DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION Document - shares | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2017 | Oct. 19, 2017 | |
Document Type | 10-Q | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 30, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | Q3 | ||
Entity Registrant Name | FORD MOTOR CO | ||
Entity Central Index Key | 37,996 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Trading Symbol | F | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Common Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 3,901,450,116 | ||
Class B Stock [Member] | |||
Entity Common Stock, Shares Outstanding | 70,852,076 |
CONSOLIDATED INCOME STATEMENT
CONSOLIDATED INCOME STATEMENT - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues | ||||
Financial Services | $ 2,802 | $ 2,612 | $ 8,209 | $ 7,626 |
Total revenues (Note 3) | 36,451 | 35,943 | 115,450 | 113,146 |
Costs and expenses | ||||
Cost of sales | 30,288 | 30,668 | 96,345 | 93,707 |
Selling, administrative, and other expenses | 2,919 | 2,657 | 8,439 | 8,131 |
Financial Services interest, operating, and other expenses | 2,273 | 2,200 | 6,722 | 6,518 |
Total costs and expenses | 35,480 | 35,525 | 111,506 | 108,356 |
Interest expense on Automotive debt | 284 | 238 | 840 | 650 |
Equity in net income of affiliated companies | 316 | 403 | 935 | 1,342 |
Income before income taxes | 1,757 | 1,387 | 6,259 | 7,913 |
Provision for/(Benefit from) income taxes | 186 | 426 | 1,044 | 2,525 |
Net income | 1,571 | 961 | 5,215 | 5,388 |
Less: Income/(Loss) attributable to noncontrolling interests | 7 | 4 | 22 | 9 |
Net income attributable to Ford Motor Company | $ 1,564 | $ 957 | $ 5,193 | $ 5,379 |
Basic income | ||||
Basic income (in dollars per share) | $ 0.39 | $ 0.24 | $ 1.31 | $ 1.35 |
Diluted income | ||||
Diluted income (in dollars per share) | 0.39 | 0.24 | 1.30 | 1.35 |
Cash dividends declared | $ 0.15 | $ 0.15 | $ 0.50 | $ 0.70 |
Operating Segments [Member] | Automotive | ||||
Revenues | ||||
Revenues | $ 33,646 | $ 33,331 | $ 107,234 | $ 105,520 |
Total revenues (Note 3) | 33,646 | 33,331 | 107,234 | 105,520 |
Costs and expenses | ||||
Equity in net income of affiliated companies | 305 | 395 | 910 | 1,319 |
Income before income taxes | 1,668 | 1,084 | 5,824 | 7,380 |
Operating Segments [Member] | Financial Services | ||||
Revenues | ||||
Total revenues (Note 3) | 2,802 | 2,612 | 8,209 | 7,626 |
Costs and expenses | ||||
Other income/(loss), net | 45 | 132 | 141 | 305 |
Equity in net income of affiliated companies | 10 | 8 | 25 | 23 |
Income before income taxes | 584 | 552 | 1,653 | 1,436 |
Operating Segments [Member] | All Other | ||||
Revenues | ||||
Revenues | 3 | 0 | 7 | 0 |
Total revenues (Note 3) | 3 | 7 | 0 | |
Costs and expenses | ||||
Equity in net income of affiliated companies | 1 | 0 | 0 | |
Income before income taxes | (278) | (223) | (777) | (573) |
Operating Segments [Member] | Non-Financial Services | ||||
Costs and expenses | ||||
Other income/(loss), net | $ 709 | $ 672 | $ 2,079 | $ 2,126 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 1,571 | $ 961 | $ 5,215 | $ 5,388 |
Foreign currency translation | 102 | (184) | 427 | (306) |
Marketable Securities | (1) | 0 | 2 | 6 |
Derivative instruments | (171) | 99 | (201) | 456 |
Pension and other postretirement benefits | 27 | 14 | 24 | 53 |
Total other comprehensive income/(loss), net of tax | (43) | (71) | 252 | 209 |
Comprehensive income | 1,528 | 890 | 5,467 | 5,597 |
Less: Comprehensive income/(loss) attributable to noncontrolling interests | 7 | 3 | 20 | 7 |
Comprehensive income attributable to Ford Motor Company | $ 1,521 | $ 887 | $ 5,447 | $ 5,590 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 17,589 | $ 15,905 |
Marketable securities | 20,492 | 22,922 |
Financial Services finance receivables, net | 49,541 | 46,266 |
Financial Services finance receivables, net | 103,864 | 96,190 |
Trade and other receivables, less allowances | 10,277 | 11,102 |
Inventories | 11,263 | 8,898 |
Other assets | 3,570 | 3,368 |
Total current assets | 112,732 | 108,461 |
Financial Services finance receivables, net (Note 8) | 54,323 | 49,924 |
Net investment in operating leases | 28,714 | 28,829 |
Net property | 34,760 | 32,072 |
Equity in net assets of affiliated companies | 3,344 | 3,304 |
Deferred income taxes | 10,359 | 9,705 |
Other assets | 7,041 | 5,656 |
Total assets | 251,273 | 237,951 |
LIABILITIES | ||
Payables | 23,566 | 21,296 |
Other liabilities and deferred revenue (Note 11) | 19,612 | 19,316 |
Total current liabilities | 94,352 | 90,281 |
Other liabilities and deferred revenue (Note 11) | 24,819 | 24,395 |
Deferred income taxes | 804 | 691 |
Total liabilities | 217,913 | 208,668 |
Debt | 149,112 | |
Redeemable noncontrolling interest | 97 | 96 |
EQUITY | ||
Capital in excess of par value of stock | 21,804 | 21,630 |
Retained earnings | 19,405 | 15,634 |
Accumulated other comprehensive income/(loss) (Note 15) | (6,759) | (7,013) |
Treasury stock | (1,253) | (1,122) |
Total equity attributable to Ford Motor Company | 33,238 | 29,170 |
Equity attributable to noncontrolling interests | 25 | 17 |
Total equity | 33,263 | 29,187 |
Total liabilities and equity | 251,273 | 237,951 |
Common Stock [Member] | ||
EQUITY | ||
Common and Class B Stock | 40 | 40 |
Class B Stock [Member] | ||
EQUITY | ||
Common and Class B Stock | 1 | 1 |
Operating Segments [Member] | Automotive | ||
ASSETS | ||
Cash and cash equivalents | 8,753 | 7,820 |
Total assets | 103,534 | |
LIABILITIES | ||
Debt payable within one year | 3,551 | 2,685 |
Long-term Debt | 12,633 | 13,222 |
Debt | 16,184 | 15,907 |
Operating Segments [Member] | Financial Services | ||
ASSETS | ||
Cash and cash equivalents | 8,835 | 8,077 |
Total assets | 154,613 | |
LIABILITIES | ||
Debt payable within one year | 47,623 | 46,984 |
Long-term Debt | 85,305 | 80,079 |
Debt | 132,928 | 127,063 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
ASSETS | ||
Cash and cash equivalents | 2,511 | 3,047 |
Financial Services finance receivables, net | 52,834 | 50,857 |
Net investment in operating leases | 9,908 | 11,761 |
Other assets | 60 | 25 |
LIABILITIES | ||
Other liabilities and deferred revenue | 2 | 5 |
Debt | $ 43,302 | $ 43,730 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) shares in Millions, $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Allowance for trade and other receivables | $ 407 | $ 392 |
Common Stock [Member] | ||
EQUITY | ||
Common Stock, par value (in dollars per share) | $ 0.01 | |
Common Stock, shares issued (in shares) | 3,986 | |
Common Stock, Shares Authorized (in shares) | 6,000 | |
Class B Stock [Member] | ||
EQUITY | ||
Common Stock, par value (in dollars per share) | $ 0.01 | |
Common Stock, shares issued (in shares) | 71 | |
Common Stock, Shares Authorized (in shares) | 530 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ||
Net cash provided by/(used in) operating activities | $ 14,949 | $ 17,052 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract] | ||
Capital spending | (4,936) | (4,912) |
Acquisitions of finance receivables and operating leases | (43,054) | (43,746) |
Collections of finance receivables and operating leases | 32,988 | 30,254 |
Purchases of equity and debt securities | (20,550) | (22,049) |
Sales and maturities of equity and debt securities | 22,953 | 22,022 |
Settlements of derivatives | 62 | 330 |
Other | (5) | 43 |
Net cash provided by/(used in) investing activities | (12,542) | (18,058) |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract] | ||
Cash dividends | (1,988) | (2,780) |
Purchases of common stock | (131) | (145) |
Net changes in short-term debt | 1,899 | 1,200 |
Proceeds from issuance of other debt | 30,557 | 31,956 |
Principal payments on other debt | (31,378) | (30,019) |
Other | (124) | (102) |
Net cash provided by/(used in) financing activities | (1,165) | 110 |
Effect of exchange rate changes on cash and cash equivalents | 442 | (36) |
Cash and cash equivalents at January 1 | 15,905 | 14,272 |
Net increase/(decrease) in cash and cash equivalents | 1,684 | (932) |
Cash and cash equivalents at September 30 | $ 17,589 | $ 13,340 |
CONSOLIDATED STATEMENT OF EQUIT
CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Millions | Total | Capital Stock [Member] | Capital in Excess of Par Value of Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Parent [Member] | Equity Attributable to Non-controlling Interests [Member] |
Total equity/(deficit), beginning balance at Dec. 31, 2015 | $ 28,657 | $ 41 | $ 21,421 | $ 14,414 | $ (6,257) | $ (977) | $ 28,642 | $ 15 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 5,388 | 5,379 | 5,379 | 9 | ||||
Other comprehensive income/(loss), net of tax | 209 | 211 | 211 | (2) | ||||
Common stock issued (including share-based compensation impacts) | 177 | 177 | 177 | |||||
Treasury stock/other | (147) | (145) | (145) | (2) | ||||
Cash dividends declared | (2,785) | (2,780) | (2,780) | (5) | ||||
Total equity/(deficit), ending balance at Sep. 30, 2016 | 31,499 | 41 | 21,598 | 17,013 | (6,046) | (1,122) | 31,484 | 15 |
Total equity/(deficit), beginning balance at Dec. 31, 2016 | 29,187 | 41 | 21,630 | 15,634 | (7,013) | (1,122) | 29,170 | 17 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 5,215 | 5,193 | 5,193 | 22 | ||||
Other comprehensive income/(loss), net of tax | 252 | 254 | 254 | (2) | ||||
Common stock issued (including share-based compensation impacts) | 168 | 168 | 168 | |||||
Treasury stock/other | (132) | (131) | (131) | (1) | ||||
Cash dividends declared | (1,999) | (1,988) | (1,988) | (11) | ||||
Total equity/(deficit), ending balance at Sep. 30, 2017 | 33,263 | $ 41 | 21,804 | 19,405 | $ (6,759) | $ (1,253) | 33,238 | $ 25 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Adoption of accounting standards (Note 2) | $ 572 | $ 6 | $ 566 | $ 572 |
Presentation (Notes)
Presentation (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
PRESENTATION | PRESENTATION For purposes of this report, “Ford,” the “Company,” “we,” “our,” “us,” or similar references mean Ford Motor Company, our consolidated subsidiaries, and our consolidated VIEs of which we are the primary beneficiary, unless the context requires otherwise. Our financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information, instructions to Quarterly Report on Form 10-Q, and Rule 10-01 of Regulation S-X. In the opinion of management, these unaudited financial statements reflect a fair statement of our results of operations and financial condition for the periods, and at the dates, presented. The results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. Reference should be made to the financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2016 (“ 2016 Form 10-K Report”). We reclassified certain prior year amounts in our consolidated financial statements to conform to the current year presentation. |
New Accounting Standards (Notes
New Accounting Standards (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
NEW ACCOUNTING STANDARDS | NEW ACCOUNTING STANDARDS Adoption of New Accounting Standards Accounting Standards Update (“ASU”) 2016-09, Stock Compensation - Improvements to Employee Share-Based Payment Accounting . On January 1, 2017, we adopted the amendments to accounting standards codification (“ASC”) 718 which simplify accounting for share-based payment transactions. Prior to this amendment, excess tax benefits resulting from the difference between the deduction for tax purposes and the compensation costs recognized for financial reporting were not recognized until the deduction reduced taxes payable. Under the new method, we will recognize excess tax benefits in the current accounting period. In addition, prior to January 1, 2017, the employee share-based compensation expense was recorded net of estimated forfeiture rates and subsequently adjusted at the vesting date, as appropriate. As part of the amendment, we have elected to recognize the actual forfeitures by reducing the employee share-based compensation expense in the same period as the forfeitures occur. We have adopted these changes in accounting method using the modified retrospective method by recognizing one-time adjustments to retained earnings for excess tax benefits previously unrecognized and the change in accounting for forfeited awards. ASU 2014-09, Revenue - Revenue from Contracts with Customers. On January 1, 2017, we adopted the new accounting standard ASC 606, Revenue from Contracts with Customers and all the related amendments (“new revenue standard”) to all contracts using the modified retrospective method. We recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We do not expect the adoption of the new revenue standard to have a material impact to our net income on an ongoing basis. A majority of our sales revenue continues to be recognized when products are shipped from our manufacturing facilities. For certain vehicle sales where revenue was previously deferred, such as vehicles subject to a guaranteed resale value recognized as a lease and transactions in which a Ford-owned entity delivered vehicles, we now recognize revenue when vehicles are shipped in accordance with the new revenue standard. The new revenue standard also provided additional clarity that resulted in reclassifications to or from Revenue , Cost of sales , and Financial Services other income/(loss), net . NOTE 2. NEW ACCOUNTING STANDARDS (Continued) The cumulative effect of the changes made to our consolidated January 1, 2017 balance sheet for the adoption of ASU 2016-09, Stock Compensation - Improvements to Employee Share-Based Payment Accounting and ASU 2014-09, Revenue - Revenue from Contracts with Customers were as follows (in millions): Balance at December 31, 2016 Adjustments Due to Adjustments Due to ASU 2014-09 Balance at January 1, 2017 Balance Sheet Assets Trade and other receivables $ 11,102 $ — $ (17 ) $ 11,085 Inventories 8,898 — (9 ) 8,889 Other assets, current 3,368 — 307 3,675 Net investment in operating leases 28,829 — (1,078 ) 27,751 Deferred income taxes 9,705 536 (13 ) 10,228 Liabilities Payables 21,296 — 262 21,558 Other liabilities and deferred revenue, current 19,316 — (1,429 ) 17,887 Automotive debt payable within one year 2,685 — 326 3,011 Other liabilities and deferred revenue, non-current 24,395 — (5 ) 24,390 Equity Capital in excess of par value of stock 21,630 6 — 21,636 Retained earnings 15,634 530 36 16,200 As part of ASU 2016-09, we retrospectively reclassified cash paid to taxing authorities related to shares withheld for tax purposes from operating activities to financing activities on our consolidated statement of cash flows. Cash paid to taxing authorities related to shares withheld for tax purposes was about $58 million and $56 million for the first nine months of 2016 and 2017 , respectively. This standard did not have a material impact on our third quarter and first nine months 2017 consolidated income statement or September 30, 2017 consolidated balance sheet . NOTE 2. NEW ACCOUNTING STANDARDS (Continued) In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on our consolidated income statement and balance sheet for the periods ended September 30, 2017 was as follows (in millions): Third Quarter First Nine Months As Reported Balances Without Adoption of ASC 606 Effect of Change As Reported Balances Without Adoption of ASC 606 Effect of Change Income statement Revenues Automotive $ 33,646 $ 33,897 $ (251 ) $ 107,234 $ 106,937 $ 297 Financial Services 2,802 2,709 93 8,209 7,930 279 Costs and expenses Cost of sales 30,288 30,536 (248 ) 96,345 96,166 179 Interest expense on Automotive debt 284 265 19 840 793 47 Non-Financial Services other income/(loss), net 709 731 (22 ) 2,079 2,142 (63 ) Financial Services other income/(loss), net 45 138 (93 ) 141 420 (279 ) Provision for/(Benefit from) income taxes 186 194 (8 ) 1,044 1,040 4 Net income 1,571 1,607 (36 ) 5,215 5,211 4 September 30, 2017 As Reported Balances Without Adoption of ASC 606 Effect of Change Balance Sheet Assets Trade and other receivables $ 10,277 $ 10,300 $ (23 ) Other assets, current 3,570 3,233 337 Net investment in operating leases 28,714 29,510 (796 ) Deferred income taxes 10,359 10,376 (17 ) Liabilities Payables 23,566 23,287 279 Other liabilities and deferred revenue, current 19,612 20,818 (1,206 ) Automotive debt payable within one year 3,551 3,158 393 Other liabilities and deferred revenue, non-current 24,819 24,824 (5 ) Deferred income taxes 804 804 — Equity Retained earnings 19,405 19,365 40 NOTE 2. NEW ACCOUNTING STANDARDS (Continued) ASU 2017-07, Retirement Benefits - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . On January 1, 2017, we adopted the amendments to ASC 715 that improve the presentation of net periodic pension and postretirement benefit costs. We retrospectively adopted the presentation of service cost separate from the other components of net periodic costs. The interest cost, expected return on assets, amortization of prior service costs, net remeasurement, and other costs have been reclassified from Cost of Sales and Selling, administrative, and other expenses to Non-Financial Services other income/(loss), net. We elected to apply the practical expedient which allows us to reclassify amounts disclosed previously in the retirement benefits note as the basis for applying retrospective presentation for comparative periods as it is impracticable to determine the disaggregation of the cost components for amounts capitalized and amortized in those periods. On a prospective basis, the other components of net periodic benefit costs will not be included in amounts capitalized in inventory or property, plant, and equipment. The effect of the retrospective presentation change related to the net periodic cost of our defined benefit pension and other postretirement employee benefits (“OPEB”) plans on our consolidated income statement for the periods ended September 30, 2016 was as follows (in millions): Third Quarter First Nine Months As Revised Previously Reported Effect of Change As Revised Previously Reported Effect of Change Income statement Cost of sales $ 30,668 $ 30,446 $ 222 $ 93,707 $ 93,075 $ 632 Selling, administrative, and other expenses 2,657 2,535 122 8,131 7,758 373 Non-Financial Services other income/(loss), net 672 328 344 2,126 1,121 1,005 We also adopted the following standards during 2017 , none of which had a material impact to our financial statements or financial statement disclosures: Standard Effective Date 2017-05 Gains and Losses from the Derecognition of Nonfinancial Assets - Clarifying the Scope of Asset Derecognition Guidance January 1, 2017 2017-04 Goodwill and Other - Simplifying the Test for Goodwill Impairment January 1, 2017 2017-03 Accounting Changes and Error Corrections and Investments - Equity Method and Joint Ventures January 1, 2017 2017-01 Business Combinations - Clarifying the Definition of a Business January 1, 2017 2016-17 Consolidation - Interests Held through Related Parties That Are under Common Control January 1, 2017 2016-07 Equity Method and Joint Ventures - Simplifying the Transition to the Equity Method of Accounting January 1, 2017 2016-06 Derivatives and Hedging - Contingent Put and Call Options in Debt Instruments January 1, 2017 2016-05 Derivatives and Hedging - Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships January 1, 2017 2016-04 Extinguishments of Liabilities - Recognition of Breakage for Certain Prepaid Stored-Value Products January 1, 2017 2017-09 Stock Compensation - Scope of Modification Accounting April 1, 2017 Accounting Standards Issued But Not Yet Adopted The following represent the standards that will, or are expected to, result in a significant change in practice and/or have a significant financial impact to Ford. ASU 2016-13, Credit Losses - Measurement of Credit Losses on Financial Instruments . In June 2016, the Financial Accounting Standards Board (“FASB”) issued a new accounting standard which replaces the current incurred loss impairment method with a method that reflects expected credit losses. The new standard is effective as of January 1, 2020, and early adoption is permitted as of January 1, 2019. We will adopt the new credit loss guidance by recognizing the cumulative effect of initially applying the new standard as an adjustment to the opening balance of retained earnings. We anticipate adoption will increase the amount of expected credit losses reported in Financial Services finance receivables, net on our consolidated balance sheet and do not expect a material impact to our income statement. NOTE 2. NEW ACCOUNTING STANDARDS (Continued) ASU 2016-02, Leases . In February 2016, the FASB issued a new accounting standard which provides guidance on the recognition, measurement, presentation, and disclosure of leases. The new standard supersedes the present U.S. GAAP standard on leases and requires substantially all leases to be reported on the balance sheet as right-of-use assets and lease obligations. We plan to adopt the new standard at its effective date of January 1, 2019. We anticipate adoption of the standard will add between $1.5 billion and $2 billion in right-of-use assets and lease obligations to our balance sheet and will not significantly impact pre-tax profit. We plan to elect the practical expedients upon transition that will retain the lease classification and initial direct costs for any leases that exist prior to adoption of the standard. We will not reassess whether any contracts entered into prior to adoption are leases. We are in the early stages of implementation. ASU 2017-12, Derivatives and Hedging. In August 2017, the FASB issued a new accounting standard which aligns hedge accounting with risk management activities and simplifies the requirements to qualify for hedge accounting. We plan to adopt the new standard effective January 1, 2018 and are assessing the impact to our hedge accounting processes and financial statement disclosures. We anticipate adoption will not have a material impact to our financial statements. |
Revenue (Notes)
