Delaware | 38-0549190 | ||||||||||
(State of incorporation) | (I.R.S. Employer Identification No.) | ||||||||||
One American Road | |||||||||||
Dearborn, | Michigan | 48126 | |||||||||
(Address of principal executive offices) | (Zip code) |
Title of each class | Trading symbols | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $.01 per share | F | New York Stock Exchange | ||||||||||||
6.200% Notes due June 1, 2059 | FPRB | New York Stock Exchange | ||||||||||||
6.000% Notes due December 1, 2059 | FPRC | New York Stock Exchange |
Table of Contents | Page | ||||||||||
Part I - Financial Information | |||||||||||
Item 1 | Financial Statements | ||||||||||
Consolidated Statements of Cash Flows | |||||||||||
Consolidated Income Statements | |||||||||||
Consolidated Statements of Comprehensive Income | |||||||||||
Consolidated Balance Sheets | |||||||||||
Consolidated Statements of Equity | |||||||||||
Notes to the Financial Statements | |||||||||||
Item 2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||||||||||
Key Trends and Economic Factors Affecting Ford and the Automotive Industry | |||||||||||
Results of Operations | |||||||||||
Automotive Segment | |||||||||||
Mobility Segment | |||||||||||
Ford Credit Segment | |||||||||||
Corporate Other | |||||||||||
Interest on Debt | |||||||||||
Taxes | |||||||||||
Liquidity and Capital Resources | |||||||||||
Credit Ratings | |||||||||||
Outlook | |||||||||||
Cautionary Note on Forward-Looking Statements | |||||||||||
Non-GAAP Financial Measures That Supplement GAAP Measures | |||||||||||
Non-GAAP Financial Measure Reconciliations | |||||||||||
Supplemental Information | |||||||||||
Accounting Standards Issued But Not Yet Adopted | |||||||||||
Item 3 | Quantitative and Qualitative Disclosures About Market Risk | ||||||||||
Item 4 | Controls and Procedures | ||||||||||
Part II - Other Information | |||||||||||
Item 1 | Legal Proceedings | ||||||||||
Item 6 | Exhibits | ||||||||||
Signature |
For the periods ended June 30, | |||||||||||
2021 | 2022 | ||||||||||
First Half | |||||||||||
(unaudited) | |||||||||||
Cash flows from operating activities | |||||||||||
Net income/(loss) | $ | 3,815 | $ | (2,481) | |||||||
Depreciation and tooling amortization | 3,639 | 3,774 | |||||||||
Other amortization | (715) | (608) | |||||||||
Provision for/(Benefit from) credit and insurance losses | (196) | (107) | |||||||||
Pension and other post-retirement employee benefits (“OPEB”) expense/(income) (Note 13) | (808) | (400) | |||||||||
Equity method investment dividends received in excess of (earnings)/losses and impairments | 52 | 171 | |||||||||
Foreign currency adjustments | 222 | 60 | |||||||||
Net realized and unrealized (gains)/losses on cash equivalents, marketable securities, and other investments (Note 4) | (906) | 7,974 | |||||||||
Net (gain)/loss on changes in investments in affiliates (Note 4) | (332) | 146 | |||||||||
Stock compensation | 183 | 170 | |||||||||
Provision for/(Benefit from) deferred income taxes | 345 | (1,160) | |||||||||
Decrease/(Increase) in finance receivables (wholesale and other) | 10,465 | (4,611) | |||||||||
Decrease/(Increase) in accounts receivable and other assets | (905) | (1,856) | |||||||||
Decrease/(Increase) in inventory | (2,929) | (2,507) | |||||||||
Increase/(Decrease) in accounts payable and accrued and other liabilities | (6,438) | 3,180 | |||||||||
Other | (244) | 118 | |||||||||
Net cash provided by/(used in) operating activities | 5,248 | 1,863 | |||||||||
Cash flows from investing activities | |||||||||||
Capital spending | (2,881) | (3,069) | |||||||||
Acquisitions of finance receivables and operating leases | (23,959) | (20,749) | |||||||||
Collections of finance receivables and operating leases | 26,782 | 24,139 | |||||||||
Proceeds from sale of business (Note 17) | 144 | — | |||||||||
Purchases of marketable securities and other investments | (17,593) | (8,065) | |||||||||
Sales and maturities of marketable securities and other investments | 23,853 | 11,257 | |||||||||
Settlements of derivatives | (205) | 156 | |||||||||
Other | 37 | 473 | |||||||||
Net cash provided by/(used in) investing activities | 6,178 | 4,142 | |||||||||
Cash flows from financing activities | |||||||||||
Cash payments for dividends and dividend equivalents | (3) | (807) | |||||||||
Purchases of common stock | — | — | |||||||||
Net changes in short-term debt | 890 | 595 | |||||||||
Proceeds from issuance of long-term debt | 11,688 | 18,868 | |||||||||
Payments of long-term debt | (26,683) | (24,697) | |||||||||
Other | (90) | (199) | |||||||||
Net cash provided by/(used in) financing activities | (14,198) | (6,240) | |||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (1) | (368) | |||||||||
Net increase/(decrease) in cash, cash equivalents, and restricted cash | $ | (2,773) | $ | (603) | |||||||
Cash, cash equivalents, and restricted cash at beginning of period (Note 7) | $ | 25,935 | $ | 20,737 | |||||||
Net increase/(decrease) in cash, cash equivalents, and restricted cash | (2,773) | (603) | |||||||||
Cash, cash equivalents, and restricted cash at end of period (Note 7) | $ | 23,162 | $ | 20,134 |
For the periods ended June 30, | |||||||||||||||||||||||
2021 | 2022 | 2021 | 2022 | ||||||||||||||||||||
Second Quarter | First Half | ||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Net income/(loss) | $ | 553 | $ | 638 | $ | 3,815 | $ | (2,481) | |||||||||||||||
Other comprehensive income/(loss), net of tax (Note 18) | |||||||||||||||||||||||
Foreign currency translation | (10) | (1,018) | 279 | (872) | |||||||||||||||||||
Marketable securities | (10) | (83) | (75) | (336) | |||||||||||||||||||
Derivative instruments | 112 | (94) | (189) | 50 | |||||||||||||||||||
Pension and other postretirement benefits | 12 | 12 | 13 | 20 | |||||||||||||||||||
Total other comprehensive income/(loss), net of tax | 104 | (1,183) | 28 | (1,138) | |||||||||||||||||||
Comprehensive income/(loss) | 657 | (545) | 3,843 | (3,619) | |||||||||||||||||||
Less: Comprehensive income/(loss) attributable to noncontrolling interests | (6) | (33) | (6) | (42) | |||||||||||||||||||
Comprehensive income/(loss) attributable to Ford Motor Company | $ | 663 | $ | (512) | $ | 3,849 | $ | (3,577) |
December 31, 2021 | June 30, 2022 | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Cash and cash equivalents (Note 7) | $ | 20,540 | $ | 19,516 | |||||||
Marketable securities (Note 7) | 29,053 | 17,184 | |||||||||
Ford Credit finance receivables, net of allowance for credit losses of $282 and $217 (Note 8) | 32,543 | 30,716 | |||||||||
Trade and other receivables, less allowances of $48 and $76 | 11,370 | 15,037 | |||||||||
Inventories (Note 9) | 12,065 | 13,976 | |||||||||
Assets held for sale (Note 17) | — | 705 | |||||||||
Other assets | 3,425 | 3,335 | |||||||||
Total current assets | 108,996 | 100,469 | |||||||||
Ford Credit finance receivables, net of allowance for credit losses of $643 and $546 (Note 8) | 51,256 | 49,743 | |||||||||
Net investment in operating leases | 26,361 | 24,533 | |||||||||
Net property | 37,139 | 36,162 | |||||||||
Equity in net assets of affiliated companies | 4,545 | 4,196 | |||||||||
Deferred income taxes | 13,796 | 15,045 | |||||||||
Other assets | 14,942 | 15,607 | |||||||||
Total assets | $ | 257,035 | $ | 245,755 | |||||||
LIABILITIES | |||||||||||
Payables | $ | 22,349 | $ | 23,378 | |||||||
Other liabilities and deferred revenue (Note 12 and Note 20) | 18,686 | 18,895 | |||||||||
Debt payable within one year (Note 14) | |||||||||||
Company excluding Ford Credit | 3,175 | 1,533 | |||||||||
Ford Credit | 46,517 | 42,286 | |||||||||
Liabilities held for sale (Note 17) | — | 360 | |||||||||
Total current liabilities | 90,727 | 86,452 | |||||||||
Other liabilities and deferred revenue (Note 12 and Note 20) | 27,705 | 28,221 | |||||||||
Long-term debt (Note 14) | |||||||||||
Company excluding Ford Credit | 17,200 | 17,833 | |||||||||
Ford Credit | 71,200 | 67,175 | |||||||||
Deferred income taxes | 1,581 | 1,837 | |||||||||
Total liabilities | 208,413 | 201,518 | |||||||||
EQUITY | |||||||||||
Common Stock, par value $0.01 per share (4,067 million shares issued of 6 billion authorized) | 40 | 41 | |||||||||
Class B Stock, par value $0.01 per share (71 million shares issued of 530 million authorized) | 1 | 1 | |||||||||
Capital in excess of par value of stock | 22,611 | 22,653 | |||||||||
Retained earnings | 35,769 | 32,511 | |||||||||
Accumulated other comprehensive income/(loss) (Note 18) | (8,339) | (9,473) | |||||||||
Treasury stock | (1,563) | (1,564) | |||||||||
Total equity attributable to Ford Motor Company | 48,519 | 44,169 | |||||||||
Equity attributable to noncontrolling interests | 103 | 68 | |||||||||
Total equity | 48,622 | 44,237 | |||||||||
Total liabilities and equity | $ | 257,035 | $ | 245,755 |
Equity Attributable to Ford Motor Company | |||||||||||||||||||||||||||||||||||||||||||||||
Capital Stock | Cap. in Excess of Par Value of Stock | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) (Note 18) | Treasury Stock | Total | Equity Attributable to Non-controlling Interests | Total Equity | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 41 | $ | 22,290 | $ | 18,243 | $ | (8,294) | $ | (1,590) | $ | 30,690 | $ | 121 | $ | 30,811 | |||||||||||||||||||||||||||||||
Net income/(loss) | — | — | 3,262 | — | — | 3,262 | — | 3,262 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss), net | — | — | — | (76) | — | (76) | — | (76) | |||||||||||||||||||||||||||||||||||||||
Common Stock issued (a) | — | (50) | — | — | — | (50) | — | (50) | |||||||||||||||||||||||||||||||||||||||
Treasury stock/other | — | — | — | — | 5 | 5 | 25 | 30 | |||||||||||||||||||||||||||||||||||||||
Dividends and dividend equivalents declared (b) | — | — | (3) | — | — | (3) | — | (3) | |||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 41 | $ | 22,240 | $ | 21,502 | $ | (8,370) | $ | (1,585) | $ | 33,828 | $ | 146 | $ | 33,974 | |||||||||||||||||||||||||||||||
Net income/(loss) | — | — | 561 | — | — | 561 | (8) | 553 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss), net | — | — | — | 102 | — | 102 | 2 | 104 | |||||||||||||||||||||||||||||||||||||||
