DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 29, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Documents Incorporated by Reference [Text Block] | DOCUMENTS INCORPORATED BY REFERENCE Document Where Incorporated Proxy Statement* Part III (Items 10, 11, 12, 13, and 14) | ||
Statement [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 1-3950 | ||
Entity Registrant Name | Ford Motor Co | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 38-0549190 | ||
Document Fiscal Period Focus | FY | ||
Entity Address, Address Line One | One American Road | ||
Entity Address, City or Town | Dearborn, | ||
Entity Address, State or Province | MI | ||
Entity Address, Postal Zip Code | 48126 | ||
City Area Code | 313 | ||
Local Phone Number | 322-3000 | ||
Title of 12(b) Security | Common Stock, par value $.01 per share | ||
Trading Symbol | F | ||
Security Exchange Name | NYSE | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Entity Central Index Key | 0000037996 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Small Business | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 23,757,786,364 | ||
ICFR Auditor Attestation Flag | true | ||
Common Stock | |||
Statement [Line Items] | |||
Entity Common Stock, Shares Outstanding | 3,907,842,941 | ||
Class B Stock | |||
Statement [Line Items] | |||
Entity Common Stock, Shares Outstanding | 70,852,076 | ||
FPRB | |||
Statement [Line Items] | |||
Title of 12(b) Security | 6.200% Notes due June 1, 2059 | ||
Trading Symbol | FPRB | ||
Security Exchange Name | NYSE | ||
FPRC | |||
Statement [Line Items] | |||
Title of 12(b) Security | 6.000% Notes due December 1, 2059 | ||
Trading Symbol | FPRC | ||
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Cash Flows [Abstract] | |||
Total cash, cash equivalents, and restricted cash | $ 25,935 | $ 17,741 | $ 16,907 |
Cash flows from operating activities | |||
Net income/(loss) | (1,276) | 84 | 3,695 |
Depreciation and other amortization | 8,751 | 9,689 | 9,385 |
Amortization | (1,294) | (1,199) | (972) |
Held-for-sale impairment charges (Note 22) | 23 | 804 | 0 |
Brazil manufacturing exit non-cash charges (excluding accelerated depreciation of $145) (Note 21) | 1,159 | 0 | 0 |
Provision for credit and insurance losses | 929 | 413 | 504 |
Pension and Other Postretirement Benefits Expense (Reversal of Expense), Noncash | 1,027 | 2,625 | 400 |
Equity investment dividends received in excess of (earnings)/losses | 130 | 203 | 206 |
Foreign currency adjustments | (420) | (54) | 529 |
Gain (Loss) on Disposition of Assets | (3,446) | (29) | (42) |
Stock compensation (Note 6) | 199 | 228 | 191 |
Deferred Income Taxes and Tax Credits | (269) | (1,370) | (197) |
Increase (Decrease) in Finance Receivables | 12,104 | 1,554 | (2,408) |
Decrease/(Increase) in inventory | 148 | 206 | (828) |
Increase/(Decrease) in accounts payable and accrued and other liabilities | 6,809 | 5,260 | 6,781 |
Other | (242) | 41 | 17 |
Net cash provided by/(used in) operating activities | 24,269 | 17,639 | 15,022 |
Cash flows from investing activities | |||
Capital spending | (5,742) | (7,632) | (7,785) |
Acquisitions of finance receivables and operating leases | (55,901) | (55,576) | (62,924) |
Collections of finance receivables and operating leases | 48,746 | 50,182 | 50,880 |
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | 1,340 | 0 | 0 |
Payments to Acquire Marketable Securities | (39,624) | (17,472) | (17,140) |
Sales and maturities of marketable securities and other investments | 32,395 | 16,929 | 20,527 |
Settlements of derivatives | (323) | (114) | 358 |
Other | 494 | (38) | (177) |
Net Cash Provided by (Used in) Investing Activities | (18,615) | (13,721) | (16,261) |
Cash flows from financing activities | |||
Cash payments for dividends and dividend equivalents | (596) | (2,389) | (2,905) |
Purchases of common stock | 0 | (237) | (164) |
Net changes in short-term debt | (2,291) | (1,384) | (2,819) |
Proceeds from issuance of long-term debt | 65,900 | 47,604 | 50,130 |
Principal payments on long-term debt | (60,514) | (46,497) | (44,172) |
Other | (184) | (226) | (192) |
Net Cash Provided by (Used in) Financing Activities | 2,315 | (3,129) | (122) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 225 | 45 | (370) |
Cash, cash equivalents, and restricted cash at beginning of period (Note 9) | 17,741 | 16,907 | 18,638 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 8,194 | 834 | (1,731) |
Cash, cash equivalents, and restricted cash at end of period (Note 9) | 25,935 | 17,741 | 16,907 |
Cash and cash equivalents | |||
Cash, cash equivalents, and restricted cash at end of period (Note 9) | 25,243 | 17,504 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (63) | $ (816) | $ (2,239) |
CONSOLIDATED STATEMENT OF CAS_2
CONSOLIDATED STATEMENT OF CASH FLOWS (Parenthetical) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Brazil manufacturing exit non-cash charges [Member] | |
Restructuring and Related Cost, Accelerated Depreciation | $ 145 |
CONSOLIDATED INCOME STATEMENT
CONSOLIDATED INCOME STATEMENT - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | |||
Total revenues (Note 4) | $ 127,144 | $ 155,900 | $ 160,338 |
Costs and expenses | |||
Cost of sales | 112,752 | 134,693 | 136,269 |
Selling, administrative, and other expenses | 10,193 | 11,161 | 11,403 |
Total costs and expenses | 131,552 | 155,326 | 157,135 |
Operating income/(loss) | (4,408) | 574 | 3,203 |
Interest Expense, Debt | 46 | 57 | 57 |
Other income/(loss), net (Note 5 and Note 22) | 4,899 | (226) | 2,247 |
Equity in net income/(loss) of affiliated companies | 42 | 32 | 123 |
Income/(Loss) before income taxes | (1,116) | (640) | 4,345 |
Provision for/(Benefit from) income taxes (Note 7) | 160 | (724) | 650 |
Net income/(loss) | (1,276) | 84 | 3,695 |
Less: Income/(Loss) attributable to noncontrolling interests | 3 | 37 | 18 |
Net income/(loss) attributable to Ford Motor Company | $ (1,279) | $ 47 | $ 3,677 |
Basic income | |||
Basic income (in dollars per share) | $ (0.32) | $ 0.01 | $ 0.93 |
Diluted income | |||
Diluted income (in dollars per share) | $ (0.32) | $ 0.01 | $ 0.92 |
Basic shares (average shares outstanding) | 3,973 | 3,972 | 3,974 |
Diluted shares | 3,973 | 4,004 | 3,998 |
Operating Segments | Automotive | |||
Revenues | |||
Total revenues (Note 4) | $ 115,885 | $ 143,599 | $ 148,294 |
Costs and expenses | |||
Interest Expense, Debt | 1,603 | 963 | 1,171 |
Equity in net income/(loss) of affiliated companies | 300 | 88 | 95 |
Income/(Loss) before income taxes | 1,633 | 4,926 | 5,422 |
Operating Segments | Ford Credit | |||
Revenues | |||
Total revenues (Note 4) | 11,203 | 12,260 | 12,018 |
Costs and expenses | |||
Ford Credit interest, operating, and other expenses | 8,607 | 9,472 | 9,463 |
Equity in net income/(loss) of affiliated companies | 20 | 31 | 28 |
Income/(Loss) before income taxes | 2,608 | 2,998 | 2,627 |
Operating Segments | Mobility | |||
Revenues | |||
Total revenues (Note 4) | 56 | 41 | 26 |
Costs and expenses | |||
Equity in net income/(loss) of affiliated companies | (132) | 12 | 0 |
Income/(Loss) before income taxes | $ (1,274) | $ (1,186) | $ (674) |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income/(loss) | $ (1,276) | $ 84 | $ 3,695 |
Foreign currency translation | (901) | 174 | (523) |
Marketable securities | 85 | 130 | (11) |
Derivative instruments | 222 | (689) | 183 |
Pension and other postretirement benefits | 27 | 23 | (56) |
Total other comprehensive income/(loss), net of tax | (567) | (362) | (407) |
Comprehensive income/(loss) | (1,843) | (278) | 3,288 |
Less: Comprehensive income/(loss) attributable to noncontrolling interests | 2 | 37 | 18 |
Comprehensive income/(loss) attributable to Ford Motor Company | $ (1,845) | $ (315) | $ 3,270 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) shares in Millions, $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Assets, Current [Abstract] | ||
Cash and cash equivalents | $ 25,243 | $ 17,504 |
Marketable securities (Note 9) | 24,718 | 17,147 |
Financing Receivable, after Allowance for Credit Loss, Current | 42,401 | 53,651 |
Trade and other receivables, less allowances of $63 and $84 | 9,993 | 9,237 |
Inventories (Note 11) | 10,808 | 10,786 |
Assets Held-for-sale, Not Part of Disposal Group, Current | 47 | 2,383 |
Other Assets, Current | 3,534 | 3,339 |
Total current assets | 116,744 | 114,047 |
Assets, Noncurrent [Abstract] | ||
Non-current portion | 55,277 | 53,703 |
Net investment in operating leases | 27,951 | 29,230 |
Net property (Note 13) | 37,083 | 36,469 |
Equity in net assets of affiliated companies (Note 14) | 4,901 | 2,519 |
Deferred Income Tax Assets, Net | 12,423 | 11,863 |
Other Assets, Noncurrent | 12,882 | 10,706 |
Total assets | 267,261 | 258,537 |
Liabilities, Current [Abstract] | ||
Payables | 22,204 | 20,673 |
Other liabilities and deferred revenue (Note 16 and Note 25) | 23,645 | 22,987 |
Liabilities held for sale | 0 | 526 |
Total current liabilities | 97,192 | 98,132 |
Liabilities, Noncurrent [Abstract] | ||
Other liabilities and deferred revenue (Note 16 and Note 25) | 28,379 | 25,324 |
Long-term debt | 291 | 470 |
Deferred income taxes | 538 | 490 |
Total liabilities | 236,450 | 225,307 |
EQUITY | ||
Capital in excess of par value of stock | 22,290 | 22,165 |
Retained earnings | 18,243 | 20,320 |
Accumulated other comprehensive income/(loss) (Note 23) | (8,294) | (7,728) |
Treasury stock | (1,590) | (1,613) |
Total equity attributable to Ford Motor Company | 30,690 | 33,185 |
Equity attributable to noncontrolling interests | 121 | 45 |
Total equity | 30,811 | 33,230 |
Total liabilities and equity | 267,261 | 258,537 |
Common Stock | ||
EQUITY | ||
Common and Class B Stock | $ 40 | 40 |
Common stock, par value (in dollars per share) | $ 0.01 | |
Common Stock, shares issued (in shares) | 4,025 | |
Common Stock, Shares Authorized (in shares) | 6,000 | |
Class B Stock | ||
EQUITY | ||
Common and Class B Stock | $ 1 | 1 |
Common stock, par value (in dollars per share) | $ 0.01 | |
Common Stock, shares issued (in shares) | 71 | |
Common Stock, Shares Authorized (in shares) | 530 | |
Operating Segments | Automotive | ||
Assets, Current [Abstract] | ||
Cash and cash equivalents | $ 10,825 | 8,320 |
Assets, Noncurrent [Abstract] | ||
Total assets | 109,963 | 101,348 |
Liabilities, Current [Abstract] | ||
Total debt payable within one year | 1,194 | 1,445 |
Liabilities, Noncurrent [Abstract] | ||
Long-term debt | 22,342 | 13,233 |
Operating Segments | Ford Credit | ||
Assets, Current [Abstract] | ||
Cash and cash equivalents | 14,349 | 9,067 |
Assets, Noncurrent [Abstract] | ||
Total assets | 158,524 | 160,697 |
Liabilities, Current [Abstract] | ||
Total debt payable within one year | 49,969 | 52,371 |
Liabilities, Noncurrent [Abstract] | ||
Long-term debt | 87,708 | 87,658 |
Operating Segments | Other Segments | ||
Liabilities, Current [Abstract] | ||
Total debt payable within one year | $ 180 | $ 130 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents | $ 25,243 | $ 17,504 |
Finance receivables, net | 97,678 | 107,354 |
Property Subject to or Available for Operating Lease, Net | 27,951 | 29,230 |
Debt | 471 | 600 |
Financing Receivable, Allowance for Credit Loss, Current | 394 | 162 |
Accounts Receivable, Allowance for Credit Loss, Current | 84 | 63 |
Financing Receivable, Allowance for Credit Loss, Noncurrent | 911 | 351 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Cash and cash equivalents | 2,822 | 3,202 |
Finance receivables, net | 51,472 | 58,478 |
Property Subject to or Available for Operating Lease, Net | 12,794 | 14,883 |
Other assets | 0 | 12 |
Other liabilities and deferred revenue | 56 | 19 |
Debt | $ 46,770 | $ 50,865 |
CONSOLIDATED STATEMENT OF EQUIT
CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Capital Stock | Capital in Excess of Par Value of Stock [Member] | Retained Earnings/(Accumulated Deficit) [Member] | Retained Earnings/(Accumulated Deficit) [Member]Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Parent [Member] | Parent [Member]Cumulative Effect, Period of Adoption, Adjustment | Equity (Deficit) Attributable to Non-controlling Interests [Member] |
Beginning Balance at Dec. 31, 2017 | $ 35,606 | $ 41 | $ 21,843 | $ 21,906 | $ (6,959) | $ (1,253) | $ 35,578 | $ 28 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income/(loss) | 3,695 | 0 | 0 | 3,677 | 0 | 0 | 3,677 | 18 | |||
Other Comprehensive Income (Loss), Net of Tax | (407) | 0 | 0 | 0 | (407) | 0 | (407) | 0 | |||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 163 | 0 | 163 | 0 | 0 | 0 | 163 | 0 | |||
Treasury stock/other | (164) | 0 | 0 | 0 | 0 | (164) | (164) | 0 | |||
Dividend and dividend equivalents declared (b) | (2,927) | 0 | 0 | (2,915) | 0 | 0 | (2,915) | ||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (12) | ||||||||||
Ending balance at Dec. 31, 2018 | $ 35,966 | 41 | 22,006 | 22,668 | (7,366) | (1,417) | 35,932 | 34 | |||
Ending balance (Accounting Standards Update 2016-02) at Dec. 31, 2018 | $ 13 | $ 13 | $ 13 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.73 | ||||||||||
Net income/(loss) | $ 84 | 0 | 0 | 47 | 0 | 0 | 47 | 37 | |||
Other Comprehensive Income (Loss), Net of Tax | (362) | 0 | 0 | 0 | (362) | 0 | (362) | 0 | |||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 159 | 0 | 159 | 0 | 0 | 0 | 159 | 0 | |||
Treasury stock/other | (222) | 0 | 0 | 0 | 0 | (196) | (196) | (26) | |||
Dividend and dividend equivalents declared (b) | (2,408) | 0 | 0 | (2,408) | 0 | 0 | (2,408) | ||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 0 | ||||||||||
Ending balance at Dec. 31, 2019 | $ 33,230 | 41 | 22,165 | 20,320 | (7,728) | (1,613) | 33,185 | 45 | |||
Ending balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2019 | $ (202) | $ (202) | $ (202) | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.60 | ||||||||||
Net income/(loss) | $ (1,276) | 0 | 0 | (1,279) | 0 | 0 | (1,279) | 3 | |||
Other Comprehensive Income (Loss), Net of Tax | (567) | 0 | 0 | 0 | (566) | 0 | (566) | (1) | |||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 125 | 0 | 125 | 0 | 0 | 0 | 125 | 0 | |||
Treasury stock/other | (109) | 0 | 0 | 0 | 0 | (23) | (23) | (86) | |||
Dividend and dividend equivalents declared (b) | (608) | 0 | 0 | (596) | 0 | 0 | (596) | ||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (12) | ||||||||||
Ending balance at Dec. 31, 2020 | $ 30,811 | $ 41 | $ 22,290 | $ 18,243 | $ (8,294) | $ (1,590) | $ 30,690 | $ 121 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.15 |
Presentation (Notes)
Presentation (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
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. We also make reference to Ford Motor Credit Company LLC, herein referenced to as Ford Credit. Our consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). We reclassified certain prior year amounts in our consolidated financial statements to conform to the current year presentation. Certain Transactions Between Automotive, Mobility, and Ford Credit Intersegment transactions occur in the ordinary course of business. Additional detail regarding certain transactions and the effect on each segment at December 31 was as follows (in billions): 2019 2020 Automotive Mobility Ford Credit Automotive Mobility Ford Credit Trade and other receivables (a) $ 4.9 $ 5.9 Unearned interest supplements and residual support (b) (6.7) (6.5) Finance receivables and other (c) 2.1 1.5 Intersegment receivables/(payables) $ (2.6) $ 0.1 2.5 $ (2.7) $ — 2.7 __________ (a) Automotive receivables (generated primarily from vehicle and parts sales to third parties) sold to Ford Credit. (b) Automotive pays amounts to Ford Credit at the point of retail financing or lease origination, which represent interest supplements and residual support. (c) Primarily receivables with entities that are consolidated subsidiaries of Ford. Global Pandemic On March 11, 2020, the World Health Organization characterized the outbreak of COVID-19 as a global pandemic and recommended containment and mitigation measures. As a result, extraordinary actions were taken by international, federal, state, and local public health and governmental authorities to contain and combat the outbreak and spread of COVID-19 in regions throughout the world. These actions included travel bans, quarantines, “stay-at-home” orders, and similar mandates for many individuals to substantially restrict daily activities and for many businesses to curtail or cease normal operations. Consistent with the actions taken by governmental authorities, by late March 2020, we had idled all of our significant manufacturing operations in regions around the world. By May 2020, we restarted manufacturing operations in a phased manner at locations around the world. Our results include adjustments to our assets and liabilities recorded during 2020 due to the impact of COVID-19, the most significant of which were valuation allowances on certain deferred tax assets (see Note 7) and a charge to the provision for credit losses on Ford Credit’s finance receivables (see Note 10). The majority of these adjustments were recorded in the first quarter of 2020. |
Summary of Accounting Policies
Summary of Accounting Policies (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES For each accounting topic that is addressed in its own note, the description of the accounting policy may be found in the related note. Other significant accounting policies are described below. Use of Estimates The preparation of financial statements requires us to make estimates and assumptions that affect our results. Estimates are used to account for certain items such as marketing accruals, warranty costs, employee benefit programs, allowance for credit losses, and other items requiring judgment. Estimates are based on assumptions that we believe are reasonable under the circumstances. Due to the inherent uncertainty involved with estimates, actual results may differ. Foreign Currency We remeasure monetary assets and liabilities denominated in a currency that is different than a reporting entity’s functional currency from the transactional currency to the legal entity’s functional currency. The effect of this remeasurement process and the results of our foreign currency hedging activities are reported in Cost of sales and Other income/(loss), net and were $(121) million, $108 million, and $25 million, for the years ended 2018, 2019, and 2020, respectively. Generally, our foreign subsidiaries use the local currency as their functional currency. We translate the assets and liabilities of our foreign subsidiaries from their respective functional currencies to U.S. dollars using end-of-period exchange rates. Changes in the carrying value of these assets and liabilities attributable to fluctuations in exchange rates are recognized in Foreign currency translation , a component of Other comprehensive income/(Ioss), net of tax. Upon sale or upon complete or substantially complete liquidation of an investment in a foreign subsidiary, the amount of accumulated foreign currency translation related to the entity is reclassified to income and recognized as part of the gain or loss on the investment. Cash Equivalents Cash and cash equivalents are highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of change in value due to interest rate, quoted price, or penalty on withdrawal. A debt security is classified as a cash equivalent if it meets these criteria and if it has a remaining time to maturity of three months or less from the date of purchase. Amounts on deposit and available upon demand, or negotiated to provide for daily liquidity without penalty, are classified as Cash and cash equivalents . Time deposits, certificates of deposit, and money market accounts that meet the above criteria are reported at par value on our consolidated balance sheets. Restricted Cash Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain contractual agreements are recorded in Other assets in the non-current assets section of our consolidated balance sheets. Our Automotive segment restricted cash balances primarily include various escrow agreements related to legal, insurance, customs, and environmental matters. Mobility segment restricted cash balances primarily include cash held under the terms of certain contractual agreements. Our Ford Credit segment restricted cash balances primarily include cash held to meet certain local governmental and regulatory reserve requirements and cash held under the terms of certain contractual agreements. Restricted cash does not include required minimum balances or cash securing debt issued through securitization transactions. NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Marketable Securities Investments in securities with a maturity date greater than three months at the date of purchase and other securities for which there is more than an insignificant risk of change in value due to interest rate, quoted price, or penalty on withdrawal are classified as Marketable securities . Realized gains and losses and interest income on all of our marketable securities and unrealized gains and losses on securities not classified as available for sale are recorded in Other income/(loss), net . Unrealized gains and losses on available-for-sale securities are recognized in Unrealized gains and losses on securities , a component of Other comprehensive income/(loss), net of tax . Realized gains and losses and reclassifications of accumulated other comprehensive income into net income are measured using the specific identification method. On a quarterly basis, we review our available-for-sale securities for credit losses. We compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis of the security, we determine if a credit loss allowance is necessary. If a credit loss allowance is necessary, we will record an allowance, limited by the amount that fair value is less than the amortized cost basis, and recognize the corresponding charge in Other income/(loss), net . Factors we consider include the severity of the impairment, the reason for the decline in value, interest rate changes, and counterparty long-term ratings. Trade Receivables Trade and other receivables consists primarily of Automotive segment receivables from contracts with customers for the sale of vehicles, parts, and accessories. Trade receivables initially are recorded at the transaction amount and are typically outstanding for less than 30 days. Each reporting period, we evaluate the collectibility of the receivables and record an allowance for doubtful accounts representing our estimate of the expected losses that result from all possible default events over the expected life of a receivable. Additions to the allowance for doubtful accounts are made by recording charges to bad debt expense reported in Selling, administrative, and other expenses. At December 31, 2020, there were $11 million of certain trade receivables specifically identified as held for sale. These held-for-sale values are reported in Assets held for sale on our consolidated balance sheets. Net Intangible Assets and Goodwill Indefinite-lived intangible assets and goodwill are not amortized but are tested for impairment annually or more frequently if events or circumstances indicate the assets may be impaired. Goodwill impairment testing is also performed following an allocation of goodwill to a business to be disposed or a change in reporting units. We test for impairment by assessing qualitative factors to determine whether it is more likely than not that the fair value of the indefinite-lived intangible asset or the reporting unit allocated the goodwill is less than its carrying amount. If the qualitative assessment indicates a possible impairment, the carrying value of the asset or reporting unit is compared with its fair value. Fair value is measured relying primarily on the income approach by applying a discounted cash flow method, the market approach using market values or multiples, and/or third-party valuations. We capitalize and amortize our finite-lived intangible assets over their estimated useful lives. Intangible assets are comprised primarily of licensing and advertising agreements, land rights, patents, customer contracts, and technology. The carrying amount of intangible assets and goodwill is reported in Other assets in the non-current assets section of our consolidated balance sheets. The net carrying amount of our intangible assets was $188 million and $144 million at December 31, 2019 and 2020, respectively. The net carrying amount of goodwill was $278 million and $258 million at December 31, 2019 and 2020, respectively. For the periods presented, we have not recorded any material impairments for indefinite-lived intangibles or goodwill. NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Held-and-Used Long-Lived Asset Impairment We test long-lived asset groups for recoverability when changes in circumstances indicate the carrying value may not be recoverable. Events that trigger a test for recoverability include material adverse changes in projected revenues and expenses, present cash flow losses combined with a history of cash flow losses and a forecast that demonstrates significant continuing losses, significant negative industry or economic trends, a current expectation that a long-lived asset group will be disposed of significantly before the end of its useful life, a significant adverse change in the manner in which an asset group is used or in its physical condition, or when there is a change in the asset grouping. When a triggering event occurs, a test for recoverability is performed, comparing projected undiscounted future cash flows to the carrying value of the asset group. If the test for recoverability identifies a possible impairment, the asset group’s fair value is measured relying primarily on a discounted cash flow method. To the extent available, we will also consider third-party valuations of our long-lived assets that were prepared for other business purposes. An impairment charge is recognized for the amount by which the carrying value of the asset group exceeds its estimated fair value. When an impairment loss is recognized for assets to be held and used, the adjusted carrying amounts of those assets are depreciated over their remaining useful life. For the periods presented, we have not recorded any impairments. Held-for-Sale Asset Impairment We perform an impairment test on a disposal group to be discontinued, held for sale (“HFS”), or otherwise disposed when we have committed to an action and the action is expected to be completed within one year. We estimate fair value to approximate the expected proceeds to be received, less cost to sell, and compare it to the carrying value of the disposal group. An impairment charge is recognized when the carrying value exceeds the estimated fair value (see Note 22). We also assess fair value if circumstances arise that were considered unlikely and, as a result, we decide not to sell a disposal group previously classified as HFS upon reclassification as held and used. When there is a change to a plan of sale, and the assets are reclassified from HFS to held and used, the long-lived assets should be reported at the lower of (i) the carrying amount before HFS designation, adjusted for depreciation that would have been recognized if the assets had not been classified as HFS, or (ii) the fair value at the date the assets no longer satisfy the criteria for classification as HFS. Fair Value Measurements We measure fair value of our financial instruments, including those held within our pension plans, using various valuation methods and prioritize the use of observable inputs. The use of observable and unobservable inputs and their significance in measuring fair value are reflected in our fair value hierarchy: • Level 1 - inputs include quoted prices for identical instruments and are the most observable • Level 2 - inputs include quoted prices for similar instruments and observable inputs such as interest rates, currency exchange rates, and yield curves • Level 3 - inputs include data not observable in the market and reflect management judgment about the assumptions market participants would use in pricing the instruments Fixed income securities, equities, commingled funds, derivative financial instruments, and alternative assets are remeasured and presented within our consolidated financial statements at fair value on a recurring basis. Finance receivables and debt are measured at fair value for the purpose of disclosure. Other assets and liabilities are measured at fair value on a nonrecurring basis. Transfers into and transfers out of the hierarchy levels are recognized as if they had taken place at the end of the reporting period. NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Valuation Method Fixed Income Securities . Fixed income securities primarily include government securities, government agency securities, corporate bonds, and asset-backed securities. We generally measure fair value using prices obtained from pricing services or quotes from dealers that make markets in such securities. Pricing methods and inputs to valuation models used by the pricing services depend on the security type (i.e., asset class). Where possible, fair values are generated using market inputs, including quoted prices (the closing price in an exchange market), bid prices (the price at which a buyer stands ready to purchase), and other market information. For fixed income securities that are not actively traded, the pricing services use alternative methods to determine fair value for the securities, including quotes for similar fixed income securities, matrix pricing, discounted cash flow using benchmark curves, or other factors. In certain cases, when market data are not available, we may use broker quotes or pricing services that use proprietary pricing models to determine fair value. The proprietary models incorporate unobservable inputs primarily consisting of prepayment curves, discount rates, default assumptions, recovery rates, yield assumptions, and credit spread assumptions. An annual review is performed on the security prices received from our pricing services, which includes discussion and analysis of the inputs used by the pricing services to value our securities. We also compare the price of certain securities sold close to the quarter end to the price of the same security at the balance sheet date to ensure the reported fair value is reasonable. Equities. Equity securities are primarily exchange-traded and are valued based on the closing bid, official close, or last trade pricing on an active exchange. If closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price. Securities that are thinly traded or delisted are valued using unobservable pricing data. Commingled Funds. Fixed income and public equity securities may each be combined into commingled fund investments. Most commingled funds are valued to reflect our interest in the fund based on the reported year-end net asset value (“NAV”). Derivative Financial Instruments. Exchange-traded derivatives for which market quotations are readily available are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. Over-the-counter derivatives are not exchange traded and are valued using independent pricing services or industry-standard valuation models such as a discounted cash flow. When discounted cash flow models are used, projected future cash flows are discounted to a present value using market-based expectations for interest rates, foreign exchange rates, commodity prices, and the contractual terms of the derivative instruments. The discount rate used is the relevant benchmark interest rate (e.g., LIBOR, SONIA) plus an adjustment for non-performance risk. The adjustment reflects the full credit default swap (“CDS”) spread applied to a net exposure, by counterparty, considering the master netting agreements and any posted collateral. We use our counterparty’s CDS spread when we are in a net asset position and our own CDS spread when we are in a net liability position. In cases when market data are not available, we use broker quotes and models (e.g., Black-Scholes) to determine fair value. This includes situations where there is a lack of liquidity for a particular currency or commodity, or when the instrument is longer dated. Alternative Assets. Hedge funds generally hold liquid and readily-priced securities, such as public equities, exchange-traded derivatives, and corporate bonds. Private equity and real estate investments are less liquid. External investment managers typically report valuations reflecting initial cost or updated appraisals, which are adjusted for cash flows, and realized and unrealized gains/losses. All alternative assets are valued at the NAV provided by the investment sponsor or third party administrator, as they do not have readily-available market quotations. Valuations may be lagged up to six months. The NAV will be adjusted for cash flows (additional investments or contributions, and distributions) through year end. We may make further adjustments for any known substantive valuation changes not reflected in the NAV. The Ford-Werke GmbH (“Ford-Werke”) defined benefit plan is primarily funded through a group insurance contract (see Note 17). We measure the fair value of the insurance asset by projecting expected future cash flows from the contract and discounting them to present value based on current market rates including an assessment for non-performance risk of the insurance company. The assumptions used to project expected future cash flows are based on actuarial estimates and are unobservable; therefore, the contract is categorized within Level 3 of the hierarchy. NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Finance Receivables. We measure finance receivables at fair value using internal valuation models (see Note 10). These models project future cash flows of financing contracts based on scheduled contract payments (including principal and interest). The projected cash flows are discounted to present value based on assumptions regarding expected credit losses, pre-payment speed, and applicable spreads to approximate current rates. The fair value of finance receivables is categorized within Level 3 of the hierarchy. On a nonrecurring basis, we also measure at fair value retail contracts greater than 120 days past due or deemed to be uncollectible, and individual dealer loans probable of foreclosure. We use the fair value of collateral, adjusted for estimated costs to sell, to determine the fair value of these receivables. The collateral for a retail financing or wholesale receivable is the vehicle financed, and for dealer loans is real estate or other property. The fair value of collateral for retail receivables is calculated as the outstanding receivable balances multiplied by the average recovery value percentage. The fair value of collateral for wholesale receivables is based on the wholesale market value or liquidation value for new and used vehicles. The fair value of collateral for dealer loans is determined by reviewing various appraisals, which include total adjusted appraised value of land and improvements, alternate use appraised value, broker’s opinion of value, and purchase offers. Debt. We measure debt at fair value using quoted prices for our own debt with approximately the same remaining maturities (see Note 19). Where quoted prices are not available, we estimate fair value using discounted cash flows and market-based expectations for interest rates, credit risk, and the contractual terms of the debt instruments. For certain short-term debt with an original maturity date of one year or less, we assume that book value is a reasonable approximation of the debt’s fair value. The fair value of debt is categorized within Level 2 of the hierarchy. Finance and Lease Incentives We routinely sponsor special retail financing and lease incentives to dealers’ customers who choose to finance or lease our vehicles from Ford Credit. The cost for these incentives is included in our estimate of variable consideration when the vehicle is sold to the dealer. Ford Credit records a reduction to the finance receivable or reduces the cost of the vehicle operating lease when it records the underlying finance contract, and we transfer to Ford Credit the amount of the incentive on behalf of the dealer’s customer. See Note 1 for additional information regarding transactions between Automotive and Ford Credit. The Ford Credit segment recognized interest revenue of $2.4 billion, $2.5 billion, and $2.4 billion in 2018, 2019, and 2020, respectively, and lower depreciation of $2.4 billion, $2.6 billion, and $2.3 billion in 2018, 2019, and 2020, respectively, associated with these incentives. Supplier Price Adjustments We frequently negotiate price adjustments with our suppliers throughout a production cycle, even after receiving production material. These price adjustments relate to changes in design specification or other commercial terms such as economics, productivity, and competitive pricing. We recognize price adjustments when we reach final agreement with our suppliers. In general, we avoid direct price changes in consideration of future business; however, when these occur, our policy is to defer the recognition of any such price change given explicitly in consideration of future business where guaranteed volumes are specified. Government Incentives We receive incentives from U.S. and non-U.S. governmental entities in the form of tax rebates or credits, grants, and loans. Government incentives are recorded in our consolidated financial statements in accordance with their purpose as a reduction of expense, a reduction of the cost of the capital investment, or other income. The benefit is generally recorded when all conditions attached to the incentive have been met and there is reasonable assurance of receipt. NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Selected Other Costs Engineering, research, and development expenses are reported in Cost of sales and primarily consist of salaries, materials, and associated costs. Engineering, research, and development costs are expensed as incurred when performed internally or when performed by a supplier if we guarantee reimbursement. Advertising costs are reported in Selling, administrative, and other expenses and are expensed as incurred. Engineering, research, development, and advertising expenses for the years ended December 31 were as follows (in billions): 2018 2019 2020 Engineering, research, and development $ 8.2 $ 7.4 $ 7.1 Advertising 4.0 3.6 2.8 |
New Accounting Standards (Notes
New Accounting Standards (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Standards Issued But Not Adopted [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NEW ACCOUNTING STANDARDS Adoption of New Accounting Standards Accounting Standards Update (“ASU”) 2016-13, Credit Losses - Measurement of Credit Losses on Financial Instruments . On January 1, 2020, we adopted the new credit loss standard and all of the related amendments, which replaced the incurred loss impairment method with a method that reflects lifetime expected credit losses. We adopted the changes in accounting for credit losses by recognizing the cumulative effect of initially applying the new credit loss 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 standard in effect for those periods. The cumulative effect of the changes made to our consolidated balance sheet at January 1, 2020, for the adoption of ASU 2016-13, Credit Losses - Measurement of Credit Losses on Financial Instruments , was as follows (in millions): Balance at December 31, 2019 Adjustments due to ASU 2016-13 Balance at Balance sheet Assets Ford Credit finance receivables, net, current $ 53,651 $ (69) $ 53,582 Trade and other receivables, net 9,237 (3) 9,234 Ford Credit finance receivables, net, non-current 53,703 (183) 53,520 Equity in net assets of affiliated companies 2,519 (7) 2,512 Deferred income taxes 11,863 2 11,865 Liabilities Deferred income taxes 490 (58) 432 Equity Retained earnings 20,320 (202) 20,118 ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting . On April 1, 2020, we adopted the new standard and the related amendment, which provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform (e.g., discontinuation of LIBOR) if certain criteria are met. As of December 31, 2020, we have not yet elected any optional expedients provided in the standard. We will apply the accounting relief as relevant contract and hedge accounting relationship modifications are made during the reference rate reform transition period. We do not expect the standard to have a material impact on our consolidated financial statements. NOTE 3. NEW ACCOUNTING STANDARDS (Continued) We also adopted the following ASUs during 2020, none of which had a material impact to our consolidated financial statements or financial statement disclosures: ASU Effective Date 2020-01 Clarifying the Interaction between Equity Securities, Equity Method and Joint Ventures, and Derivatives and Hedging January 1, 2020 2018-18 Clarifying the Interaction between Collaborative Arrangements and Revenue from Contracts with Customers January 1, 2020 2018-15 Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service January 1, 2020 Accounting Standards Issued But Not Yet Adopted The Company considers the applicability and impact of all ASUs. ASUs were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial statements. |
Revenue (Notes)
Revenue (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE The following tables disaggregate our revenue by major source for the years ended December 31 (in millions): 2018 Automotive Mobility Ford Credit Consolidated Vehicles, parts, and accessories $ 142,532 $ — $ — $ 142,532 Used vehicles 3,022 — — 3,022 Extended service contracts 1,323 — — 1,323 Other revenue 879 26 218 1,123 Revenues from sales and services 147,756 26 218 148,000 Leasing income 538 — 5,795 6,333 Financing income — — 5,841 5,841 Insurance income — — 164 164 Total revenues $ 148,294 $ 26 $ 12,018 $ 160,338 2019 Automotive Mobility Ford Credit Consolidated Vehicles, parts, and accessories $ 137,659 $ — $ — $ 137,659 Used vehicles 3,307 — — 3,307 Extended service contracts 1,376 — — 1,376 Other revenue 811 41 204 1,056 Revenues from sales and services 143,153 41 204 143,398 Leasing income 446 — 5,899 6,345 Financing income — — 5,996 5,996 Insurance income — — 161 161 Total revenues $ 143,599 $ 41 $ 12,260 $ 155,900 2020 Automotive Mobility Ford Credit Consolidated Vehicles, parts, and accessories $ 110,180 $ — $ — $ 110,180 Used vehicles 2,935 — — 2,935 Extended service contracts 1,431 — — 1,431 Other revenue 1,027 56 161 1,244 Revenues from sales and services 115,573 56 161 115,790 Leasing income 312 — 5,653 5,965 Financing income — — 5,261 5,261 Insurance income — — 128 128 Total revenues $ 115,885 $ 56 $ 11,203 $ 127,144 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-added, 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 25). 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. NOTE 4. REVENUE (Continued) 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 10). Payment terms on part sales to dealers, distributors, and retailers range from 30 to 120 days. The amount of consideration we receive and revenue we recognize varies with changes in return rights and marketing incentives 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. Estimates of marketing incentives are based on expected retail and fleet sales volumes, mix of products to be sold, and incentive programs to be offered. Customer acceptance of products and programs, as well as other market conditions, will impact these estimates. We adjust our estimate of revenue at the earlier of when the value of consideration we expect to receive changes or when the consideration becomes fixed. As a result of changes in our estimate of marketing incentives, during 2018, 2019, and 2020, we recorded a decrease of $903 million, $844 million, and $973 million, respectively, related to revenue recognized in prior annual periods. 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 may 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 (see Note 25) . 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 to 120 months. We receive payment at contract inception and recognize revenue over the term of the agreement in proportion to the costs we expect to incur in satisfying the contract obligations. We had a balance of $4 billion and $4.2 billion of unearned revenue associated with outstanding contracts reported in Other liabilities and deferred revenue at December 31, 2018 and 2019, respectively. We recognized $1.1 billion and $1.2 billion of the unearned amounts as revenue during the years ended December 31, 2019 and 2020, respectively. At December 31, 2020, the unearned amount was $4.2 billion. We expect to recognize approximately $1.3 billion of the unearned amount in 2021, $1 billion in 2022, and $1.9 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 $270 million and $283 million in deferred costs as of December 31, 2019 and 2020, respectively. We recognized $73 million, $74 million, and $79 million of amortization during the years ended December 31, 2018, 2019, and 2020, respectively. 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, payments for vehicle-related design and testing services we perform for others, and revenue associated with various Mobility operations. We have applied the practical expedient to recognize Automotive revenues for vehicle-related design and testing services over the two NOTE 4. REVENUE (Continued) 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 sheets 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. Ford Credit Segment Leasing Income. Ford Credit offers leasing plans to retail consumers through Ford and Lincoln brand dealers that originate the leases. Ford Credit records an operating lease upon purchase of a vehicle subject to a lease from the dealer. 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, which 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 Ford Credit 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 sales-type and 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) | 12 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME/(LOSS) | OTHER INCOME/(LOSS) The amounts included in Other income/(loss), net for the years ended December 31 were as follows (in millions): 2018 2019 2020 Net periodic pension and OPEB income/(cost), excluding service cost $ 786 $ (1,602) $ 69 Investment-related interest income 667 809 452 Interest income/(expense) on income taxes 33 (29) (2) Realized and unrealized gains/(losses) on cash equivalents, marketable securities, and other investments 115 144 325 Gains/(Losses) on changes in investments in affiliates (a) 42 20 3,446 Gains/(Losses) on extinguishment of debt — (55) (1) Royalty income 491 381 493 Other 113 106 117 Total $ 2,247 $ (226) $ 4,899 __________ (a) See Note 22 for additional information relating to our Argo AI, LLC (“Argo AI”) and Volkswagen AG (“VW”) transaction. |
Share-Based Compensation (Notes
Share-Based Compensation (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Share-based Payment Arrangement [Text Block] | SHARE-BASED COMPENSATION Under our Long-Term Incentive Plans, we may issue restricted stock units (“RSUs”), restricted stock shares (“RSSs”), and stock options. RSUs and RSSs consist of time-based and performance-based awards. The number of shares that may be granted in any year is limited to 2% of our issued and outstanding Common Stock as of December 31 of the prior calendar year. The limit may be increased up to 3% in any year, with a corresponding reduction in shares available for grants in future years. Granted RSUs generally cliff vest or ratably vest over a three-year service period. Performance-based RSUs have two components: one based on internal financial performance metrics, and the other based on total shareholder return relative to an industrial and automotive peer group. At the time of vest, RSU awards are net settled (i.e., shares are withheld to cover the employee tax obligation). Stock options ratably vest over a three-year service period and expire ten years from the grant date. The fair value of both the time-based and the internal performance metrics portion of the performance-based RSUs and RSSs is determined using the closing price of our Common Stock at grant date. The weighted average per unit grant date fair value for the years ended December 31, 2018, 2019, and 2020 was $9.89, $8.99, and $7.11, respectively. The fair value of time-based RSUs, RSSs, and stock options is expensed over the shorter of the vesting period, using the graded vesting method, or the time period an employee becomes eligible to retain the award at retirement. The fair value of performance-based RSUs and RSSs is expensed when it is probable and estimable as measured against the performance metrics over the shorter of the performance or required service periods. We measure the fair value of our stock options on the date of grant using either the Black-Scholes option-pricing model (for options without a market condition) or a Monte Carlo simulation (for options with a market condition). We have elected to recognize forfeitures as an adjustment to compensation expense for all RSUs, RSSs, and stock options in the same period as the forfeitures occur. Expense is recorded in Selling, administrative, and other expenses . Restricted Stock Units and Restricted Stock Shares The fair value of vested RSUs and RSSs as well as the compensation cost for the years ended December 31 were as follows (in millions): 2018 2019 2020 Fair value of vested shares $ 187 $ 231 $ 264 Compensation cost (a) 162 190 156 __________ (a) Net of tax benefit of $29 million, $38 million, and $31 million in 2018, 2019, and 2020, respectively. As of December 31, 2020, there was approximately $73 million in unrecognized compensation cost related to non-vested RSUs and RSSs. This expense will be recognized over a weighted average period of 1.8 years. The performance-based RSUs granted in March 2018, 2019, and 2020 include a relative Total Shareholder Return (“TSR”) metric. We estimate the fair value of the TSR component of the performance-based RSUs using a Monte Carlo simulation. Inputs and assumptions used to calculate the fair value at grant date were as follows: 2018 2019 2020 Fair value per stock award $ 9.03 $ 9.66 $ 7.21 Grant date stock price 10.40 8.81 7.08 Assumptions: Ford’s stock price expected volatility (a) 22.9 % 24.1 % 25.4 % Expected average volatility of peer companies (a) 25.4 25.8 26.4 Risk-free interest rate 2.46 2.57 0.68 __________ (a) Expected volatility based on three years of daily closing share price changes ending on the grant date. NOTE 6. SHARE-BASED COMPENSATION (Continued) During 2020, activity for RSUs and RSSs was as follows (in millions, except for weighted-average fair value): Shares Weighted- Outstanding, beginning of year 69.3 $ 9.90 Granted (a) 34.2 7.11 Vested (a) (25.5) 10.34 Forfeited (5.8) 9.51 Outstanding, end of year (b) 72.2 8.35 __________ (a) Includes shares awarded to non-employee directors. (b) Excludes 1,229,124 non-employee director shares that were vested, but unissued at December 31, 2020. Stock Options During 2020, 6.6 million stock options were issued to our employees with a weighted-average grant date fair value of $2.17. The options granted in 2020 contain a performance condition tied to Company stock price and were valued using a Monte Carlo simulation assuming a 0% dividend yield, a volatility rate of 30.4%, a risk-free interest rate of 0.69%, and an expected term of ten years. For the years ended December 31, 2019 and 2020, stock options outstanding were 25.9 million and 26.9 million, respectively, and stock options exercisable were 25.9 million and 20.3 million, respectively. For the year ended December 31, 2020, the intrinsic value for vested and unvested stock options was $0 million and $15.7 million, respectively. The average remaining terms for fully vested stock options and unvested stock options were 1.8 years and 9.5 years, respectively. Compensation cost for stock options for the year ended December 31, 2020 was $8.7 million, net of a tax benefit of $2.7 million. As of December 31, 2020, there was approximately $2.9 million in unrecognized compensation cost related to non-vested stock options. |
Income Taxes (Notes)
