other Comprehensive Income/(Loss) | |||||||
Note 19 | Commitments and Contingencies | |||||||
Note 20 | Segment Information | |||||||
Balance at December 31, 2019 | Adjustments due to ASU 2016-13 | Balance at January 1, 2020 | ||||||||||||||||||
Assets | ||||||||||||||||||||
Ford Credit finance receivables, net, current | $ | 53,651 | $ | (69) | $ | 53,582 | ||||||||||||||
Trade and other receivables, net | 9,237 | (3) | 9,234 | |||||||||||||||||
Ford Credit finance receivables, net, non-current | 53,703 | (183) | 53,520 | |||||||||||||||||
Equity in net assets of affiliated companies | 2,519 | (7) | 2,512 | |||||||||||||||||
Deferred income taxes | 11,863 | 2 | 11,865 | |||||||||||||||||
Liabilities | ||||||||||||||||||||
Deferred income taxes | 490 | (58) | 432 | |||||||||||||||||
Equity | ||||||||||||||||||||
Retained earnings | 20,320 | (202) | 20,118 |
Balance at December 31, 2019 | Adjustments due to ASU 2016-13 | Balance at January 1, 2020 | ||||||||||
Assets | ||||||||||||
Ford Credit finance receivables, net, current | $ | 53,651 | $ | (69 | ) | $ | 53,582 | |||||
Trade and other receivables, net | 9,237 | (3 | ) | 9,234 | ||||||||
Ford Credit finance receivables, net, non-current | 53,703 | (183 | ) | 53,520 | ||||||||
Equity in net assets of affiliated companies | 2,519 | (7 | ) | 2,512 | ||||||||
Deferred income taxes | 11,863 | 2 | 11,865 | |||||||||
Liabilities | ||||||||||||
Deferred income taxes | 490 | (58 | ) | 432 | ||||||||
Equity | ||||||||||||
Retained earnings | 20,320 | (202 | ) | 20,118 |
ASU | Effective Date | ||||||||||
2020-01 | Clarifying the Interaction between Equity Securities, Equity Method and Joint Ventures, and Derivatives and Hedging | January 1, 2020 | |||||||||
2018-18 | Clarifying the Interaction between Collaborative Arrangements and Revenue from Contracts with Customers | January 1, 2020 | |||||||||
2018-15 | Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract | January 1, 2020 |
Third Quarter 2019 | |||||||||||||||||||||||
Automotive | Mobility | Ford Credit | Consolidated | ||||||||||||||||||||
Vehicles, parts, and accessories | $ | 32,609 | $ | 0 | $ | 0 | $ | 32,609 | |||||||||||||||
Used vehicles | 647 | 0 | 0 | 647 | |||||||||||||||||||
Extended service contracts | 347 | 0 | 0 | 347 | |||||||||||||||||||
Other revenue | 183 | 14 | 55 | 252 | |||||||||||||||||||
Revenues from sales and services | 33,786 | 14 | 55 | 33,855 | |||||||||||||||||||
Leasing income | 145 | 0 | 1,480 | 1,625 | |||||||||||||||||||
Financing income | 0 | 0 | 1,472 | 1,472 | |||||||||||||||||||
Insurance income | 0 | 0 | 38 | 38 | |||||||||||||||||||
Total revenues | $ | 33,931 | $ | 14 | $ | 3,045 | $ | 36,990 | |||||||||||||||
Third Quarter 2020 | |||||||||||||||||||||||
Automotive | Mobility | Ford Credit | Consolidated | ||||||||||||||||||||
Vehicles, parts, and accessories | $ | 33,005 | $ | 0 | $ | 0 | $ | 33,005 | |||||||||||||||
Used vehicles | 818 | 0 | 0 | 818 | |||||||||||||||||||
Extended service contracts | 356 | 0 | 0 | 356 | |||||||||||||||||||
Other revenue | 438 | 20 | 37 | 495 | |||||||||||||||||||
Revenues from sales and services | 34,617 | 20 | 37 | 34,674 | |||||||||||||||||||
Leasing income | 90 | 0 | 1,407 | 1,497 | |||||||||||||||||||
Financing income | 0 | 0 | 1,303 | 1,303 | |||||||||||||||||||
Insurance income | 0 | 0 | 27 | 27 | |||||||||||||||||||
Total revenues | $ | 34,707 | $ | 20 | $ | 2,774 | $ | 37,501 | |||||||||||||||
First Nine Months 2019 | |||||||||||||||||||||||
Automotive | Mobility | Ford Credit | Consolidated | ||||||||||||||||||||
Vehicles, parts, and accessories | $ | 102,420 | $ | 0 | $ | 0 | $ | 102,420 | |||||||||||||||
Used vehicles | 2,509 | 0 | 0 | 2,509 | |||||||||||||||||||
Extended service contracts | 1,028 | 0 | 0 | 1,028 | |||||||||||||||||||
Other revenue | 615 | 26 | 161 | 802 | |||||||||||||||||||
Revenues from sales and services | 106,572 | 26 | 161 | 106,759 | |||||||||||||||||||
Leasing income | 356 | 0 | 4,429 | 4,785 | |||||||||||||||||||
Financing income | 0 | 0 | 4,521 | 4,521 | |||||||||||||||||||
Insurance income | 0 | 0 | 120 | 120 | |||||||||||||||||||
Total revenues | $ | 106,928 | $ | 26 | $ | 9,231 | $ | 116,185 | |||||||||||||||
First Nine Months 2020 | |||||||||||||||||||||||
Automotive | Mobility | Ford Credit | Consolidated | ||||||||||||||||||||
Vehicles, parts, and accessories | $ | 78,252 | $ | 0 | $ | 0 | $ | 78,252 | |||||||||||||||
Used vehicles | 2,282 | 0 | 0 | 2,282 | |||||||||||||||||||
Extended service contracts | 1,066 | 0 | 0 | 1,066 | |||||||||||||||||||
Other revenue | 836 | 43 | 122 | 1,001 | |||||||||||||||||||
Revenues from sales and services | 82,436 | 43 | 122 | 82,601 | |||||||||||||||||||
Leasing income | 233 | 0 | 4,267 | 4,500 | |||||||||||||||||||
Financing income | 0 | 0 | 3,989 | 3,989 | |||||||||||||||||||
Insurance income | 0 | 0 | 102 | 102 | |||||||||||||||||||
Total revenues | $ | 82,669 | $ | 43 | $ | 8,480 | $ | 91,192 |
First Quarter 2019 | |||||||||||||||
Automotive | Mobility | Ford Credit | Consolidated | ||||||||||||
Vehicles, parts, and accessories | $ | 35,576 | $ | — | $ | — | $ | 35,576 | |||||||
Used vehicles | 1,020 | — | — | 1,020 | |||||||||||
Extended service contracts | 333 | — | — | 333 | |||||||||||
Other revenue | 213 | 6 | 51 | 270 | |||||||||||
Revenues from sales and services | 37,142 | 6 | 51 | 37,199 | |||||||||||
Leasing income | 97 | — | 1,477 | 1,574 | |||||||||||
Financing income | — | — | 1,528 | 1,528 | |||||||||||
Insurance income | — | — | 41 | 41 | |||||||||||
Total revenues | $ | 37,239 | $ | 6 | $ | 3,097 | $ | 40,342 | |||||||
First Quarter 2020 | |||||||||||||||
Automotive | Mobility | Ford Credit | Consolidated | ||||||||||||
Vehicles, parts, and accessories | $ | 29,841 | $ | — | $ | — | $ | 29,841 | |||||||
Used vehicles | 931 | — | — | 931 | |||||||||||
Extended service contracts | 364 | — | — | 364 | |||||||||||
Other revenue | 146 | 13 | 41 | 200 | |||||||||||
Revenues from sales and services | 31,282 | 13 | 41 | 31,336 | |||||||||||
Leasing income | 58 | — | 1,459 | 1,517 | |||||||||||
Financing income | — | — | 1,425 | 1,425 | |||||||||||
Insurance income | — | — | 42 | 42 | |||||||||||
Total revenues | $ | 31,340 | $ | 13 | $ | 2,967 | $ | 34,320 |
Third Quarter | First Nine Months | ||||||||||||||||||||||
2019 | 2020 | 2019 | 2020 | ||||||||||||||||||||
Net periodic pension and OPEB income/(cost), excluding service cost | $ | (21) | $ | 277 | $ | 362 | $ | 1,272 | |||||||||||||||
Investment-related interest income | 202 | 90 | 612 | 374 | |||||||||||||||||||
Interest income/(expense) on income taxes | (5) | (4) | (26) | (15) | |||||||||||||||||||
Realized and unrealized gains/(losses) on cash equivalents, marketable securities, and other investments | 199 | 297 | 79 | 312 | |||||||||||||||||||
Gains/(Losses) on changes in investments in affiliates (a) | 44 | 3 | 46 | 3,483 | |||||||||||||||||||
Gains/(Losses) on extinguishment of debt | (1) | 0 | (54) | (1) | |||||||||||||||||||
Royalty income | 91 | 139 | 283 | 322 | |||||||||||||||||||
Other | 25 | 43 | 132 | 96 | |||||||||||||||||||
Total | $ | 534 | $ | 845 | $ | 1,434 | $ | 5,843 |
First Quarter | |||||||
2019 | 2020 | ||||||
Net periodic pension and OPEB income/(cost), excluding service cost | $ | 272 | $ | 451 | |||
Investment-related interest income | 203 | 162 | |||||
Interest income/(expense) on income taxes | (20 | ) | (23 | ) | |||
Realized and unrealized gains/(losses) on cash equivalents, marketable securities, and other investments | 67 | (32 | ) | ||||
Gains/(Losses) on changes in investments in affiliates | 3 | 15 | |||||
Royalty income | 84 | 89 | |||||
Other | 19 | 18 | |||||
Total | $ | 628 | $ | 680 |
Third Quarter | First Nine Months | ||||||||||||||||||||||
2019 | 2020 | 2019 | 2020 | ||||||||||||||||||||
Basic and Diluted Income/(Loss) Attributable to Ford Motor Company | |||||||||||||||||||||||
Basic income/(loss) | $ | 425 | $ | 2,385 | $ | 1,719 | $ | 1,509 | |||||||||||||||
Diluted income/(loss) | 425 | 2,385 | 1,719 | 1,509 | |||||||||||||||||||
Basic and Diluted Shares | |||||||||||||||||||||||
Basic shares (average shares outstanding) | 3,970 | 3,976 | 3,976 | 3,971 | |||||||||||||||||||
Net dilutive options, unvested restricted stock units, and unvested restricted stock shares | 37 | 29 | 30 | 26 | |||||||||||||||||||
Diluted shares | 4,007 | 4,005 | 4,006 | 3,997 |
First Quarter | |||||||
2019 | 2020 | ||||||
Basic and Diluted Income/(Loss) Attributable to Ford Motor Company | |||||||
Basic income/(loss) | $ | 1,146 | $ | (1,993 | ) | ||
Diluted income/(loss) | 1,146 | (1,993 | ) | ||||
Basic and Diluted Shares | |||||||
Basic shares (average shares outstanding) | 3,973 | 3,963 | |||||
Net dilutive options, unvested restricted stock units, and unvested restricted stock shares (a) | 24 | — | |||||
Diluted shares | 3,997 | 3,963 |
December 31, 2019 | |||||||||||||||||
Fair Value Level | Automotive | Mobility | Ford Credit | Consolidated | |||||||||||||
Cash and cash equivalents | |||||||||||||||||
U.S. government | 1 | $ | 520 | $ | — | $ | — | $ | 520 | ||||||||
U.S. government agencies | 2 | 125 | — | — | 125 | ||||||||||||
Non-U.S. government and agencies | 2 | 601 | — | 350 | 951 | ||||||||||||
Corporate debt | 2 | 642 | — | 604 | 1,246 | ||||||||||||
Total marketable securities classified as cash equivalents | 1,888 | — | 954 | 2,842 | |||||||||||||
Cash, time deposits, and money market funds | 6,432 | 117 | 8,113 | 14,662 | |||||||||||||
Total cash and cash equivalents | $ | 8,320 | $ | 117 | $ | 9,067 | $ | 17,504 | |||||||||
Marketable securities | |||||||||||||||||
U.S. government | 1 | $ | 2,930 | $ | — | $ | 195 | $ | 3,125 | ||||||||
U.S. government agencies | 2 | 1,548 | — | 210 | 1,758 | ||||||||||||
Non-U.S. government and agencies | 2 | 4,217 | — | 2,408 | 6,625 | ||||||||||||
Corporate debt | 2 | 4,802 | — | 193 | 4,995 | ||||||||||||
Equities (a) | 1 | 81 | — | — | 81 | ||||||||||||
Other marketable securities | 2 | 273 | — | 290 | 563 | ||||||||||||
Total marketable securities | $ | 13,851 | $ | — | $ | 3,296 | $ | 17,147 | |||||||||
Restricted cash | $ | 15 | $ | 21 | $ | 139 | $ | 175 | |||||||||
Cash, cash equivalents, and restricted cash in held-for-sale assets | $ | — | $ | — | $ | 62 | $ | 62 | |||||||||
March 31, 2020 | |||||||||||||||||
Fair Value Level | Automotive | Mobility | Ford Credit | Consolidated | |||||||||||||
Cash and cash equivalents | |||||||||||||||||
U.S. government | 1 | $ | 3,150 | $ | — | $ | 825 | $ | 3,975 | ||||||||
U.S. government agencies | 2 | 3,024 | — | 200 | 3,224 | ||||||||||||
Non-U.S. government and agencies | 2 | 795 | — | 378 | 1,173 | ||||||||||||
Corporate debt | 2 | 480 | — | 598 | 1,078 | ||||||||||||
Total marketable securities classified as cash equivalents | 7,449 | — | 2,001 | 9,450 | |||||||||||||
Cash, time deposits, and money market funds | 8,799 | 95 | 7,627 | 16,521 | |||||||||||||
Total cash and cash equivalents | $ | 16,248 | $ | 95 | $ | 9,628 | $ | 25,971 | |||||||||
Marketable securities | |||||||||||||||||
U.S. government | 1 | $ | 4,772 | $ | — | $ | 294 | $ | 5,066 | ||||||||
U.S. government agencies | 2 | 3,985 | — | 160 | 4,145 | ||||||||||||
Non-U.S. government and agencies | 2 | 3,787 | — | 1,520 | 5,307 | ||||||||||||
Corporate debt | 2 | 5,094 | — | 199 | 5,293 | ||||||||||||
Equities (a) | 1 | 41 | — | — | 41 | ||||||||||||
Other marketable securities | 2 | 267 | — | 280 | 547 | ||||||||||||
Total marketable securities | $ | 17,946 | $ | — | $ | 2,453 | $ | 20,399 | |||||||||
Restricted cash | $ | 18 | $ | 21 | $ | 150 | $ | 189 | |||||||||
Cash, cash equivalents, and restricted cash in held-for-sale assets | $ | — | $ | — | $ | — | $ | — |
December 31, 2019 | |||||||||||||||||||||||||||||
Fair Value Level | Automotive | Mobility | Ford Credit | Consolidated | |||||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||||||||
U.S. government | 1 | $ | 520 | $ | 0 | $ | 0 | $ | 520 | ||||||||||||||||||||
U.S. government agencies | 2 | 125 | 0 | 0 | 125 | ||||||||||||||||||||||||
Non-U.S. government and agencies | 2 | 601 | 0 | 350 | 951 | ||||||||||||||||||||||||
Corporate debt | 2 | 642 | 0 | 604 | 1,246 | ||||||||||||||||||||||||
Total marketable securities classified as cash equivalents | 1,888 | 0 | 954 | 2,842 | |||||||||||||||||||||||||
Cash, time deposits, and money market funds | 6,432 | 117 | 8,113 | 14,662 | |||||||||||||||||||||||||
Total cash and cash equivalents | $ | 8,320 | $ | 117 | $ | 9,067 | $ | 17,504 | |||||||||||||||||||||
Marketable securities | |||||||||||||||||||||||||||||
U.S. government | 1 | $ | 2,930 | $ | 0 | $ | 195 | $ | 3,125 | ||||||||||||||||||||
U.S. government agencies | 2 | 1,548 | 0 | 210 | 1,758 | ||||||||||||||||||||||||
Non-U.S. government and agencies | 2 | 4,217 | 0 | 2,408 | 6,625 | ||||||||||||||||||||||||
Corporate debt | 2 | 4,802 | 0 | 193 | 4,995 | ||||||||||||||||||||||||
Equities (a) | 1 | 81 | 0 | 0 | 81 | ||||||||||||||||||||||||
Other marketable securities | 2 | 273 | 0 | 290 | 563 | ||||||||||||||||||||||||
Total marketable securities | $ | 13,851 | $ | 0 | $ | 3,296 | $ | 17,147 | |||||||||||||||||||||
Restricted cash | $ | 15 | $ | 21 | $ | 139 | $ | 175 | |||||||||||||||||||||
Cash, cash equivalents, and restricted cash in held-for-sale assets | $ | 0 | $ | 0 | $ | 62 | $ | 62 | |||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||
Fair Value Level | Automotive | Mobility | Ford Credit | Consolidated | |||||||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||||||||
U.S. government | 1 | $ | 3,277 | $ | 0 | $ | 1,217 | $ | 4,494 | ||||||||||||||||||||
U.S. government agencies | 2 | 706 | 0 | 850 | 1,556 | ||||||||||||||||||||||||
Non-U.S. government and agencies | 2 | 916 | 0 | 1,105 | 2,021 | ||||||||||||||||||||||||
Corporate debt | 2 | 545 | 0 | 900 | 1,445 | ||||||||||||||||||||||||
Total marketable securities classified as cash equivalents | 5,444 | 0 | 4,072 | 9,516 | |||||||||||||||||||||||||
Cash, time deposits, and money market funds | 7,679 | 62 | 7,006 | 14,747 | |||||||||||||||||||||||||
Total cash and cash equivalents | $ | 13,123 | $ | 62 | $ | 11,078 | $ | 24,263 | |||||||||||||||||||||
Marketable securities | |||||||||||||||||||||||||||||
U.S. government | 1 | $ | 3,724 | $ | 0 | $ | 1,275 | $ | 4,999 | ||||||||||||||||||||
U.S. government agencies | 2 | 3,124 | 0 | 235 | 3,359 | ||||||||||||||||||||||||
Non-U.S. government and agencies | 2 | 3,645 | 0 | 2,111 | 5,756 | ||||||||||||||||||||||||
Corporate debt | 2 | 5,292 | 0 | 313 | 5,605 | ||||||||||||||||||||||||
Equities (a) | 1 | 299 | 0 | 0 | 299 | ||||||||||||||||||||||||
Other marketable securities | 2 | 236 | 0 | 314 | 550 | ||||||||||||||||||||||||
Total marketable securities | $ | 16,320 | $ | 0 | $ | 4,248 | $ | 20,568 | |||||||||||||||||||||
Restricted cash | $ | 30 | $ | 5 | $ | 174 | $ | 209 | |||||||||||||||||||||
Cash, cash equivalents, and restricted cash in held-for-sale assets | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||
Fair Value of Securities with Contractual Maturities | |||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Within 1 Year | After 1 Year through 5 Years | After 5 Years | |||||||||||||||||||||||||||||||||||
Automotive | |||||||||||||||||||||||||||||||||||||||||
U.S. government | $ | 2,839 | $ | 11 | $ | (1) | $ | 2,849 | $ | 1,028 | $ | 1,772 | $ | 49 | |||||||||||||||||||||||||||
U.S. government agencies | 1,445 | 2 | (1) | 1,446 | 830 | 589 | 27 | ||||||||||||||||||||||||||||||||||
Non-U.S. government and agencies | 3,925 | 20 | (1) | 3,944 | 1,546 | 2,398 | 0 | ||||||||||||||||||||||||||||||||||
Corporate debt | 5,029 | 53 | 0 | 5,082 | 1,837 | 3,245 | 0 | ||||||||||||||||||||||||||||||||||
Other marketable securities | 230 | 1 | 0 | 231 | 0 | 149 | 82 | ||||||||||||||||||||||||||||||||||
Total | $ | 13,468 | $ | 87 | $ | (3) | $ | 13,552 | $ | 5,241 | $ | 8,153 | $ | 158 | |||||||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||
Fair Value of Securities with Contractual Maturities | |||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Within 1 Year | After 1 Year through 5 Years | After 5 Years | |||||||||||||||||||||||||||||||||||