Common Stock issued (a) | — | 168 | — | — | — | 168 | — | 168 | |||||||||||||||||||||||||||||||||||||||
Treasury stock/other | — | — | — | — | 6 | 6 | (20) | (14) | |||||||||||||||||||||||||||||||||||||||
Dividends and dividend equivalents declared (b) | — | — | (1) | — | — | (1) | — | (1) | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 41 | $ | 22,408 | $ | 22,062 | $ | (8,268) | $ | (1,579) | $ | 34,664 | $ | 120 | $ | 34,784 | |||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 41 | $ | 22,611 | $ | 35,769 | $ | (8,339) | $ | (1,563) | $ | 48,519 | $ | 103 | $ | 48,622 | |||||||||||||||||||||||||||||||
Net income/(loss) | — | — | (3,110) | — | — | (3,110) | (9) | (3,119) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss), net | — | — | — | 45 | — | 45 | — | 45 | |||||||||||||||||||||||||||||||||||||||
Common Stock issued (a) | 1 | (61) | — | — | — | (60) | — | (60) | |||||||||||||||||||||||||||||||||||||||
Treasury stock/other | — | — | — | — | (1) | (1) | 5 | 4 | |||||||||||||||||||||||||||||||||||||||
Dividends and dividend equivalents declared ($0.10 per share) (b) | — | — | (408) | — | — | (408) | — | (408) | |||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 42 | $ | 22,550 | $ | 32,251 | $ | (8,294) | $ | (1,564) | $ | 44,985 | $ | 99 | $ | 45,084 | |||||||||||||||||||||||||||||||
Net income/(loss) | — | — | 667 | — | — | 667 | (29) | 638 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income/(loss), net | — | — | — | (1,179) | — | (1,179) | (4) | (1,183) | |||||||||||||||||||||||||||||||||||||||
Common Stock issued (a) | — | 103 | — | — | — | 103 | — | 103 | |||||||||||||||||||||||||||||||||||||||
Treasury stock/other | — | — | — | — | — | — | 2 | 2 | |||||||||||||||||||||||||||||||||||||||
Dividends and dividend equivalents declared ($0.10 per share) (b) | — | — | (407) | — | — | (407) | — | (407) | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 42 | $ | 22,653 | $ | 32,511 | $ | (9,473) | $ | (1,564) | $ | 44,169 | $ | 68 | $ | 44,237 | |||||||||||||||||||||||||||||||
Footnote | Page | |||||||
Note 1 | Presentation | |||||||
Note 2 | New Accounting Standards | |||||||
Note 3 | Revenue | |||||||
Note 4 | Other Income/(Loss) | |||||||
Note 5 | Income Taxes | |||||||
Note 6 | Capital Stock and Earnings/(Loss) Per Share | |||||||
Note 7 | Cash, Cash Equivalents, and Marketable Securities | |||||||
Note 8 | Ford Credit Finance Receivables and Allowance for Credit Losses | |||||||
Note 9 | Inventories | |||||||
Note 10 | Other Investments | |||||||
Note 11 | Goodwill | |||||||
Note 12 | Other Liabilities and Deferred Revenue | |||||||
Note 13 | Retirement Benefits | |||||||
Note 14 | Debt | |||||||
Note 15 | Derivative Financial Instruments and Hedging Activities | |||||||
Note 16 | Employee Separation Actions and Exit and Disposal Activities | |||||||
Note 17 | Acquisitions and Divestitures | |||||||
Note 18 | Accumulated Other Comprehensive Income/(Loss) | |||||||
Note 19 | Variable Interest Entities | |||||||
Note 20 | Commitments and Contingencies | |||||||
Note 21 | Segment Information |
ASU | Effective Date | ||||||||||
2021-04 | Issuer’s Accounting for Certain Modifications or Exchanges of Warrants | January 1, 2022 | |||||||||
2021-05 | Lessors - Certain Leases with Variable Lease Payments | January 1, 2022 | |||||||||
2021-08 | Business Combinations: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers | January 1, 2022 |
Second Quarter 2021 | |||||||||||||||||
Company excluding Ford Credit | Ford Credit | Consolidated | |||||||||||||||
Vehicles, parts, and accessories | $ | 22,663 | $ | — | $ | 22,663 | |||||||||||
Used vehicles | 752 | — | 752 | ||||||||||||||
Services and other revenue (a) | 656 | 48 | 704 | ||||||||||||||
Revenues from sales and services | 24,071 | 48 | 24,119 | ||||||||||||||
Leasing income | 78 | 1,367 | 1,445 | ||||||||||||||
Financing income | — | 1,174 | 1,174 | ||||||||||||||
Insurance income | — | 14 | 14 | ||||||||||||||
Total revenues | $ | 24,149 | $ | 2,603 | $ | 26,752 | |||||||||||
Second Quarter 2022 | |||||||||||||||||
Company excluding Ford Credit | Ford Credit | Consolidated | |||||||||||||||
Vehicles, parts, and accessories | $ | 36,831 | $ | — | $ | 36,831 | |||||||||||
Used vehicles | 373 | — | 373 | ||||||||||||||
Services and other revenue (a) | 677 | 52 | 729 | ||||||||||||||
Revenues from sales and services | 37,881 | 52 | 37,933 | ||||||||||||||
Leasing income | 53 | 1,166 | 1,219 | ||||||||||||||
Financing income | — | 1,026 | 1,026 | ||||||||||||||
Insurance income | — | 12 | 12 | ||||||||||||||
Total revenues | $ | 37,934 | $ | 2,256 | $ | 40,190 | |||||||||||
First Half 2021 | |||||||||||||||||
Company excluding Ford Credit | Ford Credit | Consolidated | |||||||||||||||
Vehicles, parts, and accessories | $ | 54,798 | $ | — | $ | 54,798 | |||||||||||
Used vehicles | 1,497 | — | 1,497 | ||||||||||||||
Services and other revenue (a) | 1,264 | 64 | 1,328 | ||||||||||||||
Revenues from sales and services | 57,559 | 64 | 57,623 | ||||||||||||||
Leasing income | 155 | 2,747 | 2,902 | ||||||||||||||
Financing income | — | 2,417 | 2,417 | ||||||||||||||
Insurance income | — | 38 | 38 | ||||||||||||||
Total revenues | $ | 57,714 | $ | 5,266 | $ | 62,980 | |||||||||||
First Half 2022 | |||||||||||||||||
Company excluding Ford Credit | Ford Credit | Consolidated | |||||||||||||||
Vehicles, parts, and accessories | $ | 67,822 | $ | — | $ | 67,822 | |||||||||||
Used vehicles | 802 | — | 802 | ||||||||||||||
Services and other revenue (a) | 1,399 | 71 | 1,470 | ||||||||||||||
Revenues from sales and services | 70,023 | 71 | 70,094 | ||||||||||||||
Leasing income | 106 | 2,377 | 2,483 | ||||||||||||||
Financing income | — | 2,066 | 2,066 | ||||||||||||||
Insurance income | — | 23 | 23 | ||||||||||||||
Total revenues | $ | 70,129 | $ | 4,537 | $ | 74,666 |
Second Quarter | First Half | ||||||||||||||||||||||
2021 | 2022 | 2021 | 2022 | ||||||||||||||||||||
Net periodic pension and OPEB income/(cost), excluding service cost (Note 13) | $ | 768 | $ | 430 | $ | 1,380 | $ | 889 | |||||||||||||||
Investment-related interest income | 64 | 89 | 136 | 150 | |||||||||||||||||||
Interest income/(expense) on income taxes | — | 2 | (3) | 7 | |||||||||||||||||||
Realized and unrealized gains/(losses) on cash equivalents, marketable securities, and other investments (a) | 7 | (2,520) | 906 | (7,974) | |||||||||||||||||||
Gains/(Losses) on changes in investments in affiliates (Note 16 and Note 17) | 166 | (21) | 332 | (146) | |||||||||||||||||||
Royalty income | 128 | 111 | 299 | 255 | |||||||||||||||||||
Other | 26 | 86 | (19) | 146 | |||||||||||||||||||
Total | $ | 1,159 | $ | (1,823) | $ | 3,031 | $ | (6,673) |
Second Quarter | First Half | ||||||||||||||||||||||
2021 | 2022 | 2021 | 2022 | ||||||||||||||||||||
Net income/(loss) attributable to Ford Motor Company | $ | 561 | $ | 667 | $ | 3,823 | $ | (2,443) | |||||||||||||||
Basic and Diluted Shares | |||||||||||||||||||||||
Basic shares (average shares outstanding) | 3,992 | 4,021 | 3,986 | 4,014 | |||||||||||||||||||
Net dilutive options, unvested restricted stock units, unvested restricted stock shares, and convertible debt (a) | 36 | 31 | 36 | — | |||||||||||||||||||
Diluted shares | 4,028 | 4,052 | 4,022 | 4,014 |
December 31, 2021 | |||||||||||||||||||||||
Fair Value Level | Company excluding Ford Credit | Ford Credit | Consolidated | ||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||
U.S. government | 1 | $ | 2,877 | $ | 711 | $ | 3,588 | ||||||||||||||||
U.S. government agencies | 2 | 355 | 240 | 595 | |||||||||||||||||||
Non-U.S. government and agencies | 2 | 55 | 152 | 207 | |||||||||||||||||||
Corporate debt | 2 | 105 | 940 | 1,045 | |||||||||||||||||||
Total marketable securities classified as cash equivalents | 3,392 | 2,043 | 5,435 | ||||||||||||||||||||
Cash, time deposits, and money market funds | 6,185 | 8,920 | 15,105 | ||||||||||||||||||||
Total cash and cash equivalents | $ | 9,577 | $ | 10,963 | $ | 20,540 | |||||||||||||||||
Marketable securities | |||||||||||||||||||||||
U.S. government | 1 | $ | 4,018 | $ | 864 | $ | 4,882 | ||||||||||||||||
U.S. government agencies | 2 | 2,270 | 75 | 2,345 | |||||||||||||||||||
Non-U.S. government and agencies | 2 | 3,373 | 697 | 4,070 | |||||||||||||||||||
Corporate debt | 2 | 6,299 | 304 | 6,603 | |||||||||||||||||||
Equities (a) | 1 | 10,673 | — | 10,673 | |||||||||||||||||||
Other marketable securities | 2 | 247 | 233 | 480 | |||||||||||||||||||
Total marketable securities | $ | 26,880 | $ | 2,173 | $ | 29,053 | |||||||||||||||||
Restricted cash | $ | 69 | $ | 128 | $ | 197 | |||||||||||||||||
Cash, cash equivalents, and restricted cash in held-for-sale assets | $ | — | $ | — | $ | — | |||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||
Fair Value Level | Company excluding Ford Credit | Ford Credit | Consolidated | ||||||||||||||||||||
Cash and cash equivalents | |||||||||||||||||||||||
U.S. government | 1 | $ | 2,077 | $ | 40 | $ | 2,117 | ||||||||||||||||
U.S. government agencies | 2 | 867 | — | 867 | |||||||||||||||||||
Non-U.S. government and agencies | 2 | 858 | 382 | 1,240 | |||||||||||||||||||
Other cash equivalents | 2 | 8 | — | 8 | |||||||||||||||||||
Corporate debt | 2 | — | 630 | 630 | |||||||||||||||||||
Total marketable securities classified as cash equivalents | 3,810 | 1,052 | 4,862 | ||||||||||||||||||||
Cash, time deposits, and money market funds | 9,408 | 5,246 | 14,654 | ||||||||||||||||||||
Total cash and cash equivalents | $ | 13,218 | $ | 6,298 | $ | 19,516 | |||||||||||||||||
Marketable securities | |||||||||||||||||||||||
U.S. government | 1 | $ | 3,262 | $ | 325 | $ | 3,587 | ||||||||||||||||
U.S. government agencies | 2 | 2,076 | 223 | 2,299 | |||||||||||||||||||
Non-U.S. government and agencies | 2 | 2,443 | 1,184 | 3,627 | |||||||||||||||||||
Corporate debt | 2 | 4,910 | 274 | 5,184 | |||||||||||||||||||
Equities (a) | 1 | 2,037 | — | 2,037 | |||||||||||||||||||
Other marketable securities | 2 | 270 | 180 | 450 | |||||||||||||||||||