Revenue (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE The following table disaggregates our revenue by major source for the periods ended September 30, 2017 (in millions): Third Quarter Automotive Financial Services All Other Consolidated Vehicles, parts, and accessories $ 32,401 $ — $ — $ 32,401 Used vehicles 606 — — 606 Extended service contracts 314 — — 314 Other revenue (a) 197 55 3 255 Revenues from sales and services 33,518 55 3 33,576 Leasing income 128 1,395 — 1,523 Financing income — 1,314 — 1,314 Insurance income — 38 — 38 Total revenues $ 33,646 $ 2,802 $ 3 $ 36,451 First Nine Months Automotive Financial Services All Other Consolidated Vehicles, parts, and accessories $ 103,143 $ — $ — $ 103,143 Used vehicles 2,187 — — 2,187 Extended service contracts 921 — — 921 Other revenue (a) 623 159 7 789 Revenues from sales and services 106,874 159 7 107,040 Leasing income 360 4,142 — 4,502 Financing income — 3,788 — 3,788 Insurance income — 120 — 120 Total revenues $ 107,234 $ 8,209 $ 7 $ 115,450 __________ (a) Primarily includes commissions and vehicle-related design and testing services. NOTE 3. REVENUE (Continued) Revenue is recognized when obligations under the terms of a contract with our customer are satisfied; generally this occurs with the transfer of control of our vehicles, parts, accessories, or services. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Sales, value add, and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. Incidental items that are immaterial in the context of the contract are recognized as expense. The expected costs associated with our base warranties and field service actions continue to be recognized as expense when the products are sold (see Note 16 ). We recognize revenue for vehicle service contracts that extend mechanical and maintenance coverages beyond our base warranties over the life of the contract. We do not have any material significant payment terms as payment is received at or shortly after the point of sale. Automotive Segment Vehicles, Parts, and Accessories. For the majority of vehicles, parts, and accessories, we transfer control and recognize a sale when we ship the product from our manufacturing facility to our customer (dealers and distributors). We receive cash equal to the invoice price for most vehicle sales at the time of wholesale. When the vehicle sale is financed by our wholly-owned subsidiary Ford Credit, the dealer pays Ford Credit when it sells the vehicle to the retail customer (See Note 8 ). Payment terms on part sales to dealers, distributors, and retailers range from 30 days to 120 days . The amount of consideration we receive and revenue we recognize varies with changes in marketing incentives and returns we offer to our customers and their customers. When we give our dealers the right to return eligible parts and accessories, we estimate the expected returns based on an analysis of historical experience. We adjust our estimate of revenue at the earlier of when the most likely amount of consideration we expect to receive changes or when the consideration becomes fixed. As a result we recognized an increase to revenue from prior periods in the third quarter of 2017 of $33 million . Depending on the terms of the arrangement, we may also defer the recognition of a portion of the consideration received because we have to satisfy a future obligation (e.g., free extended service contracts). We use an observable price to determine the stand-alone selling price for separate performance obligations or a cost plus margin approach when one is not available. We have elected to recognize the cost for freight and shipping when control over vehicles, parts, or accessories have transferred to the customer as an expense in Cost of sales . We sell vehicles to daily rental companies and guarantee that we will pay them the difference between an agreed amount and the value they are able to realize upon resale. At the time of transfer of vehicles to the daily rental companies, we record the probable amount we will pay under the guarantee to Other liabilities and deferred revenue. Used Vehicles. We sell used vehicles both at auction and through our consolidated dealerships. Proceeds from the sale of these vehicles are recognized in Automotive revenues upon transfer of control of the vehicle to the customer and the related vehicle carrying value is recognized in Cost of sales . Extended Service Contracts. We sell separately-priced service contracts that extend mechanical and maintenance coverages beyond our base warranty agreements to vehicle owners. The separately priced service contracts range from 12 months to 120 months . We receive payment at the inception of the contract and recognize revenue over the term of the agreement in proportion to the costs expected to be incurred in satisfying the obligations under the contract. At January 1, 2017, $3.5 billion of unearned revenue associated with outstanding contracts was reported in Other Liabilities and deferred revenue, $256 million and $797 million of this was recognized as revenue during the third quarter and first nine months of 2017 , respectively. At September 30, 2017 , the unearned amount was $3.7 billion . We expect to recognize approximately $300 million of the unearned amount in the remainder of 2017, $1 billion in 2018, and $2.4 billion thereafter. We record a premium deficiency reserve to the extent we estimate the future costs associated with these contracts exceed the unrecognized revenue. Amounts paid to dealers to obtain these contracts are deferred and recorded as Other assets . These costs are amortized to expense consistent with how the related revenue is recognized. We had a balance of $236 million in deferred costs as of September 30, 2017 and recognized $17 million and $46 million of amortization during the third quarter and first nine months of 2017 , respectively. NOTE 3. REVENUE (Continued) Other Revenue. Other revenue consists primarily of net commissions received for serving as the agent in facilitating the sale of a third party’s products or services to our customers and payments for vehicle - related design and testing services we perform for others. We have applied the practical expedient to recognize Automotive revenues for vehicle-related design and testing services over the two to three year term of these agreements in proportion to the amount we have the right to invoice. Leasing Income. We sell vehicles to daily rental companies with an obligation to repurchase the vehicles for a guaranteed amount, exercisable at the option of the customer. The transactions are accounted for as operating leases. Upon the transfer of vehicles to the daily rental companies, we record proceeds received in Other liabilities and deferred revenue. The difference between the proceeds received and the guaranteed repurchase amount is recorded in Automotive revenues over the term of the lease using a straight-line method. The cost of the vehicle is recorded in Net investment in operating leases on our consolidated balance sheet and the difference between the cost of the vehicle and the estimated auction value is depreciated in Cost of sales over the term of the lease. Financial Services Segment Leasing Income. Ford Credit offers leasing plans to retail consumers through Ford and Lincoln brand dealers who originate the leases. Upon the purchase of a lease from the dealer, Ford Credit takes ownership of the vehicle and records an operating lease. The retail consumer makes lease payments representing the difference between Ford Credit’s purchase price of the vehicle and the contractual residual value of the vehicle, plus lease fees that we recognize on a straight-line basis over the term of the lease agreement. Depreciation and the gain or loss upon disposition of the vehicle is recorded in Financial Services interest, operating, and other expenses . Financing Income. Ford Credit originates and purchases finance installment contracts. Financing income represents interest earned on the finance receivables (including direct financing leases). Interest is recognized using the interest method, and includes the amortization of certain direct origination costs. Insurance Income. Income from insurance contracts is recognized evenly over the term of the agreement. Insurance commission revenue is recognized on a net basis at the time of sale of the third party’s product or service to our customer. |
Other Income_(Loss) (Notes)
Other Income/(Loss) (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME/(LOSS) | OTHER INCOME/(LOSS) Non-Financial Services The amounts included in Non-Financial Services other income/(loss), net for the periods ended September 30 were as follows (in millions): Third Quarter First Nine Months 2016 2017 2016 2017 Net periodic pension and OPEB income/(cost), excluding service cost $ 344 $ 365 $ 1,005 $ 1,144 Investment-related interest income 50 91 163 247 Interest income/(expense) on income taxes 9 (1 ) 8 1 Realized and unrealized gains/(losses) on cash equivalents and marketable securities (13 ) (14 ) 52 11 Gains/(Losses) on changes in investments in affiliates (1 ) (4 ) 180 (6 ) Royalty income 174 171 494 475 Other 109 101 224 207 Total $ 672 $ 709 $ 2,126 $ 2,079 NOTE 4. OTHER INCOME/(LOSS) (Continued) Financial Services The amounts included in Financial Services other income/(loss), net for the periods ended September 30 were as follows (in millions): Third Quarter First Nine Months 2016 2017 2016 2017 Investment-related interest income $ 18 $ 33 $ 57 $ 78 Interest income/(expense) on income taxes (2 ) (1 ) 11 (2 ) Insurance premiums earned 38 — 118 — Other 78 13 119 65 Total $ 132 $ 45 $ 305 $ 141 |
Income Taxes (Notes)
Income Taxes (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES For interim tax reporting, we estimate one single effective tax rate for tax jurisdictions not subject to a valuation allowance, which is applied to the year-to-date ordinary income/(loss). Tax effects of significant unusual or infrequently occurring items are excluded from the estimated annual effective tax rate calculation and recognized in the interim period in which they occur. For the third quarter and first nine months of 2017 , our effective tax rates were 10.6% and 16.7% , respectively. During the third quarter and first nine months of 2017 we recognized $266 million and $687 million of benefit for foreign tax credits expected to be realized in the foreseeable future. The tax benefit relates to investments in certain non-U.S. subsidiaries previously determined to be indefinitely reinvested in operations outside the United States. Our change in assertion for these investments is related to planned distributions in anticipation of potential U.S. corporate tax reform. |
Capital Stock and Earnings Per
Capital Stock and Earnings Per Share (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
CAPITAL STOCK AND EARNINGS PER SHARE | CAPITAL STOCK AND EARNINGS PER SHARE Earnings Per Share Attributable to Ford Motor Company Common and Class B Stock Basic and diluted income per share were calculated using the following (in millions): Third Quarter First Nine Months 2016 2017 2016 2017 Basic and Diluted Income Attributable to Ford Motor Company Basic income $ 957 $ 1,564 $ 5,379 $ 5,193 Diluted income 957 1,564 5,379 5,193 Basic and Diluted Shares Basic shares (average shares outstanding) 3,974 3,972 3,972 3,975 Net dilutive options and unvested restricted stock units 26 24 25 21 Diluted shares 4,000 3,996 3,997 3,996 |
Cash, Cash Equivalents, and Mar
Cash, Cash Equivalents, and Marketable Securities (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES | CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES The fair values of cash, cash equivalents, and marketable securities measured at fair value on a recurring basis on our balance sheet were as follows (in millions): December 31, 2016 Fair Value Level Automotive Financial Services All Other Consolidated Cash and cash equivalents U.S. government 1 $ 888 $ 924 $ — $ 1,812 U.S. government agencies 2 — — — — Non-U.S. government and agencies 2 200 142 — 342 Corporate debt 2 100 — — 100 Total marketable securities classified as cash equivalents 1,188 1,066 — 2,254 Cash, time deposits, and money market funds 6,632 7,011 8 13,651 Total cash and cash equivalents $ 7,820 $ 8,077 $ 8 $ 15,905 Marketable securities U.S. government 1 $ 8,099 $ 1,634 $ — $ 9,733 U.S. government agencies 2 2,244 505 — 2,749 Non-U.S. government and agencies 2 4,751 632 — 5,383 Corporate debt 2 4,329 475 — 4,804 Equities 1 165 — — 165 Other marketable securities 2 54 34 — 88 Total marketable securities $ 19,642 $ 3,280 $ — $ 22,922 September 30, 2017 Fair Value Level Automotive Financial Services All Other Consolidated Cash and cash equivalents U.S. government 1 $ 498 $ 112 $ — $ 610 U.S. government agencies 2 150 200 — 350 Non-U.S. government and agencies 2 — 357 — 357 Corporate debt 2 — — — — Total marketable securities classified as cash equivalents 648 669 — 1,317 Cash, time deposits, and money market funds 8,105 8,166 1 16,272 Total cash and cash equivalents $ 8,753 $ 8,835 $ 1 $ 17,589 Marketable securities U.S. government 1 $ 4,418 $ 670 $ — $ 5,088 U.S. government agencies 2 2,990 384 — 3,374 Non-U.S. government and agencies 2 5,833 971 — 6,804 Corporate debt 2 3,958 1,051 — 5,009 Equities 1 160 — — 160 Other marketable securities 2 32 25 — 57 Total marketable securities $ 17,391 $ 3,101 $ — $ 20,492 NOTE 7. CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES (Continued) The cash equivalents and marketable securities accounted for as available-for-sale (“AFS”) securities on our balance sheet were as follows (in millions): December 31, 2016 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 through 10 Years Automotive U.S. government $ 3,703 $ 2 $ (14 ) $ 3,691 $ 727 $ 2,776 $ 188 U.S. government agencies 308 — (2 ) 306 — 306 — Non-U.S. government and agencies 1,443 1 (11 ) 1,433 148 1,285 — Corporate debt 1,079 — — 1,079 1,031 48 — Total $ 6,533 $ 3 $ (27 ) $ 6,509 $ 1,906 $ 4,415 $ 188 September 30, 2017 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 through 10 Years Automotive U.S. government $ 3,228 $ — $ (8 ) $ 3,220 $ 1,268 $ 1,952 $ — U.S. government agencies 1,795 — (5 ) 1,790 228 1,547 15 Non-U.S. government and agencies 3,392 6 (7 ) 3,391 99 3,242 50 Corporate debt 1,542 1 (1 ) 1,542 530 1,012 — Total $ 9,957 $ 7 $ (21 ) $ 9,943 $ 2,125 $ 7,753 $ 65 Sales proceeds from investments classified as AFS and sold prior to maturity were $0 and $491 million in the third quarter of 2016 and 2017 , respectively, and $69 million and $3.1 billion in the first nine months of 2016 and 2017 , respectively. Gross realized gains from the sale of AFS securities in both the third quarter of 2016 and 2017 were $0 , and in the first nine months of 2016 and 2017 were $1 million and $3 million , respectively. Gross realized losses from the sale of AFS securities in both the third quarter of 2016 and 2017 were $0 , and in the first nine months of 2016 and 2017 were $0 and $8 million , respectively. NOTE 7. CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES (Continued) The present fair values and gross unrealized losses for cash equivalents and marketable securities accounted for as AFS securities that were in an unrealized loss position, aggregated by investment category and the length of time that individual securities have been in a continuous loss position, were as follows (in millions): December 31, 2016 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 $ 1,474 $ (14 ) $ — $ — $ 1,474 $ (14 ) U.S. government agencies 261 (2 ) — — 261 (2 ) Non-U.S. government and agencies 1,137 (11 ) — — 1,137 (11 ) Corporate debt — — — — — — Total $ 2,872 $ (27 ) $ — $ — $ 2,872 $ (27 ) September 30, 2017 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 $ 2,674 $ (7 ) $ 49 $ (1 ) $ 2,723 $ (8 ) U.S. government agencies 1,608 (4 ) 49 (1 ) 1,657 (5 ) Non-U.S. government and agencies 1,956 (7 ) 39 — 1,995 (7 ) Corporate debt 543 (1 ) — — 543 (1 ) Total $ 6,781 $ (19 ) $ 137 $ (2 ) $ 6,918 $ (21 ) We determine other-than-temporary impairments on cash equivalents and marketable securities using a specific identification method. During the nine months ended September 30, 2016 and 2017 , we did not recognize any other-than-temporary impairment loss. Other Securities Investments in entities that we do not control and over which we do not have the ability to exercise significant influence are recorded at cost and reported in Other assets in the non-current assets section of our consolidated balance sheet. These cost method investments were $219 million and $326 million at December 31, 2016 and September 30, 2017 , respectively. |
Financial Services Finance Rece
Financial Services Finance Receivables (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
FINANCIAL SERVICES FINANCE RECEIVABLES | FINANCIAL SERVICES FINANCE RECEIVABLES Our Financial Services segment, primarily Ford Credit, manages finance receivables as “consumer” and “non-consumer” portfolios. The receivables are generally secured by the vehicles, inventory, or other property being financed. Finance receivables, net were as follows (in millions): December 31, September 30, Consumer Retail financing, gross $ 68,121 $ 75,452 Unearned interest supplements (2,783 ) (3,136 ) Consumer finance receivables 65,338 72,316 Non-Consumer Dealer financing 31,336 32,123 Non-Consumer finance receivables 31,336 32,123 Total recorded investment $ 96,674 $ 104,439 Recorded investment in finance receivables $ 96,674 $ 104,439 Allowance for credit losses (484 ) (575 ) Finance receivables, net $ 96,190 $ 103,864 Current portion $ 46,266 $ 49,541 Non-current portion 49,924 54,323 Finance receivables, net $ 96,190 $ 103,864 Net finance receivables subject to fair value (a) $ 94,066 $ 100,773 Fair value 94,785 100,552 __________ (a) At December 31, 2016 and September 30, 2017 , Finance receivables, net includes $2.1 billion and $3.1 billion , respectively, of direct financing leases that are not subject to fair value disclosure requirements. The fair value of finance receivables is categorized within Level 3 of the fair value hierarchy. Excluded from finance receivables at both December 31, 2016 and September 30, 2017 , was $223 million of accrued uncollected interest, which is reported as Other assets in the current assets section of our consolidated balance sheet. Included in the recorded investment in finance receivables at December 31, 2016 and September 30, 2017 were consumer receivables of $32.5 billion and $35.2 billion , respectively, and non-consumer receivables of $26 billion and $23.6 billion , respectively, that have been sold for legal purposes in securitization transactions but continue to be reported in our consolidated financial statements. The receivables are available only for payment of the debt issued by, and other obligations of, the securitization entities that are parties to those securitization transactions; they are not available to pay the other obligations or the claims of Ford Credit’s other creditors. Ford Credit holds the right to receive the excess cash flows not needed to pay the debt issued by, and other obligations of, the securitization entities that are parties to those securitization transactions. NOTE 8. FINANCIAL SERVICES FINANCE RECEIVABLES (Continued) Aging For all finance receivables, we define “past due” as any payment, including principal and interest, that is at least 31 days past the contractual due date. The recorded investment of consumer receivables greater than 90 days past due and still accruing interest was $21 million and $28 million at December 31, 2016 and September 30, 2017 , respectively. The recorded investment of non-consumer receivables greater than 90 days past due and still accruing interest was de minimis and $1 million at December 31, 2016 and September 30, 2017 , respectively. The aging analysis of our finance receivables balances were as follows (in millions): December 31, September 30, Consumer 31-60 days past due $ 760 $ 682 61-90 days past due 114 111 91-120 days past due 34 40 Greater than 120 days past due 39 37 Total past due 947 870 Current 64,391 71,446 Consumer finance receivables 65,338 72,316 Non-Consumer Total past due 107 135 Current 31,229 31,988 Non-Consumer finance receivables 31,336 32,123 Total recorded investment $ 96,674 $ 104,439 Credit Quality Consumer Portfolio. Credit quality ratings for consumer receivables are based on aging. Refer to the aging table above. Consumer receivables credit quality ratings are as follows: • Pass – current to 60 days past due • Special Mention – 61 to 120 days past due and in intensified collection status • 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 Non-Consumer Portfolio. Dealers are assigned to one of four groups according to risk ratings as follows: • Group I – strong to superior financial metrics • Group II – fair to favorable financial metrics • Group III – marginal to weak financial metrics • Group IV – poor financial metrics, including dealers classified as uncollectible NOTE 8. FINANCIAL SERVICES FINANCE RECEIVABLES (Continued) The credit quality analysis of our dealer financing receivables was as follows (in millions): December 31, September 30, Dealer Financing Group I $ 24,315 $ 24,911 Group II 5,552 5,581 Group III 1,376 1,479 Group IV 93 152 Total recorded investment $ 31,336 $ 32,123 Impaired Receivables. Impaired consumer receivables include accounts that have been rewritten or modified in reorganization proceedings pursuant to the U.S. Bankruptcy Code that are considered to be Troubled Debt Restructurings (“TDRs”), as well as all accounts greater than 120 days past due. Impaired non-consumer receivables represent accounts with dealers that have weak or poor financial metrics or dealer financing that has been modified in TDRs. The recorded investment of consumer receivables that were impaired at December 31, 2016 and September 30, 2017 was $367 million , or 0.6% of consumer receivables, and $387 million , or 0.5% of consumer receivables, respectively. The recorded investment of non-consumer receivables that were impaired at December 31, 2016 and September 30, 2017 was $107 million , or 0.3% of non-consumer receivables, and $152 million , or 0.5% of non-consumer receivables, respectively. Impaired finance receivables are evaluated both collectively and specifically. |
Financial Services Allowance fo
Financial Services Allowance for Credit Losses (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
FINANCIAL SERVICES ALLOWANCE FOR CREDIT LOSSES | FINANCIAL SERVICES ALLOWANCE FOR CREDIT LOSSES An analysis of the allowance for credit losses related to finance receivables for the periods ended September 30 was as follows (in millions): Third Quarter 2016 First Nine Months 2016 Consumer Non-Consumer Total Consumer Non-Consumer Total Allowance for credit losses Beginning balance $ 432 $ 17 $ 449 $ 357 $ 16 $ 373 Charge-offs (108 ) (5 ) (113 ) (304 ) (7 ) (311 ) Recoveries 29 1 30 89 4 93 Provision for credit losses 112 1 113 323 1 324 Other (a) (1 ) — (1 ) (1 ) — (1 ) Ending balance (b) $ 464 $ 14 $ 478 $ 464 $ 14 $ 478 Analysis of ending balance of allowance for credit losses Collective impairment allowance $ 445 $ 12 $ 457 Specific impairment allowance 19 2 21 Ending balance (b) 464 14 478 Analysis of ending balance of finance receivables Collectively evaluated for impairment 64,743 30,393 95,136 Specifically evaluated for impairment 366 140 506 Recorded investment 65,109 30,533 95,642 Ending balance, net of allowance for credit losses $ 64,645 $ 30,519 $ 95,164 __________ (a) Primarily represents amounts related to translation adjustments. (b) Total allowance, including reserves for operating leases, was $541 million . Third Quarter 2017 First Nine Months 2017 Consumer Non-Consumer Total Consumer Non-Consumer Total Allowance for credit losses Beginning balance $ 507 $ 15 $ 522 $ 469 $ 15 $ 484 Charge-offs (132 ) — (132 ) (366 ) (3 ) (369 ) Recoveries 36 4 40 105 8 113 Provision for credit losses 146 (6 ) 140 341 (7 ) 334 Other (a) 5 — 5 13 — 13 Ending balance (b) $ 562 $ 13 $ 575 $ 562 $ 13 $ 575 Analysis of ending balance of allowance for credit losses Collective impairment allowance $ 541 $ 13 $ 554 Specific impairment allowance 21 — 21 Ending balance (b) 562 13 575 Analysis of ending balance of finance receivables Collectively evaluated for impairment 71,929 31,971 103,900 Specifically evaluated for impairment 387 152 539 Recorded investment 72,316 32,123 104,439 Ending balance, net of allowance for credit losses $ 71,754 $ 32,110 $ 103,864 __________ (a) Primarily represents amounts related to translation adjustments. (b) Total allowance, including reserves for operating leases, was $644 million . |
Inventories (Notes)
Inventories (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES All inventories are stated at the lower of cost and net realizable value. Cost for a substantial portion of U.S. inventories is determined on a last-in, first-out (“LIFO”) basis. LIFO was used for 30% and 35% of total inventories at December 31, 2016 and September 30, 2017 , respectively. Cost of other inventories is determined by costing methods that approximate a first-in, first-out (“FIFO”) basis. Inventories were as follows (in millions): December 31, September 30, Raw materials, work-in-process, and supplies $ 3,843 $ 4,587 Finished products 5,943 7,591 Total inventories under FIFO 9,786 12,178 LIFO adjustment (888 ) (915 ) Total inventories $ 8,898 $ 11,263 |
