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Cash, Cash Equivalents, and Marketable Securities (Notes)
 3 Months Ended
Mar. 31, 2022
Cash, Cash Equivalents, and Marketable Securities [Abstract]  
Cash, Cash Equivalents, and Marketable Securities [Text Block] 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, 2021
 Fair Value LevelCompany excluding Ford CreditFord CreditConsolidated
Cash and cash equivalents  
U.S. government1$2,877 $711 $3,588 
U.S. government agencies2355 240 595 
Non-U.S. government and agencies255 152 207 
Corporate debt2105 940 1,045 
Total marketable securities classified as cash equivalents
3,392 2,043 5,435 
Cash, time deposits, and money market funds6,185 8,920 15,105 
Total cash and cash equivalents$9,577 $10,963 $20,540 
Marketable securities
U.S. government1$4,018 $864 $4,882 
U.S. government agencies22,270 75 2,345 
Non-U.S. government and agencies23,373 697 4,070 
Corporate debt26,299 304 6,603 
Equities (a)110,673 — 10,673 
Other marketable securities2247 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
$— $— $— 
March 31, 2022
Fair Value LevelCompany excluding Ford CreditFord CreditConsolidated
Cash and cash equivalents  
U.S. government1$1,723 $615 $2,338 
U.S. government agencies21,072 200 1,272 
Non-U.S. government and agencies2830 436 1,266 
Corporate debt250 889 939 
Total marketable securities classified as cash equivalents
3,675 2,140 5,815 
Cash, time deposits, and money market funds6,759 8,439 15,198 
Total cash and cash equivalents$10,434 $10,579 $21,013 
Marketable securities
U.S. government1$2,928 $413 $3,341 
U.S. government agencies22,120 75 2,195 
Non-U.S. government and agencies22,486 1,036 3,522 
Corporate debt25,151 297 5,448 
Equities (a)15,223 — 5,223 
Other marketable securities2271 215 486 
Total marketable securities$18,179 $2,036 $20,215 
Restricted cash$75 $119 $194 
Cash, cash equivalents, and restricted cash in
   held-for-sale assets
$76 $— $76 
__________
(a)Includes $10.6 billion and $5.1 billion of Rivian common shares valued at $103.69 and $50.24 per share as of December 31, 2021 and March 31, 2022, respectively. During full year 2021 and first quarter 2022, we recognized an unrealized gain of $8.3 billion and an unrealized loss of $5.4 billion, respectively. At April 26, 2022, Rivian common shares were valued at $30.68 per share. Ford’s Rivian shares are subject to a contractual 180-day lock-up period that commenced with Rivian’s initial public offering (“IPO”) on November 10, 2021.
NOTE 7. 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, 2021
Fair Value of Securities with
Contractual Maturities
 Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueWithin 1 YearAfter 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 agencies2,249 2 (21)2,230 316 1,802 112 
Non-U.S. government and agencies2,599 6 (21)2,584 854 1,708 22 
Corporate debt6,373 21 (23)6,371 2,645 3,726 — 
Other marketable securities228 1 (1)228 — 150 78 
Total$15,270 $42 $(80)$15,232 $5,175 $9,821 $236 
 
March 31, 2022
Fair Value of Securities with
Contractual Maturities
Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueWithin 1 YearAfter 1 Year through
5 Years		After 5 Years
Company excluding Ford Credit
U.S. government$2,910 $— $(79)$2,831 $935 $1,874 $22 
U.S. government agencies2,220 — (78)2,142 427 1,629 86 
Non-U.S. government and agencies2,384 — (82)2,302 441 1,847 14 
Corporate debt5,290 2 (125)5,167 1,558 3,601 8 
Other marketable securities261 — (6)255 — 186 69 
Total
$13,065 $2 $(370)$12,697 $3,361 $9,137 $199 

Sales proceeds and gross realized gains/losses from the sale of AFS securities for the periods ended March 31 were as follows (in millions):
First Quarter
20212022
Company excluding Ford Credit
Sales proceeds$2,880 $4,004 
Gross realized gains13 6 
Gross realized losses2 6 
NOTE 7. CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES (Continued)

The present fair values and gross unrealized losses for cash equivalents and marketable securities accounted for as AFS securities that were in an unrealized loss position, aggregated by investment category and the length of time that individual securities have been in a continuous loss position, were as follows (in millions):
December 31, 2021
Less than 1 Year1 Year or GreaterTotal
 Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Company excluding Ford Credit  
U.S. government$2,598 $(14)$— $— $2,598 $(14)
U.S. government agencies1,809 (19)73 (2)1,882 (21)
Non-U.S. government and agencies1,614 (20)38 (1)1,652 (21)
Corporate debt3,637 (21)71 (2)3,708 (23)
Other marketable securities178 (1)15 — 193 (1)
Total
$9,836 $(75)$197 $(5)$10,033 $(80)
 
March 31, 2022
Less than 1 Year1 Year or GreaterTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Company excluding Ford Credit
U.S. government$2,788 $(79)$— $— $2,788 $(79)
U.S. government agencies1,966 (77)73 (1)2,039 (78)
Non-U.S. government and agencies2,120 (81)38 (1)2,158 (82)
Corporate debt4,683 (123)71 (2)4,754 (125)
Other marketable securities236 (6)15 — 251 (6)
Total
$11,793 $(366)$197 $(4)$11,990 $(370)

We determine credit losses on AFS debt securities using the specific identification method. During the first quarter of 2022, we did not recognize any credit loss. The unrealized losses on securities are due to changes in interest rates and market liquidity.

Cash, Cash Equivalents, and Restricted Cash

Cash, cash equivalents, and restricted cash, as reported in the consolidated statements of cash flows, were as follows (in millions):
December 31,
2021		March 31,
2022
Cash and cash equivalents$20,540 $21,013 
Restricted cash (a)197 194 
Cash, cash equivalents, and restricted cash in held-for-sale assets— 76 
Total cash, cash equivalents, and restricted cash$20,737 $21,283 
__________
(a)Included in Other assets in the non-current assets section of our consolidated balance sheets.