Total marketable securities | $ | 14,998 | $ | 2,186 | $ | 17,184 | |||||||||||||||||
Restricted cash (Note 17) | $ | 492 | $ | 108 | $ | 600 | |||||||||||||||||
Cash, cash equivalents, and restricted cash in held-for-sale assets | $ | 18 | $ | — | $ | 18 |
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||
Fair Value of Securities with Contractual Maturities | |||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Within 1 Year | After 1 Year through 5 Years | After 5 Years | |||||||||||||||||||||||||||||||||||
Company excluding Ford Credit | |||||||||||||||||||||||||||||||||||||||||
U.S. government | $ | 3,821 | $ | 12 | $ | (14) | $ | 3,819 | $ | 1,360 | $ | 2,435 | $ | 24 | |||||||||||||||||||||||||||
U.S. government agencies | 2,249 | 2 | (21) | 2,230 | 316 | 1,802 | 112 | ||||||||||||||||||||||||||||||||||
Non-U.S. government and agencies | 2,599 | 6 | (21) | 2,584 | 854 | 1,708 | 22 | ||||||||||||||||||||||||||||||||||
Corporate debt | 6,373 | 21 | (23) | 6,371 | 2,645 | 3,726 | — | ||||||||||||||||||||||||||||||||||
Other marketable securities | 228 | 1 | (1) | 228 | — | 150 | 78 | ||||||||||||||||||||||||||||||||||
Total | $ | 15,270 | $ | 42 | $ | (80) | $ | 15,232 | $ | 5,175 | $ | 9,821 | $ | 236 | |||||||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||
Fair Value of Securities with Contractual Maturities | |||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Within 1 Year | After 1 Year through 5 Years | After 5 Years | |||||||||||||||||||||||||||||||||||
Company excluding Ford Credit | |||||||||||||||||||||||||||||||||||||||||
U.S. government | $ | 3,277 | $ | — | $ | (97) | $ | 3,180 | $ | 809 | $ | 2,349 | $ | 22 | |||||||||||||||||||||||||||
U.S. government agencies | 2,180 | — | (97) | 2,083 | 591 | 1,410 | 82 | ||||||||||||||||||||||||||||||||||
Non-U.S. government and agencies | 2,414 | — | (101) | 2,313 | 451 | 1,850 | 12 | ||||||||||||||||||||||||||||||||||
Corporate debt | 5,047 | — | (174) | 4,873 | 1,262 | 3,588 | 23 | ||||||||||||||||||||||||||||||||||
Other marketable securities | 265 | — | (9) | 256 | — | 182 | 74 | ||||||||||||||||||||||||||||||||||
Total | $ | 13,183 | $ | — | $ | (478) | $ | 12,705 | $ | 3,113 | $ | 9,379 | $ | 213 |
Second Quarter | First Half | ||||||||||||||||||||||
2021 | 2022 | 2021 | 2022 | ||||||||||||||||||||
Company excluding Ford Credit | |||||||||||||||||||||||
Sales proceeds | $ | 659 | $ | 1,118 | $ | 3,539 | $ | 5,122 | |||||||||||||||
Gross realized gains | 4 | 1 | 17 | 7 | |||||||||||||||||||
Gross realized losses | — | 9 | 2 | 15 |
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Less than 1 Year | 1 Year or Greater | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||
Company excluding Ford Credit | |||||||||||||||||||||||||||||||||||
U.S. government | $ | 2,598 | $ | (14) | $ | — | $ | — | $ | 2,598 | $ | (14) | |||||||||||||||||||||||
U.S. government agencies | 1,809 | (19) | 73 | (2) | 1,882 | (21) | |||||||||||||||||||||||||||||
Non-U.S. government and agencies | 1,614 | (20) | 38 | (1) | 1,652 | (21) | |||||||||||||||||||||||||||||
Corporate debt | 3,637 | (21) | 71 | (2) | 3,708 | (23) | |||||||||||||||||||||||||||||
Other marketable securities | 178 | (1) | 15 | — | 193 | (1) | |||||||||||||||||||||||||||||
Total | $ | 9,836 | $ | (75) | $ | 197 | $ | (5) | $ | 10,033 | $ | (80) | |||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||
Less than 1 Year | 1 Year or Greater | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||
Company excluding Ford Credit | |||||||||||||||||||||||||||||||||||
U.S. government | $ | 2,674 | $ | (84) | $ | 469 | $ | (13) | $ | 3,143 | $ | (97) | |||||||||||||||||||||||
U.S. government agencies | 1,098 | (33) | 933 | (64) | 2,031 | (97) | |||||||||||||||||||||||||||||
Non-U.S. government and agencies | 1,542 | (57) | 633 | (44) | 2,175 | (101) | |||||||||||||||||||||||||||||
Corporate debt | 4,402 | (144) | 406 | (30) | 4,808 | (174) | |||||||||||||||||||||||||||||
Other marketable securities | 214 | (8) | 32 | (1) | 246 | (9) | |||||||||||||||||||||||||||||
Total | $ | 9,930 | $ | (326) | $ | 2,473 | $ | (152) | $ | 12,403 | $ | (478) |
December 31, 2021 | June 30, 2022 | ||||||||||
Cash and cash equivalents | $ | 20,540 | $ | 19,516 | |||||||
Restricted cash (a) | 197 | 600 | |||||||||
Cash, cash equivalents, and restricted cash in held-for-sale assets | — | 18 | |||||||||
Total cash, cash equivalents, and restricted cash | $ | 20,737 | $ | 20,134 |
December 31, 2021 | June 30, 2022 | ||||||||||
Consumer | |||||||||||
Retail installment contracts, gross | $ | 69,148 | $ | 65,128 | |||||||
Finance leases, gross | 7,318 | 6,647 | |||||||||
Retail financing, gross | 76,466 | 71,775 | |||||||||
Unearned interest supplements | (3,020) | (2,535) | |||||||||
Consumer finance receivables | 73,446 | 69,240 | |||||||||
Non-Consumer | |||||||||||
Dealer financing | 11,278 | 11,982 | |||||||||
Non-Consumer finance receivables | 11,278 | 11,982 | |||||||||
Total recorded investment | $ | 84,724 | $ | 81,222 | |||||||
Recorded investment in finance receivables | $ | 84,724 | $ | 81,222 | |||||||
Allowance for credit losses | (925) | (763) | |||||||||
Total finance receivables, net | $ | 83,799 | $ | 80,459 | |||||||
Current portion | $ | 32,543 | $ | 30,716 | |||||||
Non-current portion | 51,256 | 49,743 | |||||||||
Total finance receivables, net | $ | 83,799 | $ | 80,459 | |||||||
Net finance receivables subject to fair value (a) | $ | 76,796 | $ | 74,113 | |||||||
Fair value (b) | 77,648 | 72,460 |
Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||
Prior to 2017 | 2017 | 2018 | 2019 | 2020 | 2021 | Total | Percent | |||||||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||
31 - 60 days past due | $ | 39 | $ | 52 | $ | 98 | $ | 120 | $ | 186 | $ | 91 | $ | 586 | 0.8 | % | ||||||||||||||||||||||||||||||||||
61 - 120 days past due | 7 | 10 | 20 | 29 | 40 | 21 | 127 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||
Greater than 120 days past due | 10 | 6 | 6 | 9 | 11 | 1 | 43 | — | ||||||||||||||||||||||||||||||||||||||||||
Total past due | 56 | 68 | 124 | 158 | 237 | 113 | 756 | 1.0 | ||||||||||||||||||||||||||||||||||||||||||
Current | 812 | 2,607 | 6,559 | 12,689 | 22,701 | 27,322 | 72,690 | 99.0 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 868 | $ | 2,675 | $ | 6,683 | $ | 12,847 | $ | 22,938 | $ | 27,435 | $ | 73,446 | 100.0 | % |
Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||
Prior to 2018 | 2018 | 2019 | 2020 | 2021 | 2022 | Total | Percent | |||||||||||||||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||
31 - 60 days past due | $ | 57 | $ | 68 | $ | 91 | $ | 170 | $ | 113 | $ | 30 | $ | 529 | 0.8 | % | ||||||||||||||||||||||||||||||||||
61 - 120 days past due | 11 | 15 | 23 | 36 | 31 | 7 | 123 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||
Greater than 120 days past due | 13 | 5 | 8 | 7 | 6 | 1 | 40 | — | ||||||||||||||||||||||||||||||||||||||||||
Total past due | 81 | 88 | 122 | 213 | 150 | 38 | 692 | 1.0 | ||||||||||||||||||||||||||||||||||||||||||
Current | 1,838 | 4,245 | 8,897 | 17,696 | 22,525 | 13,347 | 68,548 | 99.0 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,919 | $ | 4,333 | $ | 9,019 | $ | 17,909 | $ | 22,675 | $ | 13,385 | $ | 69,240 | 100.0 | % |
Amortized Cost Basis by Origination Year | Wholesale Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dealer Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prior to 2017 | 2017 | 2018 | 2019 | 2020 | 2021 | Total | Total | Percent | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Group I | $ | 391 | $ | 68 | $ | 151 | $ | 45 | $ | 109 | $ | 345 | $ | 1,109 | $ | 6,751 | $ | 7,860 | 69.7 | % | ||||||||||||||||||||||||||||||||||||||||||
Group II | 11 | 7 | 26 | 2 | 4 | 54 | 104 | 2,689 | 2,793 | 24.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Group III | 8 | — | 1 | — | 1 | 20 | 30 | 529 | 559 | 4.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Group IV | — | — | 4 | — | — | 6 | 10 | 56 | 66 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total (a) | $ | 410 | $ | 75 | $ | 182 | $ | 47 | $ | 114 | $ | 425 | $ | 1,253 | $ | 10,025 | $ | 11,278 | 100.0 | % |
Amortized Cost Basis by Origination Year | Wholesale Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dealer Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prior to 2018 | 2018 | 2019 | 2020 | 2021 | 2022 | Total | Total | Percent | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Group I | $ | 452 | $ | 155 | $ | 40 | $ | 65 | $ | 225 | $ | 144 | $ | 1,081 | $ | 8,076 | $ | 9,157 | 76.4 | % | ||||||||||||||||||||||||||||||||||||||||||
Group II | 7 | 22 | 1 | 5 | 10 | 43 | 88 | 2,353 | 2,441 | 20.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Group III | — | — | — | — | 4 | 10 | 14 | 331 | 345 | 2.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Group IV | — | 2 | — | 1 | 2 | 2 | 7 | 32 | 39 | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total (a) | $ | 459 | $ | 179 | $ | 41 | $ | 71 | $ | 241 | $ | 199 | $ | 1,190 | $ | 10,792 | $ | 11,982 | 100.0 | % |
Second Quarter 2021 | First Half 2021 | ||||||||||||||||||||||||||||||||||
Consumer | Non-Consumer | Total | Consumer | Non-Consumer | Total | ||||||||||||||||||||||||||||||
Allowance for credit losses | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 1,170 | $ | 53 | $ | 1,223 | $ | 1,245 | $ | 60 | $ | 1,305 | |||||||||||||||||||||||
Charge-offs | (55) | (3) | (58) | (152) | (3) | (155) | |||||||||||||||||||||||||||||
Recoveries | 55 | 2 | 57 | 108 | 5 | 113 | |||||||||||||||||||||||||||||
Provision for/(Benefit from) credit losses | (154) | (12) | (166) | (184) | (22) | (206) | |||||||||||||||||||||||||||||
Other (a) | 6 | (1) | 5 | 5 | (1) | 4 | |||||||||||||||||||||||||||||
Ending balance | $ | 1,022 | $ | 39 | $ | 1,061 | $ | 1,022 | $ | 39 | $ | 1,061 |
Second Quarter 2022 | First Half 2022 | ||||||||||||||||||||||||||||||||||
Consumer | Non-Consumer | Total | Consumer | Non-Consumer | Total | ||||||||||||||||||||||||||||||
Allowance for credit losses | |||||||||||||||||||||||||||||||||||
Beginning balance | $ | 826 | $ | 19 | $ | 845 | $ | 903 | $ | 22 | $ | 925 | |||||||||||||||||||||||