Income Taxes (Notes) | Jan. 01, 2018 |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES We recognize income tax-related penalties in Provision for/(Benefit from) income taxes on our consolidated income statements. We recognize income tax-related interest income and interest expense in Other income/(loss), net on our consolidated income statements. We account for U.S. tax on global intangible low-taxed income in the period incurred. Valuation of Deferred Tax Assets and Liabilities Deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences that exist between the financial statement carrying value of assets and liabilities and their respective tax bases, and operating loss and tax credit carryforwards on a taxing jurisdiction basis. We measure deferred tax assets and liabilities using enacted tax rates that will apply in the years in which we expect the temporary differences to be recovered or paid. Our accounting for deferred tax consequences represents our best estimate of the likely future tax consequences of events that have been recognized on our consolidated financial statements or tax returns and their future probability. In assessing the need for a valuation allowance, we consider both positive and negative evidence related to the likelihood of realization of the deferred tax assets. If, based on the weight of available evidence, it is more likely than not that the deferred tax assets will not be realized, we record a valuation allowance. NOTE 7. INCOME TAXES (Continued) Components of Income Taxes Components of income taxes excluding cumulative effects of changes in accounting principles, other comprehensive income, and equity in net results of affiliated companies accounted for after-tax, for the years ended December 31 were as follows: 2018 2019 2020 Income/(Loss) before income taxes (in millions) U.S. $ 2,051 $ 2,656 $ (231) Non-U.S. 2,294 (3,296) (885) Total $ 4,345 $ (640) $ (1,116) Provision for/(Benefit from) income taxes (in millions) Current Federal $ 75 $ (101) $ (23) Non-U.S. 690 738 554 State and local (6) 33 (45) Total current 759 670 486 Deferred Federal (360) (1,190) (523) Non-U.S. 239 (70) 168 State and local 12 (134) 29 Total deferred (109) (1,394) (326) Total $ 650 $ (724) $ 160 Reconciliation of effective tax rate U.S. statutory rate 21.0 % 21.0 % 21.0 % Non-U.S. tax rates under U.S. rates (1.2) 46.9 (2.6) State and local income taxes 2.0 12.4 8.9 General business credits (9.2) 67.0 35.1 Dispositions and restructurings 4.6 45.5 (0.4) U.S. tax on non-U.S. earnings 8.1 (49.2) 27.0 Prior year settlements and claims 1.1 (5.0) 8.3 Tax incentives — 20.7 (6.0) Enacted change in tax laws (3.0) (12.5) 1.5 Valuation allowances (9.6) (18.7) (108.8) Other 1.2 (15.0) 1.7 Effective rate 15.0 % 113.1 % (14.3) % On December 22, 2017, the Tax Cuts and Jobs Act (H.R. 1) was signed into law. This act includes, among other items, a permanent reduction to the U.S. corporate income tax rate from 35% to 21% effective January 1, 2018, and requires immediate taxation of accumulated, unremitted non-U.S. earnings. For the year ended December 31, 2019, our tax provision includes additional expense of $95 million related to the impact of the act and subsequently issued Treasury regulations on our global operations. During 2020, based on all available evidence, we established U.S. valuation allowances of $1.3 billion, primarily against tax credits, as it is more likely than not that these deferred tax assets will not be realized. In assessing the realizability of deferred tax assets, we consider the trade-offs between cash preservation and cash outlays to preserve tax credits. At December 31, 2020, $12 billion of non-U.S. earnings are considered indefinitely reinvested in operations outside the United States, for which deferred taxes have not been provided. Quantification of the deferred tax liability, if any, associated with indefinitely reinvested basis differences is not practicable. NOTE 7. INCOME TAXES (Continued) Components of Deferred Tax Assets and Liabilities The components of deferred tax assets and liabilities at December 31 were as follows (in millions): 2019 2020 Deferred tax assets Employee benefit plans $ 4,125 $ 4,760 Net operating loss carryforwards 1,726 1,584 Tax credit carryforwards 9,335 11,037 Research expenditures 619 1,321 Dealer and dealers’ customer allowances and claims 1,724 2,145 Other foreign deferred tax assets 799 729 All other 1,781 2,335 Total gross deferred tax assets 20,109 23,911 Less: Valuation allowances (843) (1,981) Total net deferred tax assets 19,266 21,930 Deferred tax liabilities Leasing transactions 2,694 3,299 Depreciation and amortization (excluding leasing transactions) 3,094 3,218 Finance receivables 584 574 Other foreign deferred tax liabilities 608 905 All other 913 2,049 Total deferred tax liabilities 7,893 10,045 Net deferred tax assets/(liabilities) $ 11,373 $ 11,885 Deferred tax assets for net operating losses and other temporary differences related to certain non-U.S. operations have not been recorded as a result of elections to tax these operations simultaneously in U.S. tax returns. Reversal of these elections would result in the recognition of $10.8 billion of deferred tax assets, subject to valuation allowance testing. Operating loss carryforwards for tax purposes were $3.6 billion at December 31, 2020, resulting in a deferred tax asset of $1.6 billion. There is no expiration date for $2.1 billion of these losses. A substantial portion of the remaining losses will expire beyond 2023. Tax credits available to offset future tax liabilities are $11 billion. Approximately half of these credits have a remaining carryforward period of six years or more. Tax benefits of operating loss and tax credit carryforwards are evaluated on an ongoing basis, including a review of historical and projected future operating results, the eligible carryforward period, and available tax planning strategies. In our evaluation, we anticipate making tax elections that change the order of tax credit carryforward utilization on U.S. tax returns. NOTE 7. INCOME TAXES (Continued) Other A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31 were as follows (in millions): 2019 2020 Beginning balance $ 2,047 $ 1,943 Increase – tax positions in prior periods 169 137 Increase – tax positions in current period 24 25 Decrease – tax positions in prior periods (239) (131) Settlements (57) (61) Lapse of statute of limitations — — Foreign currency translation adjustment (1) — Ending balance $ 1,943 $ 1,913 The amount of unrecognized tax benefits that would affect the effective tax rate if recognized was $1.9 billion at December 31, 2019 and 2020. Examinations by tax authorities have been completed through 2008 in Germany, 2011 in Canada, 2014 in the United States and the United Kingdom, and 2015 in China. Although examinations have been completed in these jurisdictions, limited transfer pricing disputes exist for years dating back to 2005. Net interest on income taxes was $33 million of income, $29 million of expense, and $2 million of expense for the years ended December 31, 2018, 2019, and 2020, respectively. These were reported in Other income/(loss), net in our consolidated income statements. Net payables for tax related interest were $58 million and $36 million as of December 31, 2019 and 2020, respectively. Cash paid for income taxes was $821 million, $599 million, and $421 million in 2018, 2019, and 2020, respectively. |
Capital Stock and Earnings Per
Capital Stock and Earnings Per Share (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
CAPITAL STOCK AND EARNINGS PER SHARE | CAPITAL STOCK AND EARNINGS/(LOSS) PER SHARE All general voting power is vested in the holders of Common Stock and Class B Stock. Holders of our Common Stock have 60% of the general voting power and holders of our Class B Stock are entitled to such number of votes per share as will give them the remaining 40%. Shares of Common Stock and Class B Stock share equally in dividends when and as paid, with stock dividends payable in shares of stock of the class held. If liquidated, each share of Common Stock is entitled to the first $0.50 available for distribution to holders of Common Stock and Class B Stock, each share of Class B Stock is entitled to the next $1.00 so available, each share of Common Stock is entitled to the next $0.50 so available, and each share of Common and Class B Stock is entitled to an equal amount thereafter. We present both basic and diluted earnings/(loss) per share (“EPS”) amounts in our financial reporting. Basic EPS excludes dilution and is computed by dividing Net income/(loss) attributable to Ford Motor Company by the weighted-average number of Common and Class B Stock outstanding for the period. Diluted EPS reflects the maximum potential dilution that could occur from our share-based compensation, including “in-the-money” stock options, unvested RSUs, and unvested RSSs. Potentially dilutive shares are excluded from the calculation if they have an anti-dilutive effect in the period. Earnings/(Loss) Per Share Attributable to Ford Motor Company Common and Class B Stock Basic and diluted income/(loss) per share were calculated using the following (in millions): 2018 2019 2020 Basic and Diluted Income/(Loss) Attributable to Ford Motor Company Basic income/(loss) $ 3,677 $ 47 $ (1,279) Diluted income/(loss) 3,677 47 (1,279) Basic and Diluted Shares Basic shares (average shares outstanding) 3,974 3,972 3,973 Net dilutive options, unvested restricted stock units, and unvested restricted stock shares (a) 24 32 — Diluted shares 3,998 4,004 3,973 __________ (a) In 2020, there were 29 million shares excluded from the calculation of diluted earnings/(loss) per share, due to their anti-dilutive effect. |
Cash, Cash Equivalents, and Mar
Cash, Cash Equivalents, and Marketable Securities (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
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 were as follows (in millions): December 31, 2019 Fair Value Automotive Mobility Ford Credit Consolidated Cash and cash equivalents U.S. government 1 $ 520 $ — $ — $ 520 U.S. government agencies 2 125 — — 125 Non-U.S. government and agencies 2 601 — 350 951 Corporate debt 2 642 — 604 1,246 Total marketable securities classified as cash equivalents 1,888 — 954 2,842 Cash, time deposits, and money market funds 6,432 117 8,113 14,662 Total cash and cash equivalents $ 8,320 $ 117 $ 9,067 $ 17,504 Marketable securities U.S. government 1 $ 2,930 $ — $ 195 $ 3,125 U.S. government agencies 2 1,548 — 210 1,758 Non-U.S. government and agencies 2 4,217 — 2,408 6,625 Corporate debt 2 4,802 — 193 4,995 Equities (a) 1 81 — — 81 Other marketable securities 2 273 — 290 563 Total marketable securities $ 13,851 $ — $ 3,296 $ 17,147 Restricted cash $ 15 $ 21 $ 139 $ 175 Cash, cash equivalents, and restricted cash in held-for-sale assets $ — $ — $ 62 $ 62 December 31, 2020 Fair Value Automotive Mobility Ford Credit Consolidated Cash and cash equivalents U.S. government 1 $ 2,940 $ — $ 3,255 $ 6,195 U.S. government agencies 2 850 — 640 1,490 Non-U.S. government and agencies 2 600 — 717 1,317 Corporate debt 2 605 — 970 1,575 Total marketable securities classified as cash equivalents 4,995 — 5,582 10,577 Cash, time deposits, and money market funds 5,830 69 8,767 14,666 Total cash and cash equivalents $ 10,825 $ 69 $ 14,349 $ 25,243 Marketable securities U.S. government 1 $ 4,709 $ — $ 1,082 $ 5,791 U.S. government agencies 2 3,259 — 485 3,744 Non-U.S. government and agencies 2 4,448 — 2,693 7,141 Corporate debt 2 7,095 — 308 7,403 Equities (a) 1 113 — — 113 Other marketable securities 2 234 — 292 526 Total marketable securities $ 19,858 $ — $ 4,860 $ 24,718 Restricted cash $ 38 $ 7 $ 647 $ 692 Cash, cash equivalents, and restricted cash in held-for-sale assets $ — $ — $ — $ — __________ (a) Net unrealized gains/losses incurred during the reporting periods on equity securities still held at December 31, 2019 and 2020 were a $44 million loss and a $24 million gain, respectively. NOTE 9. CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES (Continued) The cash equivalents and marketable securities accounted for as available-for-sale (“AFS”) securities were as follows (in millions): December 31, 2019 Fair Value of Securities with Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Within 1 Year After 1 Year through 5 Years After 5 Years Automotive U.S. government $ 2,839 $ 11 $ (1) $ 2,849 $ 1,028 $ 1,772 $ 49 U.S. government agencies 1,445 2 (1) 1,446 830 589 27 Non-U.S. government and agencies 3,925 20 (1) 3,944 1,546 2,398 — Corporate debt 5,029 53 — 5,082 1,837 3,245 — Other marketable securities 230 1 — 231 — 149 82 Total $ 13,468 $ 87 $ (3) $ 13,552 $ 5,241 $ 8,153 $ 158 December 31, 2020 Fair Value of Securities with Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Within 1 Year After 1 Year through 5 Years After 5 Years Automotive U.S. government $ 2,894 $ 44 $ — $ 2,938 $ 1,649 $ 1,286 $ 3 U.S. government agencies 2,588 15 — 2,603 772 1,629 202 Non-U.S. government and agencies 2,926 31 — 2,957 1,330 1,617 10 Corporate debt 7,482 102 (1) 7,583 3,566 3,987 30 Other marketable securities 212 3 — 215 1 147 67 Total $ 16,102 $ 195 $ (1) $ 16,296 $ 7,318 $ 8,666 $ 312 Sales proceeds and gross realized gains/losses from the sale of AFS securities for the years ended December 31 were as follows (in millions): 2018 2019 2020 Automotive Sales proceeds $ 5,512 $ 5,753 $ 8,574 Gross realized gains 1 13 56 Gross realized losses 21 10 11 NOTE 9. 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, 2019 Less than 1 Year 1 Year or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Automotive U.S. government $ 183 $ (1) $ 50 $ — $ 233 $ (1) U.S. government agencies 370 (1) 344 — 714 (1) Non-U.S. government and agencies 463 — 390 (1) 853 (1) Corporate debt 29 — 53 — 82 — Other marketable securities 59 — 17 — 76 — Total $ 1,104 $ (2) $ 854 $ (1) $ 1,958 $ (3) December 31, 2020 Less than 1 Year 1 Year or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Automotive U.S. government $ 181 $ — $ — $ — $ 181 $ — U.S. government agencies 83 — — — 83 — Non-U.S. government and agencies 164 — 10 — 174 — Corporate debt 1,538 (1) 9 — 1,547 (1) Other marketable securities 23 — 13 — 36 — Total $ 1,989 $ (1) $ 32 $ — $ 2,021 $ (1) We determine credit losses on AFS debt securities using the specific identification method. During the years ended December 31, 2018, 2019, and 2020, we did not recognize any credit loss. The unrealized losses on securities are due to changes in interest rates and market liquidity. Cash, Cash Equivalents, and Restricted Cash Cash, cash equivalents, and restricted cash as reported in the consolidated statements of cash flows were as follows (in millions): December 31, December 31, Cash and cash equivalents $ 17,504 $ 25,243 Restricted cash (a) 175 692 Cash, cash equivalents, and restricted cash in held-for-sale assets 62 — Total cash, cash equivalents, and restricted cash $ 17,741 $ 25,935 __________ (a) Included in Other assets in the non-current assets section of our consolidated balance sheets. |
Ford Credit Finance Receivables
Ford Credit Finance Receivables and Allowance for Credit Losses (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES | FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES 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. Consumer Portfolio. Receivables in this portfolio include products offered to individuals and businesses that finance the acquisition of Ford and Lincoln vehicles from dealers for personal or commercial use. Retail financing includes retail installment contracts for new and used vehicles and finance leases with retail customers, government entities, daily rental companies, and fleet customers. Non-Consumer Portfolio. Receivables in this portfolio include products offered to automotive dealers. Dealer financing includes wholesale loans to dealers to finance the purchase of vehicle inventory, also known as floorplan financing, as well as loans to dealers to finance working capital and improvements to dealership facilities, finance the purchase of dealership real estate, and finance other dealer programs. Wholesale financing is approximately 92% of dealer financing. Finance receivables are recorded at the time of origination or purchase at fair value and are subsequently reported at amortized cost, net of any allowance for credit losses. For all finance receivables, Ford Credit defines “past due” as any payment, including principal and interest, that is at least 31 days past the contractual due date. Finance Receivables Classification Finance receivables are accounted for as held for investment (“HFI”) if Ford Credit has the intent and ability to hold the receivables for the foreseeable future or until maturity or payoff. The determination of intent and ability to hold for the foreseeable future is highly judgmental and requires Ford Credit to make good faith estimates based on all information available at the time of origination or purchase. If Ford Credit does not have the intent and ability to hold the receivables, then the receivables are classified as HFS. Each quarter, Ford Credit makes a determination of whether it is probable that finance receivables originated or purchased during the quarter will be held for the foreseeable future based on historical receivables sale experience, internal forecasts and budgets, as well as other relevant, reliable information available through the date of evaluation. For purposes of this determination, probable means at least 70% likely and, consistent with the budgeting and forecasting period, the foreseeable future means twelve months. Ford Credit classifies receivables as HFI or HFS on a receivable-by-receivable basis. Specific receivables included in off-balance sheet sale transactions are generally not identified until the month in which the sale occurs. Held-for-Investment. Finance receivables classified as HFI are recorded at the time of origination or purchase at fair value and are subsequently reported at amortized cost, net of any allowance for credit losses. Cash flows from finance receivables, excluding wholesale and other receivables, that were originally classified as HFI are recorded as an investing activity since GAAP requires the statement of cash flows presentation to be based on the original classification of the receivables. Cash flows from wholesale and other receivables are recorded as an operating activity. Held-for-Sale. Finance receivables classified as HFS are carried at the lower of cost or fair value. Cash flows resulting from the origination or purchase and sale of HFS receivables are recorded as an operating activity in Decrease/(Increase) in finance receivables (wholesale and other) . Once a decision has been made to sell receivables that were originally classified as HFI, the receivables are reclassified as HFS and carried at the lower of cost or fair value. The valuation adjustment, if applicable, is recorded in Other income/(loss), net to recognize the receivables at the lower of cost or fair value. The value of the finance receivables considered HFS at December 31, 2019 was $1.5 billion, primarily Forso Nordic AB (“Forso”) related finance receivables of $1.2 billion. At December 31, 2020, there were $36 million of certain wholesale finance receivables specifically identified as HFS. These HFS values are reported in Assets held for sale on our consolidated balance sheets. See Note 22 for additional information. NOTE 10. FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued) Ford Credit finance receivables, net at December 31 were as follows (in millions): 2019 2020 Consumer Retail installment contracts, gross $ 68,905 $ 73,631 Finance leases, gross 8,566 8,431 Retail financing, gross 77,471 82,062 Unearned interest supplements (3,589) (3,987) Consumer finance receivables 73,882 78,075 Non-Consumer Dealer financing 33,985 20,908 Non-Consumer finance receivables 33,985 20,908 Total recorded investment $ 107,867 $ 98,983 Recorded investment in finance receivables $ 107,867 $ 98,983 Allowance for credit losses (513) (1,305) Total finance receivables, net $ 107,354 $ 97,678 Current portion $ 53,651 $ 42,401 Non-current portion 53,703 55,277 Total finance receivables, net $ 107,354 $ 97,678 Net finance receivables subject to fair value (a) $ 99,168 $ 89,651 Fair value (b) 99,297 91,238 __________ (a) Net finance receivables subject to fair value exclude finance leases. (b) The fair value of finance receivables is categorized within Level 3 of the fair value hierarchy. Ford Credit’s finance leases are comprised of sales-type and direct financing leases. These financings include primarily lease plans for terms of 24 to 60 months. Financing revenue from finance leases for the years ended December 31, 2018, 2019, and 2020, was $375 million, $380 million, and $357 million, respectively, and is included in Ford Credit revenues on our consolidated income statements. The amounts contractually due on Ford Credit’s finance leases at December 31 were as follows (in millions): 2020 2021 $ 1,978 2022 1,751 2023 1,348 2024 555 2025 55 Thereafter — Total future cash payments 5,687 Less: Present value discount (251) Finance lease receivables $ 5,436 NOTE 10. FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued) The reconciliation from finance lease receivables to finance leases, gross and finance leases, net at December 31 is as follows (in millions): 2019 2020 Finance lease receivables $ 5,651 $ 5,436 Unguaranteed residual assets 2,795 2,893 Initial direct costs 120 102 Finance leases, gross 8,566 8,431 Unearned interest supplements from Ford and affiliated companies (363) (337) Allowance for credit losses (17) (67) Finance leases, net $ 8,186 $ 8,027 At December 31, 2019 and 2020, accrued interest was $251 million and $181 million, respectively, which we report in Other assets in the current assets section of our consolidated balance sheets. Included in the recorded investment in finance receivables at December 31, 2019 and 2020 were consumer receivables of $38.3 billion and $43.7 billion, respectively, and non-consumer receivables of $26.8 billion and $16.4 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 (see Note 24). Credit Quality Consumer Portfolio When originating consumer receivables, Ford Credit uses a proprietary scoring system that measures credit quality using information in the credit application, proposed contract terms, credit bureau data, and other information. After a proprietary risk score is generated, Ford Credit decides whether to originate a contract using a decision process based on a judgmental evaluation of the applicant, the credit application, the proposed contract terms, credit bureau information (e.g., FICO score), proprietary risk score, and other information. The evaluation emphasizes the applicant’s ability to pay and creditworthiness focusing on payment, affordability, applicant credit history, and stability as key considerations. After origination, Ford Credit reviews the credit quality of retail financing based on customer payment activity. As each customer develops a payment history, an internally developed behavioral scoring model is used to assist in determining the best collection strategies, which allows Ford Credit to focus collection activity on higher-risk accounts. These models are used to refine Ford Credit’s risk-based staffing model to ensure collection resources are aligned with portfolio risk. Based on data from this scoring model, contracts are categorized by collection risk. Ford Credit’s collection models evaluate several factors, including origination characteristics, updated credit bureau data, and payment patterns. Credit quality ratings for consumer receivables are based on aging. 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; and • Substandard – greater than 120 days past due and for which the uncollectible portion of the receivables has already been charged off, as measured using the fair value of collateral less costs to sell. NOTE 10. FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued) The credit quality analysis of consumer receivables at December 31, 2019 was as follows (in millions): Total Consumer 31 - 60 days past due $ 839 61 - 120 days past due 166 Greater than 120 days past due 35 Total past due 1,040 Current 72,842 Total $ 73,882 The credit quality analysis of consumer receivables at December 31, 2020 was as follows (in millions): Amortized Cost Basis by Origination Year Prior to 2016 2016 2017 2018 2019 2020 Total Consumer 31 - 60 days past due $ 45 $ 62 $ 103 $ 162 $ 166 $ 143 $ 681 61 - 120 days past due 7 12 24 44 45 31 163 Greater than 120 days past due 11 6 7 8 7 2 41 Total past due 63 80 134 214 218 176 885 Current 782 2,518 6,648 13,704 20,822 32,716 77,190 Total $ 845 $ 2,598 $ 6,782 $ 13,918 $ 21,040 $ 32,892 $ 78,075 Non-Consumer Portfolio Ford Credit extends credit to dealers primarily in the form of lines of credit to purchase new Ford and Lincoln vehicles as well as used vehicles. Payment is required when the dealer has sold the vehicle. Each non-consumer lending request is evaluated by considering the borrower’s financial condition and the underlying collateral securing the loan. Ford Credit uses a proprietary model to assign each dealer a risk rating. This model uses historical dealer performance data to identify key factors about a dealer that are considered most significant in predicting a dealer’s ability to meet its financial obligations. Ford Credit also considers numerous other financial and qualitative factors of the dealer’s operations, including capitalization and leverage, liquidity and cash flow, profitability, and credit history with Ford Credit and other creditors. 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; and • Group IV – poor financial metrics, including dealers classified as uncollectible. Ford Credit generally suspends credit lines and extends no further funding to dealers classified in Group IV. Ford Credit regularly reviews the model to confirm the continued business significance and statistical predictability of the model and may make updates to improve the performance of the model. In addition, Ford Credit regularly audits dealer inventory and dealer sales records to verify that the dealer is in possession of the financed vehicles and is promptly paying each receivable following the sale of the financed vehicle. The frequency of on-site vehicle inventory audits depends primarily on the dealer’s risk rating. Under Ford Credit’s policies, on-site vehicle inventory audits of low-risk dealers are conducted only as circumstances warrant. On-site vehicle inventory audits of higher-risk dealers are conducted with increased frequency based primarily on the dealer’s risk rating, but also considering the results of electronic monitoring of the dealer’s performance, including daily payment verifications and monthly analyses of the dealer’s financial statements, payoffs, aged inventory, over credit line, and delinquency reports. Ford Credit typically performs a credit review of each dealer annually and more frequently reviews certain dealers based on the dealer’s risk rating and total exposure. Ford Credit adjusts the dealer’s risk rating, if necessary. NOTE 10. FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued) The credit quality analysis of dealer financing receivables at December 31, 2019 was as follows (in millions): 2019 Dealer financing Group I $ 26,281 Group II 5,407 Group III 2,108 Group IV 189 Total (a) $ 33,985 __________ (a) Total past due dealer financing receivables at December 31, 2019 were $62 million. The credit quality analysis of dealer financing receivables at December 31, 2020 was as follows (in millions): Amortized Cost Basis by Origination Year Wholesale Loans Dealer Loans Prior to 2016 2016 2017 2018 2019 2020 Total Total Group I $ 503 $ 129 $ 110 $ 188 $ 70 $ 248 $ 1,248 $ 13,160 $ 14,408 Group II 38 20 11 35 3 87 194 4,680 4,874 Group III 9 — 3 19 3 35 69 1,464 1,533 Group IV 2 — — — 2 6 10 83 93 Total (a) $ 552 $ 149 $ 124 $ 242 $ 78 $ 376 $ 1,521 $ 19,387 $ 20,908 __________ (a) Total past due dealer financing receivables at December 31, 2020 were $99 million. Non-Accrual of Revenue. The accrual of financing revenue is discontinued at the time a receivable is determined to be uncollectible or when it is 90 days past due. Accounts may be restored to accrual status only when a customer settles all past-due deficiency balances and future payments are reasonably assured. For receivables in non-accrual status, subsequent financing revenue is recognized only to the extent a payment is received. Payments are generally applied first to outstanding interest and then to the unpaid principal balance. Troubled Debt Restructuring (“TDR”). A restructuring of debt constitutes a TDR if a concession is granted to a debtor for economic or legal reasons related to the debtor’s financial difficulties that Ford Credit otherwise would not consider. Consumer and non-consumer receivables that have a modified interest rate below market rate or that were modified in reorganization proceedings pursuant to the U.S. Bankruptcy Code, except non-consumer receivables that are current with minimal risk of loss, are considered to be TDRs. Ford Credit does not grant concessions on the principal balance of the receivables. If a receivable is modified in a reorganization proceeding, all payment requirements of the reorganization plan need to be met before remaining balances are forgiven. Ford Credit offered various programs to provide relief to customers impacted by COVID-19. These programs, which were broadly available to all customers during the first half of 2020, included payment extensions. Ford Credit concluded that these programs did not meet TDR criteria. As of December 31, 2020, in the United States, Ford Credit has received payments on nearly all of the pandemic extensions offered to its customers. The volume of payment extensions has returned to pre-COVID-19 levels and Ford Credit continues to grant payment extensions to customers and dealers under its normal business practices. NOTE 10. FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued) Allowance for Credit Losses The allowance for credit losses represents an estimate of the lifetime expected credit losses inherent in finance receivables as of the balance sheet date. The adequacy of the allowance for credit losses is assessed quarterly. Additions to the allowance for credit losses are made by recording charges to Ford Credit interest, operating, and other expenses on our consolidated income statements. The uncollectible portion of a finance receivable is charged to the allowance for credit losses at the earlier of when an account is deemed to be uncollectible or when an account is 120 days delinquent, taking into consideration the financial condition of the customer or borrower, the value of the collateral, recourse to guarantors, and other factors. Charge-offs on finance receivables include uncollected amounts related to principal, interest, late fees, and other allowable charges. Recoveries on finance receivables previously charged off as uncollectible are credited to the allowance for credit losses. In the event Ford Credit repossesses the collateral, the receivable is charged off and the collateral is recorded at its estimated fair value less costs to sell and reported in Other assets on our consolidated balance sheets. Consumer Portfolio For consumer receivables that share similar risk characteristics such as product type, initial credit risk, term, vintage, geography, and other relevant factors, Ford Credit estimates the lifetime expected credit loss allowance based on a collective assessment using measurement models and management judgment. The lifetime expected credit losses for the receivables is determined by applying probability of default and loss given default assumption models to monthly expected exposures, then discounting these cash flows to present value using the receivable’s original effective interest rate or the current effective interest rate for a variable rate receivable. Probability of default models are developed from internal risk scoring models taking into account the expected probability of payment and time to default, adjusted for macroeconomic outlook and recent performance. The models consider factors such as risk evaluation at the time of origination, historical trends in credit losses (which include the impact of TDRs), and the composition and recent performance of the present portfolio (including vehicle brand, term, risk evaluation, and new/used vehicles). The loss given default is the percentage of the expected balance due at default that is not recoverable, taking into account the expected collateral value and trends in recoveries (including key metrics such as delinquencies, repossessions, and bankruptcies). Monthly exposures are equal to the receivables’ expected outstanding principal and interest balance. The allowance for credit losses incorporates forward-looking macroeconomic conditions for baseline, upturn, and downturn scenarios. Three separate credit loss allowances are calculated from these scenarios. They are then probability-weighted to determine the quantitative estimate of the credit loss allowance recognized in the financial statements. Ford Credit uses forecasts from a third party that revert to a long-term historical average after a reasonable and supportable forecasting period, which is specific to the particular macroeconomic variable and which varies by market. Ford Credit updates the forward-looking macroeconomic forecasts quarterly. If management does not believe the models reflect lifetime expected credit losses for the portfolio, an adjustment is made to reflect management judgment regarding qualitative factors, including economic uncertainty, observable changes in portfolio performance, and other relevant factors. On an ongoing basis, Ford Credit reviews its models, including macroeconomic factors, the selection of macroeconomic scenarios, and their weighting, to ensure they reflect the risk of the portfolio. NOTE 10. FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued) Non-Consumer Portfolio Dealer financing is evaluated on an individual dealer basis by segmenting dealers by risk characteristics (such as the amount of the loans, the nature of the collateral, the financial status of the dealer, and any TDR modifications) to determine if an individual dealer requires a specific allowance for credit loss. If required, the allowance is based on the present value of the expected future cash flows of the dealer’s receivables discounted at the loans’ original effective interest rate or the fair value of the collateral adjusted for estimated costs to sell. For the remaining dealer financing, Ford Credit estimates an allowance for credit losses on a collective basis. Wholesale Loans. Ford Credit estimates the allowance for credit losses for wholesale loans based on historical loss-to-receivable (“LTR”) ratios, expected future cash flows, and the fair value of collateral. For wholesale loans with similar risk characteristics, the allowance for credit losses is estimated on a collective basis using the LTR model and management judgment. The LTR model is based on the most recent years of history. An LTR ratio is calculated by dividing credit losses (i.e., charge-offs net of recoveries) by average net finance receivables, excluding unearned interest supplements and allowance for credit losses. The average LTR ratio is multiplied by the end-of-period balances, representing the lifetime expected credit loss reserve. Dealer Loans. Ford Credit uses a weighted-average remaining maturity method to estimate the lifetime expected credit loss reserve for dealer loans. The loss model is based on the industry-wide commercial real estate credit losses, adjusted to factor in the historical credit losses for the dealer loans portfolio. The expected credit loss is calculated under different macroeconomic scenarios that are weighted to provide the total lifetime expected credit loss. After establishing the collective and specific allowance for credit losses, if management believes the allowance does not reflect all losses inherent in the portfolio due to changes in recent economic trends and conditions, or other relevant forward-looking economic factors, an adjustment is made based on management judgment. NOTE 10. FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued) An analysis of the allowance for credit losses related to finance receivables for the years ended December 31 was as follows (in millions): 2019 (a) Consumer Non-Consumer Total Allowance for credit losses Beginning balance $ 566 $ 23 $ 589 Charge-offs (527) (22) (549) Recoveries 168 10 178 Provision for credit losses 291 5 296 Other (b) (2) 1 (1) Ending balance $ 496 $ 17 $ 513 2020 Consumer Non-Consumer Total Allowance for credit losses Beginning balance $ 496 $ 17 $ 513 Adoption of ASU 2016-13 (c) 247 5 252 Charge-offs (441) (29) (470) Recoveries 161 8 169 Provision for credit losses 771 57 828 Other (b) 11 2 13 Ending balance $ 1,245 $ 60 $ 1,305 __________ (a) The comparative information has not been restated and continues to be reported under the accounting standard in effect during 2019. (b) Primarily represents amounts related to translation adjustments. (c) Cumulative pre-tax adjustments recorded to retained earnings as of January 1, 2020. See Note 3 for additional information. |
Inventories (Notes)
Inventories (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES All inventories are stated at the lower of cost or net realizable value. Cost of our inventories is determined by costing methods that approximate a first-in, first-out (“FIFO”) basis. Inventories at December 31 were as follows (in millions): 2019 2020 Raw materials, work-in-process, and supplies $ 4,402 $ 4,676 Finished products 6,384 6,132 Total inventories $ 10,786 $ 10,808 |
Net Investment in Operating Lea
Net Investment in Operating Leases (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Leases, Operating [Abstract] | |
NET INVESTMENT IN OPERATING LEASES | NET INVESTMENT IN OPERATING LEASES Net investment in operating leases consists primarily of lease contracts for vehicles with individuals, daily rental companies, government entities, and fleet customers. Assets subject to operating leases are depreciated using the straight-line method over the term of the lease to reduce the asset to its estimated residual value. Estimated residual values are based on assumptions for used vehicle prices at lease termination and the number of vehicles that are expected to be returned. The net investment in operating leases at December 31 was as follows (in millions): 2019 2020 Automotive Segment Vehicles, net of depreciation $ 1,612 $ 1,304 Ford Credit Segment Vehicles and other equipment, at cost (a) 33,386 32,486 Accumulated depreciation (5,768) (5,839) Total Ford Credit Segment 27,618 26,647 Total $ 29,230 $ 27,951 __________ (a) Includes Ford Credit’s operating lease assets of $14.9 billion and $12.8 billion at December 31, 2019 and 2020, respectively, that have been included in securitization transactions. These net investments in operating leases are available only for payment of the debt or other obligations issued or arising in the securitization transactions; they are not available to pay other obligations or the claims of other creditors. Ford Credit Segment Included in Ford Credit interest, operating, and other expense is operating lease depreciation expense, which includes gains and losses on disposal of assets. Operating lease depreciation expense for the years ended December 31 was as follows (in millions): 2018 2019 2020 Operating lease depreciation expense $ 3,972 $ 3,635 $ 3,235 The amounts contractually due on operating leases at December 31, 2020 were as follows (in millions): 2021 2022 2023 2024 Thereafter Total Operating lease payments $ 4,369 $ 2,530 $ 878 $ 98 $ 4 $ 7,879 |
Net Property (Notes)
Net Property (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NET PROPERTY Net property is reported at cost, net of accumulated depreciation, which includes impairments. We capitalize new assets when we expect to use the asset for more than one year. Routine maintenance and repair costs are expensed when incurred. Property and equipment are depreciated primarily using the straight-line method over the estimated useful life of the asset. Useful lives range from 3 years to 40 years. The estimated useful lives generally are 14.5 years for machinery and equipment, 8 years for software, 30 years for land improvements, and 40 years for buildings. Tooling generally is amortized over the expected life of a product program using a straight-line method. Net property at December 31 was as follows (in millions): 2019 2020 Land $ 421 $ 451 Buildings and land improvements 11,900 12,557 Machinery, equipment, and other 38,939 40,463 Software 3,691 3,900 Construction in progress 1,710 1,718 Total land, plant and equipment, and other 56,661 59,089 Accumulated depreciation (31,020) (32,848) Net land, plant and equipment, and other 25,641 26,241 Tooling, net of amortization 10,828 10,842 Total $ 36,469 $ 37,083 Property-related expenses, excluding net investment in operating leases, for the years ended December 31 were as follows (in millions): 2018 2019 2020 Depreciation and other amortization $ 2,504 $ 3,449 $ 2,792 Tooling amortization 2,909 3,409 2,747 Total (a) $ 5,413 $ 6,858 $ 5,539 Maintenance and rearrangement $ 1,994 $ 1,963 $ 1,670 __________ (a) Includes impairment of held-for-sale long-lived assets in 2019 and 2020. See Note 22 for additional information. |
Equity in Net Assets of Affilia
Equity in Net Assets of Affiliated Companies (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investment, Summarized Financial Information [Abstract] | |
EQUITY IN NET ASSETS OF AFFILIATED COMPANIES | EQUITY IN NET ASSETS OF AFFILIATED COMPANIES We use the equity method of accounting for our investments in entities over which we do not have control, but over whose operating and financial policies we are able to exercise significant influence. Our carrying value and ownership percentages of our equity method investments at December 31 were as follows (in millions, except percentages): Investment Balance Ownership Percentage 2019 2020 2020 Argo AI, LLC (see Note 22) $ — $ 2,368 42 % Changan Ford Automobile Corporation, Limited (a) (b) 672 691 50 Jiangling Motors Corporation, Limited (b) 544 592 32 AutoAlliance (Thailand) Co., Ltd. 435 428 50 Ford Otomotiv Sanayi Anonim Sirketi 274 328 41 Getrag Ford Transmissions GmbH (b) 209 131 50 FFS Finance South Africa (Pty) Limited 88 76 50 Ford Sollers Netherlands B.V. (see Note 21) 93 75 49 Ionity Holding GmbH & Co. KG 58 52 20 Other 146 160 Various Total $ 2,519 $ 4,901 _______ (a) In 2019, Changan Ford Automobile Corporation, Limited recorded a long-lived asset impairment charge, our share of which was $99 million, and is included in Equity in net income/(loss) of affiliated companies . (b) In 2020, Changan Ford Automobile Corporation, Limited, Jiangling Motors Corporation, Limited, and Getrag Ford Transmissions GmbH recorded restructuring charges, our share of which was $15 million, $40 million, and $91 million, respectively. These charges are included in Equity in net income/(loss) of affiliated companies . We recorded $330 million, $244 million, and $180 million of dividends from these affiliated companies for the years ended December 31, 2018, 2019, and 2020, respectively. In the ordinary course of business, we buy/sell various products and services including vehicles, parts, and components to/from our equity method investees. In addition, we receive royalty income. Transactions with equity method investees reported for the years ended or at December 31 were as follows (in millions): For the years ended December 31, Income Statement 2018 2019 2020 Sales $ 4,426 $ 3,541 $ 4,126 Purchases 10,477 10,106 8,439 Royalty income 374 250 381 Balance Sheet 2019 2020 Receivables $ 785 $ 795 Payables 694 928 |
Other Investments (Notes)
Other Investments (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Other Investments [Abstract] | |
OTHER INVESTMENTS | OTHER INVESTMENTS We have investments in entities not accounted for under the equity method for which fair values are not readily available. We record these investments at cost (less impairment, if any), adjusted for observable price changes in orderly transactions for the identical or a similar investment of the same issuer. We report the carrying value of these investments in Other assets in the non-current assets section of our consolidated balance sheets. These investments were $1.2 billion and $1.7 billion at December 31, 2019 and 2020, respectively. The increase from December 31, 2019 primarily reflects our preferred security investments in Argo AI (see Note 22). In the year ended December 31, 2020, there were no material adjustments to the fair values of these investments held at December 31, 2020. In January 2021, there was an observable event for our investment in Rivian. Using an option pricing model, the observable event will result in an increase to our carrying value of approximately $900 million and will be recognized in our first quarter 2021 results. |
Other Liabilities and Deferred
Other Liabilities and Deferred Revenue (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Other Liabilities [Abstract] | |
OTHER LIABILITIES AND DEFERRED REVENUE | OTHER LIABILITIES AND DEFERRED REVENUE Other liabilities and deferred revenue at December 31 were as follows (in millions): 2019 2020 Current Dealer and dealers’ customer allowances and claims $ 13,113 $ 12,702 Deferred revenue 2,091 2,161 Employee benefit plans 1,857 1,752 Accrued interest 1,128 1,215 OPEB 332 339 Pension 185 193 Operating lease liabilities 367 323 Other 3,914 4,960 Total current other liabilities and deferred revenue $ 22,987 $ 23,645 Non-current Pension $ 9,878 $ 10,738 OPEB 5,740 6,236 Dealer and dealers’ customer allowances and claims 1,921 3,072 Deferred revenue 4,191 4,559 Operating lease liabilities 1,047 991 Employee benefit plans 1,104 1,074 Other 1,443 1,709 Total non-current other liabilities and deferred revenue $ 25,324 $ 28,379 |
Retirement Benefits (Notes)
Retirement Benefits (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
RETIREMENT BENEFITS | RETIREMENT BENEFITS Defined benefit pension and OPEB plan obligations are remeasured at least annually as of December 31 based on the present value of projected future benefit payments for all participants for services rendered to date. The measurement of projected future benefits is dependent on the provisions of each specific plan, demographics of the group covered by the plan, and other key measurement assumptions. For plans that provide benefits dependent on salary assumptions, we include a projection of salary growth in our measurements. No assumption is made regarding any potential future changes to benefit provisions beyond those to which we are presently committed (e.g., in existing labor contracts). Net periodic benefit costs, including service cost, interest cost, and expected return on assets are determined using assumptions regarding the benefit obligation and the fair value of plan assets (where applicable) as of the beginning of each year. We have elected to use a fair value of plan assets to calculate the expected return on assets in net periodic benefit cost. The funded status of the benefit plans, which represents the difference between the benefit obligation and fair value of plan assets, is calculated on a plan-by-plan basis. The benefit obligation and related funded status are determined using assumptions as of the end of each year. Actuarial gains and losses resulting from plan remeasurement are recognized in net periodic benefit cost in the period of the remeasurement. The impact of a retroactive plan amendment is recorded in Accumulated other comprehensive income/(loss) , and is amortized as a component of net periodic cost, generally over the remaining service period of the active employees. 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 Other income/(loss), net on our consolidated income statements. A curtailment results from an event that significantly reduces the expected years of future service or eliminates the accrual of defined benefits for the future services of a significant number of employees. A curtailment gain is recorded when the employees who are entitled to a benefit terminate their employment, or when a plan suspension or amendment that results in a curtailment gain is adopted. A curtailment loss is recorded when it becomes probable a curtailment loss will occur. We recognize settlement expense when the costs associated with all settlements during the year exceed the interest component of net periodic cost for the affected plan. Expense from curtailments and settlements is recorded in Other income/(loss), net . Defined Benefit Pension Plans. We have defined benefit pension plans covering hourly and salaried employees in the United States, Canada, United Kingdom, Germany, and other locations. The largest portion of our worldwide obligation is associated with our U.S. plans. Virtually all of our worldwide defined benefit plans are closed to new participants. In general, our defined benefit pension plans are funded (i.e., have restricted assets from which benefits are paid). Our unfunded defined benefit pension plans are treated on a “pay as you go” basis with benefit payments from general Company cash. These unfunded plans primarily include certain plans in Germany and the U.S. defined benefit plans for senior management. OPEB . We have defined benefit OPEB plans, primarily certain health care and life insurance benefits, covering hourly and salaried employees in the United States, Canada, and other locations. The largest portion of our worldwide obligation is associated with our U.S. plans. Our OPEB plans are unfunded and the benefits are paid from general Company cash. Defined Contribution and Savings Plans . We also have defined contribution and savings plans for hourly and salaried employees in the United States and other locations. Company contributions to these plans, if any, are made from general Company cash and are expensed as incurred. The expense for our worldwide defined contribution and savings plans was $393 million, $444 million, and $398 million for the years ended December 31, 2018, 2019, and 2020, respectively. This includes the expense for Company-matching contributions to our primary employee savings plan in the United States of $143 million, $143 million, and $146 million for the years ended December 31, 2018, 2019, and 2020, respectively. The 2019 expense also reflects a one-time contribution of $33 million to certain eligible employees as part of the UAW collective bargaining agreement. NOTE 17. RETIREMENT BENEFITS (Continued) Defined Benefit Plans – Expense and Status The assumptions used to determine benefit obligation and net periodic benefit cost/(income) were as follows: Pension Benefits U.S. Plans Non-U.S. Plans Worldwide OPEB 2019 2020 2019 2020 2019 2020 Weighted Average Assumptions at December 31 Discount rate 3.32 % 2.56 % 1.74 % 1.23 % 3.30 % 2.62 % Average rate of increase in compensation 3.50 3.50 3.37 3.34 3.44 3.44 Weighted Average Assumptions Used to Determine Net Benefit Cost for the Year Ended December 31 Discount rate - Service cost 4.17 % 3.55 % 2.52 % 1.75 % 4.34 % 3.57 % Effective interest rate on benefit obligation 3.75 2.88 2.21 1.46 3.87 2.85 Expected long-term rate of return on assets 6.75 6.50 4.18 3.67 — — Average rate of increase in compensation 3.50 3.50 3.37 3.37 3.44 3.44 The pre-tax net periodic benefit cost/(income) for our defined benefit pension and OPEB plans for the years ended December 31 was as follows (in millions): Pension Benefits U.S. Plans Non-U.S. Plans Worldwide OPEB 2018 2019 2020 2018 2019 2020 2018 2019 2020 Service cost $ 544 $ 474 $ 520 $ 588 $ 506 $ 529 $ 54 $ 43 $ 47 Interest cost 1,466 1,570 1,291 684 691 514 195 211 169 Expected return on assets (2,887) (2,657) (2,795) (1,295) (1,124) (1,067) — — — Amortization of prior service costs/(credits) 143 87 4 25 33 32 (109) (70) (16) Net remeasurement (gain)/loss 1,294 (135) 377 (76) 2,084 499 (366) 551 556 Separation programs/other 53 22 35 103 398 226 1 — — Settlements and curtailments (15) (67) 5 (2) 8 103 — — (2) Net periodic benefit cost/(income) $ 598 $ (706) $ (563) $ 27 $ 2,596 $ 836 $ (225) $ 735 $ 754 In 2019, we recognized additional expense of $361 million related to separation programs, settlements, and curtailments, which included a $57 million settlement loss, offset partially by a $12 million curtailment gain, related to the transfer of our Netherlands pension obligation and related plan assets to an insurance company, and $415 million of separation expenses, partially offset by $104 million of settlement and curtailment gains, related to ongoing redesign programs. In 2020, we recognized additional expense of $367 million related to separation programs, settlements, and curtailments, which included $61 million of settlement losses related to a non-U.S. pension plan and $268 million related to ongoing redesign programs. Until our Global Redesign programs are completed, we anticipate further adjustments to our plans in subsequent periods. NOTE 17. RETIREMENT BENEFITS (Continued) The year-end status of these plans was as follows (in millions): Pension Benefits U.S. Plans Non-U.S. Plans Worldwide OPEB 2019 2020 2019 2020 2019 2020 Change in Benefit Obligation Benefit obligation at January 1 $ 42,269 $ 45,672 $ 31,079 $ 35,373 $ 5,559 $ 6,072 Service cost 474 520 506 529 43 47 Interest cost 1,570 1,291 691 514 211 169 Amendments — — 10 — — 21 Separation programs/other (24) (10) 391 219 3 — Curtailments — — (43) — — — Settlements (966) (25) (272) (189) — — Plan participant contributions 23 23 17 14 3 21 Benefits paid (2,615) (3,055) (1,395) (1,394) (367) (339) Foreign exchange translation — — 501 1,131 69 28 Actuarial (gain)/loss 4,941 4,604 3,888 3,638 551 556 Benefit obligation at December 31 45,672 49,020 35,373 39,835 6,072 6,575 Change in Plan Assets Fair value of plan assets at January 1 39,774 44,253 27,273 29,958 — — Actual return on plan assets 7,800 7,018 2,935 4,149 — — Company contributions 284 186 789 744 — — Plan participant contributions 23 23 17 14 — — Benefits paid (2,615) (3,055) (1,395) (1,394) — — Settlements (966) (25) (330) (189) — — Foreign exchange translation — — 678 547 — — Other (47) (45) (9) (9) — — Fair value of plan assets at December 31 44,253 48,355 29,958 33,820 — — Funded status at December 31 $ (1,419) $ (665) $ (5,415) $ (6,015) $ (6,072) $ (6,575) Amounts Recognized on the Balance Sheets Prepaid assets $ 911 $ 1,578 $ 2,318 $ 2,673 $ — $ — Other liabilities (2,330) (2,243) (7,733) (8,688) (6,072) (6,575) Total $ (1,419) $ (665) $ (5,415) $ (6,015) $ (6,072) $ (6,575) Amounts Recognized in Accumulated Other Comprehensive Loss (pre-tax) Unamortized prior service costs/(credits) $ 8 $ 4 $ 274 $ 206 $ 29 $ (11) Pension Plans in which Accumulated Benefit Obligation Exceeds Plan Assets at December 31 Accumulated benefit obligation $ 2,141 $ 2,295 $ 12,421 $ 14,595 Fair value of plan assets 156 145 5,948 7,203 Accumulated Benefit Obligation at December 31 $ 44,578 $ 47,848 $ 32,106 $ 36,272 Pension Plans in which Projected Benefit Obligation Exceeds Plan Assets at December 31 Projected benefit obligation $ 22,085 $ 2,389 $ 13,864 $ 15,951 Fair value of plan assets 19,755 145 6,131 7,264 Projected Benefit Obligation at December 31 $ 45,672 $ 49,020 $ 35,373 $ 39,835 NOTE 17. RETIREMENT BENEFITS (Continued) The actuarial (gain)/loss for our pension benefit obligations in 2019 and 2020 was primarily related to changes in discount rates. Pension Plan Contributions Our policy for funded pension plans is to contribute annually, at a minimum, amounts required by applicable laws and regulations. We may make contributions beyond those legally required. In 2020, we contributed $570 million to our global funded pension plans and made $360 million of benefit payments to participants in unfunded plans. During 2021, we expect to contribute between $600 million and $800 million of cash to our global funded pension plans. We also expect to make about $390 million of benefit payments to participants in unfunded plans. Based on current assumptions and regulations, we do not expect to have a legal requirement to fund our major U.S. pension plans in 2021. Expected Future Benefit Payments The expected future benefit payments at December 31, 2020 were as follows (in millions): Benefit Payments Pension U.S. Plans Non-U.S. Worldwide 2021 $ 3,430 $ 1,480 $ 340 2022 2,750 1,360 340 2023 2,760 1,370 330 2024 2,790 1,380 330 2025 2,780 1,400 330 2026-2030 13,730 7,210 1,640 Pension Plan Asset Information Investment Objectives and Strategies . Our investment objectives for the U.S. plans are to minimize the volatility of the value of our U.S. pension assets relative to U.S. pension obligations and to ensure assets are sufficient to pay plan benefits. Our U.S. target asset allocations are 80% fixed income and 20% growth assets (primarily hedge funds, real estate, private equity, and public equity). Our largest non-U.S. plans (United Kingdom and Canada) have similar investment objectives to the U.S. plans. Investment strategies and policies for the U.S. plans and the largest non-U.S. plans reflect a balance of risk-reducing and return-seeking considerations. The objective of minimizing the volatility of assets relative to obligations is addressed primarily through asset-liability matching, asset diversification, and hedging. The fixed income target asset allocation matches the bond-like and long-dated nature of the pension obligations. Assets are broadly diversified within asset classes to achieve risk-adjusted returns that in total lower asset volatility relative to the obligations. Strategies to address the goal of ensuring sufficient assets to pay benefits include target allocations to a broad array of asset classes, and strategies within asset classes that provide adequate returns, diversification, and liquidity. NOTE 17. RETIREMENT BENEFITS (Continued) Derivatives are permitted for fixed income investment and public equity managers to use as efficient substitutes for traditional securities and to manage exposure to interest rate and foreign exchange risks. Interest rate and foreign currency derivative instruments are used for the purpose of hedging changes in the fair value of assets that result from interest rate changes and currency fluctuations. Interest rate derivatives also are used to adjust portfolio duration. Derivatives may not be used to leverage or to alter the economic exposure to an asset class outside the scope of the mandate an investment manager has been given. Alternative investment managers are permitted to employ leverage (including through the use of derivatives or other tools) that may alter economic exposure. Alternative investments execute diverse strategies that provide exposure to a broad range of hedge fund strategies, equity investments in private companies, and investments in private property funds. Significant Concentrations of Risk. Significant concentrations of risk in our plan assets relate to interest rates, growth assets, and operating risks. In order to minimize asset volatility relative to the obligations, the majority of plan assets are allocated to fixed income investments which are exposed to interest rate risk. Rate increases generally will result in a decline in the value of fixed income assets, while reducing the present value of the obligations. Conversely, rate decreases generally will increase the value of fixed income assets, offsetting the related increase in the obligations. In order to ensure assets are sufficient to pay benefits, a portion of plan assets is allocated to growth assets that are expected over time to earn higher returns with more volatility than fixed income investments which more closely match pension obligations. Within growth assets, risk is mitigated by constructing a portfolio that is broadly diversified by asset class, investment strategy, manager, style, and process. Operating risks include the risks of inadequate diversification and weak controls. To mitigate these risks, investments are diversified across and within asset classes in support of investment objectives. Policies and practices to address operating risks include ongoing manager oversight (e.g., style adherence, team strength, firm health, and internal risk controls), plan and asset class investment guidelines and instructions that are communicated to managers, and periodic compliance reviews to ensure adherence. At year-end 2020, Ford securities comprised less than 1% of our plan assets. Expected Long-Term Rate of Return on Assets. The long-term return assumption at year-end 2020 is 6.00% for the U.S. plans, 3.25% for the U.K. plans, and 4.25% for the Canadian plans, and averages 3.42% for all non-U.S. plans. A generally consistent approach is used worldwide to develop this assumption. This approach considers primarily inputs from a range of advisors for long-term capital market returns, inflation, bond yields, and other variables, adjusted for specific aspects of our investment strategy by plan. Historical returns also are considered where appropriate. The assumption is based on consideration of all inputs, with a focus on long-term trends to avoid short-term market influences. NOTE 17. RETIREMENT BENEFITS (Continued) The fair value of our defined benefit pension plan assets (including dividends and interest receivables of $322 million and $102 million for U.S. and non-U.S. plans, respectively) by asset category at December 31 was as follows (in millions): 2019 U.S. Plans Non-U.S. Plans Level 1 Level 2 Level 3 Assets measured at NAV (a) Total Level 1 Level 2 Level 3 Assets measured at NAV (a) Total Asset Category Equity U.S. companies $ 1,542 $ 20 $ — $ — $ 1,562 $ 1,059 $ 43 $ — $ — $ 1,102 International companies 971 9 1 — 981 850 58 3 — 911 Total equity 2,513 29 1 — 2,543 1,909 101 3 — 2,013 Fixed Income U.S. government and agencies 8,965 2,823 — — 11,788 380 94 — — 474 Non-U.S. government — 1,321 16 — 1,337 — 18,256 — — 18,256 Corporate bonds — 23,717 — — 23,717 — 3,089 35 — 3,124 Mortgage/other asset-backed — 527 — — 527 — 565 69 — 634 Commingled funds — 191 — — 191 — 174 1 — 175 Derivative financial instruments, net (9) (147) — — (156) 15 103 (56) — 62 Total fixed income 8,956 28,432 16 — 37,404 395 22,281 49 — 22,725 Alternatives Hedge funds — — — 2,961 2,961 — — — 1,207 1,207 Private equity — — — 1,884 1,884 — — — 695 695 Real estate — — — 1,193 1,193 — — — 325 325 Total alternatives — — — 6,038 6,038 — — — 2,227 2,227 Cash, cash equivalents, and repurchase agreements (b) (195) — — — (195) (1,765) — — — (1,765) Other (c) (1,537) — — — (1,537) (762) — 5,520 — 4,758 Total assets at fair value $ 9,737 $ 28,461 $ 17 $ 6,038 $ 44,253 $ (223) $ 22,382 $ 5,572 $ 2,227 $ 29,958 _______ (a) Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. (b) Primarily short-term investment funds to provide liquidity to plan investment managers, cash held to pay benefits, and repurchase agreements valued at $(1.9) billion in U.S. plans and $(2.5) billion in non-U.S. plans. (c) For U.S. plans, amounts related to net pending security (purchases)/sales and net pending foreign currency purchases/(sales). For non-U.S plans, primarily Ford-Werke, plan assets (insurance contract valued at $4.5 billion at year-end 2019) and amounts related to net pending security (purchases)/sales and net pending foreign currency purchases/(sales). NOTE 17. RETIREMENT BENEFITS (Continued) The fair value of our defined benefit pension plan assets (including dividends and interest receivables of $317 million and $102 million for U.S. and non-U.S. plans, respectively) by asset category at December 31 was as follows (in millions): 2020 U.S. Plans Non-U.S. Plans Level 1 Level 2 Level 3 Assets measured at NAV (a) Total Level 1 Level 2 Level 3 Assets measured at NAV (a) Total Asset Category Equity U.S. companies $ 2,161 $ 20 $ — $ — $ 2,181 $ 1,989 $ 48 $ — $ — $ 2,037 International companies 1,346 18 2 — 1,366 1,428 181 4 — 1,613 Total equity 3,507 38 2 — 3,547 3,417 229 4 — 3,650 Fixed Income U.S. government and agencies 9,243 2,177 — — 11,420 — 75 — — 75 Non-U.S. government — 1,203 14 — 1,217 — 20,398 — — 20,398 Corporate bonds — 26,983 — — 26,983 — 3,391 53 — 3,444 Mortgage/other asset-backed — 512 — — 512 — 515 16 — 531 Commingled funds — 189 — — 189 — 111 — — 111 Derivative financial instruments, net 1 (95) — — (94) 2 80 (118) — (36) Total fixed income 9,244 30,969 14 — 40,227 2 24,570 (49) — 24,523 Alternatives Hedge funds — — — 3,258 3,258 — — — 1,259 1,259 Private equity — — — 1,859 1,859 — — — 729 729 Real estate — — — 1,220 1,220 — — — 323 323 Total alternatives — — — 6,337 6,337 — — — 2,311 2,311 Cash, cash equivalents, and repurchase agreements (b) (605) — — — (605) (2,257) — — — (2,257) Other (c) (1,151) — — — (1,151) (458) — 6,051 — 5,593 Total assets at fair value $ 10,995 $ 31,007 $ 16 $ 6,337 $ 48,355 $ 704 $ 24,799 $ 6,006 $ 2,311 $ 33,820 _______ (a) Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. (b) Primarily short-term investment funds to provide liquidity to plan investment managers, cash held to pay benefits, and repurchase agreements valued at $(2.4) billion in U.S. plans and $(2.9) billion in non-U.S. plans. (c) For U.S. plans, amounts related to net pending security (purchases)/sales and net pending foreign currency purchases/(sales). For non-U.S plans, primarily Ford-Werke, plan assets (insurance contract valued at $5 billion at year-end 2020) and amounts related to net pending security (purchases)/sales and net pending foreign currency purchases/(sales). NOTE 17. RETIREMENT BENEFITS (Continued) The following table summarizes the changes in Level 3 defined benefit pension plan assets measured at fair value on a recurring basis for the years ended December 31 (in millions): 2019 Return on plan assets Fair Attributable Attributable Net Purchases/ Transfers Into/ (Out of) Level 3 Fair U.S. Plans $ 1 $ 1 $ — $ 15 $ — $ 17 Non-U.S. Plans (a) 5,249 215 (5) 113 — 5,572 2020 Return on plan assets Fair Attributable Attributable Net Purchases/ Transfers Into/ (Out of) Level 3 Fair U.S. Plans $ 17 $ (2) $ 1 $ — $ — $ 16 Non-U.S. Plans (a) 5,572 473 1 1 (41) 6,006 _______ |
