Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2019

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
	2018		2019		2018		2019		2018		2019
Weighted Average Assumptions at December 31
Discount rate	4.29	%	3.32	%	2.48	%	1.74	%	4.17	%	3.30	%
Average rate of increase in compensation	3.50		3.50		3.37		3.37		3.44		3.44
Weighted Average Assumptions Used to Determine Net Benefit Cost for the Year Ended December 31
Discount rate - Service cost	3.67	%	4.17	%	2.39	%	2.52	%	3.70	%	4.34	%
Effective interest rate on benefit obligation	3.22		3.75		2.02		2.21		3.27		3.87
Expected long-term rate of return on assets	6.75		6.75		4.51		4.18		—		—
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
	2017			2018			2019			2017			2018			2019			2017			2018			2019
Service cost	$	534		$	544		$	474		$	566		$	588		$	506		$	49		$	54		$	43
Interest cost	1,525			1,466			1,570			671			684			691			197			195			211
Expected return on assets	(2,734		)	(2,887		)	(2,657		)	(1,375		)	(1,295		)	(1,124		)	—			—			—
Amortization of prior service costs/(credits)	143			143			87			37			25			33			(120		)	(109		)	(70		)
Net remeasurement (gain)/loss	(538		)	1,294			(135		)	407			(76		)	2,084			293			(366		)	551
Separation programs/other	74			53			22			18			103			398			2			1			—
Settlements and curtailments	(354		)	(15		)	(67		)	(3		)	(2		)	8			—			—			—
Net periodic benefit cost/(income)	$	(1,350	)	$	598		$	(706	)	$	321		$	27		$	2,596		$	421		$	(225	)	$	735

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
	2018			2019			2018			2019			2018			2019
Change in Benefit Obligation
Benefit obligation at January 1	$	46,340		$	42,269		$	34,098		$	31,079		$	6,169		$	5,559
Service cost	544			474			588			506			54			43
Interest cost	1,466			1,570			684			691			195			211
Amendments	—			—			135			10			—			—
Separation programs/other	9			(24		)	97			391			1			3
Curtailments	(15		)	—			(2		)	(43		)	—			—
Settlements	—			(966		)	(16		)	(272		)	—			—
Plan participant contributions	25			23			19			17			17			3
Benefits paid	(2,880		)	(2,615		)	(1,316		)	(1,395		)	(372		)	(367		)
Foreign exchange translation	—			—			(1,858		)	501			(139		)	69
Actuarial (gain)/loss	(3,220		)	4,941			(1,350		)	3,888			(366		)	551
Benefit obligation at December 31	42,269			45,672			31,079			35,373			5,559			6,072
Change in Plan Assets
Fair value of plan assets at January 1	44,160			39,774			29,657			27,273			—			—
Actual return on plan assets	(1,627		)	7,800			21			2,935			—			—
Company contributions	140			284			629			789			—			—
Plan participant contributions	25			23			19			17			—			—
Benefits paid	(2,880		)	(2,615		)	(1,316		)	(1,395		)	—			—
Settlements	—			(966		)	(16		)	(330		)	—			—
Foreign exchange translation	—			—			(1,708		)	678			—			—
Other	(44		)	(47		)	(13		)	(9		)	—			—
Fair value of plan assets at December 31	39,774			44,253			27,273			29,958			—			—
Funded status at December 31	$	(2,495	)	$	(1,419	)	$	(3,806	)	$	(5,415	)	$	(5,559	)	$	(6,072	)
Amounts Recognized on the Balance Sheet
Prepaid assets	$	165		$	911		$	3,161		$	2,318		$	—		$	—
Other liabilities	(2,660		)	(2,330		)	(6,967		)	(7,733		)	(5,559		)	(6,072		)
Total	$	(2,495	)	$	(1,419	)	$	(3,806	)	$	(5,415	)	$	(5,559	)	$	(6,072	)
Amounts Recognized in Accumulated Other Comprehensive Loss (pre-tax)
Unamortized prior service costs/(credits)	$	95		$	8		$	285		$	274		$	97		$	29
Pension Plans in which Accumulated Benefit Obligation Exceeds Plan Assets at December 31
Accumulated benefit obligation	$	1,965		$	2,141		$	10,904		$	12,421
Fair value of plan assets	137			156			5,232			5,948
Accumulated Benefit Obligation at December 31	$	41,312		$	44,578		$	27,787		$	32,106
Pension Plans in which Projected Benefit Obligation Exceeds Plan Assets at December 31
Projected benefit obligation	$	20,529		$	22,085		$	12,321		$	13,864
Fair value of plan assets	17,872			19,755			5,357			6,131
Projected Benefit Obligation at December 31	$	42,269		$	45,672		$	31,079		$	35,373