Charge-offs | (61) | (1) | (62) | (123) | (1) | (124) | |||||||||||||||||||||||||||||
Recoveries | 44 | 1 | 45 | 87 | 2 | 89 | |||||||||||||||||||||||||||||
Provision for/(Benefit from) credit losses | (48) | (8) | (56) | (107) | (13) | (120) | |||||||||||||||||||||||||||||
Other (a) | (7) | (2) | (9) | (6) | (1) | (7) | |||||||||||||||||||||||||||||
Ending balance | $ | 754 | $ | 9 | $ | 763 | $ | 754 | $ | 9 | $ | 763 |
December 31, 2021 | June 30, 2022 | ||||||||||
Raw materials, work-in-process, and supplies | $ | 5,785 | $ | 6,048 | |||||||
Finished products | 6,280 | 7,928 | |||||||||
Total inventories | $ | 12,065 | $ | 13,976 |
December 31, 2021 | June 30, 2022 | ||||||||||
Current | |||||||||||
Dealer and dealers’ customer allowances and claims | $ | 8,300 | $ | 8,033 | |||||||
Deferred revenue | 2,349 | 2,375 | |||||||||
Employee benefit plans | 1,687 | 1,418 | |||||||||
Accrued interest | 888 | 773 | |||||||||
OPEB (a) | 332 | 331 | |||||||||
Pension (a) | 202 | 199 | |||||||||
Operating lease liabilities | 345 | 352 | |||||||||
Other (b) | 4,583 | 5,414 | |||||||||
Total current other liabilities and deferred revenue | $ | 18,686 | $ | 18,895 | |||||||
Non-current | |||||||||||
Pension (a) | $ | 8,658 | $ | 7,910 | |||||||
OPEB (a) | 5,708 | 5,590 | |||||||||
Dealer and dealers’ customer allowances and claims | 4,909 | 5,170 | |||||||||
Deferred revenue | 4,683 | 4,943 | |||||||||
Operating lease liabilities | 1,048 | 1,055 | |||||||||
Employee benefit plans | 1,007 | 982 | |||||||||
Other (b) | 1,692 | 2,571 | |||||||||
Total non-current other liabilities and deferred revenue | $ | 27,705 | $ | 28,221 |
Second Quarter | |||||||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | Worldwide OPEB | |||||||||||||||||||||||||||||||||
2021 | 2022 | 2021 | 2022 | 2021 | 2022 | ||||||||||||||||||||||||||||||
Service cost | $ | 127 | $ | 125 | $ | 139 | $ | 107 | $ | 12 | $ | 11 | |||||||||||||||||||||||
Interest cost | 239 | 264 | 109 | 133 | 32 | 37 | |||||||||||||||||||||||||||||
Expected return on assets | (664) | (643) | (284) | (259) | — | — | |||||||||||||||||||||||||||||
Amortization of prior service costs/(credits) | — | 1 | 7 | 5 | (3) | — | |||||||||||||||||||||||||||||
Net remeasurement (gain)/loss | (182) | — | (81) | 16 | — | — | |||||||||||||||||||||||||||||
Separation programs/other | 3 | 7 | 47 | 10 | — | (1) | |||||||||||||||||||||||||||||
Settlements and curtailments | 10 | — | (1) | — | — | — | |||||||||||||||||||||||||||||
Net periodic benefit cost/(income) | $ | (467) | $ | (246) | $ | (64) | $ | 12 | $ | 41 | $ | 47 | |||||||||||||||||||||||
First Half | |||||||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||||
U.S. Plans | Non-U.S. Plans | Worldwide OPEB | |||||||||||||||||||||||||||||||||
2021 | 2022 | 2021 | 2022 | 2021 | 2022 | ||||||||||||||||||||||||||||||
Service cost | $ | 265 | $ | 250 | $ | 283 | $ | 218 | $ | 24 | $ | 21 | |||||||||||||||||||||||
Interest cost | 462 | 527 | 208 | 267 | 64 | 74 | |||||||||||||||||||||||||||||
Expected return on assets | (1,366) | (1,285) | (569) | (527) | — | — | |||||||||||||||||||||||||||||
Amortization of prior service costs/(credits) | 1 | 1 | 12 | 12 | (6) | (1) | |||||||||||||||||||||||||||||
Net remeasurement (gain)/loss | 241 | — | (565) | 16 | — | — | |||||||||||||||||||||||||||||
Separation programs/other | 5 | 11 | 84 | 17 | — | (1) | |||||||||||||||||||||||||||||
Settlements and curtailments | 49 | — | — | — | — | — | |||||||||||||||||||||||||||||
Net periodic benefit cost/(income) | $ | (343) | $ | (496) | $ | (547) | $ | 3 | $ | 82 | $ | 93 |
December 31, 2021 | June 30, 2022 | ||||||||||
Company excluding Ford Credit | |||||||||||
Debt payable within one year | |||||||||||
Short-term | $ | 286 | $ | 1,102 | |||||||
Long-term payable within one year | |||||||||||
Public unsecured debt securities | 86 | — | |||||||||
U.S. Department of Energy Advanced Technology Vehicles Manufacturing Incentive Program | 953 | — | |||||||||
Delayed draw term loan | 1,500 | — | |||||||||
Other debt | 348 | 434 | |||||||||
Unamortized (discount)/premium | 2 | (3) | |||||||||
Total debt payable within one year | 3,175 | 1,533 | |||||||||
Long-term debt payable after one year | |||||||||||
Public unsecured debt securities | 13,643 | 13,643 | |||||||||
Convertible notes (a) | 2,300 | 2,300 | |||||||||
U.K. Export Finance Program (b) | 843 | 1,665 | |||||||||
Other debt | 768 | 596 | |||||||||
Unamortized (discount)/premium | (188) | (198) | |||||||||
Unamortized issuance costs | (166) | (173) | |||||||||
Total long-term debt payable after one year | 17,200 | 17,833 | |||||||||
Total Company excluding Ford Credit | $ | 20,375 | $ | 19,366 | |||||||
Fair value of Company debt excluding Ford Credit (c) | $ | 24,044 | $ | 18,141 | |||||||
Ford Credit | |||||||||||
Debt payable within one year | |||||||||||
Short-term | $ | 14,810 | $ | 13,929 | |||||||
Long-term payable within one year | |||||||||||
Unsecured debt | 13,660 | 10,471 | |||||||||
Asset-backed debt | 18,049 | 17,884 | |||||||||
Unamortized (discount)/premium | 1 | 1 | |||||||||
Unamortized issuance costs | (13) | (12) | |||||||||
Fair value adjustments (d) | 10 | 13 | |||||||||
Total debt payable within one year | 46,517 | 42,286 | |||||||||
Long-term debt payable after one year | |||||||||||
Unsecured debt | 44,337 | 39,999 | |||||||||
Asset-backed debt | 26,654 | 28,472 | |||||||||
Unamortized (discount)/premium | 28 | 24 | |||||||||
Unamortized issuance costs | (199) | (198) | |||||||||
Fair value adjustments (d) | 380 | (1,122) | |||||||||
Total long-term debt payable after one year | 71,200 | 67,175 | |||||||||
Total Ford Credit | $ | 117,717 | $ | 109,461 | |||||||
Fair value of Ford Credit debt (c) | $ | 120,204 | $ | 106,884 |
Second Quarter | First Half | ||||||||||||||||||||||
Cash flow hedges | 2021 | 2022 | 2021 | 2022 | |||||||||||||||||||
Reclassified from AOCI to Cost of sales | |||||||||||||||||||||||
Foreign currency exchange contracts (a) | $ | (173) | $ | (90) | $ | (188) | $ | (180) | |||||||||||||||
Commodity contracts (b) | 20 | 84 | 28 | 142 | |||||||||||||||||||
Fair value hedges | |||||||||||||||||||||||
Interest rate contracts | |||||||||||||||||||||||
Net interest settlements and accruals on hedging instruments | 100 | 25 | 201 | 101 | |||||||||||||||||||
Fair value changes on hedging instruments | 103 | (336) | (538) | (1,322) | |||||||||||||||||||
Fair value changes on hedged debt | (87) | 385 | 503 | 1,376 | |||||||||||||||||||
Cross-currency interest rate swap contracts | |||||||||||||||||||||||
Net interest settlements and accruals on hedging instruments | (1) | (6) | (4) | (9) | |||||||||||||||||||
Fair value changes on hedging instruments | 11 | (61) | (39) | (98) | |||||||||||||||||||
Fair value changes on hedged debt | (11) | 65 | 33 | 106 | |||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||
Foreign currency exchange contracts (c) | (147) | 127 | 86 | 81 | |||||||||||||||||||
Cross-currency interest rate swap contracts | 49 | (443) | (196) | (670) | |||||||||||||||||||
Interest rate contracts | 6 | 89 | (25) | 212 | |||||||||||||||||||
Commodity contracts | 73 | (140) | 128 | (31) | |||||||||||||||||||
Total | $ | (57) | $ | (301) | $ | (11) | $ | (292) |
December 31, 2021 | June 30, 2022 | ||||||||||||||||||||||||||||||||||
Notional | Fair Value of Assets | Fair Value of Liabilities | Notional | Fair Value of Assets | Fair Value of Liabilities | ||||||||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | $ | 11,534 | $ | 74 | $ | 346 | $ | 9,153 | $ | 92 | $ | 97 | |||||||||||||||||||||||
Commodity contracts | 931 | 182 | 5 | 1,028 | 37 | 71 | |||||||||||||||||||||||||||||
Fair value hedges | |||||||||||||||||||||||||||||||||||
Interest rate contracts | 23,893 | 544 | 274 | 19,711 | — | 1,100 | |||||||||||||||||||||||||||||
Cross-currency interest rate swap contracts | 885 | — | 49 | 884 | — | 135 | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | 28,463 | 281 | 198 | 21,521 | 199 | 196 | |||||||||||||||||||||||||||||
Cross-currency interest rate swap contracts | 6,533 | 117 | 61 | 6,633 | 31 | 690 | |||||||||||||||||||||||||||||
Interest rate contracts | 50,060 | 338 | 126 | 44,788 | 651 | 259 | |||||||||||||||||||||||||||||
Commodity contracts | 997 | 54 | 11 | 871 | 33 | 96 | |||||||||||||||||||||||||||||
Total derivative financial instruments, gross (a) (b) | $ | 123,296 | $ | 1,590 | $ | 1,070 | $ | 104,589 | $ | 1,043 | $ | 2,644 | |||||||||||||||||||||||
Current portion | $ | 924 | $ | 535 | $ | 661 | $ | 1,104 | |||||||||||||||||||||||||||
Non-current portion | 666 | 535 | 382 | 1,540 | |||||||||||||||||||||||||||||||
Total derivative financial instruments, gross | $ | 1,590 | $ | 1,070 | $ | 1,043 | $ | 2,644 |
Second Quarter | First Half | ||||||||||||||||||||||
2021 | 2022 | 2021 | 2022 | ||||||||||||||||||||
Beginning balance | $ | 1,499 | $ | 829 | $ | 1,732 | $ | 950 | |||||||||||||||
Changes in accruals (a) | 176 | 50 | 369 | 116 | |||||||||||||||||||
Payments | (966) | (146) | (1,257) | (351) | |||||||||||||||||||
Foreign currency translation | 130 | (42) | (5) | (24) | |||||||||||||||||||
Ending balance | $ | 839 | $ | 691 | $ | 839 | $ | 691 |
June 30, 2022 | |||||
Assets | |||||
Cash and cash equivalents | $ | 18 | |||
Trade and other receivables, net | 170 | ||||
Inventories | 201 | ||||
Other assets, current | 10 | ||||
Net property | 419 | ||||
Other assets, non-current | 19 | ||||
Total Company excluding Ford Credit assets of held-for-sale operations | 837 | ||||
Less: Intercompany asset balances | (142) | ||||
Total assets of held-for-sale operations (a) | $ | 695 | |||
Liabilities | |||||
Payables | $ | 358 | |||
Other liabilities and deferred revenue, current | 21 | ||||
Company excluding Ford Credit debt payable within one year | — | ||||
Other liabilities and deferred revenue, non-current | 3 | ||||
Company excluding Ford Credit long-term debt | — | ||||
Total Company excluding Ford Credit liabilities of held-for-sale operations | 382 | ||||
Less: Intercompany liability balances | (22) | ||||
Total liabilities of held-for-sale operations (a) | $ | 360 |
