10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2022

or

☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from  __________ to __________

Commission file number 1-3950

Ford Motor Company

(Exact name of Registrant as specified in its charter)

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)

313-322-3000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

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

Indicate by check mark if the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  ☑   No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☑   No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  

Large Accelerated Filer ☑ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of July 22, 2022, Ford had outstanding 3,949,385,442 shares of Common Stock and 70,852,076 shares of Class B Stock.

Exhibit Index begins on page 69

FORD MOTOR COMPANY

QUARTERLY REPORT ON FORM 10-Q

For the Quarter Ended June 30, 2022

	Table of Contents	Page
	Part I - Financial Information
Item 1	Financial Statements	1
	Consolidated Statements of Cash Flows	1
	Consolidated Income Statements	2
	Consolidated Statements of Comprehensive Income	2
	Consolidated Balance Sheets	3
	Consolidated Statements of Equity	4
	Notes to the Financial Statements	5
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32
	Key Trends and Economic Factors Affecting Ford and the Automotive Industry	32
	Results of Operations	33
	Automotive Segment	35
	Mobility Segment	41
	Ford Credit Segment	42
	Corporate Other	45
	Interest on Debt	45
	Taxes	45
	Liquidity and Capital Resources	46
	Credit Ratings	56
	Outlook	57
	Cautionary Note on Forward-Looking Statements	58
	Non-GAAP Financial Measures That Supplement GAAP Measures	59
	Non-GAAP Financial Measure Reconciliations	61
	Supplemental Information	63
	Accounting Standards Issued But Not Yet Adopted	66
Item 3	Quantitative and Qualitative Disclosures About Market Risk	67
Item 4	Controls and Procedures	67
	Part II - Other Information
Item 1	Legal Proceedings	68
Item 6	Exhibits	69
	Signature	70

i

PART I. FINANCIAL INFORMATION

ITEM 1. Financial Statements.

FORD MOTOR COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

	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

The accompanying notes are part of the consolidated financial statements.

1

Item 1. Financial Statements (continued)

FORD MOTOR COMPANY AND SUBSIDIARIES

CONSOLIDATED INCOME STATEMENTS

(in millions, except per share amounts)

	For the periods ended June 30,
	2021		2022		2021		2022
	Second Quarter				First Half
	(unaudited)
Revenues
Automotive	$	24,128	$	37,909	$	57,682	$	70,020
Ford Credit	2,603		2,256		5,266		4,537
Mobility	21		25		32		109
Total revenues (Note 3)	26,752		40,190		62,980		74,666
Costs and expenses
Cost of sales	22,904		33,191		52,201		62,227
Selling, administrative, and other expenses	2,877		2,759		5,720		5,499
Ford Credit interest, operating, and other expenses	993		1,372		2,617		2,729
Total costs and expenses	26,774		37,322		60,538		70,455
Operating income/(loss)	(22)		2,868		2,442		4,211
Interest expense on Company debt excluding Ford Credit	453		312		926		620
Other income/(loss), net (Note 4 and Note 17)	1,159		(1,823)		3,031		(6,673)
Equity in net income/(loss) of affiliated companies	51		58		130		25
Income/(Loss) before income taxes	735		791		4,677		(3,057)
Provision for/(Benefit from) income taxes	182		153		862		(576)
Net income/(loss)	553		638		3,815		(2,481)
Less: Income/(Loss) attributable to noncontrolling interests	(8)		(29)		(8)		(38)
Net income/(loss) attributable to Ford Motor Company	$	561	$	667	$	3,823	$	(2,443)
EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK (Note 6)
Basic income/(loss)	$	0.14	$	0.17	$	0.96	$	(0.61)
Diluted income/(loss)	0.14		0.16		0.95		(0.61)
Weighted-average shares used in computation of earnings/(loss) per share
Basic shares	3,992		4,021		3,986		4,014
Diluted shares	4,028		4,052		4,022		4,014

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in millions)

	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)

The accompanying notes are part of the consolidated financial statements.

2

Item 1. Financial Statements (continued)

FORD MOTOR COMPANY AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in millions)

	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

The following table includes assets to be used to settle liabilities of the consolidated variable interest entities (“VIEs”). These assets and liabilities are included in the consolidated balance sheets above.
	December 31, 2021		June 30, 2022
	(unaudited)
ASSETS
Cash and cash equivalents	$	3,407	$	2,284
Ford Credit finance receivables, net	43,001		43,162
Net investment in operating leases	7,540		10,494
Other assets	39		199
LIABILITIES
Other liabilities and deferred revenue	$	6	$	—
Debt	38,274		41,072

The accompanying notes are part of the consolidated financial statements.

3

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

(in millions, unaudited)

	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

__________

(a)Includes impact of share-based compensation.

(b)Dividends and dividend equivalents declared for Common and Class B Stock.

The accompanying notes are part of the consolidated financial statements.

4

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

Table of Contents

Footnote		Page
Note 1	Presentation	6
Note 2	New Accounting Standards	6
Note 3	Revenue	7
Note 4	Other Income/(Loss)	9
Note 5	Income Taxes	9
Note 6	Capital Stock and Earnings/(Loss) Per Share	9
Note 7	Cash, Cash Equivalents, and Marketable Securities	10
Note 8	Ford Credit Finance Receivables and Allowance for Credit Losses	13
Note 9	Inventories	17
Note 10	Other Investments	17
Note 11	Goodwill	17
Note 12	Other Liabilities and Deferred Revenue	18
Note 13	Retirement Benefits	19
Note 14	Debt	20
Note 15	Derivative Financial Instruments and Hedging Activities	21
Note 16	Employee Separation Actions and Exit and Disposal Activities	23
Note 17	Acquisitions and Divestitures	24
Note 18	Accumulated Other Comprehensive Income/(Loss)	26
Note 19	Variable Interest Entities	27
Note 20	Commitments and Contingencies	27
Note 21	Segment Information	30

5

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

NOTE 1.  PRESENTATION

For purposes of this report, “Ford,” the “Company,” “we,” “our,” “us,” or similar references mean Ford Motor Company, our consolidated subsidiaries, and our consolidated VIEs of which we are the primary beneficiary, unless the context requires otherwise. We also make reference to Ford Motor Credit Company LLC, herein referenced to as Ford Credit. Our consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information, instructions to the Quarterly Report on Form 10-Q, and Rule 10-01 of Regulation S-X. We reclassified certain prior year amounts in our consolidated financial statements to conform to the current year presentation.

In the opinion of management, these unaudited financial statements reflect a fair statement of our results of operations and financial condition for the periods, and at the dates, presented.  The results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year.  Reference should be made to the financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Form 10-K Report”).

NOTE 2. NEW ACCOUNTING STANDARDS

Adoption of New Accounting Standards

Accounting Standards Update (“ASU”) 2021-10, Government Assistance: Disclosures by Business Entities about Government Assistance. In November 2021, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update requiring entities to provide certain disclosures in annual period financial statements for those transactions with governments that are accounted for by applying a grant or contribution accounting model via analogy to other applicable accounting standards. We are assessing the effect on our annual consolidated financial statement disclosures; however, adoption will not impact our consolidated balance sheets or income statements.

We also adopted the following ASUs during 2022, none of which had a material impact to our consolidated financial statements or financial statement disclosures:

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

Accounting Standards Issued But Not Yet Adopted

ASU 2022-02, Financial Instruments – Credit Losses, Troubled Debt Restructurings and Vintage Disclosures. In March 2022, the FASB issued a new accounting standard that eliminates the troubled debt recognition and measurement guidance. The new standard requires that an entity apply the loan refinancing and restructuring guidance in ASC 310 to all loan modifications and/or receivable modifications. It also enhances disclosure requirements for certain refinancings and restructurings by creditors when a borrower is experiencing financial difficulty and requires disclosure of current-period gross charge-offs by year of origination in the vintage disclosure. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. We are assessing the effect of the new standard on our consolidated financial statements and disclosures.

All other ASUs issued but not yet adopted were assessed and determined to be either not applicable or are not expected to have a material impact to our consolidated financial statements or financial statement disclosures.

6

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

NOTE 3. REVENUE

    The following tables disaggregate our revenue by major source for the periods ended June 30 (in millions):

	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

__________

(a)Includes extended service contract revenue.

7

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

NOTE 3. REVENUE (Continued)

The amount of consideration we receive and revenue we recognize on our vehicles, parts, and accessories varies with changes in return rights and marketing incentives we offer to our customers and their customers. Estimates of marketing incentives are based on expected retail and fleet sales volumes, mix of products to be sold, and incentive programs to be offered. Customer acceptance of products and programs, as well as other market conditions, will impact these estimates. As a result of changes in our estimate of marketing incentives, we recorded an increase related to revenue recognized in prior periods of $214 million and $152 million in the second quarter of 2021 and 2022, respectively.

We had a balance of $4.3 billion of unearned revenue associated primarily with outstanding extended service contracts reported in Other liabilities and deferred revenue at December 31, 2021 and June 30, 2022. We expect to recognize approximately $700 million of the unearned amount in the remainder of 2022, $1.2 billion in 2023, and $2.4 billion thereafter. We recognized $336 million and $352 million of unearned amounts as revenue during the second quarter of 2021 and 2022, respectively, and $678 million and $717 million in the first half of 2021 and 2022, respectively.

Amounts paid to dealers to obtain extended service contracts are deferred and recorded as Other assets. We had a balance of $309 million and $314 million in deferred costs as of December 31, 2021 and June 30, 2022, respectively. We recognized $19 million and $22 million of amortization during the second quarter of 2021 and 2022, respectively, and $39 million and $44 million in the first half of 2021 and 2022, respectively.

8

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

NOTE 4. OTHER INCOME/(LOSS)

The amounts included in Other income/(loss), net for the periods ended June 30 were as follows (in millions):

	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)

__________

(a)    Includes a $2.4 billion loss and a $7.9 billion loss on our Rivian investment in the second quarter and first half of 2022, respectively.

NOTE 5. INCOME TAXES

For interim tax reporting, we estimate one single effective tax rate for tax jurisdictions not subject to a valuation allowance, which is applied to the year-to-date ordinary income/(loss). Tax effects of significant unusual or infrequently occurring items are excluded from the estimated annual effective tax rate calculation and recognized in the interim period in which they occur.

NOTE 6. CAPITAL STOCK AND EARNINGS/(LOSS) PER SHARE

Earnings/(Loss) Per Share Attributable to Ford Motor Company Common and Class B Stock

Basic and diluted earnings/(loss) per share were calculated using the following (in millions):

	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

__________

(a)    In the first half of 2022, there were 43 million shares excluded from the calculation of diluted earnings/(loss) per share, due to their anti-dilutive effect.

9

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

NOTE 7. 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 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

__________

(a)Includes $10.6 billion and $2 billion of Rivian common shares valued at $103.69 and $25.74 per share as of December 31, 2021 and June 30, 2022, respectively. In the second quarter of 2022, we sold 25.2 million of our 101.9 million Rivian common shares for about $700 million in total proceeds. Net unrealized gains/losses recognized during full year 2021 and the first half of 2022 on all equity securities held at December 31, 2021 and June 30, 2022 were an $8.3 billion gain and a $6 billion loss, respectively.

10

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

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 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

Sales proceeds and gross realized gains/losses from the sale of AFS securities for the periods ended June 30 were as follows (in millions):

	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

11

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

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 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)

We determine credit losses on AFS debt securities using the specific identification method. During the first half 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		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

__________

(a)Included in Other assets in the non-current assets section of our consolidated balance sheets.

12

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

NOTE 8. FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES

Ford Credit manages finance receivables as “consumer” and “non-consumer” portfolios.  The receivables are generally secured by the vehicles, inventory, or other property being financed.

Finance receivables are recorded at the time of origination or purchase at fair value and are subsequently reported at amortized cost, net of any allowance for credit losses.

For all finance receivables, Ford Credit defines “past due” as any payment, including principal and interest, that is at least 31 days past the contractual due date.

Ford Credit finance receivables, net were as follows (in millions):

	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

__________

(a)Net finance receivables subject to fair value exclude finance leases.

(b)The fair value of finance receivables is categorized within Level 3 of the fair value hierarchy.

Ford Credit’s finance leases are comprised of sales-type and direct financing leases. Financing revenue from finance leases for the second quarter of 2021 and 2022 was $88 million and $73 million, respectively, and for the first half of 2021 and 2022 was $178 million and $150 million, respectively, and is included in Ford Credit revenues on our consolidated income statements.

At December 31, 2021 and June 30, 2022, accrued interest was $125 million and $119 million, respectively, which we report in Other assets in the current assets section of our consolidated balance sheets.

Included in the recorded investment in finance receivables at December 31, 2021 and June 30, 2022, were consumer receivables of $39 billion and $36.5 billion, respectively, and non-consumer receivables of $12 billion and $13.6 billion, respectively, (including Automotive receivables sold to Ford Credit, which we report in Trade and other receivables), that have been sold for legal purposes in securitization transactions but continue to be reported in our consolidated financial statements. The receivables are available only for payment of the debt issued by, and other obligations of, the securitization entities that are parties to those securitization transactions; they are not available to pay the other obligations or the claims of Ford Credit’s other creditors. Ford Credit holds the right to receive the excess cash flows not needed to pay the debt issued by, and other obligations of, the securitization entities that are parties to those securitization transactions.

13

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

NOTE 8. FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued)

Credit Quality

Consumer Portfolio. Credit quality ratings for consumer receivables are based on Ford Credit’s aging analysis. Consumer receivables credit quality ratings are as follows:

•Pass – current to 60 days past due;

•Special Mention – 61 to 120 days past due and in intensified collection status; and

•Substandard – greater than 120 days past due and for which the uncollectible portion of the receivables has already been charged off, as measured using the fair value of collateral less costs to sell.

The credit quality analysis of consumer receivables at December 31, 2021 was as follows (in millions):

	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	%

The credit quality analysis of consumer receivables at June 30, 2022 was as follows (in millions):

	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	%

Non-Consumer Portfolio. The credit quality of dealer financing receivables is evaluated based on Ford Credit’s internal dealer risk rating analysis. Ford Credit uses a proprietary model to assign each dealer a risk rating. This model uses historical dealer performance data to identify key factors about a dealer that are considered most significant in predicting a dealer’s ability to meet its financial obligations. Ford Credit also considers numerous other financial and qualitative factors of the dealer’s operations, including capitalization and leverage, liquidity and cash flow, profitability, and credit history with Ford Credit and other creditors.

Dealers are assigned to one of four groups according to risk ratings as follows:

•Group I – strong to superior financial metrics;

•Group II – fair to favorable financial metrics;

•Group III – marginal to weak financial metrics; and

•Group IV – poor financial metrics, including dealers classified as uncollectible.

14

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

NOTE 8. FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued)

The credit quality analysis of dealer financing receivables at December 31, 2021 was as follows (in millions):

	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	%

__________

(a)Total past due dealer financing receivables at December 31, 2021 were $62 million.

The credit quality analysis of dealer financing receivables at June 30, 2022 was as follows (in millions):

	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	%

__________

(a)Total past due dealer financing receivables at June 30, 2022 were $8 million.

Non-Accrual of Revenue. The accrual of financing revenue is discontinued at the time a receivable is determined to be uncollectible or when it is 90 days past due. Accounts may be restored to accrual status only when a customer settles all past-due deficiency balances and future payments are reasonably assured. For receivables in non-accrual status, subsequent financing revenue is recognized only to the extent a payment is received. Payments are generally applied first to outstanding interest and then to the unpaid principal balance.

Troubled Debt Restructuring (“TDR”). A restructuring of debt constitutes a TDR if Ford Credit grants a concession to a debtor for economic or legal reasons related to the debtor’s financial difficulties that Ford Credit otherwise would not consider. Consumer and non-consumer receivables that have a modified interest rate below market rate or that were modified in reorganization proceedings pursuant to the U.S. Bankruptcy Code, except non-consumer receivables that are current with minimal risk of loss, are considered to be TDRs. Ford Credit does not grant concessions on the principal balance of the receivables. If a receivable is modified in a reorganization proceeding, all payment requirements of the reorganization plan need to be met before remaining balances are forgiven.

Allowance for Credit Losses

The allowance for credit losses represents an estimate of the lifetime expected credit losses inherent in finance receivables as of the balance sheet date. The adequacy of the allowance for credit losses is assessed quarterly.

Adjustments to the allowance for credit losses are made by recording charges to Ford Credit interest, operating, and other expenses on our consolidated income statements. The uncollectible portion of a finance receivable is charged to the allowance for credit losses at the earlier of when an account is deemed to be uncollectible or when an account is 120 days delinquent, taking into consideration the financial condition of the customer or borrower, the value of the collateral, recourse to guarantors, and other factors.

15

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

NOTE 8. FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued)

Charge-offs on finance receivables include uncollected amounts related to principal, interest, late fees, and other allowable charges. Recoveries on finance receivables previously charged off as uncollectible are credited to the allowance for credit losses. In the event Ford Credit repossesses the collateral, the receivable is charged off and the collateral is recorded at its estimated fair value less costs to sell and reported in Other assets on our consolidated balance sheets.

An analysis of the allowance for credit losses related to finance receivables for the periods ended June 30 was as follows (in millions):

	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

__________

(a)    Primarily represents amounts related to translation adjustments.

During the second quarter and first half of 2022, the allowance for credit losses decreased $82 million and $162 million, respectively, primarily due to Ford Credit’s current expectation that COVID-related losses have been avoided. Although net charge-offs remained low in the second quarter and first half of 2022, due in part to high vehicle auction values, the impact of rising inflation, high energy prices, and higher interest rates on future credit losses remains uncertain. Ford Credit will continue to monitor economic trends and conditions and portfolio performance and will adjust the reserve accordingly.

16

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

NOTE 9. INVENTORIES

Inventories were as follows (in millions):

	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

Finished products at June 30, 2022 in the table above includes approximately 18,000 vehicles at our plants that are completed but awaiting installation of components, primarily reflecting the semiconductor supply shortage, after which, the vehicles will proceed through an additional quality review process prior to being shipped to our dealers.

NOTE 10. OTHER INVESTMENTS

We have investments in entities not accounted for under the equity method for which fair values are not readily available. We record these investments at cost (less impairment, if any), adjusted for observable price changes in orderly transactions for the identical or a similar investment of the same issuer. We report the carrying value of these investments in Other assets in the non-current assets section of our consolidated balance sheets. These investments were $0.9 billion and $1.3 billion at December 31, 2021 and June 30, 2022, respectively. The cumulative net unrealized gain from adjustments related to Other Investments held at June 30, 2022 is $141 million.

NOTE 11. GOODWILL

The net carrying amount of goodwill was $619 million and $595 million at December 31, 2021 and June 30, 2022, respectively, and is reported in Other assets in the non-current assets section of our consolidated balance sheets.

17

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

NOTE 12. OTHER LIABILITIES AND DEFERRED REVENUE

Other liabilities and deferred revenue were as follows (in millions):

	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

__________

(a)Balances at June 30, 2022 reflect pension and OPEB liabilities at December 31, 2021, updated (where applicable) for service and interest cost, expected return on assets, separation expense, actual benefit payments, and cash contributions. The discount rate and rate of expected return assumptions are unchanged from year-end 2021. Included in Other assets are pension assets of $8.5 billion and $8.9 billion at December 31, 2021 and June 30, 2022, respectively.

(b)Includes current derivative liabilities of $97 million and $705 million at December 31, 2021 and June 30, 2022, respectively. Includes non-current derivative liabilities of $535 million and $1.5 billion at December 31, 2021 and June 30, 2022, respectively (see Note 15).

18

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

NOTE 13. RETIREMENT BENEFITS

Defined Benefit Plans - Expense

The pre-tax net periodic benefit cost/(income) for our defined benefit pension and OPEB plans for the periods ended June 30 were as follows (in millions):

	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

The service cost component is included in Cost of sales and Selling, administrative, and other expenses. Other components of net periodic benefit cost/(income) are included in Other income/(loss), net on our consolidated income statements.

In the second quarter of 2021 and 2022, within separation programs/other, we recognized expenses of $46 million and $9 million, respectively, in non-U.S. pension plans related to ongoing redesign programs. In the first half of 2021 and 2022, within separation programs/other, we recognized $84 million and $16 million, respectively, in non-U.S. pension plans related to ongoing redesign programs. Until our Global Redesign programs are completed, we anticipate further adjustments to our plans in subsequent periods.

Pension Plan Contributions

During 2022, we expect to contribute between $600 million and $700 million of cash to our global funded pension plans. We also expect to make about $400 million of benefit payments to participants in unfunded plans. In the first half of 2022, we contributed $328 million to our global funded pension plans and made $195 million of benefit payments to participants in unfunded plans.

19

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

NOTE 14. DEBT

The carrying value of Company debt excluding Ford Credit and Ford Credit debt was as follows (in millions):

	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

__________

(a)As of June 30, 2022, each $1,000 principal amount of the notes will be convertible into 57.7721 shares of our Common Stock, which is equivalent to a conversion price of approximately $17.31 per share. We recognized issuance cost amortization of $2 million during the second quarter and first half of 2021, and $2 million and $3 million during the second quarter and first half of 2022, respectively.

(b)We entered into a £750 million 5-year term loan pursuant to the U.K. Export Finance Program in June 2022.

(c)At December 31, 2021 and June 30, 2022, the fair value of debt includes $209 million and $1,033 million of Company excluding Ford Credit short-term debt and $14.1 billion and $13.2 billion of Ford Credit short-term debt, respectively, carried at cost, which approximates fair value. All other debt is categorized within Level 2 of the fair value hierarchy.

(d)These adjustments are related to hedging activity and include discontinued hedging relationship adjustments of $257 million and $179 million at December 31, 2021 and June 30, 2022, respectively. The carrying value of hedged debt was $37.5 billion and $33.4 billion at December 31, 2021 and June 30, 2022, respectively.

20

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

NOTE 14. DEBT (Continued)

2022 Ford Credit Debt Extinguishment

Pursuant to Ford Credit’s June 2022 cash tender offer, Ford Credit repurchased approximately $3 billion principal amount of its public unsecured debt securities for an aggregate cost of approximately $3 billion (including transaction costs and accrued and unpaid interest payments for such tendered securities). As a result of these transactions, Ford Credit recorded a pre-tax gain of $16.6 million (net of unamortized discounts, premiums, fees, and fair value adjustments) in Other income/(loss), net in the second quarter of 2022.

NOTE 15. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

In the normal course of business, our operations are exposed to global market risks, including the effect of changes in foreign currency exchange rates, certain commodity prices, and interest rates. To manage these risks, we enter into highly effective derivative contracts. We have elected to apply hedge accounting to certain derivatives. Derivatives that are designated in hedging relationships are evaluated for effectiveness using regression analysis at the time they are designated and throughout the hedge period. Some derivatives do not qualify for hedge accounting; for others, we elect not to apply hedge accounting.

Income Effect of Derivative Financial Instruments

The gains/(losses), by hedge designation, reported in income for the periods ended June 30 were as follows (in millions):

	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)

__________

(a)For the second quarter and first half of 2021, a $110 million loss and a $571 million loss, respectively, were reported in Other comprehensive income/(loss), net of tax. For the second quarter and first half of 2022, a $234 million gain and a $106 million gain, respectively, were reported in Other comprehensive income/(loss), net of tax.

(b)For the second quarter and first half of 2021, a $100 million gain and a $180 million gain, respectively, were reported in Other comprehensive income/(loss), net of tax. For the second quarter and first half of 2022, a $360 million loss and a $76 million loss, respectively, were reported in Other comprehensive income/(loss), net of tax.

(c)For the second quarter and first half of 2021, a $103 million loss and a $78 million gain, respectively, were reported in Cost of sales, and a $44 million loss and an $8 million gain, respectively, were reported in Other income/(loss), net. For the second quarter and first half of 2022, a $100 million gain and a $56 million gain, respectively, were reported in Cost of sales, and a $27 million gain and a $25 million gain, respectively, were reported in Other income/(loss), net.