Other Liabilities and Deferred
Other Liabilities and Deferred Revenue (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Other Liabilities [Abstract] | |
OTHER LIABILITIES AND DEFERRED REVENUE | OTHER LIABILITIES AND DEFERRED REVENUE Other liabilities and deferred revenue were as follows (in millions): December 31, September 30, Current Dealer and dealers’ customer allowances and claims $ 9,542 $ 10,489 Deferred revenue 3,866 2,409 Employee benefit plans 1,469 1,718 Accrued interest 974 833 OPEB (a) 349 354 Pension (a) 247 260 Other 2,869 3,549 Total current other liabilities and deferred revenue $ 19,316 $ 19,612 Non-current Pension (a) $ 10,150 $ 10,251 OPEB (a) 5,516 5,582 Dealer and dealers’ customer allowances and claims 2,564 2,490 Deferred revenue 3,687 3,806 Employee benefit plans 1,063 1,131 Other 1,415 1,559 Total non-current other liabilities and deferred revenue $ 24,395 $ 24,819 __________ (a) Balances at September 30, 2017 reflect pension and OPEB liabilities at December 31, 2016 , updated (where applicable) for service and interest cost, expected return on assets, separation expense, actual benefit payments, and cash contributions. The discount rate and rate of expected return assumptions are unchanged from year-end 2016 . Included in Other assets are pension assets of $1.5 billion and $2.5 billion at December 31, 2016 and September 30, 2017 , respectively. |
Retirement Benefits (Notes)
Retirement Benefits (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
RETIREMENT BENEFITS | RETIREMENT BENEFITS Defined Benefit Plans - Expense The pre-tax net periodic benefit cost for our defined benefit pension and OPEB plans for the periods ended September 30 was as follows (in millions): Third Quarter Pension Benefits U.S. Plans Non-U.S. Plans Worldwide OPEB 2016 2017 2016 2017 2016 2017 Service cost $ 128 $ 133 $ 116 $ 154 $ 13 $ 13 Interest cost 381 382 190 155 49 50 Expected return on assets (673 ) (683 ) (329 ) (347 ) — — Amortization of prior service costs/(credits) 43 36 9 9 (35 ) (30 ) Net remeasurement (gain)/loss — — — — — — Separation programs/other 6 58 16 5 (1 ) — Net periodic benefit cost/(income) $ (115 ) $ (74 ) $ 2 $ (24 ) $ 26 $ 33 First Nine Months Pension Benefits U.S. Plans Non-U.S. Plans Worldwide OPEB 2016 2017 2016 2017 2016 2017 Service cost $ 383 $ 400 $ 358 $ 413 $ 37 $ 37 Interest cost 1,143 1,144 587 487 146 148 Expected return on assets (2,020 ) (2,050 ) (1,018 ) (1,012 ) — — Amortization of prior service costs/(credits) 128 107 28 27 (106 ) (89 ) Net remeasurement (gain)/loss — — 11 — — — Separation programs/other 9 70 88 24 (1 ) — Net periodic benefit cost/(income) $ (357 ) $ (329 ) $ 54 $ (61 ) $ 76 $ 96 The service cost component is included in Cost of sales and Selling, administrative and other expenses . Other components of net periodic benefit cost/(income) are included in Non-Financial Services other income/(loss), net of our consolidated income statement. Pension Plan Contributions During 2017 , we expect contributions to be about $1.5 billion from cash and cash equivalents to our worldwide funded pension plans, and to make about $300 million of benefit payments to participants in unfunded plans, for a total of about $1.8 billion . Contributions to our funded plans are higher than our prior guidance of about $1 billion (most of which is mandatory), as we plan to pull ahead about $500 million of 2018 planned funding into the fourth quarter of 2017 to achieve a cash tax benefit. In the first nine months of 2017 , we contributed about $700 million to our worldwide funded pension plans and made about $200 million of benefit payments to participants in unfunded plans. |
Debt (Notes)
Debt (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT The carrying value of Automotive and Financial Services debt was as follows (in millions): Automotive Segment December 31, September 30, Debt payable within one year Short-term $ 1,324 $ 1,566 Long-term payable within one year Public unsecured debt securities — 361 U.S. Department of Energy Advanced Technology Vehicles Manufacturing Incentive Program 591 591 Other debt 827 1,049 Unamortized (discount)/premium (57 ) (16 ) Total debt payable within one year 2,685 3,551 Long-term debt payable after one year Public unsecured debt securities 9,394 9,033 DOE ATVM Incentive Program 2,651 2,209 Other debt 1,573 1,785 Adjustments Unamortized (discount)/premium (320 ) (317 ) Unamortized issuance costs (76 ) (77 ) Total long-term debt payable after one year 13,222 12,633 Total Automotive Segment $ 15,907 $ 16,184 Fair value of Automotive Segment debt (a) $ 17,433 $ 18,028 Financial Services Segment Debt payable within one year Short-term $ 15,330 $ 17,640 Long-term payable within one year Unsecured debt 12,369 13,487 Asset-backed debt 19,286 16,496 Adjustments Unamortized (discount)/premium (2 ) 1 Unamortized issuance costs (16 ) (17 ) Fair value adjustments (b) 17 16 Total debt payable within one year 46,984 47,623 Long-term debt payable after one year Unsecured debt 49,912 54,463 Asset-backed debt 30,112 30,910 Adjustments Unamortized (discount)/premium (9 ) (6 ) Unamortized issuance costs (197 ) (208 ) Fair value adjustments (b) 261 146 Total long-term debt payable after one year 80,079 85,305 Total Financial Services Segment $ 127,063 $ 132,928 Fair value of Financial Services Segment debt (a) $ 128,777 $ 134,877 __________ (a) The fair value of debt includes $1.1 billion and $1.3 billion of Automotive segment short-term debt and $14.3 billion and $16.5 billion of Financial Services segment short-term debt at December 31, 2016 and September 30, 2017 , respectively, carried at cost, which approximates fair value. All other debt is categorized within Level 2 of the fair value hierarchy. (b) Adjustments related to designated fair value hedges of unsecured debt. |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging Activities (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES | DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES In the normal course of business, our operations are exposed to global market risks, including the effect of changes in foreign currency exchange rates, certain commodity prices, and interest rates. To manage these risks, we enter into highly effective derivative contracts. We have elected to apply hedge accounting to certain derivatives. Derivatives that are designated in hedging relationships are evaluated for effectiveness using regression analysis at the time they are designated and throughout the hedge period. Some derivatives do not qualify for hedge accounting; for others, we elect not to apply hedge accounting. Income Effect of Derivative Financial Instruments The gains/(losses), by hedge designation, recorded in income for the periods ended September 30 were as follows (in millions): Third Quarter First Nine Months 2016 2017 2016 2017 Cash flow hedges (a) Reclassified from AOCI to net income $ 202 $ 115 $ 335 $ 357 Fair value hedges Interest rate contracts Net interest settlements and accruals excluded from the assessment of hedge effectiveness 95 50 292 182 Ineffectiveness (b) (1 ) — 21 — Derivatives not designated as hedging instruments Foreign currency exchange contracts 29 (168 ) 61 (594 ) Cross-currency interest rate swap contracts 128 5 463 79 Interest rate contracts 21 20 (70 ) 57 Commodity contracts 3 21 7 53 Total $ 477 $ 43 $ 1,109 $ 134 __________ (a) For the third quarter and first nine months of 2016 , a $340 million gain and a $887 million gain , respectively, were recorded in Other comprehensive income. For the third quarter and first nine months of 2017 , a $116 million loss and a $90 million gain , respectively, were recorded in Other comprehensive income. (b) For the third quarter and first nine months of 2016 , hedge ineffectiveness reflects the net change in fair value on derivatives of $228 million loss and $655 million gain , respectively, and a change in value on hedged debt attributable to the change in benchmark interest rates of $227 million gain and $634 million loss , respectively. For the third quarter and first nine months of 2017 , hedge ineffectiveness reflects the net change in fair value on derivatives of $40 million loss and $95 million loss , respectively, and a change in value on hedged debt attributable to the change in benchmark interest rates of $40 million gain and $95 million gain , respectively. NOTE 14. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Continued) Balance Sheet Effect of Derivative Financial Instruments Derivative assets and liabilities are recorded on the balance sheet at fair value and are presented on a gross basis. The notional amounts of the derivative instruments do not necessarily represent amounts exchanged by the parties and are not a direct measure of our financial exposure. We also enter into master agreements with counterparties that may allow for netting of exposures in the event of default or breach of the counterparty agreement. Collateral represents cash received or paid under reciprocal arrangements that we have entered into with our derivative counterparties which we do not use to offset our derivative assets and liabilities. The fair value of our derivative instruments and the associated notional amounts, presented gross, were as follows (in millions): December 31, 2016 September 30, 2017 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 $ 19,091 $ 620 $ 257 $ 18,734 $ 466 $ 352 Fair value hedges Interest rate contracts 33,175 487 80 31,802 323 132 Derivatives not designated as hedging instruments Foreign currency exchange contracts 17,227 379 194 19,792 259 357 Cross-currency interest rate swap contracts 3,201 242 8 3,998 370 22 Interest rate contracts 61,689 156 74 57,144 227 119 Commodity contracts 531 11 6 603 25 2 Total derivative financial instruments, gross (a) (b) $ 134,914 $ 1,895 $ 619 $ 132,073 $ 1,670 $ 984 Current portion $ 1,108 $ 371 $ 937 $ 612 Non-current portion 787 248 733 372 Total derivative financial instruments, gross $ 1,895 $ 619 $ 1,670 $ 984 __________ (a) At December 31, 2016 and September 30, 2017 , we held collateral of $15 million and $11 million , and we posted collateral of $12 million and $31 million , respectively. (b) At December 31, 2016 and September 30, 2017 , the fair value of assets and liabilities available for counterparty netting was $554 million and $669 million , respectively . All derivatives are categorized within Level 2 of the fair value hierarchy. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income/(Loss) (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) The changes in the balances for each component of accumulated other comprehensive income/(loss) attributable to Ford Motor Company for the periods ended September 30 were as follows (in millions): Third Quarter First Nine Months 2016 2017 2016 2017 Foreign currency translation Beginning balance $ (3,691 ) $ (4,266 ) $ (3,570 ) $ (4,593 ) Gains/(Losses) on foreign currency translation (183 ) 25 (271 ) 175 Less: Tax/(Tax benefit) — (94 ) — (271 ) Net gains/(losses) on foreign currency translation (183 ) 119 (271 ) 446 (Gains)/Losses reclassified from AOCI to net income (a) — (17 ) (33 ) (17 ) Other comprehensive income/(loss), net of tax (183 ) 102 (304 ) 429 Ending balance $ (3,874 ) $ (4,164 ) $ (3,874 ) $ (4,164 ) Marketable securities Beginning balance $ — $ (11 ) $ (6 ) $ (14 ) Gains/(Losses) on available for sale securities — (3 ) 11 — Less: Tax/(Tax benefit) — (3 ) — 2 Net gains/(losses) on available for sale securities — — 11 (2 ) (Gains)/Losses reclassified from AOCI to net income — — (1 ) 5 Less: Tax/(Tax benefit) — 1 4 1 Net (gains)/losses reclassified from AOCI to net income — (1 ) (5 ) 4 Other comprehensive income/(loss), net of tax — (1 ) 6 2 Ending balance $ — $ (12 ) $ — $ (12 ) Derivative instruments Beginning balance $ 421 $ 253 $ 64 $ 283 Gains/(Losses) on derivative instruments 340 (116 ) 887 90 Less: Tax/(Tax benefit) 87 (36 ) 181 15 Net gains/(losses) on derivative instruments 253 (80 ) 706 75 (Gains)/Losses reclassified from AOCI to net income (202 ) (115 ) (335 ) (357 ) Less: Tax/(Tax benefit) (48 ) (24 ) (85 ) (81 ) Net (gains)/losses reclassified from AOCI to net income (b) (154 ) (91 ) (250 ) (276 ) Other comprehensive income/(loss), net of tax 99 (171 ) 456 (201 ) Ending balance $ 520 $ 82 $ 520 $ 82 Pension and other postretirement benefits Beginning balance $ (2,706 ) $ (2,692 ) $ (2,745 ) $ (2,689 ) Amortization and recognition of prior service costs/(credits) 17 15 50 45 Less: Tax/(Tax benefit) 7 (13 ) 17 15 Net prior service costs/(credits) reclassified from AOCI to net income 10 28 33 30 Translation impact on non-U.S. plans 4 (1 ) 20 (6 ) Other comprehensive income/(loss), net of tax 14 27 53 24 Ending balance $ (2,692 ) $ (2,665 ) $ (2,692 ) $ (2,665 ) Total AOCI ending balance at September 30 $ (6,046 ) $ (6,759 ) $ (6,046 ) $ (6,759 ) __________ (a) Reclassified to Non-Financial Services other income/(loss), net. (b) Reclassified to Cost of sales . During the next twelve months we expect to reclassify existing net gains on cash flow hedges of $97 million . See Note 14 for additional information. |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments and contingencies primarily consist of guarantees and indemnifications, litigation and claims, and warranty. Guarantees and Indemnifications The maximum potential payments and the carrying value of recorded liabilities related to guarantees and limited indemnities were as follows (in millions): December 31, September 30, Maximum potential payments $ 177 $ 1,349 Carrying value of recorded liabilities related to guarantees and limited indemnities 23 399 Guarantees and indemnifications are recorded at fair value at their inception. We regularly review our performance risk under these arrangements, and in the event it becomes probable we will be required to perform under guarantee or indemnity, the amount of probable payment is recorded. We guarantee the resale value of vehicles sold in certain arrangements to daily rental companies. The maximum potential payment of $1.2 billion as of September 30, 2017 included in the table above represents the total proceeds we guarantee the rental company will receive on re-sale. Reflecting our present estimate of proceeds the rental companies will receive on resale from third parties, we have recorded $399 million as our best estimate of the amount we will have to pay under the guarantee. See Note 2 for additional information on the adoption of the new revenue standard. We also guarantee debt and lease obligations of certain joint ventures, as well as certain financial obligations of outside third parties, including suppliers, to support our business and economic growth. Expiration dates vary through 2033, and guarantees will terminate on payment and/or cancellation of the underlying obligation. A payment by us would be triggered by failure of the joint venture or other third party to fulfill its obligation covered by the guarantee. In some circumstances, we are entitled to recover from a third party amounts paid by us under the guarantee. However, our ability to enforce these rights is sometimes stayed until the guaranteed party is paid in full, and may be limited in the event of insolvency of the third party or other circumstances. In the ordinary course of business, we execute contracts involving indemnifications standard in the industry and indemnifications specific to a transaction, such as the sale of a business. These indemnifications might include and are not limited to claims relating to any of the following: environmental, tax, and shareholder matters; intellectual property rights; power generation contracts; governmental regulations and employment-related matters; dealer, supplier, and other commercial contractual relationships; and financial matters, such as securitizations. Performance under these indemnities generally would be triggered by a breach of terms of the contract or by a third-party claim. While some of these indemnifications are limited in nature, many of them do not limit potential payment. Therefore, we are unable to estimate a maximum amount of future payments that could result from claims made under these unlimited indemnities. Litigation and Claims Various legal actions, proceedings, and claims (generally, “matters”) are pending or may be instituted or asserted against us. These include but are not limited to matters arising out of alleged defects in our products; product warranties; governmental regulations relating to safety, emissions, and fuel economy or other matters; government incentives; tax matters; alleged illegal acts resulting in fines or penalties; financial services; employment-related matters; dealer, supplier, and other contractual relationships; intellectual property rights; environmental matters; shareholder or investor matters; and financial reporting matters. Certain of the pending legal actions are, or purport to be, class actions. Some of the matters involve or may involve claims for compensatory, punitive, or antitrust or other treble damages in very large amounts, or demands for field service actions, environmental remediation programs, sanctions, loss of government incentives, assessments, or other relief, which, if granted, would require very large expenditures. The extent of our financial exposure to these matters is difficult to estimate. Many matters do not specify a dollar amount for damages, and many others specify only a jurisdictional minimum. To the extent an amount is asserted, our historical experience suggests that in most instances the amount asserted is not a reliable indicator of the ultimate outcome. NOTE 16. COMMITMENTS AND CONTINGENCIES (Continued) We accrue for matters when losses are deemed probable and reasonably estimable. In evaluating matters for accrual and disclosure purposes, we take into consideration factors such as our historical experience with matters of a similar nature, the specific facts and circumstances asserted, the likelihood that we will prevail, and the severity of any potential loss. We reevaluate and update our accruals as matters progress over time. For the majority of matters, which generally arise out of alleged defects in our products, we establish an accrual based on our extensive historical experience with similar matters. We do not believe there is a reasonably possible outcome materially in excess of our accrual for these matters. For the remaining matters, where our historical experience with similar matters is of more limited value (i.e., “non-pattern matters”), we evaluate the matters primarily based on the individual facts and circumstances. For non-pattern matters, we evaluate whether there is a reasonable possibility of a material loss in excess of any accrual that can be estimated. Our estimate of reasonably possible loss in excess of our accruals for all material matters currently reflects indirect tax and customs matters, for which we estimate the aggregate risk to be a range of up to a bout $2.8 billion . As noted, the litigation process is subject to many uncertainties, and the outcome of individual matters is not predictable with assurance. Our assessments are based on our knowledge and experience, but the ultimate outcome of any matter could require payment substantially in excess of the amount that we have accrued and/or disclosed. Warranty and Field Service Actions We accrue obligations for warranty costs and field service actions (i.e., safety recalls, emission recalls, and other product campaigns) at the time of sale using a patterned estimation model that includes historical information regarding the nature, frequency, and average cost of claims for each vehicle line by model year. Warranty and field service action obligations are reported in Other liabilities and deferred revenue . We reevaluate the adequacy of our accruals on a regular basis. We recognize the benefit from a recovery of the costs associated with our warranty and field service actions when specifics of the recovery have been agreed with our supplier and the amount of the recovery is virtually certain. Recoveries are reported in Trade and other receivables and Other assets. The estimate of our future warranty and field service action costs, net of supplier recoveries, for the periods ended September 30 were as follows (in millions): First Nine Months 2016 2017 Beginning balance $ 4,558 $ 4,960 Payments made during the period (2,464 ) (2,596 ) Changes in accrual related to warranties issued during the period 1,704 1,588 Changes in accrual related to pre-existing warranties 1,088 968 Foreign currency translation and other 42 111 Ending balance $ 4,928 $ 5,031 Revisions to our estimated costs are reported as changes in accrual related to pre-existing warranties in the table above. |
Segment Information (Notes)
Segment Information (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION Below is a description of our reportable segments and the business activities included in All Other. Automotive Segment Our Automotive segment primarily includes the sale of Ford and Lincoln brand vehicles, service parts, and accessories worldwide, together with the associated costs to develop, manufacture, distribute, and service the vehicles, parts, and accessories. The segment includes five regional business units: North America, South America, Europe, Middle East & Africa, and Asia Pacific. Financial Services Segment The Financial Services segment primarily includes our vehicle-related financing and leasing activities at Ford Credit. All Other All Other is a combination of two operating segments that did not meet the quantitative thresholds in this reporting period to qualify as reportable segments. All Other consists of our Central Treasury Operations and Ford Smart Mobility LLC. The Central Treasury Operations segment is primarily engaged in decision making for investments, risk management activities, and providing financing for the Automotive segment. Interest income (excluding interest earned on our extended service contract portfolio that is included in our Automotive segment), interest expense, gains and losses on cash equivalents and marketable securities, and foreign exchange derivatives associated with intercompany lending, are included in the results of Central Treasury Operations. The underlying assets and liabilities, primarily cash and cash equivalents, marketable securities, debt, and derivatives, remain with the Automotive segment. Ford Smart Mobility LLC is a subsidiary formed to design, build, grow, and invest in emerging mobility services. Designed to compete like a start-up company, Ford Smart Mobility LLC designs and builds mobility services on its own, and collaborates with start-ups and tech companies. Special Items Our results include Special items that consist of (i) pension and OPEB remeasurement gains and losses, (ii) significant personnel and dealer-related costs stemming from our efforts to match production capacity and cost structure to market demand and changing model mix, and (iii) certain infrequent significant items that we generally do not consider to be indicative of our ongoing operating activities. Our management excludes these items from its review of the results of the operating segments for purposes of measuring segment profitability and allocating resources. Special items are presented as a separate reconciling item. NOTE 17. SEGMENT INFORMATION (Continued) Key operating data for the periods ended or at September 30 were as follows (in millions): Automotive Financial Services All Other Special Items Adjustments Total Third Quarter 2016 Revenues $ 33,331 $ 2,612 $ — $ — $ — $ 35,943 Pre-tax results - income/(loss) 1,084 552 (223 ) (26 ) — 1,387 Equity in net income/(loss) of affiliated companies 395 8 — — — 403 Cash, cash equivalents, and marketable securities 24,300 9,855 10 — — 34,165 Total assets 97,269 142,979 67 — (5,352 ) (a) 234,963 Debt 13,147 124,077 — — — 137,224 Operating cash flows (1,954 ) 5,953 — — 1,162 (b) 5,161 Third Quarter 2017 Revenues $ 33,646 $ 2,802 $ 3 $ — $ — $ 36,451 Pre-tax results - income/(loss) 1,668 584 (278 ) (217 ) — 1,757 Equity in net income/(loss) of affiliated companies 305 10 1 — — 316 Cash, cash equivalents, and marketable securities 26,144 11,936 1 — — 38,081 Total assets 103,534 154,613 85 — (6,959 ) (a) 251,273 Debt 16,184 132,928 — — — 149,112 Operating cash flows (1,654 ) 5,193 (22 ) — 1,481 (b) 4,998 Automotive Financial Services All Other Special Items Adjustments Total First Nine Months 2016 Revenues $ 105,520 $ 7,626 $ — $ — $ — $ 113,146 Pre-tax results - income/(loss) 7,380 1,436 (573 ) (330 ) — 7,913 Equity in net income/(loss) of affiliated companies 1,319 23 — — — 1,342 Operating cash flows 4,917 8,761 — — 3,374 (b) 17,052 First Nine Months 2017 Revenues $ 107,234 $ 8,209 $ 7 $ — $ — $ 115,450 Pre-tax results - income/(loss) 5,824 1,653 (777 ) (441 ) — 6,259 Equity in net income/(loss) of affiliated companies 910 25 — — — 935 Operating cash flows 1,632 9,418 (44 ) — 3,943 (b) 14,949 __________ (a) Includes eliminations of intersegment transactions occurring in the ordinary course of business and deferred tax netting. (b) We measure and evaluate our Automotive segment operating cash flow on a different basis than Net cash provided by/(used in) operating activities in our consolidated statement of cash flows. Automotive segment operating cash flow includes additional elements management considers to be related to our Automotive operating activities, primarily capital spending and non-designated derivatives, and excludes outflows for funded pension contributions, separation payments, and other items that are considered operating cash flows under U.S. GAAP. The table below quantifies these reconciling adjustments to Net cash provided by/(used in) operating activities for the periods ended September 30 (in millions): Third Quarter First Nine Months 2016 2017 2016 2017 Automotive capital spending $ 1,696 $ 1,659 $ 4,879 $ 4,901 Settlement of derivatives (246 ) 90 (322 ) (110 ) Funded pension contributions (246 ) (264 ) (835 ) (720 ) Separation payments (40 ) (41 ) (198 ) (100 ) Other (2 ) 37 (150 ) (28 ) Total operating cash flow adjustments $ 1,162 $ 1,481 $ 3,374 $ 3,943 |