Second Quarter | First Half | ||||||||||||||||||||||
2021 | 2022 | 2021 | 2022 | ||||||||||||||||||||
Foreign currency translation | |||||||||||||||||||||||
Beginning balance | $ | (5,237) | $ | (5,341) | $ | (5,526) | $ | (5,487) | |||||||||||||||
Gains/(Losses) on foreign currency translation | (46) | (996) | 348 | (1,067) | |||||||||||||||||||
Less: Tax/(Tax benefit) (a) | (30) | 65 | 67 | (31) | |||||||||||||||||||
Net gains/(losses) on foreign currency translation | (16) | (1,061) | 281 | (1,036) | |||||||||||||||||||
(Gains)/Losses reclassified from AOCI to net income (b) | 4 | 47 | (4) | 168 | |||||||||||||||||||
Other comprehensive income/(loss), net of tax (c) | (12) | (1,014) | 277 | (868) | |||||||||||||||||||
Ending balance | $ | (5,249) | $ | (6,355) | $ | (5,249) | $ | (6,355) | |||||||||||||||
Marketable securities | |||||||||||||||||||||||
Beginning balance | $ | 91 | $ | (272) | $ | 156 | $ | (19) | |||||||||||||||
Gains/(Losses) on available for sale securities | (10) | (118) | (86) | (448) | |||||||||||||||||||
Less: Tax/(Tax benefit) | (3) | (29) | (22) | (106) | |||||||||||||||||||
Net gains/(losses) on available for sale securities | (7) | (89) | (64) | (342) | |||||||||||||||||||
(Gains)/Losses reclassified from AOCI to net income | (4) | 8 | (15) | 8 | |||||||||||||||||||
Less: Tax/(Tax benefit) | (1) | 2 | (4) | 2 | |||||||||||||||||||
Net (gains)/losses reclassified from AOCI to net income | (3) | 6 | (11) | 6 | |||||||||||||||||||
Other comprehensive income/(loss), net of tax | (10) | (83) | (75) | (336) | |||||||||||||||||||
Ending balance | $ | 81 | $ | (355) | $ | 81 | $ | (355) | |||||||||||||||
Derivative instruments | |||||||||||||||||||||||
Beginning balance | $ | (567) | $ | (49) | $ | (266) | $ | (193) | |||||||||||||||
Gains/(Losses) on derivative instruments | (10) | (126) | (391) | 30 | |||||||||||||||||||
Less: Tax/(Tax benefit) | (3) | (30) | (77) | 7 | |||||||||||||||||||
Net gains/(losses) on derivative instruments | (7) | (96) | (314) | 23 | |||||||||||||||||||
(Gains)/Losses reclassified from AOCI to net income | 153 | 6 | 160 | 38 | |||||||||||||||||||
Less: Tax/(Tax benefit) | 34 | 4 | 35 | 11 | |||||||||||||||||||
Net (gains)/losses reclassified from AOCI to net income (d) | 119 | 2 | 125 | 27 | |||||||||||||||||||
Other comprehensive income/(loss), net of tax | 112 | (94) | (189) | 50 | |||||||||||||||||||
Ending balance | $ | (455) | $ | (143) | $ | (455) | $ | (143) | |||||||||||||||
Pension and other postretirement benefits | |||||||||||||||||||||||
Beginning balance | $ | (2,657) | $ | (2,632) | $ | (2,658) | $ | (2,640) | |||||||||||||||
Amortization and recognition of prior service costs/(credits) | 17 | 6 | 20 | 12 | |||||||||||||||||||
Less: Tax/(Tax benefit) | 3 | 2 | 4 | 3 | |||||||||||||||||||
Net prior service costs/(credits) reclassified from AOCI to net income | 14 | 4 | 16 | 9 | |||||||||||||||||||
Translation impact on non-U.S. plans | (2) | 8 | (3) | 11 | |||||||||||||||||||
Other comprehensive income/(loss), net of tax | 12 | 12 | 13 | 20 | |||||||||||||||||||
Ending balance | $ | (2,645) | $ | (2,620) | $ | (2,645) | $ | (2,620) | |||||||||||||||
Total AOCI ending balance at June 30 | $ | (8,268) | $ | (9,473) | $ | (8,268) | $ | (9,473) |
First Half | |||||||||||
2021 | 2022 | ||||||||||
Beginning balance | $ | 8,172 | $ | 8,451 | |||||||
Payments made during the period | (2,169) | (2,006) | |||||||||
Changes in accrual related to warranties issued during the period | 1,933 | 1,877 | |||||||||
Changes in accrual related to pre-existing warranties | 80 | 395 | |||||||||
Foreign currency translation and other | (5) | (120) | |||||||||
Ending balance | $ | 8,011 | $ | 8,597 |
Automotive | Mobility | Ford Credit | Corporate Other | Interest on Debt | Special Items | Adjustments | Total | ||||||||||||||||||||||||||||||||||||||||
Second Quarter 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 24,128 | $ | 21 | $ | 2,603 | $ | — | $ | — | $ | — | $ | — | $ | 26,752 | |||||||||||||||||||||||||||||||
Income/(Loss) before income taxes | (97) | (210) | 1,623 | (263) | (453) | 135 | (a) | — | 735 | ||||||||||||||||||||||||||||||||||||||
Equity in net income/(loss) of affiliated companies | 77 | (63) | 9 | — | — | 28 | — | 51 | |||||||||||||||||||||||||||||||||||||||
Total assets | 67,513 | 3,574 | 138,098 | 40,411 | — | — | (1,064) | (b) | 248,532 | ||||||||||||||||||||||||||||||||||||||
Second Quarter 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 37,909 | $ | 25 | $ | 2,256 | $ | — | $ | — | $ | — | $ | — | $ | 40,190 | |||||||||||||||||||||||||||||||
Income/(Loss) before income taxes | 3,322 | (221) | 939 | (318) | (312) | (2,619) | (c) | — | 791 | ||||||||||||||||||||||||||||||||||||||
Equity in net income/(loss) of affiliated companies | 157 | (83) | 4 | — | — | (20) | — | 58 | |||||||||||||||||||||||||||||||||||||||
Total assets | 71,291 | 3,284 | 127,493 | 45,008 | — | — | (1,321) | (b) | 245,755 | ||||||||||||||||||||||||||||||||||||||
Automotive | Mobility | Ford Credit | Corporate Other | Interest on Debt | Special Items | Adjustments | Total | ||||||||||||||||||||||||||||||||||||||||
First Half 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 57,682 | $ | 32 | $ | 5,266 | $ | — | $ | — | $ | — | $ | — | $ | 62,980 | |||||||||||||||||||||||||||||||
Income/(loss) before income taxes | 3,300 | (417) | 2,585 | (503) | (926) | 638 | (d) | — | 4,677 | ||||||||||||||||||||||||||||||||||||||
Equity in net income/(loss) of affiliated companies | 249 | (123) | 14 | 1 | — | (11) | — | 130 | |||||||||||||||||||||||||||||||||||||||
First Half 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 70,020 | $ | 109 | $ | 4,537 | $ | — | $ | — | $ | — | $ | — | $ | 74,666 | |||||||||||||||||||||||||||||||
Income/(loss) before income taxes | 5,213 | (463) | 1,867 | (569) | (620) | (8,485) | (c) | — | (3,057) | ||||||||||||||||||||||||||||||||||||||
Equity in net income/(loss) of affiliated companies | 296 | (158) | 10 | 1 | — | (124) | (e) | — | 25 |
Second Quarter | First Half | ||||||||||||||||||||||
2021 | 2022 | 2021 | 2022 | ||||||||||||||||||||
Global Redesign | |||||||||||||||||||||||
Europe | $ | (165) | $ | (27) | $ | (259) | $ | (49) | |||||||||||||||
India | — | (47) | — | (75) | |||||||||||||||||||
South America | (133) | 10 | (455) | (17) | |||||||||||||||||||
China (including Taiwan) | 158 | (12) | 157 | (12) | |||||||||||||||||||
Separations and Other (not included above) | (4) | (31) | (3) | (12) | |||||||||||||||||||
Subtotal Global Redesign | $ | (144) | $ | (107) | $ | (560) | $ | (165) | |||||||||||||||
Other Items | |||||||||||||||||||||||
Gain/(loss) on Rivian investment (a) | $ | — | $ | (2,447) | $ | 902 | $ | (7,896) | |||||||||||||||
Ford Credit – Brazil restructuring (see Note 16) | — | (36) | — | (155) | |||||||||||||||||||
Russia suspension of operations/asset write-off | — | 6 | — | (132) | |||||||||||||||||||
Patent matters related to prior calendar years | — | 14 | — | (121) | |||||||||||||||||||
Other | 26 | (33) | 21 | — | |||||||||||||||||||
Subtotal Other Items | $ | 26 | $ | (2,496) | $ | 923 | $ | (8,304) | |||||||||||||||
Pension and OPEB Gain/(Loss) | |||||||||||||||||||||||
Pension and OPEB remeasurement | $ | 263 | $ | (16) | $ | 324 | $ | (16) | |||||||||||||||
Pension settlements and curtailments | (10) | — | (49) | — | |||||||||||||||||||
Subtotal Pension and OPEB Gain/(Loss) | $ | 253 | $ | (16) | $ | 275 | $ | (16) | |||||||||||||||
Total EBIT Special Items | $ | 135 | $ | (2,619) | $ | 638 | $ | (8,485) | |||||||||||||||
Cash effect of Global Redesign (incl. separations) | $ | (970) | $ | 298 | $ | (1,315) | $ | 150 | |||||||||||||||
Provision for/(Benefit from) tax special items (b) | $ | 84 | $ | (537) | $ | 142 | $ | (1,729) |
Second Quarter | First Half | ||||||||||||||||||||||||||||||||||
2021 | 2022 | H / (L) | 2021 | 2022 | H / (L) | ||||||||||||||||||||||||||||||
GAAP Financial Measures | |||||||||||||||||||||||||||||||||||
Cash Flows from Operating Activities ($B) | $ | 0.8 | $ | 2.9 | $ | 2.2 | $ | 5.2 | $ | 1.9 | $ | (3.4) | |||||||||||||||||||||||
Revenue ($M) | 26,752 | 40,190 | 50 | % | 62,980 | 74,666 | 19 | % | |||||||||||||||||||||||||||
Net Income/(Loss) ($M) | 561 | 667 | $ | 106 | 3,823 | (2,443) | (6,266) | ||||||||||||||||||||||||||||
Net Income/(Loss) Margin (%) | 2.1 | % | 1.7 | % | (0.4) ppts | 6.1 | % | (3.3) | % | (9.4) ppts | |||||||||||||||||||||||||
EPS (Diluted) | $ | 0.14 | $ | 0.16 | $ | 0.02 | $ | 0.95 | $ | (0.61) | $ | (1.56) | |||||||||||||||||||||||
Non-GAAP Financial Measures (a) | |||||||||||||||||||||||||||||||||||
Company Adj. Free Cash Flow ($B) | $ | (5.1) | $ | 3.6 | $ | 8.7 | $ | (5.5) | $ | 3.0 | $ | 8.5 | |||||||||||||||||||||||
Company Adj. EBIT ($M) | 1,053 | 3,722 | 2,669 | 4,965 | 6,048 | 1,083 | |||||||||||||||||||||||||||||
Company Adj. EBIT Margin (%) | 3.9 | % | 9.3 | % | 5.4 ppts | 7.9 | % | 8.1 | % | 0.2 ppts | |||||||||||||||||||||||||
Adjusted EPS (Diluted) | $ | 0.13 | $ | 0.68 | $ | 0.55 | $ | 0.83 | $ | 1.06 | $ | 0.23 | |||||||||||||||||||||||
Adjusted ROIC (Trailing Four Quarters) | 10.3 | % | 11.6 | % | 1.2 ppts |
Second Quarter | First Half | ||||||||||||||||||||||||||||||||||
2021 | 2022 | H / (L) | 2021 | 2022 | H / (L) | ||||||||||||||||||||||||||||||
Automotive | $ | (97) | $ | 3,322 | $ | 3,419 | $ | 3,300 | $ | 5,213 | $ | 1,913 | |||||||||||||||||||||||
Mobility | (210) | (221) | (11) | (417) | (463) | (46) | |||||||||||||||||||||||||||||
Ford Credit | 1,623 | 939 | (684) | 2,585 | 1,867 | (718) | |||||||||||||||||||||||||||||
Corporate Other | (263) | (318) | (55) | (503) | (569) | (66) | |||||||||||||||||||||||||||||
Company Adjusted EBIT (a) | 1,053 | 3,722 | 2,669 | 4,965 | 6,048 | 1,083 | |||||||||||||||||||||||||||||
Interest on Debt | (453) | (312) | (141) | (926) | (620) | (306) | |||||||||||||||||||||||||||||
Special Items | 135 | (2,619) | 2,754 | 638 | (8,485) | 9,123 | |||||||||||||||||||||||||||||
Taxes / Noncontrolling Interests | (174) | (124) | (50) | (854) | 614 | (1,468) | |||||||||||||||||||||||||||||
Net Income/(Loss) | $ | 561 | $ | 667 | $ | 106 | $ | 3,823 | $ | (2,443) | $ | (6,266) |