21

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

NOTE 15. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Continued)

Balance Sheet Effect of Derivative Financial Instruments

Derivative assets and liabilities are reported on our consolidated balance sheets at fair value and are presented on a gross basis. The notional amounts of the derivative instruments do not necessarily represent amounts exchanged by the parties and are not a direct measure of our financial exposure. We also enter into master agreements with counterparties that may allow for netting of exposures in the event of default or breach of the counterparty agreement. Collateral represents cash received or paid under reciprocal arrangements that we have entered into with our derivative counterparties, which we do not use to offset our derivative assets and liabilities.

The fair value of our derivative instruments and the associated notional amounts were as follows (in millions):

	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

__________

(a)At December 31, 2021 and June 30, 2022, we held collateral of $26 million and $147 million, respectively, and we posted collateral of $71 million and $115 million, respectively.

(b)At December 31, 2021 and June 30, 2022, the fair value of assets and liabilities available for counterparty netting was $719 million and $388 million, respectively. All derivatives are categorized within Level 2 of the fair value hierarchy.

22

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

NOTE 16. EMPLOYEE SEPARATION ACTIONS AND EXIT AND DISPOSAL ACTIVITIES

We record costs associated with voluntary separations at the time of employee acceptance, unless the acceptance requires explicit approval by the Company. We record costs associated with involuntary separation programs when management has approved the plan for separation, the affected employees are identified, and it is unlikely that actions required to complete the separation plan will change significantly. Costs associated with benefits that are contingent on the employee continuing to provide service are accrued over the required service period.

Company Excluding Ford Credit

Employee separation actions and exit and disposal activities include employee separation costs, facility and other asset-related charges (e.g., accelerated depreciation), dealer and supplier payments, other statutory and contractual obligations, and other expenses, which are recorded in Cost of sales and Selling, administrative, and other expenses. Below are actions initiated, primarily related to the global redesign of our business:

•Ford Motor Company Brasil Ltda. exited manufacturing operations in Brazil, which resulted in the closure of facilities in Camaçari, Taubaté, and Troller in 2021

•Ford Motor Company Limited ceased production at the Bridgend plant in the United Kingdom and the facility was closed in September 2020

•Ford India Private Limited ceased vehicle manufacturing in Sanand in fourth quarter 2021 and plans to cease manufacturing in Chennai in third quarter 2022

•Ford Espana S.L. ceased production of the Mondeo at the Valencia plant in Spain in March 2022

In addition, we are continuing to reduce our global workforce and take other restructuring actions.

The following table summarizes the activities for the periods ended June 30, which are recorded in Other liabilities and deferred revenue (in millions):

	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

__________

(a)Excludes pension costs of $46 million and $9 million in the second quarter of 2021 and 2022, respectively, and $84 million and $16 million in the first half of 2021 and 2022, respectively.

We recorded $86 million and $43 million in the second quarter of 2021 and 2022, respectively, and $388 million and $66 million in the first half of 2021 and 2022, respectively, for accelerated depreciation and other non-cash items. In addition, we recognized a pre-tax net gain on sale of assets of $6 million and $38 million in the second quarter and first half of 2022, respectively.

We estimate that we will incur about $1.5 billion in total charges in 2022 related to the actions above, primarily attributable to employee separations and dealer and supplier settlements. We recorded $160 million in the first half of 2022 for such actions. We continue to review our global businesses and may take additional restructuring actions in markets where a path to sustained profitability is not feasible when considering the capital allocation required for those markets.

23

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

NOTE 16. EMPLOYEE SEPARATION ACTIONS AND EXIT AND DISPOSAL ACTIVITIES (Continued)

Ford Credit

Accumulated foreign currency translation losses included in Accumulated other comprehensive income/(loss) at June 30, 2022 of $223 million are associated with Ford Credit’s investments in Brazil and Argentina that have ceased operations. We expect to reclassify these losses to income upon substantially complete liquidation of Ford Credit’s investments, which may occur over multiple reporting periods. In the second quarter and first half of 2022, we reclassified losses of $36 million and $155 million, respectively, to Other income/(loss), net, upon the liquidation of three investments in Brazil. Although the timing for the completion of the remaining actions is uncertain, we expect the majority of losses to be recognized in 2024 or later.

NOTE 17. ACQUISITIONS AND DIVESTITURES

Company Excluding Ford Credit

Ford Romania S.A. (“Ford Romania”). In the first quarter of 2022, we entered into an agreement to sell our wholly-owned Ford Romania subsidiary to Ford Otosan, a joint venture in which Ford has a 41% ownership share. Following the sale, the plant in Craiova, Romania will continue to manufacture Ford-branded vehicles for Ford and Ford Otosan; Ford’s portion of the output is expected to be significant.

We have reported the assets and liabilities of the Ford Romania operations as held for sale and ceased depreciation and amortization of those assets. The assets and liabilities classified as held for sale for the period ended June 30, were as follows (in millions):

	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

__________

(a)    As of June 30, 2022, intercompany items and transactions have been eliminated on the consolidated balance sheets. The buyer assumed the intercompany assets and liabilities upon the July 1, 2022 closing (described below). Accordingly, we have presented those balances in the table for informational purposes.

Held-for-sale assets are measured at the lower of carrying amount or fair value less cost to sell. We estimated the fair value using a market approach based on the negotiated value of the assets, and determined the assets held for sale were not impaired.

24

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

NOTE 17. ACQUISITIONS AND DIVESTITURES (Continued)

On July 1, 2022, we completed the sale to Ford Otosan, which will result in deconsolidation of our Ford Romania subsidiary in the third quarter of 2022. We expect the fair value of consideration received, consisting of cash and a note receivable, to approximate the carrying value of Ford Romania at the time of sale. As part of the agreement, we received a partial prepayment of $422 million in June, which was recorded as restricted cash in our financial statements until the transaction was completed on July 1.

Skinny Labs Inc., dba Spin (“Spin”). On April 1, 2022, we completed the sale of Spin, our wholly-owned micro-mobility provider, to TIER Mobility SE, a German-based micro-mobility provider, which resulted in the deconsolidation of our Spin subsidiary in the second quarter of 2022. In exchange for our shares of Spin, we received preferred equity in TIER Mobility SE, which is reflected in our consolidated balance sheets in Other assets as of the second quarter of 2022. The fair value of the preferred equity approximated the carrying value of Spin at the time of the transaction.

Electriphi, Inc. (“Electriphi”). On June 18, 2021, we acquired Electriphi, a California-based provider of charging management and fleet monitoring software for electric vehicles. Assets acquired primarily include goodwill, reported in Other assets, and software, reported in Net property. The acquisition did not have a material impact on our financial statements.

Ford Lio Ho Motor Co., Ltd. (“FLH”). On April 1, 2021, we completed the sale of our controlling financial interest in FLH and its wholly owned subsidiary FLH Marketing & Service Limited, which resulted in deconsolidation of our Ford Taiwan subsidiary in the second quarter of 2021. FLH will continue to import, manufacture, and sell Ford-branded vehicles through at least 2025. We recognized a pre-tax gain of $161 million, which was reported in Other income/(loss), net in the second quarter of 2021.

Getrag Ford Transmissions GmbH (“GFT”). Prior to March 2021, Ford and Magna International Inc. (“Magna”) equally owned and operated the GFT joint venture for the purpose of developing, manufacturing, and selling transmissions. We accounted for our investment in GFT as an equity method investment. During the first quarter of 2021 and prior to our acquisition, GFT recorded restructuring charges, of which our share was $40 million. These charges are included in Equity in net income/(loss) of affiliated companies.

On March 1, 2021, we acquired Magna’s shares in the restructured GFT. The purchase price, which was subject to post-closing revisions, was $275 million. The restructured GFT includes the Halewood, UK and Cologne, Germany transmission plants, but excludes the Bordeaux, France transmission plant and China interests acquired by Magna. We concluded with Magna that these businesses would be better served under separate ownership. The Sanand, India transmission plant continues under joint Ford/Magna ownership. As a result of the transaction, we consolidated the restructured GFT, remeasured our prior investment in GFT at its $275 million fair value, and recognized in Other income/(loss), net a pre-tax gain of $178 million during 2021 and post-closing revisions resulting in a pre-tax gain of $2 million during the first quarter of 2022. We estimated the fair value of GFT in negotiations with Magna based on the income approach. The significant assumptions used in the valuation included GFT’s cash flows that reflect the approved business plan, discounted at a rate typically used for a company like GFT.

25

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

NOTE 18. ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)

The changes in the balances for each component of accumulated other comprehensive income/(loss) attributable to Ford Motor Company for the periods ended June 30 were as follows (in millions):

	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)

__________

(a)We do not recognize deferred taxes for a majority of the foreign currency translation gains and losses because we do not anticipate reversal in the foreseeable future. However, we have made elections to tax certain non-U.S. operations simultaneously in U.S. tax returns, and have recorded deferred taxes for temporary differences that will reverse, independent of repatriation plans, in U.S. tax returns. Taxes or tax benefits resulting from foreign currency translation of the temporary differences are recorded in Other comprehensive income/(loss), net of tax.

(b)Reclassified to Other income/(loss), net.

(c)In 2022, excludes a loss of $4 million related to noncontrolling interests.

(d)Reclassified to Cost of sales. During the next twelve months, we expect to reclassify existing net losses on cash flow hedges of $105 million (see Note 15).

26

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

NOTE 19. VARIABLE INTEREST ENTITIES

Certain of our affiliates are variable interest entities in which we are not the primary beneficiary. Our maximum exposure to any potential losses associated with these affiliates is limited to our investments and loans and was $2.8 billion and $2.9 billion at December 31, 2021 and June 30, 2022, respectively.

On July 13, 2022, Ford, SK On Co., Ltd., and SK Battery America, Inc. (a wholly owned subsidiary of SK On) completed the creation of BlueOval SK, LLC, a 50/50 joint venture that will build and operate electric vehicle battery plants in Tennessee and Kentucky to supply batteries to Ford and Ford affiliates. We expect BlueOval SK to be a variable interest entity of which we are not the primary beneficiary, and that we will use the equity method of accounting for our investment. Ford has agreed to contribute up to $6.6 billion in capital to BlueOval SK over a five-year period ending in 2026, subject to any adjustments agreed to by the parties.

NOTE 20. COMMITMENTS AND CONTINGENCIES

Commitments and contingencies primarily consist of guarantees and indemnifications, litigation and claims, and warranty and field service actions.

Guarantees and Indemnifications

Financial Guarantees. Financial guarantees and indemnifications are recorded at fair value at their inception. Subsequent to initial recognition, the guarantee liability is adjusted at each reporting period to reflect the current estimate of expected payments resulting from possible default events over the remaining life of the guarantee. The maximum potential payments for financial guarantees were $357 million and $242 million at December 31, 2021 and June 30, 2022, respectively. The carrying value of recorded liabilities related to financial guarantees was $36 million and $18 million at December 31, 2021 and June 30, 2022, respectively.

Our financial guarantees consist of debt and lease obligations of certain joint ventures, as well as certain financial obligations of outside third parties, including suppliers, to support our business and economic growth. Expiration dates vary through 2033, and guarantees will terminate on payment and/or cancellation of the underlying obligation. A payment by us would be triggered by failure of the joint venture or other third party to fulfill its obligation covered by the guarantee. In some circumstances, we are entitled to recover from a third party amounts paid by us under the guarantee.

Non-Financial Guarantees. Non-financial guarantees and indemnifications are recorded at fair value at their inception. We regularly review our performance risk under these arrangements, and in the event it becomes probable we will be required to perform under a guarantee or indemnity, the amount of probable payment is recorded. The maximum potential payments for non-financial guarantees were $453 million and $278 million at December 31, 2021 and June 30, 2022, respectively. The carrying value of recorded liabilities related to non-financial guarantees was $38 million and de minimis at December 31, 2021 and June 30, 2022, respectively.

Included in the $278 million of maximum potential payments at June 30, 2022 are guarantees for the resale value of vehicles sold in certain arrangements to daily rental companies. The maximum potential payment of $271 million as of June 30, 2022 represents the total proceeds we guarantee the rental company will receive on resale.  Reflecting our present estimate of proceeds the rental companies will receive on resale from third parties, we have recorded a de minimis amount as our best estimate of the amount we will have to pay under the guarantee.

In the ordinary course of business, we execute contracts involving indemnifications standard in the industry and indemnifications specific to a transaction, such as the sale of a business. These indemnifications might include and are not limited to claims relating to any of the following: environmental, tax, and shareholder matters; intellectual property rights; power generation contracts; governmental regulations and employment-related matters; dealer, supplier, and other commercial contractual relationships; and financial matters, such as securitizations. Performance under these indemnities generally would be triggered by a breach of contract claim brought by a counterparty, including a joint venture or alliance partner, or a third-party claim. While some of these indemnifications are limited in nature, many of them do not limit potential payment. Therefore, we are unable to estimate a maximum amount of future payments that could result from claims made under these unlimited indemnities.

27

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

NOTE 20. COMMITMENTS AND CONTINGENCIES (Continued)

Litigation and Claims

Various legal actions, proceedings, and claims (generally, “matters”) are pending or may be instituted or asserted against us. These include, but are not limited to, matters arising out of alleged defects in our products; product warranties; governmental regulations relating to safety, emissions, and fuel economy or other matters; government incentives; tax matters, including trade and customs; alleged illegal acts resulting in fines or penalties; financial services; employment-related matters; dealer, supplier, and other contractual relationships; intellectual property rights; environmental matters; shareholder or investor matters; and financial reporting matters. Certain of the pending legal actions are, or purport to be, class actions. Some of the matters involve or may involve claims for compensatory, punitive, or antitrust or other treble damages in very large amounts, or demands for field service actions, environmental remediation programs, sanctions, loss of government incentives, assessments, or other relief, which, if granted, would require very large expenditures.

The extent of our financial exposure to these matters is difficult to estimate. Many matters do not specify a dollar amount for damages, and many others specify only a jurisdictional minimum. To the extent an amount is asserted, our historical experience suggests that in most instances the amount asserted is not a reliable indicator of the ultimate outcome.

We accrue for matters when losses are deemed probable and reasonably estimable. In evaluating matters for accrual and disclosure purposes, we take into consideration factors such as our historical experience with matters of a similar nature, the specific facts and circumstances asserted, the likelihood that we will prevail, and the severity of any potential loss. We reevaluate and update our accruals as matters progress over time.

For the majority of matters, which generally arise out of alleged defects in our products, we establish an accrual based on our extensive historical experience with similar matters. We do not believe there is a reasonably possible outcome materially in excess of our accrual for these matters.

For the remaining matters, where our historical experience with similar matters is of more limited value (i.e., “non-pattern matters”), we evaluate the matters primarily based on the individual facts and circumstances. For non-pattern matters, we evaluate whether there is a reasonable possibility of a material loss in excess of any accrual that can be estimated. Our estimate of reasonably possible loss in excess of our accruals for all material matters currently reflects indirect tax, customs, and regulatory matters, for which we estimate the aggregate risk to be a range of up to about $2 billion.

As noted, the litigation process is subject to many uncertainties, and the outcome of individual matters is not predictable with assurance. Our assessments are based on our knowledge and experience, but the ultimate outcome of any matter could require payment substantially in excess of the amount that we have accrued and/or disclosed.

28

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

NOTE 20. COMMITMENTS AND CONTINGENCIES (Continued)

Warranty and Field Service Actions

We accrue the estimated cost of both base warranty coverages and field service actions at the time of sale. We establish our estimate of base warranty obligations using a patterned estimation model, using historical information regarding the nature, frequency, and average cost of claims for each vehicle line by model year. We establish our estimates of field service action obligations using a patterned estimation model, using historical information regarding the nature, frequency, severity, and average cost of claims for each model year. In addition, from time to time, we issue extended warranties at our expense, the estimated cost of which is accrued at the time of issuance. Warranty and field service action obligations are reported in Other liabilities and deferred revenue. We reevaluate the adequacy of our accruals on a regular basis.

We recognize the benefit from a recovery of the costs associated with our warranty and field service actions when specifics of the recovery have been agreed with our supplier and the amount of recovery is virtually certain. Recoveries are reported in Trade and other receivables, net and Other assets.

The estimate of our future warranty and field service action costs, net of estimated supplier recoveries, for the periods ended June 30 was as follows (in millions):

	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

Changes to our estimated costs are reported as changes in accrual related to pre-existing warranties in the table above. Our estimate of reasonably possible costs in excess of our accruals for material field service actions and customer satisfaction actions is a range of up to about $700 million in the aggregate.

29

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

NOTE 21. SEGMENT INFORMATION

We report segment information consistent with the way our chief operating decision maker (“CODM”) evaluates the operating results and performance of the Company. Accordingly, we analyze the results of our business through the following segments: Automotive, Mobility, and Ford Credit.

Effective with fourth quarter 2021 reporting, special items include gains and losses on investments in equity securities. Prior period amounts were adjusted retrospectively to reflect the change.

Below is a description of our reportable segments and other activities.

Automotive Segment

The Automotive segment primarily includes the sale of Ford and Lincoln vehicles, service parts, and accessories worldwide, together with the associated costs to develop, manufacture, distribute, and service the vehicles, parts, and accessories. This segment includes revenues and costs related to our electrification vehicle programs and enterprise connectivity. The segment includes the following regional business units:  North America, South America, Europe, China (including Taiwan), and the International Markets Group.

Mobility Segment

The Mobility segment primarily includes development costs for Ford’s autonomous vehicles and related businesses, Ford’s equity ownership in Argo AI (a developer of autonomous driving systems), and other mobility businesses and investments.

Ford Credit Segment

The Ford Credit segment is comprised of the Ford Credit business on a consolidated basis, which is primarily vehicle-related financing and leasing activities.

Corporate Other

Corporate Other primarily includes corporate governance expenses, interest income (excluding interest earned on our extended service contract portfolio that is included in our Automotive segment) and gains and losses from our cash, cash equivalents, and marketable securities (excluding gains and losses on investments in equity securities), and foreign exchange derivatives gains and losses associated with intercompany lending. Corporate governance expenses are primarily administrative, delivering benefit on behalf of the global enterprise, that are not allocated to operating segments. These include expenses related to setting and directing global policy, providing oversight and stewardship, and promoting the Company’s interests. Corporate Other assets include: cash, cash equivalents, and marketable securities; tax related assets; other investments; and other assets managed centrally.

Interest on Debt

Interest on Debt is presented as a separate reconciling item and consists of interest expense on Company debt excluding Ford Credit. The underlying liability is reported in the Automotive segment and in Corporate Other.

Special Items

Special Items are presented as a separate reconciling item. They consist of (i) pension and OPEB remeasurement gains and losses, (ii) gains and losses on investments in equity securities, (iii) significant personnel expenses, dealer-related costs, and facility-related charges stemming from our efforts to match production capacity and cost structure to market demand and changing model mix, and (iv) other items that we do not necessarily consider to be indicative of earnings from ongoing operating activities. Our management ordinarily excludes these items from its review of the results of the operating segments for purposes of measuring segment profitability and allocating resources. We also report these special items separately to help investors track amounts related to these activities and to allow investors analyzing our results to identify certain infrequent significant items that they may wish to exclude when considering the trend of ongoing operating results.

30

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES

NOTES TO THE FINANCIAL STATEMENTS

NOTE 21. SEGMENT INFORMATION (Continued)

Key financial information for the periods ended or at June 30 was as follows (in millions):

	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

__________

(a)Primarily reflects Global Redesign actions, mark-to-market adjustments for our global pension and OPEB plans, and gains/(losses) on investments in equity securities.

(b)Includes eliminations of intersegment transactions occurring in the ordinary course of business and deferred tax netting.

(c)Primarily reflects the loss on our Rivian investment.

(d)Primarily reflects the gain on our Rivian investment, Global Redesign actions, and mark-to-market adjustments for our global pension and OPEB plans.

(e)Primarily reflects the full impairment of our Ford Sollers Netherlands B.V. (the parent company of our joint venture in Russia) equity method investment, resulting from the ongoing regulatory and economic uncertainty in Russia.

31

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

The following supplements the key trends and economic factors discussed on pages 34 and 35 of our 2021 Form 10‑K and page 31 of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022:

COVID-19 and Supplier Disruptions. The impact of COVID-19, including changes in consumer behavior, pandemic fears and market downturns, and restrictions on business and individual activities, has created significant volatility in the global economy. Recent outbreaks in certain regions continue to cause intermittent COVID-19-related disruptions in our supply chain and local manufacturing operations. We also continue to face supplier disruptions due to the semiconductor shortage. Further, actions taken by Russia in Ukraine have impacted and could further impact our suppliers, particularly our lower tier suppliers, as well as our operations in Europe. For additional information on the impact of supplier disruptions, see the Outlook section on page 57.

Commodity and Energy Prices. Prices for commodities remain volatile, and recently we have experienced price increases for base metals (e.g., steel and aluminum), precious metals (e.g., palladium), and raw materials that are used in batteries for electric vehicles (e.g., lithium, cobalt, and nickel for batteries). Global demand and differences in output across sectors due to the COVID-19 pandemic have generated divergence in price movements across different commodities. The net impact on us overall has been higher material costs. To help ensure supply of raw materials for critical components (e.g., batteries), we, like others in the industry, have entered into multi-year sourcing agreements and may enter into additional agreements. Similar dynamics are impacting energy markets, with Europe particularly exposed to the risk of both higher prices and constraints on supply of natural gas due to the ongoing conflict in Ukraine. Such shortages may impact facilities operated by us or our suppliers, which could have an impact on us in Europe and other regions. For additional information on commodity costs, see the Outlook section on page 57.

Inflation. We are seeing a near-term impact on our business due to inflationary pressure, and inflation has continued to accelerate in the wake of Russia’s invasion of Ukraine, driving up energy prices, freight premiums, and other operating costs. Inflation in the United States rose by 9.1% on an annual basis in June, and U.K. inflation rose 9.4% over the same period, both representing 40-year highs. Surging energy prices drove the inflation rate for the euro zone 8.6% higher on an annual basis in June. Interest rates, notably mature market government bond yields, remain low by historical standards but are rising as central banks around the world tighten monetary policy in response to inflation pressures, while government deficits and debt remain at high levels in many major markets. The eventual implications of higher government deficits and debt, tighter monetary policy, and potentially higher long-term interest rates may drive a higher cost of capital during our plan period.

32

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

RESULTS OF OPERATIONS

In the second quarter of 2022, the net income attributable to Ford Motor Company was $667 million, and Company adjusted EBIT was $3,722 million.

Net income/(loss) includes certain items (“special items”) that are excluded from Company adjusted EBIT. These items are discussed in more detail in Note 21 of the Notes to the Financial Statements. We report special items separately to allow investors analyzing our results to identify certain items that they may wish to exclude when considering the trend of ongoing operating results. Our pre-tax and tax special items were as follows (in millions):

	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)

__________

(a)As of June 30, 2022, we held 76.7 million Rivian common shares valued at $25.74 per share.

(b)Includes related tax effect on special items and tax special items.

We recorded $2.6 billion of pre-tax special item charges in the second quarter of 2022, driven primarily by a loss on our Rivian investment.

In Note 21 of the Notes to the Financial Statements, special items are reflected as a separate reconciling item, as opposed to being allocated among the Automotive, Mobility, and Ford Credit segments. This reflects the fact that management excludes these items from its review of operating segment results for purposes of measuring segment profitability and allocating resources.

33

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

COMPANY KEY METRICS

The table below shows our second quarter and first half 2022 key metrics for the Company, compared to a year ago.

	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

__________

(a)See Non-GAAP Financial Measure Reconciliations section for reconciliation to GAAP.

In the second quarter of 2022, our diluted earnings per share of Common and Class B Stock was $0.16 and our diluted adjusted earnings per share was $0.68.

Net income/(loss) margin was 1.7% in the second quarter of 2022, down 0.4 percentage points from a year ago. Company adjusted EBIT margin was 9.3% in the second quarter of 2022, up 5.4 percentage points from a year ago.

The year-over-year increase of $106 million in net income/(loss) in the second quarter of 2022 was driven by higher Automotive EBIT, partially offset by a loss on our Rivian investment, which is included in special items, and lower Ford Credit EBT. The year-over-year increase of $2.7 billion in Company adjusted EBIT was driven by higher Automotive EBIT, partially offset by lower Ford Credit EBT.

The table below shows our second quarter and first half 2022 net income/(loss) attributable to Ford and Company adjusted EBIT by segment.