Summary of Accounting Policies
Summary of Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation, Policy [Policy Text Block] | For purposes of this report, “Ford,” the “Company,” “we,” “our,” “us,” or similar references mean Ford Motor Company, our consolidated subsidiaries, and our consolidated VIEs of which we are the primary beneficiary, unless the context requires otherwise. |
Basis of Accounting, Policy [Policy Text Block] | Our financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information, instructions to Quarterly Report on Form 10-Q, and Rule 10-01 of Regulation S-X. |
Reclassifications, Policy [Policy Text Block] | We reclassified certain prior year amounts in our consolidated financial statements to conform to the current year presentation. |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition, Policy [Policy Text Block] | Revenue is recognized when obligations under the terms of a contract with our customer are satisfied; generally this occurs with the transfer of control of our vehicles, parts, accessories, or services. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Sales, value add, and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. Incidental items that are immaterial in the context of the contract are recognized as expense. The expected costs associated with our base warranties and field service actions continue to be recognized as expense when the products are sold (see Note 16 ). We recognize revenue for vehicle service contracts that extend mechanical and maintenance coverages beyond our base warranties over the life of the contract. We do not have any material significant payment terms as payment is received at or shortly after the point of sale. Automotive Segment Vehicles, Parts, and Accessories. For the majority of vehicles, parts, and accessories, we transfer control and recognize a sale when we ship the product from our manufacturing facility to our customer (dealers and distributors). We receive cash equal to the invoice price for most vehicle sales at the time of wholesale. When the vehicle sale is financed by our wholly-owned subsidiary Ford Credit, the dealer pays Ford Credit when it sells the vehicle to the retail customer (See Note 8 ). Payment terms on part sales to dealers, distributors, and retailers range from 30 days to 120 days . The amount of consideration we receive and revenue we recognize varies with changes in marketing incentives and returns we offer to our customers and their customers. When we give our dealers the right to return eligible parts and accessories, we estimate the expected returns based on an analysis of historical experience. We adjust our estimate of revenue at the earlier of when the most likely amount of consideration we expect to receive changes or when the consideration becomes fixed. As a result we recognized an increase to revenue from prior periods in the third quarter of 2017 of $33 million . Depending on the terms of the arrangement, we may also defer the recognition of a portion of the consideration received because we have to satisfy a future obligation (e.g., free extended service contracts). We use an observable price to determine the stand-alone selling price for separate performance obligations or a cost plus margin approach when one is not available. We have elected to recognize the cost for freight and shipping when control over vehicles, parts, or accessories have transferred to the customer as an expense in Cost of sales . We sell vehicles to daily rental companies and guarantee that we will pay them the difference between an agreed amount and the value they are able to realize upon resale. At the time of transfer of vehicles to the daily rental companies, we record the probable amount we will pay under the guarantee to Other liabilities and deferred revenue. Used Vehicles. We sell used vehicles both at auction and through our consolidated dealerships. Proceeds from the sale of these vehicles are recognized in Automotive revenues upon transfer of control of the vehicle to the customer and the related vehicle carrying value is recognized in Cost of sales . Extended Service Contracts. We sell separately-priced service contracts that extend mechanical and maintenance coverages beyond our base warranty agreements to vehicle owners. The separately priced service contracts range from 12 months to 120 months . We receive payment at the inception of the contract and recognize revenue over the term of the agreement in proportion to the costs expected to be incurred in satisfying the obligations under the contract. At January 1, 2017, $3.5 billion of unearned revenue associated with outstanding contracts was reported in Other Liabilities and deferred revenue, $256 million and $797 million of this was recognized as revenue during the third quarter and first nine months of 2017 , respectively. At September 30, 2017 , the unearned amount was $3.7 billion . We expect to recognize approximately $300 million of the unearned amount in the remainder of 2017, $1 billion in 2018, and $2.4 billion thereafter. We record a premium deficiency reserve to the extent we estimate the future costs associated with these contracts exceed the unrecognized revenue. Amounts paid to dealers to obtain these contracts are deferred and recorded as Other assets . These costs are amortized to expense consistent with how the related revenue is recognized. We had a balance of $236 million in deferred costs as of September 30, 2017 and recognized $17 million and $46 million of amortization during the third quarter and first nine months of 2017 , respectively. NOTE 3. REVENUE (Continued) Other Revenue. Other revenue consists primarily of net commissions received for serving as the agent in facilitating the sale of a third party’s products or services to our customers and payments for vehicle - related design and testing services we perform for others. We have applied the practical expedient to recognize Automotive revenues for vehicle-related design and testing services over the two to three year term of these agreements in proportion to the amount we have the right to invoice. Leasing Income. We sell vehicles to daily rental companies with an obligation to repurchase the vehicles for a guaranteed amount, exercisable at the option of the customer. The transactions are accounted for as operating leases. Upon the transfer of vehicles to the daily rental companies, we record proceeds received in Other liabilities and deferred revenue. The difference between the proceeds received and the guaranteed repurchase amount is recorded in Automotive revenues over the term of the lease using a straight-line method. The cost of the vehicle is recorded in Net investment in operating leases on our consolidated balance sheet and the difference between the cost of the vehicle and the estimated auction value is depreciated in Cost of sales over the term of the lease. Financial Services Segment Leasing Income. Ford Credit offers leasing plans to retail consumers through Ford and Lincoln brand dealers who originate the leases. Upon the purchase of a lease from the dealer, Ford Credit takes ownership of the vehicle and records an operating lease. The retail consumer makes lease payments representing the difference between Ford Credit’s purchase price of the vehicle and the contractual residual value of the vehicle, plus lease fees that we recognize on a straight-line basis over the term of the lease agreement. Depreciation and the gain or loss upon disposition of the vehicle is recorded in Financial Services interest, operating, and other expenses . Financing Income. Ford Credit originates and purchases finance installment contracts. Financing income represents interest earned on the finance receivables (including direct financing leases). Interest is recognized using the interest method, and includes the amortization of certain direct origination costs. Insurance Income. Income from insurance contracts is recognized evenly over the term of the agreement. Insurance commission revenue is recognized on a net basis at the time of sale of the third party’s product or service to our customer. |
RevenueTransactionPriceMeasurementTaxExclusionPolicy [Policy Text Block] | Sales, value add, and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. |
Revenue Recognition, Sales of Services [Policy Text Block] | Extended Service Contracts. We sell separately-priced service contracts that extend mechanical and maintenance coverages beyond our base warranty agreements to vehicle owners. The separately priced service contracts range from 12 months to 120 months . We receive payment at the inception of the contract and recognize revenue over the term of the agreement in proportion to the costs expected to be incurred in satisfying the obligations under the contract. At January 1, 2017, $3.5 billion of unearned revenue associated with outstanding contracts was reported in Other Liabilities and deferred revenue, $256 million and $797 million of this was recognized as revenue during the third quarter and first nine months of 2017 , respectively. At September 30, 2017 , the unearned amount was $3.7 billion . We expect to recognize approximately $300 million of the unearned amount in the remainder of 2017, $1 billion in 2018, and $2.4 billion thereafter. We record a premium deficiency reserve to the extent we estimate the future costs associated with these contracts exceed the unrecognized revenue. Amounts paid to dealers to obtain these contracts are deferred and recorded as Other assets . These costs are amortized to expense consistent with how the related revenue is recognized. We had a balance of $236 million in deferred costs as of September 30, 2017 and recognized $17 million and $46 million of amortization during the third quarter and first nine months of 2017 , respectively. NOTE 3. REVENUE (Continued) Other Revenue. Other revenue consists primarily of net commissions received for serving as the agent in facilitating the sale of a third party’s products or services to our customers and payments for vehicle - related design and testing services we perform for others. We have applied the practical expedient to recognize Automotive revenues for vehicle-related design and testing services over the two to three year term of these agreements in proportion to the amount we have the right to invoice. |
Revenue Recognition Leases, Operating [Policy Text Block] | Leasing Income. We sell vehicles to daily rental companies with an obligation to repurchase the vehicles for a guaranteed amount, exercisable at the option of the customer. The transactions are accounted for as operating leases. Upon the transfer of vehicles to the daily rental companies, we record proceeds received in Other liabilities and deferred revenue. The difference between the proceeds received and the guaranteed repurchase amount is recorded in Automotive revenues over the term of the lease using a straight-line method. The cost of the vehicle is recorded in Net investment in operating leases on our consolidated balance sheet and the difference between the cost of the vehicle and the estimated auction value is depreciated in Cost of sales over the term of the lease. |
Revenue Recognition, Premiums Earned, Policy [Policy Text Block] | Insurance Income. Income from insurance contracts is recognized evenly over the term of the agreement. Insurance commission revenue is recognized on a net basis at the time of sale of the third party’s product or service to our customer. |
Income Tax Disclosure [Abstract] | |
Income Tax, Policy [Policy Text Block] | For interim tax reporting, we estimate one single effective tax rate for tax jurisdictions not subject to a valuation allowance, which is applied to the year-to-date ordinary income/(loss). Tax effects of significant unusual or infrequently occurring items are excluded from the estimated annual effective tax rate calculation and recognized in the interim period in which they occur. |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block] | We determine other-than-temporary impairments on cash equivalents and marketable securities using a specific identification method. |
Receivables [Abstract] | |
Finance Loans and Leases Receivable, Policy [Policy Text Block] | Leasing Income. Ford Credit offers leasing plans to retail consumers through Ford and Lincoln brand dealers who originate the leases. Upon the purchase of a lease from the dealer, Ford Credit takes ownership of the vehicle and records an operating lease. The retail consumer makes lease payments representing the difference between Ford Credit’s purchase price of the vehicle and the contractual residual value of the vehicle, plus lease fees that we recognize on a straight-line basis over the term of the lease agreement. Depreciation and the gain or loss upon disposition of the vehicle is recorded in Financial Services interest, operating, and other expenses . Financing Income. Ford Credit originates and purchases finance installment contracts. Financing income represents interest earned on the finance receivables (including direct financing leases). Interest is recognized using the interest method, and includes the amortization of certain direct origination costs. For all finance receivables, we define “past due” as any payment, including principal and interest, that is at least 31 days past the contractual due date. Impaired consumer receivables include accounts that have been rewritten or modified in reorganization proceedings pursuant to the U.S. Bankruptcy Code that are considered to be Troubled Debt Restructurings (“TDRs”), as well as all accounts greater than 120 days past due. Impaired non-consumer receivables represent accounts with dealers that have weak or poor financial metrics or dealer financing that has been modified in TDRs. |
Inventory Disclosure [Abstract] | |
Inventory, Policy [Policy Text Block] | All inventories are stated at the lower of cost and net realizable value. Cost for a substantial portion of U.S. inventories is determined on a last-in, first-out (“LIFO”) basis. LIFO was used for 30% and 35% of total inventories at December 31, 2016 and September 30, 2017 , respectively. Cost of other inventories is determined by costing methods that approximate a first-in, first-out (“FIFO”) basis. |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives, Policy [Policy Text Block] | Derivative assets and liabilities are recorded on the balance sheet at fair value and are presented on a gross basis. The notional amounts of the derivative instruments do not necessarily represent amounts exchanged by the parties and are not a direct measure of our financial exposure. We also enter into master agreements with counterparties that may allow for netting of exposures in the event of default or breach of the counterparty agreement. Collateral represents cash received or paid under reciprocal arrangements that we have entered into with our derivative counterparties which we do not use to offset our derivative assets and liabilities. In the normal course of business, our operations are exposed to global market risks, including the effect of changes in foreign currency exchange rates, certain commodity prices, and interest rates. To manage these risks, we enter into highly effective derivative contracts. We have elected to apply hedge accounting to certain derivatives. Derivatives that are designated in hedging relationships are evaluated for effectiveness using regression analysis at the time they are designated and throughout the hedge period. Some derivatives do not qualify for hedge accounting; for others, we elect not to apply hedge accounting. |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | Warranty and Field Service Actions We accrue obligations for warranty costs and field service actions (i.e., safety recalls, emission recalls, and other product campaigns) at the time of sale using a patterned estimation model that includes historical information regarding the nature, frequency, and average cost of claims for each vehicle line by model year. Warranty and field service action obligations are reported in Other liabilities and deferred revenue . We reevaluate the adequacy of our accruals on a regular basis. We recognize the benefit from a recovery of the costs associated with our warranty and field service actions when specifics of the recovery have been agreed with our supplier and the amount of the recovery is virtually certain. Recoveries are reported in Trade and other receivables and Other assets. Guarantees and indemnifications are recorded at fair value at their inception. We regularly review our performance risk under these arrangements, and in the event it becomes probable we will be required to perform under guarantee or indemnity, the amount of probable payment is recorded. We guarantee the resale value of vehicles sold in certain arrangements to daily rental companies. The maximum potential payment of $1.2 billion as of September 30, 2017 included in the table above represents the total proceeds we guarantee the rental company will receive on re-sale. Reflecting our present estimate of proceeds the rental companies will receive on resale from third parties, we have recorded $399 million as our best estimate of the amount we will have to pay under the guarantee. See Note 2 for additional information on the adoption of the new revenue standard. We also guarantee debt and lease obligations of certain joint ventures, as well as certain financial obligations of outside third parties, including suppliers, to support our business and economic growth. Expiration dates vary through 2033, and guarantees will terminate on payment and/or cancellation of the underlying obligation. A payment by us would be triggered by failure of the joint venture or other third party to fulfill its obligation covered by the guarantee. In some circumstances, we are entitled to recover from a third party amounts paid by us under the guarantee. However, our ability to enforce these rights is sometimes stayed until the guaranteed party is paid in full, and may be limited in the event of insolvency of the third party or other circumstances. In the ordinary course of business, we execute contracts involving indemnifications standard in the industry and indemnifications specific to a transaction, such as the sale of a business. These indemnifications might include and are not limited to claims relating to any of the following: environmental, tax, and shareholder matters; intellectual property rights; power generation contracts; governmental regulations and employment-related matters; dealer, supplier, and other commercial contractual relationships; and financial matters, such as securitizations. Performance under these indemnities generally would be triggered by a breach of terms of the contract or by a third-party claim. While some of these indemnifications are limited in nature, many of them do not limit potential payment. Therefore, we are unable to estimate a maximum amount of future payments that could result from claims made under these unlimited indemnities. |
Commitments and Contingencies, Policy [Policy Text Block] | As noted, the litigation process is subject to many uncertainties, and the outcome of individual matters is not predictable with assurance. Our assessments are based on our knowledge and experience, but the ultimate outcome of any matter could require payment substantially in excess of the amount that we have accrued and/or disclosed. Litigation and Claims Various legal actions, proceedings, and claims (generally, “matters”) are pending or may be instituted or asserted against us. These include but are not limited to matters arising out of alleged defects in our products; product warranties; governmental regulations relating to safety, emissions, and fuel economy or other matters; government incentives; tax matters; alleged illegal acts resulting in fines or penalties; financial services; employment-related matters; dealer, supplier, and other contractual relationships; intellectual property rights; environmental matters; shareholder or investor matters; and financial reporting matters. Certain of the pending legal actions are, or purport to be, class actions. Some of the matters involve or may involve claims for compensatory, punitive, or antitrust or other treble damages in very large amounts, or demands for field service actions, environmental remediation programs, sanctions, loss of government incentives, assessments, or other relief, which, if granted, would require very large expenditures. The extent of our financial exposure to these matters is difficult to estimate. Many matters do not specify a dollar amount for damages, and many others specify only a jurisdictional minimum. To the extent an amount is asserted, our historical experience suggests that in most instances the amount asserted is not a reliable indicator of the ultimate outcome. NOTE 16. COMMITMENTS AND CONTINGENCIES (Continued) We accrue for matters when losses are deemed probable and reasonably estimable. In evaluating matters for accrual and disclosure purposes, we take into consideration factors such as our historical experience with matters of a similar nature, the specific facts and circumstances asserted, the likelihood that we will prevail, and the severity of any potential loss. We reevaluate and update our accruals as matters progress over time. For the majority of matters, which generally arise out of alleged defects in our products, we establish an accrual based on our extensive historical experience with similar matters. We do not believe there is a reasonably possible outcome materially in excess of our accrual for these matters. For the remaining matters, where our historical experience with similar matters is of more limited value (i.e., “non-pattern matters”), we evaluate the matters primarily based on the individual facts and circumstances. For non-pattern matters, we evaluate whether there is a reasonable possibility of a material loss in excess of any accrual that can be estimated. |
