Cash, Cash Equivalents, and Marketable Securities (Notes)

12 Months Ended

Dec. 31, 2019

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, 2018
	Fair Value  Level	Automotive		Mobility		Ford Credit		Consolidated
Cash and cash equivalents
U.S. government	1	$	220	$	—	$	139	$	359
U.S. government agencies	2	496		—		25		521
Non-U.S. government and agencies	2	169		—		114		283
Corporate debt	2	174		—		884		1,058
Total marketable securities classified as cash equivalents		1,059		—		1,162		2,221
Cash, time deposits, and money market funds		5,999		53		8,445		14,497
Total cash and cash equivalents		$	7,058	$	53	$	9,607	$	16,718
Marketable securities
U.S. government	1	$	3,014	$	—	$	289	$	3,303
U.S. government agencies	2	1,953		—		65		2,018
Non-U.S. government and agencies	2	4,674		—		610		5,284
Corporate debt	2	5,614		—		198		5,812
Equities (a)	1	424		—		—		424
Other marketable securities	2	246		—		146		392
Total marketable securities		$	15,925	$	—	$	1,308	$	17,233
Restricted Cash		$	16	$	33	$	140	$	189
		December 31, 2019
	Fair Value  Level	Automotive		Mobility		Ford Credit		Consolidated
Cash and cash equivalents
U.S. government	1	$	520	$	—	$	—	$	520
U.S. government agencies	2	125		—		—		125
Non-U.S. government and agencies	2	601		—		350		951
Corporate debt	2	642		—		604		1,246
Total marketable securities classified as cash equivalents		1,888		—		954		2,842
Cash, time deposits, and money market funds		6,432		117		8,113		14,662
Total cash and cash equivalents		$	8,320	$	117	$	9,067	$	17,504
Marketable securities
U.S. government	1	$	2,930	$	—	$	195	$	3,125
U.S. government agencies	2	1,548		—		210		1,758
Non-U.S. government and agencies	2	4,217		—		2,408		6,625
Corporate debt	2	4,802		—		193		4,995
Equities (a)	1	81		—		—		81
Other marketable securities	2	273		—		290		563
Total marketable securities		$	13,851	$	—	$	3,296	$	17,147
Restricted Cash		$	15	$	21	$	139	$	175
Cash, cash equivalents, and restricted cash in held-for-sale assets		$	—	$	—	$	62	$	62

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(a) Net unrealized gains/losses on equities were a $25 million gain and a $44 million loss at December 31, 2018 and 2019, 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, 2018
										Fair Value of Securities with Contractual Maturities
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Within 1 Year		After 1 Year through 5 Years		After 5 Years
Automotive
U.S. government	$	2,933	$	5	$	(10	)	$	2,928	$	1,714	$	1,214	$	—
U.S. government agencies	1,920		—		(18		)	1,902		797		1,087		18
Non-U.S. government and agencies	3,841		4		(37		)	3,808		194		3,614		—
Corporate debt	4,010		3		(33		)	3,980		1,148		2,830		2
Other marketable securities	207		—		—			207		1		134		72
Total	$	12,911	$	12	$	(98	)	$	12,825	$	3,854	$	8,879	$	92
	December 31, 2019
										Fair Value of Securities with Contractual Maturities
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value		Within 1 Year		After 1 Year through 5 Years		After 5 Years
Automotive
U.S. government	$	2,839	$	11	$	(1	)	$	2,849	$	1,028	$	1,772	$	49
U.S. government agencies	1,445		2		(1		)	1,446		830		589		27
Non-U.S. government and agencies	3,925		20		(1		)	3,944		1,546		2,398		—
Corporate debt	5,029		53		—			5,082		1,837		3,245		—
Other marketable securities	230		1		—			231		—		149		82
Total	$	13,468	$	87	$	(3	)	$	13,552	$	5,241	$	8,153	$	158

Sales proceeds and gross realized gains/losses from the sale of AFS securities for the years ended December 31 were as follows (in millions):

	2017		2018		2019
Automotive
Sales proceeds	$	3,315	$	5,512	$	5,753
Gross realized gains	3		1		13
Gross realized losses	8		21		10

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, 2018
	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	$	199	$	(1	)	$	1,637	$	(9	)	$	1,836	$	(10	)
U.S. government agencies	193		(1		)	1,596		(17		)	1,789		(18		)
Non-U.S. government and agencies	341		(1		)	2,445		(36		)	2,786		(37		)
Corporate debt	1,816		(16		)	856		(17		)	2,672		(33		)
Other marketable securities	125		—			—		—			125		—
Total	$	2,674	$	(19	)	$	6,534	$	(79	)	$	9,208	$	(98	)
	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	)

During the years ended December 31, 2017, 2018, and 2019, we did not recognize any other-than-temporary impairment losses.

Cash, Cash Equivalents, and Restricted Cash

Cash, cash equivalents, and restricted cash as reported in the consolidated statement of cash flows were as follows (in millions):

	December 31, 2018		December 31, 2019
Cash and cash equivalents	$	16,718	$	17,504
Restricted cash (a)	189		175
Cash, cash equivalents, and restricted cash in held-for-sale assets	—		62
Total cash, cash equivalents, and restricted cash	$	16,907	$	17,741

__________

(a)

Included in Other assets in the non-current assets section of our consolidated balance sheet.