Lease Commitments (Notes)
Lease Commitments (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
LEASE COMMITMENTS | LEASE COMMITMENTS We lease land, dealership facilities, offices, distribution centers, warehouses, and equipment under agreements with contractual periods ranging from less than one year to 40 years. Many of our leases contain one or more options to extend. In certain dealership lease agreements, we are the tenant and we sublease the site to a dealer. In the event the sublease is terminated, we have the option to terminate the head lease. We include options that we are reasonably certain to exercise in our evaluation of the lease term after considering all relevant economic and financial factors. Leases that are economically similar to the purchase of an asset are classified as finance leases. The leased (“right-of-use”) assets in finance lease arrangements are reported in Net property on our consolidated balance sheets. Otherwise, the leases are classified as operating leases and reported in Other assets in the non-current assets section of our consolidated balance sheets. For the majority of our leases, we do not separate the non-lease components (e.g., maintenance and operating services) from the lease components to which they relate. Instead, non-lease components are included in the measurement of the lease liabilities. However, we do separate lease and non-lease components for contracts containing a significant service component (e.g., energy performance contracts). We calculate the initial lease liability as the present value of fixed payments not yet paid and variable payments that are based on a market rate or an index (e.g., CPI), measured at commencement. The majority of our leases are discounted using our incremental borrowing rate because the rate implicit in the lease is not readily determinable. All other variable payments are expensed as incurred. NOTE 18. LEASE COMMITMENTS (Continued) Lease right-of-use assets and liabilities at December 31 were as follows (in millions): 2019 2020 Operating leases Other assets, non-current $ 1,415 $ 1,287 Other liabilities and deferred revenue, current $ 367 $ 323 Other liabilities and deferred revenue, non-current 1,047 991 Total operating lease liabilities $ 1,414 $ 1,314 Finance leases Property and equipment, gross $ 252 $ 540 Accumulated depreciation (43) (50) Property and equipment, net $ 209 $ 490 Automotive debt payable within one year $ 92 $ 46 Automotive long-term debt 85 368 Total finance lease liabilities $ 177 $ 414 The amounts contractually due on our lease liabilities as of December 31, 2020 were as follows (in millions): Operating Leases (a) Finance 2021 $ 366 $ 60 2022 279 54 2023 210 42 2024 156 35 2025 117 30 Thereafter 352 303 Total 1,480 524 Less: Present value discount 166 110 Total lease liabilities $ 1,314 $ 414 _______ (a) Excludes approximately $101 million in future lease payments for various operating leases commencing in a future period. NOTE 18. LEASE COMMITMENTS (Continued) Supplemental cash flow information related to leases for the years ended December 31 was as follows (in millions): 2019 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 460 $ 434 Operating cash flows from finance leases 6 15 Financing cash flows from finance leases 35 105 Right-of-use assets obtained in exchange for lease liabilities Operating leases $ 527 $ 304 Finance leases (a) 43 306 The components of lease expense for the years ended December 31 were as follows (in millions): 2019 2020 Operating lease expense $ 467 $ 463 Variable lease expense 53 57 Sublease income (16) (14) Finance lease expense Amortization of right-of-use assets 15 27 Interest on lease liabilities 6 15 Total lease expense $ 525 $ 548 The weighted-average remaining lease term and weighted-average discount rate at December 31 were as follows: 2019 2020 Weighted-average remaining lease term (in years) Operating leases 6.3 6.3 Finance leases (a) 3.0 14.8 Weighted-average discount rate Operating leases 3.4 % 3.8 % Finance leases 3.3 % 3.5 % _______ (a) Includes the addition of a 20-year finance lease for about $300 million that commenced in January 2020. |
Debt and Commitments (Notes)
Debt and Commitments (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
DEBT AND COMMITMENTS | DEBT AND COMMITMENTS Our debt consists of short-term and long-term secured and unsecured debt securities, and secured and unsecured borrowings from banks and other lenders. Debt issuances are placed directly by us or through securities dealers or underwriters and are held by institutional and retail investors. In addition, Ford Credit sponsors securitization programs that provide short-term and long-term asset-backed financing through institutional investors in the U.S. and international capital markets. Debt is reported on our consolidated balance sheets at par value adjusted for unamortized discount or premium, unamortized issuance costs, and adjustments related to designated fair value hedging (see Note 20). Discounts, premiums, and costs directly related to the issuance of debt are capitalized and amortized over the life of the debt or to the put date and are recorded in interest expense using the effective interest method. Gains and losses on the extinguishment of debt are recorded in Other income/(loss), net . NOTE 19. DEBT AND COMMITMENTS (Continued) The carrying value of Automotive, Ford Credit, and Other debt at December 31 was as follows (in millions): Interest Rates Average Contractual Average Effective (a) Automotive 2019 2020 2019 2020 2019 2020 Debt payable within one year Short-term $ 315 $ 613 1.5 % 4.0 % 1.5 % 4.0 % Long-term payable within one year U.S. Department of Energy Advanced Technology Vehicles Manufacturing (“DOE ATVM”) Incentive Program 591 148 Other debt 540 434 Unamortized (discount)/premium (1) (1) Total debt payable within one year 1,445 1,194 Long-term debt payable after one year Public unsecured debt securities 10,583 18,583 Delayed draw term loan 1,500 1,500 DOE ATVM Incentive Program 880 1,064 Other debt 547 1,622 Unamortized (discount)/premium (161) (239) Unamortized issuance costs (116) (188) Total long-term debt payable after one year 13,233 22,342 5.2 % (b) 6.3 % (b) 5.3 % (b) 6.5 % (b) Total Automotive $ 14,678 $ 23,536 Fair value of Automotive debt (c) $ 15,606 $ 27,209 Ford Credit Debt payable within one year Short-term $ 13,717 $ 11,429 2.8 % 1.5 % 2.8 % 1.6 % Long-term payable within one year Unsecured debt 15,062 17,185 Asset-backed debt 23,609 21,345 Unamortized (discount)/premium 1 2 Unamortized issuance costs (17) (17) Fair value adjustments (d) (1) 25 Total debt payable within one year 52,371 49,969 Long-term debt payable after one year Unsecured debt 55,148 54,197 Asset-backed debt 32,162 32,276 Unamortized (discount)/premium 6 28 Unamortized issuance costs (197) (235) Fair value adjustments (d) 539 1,442 Total long-term debt payable after one year 87,658 87,708 3.0 % (b) 2.7 % (b) 3.0 % (b) 2.7 % (b) Total Ford Credit $ 140,029 $ 137,677 Fair value of Ford Credit debt (c) $ 141,678 $ 139,796 Other Long-term debt payable within one year $ 130 $ 180 Long-term debt payable after one year Unsecured debt 474 294 Unamortized (discount)/premium and issuance costs (4) (3) Total long-term debt payable after one year 470 291 9.3 % (b) 9.3 % (b) 9.2 % (b) 9.2 % (b) Total Other $ 600 $ 471 Fair value of Other debt $ 720 $ 585 __________ (a) Average effective rates reflect the average contractual interest rate plus amortization of discounts, premiums, and issuance costs. (b) Includes interest on long-term debt payable within one year and after one year. (c) At December 31, 2019 and 2020, the fair value of debt includes $315 million and $529 million of Automotive short-term debt and $12.8 billion and $10.4 billion of Ford Credit short-term debt, respectively, carried at cost which approximates fair value. All other debt is categorized within Level 2 of the fair value hierarchy. (d) These adjustments are related to hedging activity and include discontinued hedging relationship adjustments of $7 million and $299 million at December 31, 2019 and 2020, respectively. The carrying value of hedged debt was $39.4 billion and $45.5 billion at December 31, 2019 and 2020, respectively. NOTE 19. DEBT AND COMMITMENTS (Continued) Cash paid for interest was $1.2 billion, $1 billion, and $1.4 billion in 2018, 2019, and 2020, respectively, on Automotive and Other debt. Cash paid for interest was $3.5 billion, $4.1 billion, and $3.4 billion in 2018, 2019, and 2020, respectively, on Ford Credit debt. Maturities Debt maturities at December 31, 2020 were as follows (in millions): 2021 2022 2023 2024 2025 Thereafter Adjustments Total Debt Maturities Automotive Public unsecured debt securities $ — $ 86 $ 3,500 $ — $ 3,709 $ 11,288 $ (290) $ 18,293 DOE ATVM Incentive Program 148 1,064 — — — — 3 1,215 Delayed draw term loan — 1,500 — — — — — 1,500 Short-term and other debt 1,047 145 175 48 881 373 (141) 2,528 Total $ 1,195 $ 2,795 $ 3,675 $ 48 $ 4,590 $ 11,661 $ (428) $ 23,536 Ford Credit Unsecured debt $ 27,583 $ 13,983 $ 10,835 $ 10,323 $ 9,117 $ 9,939 $ 1,313 $ 83,093 Asset-backed debt 22,376 14,419 7,850 3,148 6,159 700 (68) 54,584 Total $ 49,959 $ 28,402 $ 18,685 $ 13,471 $ 15,276 $ 10,639 $ 1,245 $ 137,677 Other Unsecured debt $ 180 $ — $ — $ — $ — $ 294 $ (3) $ 471 NOTE 19. DEBT AND COMMITMENTS (Continued) Automotive Segment Public Unsecured Debt Securities Our public unsecured debt securities outstanding at December 31 were as follows (in millions): Aggregate Principal Amount Outstanding Title of Security 2019 2020 8 7/8% Debentures due January 15, 2022 $ 86 $ 86 8.500% Notes due April 21, 2023 — 3,500 9.000% Notes due April 22, 2025 — 3,500 7 1/8% Debentures due November 15, 2025 209 209 7 1/2% Debentures due August 1, 2026 193 193 4.346% Notes due December 8, 2026 1,500 1,500 6 5/8% Debentures due February 15, 2028 104 104 6 5/8% Debentures due October 1, 2028 (a) 638 638 6 3/8% Debentures due February 1, 2029 (a) 260 260 9.625% Notes due April 22, 2030 — 1,000 7.45% GLOBLS due July 16, 2031 (a) 1,794 1,794 8.900% Debentures due January 15, 2032 151 151 9.95% Debentures due February 15, 2032 4 4 4.75% Notes due January 15, 2043 2,000 2,000 7.75% Debentures due June 15, 2043 73 73 7.40% Debentures due November 1, 2046 398 398 5.291% Notes due December 8, 2046 1,300 1,300 9.980% Debentures due February 15, 2047 181 181 6.20% Notes due June 1, 2059 750 750 6.00% Notes due December 1, 2059 800 800 7.70% Debentures due May 15, 2097 142 142 Total public unsecured debt securities (b) $ 10,583 $ 18,583 __________ (a) Listed on the Luxembourg Exchange and on the Singapore Exchange. (b) Excludes 9.215% Debentures due September 15, 2021 with an outstanding balance at December 31, 2020 of $180 million. The proceeds from these securities were on-lent by Ford to Ford Holdings and are reported as Other long-term debt . NOTE 19. DEBT AND COMMITMENTS (Continued) DOE ATVM Incentive Program In September 2009, we entered into a Loan Arrangement and Reimbursement Agreement with the DOE, under which we borrowed through multiple draws $5.9 billion to finance certain costs for fuel-efficient, advanced-technology vehicles. At December 31, 2020, an aggregate $1.2 billion was outstanding. In June 2020, the ATVM loan was modified, reducing quarterly principal payments from $148 million to $37 million. The deferred portion of the principal payments will be due upon original maturity in June 2022. The ATVM loan bears interest at a blended rate based on the U.S. Treasury yield curve at the time each draw was made (with the weighted-average interest rate on all such draws being about 2.3% per annum) on the principal amount, and an additional 1.45% per annum on the deferred portion of the principal amount. U.K. Export Finance Program In the second quarter of 2020, Ford Motor Company Limited (“Ford of Britain”), our operating subsidiary in the United Kingdom, entered into, and drew in full, a £625 million term loan credit facility with a syndicate of banks to support Ford of Britain’s general export activities. Accordingly, U.K. Export Finance (“UKEF”) provided a £500 million guarantee of the credit facility under its Export Development Guarantee scheme, which supports high value commercial lending to U.K. exporters. We have also guaranteed Ford of Britain’s obligations under the credit facility to the lenders. As of December 31, 2020, the full £625 million remained outstanding. This five-year, non-amortizing loan matures on June 30, 2025. Automotive Credit Facilities Total Company committed credit lines, excluding Ford Credit, at December 31, 2020 were $18.6 billion, consisting of $13.5 billion of our corporate credit facility, $2 billion of our supplemental revolving credit facility, $1.5 billion of our delayed draw term loan facility, and $1.6 billion of local credit facilities. In the first quarter of 2020, we submitted borrowing notices to our lenders for the full amounts of both our corporate credit facility and our supplemental revolving credit facility, and by the third quarter of 2020, we repaid the full amounts outstanding under each facility. At December 31, 2020, the utilized portion of the corporate credit facility was $27 million, representing amounts utilized for letters of credit, and no portion of the supplemental revolving credit facility was utilized. The $1.5 billion delayed draw term loan facility was drawn in full in 2019 and remains outstanding. In addition, about $700 million of committed Company credit lines, excluding Ford Credit, was available under local credit facilities for our affiliates as of December 31, 2020. Lenders under our corporate credit facility have $400 million of commitments maturing on April 30, 2022, $3 billion of commitments maturing on July 27, 2023, and $10.1 billion of commitments maturing on April 30, 2024. Lenders under our supplemental revolving credit facility have about $200 million of commitments maturing on April 30, 2022, and $1.8 billion of commitments maturing on July 27, 2023. The corporate credit facility is unsecured and free of material adverse change conditions to borrowing, restrictive financial covenants (for example, interest or fixed-charge coverage ratio, debt-to-equity ratio, and minimum net worth requirements), and credit rating triggers that could limit our ability to obtain funding or trigger early repayment. The corporate credit facility contains a liquidity covenant that requires us to maintain a minimum of $4 billion in aggregate of domestic cash, cash equivalents, and loaned and marketable securities and/or availability under the facility. Further, the terms of the corporate and supplemental revolving credit facilities prohibit share repurchases (with limited exceptions) while any portion of either facility is outstanding and the payment of dividends on our common or Class B stock while more than 50% of the aggregate amount of commitments under the two facilities is utilized. The terms and conditions of the delayed draw term loan (other than the restrictions on share repurchases and dividends) and the supplemental revolving credit facility are consistent with our corporate credit facility. Each of the corporate credit facility, supplemental revolving credit facility, delayed draw term loan, and our Loan Arrangement and Reimbursement Agreement with the DOE include a covenant that requires us to provide guarantees from certain of our subsidiaries in the event that our senior, unsecured, long-term debt does not maintain at least two investment grade ratings from Fitch, Moody’s, and S&P. The following subsidiaries have provided unsecured guarantees to the lenders under the credit facilities and to the DOE: Ford Component Sales, LLC; Ford European Holdings LLC; Ford Global Technologies, LLC; Ford Holdings LLC (the parent company of Ford Credit); Ford International Capital LLC; Ford Mexico Holdings LLC; Ford Motor Service Company; Ford Smart Mobility LLC; and Ford Trading Company, LLC. NOTE 19. DEBT AND COMMITMENTS (Continued) Ford Credit Segment Asset-Backed Debt At December 31, 2020, the carrying value of our asset-backed debt was $54.6 billion. This secured debt is issued by Ford Credit and includes asset-backed securities used to fund operations and maintain liquidity. Assets securing the related debt issued as part of all our securitization transactions are included in our consolidated results and are based upon the legal transfer of the underlying assets in order to reflect legal ownership and the beneficial ownership of the debt holder. The third-party investors in the securitization transactions have legal recourse only to the assets securing the debt and do not have such recourse to us, except for the customary representation and warranty provisions or when we are counterparty to certain derivative transactions of the special purpose entities (“SPEs”). In addition, the cash flows generated by the assets are restricted only to pay such liabilities; Ford Credit retains the right to residual cash flows. See Note 24 for additional information. Although not contractually required, we regularly support our wholesale securitization programs by repurchasing receivables of a dealer from a SPE when the dealer’s performance is at risk, which transfers the corresponding risk of loss from the SPE to us. In order to continue to fund the wholesale receivables, we also may contribute additional cash or wholesale receivables if the collateral falls below required levels. There were no contributions in 2019 and the balance of cash related to these contributions was $0 throughout 2019. The balances of cash related to these contributions were $25 million at December 31, 2020, and ranged from $0 to $524 million throughout 2020. SPEs that are exposed to interest rate or currency risk may reduce their risks by entering into derivative transactions. In certain instances, we have entered into derivative transactions with the counterparty to protect the counterparty from risks absorbed through derivative transactions with the SPEs. Derivative income/(expense) related to the derivative transactions that support Ford Credit’s securitization programs were $(17) million, $(75) million, and $(234) million for the years ended December 31, 2018, 2019, and 2020, respectively. See Note 20 for additional information regarding the accounting for derivatives. Interest expense on securitization debt was $1.4 billion, $1.6 billion, and $1.2 billion in 2018, 2019, and 2020, respectively. The assets and liabilities related to our asset-backed debt arrangements included in our consolidated financial statements at December 31 were as follows (in billions): 2019 2020 Assets Cash and cash equivalents $ 3.5 $ 3.2 Finance receivables, net 64.9 59.6 Net investment in operating leases 14.9 12.8 Liabilities Debt (a) $ 56.6 $ 54.6 __________ (a) Debt is net of unamortized discount and issuance costs. Committed Credit Facilities At December 31, 2020, Ford Credit’s committed capacity totaled $40.6 billion, compared with $42.6 billion at December 31, 2019. Ford Credit’s committed capacity is primarily comprised of committed asset-backed security facilities from bank-sponsored commercial paper conduits and other financial institutions and unsecured credit facilities with financial institutions. |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging Activities (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
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: • Foreign currency exchange contracts, including forwards, that are used to manage foreign exchange exposure; • Commodity contracts, including forwards, that are used to manage commodity price risk; • Interest rate contracts, including swaps, that are used to manage the effects of interest rate fluctuations; and • Cross-currency interest rate swap contracts that are used to manage foreign currency and interest rate exposures on foreign-denominated debt. Our derivatives are over-the-counter customized derivative transactions and are not exchange-traded. We review our hedging program, derivative positions, and overall risk management strategy on a regular basis. Derivative Financial Instruments and Hedge Accounting. Derivative assets are reported in Other assets and derivative liabilities are reported in Payables and Other liabilities and deferred revenue. 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. Cash Flow Hedges. Our Automotive segment has designated certain forward contracts as cash flow hedges of forecasted transactions with exposure to foreign currency exchange and commodity price risks. Changes in the fair value of cash flow hedges are deferred in Accumulated other comprehensive income/(loss) and are recognized in Cost of sales when the hedged item affects earnings. Our policy is to de-designate foreign currency exchange cash flow hedges prior to the time forecasted transactions are recognized as assets or liabilities on our consolidated balance sheets and report subsequent changes in fair value through Cost of sales . If it becomes probable that the originally forecasted transaction will not occur, the related amount included in Accumulated other comprehensive income/(loss) is reclassified and recognized in earnings. The cash flows associated with hedges designated until maturity are reported in Net cash provided by/(used in) operating activities on our consolidated statement of cash flows. Our cash flow hedges mature within three years. Fair Value Hedges. Our Ford Credit segment uses derivatives to reduce the risk of changes in the fair value of debt. We have designated certain receive-fixed, pay-float interest rate and cross-currency interest rate swaps as fair value hedges of fixed-rate debt. The risk being hedged is the risk of changes in the fair value of the hedged debt attributable to changes in the benchmark interest rate and foreign exchange. We report the change in fair value of the hedged debt related to the change in benchmark interest rate in Ford Credit debt and Ford Credit interest, operating, and other expenses . We report the change in fair value of the hedged debt and hedging instrument related to foreign currency in Other income/(loss), net. Net interest settlements and accruals, and fair value changes on hedging instruments due to the benchmark interest rate change are reported in Ford Credit interest, operating, and other expenses . The cash flows associated with fair value hedges are reported in Net cash provided by/(used in) operating activities on our consolidated statements of cash flows. When a fair value hedge is de-designated, or when the derivative is terminated before maturity, the fair value adjustment to the hedged debt continues to be reported as part of the carrying value of the debt and is recognized in Ford Credit interest, operating, and other expenses over its remaining life. Derivatives Not Designated as Hedging Instruments. Our Automotive segment reports changes in the fair value of derivatives not designated as hedging instruments through Cost of sales . Cash flows associated with non-designated or de-designated derivatives are reported in Net cash provided by/(used in) investing activities on our consolidated statements of cash flows. Our Ford Credit segment reports the gains/(losses) on derivatives not designated as hedging instruments in Other income/(loss), net . Cash flows associated with non-designated or de-designated derivatives are reported in Net cash provided by/(used in) investing activities on our consolidated statements of cash flows. NOTE 20. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Continued) Normal Purchases and Normal Sales Classification. We have elected to apply the normal purchases and normal sales classification for physical supply contracts that are entered into for the purpose of procuring commodities to be used in production over a reasonable period in the normal course of our business. Income Effect of Derivative Financial Instruments The gains/(losses), by hedge designation, reported in income for the years ended December 31 were as follows (in millions): 2018 2019 2020 Cash flow hedges Reclassified from AOCI to Cost of sales Foreign currency exchange contracts (a) $ 50 $ 29 $ (11) Commodity contracts (b) — (32) (55) Fair value hedges Interest rate contracts Net interest settlements and accruals on hedging instruments 10 (16) 290 Fair value changes on hedging instruments (155) 706 986 Fair value changes on hedged debt 153 (694) (985) Cross-currency interest rate swap contracts Net interest settlements and accruals on hedging instruments — — (2) Fair value changes on hedging instruments — — 38 Fair value changes on hedged debt — — (37) Derivatives not designated as hedging instruments Foreign currency exchange contracts (c) 398 84 (310) Cross-currency interest rate swap contracts (244) (229) 486 Interest rate contracts (84) (13) (100) Commodity contracts (96) — 47 Total $ 32 $ (165) $ 347 __________ (a) For 2018, 2019, and 2020, a $288 million gain, an $839 million loss, and a $198 million gain, respectively, were reported in Other comprehensive income/(loss), net of tax . (b) For 2019 and 2020, a $36 million loss and a $9 million gain, respectively, were reported in Other comprehensive income/(loss), net of tax . (c) For 2018, 2019, and 2020, a $235 million gain, a $32 million gain, and a $228 million loss, respectively, were reported in Cost of sales and a $163 million gain, a $52 million gain, and an $82 million loss were reported in Other income/(loss), net, respectively. NOTE 20. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Continued) Balance Sheet Effect of Derivative Financial Instruments Derivative assets and liabilities are reported on our consolidated balance sheets 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 at December 31 were as follows (in millions): 2019 2020 Notional Fair Value of Fair Value of Notional Fair Value of Fair Value of Cash flow hedges Foreign currency exchange contracts $ 15,349 $ 47 $ 493 $ 15,860 $ 47 $ 383 Commodity contracts 673 5 29 703 40 5 Fair value hedges Interest rate contracts 26,577 702 19 26,924 1,331 4 Cross-currency interest rate swap contracts — — — 885 46 — Derivatives not designated as hedging instruments Foreign currency exchange contracts 19,350 58 270 25,956 172 399 Cross-currency interest rate swap contracts 5,849 134 67 6,849 557 1 Interest rate contracts 68,914 275 191 70,318 663 439 Commodity contracts 467 9 9 599 74 4 Total derivative financial instruments, gross (a) (b) $ 137,179 $ 1,230 $ 1,078 $ 148,094 $ 2,930 $ 1,235 Current portion $ 390 $ 772 $ 974 $ 859 Non-current portion 840 306 1,956 376 Total derivative financial instruments, gross $ 1,230 $ 1,078 $ 2,930 $ 1,235 __________ (a) At December 31, 2019 and 2020, we held collateral of $18 million and $9 million, respectively, and we posted collateral of $78 million and $96 million, respectively. (b) At December 31, 2019 and 2020, the fair value of assets and liabilities available for counterparty netting was $269 million and $505 million, respectively. All derivatives are categorized within Level 2 of the fair value hierarchy. |
Employee Separation and Exit an
Employee Separation and Exit and Disposal Activities (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
EMPLOYEE SEPARATION ACTIONS AND EXIT AND DISPOSAL ACTIVITIES | EMPLOYEE SEPARATION ACTIONS AND EXIT AND DISPOSAL ACTIVITIES We record costs associated with voluntary separations at the time of employee acceptance, unless the acceptance requires explicit approval by the Company. We record costs associated with involuntary separation programs when management has approved the plan for separation, the affected employees are identified, and it is unlikely that actions required to complete the separation plan will change significantly. Costs associated with benefits that are contingent on the employee continuing to provide service are accrued over the required service period. Automotive Segment Global Redesign As previously announced, we are executing a global redesign of our business. Redesign-related activities, including employee separation costs, facility and other asset-related charges (e.g., impairment, accelerated depreciation), dealer and supplier payments, other statutory and contractual obligations, and other expenses, are recorded in Cost of sales and Selling, administrative, and other expenses . Below are actions we have initiated as part of the redesign. Brazil. In February 2019, Ford Motor Company Brasil Ltda. (“Ford Brazil”), our subsidiary in Brazil, committed to a plan to exit the commercial heavy truck business in South America. As a result, Ford Brazil ceased production at the São Bernardo do Campo plant in Brazil during 2019. Ford Brazil completed a sale of the plant machinery and equipment in the third quarter of 2020 and the land and buildings in the fourth quarter of 2020. In December 2020, Ford Brazil committed to a plan to exit manufacturing operations in Brazil, which will result in the closure of facilities in Camaçari, Taubaté, and Troller in 2021. Production in Camaçari and Taubaté to support new vehicle sales ceased in January 2021, with a limited amount of parts production continuing for a few months to support inventories for aftermarket sales. The Troller plant will cease operations in the fourth quarter of 2021. These actions will not result in Ford Brazil being substantially liquidated, as it will continue imported vehicle sales and customer support operations, and maintain the product development center in Bahia, the proving grounds in Tatuí, São Paulo, and the regional headquarters in São Paulo. Russia. In March 2019, Ford Sollers Netherlands B.V. (“Ford Sollers”), a joint venture between Ford and Sollers PJSC (“Sollers”) in which Ford had control, announced its plan to restructure its business in Russia to focus exclusively on commercial vehicles and to exit the passenger car segment. As a result of these actions, Ford acquired 100% ownership of Ford Sollers and ceased production at the Naberezhnye Chelny and St. Petersburg vehicle assembly plants and the Elabuga engine plant during the second quarter of 2019. Subsequent to completion of the restructuring actions, in July 2019, Ford sold a 51% controlling interest in the restructured entity to Sollers, which resulted in deconsolidation of the Ford Sollers subsidiary. Our continued involvement in Ford Sollers is accounted for as an equity method investment. In the fourth quarter of 2020, we also completed a sale of certain manufacturing assets. United Kingdom. In June 2019, Ford of Britain announced its plan to exit the Ford Bridgend plant in South Wales in 2020. Ford of Britain ceased production at the Bridgend plant and the facility was closed in September 2020. India. In the third quarter of 2019, Ford committed to a plan to sell specific net assets in our India Automotive operations. On December 31, 2020, Ford and Mahindra & Mahindra Limited (“Mahindra”) mutually determined that we will not complete the joint venture. See Note 22 for additional information. Other Global Redesign Actions. In 2018, we announced our plan to end production at the Ford Aquitaine Industries plant in Bordeaux, France. We ceased production and the facility was closed in July 2019. In March 2019, we announced our plan to phase-out the production of the C-Max at the Saarlouis Body and Assembly Plant in Germany. We ceased production of the C-Max in June 2019. In addition, we are continuing to reduce our global workforce and take other restructuring actions. NOTE 21. EMPLOYEE SEPARATION ACTIONS AND EXIT AND DISPOSAL ACTIVITIES (Continued) The following table summarizes the redesign-related activities for the years ended December 31, which are recorded in Other liabilities and deferred revenue (in millions): 2019 2020 Beginning balance $ 291 $ 734 Changes in accruals (a) 1,382 1,598 Payments (911) (631) Foreign currency translation (28) 31 Ending balance $ 734 $ 1,732 __________ (a) Excludes pension costs of $311 million and $268 million in 2019 and 2020, respectively. We also recorded $1.4 billion of non-cash charges in 2019 for the impairment of our India Automotive operations, accelerated depreciation, and other items. In 2020, we also recorded $1.4 billion of non-cash charges related to the write-off of certain tax and other assets in South America, accelerated depreciation, and other items. In addition, we recognized a pre-tax net gain on sale of assets in Brazil and Russia of $39 million, with cash proceeds of $128 million, in 2020. We estimate that we will incur total charges in 2021 that range between $2.2 billion and $2.7 billion related to the actions above, primarily attributable to employee separations, accelerated depreciation, and dealer and supplier settlements. Other Actions United Automobile, Aerospace and Agricultural Implement Workers of America (“UAW”) Voluntary Separation Packages. As agreed in the collective bargaining agreement ratified in November 2019, during the first quarter of 2020, we offered voluntary separation packages to our UAW hourly workforce who were eligible for normal or early retirement, and recorded associated costs of $201 million in Cost of sales . All separations occurred during 2020. |
Held-for-Sale Operations and Ch
Held-for-Sale Operations and Changes in Investments in Affiliates (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Held-for-Sale Operations [Abstract] | |
HELD-FOR-SALE OPERATIONS AND CHANGES IN INVESTMENTS IN AFFILIATES | HELD-FOR-SALE OPERATIONS AND CHANGES IN INVESTMENTS IN AFFILIATES Automotive Segment India. In the third quarter of 2019, we committed to a plan to sell specific net assets in our India Automotive operations. We entered into a definitive agreement to form a joint venture with Mahindra to sell certain India Automotive operations to the joint venture. Accordingly, we reported the assets and liabilities of these operations as held for sale for the year ended December 31, 2019, as follows (in millions): 2019 Assets Trade and other receivables, net $ 269 Inventories 208 Other assets, current 147 Net property 279 Other assets, non-current 10 Total assets of held-for-sale operations 913 Less: Intercompany asset balances (228) Automotive segment total assets of held-for-sale operations (a) $ 685 Liabilities Payables $ 461 Other liabilities and deferred revenue, current 71 Automotive debt payable within one year 90 Other liabilities and deferred revenue, non-current 28 Total liabilities of held-for-sale operations 650 Less: Intercompany liability balances (169) Automotive segment total liabilities of held-for-sale operations (a) $ 481 __________ (a) As of December 31, 2019, intercompany items and transactions have been eliminated on the consolidated balance sheets. We have presented those balances in the table for informational purposes. We recognized, in Cost of sales , pre-tax impairment charges of $804 million and $23 million during the years ended December 31, 2019 and 2020, respectively, to adjust the carrying value of the held-for-sale assets to fair value less cost to sell. The value is measured on a nonrecurring basis and categorized within Level 3 of the fair value hierarchy. We determined fair value using a market approach, estimated based on the negotiated value of the assets. As a result of fundamental changes in global economic and business conditions during 2020, caused in part by the global pandemic, on December 31, 2020, we and Mahindra mutually determined that we will not complete the joint venture. Accordingly, at December 31, 2020, the assets and liabilities of our India Automotive operations have been reclassified and reported as held and used. Because the carrying value of the net assets approximated fair value at December 31, 2020, the pre-tax impairment charges recorded in 2019 and 2020 were not adjusted as a result of the reclassification to held and used. Mobility Segment On June 1, 2020, we completed a transaction with VW that reduced our ownership interest in the autonomous vehicle technology company Argo AI and resulted in Ford and VW holding equal interests in Argo AI, with the remaining interests consisting of incentive units and founders’ equity. The transaction involved us selling a portion of our Argo AI equity to VW for $500 million and VW making additional investments in Argo AI, including contributing its Autonomous Intelligent Driving company. As a result of the transaction, we deconsolidated Argo AI, remeasured our retained investment in Argo AI at fair value, and recognized a $3.5 billion gain in Other income/(loss) , of which $2.9 billion related to our retained investment in Argo AI. We measured the fair value of Argo AI using the income approach. The significant assumptions used in the valuation included Argo AI’s projected long-term cash flows and related terminal value, discounted at a rate typically used for a company at Argo AI’s stage of development. NOTE 22. HELD-FOR-SALE OPERATIONS AND CHANGES IN INVESTMENTS IN AFFILIATES (Continued) Our retained investment in Argo AI immediately after the transaction consisted of an equity method investment of $2.4 billion and a preferred equity security investment of $400 million, reflected on our consolidated balance sheets in Equity in net assets of affiliated companies and Other assets , respectively. The difference between the fair value of our equity method investment and our share of the carrying value of Argo AI’s net assets primarily related to indefinite-lived assets. We also agreed to future funding of Argo AI of $600 million, subject to capital calls, which will increase our preferred equity investment. As of December 31, 2020, $507 million of the agreed future funding remains. Ford Credit Segment In the fourth quarter of 2019, Ford Credit committed to a plan to sell its operations in Forso, a wholly owned subsidiary of Ford Credit, that provided retail and dealer financing in Denmark, Finland, Norway, and Sweden. As a result, we classified the assets and liabilities of these operations as held for sale and recognized a pre-tax fair value impairment charge of $20 million, reported in Other income/(loss), net , in the fourth quarter of 2019. The assets and liabilities of the Forso operations classified as held for sale for the year ended December 31, 2019 were as follows (in millions): December 31, Assets Cash and cash equivalents $ 61 Ford Credit finance receivables, net, current 516 Trade and other receivables, net 8 Other assets, current 106 Ford Credit finance receivables, net, non-current 715 Net property 2 Deferred income taxes 9 Other assets, non-current 1 Total assets of held-for-sale operations 1,418 Less: Intercompany asset balances (2) Ford Credit segment total assets of held-for-sale operations (a) $ 1,416 Liabilities Payables $ 34 Other liabilities and deferred revenue, current 8 Ford Credit long-term debt 1,254 Deferred income taxes 23 Total liabilities of held-for-sale operations 1,319 Less: Intercompany liability balances (1,274) Ford Credit segment total liabilities of held-for-sale operations (a) $ 45 __________ (a) As of December 31, 2019, intercompany items and transactions have been eliminated on the consolidated balance sheets. Upon closing, the buyer assumed the intercompany assets and liabilities. Accordingly, we have presented those balances in the table for informational purposes. In the first quarter of 2020, Ford Credit completed the sale of Forso recognizing a pre-tax loss of $4 million, reported in Other income/(loss), net , and cash proceeds of $1.3 billion. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income/(Loss) (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
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 years ended December 31 were as follows (in millions): 2018 2019 2020 Foreign currency translation Beginning balance $ (4,277) $ (4,800) $ (4,626) Gains/(Losses) on foreign currency translation (435) 181 (1,107) Less: Tax/(Tax benefit) (a) 91 6 (206) Net gains/(losses) on foreign currency translation (526) 175 (901) (Gains)/Losses reclassified from AOCI to net income (b) 3 (1) 1 Other comprehensive income/(loss), net of tax (c) (523) 174 (900) Ending balance $ (4,800) $ (4,626) $ (5,526) Marketable securities Beginning balance $ (48) $ (59) $ 71 Gains/(Losses) on available for sale securities (37) 173 155 Less: Tax/(Tax benefit) (8) 40 37 Net gains/(losses) on available for sale securities (29) 133 118 (Gains)/Losses reclassified from AOCI to net income 20 (3) (45) Less: Tax/(Tax benefit) 2 — (12) Net (gains)/losses reclassified from AOCI to net income 18 (3) (33) Other comprehensive income/(loss), net of tax (11) 130 85 Ending balance $ (59) $ 71 $ 156 Derivative instruments Beginning balance $ 18 $ 201 $ (488) Gains/(Losses) on derivative instruments 288 (875) 207 Less: Tax/(Tax benefit) 65 (180) 39 Net gains/(losses) on derivative instruments 223 (695) 168 (Gains)/Losses reclassified from AOCI to net income (50) 3 66 Less: Tax/(Tax benefit) (10) (3) 12 Net (gains)/losses reclassified from AOCI to net income (d) (40) 6 54 Other comprehensive income/(loss), net of tax 183 (689) 222 Ending balance $ 201 $ (488) $ (266) Pension and other postretirement benefits Beginning balance $ (2,652) $ (2,708) $ (2,685) Prior service (costs)/credits arising during the period (135) (15) (21) Less: Tax/(Tax benefit) (23) (2) (6) Net prior service (costs)/credits arising during the period (112) (13) (15) Amortization and recognition of prior service costs/(credits) (e) 59 50 63 Less: Tax/(Tax benefit) 13 10 10 Net prior service costs/(credits) reclassified from AOCI to net income 46 40 53 Translation impact on non-U.S. plans 10 (4) (11) Other comprehensive income/(loss), net of tax (56) 23 27 Ending balance $ (2,708) $ (2,685) $ (2,658) Total AOCI ending balance at December 31 $ (7,366) $ (7,728) $ (8,294) __________ (a) We do not recognize deferred taxes for a majority of the foreign currency translation gains and losses because we do not anticipate reversal in the foreseeable future. However, we have made elections to tax certain non-U.S. operations simultaneously in U.S. tax returns, and have recorded deferred taxes for temporary differences that will reverse, independent of repatriation plans, in U.S. tax returns. Taxes or tax benefits resulting from foreign currency translation of the temporary differences are recorded in Other comprehensive income/(loss), net of tax . (b) Reclassified to Other income/(loss), net. (c) In 2020, excludes a loss of $1 million related to noncontrolling interests. (d) Reclassified to Cost of sales . During the next twelve months we expect to reclassify existing net losses on cash flow hedges of $114 million. See Note 20 for additional information. (e) Amortization and recognition of prior service costs/(credits) |
Variable Interest Entities (Not
Variable Interest Entities (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES A VIE is an entity that either (i) has insufficient equity to finance its activities without additional subordinated financial support, or (ii) has equity investors who lack the characteristics of a controlling financial interest. We consolidate VIEs of which we are the primary beneficiary. We consider ourselves the primary beneficiary of a VIE when we have both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. Assets recognized as a result of consolidating these VIEs do not represent additional assets that could be used to satisfy claims against our general assets. Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on our general assets; rather, they represent claims against the specific assets of the consolidated VIEs. We have the power to direct the significant activities of an entity when our management has the ability to make key operating decisions, such as decisions regarding capital investment or manufacturing production schedules. For securitization entities, we have the power to direct significant activities when we have the ability to exercise discretion in the servicing of financial assets, issue additional debt, exercise a unilateral call option, add assets to revolving structures, or control investment decisions. VIEs of Which We are Not the Primary Beneficiary Certain of our investments in affiliates are VIEs, in which the power to direct economically significant activities is shared with other investors. Our investments in these affiliates are accounted for as equity method investments and, in the case of Argo AI, also as a preferred equity security investment. Our maximum exposure to any potential losses associated with these affiliates is limited to our investments, including loans, and was $209 million and $3 billion at December 31, 2019 and 2020, respectively. The increase from December 31, 2019 primarily reflects our investments in Argo AI in the second quarter of 2020. See Note 22 for additional information. VIEs of Which We are the Primary Beneficiary |
Commitments and Contingencies (
Commitments and Contingencies (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
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 and field service actions. Guarantees and Indemnifications Financial Guarantees. Financial guarantees and indemnifications are recorded at fair value at their inception. Subsequent to initial recognition, the guarantee liability is adjusted at each reporting period to reflect the current estimate of expected payments resulting from possible default events over the remaining life of the guarantee. The maximum potential payments for financial guarantees were $162 million and $346 million at December 31, 2019 and 2020, respectively. The carrying value of recorded liabilities related to financial guarantees was $33 million and $46 million at December 31, 2019 and 2020, respectively. Our financial guarantees consist of 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. Non-Financial Guarantees. Non-financial 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 a guarantee or indemnity, the amount of probable payment is recorded. The maximum potential payments for non-financial guarantees were $587 million and $245 million at December 31, 2019 and 2020, respectively. The carrying value of recorded liabilities related to non-financial guarantees was $200 million and $48 million at December 31, 2019 and 2020, respectively. We guarantee the resale value of vehicles sold in certain arrangements to daily rental companies. The maximum potential payment of $240 million as of December 31, 2020 represents the total proceeds we guarantee the rental company will receive on resale. Reflecting our present estimate of proceeds the rental companies will receive on resale from third parties, we have recorded $47 million as our best estimate of the amount we will have to pay under the guarantee. 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 contract claim brought by a counterparty, including a joint venture or alliance partner, or 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. NOTE 25. COMMITMENTS AND CONTINGENCIES (Continued) 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. 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 about $400 million, a decrease of about $500 million from September 30, 2020, primarily reflecting an accrual in the fourth quarter of 2020 for indirect tax matters. 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. NOTE 25. COMMITMENTS AND CONTINGENCIES (Continued) Warranty and Field Service Actions We accrue the estimated cost of both base warranty coverages and field service actions at the time of sale. We establish our estimate of base warranty obligations using a patterned estimation model, using historical information regarding the nature, frequency, and average cost of claims for each vehicle line by model year. We establish our estimates of field service action obligations using a patterned estimation model, using historical information regarding the nature, frequency, severity, and average cost of claims for each model year. In addition, from time to time, we issue extended warranties at our expense, the estimated cost of which is accrued at the time of issuance. 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 recovery is virtually certain. Recoveries are reported in Trade and other receivables, net and Other assets. The estimate of our future warranty and field service action costs, net of estimated supplier recoveries, for the years ended December 31 was as follows (in millions): 2019 2020 Beginning balance $ 5,137 $ 5,702 Payments made during the period (4,561) (3,923) Changes in accrual related to warranties issued during the period 3,182 3,934 Changes in accrual related to pre-existing warranties 1,941 2,403 Foreign currency translation and other 3 56 Ending balance $ 5,702 $ 8,172 Changes in accrual related to pre-existing warranties in the table above includes changes to our estimated costs as well as a $610 million charge in our fourth quarter 2020 results for a field service action related to three million Takata airbag inflators. Separately, NHTSA and the automotive industry are currently engaged in a study of the safety of approximately 56 million Takata desiccated airbag inflators in the United States. Of these, approximately three and a half million of the inflators are in our vehicles. Should NHTSA determine that the inflators contain a safety defect, Ford and other manufacturers could potentially face significant incremental recall costs. |