Schedule of Expected Benefit Payments [Table Text Block]

The expected future benefit payments at December 31, 2019 were as follows (in millions):

	Benefit Payments
	Pension
	U.S. Plans		Non-U.S. Plans		Worldwide OPEB
2020	$	2,820	$	1,440	$	340
2021	2,790		1,240		330
2022	2,770		1,250		330
2023	2,780		1,260		330
2024	2,810		1,280		330
2025-2029	13,970		6,670		1,630

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 $340 million and $115 million for U.S. and non-U.S. plans, respectively) by asset category at December 31 was as follows (in millions):

	2018
	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	$	1,246		$	17	$	—	$	—	$	1,263		$	1,146		$	103		$	—	$	—	$	1,249
International companies	787			10		1		—		798			894			134			1		—		1,029
Total equity	2,033			27		1		—		2,061			2,040			237			1		—		2,278
Fixed Income
U.S. government and agencies	7,915			2,317		—		—		10,232			415			148			—		—		563
Non-U.S. government	—			1,073		—		—		1,073			—			14,871			—		—		14,871
Corporate bonds	—			19,905		—		—		19,905			—			2,875			—		—		2,875
Mortgage/other asset-backed	—			474		—		—		474			—			286			—		—		286
Commingled funds	—			94		—		—		94			—			268			—		—		268
Derivative financial instruments, net	9			43		—		—		52			13			(46		)	—		—		(33		)
Total fixed income	7,924			23,906		—		—		31,830			428			18,402			—		—		18,830
Alternatives
Hedge funds	—			—		—		3,217		3,217			—			—			—		1,143		1,143
Private equity	—			—		—		2,046		2,046			—			—			—		687		687
Real estate	—			—		—		1,242		1,242			—			—			—		413		413
Total alternatives	—			—		—		6,505		6,505			—			—			—		2,243		2,243
Cash, cash equivalents, and repurchase agreements (b)	354			—		—		—		354			(641		)	—			—		—		(641		)
Other (c)	(976		)	—		—		—		(976		)	(685		)	—			5,248		—		4,563
Total assets at fair value	$	9,335		$	23,933	$	1	$	6,505	$	39,774		$	1,142		$	18,639		$	5,249	$	2,243	$	27,273

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(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 $(1.7) billion in U.S. plans and $(1.4) 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 $4.3 billion at year-end 2018) and amounts related to net pending security (purchases)/sales and net pending foreign currency purchases/(sales).

NOTE 18.  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).

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):

	2018
			Return on plan assets
	Fair Value at January 1		Attributable to Assets Held at December 31			Attributable to Assets Sold			Net Purchases/ (Settlements)			Transfers Into/ (Out of) Level 3			Fair Value at December 31
U.S. Plans	$	5	$	—		$	(5	)	$	4		$	(3	)	$	1
Non-U.S. Plans (a)	5,633		(384		)	1			(1		)	—			5,249
	2019
			Return on plan assets
	Fair Value at January 1		Attributable to Assets Held at December 31			Attributable to Assets Sold			Net Purchases/ (Settlements)			Transfers Into/ (Out of) Level 3			Fair Value at December 31
U.S. Plans	$	1	$	1		$	—		$	15		$	—		$	17
Non-U.S. Plans (a)	5,249		215			(5		)	113			—			5,572

_______

(a)

Primarily Ford-Werke plan assets (insurance contract valued at $4.3 billion and $4.5 billion at year-end 2018 and 2019, respectively).