	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)

__________

(a)See Non-GAAP Financial Measure Reconciliations section for reconciliation to GAAP.

34

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Automotive Segment

The table below shows our second quarter and first half 2022 Automotive segment EBIT by business unit (in millions).

	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

The tables below and on the following pages provide second quarter and first half 2022 key metrics and the change in second quarter 2022 EBIT compared with second quarter 2021 by causal factor for our Automotive segment and its regional business units: North America, South America, Europe, China (including Taiwan), and the International Markets Group. For a description of these causal factors, see Definitions and Information Regarding Automotive Causal Factors.

	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

In the second quarter of 2022, wholesales increased 35% from a year ago, primarily reflecting reduced supply constraints (including semiconductors) on production and the ramp-up of Bronco and Maverick production. Second quarter 2022 revenue increased 57%, driven by higher wholesales, net pricing, and parts and accessories sales, as well as favorable mix, offset partially by weaker currencies.

Our second quarter 2022 Automotive segment EBIT was $3.3 billion, an increase of $3.4 billion from a year ago, and our second quarter 2022 Automotive EBIT margin was 8.8%. The higher EBIT was driven by higher wholesales and higher net pricing, offset partially by inflationary increases on commodity, material, and freight costs, and higher volume-related manufacturing and investment-related costs.

35

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

North America

	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

In North America, second quarter 2022 wholesales increased 89% from a year ago, primarily reflecting reduced supply constraints (including semiconductors) on production. Second quarter 2022 revenue increased 94%, driven by higher wholesales and net pricing, favorable mix, and higher parts and accessories sales.

North America’s second quarter 2022 EBIT was $3.3 billion, an increase of $3.1 billion from a year ago, with an EBIT margin of 11.3%. The higher EBIT was driven by higher wholesales, higher net pricing, and favorable mix, offset partially by inflationary increases on commodity, material, and freight costs and higher volume-related manufacturing and investment-related costs.

South America

	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

In South America, second quarter 2022 wholesales increased 3% from a year ago. Second quarter 2022 revenue increased 29%, driven by higher net pricing, offset partially by weaker currencies.

South America’s second quarter 2022 EBIT was $104 million, an improvement of $190 million from a year ago, with an EBIT margin of 14.8%. The EBIT improvement was driven by higher net pricing, lower warranty expense, and structural cost reductions, offset partially by inflationary increases on commodity and material costs. The strong results in South America reflect our restructuring efforts and pricing and were further aided by currencies, including a balance sheet revaluation, the effect of which is not expected to be sustained.

36

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Europe

	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

__________

(a)Includes Ford brand vehicles produced and sold by our unconsolidated affiliate in Turkey (about 13,000 units in Q2 2021 and 17,000 units in Q2 2022). Revenue does not include these sales.

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

In Europe, second quarter 2022 wholesales increased 22% from a year ago, primarily reflecting reduced supply constraints (including semiconductors) on production. Second quarter 2022 revenue increased 3%, driven by higher wholesales and net pricing, offset partially by weaker currencies and unfavorable mix.

Europe’s second quarter 2022 EBIT was $10 million, an improvement of $294 million from a year ago, with an EBIT margin of 0.2%. The higher EBIT was driven by higher net pricing and higher wholesales, offset partially by unfavorable mix driven by semiconductor-related supply constraints, inflationary increases on commodity and material costs, and weaker currencies.

37

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

China (Including Taiwan)

	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

__________

(a)Includes vehicles produced and sold by our unconsolidated affiliates. Revenue does not include these sales.

(b)Includes Ford and Lincoln brand and JMC brand vehicles produced and sold in China and Ford brand vehicles produced in Taiwan by Lio Ho Group.

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)

In China, second quarter 2022 wholesales decreased 24% from a year ago, driven by COVID-related lockdowns and restrictions. Second quarter 2022 revenue at our consolidated operations decreased 20%, primarily driven by lower component sales to our joint ventures in China.

China’s second quarter 2022 EBIT loss was $121 million, about flat versus a year ago, with an EBIT margin of negative 27.6%. Higher profits at our joint ventures and lower costs were offset partially by lower wholesales.

38

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

International Markets Group

	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

__________

(a)Includes Ford brand vehicles produced and sold by our unconsolidated affiliate in Russia (about 5,000 units in Q2 2021 and 0 units in Q2 2022). Revenue does not include these sales.

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

In our International Markets Group, second quarter 2022 wholesales decreased 32% from a year ago, primarily reflecting lower wholesales in India and Russia and plant changeover for the new Ranger pickup. Second quarter 2022 revenue decreased 21%, driven by lower wholesales and weaker currencies, offset partially by higher net pricing.

Our International Markets Group’s second quarter 2022 EBIT was $60 million, a decrease of $144 million from a year ago, with an EBIT margin of 3.1%. The lower EBIT was driven by lower wholesales, inflationary increases on commodity and material costs, and weaker currencies, offset partially by higher net pricing.

39

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Definitions and Information Regarding Automotive Causal Factors

In general, we measure year-over-year change in Automotive segment EBIT using the causal factors listed below, with net pricing and cost variances calculated at present-period volume and mix and exchange:

•Market Factors (exclude the impact of unconsolidated affiliate wholesale units):

◦Volume and Mix – primarily measures EBIT variance from changes in wholesale unit volumes (at prior-year average contribution margin per unit) driven by changes in industry volume, market share, and dealer stocks, as well as the EBIT variance resulting from changes in product mix, including mix among vehicle lines and mix of trim levels and options within a vehicle line

◦Net Pricing – primarily measures EBIT variance driven by changes in wholesale unit prices to dealers and marketing incentive programs such as rebate programs, low-rate financing offers, special lease offers, and stock adjustments on dealer inventory

•Cost:

◦Contribution Costs – primarily measures EBIT variance driven by per-unit changes in cost categories that typically vary with volume, such as material costs (including commodity and component costs), warranty expense, and freight and duty costs

◦Structural Costs – primarily measures EBIT variance driven by absolute change in cost categories that typically do not have a directly proportionate relationship to production volume. Structural costs include the following cost categories:

▪Manufacturing, Including Volume-Related – consists primarily of costs for hourly and salaried manufacturing personnel, plant overhead (such as utilities and taxes), and new product launch expense. These costs could be affected by volume for operating pattern actions such as overtime, line-speed, and shift schedules

▪Engineering and Connectivity – consists primarily of costs for vehicle and software engineering personnel, prototype materials, testing, and outside engineering and software services

▪Spending-Related – consists primarily of depreciation and amortization of our manufacturing and engineering assets, but also includes asset retirements and operating leases

▪Advertising and Sales Promotions – includes costs for advertising, marketing programs, brand promotions, customer mailings and promotional events, and auto shows

▪Administrative, Information Technology, and Selling – includes primarily costs for salaried personnel and purchased services related to our staff activities, information technology, and selling functions

▪Pension and OPEB – consists primarily of past service pension costs and other postretirement employee benefit costs

•Exchange – primarily measures EBIT variance driven by one or more of the following: (i) transactions denominated in currencies other than the functional currencies of the relevant entities, (ii) effects of converting functional currency income to U.S. dollars, (iii) effects of remeasuring monetary assets and liabilities of the relevant entities in currencies other than their functional currency, or (iv) results of our foreign currency hedging

•Other – includes a variety of items, such as parts and services earnings, royalties, government incentives, and compensation-related changes

In addition, definitions and calculations used in this report include:

•Wholesales and Revenue – wholesale unit volumes include all Ford and Lincoln badged units (whether produced by Ford or by an unconsolidated affiliate) that are sold to dealerships, units manufactured by Ford that are sold to other manufacturers, units distributed by Ford for other manufacturers, local brand units produced by our China joint venture, Jiangling Motors Corporation, Ltd. (“JMC”), that are sold to dealerships, and Ford badged vehicles produced in Taiwan by Lio Ho Group. Vehicles sold to daily rental car companies that are subject to a guaranteed repurchase option (i.e., rental repurchase), as well as other sales of finished vehicles for which the recognition of revenue is deferred (e.g., consignments), also are included in wholesale unit volumes. Revenue from certain vehicles in wholesale unit volumes (specifically, Ford badged vehicles produced and distributed by our unconsolidated affiliates, as well as JMC brand vehicles) are not included in our revenue

•Industry Volume and Market Share – based, in part, on estimated vehicle registrations; includes medium and heavy duty trucks

•SAAR – seasonally adjusted annual rate

40

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Mobility Segment

The Mobility segment primarily includes development costs for Ford’s autonomous vehicles and related businesses, Ford’s equity ownership in Argo AI (a developer of autonomous driving systems), and other mobility businesses and investments. 

In our Mobility segment, our second quarter 2022 EBIT loss was $221 million, an $11 million higher loss than a year ago. The loss reflects our strategic investments as we continued to expand our capabilities in autonomous vehicles and support our mobility initiatives.

41

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Ford Credit Segment

Ford Credit files periodic reports with the SEC that contain additional information regarding Ford Credit. The reports are available through Ford Credit’s website located at www.fordcredit.com/investor-center and can also be found on the SEC’s website located at www.sec.gov. The foregoing information regarding Ford Credit’s website and its content is for convenience only and not deemed to be incorporated by reference into this Report nor filed with the SEC.

The tables below provide second quarter and first half 2022 key metrics and the change in second quarter 2022 EBT compared with second quarter 2021 by causal factor for the Ford Credit segment. For a description of these causal factors, see Definitions and Information Regarding Ford Credit Causal Factors.

	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)

__________

(a)U.S. retail financing only.

(b)U.S. 36-month off-lease second quarter auction values at Q2 2022 mix and YTD amounts at 2022 YTD mix.

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

Ford Credit’s total net receivables were $2 billion lower than a year ago, primarily reflecting lower volume due to supply constraints and exchange. The loss-to-receivables (“LTR”) ratio remained at a low level in the second quarter of 2022, at five basis points, 12 basis points higher than a year ago. U.S. auction values in the second quarter of 2022 were 8% higher than a year ago, reflecting continued strong demand for used vehicles.

Ford Credit’s second quarter 2022 EBT of $939 million was $684 million lower than a year ago, primarily reflecting lower lease residual gains driven by lower lease return volume, unfavorable changes in net financing margin, lower volume due to supply constraints on new vehicle production, and lower credit loss reserve releases, partially offset by positive market valuation adjustments to derivatives due to higher interest rates, which is included in Other.

42

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Definitions and Information Regarding Ford Credit Causal Factors

In general, we measure year-over-year changes in Ford Credit’s EBT using the causal factors listed below:

•Volume and Mix:

◦Volume primarily measures changes in net financing margin driven by changes in average net receivables excluding the allowance for credit losses at prior period financing margin yield (defined below in financing margin) at prior period exchange rates. Volume changes are primarily driven by the volume of new and used vehicles sold and leased, the extent to which Ford Credit purchases retail financing and operating lease contracts, the extent to which Ford Credit provides wholesale financing, the sales price of the vehicles financed, the level of dealer inventories, Ford-sponsored special financing programs available exclusively through Ford Credit, and the availability of cost-effective funding

◦Mix primarily measures changes in net financing margin driven by period-over-period changes in the composition of Ford Credit’s average net receivables excluding the allowance for credit losses by product within each region

•Financing Margin:

◦Financing margin variance is the period-to-period change in financing margin yield multiplied by the present period average net receivables excluding the allowance for credit losses at prior period exchange rates. This calculation is performed at the product and country level and then aggregated. Financing margin yield equals revenue, less interest expense and scheduled depreciation for the period, divided by average net receivables excluding the allowance for credit losses for the same period

◦Financing margin changes are driven by changes in revenue and interest expense. Changes in revenue are primarily driven by the level of market interest rates, cost assumptions in pricing, mix of business, and competitive environment. Changes in interest expense are primarily driven by the level of market interest rates, borrowing spreads, and asset-liability management

•Credit Loss:

◦Credit loss is the change in the provision for credit losses at prior period exchange rates. For analysis purposes, management splits the provision for credit losses into net charge-offs and the change in the allowance for credit losses

◦Net charge-off changes are primarily driven by the number of repossessions, severity per repossession, and recoveries. Changes in the allowance for credit losses are primarily driven by changes in historical trends in credit losses and recoveries, changes in the composition and size of Ford Credit’s present portfolio, changes in trends in historical used vehicle values, and changes in forward looking macroeconomic conditions. For additional information, refer to the “Critical Accounting Estimates - Allowance for Credit Losses” section of Item 7 of Part II of our 2021 Form 10-K Report

•Lease Residual:

◦Lease residual measures changes to residual performance at prior period exchange rates. For analysis purposes, management splits residual performance primarily into residual gains and losses, and the change in accumulated supplemental depreciation

◦Residual gain and loss changes are primarily driven by the number of vehicles returned to Ford Credit and sold, and the difference between the auction value and the depreciated value (which includes both base and accumulated supplemental depreciation) of the vehicles sold. Changes in accumulated supplemental depreciation are primarily driven by changes in Ford Credit’s estimate of the expected auction value at the end of the lease term and changes in Ford Credit’s estimate of the number of vehicles that will be returned to it and sold. Accumulated depreciation reflects early termination losses on operating leases due to customer default events. For additional information, refer to the “Critical Accounting Estimates - Accumulated Depreciation on Vehicles Subject to Operating Leases” section of Item 7 of Part II of our 2021 Form 10-K Report

•Exchange:

◦Reflects changes in EBT driven by the effects of converting functional currency income to U.S. dollars

•Other:

◦Primarily includes operating expenses, other revenue, insurance expenses, and other income/(loss) at prior period exchange rates

◦Changes in operating expenses are primarily driven by salaried personnel costs, facilities costs, and costs associated with the origination and servicing of customer contracts

◦In general, other income/(loss) changes are primarily driven by changes in earnings related to market valuation adjustments to derivatives (primarily related to movements in interest rates) and other miscellaneous items

43

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

In addition, the following definitions and calculations apply to Ford Credit when used in this report:

•Cash (as shown in the Funding Structure and Liquidity tables) – Cash, cash equivalents, and marketable securities, excluding amounts related to insurance activities

•Debt (as shown in the Key Metrics and Leverage tables) – Debt on Ford Credit’s balance sheets. Includes debt issued in securitizations and payable only out of collections on the underlying securitized assets and related enhancements. Ford Credit holds the right to receive the excess cash flows not needed to pay the debt issued by, and other obligations of, the securitization entities that are parties to those securitization transactions

•Earnings Before Taxes (“EBT”) – Reflects Ford Credit’s income before income taxes

•Loss-to-Receivables (“LTR”) Ratio – LTR ratio is calculated using net charge-offs divided by average finance receivables, excluding unearned interest supplements and the allowance for credit losses

•Return on Equity (“ROE”) (as shown in the Key Metrics table) – Reflects return on equity calculated by annualizing net income for the period and dividing by monthly average equity for the period

•Securitization and Restricted Cash (as shown in the Liquidity table) – Securitization cash is held for the benefit of the securitization investors (for example, a reserve fund). Restricted cash primarily includes cash held to meet certain local governmental and regulatory reserve requirements and cash held under the terms of certain contractual agreements

•Securitizations (as shown in the Public Term Funding Plan table) – Public securitization transactions, Rule 144A offerings sponsored by Ford Credit, and widely distributed offerings by Ford Credit Canada

•Term Asset-Backed Securities (as shown in the Funding Structure table) – Obligations issued in securitization transactions that are payable only out of collections on the underlying securitized assets and related enhancements

•Total Net Receivables (as shown in the Key Metrics table) – Includes finance receivables (retail financing and wholesale) sold for legal purposes and net investment in operating leases included in securitization transactions that do not satisfy the requirements for accounting sale treatment. These receivables and operating leases are reported on Ford Credit’s balance sheets and are available only for payment of the debt issued by, and other obligations of, the securitization entities that are parties to those securitization transactions; they are not available to pay the other obligations of Ford Credit or the claims of Ford Credit’s other creditors

44

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Corporate Other

Corporate Other primarily includes corporate governance expenses, interest income (excluding interest earned on our extended service contract portfolio that is included in our Automotive segment) and gains and losses from our cash, cash equivalents, and marketable securities (excluding gains and losses on investments in equity securities), and foreign exchange derivatives gains and losses associated with intercompany lending. Corporate governance expenses are primarily administrative, delivering benefit on behalf of the global enterprise, that are not allocated to operating segments. These include expenses related to setting and directing global policy, providing oversight and stewardship, and promoting the Company’s interests. In the second quarter of 2022, Corporate Other had a $318 million loss, compared with a $263 million loss a year ago. The higher loss was driven by negative fair market value adjustments on our cash equivalent portfolios as a result of higher interest rates and higher administrative and IT-related expenses.

Interest on Debt

Interest on Debt, which consists of interest expense on Company debt excluding Ford Credit, was $312 million in the second quarter of 2022, $141 million lower than a year ago, primarily explained by U.S. debt restructuring actions undertaken in the fourth quarter of 2021.

Taxes

Our Provision for/(Benefit from) income taxes for the second quarter and first half of 2022 was a provision of $153 million and a benefit of $576 million, respectively. This resulted in effective tax rates of 19.3% and 18.8%, respectively.

Our second quarter and first half of 2022 adjusted effective tax rates, which exclude special items, were 20.2% and 21.2%, respectively.

We regularly review our organizational structure and income tax elections for affiliates in non-U.S. and U.S. tax jurisdictions, which may result in changes in affiliates that are included in or excluded from our U.S. tax return. Any future changes to our structure, as well as any changes in income tax laws in the countries that we operate, could cause increases or decreases to our deferred tax balances and related valuation allowances.

45

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

LIQUIDITY AND CAPITAL RESOURCES

At June 30, 2022, total balance sheet cash, cash equivalents, marketable securities, and restricted cash, including Ford Credit and entities held for sale, was $37.3 billion.

We consider our key balance sheet metrics to be: (i) Company cash, which includes cash equivalents, marketable securities, and restricted cash, including cash held for sale, excluding Ford Credit’s cash, cash equivalents, marketable securities, and restricted cash; and (ii) Company liquidity, which includes Company cash, less restricted cash, and total available committed credit lines, excluding Ford Credit’s total available committed credit lines.

Company excluding Ford Credit

	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)

__________

(a)Balances at June 30, 2022 reflect net funded status at December 31, 2021, updated for service and interest cost, expected return on assets, separation expense, actual benefit payments, and cash contributions. The discount rate and rate of expected return assumptions are unchanged from year-end 2021.

Liquidity. One of our key priorities is to maintain a strong balance sheet, while at the same time having resources available to invest in and grow our business. At June 30, 2022, we had Company cash of $28.7 billion and liquidity of $45.1 billion, including approximately $2 billion of Rivian marketable securities. In the second quarter, we sold approximately 25 million of our Rivian shares resulting in proceeds of about $700 million. As marketable securities increase or decrease in value, Company cash and liquidity will likewise increase or decrease. At June 30, 2022, about 84% of Company cash was held by consolidated entities domiciled in the United States.

To be prepared for an economic downturn, we target an ongoing Company cash balance at or above $20 billion plus significant additional liquidity above our Company cash target. We expect to have periods when we will be above or below this amount due to: (i) future cash flow expectations, such as for investments in future opportunities, capital investments, debt maturities, pension contributions, or restructuring requirements, (ii) short-term timing differences, and (iii) changes in the global economic environment.

Our Company cash investments (excluding the Rivian marketable securities) primarily include U.S. Department of Treasury obligations, federal agency securities, bank time deposits with investment-grade institutions, investment-grade corporate securities, investment-grade commercial paper, and debt obligations of a select group of non-U.S. governments, non-U.S. governmental agencies, and supranational institutions. The average maturity of these investments is approximately one year and adjusted based on market conditions and liquidity needs. We monitor our Company cash levels and average maturity on a daily basis.

46

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Material Cash Requirements. Our material cash requirements include:

•Capital expenditures (for additional information, see the “Changes in Company Cash” section below) and other payments for engineering, software, product development, and implementation of our plans for battery electric vehicles

•Purchase of raw materials and components to support the manufacturing and sale of vehicles (including electric vehicles), parts, and accessories (for additional information, see the Aggregate Contractual Obligations table and the accompanying description of our “Purchase obligations” in the “Liquidity and Capital Resources - Company Excluding Ford Credit” section in Item 7 of our 2021 Form 10-K Report)

•Marketing incentive payments to dealers

•Payments for warranty and field service actions (for additional information, see Note 20 of the Notes to the Financial Statements herein)

•Debt repayments (for additional information, see the Aggregate Contractual Obligations table in the “Liquidity and Capital Resources - Company Excluding Ford Credit” section in Item 7 and Note 19 of the Notes the Financial Statements in our 2021 Form 10-K Report)

•Discretionary and mandatory payments to our global pension plans (for additional information, see the Aggregate Contractual Obligations table in the “Liquidity and Capital Resources - Company Excluding Ford Credit” section in Item 7 of our 2021 Form 10-K Report, the “Changes in Company Cash” section below, and Note 13 of the Notes to the Financial Statements herein)

•Employee wages, benefits, and incentives

•Operating lease payments (for additional information, see the Aggregate Contractual Obligations table in the “Liquidity and Capital Resources - Company Excluding Ford Credit” section in Item 7 and Note 18 of the Notes the Financial Statements in our 2021 Form 10-K Report)

•Cash effects related to the global redesign of our business (for additional information, see the “Changes in Company Cash” section below)

•Strategic acquisitions and investments to grow our business, including electrification

Subject to approval by our Board of Directors, shareholder distributions in the form of dividend payments and/or a share repurchase program may require the expenditure of a material amount of cash. Moreover, we may be subject to additional material cash requirements that are contingent upon the occurrence of     certain events, e.g., legal contingencies, uncertain tax positions, and other matters.

We plan to utilize our liquidity (as described above) and our cash flows from business operations to fund our material cash requirements.

47

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Changes in Company Cash. In managing our business, we classify changes in Company cash into operating and non-operating items. Operating items include: Company adjusted EBIT excluding Ford Credit EBT, capital spending, depreciation and tooling amortization, changes in working capital, Ford Credit distributions, interest on debt, cash taxes, and all other and timing differences (including timing differences between accrual-based EBIT and associated cash flows). Non-operating items include: global redesign (including separation payments), changes in Company debt excluding Ford Credit, contributions to funded pension plans, shareholder distributions, and other items (including gains and losses on investments in equity securities, acquisitions and divestitures, and other transactions with Ford Credit).

With respect to “Changes in working capital,” in general we carry relatively low Automotive segment trade receivables compared with our trade payables because the majority of our Automotive wholesales are financed (primarily by Ford Credit) immediately upon the sale of vehicles to dealers, which generally occurs shortly after being produced. In contrast, our Automotive trade payables are based primarily on industry-standard production supplier payment terms of about 45 days. As a result, our cash flow deteriorates if wholesale volumes (and the corresponding revenue) decrease while trade payables continue to become due. Conversely, our cash flow improves if wholesale volumes (and the corresponding revenue) increase while new trade payables are generally not due for about 45 days. For example, the suspension of production at most of our assembly plants and lower industry volumes due to COVID-19 in early 2020 resulted in an initial deterioration of our cash flow, while the subsequent resumption of manufacturing operations and return to pre-COVID-19 production levels at most of our assembly plants resulted in a subsequent improvement of our cash flow. Even in normal economic conditions, however, these working capital balances generally are subject to seasonal changes that can impact cash flow. For example, we typically experience cash flow timing differences associated with inventories and payables due to our annual summer and December shutdown periods when production, and therefore inventories and wholesale volumes, are usually at their lowest levels, while payables continue to come due and be paid. The net impact of this typically results in cash outflows from changes in our working capital balances during these shutdown periods.

Our inventory includes vehicles completed but awaiting installation of components, including semiconductors. As a result of the shortage, our inventory is higher than in periods prior to the supply shortage.

In response to, or in anticipation of, supplier disruptions, we may stockpile certain components or raw materials to help prevent disruption in our production of vehicles. Such actions could have a short-term adverse impact on our cash and increase our inventory. Moreover, in order to secure critical materials for production of electric vehicles, we plan to enter into offtake agreements with raw material suppliers and make investments in certain raw material and battery suppliers, including contributing up to $6.6 billion in capital to BlueOval SK, LLC over a five-year period ending in 2026. Such investments, which are part of our plan to invest over $50 billion in electric vehicles through 2026, could have an additional adverse impact on our cash in the near-term.