Automotive | |||||||||||||||||||||||||||||||||||||||||
U.S. government | $ | 2,660 | $ | 52 | $ | 0 | $ | 2,712 | $ | 987 | $ | 1,722 | $ | 3 | |||||||||||||||||||||||||||
U.S. government agencies | 2,187 | 15 | (1) | 2,201 | 708 | 1,371 | 122 | ||||||||||||||||||||||||||||||||||
Non-U.S. government and agencies | 2,907 | 39 | 0 | 2,946 | 1,085 | 1,851 | 10 | ||||||||||||||||||||||||||||||||||
Corporate debt | 5,549 | 102 | (2) | 5,649 | 1,727 | 3,897 | 25 | ||||||||||||||||||||||||||||||||||
Other marketable securities | 206 | 3 | 0 | 209 | 2 | 148 | 59 | ||||||||||||||||||||||||||||||||||
Total | $ | 13,509 | $ | 211 | $ | (3) | $ | 13,717 | $ | 4,509 | $ | 8,989 | $ | 219 |
December 31, 2019 | |||||||||||||||||||||||||||
Fair Value of Securities with Contractual Maturities | |||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Within 1 Year | After 1 Year through 5 Years | After 5 Years | |||||||||||||||||||||
Automotive | |||||||||||||||||||||||||||
U.S. government | $ | 2,839 | $ | 11 | $ | (1 | ) | $ | 2,849 | $ | 1,028 | $ | 1,772 | $ | 49 | ||||||||||||
U.S. government agencies | 1,445 | 2 | (1 | ) | 1,446 | 830 | 589 | 27 | |||||||||||||||||||
Non-U.S. government and agencies | 3,925 | 20 | (1 | ) | 3,944 | 1,546 | 2,398 | — | |||||||||||||||||||
Corporate debt | 5,029 | 53 | — | 5,082 | 1,837 | 3,245 | — | ||||||||||||||||||||
Other marketable securities | 230 | 1 | — | 231 | — | 149 | 82 | ||||||||||||||||||||
Total | $ | 13,468 | $ | 87 | $ | (3 | ) | $ | 13,552 | $ | 5,241 | $ | 8,153 | $ | 158 | ||||||||||||
March 31, 2020 | |||||||||||||||||||||||||||
Fair Value of Securities with Contractual Maturities | |||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Within 1 Year | After 1 Year through 5 Years | After 5 Years | |||||||||||||||||||||
Automotive | |||||||||||||||||||||||||||
U.S. government | $ | 2,598 | $ | 71 | $ | — | $ | 2,669 | $ | 574 | $ | 2,033 | $ | 62 | |||||||||||||
U.S. government agencies | 1,329 | 14 | — | 1,343 | 444 | 822 | 77 | ||||||||||||||||||||
Non-U.S. government and agencies | 3,625 | 55 | (1 | ) | 3,679 | 1,594 | 2,085 | — | |||||||||||||||||||
Corporate debt | 5,197 | 23 | (55 | ) | 5,165 | 1,845 | 3,293 | 27 | |||||||||||||||||||
Other marketable securities | 227 | — | (4 | ) | 223 | — | 153 | 70 | |||||||||||||||||||
Total | $ | 12,976 | $ | 163 | $ | (60 | ) | $ | 13,079 | $ | 4,457 | $ | 8,386 | $ | 236 |
Third Quarter | First Nine Months | ||||||||||||||||||||||
2019 | 2020 | 2019 | 2020 | ||||||||||||||||||||
Automotive | |||||||||||||||||||||||
Sales proceeds | $ | 1,176 | $ | 2,243 | $ | 4,176 | $ | 6,560 | |||||||||||||||
Gross realized gains | 3 | 16 | 8 | 44 | |||||||||||||||||||
Gross realized losses | 0 | 1 | 10 | 11 |
First Quarter | |||||||
2019 | 2020 | ||||||
Automotive | |||||||
Sales proceeds | $ | 1,142 | $ | 1,865 | |||
Gross realized gains | 2 | 7 | |||||
Gross realized losses | 5 | 7 |
December 31, 2019 | |||||||||||||||||||||||||||||||||||
Less than 1 Year | 1 Year or Greater | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||
Automotive | |||||||||||||||||||||||||||||||||||
U.S. government | $ | 183 | $ | (1) | $ | 50 | $ | 0 | $ | 233 | $ | (1) | |||||||||||||||||||||||
U.S. government agencies | 370 | (1) | 344 | 0 | 714 | (1) | |||||||||||||||||||||||||||||
Non-U.S. government and agencies | 463 | 0 | 390 | (1) | 853 | (1) | |||||||||||||||||||||||||||||
Corporate debt | 29 | 0 | 53 | 0 | 82 | 0 | |||||||||||||||||||||||||||||
Other marketable securities | 59 | 0 | 17 | 0 | 76 | 0 | |||||||||||||||||||||||||||||
Total | $ | 1,104 | $ | (2) | $ | 854 | $ | (1) | $ | 1,958 | $ | (3) | |||||||||||||||||||||||
September 30, 2020 | |||||||||||||||||||||||||||||||||||
Less than 1 Year | 1 Year or Greater | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||
Automotive | |||||||||||||||||||||||||||||||||||
U.S. government | $ | 55 | $ | 0 | $ | 0 | $ | 0 | $ | 55 | $ | 0 | |||||||||||||||||||||||
U.S. government agencies | 170 | 0 | 42 | (1) | 212 | (1) | |||||||||||||||||||||||||||||
Non-U.S. government and agencies | 442 | 0 | 46 | 0 | 488 | 0 | |||||||||||||||||||||||||||||
Corporate debt | 739 | (2) | 9 | 0 | 748 | (2) | |||||||||||||||||||||||||||||
Other marketable securities | 4 | 0 | 13 | 0 | 17 | 0 | |||||||||||||||||||||||||||||
Total | $ | 1,410 | $ | (2) | $ | 110 | $ | (1) | $ | 1,520 | $ | (3) |
December 31, 2019 | |||||||||||||||||||||||
Less than 1 Year | 1 Year or Greater | Total | |||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
Automotive | |||||||||||||||||||||||
U.S. government | $ | 183 | $ | (1 | ) | $ | 50 | $ | — | $ | 233 | $ | (1 | ) | |||||||||
U.S. government agencies | 370 | (1 | ) | 344 | — | 714 | (1 | ) | |||||||||||||||
Non-U.S. government and agencies | 463 | — | 390 | (1 | ) | 853 | (1 | ) | |||||||||||||||
Corporate debt | 29 | — | 53 | — | 82 | — | |||||||||||||||||
Other marketable securities | 59 | — | 17 | — | 76 | — | |||||||||||||||||
Total | $ | 1,104 | $ | (2 | ) | $ | 854 | $ | (1 | ) | $ | 1,958 | $ | (3 | ) | ||||||||
March 31, 2020 | |||||||||||||||||||||||
Less than 1 Year | 1 Year or Greater | Total | |||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||
Automotive | |||||||||||||||||||||||
U.S. government | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
U.S. government agencies | 70 | — | 42 | — | 112 | — | |||||||||||||||||
Non-U.S. government and agencies | 377 | (1 | ) | 25 | — | 402 | (1 | ) | |||||||||||||||
Corporate debt | 2,023 | (54 | ) | 24 | (1 | ) | 2,047 | (55 | ) | ||||||||||||||
Other marketable securities | 160 | (3 | ) | 20 | (1 | ) | 180 | (4 | ) | ||||||||||||||
Total | $ | 2,630 | $ | (58 | ) | $ | 111 | $ | (2 | ) | $ | 2,741 | $ | (60 | ) |
December 31, 2019 | March 31, 2020 | December 31, 2019 | September 30, 2020 | |||||||||||||||
Cash and cash equivalents | $ | 17,504 | $ | 25,971 | Cash and cash equivalents | $ | 17,504 | $ | 24,263 | |||||||||
Restricted cash (a) | 175 | 189 | Restricted cash (a) | 175 | 209 | |||||||||||||
Cash, cash equivalents, and restricted cash in held-for-sale assets | 62 | — | Cash, cash equivalents, and restricted cash in held-for-sale assets | 62 | 0 | |||||||||||||
Total cash, cash equivalents, and restricted cash | $ | 17,741 | $ | 26,160 | Total cash, cash equivalents, and restricted cash | $ | 17,741 | $ | 24,472 |
December 31, 2019 | March 31, 2020 | December 31, 2019 | September 30, 2020 | |||||||||||||||
Consumer | Consumer | |||||||||||||||||
Retail installment contracts, gross | $ | 68,905 | $ | 66,116 | Retail installment contracts, gross | $ | 68,905 | $ | 73,246 | |||||||||
Finance leases, gross | 8,566 | 8,107 | Finance leases, gross | 8,566 | 8,244 | |||||||||||||
Retail financing, gross | 77,471 | 74,223 | Retail financing, gross | 77,471 | 81,490 | |||||||||||||
Unearned interest supplements | (3,589 | ) | (3,402 | ) | Unearned interest supplements | (3,589) | (4,091) | |||||||||||
Consumer finance receivables | 73,882 | 70,821 | Consumer finance receivables | 73,882 | 77,399 | |||||||||||||
Non-Consumer | Non-Consumer | |||||||||||||||||
Dealer financing | 33,985 | 36,440 | Dealer financing | 33,985 | 21,421 | |||||||||||||
Non-Consumer finance receivables | 33,985 | 36,440 | Non-Consumer finance receivables | 33,985 | 21,421 | |||||||||||||
Total recorded investment | $ | 107,867 | $ | 107,261 | Total recorded investment | $ | 107,867 | $ | 98,820 | |||||||||
Recorded investment in finance receivables | $ | 107,867 | $ | 107,261 | Recorded investment in finance receivables | $ | 107,867 | $ | 98,820 | |||||||||
Allowance for credit losses | (513 | ) | (1,231 | ) | Allowance for credit losses | (513) | (1,314) | |||||||||||
Finance receivables, net | $ | 107,354 | $ | 106,030 | ||||||||||||||
Total finance receivables, net | Total finance receivables, net | $ | 107,354 | $ | 97,506 | |||||||||||||
Current portion | $ | 53,651 | $ | 54,889 | Current portion | $ | 53,651 | $ | 41,847 | |||||||||
Non-current portion | 53,703 | 51,141 | Non-current portion | 53,703 | 55,659 | |||||||||||||
Total finance receivables, net | $ | 107,354 | $ | 106,030 | Total finance receivables, net | $ | 107,354 | $ | 97,506 | |||||||||
Net finance receivables subject to fair value (a) | $ | 99,168 | $ | 98,332 | Net finance receivables subject to fair value (a) | $ | 99,168 | $ | 89,663 | |||||||||
Fair value (b) | 99,297 | 98,513 | Fair value (b) | 99,297 | 91,068 |
•Pass – current to 60 days past due; •Special Mention – 61 to 120 days past due and in intensified collection status; and •Substandard – greater than 120 days past due and for which the uncollectible portion of the receivables has already been charged off, as measured using the fair value of collateral less costs to sell. |
Total | ||||||||
Consumer | ||||||||
31 - 60 days past due | $ | 839 | ||||||
61 - 120 days past due | 166 | |||||||
Greater than 120 days past due | 35 | |||||||
Total past due | 1,040 | |||||||
Current | 72,842 | |||||||
Total | $ | 73,882 |
Total | ||||
Consumer | ||||
31 - 60 days past due | $ | 839 | ||
61 - 120 days past due | 166 | |||
Greater than 120 days past due | 35 | |||
Total past due | 1,040 | |||
Current | 72,842 | |||
Total | $ | 73,882 |
Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||
Prior to 2016 | 2016 | 2017 | 2018 | 2019 | 2020 | Total | ||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||
31 - 60 days past due | $ | 45 | $ | 58 | $ | 99 | $ | 141 | $ | 141 | $ | 76 | $ | 560 | ||||||||||||||||||||||||||||||
61 - 120 days past due | 7 | 14 | 28 | 45 | 48 | 22 | 164 | |||||||||||||||||||||||||||||||||||||
Greater than 120 days past due | 13 | 7 | 7 | 8 | 7 | 1 | 43 | |||||||||||||||||||||||||||||||||||||
Total past due | 65 | 79 | 134 | 194 | 196 | 99 | 767 | |||||||||||||||||||||||||||||||||||||
Current | 1,141 | 3,290 | 8,001 | 15,444 | 22,492 | 26,264 | 76,632 | |||||||||||||||||||||||||||||||||||||
Total | $ | 1,206 | $ | 3,369 | $ | 8,135 | $ | 15,638 | $ | 22,688 | $ | 26,363 | $ | 77,399 |
Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||
Prior to 2016 | 2016 | 2017 | 2018 | 2019 | 2020 | Total | ||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||
31 - 60 days past due | $ | 79 | $ | 95 | $ | 139 | $ | 185 | $ | 143 | $ | 10 | $ | 651 | ||||||||||||||
61 - 120 days past due | 13 | 21 | 36 | 43 | 35 | 1 | 149 | |||||||||||||||||||||
Greater than 120 days past due | 16 | 7 | 6 | 6 | 2 | — | 37 | |||||||||||||||||||||
Total past due | 108 | 123 | 181 | 234 | 180 | 11 | 837 | |||||||||||||||||||||
Current | 2,181 | 5,080 | 11,048 | 19,267 | 26,210 | 6,198 | 69,984 | |||||||||||||||||||||
Total | $ | 2,289 | $ | 5,203 | $ | 11,229 | $ | 19,501 | $ | 26,390 | $ | 6,209 | $ | 70,821 |
Total | ||||
Dealer financing | ||||
Group I | $ | 26,281 | ||
Group II | 5,407 | |||
Group III | 2,108 | |||
Group IV | 189 | |||
Total (a) | $ | 33,985 |
Total | ||||||||
Dealer financing | ||||||||
Group I | $ | 26,281 | ||||||
Group II | 5,407 | |||||||
Group III | 2,108 | |||||||
Group IV | 189 | |||||||
Total | $ | 33,985 |
Amortized Cost Basis by Origination Year | Wholesale Loans | Amortized Cost Basis by Origination Year | Wholesale Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dealer Loans | Dealer Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prior to 2016 | 2016 | 2017 | 2018 | 2019 | 2020 | Total | Total | Prior to 2016 | 2016 | 2017 | 2018 | 2019 | 2020 | Total | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Group I | $ | 676 | $ | 147 | $ | 154 | $ | 276 | $ | 120 | $ | 122 | $ | 1,495 | $ | 26,774 | $ | 28,269 | Group I | $ | 528 | $ | 130 | $ | 142 | $ | 132 | $ | 73 | $ | 300 | $ | 1,305 | $ | 13,823 | $ | 15,128 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Group II | 31 | 30 | 28 | 14 | 24 | 45 | 172 | 5,886 | 6,058 | Group II | 46 | 21 | 15 | 35 | 4 | 89 | 210 | 4,520 | 4,730 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Group III | 9 | — | 4 | 17 | 22 | 17 | 69 | 1,943 | 2,012 | Group III | 9 | 0 | 3 | 17 | 3 | 41 | 73 | 1,356 | 1,429 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Group IV | 2 | 1 | — | — | 2 | 4 | 9 | 92 | 101 | Group IV | 2 | 3 | 0 | 0 | 2 | 5 | 12 | 122 | 134 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total (a) | $ | 718 | $ | 178 | $ | 186 | $ | 307 | $ | 168 | $ | 188 | $ | 1,745 | $ | 34,695 | $ | 36,440 | Total (a) | $ | 585 | $ | 154 | $ | 160 | $ | 184 | $ | 82 | $ | 435 | $ | 1,600 | $ | 19,821 | $ | 21,421 |
Third Quarter 2019 (a) | First Nine Months 2019 (a) | ||||||||||||||||||||||||||||||||||
Consumer | Non-Consumer | Total | Consumer | Non-Consumer | Total | ||||||||||||||||||||||||||||||
Allowance for credit losses | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 496 | $ | 17 | $ | 513 | $ | 566 | $ | 23 | $ | 589 | |||||||||||||||||||||||
Charge-offs | (129) | (1) | (130) | (383) | (18) | (401) | |||||||||||||||||||||||||||||
Recoveries | 41 | 0 | 41 | 129 | 8 | 137 | |||||||||||||||||||||||||||||
Provision for credit losses | 93 | 0 | 93 | 187 | 2 | 189 | |||||||||||||||||||||||||||||
Other (b) | (3) | (1) | (4) | (1) | 0 | (1) | |||||||||||||||||||||||||||||
Ending balance | $ | 498 | $ | 15 | $ | 513 | $ | 498 | $ | 15 | $ | 513 |
First Quarter 2019 (a) | |||||||||||
Consumer | Non-Consumer | Total | |||||||||
Allowance for credit losses | |||||||||||
Beginning balance | $ | 566 | $ | 23 | $ | 589 | |||||
Charge-offs | (137 | ) | (17 | ) | (154 | ) | |||||
Recoveries | 43 | 2 | 45 | ||||||||
Provision for credit losses | 24 | 9 | 33 | ||||||||
Other | — | — | — | ||||||||
Ending balance | $ | 496 | $ | 17 | $ | 513 |
First Quarter 2020 | Third Quarter 2020 | First Nine Months 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer | Non-Consumer | Total | Consumer | Non-Consumer | Total | Consumer | Non-Consumer | Total | ||||||||||||||||||||||||||||||||||||||
Allowance for credit losses | Allowance for credit losses | |||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 496 | $ | 17 | $ | 513 | Beginning balance | $ | 1,211 | $ | 74 | $ | 1,285 | $ | 496 | $ | 17 | $ | 513 | |||||||||||||||||||||||||||
Adoption of ASU 2016-13 (b) | 247 | 5 | 252 | |||||||||||||||||||||||||||||||||||||||||||
Adoption of ASU 2016-13 (c) | Adoption of ASU 2016-13 (c) | 0 | 0 | 0 | 247 | 5 | 252 | |||||||||||||||||||||||||||||||||||||||
Charge-offs | (145 | ) | (1 | ) | (146 | ) | Charge-offs | (104) | (5) | (109) | (329) | (6) | (335) | |||||||||||||||||||||||||||||||||
Recoveries | 43 | 2 | 45 | Recoveries | 41 | 2 | 43 | 117 | 5 | 122 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses | 534 | 52 | 586 | Provision for credit losses | 95 | (9) | 86 | 723 | 42 | 765 | ||||||||||||||||||||||||||||||||||||
Other (c) | (18 | ) | (1 | ) | (19 | ) | ||||||||||||||||||||||||||||||||||||||||
Other (b) | Other (b) | 8 | 1 | 9 | (3) | 0 | (3) | |||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 1,157 | $ | 74 | $ | 1,231 | Ending balance | $ | 1,251 | $ | 63 | $ | 1,314 | $ | 1,251 | $ | 63 | $ | 1,314 |
December 31, 2019 | September 30, 2020 | ||||||||||
Raw materials, work-in-process, and supplies | $ | 4,402 | $ | 4,401 | |||||||
Finished products | 6,384 | 6,182 | |||||||||
Total inventories | $ | 10,786 | $ | 10,583 |
December 31, 2019 | March 31, 2020 | ||||||
Raw materials, work-in-process, and supplies | $ | 4,402 | $ | 4,598 | |||
Finished products | 6,384 | 6,714 | |||||
Total inventories | $ | 10,786 | $ | 11,312 |
December 31, 2019 | March 31, 2020 | December 31, 2019 | September 30, 2020 | |||||||||||||||
Current | Current | |||||||||||||||||
Dealer and dealers’ customer allowances and claims | $ | 13,113 | $ | 13,257 | Dealer and dealers’ customer allowances and claims | $ | 13,113 | $ | 10,958 | |||||||||
Deferred revenue | 2,091 | 2,111 | Deferred revenue | 2,091 | 2,137 | |||||||||||||
Employee benefit plans | 1,857 | 1,612 | Employee benefit plans | 1,857 | 1,434 | |||||||||||||
Accrued interest | 1,128 | 819 | Accrued interest | 1,128 | 1,186 | |||||||||||||