Segment Information (Notes)
Segment Information (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION We report segment information consistent with the way our chief operating decision maker (“CODM”) evaluates the operating results and performance of the Company. Accordingly, we analyze the results of our business through the following segments: Automotive, Mobility, and Ford Credit. Effective January 1, 2021, consistent with how our CODM assesses performance of the segments and makes decisions about resource allocations, we are changing the measurement of our segments as follows: (i) costs and benefits related to enterprise connectivity activities included in the Mobility segment will be reported in the Automotive segment; (ii) certain corporate governance expenses that benefit the global enterprise reported in the Automotive segment will be reported as part of Corporate Other; and (iii) cash and other centrally managed corporate assets reported in the Automotive segment will be realigned to Corporate Other. Below is a description of our reportable segments and other activities as of December 31, 2020. Automotive Segment The Automotive segment primarily includes the sale of Ford and Lincoln vehicles, service parts, and accessories worldwide, together with the associated costs to develop, manufacture, distribute, and service the vehicles, parts, and accessories. This segment includes revenues and costs related to our electrification vehicle programs. The segment includes the following regional business units: North America, South America, Europe, China (including Taiwan), and the International Markets Group. Mobility Segment The Mobility segment primarily includes development costs for Ford’s autonomous vehicles and related businesses, Ford’s equity ownership in Argo AI (a developer of autonomous driving systems), and other mobility businesses and investments (including Spin, a micro-mobility service provider). Ford Credit Segment The Ford Credit segment is comprised of the Ford Credit business on a consolidated basis, which is primarily vehicle-related financing and leasing activities. Corporate Other Corporate Other primarily includes corporate governance expenses, interest income (excluding interest earned on our extended service contract portfolio that is included in our Automotive segment) and gains and losses from our cash, cash equivalents, marketable securities and other investments, and foreign exchange derivatives gains and losses associated with intercompany lending. Corporate governance expenses are primarily administrative, delivering benefit on behalf of the global enterprise, and are not allocated to specific Automotive business units or operating segments. These include expenses related to setting and directing global policy, providing oversight and stewardship, and promoting the Company’s interests. The underlying assets and liabilities associated with these activities remain with the respective Automotive and Mobility segments. Interest on Debt Interest on Debt is presented as a separate reconciling item and consists of interest expense on Automotive and Other debt. The underlying liability is reported in the Automotive segment and in Corporate Other. Special Items Special Items are presented as a separate reconciling item. They consist of (i) pension and OPEB remeasurement gains and losses, (ii) significant personnel expenses, dealer-related costs, and facility-related charges stemming from our efforts to match production capacity and cost structure to market demand and changing model mix, and (iii) other items that we do not necessarily consider to be indicative of earnings from ongoing operating activities. Our management ordinarily excludes these items from its review of the results of the operating segments for purposes of measuring segment profitability and allocating resources. We also report these special items separately to help investors track amounts related to these activities and to allow investors analyzing our results to identify certain infrequent significant items that they may wish to exclude when considering the trend of ongoing operating results. NOTE 26. SEGMENT INFORMATION Key financial information for the years ended or at December 31 was as follows (in millions): Automotive Mobility Ford Credit Corporate Other Interest on Debt Special Adjustments Total 2018 Revenues $ 148,294 $ 26 $ 12,018 $ — $ — $ — $ — $ 160,338 Income/(Loss) before income taxes 5,422 (674) 2,627 (373) (1,228) (1,429) (a) — 4,345 Depreciation and tooling amortization 5,368 16 4,001 — — — — 9,385 Interest expense — — 3,929 — 1,228 — — 5,157 Investment-related interest income 109 — 201 357 — — — 667 Equity in net income/(loss) of affiliated companies 95 — 28 — — — — 123 Cash outflow for capital spending 7,677 60 48 — — — — 7,785 Cash, cash equivalents, marketable securities, and restricted cash 22,999 86 11,055 — — — — 34,140 Total assets 100,105 558 161,678 — — — (5,801) (b) 256,540 2019 Revenues $ 143,599 $ 41 $ 12,260 $ — $ — $ — $ — $ 155,900 Income/(Loss) before income taxes 4,926 (1,186) 2,998 (359) (1,020) (5,999) (c) — (640) Depreciation and tooling amortization 5,520 29 3,666 — — 1,278 (d) — 10,493 Interest expense — — 4,389 — 1,020 — — 5,409 Investment-related interest income 167 — 306 336 — — — 809 Equity in net income/(loss) of affiliated companies 88 12 31 — — (99) (d) — 32 Cash outflow for capital spending 7,481 99 52 — — — — 7,632 Cash, cash equivalents, marketable securities, and restricted cash 22,186 138 12,564 — — — — 34,888 Total assets 101,348 1,034 160,697 — — — (4,542) (b) 258,537 2020 Revenues $ 115,885 $ 56 $ 11,203 $ — $ — $ — $ — $ 127,144 Income/(Loss) before income taxes 1,633 (1,274) 2,608 (188) (1,649) (2,246) (e) — (1,116) Depreciation and tooling amortization 5,232 37 3,269 — — 236 — 8,774 Interest expense — — 3,402 — 1,649 — — 5,051 Investment-related interest income 158 — 94 200 — — — 452 Equity in net income/(loss) of affiliated companies 300 (132) 20 — — (146) — 42 Cash outflow for capital spending 5,560 142 40 — — — — 5,742 Cash, cash equivalents, marketable securities, and restricted cash 30,721 76 19,856 — — — — 50,653 Total assets 109,963 4,023 158,524 — — — (5,249) (b) 267,261 __________ (a) Primarily reflects mark-to-market adjustments for our global pension and OPEB plans and Global Redesign actions. (b) Includes eliminations of intersegment transactions occurring in the ordinary course of business and deferred tax netting. (c) Primarily reflects Global Redesign actions in Europe and mark-to-market adjustments for our global pension and OPEB plans. (d) Prior period amounts have been reclassified in accordance with special item reporting. (e) Primarily reflects Global Redesign actions in South America and Europe, mark-to-market adjustments for our global pension and OPEB plans, and the field service action for Takata airbag inflators, partially offset by the gain on our investment in Argo AI as a result of the transaction with Argo AI and VW in the second quarter of 2020. NOTE 26. SEGMENT INFORMATION (Continued) Geographic Information We report revenue on a “where-sold” basis, which reflects the revenue within the country in which the ultimate sale or financing is made to our external customer. Total Company revenues and long-lived assets, split geographically by our country of domicile (the United States) and other countries where our major subsidiaries are domiciled, for the years ended December 31 were as follows (in millions): 2018 2019 2020 Revenues Long-Lived Revenues Long-Lived Revenues Long-Lived United States $ 97,546 $ 44,940 $ 98,729 $ 46,434 $ 82,535 $ 45,360 Canada 10,541 4,604 10,855 4,842 8,711 5,111 Germany 7,894 3,593 7,930 3,225 6,526 3,197 United Kingdom 9,703 1,650 8,899 1,541 6,110 1,401 Mexico 1,853 2,285 1,451 2,909 1,030 3,669 All Other 32,801 8,225 28,036 6,748 22,232 6,296 Total Company $ 160,338 $ 65,297 $ 155,900 $ 65,699 $ 127,144 $ 65,034 __________ (a) Includes Net property and Net investment in operating leases from our consolidated balance sheets. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Selected Quarterly Financial Information [Abstract] | |
SELECTED QUARTERLY FINANCIAL DATA | SELECTED QUARTERLY FINANCIAL DATA (unaudited) Selected financial data by calendar quarter were as follows (in millions, except per share amounts): 2019 2020 First Second Third Fourth First Second Third Fourth Total revenues $ 40,342 $ 38,853 $ 36,990 $ 39,715 $ 34,320 $ 19,371 $ 37,501 $ 35,952 Income/(Loss) before income taxes 1,610 205 (19) (2,436) (1,146) 1,084 2,756 (3,810) Amounts Attributable to Ford Motor Company Common and Class B Shareholders Net income/(loss) $ 1,146 $ 148 $ 425 $ (1,672) $ (1,993) $ 1,117 $ 2,385 $ (2,788) Common and Class B per share from income/(loss) from continuing operations Basic $ 0.29 $ 0.04 $ 0.11 $ (0.42) $ (0.50) $ 0.28 $ 0.60 $ (0.70) Diluted 0.29 0.04 0.11 (0.42) (0.50) 0.28 0.60 (0.70) Certain of the quarterly results identified in the table above include material unusual or infrequently occurring items as follows on a pre-tax basis, except for tax items: The first, second, third, and fourth quarter 2019 results each include Global Redesign related activities, including employee separation costs, payments to dealers and suppliers, and impairment and other charges, of $514 million, $1.2 billion, $1 billion, and $413 million, respectively. The third quarter 2019 results include a one-time tax benefit of $278 million arising from restructuring in our European operations. The third and fourth quarter 2019 results include pension and OPEB net remeasurement losses of $306 million and $2.2 billion, respectively. The first quarter 2020 results include various adjustments to our assets and liabilities made due to the impact of COVID-19, the most significant of which were valuation allowances of $855 million on certain deferred tax assets and a charge of $486 million to the provision for credit losses on Ford Credit’s finance receivables. NOTE 27. SELECTED QUARTERLY FINANCIAL DATA (unaudited) (Continued) The second quarter 2020 results include the deconsolidation of Argo AI and remeasurement of our retained investment in Argo AI at fair value, which resulted in the recognition of a $3.5 billion gain (see Note 22). The fourth quarter 2020 results include a pension and OPEB net remeasurement loss of $1.5 billion and a $610 million charge for a field service action to replace Takata airbag inflators. The first, second, third, and fourth quarter 2020 results each include Global Redesign related activities, including employee separation costs, payments to dealers and suppliers, and impairment and other charges, of $106 million, $119 million, $268 million, and $2.9 billion (of which $2.4 billion related to our South America operations), respectively. |
Schedule of Valuation and Quali
Schedule of Valuation and Qualifying Accounts (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | FORD MOTOR COMPANY AND SUBSIDIARIES Schedule II — Valuation and Qualifying Accounts (in millions) Description Balance at Charged to Deductions Balance at End For the Year Ended December 31, 2018 Allowances deducted from assets Credit losses $ 608 $ 419 $ 435 (a) $ 592 Doubtful receivables 404 5 315 (b) 94 Inventories (primarily service part obsolescence) 243 130 (c) — 373 Deferred tax assets 1,492 (519) (d) — 973 Total allowances deducted from assets $ 2,747 $ 35 $ 750 $ 2,032 For the Year Ended December 31, 2019 Allowances deducted from assets Credit losses $ 592 $ 310 $ 372 (a) $ 530 Doubtful receivables 94 18 63 (b) 49 Inventories (primarily service part obsolescence) 373 89 (c) — 462 Deferred tax assets 973 41 (d) 171 843 Total allowances deducted from assets $ 2,032 $ 458 $ 606 $ 1,884 For the Year Ended December 31, 2020 Allowances deducted from assets Credit losses $ 530 $ 840 $ 38 (a) $ 1,332 Doubtful receivables 49 28 20 (b) 57 Inventories (primarily service part obsolescence) 462 226 (c) — 688 Deferred tax assets 843 1,301 (d) 163 1,981 Total allowances deducted from assets $ 1,884 $ 2,395 $ 221 $ 4,058 _________ (a) Finance receivables deemed to be uncollectible and other changes, principally amounts related to finance receivables sold and translation adjustments. Includes $(252) million related to the adoption of ASU 2016-13 for cumulative pre-tax adjustments recorded to retained earnings as of January 1, 2020. (b) Accounts and notes receivable deemed to be uncollectible as well as translation adjustments. (c) Net change in inventory allowances, including translation adjustments. (d) Includes $(101) million, $(78) million, and $(77) million in 2018, 2019, and 2020, respectively, of valuation allowances for deferred tax assets through Accumulated other comprehensive income/(loss), including translation adjustments and $(418) million, $(52) million, and $1.2 billion in 2018, 2019, and 2020, respectively, of valuation allowances for deferred tax assets through the income statement. |
Summary of Accounting Policie_2
Summary of Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation and Intercompany Transactions, 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 consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). We reclassified certain prior year amounts in our consolidated financial statements to conform to the current year presentation. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency We remeasure monetary assets and liabilities denominated in a currency that is different than a reporting entity’s functional currency from the transactional currency to the legal entity’s functional currency. The effect of this remeasurement process and the results of our foreign currency hedging activities are reported in Cost of sales and Other income/(loss), net and were $(121) million, $108 million, and $25 million, for the years ended 2018, 2019, and 2020, respectively. Generally, our foreign subsidiaries use the local currency as their functional currency. We translate the assets and liabilities of our foreign subsidiaries from their respective functional currencies to U.S. dollars using end-of-period exchange rates. Changes in the carrying value of these assets and liabilities attributable to fluctuations in exchange rates are recognized in Foreign currency translation , a component of Other comprehensive income/(Ioss), net of tax. Upon sale or upon complete or substantially complete liquidation of an investment in a foreign subsidiary, the amount of accumulated foreign currency translation related to the entity is reclassified to income and recognized as part of the gain or loss on the investment. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements requires us to make estimates and assumptions that affect our results. Estimates are used to account for certain items such as marketing accruals, warranty costs, employee benefit programs, allowance for credit losses, and other items requiring judgment. Estimates are based on assumptions that we believe are reasonable under the circumstances. Due to the inherent uncertainty involved with estimates, actual results may differ. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents Cash and cash equivalents are highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of change in value due to interest rate, quoted price, or penalty on withdrawal. A debt security is classified as a cash equivalent if it meets these criteria and if it has a remaining time to maturity of three months or less from the date of purchase. Amounts on deposit and available upon demand, or negotiated to provide for daily liquidity without penalty, are classified as Cash and cash equivalents |
Restricted Cash, Policy [Policy Text Block] | Restricted Cash Cash and cash equivalents that are restricted as to withdrawal or use under the terms of certain contractual agreements are recorded in Other assets in the non-current assets section of our consolidated balance sheets. Our Automotive segment restricted cash balances primarily include various escrow agreements related to legal, insurance, customs, and environmental matters. Mobility segment restricted cash balances primarily include cash held under the terms of certain contractual agreements. Our Ford Credit segment restricted cash balances primarily include cash held to meet certain local governmental and regulatory reserve requirements and cash held under the terms of certain contractual agreements. Restricted cash does not include required minimum balances or cash securing debt issued through securitization transactions. |
Marketable Securities, Policy [Policy Text Block] | Marketable Securities Investments in securities with a maturity date greater than three months at the date of purchase and other securities for which there is more than an insignificant risk of change in value due to interest rate, quoted price, or penalty on withdrawal are classified as Marketable securities . Realized gains and losses and interest income on all of our marketable securities and unrealized gains and losses on securities not classified as available for sale are recorded in Other income/(loss), net . Unrealized gains and losses on available-for-sale securities are recognized in Unrealized gains and losses on securities , a component of Other comprehensive income/(loss), net of tax . Realized gains and losses and reclassifications of accumulated other comprehensive income into net income are measured using the specific identification method. On a quarterly basis, we review our available-for-sale securities for credit losses. We compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis of the security, we determine if a credit loss allowance is necessary. If a credit loss allowance is necessary, we will record an allowance, limited by the amount that fair value is less than the amortized cost basis, and recognize the corresponding charge in Other income/(loss), net . Factors we consider include the severity of the impairment, the reason for the decline in value, interest rate changes, and counterparty long-term ratings. |
Accounts Receivable [Policy Text Block] | Trade Receivables Trade and other receivables consists primarily of Automotive segment receivables from contracts with customers for the sale of vehicles, parts, and accessories. Trade receivables initially are recorded at the transaction amount and are typically outstanding for less than 30 days. Each reporting period, we evaluate the collectibility of the receivables and record an allowance for doubtful accounts representing our estimate of the expected losses that result from all possible default events over the expected life of a receivable. Additions to the allowance for doubtful accounts are made by recording charges to bad debt expense reported in Selling, administrative, and other expenses. At December 31, 2020, there were $11 million of certain trade receivables specifically identified as held for sale. These held-for-sale values are reported in Assets held for sale on our consolidated balance sheets. |
Intangible Assets, Indefinite-Lived, Policy [Policy Text Block] | Net Intangible Assets and GoodwillIndefinite-lived intangible assets and goodwill are not amortized but are tested for impairment annually or more frequently if events or circumstances indicate the assets may be impaired. Goodwill impairment testing is also performed following an allocation of goodwill to a business to be disposed or a change in reporting units. We test for impairment by assessing qualitative factors to determine whether it is more likely than not that the fair value of the indefinite-lived intangible asset or the reporting unit allocated the goodwill is less than its carrying amount. If the qualitative assessment indicates a possible impairment, the carrying value of the asset or reporting unit is compared with its fair value. Fair value is measured relying primarily on the income approach by applying a discounted cash flow method, the market approach using market values or multiples, and/or third-party valuations. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | We capitalize and amortize our finite-lived intangible assets over their estimated useful lives. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Net Intangible Assets and Goodwill Indefinite-lived intangible assets and goodwill are not amortized but are tested for impairment annually or more frequently if events or circumstances indicate the assets may be impaired. Goodwill impairment testing is also performed following an allocation of goodwill to a business to be disposed or a change in reporting units. We test for impairment by assessing qualitative factors to determine whether it is more likely than not that the fair value of the indefinite-lived intangible asset or the reporting unit allocated the goodwill is less than its carrying amount. If the qualitative assessment indicates a possible impairment, the carrying value of the asset or reporting unit is compared with its fair value. Fair value is measured relying primarily on the income approach by applying a discounted cash flow method, the market approach using market values or multiples, and/or third-party valuations. We capitalize and amortize our finite-lived intangible assets over their estimated useful lives. Intangible assets are comprised primarily of licensing and advertising agreements, land rights, patents, customer contracts, and technology. The carrying amount of intangible assets and goodwill is reported in Other assets in the non-current assets section of our consolidated balance sheets. The net carrying amount of our intangible assets was $188 million and $144 million at December 31, 2019 and 2020, respectively. The net carrying amount of goodwill was $278 million and $258 million at December 31, 2019 and 2020, respectively. For the periods presented, we have not recorded any material impairments for indefinite-lived intangibles or goodwill. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Held-and-Used Long-Lived Asset Impairment We test long-lived asset groups for recoverability when changes in circumstances indicate the carrying value may not be recoverable. Events that trigger a test for recoverability include material adverse changes in projected revenues and expenses, present cash flow losses combined with a history of cash flow losses and a forecast that demonstrates significant continuing losses, significant negative industry or economic trends, a current expectation that a long-lived asset group will be disposed of significantly before the end of its useful life, a significant adverse change in the manner in which an asset group is used or in its physical condition, or when there is a change in the asset grouping. When a triggering event occurs, a test for recoverability is performed, comparing projected undiscounted future cash flows to the carrying value of the asset group. If the test for recoverability identifies a possible impairment, the asset group’s fair value is measured relying primarily on a discounted cash flow method. To the extent available, we will also consider third-party valuations of our long-lived assets that were prepared for other business purposes. An impairment charge is recognized for the amount by which the carrying value of the asset group exceeds its estimated fair value. When an impairment loss is recognized for assets to be held and used, the adjusted carrying amounts of those assets are depreciated over their remaining useful life. For the periods presented, we have not recorded any impairments. Held-for-Sale Asset Impairment We perform an impairment test on a disposal group to be discontinued, held for sale (“HFS”), or otherwise disposed when we have committed to an action and the action is expected to be completed within one year. We estimate fair value to approximate the expected proceeds to be received, less cost to sell, and compare it to the carrying value of the disposal group. An impairment charge is recognized when the carrying value exceeds the estimated fair value (see Note 22). We also assess fair value if circumstances arise that were considered unlikely and, as a result, we decide not to sell a disposal group previously classified as HFS upon reclassification as held and used. When there is a change to a plan of sale, and the assets are reclassified from HFS to held and used, the long-lived assets should be reported at the lower of (i) the carrying amount before HFS designation, adjusted for depreciation that would have been recognized if the assets had not been classified as HFS, or (ii) the fair value at the date the assets no longer satisfy the criteria for classification as HFS. |
Fair Value Measurements, Policy [Policy Text Block] | Fair Value Measurements We measure fair value of our financial instruments, including those held within our pension plans, using various valuation methods and prioritize the use of observable inputs. The use of observable and unobservable inputs and their significance in measuring fair value are reflected in our fair value hierarchy: • Level 1 - inputs include quoted prices for identical instruments and are the most observable • Level 2 - inputs include quoted prices for similar instruments and observable inputs such as interest rates, currency exchange rates, and yield curves • Level 3 - inputs include data not observable in the market and reflect management judgment about the assumptions market participants would use in pricing the instruments Fixed income securities, equities, commingled funds, derivative financial instruments, and alternative assets are remeasured and presented within our consolidated financial statements at fair value on a recurring basis. Finance receivables and debt are measured at fair value for the purpose of disclosure. Other assets and liabilities are measured at fair value on a nonrecurring basis. Transfers into and transfers out of the hierarchy levels are recognized as if they had taken place at the end of the reporting period. NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Valuation Method Fixed Income Securities . Fixed income securities primarily include government securities, government agency securities, corporate bonds, and asset-backed securities. We generally measure fair value using prices obtained from pricing services or quotes from dealers that make markets in such securities. Pricing methods and inputs to valuation models used by the pricing services depend on the security type (i.e., asset class). Where possible, fair values are generated using market inputs, including quoted prices (the closing price in an exchange market), bid prices (the price at which a buyer stands ready to purchase), and other market information. For fixed income securities that are not actively traded, the pricing services use alternative methods to determine fair value for the securities, including quotes for similar fixed income securities, matrix pricing, discounted cash flow using benchmark curves, or other factors. In certain cases, when market data are not available, we may use broker quotes or pricing services that use proprietary pricing models to determine fair value. The proprietary models incorporate unobservable inputs primarily consisting of prepayment curves, discount rates, default assumptions, recovery rates, yield assumptions, and credit spread assumptions. An annual review is performed on the security prices received from our pricing services, which includes discussion and analysis of the inputs used by the pricing services to value our securities. We also compare the price of certain securities sold close to the quarter end to the price of the same security at the balance sheet date to ensure the reported fair value is reasonable. Equities. Equity securities are primarily exchange-traded and are valued based on the closing bid, official close, or last trade pricing on an active exchange. If closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price. Securities that are thinly traded or delisted are valued using unobservable pricing data. Commingled Funds. Fixed income and public equity securities may each be combined into commingled fund investments. Most commingled funds are valued to reflect our interest in the fund based on the reported year-end net asset value (“NAV”). Derivative Financial Instruments. Exchange-traded derivatives for which market quotations are readily available are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. Over-the-counter derivatives are not exchange traded and are valued using independent pricing services or industry-standard valuation models such as a discounted cash flow. When discounted cash flow models are used, projected future cash flows are discounted to a present value using market-based expectations for interest rates, foreign exchange rates, commodity prices, and the contractual terms of the derivative instruments. The discount rate used is the relevant benchmark interest rate (e.g., LIBOR, SONIA) plus an adjustment for non-performance risk. The adjustment reflects the full credit default swap (“CDS”) spread applied to a net exposure, by counterparty, considering the master netting agreements and any posted collateral. We use our counterparty’s CDS spread when we are in a net asset position and our own CDS spread when we are in a net liability position. In cases when market data are not available, we use broker quotes and models (e.g., Black-Scholes) to determine fair value. This includes situations where there is a lack of liquidity for a particular currency or commodity, or when the instrument is longer dated. Alternative Assets. Hedge funds generally hold liquid and readily-priced securities, such as public equities, exchange-traded derivatives, and corporate bonds. Private equity and real estate investments are less liquid. External investment managers typically report valuations reflecting initial cost or updated appraisals, which are adjusted for cash flows, and realized and unrealized gains/losses. All alternative assets are valued at the NAV provided by the investment sponsor or third party administrator, as they do not have readily-available market quotations. Valuations may be lagged up to six months. The NAV will be adjusted for cash flows (additional investments or contributions, and distributions) through year end. We may make further adjustments for any known substantive valuation changes not reflected in the NAV. The Ford-Werke GmbH (“Ford-Werke”) defined benefit plan is primarily funded through a group insurance contract (see Note 17). We measure the fair value of the insurance asset by projecting expected future cash flows from the contract and discounting them to present value based on current market rates including an assessment for non-performance risk of the insurance company. The assumptions used to project expected future cash flows are based on actuarial estimates and are unobservable; therefore, the contract is categorized within Level 3 of the hierarchy. NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Finance Receivables. We measure finance receivables at fair value using internal valuation models (see Note 10). These models project future cash flows of financing contracts based on scheduled contract payments (including principal and interest). The projected cash flows are discounted to present value based on assumptions regarding expected credit losses, pre-payment speed, and applicable spreads to approximate current rates. The fair value of finance receivables is categorized within Level 3 of the hierarchy. On a nonrecurring basis, we also measure at fair value retail contracts greater than 120 days past due or deemed to be uncollectible, and individual dealer loans probable of foreclosure. We use the fair value of collateral, adjusted for estimated costs to sell, to determine the fair value of these receivables. The collateral for a retail financing or wholesale receivable is the vehicle financed, and for dealer loans is real estate or other property. The fair value of collateral for retail receivables is calculated as the outstanding receivable balances multiplied by the average recovery value percentage. The fair value of collateral for wholesale receivables is based on the wholesale market value or liquidation value for new and used vehicles. The fair value of collateral for dealer loans is determined by reviewing various appraisals, which include total adjusted appraised value of land and improvements, alternate use appraised value, broker’s opinion of value, and purchase offers. Debt. We measure debt at fair value using quoted prices for our own debt with approximately the same remaining maturities (see Note 19). Where quoted prices are not available, we estimate fair value using discounted cash flows and market-based expectations for interest rates, credit risk, and the contractual terms of the debt instruments. For certain short-term debt with an original maturity date of one year or less, we assume that book value is a reasonable approximation of the debt’s fair value. The fair value of debt is categorized within Level 2 of the hierarchy. |
Revenue [Policy Text Block] | NOTE 4. REVENUE (Continued) 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 10). Payment terms on part sales to dealers, distributors, and retailers range from 30 to 120 days. The amount of consideration we receive and revenue we recognize varies with changes in return rights and marketing incentives 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. Estimates of marketing incentives are based on expected retail and fleet sales volumes, mix of products to be sold, and incentive programs to be offered. Customer acceptance of products and programs, as well as other market conditions, will impact these estimates. We adjust our estimate of revenue at the earlier of when the value of consideration we expect to receive changes or when the consideration becomes fixed. As a result of changes in our estimate of marketing incentives, during 2018, 2019, and 2020, we recorded a decrease of $903 million, $844 million, and $973 million, respectively, related to revenue recognized in prior annual periods. 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 may 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 (see Note 25) . 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 to 120 months. We receive payment at contract inception and recognize revenue over the term of the agreement in proportion to the costs we expect to incur in satisfying the contract obligations. We had a balance of $4 billion and $4.2 billion of unearned revenue associated with outstanding contracts reported in Other liabilities and deferred revenue at December 31, 2018 and 2019, respectively. We recognized $1.1 billion and $1.2 billion of the unearned amounts as revenue during the years ended December 31, 2019 and 2020, respectively. At December 31, 2020, the unearned amount was $4.2 billion. We expect to recognize approximately $1.3 billion of the unearned amount in 2021, $1 billion in 2022, and $1.9 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 $270 million and $283 million in deferred costs as of December 31, 2019 and 2020, respectively. We recognized $73 million, $74 million, and $79 million of amortization during the years ended December 31, 2018, 2019, and 2020, respectively. 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, payments for vehicle-related design and testing services we perform for others, and revenue associated with various Mobility operations. We have applied the practical expedient to recognize Automotive revenues for vehicle-related design and testing services over the two NOTE 4. REVENUE (Continued) 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 sheets 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. Ford Credit Segment Leasing Income. Ford Credit offers leasing plans to retail consumers through Ford and Lincoln brand dealers that originate the leases. Ford Credit records an operating lease upon purchase of a vehicle subject to a lease from the dealer. 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, which 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 Ford Credit 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 sales-type and 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. |
Cost of Goods and Service [Policy Text Block] | Supplier Price Adjustments We frequently negotiate price adjustments with our suppliers throughout a production cycle, even after receiving production material. These price adjustments relate to changes in design specification or other commercial terms such as economics, productivity, and competitive pricing. We recognize price adjustments when we reach final agreement with our suppliers. In general, we avoid direct price changes in consideration of future business; however, when these occur, our policy is to defer the recognition of any such price change given explicitly in consideration of future business where guaranteed volumes are specified. |
Government Grants and Loan Incentives [Policy Text Block] | Government IncentivesWe receive incentives from U.S. and non-U.S. governmental entities in the form of tax rebates or credits, grants, and loans. Government incentives are recorded in our consolidated financial statements in accordance with their purpose as a reduction of expense, a reduction of the cost of the capital investment, or other income. The benefit is generally recorded when all conditions attached to the incentive have been met and there is reasonable assurance of receipt. |
Research and Development Expense, Policy [Policy Text Block] | Engineering, research, and development expenses are reported in Cost of sales |
Advertising Cost, Policy [Policy Text Block] | Advertising costs are reported in Selling, administrative, and other expenses and are expensed as incurred. |
Revenue from Contract with Customer [Abstract] | |
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 sheets and the difference between the cost of the vehicle and the estimated auction value is depreciated in Cost of sales |
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 that originate the leases. Ford Credit records an operating lease upon purchase of a vehicle subject to a lease from the dealer. 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, which 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 Ford Credit interest, operating, and other expenses . |
Revenue [Policy Text Block] | NOTE 4. REVENUE (Continued) 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 10). Payment terms on part sales to dealers, distributors, and retailers range from 30 to 120 days. The amount of consideration we receive and revenue we recognize varies with changes in return rights and marketing incentives 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. Estimates of marketing incentives are based on expected retail and fleet sales volumes, mix of products to be sold, and incentive programs to be offered. Customer acceptance of products and programs, as well as other market conditions, will impact these estimates. We adjust our estimate of revenue at the earlier of when the value of consideration we expect to receive changes or when the consideration becomes fixed. As a result of changes in our estimate of marketing incentives, during 2018, 2019, and 2020, we recorded a decrease of $903 million, $844 million, and $973 million, respectively, related to revenue recognized in prior annual periods. 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 may 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 (see Note 25) . 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 to 120 months. We receive payment at contract inception and recognize revenue over the term of the agreement in proportion to the costs we expect to incur in satisfying the contract obligations. We had a balance of $4 billion and $4.2 billion of unearned revenue associated with outstanding contracts reported in Other liabilities and deferred revenue at December 31, 2018 and 2019, respectively. We recognized $1.1 billion and $1.2 billion of the unearned amounts as revenue during the years ended December 31, 2019 and 2020, respectively. At December 31, 2020, the unearned amount was $4.2 billion. We expect to recognize approximately $1.3 billion of the unearned amount in 2021, $1 billion in 2022, and $1.9 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 $270 million and $283 million in deferred costs as of December 31, 2019 and 2020, respectively. We recognized $73 million, $74 million, and $79 million of amortization during the years ended December 31, 2018, 2019, and 2020, respectively. 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, payments for vehicle-related design and testing services we perform for others, and revenue associated with various Mobility operations. We have applied the practical expedient to recognize Automotive revenues for vehicle-related design and testing services over the two NOTE 4. REVENUE (Continued) 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 sheets 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. Ford Credit Segment Leasing Income. Ford Credit offers leasing plans to retail consumers through Ford and Lincoln brand dealers that originate the leases. Ford Credit records an operating lease upon purchase of a vehicle subject to a lease from the dealer. 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, which 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 Ford Credit 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 sales-type and 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. |
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 |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Share-based Payment Arrangement [Policy Text Block] | Under our Long-Term Incentive Plans, we may issue restricted stock units (“RSUs”), restricted stock shares (“RSSs”), and stock options. RSUs and RSSs consist of time-based and performance-based awards. The number of shares that may be granted in any year is limited to 2% of our issued and outstanding Common Stock as of December 31 of the prior calendar year. The limit may be increased up to 3% in any year, with a corresponding reduction in shares available for grants in future years. Granted RSUs generally cliff vest or ratably vest over a three-year service period. Performance-based RSUs have two components: one based on internal financial performance metrics, and the other based on total shareholder return relative to an industrial and automotive peer group. At the time of vest, RSU awards are net settled (i.e., shares are withheld to cover the employee tax obligation). Stock options ratably vest over a three-year service period and expire ten years from the grant date. The fair value of both the time-based and the internal performance metrics portion of the performance-based RSUs and RSSs is determined using the closing price of our Common Stock at grant date. The weighted average per unit grant date fair value for the years ended December 31, 2018, 2019, and 2020 was $9.89, $8.99, and $7.11, respectively. The fair value of time-based RSUs, RSSs, and stock options is expensed over the shorter of the vesting period, using the graded vesting method, or the time period an employee becomes eligible to retain the award at retirement. The fair value of performance-based RSUs and RSSs is expensed when it is probable and estimable as measured against the performance metrics over the shorter of the performance or required service periods. We measure the fair value of our stock options on the date of grant using either the Black-Scholes option-pricing model (for options without a market condition) or a Monte Carlo simulation (for options with a market condition). We have elected to recognize forfeitures as an adjustment to compensation expense for all RSUs, RSSs, and stock options in the same period as the forfeitures occur. Expense is recorded in Selling, administrative, and other expenses . |
Income Tax Disclosure [Abstract] | |
Income Taxes, Policy [Policy Text Block] | We recognize income tax-related penalties in Provision for/(Benefit from) income taxes on our consolidated income statements. We recognize income tax-related interest income and interest expense in Other income/(loss), net on our consolidated income statements. We account for U.S. tax on global intangible low-taxed income in the period incurred. Valuation of Deferred Tax Assets and Liabilities Deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences that exist between the financial statement carrying value of assets and liabilities and their respective tax bases, and operating loss and tax credit carryforwards on a taxing jurisdiction basis. We measure deferred tax assets and liabilities using enacted tax rates that will apply in the years in which we expect the temporary differences to be recovered or paid. Our accounting for deferred tax consequences represents our best estimate of the likely future tax consequences of events that have been recognized on our consolidated financial statements or tax returns and their future probability. In assessing the need for a valuation allowance, we consider both positive and negative evidence related to the likelihood of realization of the deferred tax assets. If, based on the weight of available evidence, it is more likely than not that the deferred tax assets will not be realized, we record a valuation allowance. |
Earnings Per Share [Abstract] | |
Earnings Per Share, Policy [Policy Text Block] | We present both basic and diluted earnings/(loss) per share (“EPS”) amounts in our financial reporting. Basic EPS excludes dilution and is computed by dividing Net income/(loss) attributable to Ford Motor Company by the weighted-average number of Common and Class B Stock outstanding for the period. Diluted EPS reflects the maximum potential dilution that could occur from our share-based compensation, including “in-the-money” stock options, unvested RSUs, and unvested RSSs. Potentially dilutive shares are excluded from the calculation if they have an anti-dilutive effect in the period. |
Inventory Disclosure [Abstract] | |
Inventory, Policy [Policy Text Block] | All inventories are stated at the lower of cost or net realizable value. Cost of our inventories is determined by costing methods that approximate a first-in, first-out (“FIFO”) basis. |
Lessor, Leases [Policy Text Block] | Assets subject to operating leases are depreciated using the straight-line method over the term of the lease to reduce the asset to its estimated residual value. Estimated residual values are based on assumptions for used vehicle prices at lease termination and the number of vehicles that are expected to be returned. |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, Policy [Policy Text Block] | Net property is reported at cost, net of accumulated depreciation, which includes impairments. We capitalize new assets when we expect to use the asset for more than one year. Routine maintenance and repair costs are expensed when incurred.Property and equipment are depreciated primarily using the straight-line method over the estimated useful life of the asset. Useful lives range from 3 years to 40 years. The estimated useful lives generally are 14.5 years for machinery and equipment, 8 years for software, 30 years for land improvements, and 40 years for buildings. Tooling generally is amortized over the expected life of a product program using a straight-line method. |
Equity Method Investment, Summarized Financial Information [Abstract] | |
Equity Method Investments [Policy Text Block] | We use the equity method of accounting for our investments in entities over which we do not have control, but over whose operating and financial policies we are able to exercise significant influence. |
Retirement Benefits [Abstract] | |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Defined benefit pension and OPEB plan obligations are remeasured at least annually as of December 31 based on the present value of projected future benefit payments for all participants for services rendered to date. The measurement of projected future benefits is dependent on the provisions of each specific plan, demographics of the group covered by the plan, and other key measurement assumptions. For plans that provide benefits dependent on salary assumptions, we include a projection of salary growth in our measurements. No assumption is made regarding any potential future changes to benefit provisions beyond those to which we are presently committed (e.g., in existing labor contracts). Net periodic benefit costs, including service cost, interest cost, and expected return on assets are determined using assumptions regarding the benefit obligation and the fair value of plan assets (where applicable) as of the beginning of each year. We have elected to use a fair value of plan assets to calculate the expected return on assets in net periodic benefit cost. The funded status of the benefit plans, which represents the difference between the benefit obligation and fair value of plan assets, is calculated on a plan-by-plan basis. The benefit obligation and related funded status are determined using assumptions as of the end of each year. Actuarial gains and losses resulting from plan remeasurement are recognized in net periodic benefit cost in the period of the remeasurement. The impact of a retroactive plan amendment is recorded in Accumulated other comprehensive income/(loss) , and is amortized as a component of net periodic cost, generally over the remaining service period of the active employees. 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 Other income/(loss), net on our consolidated income statements. A curtailment results from an event that significantly reduces the expected years of future service or eliminates the accrual of defined benefits for the future services of a significant number of employees. A curtailment gain is recorded when the employees who are entitled to a benefit terminate their employment, or when a plan suspension or amendment that results in a curtailment gain is adopted. A curtailment loss is recorded when it becomes probable a curtailment loss will occur. We recognize settlement expense when the costs associated with all settlements during the year exceed the interest component of net periodic cost for the affected plan. Expense from curtailments and settlements is recorded in Other income/(loss), net . Defined Benefit Pension Plans. We have defined benefit pension plans covering hourly and salaried employees in the United States, Canada, United Kingdom, Germany, and other locations. The largest portion of our worldwide obligation is associated with our U.S. plans. Virtually all of our worldwide defined benefit plans are closed to new participants. In general, our defined benefit pension plans are funded (i.e., have restricted assets from which benefits are paid). Our unfunded defined benefit pension plans are treated on a “pay as you go” basis with benefit payments from general Company cash. These unfunded plans primarily include certain plans in Germany and the U.S. defined benefit plans for senior management. OPEB . We have defined benefit OPEB plans, primarily certain health care and life insurance benefits, covering hourly and salaried employees in the United States, Canada, and other locations. The largest portion of our worldwide obligation is associated with our U.S. plans. Our OPEB plans are unfunded and the benefits are paid from general Company cash. |
Debt Disclosure [Abstract] | |
Debt, Policy [Policy Text Block] | Our debt consists of short-term and long-term secured and unsecured debt securities, and secured and unsecured borrowings from banks and other lenders. Debt issuances are placed directly by us or through securities dealers or underwriters and are held by institutional and retail investors. In addition, Ford Credit sponsors securitization programs that provide short-term and long-term asset-backed financing through institutional investors in the U.S. and international capital markets. Debt is reported on our consolidated balance sheets at par value adjusted for unamortized discount or premium, unamortized issuance costs, and adjustments related to designated fair value hedging (see Note 20). Discounts, premiums, and costs directly related to the issuance of debt are capitalized and amortized over the life of the debt or to the put date and are recorded in interest expense using the effective interest method. Gains and losses on the extinguishment of debt are recorded in Other income/(loss), net . |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives, Policy [Policy Text Block] | 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: • Foreign currency exchange contracts, including forwards, that are used to manage foreign exchange exposure; • Commodity contracts, including forwards, that are used to manage commodity price risk; • Interest rate contracts, including swaps, that are used to manage the effects of interest rate fluctuations; and • Cross-currency interest rate swap contracts that are used to manage foreign currency and interest rate exposures on foreign-denominated debt. Our derivatives are over-the-counter customized derivative transactions and are not exchange-traded. We review our hedging program, derivative positions, and overall risk management strategy on a regular basis. Derivative Financial Instruments and Hedge Accounting. Derivative assets are reported in Other assets and derivative liabilities are reported in Payables and Other liabilities and deferred revenue. 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. Cash Flow Hedges. Our Automotive segment has designated certain forward contracts as cash flow hedges of forecasted transactions with exposure to foreign currency exchange and commodity price risks. Changes in the fair value of cash flow hedges are deferred in Accumulated other comprehensive income/(loss) and are recognized in Cost of sales when the hedged item affects earnings. Our policy is to de-designate foreign currency exchange cash flow hedges prior to the time forecasted transactions are recognized as assets or liabilities on our consolidated balance sheets and report subsequent changes in fair value through Cost of sales . If it becomes probable that the originally forecasted transaction will not occur, the related amount included in Accumulated other comprehensive income/(loss) is reclassified and recognized in earnings. The cash flows associated with hedges designated until maturity are reported in Net cash provided by/(used in) operating activities on our consolidated statement of cash flows. Our cash flow hedges mature within three years. Fair Value Hedges. Our Ford Credit segment uses derivatives to reduce the risk of changes in the fair value of debt. We have designated certain receive-fixed, pay-float interest rate and cross-currency interest rate swaps as fair value hedges of fixed-rate debt. The risk being hedged is the risk of changes in the fair value of the hedged debt attributable to changes in the benchmark interest rate and foreign exchange. We report the change in fair value of the hedged debt related to the change in benchmark interest rate in Ford Credit debt and Ford Credit interest, operating, and other expenses . We report the change in fair value of the hedged debt and hedging instrument related to foreign currency in Other income/(loss), net. Net interest settlements and accruals, and fair value changes on hedging instruments due to the benchmark interest rate change are reported in Ford Credit interest, operating, and other expenses . The cash flows associated with fair value hedges are reported in Net cash provided by/(used in) operating activities on our consolidated statements of cash flows. When a fair value hedge is de-designated, or when the derivative is terminated before maturity, the fair value adjustment to the hedged debt continues to be reported as part of the carrying value of the debt and is recognized in Ford Credit interest, operating, and other expenses over its remaining life. Derivatives Not Designated as Hedging Instruments. Our Automotive segment reports changes in the fair value of derivatives not designated as hedging instruments through Cost of sales . Cash flows associated with non-designated or de-designated derivatives are reported in Net cash provided by/(used in) investing activities on our consolidated statements of cash flows. Our Ford Credit segment reports the gains/(losses) on derivatives not designated as hedging instruments in Other income/(loss), net . Cash flows associated with non-designated or de-designated derivatives are reported in Net cash provided by/(used in) investing activities on our consolidated statements of cash flows. NOTE 20. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Continued) Normal Purchases and Normal Sales Classification. We have elected to apply the normal purchases and normal sales classification for physical supply contracts that are entered into for the purpose of procuring commodities to be used in production over a reasonable period in the normal course of our business. |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | A VIE is an entity that either (i) has insufficient equity to finance its activities without additional subordinated financial support, or (ii) has equity investors who lack the characteristics of a controlling financial interest. We consolidate VIEs of which we are the primary beneficiary. We consider ourselves the primary beneficiary of a VIE when we have both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. Assets recognized as a result of consolidating these VIEs do not represent additional assets that could be used to satisfy claims against our general assets. Liabilities recognized as a result of consolidating these VIEs do not represent additional claims on our general assets; rather, they represent claims against the specific assets of the consolidated VIEs. We have the power to direct the significant activities of an entity when our management has the ability to make key operating decisions, such as decisions regarding capital investment or manufacturing production schedules. For securitization entities, we have the power to direct significant activities when we have the ability to exercise discretion in the servicing of financial assets, issue additional debt, exercise a unilateral call option, add assets to revolving structures, or control investment decisions. |