Second Quarter | First Half | ||||||||||||||||||||||||||||||||||
2021 | 2022 | H / (L) | 2021 | 2022 | H / (L) | ||||||||||||||||||||||||||||||
North America | $ | 192 | $ | 3,269 | $ | 3,077 | $ | 3,135 | $ | 4,860 | $ | 1,725 | |||||||||||||||||||||||
South America | (86) | 104 | 190 | (159) | 154 | 313 | |||||||||||||||||||||||||||||
Europe | (284) | 10 | 294 | 57 | 217 | 160 | |||||||||||||||||||||||||||||
China (including Taiwan) | (123) | (121) | 2 | (138) | (174) | (36) | |||||||||||||||||||||||||||||
International Markets Group | 204 | 60 | (144) | 405 | 156 | (249) | |||||||||||||||||||||||||||||
Automotive Segment | $ | (97) | $ | 3,322 | $ | 3,419 | $ | 3,300 | $ | 5,213 | $ | 1,913 |
Second Quarter | First Half | ||||||||||||||||||||||||||||||||||
Key Metrics | 2021 | 2022 | H / (L) | 2021 | 2022 | H / (L) | |||||||||||||||||||||||||||||
Market Share (%) | 4.9 | % | 5.3 | % | 0.3 ppts | 5.1 | % | 5.0 | % | (0.1) ppts | |||||||||||||||||||||||||
Wholesale Units (000) | 764 | 1,032 | 268 | 1,826 | 1,998 | 172 | |||||||||||||||||||||||||||||
Revenue ($M) | $ | 24,128 | $ | 37,909 | $ | 13,781 | $ | 57,682 | $ | 70,020 | $ | 12,338 | |||||||||||||||||||||||
EBIT ($M) | (97) | 3,322 | 3,419 | 3,300 | 5,213 | 1,913 | |||||||||||||||||||||||||||||
EBIT Margin (%) | (0.4) | % | 8.8 | % | 9.2 ppts | 5.7 | % | 7.4 | % | 1.7 ppts |
Change in EBIT by Causal Factor (in millions) | ||||||||
Second Quarter 2021 EBIT | $ | (97) | ||||||
Volume / Mix | 4,358 | |||||||
Net Pricing | 2,338 | |||||||
Cost | (3,598) | |||||||
Exchange | 43 | |||||||
Other | 278 | |||||||
Second Quarter 2022 EBIT | $ | 3,322 |
Second Quarter | First Half | ||||||||||||||||||||||||||||||||||
Key Metrics | 2021 | 2022 | H / (L) | 2021 | 2022 | H / (L) | |||||||||||||||||||||||||||||
Market Share (%) | 10.4 | % | 12.9 | % | 2.5 ppts | 11.4 | % | 12.4 | % | 1.1 ppts | |||||||||||||||||||||||||
Wholesale Units (000) | 327 | 618 | 291 | 861 | 1,132 | 271 | |||||||||||||||||||||||||||||
Revenue ($M) | $ | 14,966 | $ | 29,055 | $ | 14,089 | $ | 37,959 | $ | 51,374 | $ | 13,415 | |||||||||||||||||||||||
EBIT ($M) | 192 | 3,269 | 3,077 | 3,135 | 4,860 | 1,725 | |||||||||||||||||||||||||||||
EBIT Margin (%) | 1.3 | % | 11.3 | % | 10.0 ppts | 8.3 | % | 9.5 | % | 1.2 ppts |
Change in EBIT by Causal Factor (in millions) | ||||||||
Second Quarter 2021 EBIT | $ | 192 | ||||||
Volume / Mix | 4,585 | |||||||
Net Pricing | 1,230 | |||||||
Cost | (2,989) | |||||||
Exchange | 160 | |||||||
Other | 91 | |||||||
Second Quarter 2022 EBIT | $ | 3,269 |
Second Quarter | First Half | ||||||||||||||||||||||||||||||||||
Key Metrics | 2021 | 2022 | H / (L) | 2021 | 2022 | H / (L) | |||||||||||||||||||||||||||||
Market Share (%) | 2.3 | % | 2.0 | % | (0.3) ppts | 3.0 | % | 2.1 | % | (0.9) ppts | |||||||||||||||||||||||||
Wholesale Units (000) | 18 | 18 | 1 | 35 | 34 | (2) | |||||||||||||||||||||||||||||
Revenue ($M) | $ | 542 | $ | 699 | $ | 157 | $ | 978 | $ | 1,277 | $ | 299 | |||||||||||||||||||||||
EBIT ($M) | (86) | 104 | 190 | (159) | 154 | 313 | |||||||||||||||||||||||||||||
EBIT Margin (%) | (15.9) | % | 14.8 | % | 30.7 ppts | (16.3) | % | 12.1 | % | 28.4 ppts |
Change in EBIT by Causal Factor (in millions) | ||||||||
Second Quarter 2021 EBIT | $ | (86) | ||||||
Volume / Mix | (6) | |||||||
Net Pricing | 206 | |||||||
Cost | (31) | |||||||
Exchange | 9 | |||||||
Other | 12 | |||||||
Second Quarter 2022 EBIT | $ | 104 |
Second Quarter | First Half | ||||||||||||||||||||||||||||||||||
Key Metrics | 2021 | 2022 | H / (L) | 2021 | 2022 | H / (L) | |||||||||||||||||||||||||||||
Market Share (%) | 6.1 | % | 6.4 | % | 0.3 ppts | 6.6 | % | 6.5 | % | (0.1) ppts | |||||||||||||||||||||||||
Wholesale Units (000) (a) | 182 | 222 | 40 | 460 | 476 | 16 | |||||||||||||||||||||||||||||
Revenue ($M) | $ | 5,610 | $ | 5,761 | $ | 151 | $ | 12,660 | $ | 12,671 | $ | 11 | |||||||||||||||||||||||
EBIT ($M) | (284) | 10 | 294 | 57 | 217 | 160 | |||||||||||||||||||||||||||||
EBIT Margin (%) | (5.1) | % | 0.2 | % | 5.3 ppts | 0.4 | % | 1.7 | % | 1.3 ppts |
Change in EBIT by Causal Factor (in millions) | ||||||||
Second Quarter 2021 EBIT | $ | (284) | ||||||
Volume / Mix | (52) | |||||||
Net Pricing | 826 | |||||||
Cost | (542) | |||||||
Exchange | (108) | |||||||
Other | 170 | |||||||
Second Quarter 2022 EBIT | $ | 10 |
Second Quarter | First Half | ||||||||||||||||||||||||||||||||||
Key Metrics | 2021 | 2022 | H / (L) | 2021 | 2022 | H / (L) | |||||||||||||||||||||||||||||
Market Share (%) | 2.3 | % | 2.3 | % | 0.1 ppts | 2.3 | % | 2.3 | % | — ppts | |||||||||||||||||||||||||
Wholesale Units (000) (a) | 150 | 114 | (36) | 301 | 242 | (59) | |||||||||||||||||||||||||||||
Revenue ($M) | $ | 550 | $ | 438 | $ | (112) | $ | 1,375 | $ | 999 | $ | (376) | |||||||||||||||||||||||
EBIT ($M) | (123) | (121) | 2 | (138) | (174) | (36) | |||||||||||||||||||||||||||||
EBIT Margin (%) | (22.3) | % | (27.6) | % | (5.3) ppts | (10.0) | % | (17.4) | % | (7.4) ppts | |||||||||||||||||||||||||
China Unconsolidated Affiliates | |||||||||||||||||||||||||||||||||||
Wholesale Units (000) (b) | 149 | 111 | (38) | 289 | 236 | (53) | |||||||||||||||||||||||||||||
Ford Equity Income/(Loss) ($M) | $ | 18 | $ | 77 | $ | 59 | $ | 67 | $ | 117 | $ | 50 |
Change in EBIT by Causal Factor (in millions) | ||||||||
Second Quarter 2021 EBIT | $ | (123) | ||||||
Volume / Mix | (64) | |||||||
Net Pricing | (8) | |||||||
Cost | 18 | |||||||
Exchange | 2 | |||||||
Other (Including Joint Ventures) | 54 | |||||||
Second Quarter 2022 EBIT | $ | (121) |
Second Quarter | First Half | ||||||||||||||||||||||||||||||||||
Key Metrics | 2021 | 2022 | H / (L) | 2021 | 2022 | H / (L) | |||||||||||||||||||||||||||||
Market Share (%) | 1.8 | % | 1.2 | % | (0.7) ppts | 1.8 | % | 1.2 | % | (0.6) ppts | |||||||||||||||||||||||||
Wholesale Units (000) (a) | 87 | 59 | (27) | 169 | 114 | (54) | |||||||||||||||||||||||||||||
Revenue ($M) | $ | 2,460 | $ | 1,956 | $ | (504) | $ | 4,710 | $ | 3,699 | $ | (1,011) | |||||||||||||||||||||||
EBIT ($M) | 204 | 60 | (144) | 405 | 156 | (249) | |||||||||||||||||||||||||||||
EBIT Margin (%) | 8.3 | % | 3.1 | % | (5.2) ppts | 8.6 | % | 4.2 | % | (4.4) ppts |
Change in EBIT by Causal Factor (in millions) | ||||||||
Second Quarter 2021 EBIT | $ | 204 | ||||||
Volume / Mix | (104) | |||||||
Net Pricing | 85 | |||||||
Cost | (53) | |||||||
Exchange | (21) | |||||||
Other | (51) | |||||||
Second Quarter 2022 EBIT | $ | 60 |
Second Quarter | First Half | ||||||||||||||||||||||||||||||||||
Key Metrics | 2021 | 2022 | H / (L) | 2021 | 2022 | H / (L) | |||||||||||||||||||||||||||||
Total Net Receivables ($B) | $ | 118 | $ | 116 | (2) | % | $ | 118 | $ | 116 | (2) | % | |||||||||||||||||||||||
Loss-to-Receivables (bps) (a) | (7) | 5 | 12 | 7 | 7 | — | |||||||||||||||||||||||||||||
Auction Values (b) | $ | 29,040 | $ | 31,445 | 8 | % | $ | 25,580 | $ | 30,780 | 20 | % | |||||||||||||||||||||||
EBT ($M) | 1,623 | 939 | $ | (684) | 2,585 | 1,867 | $ | (718) | |||||||||||||||||||||||||||
ROE (%) | 47 | % | 26 | % | (21) ppts | 34 | % | 24 | % | (10) ppts | |||||||||||||||||||||||||
Other Balance Sheet Metrics | |||||||||||||||||||||||||||||||||||
Debt ($B) | $ | 121 | $ | 110 | (9) | % | |||||||||||||||||||||||||||||
Net Liquidity ($B) | 33 | 25 | (24) | % | |||||||||||||||||||||||||||||||
Financial Statement Leverage (to 1) | 9.3 | 9.1 | (0.2) |
Change in EBT by Causal Factor (in millions) | ||||||||
Second Quarter 2021 EBT | $ | 1,623 | ||||||
Volume / Mix | (77) | |||||||
Financing Margin | (113) | |||||||
Credit Loss | (109) | |||||||
Lease Residual | (428) | |||||||
Exchange | (17) | |||||||
Other | 60 | |||||||
Second Quarter 2022 EBT | $ | 939 |
December 31, 2021 | June 30, 2022 | ||||||||||
Balance Sheets ($B) | |||||||||||
Company Cash | $ | 36.5 | $ | 28.7 | |||||||
Liquidity | 52.4 | 45.1 | |||||||||
Debt | (20.4) | (19.4) | |||||||||
Cash Net of Debt | 16.1 | 9.4 | |||||||||
Pension Funded Status ($B) (a) | |||||||||||
Funded Plans | $ | 5.8 | $ | 6.7 | |||||||
Unfunded Plans | (6.1) | (6.0) | |||||||||
Total Global Pension | $ | (0.3) | $ | 0.7 | |||||||
Total Funded Status OPEB | $ | (6.0) | $ | (5.9) |
Second Quarter | First Half | ||||||||||||||||||||||
2021 | 2022 | 2021 | 2022 | ||||||||||||||||||||
Company Excluding Ford Credit | |||||||||||||||||||||||
Company Adjusted EBIT excluding Ford Credit (a) | $ | (0.6) | $ | 2.8 | $ | 2.4 | $ | 4.2 | |||||||||||||||
Capital spending | $ | (1.5) | $ | (1.5) | $ | (2.9) | $ | (2.9) | |||||||||||||||
Depreciation and tooling amortization | 1.3 | 1.3 | 2.5 | 2.6 | |||||||||||||||||||
Net spending | $ | (0.2) | $ | (0.2) | $ | (0.4) | $ | (0.2) | |||||||||||||||
Receivables | $ | — | $ | (0.6) | $ | (0.6) | $ | (0.6) | |||||||||||||||
Inventory | (0.8) | 0.3 | (3.0) | (2.5) | |||||||||||||||||||
Trade Payables | (4.6) | 0.4 | (3.0) | 2.0 | |||||||||||||||||||
Changes in working capital | $ | (5.4) | $ | 0.1 | $ | (6.6) | $ | (1.1) | |||||||||||||||
Ford Credit distributions | $ | 4.0 | $ | 0.6 | $ | 5.0 | $ | 1.6 | |||||||||||||||
Interest on debt and cash taxes | (0.7) | (0.6) | (1.2) | (0.9) | |||||||||||||||||||
All other and timing differences | (2.2) | 0.9 | (4.8) | (0.5) | |||||||||||||||||||
Company adjusted free cash flow (a) | $ | (5.1) | $ | 3.6 | $ | (5.5) | $ | 3.0 | |||||||||||||||
Global Redesign (including separations) | $ | (1.0) | $ | 0.3 | $ | (1.3) | $ | 0.2 | |||||||||||||||
Changes in debt | — | (0.6) | 2.0 | (0.8) | |||||||||||||||||||
Funded pension contributions | (0.2) | (0.2) | (0.4) | (0.3) | |||||||||||||||||||
Shareholder distributions | — | (0.4) | — | (0.8) | |||||||||||||||||||
All other (b) | — | (2.8) | (0.4) | (9.0) | |||||||||||||||||||
Change in cash | $ | (6.2) | $ | — | $ | (5.7) | $ | (7.8) |
June 30, 2021 | December 31, 2021 | June 30, 2022 | |||||||||||||||
Funding Structure | |||||||||||||||||
Term unsecured debt | $ | 63.8 | $ | 59.4 | $ | 49.9 | |||||||||||
Term asset-backed securities | 45.9 | 45.4 | 47.1 | ||||||||||||||
Ford Interest Advantage / Retail Deposits | 11.3 | 12.9 | 12.5 | ||||||||||||||
Other | (1.1) | (0.2) | 1.9 | ||||||||||||||