OPEB (a) | 332 | 326 | OPEB (a) | 332 | 329 | |||||||||||||
Pension (a) | 185 | 183 | Pension (a) | 185 | 186 | |||||||||||||
Operating lease liabilities | 367 | 361 | Operating lease liabilities | 367 | 331 | |||||||||||||
Other | 3,914 | 4,005 | Other | 3,914 | 3,732 | |||||||||||||
Total current other liabilities and deferred revenue | $ | 22,987 | $ | 22,674 | Total current other liabilities and deferred revenue | $ | 22,987 | $ | 20,293 | |||||||||
Non-current | Non-current | |||||||||||||||||
Pension (a) | $ | 9,878 | $ | 9,414 | Pension (a) | $ | 9,878 | $ | 9,718 | |||||||||
OPEB (a) | 5,740 | 5,605 | OPEB (a) | 5,740 | 5,684 | |||||||||||||
Dealer and dealers’ customer allowances and claims | 1,921 | 2,252 | Dealer and dealers’ customer allowances and claims | 1,921 | 3,366 | |||||||||||||
Deferred revenue | 4,191 | 4,140 | Deferred revenue | 4,191 | 4,374 | |||||||||||||
Operating lease liabilities | 1,047 | 1,006 | Operating lease liabilities | 1,047 | 955 | |||||||||||||
Employee benefit plans | 1,104 | 1,097 | Employee benefit plans | 1,104 | 1,125 | |||||||||||||
Other | 1,443 | 1,591 | Other | 1,443 | 1,604 | |||||||||||||
Total non-current other liabilities and deferred revenue | $ | 25,324 | $ | 25,105 | Total non-current other liabilities and deferred revenue | $ | 25,324 | $ | 26,826 |
Third Quarter | |||||||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | Worldwide OPEB | |||||||||||||||||||||||||||||||||
2019 | 2020 | 2019 | 2020 | 2019 | 2020 | ||||||||||||||||||||||||||||||
Service cost | $ | 121 | $ | 130 | $ | 125 | $ | 135 | $ | 11 | $ | 12 | |||||||||||||||||||||||
Interest cost | 381 | 322 | 170 | 130 | 53 | 43 | |||||||||||||||||||||||||||||
Expected return on assets | (674) | (699) | (277) | (272) | 0 | 0 | |||||||||||||||||||||||||||||
Amortization of prior service costs/(credits) | 22 | 1 | 8 | 8 | (18) | (4) | |||||||||||||||||||||||||||||
Net remeasurement (gain)/loss | 263 | (1) | 43 | 55 | 0 | 0 | |||||||||||||||||||||||||||||
Separation programs/other | 7 | 0 | 78 | 66 | 0 | (1) | |||||||||||||||||||||||||||||
Settlements and curtailments | (16) | 1 | (19) | 74 | 0 | 0 | |||||||||||||||||||||||||||||
Net periodic benefit cost/(income) | $ | 104 | $ | (246) | $ | 128 | $ | 196 | $ | 46 | $ | 50 | |||||||||||||||||||||||
First Nine Months | |||||||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | Worldwide OPEB | |||||||||||||||||||||||||||||||||
2019 | 2020 | 2019 | 2020 | 2019 | 2020 | ||||||||||||||||||||||||||||||
Service cost | $ | 349 | $ | 390 | $ | 381 | $ | 393 | $ | 33 | $ | 35 | |||||||||||||||||||||||
Interest cost | 1,199 | 968 | 519 | 393 | 158 | 127 | |||||||||||||||||||||||||||||
Expected return on assets | (1,972) | (2,097) | (844) | (793) | 0 | 0 | |||||||||||||||||||||||||||||
Amortization of prior service costs/(credits) | 65 | 3 | 25 | 25 | (53) | (12) | |||||||||||||||||||||||||||||
Net remeasurement (gain)/loss | 253 | 3 | 43 | (177) | 0 | 58 | |||||||||||||||||||||||||||||
Separation programs/other | 8 | 13 | 322 | 123 | 0 | (1) | |||||||||||||||||||||||||||||
Settlements and curtailments | (66) | 5 | (19) | 92 | 0 | (2) | |||||||||||||||||||||||||||||
Net periodic benefit cost/(income) | $ | (164) | $ | (715) | $ | 427 | $ | 56 | $ | 138 | $ | 205 |
First Quarter | |||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | Worldwide OPEB | |||||||||||||||||||||
2019 | 2020 | 2019 | 2020 | 2019 | 2020 | ||||||||||||||||||
Service cost | $ | 114 | $ | 130 | $ | 129 | $ | 131 | $ | 11 | $ | 12 | |||||||||||
Interest cost | 409 | 323 | 176 | 133 | 53 | 43 | |||||||||||||||||
Expected return on assets | (649 | ) | (699 | ) | (286 | ) | (267 | ) | — | — | |||||||||||||
Amortization of prior service costs/(credits) | 22 | 1 | 8 | 9 | (18 | ) | (4 | ) | |||||||||||||||
Net remeasurement (gain)/loss | — | — | — | (80 | ) | — | 58 | ||||||||||||||||
Separation programs/other | 1 | 10 | 12 | 24 | — | (1 | ) | ||||||||||||||||
Settlements and curtailments | — | — | — | 1 | — | (2 | ) | ||||||||||||||||
Net periodic benefit cost/(income) | $ | (103 | ) | $ | (235 | ) | $ | 39 | $ | (49 | ) | $ | 46 | $ | 106 |
December 31, 2019 | March 31, 2020 | December 31, 2019 | September 30, 2020 | |||||||||||||||
Automotive | Automotive | |||||||||||||||||
Debt payable within one year | Debt payable within one year | |||||||||||||||||
Short-term | $ | 315 | $ | 569 | Short-term | $ | 315 | $ | 807 | |||||||||
Long-term payable within one year | Long-term payable within one year | |||||||||||||||||
U.S. Department of Energy Advanced Technology Vehicles Manufacturing (“DOE ATVM”) Incentive Program | 591 | 591 | ||||||||||||||||
U.S. Department of Energy Advanced Technology Vehicles Manufacturing (“DOE ATVM”) Incentive Program (a) | U.S. Department of Energy Advanced Technology Vehicles Manufacturing (“DOE ATVM”) Incentive Program (a) | 591 | 148 | |||||||||||||||
Other debt | 540 | 450 | Other debt | 540 | 414 | |||||||||||||
Unamortized (discount)/premium | (1 | ) | (1 | ) | Unamortized (discount)/premium | (1) | (1) | |||||||||||
Total debt payable within one year | 1,445 | 1,609 | Total debt payable within one year | 1,445 | 1,368 | |||||||||||||
Long-term debt payable after one year | ||||||||||||||||||
Public unsecured debt securities | 10,583 | 10,583 | ||||||||||||||||
Credit facilities (a) | — | 15,068 | ||||||||||||||||
Long-term debt payable after one year (b) | Long-term debt payable after one year (b) | |||||||||||||||||
Public unsecured debt securities (c) | Public unsecured debt securities (c) | 10,583 | 18,583 | |||||||||||||||
Delayed draw term loan | 1,500 | 1,500 | Delayed draw term loan | 1,500 | 1,500 | |||||||||||||
DOE ATVM Incentive Program | 880 | 732 | ||||||||||||||||
Other debt | 547 | 800 | ||||||||||||||||
DOE ATVM Incentive Program (a) | DOE ATVM Incentive Program (a) | 880 | 1,101 | |||||||||||||||
Other debt (d) | Other debt (d) | 547 | 1,611 | |||||||||||||||
Unamortized (discount)/premium | (161 | ) | (157 | ) | Unamortized (discount)/premium | (161) | (239) | |||||||||||
Unamortized issuance costs | (116 | ) | (115 | ) | Unamortized issuance costs | (116) | (193) | |||||||||||
Total long-term debt payable after one year | 13,233 | 28,411 | Total long-term debt payable after one year | 13,233 | 22,363 | |||||||||||||
Total Automotive | $ | 14,678 | $ | 30,020 | Total Automotive | $ | 14,678 | $ | 23,731 | |||||||||
Fair value of Automotive debt (b) | $ | 15,606 | $ | 22,877 | ||||||||||||||
Fair value of Automotive debt (e) | Fair value of Automotive debt (e) | $ | 15,606 | $ | 25,793 | |||||||||||||
Ford Credit | Ford Credit | |||||||||||||||||
Debt payable within one year | Debt payable within one year | |||||||||||||||||
Short-term | $ | 13,717 | $ | 12,424 | Short-term | $ | 13,717 | $ | 10,231 | |||||||||
Long-term payable within one year | Long-term payable within one year | |||||||||||||||||
Unsecured debt | 15,062 | 17,137 | Unsecured debt | 15,062 | 18,568 | |||||||||||||
Asset-backed debt | 23,609 | 21,736 | Asset-backed debt | 23,609 | 20,619 | |||||||||||||
Unamortized (discount)/premium | 1 | 2 | Unamortized (discount)/premium | 1 | 3 | |||||||||||||
Unamortized issuance costs | (17 | ) | (19 | ) | Unamortized issuance costs | (17) | (18) | |||||||||||
Fair value adjustments (c) | (1 | ) | 23 | |||||||||||||||
Fair value adjustments (f) | Fair value adjustments (f) | (1) | 44 | |||||||||||||||
Total debt payable within one year | 52,371 | 51,303 | Total debt payable within one year | 52,371 | 49,447 | |||||||||||||
Long-term debt payable after one year | Long-term debt payable after one year | |||||||||||||||||
Unsecured debt | 55,148 | 51,138 | Unsecured debt | 55,148 | 49,946 | |||||||||||||
Asset-backed debt | 32,162 | 32,973 | Asset-backed debt | 32,162 | 32,326 | |||||||||||||
Unamortized (discount)/premium | 6 | 4 | Unamortized (discount)/premium | 6 | (1) | |||||||||||||
Unamortized issuance costs | (197 | ) | (188 | ) | Unamortized issuance costs | (197) | (202) | |||||||||||
Fair value adjustments (c) | 539 | 1,606 | ||||||||||||||||
Fair value adjustments (f) | Fair value adjustments (f) | 539 | 1,557 | |||||||||||||||
Total long-term debt payable after one year | 87,658 | 85,533 | Total long-term debt payable after one year | 87,658 | 83,626 | |||||||||||||
Total Ford Credit | $ | 140,029 | $ | 136,836 | Total Ford Credit | $ | 140,029 | $ | 133,073 | |||||||||
Fair value of Ford Credit debt (b) | $ | 141,678 | $ | 128,714 | ||||||||||||||
Fair value of Ford Credit debt (e) | Fair value of Ford Credit debt (e) | $ | 141,678 | $ | 132,647 | |||||||||||||
Other | Other | |||||||||||||||||
Long-term debt payable within one year | $ | 130 | $ | — | Long-term debt payable within one year | $ | 130 | $ | 180 | |||||||||
Long-term debt payable after one year | Long-term debt payable after one year | |||||||||||||||||
Unsecured debt | 474 | 474 | Unsecured debt | 474 | 295 | |||||||||||||
Unamortized (discount)/premium | (3 | ) | (3 | ) | ||||||||||||||
Unamortized issuance costs | (1 | ) | (1 | ) | ||||||||||||||
Unamortized (discount)/premium and issuance costs | Unamortized (discount)/premium and issuance costs | (4) | (4) | |||||||||||||||
Total long-term debt payable after one year | 470 | 470 | Total long-term debt payable after one year | 470 | 291 | |||||||||||||
Total Other | $ | 600 | $ | 470 | Total Other | $ | 600 | $ | 471 | |||||||||
Fair value of Other debt | $ | 720 | $ | 448 | Fair value of Other debt | $ | 720 | $ | 549 |
Third Quarter | First Nine Months | |||||||||||||||||||||||||||||
First Quarter | ||||||||||||||||||||||||||||||
Cash flow hedges (a) | 2019 | 2020 | ||||||||||||||||||||||||||||
Cash flow hedges | Cash flow hedges | 2019 | 2020 | 2019 | 2020 | |||||||||||||||||||||||||
Reclassified from AOCI to Cost of sales | Reclassified from AOCI to Cost of sales | |||||||||||||||||||||||||||||
Foreign currency exchange contracts | $ | 54 | $ | (70 | ) | |||||||||||||||||||||||||
Commodity contracts | (5 | ) | (14 | ) | ||||||||||||||||||||||||||
Foreign currency exchange contracts (a) | Foreign currency exchange contracts (a) | $ | (8) | $ | 6 | $ | 90 | $ | (68) | |||||||||||||||||||||
Commodity contracts (b) | Commodity contracts (b) | (10) | (22) | (21) | (50) | |||||||||||||||||||||||||
Fair value hedges | Fair value hedges | |||||||||||||||||||||||||||||
Interest rate contracts | Interest rate contracts | |||||||||||||||||||||||||||||
Net interest settlements and accruals on hedging instruments | (20 | ) | 28 | Net interest settlements and accruals on hedging instruments | 0 | 94 | (32) | 190 | ||||||||||||||||||||||
Fair value changes on hedging instruments | 250 | 1,110 | Fair value changes on hedging instruments | 203 | (103) | 927 | 1,119 | |||||||||||||||||||||||
Fair value changes on hedged debt | (253 | ) | (1,093 | ) | Fair value changes on hedged debt | (194) | 96 | (910) | (1,095) | |||||||||||||||||||||
Cross-currency interest rate swap contracts (c) | Cross-currency interest rate swap contracts (c) | |||||||||||||||||||||||||||||
Net interest settlements and accruals on hedging instruments | Net interest settlements and accruals on hedging instruments | 0 | (1) | 0 | (1) | |||||||||||||||||||||||||
Fair value changes on hedging instruments | Fair value changes on hedging instruments | 0 | (10) | 0 | (10) | |||||||||||||||||||||||||
Fair value changes on hedged debt | Fair value changes on hedged debt | 0 | 6 | 0 | 6 | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||
Foreign currency exchange contracts (b) | (28 | ) | 586 | |||||||||||||||||||||||||||
Foreign currency exchange contracts (d) | Foreign currency exchange contracts (d) | 347 | (349) | 324 | (37) | |||||||||||||||||||||||||
Cross-currency interest rate swap contracts | (145 | ) | (151 | ) | Cross-currency interest rate swap contracts | (257) | 210 | (261) | 213 | |||||||||||||||||||||
Interest rate contracts | (27 | ) | (74 | ) | Interest rate contracts | 18 | (4) | (12) | (90) | |||||||||||||||||||||
Commodity contracts | 11 | (43 | ) | Commodity contracts | (8) | 19 | (9) | (12) | ||||||||||||||||||||||
Total | $ | (163 | ) | $ | 279 | Total | $ | 91 | $ | (58) | $ | 96 | $ | 165 |
December 31, 2019 | March 31, 2020 | ||||||||||||||||||||||
Notional | Fair Value of Assets | Fair Value of Liabilities | Notional | Fair Value of Assets | Fair Value of Liabilities | ||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||
Foreign currency exchange contracts | $ | 15,349 | $ | 47 | $ | 493 | $ | 13,148 | $ | 606 | $ | 168 | |||||||||||
Commodity contracts | 673 | 5 | 29 | 665 | — | 108 | |||||||||||||||||
Fair value hedges | |||||||||||||||||||||||
Interest rate contracts | 26,577 | 702 | 19 | 23,663 | 1,549 | — | |||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||
Foreign currency exchange contracts | 19,350 | 58 | 270 | 17,509 | 476 | 130 | |||||||||||||||||
Cross-currency interest rate swap contracts | 5,849 | 134 | 67 | 5,938 | 126 | 238 | |||||||||||||||||
Interest rate contracts | 68,914 | 275 | 191 | 72,822 | 651 | 561 | |||||||||||||||||
Commodity contracts | 467 | 9 | 9 | 474 | 1 | 46 | |||||||||||||||||
Total derivative financial instruments, gross (a) (b) | $ | 137,179 | $ | 1,230 | $ | 1,078 | $ | 134,219 | $ | 3,409 | $ | 1,251 | |||||||||||
Current portion | $ | 390 | $ | 772 | $ | 1,388 | $ | 759 | |||||||||||||||
Non-current portion | 840 | 306 | 2,021 | 492 | |||||||||||||||||||
Total derivative financial instruments, gross | $ | 1,230 | $ | 1,078 | $ | 3,409 | $ | 1,251 |
December 31, 2019 | September 30, 2020 | ||||||||||||||||||||||||||||||||||
Notional | Fair Value of Assets | Fair Value of Liabilities | Notional | Fair Value of Assets | Fair Value of Liabilities | ||||||||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | $ | 15,349 | $ | 47 | $ | 493 | $ | 14,100 | $ | 217 | $ | 76 | |||||||||||||||||||||||
Commodity contracts | 673 | 5 | 29 | 631 | 9 | 29 | |||||||||||||||||||||||||||||
Fair value hedges | |||||||||||||||||||||||||||||||||||
Interest rate contracts | 26,577 | 702 | 19 | 23,224 | 1,417 | 1 | |||||||||||||||||||||||||||||
Cross-currency interest rate swap contracts | 0 | 0 | 0 | 885 | 0 | 11 | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | 19,350 | 58 | 270 | 21,758 | 244 | 126 | |||||||||||||||||||||||||||||
Cross-currency interest rate swap contracts | 5,849 | 134 | 67 | 6,285 | 377 | 20 | |||||||||||||||||||||||||||||
Interest rate contracts | 68,914 | 275 | 191 | 71,071 | 675 | 510 | |||||||||||||||||||||||||||||
Commodity contracts | 467 | 9 | 9 | 506 | 31 | 8 | |||||||||||||||||||||||||||||
Total derivative financial instruments, gross (a) (b) | $ | 137,179 | $ | 1,230 | $ | 1,078 | $ | 138,460 | $ | 2,970 | $ | 781 | |||||||||||||||||||||||
Current portion | $ | 390 | $ | 772 | $ | 1,169 | $ | 517 | |||||||||||||||||||||||||||
Non-current portion | 840 | 306 | 1,801 | 264 | |||||||||||||||||||||||||||||||
Total derivative financial instruments, gross | $ | 1,230 | $ | 1,078 | $ | 2,970 | $ | 781 |
First Quarter | |||||||
2019 | 2020 | ||||||
Beginning balance | $ | 291 | $ | 734 | |||
Changes in accruals (a) | 267 | 68 | |||||
Payments | (136 | ) | (172 | ) | |||
Foreign currency translation | (8 | ) | (29 | ) | |||
Ending balance | $ | 414 | $ | 601 |
Third Quarter | First Nine Months | ||||||||||||||||||||||
2019 | 2020 | 2019 | 2020 | ||||||||||||||||||||
Beginning balance | $ | 929 | $ | 524 | $ | 291 | $ | 734 | |||||||||||||||
Changes in accruals (a) | 173 | 109 | 1,181 | 203 | |||||||||||||||||||
Payments | (334) | (105) | (692) | (376) | |||||||||||||||||||
Foreign currency translation | (39) | 11 | (51) | (22) | |||||||||||||||||||
Ending balance | $ | 729 | $ | 539 | $ | 729 | $ | 539 |
December 31, 2019 | March 31, 2020 | December 31, 2019 | September 30, 2020 | |||||||||||||||
Assets | Assets | |||||||||||||||||
Trade and other receivables, net | $ | 269 | $ | 186 | Trade and other receivables, net | $ | 269 | $ | 141 | |||||||||
Inventories | 208 | 261 | Inventories | 208 | 185 | |||||||||||||
Other assets, current | 147 | 96 | Other assets, current | 147 | 99 | |||||||||||||