Financial institutions participate in a supply chain finance (“SCF”) program that enables our suppliers, at their sole discretion, to sell their Ford receivables (i.e., our payment obligations to the suppliers) to the financial institutions on a non-recourse basis in order to be paid earlier than our payment terms provide. Our suppliers’ voluntary inclusion of invoices in the SCF program has no bearing on our payment terms, the amounts we pay, or our liquidity. We have no economic interest in a supplier’s decision to participate in the SCF program, and we have no direct financial relationship with the SCF financial institutions. Moreover, we do not provide any guarantees in connection with the SCF program. As of June 30, 2022, the outstanding amount of Ford receivables that suppliers elected to sell to the SCF financial institutions was $218 million. The amount settled through the SCF program during the first half of 2022 was $605 million.

48

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Changes in Company cash excluding Ford Credit are summarized below (in billions):

	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)

__________

(a)See Non-GAAP Financial Measure Reconciliations section for reconciliation to GAAP.

(b)Includes a $2.4 billion loss and a $7.9 billion loss on our Rivian investment in the second quarter and first half of 2022, respectively.

Note: Numbers may not sum due to rounding.

Our second quarter 2022 Net cash provided by/(used in) operating activities was positive $2.9 billion, an increase of $2.2 billion from a year ago (see page 62 for additional information), primarily driven by higher trade payables, timing differences, and higher net income, partially offset by lower Ford Credit operating cash flow. Company adjusted free cash flow was $3.6 billion, $8.7 billion higher than a year ago, driven by higher adjusted EBIT, higher trade payables, and timing differences, partially offset by lower Ford Credit distributions.

Capital spending was $1.5 billion in the second quarter of 2022, unchanged from a year ago. We continue to expect full year 2022 capital spending to be about $7.0 billion.

Second quarter 2022 working capital impact was $0.1 billion positive, driven by higher trade payables and lower inventory. All other and timing differences were positive $0.9 billion, reflecting assorted differences including differences between accrual-based EBIT and the associated cash flows (e.g., pension and OPEB income or expense; compensation payments; marketing incentive and warranty payments to dealers).

49

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

In the second quarter of 2022, we contributed $154 million to our global funded pension plans. We now expect to contribute between $600 million and $700 million to our global funded pension plans in 2022.

Shareholder distributions were $407 million in the second quarter of 2022, all of which was attributable to our regular

quarterly dividend.

We previously announced our plan for the global redesign of our business, pursuant to which we are working to turn around automotive operations, compete like a challenger, and capitalize on our strengths by allocating more capital, more resources, and more talent to our strongest businesses and vehicle franchises. Beginning with the actions we took in 2018, we expect our global redesign to have a potential cash effect of about $6 billion through 2023. The cash effect related to our global redesign activities was $3.4 billion through June 30, 2022.

Available Credit Lines. Total Company committed credit lines, excluding Ford Credit, at June 30, 2022 were $19.3 billion, consisting of $13.5 billion of our corporate credit facility, $2.0 billion of our supplemental revolving credit facility, $1.75 billion of our new 364-day revolving credit facility (as described below), and $2.1 billion of local credit facilities. At June 30, 2022, the utilized portion of the corporate credit facility was $25 million, representing amounts utilized for letters of credit, and the utilized portion of our 364-day revolving credit facility was $750 million. In addition, $1.7 billion of committed Company credit lines, excluding Ford Credit, was utilized under local credit facilities for our affiliates as of June 30, 2022. Our $1.5 billion delayed draw term loan facility, which was drawn in full in 2019, was repaid on June 23, 2022 as described below.

Our corporate and supplemental revolving credit facilities were amended as of June 23, 2022 to, among other things, extend the maturity dates of the commitments under each facility. Following the corporate credit facility amendment, $3.4 billion of commitments mature on June 23, 2025 and $10.1 billion of commitments mature on June 23, 2027. Following the supplemental revolving credit facility amendment, $0.1 billion of commitments mature on September 29, 2024 and $1.9 billion of commitments mature on June 23, 2025.

Also on June 23, 2022, we entered into a 364-day revolving credit facility, with $1.75 billion of commitments maturing on June 22, 2023. This new 364-day revolving credit facility further strengthens our liquidity, provides working capital funding, and is intended to be utilized. On June 23, 2022, we drew $750 million under the 364-day revolving credit facility, which, along with $750 million of Company cash, was used to prepay the full $1.5 billion outstanding under our delayed draw term loan facility. The maturity date of the delayed draw term loan facility was December 31, 2022.

The corporate, supplemental, and 364-day credit agreements include certain sustainability-linked targets, pursuant to which the applicable margin and facility fees may be adjusted if Ford achieves, or fails to achieve, the specified targets related to global manufacturing facility greenhouse gas emissions, renewable electricity consumption, and Ford Europe CO2 tailpipe emissions.

The corporate credit facility is unsecured and free of material adverse change conditions to borrowing, restrictive financial covenants (for example, interest or fixed-charge coverage ratio, debt-to-equity ratio, and minimum net worth requirements), and credit rating triggers that could limit our ability to obtain funding or trigger early repayment. The corporate credit facility contains a liquidity covenant that requires us to maintain a minimum of $4 billion in aggregate of domestic cash, cash equivalents, and loaned and marketable securities and/or availability under the facility. The terms and conditions of the supplemental and 364-day revolving credit facilities are consistent with our corporate credit facility.

Each of the corporate credit facility, supplemental revolving credit facility, and 364-day revolving credit facility include a covenant that requires us to provide guarantees from certain of our subsidiaries in the event that our senior, unsecured, long-term debt does not maintain at least two investment grade ratings from Fitch, Moody’s, and S&P. The following subsidiaries have provided unsecured guarantees to the lenders under the credit facilities: Ford Component Sales, LLC; Ford European Holdings LLC; Ford Global Technologies, LLC; Ford Holdings LLC (the parent company of Ford Credit); Ford International Capital LLC; Ford Mexico Holdings LLC; Ford Motor Service Company; Ford Next LLC; Ford Smart Mobility LLC; and Ford Trading Company, LLC.

On June 28, 2022, Ford Motor Company Limited, our operating subsidiary in the United Kingdom (“Ford Britain”), entered into a £750 million term loan credit facility with a syndicate of banks to support Ford Britain’s general export activities. Accordingly, U.K. Export Finance (“UKEF”) provided a £600 million guarantee of the credit facility under its Export Development Guarantee scheme, which supports high value commercial lending to U.K. exporters. We have also guaranteed Ford Britain’s obligations under the credit facility to the lenders. On June 30, 2022, Ford Britain drew the full £750 million available under the facility. This five-year, non-amortizing loan matures on June 30, 2027.

50

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Debt. As shown in Note 14 of the Notes to the Financial Statements, at June 30, 2022, Company debt excluding Ford Credit was $19.4 billion. This balance is $1.0 billion lower than at December 31, 2021, due to the repayment in full of our $1.5 billion delayed draw term loan facility, repayment of the remaining $954 million under our Loan Arrangement and Reimbursement Agreement with the U.S. Department of Energy, and scheduled maturities. These debt repayments were partially offset by the $750 million draw on our 364-day revolving credit facility and the £750 million ($908 million as of June 30, 2022) draw on our UKEF term loan credit facility.

Leverage. We manage Company debt (excluding Ford Credit) levels with a leverage framework that targets investment grade credit ratings through a normal business cycle. The leverage framework includes a ratio of total Company debt (excluding Ford Credit), underfunded pension liabilities, operating leases, and other adjustments, divided by Company adjusted EBIT (excluding Ford Credit EBT), and further adjusted to exclude depreciation and tooling amortization (excluding Ford Credit).

Ford Credit’s leverage is calculated as a separate business as described in the ”Liquidity and Capital Resources - Ford Credit Segment” section of Item 2. Ford Credit is self-funding and its debt, which is used to fund its operations, is separate from our Company debt excluding Ford Credit.

51

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Ford Credit Segment

Ford Credit ended the second quarter of 2022 with $25 billion of liquidity. During the quarter, Ford Credit completed $4.4 billion of public term funding.

Key elements of Ford Credit’s funding strategy include:

•Maintain strong liquidity

•Prudently access public markets

•Continue growth of retail deposits in Europe

•Flexibility to increase ABS mix as needed; preserving assets and committed capacity

•Target financial statement leverage of 9:1 to 10:1

•Maintain self-liquidating balance sheet

Ford Credit’s liquidity profile continues to be diverse, robust, and focused on maintaining liquidity levels that meet its business and funding requirements. Ford Credit regularly stress tests its balance sheet and liquidity to ensure that it can continue to meet its financial obligations through economic cycles.

The following table shows funding for Ford Credit’s net receivables (in billions):

	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		%

Net receivables were $115.6 billion at June 30, 2022 and were funded primarily with term unsecured debt and term asset-backed securities. Securitized funding as a percent of total debt was 43.0% at the end of the second quarter of 2022.

Public Term Funding Plan. The following table shows Ford Credit’s issuances for full year 2020 and 2021, planned issuances for full year 2022, and its global public term funding issuances through July 26, 2022, excluding short-term funding programs (in billions):

	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

__________

(a)See Definitions and Information Regarding Ford Credit Causal Factors section.

For 2022, Ford Credit now projects full year public term funding in the range of $12 billion to $17 billion. Through July 26, 2022, Ford Credit has completed $10 billion of public term issuances.

52

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Liquidity. The following table shows Ford Credit’s liquidity sources and utilization (in billions):

	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

__________

(a)See Definitions and Information Regarding Ford Credit Causal Factors section.

Ford Credit’s net liquidity available for use will fluctuate quarterly based on factors including near-term debt maturities, receivable growth and decline, and timing of funding transactions. In June 2022, Ford Credit used its excess liquidity to repurchase approximately $3 billion of its public unsecured debt securities maturing in 2023, reducing interest expense and near-term maturities. At June 30, 2022, Ford Credit’s net liquidity available for use was $25 billion, $7 billion lower than year-end 2021. At June 30, 2022, Ford Credit’s liquidity sources including cash, committed asset-backed facilities, and unsecured credit facilities totaled $44.6 billion, down $7.6 billion from year-end 2021.

Material Cash Requirements. Ford Credit’s material cash requirements include: (1) the purchase of retail financing and operating lease contracts from dealers and providing wholesale financing for dealers to finance new and used vehicles; and (2) debt repayments (for additional information on debt, see the “Balance Sheet Liquidity Profile” section below and the “Aggregate Contractual Obligations” table in the “Liquidity and Capital Resources - Company Excluding Ford Credit” section in Item 7 and Note 19 of the Notes to the Financial Statements in our 2021 Form 10-K Report). In addition, subject to approval by Ford Credit’s Board of Directors, shareholder distributions may require the expenditure of a material amount of cash. Moreover, Ford Credit may be subject to additional material cash requirements that are contingent upon the occurrence of certain events, e.g., legal contingencies, uncertain tax positions, and other matters.

Ford Credit plans to utilize its liquidity (as described above) and its cash flows from business operations to fund its material cash requirements.

53

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Balance Sheet Liquidity Profile. Ford Credit defines its balance sheet liquidity profile as the cumulative maturities, including the impact of expected prepayments and allowance for credit losses, of its finance receivables, investment in operating leases, and cash, less the cumulative debt maturities over upcoming annual periods. Ford Credit’s balance sheet is inherently liquid because of the short-term nature of its finance receivables, investment in operating leases, and cash. Ford Credit ensures its cumulative debt maturities have a longer tenor than its cumulative asset maturities. This positive maturity profile is intended to provide Ford Credit with additional liquidity after all of its assets have been funded and is in addition to its liquidity available to protect for stress scenarios.

The following table shows Ford Credit’s cumulative maturities for assets and total debt for the periods presented and unsecured long-term debt maturities in the individual periods presented (in billions):

	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

__________

(a)Includes gross finance receivables less the allowance for credit losses (including certain finance receivables that are reclassified in consolidation to Trade and other receivables, net), investment in operating leases net of accumulated depreciation, cash and cash equivalents, and marketable securities (excluding amounts related to insurance activities). Amounts shown include the impact of expected prepayments.

(b)Excludes unamortized debt (discount)/premium, unamortized issuance costs, and fair value adjustments.

Maturities of investment in operating leases consist primarily of the portion of rental payments attributable to depreciation over the remaining life of the lease and the expected residual value at lease termination. Maturities of finance receivables and investment in operating leases in the table above include expected prepayments for Ford Credit’s retail installment sale contracts and investment in operating leases. The table above also reflects adjustments to debt maturities to match the asset-backed debt maturities with the underlying asset maturities.

All wholesale securitization transactions and wholesale receivables are shown maturing in the next 12 months, even if the maturities extend beyond second quarter 2023. The retail securitization transactions under certain committed asset-backed facilities are assumed to amortize immediately rather than amortizing after the expiration of the commitment period. As of June 30, 2022, Ford Credit had $127 billion of assets, $65 billion of which were unencumbered.

Funding and Liquidity Risks. Ford Credit’s funding plan is subject to risks and uncertainties, many of which are beyond its control, including disruption in the capital markets, that could impact both unsecured debt and asset-backed securities issuance and the effects of regulatory changes on the financial markets. Refer to the “Liquidity - Ford Credit Segment - Funding and Liquidity Risks” section of Item 7 of Part II of our 2021 Form 10-K Report for more information.

Leverage. Ford Credit uses leverage, or the debt-to-equity ratio, to make various business decisions, including evaluating and establishing pricing for finance receivable and operating lease financing, and assessing its capital structure.

The table below shows the calculation of Ford Credit’s financial statement leverage (in billions):

	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

__________

(a)Total shareholder’s interest reported on Ford Credit’s balance sheets.

Ford Credit plans its leverage by considering market conditions and the risk characteristics of its business. At June 30, 2022, Ford Credit’s financial statement leverage was 9.1:1, at the lower end of Ford Credit’s 9:1 to 10:1 target range.

54

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Total Company

Pension Plans - Funded Balances. As of June 30, 2022, our total Company pension overfunded status reported on our consolidated balance sheets was $0.7 billion and reflects the net funded status at December 31, 2021, updated for: service and interest cost; expected return on assets; separation expense; actual benefit payments; and cash contributions.  The discount rate and rate of expected return assumptions are unchanged from year-end 2021.

Return on Invested Capital (“ROIC”). We analyze total Company performance using an adjusted ROIC financial metric based on an after-tax, rolling four quarter average. The following table contains the calculation of our ROIC for the periods shown (in billions):

	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		%

__________

(a)Calculated as the sum of net operating profit/(loss) after cash tax from the last four quarters, divided by the average invested capital over the last four quarters.

(b)Calculated as the sum of adjusted net operating profit/(loss) after cash tax from the last four quarters, divided by the average invested capital over the last four quarters.

Note: Numbers may not sum due to rounding.

55

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

CREDIT RATINGS

Our short-term and long-term debt is rated by four credit rating agencies designated as nationally recognized statistical rating organizations (“NRSROs”) by the U.S. Securities and Exchange Commission: DBRS, Fitch, Moody’s, and S&P.

In several markets, locally recognized rating agencies also rate us. A credit rating reflects an assessment by the rating agency of the credit risk associated with a corporate entity or particular securities issued by that entity. Rating agencies’ ratings of us are based on information provided by us and other sources. Credit ratings are not recommendations to buy, sell, or hold securities and are subject to revision or withdrawal at any time by the assigning rating agency. Each rating agency may have different criteria for evaluating company risk and, therefore, ratings should be evaluated independently for each rating agency.

The following rating actions were taken by these NRSROs since the filing of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022:

•On May 2, 2022, Fitch affirmed the credit ratings for Ford and Ford Credit at BB+ and revised the outlook to positive, from stable.

•On May 17, 2022, DBRS affirmed the credit ratings for Ford and Ford Credit at BB (high) and revised the outlook to positive, from stable.

The following table summarizes certain of the credit ratings and outlook presently assigned by these four NRSROs:

	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-

56

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

OUTLOOK

We provided 2022 Company guidance in our earnings release furnished on Form 8-K dated July 27, 2022. Our actual results could differ materially from our guidance due to risks, uncertainties, and other factors, including those set forth in “Risk Factors” in Item 1A of our 2021 Form 10-K Report and as updated by our subsequent filings with the SEC.

	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

__________

(a)When we provide guidance for adjusted EBIT and adjusted free cash flow, we do not provide guidance for the most comparable GAAP measures because, as described in more detail below in “Non-GAAP Measures That Supplement GAAP Measures,” they include items that are difficult to predict with reasonable certainty.

(b)We continue to review our global businesses and may take additional restructuring actions in markets where a path to sustained profitability is not feasible when considering the capital allocation required for those markets. Such actions may result in global redesign EBIT charges and cash effects in 2022 that are incremental to those set forth in the table.

For full-year 2022, we continue to expect adjusted EBIT of $11.5 billion to $12.5 billion, which would represent 15% to 25% growth from last year, and adjusted free cash flow of $5.5 billion to $6.5 billion, with a significant portion coming from Automotive operations.

Our guidance continues to assume 10% to 15% growth in vehicle wholesales from 2021 and assumes that semiconductor availability continues to improve. Our adjusted EBIT range assumes significantly higher profits in North America, collective profitability from other regional markets, strong but lower Ford Credit EBT of about $3 billion, and modest improvement in Mobility and Corporate Other EBIT.

Other assumptions include:

•Strong order banks and pent-up demand for our new and iconic products

•Continued strength in pricing, which includes the benefit of pricing actions taken during the year

•Commodity headwinds of about $4 billion, which we expect to offset with improvements in net pricing and mix

•Continuation of other broad-based inflationary pressures, now expected to total about $3 billion for the year, up $1 billion from our estimate last quarter, while we are actively looking at opportunities to offset increases

•Lower Ford Credit EBT reflecting primarily lower credit loss reserve releases, fewer returned off-lease vehicles, and more normalized credit losses. We also expect auction values to remain strong but to decline in the second half of the year as the supply of new vehicles improves

57

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Cautionary Note on Forward-Looking Statements

Statements included or incorporated by reference herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts, and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including, without limitation:

•Ford and Ford Credit’s financial condition and results of operations have been and may continue to be adversely affected by public health issues, including epidemics or pandemics such as COVID-19;

•Ford is highly dependent on its suppliers to deliver components in accordance with Ford’s production schedule, and a shortage of key components, such as semiconductors, or raw materials can disrupt Ford’s production of vehicles;

•Ford’s long-term competitiveness depends on the successful execution of Ford+;

•Ford’s vehicles could be affected by defects that result in delays in new model launches, recall campaigns, or increased warranty costs;

•Ford may not realize the anticipated benefits of existing or pending strategic alliances, joint ventures, acquisitions, divestitures, or new business strategies;

•Operational systems, security systems, vehicles, and services could be affected by cyber incidents, ransomware attacks, and other disruptions;

•Ford’s production, as well as Ford’s suppliers’ production, could be disrupted by labor issues, natural or man-made disasters, financial distress, production difficulties, capacity limitations, or other factors;

•Ford’s ability to maintain a competitive cost structure could be affected by labor or other constraints;

•Ford’s ability to attract and retain talented, diverse, and highly skilled employees is critical to its success and competitiveness;

•Ford’s new and existing products, digital and physical services, and mobility services are subject to market acceptance and face significant competition from existing and new entrants in the automotive, mobility, and digital services industries;

•Ford’s near-term results are dependent on sales of larger, more profitable vehicles, particularly in the United States;

•With a global footprint, Ford’s results could be adversely affected by economic, geopolitical, protectionist trade policies, or other events, including tariffs;

•Industry sales volume in any of Ford’s key markets can be volatile and could decline if there is a financial crisis, recession, or significant geopolitical event;

•Ford may face increased price competition or a reduction in demand for its products resulting from industry excess capacity, currency fluctuations, competitive actions, or other factors;

•Inflationary pressure and fluctuations in commodity prices, foreign currency exchange rates, interest rates, and market value of Ford or Ford Credit’s investments, including marketable securities, can have a significant effect on results;

•Ford and Ford Credit’s access to debt, securitization, or derivative markets around the world at competitive rates or in sufficient amounts could be affected by credit rating downgrades, market volatility, market disruption, regulatory requirements, or other factors;

•Ford’s receipt of government incentives could be subject to reduction, termination, or clawback;

•Ford Credit could experience higher-than-expected credit losses, lower-than-anticipated residual values, or higher-than-expected return volumes for leased vehicles;

•Economic and demographic experience for pension and other postretirement benefit plans (e.g., discount rates or investment returns) could be worse than Ford has assumed;

•Pension and other postretirement liabilities could adversely affect Ford’s liquidity and financial condition;

•Ford and Ford Credit could experience unusual or significant litigation, governmental investigations, or adverse publicity arising out of alleged defects in products, services, perceived environmental impacts, or otherwise;

•Ford may need to substantially modify its product plans to comply with safety, emissions, fuel economy, autonomous vehicle, and other regulations;

•Ford and Ford Credit could be affected by the continued development of more stringent privacy, data use, and data protection laws and regulations as well as consumers’ heightened expectations to safeguard their personal information; and

•Ford Credit could be subject to new or increased credit regulations, consumer protection regulations, or other regulations.

We cannot be certain that any expectation, forecast, or assumption made in preparing forward-looking statements will prove accurate, or that any projection will be realized. It is to be expected that there may be differences between projected and actual results. Our forward-looking statements speak only as of the date of their initial issuance, and we do not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events, or otherwise. For additional discussion, see “Item 1A. Risk Factors” in our 2021 Form 10-K Report, as updated by our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

58

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

NON-GAAP FINANCIAL MEASURES THAT SUPPLEMENT GAAP MEASURES

We use both generally accepted accounting principles (“GAAP”) and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. The non-GAAP measures listed below are intended to be considered by users as supplemental information to their equivalent GAAP measures, to aid investors in better understanding our financial results. We believe that these non-GAAP measures provide useful perspective on underlying operating results and trends, and a means to compare our period-over-period results. These non-GAAP measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP measures may not be the same as similarly titled measures used by other companies due to possible differences in method and in items or events being adjusted.

•Company Adjusted EBIT (Most Comparable GAAP Measure: Net Income/(Loss) Attributable to Ford) – Earnings before interest and taxes (EBIT) excludes interest on debt (excl. Ford Credit Debt), taxes, and pre-tax special items. This non-GAAP measure is useful to management and investors because it focuses on underlying operating results and trends, and improves comparability of our period-over-period results. Our management ordinarily excludes special items from its review of the results of the operating segments for purposes of measuring segment profitability and allocating resources. Our categories of pre-tax special items and the applicable significance guideline for each item (which may consist of a group of items related to a single event or action) are as follows:

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

When we provide guidance for adjusted EBIT, we do not provide guidance on a net income basis because the GAAP measure will include potentially significant special items that have not yet occurred and are difficult to predict with reasonable certainty, including gains and losses on pension and OPEB remeasurements and on investments in equity securities.

•Company Adjusted EBIT Margin (Most Comparable GAAP Measure: Company Net Income/(Loss) Margin) – Company Adjusted EBIT margin is Company adjusted EBIT divided by Company revenue. This non-GAAP measure is useful to management and investors because it allows users to evaluate our operating results aligned with industry reporting.

•Adjusted Earnings/(Loss) Per Share (Most Comparable GAAP Measure: Earnings/(Loss) Per Share) – Measure of Company’s diluted net earnings/(loss) per share adjusted for impact of pre-tax special items (described above), tax special items, and restructuring impacts in noncontrolling interests. The measure provides investors with useful information to evaluate performance of our business excluding items not indicative of earnings from ongoing operating activities. When we provide guidance for adjusted earnings/(loss) per share, we do not provide guidance on an earnings/(loss) per share basis because the GAAP measure will include potentially significant special items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end, including pension and OPEB remeasurement gains and losses.

•Adjusted Effective Tax Rate (Most Comparable GAAP Measure: Effective Tax Rate) – Measure of Company’s tax rate excluding pre-tax special items (described above) and tax special items. The measure provides an ongoing effective rate which investors find useful for historical comparisons and for forecasting. When we provide guidance for adjusted effective tax rate, we do not provide guidance on an effective tax rate basis because the GAAP measure will include potentially significant special items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end, including pension and OPEB remeasurement gains and losses.