Segment Reporting [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | Below is a description of our reportable segments and the business activities included in All Other. Automotive Segment Our Automotive segment primarily includes the sale of Ford and Lincoln brand vehicles, service parts, and accessories worldwide, together with the associated costs to develop, manufacture, distribute, and service the vehicles, parts, and accessories. The segment includes five regional business units: North America, South America, Europe, Middle East & Africa, and Asia Pacific. Financial Services Segment The Financial Services segment primarily includes our vehicle-related financing and leasing activities at Ford Credit. All Other All Other is a combination of two operating segments that did not meet the quantitative thresholds in this reporting period to qualify as reportable segments. All Other consists of our Central Treasury Operations and Ford Smart Mobility LLC. The Central Treasury Operations segment is primarily engaged in decision making for investments, risk management activities, and providing financing for the Automotive segment. Interest income (excluding interest earned on our extended service contract portfolio that is included in our Automotive segment), interest expense, gains and losses on cash equivalents and marketable securities, and foreign exchange derivatives associated with intercompany lending, are included in the results of Central Treasury Operations. The underlying assets and liabilities, primarily cash and cash equivalents, marketable securities, debt, and derivatives, remain with the Automotive segment. Ford Smart Mobility LLC is a subsidiary formed to design, build, grow, and invest in emerging mobility services. Designed to compete like a start-up company, Ford Smart Mobility LLC designs and builds mobility services on its own, and collaborates with start-ups and tech companies. Special Items Our results include Special items that consist of (i) pension and OPEB remeasurement gains and losses, (ii) significant personnel and dealer-related costs stemming from our efforts to match production capacity and cost structure to market demand and changing model mix, and (iii) certain infrequent significant items that we generally do not consider to be indicative of our ongoing operating activities. Our management excludes these items from its review of the results of the operating segments for purposes of measuring segment profitability and allocating resources. Special items are presented as a separate reconciling item. |
New Accounting Pronouncements (
New Accounting Pronouncements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | The cumulative effect of the changes made to our consolidated January 1, 2017 balance sheet for the adoption of ASU 2016-09, Stock Compensation - Improvements to Employee Share-Based Payment Accounting and ASU 2014-09, Revenue - Revenue from Contracts with Customers were as follows (in millions): Balance at December 31, 2016 Adjustments Due to Adjustments Due to ASU 2014-09 Balance at January 1, 2017 Balance Sheet Assets Trade and other receivables $ 11,102 $ — $ (17 ) $ 11,085 Inventories 8,898 — (9 ) 8,889 Other assets, current 3,368 — 307 3,675 Net investment in operating leases 28,829 — (1,078 ) 27,751 Deferred income taxes 9,705 536 (13 ) 10,228 Liabilities Payables 21,296 — 262 21,558 Other liabilities and deferred revenue, current 19,316 — (1,429 ) 17,887 Automotive debt payable within one year 2,685 — 326 3,011 Other liabilities and deferred revenue, non-current 24,395 — (5 ) 24,390 Equity Capital in excess of par value of stock 21,630 6 — 21,636 Retained earnings 15,634 530 36 16,200 In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on our consolidated income statement and balance sheet for the periods ended September 30, 2017 was as follows (in millions): Third Quarter First Nine Months As Reported Balances Without Adoption of ASC 606 Effect of Change As Reported Balances Without Adoption of ASC 606 Effect of Change Income statement Revenues Automotive $ 33,646 $ 33,897 $ (251 ) $ 107,234 $ 106,937 $ 297 Financial Services 2,802 2,709 93 8,209 7,930 279 Costs and expenses Cost of sales 30,288 30,536 (248 ) 96,345 96,166 179 Interest expense on Automotive debt 284 265 19 840 793 47 Non-Financial Services other income/(loss), net 709 731 (22 ) 2,079 2,142 (63 ) Financial Services other income/(loss), net 45 138 (93 ) 141 420 (279 ) Provision for/(Benefit from) income taxes 186 194 (8 ) 1,044 1,040 4 Net income 1,571 1,607 (36 ) 5,215 5,211 4 September 30, 2017 As Reported Balances Without Adoption of ASC 606 Effect of Change Balance Sheet Assets Trade and other receivables $ 10,277 $ 10,300 $ (23 ) Other assets, current 3,570 3,233 337 Net investment in operating leases 28,714 29,510 (796 ) Deferred income taxes 10,359 10,376 (17 ) Liabilities Payables 23,566 23,287 279 Other liabilities and deferred revenue, current 19,612 20,818 (1,206 ) Automotive debt payable within one year 3,551 3,158 393 Other liabilities and deferred revenue, non-current 24,819 24,824 (5 ) Deferred income taxes 804 804 — Equity Retained earnings 19,405 19,365 40 The effect of the retrospective presentation change related to the net periodic cost of our defined benefit pension and other postretirement employee benefits (“OPEB”) plans on our consolidated income statement for the periods ended September 30, 2016 was as follows (in millions): Third Quarter First Nine Months As Revised Previously Reported Effect of Change As Revised Previously Reported Effect of Change Income statement Cost of sales $ 30,668 $ 30,446 $ 222 $ 93,707 $ 93,075 $ 632 Selling, administrative, and other expenses 2,657 2,535 122 8,131 7,758 373 Non-Financial Services other income/(loss), net 672 328 344 2,126 1,121 1,005 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Revenue from Contract with Customer [Abstract] | |
DisaggregationOfRevenue | The following table disaggregates our revenue by major source for the periods ended September 30, 2017 (in millions): Third Quarter Automotive Financial Services All Other Consolidated Vehicles, parts, and accessories $ 32,401 $ — $ — $ 32,401 Used vehicles 606 — — 606 Extended service contracts 314 — — 314 Other revenue (a) 197 55 3 255 Revenues from sales and services 33,518 55 3 33,576 Leasing income 128 1,395 — 1,523 Financing income — 1,314 — 1,314 Insurance income — 38 — 38 Total revenues $ 33,646 $ 2,802 $ 3 $ 36,451 First Nine Months Automotive Financial Services All Other Consolidated Vehicles, parts, and accessories $ 103,143 $ — $ — $ 103,143 Used vehicles 2,187 — — 2,187 Extended service contracts 921 — — 921 Other revenue (a) 623 159 7 789 Revenues from sales and services 106,874 159 7 107,040 Leasing income 360 4,142 — 4,502 Financing income — 3,788 — 3,788 Insurance income — 120 — 120 Total revenues $ 107,234 $ 8,209 $ 7 $ 115,450 __________ (a) Primarily includes commissions and vehicle-related design and testing services. |
Other Income_(Loss) (Tables)
Other Income/(Loss) (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Non-Financial Services The amounts included in Non-Financial Services other income/(loss), net for the periods ended September 30 were as follows (in millions): Third Quarter First Nine Months 2016 2017 2016 2017 Net periodic pension and OPEB income/(cost), excluding service cost $ 344 $ 365 $ 1,005 $ 1,144 Investment-related interest income 50 91 163 247 Interest income/(expense) on income taxes 9 (1 ) 8 1 Realized and unrealized gains/(losses) on cash equivalents and marketable securities (13 ) (14 ) 52 11 Gains/(Losses) on changes in investments in affiliates (1 ) (4 ) 180 (6 ) Royalty income 174 171 494 475 Other 109 101 224 207 Total $ 672 $ 709 $ 2,126 $ 2,079 NOTE 4. OTHER INCOME/(LOSS) (Continued) Financial Services The amounts included in Financial Services other income/(loss), net for the periods ended September 30 were as follows (in millions): Third Quarter First Nine Months 2016 2017 2016 2017 Investment-related interest income $ 18 $ 33 $ 57 $ 78 Interest income/(expense) on income taxes (2 ) (1 ) 11 (2 ) Insurance premiums earned 38 — 118 — Other 78 13 119 65 Total $ 132 $ 45 $ 305 $ 141 |
Capital Stock and Earnings Pe29
Capital Stock and Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block] | Basic and diluted income per share were calculated using the following (in millions): Third Quarter First Nine Months 2016 2017 2016 2017 Basic and Diluted Income Attributable to Ford Motor Company Basic income $ 957 $ 1,564 $ 5,379 $ 5,193 Diluted income 957 1,564 5,379 5,193 Basic and Diluted Shares Basic shares (average shares outstanding) 3,974 3,972 3,972 3,975 Net dilutive options and unvested restricted stock units 26 24 25 21 Diluted shares 4,000 3,996 3,997 3,996 |
Cash, Cash Equivalents, and M30
Cash, Cash Equivalents, and Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The fair values of cash, cash equivalents, and marketable securities measured at fair value on a recurring basis on our balance sheet were as follows (in millions): December 31, 2016 Fair Value Level Automotive Financial Services All Other Consolidated Cash and cash equivalents U.S. government 1 $ 888 $ 924 $ — $ 1,812 U.S. government agencies 2 — — — — Non-U.S. government and agencies 2 200 142 — 342 Corporate debt 2 100 — — 100 Total marketable securities classified as cash equivalents 1,188 1,066 — 2,254 Cash, time deposits, and money market funds 6,632 7,011 8 13,651 Total cash and cash equivalents $ 7,820 $ 8,077 $ 8 $ 15,905 Marketable securities U.S. government 1 $ 8,099 $ 1,634 $ — $ 9,733 U.S. government agencies 2 2,244 505 — 2,749 Non-U.S. government and agencies 2 4,751 632 — 5,383 Corporate debt 2 4,329 475 — 4,804 Equities 1 165 — — 165 Other marketable securities 2 54 34 — 88 Total marketable securities $ 19,642 $ 3,280 $ — $ 22,922 September 30, 2017 Fair Value Level Automotive Financial Services All Other Consolidated Cash and cash equivalents U.S. government 1 $ 498 $ 112 $ — $ 610 U.S. government agencies 2 150 200 — 350 Non-U.S. government and agencies 2 — 357 — 357 Corporate debt 2 — — — — Total marketable securities classified as cash equivalents 648 669 — 1,317 Cash, time deposits, and money market funds 8,105 8,166 1 16,272 Total cash and cash equivalents $ 8,753 $ 8,835 $ 1 $ 17,589 Marketable securities U.S. government 1 $ 4,418 $ 670 $ — $ 5,088 U.S. government agencies 2 2,990 384 — 3,374 Non-U.S. government and agencies 2 5,833 971 — 6,804 Corporate debt 2 3,958 1,051 — 5,009 Equities 1 160 — — 160 Other marketable securities 2 32 25 — 57 Total marketable securities $ 17,391 $ 3,101 $ — $ 20,492 |
Available-for-sale Securities [Table Text Block] | The cash equivalents and marketable securities accounted for as available-for-sale (“AFS”) securities on our balance sheet were as follows (in millions): December 31, 2016 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 through 10 Years Automotive U.S. government $ 3,703 $ 2 $ (14 ) $ 3,691 $ 727 $ 2,776 $ 188 U.S. government agencies 308 — (2 ) 306 — 306 — Non-U.S. government and agencies 1,443 1 (11 ) 1,433 148 1,285 — Corporate debt 1,079 — — 1,079 1,031 48 — Total $ 6,533 $ 3 $ (27 ) $ 6,509 $ 1,906 $ 4,415 $ 188 September 30, 2017 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 through 10 Years Automotive U.S. government $ 3,228 $ — $ (8 ) $ 3,220 $ 1,268 $ 1,952 $ — U.S. government agencies 1,795 — (5 ) 1,790 228 1,547 15 Non-U.S. government and agencies 3,392 6 (7 ) 3,391 99 3,242 50 Corporate debt 1,542 1 (1 ) 1,542 530 1,012 — Total $ 9,957 $ 7 $ (21 ) $ 9,943 $ 2,125 $ 7,753 $ 65 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block] | The present fair values and gross unrealized losses for cash equivalents and marketable securities accounted for as AFS securities that were in an unrealized loss position, aggregated by investment category and the length of time that individual securities have been in a continuous loss position, were as follows (in millions): December 31, 2016 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 $ 1,474 $ (14 ) $ — $ — $ 1,474 $ (14 ) U.S. government agencies 261 (2 ) — — 261 (2 ) Non-U.S. government and agencies 1,137 (11 ) — — 1,137 (11 ) Corporate debt — — — — — — Total $ 2,872 $ (27 ) $ — $ — $ 2,872 $ (27 ) September 30, 2017 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 $ 2,674 $ (7 ) $ 49 $ (1 ) $ 2,723 $ (8 ) U.S. government agencies 1,608 (4 ) 49 (1 ) 1,657 (5 ) Non-U.S. government and agencies 1,956 (7 ) 39 — 1,995 (7 ) Corporate debt 543 (1 ) — — 543 (1 ) Total $ 6,781 $ (19 ) $ 137 $ (2 ) $ 6,918 $ (21 ) |
Financial Services Finance Re31
Financial Services Finance Receivables (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Net finance receivables [Table Text Block] | Finance receivables, net were as follows (in millions): December 31, September 30, Consumer Retail financing, gross $ 68,121 $ 75,452 Unearned interest supplements (2,783 ) (3,136 ) Consumer finance receivables 65,338 72,316 Non-Consumer Dealer financing 31,336 32,123 Non-Consumer finance receivables 31,336 32,123 Total recorded investment $ 96,674 $ 104,439 Recorded investment in finance receivables $ 96,674 $ 104,439 Allowance for credit losses (484 ) (575 ) Finance receivables, net $ 96,190 $ 103,864 Current portion $ 46,266 $ 49,541 Non-current portion 49,924 54,323 Finance receivables, net $ 96,190 $ 103,864 Net finance receivables subject to fair value (a) $ 94,066 $ 100,773 Fair value 94,785 100,552 __________ (a) At December 31, 2016 and September 30, 2017 , Finance receivables, net includes $2.1 billion and $3.1 billion , respectively, of direct financing leases that are not subject to fair value disclosure requirements. The fair value of finance receivables is categorized within Level 3 of the fair value hierarchy. |
Aging analysis for total finance receivables [Text Block] | The aging analysis of our finance receivables balances were as follows (in millions): December 31, September 30, Consumer 31-60 days past due $ 760 $ 682 61-90 days past due 114 111 91-120 days past due 34 40 Greater than 120 days past due 39 37 Total past due 947 870 Current 64,391 71,446 Consumer finance receivables 65,338 72,316 Non-Consumer Total past due 107 135 Current 31,229 31,988 Non-Consumer finance receivables 31,336 32,123 Total recorded investment $ 96,674 $ 104,439 |
Financing receivable credit quality indicators [Table Text Block] | The credit quality analysis of our dealer financing receivables was as follows (in millions): December 31, September 30, Dealer Financing Group I $ 24,315 $ 24,911 Group II 5,552 5,581 Group III 1,376 1,479 Group IV 93 152 Total recorded investment $ 31,336 $ 32,123 |
Financial Services Allowance 32
Financial Services Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Allowance For Credit Losses on Financing And Loans And Leases Receivable [Table Text Block] | An analysis of the allowance for credit losses related to finance receivables for the periods ended September 30 was as follows (in millions): Third Quarter 2016 First Nine Months 2016 Consumer Non-Consumer Total Consumer Non-Consumer Total Allowance for credit losses Beginning balance $ 432 $ 17 $ 449 $ 357 $ 16 $ 373 Charge-offs (108 ) (5 ) (113 ) (304 ) (7 ) (311 ) Recoveries 29 1 30 89 4 93 Provision for credit losses 112 1 113 323 1 324 Other (a) (1 ) — (1 ) (1 ) — (1 ) Ending balance (b) $ 464 $ 14 $ 478 $ 464 $ 14 $ 478 Analysis of ending balance of allowance for credit losses Collective impairment allowance $ 445 $ 12 $ 457 Specific impairment allowance 19 2 21 Ending balance (b) 464 14 478 Analysis of ending balance of finance receivables Collectively evaluated for impairment 64,743 30,393 95,136 Specifically evaluated for impairment 366 140 506 Recorded investment 65,109 30,533 95,642 Ending balance, net of allowance for credit losses $ 64,645 $ 30,519 $ 95,164 __________ (a) Primarily represents amounts related to translation adjustments. (b) Total allowance, including reserves for operating leases, was $541 million . Third Quarter 2017 First Nine Months 2017 Consumer Non-Consumer Total Consumer Non-Consumer Total Allowance for credit losses Beginning balance $ 507 $ 15 $ 522 $ 469 $ 15 $ 484 Charge-offs (132 ) — (132 ) (366 ) (3 ) (369 ) Recoveries 36 4 40 105 8 113 Provision for credit losses 146 (6 ) 140 341 (7 ) 334 Other (a) 5 — 5 13 — 13 Ending balance (b) $ 562 $ 13 $ 575 $ 562 $ 13 $ 575 Analysis of ending balance of allowance for credit losses Collective impairment allowance $ 541 $ 13 $ 554 Specific impairment allowance 21 — 21 Ending balance (b) 562 13 575 Analysis of ending balance of finance receivables Collectively evaluated for impairment 71,929 31,971 103,900 Specifically evaluated for impairment 387 152 539 Recorded investment 72,316 32,123 104,439 Ending balance, net of allowance for credit losses $ 71,754 $ 32,110 $ 103,864 __________ (a) Primarily represents amounts related to translation adjustments. (b) Total allowance, including reserves for operating leases, was $644 million . |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory [Table Text Block] | Inventories were as follows (in millions): December 31, September 30, Raw materials, work-in-process, and supplies $ 3,843 $ 4,587 Finished products 5,943 7,591 Total inventories under FIFO 9,786 12,178 LIFO adjustment (888 ) (915 ) Total inventories $ 8,898 $ 11,263 |
Other Liabilities and Deferre34
Other Liabilities and Deferred Revenue (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Other Liabilities [Abstract] | |
Schedule of Accrued Liabilities and Deferred Revenue [Table Text Block] | Other liabilities and deferred revenue were as follows (in millions): December 31, September 30, Current Dealer and dealers’ customer allowances and claims $ 9,542 $ 10,489 Deferred revenue 3,866 2,409 Employee benefit plans 1,469 1,718 Accrued interest 974 833 OPEB (a) 349 354 Pension (a) 247 260 Other 2,869 3,549 Total current other liabilities and deferred revenue $ 19,316 $ 19,612 Non-current Pension (a) $ 10,150 $ 10,251 OPEB (a) 5,516 5,582 Dealer and dealers’ customer allowances and claims 2,564 2,490 Deferred revenue 3,687 3,806 Employee benefit plans 1,063 1,131 Other 1,415 1,559 Total non-current other liabilities and deferred revenue $ 24,395 $ 24,819 __________ (a) Balances at September 30, 2017 reflect pension and OPEB liabilities at December 31, 2016 , updated (where applicable) for service and interest cost, expected return on assets, separation expense, actual benefit payments, and cash contributions. The discount rate and rate of expected return assumptions are unchanged from year-end 2016 . Included in Other assets are pension assets of $1.5 billion and $2.5 billion at December 31, 2016 and September 30, 2017 , respectively. |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of defined benefit plans expense [Table Text Block] | The pre-tax net periodic benefit cost for our defined benefit pension and OPEB plans for the periods ended September 30 was as follows (in millions): Third Quarter Pension Benefits U.S. Plans Non-U.S. Plans Worldwide OPEB 2016 2017 2016 2017 2016 2017 Service cost $ 128 $ 133 $ 116 $ 154 $ 13 $ 13 Interest cost 381 382 190 155 49 50 Expected return on assets (673 ) (683 ) (329 ) (347 ) — — Amortization of prior service costs/(credits) 43 36 9 9 (35 ) (30 ) Net remeasurement (gain)/loss — — — — — — Separation programs/other 6 58 16 5 (1 ) — Net periodic benefit cost/(income) $ (115 ) $ (74 ) $ 2 $ (24 ) $ 26 $ 33 First Nine Months Pension Benefits U.S. Plans Non-U.S. Plans Worldwide OPEB 2016 2017 2016 2017 2016 2017 Service cost $ 383 $ 400 $ 358 $ 413 $ 37 $ 37 Interest cost 1,143 1,144 587 487 146 148 Expected return on assets (2,020 ) (2,050 ) (1,018 ) (1,012 ) — — Amortization of prior service costs/(credits) 128 107 28 27 (106 ) (89 ) Net remeasurement (gain)/loss — — 11 — — — Separation programs/other 9 70 88 24 (1 ) — Net periodic benefit cost/(income) $ (357 ) $ (329 ) $ 54 $ (61 ) $ 76 $ 96 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of debt outstanding [Table Text Block] | The carrying value of Automotive and Financial Services debt was as follows (in millions): Automotive Segment December 31, September 30, Debt payable within one year Short-term $ 1,324 $ 1,566 Long-term payable within one year Public unsecured debt securities — 361 U.S. Department of Energy Advanced Technology Vehicles Manufacturing Incentive Program 591 591 Other debt 827 1,049 Unamortized (discount)/premium (57 ) (16 ) Total debt payable within one year 2,685 3,551 Long-term debt payable after one year Public unsecured debt securities 9,394 9,033 DOE ATVM Incentive Program 2,651 2,209 Other debt 1,573 1,785 Adjustments Unamortized (discount)/premium (320 ) (317 ) Unamortized issuance costs (76 ) (77 ) Total long-term debt payable after one year 13,222 12,633 Total Automotive Segment $ 15,907 $ 16,184 Fair value of Automotive Segment debt (a) $ 17,433 $ 18,028 Financial Services Segment Debt payable within one year Short-term $ 15,330 $ 17,640 Long-term payable within one year Unsecured debt 12,369 13,487 Asset-backed debt 19,286 16,496 Adjustments Unamortized (discount)/premium (2 ) 1 Unamortized issuance costs (16 ) (17 ) Fair value adjustments (b) 17 16 Total debt payable within one year 46,984 47,623 Long-term debt payable after one year Unsecured debt 49,912 54,463 Asset-backed debt 30,112 30,910 Adjustments Unamortized (discount)/premium (9 ) (6 ) Unamortized issuance costs (197 ) (208 ) Fair value adjustments (b) 261 146 Total long-term debt payable after one year 80,079 85,305 Total Financial Services Segment $ 127,063 $ 132,928 Fair value of Financial Services Segment debt (a) $ 128,777 $ 134,877 __________ (a) The fair value of debt includes $1.1 billion and $1.3 billion of Automotive segment short-term debt and $14.3 billion and $16.5 billion of Financial Services segment short-term debt at December 31, 2016 and September 30, 2017 , respectively, carried at cost, which approximates fair value. All other debt is categorized within Level 2 of the fair value hierarchy. (b) Adjustments related to designated fair value hedges of unsecured debt. |
Derivative Financial Instrume37