Net property | 279 | 263 | Net property | 279 | 270 | |||||||||||||
Other assets, non-current | 10 | 9 | Other assets, non-current | 10 | 8 | |||||||||||||
Total assets of held-for-sale operations | 913 | 815 | Total assets of held-for-sale operations | 913 | 703 | |||||||||||||
Less: Intercompany asset balances | (228 | ) | (151 | ) | Less: Intercompany asset balances | (228) | (122) | |||||||||||
Automotive segment total assets of held-for-sale operations (a) | $ | 685 | $ | 664 | Automotive segment total assets of held-for-sale operations (a) | $ | 685 | $ | 581 | |||||||||
Liabilities | Liabilities | |||||||||||||||||
Payables | $ | 461 | $ | 473 | Payables | $ | 461 | $ | 372 | |||||||||
Other liabilities and deferred revenue, current | 71 | 68 | Other liabilities and deferred revenue, current | 71 | 65 | |||||||||||||
Automotive debt payable within one year | 90 | 84 | Automotive debt payable within one year | 90 | 84 | |||||||||||||
Other liabilities and deferred revenue, non-current | 28 | 25 | Other liabilities and deferred revenue, non-current | 28 | 25 | |||||||||||||
Total liabilities of held-for-sale operations | 650 | 650 | Total liabilities of held-for-sale operations | 650 | 546 | |||||||||||||
Less: Intercompany liability balances | (169 | ) | (181 | ) | Less: Intercompany liability balances | (169) | (141) | |||||||||||
Automotive segment total liabilities of held-for-sale operations (a) | $ | 481 | $ | 469 | Automotive segment total liabilities of held-for-sale operations (a) | $ | 481 | $ | 405 |
December 31, 2019 | |||
Assets | |||
Cash and cash equivalents | $ | 61 | |
Ford Credit finance receivables, net, current | 516 | ||
Trade and other receivables, net | 8 | ||
Other assets, current | 106 | ||
Ford Credit finance receivables, net, non-current | 715 | ||
Net property | 2 | ||
Deferred income taxes | 9 | ||
Other assets, non-current | 1 | ||
Total assets of held-for-sale operations | 1,418 | ||
Less: Intercompany asset balances | (2 | ) | |
Ford Credit segment total assets of held-for-sale operations (a) | $ | 1,416 | |
Liabilities | |||
Payables | $ | 34 | |
Other liabilities and deferred revenue, current | 8 | ||
Ford Credit long-term debt | 1,254 | ||
Deferred income taxes | 23 | ||
Total liabilities of held-for-sale operations | 1,319 | ||
Less: Intercompany liability balances | (1,274 | ) | |
Ford Credit segment total liabilities of held-for-sale operations (a) | $ | 45 |
December 31, 2019 | |||||
Assets | |||||
Cash and cash equivalents | $ | 61 | |||
Ford Credit finance receivables, net, current | 516 | ||||
Trade and other receivables, net | 8 | ||||
Other assets, current | 106 | ||||
Ford Credit finance receivables, net, non-current | 715 | ||||
Net property | 2 | ||||
Deferred income taxes | 9 | ||||
Other assets, non-current | 1 | ||||
Total assets of held-for-sale operations | 1,418 | ||||
Less: Intercompany asset balances | (2) | ||||
Ford Credit segment total assets of held-for-sale operations (a) | $ | 1,416 | |||
Payables | $ | 34 | |||
Other liabilities and deferred revenue, current | 8 | ||||
Ford Credit long-term debt | 1,254 | ||||
Deferred income taxes | 23 | ||||
Total liabilities of | 1,319 | ||||
Less: Intercompany liability balances | (1,274) | ||||
Ford Credit segment total liabilities of held-for-sale operations (a) | $ | 45 |
First Quarter | Third Quarter | First Nine Months | ||||||||||||||||||||||||||||
2019 | 2020 | 2019 | 2020 | 2019 | 2020 | |||||||||||||||||||||||||
Foreign currency translation | Foreign currency translation | |||||||||||||||||||||||||||||
Beginning balance | $ | (4,800 | ) | $ | (4,626 | ) | Beginning balance | $ | (4,684) | $ | (6,181) | $ | (4,800) | $ | (4,626) | |||||||||||||||
Gains/(Losses) on foreign currency translation | 271 | (1,406 | ) | Gains/(Losses) on foreign currency translation | (301) | (126) | (169) | (1,673) | ||||||||||||||||||||||
Less: Tax/(Tax benefit) | 28 | 27 | Less: Tax/(Tax benefit) | 58 | (60) | 74 | (83) | |||||||||||||||||||||||
Net gains/(losses) on foreign currency translation | 243 | (1,433 | ) | Net gains/(losses) on foreign currency translation | (359) | (66) | (243) | (1,590) | ||||||||||||||||||||||
(Gains)/Losses reclassified from AOCI to net income (a) | — | (20 | ) | (Gains)/Losses reclassified from AOCI to net income (a) | (1) | (3) | (1) | (34) | ||||||||||||||||||||||
Other comprehensive income/(loss), net of tax | 243 | (1,453 | ) | Other comprehensive income/(loss), net of tax | (360) | (69) | (244) | (1,624) | ||||||||||||||||||||||
Ending balance | $ | (4,557 | ) | $ | (6,079 | ) | Ending balance | $ | (5,044) | $ | (6,250) | $ | (5,044) | $ | (6,250) | |||||||||||||||
Marketable securities | Marketable securities | |||||||||||||||||||||||||||||
Beginning balance | $ | (59 | ) | $ | 71 | Beginning balance | $ | 63 | $ | 184 | $ | (59) | $ | 71 | ||||||||||||||||
Gains/(Losses) on available for sale securities | 80 | 19 | Gains/(Losses) on available for sale securities | 15 | (8) | 169 | 157 | |||||||||||||||||||||||
Less: Tax/(Tax benefit) | 19 | 5 | Less: Tax/(Tax benefit) | 4 | (2) | 40 | 36 | |||||||||||||||||||||||
Net gains/(losses) on available for sale securities | 61 | 14 | Net gains/(losses) on available for sale securities | 11 | (6) | 129 | 121 | |||||||||||||||||||||||
(Gains)/Losses reclassified from AOCI to net income | 3 | — | (Gains)/Losses reclassified from AOCI to net income | (3) | (15) | 2 | (33) | |||||||||||||||||||||||
Less: Tax/(Tax benefit) | 1 | — | Less: Tax/(Tax benefit) | 0 | (4) | 1 | (8) | |||||||||||||||||||||||
Net (gains)/losses reclassified from AOCI to net income | 2 | — | Net (gains)/losses reclassified from AOCI to net income | (3) | (11) | 1 | (25) | |||||||||||||||||||||||
Other comprehensive income/(loss), net of tax | 63 | 14 | Other comprehensive income/(loss), net of tax | 8 | (17) | 130 | 96 | |||||||||||||||||||||||
Ending balance | $ | 4 | $ | 85 | Ending balance | $ | 71 | $ | 167 | $ | 71 | $ | 167 | |||||||||||||||||
Derivative instruments | Derivative instruments | |||||||||||||||||||||||||||||
Beginning balance | $ | 201 | $ | (488 | ) | Beginning balance | $ | (128) | $ | 180 | $ | 201 | $ | (488) | ||||||||||||||||
Gains/(Losses) on derivative instruments | (510 | ) | 796 | Gains/(Losses) on derivative instruments | (100) | (96) | (442) | 636 | ||||||||||||||||||||||
Less: Tax/(Tax benefit) | (102 | ) | 173 | Less: Tax/(Tax benefit) | (17) | (15) | (95) | 135 | ||||||||||||||||||||||
Net gains/(losses) on derivative instruments | (408 | ) | 623 | Net gains/(losses) on derivative instruments | (83) | (81) | (347) | 501 | ||||||||||||||||||||||
(Gains)/Losses reclassified from AOCI to net income | (49 | ) | 84 | (Gains)/Losses reclassified from AOCI to net income | 18 | 16 | (69) | 118 | ||||||||||||||||||||||
Less: Tax/(Tax benefit) | (11 | ) | 15 | Less: Tax/(Tax benefit) | 4 | 6 | (18) | 22 | ||||||||||||||||||||||
Net (gains)/losses reclassified from AOCI to net income (b) | (38 | ) | 69 | Net (gains)/losses reclassified from AOCI to net income (b) | 14 | 10 | (51) | 96 | ||||||||||||||||||||||
Other comprehensive income/(loss), net of tax | (446 | ) | 692 | Other comprehensive income/(loss), net of tax | (69) | (71) | (398) | 597 | ||||||||||||||||||||||
Ending balance | $ | (245 | ) | $ | 204 | Ending balance | $ | (197) | $ | 109 | $ | (197) | $ | 109 | ||||||||||||||||
Pension and other postretirement benefits | Pension and other postretirement benefits | |||||||||||||||||||||||||||||
Beginning balance | $ | (2,708 | ) | $ | (2,685 | ) | Beginning balance | $ | (2,687) | $ | (2,654) | $ | (2,708) | $ | (2,685) | |||||||||||||||
Amortization and recognition of prior service costs/(credits) | 12 | 4 | Amortization and recognition of prior service costs/(credits) | 12 | 29 | 37 | 55 | |||||||||||||||||||||||
Less: Tax/(Tax benefit) | 2 | 1 | Less: Tax/(Tax benefit) | 2 | 6 | 7 | 10 | |||||||||||||||||||||||
Net prior service costs/(credits) reclassified from AOCI to net income | 10 | 3 | Net prior service costs/(credits) reclassified from AOCI to net income | 10 | 23 | 30 | 45 | |||||||||||||||||||||||
Translation impact on non-U.S. plans | (5 | ) | 11 | Translation impact on non-U.S. plans | 5 | (8) | 6 | 1 | ||||||||||||||||||||||
Other comprehensive income/(loss), net of tax | 5 | 14 | Other comprehensive income/(loss), net of tax | 15 | 15 | 36 | 46 | |||||||||||||||||||||||
Ending balance | $ | (2,703 | ) | $ | (2,671 | ) | Ending balance | $ | (2,672) | $ | (2,639) | $ | (2,672) | $ | (2,639) | |||||||||||||||
Total AOCI ending balance at March 31 | $ | (7,501 | ) | $ | (8,461 | ) | ||||||||||||||||||||||||
Total AOCI ending balance at September 30 | Total AOCI ending balance at September 30 | $ | (7,842) | $ | (8,613) | $ | (7,842) | $ | (8,613) |
First Nine Months | |||||||||||
2019 | 2020 | ||||||||||
Beginning balance | $ | 5,137 | $ | 5,702 | |||||||
Payments made during the period | (3,395) | (2,913) | |||||||||
Changes in accrual related to warranties issued during the period | 2,180 | 2,419 | |||||||||
Changes in accrual related to pre-existing warranties | 1,355 | 1,451 | |||||||||
Foreign currency translation and other | (57) | (75) | |||||||||
Ending balance | $ | 5,220 | $ | 6,584 |
First Quarter | |||||||
2019 | 2020 | ||||||
Beginning balance | $ | 5,137 | $ | 5,702 | |||
Payments made during the period | (1,074 | ) | (1,075 | ) | |||
Changes in accrual related to warranties issued during the period | 693 | 805 | |||||
Changes in accrual related to pre-existing warranties | 271 | 521 | |||||
Foreign currency translation and other | 7 | (164 | ) | ||||
Ending balance | $ | 5,034 | $ | 5,789 |
Automotive | Mobility | Ford Credit | Corporate Other | Interest on Debt | Special Items | Adjustments | Total | ||||||||||||||||||||||||||||||||||||||||
Third Quarter 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 33,931 | $ | 14 | $ | 3,045 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 36,990 | |||||||||||||||||||||||||||||||
Income/(loss) before income taxes | 1,329 | (290) | 736 | 18 | (276) | (1,536) | 0 | (19) | |||||||||||||||||||||||||||||||||||||||
Equity in net income/(loss) of affiliated companies | (27) | 2 | 9 | 0 | 0 | 0 | 0 | (16) | |||||||||||||||||||||||||||||||||||||||
Cash, cash equivalents, marketable securities, and restricted cash | 22,194 | 135 | 15,160 | 0 | 0 | 0 | 0 | 37,489 | |||||||||||||||||||||||||||||||||||||||
Total assets | 101,865 | 1,193 | 160,322 | 0 | 0 | 0 | (5,223) | (a) | 258,157 | ||||||||||||||||||||||||||||||||||||||
Third Quarter 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 34,707 | $ | 20 | $ | 2,774 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 37,501 | |||||||||||||||||||||||||||||||
Income/(loss) before income taxes | 2,644 | (281) | 1,123 | 158 | (498) | (390) | 0 | 2,756 | |||||||||||||||||||||||||||||||||||||||
Equity in net income/(loss) of affiliated companies | 115 | (58) | 4 | 0 | 0 | (3) | 0 | 58 | |||||||||||||||||||||||||||||||||||||||
Cash, cash equivalents, marketable securities, and restricted cash | 29,473 | 67 | 15,500 | 0 | 0 | 0 | 0 | 45,040 | |||||||||||||||||||||||||||||||||||||||
Total assets | 107,097 | 4,082 | 153,799 | 0 | 0 | 0 | (5,035) | (a) | 259,943 | ||||||||||||||||||||||||||||||||||||||
Automotive | Mobility | Ford Credit | Corporate Other | Interest on Debt | Special Items | Adjustments | Total | ||||||||||||||||||||||||||||||||||||||||
First Nine Months 2019 | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 106,928 | $ | 26 | $ | 9,231 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 116,185 | |||||||||||||||||||||||||||||||
Income/(loss) before income taxes | 4,711 | (842) | 2,368 | (343) | (765) | (3,333) | 0 | 1,796 | |||||||||||||||||||||||||||||||||||||||
Equity in net income/(loss) of affiliated companies | 62 | 11 | 23 | 0 | 0 | 0 | 0 | 96 | |||||||||||||||||||||||||||||||||||||||
First Nine Months 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 82,669 | $ | 43 | $ | 8,480 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 91,192 | |||||||||||||||||||||||||||||||
Income/(loss) before income taxes | 378 | (947) | 1,696 | (61) | (1,175) | 2,803 | 0 | 2,694 | |||||||||||||||||||||||||||||||||||||||
Equity in net income/(loss) of affiliated companies | 59 | (70) | 12 | 0 | 0 | (9) | 0 | (8) |
Automotive | Mobility | Ford Credit | Corporate Other | Interest on Debt | Special Items | Adjustments | Total | ||||||||||||||||||||||||
First Quarter 2019 | |||||||||||||||||||||||||||||||
Revenues | $ | 37,239 | $ | 6 | $ | 3,097 | $ | — | $ | — | $ | — | $ | — | $ | 40,342 | |||||||||||||||
Income/(loss) before income taxes | 2,009 | (288 | ) | 801 | (75 | ) | (245 | ) | (592 | ) | — | 1,610 | |||||||||||||||||||
Equity in net income/(loss) of affiliated companies | 17 | 2 | 6 | — | — | — | — | 25 | |||||||||||||||||||||||
Cash, cash equivalents, marketable securities, and restricted cash | 24,034 | 167 | 13,700 | — | — | — | — | 37,901 | |||||||||||||||||||||||
Total assets | 102,113 | 949 | 164,409 | — | — | — | (4,190 | ) | (a) | 263,281 | |||||||||||||||||||||
First Quarter 2020 | |||||||||||||||||||||||||||||||
Revenues | $ | 31,340 | $ | 13 | $ | 2,967 | $ | — | $ | — | $ | — | $ | — | $ | 34,320 | |||||||||||||||
Income/(loss) before income taxes | (177 | ) | (334 | ) | 30 | (151 | ) | (227 | ) | (287 | ) | — | (1,146 | ) | |||||||||||||||||
Equity in net income/(loss) of affiliated companies | (47 | ) | — | 6 | — | — | — | — | (41 | ) | |||||||||||||||||||||
Cash, cash equivalents, marketable securities, and restricted cash | 34,212 | 116 | 12,231 | — | — | — | — | 46,559 | |||||||||||||||||||||||
Total assets | 111,388 | 941 | 156,393 | — | — | — | (4,572 | ) | (a) | 264,150 |
First Quarter | Third Quarter | First Nine Months | ||||||||||||||||||||||||||||
2019 | 2020 | 2019 | 2020 | 2019 | 2020 | |||||||||||||||||||||||||
Global Redesign | Global Redesign | |||||||||||||||||||||||||||||
Europe excl. Russia | $ | (115 | ) | $ | (105 | ) | Europe excl. Russia | $ | (215) | $ | (211) | $ | (1,039) | $ | (410) | |||||||||||||||
India | — | (3 | ) | India | (799) | (3) | (799) | (21) | ||||||||||||||||||||||
South America | (201 | ) | (17 | ) | South America | (43) | (52) | (479) | (70) | |||||||||||||||||||||
Russia | (174 | ) | 20 | Russia | 24 | 1 | (358) | 18 | ||||||||||||||||||||||
China | — | — | China | — | (3) | (2) | (9) | |||||||||||||||||||||||
Separations and Other (not included above) | (24 | ) | (1 | ) | Separations and Other (not included above) | (10) | — | (91) | (1) | |||||||||||||||||||||
Subtotal Global Redesign | $ | (514 | ) | $ | (106 | ) | Subtotal Global Redesign | $ | (1,043) | $ | (268) | $ | (2,768) | $ | (493) | |||||||||||||||
Other Items | Other Items | |||||||||||||||||||||||||||||
Focus cancellation | $ | (67 | ) | $ | — | |||||||||||||||||||||||||
Other incl. UAW Retirement Buyout and Chariot | (11 | ) | (203 | ) | ||||||||||||||||||||||||||
Gain on transaction with Argo AI and VW | Gain on transaction with Argo AI and VW | $ | — | $ | — | $ | — | $ | 3,454 | |||||||||||||||||||||
Other incl. Focus Cancellation, Transit Connect Customs Ruling, North America Hourly Buyouts, and Chariot (a) | Other incl. Focus Cancellation, Transit Connect Customs Ruling, North America Hourly Buyouts, and Chariot (a) | (187) | (20) | (270) | (226) | |||||||||||||||||||||||||
Subtotal Other Items | $ | (78 | ) | $ | (203 | ) | Subtotal Other Items | $ | (187) | $ | (20) | $ | (270) | $ | 3,228 | |||||||||||||||
Pension and OPEB Gain/(Loss) | Pension and OPEB Gain/(Loss) | |||||||||||||||||||||||||||||
Pension and OPEB remeasurement | $ | — | $ | 22 | Pension and OPEB remeasurement | $ | (306) | $ | (54) | $ | (295) | $ | 116 | |||||||||||||||||
Pension curtailment | — | — | ||||||||||||||||||||||||||||
Pension settlements and curtailments | Pension settlements and curtailments | — | (48) | — | (48) | |||||||||||||||||||||||||
Subtotal Pension and OPEB Gain/(Loss) | $ | — | $ | 22 | Subtotal Pension and OPEB Gain/(Loss) | $ | (306) | $ | (102) | $ | (295) | $ | 68 | |||||||||||||||||