59

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

•Company Adjusted Free Cash Flow (Most Comparable GAAP Measure: Net Cash Provided By/(Used In) Operating Activities) – Measure of Company’s operating cash flow excluding Ford Credit’s operating cash flows. The measure contains elements management considers operating activities, including Company excluding Ford Credit capital spending, Ford Credit distributions to its parent, and settlement of derivatives. The measure excludes cash outflows for funded pension contributions, global redesign (including separations), and other items that are considered operating cash flows under U.S. GAAP. This measure is useful to management and investors because it is consistent with management’s assessment of the Company’s operating cash flow performance. When we provide guidance for Company adjusted free cash flow, we do not provide guidance for net cash provided by/(used in) operating activities because the GAAP measure will include items that are difficult to quantify or predict with reasonable certainty, including cash flows related to the Company's exposures to foreign currency exchange rates and certain commodity prices (separate from any related hedges), Ford Credit's operating cash flows, and cash flows related to special items, including separation payments, each of which individually or in the aggregate could have a significant impact to our net cash provided by/(used in) our operating activities.

•Adjusted ROIC – Calculated as the sum of adjusted net operating profit after cash tax from the last four quarters, divided by the average invested capital over the last four quarters. Adjusted Return on Invested Capital (“Adjusted ROIC”) provides management and investors with useful information to evaluate the Company’s after-cash tax operating return on its invested capital for the period presented. Adjusted net operating profit after cash tax measures operating results less special items, interest on debt (excl. Ford Credit Debt), and certain pension/OPEB costs. Average invested capital is the sum of average balance sheet equity, debt (excl. Ford Credit Debt), and net pension/OPEB liability.

60

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Non-GAAP Financial Measure Reconciliations

The following tables show our Non-GAAP financial measure reconciliations.

Net Income/(Loss) Reconciliation to Adjusted EBIT ($M)

	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		%

Earnings per Share Reconciliation to Adjusted Earnings per Share

	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

_________

(a)The first half of 2022 calculation excludes 43 million shares of net dilutive options, unvested restricted stock units, unvested restricted stock shares, and convertible debt due to their anti-dilutive effect.

61

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Effective Tax Rate Reconciliation to Adjusted Effective Tax Rate

	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		%

Net Cash Provided by/(Used in) Operating Activities Reconciliation to Company Adjusted Free Cash Flow ($M)

	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

_______

(a)Global Redesign excludes cash flows reported in investing activities.

62

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

SUPPLEMENTAL INFORMATION

The tables below provide supplemental consolidating financial information, other financial information, and U.S. sales by type. Company excluding Ford Credit includes our Automotive and Mobility reportable segments, Corporate Other, Interest on Debt, and Special Items. Eliminations, where presented, primarily represent eliminations of intersegment transactions and deferred tax netting.

Selected Cash Flow Information. The following tables provide supplemental cash flow information (in millions):

	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)

63

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Selected Income Statement Information. The following table provides supplemental income statement information (in millions):

	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)

64

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Selected Balance Sheet Information. The following tables provide supplemental balance sheet information (in millions):

	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

65

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)

Selected Other Information.

Equity. At June 30, 2022, total equity attributable to Ford was $44.2 billion, a decrease of $4.3 billion compared with December 31, 2021. The detail for this change is shown below (in billions):

	Increase/ (Decrease)
Net income/(loss)	$	(2.4)
Shareholder distributions	(0.8)
Other comprehensive income/(loss), net	(1.1)
Total	$	(4.3)

U.S. Sales by Type. The following table shows second quarter 2022 U.S. sales volume and U.S. wholesales segregated by truck, SUV, and car sales. U.S. sales volume reflects transactions with (i) retail and fleet customers (as reported by dealers), (ii) governments, and (iii) Ford management.  U.S. wholesales reflect sales to dealers.

	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

ACCOUNTING STANDARDS ISSUED BUT NOT YET ADOPTED

For a discussion of recent accounting standards, see Note 2 of the Notes to the Financial Statements.

66

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk.

Automotive Segment

Foreign Currency Risk. The net fair value of foreign exchange forward contracts (including adjustments for credit risk) as of June 30, 2022, was a liability of $45 million, compared with a liability of $253 million as of December 31, 2021. The potential change in the fair value from a 10% change in the underlying exchange rates, in U.S. dollar terms, would have been $2.1 billion at June 30, 2022, compared with $2.2 billion at December 31, 2021.

Commodity Price Risk. The net fair value of commodity forward contracts (including adjustments for credit risk) as of June 30, 2022, was a liability of $97 million, compared with an asset of $220 million at December 31, 2021. The potential change in the fair value from a 10% change in the underlying commodity prices would have been $180 million at June 30, 2022, compared with $215 million at December 31, 2021.

Ford Credit Segment

Interest Rate Risk. To provide a quantitative measure of the sensitivity of its pre-tax cash flow to changes in interest rates, Ford Credit uses interest rate scenarios that assume a hypothetical, instantaneous increase or decrease of one percentage point in all interest rates across all maturities (a “parallel shift”), as well as a base case that assumes that all interest rates remain constant at existing levels. The differences in pre-tax cash flow between these scenarios and the base case over a 12-month period represent an estimate of the sensitivity of Ford Credit’s pre-tax cash flow. Under this model, Ford Credit estimates that at June 30, 2022, all else constant, such an increase in interest rates would decrease its pre-tax cash flow by $27 million over the next 12 months, compared with a decrease of $76 million at December 31, 2021. In reality, interest rate changes are rarely instantaneous or parallel and rates could move more or less than the one percentage point assumed in Ford Credit’s analysis. As a result, the actual impact to pre-tax cash flow could be higher or lower than the results detailed above.

ITEM 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures. James D. Farley, Jr., our Chief Executive Officer (“CEO”), and John T. Lawler, our Chief Financial Officer (“CFO”), have performed an evaluation of the Company’s disclosure controls and procedures, as that term is defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), as of June 30, 2022, and each has concluded that such disclosure controls and procedures are effective to ensure that information required to be disclosed in our periodic reports filed under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified by SEC rules and forms, and that such information is accumulated and communicated to the CEO and CFO to allow timely decisions regarding required disclosures.

Changes in Internal Control Over Financial Reporting. There were no changes in internal control over financial reporting during the quarter ended June 30, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

67

PART II. OTHER INFORMATION

ITEM 1. Legal Proceedings.

ENVIRONMENTAL MATTERS

We have no legal proceedings arising under any federal, state, or local provisions that have been enacted or adopted regulating the discharge of materials into the environment or primarily for the purpose of protecting the environment, in which (i) a governmental authority is a party, and (ii) we believe there is the possibility of monetary sanctions (exclusive of interest and costs) in excess of $1 million.

OTHER MATTERS

Brazilian Tax Matters (as previously reported on page 30 of our 2021 Form 10-K Report and page 65 of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022). One Brazilian state (São Paulo) and the Brazilian federal tax authority currently have outstanding substantial tax assessments against Ford Motor Company Brasil Ltda. (“Ford Brazil”) related to state and federal tax incentives Ford Brazil received for its operations in the Brazilian state of Bahia. The São Paulo assessment is part of a broader conflict among various states in Brazil. The federal legislature enacted laws designed to encourage the states to end that conflict, and in 2017 the states reached an agreement on a framework for resolution. Ford Brazil continues to pursue a resolution under the framework and expects the amount of any remaining assessments by the states to be resolved under that framework. The federal assessments are outside the scope of the legislation.

All of the outstanding assessments have been appealed to the relevant administrative court of each jurisdiction. To proceed with an appeal within the judicial court system, an appellant may be required to post collateral. To date, we have not been required to post any collateral. If we are required to post collateral, which could be in excess of $1 billion, we expect it to be in the form of fixed assets, surety bonds, and/or letters of credit, but we may be required to post cash collateral. Although the ultimate resolution of these matters may take many years, we consider our overall risk of loss to be remote.

68

ITEM 6. Exhibits.

Designation	Description	Method of Filing
Exhibit 31.1	Rule 15d-14(a) Certification of CEO.	Filed with this Report.
Exhibit 31.2	Rule 15d-14(a) Certification of CFO.	Filed with this Report.
Exhibit 32.1	Section 1350 Certification of CEO.	Furnished with this Report.
Exhibit 32.2	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)

__________

(a)Submitted electronically with this Report in accordance with the provisions of Regulation S-T.

69

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

FORD MOTOR COMPANY

By:	/s/ Cathy O’Callaghan
	Cathy O’Callaghan, Controller
	(principal accounting officer)
Date:	July 27, 2022

70

EX-31.1

Exhibit 31.1

CERTIFICATION

I, James D. Farley, Jr., certify that:

1.I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2022 of Ford Motor Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: July 27, 2022	/s/ James D. Farley, Jr.
	James D. Farley, Jr.
	President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, John T. Lawler, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2022 of Ford Motor Company;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)    Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)    Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)    Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)    Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)    All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)    Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: July 27, 2022	/s/ John T. Lawler
	John T. Lawler
	Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, James D. Farley, Jr., President and Chief Executive Officer of Ford Motor Company (the “Company”), hereby certify pursuant to Rule 13a-14(b) or 15d-14(b) of the Securities Exchange Act of 1934, as amended, and Section 1350 of Chapter 63 of Title 18 of the United States Code that to my knowledge:

1.The Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2022, to which this statement is furnished as an exhibit (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.The information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: July 27, 2022	/s/ James D. Farley, Jr.
	James D. Farley, Jr.
	President and Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, John T. Lawler, Chief Financial Officer of Ford Motor Company (the “Company”), hereby certify pursuant to Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934, as amended, and Section 1350 of Chapter 63 of Title 18 of the United States Code that to my knowledge:

1.The Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2022, to which this statement is furnished as an exhibit (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2.The information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: July 27, 2022	/s/ John T. Lawler
	John T. Lawler
	Chief Financial Officer

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DOCUMENT AND ENTITY INFORMATION Document - shares	6 Months Ended
	Jun. 30, 2022	Jul. 22, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	1-3950
Entity Registrant Name	Ford Motor Co
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	38-0549190
Document Fiscal Period Focus	Q2
Entity Address, Address Line One	One American Road
Entity Address, City or Town	Dearborn,
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48126
City Area Code	313
Local Phone Number	322-3000
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	F
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2022
Entity Central Index Key	0000037996
Current Fiscal Year End Date	--12-31
Entity Small Business	false
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,949,385,442
Class B Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		70,852,076
FPRB
Document Information [Line Items]
Title of 12(b) Security	6.200% Notes due June 1, 2059
Trading Symbol	FPRB
Security Exchange Name	NYSE
FPRC
Document Information [Line Items]
Title of 12(b) Security	6.000% Notes due December 1, 2059
Trading Symbol	FPRC
Security Exchange Name	NYSE

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CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]
Net income/(loss)	$ (2,481)	$ 3,815
Depreciation and tooling amortization	3,774	3,639
Other amortization	(608)	(715)
Provision for/(Benefit from) credit losses and insurance losses	(107)	(196)
Pension and other post-retirement employee benefits (“OPEB”) expense/(income) (Note 13)	(400)	(808)
Equity method investment dividends received in excess of (earnings)/losses and impairments	171	52
Foreign currency adjustments	60	222
Net realized and unrealized (gains)/losses on cash equivalents, marketable securities, and other investments	7,974	(906)
Net (gain)/loss on changes in investments in affiliates (Note 4)	146	(332)
Stock compensation	170	183
Provision for/(Benefit from) deferred income taxes	(1,160)	345
Decrease/(Increase) in finance receivables (wholesale and other)	(4,611)	10,465
Decrease/(Increase) in accounts receivable and other assets	(1,856)	(905)
Decrease/(Increase) in inventory	(2,507)	(2,929)
Increase/(Decrease) in accounts payable and accrued and other liabilities	3,180	(6,438)
Other	118	(244)
Net cash provided by/(used in) operating activities	1,863	5,248
Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract]
Capital spending	(3,069)	(2,881)
Acquisitions of finance receivables and operating leases	(20,749)	(23,959)
Collections of finance receivables and operating leases	24,139	26,782
Proceeds from sale of business (Note 17)	0	144
Purchases of marketable securities and other investments	(8,065)	(17,593)
Sales and maturities of marketable securities and other investments	11,257	23,853
Settlements of derivatives	156	(205)
Other	473	37
Net cash provided by/(used in) investing activities	4,142	6,178
Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract]
Cash payments for dividends and dividend equivalents	(807)	(3)
Purchases of common stock	0	0
Net changes in short-term debt	595	890
Proceeds from issuance of long-term debt	18,868	11,688
Payments of long-term debt	(24,697)	(26,683)
Other	(199)	(90)
Net cash provided by/(used in) financing activities	(6,240)	(14,198)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect [Abstract]
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(368)	(1)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	(603)	(2,773)
Cash, cash equivalents, and restricted cash at beginning of period (Note 7)	20,737	25,935
Cash, cash equivalents, and restricted cash at end of period (Note 7)	$ 20,134	$ 23,162

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CONSOLIDATED INCOME STATEMENT - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues
Total revenues	$ 40,190	$ 26,752	$ 74,666	$ 62,980
Costs and expenses
Cost of sales	33,191	22,904	62,227	52,201
Selling, administrative, and other expenses	2,759	2,877	5,499	5,720
Total costs and expenses	37,322	26,774	70,455	60,538
Operating income/(loss)	2,868	(22)	4,211	2,442
Interest expense on Company debt excluding Ford Credit	312	453	620	926
Other income/(loss), net	(1,823)	1,159	(6,673)	3,031
Equity in net income/(loss) of affiliated companies	58	51	25	130
Income/(Loss) before income taxes	791	735	(3,057)	4,677
Provision for/(Benefit from) income taxes	153	182	(576)	862
Net income/(loss)	638	553	(2,481)	3,815
Less: Income/(Loss) attributable to noncontrolling interests	(29)	(8)	(38)	(8)
Net income/(loss) attributable to Ford Motor Company	$ 667	$ 561	$ (2,443)	$ 3,823
Basic income
Basic income (in dollars per share)	$ 0.17	$ 0.14	$ (0.61)	$ 0.96
Diluted income
Diluted income (in dollars per share)	$ 0.16	$ 0.14	$ (0.61)	$ 0.95
Weighted Average Number of Shares Outstanding, Basic	4,021	3,992	4,014	3,986
Weighted Average Number of Shares Outstanding, Diluted	4,052	4,028	4,014	4,022
Automotive
Revenues
Total revenues	$ 37,909	$ 24,128	$ 70,020	$ 57,682
Ford Credit
Revenues
Total revenues	2,256	2,603	4,537	5,266
Costs and expenses
Ford Credit interest, operating, and other expenses	1,372	993	2,729	2,617
Mobility
Revenues
Total revenues	$ 25	$ 21	$ 109	$ 32

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income/(loss)	$ 638	$ 553	$ (2,481)	$ 3,815
Foreign currency translation	(1,018)	(10)	(872)	279
Marketable Securities	(83)	(10)	(336)	(75)
Derivative Instruments	(94)	112	50	(189)
Pension and other postretirement benefits	12	12	20	13
Total other comprehensive income/(loss), net of tax	(1,183)	104	(1,138)	28
Comprehensive income/(loss)	(545)	657	(3,619)	3,843
Less: Comprehensive income/(loss) attributable to noncontrolling interests	(33)	(6)	(42)	(6)
Comprehensive income attributable to Ford Motor Company	$ (512)	$ 663	$ (3,577)	$ 3,849

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CONSOLIDATED BALANCE SHEETS - USD ($) shares in Millions, $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 19,516	$ 20,540
Marketable securities	17,184	29,053
Financing Receivable, after Allowance for Credit Loss, Current	30,716	32,543
Accounts Receivable, after Allowance for Credit Loss, Current	15,037	11,370
Inventories	13,976	12,065
Disposal Group, Including Discontinued Operation, Assets, Current	705	0
Other assets, current	3,335	3,425
Total current assets	100,469	108,996
Noncurrent Assets
Financing Receivable, after Allowance for Credit Loss, Noncurrent	49,743	51,256
Net Investment in Operating Leases, Noncurrent	24,533	26,361
Net property	36,162	37,139
Equity in net assets of affiliated companies	4,196	4,545
Deferred Income Tax Assets, Net	15,045	13,796
Other assets, non-current	15,607	14,942
Total assets	245,755	257,035
Current Liabilities
Payables	23,378	22,349
Other liabilities and deferred revenue (Note 12 and Note 20)	18,895	18,686
Disposal Group, Including Discontinued Operation, Liabilities, Current	360	0
Total current liabilities	86,452	90,727
Noncurrent Liabilities
Other liabilities and deferred revenue (Note 12 and Note 20)	28,221	27,705
Deferred Tax Liabilities, Other	1,837	1,581
Total liabilities	201,518	208,413
EQUITY
Capital in excess of par value of stock	22,653	22,611
Retained earnings	32,511	35,769
Accumulated Other Comprehensive Income (Loss), Net of Tax	(9,473)	(8,339)
Treasury stock	(1,564)	(1,563)
Total equity attributable to Ford Motor Company	44,169	48,519
Equity attributable to noncontrolling interests	68	103
Total equity	44,237	48,622
Total liabilities and equity	245,755	257,035
Variable Interest Entity, Primary Beneficiary
Current Assets
Cash and cash equivalents	$ 2,284	3,407
Common Stock
EQUITY
Common Stock, Par or Stated Value Per Share	$ 0.01
Common Stock, Shares, Issued	4,067
Common Stock, Shares Authorized	6,000
Common and Class B Stock	$ 41	40
Class B Stock
EQUITY
Common Stock, Par or Stated Value Per Share	$ 0.01
Common Stock, Shares, Issued	71
Common Stock, Shares Authorized	530
Common and Class B Stock	$ 1	1
Ford Credit
Current Assets
Financing Receivable, after Allowance for Credit Loss, Current	30,716	32,543
Noncurrent Assets
Financing Receivable, after Allowance for Credit Loss, Noncurrent	49,743	51,256
Operating Segments | Company excluding Ford Credit
Current Assets
Cash and cash equivalents	13,218	9,577
Current Liabilities
Debt payable within one year	1,533	3,175
Noncurrent Liabilities
Long-term debt	17,833	17,200
Operating Segments | Ford Credit
Current Assets
Cash and cash equivalents	6,298	10,963
Noncurrent Assets
Total assets	127,493
Current Liabilities
Debt payable within one year	42,286	46,517
Noncurrent Liabilities
Long-term debt	$ 67,175	$ 71,200

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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Cash and cash equivalents	$ 19,516	$ 20,540
Financing Receivable, Allowance for Credit Loss, Current	217	282
Accounts Receivable, Allowance for Credit Loss, Current	76	48
Financing Receivable, Allowance for Credit Loss, Noncurrent	546	643
Variable Interest Entity, Primary Beneficiary
Cash and cash equivalents	2,284	3,407
Total finance receivables, net	43,162	43,001
Net Investment in Operating Lease	10,494	7,540
Other assets	199	39
Other liabilities and deferred revenue	0	6
Debt	$ 41,072	$ 38,274

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CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions		Total		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
Beginning balance at Dec. 31, 2020		$ 30,811		$ 41	$ 22,290		$ 18,243		$ (8,294)		$ (1,590)		$ 30,690		$ 121
Increase (Decrease) in Stockholders' Equity
Net income/(loss)		3,262		0	0		3,262		0		0		3,262		0
Other comprehensive income/(loss), net		(76)		0	0		0		(76)		0		(76)		0
Common Stock issued (a)		(50)	[1]	0	(50)		0		0		0		(50)	[1]	0
Treasury stock/other		30		0	0		0		0		5		5		25
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders															0
Dividends and dividend equivalents declared		(3)	[2]	0	0		(3)		0		0		(3)	[2]
Ending balance at Mar. 31, 2021		33,974		41	22,240		21,502		(8,370)		(1,585)		33,828		146
Beginning balance at Dec. 31, 2020		30,811		41	22,290		18,243		(8,294)		(1,590)		30,690		121
Increase (Decrease) in Stockholders' Equity
Net income/(loss)		3,815
Other comprehensive income/(loss), net		28
Ending balance at Jun. 30, 2021		34,784		41	22,408		22,062		(8,268)		(1,579)		34,664		120
Beginning balance at Mar. 31, 2021		33,974		41	22,240		21,502		(8,370)		(1,585)		33,828		146
Increase (Decrease) in Stockholders' Equity
Net income/(loss)		553		0	0		561		0		0		561		(8)
Other comprehensive income/(loss), net		104		0	0		0		102		0		102		2
Common Stock issued (a)		168		0	168		0		0		0		168		0
Treasury stock/other		(14)		0	0		0		0		6		6		(20)
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders															0
Dividends and dividend equivalents declared		(1)		0	0		(1)		0		0		(1)
Ending balance at Jun. 30, 2021		34,784		41	22,408		22,062		(8,268)		(1,579)		34,664		120
Beginning balance at Dec. 31, 2021		48,622		41	22,611		35,769		(8,339)		(1,563)		48,519		103
Increase (Decrease) in Stockholders' Equity
Net income/(loss)		(3,119)		0	0		(3,110)		0		0		(3,110)		(9)
Other comprehensive income/(loss), net		45		0	0		0		45		0		45		0
Common Stock issued (a)		(60)	[1]	1	(61)	[1]	0	[1]	0	[1]	0	[1]	(60)	[1]	0	[1]
Treasury stock/other		$ 4		0	0		0		0		(1)		(1)		5
Per share dividend of Common and Class B Stock		$ 0.10
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	[2]														0
Dividends and dividend equivalents declared	[2]	$ (408)		0	0		(408)		0		0		(408)
Ending balance at Mar. 31, 2022		45,084		42	22,550		32,251		(8,294)		(1,564)		44,985		99
Beginning balance at Dec. 31, 2021		48,622		41	22,611		35,769		(8,339)		(1,563)		48,519		103
Increase (Decrease) in Stockholders' Equity
Net income/(loss)		(2,481)
Other comprehensive income/(loss), net		(1,138)
Ending balance at Jun. 30, 2022		44,237		42	22,653		32,511		(9,473)		(1,564)		44,169		68
Beginning balance at Mar. 31, 2022		45,084		42	22,550		32,251		(8,294)		(1,564)		44,985		99
Increase (Decrease) in Stockholders' Equity
Net income/(loss)		638		0	0		667		0		0		667		(29)
Other comprehensive income/(loss), net		(1,183)		0	0		0		(1,179)		0		(1,179)		(4)
Common Stock issued (a)		103		0	103		0		0		0		103		0
Treasury stock/other		$ 2		0	0		0		0		0		0		2
Per share dividend of Common and Class B Stock		$ 0.10
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders															0
Dividends and dividend equivalents declared		$ (407)		0	0		(407)		0		0		(407)
Ending balance at Jun. 30, 2022		$ 44,237		$ 42	$ 22,653		$ 32,511		$ (9,473)		$ (1,564)		$ 44,169		$ 68

[1] Includes impact of share-based compensation.

[2] Dividends and dividend equivalents declared for Common and Class B Stock.

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Presentation

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

PRESENTATION

PRESENTATION

For purposes of this report, “Ford,” the “Company,” “we,” “our,” “us,” or similar references mean Ford Motor Company, our consolidated subsidiaries, and our consolidated VIEs of which we are the primary beneficiary, unless the context requires otherwise. We also make reference to Ford Motor Credit Company LLC, herein referenced to as Ford Credit. Our consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information, instructions to the Quarterly Report on Form 10-Q, and Rule 10-01 of Regulation S-X. We reclassified certain prior year amounts in our consolidated financial statements to conform to the current year presentation.

In the opinion of management, these unaudited financial statements reflect a fair statement of our results of operations and financial condition for the periods, and at the dates, presented.  The results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year.  Reference should be made to the financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Form 10-K Report”).

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New Accounting Standards (Notes)

6 Months Ended

Jun. 30, 2022

Accounting Standards Update and Change in Accounting Principle [Abstract]

NEW ACCOUNTING STANDARDS

NEW ACCOUNTING STANDARDS

Adoption of New Accounting Standards

Accounting Standards Update (“ASU”) 2021-10, Government Assistance: Disclosures by Business Entities about Government Assistance. In November 2021, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update requiring entities to provide certain disclosures in annual period financial statements for those transactions with governments that are accounted for by applying a grant or contribution accounting model via analogy to other applicable accounting standards. We are assessing the effect on our annual consolidated financial statement disclosures; however, adoption will not impact our consolidated balance sheets or income statements.