Commitments and Contingencies Disclosure [Abstract] | |
Guarantees, Indemnifications and Warranties Policies [Policy Text Block] | Financial Guarantees. Financial guarantees and indemnifications are recorded at fair value at their inception. Subsequent to initial recognition, the guarantee liability is adjusted at each reporting period to reflect the current estimate of expected payments resulting from possible default events over the remaining life of the guarantee.Non-Financial Guarantees. Non-financial 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 a guarantee or indemnity, the amount of probable payment is recorded. Warranty and Field Service Actions We accrue the estimated cost of both base warranty coverages and field service actions at the time of sale. We establish our estimate of base warranty obligations using a patterned estimation model, using historical information regarding the nature, frequency, and average cost of claims for each vehicle line by model year. We establish our estimates of field service action obligations using a patterned estimation model, using historical information regarding the nature, frequency, severity, and average cost of claims for each model year. In addition, from time to time, we issue extended warranties at our expense, the estimated cost of which is accrued at the time of issuance. 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 recovery is virtually certain. Recoveries are reported in Trade and other receivables, net and Other assets. |
Commitments and Contingencies, Policy [Policy Text Block] | 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. 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. |
Segment Reporting [Abstract] | |
Segment Reporting, Policy [Policy Text Block] | We report segment information consistent with the way our chief operating decision maker (“CODM”) evaluates the operating results and performance of the Company. Accordingly, we analyze the results of our business through the following segments: Automotive, Mobility, and Ford Credit. Automotive Segment The Automotive segment primarily includes the sale of Ford and Lincoln vehicles, service parts, and accessories worldwide, together with the associated costs to develop, manufacture, distribute, and service the vehicles, parts, and accessories. This segment includes revenues and costs related to our electrification vehicle programs. The segment includes the following regional business units: North America, South America, Europe, China (including Taiwan), and the International Markets Group. Mobility Segment The Mobility segment primarily includes development costs for Ford’s autonomous vehicles and related businesses, Ford’s equity ownership in Argo AI (a developer of autonomous driving systems), and other mobility businesses and investments (including Spin, a micro-mobility service provider). Ford Credit Segment The Ford Credit segment is comprised of the Ford Credit business on a consolidated basis, which is primarily vehicle-related financing and leasing activities. Corporate Other Corporate Other primarily includes corporate governance expenses, interest income (excluding interest earned on our extended service contract portfolio that is included in our Automotive segment) and gains and losses from our cash, cash equivalents, marketable securities and other investments, and foreign exchange derivatives gains and losses associated with intercompany lending. Corporate governance expenses are primarily administrative, delivering benefit on behalf of the global enterprise, and are not allocated to specific Automotive business units or operating segments. These include expenses related to setting and directing global policy, providing oversight and stewardship, and promoting the Company’s interests. The underlying assets and liabilities associated with these activities remain with the respective Automotive and Mobility segments. Interest on Debt Interest on Debt is presented as a separate reconciling item and consists of interest expense on Automotive and Other debt. The underlying liability is reported in the Automotive segment and in Corporate Other. Special Items Special Items are presented as a separate reconciling item. They consist of (i) pension and OPEB remeasurement gains and losses, (ii) significant personnel expenses, dealer-related costs, and facility-related charges stemming from our efforts to match production capacity and cost structure to market demand and changing model mix, and (iii) other items that we do not necessarily consider to be indicative of earnings from ongoing operating activities. Our management ordinarily excludes these items from its review of the results of the operating segments for purposes of measuring segment profitability and allocating resources. We also report these special items separately to help investors track amounts related to these activities and to allow investors analyzing our results to identify certain infrequent significant items that they may wish to exclude when considering the trend of ongoing operating results. |
Finance and Lease Incentives | We routinely sponsor special retail financing and lease incentives to dealers’ customers who choose to finance or lease our vehicles from Ford Credit. The cost for these incentives is included in our estimate of variable consideration when the vehicle is sold to the dealer. Ford Credit records a reduction to the finance receivable or reduces the cost of the vehicle operating lease when it records the underlying finance contract, and we transfer to Ford Credit the amount of the incentive on behalf of the dealer’s customer. See Note 1 for additional information regarding transactions between Automotive and Ford Credit. The Ford Credit segment recognized interest revenue of $2.4 billion, $2.5 billion, and $2.4 billion in 2018, 2019, and 2020, respectively, and lower depreciation of $2.4 billion, $2.6 billion, and $2.3 billion in 2018, 2019, and 2020, respectively, associated with these incentives. |
New Accounting Standards Adopti
New Accounting Standards Adoption of ASU 2016-02 (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Standards Update (“ASU”) 2016-13, Credit Losses - Measurement of Credit Losses on Financial Instruments . On January 1, 2020, we adopted the new credit loss standard and all of the related amendments, which replaced the incurred loss impairment method with a method that reflects lifetime expected credit losses. We adopted the changes in accounting for credit losses by recognizing the cumulative effect of initially applying the new credit loss 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 standard in effect for those periods. |
Revenue Recognition and Deferre
Revenue Recognition and Deferred Revenue (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
Revenue from Contract with Customer | 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 to 120 months. We receive payment at contract inception and recognize revenue over the term of the agreement in proportion to the costs we expect to incur in satisfying the contract obligations. We had a balance of $4 billion and $4.2 billion of unearned revenue associated with outstanding contracts reported in Other liabilities and deferred revenue at December 31, 2018 and 2019, respectively. We recognized $1.1 billion and $1.2 billion of the unearned amounts as revenue during the years ended December 31, 2019 and 2020, respectively. At December 31, 2020, the unearned amount was $4.2 billion. We expect to recognize approximately $1.3 billion of the unearned amount in 2021, $1 billion in 2022, and $1.9 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 $270 million and $283 million in deferred costs as of December 31, 2019 and 2020, respectively. We recognized $73 million, $74 million, and $79 million of amortization during the years ended December 31, 2018, 2019, and 2020, respectively. |
Revenue, Transaction Price Measurement, Tax Exclusion | Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Sales, value-added, and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. |
Compensation Related Costs, Sha
Compensation Related Costs, Share Based Payments (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement [Policy Text Block] | Under our Long-Term Incentive Plans, we may issue restricted stock units (“RSUs”), restricted stock shares (“RSSs”), and stock options. RSUs and RSSs consist of time-based and performance-based awards. The number of shares that may be granted in any year is limited to 2% of our issued and outstanding Common Stock as of December 31 of the prior calendar year. The limit may be increased up to 3% in any year, with a corresponding reduction in shares available for grants in future years. Granted RSUs generally cliff vest or ratably vest over a three-year service period. Performance-based RSUs have two components: one based on internal financial performance metrics, and the other based on total shareholder return relative to an industrial and automotive peer group. At the time of vest, RSU awards are net settled (i.e., shares are withheld to cover the employee tax obligation). Stock options ratably vest over a three-year service period and expire ten years from the grant date. The fair value of both the time-based and the internal performance metrics portion of the performance-based RSUs and RSSs is determined using the closing price of our Common Stock at grant date. The weighted average per unit grant date fair value for the years ended December 31, 2018, 2019, and 2020 was $9.89, $8.99, and $7.11, respectively. The fair value of time-based RSUs, RSSs, and stock options is expensed over the shorter of the vesting period, using the graded vesting method, or the time period an employee becomes eligible to retain the award at retirement. The fair value of performance-based RSUs and RSSs is expensed when it is probable and estimable as measured against the performance metrics over the shorter of the performance or required service periods. We measure the fair value of our stock options on the date of grant using either the Black-Scholes option-pricing model (for options without a market condition) or a Monte Carlo simulation (for options with a market condition). We have elected to recognize forfeitures as an adjustment to compensation expense for all RSUs, RSSs, and stock options in the same period as the forfeitures occur. Expense is recorded in Selling, administrative, and other expenses . |
Ford Credit Finance Receivabl_2
Ford Credit Finance Receivables Classification (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Financing Receivable, Held-for-investment [Policy Text Block] | Finance receivables are accounted for as held for investment (“HFI”) if Ford Credit has the intent and ability to hold the receivables for the foreseeable future or until maturity or payoff. The determination of intent and ability to hold for the foreseeable future is highly judgmental and requires Ford Credit to make good faith estimates based on all information available at the time of origination or purchase. Held-for-Investment. Finance receivables classified as HFI are recorded at the time of origination or purchase at fair value and are subsequently reported at amortized cost, net of any allowance for credit losses. Cash flows from finance receivables, excluding wholesale and other receivables, that were originally classified as HFI are recorded as an investing activity since GAAP requires the statement of cash flows presentation to be based on the original classification of the receivables. Cash flows from wholesale and other receivables are recorded as an operating activity. |
Financing Receivable, Held-for-sale [Policy Text Block] | Held-for-Sale. Finance receivables classified as HFS are carried at the lower of cost or fair value. Cash flows resulting from the origination or purchase and sale of HFS receivables are recorded as an operating activity in Decrease/(Increase) in finance receivables (wholesale and other) . Once a decision has been made to sell receivables that were originally classified as HFI, the receivables are reclassified as HFS and carried at the lower of cost or fair value. The valuation adjustment, if applicable, is recorded in Other income/(loss), net to recognize the receivables at the lower of cost or fair value. |
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 that originate the leases. Ford Credit records an operating lease upon purchase of a vehicle subject to a lease from the dealer. 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, which 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 Ford Credit interest, operating, and other expenses . |
Inventories Inventories (Polici
Inventories Inventories (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventory, Policy [Policy Text Block] | All inventories are stated at the lower of cost or net realizable value. Cost of our inventories is determined by costing methods that approximate a first-in, first-out (“FIFO”) basis. |
Other Investments (Policies)
Other Investments (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Other Investments [Abstract] | |
Equity and Cost Method Investments, Policy [Policy Text Block] | We have investments in entities not accounted for under the equity method for which fair values are not readily available. We record these investments at cost (less impairment, if any), adjusted for observable price changes in orderly transactions for the identical or a similar investment of the same issuer |
Lease Commitments Narrative (Po
Lease Commitments Narrative (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lessee, Leases [Policy Text Block] | We lease land, dealership facilities, offices, distribution centers, warehouses, and equipment under agreements with contractual periods ranging from less than one year to 40 years. Many of our leases contain one or more options to extend. In certain dealership lease agreements, we are the tenant and we sublease the site to a dealer. In the event the sublease is terminated, we have the option to terminate the head lease. We include options that we are reasonably certain to exercise in our evaluation of the lease term after considering all relevant economic and financial factors. |
Lessee, Finance Leases [Text Block] | The leased (“right-of-use”) assets in finance lease arrangements are reported in Net property on our consolidated balance sheets. |
Lessee, Operating Leases [Text Block] | Otherwise, the leases are classified as operating leases and reported in Other assets in the non-current assets section of our consolidated balance sheets. |
Separation of Lease and Nonlease Components [Policy Text Block] | For the majority of our leases, we do not separate the non-lease components (e.g., maintenance and operating services) from the lease components to which they relate. Instead, non-lease components are included in the measurement of the lease liabilities. However, we do separate lease and non-lease components for contracts containing a significant service component (e.g., energy performance contracts). We calculate the initial lease liability as the present value of fixed payments not yet paid and variable payments that are based on a market rate or an index (e.g., CPI), measured at commencement. The majority of our leases are discounted using our incremental borrowing rate because the rate implicit in the lease is not readily determinable. All other variable payments are expensed as incurred. |
Debt (Policies)
Debt (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt, Policy [Policy Text Block] | Our debt consists of short-term and long-term secured and unsecured debt securities, and secured and unsecured borrowings from banks and other lenders. Debt issuances are placed directly by us or through securities dealers or underwriters and are held by institutional and retail investors. In addition, Ford Credit sponsors securitization programs that provide short-term and long-term asset-backed financing through institutional investors in the U.S. and international capital markets. Debt is reported on our consolidated balance sheets at par value adjusted for unamortized discount or premium, unamortized issuance costs, and adjustments related to designated fair value hedging (see Note 20). Discounts, premiums, and costs directly related to the issuance of debt are capitalized and amortized over the life of the debt or to the put date and are recorded in interest expense using the effective interest method. Gains and losses on the extinguishment of debt are recorded in Other income/(loss), net . |
Presentation (Tables)
Presentation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Related Party Transaction Impacting Balance Sheet [Table Text Block] | Additional detail regarding certain transactions and the effect on each segment at December 31 was as follows (in billions): 2019 2020 Automotive Mobility Ford Credit Automotive Mobility Ford Credit Trade and other receivables (a) $ 4.9 $ 5.9 Unearned interest supplements and residual support (b) (6.7) (6.5) Finance receivables and other (c) 2.1 1.5 Intersegment receivables/(payables) $ (2.6) $ 0.1 2.5 $ (2.7) $ — 2.7 __________ (a) Automotive receivables (generated primarily from vehicle and parts sales to third parties) sold to Ford Credit. (b) Automotive pays amounts to Ford Credit at the point of retail financing or lease origination, which represent interest supplements and residual support. |
Summary of Accounting Policie_3
Summary of Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Other Costs [Table Text Block] | Engineering, research, development, and advertising expenses for the years ended December 31 were as follows (in billions): 2018 2019 2020 Engineering, research, and development $ 8.2 $ 7.4 $ 7.1 Advertising 4.0 3.6 2.8 |
New Accounting Standards New Ac
New Accounting Standards New Accounting Pronouncements or Change in Accounting Principle (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 balance sheet at January 1, 2020, for the adoption of ASU 2016-13, Credit Losses - Measurement of Credit Losses on Financial Instruments , was as follows (in millions): Balance at December 31, 2019 Adjustments due to ASU 2016-13 Balance at Balance sheet Assets Ford Credit finance receivables, net, current $ 53,651 $ (69) $ 53,582 Trade and other receivables, net 9,237 (3) 9,234 Ford Credit finance receivables, net, non-current 53,703 (183) 53,520 Equity in net assets of affiliated companies 2,519 (7) 2,512 Deferred income taxes 11,863 2 11,865 Liabilities Deferred income taxes 490 (58) 432 Equity Retained earnings 20,320 (202) 20,118 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
DisaggregationOfRevenue | The following tables disaggregate our revenue by major source for the years ended December 31 (in millions): 2018 Automotive Mobility Ford Credit Consolidated Vehicles, parts, and accessories $ 142,532 $ — $ — $ 142,532 Used vehicles 3,022 — — 3,022 Extended service contracts 1,323 — — 1,323 Other revenue 879 26 218 1,123 Revenues from sales and services 147,756 26 218 148,000 Leasing income 538 — 5,795 6,333 Financing income — — 5,841 5,841 Insurance income — — 164 164 Total revenues $ 148,294 $ 26 $ 12,018 $ 160,338 2019 Automotive Mobility Ford Credit Consolidated Vehicles, parts, and accessories $ 137,659 $ — $ — $ 137,659 Used vehicles 3,307 — — 3,307 Extended service contracts 1,376 — — 1,376 Other revenue 811 41 204 1,056 Revenues from sales and services 143,153 41 204 143,398 Leasing income 446 — 5,899 6,345 Financing income — — 5,996 5,996 Insurance income — — 161 161 Total revenues $ 143,599 $ 41 $ 12,260 $ 155,900 2020 Automotive Mobility Ford Credit Consolidated Vehicles, parts, and accessories $ 110,180 $ — $ — $ 110,180 Used vehicles 2,935 — — 2,935 Extended service contracts 1,431 — — 1,431 Other revenue 1,027 56 161 1,244 Revenues from sales and services 115,573 56 161 115,790 Leasing income 312 — 5,653 5,965 Financing income — — 5,261 5,261 Insurance income — — 128 128 Total revenues $ 115,885 $ 56 $ 11,203 $ 127,144 |
Other Income (Loss) (Tables)
Other Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | The amounts included in Other income/(loss), net for the years ended December 31 were as follows (in millions): 2018 2019 2020 Net periodic pension and OPEB income/(cost), excluding service cost $ 786 $ (1,602) $ 69 Investment-related interest income 667 809 452 Interest income/(expense) on income taxes 33 (29) (2) Realized and unrealized gains/(losses) on cash equivalents, marketable securities, and other investments 115 144 325 Gains/(Losses) on changes in investments in affiliates (a) 42 20 3,446 Gains/(Losses) on extinguishment of debt — (55) (1) Royalty income 491 381 493 Other 113 106 117 Total $ 2,247 $ (226) $ 4,899 __________ (a) See Note 22 for additional information relating to our Argo AI, LLC (“Argo AI”) and Volkswagen AG (“VW”) transaction. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair And Intrinsic Value Of Restricted Stock Units [Table Text Block] | The fair value of vested RSUs and RSSs as well as the compensation cost for the years ended December 31 were as follows (in millions): 2018 2019 2020 Fair value of vested shares $ 187 $ 231 $ 264 Compensation cost (a) 162 190 156 __________ (a) Net of tax benefit of $29 million, $38 million, and $31 million in 2018, 2019, and 2020, respectively. |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Inputs and assumptions used to calculate the fair value at grant date were as follows: 2018 2019 2020 Fair value per stock award $ 9.03 $ 9.66 $ 7.21 Grant date stock price 10.40 8.81 7.08 Assumptions: Ford’s stock price expected volatility (a) 22.9 % 24.1 % 25.4 % Expected average volatility of peer companies (a) 25.4 25.8 26.4 Risk-free interest rate 2.46 2.57 0.68 __________ (a) Expected volatility based on three years of daily closing share price changes ending on the grant date. |
Restricted Stock Units Activity [Table Text Block] | During 2020, activity for RSUs and RSSs was as follows (in millions, except for weighted-average fair value): Shares Weighted- Outstanding, beginning of year 69.3 $ 9.90 Granted (a) 34.2 7.11 Vested (a) (25.5) 10.34 Forfeited (5.8) 9.51 Outstanding, end of year (b) 72.2 8.35 __________ (a) Includes shares awarded to non-employee directors. (b) Excludes 1,229,124 non-employee director shares that were vested, but unissued at December 31, 2020. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Components of income tax [Table Text Block] | Components of income taxes excluding cumulative effects of changes in accounting principles, other comprehensive income, and equity in net results of affiliated companies accounted for after-tax, for the years ended December 31 were as follows: 2018 2019 2020 Income/(Loss) before income taxes (in millions) U.S. $ 2,051 $ 2,656 $ (231) Non-U.S. 2,294 (3,296) (885) Total $ 4,345 $ (640) $ (1,116) Provision for/(Benefit from) income taxes (in millions) Current Federal $ 75 $ (101) $ (23) Non-U.S. 690 738 554 State and local (6) 33 (45) Total current 759 670 486 Deferred Federal (360) (1,190) (523) Non-U.S. 239 (70) 168 State and local 12 (134) 29 Total deferred (109) (1,394) (326) Total $ 650 $ (724) $ 160 Reconciliation of effective tax rate U.S. statutory rate 21.0 % 21.0 % 21.0 % Non-U.S. tax rates under U.S. rates (1.2) 46.9 (2.6) State and local income taxes 2.0 12.4 8.9 General business credits (9.2) 67.0 35.1 Dispositions and restructurings 4.6 45.5 (0.4) U.S. tax on non-U.S. earnings 8.1 (49.2) 27.0 Prior year settlements and claims 1.1 (5.0) 8.3 Tax incentives — 20.7 (6.0) Enacted change in tax laws (3.0) (12.5) 1.5 Valuation allowances (9.6) (18.7) (108.8) Other 1.2 (15.0) 1.7 Effective rate 15.0 % 113.1 % (14.3) % |
Components of deferred tax assets and liabilities [Table Text Block] | The components of deferred tax assets and liabilities at December 31 were as follows (in millions): 2019 2020 Deferred tax assets Employee benefit plans $ 4,125 $ 4,760 Net operating loss carryforwards 1,726 1,584 Tax credit carryforwards 9,335 11,037 Research expenditures 619 1,321 Dealer and dealers’ customer allowances and claims 1,724 2,145 Other foreign deferred tax assets 799 729 All other 1,781 2,335 Total gross deferred tax assets 20,109 23,911 Less: Valuation allowances (843) (1,981) Total net deferred tax assets 19,266 21,930 Deferred tax liabilities Leasing transactions 2,694 3,299 Depreciation and amortization (excluding leasing transactions) 3,094 3,218 Finance receivables 584 574 Other foreign deferred tax liabilities 608 905 All other 913 2,049 Total deferred tax liabilities 7,893 10,045 Net deferred tax assets/(liabilities) $ 11,373 $ 11,885 |
Summary of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31 were as follows (in millions): 2019 2020 Beginning balance $ 2,047 $ 1,943 Increase – tax positions in prior periods 169 137 Increase – tax positions in current period 24 25 Decrease – tax positions in prior periods (239) (131) Settlements (57) (61) Lapse of statute of limitations — — Foreign currency translation adjustment (1) — Ending balance $ 1,943 $ 1,913 |
Capital Stock and Earnings Pe_2
Capital Stock and Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Basic and diluted income/(loss) per share were calculated using the following (in millions): 2018 2019 2020 Basic and Diluted Income/(Loss) Attributable to Ford Motor Company Basic income/(loss) $ 3,677 $ 47 $ (1,279) Diluted income/(loss) 3,677 47 (1,279) Basic and Diluted Shares Basic shares (average shares outstanding) 3,974 3,972 3,973 Net dilutive options, unvested restricted stock units, and unvested restricted stock shares (a) 24 32 — Diluted shares 3,998 4,004 3,973 __________ (a) In 2020, there were 29 million shares excluded from the calculation of diluted earnings/(loss) per share, due to their anti-dilutive effect. |
Cash, Cash Equivalents, and M_2
Cash, Cash Equivalents, and Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 were as follows (in millions): December 31, 2019 Fair Value Automotive Mobility Ford Credit Consolidated Cash and cash equivalents U.S. government 1 $ 520 $ — $ — $ 520 U.S. government agencies 2 125 — — 125 Non-U.S. government and agencies 2 601 — 350 951 Corporate debt 2 642 — 604 1,246 Total marketable securities classified as cash equivalents 1,888 — 954 2,842 Cash, time deposits, and money market funds 6,432 117 8,113 14,662 Total cash and cash equivalents $ 8,320 $ 117 $ 9,067 $ 17,504 Marketable securities U.S. government 1 $ 2,930 $ — $ 195 $ 3,125 U.S. government agencies 2 1,548 — 210 1,758 Non-U.S. government and agencies 2 4,217 — 2,408 6,625 Corporate debt 2 4,802 — 193 4,995 Equities (a) 1 81 — — 81 Other marketable securities 2 273 — 290 563 Total marketable securities $ 13,851 $ — $ 3,296 $ 17,147 Restricted cash $ 15 $ 21 $ 139 $ 175 Cash, cash equivalents, and restricted cash in held-for-sale assets $ — $ — $ 62 $ 62 December 31, 2020 Fair Value Automotive Mobility Ford Credit Consolidated Cash and cash equivalents U.S. government 1 $ 2,940 $ — $ 3,255 $ 6,195 U.S. government agencies 2 850 — 640 1,490 Non-U.S. government and agencies 2 600 — 717 1,317 Corporate debt 2 605 — 970 1,575 Total marketable securities classified as cash equivalents 4,995 — 5,582 10,577 Cash, time deposits, and money market funds 5,830 69 8,767 14,666 Total cash and cash equivalents $ 10,825 $ 69 $ 14,349 $ 25,243 Marketable securities U.S. government 1 $ 4,709 $ — $ 1,082 $ 5,791 U.S. government agencies 2 3,259 — 485 3,744 Non-U.S. government and agencies 2 4,448 — 2,693 7,141 Corporate debt 2 7,095 — 308 7,403 Equities (a) 1 113 — — 113 Other marketable securities 2 234 — 292 526 Total marketable securities $ 19,858 $ — $ 4,860 $ 24,718 Restricted cash $ 38 $ 7 $ 647 $ 692 Cash, cash equivalents, and restricted cash in held-for-sale assets $ — $ — $ — $ — __________ (a) Net unrealized gains/losses incurred during the reporting periods on equity securities still held at December 31, 2019 and 2020 were a $44 million loss and a $24 million gain, respectively. |
Available-for-sale Securities [Table Text Block] | The cash equivalents and marketable securities accounted for as available-for-sale (“AFS”) securities were as follows (in millions): December 31, 2019 Fair Value of Securities with Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Within 1 Year After 1 Year through 5 Years After 5 Years Automotive U.S. government $ 2,839 $ 11 $ (1) $ 2,849 $ 1,028 $ 1,772 $ 49 U.S. government agencies 1,445 2 (1) 1,446 830 589 27 Non-U.S. government and agencies 3,925 20 (1) 3,944 1,546 2,398 — Corporate debt 5,029 53 — 5,082 1,837 3,245 — Other marketable securities 230 1 — 231 — 149 82 Total $ 13,468 $ 87 $ (3) $ 13,552 $ 5,241 $ 8,153 $ 158 December 31, 2020 Fair Value of Securities with Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Within 1 Year After 1 Year through 5 Years After 5 Years Automotive U.S. government $ 2,894 $ 44 $ — $ 2,938 $ 1,649 $ 1,286 $ 3 U.S. government agencies 2,588 15 — 2,603 772 1,629 202 Non-U.S. government and agencies 2,926 31 — 2,957 1,330 1,617 10 Corporate debt 7,482 102 (1) 7,583 3,566 3,987 30 Other marketable securities 212 3 — 215 1 147 67 Total $ 16,102 $ 195 $ (1) $ 16,296 $ 7,318 $ 8,666 $ 312 Sales proceeds and gross realized gains/losses from the sale of AFS securities for the years ended December 31 were as follows (in millions): 2018 2019 2020 Automotive Sales proceeds $ 5,512 $ 5,753 $ 8,574 Gross realized gains 1 13 56 Gross realized losses 21 10 11 |
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, 2019 Less than 1 Year 1 Year or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Automotive U.S. government $ 183 $ (1) $ 50 $ — $ 233 $ (1) U.S. government agencies 370 (1) 344 — 714 (1) Non-U.S. government and agencies 463 — 390 (1) 853 (1) Corporate debt 29 — 53 — 82 — Other marketable securities 59 — 17 — 76 — Total $ 1,104 $ (2) $ 854 $ (1) $ 1,958 $ (3) December 31, 2020 Less than 1 Year 1 Year or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Automotive U.S. government $ 181 $ — $ — $ — $ 181 $ — U.S. government agencies 83 — — — 83 — Non-U.S. government and agencies 164 — 10 — 174 — Corporate debt 1,538 (1) 9 — 1,547 (1) Other marketable securities 23 — 13 — 36 — Total $ 1,989 $ (1) $ 32 $ — $ 2,021 $ (1) |
Schedule Cash, Cash Equivalents, and Restricted Cash [Table Text Block] | Cash, cash equivalents, and restricted cash as reported in the consolidated statements of cash flows were as follows (in millions): December 31, December 31, Cash and cash equivalents $ 17,504 $ 25,243 Restricted cash (a) 175 692 Cash, cash equivalents, and restricted cash in held-for-sale assets 62 — Total cash, cash equivalents, and restricted cash $ 17,741 $ 25,935 __________ (a) Included in Other assets in the non-current assets section of our consolidated balance sheets. |
Ford Credit Finance Receivabl_3
Ford Credit Finance Receivables and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Net finance receivables [Table Text Block] | Ford Credit finance receivables, net at December 31 were as follows (in millions): 2019 2020 Consumer Retail installment contracts, gross $ 68,905 $ 73,631 Finance leases, gross 8,566 8,431 Retail financing, gross 77,471 82,062 Unearned interest supplements (3,589) (3,987) Consumer finance receivables 73,882 78,075 Non-Consumer Dealer financing 33,985 20,908 Non-Consumer finance receivables 33,985 20,908 Total recorded investment $ 107,867 $ 98,983 Recorded investment in finance receivables $ 107,867 $ 98,983 Allowance for credit losses (513) (1,305) Total finance receivables, net $ 107,354 $ 97,678 Current portion $ 53,651 $ 42,401 Non-current portion 53,703 55,277 Total finance receivables, net $ 107,354 $ 97,678 Net finance receivables subject to fair value (a) $ 99,168 $ 89,651 Fair value (b) 99,297 91,238 __________ (a) Net finance receivables subject to fair value exclude finance leases. (b) The fair value of finance receivables is categorized within Level 3 of the fair value hierarchy. |
Sales-type and Direct Financing Leases, Lease Receivable, Maturity [Table Text Block] | The amounts contractually due on Ford Credit’s finance leases at December 31 were as follows (in millions): 2020 2021 $ 1,978 2022 1,751 2023 1,348 2024 555 2025 55 Thereafter — Total future cash payments 5,687 Less: Present value discount (251) Finance lease receivables $ 5,436 |
Sales-Type and Direct Financing Leases [Table Text Block] | The reconciliation from finance lease receivables to finance leases, gross and finance leases, net at December 31 is as follows (in millions): 2019 2020 Finance lease receivables $ 5,651 $ 5,436 Unguaranteed residual assets 2,795 2,893 Initial direct costs 120 102 Finance leases, gross 8,566 8,431 Unearned interest supplements from Ford and affiliated companies (363) (337) Allowance for credit losses (17) (67) Finance leases, net $ 8,186 $ 8,027 |
Financing Receivable, Past Due | The credit quality analysis of consumer receivables at December 31, 2019 was as follows (in millions): Total Consumer 31 - 60 days past due $ 839 61 - 120 days past due 166 Greater than 120 days past due 35 Total past due 1,040 Current 72,842 Total $ 73,882 The credit quality analysis of consumer receivables at December 31, 2020 was as follows (in millions): Amortized Cost Basis by Origination Year Prior to 2016 2016 2017 2018 2019 2020 Total Consumer 31 - 60 days past due $ 45 $ 62 $ 103 $ 162 $ 166 $ 143 $ 681 61 - 120 days past due 7 12 24 44 45 31 163 Greater than 120 days past due 11 6 7 8 7 2 41 Total past due 63 80 134 214 218 176 885 Current 782 2,518 6,648 13,704 20,822 32,716 77,190 Total $ 845 $ 2,598 $ 6,782 $ 13,918 $ 21,040 $ 32,892 $ 78,075 |
Financing receivable credit quality indicators [Table Text Block] | The credit quality analysis of dealer financing receivables at December 31, 2019 was as follows (in millions): 2019 Dealer financing Group I $ 26,281 Group II 5,407 Group III 2,108 Group IV 189 Total (a) $ 33,985 __________ (a) Total past due dealer financing receivables at December 31, 2019 were $62 million. The credit quality analysis of dealer financing receivables at December 31, 2020 was as follows (in millions): Amortized Cost Basis by Origination Year Wholesale Loans Dealer Loans Prior to 2016 2016 2017 2018 2019 2020 Total Total Group I $ 503 $ 129 $ 110 $ 188 $ 70 $ 248 $ 1,248 $ 13,160 $ 14,408 Group II 38 20 11 35 3 87 194 4,680 4,874 Group III 9 — 3 19 3 35 69 1,464 1,533 Group IV 2 — — — 2 6 10 83 93 Total (a) $ 552 $ 149 $ 124 $ 242 $ 78 $ 376 $ 1,521 $ 19,387 $ 20,908 __________ (a) Total past due dealer financing receivables at December 31, 2020 were $99 million. |
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 years ended December 31 was as follows (in millions): 2019 (a) Consumer Non-Consumer Total Allowance for credit losses Beginning balance $ 566 $ 23 $ 589 Charge-offs (527) (22) (549) Recoveries 168 10 178 Provision for credit losses 291 5 296 Other (b) (2) 1 (1) Ending balance $ 496 $ 17 $ 513 2020 Consumer Non-Consumer Total Allowance for credit losses Beginning balance $ 496 $ 17 $ 513 Adoption of ASU 2016-13 (c) 247 5 252 Charge-offs (441) (29) (470) Recoveries 161 8 169 Provision for credit losses 771 57 828 Other (b) 11 2 13 Ending balance $ 1,245 $ 60 $ 1,305 __________ (a) The comparative information has not been restated and continues to be reported under the accounting standard in effect during 2019. (b) Primarily represents amounts related to translation adjustments. (c) Cumulative pre-tax adjustments recorded to retained earnings as of January 1, 2020. See Note 3 for additional information. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory [Table Text Block] | Inventories at December 31 were as follows (in millions): 2019 2020 Raw materials, work-in-process, and supplies $ 4,402 $ 4,676 Finished products 6,384 6,132 Total inventories $ 10,786 $ 10,808 |
Net Investment in Operating L_2
Net Investment in Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases, Operating [Abstract] | |
Schedule of Property Subject to or Available for Operating Lease [Table Text Block] | The net investment in operating leases at December 31 was as follows (in millions): 2019 2020 Automotive Segment Vehicles, net of depreciation $ 1,612 $ 1,304 Ford Credit Segment Vehicles and other equipment, at cost (a) 33,386 32,486 Accumulated depreciation (5,768) (5,839) Total Ford Credit Segment 27,618 26,647 Total $ 29,230 $ 27,951 __________ (a) Includes Ford Credit’s operating lease assets of $14.9 billion and $12.8 billion at December 31, 2019 and 2020, respectively, that have been included in securitization transactions. These net investments in operating leases are available only for payment of the debt or other obligations issued or arising in the securitization transactions; they are not available to pay other obligations or the claims of other creditors. |
Schedule of Operating Lease Expense [Table Text Block] | Included in Ford Credit interest, operating, and other expense is operating lease depreciation expense, which includes gains and losses on disposal of assets. Operating lease depreciation expense for the years ended December 31 was as follows (in millions): 2018 2019 2020 Operating lease depreciation expense $ 3,972 $ 3,635 $ 3,235 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The amounts contractually due on operating leases at December 31, 2020 were as follows (in millions): 2021 2022 2023 2024 Thereafter Total Operating lease payments $ 4,369 $ 2,530 $ 878 $ 98 $ 4 $ 7,879 |
Net Property (Tables)
Net Property (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Net property at December 31 was as follows (in millions): 2019 2020 Land $ 421 $ 451 Buildings and land improvements 11,900 12,557 Machinery, equipment, and other 38,939 40,463 Software 3,691 3,900 Construction in progress 1,710 1,718 Total land, plant and equipment, and other 56,661 59,089 Accumulated depreciation (31,020) (32,848) Net land, plant and equipment, and other 25,641 26,241 Tooling, net of amortization 10,828 10,842 Total $ 36,469 $ 37,083 Property-related expenses, excluding net investment in operating leases, for the years ended December 31 were as follows (in millions): 2018 2019 2020 Depreciation and other amortization $ 2,504 $ 3,449 $ 2,792 Tooling amortization 2,909 3,409 2,747 Total (a) $ 5,413 $ 6,858 $ 5,539 Maintenance and rearrangement $ 1,994 $ 1,963 $ 1,670 __________ (a) Includes impairment of held-for-sale long-lived assets in 2019 and 2020. See Note 22 for additional information. |
Equity in Net Assets of Affil_2
Equity in Net Assets of Affiliated Companies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investment, Summarized Financial Information [Abstract] | |
Schedule of Equity Method Investments [Table Text Block] | Our carrying value and ownership percentages of our equity method investments at December 31 were as follows (in millions, except percentages): Investment Balance Ownership Percentage 2019 2020 2020 Argo AI, LLC (see Note 22) $ — $ 2,368 42 % Changan Ford Automobile Corporation, Limited (a) (b) 672 691 50 Jiangling Motors Corporation, Limited (b) 544 592 32 AutoAlliance (Thailand) Co., Ltd. 435 428 50 Ford Otomotiv Sanayi Anonim Sirketi 274 328 41 Getrag Ford Transmissions GmbH (b) 209 131 50 FFS Finance South Africa (Pty) Limited 88 76 50 Ford Sollers Netherlands B.V. (see Note 21) 93 75 49 Ionity Holding GmbH & Co. KG 58 52 20 Other 146 160 Various Total $ 2,519 $ 4,901 _______ (a) In 2019, Changan Ford Automobile Corporation, Limited recorded a long-lived asset impairment charge, our share of which was $99 million, and is included in Equity in net income/(loss) of affiliated companies . (b) In 2020, Changan Ford Automobile Corporation, Limited, Jiangling Motors Corporation, Limited, and Getrag Ford Transmissions GmbH recorded restructuring charges, our share of which was $15 million, $40 million, and $91 million, respectively. These charges are included in Equity in net income/(loss) of affiliated companies . We recorded $330 million, $244 million, and $180 million of dividends from these affiliated companies for the years ended December 31, 2018, 2019, and 2020, respectively. In the ordinary course of business, we buy/sell various products and services including vehicles, parts, and components to/from our equity method investees. In addition, we receive royalty income. Transactions with equity method investees reported for the years ended or at December 31 were as follows (in millions): For the years ended December 31, Income Statement 2018 2019 2020 Sales $ 4,426 $ 3,541 $ 4,126 Purchases 10,477 10,106 8,439 Royalty income 374 250 381 Balance Sheet 2019 2020 Receivables $ 785 $ 795 Payables 694 928 |
Other Liabilities and Deferre_2
Other Liabilities and Deferred Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Liabilities [Abstract] | |
Schedule of Accrued Liabilities and Deferred Revenue [Table Text Block] | Other liabilities and deferred revenue at December 31 were as follows (in millions): 2019 2020 Current Dealer and dealers’ customer allowances and claims $ 13,113 $ 12,702 Deferred revenue 2,091 2,161 Employee benefit plans 1,857 1,752 Accrued interest 1,128 1,215 OPEB 332 339 Pension 185 193 Operating lease liabilities 367 323 Other 3,914 4,960 Total current other liabilities and deferred revenue $ 22,987 $ 23,645 Non-current Pension $ 9,878 $ 10,738 OPEB 5,740 6,236 Dealer and dealers’ customer allowances and claims 1,921 3,072 Deferred revenue 4,191 4,559 Operating lease liabilities 1,047 991 Employee benefit plans 1,104 1,074 Other 1,443 1,709 Total non-current other liabilities and deferred revenue $ 25,324 $ 28,379 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Defined Benefit Plan, Assumptions [Table Text Block] | The assumptions used to determine benefit obligation and net periodic benefit cost/(income) were as follows: Pension Benefits U.S. Plans Non-U.S. Plans Worldwide OPEB 2019 2020 2019 2020 2019 2020 Weighted Average Assumptions at December 31 Discount rate 3.32 % 2.56 % 1.74 % 1.23 % 3.30 % 2.62 % Average rate of increase in compensation 3.50 3.50 3.37 3.34 3.44 3.44 Weighted Average Assumptions Used to Determine Net Benefit Cost for the Year Ended December 31 Discount rate - Service cost 4.17 % 3.55 % 2.52 % 1.75 % 4.34 % 3.57 % Effective interest rate on benefit obligation 3.75 2.88 2.21 1.46 3.87 2.85 Expected long-term rate of return on assets 6.75 6.50 4.18 3.67 — — Average rate of increase in compensation 3.50 3.50 3.37 3.37 3.44 3.44 |
Schedule of defined benefit plans expense [Table Text Block] | The pre-tax net periodic benefit cost/(income) for our defined benefit pension and OPEB plans for the years ended December 31 was as follows (in millions): Pension Benefits U.S. Plans Non-U.S. Plans Worldwide OPEB 2018 2019 2020 2018 2019 2020 2018 2019 2020 Service cost $ 544 $ 474 $ 520 $ 588 $ 506 $ 529 $ 54 $ 43 $ 47 Interest cost 1,466 1,570 1,291 684 691 514 195 211 169 Expected return on assets (2,887) (2,657) (2,795) (1,295) (1,124) (1,067) — — — Amortization of prior service costs/(credits) 143 87 4 25 33 32 (109) (70) (16) Net remeasurement (gain)/loss 1,294 (135) 377 (76) 2,084 499 (366) 551 556 Separation programs/other 53 22 35 103 398 226 1 — — Settlements and curtailments (15) (67) 5 (2) 8 103 — — (2) Net periodic benefit cost/(income) $ 598 $ (706) $ (563) $ 27 $ 2,596 $ 836 $ (225) $ 735 $ 754 |
Schedule Of Defined Benefit Plan Obligations [Table Text Block] | The year-end status of these plans was as follows (in millions): Pension Benefits U.S. Plans Non-U.S. Plans Worldwide OPEB 2019 2020 2019 2020 2019 2020 Change in Benefit Obligation Benefit obligation at January 1 $ 42,269 $ 45,672 $ 31,079 $ 35,373 $ 5,559 $ 6,072 Service cost 474 520 506 529 43 47 Interest cost 1,570 1,291 691 514 211 169 Amendments — — 10 — — 21 Separation programs/other (24) (10) 391 219 3 — Curtailments — — (43) — — — Settlements (966) (25) (272) (189) — — Plan participant contributions 23 23 17 14 3 21 Benefits paid (2,615) (3,055) (1,395) (1,394) (367) (339) Foreign exchange translation — — 501 1,131 69 28 Actuarial (gain)/loss 4,941 4,604 3,888 3,638 551 556 Benefit obligation at December 31 45,672 49,020 35,373 39,835 6,072 6,575 Change in Plan Assets Fair value of plan assets at January 1 39,774 44,253 27,273 29,958 — — Actual return on plan assets 7,800 7,018 2,935 4,149 — — Company contributions 284 186 789 744 — — Plan participant contributions 23 23 17 14 — — Benefits paid (2,615) (3,055) (1,395) (1,394) — — Settlements (966) (25) (330) (189) — — Foreign exchange translation — — 678 547 — — Other (47) (45) (9) (9) — — Fair value of plan assets at December 31 44,253 48,355 29,958 33,820 — — Funded status at December 31 $ (1,419) $ (665) $ (5,415) $ (6,015) $ (6,072) $ (6,575) Amounts Recognized on the Balance Sheets Prepaid assets $ 911 $ 1,578 $ 2,318 $ 2,673 $ — $ — Other liabilities (2,330) (2,243) (7,733) (8,688) (6,072) (6,575) Total $ (1,419) $ (665) $ (5,415) $ (6,015) $ (6,072) $ (6,575) Amounts Recognized in Accumulated Other Comprehensive Loss (pre-tax) Unamortized prior service costs/(credits) $ 8 $ 4 $ 274 $ 206 $ 29 $ (11) Pension Plans in which Accumulated Benefit Obligation Exceeds Plan Assets at December 31 Accumulated benefit obligation $ 2,141 $ 2,295 $ 12,421 $ 14,595 Fair value of plan assets 156 145 5,948 7,203 Accumulated Benefit Obligation at December 31 $ 44,578 $ 47,848 $ 32,106 $ 36,272 Pension Plans in which Projected Benefit Obligation Exceeds Plan Assets at December 31 Projected benefit obligation $ 22,085 $ 2,389 $ 13,864 $ 15,951 Fair value of plan assets 19,755 145 6,131 7,264 Projected Benefit Obligation at December 31 $ 45,672 $ 49,020 $ 35,373 $ 39,835 |
Schedule of Expected Benefit Payments [Table Text Block] | The expected future benefit payments at December 31, 2020 were as follows (in millions): Benefit Payments Pension U.S. Plans Non-U.S. Worldwide 2021 $ 3,430 $ 1,480 $ 340 2022 2,750 1,360 340 2023 2,760 1,370 330 2024 2,790 1,380 330 2025 2,780 1,400 330 2026-2030 13,730 7,210 1,640 |
Schedule of Allocation of Plan Assets [Table Text Block] | The fair value of our defined benefit pension plan assets (including dividends and interest receivables of $322 million and $102 million for U.S. and non-U.S. plans, respectively) by asset category at December 31 was as follows (in millions): 2019 U.S. Plans Non-U.S. Plans Level 1 Level 2 Level 3 Assets measured at NAV (a) Total Level 1 Level 2 Level 3 Assets measured at NAV (a) Total Asset Category Equity U.S. companies $ 1,542 $ 20 $ — $ — $ 1,562 $ 1,059 $ 43 $ — $ — $ 1,102 International companies 971 9 1 — 981 850 58 3 — 911 Total equity 2,513 29 1 — 2,543 1,909 101 3 — 2,013 Fixed Income U.S. government and agencies 8,965 2,823 — — 11,788 380 94 — — 474 Non-U.S. government — 1,321 16 — 1,337 — 18,256 — — 18,256 Corporate bonds — 23,717 — — 23,717 — 3,089 35 — 3,124 Mortgage/other asset-backed — 527 — — 527 — 565 69 — 634 Commingled funds — 191 — — 191 — 174 1 — 175 Derivative financial instruments, net (9) (147) — — (156) 15 103 (56) — 62 Total fixed income 8,956 28,432 16 — 37,404 395 22,281 49 — 22,725 Alternatives Hedge funds — — — 2,961 2,961 — — — 1,207 1,207 Private equity — — — 1,884 1,884 — — — 695 695 Real estate — — — 1,193 1,193 — — — 325 325 Total alternatives — — — 6,038 6,038 — — — 2,227 2,227 Cash, cash equivalents, and repurchase agreements (b) (195) — — — (195) (1,765) — — — (1,765) Other (c) (1,537) — — — (1,537) (762) — 5,520 — 4,758 Total assets at fair value $ 9,737 $ 28,461 $ 17 $ 6,038 $ 44,253 $ (223) $ 22,382 $ 5,572 $ 2,227 $ 29,958 _______ (a) Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. (b) Primarily short-term investment funds to provide liquidity to plan investment managers, cash held to pay benefits, and repurchase agreements valued at $(1.9) billion in U.S. plans and $(2.5) billion in non-U.S. plans. (c) For U.S. plans, amounts related to net pending security (purchases)/sales and net pending foreign currency purchases/(sales). For non-U.S plans, primarily Ford-Werke, plan assets (insurance contract valued at $4.5 billion at year-end 2019) and amounts related to net pending security (purchases)/sales and net pending foreign currency purchases/(sales). NOTE 17. RETIREMENT BENEFITS (Continued) The fair value of our defined benefit pension plan assets (including dividends and interest receivables of $317 million and $102 million for U.S. and non-U.S. plans, respectively) by asset category at December 31 was as follows (in millions): 2020 U.S. Plans Non-U.S. Plans Level 1 Level 2 Level 3 Assets measured at NAV (a) Total Level 1 Level 2 Level 3 Assets measured at NAV (a) Total Asset Category Equity U.S. companies $ 2,161 $ 20 $ — $ — $ 2,181 $ 1,989 $ 48 $ — $ — $ 2,037 International companies 1,346 18 2 — 1,366 1,428 181 4 — 1,613 Total equity 3,507 38 2 — 3,547 3,417 229 4 — 3,650 Fixed Income U.S. government and agencies 9,243 2,177 — — 11,420 — 75 — — 75 Non-U.S. government — 1,203 14 — 1,217 — 20,398 — — 20,398 Corporate bonds — 26,983 — — 26,983 — 3,391 53 — 3,444 Mortgage/other asset-backed — 512 — — 512 — 515 16 — 531 Commingled funds — 189 — — 189 — 111 — — 111 Derivative financial instruments, net 1 (95) — — (94) 2 80 (118) — (36) Total fixed income 9,244 30,969 14 — 40,227 2 24,570 (49) — 24,523 Alternatives Hedge funds — — — 3,258 3,258 — — — 1,259 1,259 Private equity — — — 1,859 1,859 — — — 729 729 Real estate — — — 1,220 1,220 — — — 323 323 Total alternatives — — — 6,337 6,337 — — — 2,311 2,311 Cash, cash equivalents, and repurchase agreements (b) (605) — — — (605) (2,257) — — — (2,257) Other (c) (1,151) — — — (1,151) (458) — 6,051 — 5,593 Total assets at fair value $ 10,995 $ 31,007 $ 16 $ 6,337 $ 48,355 $ 704 $ 24,799 $ 6,006 $ 2,311 $ 33,820 _______ (a) Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. (b) Primarily short-term investment funds to provide liquidity to plan investment managers, cash held to pay benefits, and repurchase agreements valued at $(2.4) billion in U.S. plans and $(2.9) billion in non-U.S. plans. (c) For U.S. plans, amounts related to net pending security (purchases)/sales and net pending foreign currency purchases/(sales). For non-U.S plans, primarily Ford-Werke, plan assets (insurance contract valued at $5 billion at year-end 2020) and amounts related to net pending security (purchases)/sales and net pending foreign currency purchases/(sales). |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | The following table summarizes the changes in Level 3 defined benefit pension plan assets measured at fair value on a recurring basis for the years ended December 31 (in millions): 2019 Return on plan assets Fair Attributable Attributable Net Purchases/ Transfers Into/ (Out of) Level 3 Fair U.S. Plans $ 1 $ 1 $ — $ 15 $ — $ 17 Non-U.S. Plans (a) 5,249 215 (5) 113 — 5,572 2020 Return on plan assets Fair Attributable Attributable Net Purchases/ Transfers Into/ (Out of) Level 3 Fair U.S. Plans $ 17 $ (2) $ 1 $ — $ — $ 16 Non-U.S. Plans (a) 5,572 473 1 1 (41) 6,006 _______ |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease Right-of-Use Assets and Liabilities [Table Text Block] | Lease right-of-use assets and liabilities at December 31 were as follows (in millions): 2019 2020 Operating leases Other assets, non-current $ 1,415 $ 1,287 Other liabilities and deferred revenue, current $ 367 $ 323 Other liabilities and deferred revenue, non-current 1,047 991 Total operating lease liabilities $ 1,414 $ 1,314 Finance leases Property and equipment, gross $ 252 $ 540 Accumulated depreciation (43) (50) Property and equipment, net $ 209 $ 490 Automotive debt payable within one year $ 92 $ 46 Automotive long-term debt 85 368 Total finance lease liabilities $ 177 $ 414 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The amounts contractually due on our lease liabilities as of December 31, 2020 were as follows (in millions): Operating Leases (a) Finance 2021 $ 366 $ 60 2022 279 54 2023 210 42 2024 156 35 2025 117 30 Thereafter 352 303 Total 1,480 524 Less: Present value discount 166 110 Total lease liabilities $ 1,314 $ 414 _______ (a) Excludes approximately $101 million in future lease payments for various operating leases commencing in a future period. |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Supplemental cash flow information related to leases for the years ended December 31 was as follows (in millions): 2019 2020 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 460 $ 434 Operating cash flows from finance leases 6 15 Financing cash flows from finance leases 35 105 Right-of-use assets obtained in exchange for lease liabilities Operating leases $ 527 $ 304 Finance leases (a) 43 306 |
Lease, Cost [Table Text Block] | The components of lease expense for the years ended December 31 were as follows (in millions): 2019 2020 Operating lease expense $ 467 $ 463 Variable lease expense 53 57 Sublease income (16) (14) Finance lease expense Amortization of right-of-use assets 15 27 Interest on lease liabilities 6 15 Total lease expense $ 525 $ 548 |
Lessee, Weighted Average Term and Discount Rate [Table Text Block] | The weighted-average remaining lease term and weighted-average discount rate at December 31 were as follows: 2019 2020 Weighted-average remaining lease term (in years) Operating leases 6.3 6.3 Finance leases (a) 3.0 14.8 Weighted-average discount rate Operating leases 3.4 % 3.8 % Finance leases 3.3 % 3.5 % _______ (a) Includes the addition of a 20-year finance lease for about $300 million that commenced in January 2020. |
Debt and Commitments (Tables)