Total EBIT Special Items | $ | (592 | ) | $ | (287 | ) | Total EBIT Special Items | $ | (1,536) | $ | (390) | $ | (3,333) | $ | 2,803 | |||||||||||||||
Cash effect of Global Redesign (incl. separations) | $ | (136 | ) | $ | (172 | ) | Cash effect of Global Redesign (incl. separations) | $ | (334) | $ | (105) | $ | (692) | $ | (376) | |||||||||||||||
Tax special items* | $ | 7 | $ | (787 | ) | |||||||||||||||||||||||||
Tax special items (b) | Tax special items (b) | $ | 605 | $ | 159 | $ | 828 | $ | (1,583) |
Third Quarter | First Nine Months | ||||||||||||||||||||||||||||||||||
2019 | 2020 | H / (L) | 2019 | 2020 | H / (L) | ||||||||||||||||||||||||||||||
GAAP Financial Measures | |||||||||||||||||||||||||||||||||||
Cash Flows from Operating Activities ($B) | $ | 4.7 | $ | 11.1 | $ | 6.4 | $ | 14.7 | $ | 19.7 | $ | 5.0 | |||||||||||||||||||||||
Revenue ($M) | 36,990 | 37,501 | 1 | % | 116,185 | 91,192 | (22) | % | |||||||||||||||||||||||||||
Net Income/(Loss) ($M) | 425 | 2,385 | 1,960 | 1,719 | 1,509 | (210) | |||||||||||||||||||||||||||||
Net Income/(Loss) Margin (%) | 1.1 | % | 6.4 | % | 5.2 ppts | 1.5 | % | 1.7 | % | 0.2 ppts | |||||||||||||||||||||||||
EPS (Diluted) | $ | 0.11 | $ | 0.60 | $ | 0.49 | $ | 0.43 | $ | 0.38 | $ | (0.05) | |||||||||||||||||||||||
Non-GAAP Financial Measures (a) | |||||||||||||||||||||||||||||||||||
Company Adj. Free Cash Flow ($B) | $ | 0.2 | $ | 6.3 | $ | 6.1 | $ | 2.3 | $ | (1.2) | $ | (3.5) | |||||||||||||||||||||||
Company Adj. EBIT ($M) | 1,793 | 3,644 | 1,851 | 5,894 | 1,066 | (4,828) | |||||||||||||||||||||||||||||
Company Adj. EBIT Margin (%) | 4.8 | % | 9.7 | % | 4.9 ppts | 5.1 | % | 1.2 | % | (3.9) ppts | |||||||||||||||||||||||||
Adjusted EPS (Diluted) | $ | 0.34 | $ | 0.65 | $ | 0.31 | $ | 1.06 | $ | 0.07 | $ | (0.99) | |||||||||||||||||||||||
Adjusted ROIC (Trailing Four Quarters) | 9.0 | % | (0.4) | % | (9.4) ppts |
First Quarter | |||||||||||
2019 | 2020 | H / (L) | |||||||||
GAAP Financial Measures | |||||||||||
Cash Flows from Operating Activities ($B) | $ | 3.5 | $ | (0.5 | ) | $ | (4.0 | ) | |||
Revenue ($M) | 40,342 | 34,320 | (15 | )% | |||||||
Net Income/(Loss) ($M) | 1,146 | (1,993 | ) | (3,139 | ) | ||||||
Net Income/(Loss) Margin (%) | 2.8 | % | (5.8 | )% | (8.6) ppts | ||||||
EPS (Diluted) | $ | 0.29 | $ | (0.50 | ) | $ | (0.79 | ) | |||
Non-GAAP Financial Measures * | |||||||||||
Company Adj. Free Cash Flow ($B) | $ | 1.9 | $ | (2.2 | ) | $ | (4.1 | ) | |||
Company Adj. EBIT ($M) | 2,447 | (632 | ) | (3,079 | ) | ||||||
Company Adj. EBIT Margin (%) | 6.1 | % | (1.8 | )% | (7.9) ppts | ||||||
Adjusted EPS (Diluted) | $ | 0.44 | $ | (0.23 | ) | $ | (0.67 | ) | |||
Adjusted ROIC (Trailing Four Quarters) | 8.0 | % | 2.5 | % | (5.5) ppts |
Third Quarter | First Nine Months | |||||||||||||||||||||||||||||||||||||
2019 | 2020 | H / (L) | 2019 | 2020 | H / (L) | |||||||||||||||||||||||||||||||||
Automotive | $ | 1,329 | $ | 2,644 | $ | 1,315 | $ | 4,711 | $ | 378 | $ | (4,333) | ||||||||||||||||||||||||||
Mobility | (290) | (281) | 9 | (842) | (947) | (105) | ||||||||||||||||||||||||||||||||
Ford Credit | 736 | 1,123 | 387 | 2,368 | 1,696 | (672) | ||||||||||||||||||||||||||||||||
Corporate Other | 18 | 158 | 140 | (343) | (61) | 282 | ||||||||||||||||||||||||||||||||
Company Adjusted EBIT (a) | 1,793 | 3,644 | 1,851 | 5,894 | 1,066 | (4,828) | ||||||||||||||||||||||||||||||||
Interest on Debt | (276) | (498) | 222 | (765) | (1,175) | 410 | ||||||||||||||||||||||||||||||||
Special Items | (1,536) | (390) | (1,146) | (3,333) | 2,803 | (6,136) | ||||||||||||||||||||||||||||||||
Taxes / Noncontrolling Interests | 444 | (371) | 815 | (77) | (1,185) | 1,108 | ||||||||||||||||||||||||||||||||
Net Income/(Loss) | $ | 425 | $ | 2,385 | $ | 1,960 | $ | 1,719 | $ | 1,509 | $ | (210) |
First Quarter | ||||||||||||
2019 | 2020 | H / (L) | ||||||||||
Automotive | $ | 2,009 | $ | (177 | ) | $ | (2,186 | ) | ||||
Mobility | (288 | ) | (334 | ) | (46 | ) | ||||||
Ford Credit | 801 | 30 | (771 | ) | ||||||||
Corporate Other | (75 | ) | (151 | ) | (76 | ) | ||||||
Company Adjusted EBIT * | 2,447 | (632 | ) | (3,079 | ) | |||||||
Interest on Debt | (245 | ) | (227 | ) | (18 | ) | ||||||
Special Items | (592 | ) | (287 | ) | (305 | ) | ||||||
Taxes / Noncontrolling Interests | (464 | ) | (847 | ) | 383 | |||||||
Net Income/(Loss) | $ | 1,146 | $ | (1,993 | ) | $ | (3,139 | ) |
38 |
Third Quarter | First Nine Months | |||||||||||||||||||||||||||||||||||||
2019 | 2020 | H / (L) | 2019 | 2020 | H / (L) | |||||||||||||||||||||||||||||||||
North America | $ | 2,012 | $ | 3,178 | $ | 1,166 | $ | 5,912 | $ | 2,550 | $ | (3,362) | ||||||||||||||||||||||||||
South America | (165) | (108) | 57 | (527) | (386) | 141 | ||||||||||||||||||||||||||||||||
Europe | (144) | (440) | (296) | 51 | (1,247) | (1,298) | ||||||||||||||||||||||||||||||||
China (including Taiwan) | (281) | (58) | 223 | (565) | (435) | 130 | ||||||||||||||||||||||||||||||||
International Markets Group | (93) | 72 | 165 | (160) | (104) | 56 | ||||||||||||||||||||||||||||||||
Automotive Segment | $ | 1,329 | $ | 2,644 | $ | 1,315 | $ | 4,711 | $ | 378 | $ | (4,333) |
First Quarter | ||||||||||||
2019 | 2020 | H / (L) | ||||||||||
North America | $ | 2,205 | $ | 346 | $ | (1,859 | ) | |||||
South America | (158 | ) | (113 | ) | 45 | |||||||
Europe | 85 | (143 | ) | (228 | ) | |||||||
China (including Taiwan) | (128 | ) | (241 | ) | (113 | ) | ||||||
International Markets Group | 5 | (26 | ) | (31 | ) | |||||||
Automotive Segment | $ | 2,009 | $ | (177 | ) | $ | (2,186 | ) |
Third Quarter | First Nine Months | ||||||||||||||||||||||||||||||||||
Key Metrics | 2019 | 2020 | H / (L) | 2019 | 2020 | H / (L) | |||||||||||||||||||||||||||||
Market Share (%) | 6.0 | % | 6.0 | % | — ppts | 6.1 | % | 6.0 | % | (0.1) ppts | |||||||||||||||||||||||||
Wholesale Units (000) | 1,244 | 1,178 | (66) | 4,034 | 2,949 | (1,084) | |||||||||||||||||||||||||||||
Revenue ($M) | $ | 33,931 | $ | 34,707 | $ | 776 | $ | 106,928 | $ | 82,669 | $ | (24,259) | |||||||||||||||||||||||
EBIT ($M) | 1,329 | 2,644 | 1,315 | 4,711 | 378 | (4,333) | |||||||||||||||||||||||||||||
EBIT Margin (%) | 3.9 | % | 7.6 | % | 3.7 ppts | 4.4 | % | 0.5 | % | (3.9) ppts |
First Quarter | |||||||||||
Key Metrics | 2019 | 2020 | H / (L) | ||||||||
Market Share (%) | 6.0 | % | 6.0 | % | — ppts | ||||||
Wholesale Units (000) | 1,425 | 1,126 | (299 | ) | |||||||
Revenue ($M) | $ | 37,239 | $ | 31,340 | $ | (5,899 | ) | ||||
EBIT ($M) | 2,009 | (177 | ) | (2,186 | ) | ||||||
EBIT Margin (%) | 5.4 | % | (0.6 | )% | (6.0) ppts |
Change in EBIT by Causal Factor (in millions) | ||||||||
Third Quarter 2019 EBIT | $ | 1,329 | ||||||
Volume / Mix | (198) | |||||||
Net Pricing | 1,461 | |||||||
Cost | (61) | |||||||
Exchange | (39) | |||||||
Other | 152 | |||||||
Third Quarter 2020 EBIT | $ | 2,644 |
Change in EBIT by Causal Factor (in millions) | ||||
First Quarter 2019 EBIT | $ | 2,009 | ||
Volume / Mix | (1,482 | ) | ||
Net Pricing | 13 | |||
Cost | (548 | ) | ||
Exchange | (190 | ) | ||
Other | 21 | |||
First Quarter 2020 EBIT | $ | (177 | ) |
Third Quarter | First Nine Months | ||||||||||||||||||||||||||||||||||
Key Metrics | 2019 | 2020 | H / (L) | 2019 | 2020 | H / (L) | |||||||||||||||||||||||||||||
Market Share (%) | 12.6 | % | 13.6 | % | 1.0 ppts | 13.3 | % | 13.8 | % | 0.5 ppts | |||||||||||||||||||||||||
Wholesale Units (000) | 639 | 651 | 11 | 2,085 | 1,541 | (544) | |||||||||||||||||||||||||||||
Revenue ($M) | $ | 23,379 | $ | 25,333 | $ | 1,954 | $ | 72,738 | $ | 58,084 | $ | (14,654) | |||||||||||||||||||||||
EBIT ($M) | 2,012 | 3,178 | 1,166 | 5,912 | 2,550 | (3,362) | |||||||||||||||||||||||||||||
EBIT Margin (%) | 8.6 | % | 12.5 | % | 3.9 ppts | 8.1 | % | 4.4 | % | (3.7) ppts |
First Quarter | |||||||||||
Key Metrics | 2019 | 2020 | H / (L) | ||||||||
Market Share (%) | 13.6 | % | 13.6 | % | — ppts | ||||||
Wholesale Units (000) | 753 | 619 | (134 | ) | |||||||
Revenue ($M) | $ | 25,389 | $ | 21,809 | $ | (3,580 | ) | ||||
EBIT ($M) | 2,205 | 346 | (1,859 | ) | |||||||
EBIT Margin (%) | 8.7 | % | 1.6 | % | (7.1) ppts |
Change in EBIT by Causal Factor (in millions) | ||||||||
Third Quarter 2019 EBIT | $ | 2,012 | ||||||
Volume / Mix | 362 | |||||||
Net Pricing | 931 | |||||||
Cost | (95) | |||||||
Exchange | (28) | |||||||
Other | (4) | |||||||
Third Quarter 2020 EBIT | $ | 3,178 |
Change in EBIT by Causal Factor (in millions) | ||||
First Quarter 2019 EBIT | $ | 2,205 | ||
Volume / Mix | (1,031 | ) | ||
Net Pricing | (197 | ) | ||
Cost | (685 | ) | ||
Exchange | (53 | ) | ||
Other | 107 | |||
First Quarter 2020 EBIT | $ | 346 |
Third Quarter | First Nine Months | ||||||||||||||||||||||||||||||||||
Key Metrics | 2019 | 2020 | H / (L) | 2019 | 2020 | H / (L) | |||||||||||||||||||||||||||||
Market Share (%) | 7.1 | % | 5.7 | % | (1.4) ppts | 7.4 | % | 6.3 | % | (1.1) ppts | |||||||||||||||||||||||||
Wholesale Units (000) | 79 | 48 | (30) | 222 | 122 | (100) | |||||||||||||||||||||||||||||
Revenue ($M) | $ | 1,037 | $ | 630 | $ | (407) | $ | 2,938 | $ | 1,601 | $ | (1,337) | |||||||||||||||||||||||
EBIT ($M) | (165) | (108) | 57 | (527) | (386) | 141 | |||||||||||||||||||||||||||||
EBIT Margin (%) | (15.9) | % | (17.1) | % | (1.2) ppts | (17.9) | % | (24.1) | % | (6.2) ppts |
First Quarter | |||||||||||
Key Metrics | 2019 | 2020 | H / (L) | ||||||||
Market Share (%) | 7.7 | % | 6.9 | % | (0.8) ppts | ||||||
Wholesale Units (000) | 68 | 59 | (9 | ) | |||||||
Revenue ($M) | $ | 925 | $ | 728 | $ | (197 | ) | ||||
EBIT ($M) | (158 | ) | (113 | ) | 45 | ||||||
EBIT Margin (%) | (17.0 | )% | (15.5 | )% | 1.6 ppts |
Change in EBIT by Causal Factor (in millions) | ||||||||
Third Quarter 2019 EBIT | $ | (165) | ||||||
Volume / Mix | (43) | |||||||
Net Pricing | 170 | |||||||
Cost | 21 | |||||||
Exchange | (105) | |||||||
Other | 14 | |||||||
Third Quarter 2020 EBIT | $ | (108) |
Change in EBIT by Causal Factor (in millions) | ||||
First Quarter 2019 EBIT | $ | (158 | ) | |
Volume / Mix | (2 | ) | ||
Net Pricing | 74 | |||
Cost | 48 | |||
Exchange | (76 | ) | ||
Other | 1 | |||
First Quarter 2020 EBIT | $ | (113 | ) |
First Quarter | Third Quarter | First Nine Months | ||||||||||||||||||||||||||||||||||||||||||||
Key Metrics | 2019 | 2020 | H / (L) | Key Metrics | 2019 | 2020 | H / (L) | 2019 | 2020 | H / (L) | ||||||||||||||||||||||||||||||||||||
Market Share (%) | 7.6 | % | 6.9 | % | (0.7) ppts | Market Share (%) | 7.3 | % | 7.8 | % | 0.5 ppts | 7.3 | % | 7.3 | % | — ppts | ||||||||||||||||||||||||||||||
Wholesale Units * (000) | 382 | 288 | (94 | ) | ||||||||||||||||||||||||||||||||||||||||||
Wholesale Units (000) (a) | Wholesale Units (000) (a) | 298 | 239 | (60) | 1,048 | 681 | (368) | |||||||||||||||||||||||||||||||||||||||
Revenue ($M) | $ | 7,448 | $ | 6,247 | $ | (1,201 | ) | Revenue ($M) | $ | 6,340 | $ | 5,694 | $ | (646) | $ | 21,117 | $ | 15,555 | $ | (5,562) | ||||||||||||||||||||||||||
EBIT ($M) | 85 | (143 | ) | (228 | ) | EBIT ($M) | (144) | (440) | (296) | 51 | (1,247) | (1,298) | ||||||||||||||||||||||||||||||||||
EBIT Margin (%) | 1.1 | % | (2.3 | )% | (3.4) ppts | EBIT Margin (%) | (2.3) | % | (7.7) | % | (5.5) ppts | 0.2 | % | (8.0) | % | (8.3) ppts |
Third Quarter 2019 | $ | (144) | ||||||
Volume / Mix | (501) | |||||||
Net Pricing | 341 | |||||||
Cost | (200) | |||||||
Exchange | 101 | |||||||
Other | (37) | |||||||
Third Quarter 2020 EBIT | $ | (440) |
Change in EBIT by Causal Factor (in millions) | ||||
First Quarter 2019 EBIT | $ | 85 | ||
Volume / Mix | (304 | ) | ||
Net Pricing | 164 | |||
Cost | (64 | ) | ||
Exchange | 49 | |||
Other | (73 | ) | ||
First Quarter 2020 EBIT | $ | (143 | ) |
Third Quarter | First Nine Months | ||||||||||||||||||||||||||||||||||
Key Metrics | 2019 | 2020 | H / (L) | 2019 | 2020 | H / (L) | |||||||||||||||||||||||||||||
Market Share (%) | 2.3 | % | 2.4 | % | 0.1 ppts | 2.2 | % | 2.4 | % | 0.2 ppts | |||||||||||||||||||||||||
Wholesale Units (000) (a) | 134 | 164 | 30 | 375 | 415 | 40 | |||||||||||||||||||||||||||||
Revenue ($M) | $ | 878 | $ | 1,011 | $ | 133 | $ | 2,652 | $ | 2,407 | $ | (245) | |||||||||||||||||||||||
EBIT ($M) | (281) | (58) | 223 | (565) | (435) | 130 | |||||||||||||||||||||||||||||
EBIT Margin (%) | (32.0) | % | (5.7) | % | 26.3 ppts | (21.3) | % | (18.1) | % | 3.2 ppts | |||||||||||||||||||||||||
China Unconsolidated Affiliates | |||||||||||||||||||||||||||||||||||
Wholesales (000) | 116 | 146 | 30 | 323 | 374 | 51 | |||||||||||||||||||||||||||||
Ford Equity Income/(Loss) ($M) | $ | (112) | $ | 55 | $ | 167 | $ | (146) | $ | (26) | $ | 120 |
First Quarter | |||||||||||
Key Metrics | 2019 | 2020 | H / (L) | ||||||||
Market Share (%) | 2.1 | % | 2.2 | % | 0.1 ppts | ||||||
Wholesale Units * (000) | 115 | 81 | (34 | ) | |||||||
Revenue ($M) | $ | 858 | $ | 593 | $ | (265 | ) | ||||
EBIT ($M) | (128 | ) | (241 | ) | (113 | ) | |||||
EBIT Margin (%) | (14.9 | )% | (40.7 | )% | (25.7) ppts | ||||||
China Unconsolidated Affiliates | |||||||||||
Wholesales (000) | 99 | 72 | (27 | ) | |||||||
Ford Equity Income/(Loss) ($M) | $ | (41 | ) | $ | (91 | ) | $ | (50 | ) |
Third Quarter 2019 EBIT | $ | (281) | ||||||
Volume / Mix | 7 | |||||||
Net Pricing | (1) | |||||||
Cost | 51 | |||||||
Exchange | (13) | |||||||
Other (Including Joint Ventures) | 179 | |||||||
Third Quarter 2020 EBIT | $ | (58) |
Change in EBIT by Causal Factor (in millions) | ||||
First Quarter 2019 EBIT | $ | (128 | ) | |
Volume / Mix | (54 | ) | ||
Net Pricing | (15 | ) | ||
Cost | 79 | |||
Exchange | (73 | ) | ||
Other (Including Joint Ventures) | (50 | ) | ||
First Quarter 2020 EBIT | $ | (241 | ) |
First Quarter | Third Quarter | First Nine Months | ||||||||||||||||||||||||||||||||||||||||||||
Key Metrics | 2019 | 2020 | H / (L) | Key Metrics | 2019 | 2020 | H / (L) | 2019 | 2020 | H / (L) | ||||||||||||||||||||||||||||||||||||
Market Share (%) | 1.9 | % | 1.5 | % | (0.4) ppts | Market Share (%) | 1.8 | % | 1.7 | % | (0.1) ppts | 2.0 | % | 1.7 | % | (0.3) ppts | ||||||||||||||||||||||||||||||
Wholesale Units * (000) | 107 | 78 | (29 | ) | ||||||||||||||||||||||||||||||||||||||||||
Wholesale Units (000) (a) | Wholesale Units (000) (a) | 93 | 76 | (17) | 303 | 191 | (112) | |||||||||||||||||||||||||||||||||||||||
Revenue ($M) | $ | 2,618 | $ | 1,962 | $ | (656 | ) | Revenue ($M) | $ | 2,297 | $ | 2,039 | $ | (258) | $ | 7,483 | $ | 5,022 | $ | (2,461) | ||||||||||||||||||||||||||
EBIT ($M) | 5 | (26 | ) | (31 | ) | EBIT ($M) | (93) | 72 | 165 | (160) | (104) | 56 | ||||||||||||||||||||||||||||||||||
EBIT Margin (%) | 0.2 | % | (1.3 | )% | (1.5) ppts | EBIT Margin (%) | (4.0) | % | 3.5 | % | 7.6 ppts | (2.1) | % | (2.1) | % | 0.1 ppts |
Third Quarter 2019 | $ | (93) | ||||||
Volume / Mix | (23) | |||||||
Net Pricing | 20 | |||||||
Cost | 162 | |||||||
Exchange | 6 | |||||||
Other | — | |||||||
Third Quarter 2020 EBIT | $ | 72 |
Change in EBIT by Causal Factor (in millions) | ||||
First Quarter 2019 EBIT | $ | 5 | ||
Volume / Mix | (92 | ) | ||
Net Pricing | (14 | ) | ||
Cost | 73 | |||
Exchange | (37 | ) | ||
Other | 39 | |||
First Quarter 2020 EBIT | $ | (26 | ) |