Derivative Financial Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Income Effect of Derivative Instruments [Table Text Block] | The gains/(losses), by hedge designation, recorded in income for the periods ended September 30 were as follows (in millions): Third Quarter First Nine Months 2016 2017 2016 2017 Cash flow hedges (a) Reclassified from AOCI to net income $ 202 $ 115 $ 335 $ 357 Fair value hedges Interest rate contracts Net interest settlements and accruals excluded from the assessment of hedge effectiveness 95 50 292 182 Ineffectiveness (b) (1 ) — 21 — Derivatives not designated as hedging instruments Foreign currency exchange contracts 29 (168 ) 61 (594 ) Cross-currency interest rate swap contracts 128 5 463 79 Interest rate contracts 21 20 (70 ) 57 Commodity contracts 3 21 7 53 Total $ 477 $ 43 $ 1,109 $ 134 __________ (a) For the third quarter and first nine months of 2016 , a $340 million gain and a $887 million gain , respectively, were recorded in Other comprehensive income. For the third quarter and first nine months of 2017 , a $116 million loss and a $90 million gain , respectively, were recorded in Other comprehensive income. (b) For the third quarter and first nine months of 2016 , hedge ineffectiveness reflects the net change in fair value on derivatives of $228 million loss and $655 million gain , respectively, and a change in value on hedged debt attributable to the change in benchmark interest rates of $227 million gain and $634 million loss , respectively. For the third quarter and first nine months of 2017 , hedge ineffectiveness reflects the net change in fair value on derivatives of $40 million loss and $95 million loss , respectively, and a change in value on hedged debt attributable to the change in benchmark interest rates of $40 million gain and $95 million gain , respectively. |
Balance Sheet Effect of Derivative Instruments [Table Text Block] | The fair value of our derivative instruments and the associated notional amounts, presented gross, were as follows (in millions): December 31, 2016 September 30, 2017 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 $ 19,091 $ 620 $ 257 $ 18,734 $ 466 $ 352 Fair value hedges Interest rate contracts 33,175 487 80 31,802 323 132 Derivatives not designated as hedging instruments Foreign currency exchange contracts 17,227 379 194 19,792 259 357 Cross-currency interest rate swap contracts 3,201 242 8 3,998 370 22 Interest rate contracts 61,689 156 74 57,144 227 119 Commodity contracts 531 11 6 603 25 2 Total derivative financial instruments, gross (a) (b) $ 134,914 $ 1,895 $ 619 $ 132,073 $ 1,670 $ 984 Current portion $ 1,108 $ 371 $ 937 $ 612 Non-current portion 787 248 733 372 Total derivative financial instruments, gross $ 1,895 $ 619 $ 1,670 $ 984 __________ (a) At December 31, 2016 and September 30, 2017 , we held collateral of $15 million and $11 million , and we posted collateral of $12 million and $31 million , respectively. (b) At December 31, 2016 and September 30, 2017 , the fair value of assets and liabilities available for counterparty netting was $554 million and $669 million , respectively . All derivatives are categorized within Level 2 of the fair value hierarchy. |
Accumulated Other Comprehensi38
Accumulated Other Comprehensive Income/(Loss) (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The changes in the balances for each component of accumulated other comprehensive income/(loss) attributable to Ford Motor Company for the periods ended September 30 were as follows (in millions): Third Quarter First Nine Months 2016 2017 2016 2017 Foreign currency translation Beginning balance $ (3,691 ) $ (4,266 ) $ (3,570 ) $ (4,593 ) Gains/(Losses) on foreign currency translation (183 ) 25 (271 ) 175 Less: Tax/(Tax benefit) — (94 ) — (271 ) Net gains/(losses) on foreign currency translation (183 ) 119 (271 ) 446 (Gains)/Losses reclassified from AOCI to net income (a) — (17 ) (33 ) (17 ) Other comprehensive income/(loss), net of tax (183 ) 102 (304 ) 429 Ending balance $ (3,874 ) $ (4,164 ) $ (3,874 ) $ (4,164 ) Marketable securities Beginning balance $ — $ (11 ) $ (6 ) $ (14 ) Gains/(Losses) on available for sale securities — (3 ) 11 — Less: Tax/(Tax benefit) — (3 ) — 2 Net gains/(losses) on available for sale securities — — 11 (2 ) (Gains)/Losses reclassified from AOCI to net income — — (1 ) 5 Less: Tax/(Tax benefit) — 1 4 1 Net (gains)/losses reclassified from AOCI to net income — (1 ) (5 ) 4 Other comprehensive income/(loss), net of tax — (1 ) 6 2 Ending balance $ — $ (12 ) $ — $ (12 ) Derivative instruments Beginning balance $ 421 $ 253 $ 64 $ 283 Gains/(Losses) on derivative instruments 340 (116 ) 887 90 Less: Tax/(Tax benefit) 87 (36 ) 181 15 Net gains/(losses) on derivative instruments 253 (80 ) 706 75 (Gains)/Losses reclassified from AOCI to net income (202 ) (115 ) (335 ) (357 ) Less: Tax/(Tax benefit) (48 ) (24 ) (85 ) (81 ) Net (gains)/losses reclassified from AOCI to net income (b) (154 ) (91 ) (250 ) (276 ) Other comprehensive income/(loss), net of tax 99 (171 ) 456 (201 ) Ending balance $ 520 $ 82 $ 520 $ 82 Pension and other postretirement benefits Beginning balance $ (2,706 ) $ (2,692 ) $ (2,745 ) $ (2,689 ) Amortization and recognition of prior service costs/(credits) 17 15 50 45 Less: Tax/(Tax benefit) 7 (13 ) 17 15 Net prior service costs/(credits) reclassified from AOCI to net income 10 28 33 30 Translation impact on non-U.S. plans 4 (1 ) 20 (6 ) Other comprehensive income/(loss), net of tax 14 27 53 24 Ending balance $ (2,692 ) $ (2,665 ) $ (2,692 ) $ (2,665 ) Total AOCI ending balance at September 30 $ (6,046 ) $ (6,759 ) $ (6,046 ) $ (6,759 ) __________ (a) Reclassified to Non-Financial Services other income/(loss), net. (b) Reclassified to Cost of sales . During the next twelve months we expect to reclassify existing net gains on cash flow hedges of $97 million . See Note 14 for additional information. |
Commitments and Contingencies39
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantee obligations [Table Text Block] | The maximum potential payments and the carrying value of recorded liabilities related to guarantees and limited indemnities were as follows (in millions): December 31, September 30, Maximum potential payments $ 177 $ 1,349 Carrying value of recorded liabilities related to guarantees and limited indemnities 23 399 |
Warranty [Table Text Block] | The estimate of our future warranty and field service action costs, net of supplier recoveries, for the periods ended September 30 were as follows (in millions): First Nine Months 2016 2017 Beginning balance $ 4,558 $ 4,960 Payments made during the period (2,464 ) (2,596 ) Changes in accrual related to warranties issued during the period 1,704 1,588 Changes in accrual related to pre-existing warranties 1,088 968 Foreign currency translation and other 42 111 Ending balance $ 4,928 $ 5,031 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Key operating data for the periods ended or at September 30 were as follows (in millions): Automotive Financial Services All Other Special Items Adjustments Total Third Quarter 2016 Revenues $ 33,331 $ 2,612 $ — $ — $ — $ 35,943 Pre-tax results - income/(loss) 1,084 552 (223 ) (26 ) — 1,387 Equity in net income/(loss) of affiliated companies 395 8 — — — 403 Cash, cash equivalents, and marketable securities 24,300 9,855 10 — — 34,165 Total assets 97,269 142,979 67 — (5,352 ) (a) 234,963 Debt 13,147 124,077 — — — 137,224 Operating cash flows (1,954 ) 5,953 — — 1,162 (b) 5,161 Third Quarter 2017 Revenues $ 33,646 $ 2,802 $ 3 $ — $ — $ 36,451 Pre-tax results - income/(loss) 1,668 584 (278 ) (217 ) — 1,757 Equity in net income/(loss) of affiliated companies 305 10 1 — — 316 Cash, cash equivalents, and marketable securities 26,144 11,936 1 — — 38,081 Total assets 103,534 154,613 85 — (6,959 ) (a) 251,273 Debt 16,184 132,928 — — — 149,112 Operating cash flows (1,654 ) 5,193 (22 ) — 1,481 (b) 4,998 Automotive Financial Services All Other Special Items Adjustments Total First Nine Months 2016 Revenues $ 105,520 $ 7,626 $ — $ — $ — $ 113,146 Pre-tax results - income/(loss) 7,380 1,436 (573 ) (330 ) — 7,913 Equity in net income/(loss) of affiliated companies 1,319 23 — — — 1,342 Operating cash flows 4,917 8,761 — — 3,374 (b) 17,052 First Nine Months 2017 Revenues $ 107,234 $ 8,209 $ 7 $ — $ — $ 115,450 Pre-tax results - income/(loss) 5,824 1,653 (777 ) (441 ) — 6,259 Equity in net income/(loss) of affiliated companies 910 25 — — — 935 Operating cash flows 1,632 9,418 (44 ) — 3,943 (b) 14,949 __________ (a) Includes eliminations of intersegment transactions occurring in the ordinary course of business and deferred tax netting. (b) We measure and evaluate our Automotive segment operating cash flow on a different basis than Net cash provided by/(used in) operating activities in our consolidated statement of cash flows. Automotive segment operating cash flow includes additional elements management considers to be related to our Automotive operating activities, primarily capital spending and non-designated derivatives, and excludes outflows for funded pension contributions, separation payments, and other items that are considered operating cash flows under U.S. GAAP. The table below quantifies these reconciling adjustments to Net cash provided by/(used in) operating activities for the periods ended September 30 (in millions): Third Quarter First Nine Months 2016 2017 2016 2017 Automotive capital spending $ 1,696 $ 1,659 $ 4,879 $ 4,901 Settlement of derivatives (246 ) 90 (322 ) (110 ) Funded pension contributions (246 ) (264 ) (835 ) (720 ) Separation payments (40 ) (41 ) (198 ) (100 ) Other (2 ) 37 (150 ) (28 ) Total operating cash flow adjustments $ 1,162 $ 1,481 $ 3,374 $ 3,943 |
New Accounting Standards - Cumu
New Accounting Standards - Cumulative Effect of changes due to Adoption of ASU 2014-09 and 2016-09 (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Jan. 01, 2017 | Dec. 31, 2016 | |
ASSETS | ||||
Trade and other receivables | $ 10,277 | $ 11,085 | $ 11,102 | |
Inventories | 11,263 | 8,889 | 8,898 | |
Other Assets, Current | 3,570 | 3,675 | 3,368 | |
Net investment in operating leases | 28,714 | 27,751 | 28,829 | |
Deferred income taxes | 10,359 | 10,228 | 9,705 | |
LIABILITIES | ||||
Payables | 23,566 | 21,558 | 21,296 | |
Other liabilities and deferred revenue, current | 19,612 | 17,887 | 19,316 | |
Other Liabilities and deferred revenue, Noncurrent | 24,819 | 24,390 | 24,395 | |
Equity [Abstract] | ||||
Capital in excess of par value of stock | 21,804 | 21,636 | 21,630 | |
Retained earnings | 19,405 | 16,200 | 15,634 | |
Statement of Cash Flows [Abstract] | ||||
Tax-related items reclassified from operating activities to financing activities | 56 | |||
Difference Between Share Based Compensation Guidance in Effect before and after Topic 718 [Member] | Accounting Standards Update 2016-09 [Member] | ||||
ASSETS | ||||
Trade and other receivables | 0 | |||
Inventories | 0 | |||
Other Assets, Current | 0 | |||
Net investment in operating leases | 0 | |||
Deferred income taxes | 536 | |||
LIABILITIES | ||||
Payables | 0 | |||
Other liabilities and deferred revenue, current | 0 | |||
Other Liabilities and deferred revenue, Noncurrent | 0 | |||
Equity [Abstract] | ||||
Capital in excess of par value of stock | 6 | |||
Retained earnings | 530 | |||
Difference Between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||
ASSETS | ||||
Trade and other receivables | (23) | (17) | ||
Inventories | (9) | |||
Other Assets, Current | 337 | 307 | ||
Net investment in operating leases | (796) | (1,078) | ||
Deferred income taxes | (17) | (13) | ||
LIABILITIES | ||||
Payables | 279 | 262 | ||
Other liabilities and deferred revenue, current | (1,206) | (1,429) | ||
Other Liabilities and deferred revenue, Noncurrent | (5) | (5) | ||
Equity [Abstract] | ||||
Capital in excess of par value of stock | 0 | |||
Retained earnings | 40 | 36 | ||
Reclassified from Operating to Financing Activities on Statement of Cash Flow for Share Based Compensation Guidance in Effect before and after Topic 718 [Member] | Accounting Standards Update 2016-09 [Member] | ||||
Statement of Cash Flows [Abstract] | ||||
Tax-related items reclassified from operating activities to financing activities | $ 58 | |||
Automotive | Operating Segments [Member] | ||||
LIABILITIES | ||||
Automotive debt payable within one year | 3,551 | 3,011 | $ 2,685 | |
Automotive | Operating Segments [Member] | Difference Between Share Based Compensation Guidance in Effect before and after Topic 718 [Member] | Accounting Standards Update 2016-09 [Member] | ||||
LIABILITIES | ||||
Automotive debt payable within one year | 0 | |||
Automotive | Operating Segments [Member] | Difference Between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||
LIABILITIES | ||||
Automotive debt payable within one year | $ 393 | $ 326 |
New Accounting Standards - Effe
New Accounting Standards - Effect of change related to ASU 2014-09 (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Jan. 01, 2017 | Dec. 31, 2016 | |
Revenues | ||||||
Financial Services Revenue | $ 2,802 | $ 2,612 | $ 8,209 | $ 7,626 | ||
Costs and expenses | ||||||
Cost of sales | 30,288 | 30,668 | 96,345 | 93,707 | ||
Interest expense on Automotive debt | 284 | 238 | 840 | 650 | ||
Provision for/(Benefit from) income taxes | 186 | 426 | 1,044 | 2,525 | ||
Net income | 1,571 | 961 | 5,215 | 5,388 | ||
Balance Sheet | ||||||
Trade and other receivables | 10,277 | 10,277 | $ 11,085 | $ 11,102 | ||
Other Assets, Current | 3,570 | 3,570 | 3,675 | 3,368 | ||
Net investment in operating leases | 28,714 | 28,714 | 27,751 | 28,829 | ||
Deferred income taxes | 10,359 | 10,359 | 10,228 | 9,705 | ||
Payables | 23,566 | 23,566 | 21,558 | 21,296 | ||
Other liabilities and deferred revenue, current | 19,612 | 19,612 | 17,887 | 19,316 | ||
Other Liabilities and deferred revenue, Noncurrent | 24,819 | 24,819 | 24,390 | 24,395 | ||
Deferred income taxes | 804 | 804 | 691 | |||
Retained earnings | 19,405 | 19,405 | 16,200 | 15,634 | ||
Operating Segments [Member] | Automotive | ||||||
Revenues | ||||||
Automotive Revenue | 33,646 | 33,331 | 107,234 | 105,520 | ||
Balance Sheet | ||||||
Debt payable within one year | 3,551 | 3,551 | 3,011 | 2,685 | ||
Operating Segments [Member] | Non-Financial Services | ||||||
Costs and expenses | ||||||
Other income/(loss), net | 709 | 672 | 2,079 | 2,126 | ||
Operating Segments [Member] | Financial Services | ||||||
Costs and expenses | ||||||
Other income/(loss), net | 45 | $ 132 | 141 | $ 305 | ||
Balance Sheet | ||||||
Debt payable within one year | 47,623 | 47,623 | $ 46,984 | |||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||||
Revenues | ||||||
Financial Services Revenue | 2,709 | 7,930 | ||||
Costs and expenses | ||||||
Cost of sales | 30,536 | 96,166 | ||||
Interest expense on Automotive debt | 265 | 793 | ||||
Provision for/(Benefit from) income taxes | 194 | 1,040 | ||||
Net income | 1,607 | 5,211 | ||||
Balance Sheet | ||||||
Trade and other receivables | 10,300 | 10,300 | ||||
Other Assets, Current | 3,233 | 3,233 | ||||
Net investment in operating leases | 29,510 | 29,510 | ||||
Deferred income taxes | 10,376 | 10,376 | ||||
Payables | 23,287 | 23,287 | ||||
Other liabilities and deferred revenue, current | 20,818 | 20,818 | ||||
Other Liabilities and deferred revenue, Noncurrent | 24,824 | 24,824 | ||||
Deferred income taxes | 804 | 804 | ||||
Retained earnings | 19,365 | 19,365 | ||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Operating Segments [Member] | Automotive | Accounting Standards Update 2014-09 [Member] | ||||||
Revenues | ||||||
Automotive Revenue | 33,897 | 106,937 | ||||
Balance Sheet | ||||||
Debt payable within one year | 3,158 | 3,158 | ||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Operating Segments [Member] | Non-Financial Services | Accounting Standards Update 2014-09 [Member] | ||||||
Costs and expenses | ||||||
Other income/(loss), net | 731 | 2,142 | ||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | Operating Segments [Member] | Financial Services | Accounting Standards Update 2014-09 [Member] | ||||||
Costs and expenses | ||||||
Other income/(loss), net | 138 | 420 | ||||
Difference Between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||||
Revenues | ||||||
Financial Services Revenue | 93 | 279 | ||||
Costs and expenses | ||||||
Cost of sales | (248) | 179 | ||||
Interest expense on Automotive debt | 19 | 47 | ||||
Provision for/(Benefit from) income taxes | (8) | 4 | ||||
Net income | (36) | 4 | ||||
Balance Sheet | ||||||
Trade and other receivables | (23) | (23) | (17) | |||
Other Assets, Current | 337 | 337 | 307 | |||
Net investment in operating leases | (796) | (796) | (1,078) | |||
Deferred income taxes | (17) | (17) | (13) | |||
Payables | 279 | 279 | 262 | |||
Other liabilities and deferred revenue, current | (1,206) | (1,206) | (1,429) | |||
Other Liabilities and deferred revenue, Noncurrent | (5) | (5) | (5) | |||
Deferred income taxes | 0 | 0 | ||||
Retained earnings | 40 | 40 | 36 | |||
Difference Between Revenue Guidance in Effect before and after Topic 606 [Member] | Operating Segments [Member] | Automotive | Accounting Standards Update 2014-09 [Member] | ||||||
Revenues | ||||||
Automotive Revenue | (251) | 297 | ||||
Balance Sheet | ||||||
Debt payable within one year | 393 | 393 | $ 326 | |||
Difference Between Revenue Guidance in Effect before and after Topic 606 [Member] | Operating Segments [Member] | Non-Financial Services | Accounting Standards Update 2014-09 [Member] | ||||||
Costs and expenses | ||||||
Other income/(loss), net | (22) | (63) | ||||
Difference Between Revenue Guidance in Effect before and after Topic 606 [Member] | Operating Segments [Member] | Financial Services | Accounting Standards Update 2014-09 [Member] | ||||||
Costs and expenses | ||||||
Other income/(loss), net | $ (93) | $ (279) |
New Accounting Standards - Ef43
New Accounting Standards - Effect of change related to ASU 2017-07 (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cost of sales | $ 30,288 | $ 30,668 | $ 96,345 | $ 93,707 |
Selling, administrative, and other expenses | 2,919 | 2,657 | 8,439 | 8,131 |
Accounting Standards Update 2017-07 [Member] | Scenario, Previously Reported [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cost of sales | 30,446 | 93,075 | ||
Selling, administrative, and other expenses | 2,535 | 7,758 | ||
Accounting Standards Update 2017-07 [Member] | Scenario, Adjustment [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cost of sales | 222 | 632 | ||
Selling, administrative, and other expenses | 122 | 373 | ||
Operating Segments [Member] | Non-Financial Services | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Other income/(loss), net | $ 709 | 672 | $ 2,079 | 2,126 |
Operating Segments [Member] | Non-Financial Services | Accounting Standards Update 2017-07 [Member] | Scenario, Previously Reported [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Other income/(loss), net | 328 | 1,121 | ||
Operating Segments [Member] | Non-Financial Services | Accounting Standards Update 2017-07 [Member] | Scenario, Adjustment [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Other income/(loss), net | $ 344 | $ 1,005 |
New Accounting Standards New Ac
New Accounting Standards New Accounting Standards - Effect of change related to ASU 2016-02 (Details) - Accounting Standards update 2016-02 [Member] $ in Billions | Sep. 30, 2017USD ($) |
Minimum [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Right-of-use assets | $ 1.5 |
Lease obligations | 1.5 |
Maximum [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Right-of-use assets | 2 |
Lease obligations | $ 2 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue from Contract with Customer by Products and Services (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | $ 36,451 | $ 115,450 |
Vehicles, parts, and accessories | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 32,401 | 103,143 |
Used vehicles | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 606 | 2,187 |
Extended service contracts | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 314 | 921 |
Other revenue (a) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 255 | 789 |
Revenues from sales and services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 33,576 | 107,040 |
Leasing income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 1,523 | 4,502 |
Financing income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 1,314 | 3,788 |
Insurance income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 38 | 120 |
Operating Segments [Member] | Automotive | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 33,646 | 107,234 |
Operating Segments [Member] | Automotive | Vehicles, parts, and accessories | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 32,401 | 103,143 |
Operating Segments [Member] | Automotive | Used vehicles | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 606 | 2,187 |
Operating Segments [Member] | Automotive | Extended service contracts | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 314 | 921 |
Operating Segments [Member] | Automotive | Other revenue (a) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 197 | 623 |
Operating Segments [Member] | Automotive | Revenues from sales and services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 33,518 | 106,874 |
Operating Segments [Member] | Automotive | Leasing income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 128 | 360 |
Operating Segments [Member] | Automotive | Financing income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 0 | 0 |
Operating Segments [Member] | Automotive | Insurance income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 0 | 0 |
Operating Segments [Member] | Financial Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 2,802 | 8,209 |
Operating Segments [Member] | Financial Services | Vehicles, parts, and accessories | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 0 | 0 |
Operating Segments [Member] | Financial Services | Used vehicles | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 0 | 0 |
Operating Segments [Member] | Financial Services | Extended service contracts | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 0 | 0 |
Operating Segments [Member] | Financial Services | Other revenue (a) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 55 | 159 |
Operating Segments [Member] | Financial Services | Revenues from sales and services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 55 | 159 |
Operating Segments [Member] | Financial Services | Leasing income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 1,395 | 4,142 |
Operating Segments [Member] | Financial Services | Financing income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 1,314 | 3,788 |
Operating Segments [Member] | Financial Services | Insurance income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 38 | 120 |
Operating Segments [Member] | All Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 3 | 7 |
Operating Segments [Member] | All Other | Vehicles, parts, and accessories | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 0 | 0 |
Operating Segments [Member] | All Other | Used vehicles | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 0 | 0 |
Operating Segments [Member] | All Other | Extended service contracts | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 0 | 0 |
Operating Segments [Member] | All Other | Other revenue (a) | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 3 | 7 |
Operating Segments [Member] | All Other | Revenues from sales and services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 3 | 7 |
Operating Segments [Member] | All Other | Leasing income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 0 | 0 |
Operating Segments [Member] | All Other | Financing income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | 0 | 0 |
Operating Segments [Member] | All Other | Insurance income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue, excluding assessed tax | $ 0 | $ 0 |
Minimum [Member] | Operating Segments [Member] | Automotive | Vehicles, parts, and accessories | ||
Disaggregation of Revenue [Line Items] | ||
Revenue Performance Obligation Payment Terms | 30 days |