We also adopted the following ASUs during 2022, none of which had a material impact to our consolidated financial statements or financial statement disclosures:

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

Accounting Standards Issued But Not Yet Adopted

ASU 2022-02, Financial Instruments – Credit Losses, Troubled Debt Restructurings and Vintage Disclosures. In March 2022, the FASB issued a new accounting standard that eliminates the troubled debt recognition and measurement guidance. The new standard requires that an entity apply the loan refinancing and restructuring guidance in ASC 310 to all loan modifications and/or receivable modifications. It also enhances disclosure requirements for certain refinancings and restructurings by creditors when a borrower is experiencing financial difficulty and requires disclosure of current-period gross charge-offs by year of origination in the vintage disclosure. The new standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. We are assessing the effect of the new standard on our consolidated financial statements and disclosures.

All other ASUs issued but not yet adopted were assessed and determined to be either not applicable or are not expected to have a material impact to our consolidated financial statements or financial statement disclosures.

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Revenue (Notes)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

REVENUE

REVENUE

    The following tables disaggregate our revenue by major source for the periods ended June 30 (in millions):

	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

__________

(a)Includes extended service contract revenue.

NOTE 3. REVENUE (Continued)

The amount of consideration we receive and revenue we recognize on our vehicles, parts, and accessories varies with changes in return rights and marketing incentives we offer to our customers and their customers. Estimates of marketing incentives are based on expected retail and fleet sales volumes, mix of products to be sold, and incentive programs to be offered. Customer acceptance of products and programs, as well as other market conditions, will impact these estimates. As a result of changes in our estimate of marketing incentives, we recorded an increase related to revenue recognized in prior periods of $214 million and $152 million in the second quarter of 2021 and 2022, respectively.

We had a balance of $4.3 billion of unearned revenue associated primarily with outstanding extended service contracts reported in Other liabilities and deferred revenue at December 31, 2021 and June 30, 2022. We expect to recognize approximately $700 million of the unearned amount in the remainder of 2022, $1.2 billion in 2023, and $2.4 billion thereafter. We recognized $336 million and $352 million of unearned amounts as revenue during the second quarter of 2021 and 2022, respectively, and $678 million and $717 million in the first half of 2021 and 2022, respectively.

Amounts paid to dealers to obtain extended service contracts are deferred and recorded as Other assets. We had a balance of $309 million and $314 million in deferred costs as of December 31, 2021 and June 30, 2022, respectively. We recognized $19 million and $22 million of amortization during the second quarter of 2021 and 2022, respectively, and $39 million and $44 million in the first half of 2021 and 2022, respectively.

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Other Income/(Loss) (Notes)

6 Months Ended

Jun. 30, 2022

Other Income and Expenses [Abstract]

OTHER INCOME/(LOSS)

OTHER INCOME/(LOSS)

The amounts included in Other income/(loss), net for the periods ended June 30 were as follows (in millions):

	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)

__________

(a)    Includes a $2.4 billion loss and a $7.9 billion loss on our Rivian investment in the second quarter and first half of 2022, respectively.

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Income Taxes (Notes)	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES For interim tax reporting, we estimate one single effective tax rate for tax jurisdictions not subject to a valuation allowance, which is applied to the year-to-date ordinary income/(loss). Tax effects of significant unusual or infrequently occurring items are excluded from the estimated annual effective tax rate calculation and recognized in the interim period in which they occur.

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Capital Stock and Earnings Per Share (Notes)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

CAPITAL STOCK AND EARNINGS PER SHARE

CAPITAL STOCK AND EARNINGS/(LOSS) PER SHARE

Earnings/(Loss) Per Share Attributable to Ford Motor Company Common and Class B Stock

Basic and diluted earnings/(loss) per share were calculated using the following (in millions):

	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

__________

(a)    In the first half of 2022, there were 43 million shares excluded from the calculation of diluted earnings/(loss) per share, due to their anti-dilutive effect.

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Cash, Cash Equivalents, and Marketable Securities (Notes)

6 Months Ended

Jun. 30, 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 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

__________

(a)Includes $10.6 billion and $2 billion of Rivian common shares valued at $103.69 and $25.74 per share as of December 31, 2021 and June 30, 2022, respectively. In the second quarter of 2022, we sold 25.2 million of our 101.9 million Rivian common shares for about $700 million in total proceeds. Net unrealized gains/losses recognized during full year 2021 and the first half of 2022 on all equity securities held at December 31, 2021 and June 30, 2022 were an $8.3 billion gain and a $6 billion loss, respectively.

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 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

Sales proceeds and gross realized gains/losses from the sale of AFS securities for the periods ended June 30 were as follows (in millions):

	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

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 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)

We determine credit losses on AFS debt securities using the specific identification method. During the first half 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		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

__________

(a)Included in Other assets in the non-current assets section of our consolidated balance sheets.

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Ford Credit Finance Receivables and Allowance for Credit Losses (Notes)

6 Months Ended

Jun. 30, 2022

Receivables [Abstract]

FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES

FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES

Ford Credit manages finance receivables as “consumer” and “non-consumer” portfolios.  The receivables are generally secured by the vehicles, inventory, or other property being financed.

Finance receivables are recorded at the time of origination or purchase at fair value and are subsequently reported at amortized cost, net of any allowance for credit losses.

For all finance receivables, Ford Credit defines “past due” as any payment, including principal and interest, that is at least 31 days past the contractual due date.

Ford Credit finance receivables, net were as follows (in millions):

	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

__________

(a)Net finance receivables subject to fair value exclude finance leases.

(b)The fair value of finance receivables is categorized within Level 3 of the fair value hierarchy.

Ford Credit’s finance leases are comprised of sales-type and direct financing leases. Financing revenue from finance leases for the second quarter of 2021 and 2022 was $88 million and $73 million, respectively, and for the first half of 2021 and 2022 was $178 million and $150 million, respectively, and is included in Ford Credit revenues on our consolidated income statements.

At December 31, 2021 and June 30, 2022, accrued interest was $125 million and $119 million, respectively, which we report in Other assets in the current assets section of our consolidated balance sheets.

Included in the recorded investment in finance receivables at December 31, 2021 and June 30, 2022, were consumer receivables of $39 billion and $36.5 billion, respectively, and non-consumer receivables of $12 billion and $13.6 billion, respectively, (including Automotive receivables sold to Ford Credit, which we report in Trade and other receivables), that have been sold for legal purposes in securitization transactions but continue to be reported in our consolidated financial statements. The receivables are available only for payment of the debt issued by, and other obligations of, the securitization entities that are parties to those securitization transactions; they are not available to pay the other obligations or the claims of Ford Credit’s other creditors. Ford Credit holds the right to receive the excess cash flows not needed to pay the debt issued by, and other obligations of, the securitization entities that are parties to those securitization transactions.

NOTE 8. FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued)

Credit Quality

Consumer Portfolio. Credit quality ratings for consumer receivables are based on Ford Credit’s aging analysis. Consumer receivables credit quality ratings are as follows:

•Pass – current to 60 days past due;

•Special Mention – 61 to 120 days past due and in intensified collection status; and

•Substandard – greater than 120 days past due and for which the uncollectible portion of the receivables has already been charged off, as measured using the fair value of collateral less costs to sell.

The credit quality analysis of consumer receivables at December 31, 2021 was as follows (in millions):

	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	%

The credit quality analysis of consumer receivables at June 30, 2022 was as follows (in millions):

	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	%

Non-Consumer Portfolio. The credit quality of dealer financing receivables is evaluated based on Ford Credit’s internal dealer risk rating analysis. Ford Credit uses a proprietary model to assign each dealer a risk rating. This model uses historical dealer performance data to identify key factors about a dealer that are considered most significant in predicting a dealer’s ability to meet its financial obligations. Ford Credit also considers numerous other financial and qualitative factors of the dealer’s operations, including capitalization and leverage, liquidity and cash flow, profitability, and credit history with Ford Credit and other creditors.

Dealers are assigned to one of four groups according to risk ratings as follows:

•Group I – strong to superior financial metrics;

•Group II – fair to favorable financial metrics;

•Group III – marginal to weak financial metrics; and

•Group IV – poor financial metrics, including dealers classified as uncollectible.

NOTE 8. FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued)

The credit quality analysis of dealer financing receivables at December 31, 2021 was as follows (in millions):

	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	%

__________

(a)Total past due dealer financing receivables at December 31, 2021 were $62 million.

The credit quality analysis of dealer financing receivables at June 30, 2022 was as follows (in millions):

	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	%

__________

(a)Total past due dealer financing receivables at June 30, 2022 were $8 million.

Non-Accrual of Revenue. The accrual of financing revenue is discontinued at the time a receivable is determined to be uncollectible or when it is 90 days past due. Accounts may be restored to accrual status only when a customer settles all past-due deficiency balances and future payments are reasonably assured. For receivables in non-accrual status, subsequent financing revenue is recognized only to the extent a payment is received. Payments are generally applied first to outstanding interest and then to the unpaid principal balance.

Troubled Debt Restructuring (“TDR”). A restructuring of debt constitutes a TDR if Ford Credit grants a concession to a debtor for economic or legal reasons related to the debtor’s financial difficulties that Ford Credit otherwise would not consider. Consumer and non-consumer receivables that have a modified interest rate below market rate or that were modified in reorganization proceedings pursuant to the U.S. Bankruptcy Code, except non-consumer receivables that are current with minimal risk of loss, are considered to be TDRs. Ford Credit does not grant concessions on the principal balance of the receivables. If a receivable is modified in a reorganization proceeding, all payment requirements of the reorganization plan need to be met before remaining balances are forgiven.

Allowance for Credit Losses

The allowance for credit losses represents an estimate of the lifetime expected credit losses inherent in finance receivables as of the balance sheet date. The adequacy of the allowance for credit losses is assessed quarterly.

Adjustments to the allowance for credit losses are made by recording charges to Ford Credit interest, operating, and other expenses on our consolidated income statements. The uncollectible portion of a finance receivable is charged to the allowance for credit losses at the earlier of when an account is deemed to be uncollectible or when an account is 120 days delinquent, taking into consideration the financial condition of the customer or borrower, the value of the collateral, recourse to guarantors, and other factors.

NOTE 8. FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued)

Charge-offs on finance receivables include uncollected amounts related to principal, interest, late fees, and other allowable charges. Recoveries on finance receivables previously charged off as uncollectible are credited to the allowance for credit losses. In the event Ford Credit repossesses the collateral, the receivable is charged off and the collateral is recorded at its estimated fair value less costs to sell and reported in Other assets on our consolidated balance sheets.

An analysis of the allowance for credit losses related to finance receivables for the periods ended June 30 was as follows (in millions):

	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

__________

(a)    Primarily represents amounts related to translation adjustments.

During the second quarter and first half of 2022, the allowance for credit losses decreased $82 million and $162 million, respectively, primarily due to Ford Credit’s current expectation that COVID-related losses have been avoided. Although net charge-offs remained low in the second quarter and first half of 2022, due in part to high vehicle auction values, the impact of rising inflation, high energy prices, and higher interest rates on future credit losses remains uncertain. Ford Credit will continue to monitor economic trends and conditions and portfolio performance and will adjust the reserve accordingly.

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Inventories (Notes)

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

Inventories were as follows (in millions):

	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

Finished products at June 30, 2022 in the table above includes approximately 18,000 vehicles at our plants that are completed but awaiting installation of components, primarily reflecting the semiconductor supply shortage, after which, the vehicles will proceed through an additional quality review process prior to being shipped to our dealers.

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Other Investments (Notes)	6 Months Ended
	Jun. 30, 2022
Other Investments [Abstract]
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure	OTHER INVESTMENTS We have investments in entities not accounted for under the equity method for which fair values are not readily available. We record these investments at cost (less impairment, if any), adjusted for observable price changes in orderly transactions for the identical or a similar investment of the same issuer. We report the carrying value of these investments in Other assets in the non-current assets section of our consolidated balance sheets. These investments were $0.9 billion and $1.3 billion at December 31, 2021 and June 30, 2022, respectively. The cumulative net unrealized gain from adjustments related to Other Investments held at June 30, 2022 is $141 million.

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Goodwill (Notes)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill Disclosure [Text Block]	GOODWILL The net carrying amount of goodwill was $619 million and $595 million at December 31, 2021 and June 30, 2022, respectively, and is reported in Other assets in the non-current assets section of our consolidated balance sheets.

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Other Liabilities and Deferred Revenue (Notes)

6 Months Ended

Jun. 30, 2022

Other Liabilities [Abstract]

OTHER LIABILITIES AND DEFERRED REVENUE

OTHER LIABILITIES AND DEFERRED REVENUE

Other liabilities and deferred revenue were as follows (in millions):

	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

__________

(a)Balances at June 30, 2022 reflect pension and OPEB liabilities at December 31, 2021, updated (where applicable) for service and interest cost, expected return on assets, separation expense, actual benefit payments, and cash contributions. The discount rate and rate of expected return assumptions are unchanged from year-end 2021. Included in Other assets are pension assets of $8.5 billion and $8.9 billion at December 31, 2021 and June 30, 2022, respectively.

(b)Includes current derivative liabilities of $97 million and $705 million at December 31, 2021 and June 30, 2022, respectively. Includes non-current derivative liabilities of $535 million and $1.5 billion at December 31, 2021 and June 30, 2022, respectively (see Note 15).

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Retirement Benefits (Notes)

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

RETIREMENT BENEFITS

RETIREMENT BENEFITS

Defined Benefit Plans - Expense

The pre-tax net periodic benefit cost/(income) for our defined benefit pension and OPEB plans for the periods ended June 30 were as follows (in millions):

	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

The service cost component is included in Cost of sales and Selling, administrative, and other expenses. Other components of net periodic benefit cost/(income) are included in Other income/(loss), net on our consolidated income statements.

In the second quarter of 2021 and 2022, within separation programs/other, we recognized expenses of $46 million and $9 million, respectively, in non-U.S. pension plans related to ongoing redesign programs. In the first half of 2021 and 2022, within separation programs/other, we recognized $84 million and $16 million, respectively, in non-U.S. pension plans related to ongoing redesign programs. Until our Global Redesign programs are completed, we anticipate further adjustments to our plans in subsequent periods.

Pension Plan Contributions

During 2022, we expect to contribute between $600 million and $700 million of cash to our global funded pension plans. We also expect to make about $400 million of benefit payments to participants in unfunded plans. In the first half of 2022, we contributed $328 million to our global funded pension plans and made $195 million of benefit payments to participants in unfunded plans.

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Debt (Notes)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

DEBT

DEBT

The carrying value of Company debt excluding Ford Credit and Ford Credit debt was as follows (in millions):

	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

__________

(a)As of June 30, 2022, each $1,000 principal amount of the notes will be convertible into 57.7721 shares of our Common Stock, which is equivalent to a conversion price of approximately $17.31 per share. We recognized issuance cost amortization of $2 million during the second quarter and first half of 2021, and $2 million and $3 million during the second quarter and first half of 2022, respectively.

(b)We entered into a £750 million 5-year term loan pursuant to the U.K. Export Finance Program in June 2022.

(c)At December 31, 2021 and June 30, 2022, the fair value of debt includes $209 million and $1,033 million of Company excluding Ford Credit short-term debt and $14.1 billion and $13.2 billion of Ford Credit short-term debt, respectively, carried at cost, which approximates fair value. All other debt is categorized within Level 2 of the fair value hierarchy.

(d)These adjustments are related to hedging activity and include discontinued hedging relationship adjustments of $257 million and $179 million at December 31, 2021 and June 30, 2022, respectively. The carrying value of hedged debt was $37.5 billion and $33.4 billion at December 31, 2021 and June 30, 2022, respectively.

NOTE 14. DEBT (Continued)

2022 Ford Credit Debt Extinguishment

Pursuant to Ford Credit’s June 2022 cash tender offer, Ford Credit repurchased approximately $3 billion principal amount of its public unsecured debt securities for an aggregate cost of approximately $3 billion (including transaction costs and accrued and unpaid interest payments for such tendered securities). As a result of these transactions, Ford Credit recorded a pre-tax gain of $16.6 million (net of unamortized discounts, premiums, fees, and fair value adjustments) in Other income/(loss), net in the second quarter of 2022.

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Derivative Financial Instruments and Hedging Activities (Notes)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES

In the normal course of business, our operations are exposed to global market risks, including the effect of changes in foreign currency exchange rates, certain commodity prices, and interest rates. To manage these risks, we enter into highly effective derivative contracts. We have elected to apply hedge accounting to certain derivatives. Derivatives that are designated in hedging relationships are evaluated for effectiveness using regression analysis at the time they are designated and throughout the hedge period. Some derivatives do not qualify for hedge accounting; for others, we elect not to apply hedge accounting.

Income Effect of Derivative Financial Instruments

The gains/(losses), by hedge designation, reported in income for the periods ended June 30 were as follows (in millions):

	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)

__________

(a)For the second quarter and first half of 2021, a $110 million loss and a $571 million loss, respectively, were reported in Other comprehensive income/(loss), net of tax. For the second quarter and first half of 2022, a $234 million gain and a $106 million gain, respectively, were reported in Other comprehensive income/(loss), net of tax.

(b)For the second quarter and first half of 2021, a $100 million gain and a $180 million gain, respectively, were reported in Other comprehensive income/(loss), net of tax. For the second quarter and first half of 2022, a $360 million loss and a $76 million loss, respectively, were reported in Other comprehensive income/(loss), net of tax.

(c)For the second quarter and first half of 2021, a $103 million loss and a $78 million gain, respectively, were reported in Cost of sales, and a $44 million loss and an $8 million gain, respectively, were reported in Other income/(loss), net. For the second quarter and first half of 2022, a $100 million gain and a $56 million gain, respectively, were reported in Cost of sales, and a $27 million gain and a $25 million gain, respectively, were reported in Other income/(loss), net.

NOTE 15. DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Continued)

Balance Sheet Effect of Derivative Financial Instruments

Derivative assets and liabilities are reported on our consolidated balance sheets at fair value and are presented on a gross basis. The notional amounts of the derivative instruments do not necessarily represent amounts exchanged by the parties and are not a direct measure of our financial exposure. We also enter into master agreements with counterparties that may allow for netting of exposures in the event of default or breach of the counterparty agreement. Collateral represents cash received or paid under reciprocal arrangements that we have entered into with our derivative counterparties, which we do not use to offset our derivative assets and liabilities.

The fair value of our derivative instruments and the associated notional amounts were as follows (in millions):

	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

__________

(a)At December 31, 2021 and June 30, 2022, we held collateral of $26 million and $147 million, respectively, and we posted collateral of $71 million and $115 million, respectively.

(b)At December 31, 2021 and June 30, 2022, the fair value of assets and liabilities available for counterparty netting was $719 million and $388 million, respectively. All derivatives are categorized within Level 2 of the fair value hierarchy.

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Employee Separation Actions and Exit and Disposal Activities (Notes)

6 Months Ended

Jun. 30, 2022

Restructuring Cost and Reserve [Line Items]

Restructuring and Related Activities Disclosure [Text Block]

EMPLOYEE SEPARATION ACTIONS AND EXIT AND DISPOSAL ACTIVITIES

We record costs associated with voluntary separations at the time of employee acceptance, unless the acceptance requires explicit approval by the Company. We record costs associated with involuntary separation programs when management has approved the plan for separation, the affected employees are identified, and it is unlikely that actions required to complete the separation plan will change significantly. Costs associated with benefits that are contingent on the employee continuing to provide service are accrued over the required service period.

Company Excluding Ford Credit

Employee separation actions and exit and disposal activities include employee separation costs, facility and other asset-related charges (e.g., accelerated depreciation), dealer and supplier payments, other statutory and contractual obligations, and other expenses, which are recorded in Cost of sales and Selling, administrative, and other expenses. Below are actions initiated, primarily related to the global redesign of our business:

•Ford Motor Company Brasil Ltda. exited manufacturing operations in Brazil, which resulted in the closure of facilities in Camaçari, Taubaté, and Troller in 2021

•Ford Motor Company Limited ceased production at the Bridgend plant in the United Kingdom and the facility was closed in September 2020

•Ford India Private Limited ceased vehicle manufacturing in Sanand in fourth quarter 2021 and plans to cease manufacturing in Chennai in third quarter 2022

•Ford Espana S.L. ceased production of the Mondeo at the Valencia plant in Spain in March 2022

In addition, we are continuing to reduce our global workforce and take other restructuring actions.

The following table summarizes the activities for the periods ended June 30, which are recorded in Other liabilities and deferred revenue (in millions):

	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

__________

(a)Excludes pension costs of $46 million and $9 million in the second quarter of 2021 and 2022, respectively, and $84 million and $16 million in the first half of 2021 and 2022, respectively.

We recorded $86 million and $43 million in the second quarter of 2021 and 2022, respectively, and $388 million and $66 million in the first half of 2021 and 2022, respectively, for accelerated depreciation and other non-cash items. In addition, we recognized a pre-tax net gain on sale of assets of $6 million and $38 million in the second quarter and first half of 2022, respectively.

We estimate that we will incur about $1.5 billion in total charges in 2022 related to the actions above, primarily attributable to employee separations and dealer and supplier settlements. We recorded $160 million in the first half of 2022 for such actions. We continue to review our global businesses and may take additional restructuring actions in markets where a path to sustained profitability is not feasible when considering the capital allocation required for those markets.

NOTE 16. EMPLOYEE SEPARATION ACTIONS AND EXIT AND DISPOSAL ACTIVITIES (Continued)

Ford Credit

Accumulated foreign currency translation losses included in Accumulated other comprehensive income/(loss) at June 30, 2022 of $223 million are associated with Ford Credit’s investments in Brazil and Argentina that have ceased operations. We expect to reclassify these losses to income upon substantially complete liquidation of Ford Credit’s investments, which may occur over multiple reporting periods. In the second quarter and first half of 2022, we reclassified losses of $36 million and $155 million, respectively, to Other income/(loss), net, upon the liquidation of three investments in Brazil. Although the timing for the completion of the remaining actions is uncertain, we expect the majority of losses to be recognized in 2024 or later.

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Acquisitions and Divestitures (Notes)

6 Months Ended

Jun. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

ACQUISITIONS AND DIVESTITURES

Company Excluding Ford Credit

Ford Romania S.A. (“Ford Romania”). In the first quarter of 2022, we entered into an agreement to sell our wholly-owned Ford Romania subsidiary to Ford Otosan, a joint venture in which Ford has a 41% ownership share. Following the sale, the plant in Craiova, Romania will continue to manufacture Ford-branded vehicles for Ford and Ford Otosan; Ford’s portion of the output is expected to be significant.

We have reported the assets and liabilities of the Ford Romania operations as held for sale and ceased depreciation and amortization of those assets. The assets and liabilities classified as held for sale for the period ended June 30, were as follows (in millions):

	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

__________

(a)    As of June 30, 2022, intercompany items and transactions have been eliminated on the consolidated balance sheets. The buyer assumed the intercompany assets and liabilities upon the July 1, 2022 closing (described below). Accordingly, we have presented those balances in the table for informational purposes.

Held-for-sale assets are measured at the lower of carrying amount or fair value less cost to sell. We estimated the fair value using a market approach based on the negotiated value of the assets, and determined the assets held for sale were not impaired.

NOTE 17. ACQUISITIONS AND DIVESTITURES (Continued)

On July 1, 2022, we completed the sale to Ford Otosan, which will result in deconsolidation of our Ford Romania subsidiary in the third quarter of 2022. We expect the fair value of consideration received, consisting of cash and a note receivable, to approximate the carrying value of Ford Romania at the time of sale. As part of the agreement, we received a partial prepayment of $422 million in June, which was recorded as restricted cash in our financial statements until the transaction was completed on July 1.