◦Contribution Costs – primarily measures EBIT variance driven by per-unit changes in cost categories that typically vary with volume, such as material costs (including commodity and component costs), warranty expense, and freight and duty costs ◦Structural Costs – primarily measures EBIT variance driven by absolute change in cost categories that typically do not have a directly proportionate relationship to production volume. Structural costs include the following cost categories: ▪Manufacturing, Including Volume-Related –consists primarily of costs for hourly and salaried manufacturing personnel, plant overhead (such as utilities and taxes), and new product launch expense. These costs could be affected by volume for operating pattern actions such as overtime, line-speed, and shift schedules ▪Engineering –consists primarily of costs for engineering personnel, prototype materials, testing, and outside engineering services ▪Spending-Related –consists primarily of depreciation and amortization of our manufacturing and engineering assets, but also includes asset retirements and operating leases ▪Advertising and Sales Promotions –includes costs for advertising, marketing programs, brand promotions, customer mailings and promotional events, and auto shows ▪Administrative and Selling –includes primarily costs for salaried personnel and purchased services related to our staff activities and selling functions, as well as associated information technology costs ▪Pension and OPEB –consists primarily of past service pension costs and other postretirement employee benefit costs •Exchange – primarily measures EBIT variance driven by one or more of the following: (i) transactions denominated in currencies other than the functional currencies of the relevant entities, (ii) effects of converting functional currency income to U.S. dollars, (iii) effects of remeasuring monetary assets and liabilities of the relevant entities in currencies other than their functional currency, or (iv) results of our foreign currency hedging •Other –includes a variety of items, such as parts and services earnings, royalties, government incentives, and compensation-related changes |
Third Quarter | First Nine Months | ||||||||||||||||||||||||||||||||||
GAAP Financial Measures | 2019 | 2020 | H / (L) | 2019 | 2020 | H / (L) | |||||||||||||||||||||||||||||
Net Receivables ($B) | $ | 140 | $ | 131 | (6) | % | $ | 140 | $ | 131 | (6) | % | |||||||||||||||||||||||
Loss-to-Receivables (bps) (a) | 51 | 30 | (21) | 48 | 35 | (13) | |||||||||||||||||||||||||||||
Auction Values (b) | $ | 20,130 | $ | 21,045 | 5 | % | $ | 19,525 | $ | 19,890 | 2 | % | |||||||||||||||||||||||
EBT ($M) | $ | 736 | $ | 1,123 | $ | 387 | $ | 2,368 | $ | 1,696 | $ | (672) | |||||||||||||||||||||||
ROE (%) | 15 | % | 24 | % | 9 ppts | 16 | % | 12 | % | (4) ppts | |||||||||||||||||||||||||
Other Balance Sheet Metrics | |||||||||||||||||||||||||||||||||||
Debt ($B) | $ | 139 | $ | 133 | (4) | % | |||||||||||||||||||||||||||||
Net Liquidity ($B) | 35 | 31 | (11) | % | |||||||||||||||||||||||||||||||
Financial Statement Leverage (to 1) | 9.8 | 9.3 | (0.5) |
First Quarter | |||||||||||
GAAP Financial Measures | 2019 | 2020 | H / (L) | ||||||||
Net Receivables ($B) | $ | 147 | $ | 138 | (6 | )% | |||||
Loss-to-Receivables * (bps) | 55 | 62 | 7 | ||||||||
Auction Values ** | $ | 18,445 | $ | 18,630 | 1 | % | |||||
EBT ($M) | $ | 801 | $ | 30 | $ | (771 | ) | ||||
ROE (%) | 16 | % | 0.6 | % | (15.4) ppts | ||||||
Other Balance Sheet Metrics | |||||||||||
Debt ($B) | $ | 143 | $ | 137 | (4 | )% | |||||
Net Liquidity ($B) | 31 | 28 | (10 | )% | |||||||
Financial Statement Leverage (to 1) | 9.6 | 10.1 | 0.5 |
First Nine Months | |||||||||||||||||
Non-GAAP Financial Measures | 2019 | 2020 | H / (L) | ||||||||||||||
Managed Receivables ($B) (a) | $ | 149 | $ | 141 | (5) | % | |||||||||||
Managed Leverage (to 1) (b) | 8.8 | 8.2 | (0.6) |
First Quarter | ||||||||||
Non-GAAP Financial Measures | 2019 | 2020 | H / (L) | |||||||
Managed Receivables * ($B) | $ | 155 | $ | 146 | (6 | )% | ||||
Managed Leverage ** (to 1) | 8.8 | 9.2 | 0.4 |
Credit Loss | 6 | |||||||
Lease Residual | 344 | |||||||
Exchange | (2) | |||||||
Other | 85 | |||||||
Third Quarter 2020 EBT | $ | 1,123 |
Change in EBT by Causal Factor (in millions) | ||||
First Quarter 2019 EBT | $ | 801 | ||
Volume / Mix | (48 | ) | ||
Financing Margin | 32 | |||
Credit Loss | (554 | ) | ||
Lease Residual | (146 | ) | ||
Exchange | (4 | ) | ||
Other | (51 | ) | ||
First Quarter 2020 EBT | $ | 30 |
December 31, 2019 | September 30, 2020 | ||||||||||
Balance Sheets ($B) | |||||||||||
Company Cash | $ | 22.3 | $ | 29.5 | |||||||
Liquidity | 35.4 | 45.5 | |||||||||
Debt | (15.3) | (24.2) | |||||||||
Cash Net of Debt | 7.0 | 5.3 | |||||||||
Pension Funded Status ($B) (a) | |||||||||||
Funded Plans | $ | (0.4) | $ | 0.8 | |||||||
Unfunded Plans | (6.4) | (6.6) | |||||||||
Total Global Pension | $ | (6.8) | $ | (5.8) | |||||||
Total Funded Status OPEB | $ | (6.1) | $ | (6.0) |
December 31, 2019 | March 31, 2020 | ||||||
Balance Sheet ($B) | |||||||
Company Cash | $ | 22.3 | $ | 34.3 | |||
Liquidity | 35.4 | 35.1 | |||||
Debt | (15.3 | ) | (30.5 | ) | |||
Cash Net of Debt | 7.0 | 3.8 | |||||
Pension Funded Status ($B) * | |||||||
Funded Plans | $ | (0.4 | ) | $ | — | ||
Unfunded Plans | (6.4 | ) | (6.2 | ) | |||
Total Global Pension | $ | (6.8 | ) | $ | (6.2 | ) | |
Total Funded Status OPEB | $ | (6.1 | ) | $ | (5.9 | ) |
Third Quarter | First Nine Months | ||||||||||||||||||||||
2019 | 2020 | 2019 | 2020 | ||||||||||||||||||||
Company Excluding Ford Credit | |||||||||||||||||||||||
Company Adjusted EBIT excluding Ford Credit (a) | $ | 1.1 | $ | 2.5 | $ | 3.5 | $ | (0.6) | |||||||||||||||
Capital spending | $ | (1.8) | $ | (1.2) | $ | (5.3) | $ | (4.2) | |||||||||||||||
Depreciation and tooling amortization | 1.4 | 1.3 | 4.1 | 4.0 | |||||||||||||||||||
Net spending | $ | (0.4) | $ | 0.1 | $ | (1.2) | $ | (0.2) | |||||||||||||||
Receivables | $ | (0.2) | $ | (0.2) | $ | (0.2) | $ | 0.3 | |||||||||||||||
Inventory | (0.6) | (0.1) | (1.8) | — | |||||||||||||||||||
Trade Payables | (0.6) | 4.3 | 1.0 | 1.6 | |||||||||||||||||||
Changes in working capital | $ | (1.4) | $ | 3.9 | $ | (1.0) | $ | 1.9 | |||||||||||||||
Ford Credit distributions | $ | 1.1 | $ | 0.6 | $ | 2.4 | $ | 1.1 | |||||||||||||||
All other and timing differences | (0.1) | (0.8) | (1.4) | (3.4) | |||||||||||||||||||
Company adjusted free cash flow (a) | $ | 0.2 | $ | 6.3 | $ | 2.3 | $ | (1.2) | |||||||||||||||
Global Redesign (including separations) | $ | (0.3) | $ | (0.1) | $ | (0.7) | $ | (0.4) | |||||||||||||||
Changes in debt | 0.4 | (15.8) | 0.7 | 8.8 | |||||||||||||||||||
Funded pension contributions | (0.2) | (0.1) | (0.6) | (0.4) | |||||||||||||||||||
Shareholder distributions | (0.8) | — | (2.0) | (0.6) | |||||||||||||||||||
All other (including acquisitions and divestitures) | (0.1) | — | (0.4) | 1.0 | |||||||||||||||||||
Change in cash | $ | (0.9) | $ | (9.7) | $ | (0.8) | $ | 7.2 |
First Quarter | |||||||
2019 | 2020 | ||||||
Company Excluding Ford Credit | |||||||
Company Adjusted EBIT* excluding Ford Credit | $ | 1.6 | $ | (0.7 | ) | ||
Capital spending | $ | (1.6 | ) | $ | (1.8 | ) | |
Depreciation and tooling amortization | 1.4 | 1.4 | |||||
Net spending | $ | (0.3 | ) | $ | (0.4 | ) | |
Receivables | $ | (0.1 | ) | $ | 0.5 | ||
Inventory | (1.1 | ) | (1.1 | ) | |||
Trade Payables | 1.7 | (0.5 | ) | ||||
Changes in working capital | $ | 0.5 | $ | (1.2 | ) | ||
Ford Credit distributions | $ | 0.7 | $ | 0.3 | |||
All other and timing differences | (0.6 | ) | (0.2 | ) | |||
Company adjusted free cash flow * | $ | 1.9 | $ | (2.2 | ) | ||
Global Redesign (including separations) | $ | (0.1 | ) | $ | (0.2 | ) | |
Changes in debt | — | 15.1 | |||||
Funded pension contributions | (0.3 | ) | (0.2 | ) | |||
Shareholder distributions | (0.6 | ) | (0.6 | ) | |||
All other (including acquisitions and divestitures) | 0.2 | 0.1 | |||||
Change in cash | $ | 1.1 | $ | 12.0 |
September 30, 2019 | December 31, 2019 | September 30, 2020 | |||||||||||||||
Term Debt (incl. Bank Borrowings) | $ | 74 | $ | 73 | $ | 73 | |||||||||||
Term Asset-Backed Securities | 55 | 57 | 53 | ||||||||||||||
Commercial Paper | 4 | 4 | 1 | ||||||||||||||
Ford Interest Advantage / Deposits | 7 | 7 | 6 | ||||||||||||||
Other | 9 | 9 | 9 | ||||||||||||||
Equity | 14 | 14 | 14 | ||||||||||||||
Adjustments for Cash | (14) | (12) | (15) | ||||||||||||||
Total Managed Receivables (a) | $ | 149 | $ | 152 | $ | 141 | |||||||||||
Securitized Funding as Percent of Managed Receivables | 37 | % | 38 | % | 38 | % |
March 31, 2019 | December 31, 2019 | March 31, 2020 | ||||||||||
Term Debt (incl. Bank Borrowings) | $ | 73 | $ | 73 | $ | 72 | ||||||
Term Asset-Backed Securities | 60 | 57 | 56 | |||||||||
Commercial Paper | 4 | 4 | 3 | |||||||||
Ford Interest Advantage / Deposits | 6 | 7 | 6 | |||||||||
Other | 10 | 9 | 6 | |||||||||
Equity | 15 | 14 | 14 | |||||||||
Adjustments for Cash | (13 | ) | (12 | ) | (11 | ) | ||||||
Total Managed Receivables * | $ | 155 | $ | 152 | $ | 146 | ||||||
Securitized Funding as Percent of Managed Receivables | 38 | % | 38 | % | 38 | % |
2018 Actual | 2019 Actual | 2020 Forecast | Through October 27 | |||||||||||||||||||||||
Unsecured | $ | 13 | $ | 17 | $ 8 - 11 | $ | 8 | |||||||||||||||||||
Securitizations (a) | 14 | 14 | 12 - 13 | 11 | ||||||||||||||||||||||
Total public | $ | 27 | $ | 31 | $ 21 - 24 | $ | 20 |
2018 Actual | 2019 Actual | 2020 Forecast | Through Apr 27 | |||||||||||
Unsecured | $ | 13 | $ | 17 | $ 3 - 8 | $ | 3 | |||||||
Securitizations * | 14 | 14 | 9 - 14 | 3 | ||||||||||
Total public | $ | 27 | $ | 31 | $ 12 - 22 | $ | 6 |
Note: Numbers may not sum due to rounding. |
September 30, 2019 | December 31, 2019 | September 30, 2020 | |||||||||||||||
Liquidity Sources (a) | |||||||||||||||||
Cash | $ | 14.3 | $ | 11.7 | $ | 14.6 | |||||||||||
Committed asset-backed facilities | 35.2 | 36.6 | 37.4 | ||||||||||||||
Other unsecured credit facilities | 2.6 | 3.0 | 2.4 | ||||||||||||||
Ford corporate credit facility allocation | 3.0 | 3.0 | — | ||||||||||||||
Total liquidity sources | $ | 55.1 | $ | 54.3 | $ | 54.4 | |||||||||||
Utilization of Liquidity (a) | |||||||||||||||||
Securitization cash | $ | (2.9) | $ | (3.5) | $ | (3.3) | |||||||||||
Committed asset-backed facilities | (14.4) | (17.3) | (17.4) | ||||||||||||||
Other unsecured credit facilities | (0.5) | (0.8) | (0.5) | ||||||||||||||
Ford corporate credit facility allocation | — | — | — | ||||||||||||||
Total utilization of liquidity | $ | (17.8) | $ | (21.6) | $ | (21.2) | |||||||||||
Gross liquidity | $ | 37.3 | $ | 32.7 | $ | 33.2 | |||||||||||
Adjustments (b) | (1.9) | 0.4 | (1.9) | ||||||||||||||
Net liquidity available for use | $ | 35.4 | $ | 33.1 | $ | 31.3 |
March 31, 2019 | December 31, 2019 | March 31, 2020 | ||||||||||
Liquidity Sources * | ||||||||||||
Cash | $ | 12.8 | $ | 11.7 | $ | 11.3 | ||||||
Committed asset-backed facilities | 35.2 | 36.6 | 35.9 | |||||||||
Other unsecured credit facilities | 3.3 | 3.0 | 2.8 | |||||||||
Ford corporate credit facility allocation | 3.0 | 3.0 | — | |||||||||
Total liquidity sources | $ | 54.3 | $ | 54.3 | $ | 50.0 | ||||||
Utilization of Liquidity * | ||||||||||||
Securitization cash | $ | (3.3 | ) | $ | (3.5 | ) | $ | (2.9 | ) | |||
Committed asset-backed facilities | (19.8 | ) | (17.3 | ) | (18.6 | ) | ||||||
Other unsecured credit facilities | (0.6 | ) | (0.8 | ) | (0.5 | ) | ||||||
Ford corporate credit facility allocation | — | — | — | |||||||||
Total utilization of liquidity | $ | (23.7 | ) | $ | (21.6 | ) | $ | (22.0 | ) | |||
Gross liquidity | $ | 30.6 | $ | 32.7 | $ | 28.0 | ||||||
Adjustments ** | 0.4 | 0.4 | 0.3 | |||||||||
Net liquidity available for use | $ | 31.0 | $ | 33.1 | $ | 28.3 |
(b)Includes asset-backed capacity in excess of eligible receivables and cash related to the Ford Credit Revolving Extended Variable-utilization program (“FordREV”), which can be accessed through future sales of receivables. |
April - December 2020 | 2021 | 2022 | 2023 and Beyond | October - December 2020 | 2021 | 2022 | 2023 and Beyond | |||||||||||||||||||||||||||||||||||
Balance Sheet Liquidity Profile | Balance Sheet Liquidity Profile | |||||||||||||||||||||||||||||||||||||||||
Assets (a) | $ | 72 | $ | 116 | $ | 139 | $ | 155 | Assets (a) | $ | 49 | $ | 84 | $ | 112 | $ | 153 | |||||||||||||||||||||||||
Total debt (b) | 50 | 83 | 102 | 135 | Total debt (b) | 21 | 67 | 90 | 132 | |||||||||||||||||||||||||||||||||
Memo: Unsecured Long-Term Debt Maturities | 11 | 17 | 13 | 28 | Memo: Unsecured Long-Term Debt Maturities | 4 | 17 | 14 | 34 |
September 30, 2019 | December 31, 2019 | September 30, 2020 | ||||||||||||||||||
Leverage Calculation | ||||||||||||||||||||
Debt | $ | 139.3 | $ | 140.0 | $ | 133.1 | ||||||||||||||
Adjustments for cash | (14.3) | (11.7) | (14.6) | |||||||||||||||||
Adjustments for derivative accounting (a) | (0.8) | (0.5) | (1.6) | |||||||||||||||||
Total adjusted debt | $ | 124.2 | $ | 127.8 | $ | 116.9 | ||||||||||||||
Equity (b) | $ | 14.2 | $ | 14.3 | $ | 14.3 | ||||||||||||||
Adjustments for derivative accounting (a) | — | — | 0.1 | |||||||||||||||||
Total adjusted equity | $ | 14.2 | $ | 14.3 | $ | 14.4 | ||||||||||||||
Financial statement leverage (to 1) (GAAP) | 9.8 | 9.8 | 9.3 | |||||||||||||||||
Managed leverage (to 1) (Non-GAAP) | 8.8 | 8.9 | 8.2 |
March 31, 2019 | December 31, 2019 | March 31, 2020 | ||||||||||
Leverage Calculation | ||||||||||||
Debt * | $ | 142.9 | $ | 140.0 | $ | 136.8 | ||||||
Adjustments for cash | (12.8 | ) | (11.7 | ) | (11.3 | ) | ||||||
Adjustments for derivative accounting * | (0.1 | ) | (0.5 | ) | (1.6 | ) | ||||||
Total adjusted debt | $ | 130.0 | $ | 127.8 | $ | 123.9 | ||||||
Equity ** | $ | 14.9 | $ | 14.3 | $ | 13.5 | ||||||
Adjustments for derivative accounting * | (0.2 | ) | — | — | ||||||||
Total adjusted equity | $ | 14.7 | $ | 14.3 | $ | 13.5 | ||||||
Financial statement leverage (to 1) (GAAP) | 9.6 | 9.8 | 10.1 | |||||||||
Managed leverage (to 1) (Non-GAAP) | 8.8 | 8.9 | 9.2 |
Four Quarters Ending | |||||||||||
September 30, 2019 | September 30, 2020 | ||||||||||
Adjusted Net Operating Profit After Cash Tax | |||||||||||
Net income/(loss) attributable to Ford | $ | 1.6 | $ | (0.2) | |||||||
Add: Noncontrolling interest | — | — | |||||||||
Less: Income tax | (0.1) | (0.4) | |||||||||
Add: Cash tax | (0.7) | (0.3) | |||||||||
Less: Interest on debt | (1.1) | (1.4) | |||||||||
Less: Total pension/OPEB income/(cost) | (1.2) | (1.8) | |||||||||
Add: Pension/OPEB service costs | (1.1) | (1.1) | |||||||||
Net operating profit/(loss) after cash tax | $ | 2.3 | $ | 2.0 | |||||||
Less: Special items (excl. pension/OPEB) pre-tax | (3.3) | 2.3 | |||||||||
Adjusted net operating profit after cash tax | $ | 5.6 | $ | (0.3) | |||||||
Invested Capital | |||||||||||
Equity | $ | 35.4 | $ | 33.2 | |||||||
Redeemable noncontrolling interest | — | — | |||||||||
Debt (excl. Ford Credit) | 14.8 | 24.2 | |||||||||
Net pension and OPEB liability | 10.9 | 11.9 | |||||||||
Invested capital (end of period) | $ | 61.1 | $ | 69.2 | |||||||
Average invested capital | $ | 62.1 | $ | 69.4 | |||||||
ROIC (a) | 3.6 | % | 2.9 | % | |||||||
Adjusted ROIC (Non-GAAP) (b) | 9.0 | % | (0.4) | % |
Four Quarters Ending | |||||||
March 31, 2019 | March 31, 2020 | ||||||
Adjusted Net Operating Profit After Cash Tax | |||||||
Net income/(loss) attributable to Ford | $ | 3.1 | $ | (3.1 | ) | ||
Add: Noncontrolling interest | — | — | |||||
Less: Income tax | (0.9 | ) | 0.3 | ||||
Add: Cash tax | (0.7 | ) | (0.6 | ) | |||
Less: Interest on debt | (1.2 | ) | (1.0 | ) | |||
Less: Total pension / OPEB income/(cost) | (0.6 | ) | (2.5 | ) | |||
Add: Pension / OPEB service costs | (1.1 | ) | (1.0 | ) | |||
Net operating profit/(loss) after cash tax | $ | 3.9 | $ | (1.6 | ) | ||
Less: Special items (excl. pension / OPEB) pre-tax | (1.2 | ) | (3.2 | ) | |||
Adjusted net operating profit after cash tax | $ | 5.1 | $ | 1.6 | |||
Invested Capital | |||||||
Equity | $ | 36.4 | $ | 29.7 | |||
Redeemable noncontrolling interest | 0.1 | — | |||||
Debt (excl. Ford Credit) | 14.2 | 30.5 | |||||
Net pension and OPEB liability | 11.1 | 12.2 | |||||
Invested capital (end of period) | $ | 61.9 | $ | 72.4 | |||
Average invested capital | $ | 63.4 | $ | 63.7 | |||
ROIC * | 6.2 | % | (2.5 | )% | |||
Adjusted ROIC (Non-GAAP) ** | 8.0 | % | 2.5 | % |
NRSRO RATINGS | |||||||||||||||||||||||||||||||||||||||||
Ford | Ford Credit | NRSROs | |||||||||||||||||||||||||||||||||||||||
Issuer Default / Corporate / Issuer Rating | Long-Term Senior Unsecured | Outlook / Trend | Long-Term Senior Unsecured | Short-Term Unsecured | Outlook / Trend | Minimum Long-Term Investment Grade Rating | |||||||||||||||||||||||||||||||||||
DBRS | BBB (low) | ||||||||||||||||||||||||||||||||||||||||
Fitch | Negative | Negative | BBB- | ||||||||||||||||||||||||||||||||||||||