Debt and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Instrument [Line Items] | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | The carrying value of Automotive, Ford Credit, and Other debt at December 31 was as follows (in millions): Interest Rates Average Contractual Average Effective (a) Automotive 2019 2020 2019 2020 2019 2020 Debt payable within one year Short-term $ 315 $ 613 1.5 % 4.0 % 1.5 % 4.0 % Long-term payable within one year U.S. Department of Energy Advanced Technology Vehicles Manufacturing (“DOE ATVM”) Incentive Program 591 148 Other debt 540 434 Unamortized (discount)/premium (1) (1) Total debt payable within one year 1,445 1,194 Long-term debt payable after one year Public unsecured debt securities 10,583 18,583 Delayed draw term loan 1,500 1,500 DOE ATVM Incentive Program 880 1,064 Other debt 547 1,622 Unamortized (discount)/premium (161) (239) Unamortized issuance costs (116) (188) Total long-term debt payable after one year 13,233 22,342 5.2 % (b) 6.3 % (b) 5.3 % (b) 6.5 % (b) Total Automotive $ 14,678 $ 23,536 Fair value of Automotive debt (c) $ 15,606 $ 27,209 Ford Credit Debt payable within one year Short-term $ 13,717 $ 11,429 2.8 % 1.5 % 2.8 % 1.6 % Long-term payable within one year Unsecured debt 15,062 17,185 Asset-backed debt 23,609 21,345 Unamortized (discount)/premium 1 2 Unamortized issuance costs (17) (17) Fair value adjustments (d) (1) 25 Total debt payable within one year 52,371 49,969 Long-term debt payable after one year Unsecured debt 55,148 54,197 Asset-backed debt 32,162 32,276 Unamortized (discount)/premium 6 28 Unamortized issuance costs (197) (235) Fair value adjustments (d) 539 1,442 Total long-term debt payable after one year 87,658 87,708 3.0 % (b) 2.7 % (b) 3.0 % (b) 2.7 % (b) Total Ford Credit $ 140,029 $ 137,677 Fair value of Ford Credit debt (c) $ 141,678 $ 139,796 Other Long-term debt payable within one year $ 130 $ 180 Long-term debt payable after one year Unsecured debt 474 294 Unamortized (discount)/premium and issuance costs (4) (3) Total long-term debt payable after one year 470 291 9.3 % (b) 9.3 % (b) 9.2 % (b) 9.2 % (b) Total Other $ 600 $ 471 Fair value of Other debt $ 720 $ 585 __________ (a) Average effective rates reflect the average contractual interest rate plus amortization of discounts, premiums, and issuance costs. (b) Includes interest on long-term debt payable within one year and after one year. (c) At December 31, 2019 and 2020, the fair value of debt includes $315 million and $529 million of Automotive short-term debt and $12.8 billion and $10.4 billion of Ford Credit short-term debt, respectively, carried at cost which approximates fair value. All other debt is categorized within Level 2 of the fair value hierarchy. (d) These adjustments are related to hedging activity and include discontinued hedging relationship adjustments of $7 million and $299 million at December 31, 2019 and 2020, respectively. The carrying value of hedged debt was $39.4 billion and $45.5 billion at December 31, 2019 and 2020, respectively. |
Schedule of Maturities of Long-term Debt [Table Text Block] | Debt maturities at December 31, 2020 were as follows (in millions): 2021 2022 2023 2024 2025 Thereafter Adjustments Total Debt Maturities Automotive Public unsecured debt securities $ — $ 86 $ 3,500 $ — $ 3,709 $ 11,288 $ (290) $ 18,293 DOE ATVM Incentive Program 148 1,064 — — — — 3 1,215 Delayed draw term loan — 1,500 — — — — — 1,500 Short-term and other debt 1,047 145 175 48 881 373 (141) 2,528 Total $ 1,195 $ 2,795 $ 3,675 $ 48 $ 4,590 $ 11,661 $ (428) $ 23,536 Ford Credit Unsecured debt $ 27,583 $ 13,983 $ 10,835 $ 10,323 $ 9,117 $ 9,939 $ 1,313 $ 83,093 Asset-backed debt 22,376 14,419 7,850 3,148 6,159 700 (68) 54,584 Total $ 49,959 $ 28,402 $ 18,685 $ 13,471 $ 15,276 $ 10,639 $ 1,245 $ 137,677 Other Unsecured debt $ 180 $ — $ — $ — $ — $ 294 $ (3) $ 471 |
Schedule of debt outstanding [Table Text Block] | Our public unsecured debt securities outstanding at December 31 were as follows (in millions): Aggregate Principal Amount Outstanding Title of Security 2019 2020 8 7/8% Debentures due January 15, 2022 $ 86 $ 86 8.500% Notes due April 21, 2023 — 3,500 9.000% Notes due April 22, 2025 — 3,500 7 1/8% Debentures due November 15, 2025 209 209 7 1/2% Debentures due August 1, 2026 193 193 4.346% Notes due December 8, 2026 1,500 1,500 6 5/8% Debentures due February 15, 2028 104 104 6 5/8% Debentures due October 1, 2028 (a) 638 638 6 3/8% Debentures due February 1, 2029 (a) 260 260 9.625% Notes due April 22, 2030 — 1,000 7.45% GLOBLS due July 16, 2031 (a) 1,794 1,794 8.900% Debentures due January 15, 2032 151 151 9.95% Debentures due February 15, 2032 4 4 4.75% Notes due January 15, 2043 2,000 2,000 7.75% Debentures due June 15, 2043 73 73 7.40% Debentures due November 1, 2046 398 398 5.291% Notes due December 8, 2046 1,300 1,300 9.980% Debentures due February 15, 2047 181 181 6.20% Notes due June 1, 2059 750 750 6.00% Notes due December 1, 2059 800 800 7.70% Debentures due May 15, 2097 142 142 Total public unsecured debt securities (b) $ 10,583 $ 18,583 __________ (a) Listed on the Luxembourg Exchange and on the Singapore Exchange. (b) Excludes 9.215% Debentures due September 15, 2021 with an outstanding balance at December 31, 2020 of $180 million. The proceeds from these securities were on-lent by Ford to Ford Holdings and are reported as Other long-term debt . |
Assets And Liabilities Related To Secured Debt Arrangements Disclosure Text Block | The assets and liabilities related to our asset-backed debt arrangements included in our consolidated financial statements at December 31 were as follows (in billions): 2019 2020 Assets Cash and cash equivalents $ 3.5 $ 3.2 Finance receivables, net 64.9 59.6 Net investment in operating leases 14.9 12.8 Liabilities Debt (a) $ 56.6 $ 54.6 __________ (a) Debt is net of unamortized discount and issuance costs. |
Derivative Financial Instrume_2
Derivative Financial Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Income Effect of Derivative Instruments [Table Text Block] | The gains/(losses), by hedge designation, reported in income for the years ended December 31 were as follows (in millions): 2018 2019 2020 Cash flow hedges Reclassified from AOCI to Cost of sales Foreign currency exchange contracts (a) $ 50 $ 29 $ (11) Commodity contracts (b) — (32) (55) Fair value hedges Interest rate contracts Net interest settlements and accruals on hedging instruments 10 (16) 290 Fair value changes on hedging instruments (155) 706 986 Fair value changes on hedged debt 153 (694) (985) Cross-currency interest rate swap contracts Net interest settlements and accruals on hedging instruments — — (2) Fair value changes on hedging instruments — — 38 Fair value changes on hedged debt — — (37) Derivatives not designated as hedging instruments Foreign currency exchange contracts (c) 398 84 (310) Cross-currency interest rate swap contracts (244) (229) 486 Interest rate contracts (84) (13) (100) Commodity contracts (96) — 47 Total $ 32 $ (165) $ 347 __________ (a) For 2018, 2019, and 2020, a $288 million gain, an $839 million loss, and a $198 million gain, respectively, were reported in Other comprehensive income/(loss), net of tax . (b) For 2019 and 2020, a $36 million loss and a $9 million gain, respectively, were reported in Other comprehensive income/(loss), net of tax . (c) For 2018, 2019, and 2020, a $235 million gain, a $32 million gain, and a $228 million loss, respectively, were reported in Cost of sales and a $163 million gain, a $52 million gain, and an $82 million loss were reported in Other income/(loss), net, |
Balance Sheet Effect of Derivative Instruments [Table Text Block] | The fair value of our derivative instruments and the associated notional amounts at December 31 were as follows (in millions): 2019 2020 Notional Fair Value of Fair Value of Notional Fair Value of Fair Value of Cash flow hedges Foreign currency exchange contracts $ 15,349 $ 47 $ 493 $ 15,860 $ 47 $ 383 Commodity contracts 673 5 29 703 40 5 Fair value hedges Interest rate contracts 26,577 702 19 26,924 1,331 4 Cross-currency interest rate swap contracts — — — 885 46 — Derivatives not designated as hedging instruments Foreign currency exchange contracts 19,350 58 270 25,956 172 399 Cross-currency interest rate swap contracts 5,849 134 67 6,849 557 1 Interest rate contracts 68,914 275 191 70,318 663 439 Commodity contracts 467 9 9 599 74 4 Total derivative financial instruments, gross (a) (b) $ 137,179 $ 1,230 $ 1,078 $ 148,094 $ 2,930 $ 1,235 Current portion $ 390 $ 772 $ 974 $ 859 Non-current portion 840 306 1,956 376 Total derivative financial instruments, gross $ 1,230 $ 1,078 $ 2,930 $ 1,235 __________ (a) At December 31, 2019 and 2020, we held collateral of $18 million and $9 million, respectively, and we posted collateral of $78 million and $96 million, respectively. (b) At December 31, 2019 and 2020, the fair value of assets and liabilities available for counterparty netting was $269 million and $505 million, respectively. All derivatives are categorized within Level 2 of the fair value hierarchy. |
Employee Separation and Exit _2
Employee Separation and Exit and Disposal Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table summarizes the redesign-related activities for the years ended December 31, which are recorded in Other liabilities and deferred revenue (in millions): 2019 2020 Beginning balance $ 291 $ 734 Changes in accruals (a) 1,382 1,598 Payments (911) (631) Foreign currency translation (28) 31 Ending balance $ 734 $ 1,732 __________ |
Held-for-Sale Operations (Table
Held-for-Sale Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Accordingly, we reported the assets and liabilities of these operations as held for sale for the year ended December 31, 2019, as follows (in millions): 2019 Assets Trade and other receivables, net $ 269 Inventories 208 Other assets, current 147 Net property 279 Other assets, non-current 10 Total assets of held-for-sale operations 913 Less: Intercompany asset balances (228) Automotive segment total assets of held-for-sale operations (a) $ 685 Liabilities Payables $ 461 Other liabilities and deferred revenue, current 71 Automotive debt payable within one year 90 Other liabilities and deferred revenue, non-current 28 Total liabilities of held-for-sale operations 650 Less: Intercompany liability balances (169) Automotive segment total liabilities of held-for-sale operations (a) $ 481 __________ (a) As of December 31, 2019, intercompany items and transactions have been eliminated on the consolidated balance sheets. We have presented those balances in the table for informational purposes. The assets and liabilities of the Forso operations classified as held for sale for the year ended December 31, 2019 were as follows (in millions): December 31, Assets Cash and cash equivalents $ 61 Ford Credit finance receivables, net, current 516 Trade and other receivables, net 8 Other assets, current 106 Ford Credit finance receivables, net, non-current 715 Net property 2 Deferred income taxes 9 Other assets, non-current 1 Total assets of held-for-sale operations 1,418 Less: Intercompany asset balances (2) Ford Credit segment total assets of held-for-sale operations (a) $ 1,416 Liabilities Payables $ 34 Other liabilities and deferred revenue, current 8 Ford Credit long-term debt 1,254 Deferred income taxes 23 Total liabilities of held-for-sale operations 1,319 Less: Intercompany liability balances (1,274) Ford Credit segment total liabilities of held-for-sale operations (a) $ 45 __________ (a) As of December 31, 2019, intercompany items and transactions have been eliminated on the consolidated balance sheets. Upon closing, the buyer assumed the intercompany assets and liabilities. Accordingly, we have presented those balances in the table for informational purposes. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income/(Loss) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 years ended December 31 were as follows (in millions): 2018 2019 2020 Foreign currency translation Beginning balance $ (4,277) $ (4,800) $ (4,626) Gains/(Losses) on foreign currency translation (435) 181 (1,107) Less: Tax/(Tax benefit) (a) 91 6 (206) Net gains/(losses) on foreign currency translation (526) 175 (901) (Gains)/Losses reclassified from AOCI to net income (b) 3 (1) 1 Other comprehensive income/(loss), net of tax (c) (523) 174 (900) Ending balance $ (4,800) $ (4,626) $ (5,526) Marketable securities Beginning balance $ (48) $ (59) $ 71 Gains/(Losses) on available for sale securities (37) 173 155 Less: Tax/(Tax benefit) (8) 40 37 Net gains/(losses) on available for sale securities (29) 133 118 (Gains)/Losses reclassified from AOCI to net income 20 (3) (45) Less: Tax/(Tax benefit) 2 — (12) Net (gains)/losses reclassified from AOCI to net income 18 (3) (33) Other comprehensive income/(loss), net of tax (11) 130 85 Ending balance $ (59) $ 71 $ 156 Derivative instruments Beginning balance $ 18 $ 201 $ (488) Gains/(Losses) on derivative instruments 288 (875) 207 Less: Tax/(Tax benefit) 65 (180) 39 Net gains/(losses) on derivative instruments 223 (695) 168 (Gains)/Losses reclassified from AOCI to net income (50) 3 66 Less: Tax/(Tax benefit) (10) (3) 12 Net (gains)/losses reclassified from AOCI to net income (d) (40) 6 54 Other comprehensive income/(loss), net of tax 183 (689) 222 Ending balance $ 201 $ (488) $ (266) Pension and other postretirement benefits Beginning balance $ (2,652) $ (2,708) $ (2,685) Prior service (costs)/credits arising during the period (135) (15) (21) Less: Tax/(Tax benefit) (23) (2) (6) Net prior service (costs)/credits arising during the period (112) (13) (15) Amortization and recognition of prior service costs/(credits) (e) 59 50 63 Less: Tax/(Tax benefit) 13 10 10 Net prior service costs/(credits) reclassified from AOCI to net income 46 40 53 Translation impact on non-U.S. plans 10 (4) (11) Other comprehensive income/(loss), net of tax (56) 23 27 Ending balance $ (2,708) $ (2,685) $ (2,658) Total AOCI ending balance at December 31 $ (7,366) $ (7,728) $ (8,294) __________ (a) We do not recognize deferred taxes for a majority of the foreign currency translation gains and losses because we do not anticipate reversal in the foreseeable future. However, we have made elections to tax certain non-U.S. operations simultaneously in U.S. tax returns, and have recorded deferred taxes for temporary differences that will reverse, independent of repatriation plans, in U.S. tax returns. Taxes or tax benefits resulting from foreign currency translation of the temporary differences are recorded in Other comprehensive income/(loss), net of tax . (b) Reclassified to Other income/(loss), net. (c) In 2020, excludes a loss of $1 million related to noncontrolling interests. (d) Reclassified to Cost of sales . During the next twelve months we expect to reclassify existing net losses on cash flow hedges of $114 million. See Note 20 for additional information. (e) Amortization and recognition of prior service costs/(credits) |
Commitments and Contingencies_2
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Warranty [Table Text Block] | The estimate of our future warranty and field service action costs, net of estimated supplier recoveries, for the years ended December 31 was as follows (in millions): 2019 2020 Beginning balance $ 5,137 $ 5,702 Payments made during the period (4,561) (3,923) Changes in accrual related to warranties issued during the period 3,182 3,934 Changes in accrual related to pre-existing warranties 1,941 2,403 Foreign currency translation and other 3 56 Ending balance $ 5,702 $ 8,172 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Key financial information for the years ended or at December 31 was as follows (in millions): Automotive Mobility Ford Credit Corporate Other Interest on Debt Special Adjustments Total 2018 Revenues $ 148,294 $ 26 $ 12,018 $ — $ — $ — $ — $ 160,338 Income/(Loss) before income taxes 5,422 (674) 2,627 (373) (1,228) (1,429) (a) — 4,345 Depreciation and tooling amortization 5,368 16 4,001 — — — — 9,385 Interest expense — — 3,929 — 1,228 — — 5,157 Investment-related interest income 109 — 201 357 — — — 667 Equity in net income/(loss) of affiliated companies 95 — 28 — — — — 123 Cash outflow for capital spending 7,677 60 48 — — — — 7,785 Cash, cash equivalents, marketable securities, and restricted cash 22,999 86 11,055 — — — — 34,140 Total assets 100,105 558 161,678 — — — (5,801) (b) 256,540 2019 Revenues $ 143,599 $ 41 $ 12,260 $ — $ — $ — $ — $ 155,900 Income/(Loss) before income taxes 4,926 (1,186) 2,998 (359) (1,020) (5,999) (c) — (640) Depreciation and tooling amortization 5,520 29 3,666 — — 1,278 (d) — 10,493 Interest expense — — 4,389 — 1,020 — — 5,409 Investment-related interest income 167 — 306 336 — — — 809 Equity in net income/(loss) of affiliated companies 88 12 31 — — (99) (d) — 32 Cash outflow for capital spending 7,481 99 52 — — — — 7,632 Cash, cash equivalents, marketable securities, and restricted cash 22,186 138 12,564 — — — — 34,888 Total assets 101,348 1,034 160,697 — — — (4,542) (b) 258,537 2020 Revenues $ 115,885 $ 56 $ 11,203 $ — $ — $ — $ — $ 127,144 Income/(Loss) before income taxes 1,633 (1,274) 2,608 (188) (1,649) (2,246) (e) — (1,116) Depreciation and tooling amortization 5,232 37 3,269 — — 236 — 8,774 Interest expense — — 3,402 — 1,649 — — 5,051 Investment-related interest income 158 — 94 200 — — — 452 Equity in net income/(loss) of affiliated companies 300 (132) 20 — — (146) — 42 Cash outflow for capital spending 5,560 142 40 — — — — 5,742 Cash, cash equivalents, marketable securities, and restricted cash 30,721 76 19,856 — — — — 50,653 Total assets 109,963 4,023 158,524 — — — (5,249) (b) 267,261 __________ (a) Primarily reflects mark-to-market adjustments for our global pension and OPEB plans and Global Redesign actions. (b) Includes eliminations of intersegment transactions occurring in the ordinary course of business and deferred tax netting. (c) Primarily reflects Global Redesign actions in Europe and mark-to-market adjustments for our global pension and OPEB plans. (d) Prior period amounts have been reclassified in accordance with special item reporting. |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Total Company revenues and long-lived assets, split geographically by our country of domicile (the United States) and other countries where our major subsidiaries are domiciled, for the years ended December 31 were as follows (in millions): 2018 2019 2020 Revenues Long-Lived Revenues Long-Lived Revenues Long-Lived United States $ 97,546 $ 44,940 $ 98,729 $ 46,434 $ 82,535 $ 45,360 Canada 10,541 4,604 10,855 4,842 8,711 5,111 Germany 7,894 3,593 7,930 3,225 6,526 3,197 United Kingdom 9,703 1,650 8,899 1,541 6,110 1,401 Mexico 1,853 2,285 1,451 2,909 1,030 3,669 All Other 32,801 8,225 28,036 6,748 22,232 6,296 Total Company $ 160,338 $ 65,297 $ 155,900 $ 65,699 $ 127,144 $ 65,034 __________ (a) Includes Net property and Net investment in operating leases from our consolidated balance sheets. |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Selected Quarterly Financial Information [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | Selected financial data by calendar quarter were as follows (in millions, except per share amounts): 2019 2020 First Second Third Fourth First Second Third Fourth Total revenues $ 40,342 $ 38,853 $ 36,990 $ 39,715 $ 34,320 $ 19,371 $ 37,501 $ 35,952 Income/(Loss) before income taxes 1,610 205 (19) (2,436) (1,146) 1,084 2,756 (3,810) Amounts Attributable to Ford Motor Company Common and Class B Shareholders Net income/(loss) $ 1,146 $ 148 $ 425 $ (1,672) $ (1,993) $ 1,117 $ 2,385 $ (2,788) Common and Class B per share from income/(loss) from continuing operations Basic $ 0.29 $ 0.04 $ 0.11 $ (0.42) $ (0.50) $ 0.28 $ 0.60 $ (0.70) Diluted 0.29 0.04 0.11 (0.42) (0.50) 0.28 0.60 (0.70) |
Schedule of Valuation and Qua_2
Schedule of Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | FORD MOTOR COMPANY AND SUBSIDIARIES Schedule II — Valuation and Qualifying Accounts (in millions) Description Balance at Charged to Deductions Balance at End For the Year Ended December 31, 2018 Allowances deducted from assets Credit losses $ 608 $ 419 $ 435 (a) $ 592 Doubtful receivables 404 5 315 (b) 94 Inventories (primarily service part obsolescence) 243 130 (c) — 373 Deferred tax assets 1,492 (519) (d) — 973 Total allowances deducted from assets $ 2,747 $ 35 $ 750 $ 2,032 For the Year Ended December 31, 2019 Allowances deducted from assets Credit losses $ 592 $ 310 $ 372 (a) $ 530 Doubtful receivables 94 18 63 (b) 49 Inventories (primarily service part obsolescence) 373 89 (c) — 462 Deferred tax assets 973 41 (d) 171 843 Total allowances deducted from assets $ 2,032 $ 458 $ 606 $ 1,884 For the Year Ended December 31, 2020 Allowances deducted from assets Credit losses $ 530 $ 840 $ 38 (a) $ 1,332 Doubtful receivables 49 28 20 (b) 57 Inventories (primarily service part obsolescence) 462 226 (c) — 688 Deferred tax assets 843 1,301 (d) 163 1,981 Total allowances deducted from assets $ 1,884 $ 2,395 $ 221 $ 4,058 _________ (a) Finance receivables deemed to be uncollectible and other changes, principally amounts related to finance receivables sold and translation adjustments. Includes $(252) million related to the adoption of ASU 2016-13 for cumulative pre-tax adjustments recorded to retained earnings as of January 1, 2020. (b) Accounts and notes receivable deemed to be uncollectible as well as translation adjustments. (c) Net change in inventory allowances, including translation adjustments. (d) Includes $(101) million, $(78) million, and $(77) million in 2018, 2019, and 2020, respectively, of valuation allowances for deferred tax assets through Accumulated other comprehensive income/(loss), including translation adjustments and $(418) million, $(52) million, and $1.2 billion in 2018, 2019, and 2020, respectively, of valuation allowances for deferred tax assets through the income statement. |
Presentation - Certain Transact
Presentation - Certain Transactions Between Automotive and Financial Services (Details) - Affiliated Entity [Member] - Operating Segments - USD ($) $ in Billions | Dec. 31, 2020 | Dec. 31, 2019 |
Automotive | ||
Related Party Transaction [Line Items] | ||
Intersegment receivables/(payables) | $ (2.7) | $ (2.6) |
Mobility | ||
Related Party Transaction [Line Items] | ||
Intersegment receivables/(payables) | 0 | 0.1 |
Ford Credit | ||
Related Party Transaction [Line Items] | ||
Finance receivables, net | 5.9 | 4.9 |
Unearned interest supplements and residual support | (6.5) | (6.7) |
Wholesale receivables/Other | 1.5 | 2.1 |
Intersegment receivables/(payables) | $ 2.7 | $ 2.5 |
Summary of Accounting Policie_4
Summary of Accounting Policies (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Foreign Currency [Abstract] | |||
Foreign Currency Transaction Gain (Loss), before Tax | $ 25 | $ 108 | $ (121) |
Accounts Receivable Additional Disclosures [Abstract] | |||
Average Turnover Period of Trade Receivables | 30 days | ||
Accounts Receivable, Held-for-sale | $ 11 | ||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Finite-Lived Intangible Assets, Net | 144 | 188 | |
Goodwill, Impaired, Accumulated Impairment Loss [Abstract] | |||
Goodwill | $ 258 | 278 | |
Fair Value Disclosures [Abstract] | |||
Term At Which Fair Value of Finance Receivables is Measured | 120 days | ||
Selected Other Costs [Abstract] | |||
Engineering, research, and development | $ 7,100 | 7,400 | 8,200 |
Advertising | 2,800 | 3,600 | 4,000 |
Affiliated Entity [Member] | Operating Segments | Ford Credit | |||
Finance and Lease Incentives [Abstract] | |||
Earned Interest Supplements And Residual Support Revenue | 2,400 | 2,500 | 2,400 |
Amount of Reduction in Depreciation Expense On Property Subject To Or Held For Lease | $ 2,300 | $ 2,600 | $ 2,400 |
New Accounting Standards Adop_2
New Accounting Standards Adoption of New Accounting Standards (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, after Allowance for Credit Loss, Current | $ 42,401 | $ 53,582 | $ 53,651 |
Trade and other receivables, less allowances of $63 and $84 | 9,993 | 9,234 | 9,237 |
Non-current portion | 55,277 | 53,520 | 53,703 |
Equity Method Investments | 4,901 | 2,512 | 2,519 |
Deferred Tax Assets, Net | 11,885 | 11,865 | 11,373 |
Deferred Tax Liabilities, Net | 432 | ||
Retained Earnings (Accumulated Deficit) | $ 18,243 | 20,118 | 20,320 |
Previously Reported [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, after Allowance for Credit Loss, Current | 53,651 | ||
Trade and other receivables, less allowances of $63 and $84 | 9,237 | ||
Non-current portion | 53,703 | ||
Equity Method Investments | 2,519 | ||
Deferred Tax Assets, Net | 11,863 | ||
Deferred Tax Liabilities, Net | 490 | ||
Retained Earnings (Accumulated Deficit) | $ 20,320 | ||
Accounting Standards Update 2016-13 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Financing Receivable, after Allowance for Credit Loss, Current | (69) | ||
Trade and other receivables, less allowances of $63 and $84 | (3) | ||
Non-current portion | (183) | ||
Equity Method Investments | (7) | ||
Deferred Tax Assets, Net | 2 | ||
Deferred Tax Liabilities, Net | (58) | ||
Retained Earnings (Accumulated Deficit) | $ (202) |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue from Contract with Customer by Products and Services (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | $ 127,144 | $ 155,900 | $ 160,338 |
Vehicles, parts, and accessories | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 110,180 | 137,659 | 142,532 |
Used vehicles | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 2,935 | 3,307 | 3,022 |
Extended service contracts | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 1,431 | 1,376 | 1,323 |
Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 1,244 | 1,056 | 1,123 |
Revenues from sales and services | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 115,790 | 143,398 | 148,000 |
Leasing income | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 5,965 | 6,345 | 6,333 |
Financing income | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 5,261 | 5,996 | 5,841 |
Insurance income | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 128 | 161 | 164 |
Operating Segments | Automotive | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 115,885 | 143,599 | 148,294 |
Operating Segments | Automotive | Vehicles, parts, and accessories | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 110,180 | 137,659 | 142,532 |
Operating Segments | Automotive | Used vehicles | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 2,935 | 3,307 | 3,022 |
Operating Segments | Automotive | Extended service contracts | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 1,431 | 1,376 | 1,323 |
Operating Segments | Automotive | Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 1,027 | 811 | 879 |
Operating Segments | Automotive | Revenues from sales and services | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 115,573 | 143,153 | 147,756 |
Operating Segments | Automotive | Leasing income | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 312 | 446 | 538 |
Operating Segments | Automotive | Financing income | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 0 | 0 | 0 |
Operating Segments | Automotive | Insurance income | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 0 | 0 | 0 |
Operating Segments | Mobility | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 56 | 41 | 26 |
Operating Segments | Mobility | Vehicles, parts, and accessories | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 0 | 0 | 0 |
Operating Segments | Mobility | Used vehicles | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 0 | 0 | 0 |
Operating Segments | Mobility | Extended service contracts | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 0 | 0 | 0 |
Operating Segments | Mobility | Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 56 | 41 | 26 |
Operating Segments | Mobility | Revenues from sales and services | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 56 | 41 | 26 |
Operating Segments | Mobility | Leasing income | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 0 | 0 | 0 |
Operating Segments | Mobility | Financing income | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 0 | 0 | 0 |
Operating Segments | Mobility | Insurance income | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 0 | 0 | 0 |
Operating Segments | Ford Credit | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 11,203 | 12,260 | 12,018 |
Operating Segments | Ford Credit | Vehicles, parts, and accessories | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 0 | 0 | 0 |
Operating Segments | Ford Credit | Used vehicles | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 0 | 0 | 0 |
Operating Segments | Ford Credit | Extended service contracts | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 0 | 0 | 0 |
Operating Segments | Ford Credit | Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 161 | 204 | 218 |
Operating Segments | Ford Credit | Revenues from sales and services | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 161 | 204 | 218 |
Operating Segments | Ford Credit | Leasing income | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 5,653 | 5,899 | 5,795 |
Operating Segments | Ford Credit | Financing income | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | 5,261 | 5,996 | 5,841 |
Operating Segments | Ford Credit | Insurance income | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues (Note 4) | $ 128 | $ 161 | $ 164 |
Revenue - Remaining Performance
Revenue - Remaining Performance Obligation (Details) - Operating Segments - Automotive - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Vehicles, parts, and accessories | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue Performance Obligation Satisfied In Prior Period | $ 973 | $ 844 | $ 903 |
Extended service contracts | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Contract with Customer, Liability, Revenue Recognized | 1,200 | 1,100 | |
Revenue, Remaining Performance Obligation, Amount | 4,200 | ||
Capitalized Contract Cost, Net | 283 | 270 | |
Capitalized Contract Cost, Amortization | $ 79 | 74 | 73 |
Contract with Customer, Liability | $ 4,200 | $ 4,000 | |
Extended service contracts | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |||
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, Amount | $ 1,300 | ||
Extended service contracts | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |||
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, Amount | $ 1,000 | ||
Extended service contracts | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 6 years 3 months | ||
Revenue, Remaining Performance Obligation, Amount | $ 1,900 | ||
Minimum | Vehicles, parts, and accessories | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue Performance Obligation Payment Terms | 30 days | ||
Minimum | 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 | Vehicle-related Design and Testing Services [Member] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 2 years | ||
Maximum | Vehicles, parts, and accessories | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue Performance Obligation Payment Terms | 120 days | ||
Maximum | 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 | Vehicle-related Design and Testing Services [Member] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 3 years |
Other Income and Loss (Details)
Other Income and Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net periodic pension and OPEB income/(cost), excluding service cost | $ 69 | $ (1,602) | $ 786 |
Investment-related interest income | 452 | 809 | 667 |
Interest income/(expense) on income taxes | (2) | (29) | 33 |
Gain (Loss) on Investments | 325 | 144 | 115 |
Gains/(Losses) on changes in investments in affiliates | 3,446 | 20 | 42 |
Gains/(Losses) on extinguishment of debt | (1) | (55) | 0 |
Royalty income | 493 | 381 | 491 |
Other | 117 | 106 | 113 |
Other income/(loss), net (Note 5 and Note 22) | $ 4,899 | $ (226) | $ 2,247 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percent Of Share Based Award Available For Grant In Succeeding Calendar Year | 2.00% | ||
Percent Of Share Based Award Available For Grant Limit On Increase | 3.00% | ||
Stock activity rollforward | |||
Granted (weighted-average grant-date fair value) | $ 7.11 | $ 8.99 | $ 9.89 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 6,600,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 2.17 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 26,900,000 | 25,900,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 20,300,000 | 25,900,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 0 | ||
Share-based Compensation Arrangement By Share Based Payment Award, Options, Nonvested, Aggregate Intrinsic Value | $ 15.7 | ||
Share-based Compensation Arrangement By Share-based Payment Award, Option, Fully Vested, Expiration Period | 1 year 9 months 18 days | ||
Share-based Compensation Arrangement By Share-based Payment Award, Option, Unvested, Expiration Period | 9 years 6 months | ||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 36 | $ 58 | |
Unrecognized Tax Benefits, Interest on Income Taxes Expense | $ 2 | 29 | $ 33 |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | ||
Compensation cost [Abstract] | |||
Fair value of vested shares | $ 264 | 231 | 187 |
Compensation cost (a) | 156 | 190 | 162 |
Tax benefit from compensation expense | 31 | $ 38 | 29 |
Unrealized compensation cost on non-vested stock | $ 73 | ||
Unrealized compensation weighted average period non-vested stock | 1 year 9 months 18 days | ||
Stock activity rollforward | |||
Outstanding, beginning of year (in shares) | 69,300,000 | ||
Granted (in shares) | 34,200,000 | ||
Vested (in shares) | (25,500,000) | ||
Forfeited (in shares) | (5,800,000) | ||
Outstanding, end of year (in shares) | 72,200,000 | 69,300,000 | |
Outstanding, beginning of year (weighted-average grant date fair value) | $ 9.90 | ||
Granted (weighted-average grant-date fair value) | 7.11 | ||
Vested (weighted-average grant-date fair value) | 10.34 | ||
Forfeited (weighted-average grant-date fair value) | 9.51 | ||
Outstanding, end of year (weighted-average grant date fair value) | $ 8.35 | $ 9.90 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Unrealized compensation cost on non-vested stock | $ 73 | ||
Tax benefit from compensation expense | $ 31 | $ 38 | $ 29 |
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Nonemployee | |||
Stock activity rollforward | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 1,229,124 | ||
Performance Shares [Member] | |||
Assumptions [Abstract] | |||
Fair value per stock award | $ 7.21 | $ 9.66 | $ 9.03 |
Grant date stock price | $ 7.08 | $ 8.81 | $ 10.40 |
Ford’s stock price expected volatility (a) | 25.40% | 24.10% | 22.90% |
Risk-free interest rate | 0.68% | 2.57% | 2.46% |
Period Used In Expected Volatility Calculations | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Ford’s stock price expected volatility (a) | 25.40% | 24.10% | 22.90% |
Risk-free interest rate | 0.68% | 2.57% | 2.46% |
Equity Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Assumptions [Abstract] | |||
Ford’s stock price expected volatility (a) | 30.40% | ||
Risk-free interest rate | 0.69% | ||
Compensation cost [Abstract] | |||
Tax benefit from compensation expense | $ 2.7 | ||
Unrealized compensation cost on non-vested stock | $ 2.9 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||
Ford’s stock price expected volatility (a) | 30.40% | ||
Risk-free interest rate | 0.69% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years | ||
Share-based Payment Arrangement, Expense | $ 8.7 | ||
Unrealized compensation cost on non-vested stock | 2.9 | ||
Tax benefit from compensation expense | $ 2.7 | ||
PeerGroup [Member] | Performance Shares [Member] | |||
Assumptions [Abstract] | |||
Ford’s stock price expected volatility (a) | 26.40% | 25.80% | 25.40% |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Ford’s stock price expected volatility (a) | 26.40% | 25.80% | 25.40% |
Income Taxes (Details)
Income Taxes (Details) $ in Millions | Jan. 01, 2018 | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017 | Jan. 01, 2020USD ($) |
Income Taxes [Line Items] | ||||||||||||||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $ 10,800 | $ 10,800 | ||||||||||||
Income/(Loss) before income taxes (in millions) | ||||||||||||||
Income/(Loss) before income taxes | (3,810) | $ 2,756 | $ 1,084 | $ (1,146) | $ (2,436) | $ (19) | $ 205 | $ 1,610 | (1,116) | $ (640) | $ 4,345 | |||
Current Federal Tax Expense (Benefit) | (23) | (101) | 75 | |||||||||||
Current | ||||||||||||||
Non-U.S. | 554 | 738 | 690 | |||||||||||
State and local | (45) | 33 | (6) | |||||||||||
Total current | 486 | 670 | 759 | |||||||||||
Deferred | ||||||||||||||
Federal | (523) | (1,190) | (360) | |||||||||||
Non-U.S. | 168 | (70) | 239 | |||||||||||
State and local | 29 | (134) | 12 | |||||||||||
Total deferred | (326) | (1,394) | (109) | |||||||||||
Provision for/(Benefit from) income taxes (Note 7) | $ 160 | $ (724) | $ 650 | |||||||||||
Reconciliation of effective tax rate | ||||||||||||||
U.S. statutory rate | 21.00% | 21.00% | 21.00% | 35.00% | ||||||||||
Non-U.S. tax rates under U.S. rates | (2.60%) | 46.90% | (1.20%) | |||||||||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 8.90% | 12.40% | 2.00% | |||||||||||
General business credits | 35.10% | 67.00% | (9.20%) | |||||||||||
Effective Income Tax Rate Reconciliation, Disposition of Business, Percent | (0.40%) | 45.50% | 4.60% | |||||||||||
Effective Income Tax Rate Reconciliation Foreign Operations Taxed In United States | 27.00% | (49.20%) | 8.10% | |||||||||||
Prior year settlements and claims | 8.30% | (5.00%) | 1.10% | |||||||||||
Effective Income Tax Rate Reconciliation, Export Incentives, Percent | (6.00%) | 20.70% | 0.00% | |||||||||||
Enacted change in tax laws | 1.50% | (12.50%) | (3.00%) | |||||||||||
Valuation allowances | (108.80%) | (18.70%) | (9.60%) | |||||||||||
Other | 1.70% | (15.00%) | 1.20% | |||||||||||
Effective rate | (14.30%) | 113.10% | 15.00% | |||||||||||
Future Effective Federal Income Tax Rate, Percent | 0.21 | |||||||||||||
Tax Cuts and Jobs Act, Measurement Period Adjustment, Income Tax Expense (Benefit) | $ 95 | |||||||||||||
Undistributed Foreign Earnings, Deferred Taxes Not Provided | 12,000 | $ 12,000 | ||||||||||||
Deferred tax assets | ||||||||||||||
Employee benefit plans | 4,760 | 4,125 | 4,760 | 4,125 | ||||||||||
Net operating loss carryforwards | 1,584 | 1,726 | 1,584 | 1,726 | ||||||||||
Tax credit carryforwards | 11,037 | 9,335 | 11,037 | 9,335 | ||||||||||
Research expenditures | 1,321 | 619 | 1,321 | 619 | ||||||||||
Dealer and dealers’ customer allowances and claims | 2,145 | 1,724 | 2,145 | 1,724 | ||||||||||
Other foreign deferred tax assets | 729 | 799 | 729 | 799 | ||||||||||
All other | 2,335 | 1,781 | 2,335 | 1,781 | ||||||||||
Total gross deferred tax assets | 23,911 | 20,109 | 23,911 | 20,109 | ||||||||||
Less: Valuation allowances | (1,981) | (843) | (1,981) | (843) | ||||||||||
Total net deferred tax assets | 21,930 | 19,266 | 21,930 | 19,266 | ||||||||||
Deferred tax liabilities | ||||||||||||||
Leasing transactions | 3,299 | 2,694 | 3,299 | 2,694 | ||||||||||
Depreciation and amortization (excluding leasing transactions) | 3,218 | 3,094 | 3,218 | 3,094 | ||||||||||
Finance receivables | 574 | 584 | 574 | 584 | ||||||||||
Other foreign deferred tax liabilities | 905 | 608 | 905 | 608 | ||||||||||
All other | 2,049 | 913 | 2,049 | 913 | ||||||||||
Total deferred tax liabilities | 10,045 | 7,893 | 10,045 | 7,893 | ||||||||||
Net deferred tax assets/(liabilities) | 21,930 | 19,266 | 21,930 | 19,266 | ||||||||||
Deferred Tax Assets, Valuation Allowance | 1,981 | 843 | 1,981 | 843 | ||||||||||
Operating Loss Carryforwards | 3,600 | 3,600 | ||||||||||||
Deferred Tax Assets, Operating Loss Carryforwards | 1,584 | 1,726 | 1,584 | 1,726 | ||||||||||
Tax Credit Carryforwards | 11,000 | 11,000 | ||||||||||||
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ||||||||||||||
Beginning balance | $ 1,943 | $ 2,047 | 1,943 | 2,047 | ||||||||||
Increase – tax positions in prior periods | 137 | 169 | ||||||||||||
Increase – tax positions in current period | 25 | 24 | ||||||||||||
Decrease – tax positions in prior periods | (131) | (239) | ||||||||||||
Settlements | (61) | (57) | ||||||||||||
Lapse of statute of limitations | 0 | 0 | ||||||||||||
Unrecognized Tax Benefits, Decrease Resulting from Foreign Currency Translation | 0 | (1) | ||||||||||||
Ending balance | 1,913 | 1,943 | 1,913 | 1,943 | $ 2,047 | |||||||||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 1,900 | 1,900 | 1,900 | 1,900 | ||||||||||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 2 | 29 | 33 | |||||||||||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 36 | 58 | 36 | 58 | ||||||||||
Income Taxes Paid, Net | $ 421 | 599 | 821 | |||||||||||
Tax Credit Carryforward Remaining Carryforward Period | 6 years | |||||||||||||
Deferred Tax Assets, Net | 11,885 | $ 11,373 | $ 11,885 | 11,373 | $ 11,865 | |||||||||
UNITED STATES | ||||||||||||||
Income/(Loss) before income taxes (in millions) | ||||||||||||||
Income/(Loss) before income taxes | (231) | 2,656 | 2,051 | |||||||||||
Non-US | ||||||||||||||
Income/(Loss) before income taxes (in millions) | ||||||||||||||
Income/(Loss) before income taxes | (885) | $ (3,296) | $ 2,294 | |||||||||||
Deferred tax liabilities | ||||||||||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 1,300 | |||||||||||||
OperatingLossCarryforwardNotSubjectToExpiration [Member] | ||||||||||||||
Deferred tax liabilities | ||||||||||||||
Operating Loss Carryforwards | $ 2,100 | $ 2,100 |
Capital Stock and Earnings Pe_3
Capital Stock and Earnings Per Share Capital Stock and Earnings Per Share - Narrative (Details) | Dec. 31, 2020$ / shares |
Common Stock | |
Class of Stock [Line Items] | |
Stock Voting Power Percentage | 60.00% |
First Liquidation Right Amount Available For Distribution Per Share | $ 0.50 |
Third Liquidation Right Amount Available For Distribution Per Share | $ 0.50 |
Class B Stock | |
Class of Stock [Line Items] | |
Stock Voting Power Percentage | 40.00% |
Second Liquidation Right Amount Available For Distribution Per Share | $ 1 |
Capital Stock and Earnings Pe_4
Capital Stock and Earnings Per Share (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Basic and Diluted Income Attributable to Ford Motor Company [Abstract] | |||||||||||
Basic income/(loss) | $ (2,788) | $ 2,385 | $ 1,117 | $ (1,993) | $ (1,672) | $ 425 | $ 148 | $ 1,146 | $ (1,279) | $ 47 | $ 3,677 |
Diluted income/(loss) | $ (1,279) | $ 47 | $ 3,677 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted [Abstract] | |||||||||||
Basic shares (average shares outstanding) | 3,973 | 3,972 | 3,974 | ||||||||
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | 32 | 24 | ||||||||
Diluted shares | 3,973 | 4,004 | 3,998 | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 29 |
Cash, Cash Equivalents, and M_3
Cash, Cash Equivalents, and Marketable Securities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 25,243 | $ 17,504 |
Restricted Cash | 692 | 175 |
Cash, cash equivalents, and restricted cash in held-for-sale assets | 0 | 62 |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 10,577 | 2,842 |
Cash, Cash Equivalents, and Short-term Investments | 14,666 | 14,662 |
Investments, Fair Value Disclosure | 24,718 | 17,147 |
U.S. government | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 6,195 | 520 |
Investments, Fair Value Disclosure | 5,791 | 3,125 |
U.S. government agencies | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 1,490 | 125 |
Investments, Fair Value Disclosure | 3,744 | 1,758 |
Non-U.S. government and agencies | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 1,317 | 951 |
Investments, Fair Value Disclosure | 7,141 | 6,625 |
Corporate debt | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 1,575 | 1,246 |
Investments, Fair Value Disclosure | 7,403 | 4,995 |
Equity Securities | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 113 | 81 |
Other marketable securities | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 526 | 563 |
Operating Segments | Automotive | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 10,825 | 8,320 |
Restricted Cash | 38 | 15 |
Cash, cash equivalents, and restricted cash in held-for-sale assets | 0 | 0 |
Operating Segments | Automotive | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 4,995 | 1,888 |
Cash, Cash Equivalents, and Short-term Investments | 5,830 | 6,432 |
Investments, Fair Value Disclosure | 19,858 | 13,851 |
Operating Segments | Automotive | U.S. government | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 2,940 | 520 |
Investments, Fair Value Disclosure | 4,709 | 2,930 |
Operating Segments | Automotive | U.S. government agencies | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 850 | 125 |
Investments, Fair Value Disclosure | 3,259 | 1,548 |
Operating Segments | Automotive | Non-U.S. government and agencies | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 600 | 601 |
Investments, Fair Value Disclosure | 4,448 | 4,217 |
Operating Segments | Automotive | Corporate debt | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 605 | 642 |
Investments, Fair Value Disclosure | 7,095 | 4,802 |
Operating Segments | Automotive | Equity Securities | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 113 | 81 |
Operating Segments | Automotive | Other marketable securities | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 234 | 273 |
Operating Segments | Mobility | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 69 | 117 |
Restricted Cash | 7 | 21 |
Cash, cash equivalents, and restricted cash in held-for-sale assets | 0 | 0 |
Operating Segments | Mobility | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Cash, Cash Equivalents, and Short-term Investments | 69 | 117 |
Investments, Fair Value Disclosure | 0 | 0 |
Operating Segments | Mobility | U.S. government | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Investments, Fair Value Disclosure | 0 | 0 |
Operating Segments | Mobility | U.S. government agencies | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Investments, Fair Value Disclosure | 0 | 0 |
Operating Segments | Mobility | Non-U.S. government and agencies | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Investments, Fair Value Disclosure | 0 | 0 |
Operating Segments | Mobility | Corporate debt | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Investments, Fair Value Disclosure | 0 | 0 |
Operating Segments | Mobility | Equity Securities | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Operating Segments | Mobility | Other marketable securities | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Operating Segments | Ford Credit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 14,349 | 9,067 |
Restricted Cash | 647 | 139 |
Cash, cash equivalents, and restricted cash in held-for-sale assets | 0 | 62 |
Operating Segments | Ford Credit | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 5,582 | 954 |
Cash, Cash Equivalents, and Short-term Investments | 8,767 | 8,113 |
Investments, Fair Value Disclosure | 4,860 | 3,296 |
Operating Segments | Ford Credit | U.S. government | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 3,255 | 0 |
Investments, Fair Value Disclosure | 1,082 | 195 |
Operating Segments | Ford Credit | U.S. government agencies | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 640 | 0 |
Investments, Fair Value Disclosure | 485 | 210 |
Operating Segments | Ford Credit | Non-U.S. government and agencies | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 717 | 350 |
Investments, Fair Value Disclosure | 2,693 | 2,408 |
Operating Segments | Ford Credit | Corporate debt | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 970 | 604 |
Investments, Fair Value Disclosure | 308 | 193 |
Operating Segments | Ford Credit | Equity Securities | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Operating Segments | Ford Credit | Other marketable securities | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, Fair Value Disclosure | 292 | 290 |
Equity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities, Unrealized Gain (Loss) | $ 24 | $ (44) |
Cash, Cash Equivalents, and M_4
Cash, Cash Equivalents, and Marketable Securities Available for Sale Securities (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | |||
Sales proceeds | $ 8,574,000,000 | $ 5,753,000,000 | $ 5,512,000,000 |
Gross realized gains | 56,000,000 | 13,000,000 | 1,000,000 |
Gross realized losses | 11,000,000 | 10,000,000 | 21,000,000 |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) | 0 | 0 | $ 0 |
Operating Segments | Automotive | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 16,102,000,000 | 13,468,000,000 | |
Gross Unrealized Gains | 195,000,000 | 87,000,000 | |
Gross Unrealized Losses | (1,000,000) | (3,000,000) | |
Fair Value | 16,296,000,000 | 13,552,000,000 | |
Within 1 Year | 7,318,000,000 | 5,241,000,000 | |
After 1 Year through 5 Years | 8,666,000,000 | 8,153,000,000 | |
After 5 Years | 312,000,000 | 158,000,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,989,000,000 | 1,104,000,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,000,000) | (2,000,000) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 32,000,000 | 854,000,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (1,000,000) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 2,021,000,000 | 1,958,000,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1,000,000) | (3,000,000) | |
Operating Segments | Automotive | U.S. government | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 2,894,000,000 | 2,839,000,000 | |
Gross Unrealized Gains | 44,000,000 | 11,000,000 | |
Gross Unrealized Losses | 0 | (1,000,000) | |
Fair Value | 2,938,000,000 | 2,849,000,000 | |
Within 1 Year | 1,649,000,000 | 1,028,000,000 | |
After 1 Year through 5 Years | 1,286,000,000 | 1,772,000,000 | |
After 5 Years | 3,000,000 | 49,000,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 181,000,000 | 183,000,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (1,000,000) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 50,000,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 181,000,000 | 233,000,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 0 | (1,000,000) | |
Operating Segments | Automotive | U.S. government agencies | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 2,588,000,000 | 1,445,000,000 | |
Gross Unrealized Gains | 15,000,000 | 2,000,000 | |
Gross Unrealized Losses | 0 | (1,000,000) | |
Fair Value | 2,603,000,000 | 1,446,000,000 | |
Within 1 Year | 772,000,000 | 830,000,000 | |
After 1 Year through 5 Years | 1,629,000,000 | 589,000,000 | |
After 5 Years | 202,000,000 | 27,000,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 83,000,000 | 370,000,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (1,000,000) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 344,000,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 83,000,000 | 714,000,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 0 | (1,000,000) | |
Operating Segments | Automotive | Non-U.S. government and agencies | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 2,926,000,000 | 3,925,000,000 | |
Gross Unrealized Gains | 31,000,000 | 20,000,000 | |
Gross Unrealized Losses | 0 | (1,000,000) | |
Fair Value | 2,957,000,000 | 3,944,000,000 | |
Within 1 Year | 1,330,000,000 | 1,546,000,000 | |
After 1 Year through 5 Years | 1,617,000,000 | 2,398,000,000 | |
After 5 Years | 10,000,000 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 164,000,000 | 463,000,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 10,000,000 | 390,000,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (1,000,000) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 174,000,000 | 853,000,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 0 | (1,000,000) | |
Operating Segments | Automotive | Corporate debt | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 7,482,000,000 | 5,029,000,000 | |
Gross Unrealized Gains | 102,000,000 | 53,000,000 | |
Gross Unrealized Losses | (1,000,000) | 0 | |
Fair Value | 7,583,000,000 | 5,082,000,000 | |
Within 1 Year | 3,566,000,000 | 1,837,000,000 | |
After 1 Year through 5 Years | 3,987,000,000 | 3,245,000,000 | |
After 5 Years | 30,000,000 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 1,538,000,000 | 29,000,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,000,000) | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 9,000,000 | 53,000,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 1,547,000,000 | 82,000,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1,000,000) | 0 | |
Operating Segments | Automotive | Other marketable securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale, Amortized Cost | 212,000,000 | 230,000,000 | |
Gross Unrealized Gains | 3,000,000 | 1,000,000 | |
Gross Unrealized Losses | 0 | 0 | |
Fair Value | 215,000,000 | 231,000,000 | |
Within 1 Year | 1,000,000 | 0 | |
After 1 Year through 5 Years | 147,000,000 | 149,000,000 | |
After 5 Years | 67,000,000 | 82,000,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 23,000,000 | 59,000,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 13,000,000 | 17,000,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 36,000,000 | 76,000,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 0 | $ 0 |
Cash, Cash Equivalents, and M_5
Cash, Cash Equivalents, and Marketable Securities Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash, Cash Equivalents, and Restricted Cash [Abstract] | ||||
Cash and cash equivalents | $ 25,243 | $ 17,504 | ||
Restricted cash (a) | 692 | 175 | ||
Cash, cash equivalents, and restricted cash in held-for-sale assets | 0 | 62 | ||
Total cash, cash equivalents, and restricted cash | $ 25,935 | $ 17,741 | $ 16,907 | $ 18,638 |
Ford Credit Finance Receivabl_4
Ford Credit Finance Receivables Net (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | $ 98,983 | $ 107,867 | ||
Financing Receivable, before Allowance for Credit Loss | 98,983 | 107,867 | ||
Financing Receivable, Allowance for Credit Loss | (1,305) | (513) | ||
Finance receivables, net | 97,678 | 107,354 | ||
Current portion | 42,401 | $ 53,582 | 53,651 | |
Non-current portion | 55,277 | $ 53,520 | 53,703 | |
Net finance receivables subject to fair value | $ 89,651 | 99,168 | ||
Number Of Days After Which Finance Receivable Is Considered Past Due | 31 days | |||
Wholesale Loans Percentage of Dealer Financing | 92.00% | |||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 73,882 | |||
Financing Receivable, before Allowance for Credit Loss | 73,882 | |||
Consumer | Retail financing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Unearned interest supplements | $ (3,987) | (3,589) | ||
Non-consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 20,908 | 33,985 | ||
Financing Receivable, before Allowance for Credit Loss | 20,908 | 33,985 | ||
Non-consumer | Dealer financing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 20,908 | 33,985 | ||
Financing Receivable, before Allowance for Credit Loss | 20,908 | 33,985 | ||
Fair Value, Nonrecurring | Fair Value, Inputs, Level 3 | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Fair value (b) | 91,238 | 99,297 | ||
Ford Credit | Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 78,075 | 73,882 | ||
Finance Receivable Before Unearned Interest Supplements | 82,062 | 77,471 | ||
Financing Receivable, before Allowance for Credit Loss | 78,075 | 73,882 | ||
Ford Credit | Consumer | Retail Installment Contracts | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 73,631 | 68,905 | ||
Financing Receivable, before Allowance for Credit Loss | 73,631 | 68,905 | ||
Ford Credit | Finance leases, gross | Retail financing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Finance leases, gross | 8,431 | 8,566 | ||
Ford Credit | Non-consumer | Dealer financing | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 20,908 | |||
Financing Receivable, before Allowance for Credit Loss | 20,908 | |||
Operating Segments | Ford Credit | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Unearned interest supplements | (337) | (363) | ||
Financing Receivable, Allowance for Credit Loss | (1,305) | (513) | $ (589) | |