Revenue Revenue - Remaining Per
Revenue Revenue - Remaining Performance Obligation (Details) - Operating Segments [Member] - Automotive - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2017 | Jan. 01, 2017 | |
Vehicles, parts, and accessories | |||
Revenue Remaining Performance Obligation Expected Timing of Satisfaction [Line Items] | |||
Revenue Performance Obligation Satisfied In Prior Period | $ 33 | ||
Extended service contracts | |||
Revenue Remaining Performance Obligation Expected Timing of Satisfaction [Line Items] | |||
Contract With Customer Liability | $ 3,500 | ||
Contract With Customer Liability Revenue Recognized | 256 | $ 797 | |
Revenue Remaining Performance Obligation | 3,700 | 3,700 | |
Deferrred cost | 236 | 236 | |
Amortization | 17 | $ 46 | |
Minimum [Member] | Vehicles, parts, and accessories | |||
Revenue Remaining Performance Obligation Expected Timing of Satisfaction [Line Items] | |||
Revenue Performance Obligation Payment Terms | 30 days | ||
Minimum [Member] | Extended service contracts | |||
Revenue Remaining Performance Obligation Expected Timing of Satisfaction [Line Items] | |||
Revenue remaining performance obligation expected timing of satisfaction period | 12 months | ||
Minimum [Member] | Other revenue (a) | |||
Revenue Remaining Performance Obligation Expected Timing of Satisfaction [Line Items] | |||
Revenue remaining performance obligation expected timing of satisfaction period | 1 year | ||
Maximum [Member] | Vehicles, parts, and accessories | |||
Revenue Remaining Performance Obligation Expected Timing of Satisfaction [Line Items] | |||
Revenue Performance Obligation Payment Terms | 120 days | ||
Maximum [Member] | Extended service contracts | |||
Revenue Remaining Performance Obligation Expected Timing of Satisfaction [Line Items] | |||
Revenue remaining performance obligation expected timing of satisfaction period | 120 months | ||
Maximum [Member] | Other revenue (a) | |||
Revenue Remaining Performance Obligation Expected Timing of Satisfaction [Line Items] | |||
Revenue remaining performance obligation expected timing of satisfaction period | 2 years | ||
2017-01-01 [Member] | Extended service contracts | |||
Revenue Remaining Performance Obligation Expected Timing of Satisfaction [Line Items] | |||
Revenue remaining performance obligation expected timing of satisfaction period | 1 year | ||
Revenue Remaining Performance Obligation | 300 | $ 300 | |
2018-01-01 [Member] | Extended service contracts | |||
Revenue Remaining Performance Obligation Expected Timing of Satisfaction [Line Items] | |||
Revenue remaining performance obligation expected timing of satisfaction period | 1 year | ||
Revenue Remaining Performance Obligation | 1,000 | $ 1,000 | |
2019-01-01 [Member] | Extended service contracts | |||
Revenue Remaining Performance Obligation Expected Timing of Satisfaction [Line Items] | |||
Revenue remaining performance obligation expected timing of satisfaction period | 8 years | ||
Revenue Remaining Performance Obligation | $ 2,400 | $ 2,400 |
Other Income_(Loss) (Details)
Other Income/(Loss) (Details) - Operating Segments [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Non-Financial Services | ||||
Net periodic pension and OPEB income/(cost), excluding service cost | $ 365 | $ 344 | $ 1,144 | $ 1,005 |
Investment-related interest income | 91 | 50 | 247 | 163 |
Interest income/(expense) on income taxes | (1) | 9 | 1 | 8 |
Realized and unrealized gains/(losses) on cash equivalents and marketable securities | (14) | (13) | 11 | 52 |
Gains/(Losses) on changes in investments in affiliates | (4) | (1) | (6) | 180 |
Royalty income | 171 | 174 | 475 | 494 |
Other | 101 | 109 | 207 | 224 |
Total | 709 | 672 | 2,079 | 2,126 |
Financial Services | ||||
Investment-related interest income | 33 | 18 | 78 | 57 |
Interest income/(expense) on income taxes | (1) | (2) | (2) | 11 |
Insurance premiums earned | 0 | 38 | 118 | |
Other | 13 | 78 | 65 | 119 |
Total | $ 45 | $ 132 | $ 141 | $ 305 |
Income Taxes Income Taxes (Deta
Income Taxes Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017 | Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate | 0.00% | 0.00% |
Deferred Foreign Income Tax Expense/(Benefit) Expected | $ 266 | $ 687 |
Capital Stock and Earnings Pe49
Capital Stock and Earnings Per Share (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Basic and Diluted Income Attributable to Ford Motor Company [Abstract] | ||||
Basic income | $ 1,564 | $ 957 | $ 5,193 | $ 5,379 |
Diluted income | $ 1,564 | $ 957 | $ 5,193 | $ 5,379 |
Basic and Diluted Shares [Abstract] | ||||
Basic shares (average shares outstanding) | 3,972 | 3,974 | 3,975 | 3,972 |
Net dilutive options and unvested restricted stock units | 24 | 26 | 21 | 25 |
Diluted shares | 3,996 | 4,000 | 3,996 | 3,997 |
Cash, Cash Equivalents, and M50
Cash, Cash Equivalents, and Marketable Securities (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Items measured at fair value [Line Items] | ||||
Total cash and cash equivalents | $ 17,589 | $ 15,905 | $ 13,340 | $ 14,272 |
Fair Value, Measurements, Recurring [Member] | ||||
Items measured at fair value [Line Items] | ||||
Cash and cash equivalents | 1,317 | 2,254 | ||
Marketable securities | 20,492 | 22,922 | ||
Fair Value, Estimate Not Practicable, Carrying (Reported) Amount [Member] | Investment Type [Member] | ||||
Items measured at fair value [Line Items] | ||||
Cash, time deposits, and money market funds | 16,272 | 13,651 | ||
U.S. government | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||||
Items measured at fair value [Line Items] | ||||
Cash and cash equivalents | 610 | 1,812 | ||
Marketable securities | 5,088 | 9,733 | ||
U.S. government agencies | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||
Items measured at fair value [Line Items] | ||||
Cash and cash equivalents | 350 | 0 | ||
Marketable securities | 3,374 | 2,749 | ||
Non-U.S. government and agencies | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||
Items measured at fair value [Line Items] | ||||
Cash and cash equivalents | 357 | 342 | ||
Marketable securities | 6,804 | 5,383 | ||
Corporate debt | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||
Items measured at fair value [Line Items] | ||||
Cash and cash equivalents | 0 | 100 | ||
Marketable securities | 5,009 | 4,804 | ||
Equities | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||||
Items measured at fair value [Line Items] | ||||
Marketable securities | 160 | 165 | ||
Other marketable securities | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||
Items measured at fair value [Line Items] | ||||
Marketable securities | 57 | 88 | ||
Operating Segments [Member] | Automotive | ||||
Items measured at fair value [Line Items] | ||||
Total cash and cash equivalents | 8,753 | 7,820 | ||
Operating Segments [Member] | Automotive | Fair Value, Measurements, Recurring [Member] | ||||
Items measured at fair value [Line Items] | ||||
Cash and cash equivalents | 648 | 1,188 | ||
Marketable securities | 17,391 | 19,642 | ||
Operating Segments [Member] | Automotive | Fair Value, Estimate Not Practicable, Carrying (Reported) Amount [Member] | Investment Type [Member] | ||||
Items measured at fair value [Line Items] | ||||
Cash, time deposits, and money market funds | 8,105 | 6,632 | ||
Operating Segments [Member] | Automotive | U.S. government | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||||
Items measured at fair value [Line Items] | ||||
Cash and cash equivalents | 498 | 888 | ||
Marketable securities | 4,418 | 8,099 | ||
Operating Segments [Member] | Automotive | U.S. government agencies | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||
Items measured at fair value [Line Items] | ||||
Cash and cash equivalents | 150 | 0 | ||
Marketable securities | 2,990 | 2,244 | ||
Operating Segments [Member] | Automotive | Non-U.S. government and agencies | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||
Items measured at fair value [Line Items] | ||||
Cash and cash equivalents | 0 | 200 | ||
Marketable securities | 5,833 | 4,751 | ||
Operating Segments [Member] | Automotive | Corporate debt | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||
Items measured at fair value [Line Items] | ||||
Cash and cash equivalents | 0 | 100 | ||
Marketable securities | 3,958 | 4,329 | ||
Operating Segments [Member] | Automotive | Equities | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||||
Items measured at fair value [Line Items] | ||||
Marketable securities | 160 | 165 | ||
Operating Segments [Member] | Automotive | Other marketable securities | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||
Items measured at fair value [Line Items] | ||||
Marketable securities | 32 | 54 | ||
Operating Segments [Member] | Financial Services | ||||
Items measured at fair value [Line Items] | ||||
Total cash and cash equivalents | 8,835 | 8,077 | ||
Operating Segments [Member] | Financial Services | Fair Value, Measurements, Recurring [Member] | ||||
Items measured at fair value [Line Items] | ||||
Cash and cash equivalents | 669 | 1,066 | ||
Marketable securities | 3,101 | 3,280 | ||
Operating Segments [Member] | Financial Services | Fair Value, Estimate Not Practicable, Carrying (Reported) Amount [Member] | Investment Type [Member] | ||||
Items measured at fair value [Line Items] | ||||
Cash, time deposits, and money market funds | 8,166 | 7,011 | ||
Operating Segments [Member] | Financial Services | U.S. government | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||||
Items measured at fair value [Line Items] | ||||
Cash and cash equivalents | 112 | 924 | ||
Marketable securities | 670 | 1,634 | ||
Operating Segments [Member] | Financial Services | U.S. government agencies | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||
Items measured at fair value [Line Items] | ||||
Cash and cash equivalents | 200 | 0 | ||
Marketable securities | 384 | 505 | ||
Operating Segments [Member] | Financial Services | Non-U.S. government and agencies | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||
Items measured at fair value [Line Items] | ||||
Cash and cash equivalents | 357 | 142 | ||
Marketable securities | 971 | 632 | ||
Operating Segments [Member] | Financial Services | Corporate debt | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||
Items measured at fair value [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Marketable securities | 1,051 | 475 | ||
Operating Segments [Member] | Financial Services | Equities | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||||
Items measured at fair value [Line Items] | ||||
Marketable securities | 0 | 0 | ||
Operating Segments [Member] | Financial Services | Other marketable securities | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||
Items measured at fair value [Line Items] | ||||
Marketable securities | 25 | 34 | ||
Operating Segments [Member] | All Other | ||||
Items measured at fair value [Line Items] | ||||
Total cash and cash equivalents | 1 | 8 | ||
Operating Segments [Member] | All Other | Fair Value, Measurements, Recurring [Member] | ||||
Items measured at fair value [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Marketable securities | 0 | 0 | ||
Operating Segments [Member] | All Other | Fair Value, Estimate Not Practicable, Carrying (Reported) Amount [Member] | Investment Type [Member] | ||||
Items measured at fair value [Line Items] | ||||
Cash, time deposits, and money market funds | 1 | 8 | ||
Operating Segments [Member] | All Other | U.S. government | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||||
Items measured at fair value [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Marketable securities | 0 | 0 | ||
Operating Segments [Member] | All Other | U.S. government agencies | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||
Items measured at fair value [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Marketable securities | 0 | 0 | ||
Operating Segments [Member] | All Other | Non-U.S. government and agencies | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||
Items measured at fair value [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Marketable securities | 0 | 0 | ||
Operating Segments [Member] | All Other | Corporate debt | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||
Items measured at fair value [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Marketable securities | 0 | 0 | ||
Operating Segments [Member] | All Other | Equities | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||||
Items measured at fair value [Line Items] | ||||
Marketable securities | 0 | 0 | ||
Operating Segments [Member] | All Other | Other marketable securities | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||||
Items measured at fair value [Line Items] | ||||
Marketable securities | $ 0 | $ 0 |
Cash, Cash Equivalents, and M51
Cash, Cash Equivalents, and Marketable Securities Available for Sale Securities (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | $ 491,000,000 | $ 0 | $ 3,100,000,000 | $ 69,000,000 | |
Available-for-sale Securities, Gross Realized Gains | 0 | 0 | 3,000,000 | 1,000,000 | |
Available-for-sale Securities, Gross Realized Losses | 0 | $ 0 | 8,000,000 | 0 | |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 0 | $ 0 | |||
Operating Segments [Member] | Automotive | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Securities, Amortized Cost Basis | 9,957,000,000 | 9,957,000,000 | $ 6,533,000,000 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 7,000,000 | 7,000,000 | 3,000,000 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (21,000,000) | (21,000,000) | (27,000,000) | ||
Available-for-sale Securities | 9,943,000,000 | 9,943,000,000 | 6,509,000,000 | ||
Available-for-sale Securities, Debt Maturities, Next Rolling Twelve Months, Fair Value | 2,125,000,000 | 2,125,000,000 | 1,906,000,000 | ||
Available-for-sale Securities, Debt Maturities, Rolling Year Two Through Five, Fair Value | 7,753,000,000 | 7,753,000,000 | 4,415,000,000 | ||
Available-for-sale Securities, Debt Maturities, Rolling Year Six Through Ten, Fair Value | 65,000,000 | 65,000,000 | 188,000,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 6,781,000,000 | 6,781,000,000 | 2,872,000,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (19,000,000) | (19,000,000) | (27,000,000) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 137,000,000 | 137,000,000 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (2,000,000) | (2,000,000) | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 6,918,000,000 | 6,918,000,000 | 2,872,000,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (21,000,000) | (21,000,000) | (27,000,000) | ||
Operating Segments [Member] | Automotive | U.S. government | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Securities, Amortized Cost Basis | 3,228,000,000 | 3,228,000,000 | 3,703,000,000 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | 2,000,000 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (8,000,000) | (8,000,000) | (14,000,000) | ||
Available-for-sale Securities | 3,220,000,000 | 3,220,000,000 | 3,691,000,000 | ||
Available-for-sale Securities, Debt Maturities, Next Rolling Twelve Months, Fair Value | 1,268,000,000 | 1,268,000,000 | 727,000,000 | ||
Available-for-sale Securities, Debt Maturities, Rolling Year Two Through Five, Fair Value | 1,952,000,000 | 1,952,000,000 | 2,776,000,000 | ||
Available-for-sale Securities, Debt Maturities, Rolling Year Six Through Ten, Fair Value | 0 | 0 | 188,000,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,674,000,000 | 2,674,000,000 | 1,474,000,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (7,000,000) | (7,000,000) | (14,000,000) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 49,000,000 | 49,000,000 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,000,000) | (1,000,000) | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,723,000,000 | 2,723,000,000 | 1,474,000,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (8,000,000) | (8,000,000) | (14,000,000) | ||
Operating Segments [Member] | Automotive | U.S. government agencies | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Securities, Amortized Cost Basis | 1,795,000,000 | 1,795,000,000 | 308,000,000 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 | 0 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (5,000,000) | (5,000,000) | (2,000,000) | ||
Available-for-sale Securities | 1,790,000,000 | 1,790,000,000 | 306,000,000 | ||
Available-for-sale Securities, Debt Maturities, Next Rolling Twelve Months, Fair Value | 228,000,000 | 228,000,000 | 0 | ||
Available-for-sale Securities, Debt Maturities, Rolling Year Two Through Five, Fair Value | 1,547,000,000 | 1,547,000,000 | 306,000,000 | ||
Available-for-sale Securities, Debt Maturities, Rolling Year Six Through Ten, Fair Value | 15,000,000 | 15,000,000 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,608,000,000 | 1,608,000,000 | 261,000,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (4,000,000) | (4,000,000) | (2,000,000) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 49,000,000 | 49,000,000 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,000,000) | (1,000,000) | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,657,000,000 | 1,657,000,000 | 261,000,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (5,000,000) | (5,000,000) | (2,000,000) | ||
Operating Segments [Member] | Automotive | Non-U.S. government and agencies | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Securities, Amortized Cost Basis | 3,392,000,000 | 3,392,000,000 | 1,443,000,000 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 6,000,000 | 6,000,000 | 1,000,000 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (7,000,000) | (7,000,000) | (11,000,000) | ||
Available-for-sale Securities | 3,391,000,000 | 3,391,000,000 | 1,433,000,000 | ||
Available-for-sale Securities, Debt Maturities, Next Rolling Twelve Months, Fair Value | 99,000,000 | 99,000,000 | 148,000,000 | ||
Available-for-sale Securities, Debt Maturities, Rolling Year Two Through Five, Fair Value | 3,242,000,000 | 3,242,000,000 | 1,285,000,000 | ||
Available-for-sale Securities, Debt Maturities, Rolling Year Six Through Ten, Fair Value | 50,000,000 | 50,000,000 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,956,000,000 | 1,956,000,000 | 1,137,000,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (7,000,000) | (7,000,000) | (11,000,000) | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 39,000,000 | 39,000,000 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,995,000,000 | 1,995,000,000 | 1,137,000,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (7,000,000) | (7,000,000) | (11,000,000) | ||
Operating Segments [Member] | Automotive | Corporate debt | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Available-for-sale Securities, Amortized Cost Basis | 1,542,000,000 | 1,542,000,000 | 1,079,000,000 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 1,000,000 | 1,000,000 | 0 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (1,000,000) | (1,000,000) | 0 | ||
Available-for-sale Securities | 1,542,000,000 | 1,542,000,000 | 1,079,000,000 | ||
Available-for-sale Securities, Debt Maturities, Next Rolling Twelve Months, Fair Value | 530,000,000 | 530,000,000 | 1,031,000,000 | ||
Available-for-sale Securities, Debt Maturities, Rolling Year Two Through Five, Fair Value | 1,012,000,000 | 1,012,000,000 | 48,000,000 | ||
Available-for-sale Securities, Debt Maturities, Rolling Year Six Through Ten, Fair Value | 0 | 0 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position [Abstract] | |||||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 543,000,000 | 543,000,000 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,000,000) | (1,000,000) | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 543,000,000 | 543,000,000 | 0 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (1,000,000) | $ (1,000,000) | $ 0 |
Cash, Cash Equivalents, and M52
Cash, Cash Equivalents, and Marketable Securities Other Securities (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Investments, All Other Investments [Abstract] | ||
Cost Method Investments | $ 326 | $ 219 |
Financial Services Finance Re53
Financial Services Finance Receivables, net (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivables [Line Items] | ||||||
Financing Receivable, Gross | $ 104,439 | $ 96,674 | $ 95,642 | |||
Allowance for Credit Losses | (575) | $ (522) | (484) | (478) | $ (449) | $ (373) |
Finance receivables, net | 103,864 | 96,190 | 95,164 | |||
Finance receivables, net - Current portion | 49,541 | 46,266 | ||||
Finance receivables, net - Non-current portion | 54,323 | 49,924 | ||||
Net finance receivables subject to fair value | 100,773 | 94,066 | ||||
Finance Receivables Net Not Subject To Fair Value | 3,100 | 2,100 | ||||
Uncollected Interest Receivable Excluded From Finance Receivable | 223 | 223 | ||||
Consumer [Member] | ||||||
Financing Receivables [Line Items] | ||||||
Financing Receivable, Gross | 72,316 | 65,338 | 65,109 | |||
Allowance for Credit Losses | (562) | (507) | (469) | (464) | (432) | (357) |
Finance receivables, net | 71,754 | 64,645 | ||||
Consumer [Member] | Retail financing [Member] | ||||||
Financing Receivables [Line Items] | ||||||
Finance Receivable Before Unearned Interest Supplements | 75,452 | 68,121 | ||||
Unearned interest supplements | (3,136) | (2,783) | ||||
Financing Receivable, Gross | 72,316 | 65,338 | ||||
Non-consumer [Member] | ||||||
Financing Receivables [Line Items] | ||||||
Financing Receivable, Gross | 32,123 | 31,336 | 30,533 | |||
Allowance for Credit Losses | (13) | $ (15) | (15) | (14) | $ (17) | $ (16) |
Finance receivables, net | 32,110 | $ 30,519 | ||||
Non-consumer [Member] | Dealer financing [Member] | ||||||
Financing Receivables [Line Items] | ||||||
Financing Receivable, Gross | 32,123 | 31,336 | ||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||||
Financing Receivables [Line Items] | ||||||
Fair value | 100,552 | 94,785 | ||||
Securitization Transactions VIE Primary Beneficiary and Non-VIE Primary Beneficiary [Member] | Consumer [Member] | ||||||
Financing Receivables [Line Items] | ||||||
Financing Receivable, Gross | 35,200 | 32,500 | ||||
Securitization Transactions VIE Primary Beneficiary and Non-VIE Primary Beneficiary [Member] | Non-consumer [Member] | ||||||
Financing Receivables [Line Items] | ||||||
Financing Receivable, Gross | $ 23,600 | $ 26,000 |
Financial Services Finance Re54
Financial Services Finance Receivables - Aging (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | |
Financing Receivables, Aging [Line Items] | |||
Number Of Days After Which Finance Receivable Is Considered Past Due | 31 days | ||
Financing Receivable, Gross | $ 104,439 | $ 96,674 | $ 95,642 |
Consumer [Member] | |||
Financing Receivables, Aging [Line Items] | |||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 28 | 21 | |
Financing Receivable, Recorded Investment, Past Due | 870 | 947 | |
Financing Receivable, Recorded Investment, Current | 71,446 | 64,391 | |
Financing Receivable, Gross | 72,316 | 65,338 | 65,109 |
Consumer [Member] | Financing Receivables, 31 to 60 Days Past due [Member] | |||
Financing Receivables, Aging [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 682 | 760 | |
Consumer [Member] | Financing Receivables, 61 to 90 Days Past due [Member] | |||
Financing Receivables, Aging [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 111 | 114 | |
Consumer [Member] | Financing Receivables, 91 to 120 Days Past due [Member] | |||
Financing Receivables, Aging [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 40 | 34 | |
Consumer [Member] | Financing Receivables, Greater than 120 Days Past due [Member] | |||