Moody’s | N/A | Ba2 | Ba2 | NP | Baa3 | ||||||||||||||||||||||||||||||||||||
S&P | BB+ | BB+ | BB+ | B | BBB- |
2020 Guidance | ||||||||
Total Company | ||||||||
Adjusted EBIT (a) | ||||||||
Q4 | $(0.5) - $0.0 billion | |||||||
Full Year | $0.6 - $1.1 billion | |||||||
Capital spending | $5.9 - $6.4 billion | |||||||
Pension contributions | $0.5 - $0.7 billion | |||||||
Global Redesign EBIT charges | $0.7 - $1.2 billion | |||||||
Global Redesign cash effects | $0.7 - $1.2 billion | |||||||
Ford Credit | ||||||||
Up about 2% (b) | ||||||||
Total public funding issuances | $ | |||||||
Third Quarter | First Nine Months | |||||||||||||||||||||||||
2019 | 2020 | 2019 | 2020 | |||||||||||||||||||||||
Net income/(loss) attributable to Ford (GAAP) | $ | 425 | $ | 2,385 | $ | 1,719 | $ | 1,509 | ||||||||||||||||||
Income/(Loss) attributable to noncontrolling interests | (2) | 5 | 37 | 6 | ||||||||||||||||||||||
Net income/(loss) | $ | 423 | $ | 2,390 | $ | 1,756 | $ | 1,515 | ||||||||||||||||||
Less: (Provision for)/Benefit from income taxes | 442 | (366) | (40) | (1,179) | ||||||||||||||||||||||
Income/(Loss) before income taxes | $ | (19) | $ | 2,756 | $ | 1,796 | $ | 2,694 | ||||||||||||||||||
Less: Special items pre-tax | (1,536) | (390) | (3,333) | 2,803 | ||||||||||||||||||||||
Income/(Loss) before special items pre-tax | $ | 1,517 | $ | 3,146 | $ | 5,129 | $ | (109) | ||||||||||||||||||
Less: Interest on debt | (276) | (498) | (765) | (1,175) | ||||||||||||||||||||||
Adjusted EBIT (Non-GAAP) | $ | 1,793 | $ | 3,644 | $ | 5,894 | $ | 1,066 | ||||||||||||||||||
Memo: | ||||||||||||||||||||||||||
Revenue ($B) | $ | 37.0 | $ | 37.5 | $ | 116.2 | $ | 91.2 | ||||||||||||||||||
Net income/(loss) margin (%) | 1.1 | % | 6.4 | % | 1.5 | % | 1.7 | % | ||||||||||||||||||
Adjusted EBIT margin (%) | 4.8 | % | 9.7 | % | 5.1 | % | 1.2 | % |
First Quarter | ||||||||
2019 | 2020 | |||||||
Net income/(loss) attributable to Ford (GAAP) | $ | 1,146 | $ | (1,993 | ) | |||
Income/(Loss) attributable to noncontrolling interests | 37 | — | ||||||
Net income/(loss) | $ | 1,183 | $ | (1,993 | ) | |||
Less: (Provision for)/Benefit from income taxes | (427 | ) | (847 | ) | ||||
Income/(Loss) before income taxes | $ | 1,610 | $ | (1,146 | ) | |||
Less: Special items pre-tax | (592 | ) | (287 | ) | ||||
Income/(Loss) before special items pre-tax | $ | 2,202 | $ | (859 | ) | |||
Less: Interest on debt | (245 | ) | (227 | ) | ||||
Adjusted EBIT (Non-GAAP) | $ | 2,447 | $ | (632 | ) | |||
Memo: | ||||||||
Revenue ($B) | $ | 40.3 | $ | 34.3 | ||||
Net income/(loss) margin (%) | 2.8 | % | (5.8 | )% | ||||
Adjusted EBIT margin (%) | 6.1 | % | (1.8 | )% |
Third Quarter | First Nine Months | |||||||||||||||||||||||||
2019 | 2020 | 2019 | 2020 | |||||||||||||||||||||||
Diluted After-Tax Results ($M) | ||||||||||||||||||||||||||
Diluted after-tax results (GAAP) | $ | 425 | $ | 2,385 | $ | 1,719 | $ | 1,509 | ||||||||||||||||||
Less: Impact of pre-tax and tax special items | (931) | (231) | (2,505) | 1,220 | ||||||||||||||||||||||
Less: Noncontrolling interests impact of Russia restructuring | — | — | (35) | — | ||||||||||||||||||||||
Adjusted net income/(loss) – diluted (Non-GAAP) | $ | 1,356 | $ | 2,616 | $ | 4,259 | $ | 289 | ||||||||||||||||||
Basic and Diluted Shares (M) | ||||||||||||||||||||||||||
Basic shares (average shares outstanding) | 3,970 | 3,976 | 3,976 | 3,971 | ||||||||||||||||||||||
Net dilutive options, unvested restricted stock units and restricted stock | 37 | 29 | 30 | 26 | ||||||||||||||||||||||
Diluted shares | 4,007 | 4,005 | 4,006 | 3,997 | ||||||||||||||||||||||
Earnings per share – diluted (GAAP) | $ | 0.11 | $ | 0.60 | $ | 0.43 | $ | 0.38 | ||||||||||||||||||
Less: Net impact of adjustments | (0.23) | (0.05) | (0.63) | 0.31 | ||||||||||||||||||||||
Adjusted earnings per share – diluted (Non-GAAP) | $ | 0.34 | $ | 0.65 | $ | 1.06 | $ | 0.07 |
First Quarter | ||||||||
2019 | 2020 | |||||||
Diluted After-Tax Results ($M) | ||||||||
Diluted after-tax results (GAAP) | $ | 1,146 | $ | (1,993 | ) | |||
Less: Impact of pre-tax and tax special items | (585 | ) | (1,074 | ) | ||||
Less: Noncontrolling interests impact of Russia restructuring | (35 | ) | — | |||||
Adjusted net income/(loss) – diluted (Non-GAAP) | $ | 1,766 | $ | (919 | ) | |||
Basic and Diluted Shares (M) | ||||||||
Basic shares (average shares outstanding) | 3,973 | 3,963 | ||||||
Net dilutive options, unvested restricted stock units and restricted stock | 24 | — | ||||||
Diluted shares | 3,997 | 3,963 | ||||||
Earnings per share – diluted (GAAP) | $ | 0.29 | $ | (0.50 | ) | |||
Less: Net impact of adjustments | (0.15 | ) | (0.27 | ) | ||||
Adjusted earnings per share – diluted (Non-GAAP) | $ | 0.44 | $ | (0.23 | ) |
Third Quarter | First Nine Months | |||||||||||||||||||||||||||||||
2019 | 2020 | 2019 | 2020 | Memo: FY 2019 | ||||||||||||||||||||||||||||
Pre-Tax Results ($M) | ||||||||||||||||||||||||||||||||
Income/(Loss) before income taxes (GAAP) | $ | (19) | $ | 2,756 | $ | 1,796 | $ | 2,694 | $ | (640) | ||||||||||||||||||||||
Less: Impact of special items | (1,536) | (390) | (3,333) | 2,803 | (5,999) | |||||||||||||||||||||||||||
Adjusted earnings before taxes (Non-GAAP) | $ | 1,517 | $ | 3,146 | $ | 5,129 | $ | (109) | $ | 5,359 | ||||||||||||||||||||||
Taxes ($M) | ||||||||||||||||||||||||||||||||
(Provision for)/Benefit from income taxes (GAAP) | $ | 442 | $ | (366) | $ | (40) | $ | (1,179) | $ | 724 | ||||||||||||||||||||||
Less: Impact of special items (a) | 605 | 159 | 828 | (1,583) | 1,323 | |||||||||||||||||||||||||||
Adjusted (provision for) / benefit from income taxes (Non-GAAP) | $ | (163) | $ | (525) | $ | (868) | $ | 404 | $ | (599) | ||||||||||||||||||||||
Tax Rate (%) | ||||||||||||||||||||||||||||||||
Effective tax rate (GAAP) | 2,326 | % | 13.3 | % | 2.2 | % | 43.8 | % | 113.1 | % | ||||||||||||||||||||||
Adjusted effective tax rate (Non-GAAP) | 10.7 | % | 16.7 | % | 16.9 | % | 370.6 | % | 11.2 | % |
First Quarter | ||||||||||||
2019 | 2020 | Memo: FY 2019 | ||||||||||
Pre-Tax Results ($M) | ||||||||||||
Income / (Loss) before income taxes (GAAP) | $ | 1,610 | $ | (1,146 | ) | $ | (640 | ) | ||||
Less: Impact of special items | (592 | ) | (287 | ) | (5,999 | ) | ||||||
Adjusted earnings before taxes (Non-GAAP) | $ | 2,202 | $ | (859 | ) | $ | 5,359 | |||||
Taxes ($M) | ||||||||||||
(Provision for) / Benefit from income taxes (GAAP) | $ | (427 | ) | $ | (847 | ) | $ | 724 | ||||
Less: Impact of special items | 7 | (787 | ) | 1,323 | ||||||||
Adjusted (provision for) / benefit from income taxes (Non-GAAP) | $ | (434 | ) | $ | (60 | ) | $ | (599 | ) | |||
Tax Rate (%) | ||||||||||||
Effective tax rate (GAAP) | 26.5 | % | (73.9 | )% | 113.1 | % | ||||||
Adjusted effective tax rate (Non-GAAP) | 19.7 | % | (7.0 | )% | 11.2 | % |
Third Quarter | First Nine Months | |||||||||||||||||||||||||
2019 | 2020 | 2019 | 2020 | |||||||||||||||||||||||
Net cash provided by / (used in) operating activities (GAAP) | $ | 4,732 | $ | 11,088 | $ | 14,739 | $ | 19,730 | ||||||||||||||||||
Less: Items not included in Company Adjusted Free Cash Flows | ||||||||||||||||||||||||||
Ford Credit operating cash flows | $ | 4,523 | $ | 4,161 | $ | 10,908 | $ | 17,707 | ||||||||||||||||||
Funded pension contributions | (211) | (147) | (611) | (429) | ||||||||||||||||||||||
Global Redesign (including separations) | (334) | (105) | (692) | (376) | ||||||||||||||||||||||
Ford Credit tax payments / (refunds) under tax sharing agreement | — | 300 | 98 | 1,344 | ||||||||||||||||||||||
Other, net | (124) | (431) | (69) | (624) | ||||||||||||||||||||||
Add: Items included in Company Adjusted Free Cash Flows | ||||||||||||||||||||||||||
Automotive and Mobility capital spending | $ | (1,787) | $ | (1,247) | $ | (5,318) | $ | (4,182) | ||||||||||||||||||
Ford Credit distributions | 1,100 | 575 | 2,425 | 1,125 | ||||||||||||||||||||||
Settlement of derivatives | 16 | (336) | 76 | (300) | ||||||||||||||||||||||
Company adjusted free cash flow (Non-GAAP) | $ | 207 | $ | 6,302 | $ | 2,288 | $ | (1,249) |
First Quarter | ||||||||
2019 | 2020 | |||||||
Net cash provided by / (used in) operating activities (GAAP) | $ | 3,544 | $ | (473 | ) | |||
Less: Items not included in Company Adjusted Free Cash Flows | ||||||||
Ford Credit operating cash flows | $ | 1,118 | $ | 133 | ||||
Funded pension contributions | (294 | ) | (175 | ) | ||||
Global Redesign (including separations) | (136 | ) | (172 | ) | ||||
Ford Credit tax payments / (refunds) under tax sharing agreement | 98 | 475 | ||||||
Other, net | (120 | ) | (15 | ) | ||||
Add: Items included in Company Adjusted Free Cash Flows | ||||||||
Automotive and Mobility capital spending | $ | (1,620 | ) | $ | (1,770 | ) | ||
Ford Credit distributions | 675 | 275 | ||||||
Settlement of derivatives | (26 | ) | (28 | ) | ||||
Company adjusted free cash flow (Non-GAAP) | $ | 1,907 | $ | (2,242 | ) | |||
Cash conversion (GAAP) (Trailing four quarters) | 488 | % | (441 | )% | ||||
Adjusted free cash flow conversion (Non-GAAP) (Trailing four quarters) | 24 | % | (41 | )% |
September 30, 2019 | December 31, 2019 | September 30, 2020 | ||||||||||||||||||||||||||||||
March 31, 2019 | December 31, 2019 | March 31, 2020 | ||||||||||||||||||||||||||||||
Ford Credit finance receivables, net (GAAP) * | $ | 109.8 | $ | 107.4 | $ | 106.0 | ||||||||||||||||||||||||||
Net investment in operating leases (GAAP) * | 27.6 | 27.6 | 27.0 | |||||||||||||||||||||||||||||
Consolidating adjustments ** | 9.5 | 7.0 | 4.8 | |||||||||||||||||||||||||||||
Ford Credit finance receivables, net (GAAP) (a) | Ford Credit finance receivables, net (GAAP) (a) | $ | 104.7 | $ | 107.4 | $ | 97.5 | |||||||||||||||||||||||||
Net investment in operating leases (GAAP) (a) | Net investment in operating leases (GAAP) (a) | 27.5 | 27.6 | 26.6 | ||||||||||||||||||||||||||||
Consolidating adjustments (b) | Consolidating adjustments (b) | 8.1 | 7.0 | 7.4 | ||||||||||||||||||||||||||||
Total net receivables | $ | 146.9 | $ | 142.0 | $ | 137.8 | Total net receivables | $ | 140.3 | $ | 142.0 | $ | 131.5 | |||||||||||||||||||
Held-for-sale receivables (GAAP) | $ | — | $ | 1.5 | $ | — | Held-for-sale receivables (GAAP) | $ | — | $ | 1.5 | $ | — | |||||||||||||||||||
Ford Credit unearned interest supplements and residual support | 6.8 | 6.7 | 6.3 | Ford Credit unearned interest supplements and residual support | 6.8 | 6.7 | 6.7 | |||||||||||||||||||||||||
Allowance for credit losses | 0.5 | 0.5 | 1.2 | Allowance for credit losses | 0.5 | 0.5 | 1.3 | |||||||||||||||||||||||||
Other, primarily accumulated supplemental depreciation | 1.1 | 1.0 | 1.1 | Other, primarily accumulated supplemental depreciation | 1.1 | 1.0 | 1.1 | |||||||||||||||||||||||||
Total managed receivables (Non-GAAP) | $ | 155.3 | $ | 151.7 | $ | 146.4 | Total managed receivables (Non-GAAP) | $ | 148.7 | $ | 151.7 | $ | 140.6 |
For the period ended September 30, 2020 | ||||||||||||||||||||||||||
First Nine Months | ||||||||||||||||||||||||||
Cash flows from operating activities | Company excluding Ford Credit | Ford Credit | Eliminations | Consolidated | ||||||||||||||||||||||
Net income/(loss) | $ | 228 | $ | 1,287 | $ | — | $ | 1,515 | ||||||||||||||||||
Depreciation and tooling amortization | 4,065 | 2,605 | — | 6,670 | ||||||||||||||||||||||
Other amortization | 58 | (996) | — | (938) | ||||||||||||||||||||||
Held-for-sale impairment charges | 21 | — | — | 21 | ||||||||||||||||||||||
Provision for credit and insurance losses | 19 | 847 | — | 866 | ||||||||||||||||||||||
Pension and OPEB expense/(income) | (454) | — | — | (454) | ||||||||||||||||||||||
Equity investment dividends received in excess of (earnings)/losses | 144 | (12) | — | 132 | ||||||||||||||||||||||
Foreign currency adjustments | (153) | (63) | — | (216) | ||||||||||||||||||||||
Net (gain)/loss on changes in investments in affiliates | (3,479) | (4) | — | (3,483) | ||||||||||||||||||||||
Stock compensation | 165 | 5 | — | 170 | ||||||||||||||||||||||
Provision for deferred income taxes | 744 | 234 | — | 978 | ||||||||||||||||||||||
Decrease/(Increase) in finance receivables (wholesale and other) | — | 11,006 | — | 11,006 | ||||||||||||||||||||||
Decrease/(Increase) in intersegment receivables/payables | 396 | (396) | — | — | ||||||||||||||||||||||
Decrease/(Increase) in accounts receivable and other assets | 82 | (8) | — | 74 | ||||||||||||||||||||||
Decrease/(Increase) in inventory | (202) | — | — | (202) | ||||||||||||||||||||||
Increase/(Decrease) in accounts payable and accrued and other liabilities | 4,056 | (198) | — | 3,858 | ||||||||||||||||||||||
Other | (308) | 41 | — | (267) | ||||||||||||||||||||||
Interest supplements and residual value support to Ford Credit | (3,359) | 3,359 | — | — | ||||||||||||||||||||||
Net cash provided by/(used in) operating activities | $ | 2,023 | $ | 17,707 | $ | — | $ | 19,730 |
Cash flows from investing activities | Company excluding Ford Credit | Ford Credit | Eliminations | Consolidated | ||||||||||||||||||||||
Capital spending | $ | (4,182) | $ | (29) | $ | — | $ | (4,211) | ||||||||||||||||||
Acquisitions of finance receivables and operating leases | — | (43,473) | — | (43,473) | ||||||||||||||||||||||
Collections of finance receivables and operating leases | — | 36,536 | — | 36,536 | ||||||||||||||||||||||
Proceeds from sale of business | — | 1,340 | 1,340 | |||||||||||||||||||||||
Purchases of marketable and other investments | (20,444) | (6,957) | — | (27,401) | ||||||||||||||||||||||
Sales and maturities of marketable securities and other investments | 18,373 | 6,029 | — | 24,402 | ||||||||||||||||||||||
Settlements of derivatives | (300) | (107) | — | (407) | ||||||||||||||||||||||
Other | 344 | — | — | 344 | ||||||||||||||||||||||
Investing activity (to)/from other segments | 1,125 | 110 | (1,235) | — | ||||||||||||||||||||||
Net cash provided by/(used in) investing activities | $ | (5,084) | $ | (6,551) | $ | (1,235) | $ | (12,870) |
Cash flows from financing activities | Company excluding Ford Credit | Ford Credit | Eliminations | Consolidated | ||||||||||||||||||||||
Cash payments for dividends and dividend equivalents | $ | (596) | $ | — | $ | — | $ | (596) | ||||||||||||||||||
Purchases of common stock | — | — | — | — | ||||||||||||||||||||||
Net changes in short-term debt | 516 | (3,331) | — | (2,815) | ||||||||||||||||||||||
Proceeds from issuance of long-term debt | 24,157 | 30,168 | — | 54,325 | ||||||||||||||||||||||
Principal payments on long-term debt | (15,834) | (34,807) | — | (50,641) | ||||||||||||||||||||||
Other | (163) | (79) | — | (242) | ||||||||||||||||||||||
Financing activity to/(from) other segments | (110) | (1,125) | 1,235 | — | ||||||||||||||||||||||
Net cash provided by/(used in) financing activities | $ | 7,970 | $ | (9,174) | $ | 1,235 | $ | 31 | ||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | $ | (162) | $ | 2 | $ | — | $ | (160) |
For the period ended March 31, 2020 | ||||||||||||||||
First Quarter | ||||||||||||||||
Cash flows from operating activities | Company excluding Ford Credit | Ford Credit | Eliminations | Consolidated | ||||||||||||
Net income/(loss) | $ | (2,014 | ) | $ | 21 | $ | — | $ | (1,993 | ) | ||||||
Depreciation and tooling amortization | 1,384 | 1,060 | — | 2,444 | ||||||||||||
Other amortization | 8 | (310 | ) | — | (302 | ) | ||||||||||
Held-for-sale impairment charges | 3 | — | — | 3 | ||||||||||||
Provision for credit and insurance losses | 6 | 592 | — | 598 | ||||||||||||
Pension and OPEB expense/(income) | (178 | ) | — | — | (178 | ) | ||||||||||
Equity investment dividends received in excess of (earnings)/losses | 124 | (6 | ) | — | 118 | |||||||||||
Foreign currency adjustments | 362 | (24 | ) | — | 338 | |||||||||||
Net (gain)/loss on changes in investments in affiliates | (20 | ) | 5 | — | (15 | ) | ||||||||||
Stock compensation | 37 | 1 | — | 38 | ||||||||||||
Provision for deferred income taxes | 974 | (272 | ) | — | 702 | |||||||||||
Decrease/(Increase) in finance receivables (wholesale and other) | — | (1,080 | ) | — | (1,080 | ) | ||||||||||