Financing Receivable, Held-for-Sale | 36 | |||
Operating Segments | Ford Credit | Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, before Allowance for Credit Loss | 78,075 | |||
Financing Receivable, before Allowance for Credit Loss | 78,075 | |||
Financing Receivable, Allowance for Credit Loss | (1,245) | (496) | (566) | |
Operating Segments | Ford Credit | Non-consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss | (60) | (17) | $ (23) | |
Operating Segments | Ford Credit | Securitization Transactions VIE Primary Beneficiary and Non VIEs Primary Beneficiary | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Finance receivables, net | $ 59,600 | 64,900 | ||
Disposal Group, Not Discontinued Operations | Operating Segments | Ford Credit | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 1,500 | |||
Forso Nordic AB | Disposal Group, Not Discontinued Operations | Operating Segments | Ford Credit | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | $ 1,200 |
Ford Credit Finance Receivabl_5
Ford Credit Finance Receivables Ford Credit Finance Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Uncollected Interest Receivable Excluded From Finance Receivable | $ 181 | $ 251 | |
Sales-type and Direct Financing Leases, Lease Receivables, Gross Difference, Amount [Abstract] | |||
Allowance for credit losses | (1,305) | (513) | |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Continuing Involvement with Continued to be Recognized Transferred Financial Assets, Amount Outstanding | 43,700 | 38,300 | |
Non-consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Continuing Involvement with Continued to be Recognized Transferred Financial Assets, Amount Outstanding | 16,400 | 26,800 | |
Ford Credit | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Sales-type Lease, Lease Income | 357 | 380 | $ 375 |
Ford Credit | Operating Segments | |||
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity [Abstract] | |||
2021 | 1,978 | ||
2022 | 1,751 | ||
2023 | 1,348 | ||
2024 | 555 | ||
2025 | 55 | ||
Thereafter | 0 | ||
Total future cash payments | 5,687 | ||
Less: Present value discount | (251) | ||
Sales-Type and Direct Financing Lease, Net Investment in Lease | 5,436 | ||
Sales-type and Direct Financing Leases, Lease Receivables, Gross Difference, Amount [Abstract] | |||
Sales-Type and Direct Financing Lease, Gross | 5,436 | 5,651 | |
Unguaranteed residual assets | 2,893 | 2,795 | |
Initial direct costs | 102 | 120 | |
Unearned interest supplements from Ford and affiliated companies | (337) | (363) | |
Allowance for credit losses | (1,305) | (513) | (589) |
Sales-Type and Direct Financing Lease, Net Investment in Lease | 5,436 | ||
Ford Credit | Operating Segments | Consumer | |||
Sales-type and Direct Financing Leases, Lease Receivables, Gross Difference, Amount [Abstract] | |||
Allowance for credit losses | (1,245) | (496) | (566) |
Ford Credit | Operating Segments | Non-consumer | |||
Sales-type and Direct Financing Leases, Lease Receivables, Gross Difference, Amount [Abstract] | |||
Allowance for credit losses | $ (60) | (17) | $ (23) |
Ford Credit | Operating Segments | Minimum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Lessor, Sales-type Lease, Term of Contract | 24 months | ||
Ford Credit | Operating Segments | Maximum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Lessor, Sales-type Lease, Term of Contract | 60 months | ||
Ford Credit | Operating Segments | Finance Leases Portfolio Segment | |||
Sales-type and Direct Financing Leases, Lease Receivable, Fiscal Year Maturity [Abstract] | |||
Sales-Type and Direct Financing Lease, Net Investment in Lease | $ 8,027 | 8,186 | |
Sales-type and Direct Financing Leases, Lease Receivables, Gross Difference, Amount [Abstract] | |||
Sales-type and Direct Financing Leases, Lease Receivable | 8,431 | 8,566 | |
Allowance for credit losses | (67) | (17) | |
Sales-Type and Direct Financing Lease, Net Investment in Lease | $ 8,027 | $ 8,186 |
Ford Credit Finance Receivabl_6
Ford Credit Finance Receivables Aging (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 98,983 | $ 107,867 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Past Due | 1,040 | |
Financing Receivable, Not Past Due | 72,842 | |
Financing Receivable, before Allowance for Credit Loss | 73,882 | |
Consumer | Ford Credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 78,075 | 73,882 |
Consumer | Ford Credit | Operating Segments | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 78,075 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 845 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,598 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 6,782 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 13,918 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 21,040 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 32,892 | |
Consumer | Financing Receivables, 31 to 60 Days Past due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Past Due | 839 | |
Consumer | Financing Receivables, 31 to 60 Days Past due [Member] | Ford Credit | Operating Segments | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 681 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 45 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 62 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 103 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 162 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 166 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 143 | |
Consumer | Financing Receivables, Greater than 120 Days Past due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Past Due | 35 | |
Consumer | Financing Receivables, Greater than 120 Days Past due [Member] | Ford Credit | Operating Segments | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 41 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 11 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 7 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 8 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 7 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 2 | |
Consumer | Financing Receivables, 61 to 120 Days Past due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Past Due | 166 | |
Consumer | Financing Receivables, 61 to 120 Days Past due [Member] | Ford Credit | Operating Segments | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 163 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 7 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 12 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 24 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 44 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 45 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 31 | |
Consumer | Financial Asset, Greater than 30 Days Past Due [Member] | Ford Credit | Operating Segments | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Past Due | 885 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 63 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 80 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 134 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 214 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 218 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 176 | |
Consumer | Financial Asset, 1 to 29 Days Past Due [Member] | Ford Credit | Operating Segments | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Not Past Due | 77,190 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 782 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,518 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 6,648 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 13,704 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 20,822 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 32,716 | |
Non-consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 20,908 | 33,985 |
Non-consumer | Dealer financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 20,908 | 33,985 |
Non-consumer | Dealer financing | Group IV | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 189 | |
Non-consumer | Ford Credit | Group IV | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 93 | |
Non-consumer | Ford Credit | Dealer financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Past Due | 99 | $ 62 |
Financing Receivable, before Allowance for Credit Loss | $ 20,908 |
Ford Credit Finance Receivabl_7
Ford Credit Finance Receivables - Credit Quality (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 98,983 | $ 107,867 |
Ford Credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual of Financing Revenue | 90 days | |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 73,882 | |
Financing Receivable, Past Due | 1,040 | |
Consumer | Ford Credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 78,075 | 73,882 |
Consumer | Minimum | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Finance Receivables Credit Quality Ratings Term Range | 61 days | |
Consumer | Minimum | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Finance Receivables Credit Quality Ratings Term Range | 120 days | |
Consumer | Maximum | Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Finance Receivables Credit Quality Ratings Term Range | 60 days | |
Consumer | Maximum | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Finance Receivables Credit Quality Ratings Term Range | 120 days | |
Non-consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 20,908 | 33,985 |
Non-consumer | Ford Credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, Revolving | 19,387 | |
Non-consumer | Group I | Ford Credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 14,408 | |
Financing Receivable, Revolving | 13,160 | |
Non-consumer | Group II | Ford Credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 4,874 | |
Financing Receivable, Revolving | 4,680 | |
Non-consumer | Group III | Ford Credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,533 | |
Financing Receivable, Revolving | 1,464 | |
Non-consumer | Group IV | Ford Credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 93 | |
Financing Receivable, Revolving | 83 | |
Non-consumer | Dealer financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 20,908 | 33,985 |
Non-consumer | Dealer financing | Ford Credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 20,908 | |
Financing Receivable, Past Due | 99 | 62 |
Non-consumer | Dealer financing | Group I | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 26,281 | |
Non-consumer | Dealer financing | Group II | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 5,407 | |
Non-consumer | Dealer financing | Group III | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 2,108 | |
Non-consumer | Dealer financing | Group IV | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 189 | |
Non-consumer | Dealer Loans [Member] | Ford Credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,521 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 552 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 149 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 124 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 242 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 78 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 376 | |
Non-consumer | Dealer Loans [Member] | Group I | Ford Credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 1,248 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 503 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 129 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 110 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 188 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 70 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 248 | |
Non-consumer | Dealer Loans [Member] | Group II | Ford Credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 194 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 38 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 20 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 11 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 35 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 87 | |
Non-consumer | Dealer Loans [Member] | Group III | Ford Credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 69 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 9 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 3 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 19 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 35 | |
Non-consumer | Dealer Loans [Member] | Group IV | Ford Credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 10 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 6 |
Ford Credit Allowance for Credi
Ford Credit Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Threshold Period Past Due, Writeoff | 120 days | ||||
Financing Receivable, Allowance for Credit Loss | $ 1,305 | $ 513 | $ 1,305 | ||
Ending balance | 1,305 | 513 | |||
Ford Credit | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 792 | ||||
Ford Credit | Operating Segments | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 1,305 | 513 | 1,305 | $ 589 | |
Adoption of ASU 2016-13 (c) | 252 | ||||
Charge-offs | (470) | (549) | |||
Recoveries | 169 | 178 | |||
Provision for credit losses | 828 | 296 | |||
Other | (13) | 1 | |||
Ending balance | 1,305 | 513 | |||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $ 486 | ||||
Ford Credit | Consumer | Operating Segments | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 1,245 | 496 | 1,245 | 566 | |
Adoption of ASU 2016-13 (c) | 247 | ||||
Charge-offs | (441) | (527) | |||
Recoveries | 161 | 168 | |||
Provision for credit losses | 771 | 291 | |||
Other | (11) | (2) | |||
Ending balance | 1,245 | 496 | |||
Ford Credit | Non-consumer | Operating Segments | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss | 60 | 17 | $ 60 | $ 23 | |
Adoption of ASU 2016-13 (c) | 5 | ||||
Charge-offs | (29) | (22) | |||
Recoveries | 8 | 10 | |||
Provision for credit losses | 57 | 5 | |||
Other | (2) | (1) | |||
Ending balance | 60 | $ 17 | |||
Ford Credit | Accounting Standards Update 2016-13 [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $ 252 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials, work-in-process, and supplies | $ 4,676 | $ 4,402 |
Finished products | 6,132 | 6,384 |
Total inventories | $ 10,808 | $ 10,786 |
Net Investment in Operating L_3
Net Investment in Operating Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property Subject to or Available for Operating Lease, Net [Abstract] | |||
Vehicles, net of depreciation | $ 27,951 | $ 29,230 | |
Operating Segments | Ford Credit | |||
Operating Leases, Income Statement, Lease Revenue [Abstract] | |||
Operating lease depreciation expense | 3,235 | 3,635 | $ 3,972 |
Securitization Transactions VIE Primary Beneficiary and Non VIEs Primary Beneficiary | Operating Segments | Ford Credit | |||
Property Subject to or Available for Operating Lease, Net [Abstract] | |||
Vehicles, net of depreciation | 12,800 | 14,900 | |
Property Subject to Operating Lease [Member] | |||
Property Subject to or Available for Operating Lease, Net [Abstract] | |||
Vehicles, net of depreciation | 27,951 | 29,230 | |
Property Subject to Operating Lease [Member] | Operating Segments | Automotive | |||
Property Subject to or Available for Operating Lease, Net [Abstract] | |||
Vehicles, net of depreciation | 1,304 | 1,612 | |
Property Subject to Operating Lease [Member] | Operating Segments | Ford Credit | |||
Property Subject to or Available for Operating Lease, Net [Abstract] | |||
Vehicles, net of depreciation | 26,647 | 27,618 | |
Vehicles and other equipment, at cost (a) | 32,486 | 33,386 | |
Accumulated depreciation | $ (5,839) | $ (5,768) |
Net Investment in Operating L_4
Net Investment in Operating Leases Operating Lease Amounts Contractually Due (Details) $ in Millions | Dec. 31, 2020USD ($) |
Operating Leased Assets [Line Items] | |
Lessor, Operating Lease, Payments to be Received, Next Twelve Months | $ 4,369 |
Lessor, Operating Lease, Payments to be Received, Two Years | 2,530 |
Lessor, Operating Lease, Payments to be Received, Three Years | 878 |
Lessor, Operating Lease, Payments to be Received, Four Years | 98 |
Lessor, Operating Lease, Payments to be Received, Five Years | 4 |
Lessor, Operating Lease, Payments to be Received | $ 7,879 |
Net Property (Details)
Net Property (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Net property | $ 37,083 | $ 36,469 | |
Depreciation, Depletion and Amortization [Abstract] | |||
Depreciation and other amortization | 2,792 | 3,449 | $ 2,504 |
Tooling amortization | (1,294) | (1,199) | (972) |
Depreciation, Depletion, and Amortization, Including Impairment | 5,539 | 6,858 | 5,413 |
Maintenance and rearrangement | $ 1,670 | 1,963 | 1,994 |
Machinery and Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 14 years 6 months | ||
Software | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 8 years | ||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Gross property | $ 3,900 | 3,691 | |
Land | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Gross property | $ 451 | 421 | |
Land Improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 30 years | ||
Buildings | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Building and Building Improvements | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Gross property | $ 12,557 | 11,900 | |
Other Machinery and Equipment | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Gross property | 40,463 | 38,939 | |
Construction in progress | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Gross property | 1,718 | 1,710 | |
Total land, plant and equipment, and other | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Gross property | 59,089 | 56,661 | |
Accumulated depreciation | (32,848) | (31,020) | |
Net property | 26,241 | 25,641 | |
Tools, Dies and Molds | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Net property | 10,842 | 10,828 | |
Depreciation, Depletion and Amortization [Abstract] | |||
Tooling amortization | $ 2,747 | $ 3,409 | $ 2,909 |
Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Useful Life | 40 years |
Equity in Net Assets of Affil_3
Equity in Net Assets of Affiliated Companies (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investments | $ 4,901 | $ 2,519 | $ 2,512 | |
Dividends from affiliated companies | 180 | 244 | $ 330 | |
Equity Method Investment, Other than Temporary Impairment | 0 | |||
Argo AI [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investments | $ 2,368 | 0 | ||
Equity Method Investment, Ownership Percentage | 42.00% | |||
Changan Ford Automobile Corporation, Limited | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investments | $ 691 | 672 | ||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Equity Method Investment, Other than Temporary Impairment | $ 15 | 99 | ||
Jiangling Motors Corporation, Limited | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investments | $ 592 | 544 | ||
Equity Method Investment, Ownership Percentage | 32.00% | |||
Equity Method Investment, Other than Temporary Impairment | $ 40 | |||
AutoAlliance (Thailand) Co., Ltd. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investments | $ 428 | 435 | ||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Ford Otomotiv Sanayi Anonim Sirketi | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investments | $ 328 | 274 | ||
Equity Method Investment, Ownership Percentage | 41.00% | |||
Getrag Ford Transmissions GmbH | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investments | $ 131 | 209 | ||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Equity Method Investment, Other than Temporary Impairment | $ 91 | |||
FFS Finance South Africa (Pty) Limited | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investments | $ 76 | 88 | ||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Ford Sollers Netherlands B.V. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investments | $ 75 | 93 | ||
Equity Method Investment, Ownership Percentage | 49.00% | |||
Ionity Holding GmbH & Co. KG | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investments | $ 52 | 58 | ||
Equity Method Investment, Ownership Percentage | 20.00% | |||
Other Equity Investments | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investments | $ 160 | $ 146 |
Equity in Net Assets of Affil_4
Equity in Net Assets of Affiliated Companies Equity in Net Assets of Affiliated Companies - Transactions with equity method investees (Details) - Equity Method Investee - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Sales | $ 4,126 | $ 3,541 | $ 4,426 |
Purchases | 8,439 | 10,106 | 10,477 |
Royalty income | 381 | 250 | $ 374 |
Receivables | 795 | 785 | |
Payables | $ 928 | $ 694 |
Other Investments (Details)
Other Investments (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Other than Temporary Impairment | $ 0 | ||
Equity Securities without Readily Determinable Fair Value, Amount | $ 1,700 | $ 1,200 | |
Subsequent Event [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Increase (Decrease) in Equity Securities, FV-NI | $ 900 |
Other Liabilities and Deferre_3
Other Liabilities and Deferred Revenue (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Other Liabilities, Current [Abstract] | ||
Dealer and dealers’ customer allowances and claims | $ 12,702 | $ 13,113 |
Deferred revenue | 2,161 | 2,091 |
Employee benefit plans | 1,752 | 1,857 |
Accrued interest | 1,215 | 1,128 |
OPEB | 339 | 332 |
Pension | 193 | 185 |
Other | 4,960 | 3,914 |
Total current other liabilities and deferred revenue | 23,645 | 22,987 |
Other Liabilities, Noncurrent [Abstract] | ||
Pension | 10,738 | 9,878 |
OPEB | 6,236 | 5,740 |
Dealer and dealers’ customer allowances and claims | 3,072 | 1,921 |
Deferred revenue | 4,559 | 4,191 |
Employee benefit plans | 1,074 | 1,104 |
Other | 1,709 | 1,443 |
Total non-current other liabilities and deferred revenue | 28,379 | 25,324 |
Other Current Liabilities | ||
Other Liabilities, Current [Abstract] | ||
Operating lease liabilities | 323 | 367 |
Other Noncurrent Liabilities | ||
Other Liabilities, Noncurrent [Abstract] | ||
Operating lease liabilities | $ 991 | $ 1,047 |
Retirement Benefits (Details)
Retirement Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Defined Contribution Plan, Cost | $ 146 | $ 143 | $ 143 |
Pension Plan | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Defined Contribution Plan, Cost | $ 398 | 444 | $ 393 |
Pension Plan | One-Time Contribution | |||
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||
Defined Contribution Plan, Cost | $ 33 | ||
Other Postretirement Benefit Plan, Defined Benefit | |||
Weighted average assumptions [Abstract] | |||
Discount Rate | 2.62% | 3.30% | |
Average rate of increase in compensation | 3.44% | 3.44% | |
Assumptions used to determine net benefit cost [Abstract] | |||
Expected long-term rate of return on assets | 0.00% | 0.00% | |
Average rate of increase in compensation | 3.44% | 3.44% | |
Other Postretirement Benefit Plan Service Cost [Member] | |||
Assumptions used to determine net benefit cost [Abstract] | |||
Discount Rate | 3.57% | 4.34% | |
Other Postretirement Benefit Plan Interest Cost [Member] | |||
Assumptions used to determine net benefit cost [Abstract] | |||
Discount Rate | 2.85% | 3.87% | |
U.S. Plans | Pension Plan | |||
Weighted average assumptions [Abstract] | |||
Discount Rate | 2.56% | 3.32% | |
Average rate of increase in compensation | 3.50% | 3.50% | |
Assumptions used to determine net benefit cost [Abstract] | |||
Expected long-term rate of return on assets | 6.50% | 6.75% | |
Average rate of increase in compensation | 3.50% | 3.50% | |
U.S. Plans | United States Pension Plan US Entity Service Cost [Member] | |||
Assumptions used to determine net benefit cost [Abstract] | |||
Discount Rate | 3.55% | 4.17% | |
U.S. Plans | United States Pension Plan US Entity Interest Cost [Member] | |||
Assumptions used to determine net benefit cost [Abstract] | |||
Discount Rate | 2.88% | 3.75% | |
Non-U.S. Plans | Pension Plan | |||
Weighted average assumptions [Abstract] | |||
Discount Rate | 1.23% | 1.74% | |
Average rate of increase in compensation | 3.34% | 3.37% | |
Assumptions used to determine net benefit cost [Abstract] | |||
Expected long-term rate of return on assets | 3.67% | 4.18% | |
Average rate of increase in compensation | 3.37% | 3.37% | |
Non-U.S. Plans | Foreign Pension Plan Service Cost [Member] | |||
Assumptions used to determine net benefit cost [Abstract] | |||
Discount Rate | 1.75% | 2.52% | |
Non-U.S. Plans | Foreign Pension Plan Interest Cost [Member] | |||
Assumptions used to determine net benefit cost [Abstract] | |||
Discount Rate | 1.46% | 2.21% |
Retirement Benefits - Expense (
Retirement Benefits - Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Settlements and curtailments | $ (1,500) | $ 2,200 | $ 306 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ 367 | $ 361 | ||||
Worldwide OPEB | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | 47 | 43 | $ 54 | |||
Interest cost | 169 | 211 | 195 | |||
Expected return on assets | 0 | 0 | 0 | |||
Amortization of prior service costs/(credits) | (16) | (70) | (109) | |||
Net remeasurement (gain)/loss | 556 | 551 | (366) | |||
Defined Benefit Plan Separation Programs and Other | 0 | 0 | 1 | |||
Settlements and curtailments | (2) | 0 | 0 | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 754 | 735 | (225) | |||
U.S. Plans | Pension Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | 520 | 474 | 544 | |||
Interest cost | 1,291 | 1,570 | 1,466 | |||
Expected return on assets | (2,795) | (2,657) | (2,887) | |||
Amortization of prior service costs/(credits) | 4 | 87 | 143 | |||
Net remeasurement (gain)/loss | 377 | (135) | 1,294 | |||
Defined Benefit Plan Separation Programs and Other | 35 | 22 | 53 | |||
Settlements and curtailments | 5 | (67) | (15) | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (563) | (706) | 598 | |||
Non-U.S. Plans | Pension Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | 529 | 506 | 588 | |||
Interest cost | 514 | 691 | 684 | |||
Expected return on assets | (1,067) | (1,124) | (1,295) | |||
Amortization of prior service costs/(credits) | 32 | 33 | 25 | |||
Net remeasurement (gain)/loss | 499 | 2,084 | (76) | |||
Defined Benefit Plan Separation Programs and Other | 226 | 398 | 103 | |||
Settlements and curtailments | 103 | 8 | (2) | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 836 | 2,596 | $ 27 | |||
NETHERLANDS | Pension Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Settlements and curtailments | (12) | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | (57) | |||||
Global Redesign | U.S. Plans | Pension Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Settlements and curtailments | (104) | |||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 268 | $ 415 | ||||
Global Redesign | Non-U.S. Plans | Pension Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement | $ (61) |
Retirement Benefits - Status (D
Retirement Benefits - Status (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension Plan | |||
Plan Contributions [Abstract] | |||
Payment for Pension and Other Postretirement Benefits | $ 570 | ||
Pension and Other Postretirement Benefit Contributions Unfunded Plans | 360 | ||
Pension And Other Postretirement Expected Benefit Contributions Unfunded Plans | 390 | ||
Pension Plan | Minimum | |||
Plan Contributions [Abstract] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 600 | ||
Pension Plan | Maximum | |||
Plan Contributions [Abstract] | |||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 800 | ||
Pension Plan | U.S. Plans | |||
Change in Benefit Obligation | |||
Benefit obligation at January 1 | 45,672 | $ 42,269 | |
Service cost | 520 | 474 | $ 544 |
Interest cost | 1,291 | 1,570 | 1,466 |
Amendments | 0 | 0 | |
Separation programs/other | (10) | (24) | |
Curtailments | 0 | 0 | |
Settlements | (25) | (966) | |
Plan participant contributions | 23 | 23 | |
Benefits paid | (3,055) | (2,615) | |
Foreign exchange translation | 0 | 0 | |
Actuarial (gain)/loss | 4,604 | 4,941 | |
Benefit obligation at December 31 | 49,020 | 45,672 | 42,269 |
Change in Plan Assets | |||
Fair value of plan assets at January 1 | 44,253 | 39,774 | |
Actual return on plan assets | 7,018 | 7,800 | |
Company contributions | 186 | 284 | |
Plan participant contributions | 23 | 23 | |
Benefits paid | (3,055) | (2,615) | |
Settlements | (25) | (966) | |
Foreign exchange translation | 0 | 0 | |
Defined Benefit Plan Other Increase Decrease Plan Assets | (45) | (47) | |
Fair value of plan assets at December 31 | 48,355 | 44,253 | 39,774 |
Funded status at December 31 | (665) | (1,419) | |
Amounts Recognized on the Balance Sheet | |||
Prepaid assets | 1,578 | 911 | |
Accrued liabilities | (2,243) | (2,330) | |
Total | (665) | (1,419) | |
Amounts Recognized in Accumulated Other Comprehensive Loss (pre-tax) | |||
Unamortized prior service costs/(credits) | 4 | 8 | |
Pension Plans in which Accumulated Benefit Obligation Exceeds Plan Assets at December 31 | |||
Accumulated benefit obligation | 2,295 | 2,141 | |
Fair value of plan assets | 145 | 156 | |
Accumulated Benefit Obligation at December 31 | 47,848 | 44,578 | |
Pension Plans in which Projected Benefit Obligation Exceeds Plan Assets at December 31 | |||
Projected benefit obligation | 2,389 | 22,085 | |
Fair value of plan assets | 145 | 19,755 | |
Expected Future Benefit Payments and Amortization | |||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 3,430 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 2,750 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 2,760 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 2,790 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 2,780 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Year Thereafter | 13,730 | ||
Pension Plan | U.S. Plans | Alternatives | |||
Change in Plan Assets | |||
Fair value of plan assets at January 1 | 6,038 | ||
Fair value of plan assets at December 31 | 6,337 | 6,038 | |
Pension Plan | U.S. Plans | Hedge Funds | |||
Change in Plan Assets | |||
Fair value of plan assets at January 1 | 2,961 | ||
Fair value of plan assets at December 31 | 3,258 | 2,961 | |
Pension Plan | U.S. Plans | Private Equity Funds | |||
Change in Plan Assets | |||
Fair value of plan assets at January 1 | 1,884 | ||
Fair value of plan assets at December 31 | 1,859 | 1,884 | |
Pension Plan | Non-U.S. Plans | |||
Change in Benefit Obligation | |||
Benefit obligation at January 1 | 35,373 | 31,079 | |
Service cost | 529 | 506 | 588 |
Interest cost | 514 | 691 | 684 |
Amendments | 0 | 10 | |
Separation programs/other | 219 | 391 | |
Curtailments | 0 | (43) | |
Settlements | (189) | (272) | |
Plan participant contributions | 14 | 17 | |
Benefits paid | (1,394) | (1,395) | |
Foreign exchange translation | 1,131 | 501 | |
Actuarial (gain)/loss | 3,638 | 3,888 | |
Benefit obligation at December 31 | 39,835 | 35,373 | 31,079 |
Change in Plan Assets | |||
Fair value of plan assets at January 1 | 29,958 | 27,273 | |
Actual return on plan assets | 4,149 | 2,935 | |
Company contributions | 744 | 789 | |
Plan participant contributions | 14 | 17 | |
Benefits paid | (1,394) | (1,395) | |
Settlements | (189) | (330) | |
Foreign exchange translation | 547 | 678 | |
Defined Benefit Plan Other Increase Decrease Plan Assets | (9) | (9) | |
Fair value of plan assets at December 31 | 33,820 | 29,958 | 27,273 |
Funded status at December 31 | (6,015) | (5,415) | |
Amounts Recognized on the Balance Sheet | |||
Prepaid assets | 2,673 | 2,318 | |
Accrued liabilities | (8,688) | (7,733) | |
Total | (6,015) | (5,415) | |
Amounts Recognized in Accumulated Other Comprehensive Loss (pre-tax) | |||
Unamortized prior service costs/(credits) | 206 | 274 | |
Pension Plans in which Accumulated Benefit Obligation Exceeds Plan Assets at December 31 | |||
Accumulated benefit obligation | 14,595 | 12,421 | |
Fair value of plan assets | 7,203 | 5,948 | |
Accumulated Benefit Obligation at December 31 | 36,272 | 32,106 | |
Pension Plans in which Projected Benefit Obligation Exceeds Plan Assets at December 31 | |||
Projected benefit obligation | 15,951 | 13,864 | |
Fair value of plan assets | 7,264 | 6,131 | |
Expected Future Benefit Payments and Amortization | |||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 1,480 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 1,360 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 1,370 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 1,380 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 1,400 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Year Thereafter | 7,210 | ||
Pension Plan | Non-U.S. Plans | Alternatives | |||
Change in Plan Assets | |||
Fair value of plan assets at January 1 | 2,227 | ||
Fair value of plan assets at December 31 | 2,311 | 2,227 | |
Pension Plan | Non-U.S. Plans | Hedge Funds | |||
Change in Plan Assets | |||
Fair value of plan assets at January 1 | 1,207 | ||
Fair value of plan assets at December 31 | 1,259 | 1,207 | |
Pension Plan | Non-U.S. Plans | Private Equity Funds | |||
Change in Plan Assets | |||
Fair value of plan assets at January 1 | 695 | ||
Fair value of plan assets at December 31 | 729 | 695 | |
Worldwide OPEB | |||
Change in Benefit Obligation | |||
Benefit obligation at January 1 | 6,072 | 5,559 | |
Service cost | 47 | 43 | 54 |
Interest cost | 169 | 211 | 195 |
Amendments | 21 | 0 | |
Separation programs/other | 0 | 3 | |
Curtailments | 0 | 0 | |
Settlements | 0 | 0 | |
Plan participant contributions | 21 | 3 | |
Benefits paid | (339) | (367) | |
Foreign exchange translation | 28 | 69 | |
Actuarial (gain)/loss | 556 | 551 | |
Benefit obligation at December 31 | 6,575 | 6,072 | 5,559 |
Change in Plan Assets | |||
Fair value of plan assets at January 1 | 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Company contributions | 0 | 0 | |
Plan participant contributions - Worldwide OPEB | 0 | 0 | |
Benefits paid - Worldwide OPEB | 0 | 0 | |
Settlements | 0 | 0 | |
Foreign exchange translation | 0 | 0 | |
Defined Benefit Plan Other Increase Decrease Plan Assets | 0 | 0 | |
Fair value of plan assets at December 31 | 0 | 0 | $ 0 |
Funded status at December 31 | (6,575) | (6,072) | |
Amounts Recognized on the Balance Sheet | |||
Prepaid assets | 0 | 0 | |
Accrued liabilities | (6,575) | (6,072) | |
Total | (6,575) | (6,072) | |
Amounts Recognized in Accumulated Other Comprehensive Loss (pre-tax) | |||
Unamortized prior service costs/(credits) | (11) | $ 29 | |
Expected Future Benefit Payments and Amortization | |||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 340 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 340 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Three | 330 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Four | 330 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Year Five | 330 | ||
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Year Thereafter | $ 1,640 |
Retirement Benefits - Fair Valu
Retirement Benefits - Fair Value of Plan Assets (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Percent Of Employer And Related Party Securities Included In Plan Assets Maximum | 1.00% | ||
U.S. Plans | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term rate of return on assets | 6.00% | ||
Defined Benefit Plan Fair Value Of Plan Assets Dividends And Interest Receivable | $ 317,000,000 | $ 322,000,000 | |
Defined Benefit Plan, Plan Assets, Amount | 48,355,000,000 | 44,253,000,000 | $ 39,774,000,000 |
U.S. Plans | Pension Plan | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 10,995,000,000 | 9,737,000,000 | |
U.S. Plans | Pension Plan | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 31,007,000,000 | 28,461,000,000 | |
U.S. Plans | Pension Plan | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 16,000,000 | 17,000,000 | |
U.S. Plans | Pension Plan | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 6,337,000,000 | 6,038,000,000 | |
U.S. Plans | Pension Plan | Fixed Income Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 80.00% | ||
U.S. Plans | Pension Plan | Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 3,547,000,000 | 2,543,000,000 | |
U.S. Plans | Pension Plan | Equity | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 3,507,000,000 | 2,513,000,000 | |
U.S. Plans | Pension Plan | Equity | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 38,000,000 | 29,000,000 | |
U.S. Plans | Pension Plan | Equity | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2,000,000 | 1,000,000 | |
U.S. Plans | Pension Plan | Equity | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | U.S. companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2,181,000,000 | 1,562,000,000 | |
U.S. Plans | Pension Plan | U.S. companies | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2,161,000,000 | 1,542,000,000 | |
U.S. Plans | Pension Plan | U.S. companies | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 20,000,000 | 20,000,000 | |
U.S. Plans | Pension Plan | U.S. companies | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | U.S. companies | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | International companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,366,000,000 | 981,000,000 | |
U.S. Plans | Pension Plan | International companies | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,346,000,000 | 971,000,000 | |
U.S. Plans | Pension Plan | International companies | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 18,000,000 | 9,000,000 | |
U.S. Plans | Pension Plan | International companies | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2,000,000 | 1,000,000 | |
U.S. Plans | Pension Plan | International companies | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 40,227,000,000 | 37,404,000,000 | |
U.S. Plans | Pension Plan | Fixed Income | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 9,244,000,000 | 8,956,000,000 | |
U.S. Plans | Pension Plan | Fixed Income | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 30,969,000,000 | 28,432,000,000 | |
U.S. Plans | Pension Plan | Fixed Income | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 14,000,000 | 16,000,000 | |
U.S. Plans | Pension Plan | Fixed Income | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | U.S. government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 11,420,000,000 | 11,788,000,000 | |
U.S. Plans | Pension Plan | U.S. government | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 9,243,000,000 | 8,965,000,000 | |
U.S. Plans | Pension Plan | U.S. government | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2,177,000,000 | 2,823,000,000 | |
U.S. Plans | Pension Plan | U.S. government | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | U.S. government | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Non-U.S. government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,217,000,000 | 1,337,000,000 | |
U.S. Plans | Pension Plan | Non-U.S. government | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Non-U.S. government | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,203,000,000 | 1,321,000,000 | |
U.S. Plans | Pension Plan | Non-U.S. government | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 14,000,000 | 16,000,000 | |
U.S. Plans | Pension Plan | Non-U.S. government | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 26,983,000,000 | 23,717,000,000 | |
U.S. Plans | Pension Plan | Corporate bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Corporate bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 26,983,000,000 | 23,717,000,000 | |
U.S. Plans | Pension Plan | Corporate bonds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Corporate bonds | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Mortgage/other asset-backed | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 512,000,000 | 527,000,000 | |
U.S. Plans | Pension Plan | Mortgage/other asset-backed | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Mortgage/other asset-backed | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 512,000,000 | 527,000,000 | |
U.S. Plans | Pension Plan | Mortgage/other asset-backed | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Mortgage/other asset-backed | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Commingled funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 189,000,000 | 191,000,000 | |
U.S. Plans | Pension Plan | Commingled funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Commingled funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 189,000,000 | 191,000,000 | |
U.S. Plans | Pension Plan | Commingled funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Commingled funds | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Fixed Income Funds Net Derivative Financial Instruments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | (94,000,000) | (156,000,000) | |
U.S. Plans | Pension Plan | Fixed Income Funds Net Derivative Financial Instruments | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,000,000 | (9,000,000) | |
U.S. Plans | Pension Plan | Fixed Income Funds Net Derivative Financial Instruments | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | (95,000,000) | (147,000,000) | |
U.S. Plans | Pension Plan | Fixed Income Funds Net Derivative Financial Instruments | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Fixed Income Funds Net Derivative Financial Instruments | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 0 | 0 | |
U.S. Plans | Pension Plan | Growth Assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 20.00% | ||
U.S. Plans | Pension Plan | Alternatives | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 6,337,000,000 | 6,038,000,000 | |
U.S. Plans | Pension Plan | Alternatives | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Alternatives | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Alternatives | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Alternatives | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 6,337,000,000 | 6,038,000,000 | |
U.S. Plans | Pension Plan | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 3,258,000,000 | 2,961,000,000 | |
U.S. Plans | Pension Plan | Hedge funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Hedge funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Hedge funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Hedge funds | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 3,258,000,000 | 2,961,000,000 | |
U.S. Plans | Pension Plan | Private equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,859,000,000 | 1,884,000,000 | |
U.S. Plans | Pension Plan | Private equity | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Private equity | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Private equity | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Private equity | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,859,000,000 | 1,884,000,000 | |
U.S. Plans | Pension Plan | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,220,000,000 | 1,193,000,000 | |
U.S. Plans | Pension Plan | Real estate | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Real estate | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Real estate | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Real estate | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,220,000,000 | 1,193,000,000 | |
U.S. Plans | Pension Plan | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | (605,000,000) | (195,000,000) | |
U.S. Plans | Pension Plan | Cash and cash equivalents | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | (605,000,000) | (195,000,000) | |
U.S. Plans | Pension Plan | Cash and cash equivalents | Level 1 | Repurchase Agreements | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | (2,400,000,000) | (1,900,000,000) | |
U.S. Plans | Pension Plan | Cash and cash equivalents | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Cash and cash equivalents | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Cash and cash equivalents | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | (1,151,000,000) | (1,537,000,000) | |
U.S. Plans | Pension Plan | Other | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | (1,151,000,000) | (1,537,000,000) | |
U.S. Plans | Pension Plan | Other | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Other | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
U.S. Plans | Pension Plan | Other | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 0 | 0 | |
Non-U.S. Plans | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term rate of return on assets | 3.42% | ||
Defined Benefit Plan Fair Value Of Plan Assets Dividends And Interest Receivable | $ 102,000,000 | 102,000,000 | |
Defined Benefit Plan, Plan Assets, Amount | 33,820,000,000 | 29,958,000,000 | $ 27,273,000,000 |
Non-U.S. Plans | Pension Plan | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 704,000,000 | (223,000,000) | |
Non-U.S. Plans | Pension Plan | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 24,799,000,000 | 22,382,000,000 | |
Non-U.S. Plans | Pension Plan | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 6,006,000,000 | 5,572,000,000 | |
Non-U.S. Plans | Pension Plan | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2,311,000,000 | 2,227,000,000 | |
Non-U.S. Plans | Pension Plan | Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 3,650,000,000 | 2,013,000,000 | |
Non-U.S. Plans | Pension Plan | Equity | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 3,417,000,000 | 1,909,000,000 | |
Non-U.S. Plans | Pension Plan | Equity | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 229,000,000 | 101,000,000 | |
Non-U.S. Plans | Pension Plan | Equity | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 4,000,000 | 3,000,000 | |
Non-U.S. Plans | Pension Plan | Equity | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | U.S. companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2,037,000,000 | 1,102,000,000 | |
Non-U.S. Plans | Pension Plan | U.S. companies | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,989,000,000 | 1,059,000,000 | |
Non-U.S. Plans | Pension Plan | U.S. companies | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 48,000,000 | 43,000,000 | |
Non-U.S. Plans | Pension Plan | U.S. companies | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | U.S. companies | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | International companies | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,613,000,000 | 911,000,000 | |
Non-U.S. Plans | Pension Plan | International companies | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,428,000,000 | 850,000,000 | |
Non-U.S. Plans | Pension Plan | International companies | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 181,000,000 | 58,000,000 | |
Non-U.S. Plans | Pension Plan | International companies | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 4,000,000 | 3,000,000 | |
Non-U.S. Plans | Pension Plan | International companies | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 24,523,000,000 | 22,725,000,000 | |
Non-U.S. Plans | Pension Plan | Fixed Income | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2,000,000 | 395,000,000 | |
Non-U.S. Plans | Pension Plan | Fixed Income | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 24,570,000,000 | 22,281,000,000 | |
Non-U.S. Plans | Pension Plan | Fixed Income | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | (49,000,000) | 49,000,000 | |
Non-U.S. Plans | Pension Plan | Fixed Income | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | U.S. government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 75,000,000 | 474,000,000 | |
Non-U.S. Plans | Pension Plan | U.S. government | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 380,000,000 | |
Non-U.S. Plans | Pension Plan | U.S. government | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 75,000,000 | 94,000,000 | |
Non-U.S. Plans | Pension Plan | U.S. government | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | U.S. government | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | Non-U.S. government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 20,398,000,000 | 18,256,000,000 | |
Non-U.S. Plans | Pension Plan | Non-U.S. government | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | Non-U.S. government | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 20,398,000,000 | 18,256,000,000 | |
Non-U.S. Plans | Pension Plan | Non-U.S. government | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | Non-U.S. government | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | Corporate bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 3,444,000,000 | 3,124,000,000 | |
Non-U.S. Plans | Pension Plan | Corporate bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | Corporate bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 3,391,000,000 | 3,089,000,000 | |
Non-U.S. Plans | Pension Plan | Corporate bonds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 53,000,000 | 35,000,000 | |
Non-U.S. Plans | Pension Plan | Corporate bonds | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | Mortgage/other asset-backed | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 531,000,000 | 634,000,000 | |
Non-U.S. Plans | Pension Plan | Mortgage/other asset-backed | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | Mortgage/other asset-backed | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 515,000,000 | 565,000,000 | |
Non-U.S. Plans | Pension Plan | Mortgage/other asset-backed | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 16,000,000 | 69,000,000 | |
Non-U.S. Plans | Pension Plan | Mortgage/other asset-backed | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | Commingled funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 111,000,000 | 175,000,000 | |
Non-U.S. Plans | Pension Plan | Commingled funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | Commingled funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 111,000,000 | 174,000,000 | |
Non-U.S. Plans | Pension Plan | Commingled funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 1,000,000 | |
Non-U.S. Plans | Pension Plan | Commingled funds | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | Fixed Income Funds Net Derivative Financial Instruments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | (36,000,000) | 62,000,000 | |
Non-U.S. Plans | Pension Plan | Fixed Income Funds Net Derivative Financial Instruments | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2,000,000 | 15,000,000 | |
Non-U.S. Plans | Pension Plan | Fixed Income Funds Net Derivative Financial Instruments | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 80,000,000 | 103,000,000 | |
Non-U.S. Plans | Pension Plan | Fixed Income Funds Net Derivative Financial Instruments | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | (118,000,000) | (56,000,000) | |
Non-U.S. Plans | Pension Plan | Fixed Income Funds Net Derivative Financial Instruments | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | Alternatives | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2,311,000,000 | 2,227,000,000 | |
Non-U.S. Plans | Pension Plan | Alternatives | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | Alternatives | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | Alternatives | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | Alternatives | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2,311,000,000 | 2,227,000,000 | |
Non-U.S. Plans | Pension Plan | Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,259,000,000 | 1,207,000,000 | |
Non-U.S. Plans | Pension Plan | Hedge funds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | Hedge funds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | Hedge funds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | Hedge funds | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,259,000,000 | 1,207,000,000 | |
Non-U.S. Plans | Pension Plan | Private equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 729,000,000 | 695,000,000 | |
Non-U.S. Plans | Pension Plan | Private equity | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | Private equity | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | Private equity | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | Private equity | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 729,000,000 | 695,000,000 | |
Non-U.S. Plans | Pension Plan | Real estate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 323,000,000 | 325,000,000 | |
Non-U.S. Plans | Pension Plan | Real estate | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | Real estate | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | Real estate | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | Real estate | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 323,000,000 | 325,000,000 | |
Non-U.S. Plans | Pension Plan | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | (2,257,000,000) | (1,765,000,000) | |
Non-U.S. Plans | Pension Plan | Cash and cash equivalents | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | (2,257,000,000) | (1,765,000,000) | |
Non-U.S. Plans | Pension Plan | Cash and cash equivalents | Level 1 | Repurchase Agreements | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | (2,900,000,000) | (2,500,000,000) | |
Non-U.S. Plans | Pension Plan | Cash and cash equivalents | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | Cash and cash equivalents | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | Cash and cash equivalents | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 5,593,000,000 | 4,758,000,000 | |
Non-U.S. Plans | Pension Plan | Other | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | (458,000,000) | (762,000,000) | |
Non-U.S. Plans | Pension Plan | Other | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | Other | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 6,051,000,000 | 5,520,000,000 | |
Non-U.S. Plans | Pension Plan | Other | Fair Value Measured at Net Asset Value Per Share | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 0 | 0 | |
Non-U.S. Plans | Pension Plan | Ford Werke GmbH | Other Pension Benefit Plan Asset Insurance Contracts [Member] | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 5,000,000,000 | $ 4,500,000,000 | |
Canada | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term rate of return on assets | 4.25% | ||
United Kingdom | Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Expected long-term rate of return on assets | 3.25% |
Retirement Benefits - Changes i
Retirement Benefits - Changes in Level 3 Pension Benefit Plan Assets Measured at Fair Value on a Recurring Basis (Details) - Pension Plan - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 48,355 | $ 44,253 | $ 39,774 |
Fair Value at January 1 | 17 | 1 | |
Attributable to Assets Held at December 31 | (2) | 1 | |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Attributable To Assets Sold | 1 | 0 | |
Net Purchases/ (Settlements) | 0 | 15 | |
Transfers Into/ (Out of) Level 3 | 0 | 0 | |
Fair Value at December 31 | 16 | 17 | |
Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 33,820 | 29,958 | $ 27,273 |
Fair Value at January 1 | 5,572 | 5,249 | |
Attributable to Assets Held at December 31 | 473 | 215 | |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Attributable To Assets Sold | 1 | (5) | |
Net Purchases/ (Settlements) | 1 | 113 | |
Transfers Into/ (Out of) Level 3 | (41) | 0 | |
Fair Value at December 31 | 6,006 | 5,572 | |
Non-U.S. Plans | Ford Werke GmbH | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value at January 1 | 4,500 | ||
Fair Value at December 31 | 5,000 | 4,500 | |
Fair Value, Inputs, Level 1 | U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 10,995 | 9,737 | |
Fair Value, Inputs, Level 1 | Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 704 | (223) | |
Fair Value Measured at Net Asset Value Per Share | U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 6,337 | 6,038 | |
Fair Value Measured at Net Asset Value Per Share | Non-U.S. Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 2,311 | $ 2,227 |
Lease Commitments Lease Commitm
Lease Commitments Lease Commitments - Right-of-Use Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | ||