Financing Receivables, Aging [Line Items] | |||
Financing Receivable, Recorded Investment, Past Due | 37 | 39 | |
Non-consumer [Member] | |||
Financing Receivables, Aging [Line Items] | |||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 1 | 0 | |
Financing Receivable, Recorded Investment, Past Due | 135 | 107 | |
Financing Receivable, Recorded Investment, Current | 31,988 | 31,229 | |
Financing Receivable, Gross | $ 32,123 | $ 31,336 | $ 30,533 |
Financial Services Finance Re55
Financial Services Finance Receivables - Credit Quality (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | |
Credit quality [Line Items] | |||
Financing Receivable By Credit Quality Indicator | $ 104,439 | $ 96,674 | $ 95,642 |
Consumer [Member] | |||
Credit quality [Line Items] | |||
Financing Receivable By Credit Quality Indicator | $ 72,316 | 65,338 | 65,109 |
Consumer [Member] | Minimum [Member] | Special Mention [Member] | |||
Credit quality [Line Items] | |||
Finance Receivables Credit Quality Ratings Term Range | 61 days | ||
Consumer [Member] | Minimum [Member] | Substandard [Member] | |||
Credit quality [Line Items] | |||
Finance Receivables Credit Quality Ratings Term Range | 120 days | ||
Consumer [Member] | Maximum [Member] | Pass [Member] | |||
Credit quality [Line Items] | |||
Finance Receivables Credit Quality Ratings Term Range | 60 days | ||
Consumer [Member] | Maximum [Member] | Special Mention [Member] | |||
Credit quality [Line Items] | |||
Finance Receivables Credit Quality Ratings Term Range | 120 days | ||
Non-consumer [Member] | |||
Credit quality [Line Items] | |||
Financing Receivable By Credit Quality Indicator | $ 32,123 | 31,336 | $ 30,533 |
Non-consumer [Member] | Dealer financing [Member] | |||
Credit quality [Line Items] | |||
Financing Receivable By Credit Quality Indicator | 32,123 | 31,336 | |
Non-consumer [Member] | Dealer financing [Member] | Group I | |||
Credit quality [Line Items] | |||
Financing Receivable By Credit Quality Indicator | 24,911 | 24,315 | |
Non-consumer [Member] | Dealer financing [Member] | Group II | |||
Credit quality [Line Items] | |||
Financing Receivable By Credit Quality Indicator | 5,581 | 5,552 | |
Non-consumer [Member] | Dealer financing [Member] | Group III | |||
Credit quality [Line Items] | |||
Financing Receivable By Credit Quality Indicator | 1,479 | 1,376 | |
Non-consumer [Member] | Dealer financing [Member] | Group IV | |||
Credit quality [Line Items] | |||
Financing Receivable By Credit Quality Indicator | $ 152 | $ 93 |
Financial Services Finance Re56
Financial Services Finance Receivables - Impaired (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Financing Receivable Impaired [Line Items] | ||
Number of Days Past Due After Which Consumer Receivables are Considered Impaired | 120 days | |
Consumer [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | $ 387 | $ 367 |
Impaired Financing Receivable Recorded Investment, Percentage of Receivable | 0.50% | 0.60% |
Non-consumer [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Impaired Financing Receivable, Recorded Investment | $ 152 | $ 107 |
Impaired Financing Receivable Recorded Investment, Percentage of Receivable | 0.50% | 0.30% |
Financial Services Allowance 57
Financial Services Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Allowance for credit losses [Roll Forward] | |||||
Beginning balance | $ 522 | $ 449 | $ 484 | $ 373 | |
Charge-offs | (132) | (113) | (369) | (311) | |
Recoveries | 40 | 30 | 113 | 93 | |
Provision for credit losses | 140 | 113 | 334 | 324 | |
Other | 5 | (1) | 13 | (1) | |
Ending balance | 575 | 478 | 575 | 478 | |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||
Collective impairment allowance | 554 | 457 | 554 | 457 | |
Specific impairment allowance | 21 | 21 | 21 | 21 | |
Collectively evaluated for impairment | 103,900 | 95,136 | 103,900 | 95,136 | |
Specifically evaluated for impairment | 539 | 506 | 539 | 506 | |
Financing Receivable, Gross | 104,439 | 95,642 | 104,439 | 95,642 | $ 96,674 |
Financial Services finance receivables, net | 103,864 | 95,164 | 103,864 | 95,164 | 96,190 |
Financing And Loans And Leases Receivable Allowance | 644 | 541 | 644 | 541 | |
Consumer [Member] | |||||
Allowance for credit losses [Roll Forward] | |||||
Beginning balance | 507 | 432 | 469 | 357 | |
Charge-offs | (132) | (108) | (366) | (304) | |
Recoveries | 36 | 29 | 105 | 89 | |
Provision for credit losses | 146 | 112 | 341 | 323 | |
Other | 5 | (1) | 13 | (1) | |
Ending balance | 562 | 464 | 562 | 464 | |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||
Collective impairment allowance | 541 | 445 | 541 | 445 | |
Specific impairment allowance | 21 | 19 | 21 | 19 | |
Collectively evaluated for impairment | 71,929 | 64,743 | 71,929 | 64,743 | |
Specifically evaluated for impairment | 387 | 366 | 387 | 366 | |
Financing Receivable, Gross | 72,316 | 65,109 | 72,316 | 65,109 | 65,338 |
Financial Services finance receivables, net | 71,754 | 64,645 | 71,754 | 64,645 | |
Non-consumer [Member] | |||||
Allowance for credit losses [Roll Forward] | |||||
Beginning balance | 15 | 17 | 15 | 16 | |
Charge-offs | (5) | (3) | (7) | ||
Recoveries | 4 | 1 | 8 | 4 | |
Provision for credit losses | (6) | 1 | (7) | 1 | |
Other | 0 | 0 | 0 | 0 | |
Ending balance | 13 | 14 | 13 | 14 | |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||||
Collective impairment allowance | 13 | 12 | 13 | 12 | |
Specific impairment allowance | 0 | 2 | 0 | 2 | |
Collectively evaluated for impairment | 31,971 | 30,393 | 31,971 | 30,393 | |
Specifically evaluated for impairment | 152 | 140 | 152 | 140 | |
Financing Receivable, Gross | 32,123 | 30,533 | 32,123 | 30,533 | $ 31,336 |
Financial Services finance receivables, net | $ 32,110 | $ 30,519 | $ 32,110 | $ 30,519 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Jan. 01, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | |||
Percentage Of LIFO Inventory To Total Inventory | 35.00% | 30.00% | |
Raw materials, work-in-process, and supplies | $ 4,587 | $ 3,843 | |
Finished products | 7,591 | 5,943 | |
Total inventories under FIFO | 12,178 | 9,786 | |
LIFO adjustment | (915) | (888) | |
Total inventories | $ 11,263 | $ 8,889 | $ 8,898 |
Other Liabilities and Deferre59
Other Liabilities and Deferred Revenue (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Jan. 01, 2017 | Dec. 31, 2016 |
Other Liabilities [Abstract] | |||
Dealer and Dealers' Customer Allowances and Claims | $ 10,489 | $ 9,542 | |
Deferred Revenue, Current | 2,409 | 3,866 | |
Deferred Compensation Liability, Current | 1,718 | 1,469 | |
Interest Payable, Current | 833 | 974 | |
Other Postretirement Defined Benefit Plan Liabilities Current | 354 | 349 | |
Defined Benefit Pension Plan Liabilities, Current | 260 | 247 | |
Other Sundry Liabilities, Current | 3,549 | 2,869 | |
Other Liabilities, Current | 19,612 | $ 17,887 | 19,316 |
Pension (a) | 10,251 | 10,150 | |
OPEB (a) | 5,582 | 5,516 | |
Dealer and dealers’ customer allowances and claims | 2,490 | 2,564 | |
Deferred revenue | 3,806 | 3,687 | |
Employee benefit plans | 1,131 | 1,063 | |
Other | 1,559 | 1,415 | |
Total non-current other liabilities and deferred revenue | 24,819 | $ 24,390 | 24,395 |
Net pension assets | $ 2,500 | $ 1,500 |
Retirement Benefits - Expense (
Retirement Benefits - Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
U.S. Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 133 | $ 128 | $ 400 | $ 383 |
Interest cost | 382 | 381 | 1,144 | 1,143 |
Expected return on assets | (683) | (673) | (2,050) | (2,020) |
Amortization of prior service costs/(credits) | 36 | 43 | 107 | 128 |
Net remeasurement (gain)/loss | 0 | 0 | 0 | 0 |
Separation programs/other | 58 | 6 | 70 | 9 |
Net periodic benefit cost/(income) | (74) | (115) | (329) | (357) |
Non-U.S. Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 154 | 116 | 413 | 358 |
Interest cost | 155 | 190 | 487 | 587 |
Expected return on assets | (347) | (329) | (1,012) | (1,018) |
Amortization of prior service costs/(credits) | 9 | 9 | 27 | 28 |
Net remeasurement (gain)/loss | 0 | 0 | 0 | 11 |
Separation programs/other | 5 | 16 | 24 | 88 |
Net periodic benefit cost/(income) | (24) | 2 | (61) | 54 |
Worldwide OPEB | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 13 | 13 | 37 | 37 |
Interest cost | 50 | 49 | 148 | 146 |
Expected return on assets | 0 | 0 | 0 | 0 |
Amortization of prior service costs/(credits) | (30) | (35) | (89) | (106) |
Net remeasurement (gain)/loss | 0 | 0 | 0 | 0 |
Separation programs/other | 0 | (1) | 0 | (1) |
Net periodic benefit cost/(income) | 33 | $ 26 | 96 | $ 76 |
Defined Benefit Plan, Estimated Future Employer Contributions To Funded Plans in Current Fiscal Year | 1,500 | 1,500 | ||
Pension And Other Postretirement Expected Benefit Contributions Unfunded Plans | 300 | 300 | ||
Pension and Other Postretirement Benefit Contributions and Expected Future Employer Contributions To Funded and Unfunded Plans | 1,800 | 1,800 | ||
Defined Benefit Plan, Previous Guidance Estimated Future Employer Contributions To Be Funded Plans in Current Fiscal Year | 1,000 | 1,000 | ||
Defined Benefit Plan, Estimated Pull Ahead of Employer Contributions To Funded Plans in Current Fiscal Year | $ 500 | 500 | ||
Pension and Other Postretirement Benefit Contributions | 700 | |||
Pension and Other Postretirement Benefit Contributions Unfunded Plans | $ 200 |
Debt - Debt Outstanding (Detail
Debt - Debt Outstanding (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Jan. 01, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Debt Instrument [Line Items] | ||||
Total debt | $ 149,112 | $ 137,224 | ||
Operating Segments [Member] | Automotive | ||||
Debt Instrument [Line Items] | ||||
Unamortized (discount)/premium, current | (16) | $ (57) | ||
Debt payable within one year | 3,551 | $ 3,011 | 2,685 | |
Unamortized (discount)/premium, noncurrent | (317) | (320) | ||
Unamortized issuance costs, noncurrent | (77) | (76) | ||
Total long-term debt payable after one year | 12,633 | 13,222 | ||
Total debt | 16,184 | 15,907 | 13,147 | |
Operating Segments [Member] | Automotive | Corporate debt | ||||
Debt Instrument [Line Items] | ||||
Long-term payable within one year | 361 | 0 | ||
Long-term debt payable after one year | 9,033 | 9,394 | ||
Operating Segments [Member] | Automotive | Notes Payable, Other Payables [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term payable within one year | 1,049 | 827 | ||
Long-term debt payable after one year | 1,785 | 1,573 | ||
Operating Segments [Member] | Automotive | Notes Payable, Other Payables [Member] | Advanced Technology Vehicles Manufacturing Program [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term payable within one year | 591 | 591 | ||
Long-term debt payable after one year | 2,209 | 2,651 | ||
Operating Segments [Member] | Automotive | Notes Payable, Other Payables [Member] | ||||
Debt Instrument [Line Items] | ||||
Short-term Debt | 1,566 | 1,324 | ||
Operating Segments [Member] | Automotive | Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Fair Value | 18,028 | 17,433 | ||
Operating Segments [Member] | Automotive | Short-term Debt [Member] | Fair Value, Estimate Not Practicable, Carrying (Reported) Amount [Member] | ||||
Debt Instrument [Line Items] | ||||
Fair Value, Estimate Not Practicable, Debt Instrument | 1,300 | 1,100 | ||
Operating Segments [Member] | Financial Services | ||||
Debt Instrument [Line Items] | ||||
Unamortized (discount)/premium, current | 1 | (2) | ||
Unamortized issuance costs, current | (17) | (16) | ||
Adjustment Fair Value Hedging Instruments Unsecured Debt, Current | 16 | 17 | ||
Debt payable within one year | 47,623 | 46,984 | ||
Unamortized (discount)/premium, noncurrent | (6) | (9) | ||
Unamortized issuance costs, noncurrent | (208) | (197) | ||
Fair value adjustments, noncurrent | 146 | 261 | ||
Total long-term debt payable after one year | 85,305 | 80,079 | ||
Total debt | 132,928 | 127,063 | $ 124,077 | |
Operating Segments [Member] | Financial Services | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt payable after one year | 54,463 | 49,912 | ||
Operating Segments [Member] | Financial Services | Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term payable within one year | 16,496 | 19,286 | ||
Long-term debt payable after one year | 30,910 | 30,112 | ||
Operating Segments [Member] | Financial Services | Unsecured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term payable within one year | 13,487 | 12,369 | ||
Operating Segments [Member] | Financial Services | Notes Payable, Other Payables [Member] | ||||
Debt Instrument [Line Items] | ||||
Short-term Debt | 17,640 | 15,330 | ||
Operating Segments [Member] | Financial Services | Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Fair Value | 134,877 | 128,777 | ||
Operating Segments [Member] | Financial Services | Short-term Debt [Member] | Fair Value, Estimate Not Practicable, Carrying (Reported) Amount [Member] | ||||
Debt Instrument [Line Items] | ||||
Fair Value, Estimate Not Practicable, Debt Instrument | $ 16,500 | $ 14,300 |
Income Effect of Derivative Fin
Income Effect of Derivative Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative [Line Items] | ||||
Gain/(Loss) Recognized in Income | $ 43 | $ 477 | $ 134 | $ 1,109 |
Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | (40) | (228) | (95) | 655 |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 40 | 227 | 95 | (634) |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency exchange contracts [Member] | ||||
Derivative [Line Items] | ||||
Gain/(Loss) Reclassified from AOCI to Income | 115 | 202 | 357 | 335 |
Gain/(Loss) Recorded in OCI | (116) | 340 | 90 | 887 |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest rate contracts [Member] | ||||
Derivative [Line Items] | ||||
Net interest settlements and accruals excluded from the assessment of hedge effectiveness | 50 | 95 | 182 | 292 |
Ineffectiveness - gain (loss) on interest rate fair value hedge | (1) | 0 | 21 | |
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member] | ||||
Derivative [Line Items] | ||||
Gain/(Loss) Recognized in Income | (168) | 29 | (594) | 61 |
Not Designated as Hedging Instrument [Member] | Cross-currency interest rate swap contracts [Member] | ||||
Derivative [Line Items] | ||||
Gain/(Loss) Recognized in Income | 5 | 128 | 79 | 463 |
Not Designated as Hedging Instrument [Member] | Interest rate contracts [Member] | ||||
Derivative [Line Items] | ||||
Gain/(Loss) Recognized in Income | 20 | 21 | 57 | (70) |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||||
Derivative [Line Items] | ||||
Gain/(Loss) Recognized in Income | $ 21 | $ 3 | $ 53 | $ 7 |
Balance Sheet Effect of Derivat
Balance Sheet Effect of Derivative Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Derivative [Line Items] | ||
Notional | $ 132,073 | $ 134,914 |
Derivative Asset, Current | 937 | 1,108 |
Derivative Asset, Noncurrent | 733 | 787 |
Derivative Asset | 1,670 | 1,895 |
Derivative Liability, Current | 612 | 371 |
Derivative Liability, Noncurrent | 372 | 248 |
Derivative Liability | 984 | 619 |
Held collateral | 11 | 15 |
Posted collateral | 31 | 12 |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Notional | 18,734 | 19,091 |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Notional | 31,802 | 33,175 |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Notional | 19,792 | 17,227 |
Not Designated as Hedging Instrument [Member] | Cross-currency interest rate swap contracts [Member] | ||
Derivative [Line Items] | ||
Notional | 3,998 | 3,201 |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Notional | 57,144 | 61,689 |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Notional | 603 | 531 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Derivative [Line Items] | ||
Fair Value of Assets | 1,670 | 1,895 |
Fair Value of Liabilities | 984 | 619 |
Counterparty Netting, Not Offset | 669 | 554 |
Counterparty Netting, Not Offset | 669 | 554 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Fair Value of Assets | 466 | 620 |
Fair Value of Liabilities | 352 | 257 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Fair Value of Assets | 323 | 487 |
Fair Value of Liabilities | 132 | 80 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Fair Value of Assets | 259 | 379 |
Fair Value of Liabilities | 357 | 194 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Cross-currency interest rate swap contracts [Member] | ||
Derivative [Line Items] | ||
Fair Value of Assets | 370 | 242 |
Fair Value of Liabilities | 22 | 8 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||
Derivative [Line Items] | ||
Fair Value of Assets | 227 | 156 |
Fair Value of Liabilities | 119 | 74 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Fair Value of Assets | 25 | 11 |
Fair Value of Liabilities | $ 2 | $ 6 |
Accumulated Other Comprehensi64
Accumulated Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||
Total AOCI ending balance at September 30 | $ (6,759) | $ (6,759) | $ (7,013) | ||
Derivative instruments [Abstract] | |||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 97 | ||||
Parent Company [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||
Total AOCI ending balance at September 30 | (6,759) | $ (6,046) | (6,759) | $ (6,046) | |
Foreign currency transaction [Abstract] | |||||
Beginning balance | (4,266) | (3,691) | (4,593) | (3,570) | |
Gains/(Losses) on foreign currency translation | 25 | (183) | 175 | (271) | |
Less: Tax/(Tax benefit) | (94) | 0 | (271) | 0 | |
Net gains/(losses) on foreign currency translation | 119 | (183) | 446 | (271) | |
(Gains)/Losses reclassified from AOCI to income | (17) | 0 | (17) | (33) | |
Other comprehensive income/(loss), net of tax | 102 | (183) | 429 | (304) | |
Ending balance | (4,164) | (3,874) | (4,164) | (3,874) | |
Marketable securities [Abstract] | |||||
Beginning balance | (11) | 0 | (14) | (6) | |
Gains/(Losses) on available for sale securities | (3) | 0 | 0 | 11 | |
Less: Tax/(Tax benefit) | (3) | 0 | 2 | 0 | |
Net gains/(losses) on available for sale securities | 0 | 0 | (2) | 11 | |
(Gains)/Losses reclassified from AOCI to net income | 0 | 0 | 5 | (1) | |
Less: Tax/(Tax benefit) | 1 | 0 | 1 | 4 | |
Net (gains)/losses reclassified from AOCI to net income | (1) | 0 | 4 | (5) | |
Other comprehensive income/(loss), net of tax | (1) | 0 | 2 | 6 | |
Ending balance | (12) | 0 | (12) | 0 | |
Derivative instruments [Abstract] | |||||
Beginning balance | 253 | 421 | 283 | 64 | |
Gains/(Losses) on available for sale securities | (116) | 340 | 90 | 887 | |
Less: Tax/(Tax benefit) | (36) | 87 | 15 | 181 | |
Net gains/(losses) on available for sale securities | (80) | 253 | 75 | 706 | |
(Gains)/Losses reclassified from AOCI to net income | (115) | (202) | (357) | (335) | |
Less: Tax/(Tax benefit) | (24) | (48) | (81) | (85) | |
Net (gains)/losses reclassified from AOCI to net income | (91) | (154) | (276) | (250) | |
Other comprehensive income/(loss), net of tax | (171) | 99 | (201) | 456 | |
Ending balance | 82 | 520 | 82 | 520 | |
Pension and other postretirement benefits | |||||
Beginning balance | (2,692) | (2,706) | (2,689) | (2,745) | |
Amortization of prior service costs/(credits) | 15 | 17 | 45 | 50 | |
Less: Tax/(Tax benefit) | (13) | 7 | 15 | 17 | |
Net prior service costs/(credits) reclassified from AOCI to net income | 28 | 10 | 30 | 33 | |
Translation impact on non-U.S. plans | (1) | 4 | (6) | 20 | |
Other comprehensive income/(loss), net of tax | 27 | 14 | 24 | 53 | |
Ending balance | $ (2,665) | $ (2,692) | $ (2,665) | $ (2,692) |
Commitments and Contingencies65
Commitments and Contingencies (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Guarantor Obligations [Line Items] | |||
Maximum potential payments | $ 1,349 | $ 177 | |
Carrying value of recorded liabilities related to guarantee | 399 | $ 23 | |
Loss Contingency [Abstract] | |||
Loss contingency estimate | 2,800 | ||
Warranty [Abstract] | |||
Beginning balance | 4,960 | $ 4,558 | |
Payments made during the period | (2,596) | (2,464) | |
Changes in accrual related to warranties issued during the period | 1,588 | 1,704 | |
Changes in accrual related to pre-existing warranties | 968 | 1,088 | |
Foreign currency translation and other | 111 | 42 | |
Ending balance | 5,031 | $ 4,928 | |
Guarantees to daily rental companies | |||
Guarantor Obligations [Line Items] | |||
Maximum potential payments | 1,200 | ||
Carrying value of recorded liabilities related to guarantee | $ 399 |
Segment Information (Details)
Segment Information (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Segment Information [Line Items] | |||||
Revenues | $ 36,451 | $ 35,943 | $ 115,450 | $ 113,146 | |
Pre-tax results - income/(loss) | 1,757 | 1,387 | 6,259 | 7,913 | |
Equity in net income/(loss) of affiliated companies | 316 | 403 | 935 | 1,342 | |
Cash, cash equivalents, and marketable securities | 38,081 | 34,165 | 38,081 | 34,165 | |
Total assets | 251,273 | 234,963 | 251,273 | 234,963 | $ 237,951 |
Debt | 149,112 | 137,224 | 149,112 | 137,224 | |
Operating cash flows | 4,998 | 5,161 | 14,949 | 17,052 | |
Automotive capital spending | 4,936 | 4,912 | |||
Settlement of derivatives | (62) | (330) | |||
Special Items [Member] | |||||
Segment Information [Line Items] | |||||
Revenues | 0 | 0 | |||
Pre-tax results - income/(loss) | (217) | (26) | (441) | (330) | |
Equity in net income/(loss) of affiliated companies | 0 | 0 | |||
Operating cash flows | 0 | 0 | |||
Adjustments [Member] | |||||
Segment Information [Line Items] | |||||
Revenues | 0 | 0 | |||
Pre-tax results - income/(loss) | 0 | 0 | |||
Equity in net income/(loss) of affiliated companies | 0 | 0 | |||
Total assets | (6,959) | (5,352) | (6,959) | (5,352) | |
Operating cash flows | 1,481 | 1,162 | 3,943 | 3,374 | |
Automotive capital spending | 1,659 | 1,696 | 4,901 | 4,879 | |
Settlement of derivatives | 90 | (246) | (110) | (322) | |
Funded pension contributions | (264) | (246) | (720) | (835) | |
Other | 37 | (2) | $ (28) | (150) | |
Operating Segments [Member] | Automotive | |||||
Segment Information [Line Items] | |||||
Number of Regional Business Units | 5 | ||||
Revenues | 33,646 | 33,331 | $ 107,234 | 105,520 | |
Pre-tax results - income/(loss) | 1,668 | 1,084 | 5,824 | 7,380 | |
Equity in net income/(loss) of affiliated companies | 305 | 395 | 910 | 1,319 | |
Cash, cash equivalents, and marketable securities | 26,144 | 24,300 | 26,144 | 24,300 | |
Total assets | 103,534 | 97,269 | 103,534 | 97,269 | |
Debt | 16,184 | 13,147 | 16,184 | 13,147 | 15,907 |
Operating cash flows | (1,654) | (1,954) | 1,632 | 4,917 | |
Operating Segments [Member] | Financial Services | |||||
Segment Information [Line Items] | |||||
Revenues | 2,802 | 2,612 | 8,209 | 7,626 | |
Pre-tax results - income/(loss) | 584 | 552 | 1,653 | 1,436 | |
Equity in net income/(loss) of affiliated companies | 10 | 8 | 25 | 23 | |
Cash, cash equivalents, and marketable securities | 11,936 | 9,855 | 11,936 | 9,855 | |
Total assets | 154,613 | 142,979 | 154,613 | 142,979 | |
Debt | 132,928 | 124,077 | 132,928 | 124,077 | $ 127,063 |
Operating cash flows | 5,193 | 5,953 | $ 9,418 | 8,761 | |
Operating Segments [Member] | All Other | |||||
Segment Information [Line Items] | |||||
Number of Operating Segments | 2 | ||||
Revenues | 3 | $ 7 | 0 | ||
Pre-tax results - income/(loss) | (278) | (223) | (777) | (573) | |
Equity in net income/(loss) of affiliated companies | 1 | 0 | 0 | ||
Cash, cash equivalents, and marketable securities | 1 | 10 | 1 | 10 | |
Total assets | 85 | 67 | 85 | 67 | |
Operating cash flows | (22) | (44) | 0 | ||
Employee Severance [Member] | Adjustments [Member] | |||||
Segment Information [Line Items] | |||||
Separation payments | $ (41) | $ (40) | $ (100) | $ (198) |