Skinny Labs Inc., dba Spin (“Spin”). On April 1, 2022, we completed the sale of Spin, our wholly-owned micro-mobility provider, to TIER Mobility SE, a German-based micro-mobility provider, which resulted in the deconsolidation of our Spin subsidiary in the second quarter of 2022. In exchange for our shares of Spin, we received preferred equity in TIER Mobility SE, which is reflected in our consolidated balance sheets in Other assets as of the second quarter of 2022. The fair value of the preferred equity approximated the carrying value of Spin at the time of the transaction.

Electriphi, Inc. (“Electriphi”). On June 18, 2021, we acquired Electriphi, a California-based provider of charging management and fleet monitoring software for electric vehicles. Assets acquired primarily include goodwill, reported in Other assets, and software, reported in Net property. The acquisition did not have a material impact on our financial statements.

Ford Lio Ho Motor Co., Ltd. (“FLH”). On April 1, 2021, we completed the sale of our controlling financial interest in FLH and its wholly owned subsidiary FLH Marketing & Service Limited, which resulted in deconsolidation of our Ford Taiwan subsidiary in the second quarter of 2021. FLH will continue to import, manufacture, and sell Ford-branded vehicles through at least 2025. We recognized a pre-tax gain of $161 million, which was reported in Other income/(loss), net in the second quarter of 2021.

Getrag Ford Transmissions GmbH (“GFT”). Prior to March 2021, Ford and Magna International Inc. (“Magna”) equally owned and operated the GFT joint venture for the purpose of developing, manufacturing, and selling transmissions. We accounted for our investment in GFT as an equity method investment. During the first quarter of 2021 and prior to our acquisition, GFT recorded restructuring charges, of which our share was $40 million. These charges are included in Equity in net income/(loss) of affiliated companies.

On March 1, 2021, we acquired Magna’s shares in the restructured GFT. The purchase price, which was subject to post-closing revisions, was $275 million. The restructured GFT includes the Halewood, UK and Cologne, Germany transmission plants, but excludes the Bordeaux, France transmission plant and China interests acquired by Magna. We concluded with Magna that these businesses would be better served under separate ownership. The Sanand, India transmission plant continues under joint Ford/Magna ownership. As a result of the transaction, we consolidated the restructured GFT, remeasured our prior investment in GFT at its $275 million fair value, and recognized in Other income/(loss), net a pre-tax gain of $178 million during 2021 and post-closing revisions resulting in a pre-tax gain of $2 million during the first quarter of 2022. We estimated the fair value of GFT in negotiations with Magna based on the income approach. The significant assumptions used in the valuation included GFT’s cash flows that reflect the approved business plan, discounted at a rate typically used for a company like GFT.

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Accumulated Other Comprehensive Income/(Loss) (Notes)

6 Months Ended

Jun. 30, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)

The changes in the balances for each component of accumulated other comprehensive income/(loss) attributable to Ford Motor Company for the periods ended June 30 were as follows (in millions):

	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)

__________

(a)We do not recognize deferred taxes for a majority of the foreign currency translation gains and losses because we do not anticipate reversal in the foreseeable future. However, we have made elections to tax certain non-U.S. operations simultaneously in U.S. tax returns, and have recorded deferred taxes for temporary differences that will reverse, independent of repatriation plans, in U.S. tax returns. Taxes or tax benefits resulting from foreign currency translation of the temporary differences are recorded in Other comprehensive income/(loss), net of tax.

(b)Reclassified to Other income/(loss), net.

(c)In 2022, excludes a loss of $4 million related to noncontrolling interests.

(d)Reclassified to Cost of sales. During the next twelve months, we expect to reclassify existing net losses on cash flow hedges of $105 million (see Note 15).

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Variable Interest Entities (Notes)

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Variable Interest Entity Disclosure

VARIABLE INTEREST ENTITIES

Certain of our affiliates are variable interest entities in which we are not the primary beneficiary. Our maximum exposure to any potential losses associated with these affiliates is limited to our investments and loans and was $2.8 billion and $2.9 billion at December 31, 2021 and June 30, 2022, respectively.

On July 13, 2022, Ford, SK On Co., Ltd., and SK Battery America, Inc. (a wholly owned subsidiary of SK On) completed the creation of BlueOval SK, LLC, a 50/50 joint venture that will build and operate electric vehicle battery plants in Tennessee and Kentucky to supply batteries to Ford and Ford affiliates. We expect BlueOval SK to be a variable interest entity of which we are not the primary beneficiary, and that we will use the equity method of accounting for our investment. Ford has agreed to contribute up to $6.6 billion in capital to BlueOval SK over a five-year period ending in 2026, subject to any adjustments agreed to by the parties.

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Commitments and Contingencies (Notes)

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

Commitments and contingencies primarily consist of guarantees and indemnifications, litigation and claims, and warranty and field service actions.

Guarantees and Indemnifications

Financial Guarantees. Financial guarantees and indemnifications are recorded at fair value at their inception. Subsequent to initial recognition, the guarantee liability is adjusted at each reporting period to reflect the current estimate of expected payments resulting from possible default events over the remaining life of the guarantee. The maximum potential payments for financial guarantees were $357 million and $242 million at December 31, 2021 and June 30, 2022, respectively. The carrying value of recorded liabilities related to financial guarantees was $36 million and $18 million at December 31, 2021 and June 30, 2022, respectively.

Our financial guarantees consist of debt and lease obligations of certain joint ventures, as well as certain financial obligations of outside third parties, including suppliers, to support our business and economic growth. Expiration dates vary through 2033, and guarantees will terminate on payment and/or cancellation of the underlying obligation. A payment by us would be triggered by failure of the joint venture or other third party to fulfill its obligation covered by the guarantee. In some circumstances, we are entitled to recover from a third party amounts paid by us under the guarantee.

Non-Financial Guarantees. Non-financial guarantees and indemnifications are recorded at fair value at their inception. We regularly review our performance risk under these arrangements, and in the event it becomes probable we will be required to perform under a guarantee or indemnity, the amount of probable payment is recorded. The maximum potential payments for non-financial guarantees were $453 million and $278 million at December 31, 2021 and June 30, 2022, respectively. The carrying value of recorded liabilities related to non-financial guarantees was $38 million and de minimis at December 31, 2021 and June 30, 2022, respectively.

Included in the $278 million of maximum potential payments at June 30, 2022 are guarantees for the resale value of vehicles sold in certain arrangements to daily rental companies. The maximum potential payment of $271 million as of June 30, 2022 represents the total proceeds we guarantee the rental company will receive on resale.  Reflecting our present estimate of proceeds the rental companies will receive on resale from third parties, we have recorded a de minimis amount as our best estimate of the amount we will have to pay under the guarantee.

In the ordinary course of business, we execute contracts involving indemnifications standard in the industry and indemnifications specific to a transaction, such as the sale of a business. These indemnifications might include and are not limited to claims relating to any of the following: environmental, tax, and shareholder matters; intellectual property rights; power generation contracts; governmental regulations and employment-related matters; dealer, supplier, and other commercial contractual relationships; and financial matters, such as securitizations. Performance under these indemnities generally would be triggered by a breach of contract claim brought by a counterparty, including a joint venture or alliance partner, or a third-party claim. While some of these indemnifications are limited in nature, many of them do not limit potential payment. Therefore, we are unable to estimate a maximum amount of future payments that could result from claims made under these unlimited indemnities.

NOTE 20. COMMITMENTS AND CONTINGENCIES (Continued)

Litigation and Claims

Various legal actions, proceedings, and claims (generally, “matters”) are pending or may be instituted or asserted against us. These include, but are not limited to, matters arising out of alleged defects in our products; product warranties; governmental regulations relating to safety, emissions, and fuel economy or other matters; government incentives; tax matters, including trade and customs; alleged illegal acts resulting in fines or penalties; financial services; employment-related matters; dealer, supplier, and other contractual relationships; intellectual property rights; environmental matters; shareholder or investor matters; and financial reporting matters. Certain of the pending legal actions are, or purport to be, class actions. Some of the matters involve or may involve claims for compensatory, punitive, or antitrust or other treble damages in very large amounts, or demands for field service actions, environmental remediation programs, sanctions, loss of government incentives, assessments, or other relief, which, if granted, would require very large expenditures.

The extent of our financial exposure to these matters is difficult to estimate. Many matters do not specify a dollar amount for damages, and many others specify only a jurisdictional minimum. To the extent an amount is asserted, our historical experience suggests that in most instances the amount asserted is not a reliable indicator of the ultimate outcome.

We accrue for matters when losses are deemed probable and reasonably estimable. In evaluating matters for accrual and disclosure purposes, we take into consideration factors such as our historical experience with matters of a similar nature, the specific facts and circumstances asserted, the likelihood that we will prevail, and the severity of any potential loss. We reevaluate and update our accruals as matters progress over time.

For the majority of matters, which generally arise out of alleged defects in our products, we establish an accrual based on our extensive historical experience with similar matters. We do not believe there is a reasonably possible outcome materially in excess of our accrual for these matters.

For the remaining matters, where our historical experience with similar matters is of more limited value (i.e., “non-pattern matters”), we evaluate the matters primarily based on the individual facts and circumstances. For non-pattern matters, we evaluate whether there is a reasonable possibility of a material loss in excess of any accrual that can be estimated. Our estimate of reasonably possible loss in excess of our accruals for all material matters currently reflects indirect tax, customs, and regulatory matters, for which we estimate the aggregate risk to be a range of up to about $2 billion.

As noted, the litigation process is subject to many uncertainties, and the outcome of individual matters is not predictable with assurance. Our assessments are based on our knowledge and experience, but the ultimate outcome of any matter could require payment substantially in excess of the amount that we have accrued and/or disclosed.

NOTE 20. COMMITMENTS AND CONTINGENCIES (Continued)

Warranty and Field Service Actions

We accrue the estimated cost of both base warranty coverages and field service actions at the time of sale. We establish our estimate of base warranty obligations using a patterned estimation model, using historical information regarding the nature, frequency, and average cost of claims for each vehicle line by model year. We establish our estimates of field service action obligations using a patterned estimation model, using historical information regarding the nature, frequency, severity, and average cost of claims for each model year. In addition, from time to time, we issue extended warranties at our expense, the estimated cost of which is accrued at the time of issuance. Warranty and field service action obligations are reported in Other liabilities and deferred revenue. We reevaluate the adequacy of our accruals on a regular basis.

We recognize the benefit from a recovery of the costs associated with our warranty and field service actions when specifics of the recovery have been agreed with our supplier and the amount of recovery is virtually certain. Recoveries are reported in Trade and other receivables, net and Other assets.

The estimate of our future warranty and field service action costs, net of estimated supplier recoveries, for the periods ended June 30 was as follows (in millions):

	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

Changes to our estimated costs are reported as changes in accrual related to pre-existing warranties in the table above. Our estimate of reasonably possible costs in excess of our accruals for material field service actions and customer satisfaction actions is a range of up to about $700 million in the aggregate.

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Segment Information (Notes)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

We report segment information consistent with the way our chief operating decision maker (“CODM”) evaluates the operating results and performance of the Company. Accordingly, we analyze the results of our business through the following segments: Automotive, Mobility, and Ford Credit.

Effective with fourth quarter 2021 reporting, special items include gains and losses on investments in equity securities. Prior period amounts were adjusted retrospectively to reflect the change.

Below is a description of our reportable segments and other activities.

Automotive Segment

The Automotive segment primarily includes the sale of Ford and Lincoln vehicles, service parts, and accessories worldwide, together with the associated costs to develop, manufacture, distribute, and service the vehicles, parts, and accessories. This segment includes revenues and costs related to our electrification vehicle programs and enterprise connectivity. The segment includes the following regional business units:  North America, South America, Europe, China (including Taiwan), and the International Markets Group.

Mobility Segment

The Mobility segment primarily includes development costs for Ford’s autonomous vehicles and related businesses, Ford’s equity ownership in Argo AI (a developer of autonomous driving systems), and other mobility businesses and investments.

Ford Credit Segment

The Ford Credit segment is comprised of the Ford Credit business on a consolidated basis, which is primarily vehicle-related financing and leasing activities.

Corporate Other

Corporate Other primarily includes corporate governance expenses, interest income (excluding interest earned on our extended service contract portfolio that is included in our Automotive segment) and gains and losses from our cash, cash equivalents, and marketable securities (excluding gains and losses on investments in equity securities), and foreign exchange derivatives gains and losses associated with intercompany lending. Corporate governance expenses are primarily administrative, delivering benefit on behalf of the global enterprise, that are not allocated to operating segments. These include expenses related to setting and directing global policy, providing oversight and stewardship, and promoting the Company’s interests. Corporate Other assets include: cash, cash equivalents, and marketable securities; tax related assets; other investments; and other assets managed centrally.

Interest on Debt

Interest on Debt is presented as a separate reconciling item and consists of interest expense on Company debt excluding Ford Credit. The underlying liability is reported in the Automotive segment and in Corporate Other.

Special Items

Special Items are presented as a separate reconciling item. They consist of (i) pension and OPEB remeasurement gains and losses, (ii) gains and losses on investments in equity securities, (iii) significant personnel expenses, dealer-related costs, and facility-related charges stemming from our efforts to match production capacity and cost structure to market demand and changing model mix, and (iv) other items that we do not necessarily consider to be indicative of earnings from ongoing operating activities. Our management ordinarily excludes these items from its review of the results of the operating segments for purposes of measuring segment profitability and allocating resources. We also report these special items separately to help investors track amounts related to these activities and to allow investors analyzing our results to identify certain infrequent significant items that they may wish to exclude when considering the trend of ongoing operating results.

NOTE 21. SEGMENT INFORMATION (Continued)

Key financial information for the periods ended or at June 30 was as follows (in millions):

	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

__________

(a)Primarily reflects Global Redesign actions, mark-to-market adjustments for our global pension and OPEB plans, and gains/(losses) on investments in equity securities.

(b)Includes eliminations of intersegment transactions occurring in the ordinary course of business and deferred tax netting.

(c)Primarily reflects the loss on our Rivian investment.

(d)Primarily reflects the gain on our Rivian investment, Global Redesign actions, and mark-to-market adjustments for our global pension and OPEB plans.

(e)Primarily reflects the full impairment of our Ford Sollers Netherlands B.V. (the parent company of our joint venture in Russia) equity method investment, resulting from the ongoing regulatory and economic uncertainty in Russia.

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Presentation Presentation (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block]	For purposes of this report, “Ford,” the “Company,” “we,” “our,” “us,” or similar references mean Ford Motor Company, our consolidated subsidiaries, and our consolidated VIEs of which we are the primary beneficiary, unless the context requires otherwise. We also make reference to Ford Motor Credit Company LLC, herein referenced to as Ford Credit. Our consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information, instructions to the Quarterly Report on Form 10-Q, and Rule 10-01 of Regulation S-X. We reclassified certain prior year amounts in our consolidated financial statements to conform to the current year presentation.
Basis of Accounting, Policy [Policy Text Block]	Our consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information, instructions to the Quarterly Report on Form 10-Q, and Rule 10-01 of Regulation S-X. We reclassified certain prior year amounts in our consolidated financial statements to conform to the current year presentation.

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Revenue Revenue (Policies)	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue [Policy Text Block]	The amount of consideration we receive and revenue we recognize on our vehicles, parts, and accessories varies with changes in return rights and marketing incentives we offer to our customers and their customers. Estimates of marketing incentives are based on expected retail and fleet sales volumes, mix of products to be sold, and incentive programs to be offered. Customer acceptance of products and programs, as well as other market conditions, will impact these estimates.

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Income Taxes (Policies)	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Tax, Policy [Policy Text Block]	For interim tax reporting, we estimate one single effective tax rate for tax jurisdictions not subject to a valuation allowance, which is applied to the year-to-date ordinary income/(loss). Tax effects of significant unusual or infrequently occurring items are excluded from the estimated annual effective tax rate calculation and recognized in the interim period in which they occur.

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Ford Credit Finance Receivables and Allowance for Credit Losses (Policies)

6 Months Ended

Jun. 30, 2022

Financing Receivable, Allowance for Credit Loss [Line Items]

Financing Receivable, Allowance for Credit Losses, Policy for Uncollectible Amounts [Policy Text Block]

Allowance for Credit Losses

The allowance for credit losses represents an estimate of the lifetime expected credit losses inherent in finance receivables as of the balance sheet date. The adequacy of the allowance for credit losses is assessed quarterly.

Adjustments to the allowance for credit losses are made by recording charges to Ford Credit interest, operating, and other expenses on our consolidated income statements. The uncollectible portion of a finance receivable is charged to the allowance for credit losses at the earlier of when an account is deemed to be uncollectible or when an account is 120 days delinquent, taking into consideration the financial condition of the customer or borrower, the value of the collateral, recourse to guarantors, and other factors.

NOTE 8. FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued)

Charge-offs on finance receivables include uncollected amounts related to principal, interest, late fees, and other allowable charges. Recoveries on finance receivables previously charged off as uncollectible are credited to the allowance for credit losses. In the event Ford Credit repossesses the collateral, the receivable is charged off and the collateral is recorded at its estimated fair value less costs to sell and reported in Other assets on our consolidated balance sheets.

Financing Receivable [Policy Text Block]

Ford Credit manages finance receivables as “consumer” and “non-consumer” portfolios.  The receivables are generally secured by the vehicles, inventory, or other property being financed.

Finance receivables are recorded at the time of origination or purchase at fair value and are subsequently reported at amortized cost, net of any allowance for credit losses.

For all finance receivables, Ford Credit defines “past due” as any payment, including principal and interest, that is at least 31 days past the contractual due date.

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Other Investments (Policies)	6 Months Ended
	Jun. 30, 2022
Other Investments [Abstract]
Equity Securities without Readily Determinable Fair Value	We have investments in entities not accounted for under the equity method for which fair values are not readily available. We record these investments at cost (less impairment, if any), adjusted for observable price changes in orderly transactions for the identical or a similar investment of the same issuer. We report the carrying value of these investments in Other assets in the non-current assets section of our consolidated balance sheets.

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Retirement Benefits Pension and Other Postemployment Benefits (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Pension and Other Postretirement Plans, Pensions, Policy [Policy Text Block]	The service cost component is included in Cost of sales and Selling, administrative, and other expenses. Other components of net periodic benefit cost/(income) are included in Other income/(loss), net on our consolidated income statements.

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Derivative Financial Instruments and Hedging Activities Derivative Financial Instruments and Hedging Activities (Policies)	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives, Policy [Policy Text Block]	In the normal course of business, our operations are exposed to global market risks, including the effect of changes in foreign currency exchange rates, certain commodity prices, and interest rates. To manage these risks, we enter into highly effective derivative contracts. We have elected to apply hedge accounting to certain derivatives. Derivatives that are designated in hedging relationships are evaluated for effectiveness using regression analysis at the time they are designated and throughout the hedge period. Some derivatives do not qualify for hedge accounting; for others, we elect not to apply hedge accounting. Derivative assets and liabilities are reported on our consolidated balance sheets at fair value and are presented on a gross basis. The notional amounts of the derivative instruments do not necessarily represent amounts exchanged by the parties and are not a direct measure of our financial exposure. We also enter into master agreements with counterparties that may allow for netting of exposures in the event of default or breach of the counterparty agreement. Collateral represents cash received or paid under reciprocal arrangements that we have entered into with our derivative counterparties, which we do not use to offset our derivative assets and liabilities.

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Employee Separation Actions and Exit and Disposal Activities (Policies)	6 Months Ended
	Jun. 30, 2022
Restructuring Charges [Abstract]
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block]	We record costs associated with voluntary separations at the time of employee acceptance, unless the acceptance requires explicit approval by the Company. We record costs associated with involuntary separation programs when management has approved the plan for separation, the affected employees are identified, and it is unlikely that actions required to complete the separation plan will change significantly. Costs associated with benefits that are contingent on the employee continuing to provide service are accrued over the required service period.

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Commitments and Contingencies Commitments and Contingencies (Policies)

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies, Policy [Policy Text Block]

Litigation and Claims

Various legal actions, proceedings, and claims (generally, “matters”) are pending or may be instituted or asserted against us. These include, but are not limited to, matters arising out of alleged defects in our products; product warranties; governmental regulations relating to safety, emissions, and fuel economy or other matters; government incentives; tax matters, including trade and customs; alleged illegal acts resulting in fines or penalties; financial services; employment-related matters; dealer, supplier, and other contractual relationships; intellectual property rights; environmental matters; shareholder or investor matters; and financial reporting matters. Certain of the pending legal actions are, or purport to be, class actions. Some of the matters involve or may involve claims for compensatory, punitive, or antitrust or other treble damages in very large amounts, or demands for field service actions, environmental remediation programs, sanctions, loss of government incentives, assessments, or other relief, which, if granted, would require very large expenditures.

The extent of our financial exposure to these matters is difficult to estimate. Many matters do not specify a dollar amount for damages, and many others specify only a jurisdictional minimum. To the extent an amount is asserted, our historical experience suggests that in most instances the amount asserted is not a reliable indicator of the ultimate outcome.

We accrue for matters when losses are deemed probable and reasonably estimable. In evaluating matters for accrual and disclosure purposes, we take into consideration factors such as our historical experience with matters of a similar nature, the specific facts and circumstances asserted, the likelihood that we will prevail, and the severity of any potential loss. We reevaluate and update our accruals as matters progress over time.

For the majority of matters, which generally arise out of alleged defects in our products, we establish an accrual based on our extensive historical experience with similar matters. We do not believe there is a reasonably possible outcome materially in excess of our accrual for these matters.

For the remaining matters, where our historical experience with similar matters is of more limited value (i.e., “non-pattern matters”), we evaluate the matters primarily based on the individual facts and circumstances. For non-pattern matters, we evaluate whether there is a reasonable possibility of a material loss in excess of any accrual that can be estimated.As noted, the litigation process is subject to many uncertainties, and the outcome of individual matters is not predictable with assurance. Our assessments are based on our knowledge and experience, but the ultimate outcome of any matter could require payment substantially in excess of the amount that we have accrued and/or disclosed.

Guarantees, Indemnifications and Warranties Policies [Policy Text Block]

Financial Guarantees. Financial guarantees and indemnifications are recorded at fair value at their inception. Subsequent to initial recognition, the guarantee liability is adjusted at each reporting period to reflect the current estimate of expected payments resulting from possible default events over the remaining life of the guarantee. Non-Financial Guarantees. Non-financial guarantees and indemnifications are recorded at fair value at their inception. We regularly review our performance risk under these arrangements, and in the event it becomes probable we will be required to perform under a guarantee or indemnity, the amount of probable payment is recorded.

Warranty and Field Service Actions

We accrue the estimated cost of both base warranty coverages and field service actions at the time of sale. We establish our estimate of base warranty obligations using a patterned estimation model, using historical information regarding the nature, frequency, and average cost of claims for each vehicle line by model year. We establish our estimates of field service action obligations using a patterned estimation model, using historical information regarding the nature, frequency, severity, and average cost of claims for each model year. In addition, from time to time, we issue extended warranties at our expense, the estimated cost of which is accrued at the time of issuance. Warranty and field service action obligations are reported in Other liabilities and deferred revenue. We reevaluate the adequacy of our accruals on a regular basis.

We recognize the benefit from a recovery of the costs associated with our warranty and field service actions when specifics of the recovery have been agreed with our supplier and the amount of recovery is virtually certain. Recoveries are reported in Trade and other receivables, net and Other assets.

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Segment Information Segment Information (Policies)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Reporting, Policy [Policy Text Block]

We report segment information consistent with the way our chief operating decision maker (“CODM”) evaluates the operating results and performance of the Company. Accordingly, we analyze the results of our business through the following segments: Automotive, Mobility, and Ford Credit.

Effective with fourth quarter 2021 reporting, special items include gains and losses on investments in equity securities. Prior period amounts were adjusted retrospectively to reflect the change.

Below is a description of our reportable segments and other activities.

Automotive Segment

The Automotive segment primarily includes the sale of Ford and Lincoln vehicles, service parts, and accessories worldwide, together with the associated costs to develop, manufacture, distribute, and service the vehicles, parts, and accessories. This segment includes revenues and costs related to our electrification vehicle programs and enterprise connectivity. The segment includes the following regional business units:  North America, South America, Europe, China (including Taiwan), and the International Markets Group.