Other assets, non-current | $ 1,287 | $ 1,415 |
Total operating lease liabilities | 1,314 | |
Total finance lease liabilities | $ 414 | 177 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities | |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Term of Contract | 1 year | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Term of Contract | 40 years | |
Other Current Liabilities | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease liabilities | $ 323 | 367 |
Other Noncurrent Liabilities | ||
Lessee, Lease, Description [Line Items] | ||
Other liabilities and deferred revenue, non-current | 991 | 1,047 |
Property, Plant and Equipment | ||
Lessee, Lease, Description [Line Items] | ||
Property and equipment, gross | 540 | 252 |
Accumulated depreciation | (50) | (43) |
Property and equipment, net | 490 | 209 |
Other Liabilities | ||
Lessee, Lease, Description [Line Items] | ||
Total operating lease liabilities | 1,314 | 1,414 |
Operating Segments | Debt | Automotive | ||
Lessee, Lease, Description [Line Items] | ||
Automotive debt payable within one year | 46 | 92 |
Automotive long-term debt | $ 368 | $ 85 |
Lease Commitments Lease Commi_2
Lease Commitments Lease Commitments - Contractual Obligations (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 366 | |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 279 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 210 | |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 156 | |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 117 | |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 352 | |
Lessee, Operating Lease, Liability, Payments, Due | 1,480 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 166 | |
Total operating lease liabilities | 1,314 | |
Finance Lease, Liability, Payment, Due [Abstract] | ||
Finance Lease, Liability, Payments, Due Next Twelve Months | 60 | |
Finance Lease, Liability, Payments, Due Year Two | 54 | |
Finance Lease, Liability, Payments, Due Year Three | 42 | |
Finance Lease, Liability, Payments, Due Year Four | 35 | |
Finance Lease, Liability, Payments, Due Year Five | 30 | |
Finance Lease, Liability, Payments, Due after Year Five | 303 | |
Finance Lease, Liability, Payment, Due | 524 | |
Finance Lease, Liability, Undiscounted Excess Amount | 110 | |
Total finance lease liabilities | 414 | $ 177 |
Lessee, Finance Lease, Lease Not yet Commenced, Future Payments | $ 101 |
Lease Commitments Lease Commi_3
Lease Commitments Lease Commitments - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Paid for Lease Liabilities [Abstract] | ||
Operating cash flows from operating leases | $ 434 | $ 460 |
Operating cash flows from finance leases | 15 | 6 |
Financing cash flows from finance leases | 105 | 35 |
Operating leases | 304 | 527 |
Finance leases (a) | $ 306 | $ 43 |
Lease Commitments Lease Commi_4
Lease Commitments Lease Commitments - Costs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating Lease, Expense | $ 463 | $ 467 |
Variable Lease, Cost | 57 | 53 |
Sublease Income | (14) | (16) |
Finance Lease, Right-of-Use Asset, Amortization | 27 | 15 |
Finance Lease, Interest Expense | 15 | 6 |
Lease, Cost | $ 548 | $ 525 |
Lease Commitments Lease Commi_5
Lease Commitments Lease Commitments Weighted Average Rate and Term (Details) - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating Lease, Weighted Average Remaining Lease Term | 6 years 3 months 18 days | 6 years 3 months 18 days |
Finance Lease, Weighted Average Remaining Lease Term | 14 years 9 months 18 days | 3 years |
Operating Lease, Weighted Average Discount Rate, Percent | 3.80% | 3.40% |
Finance Lease, Weighted Average Discount Rate, Percent | 3.50% | 3.30% |
Lessee, Finance, Lease Term Of Contract, Lease Commenced in Current Year | 20 years | |
Lessee, Finance, Lease Amount, Lease Commenced in Current Year | $ 0.3 |
Debt - Debt Outstanding (Detail
Debt - Debt Outstanding (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Unsecured Debt, Current | $ 180 | $ 130 | |
Unsecured Long-term Debt, Noncurrent | 294 | 474 | |
Debt Instrument, Unamortized Discount, Noncurrent | (3) | (4) | |
Long-term debt | 291 | 470 | |
Debt | 471 | 600 | |
Fair Value, Nonrecurring | Level 2 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Fair Value | 585 | 720 | |
Operating Segments | Automotive | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount, Current | (1) | (1) | |
Total debt payable within one year | 1,194 | 1,445 | |
Debt Instrument, Unamortized Discount, Noncurrent | (239) | (161) | |
Unamortized issuance costs, non-current | (188) | (116) | |
Long-term debt | 22,342 | 13,233 | |
Debt | 23,536 | 14,678 | |
Operating Segments | Automotive | Fair Value, Nonrecurring | Level 2 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Fair Value | 27,209 | 15,606 | |
Operating Segments | Automotive | Corporate debt | |||
Debt Instrument [Line Items] | |||
Unsecured Long-term Debt, Noncurrent | 18,583 | 10,583 | |
Debt | 18,293 | ||
Operating Segments | Automotive | Other debt | |||
Debt Instrument [Line Items] | |||
Secured Debt, Current | 434 | 540 | |
Secured Long-term Debt, Noncurrent | 1,622 | 547 | |
Debt | 2,528 | ||
Operating Segments | Automotive | Other debt | DOE ATVM Incentive Program | |||
Debt Instrument [Line Items] | |||
Secured Debt, Current | 148 | 591 | |
Secured Long-term Debt, Noncurrent | 1,064 | 880 | |
Debt | 1,215 | ||
Operating Segments | Automotive | Other debt | Delayed Draw Term Loan | |||
Debt Instrument [Line Items] | |||
Secured Long-term Debt, Noncurrent | 1,500 | 1,500 | |
Debt | 1,500 | ||
Operating Segments | Automotive | Short-term Debt | |||
Debt Instrument [Line Items] | |||
Short-term | 613 | 315 | |
Operating Segments | Ford Credit | |||
Debt Instrument [Line Items] | |||
Short-term | 11,429 | 13,717 | |
Debt Instrument, Unamortized Premium, Current | 2 | 1 | |
Debt Issuance Costs, Current, Net | (17) | (17) | |
Fair value adjustments, current | 25 | (1) | |
Total debt payable within one year | 49,969 | 52,371 | |
Unsecured Long-term Debt, Noncurrent | 54,197 | 55,148 | |
Secured Long-term Debt, Noncurrent | 32,276 | 32,162 | |
Debt Instrument, Unamortized Premium, Noncurrent | 28 | 6 | |
Unamortized issuance costs, non-current | (235) | (197) | |
Long-term debt | 87,708 | 87,658 | |
Fair value adjustments, non-current | 1,442 | 539 | |
Debt | 137,677 | 140,029 | |
Debt Carrying Value Fair Value | 45,500 | 39,400 | |
Interest Paid, Excluding Capitalized Interest, Operating Activities | 3,400 | 4,100 | $ 3,500 |
Adjustment Fair Value Hedging Instruments Unsecured Debt, Discontinued Hedging Relationships | 299 | 7 | |
Operating Segments | Ford Credit | Fair Value, Nonrecurring | Level 2 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Fair Value | 139,796 | 141,678 | |
Operating Segments | Ford Credit | Secured Debt | |||
Debt Instrument [Line Items] | |||
Secured Debt, Current | 21,345 | 23,609 | |
Debt | 54,584 | ||
Operating Segments | Ford Credit | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Unsecured Debt, Current | 17,185 | 15,062 | |
Debt | 83,093 | ||
Operating Segments | Other Segments | |||
Debt Instrument [Line Items] | |||
Total debt payable within one year | 180 | 130 | |
Operating Segments | Other Segments | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Debt | 471 | ||
Operating Segments | Automotive and All Other Segments | |||
Debt Instrument [Line Items] | |||
Interest Paid, Excluding Capitalized Interest, Operating Activities | 1,400 | 1,000 | $ 1,200 |
Short-term Debt | Operating Segments | Automotive | |||
Debt Instrument [Line Items] | |||
Short-term Debt, Fair Value | 529 | 315 | |
Short-term Debt | Operating Segments | Ford Credit | |||
Debt Instrument [Line Items] | |||
Short-term Debt, Fair Value | $ 10,400 | $ 12,800 | |
Weighted Average [Member] | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 9.30% | 9.30% | |
Debt Instrument, Interest Rate, Effective Percentage | 9.20% | 9.20% | |
Weighted Average [Member] | Operating Segments | Automotive | Long-term Debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.30% | 5.20% | |
Debt Instrument, Interest Rate, Effective Percentage | 6.50% | 5.30% | |
Weighted Average [Member] | Operating Segments | Automotive | Short-term Debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | 1.50% | |
Debt Instrument, Interest Rate, Effective Percentage | 4.00% | 1.50% | |
Weighted Average [Member] | Operating Segments | Ford Credit | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.70% | 3.00% | |
Debt Instrument, Interest Rate, Effective Percentage | 2.70% | 3.00% | |
Weighted Average [Member] | Operating Segments | Ford Credit | Short-term Debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | 2.80% | |
Debt Instrument, Interest Rate, Effective Percentage | 1.60% | 2.80% |
Debt - Maturities (Details)
Debt - Maturities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Maturities of Long-term Debt and Capital Lease Obligations, including and Short Term Debt [Abstract] | ||
Debt | $ 471 | $ 600 |
Operating Segments | Automotive | ||
Maturities of Long-term Debt and Capital Lease Obligations, including and Short Term Debt [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 1,195 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 2,795 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 3,675 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 48 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 4,590 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 11,661 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (428) | |
Debt | 23,536 | 14,678 |
Operating Segments | Automotive | Corporate debt | ||
Maturities of Long-term Debt and Capital Lease Obligations, including and Short Term Debt [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 86 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 3,500 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 3,709 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 11,288 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (290) | |
Debt | 18,293 | |
Debt, principal amount | 18,583 | 10,583 |
Operating Segments | Automotive | Other debt | ||
Maturities of Long-term Debt and Capital Lease Obligations, including and Short Term Debt [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 1,047 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 145 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 175 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 48 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 881 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 373 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (141) | |
Debt | 2,528 | |
Operating Segments | Automotive | Other debt | DOE ATVM Incentive Program | ||
Maturities of Long-term Debt and Capital Lease Obligations, including and Short Term Debt [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 148 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 1,064 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 3 | |
Debt | 1,215 | |
Operating Segments | Automotive | Other debt | Delayed Draw Term Loan | ||
Maturities of Long-term Debt and Capital Lease Obligations, including and Short Term Debt [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 1,500 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 0 | |
Debt | 1,500 | |
Operating Segments | Ford Credit | ||
Maturities of Long-term Debt and Capital Lease Obligations, including and Short Term Debt [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 49,959 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 28,402 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 18,685 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 13,471 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 15,276 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 10,639 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 1,245 | |
Debt | 137,677 | $ 140,029 |
Operating Segments | Ford Credit | Unsecured Debt | ||
Maturities of Long-term Debt and Capital Lease Obligations, including and Short Term Debt [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 27,583 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 13,983 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 10,835 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 10,323 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 9,117 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 9,939 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 1,313 | |
Debt | 83,093 | |
Operating Segments | Ford Credit | Secured Debt | ||
Maturities of Long-term Debt and Capital Lease Obligations, including and Short Term Debt [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 22,376 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 14,419 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 7,850 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 3,148 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 6,159 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 700 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (68) | |
Debt | 54,584 | |
Operating Segments | Other Segments | Unsecured Debt | ||
Maturities of Long-term Debt and Capital Lease Obligations, including and Short Term Debt [Abstract] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 180 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 0 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 0 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 294 | |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (3) | |
Debt | $ 471 |
Debt - Public Unsecured Debt Se
Debt - Public Unsecured Debt Securities (Details) - Operating Segments - Automotive - Corporate debt - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Debt, principal amount | $ 18,583 | $ 10,583 |
Debentures due January 15, 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Debt, principal amount | $ 86 | 86 |
Debt Instrument, Interest Rate, Stated Percentage | 8.875% | |
Notes due April 21, 2023 | ||
Debt Instrument [Line Items] | ||
Debt, principal amount | $ 3,500 | 0 |
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | |
9.000% Notes due April 22, 2025 | ||
Debt Instrument [Line Items] | ||
Debt, principal amount | $ 3,500 | 0 |
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | |
Debentures due November 15, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt, principal amount | $ 209 | 209 |
Debt Instrument, Interest Rate, Stated Percentage | 7.125% | |
Debentures due August 1, 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Debt, principal amount | $ 193 | 193 |
Debt Instrument, Interest Rate, Stated Percentage | 7.50% | |
Notes Due December 8, 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Debt, principal amount | $ 1,500 | 1,500 |
Debt Instrument, Interest Rate, Stated Percentage | 4.346% | |
Debentures due February 15, 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Debt, principal amount | $ 104 | 104 |
Debt Instrument, Interest Rate, Stated Percentage | 6.625% | |
Debentures due October 1, 2028 [Member] | ||
Debt Instrument [Line Items] | ||
Debt, principal amount | $ 638 | 638 |
Debt Instrument, Interest Rate, Stated Percentage | 6.625% | |
Debentures due February 1, 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Debt, principal amount | $ 260 | 260 |
Debt Instrument, Interest Rate, Stated Percentage | 6.375% | |
9.625% Notes due April 22, 2030 [Member] | ||
Debt Instrument [Line Items] | ||
Debt, principal amount | $ 1,000 | 0 |
Debt Instrument, Interest Rate, Stated Percentage | 9.625% | |
GLOBLS due July 16 2031 [Member] | ||
Debt Instrument [Line Items] | ||
Debt, principal amount | $ 1,794 | 1,794 |
Debt Instrument, Interest Rate, Stated Percentage | 7.45% | |
Debentures due January 15, 2032 [Member] | ||
Debt Instrument [Line Items] | ||
Debt, principal amount | $ 151 | 151 |
Debt Instrument, Interest Rate, Stated Percentage | 8.90% | |
Debentures due February 15, 2032 [Member] | ||
Debt Instrument [Line Items] | ||
Debt, principal amount | $ 4 | 4 |
Debt Instrument, Interest Rate, Stated Percentage | 9.95% | |
Notes Due January 15, 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Debt, principal amount | $ 2,000 | 2,000 |
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | |
Debentures due June 15, 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Debt, principal amount | $ 73 | 73 |
Debt Instrument, Interest Rate, Stated Percentage | 7.75% | |
Debentures due November 1, 2046 [Member] | ||
Debt Instrument [Line Items] | ||
Debt, principal amount | $ 398 | 398 |
Debt Instrument, Interest Rate, Stated Percentage | 7.40% | |
Notes Due December 8, 2046 [Member] | ||
Debt Instrument [Line Items] | ||
Debt, principal amount | $ 1,300 | 1,300 |
Debt Instrument, Interest Rate, Stated Percentage | 5.291% | |
Debentures due February 15, 2047 [Member] | ||
Debt Instrument [Line Items] | ||
Debt, principal amount | $ 181 | 181 |
Debt Instrument, Interest Rate, Stated Percentage | 9.98% | |
Notes Due June 1, 2059 [Member] | ||
Debt Instrument [Line Items] | ||
Debt, principal amount | $ 750 | 750 |
Debt Instrument, Interest Rate, Stated Percentage | 6.20% | |
Notes Due December 1, 2059 [Member] | ||
Debt Instrument [Line Items] | ||
Debt, principal amount | $ 800 | 800 |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |
Debentures due May 15, 2097 [Member] | ||
Debt Instrument [Line Items] | ||
Debt, principal amount | $ 142 | $ 142 |
Debt Instrument, Interest Rate, Stated Percentage | 7.70% | |
Debentures due September 15, 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 9.215% | |
Public Unsecured Debt Aggregate Principal Amount Outstanding of On Lent Securities | $ 180 |
Debt - DOE ATVM Incentive Progr
Debt - DOE ATVM Incentive Program, and Automotive Credit Facilities (Details) £ in Millions, $ in Millions | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020GBP (£) | Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |||||
Utilization of Credit Facilities | 50.00% | 50.00% | 50.00% | ||
Operating Segments | Automotive | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 18,600 | $ 18,600 | |||
Operating Segments | Automotive | Ford of Britain [Member] | |||||
Debt Instrument [Line Items] | |||||
Medium-term Notes, Noncurrent | £ | £ 625 | ||||
Credit Facility, Guarantee by Third Party, Amount | £ | £ 500 | ||||
Operating Segments | Automotive | Corporate Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 13,500 | 13,500 | |||
Line of Credit Facility, Amount Outstanding | 27 | 27 | |||
Operating Segments | Automotive | Corporate Credit Facility [Member] | April 30, 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 400 | 400 | |||
Operating Segments | Automotive | Corporate Credit Facility [Member] | July 27, 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 3,000 | 3,000 | |||
Operating Segments | Automotive | Corporate Credit Facility [Member] | April 30, 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 10,100 | 10,100 | |||
Operating Segments | Automotive | Supplemental Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 2,000 | 2,000 | |||
Operating Segments | Automotive | Supplemental Credit Facility [Member] | April 30, 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 200 | 200 | |||
Operating Segments | Automotive | Supplemental Credit Facility [Member] | July 27, 2023 [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,800 | 1,800 | |||
Operating Segments | Automotive | local credit facilities [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 1,600 | 1,600 | |||
Debt Instrument, Unused Borrowing Capacity, Amount | 700 | 700 | |||
Operating Segments | Automotive | Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Covenant Minimum Liquidity Amount | 4,000 | 4,000 | |||
Operating Segments | Automotive | Other debt | DOE ATVM Incentive Program | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 5,900 | 5,900 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 1,200 | $ 1,200 | |||
Line of Credit Facility, Periodic Payment | 37 | $ 148 | |||
Line of Credit Facility, Interest Rate During Period, Principal Amount | 2.30% | ||||
Line of Credit Facility Interest Rate During Period, Deferred Amount | 1.45% | ||||
Operating Segments | Automotive | Medium-term Notes [Member] | Ford of Britain [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Term | 5 years | ||||
Operating Segments | Ford Credit | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 40,600 | $ 40,600 | $ 42,600 | ||
Delayed Draw Term Loan | Operating Segments | Automotive | Supplemental Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,500 | $ 1,500 |
Ford Credit Segment Debt (Detai
Ford Credit Segment Debt (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Derivative income/(expense) | $ 347,000,000 | $ (165,000,000) | $ 32,000,000 |
Cash and cash equivalents | 25,243,000,000 | 17,504,000,000 | |
Finance receivables, net | 97,678,000,000 | 107,354,000,000 | |
Net investment in operating leases | 27,951,000,000 | 29,230,000,000 | |
Debt | $ 471,000,000 | 600,000,000 | |
Assets And Liabilities Related To Secured Debt Arrangements Disclosure Text Block | The assets and liabilities related to our asset-backed debt arrangements included in our consolidated financial statements at December 31 were as follows (in billions): 2019 2020 Assets Cash and cash equivalents $ 3.5 $ 3.2 Finance receivables, net 64.9 59.6 Net investment in operating leases 14.9 12.8 Liabilities Debt (a) $ 56.6 $ 54.6 __________ (a) Debt is net of unamortized discount and issuance costs. | ||
Variable Interest Entity, Primary Beneficiary [Member] | |||
Debt Instrument [Line Items] | |||
Cash and cash equivalents | $ 2,822,000,000 | 3,202,000,000 | |
Finance receivables, net | 51,472,000,000 | 58,478,000,000 | |
Net investment in operating leases | 12,794,000,000 | 14,883,000,000 | |
Debt | 46,770,000,000 | 50,865,000,000 | |
Operating Segments | Ford Credit | |||
Debt Instrument [Line Items] | |||
Secured Debt | 54,600,000,000 | ||
Cash and cash equivalents | 14,349,000,000 | 9,067,000,000 | |
Debt | 137,677,000,000 | 140,029,000,000 | |
Operating Segments | Ford Credit | Securitization Transactions VIE Primary Beneficiary and Non VIEs Primary Beneficiary | |||
Debt Instrument [Line Items] | |||
Cash and cash equivalents | 3,200,000,000 | 3,500,000,000 | |
Finance receivables, net | 59,600,000,000 | 64,900,000,000 | |
Net investment in operating leases | 12,800,000,000 | 14,900,000,000 | |
Debt | 54,600,000,000 | 56,600,000,000 | |
Operating Segments | Ford Credit | Variable Interest Entity, Primary Beneficiary [Member] | |||
Debt Instrument [Line Items] | |||
Cash contribution for collateral to support Wholesale Securitization Program | 0 | ||
Cash Balance to Support Wholesale Securitization Program | 25,000,000 | 0 | |
Minimum | Operating Segments | Ford Credit | Variable Interest Entity, Primary Beneficiary [Member] | |||
Debt Instrument [Line Items] | |||
Cash contribution for collateral to support Wholesale Securitization Program | 0 | ||
Maximum | Operating Segments | Ford Credit | Variable Interest Entity, Primary Beneficiary [Member] | |||
Debt Instrument [Line Items] | |||
Cash contribution for collateral to support Wholesale Securitization Program | 524,000,000 | ||
Secured Debt | Operating Segments | Ford Credit | |||
Debt Instrument [Line Items] | |||
Debt | 54,584,000,000 | ||
Secured Debt | Operating Segments | Ford Credit | Securitization Transactions VIE Primary Beneficiary and Non VIEs Primary Beneficiary | |||
Debt Instrument [Line Items] | |||
Derivative income/(expense) | (234,000,000) | (75,000,000) | (17,000,000) |
Interest expense on securitization debt | $ 1,200,000,000 | $ 1,600,000,000 | $ 1,400,000,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Hedging Activities Income Effect of Derivative Financial Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | |||
Maximum Length of Time Hedged in Cash Flow Hedge | 3 years | ||
Gain/(Loss) Recognized in Income | $ 347 | $ (165) | $ 32 |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency exchange contracts | |||
Derivative [Line Items] | |||
Gain/(Loss) Reclassified from AOCI to Income | (11) | 29 | 50 |
Gain/(Loss) Recorded in OCI | 198 | (839) | 288 |
Designated as Hedging Instrument | Cash Flow Hedging | Commodity Contract | |||
Derivative [Line Items] | |||
Gain/(Loss) Reclassified from AOCI to Income | (55) | (32) | 0 |
Gain/(Loss) Recorded in OCI | 9 | (36) | |
Designated as Hedging Instrument | Fair Value Hedging | Cross-currency interest rate swap contracts | |||
Derivative [Line Items] | |||
Net interest settlements and accruals excluded from the assessment of hedge effectiveness | (2) | 0 | 0 |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 38 | 0 | 0 |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (37) | 0 | 0 |
Designated as Hedging Instrument | Fair Value Hedging | Interest rate contracts | |||
Derivative [Line Items] | |||
Net interest settlements and accruals excluded from the assessment of hedge effectiveness | 290 | (16) | 10 |
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments | 986 | 706 | (155) |
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (985) | (694) | 153 |
Not Designated as Hedging Instrument | Foreign currency exchange contracts | |||
Derivative [Line Items] | |||
Gain/(Loss) Recognized in Income | (310) | 84 | 398 |
Not Designated as Hedging Instrument | Cross-currency interest rate swap contracts | |||
Derivative [Line Items] | |||
Gain/(Loss) Recognized in Income | 486 | (229) | (244) |
Not Designated as Hedging Instrument | Interest rate contracts | |||
Derivative [Line Items] | |||
Gain/(Loss) Recognized in Income | (100) | (13) | (84) |
Not Designated as Hedging Instrument | Commodity Contract | |||
Derivative [Line Items] | |||
Gain/(Loss) Recognized in Income | 47 | 0 | (96) |
Cost of Sales | Not Designated as Hedging Instrument | Foreign currency exchange contracts | |||
Derivative [Line Items] | |||
Gain/(Loss) Recognized in Income | (228) | 32 | 235 |
Nonoperating Income (Expense) | Not Designated as Hedging Instrument | Foreign currency exchange contracts | |||
Derivative [Line Items] | |||
Gain/(Loss) Recognized in Income | $ (82) | $ 52 | $ 163 |
Balance Sheet Effect of Derivat
Balance Sheet Effect of Derivative Financial Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 148,094 | $ 137,179 |
Derivative Asset | 2,930 | 1,230 |
Derivative Liability | 1,235 | 1,078 |
Derivative Asset, Current | 974 | 390 |
Derivative Liability, Current | 859 | 772 |
Derivative Asset, Noncurrent | 1,956 | 840 |
Derivative Liability, Noncurrent | 376 | 306 |
Net obligation to return cash collateral | 9 | 18 |
Derivative, Collateral, Right to Reclaim Cash | $ 96 | 78 |
Maximum Length of Time Hedged in Cash Flow Hedge | 3 years | |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency exchange contracts | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 15,860 | 15,349 |
Designated as Hedging Instrument | Cash Flow Hedging | Commodity Contract | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 703 | 673 |
Designated as Hedging Instrument | Fair Value Hedging | Cross-currency interest rate swap contracts | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 885 | 0 |
Designated as Hedging Instrument | Fair Value Hedging | Interest rate contracts | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 26,924 | 26,577 |
Not Designated as Hedging Instrument | Foreign currency exchange contracts | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 25,956 | 19,350 |
Not Designated as Hedging Instrument | Cross-currency interest rate swap contracts | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 6,849 | 5,849 |
Not Designated as Hedging Instrument | Interest rate contracts | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 70,318 | 68,914 |
Not Designated as Hedging Instrument | Commodity Contract | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 599 | 467 |
Fair Value, Recurring | Level 2 | ||
Derivative [Line Items] | ||
Fair Value of Assets | 2,930 | 1,230 |
Fair Value of Liabilities | 1,235 | 1,078 |
Counterparty netting, Assets | 505 | 269 |
Counterparty netting, Liabilities | 505 | 269 |
Fair Value, Recurring | Level 2 | Designated as Hedging Instrument | Cash Flow Hedging | Foreign currency exchange contracts | ||
Derivative [Line Items] | ||
Fair Value of Assets | 47 | 47 |
Fair Value of Liabilities | 383 | 493 |
Fair Value, Recurring | Level 2 | Designated as Hedging Instrument | Cash Flow Hedging | Commodity Contract | ||
Derivative [Line Items] | ||
Fair Value of Assets | 40 | 5 |
Fair Value of Liabilities | 5 | 29 |
Fair Value, Recurring | Level 2 | Designated as Hedging Instrument | Fair Value Hedging | Cross-currency interest rate swap contracts | ||
Derivative [Line Items] | ||
Fair Value of Assets | 46 | 0 |
Fair Value of Liabilities | 0 | 0 |
Fair Value, Recurring | Level 2 | Designated as Hedging Instrument | Fair Value Hedging | Interest rate contracts | ||
Derivative [Line Items] | ||
Fair Value of Assets | 1,331 | 702 |
Fair Value of Liabilities | 4 | 19 |
Fair Value, Recurring | Level 2 | Not Designated as Hedging Instrument | Foreign currency exchange contracts | ||
Derivative [Line Items] | ||
Fair Value of Assets | 172 | 58 |
Fair Value of Liabilities | 399 | 270 |
Fair Value, Recurring | Level 2 | Not Designated as Hedging Instrument | Cross-currency interest rate swap contracts | ||
Derivative [Line Items] | ||
Fair Value of Assets | 557 | 134 |
Fair Value of Liabilities | 1 | 67 |
Fair Value, Recurring | Level 2 | Not Designated as Hedging Instrument | Interest rate contracts | ||
Derivative [Line Items] | ||
Fair Value of Assets | 663 | 275 |
Fair Value of Liabilities | 439 | 191 |
Fair Value, Recurring | Level 2 | Not Designated as Hedging Instrument | Commodity Contract | ||
Derivative [Line Items] | ||
Fair Value of Assets | 74 | 9 |
Fair Value of Liabilities | $ 4 | $ 9 |
Employee Separation and Exit _3
Employee Separation and Exit and Disposal Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 31, 2019 | |
Restructuring Reserve [Roll Forward] | ||||||||||||
Brazil manufacturing exit non-cash charges (excluding accelerated depreciation of $145) (Note 21) | $ 1,159 | $ 0 | $ 0 | |||||||||
Global Redesign | ||||||||||||
Restructuring Charges [Abstract] | ||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 39 | |||||||||||
Proceeds from Sale of Machinery and Equipment | 128 | |||||||||||
India Automotive Operations | ||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||
Brazil manufacturing exit non-cash charges (excluding accelerated depreciation of $145) (Note 21) | 1,400 | |||||||||||
Voluntary Separation Package [Member] | Cost of Sales | ||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||
Brazil manufacturing exit non-cash charges (excluding accelerated depreciation of $145) (Note 21) | $ 201 | |||||||||||
Brazil manufacturing exit non-cash charges [Member] | ||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||
Brazil manufacturing exit non-cash charges (excluding accelerated depreciation of $145) (Note 21) | 1,400 | |||||||||||
Pension Costs | Global Redesign | ||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||
Brazil manufacturing exit non-cash charges (excluding accelerated depreciation of $145) (Note 21) | 268 | 311 | ||||||||||
Accelerated depreciation, separations, and payments | Global Redesign | ||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||
Brazil manufacturing exit non-cash charges (excluding accelerated depreciation of $145) (Note 21) | $ 2,900 | $ 268 | $ 119 | 106 | $ 413 | $ 1,000 | $ 1,200 | $ 514 | ||||
Accelerated depreciation, separations, and payments | Brazil manufacturing exit non-cash charges [Member] | ||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||
Brazil manufacturing exit non-cash charges (excluding accelerated depreciation of $145) (Note 21) | 2,400 | |||||||||||
Minimum | Accelerated depreciation, separations, and payments | Global Redesign | ||||||||||||
Restructuring Charges [Abstract] | ||||||||||||
Restructuring and Related Cost, Expected Cost | 2,200 | 2,200 | ||||||||||
Maximum | Accelerated depreciation, separations, and payments | Global Redesign | ||||||||||||
Restructuring Charges [Abstract] | ||||||||||||
Restructuring and Related Cost, Expected Cost | 2,700 | 2,700 | ||||||||||
Ford Sollers Joint Venture | ||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||
Ownership Percentage | 100.00% | |||||||||||
Ford Sollers Joint Venture | Ford Sollers Netherlands B.V. | ||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 51.00% | |||||||||||
Operating Segments | Automotive | ||||||||||||
Restructuring Reserve [Roll Forward] | ||||||||||||
Restructuring Reserve, Beginning Balance | $ 734 | $ 291 | 734 | 291 | ||||||||
Changes in accruals (a) | 1,598 | 1,382 | ||||||||||
Payments | (631) | (911) | ||||||||||
Foreign currency translation | 31 | (28) | ||||||||||
Restructuring Reserve | $ 1,732 | $ 734 | $ 1,732 | $ 734 | $ 291 |
Held-for-Sale Operations Automo
Held-for-Sale Operations Automotive - Assets and Liabilities Held for Sale (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | |||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | $ 23 | $ 804 | $ 0 |
Disposal Group, Held-for-sale, Not Discontinued Operations | Ford India Automotive Segment | |||
Disposal Group, Including Discontinued Operation, Assets [Abstract] | |||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 269 | ||
Inventories | 208 | ||
Other assets, current | 147 | ||
Net property | 279 | ||
Other assets, non-current | 10 | ||
Total assets of held-for-sale operations | 913 | ||
Less: Intercompany asset balances | (228) | ||
Automotive segment total assets of held-for-sale operations (a) | 685 | ||
Disposal Group, Including Discontinued Operation, Liabilities [Abstract] | |||
Payables | 461 | ||
Other liabilities and deferred revenue, current | 71 | ||
Automotive debt payable within one year | 90 | ||
Other liabilities and deferred revenue, non-current | 28 | ||
Total liabilities of held-for-sale operations | 650 | ||
Less: Intercompany liability balances | (169) | ||
Automotive segment total liabilities of held-for-sale operations (a) | 481 | ||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | $ 23 | $ 804 |
Held-for-Sale Operations - Mobi
Held-for-Sale Operations - Mobility (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Equity Securities without Readily Determinable Fair Value, Amount | $ 1,700 | $ 1,200 | |
Argo AI [Member] | Operating Segments | Mobility | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Sale of Interest by Parent | $ 500 | ||
Future Funding Commitment | 600 | ||
Future Funding Commitment, Remaining Amount | $ 507 | ||
Argo AI [Member] | Operating Segments | Mobility | Equity in net assets of affiliated companies [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Equity Method Investments, Fair Value Disclosure | 2,400 | ||
Argo AI [Member] | Operating Segments | Mobility | Other Assets [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Equity Securities without Readily Determinable Fair Value, Amount | 400 | ||
Argo AI [Member] | Operating Segments | Mobility | Other Income [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Deconsolidation, Gain (Loss), Amount | 3,500 | ||
Deconsolidation, Revaluation of Retained Investment, Gain (Loss), Amount | $ 2,900 |
Held-for-Sale Operations Ford C
Held-for-Sale Operations Ford Credit - Assets and Liabilities Held for Sale (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Asset Impairment Charges [Abstract] | |||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | $ 23 | $ 804 | $ 0 | ||
Supplemental Cash Flow Information [Abstract] | |||||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | 1,340 | $ 0 | $ 0 | ||
Ford Credit | Operating Segments | Other Income [Member] | |||||
Asset Impairment Charges [Abstract] | |||||
Disposal Group, Not Discontinued Operation, Loss (Gain) on Write-down | $ (20) | ||||
Ford Credit | Operating Segments | Forso Nordic AB | Disposal Group, Held-for-sale, Not Discontinued Operations | |||||
Disposal Group, Including Discontinued Operation, Assets, Current [Abstract] | |||||
Cash and cash equivalents | 61 | ||||
Other assets, current | 106 | ||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent [Abstract] | |||||
Net property | 2 | ||||
Deferred income taxes | 9 | ||||
Other assets, non-current | 1 | ||||
Total assets of held-for-sale operations | 1,418 | ||||
Less: Intercompany asset balances | (2) | ||||
Ford Credit segment total assets of held-for-sale operations (a) | 1,416 | ||||
Disposal Group, Including Discontinued Operation, Liabilities, Current [Abstract] | |||||
Payables | 34 | ||||
Other liabilities and deferred revenue, current | 8 | ||||
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent [Abstract] | |||||
Ford Credit long-term debt | 1,254 | ||||
Deferred income taxes | 23 | ||||
Total liabilities of held-for-sale operations | 1,319 | ||||
Less: Intercompany liability balances | (1,274) | ||||
Ford Credit segment total liabilities of held-for-sale operations (a) | 45 | ||||
Supplemental Cash Flow Information [Abstract] | |||||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | $ 1,300 | ||||
Ford Credit | Operating Segments | Forso Nordic AB | Other Income [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations | |||||
Supplemental Income Statement Elements [Abstract] | |||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 4 | ||||
Financing Receivable | Ford Credit | Operating Segments | Forso Nordic AB | Disposal Group, Held-for-sale, Not Discontinued Operations | |||||
Disposal Group, Including Discontinued Operation, Assets, Current [Abstract] | |||||
Ford Credit finance receivables, net | 516 | ||||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 516 | ||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent [Abstract] | |||||
Ford Credit finance receivables, net | 516 | ||||
Trade Accounts Receivable | Ford Credit | Operating Segments | Forso Nordic AB | Disposal Group, Held-for-sale, Not Discontinued Operations | |||||
Disposal Group, Including Discontinued Operation, Assets, Current [Abstract] | |||||
Ford Credit finance receivables, net | 8 | ||||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 8 | ||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent [Abstract] | |||||
Ford Credit finance receivables, net | 8 | ||||
Financing Receivable, Non-Current | Ford Credit | Operating Segments | Forso Nordic AB | Disposal Group, Held-for-sale, Not Discontinued Operations | |||||
Disposal Group, Including Discontinued Operation, Assets, Current [Abstract] | |||||
Ford Credit finance receivables, net | 715 | ||||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 715 | ||||
Disposal Group, Including Discontinued Operation, Assets, Noncurrent [Abstract] | |||||
Ford Credit finance receivables, net | $ 715 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income/(Loss) [Line Items] | |||
Accumulated other comprehensive income/(loss) (Note 23) | $ (8,294) | $ (7,728) | |
Pension and other postretirement benefits | |||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | (114) | ||
Parent Company [Member] | |||
Accumulated Other Comprehensive Income/(Loss) [Line Items] | |||
Accumulated other comprehensive income/(loss) (Note 23) | (8,294) | (7,728) | $ (7,366) |
Foreign currency translation | |||
Beginning balance | (4,626) | (4,800) | (4,277) |
Gains/(Losses) on foreign currency translation | (1,107) | 181 | (435) |
Less: Tax/(Tax benefit) (a) | (206) | 6 | 91 |
Net gains/(losses) on foreign currency translation | (901) | 175 | (526) |
(Gains)/Losses reclassified from AOCI to net income (b) | 1 | (1) | 3 |
Other comprehensive income/(loss), net of tax (c) | (900) | 174 | (523) |
Ending balance | (5,526) | (4,626) | (4,800) |
Marketable securities | |||
Beginning balance | 71 | (59) | (48) |
Gains/(Losses) on available for sale securities | 155 | 173 | (37) |
Less: Tax/(Tax benefit) | 37 | 40 | (8) |
Net gains/(losses) on available for sale securities | 118 | 133 | (29) |
(Gains)/Losses reclassified from AOCI to net income | (45) | (3) | 20 |
Less: Tax/(Tax benefit) | (12) | 0 | 2 |
Net (gains)/losses reclassified from AOCI to net income | (33) | (3) | 18 |
Other comprehensive income/(loss), net of tax | 85 | 130 | (11) |
Ending balance | 156 | 71 | (59) |
Derivative instruments | |||
Beginning balance | (488) | 201 | 18 |
Gains/(Losses) on derivative instruments | 207 | (875) | 288 |
Less: Tax/(Tax benefit) | 39 | (180) | 65 |
Net gains/(losses) on derivative instruments | 168 | (695) | 223 |
(Gains)/Losses reclassified from AOCI to net income | 66 | 3 | (50) |
Less: Tax/(Tax benefit) | 12 | (3) | (10) |
Net (gains)/losses reclassified from AOCI to net income (d) | 54 | 6 | (40) |
Other comprehensive income/(loss), net of tax | 222 | (689) | 183 |
Ending balance | (266) | (488) | 201 |
Pension and other postretirement benefits | |||
Beginning balance | (2,685) | (2,708) | (2,652) |
Prior service (costs)/credits arising during the period | (21) | (15) | (135) |
Less: Tax/(Tax benefit) | (6) | (2) | (23) |
Net prior service (costs)/credits arising during the period | (15) | (13) | (112) |
Amortization and recognition of prior service costs/(credits) (e) | 63 | 50 | 59 |
Less: Tax/(Tax benefit) | 10 | 10 | 13 |
Net prior service costs/(credits) reclassified from AOCI to net income | 53 | 40 | 46 |
Translation impact on non-U.S. plans | (11) | (4) | 10 |
Other comprehensive income/(loss), net of tax | 27 | 23 | (56) |
Ending balance | (2,658) | $ (2,685) | $ (2,708) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest | $ (1) |
Variable Interest Entities - VI
Variable Interest Entities - VIEs of Which We Are Not the Primary Beneficiary (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Total maximum exposure | $ 3,000 | $ 209 |
Commitments and Contingencies_3
Commitments and Contingencies (Details) numberOfVehicles in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($)numberOfVehicles | Dec. 31, 2019USD ($) | |
Guarantor Obligations [Line Items] | |||
Changes in accrual related to warranties issued during the period | $ 3,934 | $ 3,182 | |
Loss Contingency, Change in Estimated Loss | $ (500) | ||
Loss Contingency [Abstract] | |||
Loss contingency estimate | 400 | 400 | |
Warranty [Abstract] | |||
Beginning balance | 5,702 | 5,137 | |
Payments made during the period | (3,923) | (4,561) | |
Changes in accrual related to warranties issued during the period | 3,934 | 3,182 | |
Changes in accrual related to pre-existing warranties | 2,403 | 1,941 | |
Foreign currency translation and other | 56 | 3 | |
Ending balance | 8,172 | $ 8,172 | 5,702 |
Takata Airbag Inflators [Member] | |||
Guarantor Obligations [Line Items] | |||
Changes in accrual related to warranties issued during the period | 610 | ||
NHTSA Vehicle Study, Number of Ford Vehicles | numberOfVehicles | 3 | ||
Warranty [Abstract] | |||
Changes in accrual related to warranties issued during the period | 610 | ||
Takata Dessicated Airbag Inflators [Member] | |||
Guarantor Obligations [Line Items] | |||
NHTSA Vehicle Study, Total Number of Vehicles | numberOfVehicles | 56 | ||
NHTSA Vehicle Study, Number of Ford Vehicles | numberOfVehicles | 3.5 | ||
Financial Guarantee [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | 346 | $ 346 | 162 |
Guarantor Obligations, Current Carrying Value | 46 | 46 | 33 |
Indemnification Agreement [Member] | |||
Guarantor Obligations [Line Items] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | 245 | 245 | 587 |
Guarantor Obligations, Current Carrying Value | 48 | 48 | $ 200 |
Guarantees to daily rental companies | |||
Guarantor Obligations [Line Items] | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | 240 | 240 | |
Guarantor Obligations, Current Carrying Value | $ 47 | $ 47 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Information [Line Items] | |||||||||||
Total revenues (Note 4) | $ 127,144 | $ 155,900 | $ 160,338 | ||||||||
Income/(Loss) before income taxes | $ (3,810) | $ 2,756 | $ 1,084 | $ (1,146) | $ (2,436) | $ (19) | $ 205 | $ 1,610 | (1,116) | (640) | 4,345 |
Depreciation, Depletion and Amortization | 8,774 | 10,493 | 9,385 | ||||||||
Interest expense | 5,051 | 5,409 | 5,157 | ||||||||
Investment-related interest income | 452 | 809 | 667 | ||||||||
Equity in net income/(loss) of affiliated companies | 42 | 32 | 123 | ||||||||
Cash outflow for capital spending | 5,742 | 7,632 | 7,785 | ||||||||
cash, cash equivalents, marketable securities, and restricted cash | 50,653 | 34,888 | 50,653 | 34,888 | 34,140 | ||||||
Total assets | 267,261 | 258,537 | 267,261 | 258,537 | 256,540 | ||||||
Debt | 471 | 600 | 471 | 600 | |||||||
Settlements of derivatives | 323 | 114 | (358) | ||||||||
Operating Segments | Automotive | |||||||||||
Segment Information [Line Items] | |||||||||||
Total revenues (Note 4) | 115,885 | 143,599 | 148,294 | ||||||||
Income/(Loss) before income taxes | 1,633 | 4,926 | 5,422 | ||||||||
Depreciation, Depletion and Amortization | 5,232 | 5,520 | 5,368 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Investment-related interest income | 158 | 167 | 109 | ||||||||
Equity in net income/(loss) of affiliated companies | 300 | 88 | 95 | ||||||||
Cash outflow for capital spending | 5,560 | 7,481 | 7,677 | ||||||||
cash, cash equivalents, marketable securities, and restricted cash | 30,721 | 22,186 | 30,721 | 22,186 | 22,999 | ||||||
Total assets | 109,963 | 101,348 | 109,963 | 101,348 | 100,105 | ||||||
Debt | 23,536 | 14,678 | 23,536 | 14,678 | |||||||
Operating Segments | Mobility | |||||||||||
Segment Information [Line Items] | |||||||||||
Total revenues (Note 4) | 56 | 41 | 26 | ||||||||
Income/(Loss) before income taxes | (1,274) | (1,186) | (674) | ||||||||
Depreciation, Depletion and Amortization | 37 | 29 | 16 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Investment-related interest income | 0 | 0 | 0 | ||||||||
Equity in net income/(loss) of affiliated companies | (132) | 12 | 0 | ||||||||
Cash outflow for capital spending | 142 | 99 | 60 | ||||||||
cash, cash equivalents, marketable securities, and restricted cash | 76 | 138 | 76 | 138 | 86 | ||||||
Total assets | 4,023 | 1,034 | 4,023 | 1,034 | 558 | ||||||
Operating Segments | Ford Credit | |||||||||||
Segment Information [Line Items] | |||||||||||
Total revenues (Note 4) | 11,203 | 12,260 | 12,018 | ||||||||
Income/(Loss) before income taxes | 2,608 | 2,998 | 2,627 | ||||||||
Depreciation, Depletion and Amortization | 3,269 | 3,666 | 4,001 | ||||||||
Interest expense | 3,402 | 4,389 | 3,929 | ||||||||
Investment-related interest income | 94 | 306 | 201 | ||||||||
Equity in net income/(loss) of affiliated companies | 20 | 31 | 28 | ||||||||
Cash outflow for capital spending | 40 | 52 | 48 | ||||||||
cash, cash equivalents, marketable securities, and restricted cash | 19,856 | 12,564 | 19,856 | 12,564 | 11,055 | ||||||
Total assets | 158,524 | 160,697 | 158,524 | 160,697 | 161,678 | ||||||
Debt | 137,677 | 140,029 | 137,677 | 140,029 | |||||||
Corporate Other | |||||||||||
Segment Information [Line Items] | |||||||||||
Total revenues (Note 4) | 0 | 0 | 0 | ||||||||
Income/(Loss) before income taxes | (188) | (359) | (373) | ||||||||
Depreciation, Depletion and Amortization | 0 | 0 | 0 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Investment-related interest income | 200 | 336 | 357 | ||||||||
Equity in net income/(loss) of affiliated companies | 0 | 0 | 0 | ||||||||
Cash outflow for capital spending | 0 | 0 | 0 | ||||||||
cash, cash equivalents, marketable securities, and restricted cash | 0 | 0 | 0 | 0 | 0 | ||||||
Total assets | 0 | 0 | 0 | 0 | 0 | ||||||
Adjustments (Segment Reconciling Items) | Interest on Debt | |||||||||||
Segment Information [Line Items] | |||||||||||
Total revenues (Note 4) | 0 | 0 | 0 | ||||||||
Income/(Loss) before income taxes | (1,649) | (1,020) | (1,228) | ||||||||
Depreciation, Depletion and Amortization | 0 | 0 | 0 | ||||||||
Interest expense | 1,649 | 1,020 | 1,228 | ||||||||
Investment-related interest income | 0 | 0 | 0 | ||||||||
Equity in net income/(loss) of affiliated companies | 0 | 0 | 0 | ||||||||
Cash outflow for capital spending | 0 | 0 | 0 | ||||||||
cash, cash equivalents, marketable securities, and restricted cash | 0 | 0 | 0 | 0 | 0 | ||||||
Total assets | 0 | 0 | 0 | 0 | 0 | ||||||
Adjustments (Segment Reconciling Items) | Special Items | |||||||||||
Segment Information [Line Items] | |||||||||||
Total revenues (Note 4) | 0 | 0 | 0 | ||||||||
Income/(Loss) before income taxes | (2,246) | (5,999) | (1,429) | ||||||||
Depreciation, Depletion and Amortization | 236 | 1,278 | 0 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Investment-related interest income | 0 | 0 | 0 | ||||||||
Equity in net income/(loss) of affiliated companies | (146) | (99) | 0 | ||||||||
Cash outflow for capital spending | 0 | 0 | 0 | ||||||||
cash, cash equivalents, marketable securities, and restricted cash | 0 | 0 | 0 | 0 | 0 | ||||||
Total assets | 0 | 0 | 0 | 0 | 0 | ||||||
Adjustments | |||||||||||
Segment Information [Line Items] | |||||||||||
Total revenues (Note 4) | 0 | 0 | 0 | ||||||||
Income/(Loss) before income taxes | 0 | 0 | 0 | ||||||||
Depreciation, Depletion and Amortization | 0 | 0 | 0 | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Investment-related interest income | 0 | 0 | 0 | ||||||||
Equity in net income/(loss) of affiliated companies | 0 | 0 | 0 | ||||||||
Cash outflow for capital spending | 0 | 0 | 0 | ||||||||
cash, cash equivalents, marketable securities, and restricted cash | 0 | 0 | 0 | 0 | 0 | ||||||
Total assets | $ (5,249) | $ (4,542) | $ (5,249) | $ (4,542) | $ (5,801) |
Segment Information Geographic
Segment Information Geographic Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | $ 35,952 | $ 37,501 | $ 19,371 | $ 34,320 | $ 39,715 | $ 36,990 | $ 38,853 | $ 40,342 | $ 127,144 | $ 155,900 | $ 160,338 |
Long-Lived Assets | 65,034 | 65,699 | 65,034 | 65,699 | 65,297 | ||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 82,535 | 98,729 | 97,546 | ||||||||
Long-Lived Assets | 45,360 | 46,434 | 45,360 | 46,434 | 44,940 | ||||||
Canada | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 8,711 | 10,855 | 10,541 | ||||||||
Long-Lived Assets | 5,111 | 4,842 | 5,111 | 4,842 | 4,604 | ||||||
Germany | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 6,526 | 7,930 | 7,894 | ||||||||
Long-Lived Assets | 3,197 | 3,225 | 3,197 | 3,225 | 3,593 | ||||||
United Kingdom | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 6,110 | 8,899 | 9,703 | ||||||||
Long-Lived Assets | 1,401 | 1,541 | 1,401 | 1,541 | 1,650 | ||||||
MEXICO | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 1,030 | 1,451 | 1,853 | ||||||||
Long-Lived Assets | 3,669 | 2,909 | 3,669 | 2,909 | 2,285 | ||||||
All Other | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 22,232 | 28,036 | 32,801 | ||||||||
Long-Lived Assets | $ 6,296 | $ 6,748 | $ 6,296 | $ 6,748 | $ 8,225 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Selected Quarterly Financial Data [Line Items] | |||||||||||
Total revenues | $ 35,952 | $ 37,501 | $ 19,371 | $ 34,320 | $ 39,715 | $ 36,990 | $ 38,853 | $ 40,342 | $ 127,144 | $ 155,900 | $ 160,338 |
Income/(Loss) before income taxes | (3,810) | 2,756 | 1,084 | (1,146) | (2,436) | (19) | 205 | 1,610 | (1,116) | (640) | 4,345 |
Net Income (Loss) Available to Common Stockholders, Basic | $ (2,788) | $ 2,385 | $ 1,117 | $ (1,993) | $ (1,672) | $ 425 | $ 148 | $ 1,146 | (1,279) | 47 | 3,677 |
Basic Common and Class B per share income from continuing operations | $ (0.70) | $ 0.60 | $ 0.28 | $ (0.50) | $ (0.42) | $ 0.11 | $ 0.04 | $ 0.29 | |||
Diluted Common and Class B per share income from continuing operations | $ (0.70) | $ 0.60 | $ 0.28 | $ (0.50) | $ (0.42) | $ 0.11 | $ 0.04 | $ 0.29 | |||
Material unusual or infrequently occurring items: [Abstract] | |||||||||||
Brazil manufacturing exit non-cash charges (excluding accelerated depreciation of $145) (Note 21) | 1,159 | 0 | 0 | ||||||||
Tax Credit Carryforward, Valuation Allowance | $ 855 | ||||||||||
Changes in accrual related to warranties issued during the period | 3,934 | 3,182 | |||||||||
Takata Airbag Inflators [Member] | |||||||||||
Material unusual or infrequently occurring items: [Abstract] | |||||||||||
Changes in accrual related to warranties issued during the period | $ 610 | ||||||||||
Ford Credit | |||||||||||
Material unusual or infrequently occurring items: [Abstract] | |||||||||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 792 | ||||||||||
Ford Credit | Operating Segments | |||||||||||
Selected Quarterly Financial Data [Line Items] | |||||||||||
Income/(Loss) before income taxes | 2,608 | 2,998 | 2,627 | ||||||||
Material unusual or infrequently occurring items: [Abstract] | |||||||||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 486 | ||||||||||
Mobility | Operating Segments | |||||||||||
Selected Quarterly Financial Data [Line Items] | |||||||||||
Income/(Loss) before income taxes | (1,274) | $ (1,186) | $ (674) | ||||||||
Mobility | Operating Segments | Argo AI [Member] | Other Income [Member] | |||||||||||
Material unusual or infrequently occurring items: [Abstract] | |||||||||||
Deconsolidation, Gain (Loss), Amount | $ 3,500 | ||||||||||
Pension Plan | |||||||||||
Material unusual or infrequently occurring items: [Abstract] | |||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 1,500 | $ (2,200) | $ (306) | ||||||||
Global Redesign | |||||||||||
Material unusual or infrequently occurring items: [Abstract] | |||||||||||
Other Nonrecurring (Income) Expense | 278 | ||||||||||
Brazil manufacturing exit non-cash charges [Member] | |||||||||||
Material unusual or infrequently occurring items: [Abstract] | |||||||||||
Brazil manufacturing exit non-cash charges (excluding accelerated depreciation of $145) (Note 21) | $ 1,400 | ||||||||||
Accelerated depreciation, separations, and payments | Global Redesign | |||||||||||
Material unusual or infrequently occurring items: [Abstract] | |||||||||||
Brazil manufacturing exit non-cash charges (excluding accelerated depreciation of $145) (Note 21) | 2,900 | $ 268 | $ 119 | $ 106 | $ 413 | $ 1,000 | $ 1,200 | $ 514 | |||
Accelerated depreciation, separations, and payments | Brazil manufacturing exit non-cash charges [Member] | |||||||||||
Material unusual or infrequently occurring items: [Abstract] | |||||||||||
Brazil manufacturing exit non-cash charges (excluding accelerated depreciation of $145) (Note 21) | $ 2,400 |
Schedule of Valuation and Qua_3
Schedule of Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 1,884 | $ 2,032 | $ 2,747 |
Charged to costs and expenses | 2,395 | 458 | 35 |
Deductions | 221 | 606 | 750 |
Balance at end of period | 4,058 | 1,884 | 2,032 |
Accounting Standards Update 2016-13 [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Increase (Decrease) Adjustment | (252) | ||
Credit losses [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 530 | 592 | 608 |
Charged to costs and expenses | 840 | 310 | 419 |
Deductions | 38 | 372 | 435 |
Balance at end of period | 1,332 | 530 | 592 |
Doubtful receivables [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 49 | 94 | 404 |
Charged to costs and expenses | 28 | 18 | 5 |
Deductions | 20 | 63 | 315 |
Balance at end of period | 57 | 49 | 94 |
Inventories (primarily service part obsolescence) [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 462 | 373 | 243 |
Charged to costs and expenses | 226 | 89 | 130 |
Deductions | 0 | 0 | 0 |
Balance at end of period | 688 | 462 | 373 |
Deferred tax assets [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | 843 | 973 | 1,492 |
Charged to costs and expenses | 1,301 | 41 | (519) |
Deductions | 163 | 171 | 0 |
Balance at end of period | 1,981 | 843 | 973 |
Valuation Allowance Of Deferred Tax Assets Recognized In Accumulated Other Comprehensive Income Loss [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Charged to costs and expenses | 77 | 78 | 101 |
Valuation Allowance of Deferred Tax Assets Recognized in Income Statement [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Charged to costs and expenses | $ 1,200 | $ (52) | $ (418) |