Decrease/(Increase) in intersegment receivables/payables | 488 | (488 | ) | — | — | |||||||||||
Decrease/(Increase) in accounts receivable and other assets | 16 | 23 | — | 39 | ||||||||||||
Decrease/(Increase) in inventory | (1,177 | ) | — | — | (1,177 | ) | ||||||||||
Increase/(Decrease) in accounts payable and accrued and other liabilities | 478 | (284 | ) | — | 194 | |||||||||||
Other | (278 | ) | 76 | — | (202 | ) | ||||||||||
Interest supplements and residual value support to Ford Credit | (819 | ) | 819 | — | — | |||||||||||
Net cash provided by/(used in) operating activities | $ | (606 | ) | $ | 133 | $ | — | $ | (473 | ) |
Cash flows from investing activities | Company excluding Ford Credit | Ford Credit | Eliminations | Consolidated | ||||||||||||
Capital spending | $ | (1,770 | ) | $ | (10 | ) | $ | — | $ | (1,780 | ) | |||||
Acquisitions of finance receivables and operating leases | — | (12,184 | ) | — | (12,184 | ) | ||||||||||
Collections of finance receivables and operating leases | — | 12,709 | — | 12,709 | ||||||||||||
Proceeds from sale of business | — | 1,340 | — | 1,340 | ||||||||||||
Purchases of marketable and other investments | (7,564 | ) | (680 | ) | — | (8,244 | ) | |||||||||
Sales and maturities of marketable securities and other investments | 3,463 | 1,535 | — | 4,998 | ||||||||||||
Settlements of derivatives | (28 | ) | 159 | — | 131 | |||||||||||
Other | (83 | ) | (1 | ) | — | (84 | ) | |||||||||
Investing activity (to)/from other segments | 275 | (10 | ) | (265 | ) | — | ||||||||||
Net cash provided by/(used in) investing activities | $ | (5,707 | ) | $ | 2,858 | $ | (265 | ) | $ | (3,114 | ) |
Cash flows from financing activities | Company excluding Ford Credit | Ford Credit | Eliminations | Consolidated | ||||||||||||
Cash payments for dividends and dividend equivalents | $ | (596 | ) | $ | — | $ | — | $ | (596 | ) | ||||||
Purchases of common stock | — | — | — | — | ||||||||||||
Net changes in short-term debt | 282 | (904 | ) | — | (622 | ) | ||||||||||
Proceeds from issuance of long-term debt | 15,068 | 11,623 | — | 26,691 | ||||||||||||
Principal payments on long-term debt | (296 | ) | (12,652 | ) | — | (12,948 | ) | |||||||||
Other | (50 | ) | (21 | ) | — | (71 | ) | |||||||||
Financing activity to/(from) other segments | 10 | (275 | ) | 265 | — | |||||||||||
Net cash provided by/(used in) financing activities | $ | 14,418 | $ | (2,229 | ) | $ | 265 | $ | 12,454 | |||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | $ | (196 | ) | $ | (252 | ) | $ | — | $ | (448 | ) |
For the period ended March 31, 2020 | For the period ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Quarter | Third Quarter | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company excluding Ford Credit | Company excluding Ford Credit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automotive | Mobility | Other (a) | Subtotal | Ford Credit | Consolidated | Automotive | Mobility | Other (a) | Subtotal | Ford Credit | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 31,340 | $ | 13 | $ | — | $ | 31,353 | $ | 2,967 | $ | 34,320 | Revenues | $ | 34,707 | $ | 20 | $ | — | $ | 34,727 | $ | 2,774 | $ | 37,501 | |||||||||||||||||||||||||||||||||||||
Total costs and expenses | Total costs and expenses | 32,106 | 381 | 467 | 32,954 | 2,924 | 35,878 | Total costs and expenses | 32,839 | 277 | 373 | 33,489 | 1,661 | 35,150 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating income/(loss) | Operating income/(loss) | (766 | ) | (368 | ) | (467 | ) | (1,601 | ) | 43 | (1,558 | ) | Operating income/(loss) | 1,868 | (257) | (373) | 1,238 | 1,113 | 2,351 | |||||||||||||||||||||||||||||||||||||||||||
Interest expense on Automotive debt | Interest expense on Automotive debt | — | — | 214 | 214 | — | 214 | Interest expense on Automotive debt | — | — | 487 | 487 | — | 487 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense on Other debt | Interest expense on Other debt | — | — | 13 | 13 | — | 13 | Interest expense on Other debt | — | — | 11 | 11 | — | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other income/(loss), net | Other income/(loss), net | 636 | 34 | 29 | 699 | (19 | ) | 680 | Other income/(loss), net | 661 | 34 | 144 | 839 | 6 | 845 | |||||||||||||||||||||||||||||||||||||||||||||||
Equity in net income/(loss) of affiliated companies | Equity in net income/(loss) of affiliated companies | (47 | ) | — | — | (47 | ) | 6 | (41 | ) | Equity in net income/(loss) of affiliated companies | 115 | (58) | (3) | 54 | 4 | 58 | |||||||||||||||||||||||||||||||||||||||||||||
Income/(Loss) before income taxes | Income/(Loss) before income taxes | (177 | ) | (334 | ) | (665 | ) | (1,176 | ) | 30 | (1,146 | ) | Income/(Loss) before income taxes | 2,644 | (281) | (730) | 1,633 | 1,123 | 2,756 | |||||||||||||||||||||||||||||||||||||||||||
Provision for/(Benefit from) income taxes | Provision for/(Benefit from) income taxes | 221 | (80 | ) | 697 | 838 | 9 | 847 | Provision for/(Benefit from) income taxes | 412 | (69) | (241) | 102 | 264 | 366 | |||||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) | Net income/(loss) | (398 | ) | (254 | ) | (1,362 | ) | (2,014 | ) | 21 | (1,993 | ) | Net income/(loss) | 2,232 | (212) | (489) | 1,531 | 859 | 2,390 | |||||||||||||||||||||||||||||||||||||||||||
Less: Income/(Loss) attributable to noncontrolling interests | Less: Income/(Loss) attributable to noncontrolling interests | — | — | — | — | — | — | Less: Income/(Loss) attributable to noncontrolling interests | 5 | — | — | 5 | — | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) attributable to Ford Motor Company | Net income/(loss) attributable to Ford Motor Company | $ | (398 | ) | $ | (254 | ) | $ | (1,362 | ) | $ | (2,014 | ) | $ | 21 | $ | (1,993 | ) | Net income/(loss) attributable to Ford Motor Company | $ | 2,227 | $ | (212) | $ | (489) | $ | 1,526 | $ | 859 | $ | 2,385 | |||||||||||||||||||||||||||||||
For the period ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Nine Months | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company excluding Ford Credit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Automotive | Mobility | Other (a) | Subtotal | Ford Credit | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues | $ | 82,669 | $ | 43 | $ | — | $ | 82,712 | $ | 8,480 | $ | 91,192 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total costs and expenses | Total costs and expenses | 84,248 | 1,019 | 1,073 | 86,340 | 6,818 | 93,158 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income/(loss) | Operating income/(loss) | (1,579) | (976) | (1,073) | (3,628) | 1,662 | (1,966) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense on Automotive debt | Interest expense on Automotive debt | — | — | 1,140 | 1,140 | — | 1,140 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense on Other debt | Interest expense on Other debt | — | — | 35 | 35 | — | 35 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other income/(loss), net | Other income/(loss), net | 1,898 | 99 | 3,824 | 5,821 | 22 | 5,843 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in net income/(loss) of affiliated companies | Equity in net income/(loss) of affiliated companies | 59 | (70) | (9) | (20) | 12 | (8) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income/(Loss) before income taxes | Income/(Loss) before income taxes | 378 | (947) | 1,567 | 998 | 1,696 | 2,694 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for/(Benefit from) income taxes | Provision for/(Benefit from) income taxes | (289) | (228) | 1,287 | 770 | 409 | 1,179 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) | Net income/(loss) | 667 | (719) | 280 | 228 | 1,287 | 1,515 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Income/(Loss) attributable to noncontrolling interests | Less: Income/(Loss) attributable to noncontrolling interests | 6 | — | — | 6 | — | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income/(loss) attributable to Ford Motor Company | Net income/(loss) attributable to Ford Motor Company | $ | 661 | $ | (719) | $ | 280 | $ | 222 | $ | 1,287 | $ | 1,509 |
September 30, 2020 | ||||||||||||||||||||||||||
Assets | Company excluding Ford Credit | Ford Credit | Eliminations | Consolidated | ||||||||||||||||||||||
Cash and cash equivalents | $ | 13,185 | $ | 11,078 | $ | — | $ | 24,263 | ||||||||||||||||||
Marketable securities | 16,320 | 4,248 | — | 20,568 | ||||||||||||||||||||||
Ford Credit finance receivables, net | — | 41,847 | — | 41,847 | ||||||||||||||||||||||
Trade and other receivables, net | 3,338 | 6,776 | — | 10,114 | ||||||||||||||||||||||
Inventories | 10,583 | — | — | 10,583 | ||||||||||||||||||||||
Assets held for sale | 638 | 38 | — | 676 | ||||||||||||||||||||||
Other assets | 2,045 | 1,669 | — | 3,714 | ||||||||||||||||||||||
Receivable from other segments | 180 | 2,485 | (2,665) | — | ||||||||||||||||||||||
Total current assets | 46,289 | 68,141 | (2,665) | 111,765 | ||||||||||||||||||||||
Ford Credit finance receivables, net | — | 55,659 | — | 55,659 | ||||||||||||||||||||||
Net investment in operating leases | 1,288 | 26,607 | — | 27,895 | ||||||||||||||||||||||
Net property | 35,905 | 213 | — | 36,118 | ||||||||||||||||||||||
Equity in net assets of affiliated companies | 4,619 | 122 | — | 4,741 | ||||||||||||||||||||||
Deferred income taxes | 13,091 | 151 | (2,335) | 10,907 | ||||||||||||||||||||||
Other assets | 9,979 | 2,879 | — | 12,858 | ||||||||||||||||||||||
Receivable from other segments | 8 | 27 | (35) | — | ||||||||||||||||||||||
Total assets | $ | 111,179 | $ | 153,799 | $ | (5,035) | $ | 259,943 |
Liabilities | Company excluding Ford Credit | Ford Credit | Eliminations | Consolidated | ||||||||||||||||||||||
Payables | $ | 20,412 | $ | 1,054 | $ | — | $ | 21,466 | ||||||||||||||||||
Other liabilities and deferred revenue | 18,812 | 1,481 | — | 20,293 | ||||||||||||||||||||||
Automotive debt payable within one year | 1,368 | — | — | 1,368 | ||||||||||||||||||||||
Ford Credit debt payable within one year | — | 49,447 | — | 49,447 | ||||||||||||||||||||||
Other debt payable within one year | 180 | — | — | 180 | ||||||||||||||||||||||
Liabilities held for sale | 405 | — | — | 405 | ||||||||||||||||||||||
Payable to other segments | 2,665 | — | (2,665) | — | ||||||||||||||||||||||
Total current liabilities | 43,842 | 51,982 | (2,665) | 93,159 | ||||||||||||||||||||||
Other liabilities and deferred revenue | 25,650 | 1,176 | — | 26,826 | ||||||||||||||||||||||
Automotive long-term debt | 22,363 | — | — | 22,363 | ||||||||||||||||||||||
Ford Credit long-term debt | — | 83,626 | — | 83,626 | ||||||||||||||||||||||
Other long-term debt | 291 | — | — | 291 | ||||||||||||||||||||||
Deferred income taxes | 121 | 2,731 | (2,335) | 517 | ||||||||||||||||||||||
Payable to other segments | 35 | — | (35) | — | ||||||||||||||||||||||
Total liabilities | $ | 92,302 | $ | 139,515 | $ | (5,035) | $ | 226,782 |
March 31, 2020 | ||||||||||||||||
Assets | Company excluding Ford Credit | Ford Credit | Eliminations | Consolidated | ||||||||||||
Cash and cash equivalents | $ | 16,343 | $ | 9,628 | $ | — | $ | 25,971 | ||||||||
Marketable securities | 17,946 | 2,453 | — | 20,399 | ||||||||||||
Ford Credit finance receivables, net | — | 54,889 | — | 54,889 | ||||||||||||
Trade and other receivables, net | 3,128 | 3,497 | — | 6,625 | ||||||||||||
Inventories | 11,312 | — | — | 11,312 | ||||||||||||
Assets held for sale | 664 | 36 | — | 700 | ||||||||||||
Other assets | 2,689 | 1,691 | — | 4,380 | ||||||||||||
Receivable from other segments | 21 | 2,673 | (2,694 | ) | — | |||||||||||
Total current assets | 52,103 | 74,867 | (2,694 | ) | 124,276 | |||||||||||
Ford Credit finance receivables, net | — | 51,141 | — | 51,141 | ||||||||||||
Net investment in operating leases | 1,509 | 27,005 | — | 28,514 | ||||||||||||
Net property | 35,082 | 212 | — | 35,294 | ||||||||||||
Equity in net assets of affiliated companies | 2,159 | 116 | — | 2,275 | ||||||||||||
Deferred income taxes | 12,607 | 168 | (1,853 | ) | 10,922 | |||||||||||
Other assets | 8,860 | 2,868 | — | 11,728 | ||||||||||||
Receivable from other segments | 9 | 16 | (25 | ) | — | |||||||||||
Total assets | $ | 112,329 | $ | 156,393 | $ | (4,572 | ) | $ | 264,150 |
Liabilities | Company excluding Ford Credit | Ford Credit | Eliminations | Consolidated | ||||||||||||
Payables | $ | 17,449 | $ | 990 | $ | — | $ | 18,439 | ||||||||
Other liabilities and deferred revenue | 21,225 | 1,449 | — | 22,674 | ||||||||||||
Automotive debt payable within one year | 1,609 | — | — | 1,609 | ||||||||||||
Ford Credit debt payable within one year | — | 51,303 | — | 51,303 | ||||||||||||
Other debt payable within one year | — | — | — | — | ||||||||||||
Liabilities held for sale | 469 | — | — | 469 | ||||||||||||
Payable to other segments | 2,694 | — | (2,694 | ) | — | |||||||||||
Total current liabilities | 43,446 | 53,742 | (2,694 | ) | 94,494 | |||||||||||
Other liabilities and deferred revenue | 23,757 | 1,348 | — | 25,105 | ||||||||||||
Automotive long-term debt | 28,411 | — | — | 28,411 | ||||||||||||
Ford Credit long-term debt | — | 85,533 | — | 85,533 | ||||||||||||
Other long-term debt | 470 | — | — | 470 | ||||||||||||
Deferred income taxes | 67 | 2,225 | (1,853 | ) | 439 | |||||||||||
Payable to other segments | 25 | — | (25 | ) | — | |||||||||||
Total liabilities | $ | 96,176 | $ | 142,848 | $ | (4,572 | ) | $ | 234,452 |
Increase/ (Decrease) | |||||
Net income | $ | 1.5 | |||
Common stock issued | 0.1 | ||||
Shareholder distributions | (0.6) | ||||
Adoption of accounting standards | (0.2) | ||||
Other comprehensive income | (0.9) | ||||
Total | $ | (0.1) |
Increase/ (Decrease) | |||
Net income | $ | (2.0 | ) |
Shareholder distributions | (0.6 | ) | |
Adoption of accounting standards | (0.2 | ) | |
Other comprehensive income | (0.7 | ) | |
Total | $ | (3.5 | ) |
U.S. Sales | U.S. Wholesales | ||||||||||
Trucks | 311,751 | 310,149 | |||||||||
SUVs | 191,803 | 213,707 | |||||||||
Cars | 48,242 | 46,374 | |||||||||
Total Vehicles | 551,796 | 570,230 |
U.S. Sales | U.S. Wholesales | ||||
Trucks | 263,757 | 265,966 | |||
SUVs | 189,720 | 194,013 | |||
Cars | 62,853 | 73,896 | |||
Total Vehicles | 516,330 | 533,875 |
ASU | Effective Date (a) | ||||||||||
Simplifying the Accounting for Income Taxes | January 1, 2021 | ||||||||||
Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity | January 1, 2022 | ||||||||||
2018-12 | Targeted Improvements to the Accounting for Long Duration Contracts | January 1, 2022 |
Designation | Description | Method of Filing | ||||||||||||
Agreement between Ford Motor Company and James D. Farley, Jr. dated August 3, 2020. | Filed with this Report. | |||||||||||||
Annual Incentive Compensation Plan, | Filed with this Report. | |||||||||||||
Executive Separation Waiver and Release Agreement between Ford Motor Company and | Filed with this Report. | |||||||||||||
Form of Stock Option Terms and Conditions for Long-Term Incentive Plan. | Filed with this Report. | |||||||||||||
Rule 15d-14(a) Certification of CEO. | Filed with this Report. | |||||||||||||
Rule 15d-14(a) Certification of CFO. | Filed with this Report. | |||||||||||||
Section 1350 Certification of CEO. | Furnished with this Report. | |||||||||||||
Section 1350 Certification of CFO. | Furnished with this Report. | |||||||||||||
Exhibit 101.INS | Interactive Data Files pursuant to Rule 405 of Regulation S-T formatted in Inline Extensible Business Reporting Language (“Inline XBRL”). | |||||||||||||
Exhibit 101.SCH | XBRL Taxonomy Extension Schema Document. | |||||||||||||
Exhibit 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||||||||
Exhibit 101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |||||||||||||
Exhibit 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||||||||
Exhibit 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |||||||||||||
Exhibit 104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101). |
By: | /s/ Cathy O’Callaghan | ||||
Cathy O’Callaghan, Controller | |||||
(principal accounting officer) | |||||
Date: |