Equity | 13.1 | 12.4 | 12.0 | ||||||||||||||
Adjustments for cash | (15.3) | (12.4) | (7.8) | ||||||||||||||
Total Net Receivables | $ | 117.7 | $ | 117.5 | $ | 115.6 | |||||||||||
Securitized Funding as Percent of Total Debt | 37.9 | % | 38.5 | % | 43.0 | % |
2020 Actual | 2021 Actual | 2022 Forecast | Through July 26 | ||||||||||||||||||||
Unsecured | $ | 14 | $ | 5 | $ 4 - 7 | $ | 4 | ||||||||||||||||
Securitizations (a) | 13 | 9 | 8 - 10 | 6 | |||||||||||||||||||
Total public | $ | 27 | $ | 14 | $ 12 - 17 | $ | 10 |
June 30, 2021 | December 31, 2021 | June 30, 2022 | |||||||||||||||
Liquidity Sources (a) | |||||||||||||||||
Cash | $ | 15.3 | $ | 12.4 | $ | 7.8 | |||||||||||
Committed asset-backed facilities | 38.4 | 37.1 | 34.3 | ||||||||||||||
Other unsecured credit facilities | 2.6 | 2.7 | 2.5 | ||||||||||||||
Total liquidity sources | $ | 56.3 | $ | 52.2 | $ | 44.6 | |||||||||||
Utilization of Liquidity (a) | |||||||||||||||||
Securitization and restricted cash | $ | (8.1) | $ | (3.9) | $ | (2.7) | |||||||||||
Committed asset-backed facilities | (11.3) | (12.5) | (15.3) | ||||||||||||||
Other unsecured credit facilities | (0.5) | (1.0) | (0.5) | ||||||||||||||
Total utilization of liquidity | $ | (19.9) | $ | (17.4) | $ | (18.5) | |||||||||||
Gross liquidity | $ | 36.4 | $ | 34.8 | $ | 26.1 | |||||||||||
Asset-backed capacity in excess of eligible receivables and other adjustments | (3.4) | (2.8) | (1.1) | ||||||||||||||
Net liquidity available for use | $ | 33.0 | $ | 32.0 | $ | 25.0 |
July - December 2022 | 2023 | 2024 | 2025 and Beyond | ||||||||||||||||||||
Balance Sheet Liquidity Profile | |||||||||||||||||||||||
Assets (a) | $ | 46 | $ | 75 | $ | 98 | $ | 127 | |||||||||||||||
Total debt (b) | 36 | 61 | 79 | 111 | |||||||||||||||||||
Memo: Unsecured long-term debt maturities | 6 | 8 | 11 | 26 |
June 30, 2021 | December 31, 2021 | June 30, 2022 | |||||||||||||||
Leverage Calculation | |||||||||||||||||
Debt | $ | 121.0 | $ | 117.7 | $ | 109.5 | |||||||||||
Equity (a) | 13.1 | 12.4 | 12.0 | ||||||||||||||
Financial statement leverage (to 1) | 9.3 | 9.5 | 9.1 |
Four Quarters Ending | |||||||||||
June 30, 2021 | June 30, 2022 | ||||||||||
Adjusted Net Operating Profit/(Loss) After Cash Tax | |||||||||||
Net income/(loss) attributable to Ford | $ | 3.4 | $ | 11.7 | |||||||
Add: Noncontrolling interest | — | — | |||||||||
Less: Income tax | (0.2) | 1.6 | |||||||||
Add: Cash tax | (0.5) | (0.7) | |||||||||
Less: Interest on debt | (1.9) | (1.5) | |||||||||
Less: Total pension/OPEB income/(cost) | (0.7) | 4.5 | |||||||||
Add: Pension/OPEB service costs | (1.1) | (1.0) | |||||||||
Net operating profit/(loss) after cash tax | $ | 4.6 | $ | 5.4 | |||||||
Less: Special items (excl. pension/OPEB) pre-tax | (3.0) | (3.0) | |||||||||
Adjusted net operating profit/(loss) after cash tax | $ | 7.5 | $ | 8.3 | |||||||
Invested Capital | |||||||||||
Equity | $ | 34.8 | $ | 44.2 | |||||||
Debt (excl. Ford Credit) | 25.9 | 19.4 | |||||||||
Net pension and OPEB liability | 11.5 | 5.2 | |||||||||
Invested capital (end of period) | $ | 72.2 | $ | 68.8 | |||||||
Average invested capital | $ | 72.8 | $ | 72.0 | |||||||
ROIC (a) | 6.3 | % | 7.4 | % | |||||||
Adjusted ROIC (Non-GAAP) (b) | 10.3 | % | 11.6 | % |
NRSRO RATINGS | |||||||||||||||||||||||||||||||||||||||||
Ford | Ford Credit | NRSROs | |||||||||||||||||||||||||||||||||||||||
Issuer Default / Corporate / Issuer Rating | Long-Term Senior Unsecured | Outlook / Trend | Long-Term Senior Unsecured | Short-Term Unsecured | Outlook / Trend | Minimum Long-Term Investment Grade Rating | |||||||||||||||||||||||||||||||||||
DBRS | BB (high) | BB (high) | Positive | BB (high) | R-4 | Positive | BBB (low) | ||||||||||||||||||||||||||||||||||
Fitch | BB+ | BB+ | Positive | BB+ | B | Positive | BBB- | ||||||||||||||||||||||||||||||||||
Moody’s | N/A | Ba2 | Stable | Ba2 | NP | Stable | Baa3 | ||||||||||||||||||||||||||||||||||
S&P | BB+ | BB+ | Positive | BB+ | B | Positive | BBB- |
2022 Guidance | ||||||||
Total Company | ||||||||
Adjusted EBIT (a) | $11.5 - $12.5 billion | |||||||
Adjusted Free Cash Flow (a) | $5.5 - $6.5 billion | |||||||
Capital spending | About $7.0 billion | |||||||
Pension contributions | $0.6 - $0.7 billion | |||||||
Global Redesign EBIT charges (b) | About $1.5 billion | |||||||
Global Redesign cash effects (b) | $1.0 - $1.5 billion | |||||||
Ford Credit | ||||||||
EBT | About $3 billion |
Pre-Tax Special Item | Significance Guideline | |||||||
∘ Pension and OPEB remeasurement gains and losses | ∘ No minimum | |||||||
∘ Gains and losses on investments in equity securities | ∘ No minimum | |||||||
∘ 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 | ∘ Generally $100 million or more | |||||||
∘ Other items that we do not necessarily consider to be indicative of earnings from ongoing operating activities | ∘ $500 million or more for individual field service actions; generally $100 million or more for other items |
Second Quarter | First Half | ||||||||||||||||||||||
2021 | 2022 | 2021 | 2022 | ||||||||||||||||||||
Net income/(loss) attributable to Ford (GAAP) | $ | 561 | $ | 667 | $ | 3,823 | $ | (2,443) | |||||||||||||||
Income/(Loss) attributable to noncontrolling interests | (8) | (29) | (8) | (38) | |||||||||||||||||||
Net income/(loss) | $ | 553 | $ | 638 | $ | 3,815 | $ | (2,481) | |||||||||||||||
Less: (Provision for)/Benefit from income taxes | (182) | (153) | (862) | 576 | |||||||||||||||||||
Income/(Loss) before income taxes | $ | 735 | $ | 791 | $ | 4,677 | $ | (3,057) | |||||||||||||||
Less: Special items pre-tax | 135 | (2,619) | 638 | (8,485) | |||||||||||||||||||
Income/(Loss) before special items pre-tax | $ | 600 | $ | 3,410 | $ | 4,039 | $ | 5,428 | |||||||||||||||
Less: Interest on debt | (453) | (312) | (926) | (620) | |||||||||||||||||||
Adjusted EBIT (Non-GAAP) | $ | 1,053 | $ | 3,722 | $ | 4,965 | $ | 6,048 | |||||||||||||||
Memo: | |||||||||||||||||||||||
Revenue ($B) | $ | 26.8 | $ | 40.2 | $ | 63.0 | $ | 74.7 | |||||||||||||||
Net income/(loss) margin (GAAP) (%) | 2.1 | % | 1.7 | % | 6.1 | % | (3.3) | % | |||||||||||||||
Adjusted EBIT margin (Non-GAAP) (%) | 3.9 | % | 9.3 | % | 7.9 | % | 8.1 | % |
Second Quarter | First Half | ||||||||||||||||||||||
2021 | 2022 | 2021 | 2022 | ||||||||||||||||||||
Diluted After-Tax Results ($M) | |||||||||||||||||||||||
Diluted after-tax results (GAAP) | $ | 561 | $ | 667 | $ | 3,823 | $ | (2,443) | |||||||||||||||
Less: Impact of pre-tax and tax special items | 51 | (2,082) | 496 | (6,756) | |||||||||||||||||||
Adjusted net income/(loss) – diluted (Non-GAAP) | $ | 510 | $ | 2,749 | $ | 3,327 | $ | 4,313 | |||||||||||||||
Basic and Diluted Shares (M) | |||||||||||||||||||||||
Basic shares (average shares outstanding) | 3,992 | 4,021 | 3,986 | 4,014 | |||||||||||||||||||
Net dilutive options, unvested restricted stock units, unvested restricted stock shares, and convertible debt | 36 | 31 | 36 | 43 | |||||||||||||||||||
Diluted shares | 4,028 | 4,052 | 4,022 | 4,057 | |||||||||||||||||||
Earnings/(Loss) per share – diluted (GAAP) (a) | $ | 0.14 | $ | 0.16 | $ | 0.95 | $ | (0.61) | |||||||||||||||
Less: Net impact of adjustments | 0.01 | (0.52) | 0.12 | (1.67) | |||||||||||||||||||
Adjusted earnings/(loss) per share – diluted (Non-GAAP) | $ | 0.13 | $ | 0.68 | $ | 0.83 | $ | 1.06 |
Second Quarter | First Half | ||||||||||||||||||||||||||||
2021 | 2022 | 2021 | 2022 | Memo: FY 2021 | |||||||||||||||||||||||||
Pre-Tax Results ($M) | |||||||||||||||||||||||||||||
Income/(Loss) before income taxes (GAAP) | $ | 735 | $ | 791 | $ | 4,677 | $ | (3,057) | $ | 17,780 | |||||||||||||||||||
Less: Impact of special items | 135 | (2,619) | 638 | (8,485) | 9,583 | ||||||||||||||||||||||||
Adjusted earnings before taxes (Non-GAAP) | $ | 600 | $ | 3,410 | $ | 4,039 | $ | 5,428 | $ | 8,197 | |||||||||||||||||||
Taxes ($M) | |||||||||||||||||||||||||||||
(Provision for)/Benefit from income taxes (GAAP) | $ | (182) | $ | (153) | $ | (862) | $ | 576 | $ | 130 | |||||||||||||||||||
Less: Impact of special items | (84) | 537 | (142) | 1,729 | 1,924 | ||||||||||||||||||||||||
Adjusted (provision for)/benefit from income taxes (Non-GAAP) | $ | (98) | $ | (690) | $ | (720) | $ | (1,153) | $ | (1,794) | |||||||||||||||||||
Tax Rate (%) | |||||||||||||||||||||||||||||
Effective tax rate (GAAP) | 24.8 | % | 19.3 | % | 18.4 | % | 18.8 | % | (0.7) | % | |||||||||||||||||||
Adjusted effective tax rate (Non-GAAP) | 16.3 | % | 20.2 | % | 17.8 | % | 21.2 | % | 21.9 | % |
Second Quarter | First Half | ||||||||||||||||||||||
2021 | 2022 | 2021 | 2022 | ||||||||||||||||||||
Net cash provided by/(used in) operating activities (GAAP) | $ | 756 | $ | 2,947 | $ | 5,248 | $ | 1,863 | |||||||||||||||
Less: Items not included in Company Adjusted Free Cash Flows | |||||||||||||||||||||||
Ford Credit operating cash flows | $ | 9,638 | $ | (1,340) | $ | 14,636 | $ | (1,759) | |||||||||||||||
Funded pension contributions | (164) | (154) | (393) | (328) | |||||||||||||||||||
Global Redesign (including separations) (a) | (954) | (137) | (1,244) | (285) | |||||||||||||||||||
Ford Credit tax payments/(refunds) under tax sharing agreement | — | — | 4 | — | |||||||||||||||||||
Other, net | (279) | 20 | (270) | (28) | |||||||||||||||||||
Add: Items included in Company Adjusted Free Cash Flows | |||||||||||||||||||||||
Company excluding Ford Credit capital spending | $ | (1,504) | $ | (1,503) | $ | (2,862) | $ | (2,852) | |||||||||||||||
Ford Credit distributions | 4,000 | 600 | 5,000 | 1,600 | |||||||||||||||||||
Settlement of derivatives | (133) | (36) | (158) | 28 | |||||||||||||||||||
Company adjusted free cash flow (Non-GAAP) | $ | (5,122) | $ | 3,619 | $ | (5,505) | $ | 3,039 |
For the period ended June 30, 2022 | ||||||||||||||||||||||||||
First Half | ||||||||||||||||||||||||||
Cash flows from operating activities | Company excluding Ford Credit | Ford Credit | Eliminations | Consolidated | ||||||||||||||||||||||
Net income/(loss) | $ | (4,164) | $ | 1,683 | $ | — | $ | (2,481) | ||||||||||||||||||
Depreciation and tooling amortization | 2,691 | 1,083 | — | 3,774 | ||||||||||||||||||||||
Other amortization | 54 | (662) | — | (608) | ||||||||||||||||||||||
Provision for/(Benefit from) credit and insurance losses | 11 | (118) | — | (107) | ||||||||||||||||||||||
Pension and OPEB expense/(income) | (400) | — | — | (400) | ||||||||||||||||||||||
Equity method investment dividends received in excess of (earnings)/losses and impairments | 171 | — | — | 171 | ||||||||||||||||||||||
Foreign currency adjustments | (69) | 129 | — | 60 | ||||||||||||||||||||||
Net realized and unrealized (gains)/losses on cash equivalents, marketable securities, and other investments | 7,908 | 66 | — | 7,974 | ||||||||||||||||||||||
Net (gain)/loss on changes in investments in affiliates | 145 | 1 | — | 146 | ||||||||||||||||||||||
Stock compensation | 165 | 5 | — | 170 | ||||||||||||||||||||||
Provision for/(Benefit from) deferred income taxes | (1,352) | 192 | — | (1,160) | ||||||||||||||||||||||
Decrease/(Increase) in finance receivables (wholesale and other) | — | (4,611) | — | (4,611) | ||||||||||||||||||||||
Decrease/(Increase) in intersegment receivables/payables | 16 | (16) | — | — | ||||||||||||||||||||||
Decrease/(Increase) in accounts receivable and other assets | (1,720) | (136) | — | (1,856) | ||||||||||||||||||||||
Decrease/(Increase) in inventory | (2,507) | — | — | (2,507) | ||||||||||||||||||||||
Increase/(Decrease) in accounts payable and accrued and other liabilities | 3,131 | 49 | — | 3,180 | ||||||||||||||||||||||
Other | 443 | (325) | — | 118 | ||||||||||||||||||||||
Interest supplements and residual value support to Ford Credit | (901) | 901 | — | — | ||||||||||||||||||||||
Net cash provided by/(used in) operating activities | $ | 3,622 | $ | (1,759) | $ | — | $ | 1,863 |
Cash flows from investing activities | Company excluding Ford Credit | Ford Credit | Eliminations | Consolidated | ||||||||||||||||||||||
Capital spending | $ | (3,046) | $ | (23) | $ | — | $ | (3,069) | ||||||||||||||||||
Acquisitions of finance receivables and operating leases | — | (20,749) | — | (20,749) | ||||||||||||||||||||||
Collections of finance receivables and operating leases | — | 24,139 | — | 24,139 | ||||||||||||||||||||||
Purchases of marketable and other investments | (5,382) | (2,683) | — | (8,065) | ||||||||||||||||||||||
Sales and maturities of marketable securities and other investments | 8,651 | 2,606 | — | 11,257 | ||||||||||||||||||||||
Settlements of derivatives | 28 | 128 | — | 156 | ||||||||||||||||||||||
Other | 471 | 2 | — | 473 | ||||||||||||||||||||||
Investing activity (to)/from other segments | 1,631 | (66) | (1,565) | — | ||||||||||||||||||||||
Net cash provided by/(used in) investing activities | $ | 2,353 | $ | 3,354 | $ | (1,565) | $ | 4,142 |
Cash flows from financing activities | Company excluding Ford Credit | Ford Credit | Eliminations | Consolidated | ||||||||||||||||||||||
Cash payments for dividends and dividend equivalents | $ | (807) | $ | — | $ | — | $ | (807) | ||||||||||||||||||
Purchases of common stock | — | — | — | — | ||||||||||||||||||||||
Net changes in short-term debt | 832 | (237) | — | 595 | ||||||||||||||||||||||
Proceeds from issuance of long-term debt | 944 | 17,924 | — | 18,868 | ||||||||||||||||||||||
Payments of long-term debt | (2,608) | (22,089) | — | (24,697) | ||||||||||||||||||||||
Other | (150) | (49) | — | (199) | ||||||||||||||||||||||
Financing activity to/(from) other segments | 35 | (1,600) | 1,565 | — | ||||||||||||||||||||||
Net cash provided by/(used in) financing activities | $ | (1,754) | $ | (6,051) | $ | 1,565 | $ | (6,240) | ||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | $ | (139) | $ | (229) | $ | — | $ | (368) |
For the period ended June 30, 2022 | |||||||||||||||||
Second Quarter | |||||||||||||||||
Company excluding Ford Credit | Ford Credit | Consolidated | |||||||||||||||
Revenues | $ | 37,934 | $ | 2,256 | $ | 40,190 | |||||||||||
Total costs and expenses | 35,950 | 1,372 | 37,322 | ||||||||||||||
Operating income/(loss) | 1,984 | 884 | 2,868 | ||||||||||||||
Interest expense on Company debt excluding Ford Credit | 312 | — | 312 | ||||||||||||||
Other income/(loss), net | (1,874) | 51 | (1,823) | ||||||||||||||
Equity in net income/(loss) of affiliated companies | 54 | 4 | 58 | ||||||||||||||
Income/(Loss) before income taxes | (148) | 939 | 791 | ||||||||||||||
Provision for/(Benefit from) income taxes | 54 | 99 | 153 | ||||||||||||||
Net income/(loss) | (202) | 840 | 638 | ||||||||||||||
Less: Income/(Loss) attributable to noncontrolling interests | (29) | — | (29) | ||||||||||||||
Net income/(loss) attributable to Ford Motor Company | $ | (173) | $ | 840 | $ | 667 | |||||||||||
For the period ended June 30, 2022 | |||||||||||||||||
First Half | |||||||||||||||||
Company excluding Ford Credit | Ford Credit | Consolidated | |||||||||||||||
Revenues | $ | 70,129 | $ | 4,537 | $ | 74,666 | |||||||||||
Total costs and expenses | 67,726 | 2,729 | 70,455 | ||||||||||||||
Operating income/(loss) | 2,403 | 1,808 | 4,211 | ||||||||||||||
Interest expense on Company debt excluding Ford Credit | 620 | — | 620 | ||||||||||||||
Other income/(loss), net | (6,722) | 49 | (6,673) | ||||||||||||||
Equity in net income/(loss) of affiliated companies | 15 | 10 | 25 | ||||||||||||||
Income/(Loss) before income taxes | (4,924) | 1,867 | (3,057) | ||||||||||||||
Provision for/(Benefit from) income taxes | (760) | 184 | (576) | ||||||||||||||
Net income/(loss) | (4,164) | 1,683 | (2,481) | ||||||||||||||
Less: Income/(Loss) attributable to noncontrolling interests | (38) | — | (38) | ||||||||||||||
Net income/(loss) attributable to Ford Motor Company | $ | (4,126) | $ | 1,683 | $ | (2,443) |
June 30, 2022 | ||||||||||||||||||||||||||
Assets | Company excluding Ford Credit | Ford Credit | Eliminations | Consolidated | ||||||||||||||||||||||
Cash and cash equivalents | $ | 13,218 | $ | 6,298 | $ | — | $ | 19,516 | ||||||||||||||||||
Marketable securities | 14,998 | 2,186 | — | 17,184 | ||||||||||||||||||||||
Ford Credit finance receivables, net | — | 30,716 | — | 30,716 | ||||||||||||||||||||||
Trade and other receivables, net | 3,953 | 11,084 | — | 15,037 | ||||||||||||||||||||||
Inventories | 13,976 | — | — | 13,976 | ||||||||||||||||||||||
Assets held for sale | 705 | — | — | 705 | ||||||||||||||||||||||
Other assets | 2,475 | 860 | — | 3,335 | ||||||||||||||||||||||
Receivable from other segments | 83 | 1,232 | (1,315) | — | ||||||||||||||||||||||
Total current assets | 49,408 | 52,376 | (1,315) | 100,469 | ||||||||||||||||||||||
Ford Credit finance receivables, net | — | 49,743 | — | 49,743 | ||||||||||||||||||||||
Net investment in operating leases | 1,125 | 23,408 | — | 24,533 | ||||||||||||||||||||||
Net property | 35,942 | 220 | — | 36,162 | ||||||||||||||||||||||
Equity in net assets of affiliated companies | 4,074 | 122 | — | 4,196 | ||||||||||||||||||||||
Deferred income taxes | 14,819 | 216 | 10 | 15,045 | ||||||||||||||||||||||
Other assets | 14,215 | 1,392 | — | 15,607 | ||||||||||||||||||||||
Receivable from other segments | — | 16 | (16) | — | ||||||||||||||||||||||
Total assets | $ | 119,583 | $ | 127,493 | $ | (1,321) | $ | 245,755 |
Liabilities | Company excluding Ford Credit | Ford Credit | Eliminations | Consolidated | ||||||||||||||||||||||
Payables | $ | 22,242 | $ | 1,136 | $ | — | $ | 23,378 | ||||||||||||||||||
Other liabilities and deferred revenue | 17,207 | 1,688 | — | 18,895 | ||||||||||||||||||||||
Debt payable within one year | 1,533 | 42,286 | — | 43,819 | ||||||||||||||||||||||
Liabilities held for sale | 360 | — | — | 360 | ||||||||||||||||||||||
Payable to other segments | 1,315 | — | (1,315) | — | ||||||||||||||||||||||
Total current liabilities | 42,657 | 45,110 | (1,315) | 86,452 | ||||||||||||||||||||||
Other liabilities and deferred revenue | 25,871 | 2,350 | — | 28,221 | ||||||||||||||||||||||
Long-term debt | 17,833 | 67,175 | — | 85,008 | ||||||||||||||||||||||
Deferred income taxes | 942 | 885 | 10 | 1,837 | ||||||||||||||||||||||
Payable to other segments | 16 | — | (16) | — | ||||||||||||||||||||||
Total liabilities | $ | 87,319 | $ | 115,520 | $ | (1,321) | $ | 201,518 |
Increase/ (Decrease) | |||||
Net income/(loss) | $ | (2.4) | |||
Shareholder distributions | (0.8) | ||||
Other comprehensive income/(loss), net | (1.1) | ||||
Total | $ | (4.3) |
U.S. Sales | U.S. Wholesales | ||||||||||
Trucks | 234,186 | 278,029 | |||||||||
SUVs | 237,222 | 228,527 | |||||||||
Cars | 12,280 | 10,882 | |||||||||
Total Vehicles | 483,688 | 517,438 |
Designation | Description | Method of Filing | ||||||||||||
Rule 15d-14(a) Certification of CEO. | Filed with this Report. | |||||||||||||
Rule 15d-14(a) Certification of CFO. | Filed with this Report. | |||||||||||||
Section 1350 Certification of CEO. | Furnished with this Report. | |||||||||||||
Section 1350 Certification of CFO. | Furnished with this Report. | |||||||||||||
Exhibit 101.INS | Interactive Data Files pursuant to Rule 405 of Regulation S-T formatted in Inline Extensible Business Reporting Language (“Inline XBRL”). | (a) | ||||||||||||
Exhibit 101.SCH | XBRL Taxonomy Extension Schema Document. | (a) | ||||||||||||
Exhibit 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | (a) | ||||||||||||
Exhibit 101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | (a) | ||||||||||||
Exhibit 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | (a) | ||||||||||||
Exhibit 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | (a) | ||||||||||||
Exhibit 104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101). | (a) |
By: | /s/ Cathy O’Callaghan | ||||
Cathy O’Callaghan, Controller | |||||
(principal accounting officer) | |||||
Date: | July 27, 2022 |
Dated: July 27, 2022 | /s/ James D. Farley, Jr. | |||||||
James D. Farley, Jr. | ||||||||
President and Chief Executive Officer |
Dated: July 27, 2022 | /s/ John T. Lawler | |||||||
John T. Lawler | ||||||||
Chief Financial Officer | ||||||||
Dated: July 27, 2022 | /s/ James D. Farley, Jr. | |||||||
James D. Farley, Jr. | ||||||||
President and Chief Executive Officer |
Dated: July 27, 2022 | /s/ John T. Lawler | |||||||
John T. Lawler | ||||||||
Chief Financial Officer | ||||||||