Mobility Segment

The Mobility segment primarily includes development costs for Ford’s autonomous vehicles and related businesses, Ford’s equity ownership in Argo AI (a developer of autonomous driving systems), and other mobility businesses and investments.

Ford Credit Segment

The Ford Credit segment is comprised of the Ford Credit business on a consolidated basis, which is primarily vehicle-related financing and leasing activities.

Corporate Other

Corporate Other primarily includes corporate governance expenses, interest income (excluding interest earned on our extended service contract portfolio that is included in our Automotive segment) and gains and losses from our cash, cash equivalents, and marketable securities (excluding gains and losses on investments in equity securities), and foreign exchange derivatives gains and losses associated with intercompany lending. Corporate governance expenses are primarily administrative, delivering benefit on behalf of the global enterprise, that are not allocated to operating segments. These include expenses related to setting and directing global policy, providing oversight and stewardship, and promoting the Company’s interests. Corporate Other assets include: cash, cash equivalents, and marketable securities; tax related assets; other investments; and other assets managed centrally.

Interest on Debt

Interest on Debt is presented as a separate reconciling item and consists of interest expense on Company debt excluding Ford Credit. The underlying liability is reported in the Automotive segment and in Corporate Other.

Special Items

Special Items are presented as a separate reconciling item. They consist of (i) pension and OPEB remeasurement gains and losses, (ii) gains and losses on investments in equity securities, (iii) significant personnel expenses, dealer-related costs, and facility-related charges stemming from our efforts to match production capacity and cost structure to market demand and changing model mix, and (iv) other items that we do not necessarily consider to be indicative of earnings from ongoing operating activities. Our management ordinarily excludes these items from its review of the results of the operating segments for purposes of measuring segment profitability and allocating resources. We also report these special items separately to help investors track amounts related to these activities and to allow investors analyzing our results to identify certain infrequent significant items that they may wish to exclude when considering the trend of ongoing operating results.

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Revenue (Tables)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation Of Revenue

The following tables disaggregate our revenue by major source for the periods ended June 30 (in millions):

	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

__________

(a)Includes extended service contract revenue.

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Other Income/(Loss) (Tables)

6 Months Ended

Jun. 30, 2022

Other Income and Expenses [Abstract]

Schedule of Other Nonoperating Income (Expense) [Table Text Block]

The amounts included in Other income/(loss), net for the periods ended June 30 were as follows (in millions):

	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)

__________

(a)    Includes a $2.4 billion loss and a $7.9 billion loss on our Rivian investment in the second quarter and first half of 2022, respectively.

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Capital Stock and Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share [Table Text Block]

Basic and diluted earnings/(loss) per share were calculated using the following (in millions):

	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

__________

(a)    In the first half of 2022, there were 43 million shares excluded from the calculation of diluted earnings/(loss) per share, due to their anti-dilutive effect.

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Cash, Cash Equivalents, and Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2022

Cash, Cash Equivalents, and Marketable Securities [Abstract]

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

The fair values of cash, cash equivalents, and marketable securities measured at fair value on a recurring basis were as follows (in millions):

		December 31, 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

__________

(a)Includes $10.6 billion and $2 billion of Rivian common shares valued at $103.69 and $25.74 per share as of December 31, 2021 and June 30, 2022, respectively. In the second quarter of 2022, we sold 25.2 million of our 101.9 million Rivian common shares for about $700 million in total proceeds. Net unrealized gains/losses recognized during full year 2021 and the first half of 2022 on all equity securities held at December 31, 2021 and June 30, 2022 were an $8.3 billion gain and a $6 billion loss, respectively.

Debt Securities, Available-for-sale

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 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

Sales proceeds and gross realized gains/losses from the sale of AFS securities for the periods ended June 30 were as follows (in millions):

	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

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value

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 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)

Schedule Cash, Cash Equivalents, and Restricted Cash [Table Text Block]

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

	December 31, 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

__________

(a)Included in Other assets in the non-current assets section of our consolidated balance sheets.

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Ford Credit Finance Receivables (Tables)

6 Months Ended

Jun. 30, 2022

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

Ford Credit finance receivables, net were as follows (in millions):

	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

__________

(a)Net finance receivables subject to fair value exclude finance leases.

(b)The fair value of finance receivables is categorized within Level 3 of the fair value hierarchy.

Financing Receivable, Past Due

The credit quality analysis of consumer receivables at December 31, 2021 was as follows (in millions):

	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	%

The credit quality analysis of consumer receivables at June 30, 2022 was as follows (in millions):

	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	%

Financing Receivable Credit Quality Indicators

The credit quality analysis of dealer financing receivables at December 31, 2021 was as follows (in millions):

	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	%

__________

(a)Total past due dealer financing receivables at December 31, 2021 were $62 million.

The credit quality analysis of dealer financing receivables at June 30, 2022 was as follows (in millions):

	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	%

__________

(a)Total past due dealer financing receivables at June 30, 2022 were $8 million.

Financing Receivable, Allowance for Credit Loss

An analysis of the allowance for credit losses related to finance receivables for the periods ended June 30 was as follows (in millions):

	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

__________

(a)    Primarily represents amounts related to translation adjustments.

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Inventories (Tables)

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory [Table Text Block]

Inventories were as follows (in millions):

	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

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Other Liabilities and Deferred Revenue (Tables)

6 Months Ended

Jun. 30, 2022

Other Liabilities [Abstract]

Schedule of Accrued Liabilities and Deferred Revenue [Table Text Block]

Other liabilities and deferred revenue were as follows (in millions):

	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

__________

(a)Balances at June 30, 2022 reflect pension and OPEB liabilities at December 31, 2021, updated (where applicable) for service and interest cost, expected return on assets, separation expense, actual benefit payments, and cash contributions. The discount rate and rate of expected return assumptions are unchanged from year-end 2021. Included in Other assets are pension assets of $8.5 billion and $8.9 billion at December 31, 2021 and June 30, 2022, respectively.

(b)Includes current derivative liabilities of $97 million and $705 million at December 31, 2021 and June 30, 2022, respectively. Includes non-current derivative liabilities of $535 million and $1.5 billion at December 31, 2021 and June 30, 2022, respectively (see Note 15).

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Retirement Benefits (Tables)

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Defined Benefit Plans - Expense

The pre-tax net periodic benefit cost/(income) for our defined benefit pension and OPEB plans for the periods ended June 30 were as follows (in millions):

	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

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Debt (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of debt outstanding [Table Text Block]

The carrying value of Company debt excluding Ford Credit and Ford Credit debt was as follows (in millions):

	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

__________

(a)As of June 30, 2022, each $1,000 principal amount of the notes will be convertible into 57.7721 shares of our Common Stock, which is equivalent to a conversion price of approximately $17.31 per share. We recognized issuance cost amortization of $2 million during the second quarter and first half of 2021, and $2 million and $3 million during the second quarter and first half of 2022, respectively.

(b)We entered into a £750 million 5-year term loan pursuant to the U.K. Export Finance Program in June 2022.

(c)At December 31, 2021 and June 30, 2022, the fair value of debt includes $209 million and $1,033 million of Company excluding Ford Credit short-term debt and $14.1 billion and $13.2 billion of Ford Credit short-term debt, respectively, carried at cost, which approximates fair value. All other debt is categorized within Level 2 of the fair value hierarchy.

(d)These adjustments are related to hedging activity and include discontinued hedging relationship adjustments of $257 million and $179 million at December 31, 2021 and June 30, 2022, respectively. The carrying value of hedged debt was $37.5 billion and $33.4 billion at December 31, 2021 and June 30, 2022, respectively.

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Derivative Financial Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Income Effect of Derivative Instruments [Table Text Block]

The gains/(losses), by hedge designation, reported in income for the periods ended June 30 were as follows (in millions):

	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)

__________

(a)For the second quarter and first half of 2021, a $110 million loss and a $571 million loss, respectively, were reported in Other comprehensive income/(loss), net of tax. For the second quarter and first half of 2022, a $234 million gain and a $106 million gain, respectively, were reported in Other comprehensive income/(loss), net of tax.

(b)For the second quarter and first half of 2021, a $100 million gain and a $180 million gain, respectively, were reported in Other comprehensive income/(loss), net of tax. For the second quarter and first half of 2022, a $360 million loss and a $76 million loss, respectively, were reported in Other comprehensive income/(loss), net of tax.

(c)For the second quarter and first half of 2021, a $103 million loss and a $78 million gain, respectively, were reported in Cost of sales, and a $44 million loss and an $8 million gain, respectively, were reported in Other income/(loss), net. For the second quarter and first half of 2022, a $100 million gain and a $56 million gain, respectively, were reported in Cost of sales, and a $27 million gain and a $25 million gain, respectively, were reported in Other income/(loss), net.

Balance Sheet Effect of Derivative Instruments [Table Text Block]

The fair value of our derivative instruments and the associated notional amounts were as follows (in millions):

	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

__________

(a)At December 31, 2021 and June 30, 2022, we held collateral of $26 million and $147 million, respectively, and we posted collateral of $71 million and $115 million, respectively.

(b)At December 31, 2021 and June 30, 2022, the fair value of assets and liabilities available for counterparty netting was $719 million and $388 million, respectively. All derivatives are categorized within Level 2 of the fair value hierarchy.

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Employee Separation Actions and Exit and Disposal Activities (Tables)

6 Months Ended

Jun. 30, 2022

Restructuring Cost and Reserve [Line Items]

Schedule of Restructuring Reserve by Type of Cost

The following table summarizes the activities for the periods ended June 30, which are recorded in Other liabilities and deferred revenue (in millions):

	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

__________

(a)Excludes pension costs of $46 million and $9 million in the second quarter of 2021 and 2022, respectively, and $84 million and $16 million in the first half of 2021 and 2022, respectively.

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Investments, Equity Method and Joint Ventures (Tables)

6 Months Ended

Jun. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Disposal Groups, Including Discontinued Operations [Table Text Block]

The assets and liabilities classified as held for sale for the period ended June 30, were as follows (in millions):

	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

__________

(a)    As of June 30, 2022, intercompany items and transactions have been eliminated on the consolidated balance sheets. The buyer assumed the intercompany assets and liabilities upon the July 1, 2022 closing (described below). Accordingly, we have presented those balances in the table for informational purposes.

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Accumulated Other Comprehensive Income/(Loss) (Tables)

6 Months Ended

Jun. 30, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The changes in the balances for each component of accumulated other comprehensive income/(loss) attributable to Ford Motor Company for the periods ended June 30 were as follows (in millions):

	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)

__________

(a)We do not recognize deferred taxes for a majority of the foreign currency translation gains and losses because we do not anticipate reversal in the foreseeable future. However, we have made elections to tax certain non-U.S. operations simultaneously in U.S. tax returns, and have recorded deferred taxes for temporary differences that will reverse, independent of repatriation plans, in U.S. tax returns. Taxes or tax benefits resulting from foreign currency translation of the temporary differences are recorded in Other comprehensive income/(loss), net of tax.

(b)Reclassified to Other income/(loss), net.

(c)In 2022, excludes a loss of $4 million related to noncontrolling interests.

(d)Reclassified to Cost of sales. During the next twelve months, we expect to reclassify existing net losses on cash flow hedges of $105 million (see Note 15).

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Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Warranty [Table Text Block]

The estimate of our future warranty and field service action costs, net of estimated supplier recoveries, for the periods ended June 30 was as follows (in millions):

	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

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Segment Information (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

Key financial information for the periods ended or at June 30 was as follows (in millions):

	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

__________

(a)Primarily reflects Global Redesign actions, mark-to-market adjustments for our global pension and OPEB plans, and gains/(losses) on investments in equity securities.

(b)Includes eliminations of intersegment transactions occurring in the ordinary course of business and deferred tax netting.

(c)Primarily reflects the loss on our Rivian investment.

(d)Primarily reflects the gain on our Rivian investment, Global Redesign actions, and mark-to-market adjustments for our global pension and OPEB plans.

(e)Primarily reflects the full impairment of our Ford Sollers Netherlands B.V. (the parent company of our joint venture in Russia) equity method investment, resulting from the ongoing regulatory and economic uncertainty in Russia.

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Revenue - Disaggregation of Revenue from Contract with Customer by Products and Services (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 40,190	$ 26,752	$ 74,666	$ 62,980
Ford Credit
Disaggregation of Revenue [Line Items]
Total revenues	2,256	2,603	4,537	5,266
Vehicles, parts, and accessories
Disaggregation of Revenue [Line Items]
Total revenues	36,831	22,663	67,822	54,798
Used vehicles
Disaggregation of Revenue [Line Items]
Total revenues	373	752	802	1,497
Service and Other Revenue
Disaggregation of Revenue [Line Items]
Total revenues	729	704	1,470	1,328
Revenues from sales and services
Disaggregation of Revenue [Line Items]
Total revenues	37,933	24,119	70,094	57,623
Leasing income
Disaggregation of Revenue [Line Items]
Total revenues	1,219	1,445	2,483	2,902
Financing income
Disaggregation of Revenue [Line Items]
Total revenues	1,026	1,174	2,066	2,417
Insurance income
Disaggregation of Revenue [Line Items]
Total revenues	12	14	23	38
Operating Segments | Company excluding Ford Credit
Disaggregation of Revenue [Line Items]
Total revenues	37,934	24,149	70,129	57,714
Operating Segments | Ford Credit
Disaggregation of Revenue [Line Items]
Total revenues	2,256	2,603	4,537	5,266
Operating Segments | Vehicles, parts, and accessories | Company excluding Ford Credit
Disaggregation of Revenue [Line Items]
Total revenues	36,831	22,663	67,822	54,798
Operating Segments | Vehicles, parts, and accessories | Ford Credit
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Operating Segments | Used vehicles | Company excluding Ford Credit
Disaggregation of Revenue [Line Items]
Total revenues	373	752	802	1,497
Operating Segments | Used vehicles | Ford Credit
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Operating Segments | Service and Other Revenue | Company excluding Ford Credit
Disaggregation of Revenue [Line Items]
Total revenues	677	656	1,399	1,264
Operating Segments | Service and Other Revenue | Ford Credit
Disaggregation of Revenue [Line Items]
Total revenues	52	48	71	64
Operating Segments | Revenues from sales and services | Company excluding Ford Credit
Disaggregation of Revenue [Line Items]
Total revenues	37,881	24,071	70,023	57,559
Operating Segments | Revenues from sales and services | Ford Credit
Disaggregation of Revenue [Line Items]
Total revenues	52	48	71	64
Operating Segments | Leasing income | Company excluding Ford Credit
Disaggregation of Revenue [Line Items]
Total revenues	53	78	106	155
Operating Segments | Leasing income | Ford Credit
Disaggregation of Revenue [Line Items]
Total revenues	1,166	1,367	2,377	2,747
Operating Segments | Financing income | Company excluding Ford Credit
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Operating Segments | Financing income | Ford Credit
Disaggregation of Revenue [Line Items]
Total revenues	1,026	1,174	2,066	2,417
Operating Segments | Insurance income | Company excluding Ford Credit
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Operating Segments | Insurance income | Ford Credit
Disaggregation of Revenue [Line Items]
Total revenues	$ 12	$ 14	$ 23	$ 38

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Revenue Revenue - Narrative (Details) - Operating Segments - Company excluding Ford Credit - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Vehicles, parts, and accessories
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue Performance Obligation Satisfied In Prior Period	$ 152	$ 214
Services and other revenue (a)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	700		$ 700
Contract with Customer, Liability	4,300		4,300		$ 4,300
Contract with Customer, Liability, Revenue Recognized	352	336	717	$ 678
Capitalized Contract Cost, Net	314		314		$ 309
Capitalized Contract Cost, Amortization	$ 22	$ 19	$ 44	$ 39

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Revenue Revenue - Performance Obligations (Details) - Services and other revenue (a) - Company excluding Ford Credit - Operating Segments $ in Millions	Jun. 30, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 700
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 1,200
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 2,400
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	8 years

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Other Income/(Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Net Periodic Defined Benefits Expense (Reversal of Expense), Excluding Service Cost Component	$ 430	$ 768	$ 889	$ 1,380
Investment-related interest income	89	64	150	136
Unrecognized Tax Benefits, Interest on Income Taxes Expense	2	0	7	(3)
Gain (Loss) on Investments	(2,520)	7	(7,974)	906
Gains (Losses) On Changes In Investments In Affiliates	(21)	166	(146)	332
Royalty income	111	128	255	299
Other	86	26	146	(19)
Total	(1,823)	$ 1,159	(6,673)	$ 3,031
Equities (a)
Marketable Securities, Unrealized Gain (Loss)			(6,000)		$ 8,300
Equities (a) | Rivian
Gain (Loss) on Investments	$ (2,400)		$ (7,900)

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Capital Stock and Earnings Per Share (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Basic and Diluted Income Attributable to Ford Motor Company [Abstract]
Net income/(loss) attributable to Ford Motor Company	$ 667	$ 561	$ (2,443)	$ 3,823
Basic and Diluted Shares [Abstract]
Basic shares (average shares outstanding)	4,021	3,992	4,014	3,986
Net dilutive options, unvested restricted stock units, unvested restricted stock shares, and convertible debt (a)	31	36	0	36
Diluted shares	4,052	4,028	4,014	4,022
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			43

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Cash, Cash Equivalents, and Marketable Securities (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Mar. 31, 2022	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash and cash equivalents	$ 19,516	$ 19,516	$ 20,540
Restricted cash	600	600	197
Cash, cash equivalents, and restricted cash in held-for-sale assets	18	18	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations	18	18	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	20,134	20,134	20,737		$ 23,162	$ 25,935
Operating Segments | Ford Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash and cash equivalents	6,298	6,298	10,963
Restricted cash	108	108	128
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations	0	0	0
Operating Segments | Company excluding Ford Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash and cash equivalents	13,218	13,218	9,577
Debt Securities, Available-for-sale	12,705	12,705	15,232
Restricted cash	492	492	69
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations	18	18	0
U.S. government | Operating Segments | Company excluding Ford Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	3,180	3,180	3,819
U.S. government agencies | Operating Segments | Company excluding Ford Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	2,083	2,083	2,230
Non-U.S. government and agencies | Operating Segments | Company excluding Ford Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	2,313	2,313	2,584
Corporate debt | Operating Segments | Company excluding Ford Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	4,873	4,873	6,371
Equities (a)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities, Unrealized Gain (Loss)		(6,000)	8,300
Equities (a) | Rivian
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Security, Common Stock	$ 2,000	$ 2,000	$ 10,600
Share Price	$ 25.74	$ 25.74	$ 103.69
Marketable Security, Common Stock, Shares Sold	25.2
Marketable Security, Common Stock, Shares				101.9
Proceeds from Sale of Equity Securities, FV-NI	$ 700
Other marketable securities | Operating Segments | Company excluding Ford Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	256	$ 256	$ 228
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	4,862	4,862	5,435
Cash, Cash Equivalents, and Short-term Investments	14,654	14,654	15,105
Debt Securities, Available-for-sale	17,184	17,184	29,053
Fair Value, Recurring | Operating Segments | Ford Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	1,052	1,052	2,043
Cash, Cash Equivalents, and Short-term Investments	5,246	5,246	8,920
Debt Securities, Available-for-sale	2,186	2,186	2,173
Fair Value, Recurring | Operating Segments | Company excluding Ford Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	3,810	3,810	3,392
Cash, Cash Equivalents, and Short-term Investments	9,408	9,408	6,185
Debt Securities, Available-for-sale	14,998	14,998	26,880
Fair Value, Recurring | Level 1 [Member] | U.S. government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	2,117	2,117	3,588
Debt Securities, Available-for-sale	3,587	3,587	4,882
Fair Value, Recurring | Level 1 [Member] | U.S. government | Operating Segments | Ford Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	40	40	711
Debt Securities, Available-for-sale	325	325	864
Fair Value, Recurring | Level 1 [Member] | U.S. government | Operating Segments | Company excluding Ford Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	2,077	2,077	2,877
Debt Securities, Available-for-sale	3,262	3,262	4,018
Fair Value, Recurring | Level 1 [Member] | Equities (a)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	2,037	2,037	10,673
Fair Value, Recurring | Level 1 [Member] | Equities (a) | Operating Segments | Ford Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	0	0	0
Fair Value, Recurring | Level 1 [Member] | Equities (a) | Operating Segments | Company excluding Ford Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	2,037	2,037	10,673
Fair Value, Recurring | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Cash Equivalents, at Carrying Value	8	8
Fair Value, Recurring | Level 2 [Member] | Operating Segments | Ford Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Cash Equivalents, at Carrying Value	0	0
Fair Value, Recurring | Level 2 [Member] | Operating Segments | Company excluding Ford Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Cash Equivalents, at Carrying Value	8	8
Fair Value, Recurring | Level 2 [Member] | U.S. government agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	867	867	595
Debt Securities, Available-for-sale	2,299	2,299	2,345
Fair Value, Recurring | Level 2 [Member] | U.S. government agencies | Operating Segments | Ford Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	0	0	240
Debt Securities, Available-for-sale	223	223	75
Fair Value, Recurring | Level 2 [Member] | U.S. government agencies | Operating Segments | Company excluding Ford Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	867	867	355
Debt Securities, Available-for-sale	2,076	2,076	2,270
Fair Value, Recurring | Level 2 [Member] | Non-U.S. government and agencies
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	1,240	1,240	207
Debt Securities, Available-for-sale	3,627	3,627	4,070
Fair Value, Recurring | Level 2 [Member] | Non-U.S. government and agencies | Operating Segments | Ford Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	382	382	152
Debt Securities, Available-for-sale	1,184	1,184	697
Fair Value, Recurring | Level 2 [Member] | Non-U.S. government and agencies | Operating Segments | Company excluding Ford Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	858	858	55
Debt Securities, Available-for-sale	2,443	2,443	3,373
Fair Value, Recurring | Level 2 [Member] | Corporate debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	630	630	1,045
Debt Securities, Available-for-sale	5,184	5,184	6,603
Fair Value, Recurring | Level 2 [Member] | Corporate debt | Operating Segments | Ford Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	630	630	940
Debt Securities, Available-for-sale	274	274	304
Fair Value, Recurring | Level 2 [Member] | Corporate debt | Operating Segments | Company excluding Ford Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	0	0	105
Debt Securities, Available-for-sale	4,910	4,910	6,299
Fair Value, Recurring | Level 2 [Member] | Other marketable securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	450	450	480
Fair Value, Recurring | Level 2 [Member] | Other marketable securities | Operating Segments | Ford Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	180	180	233
Fair Value, Recurring | Level 2 [Member] | Other marketable securities | Operating Segments | Company excluding Ford Credit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale	$ 270	$ 270	$ 247

XML

Cash, Cash Equivalents, and Marketable Securities Available for Sale Securities (Details) - Operating Segments - Company excluding Ford Credit - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Debt Securities, Available-for-sale [Abstract]
Debt Securities, Available-for-sale, Amortized Cost	$ 13,183		$ 13,183		$ 15,270
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	0		0		42
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(478)		(478)		(80)
Debt Securities, Available-for-sale	12,705		12,705		15,232
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value	3,113		3,113		5,175
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value	9,379		9,379		9,821
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value	213		213		236
Sales proceeds	1,118	$ 659	5,122	$ 3,539
Gross realized gains	1	4	7	17
Gross realized losses	9	$ 0	15	$ 2
U.S. government
Debt Securities, Available-for-sale [Abstract]
Debt Securities, Available-for-sale, Amortized Cost	3,277		3,277		3,821
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	0		0		12
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(97)		(97)		(14)
Debt Securities, Available-for-sale	3,180		3,180		3,819
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value	809		809		1,360
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value	2,349		2,349		2,435
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value	22		22		24
U.S. government agencies
Debt Securities, Available-for-sale [Abstract]
Debt Securities, Available-for-sale, Amortized Cost	2,180		2,180		2,249
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	0		0		2
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(97)		(97)		(21)
Debt Securities, Available-for-sale	2,083		2,083		2,230
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value	591		591		316
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value	1,410		1,410		1,802
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value	82		82		112
Non-U.S. government and agencies
Debt Securities, Available-for-sale [Abstract]
Debt Securities, Available-for-sale, Amortized Cost	2,414		2,414		2,599
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	0		0		6
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(101)		(101)		(21)
Debt Securities, Available-for-sale	2,313		2,313		2,584
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value	451		451		854
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value	1,850		1,850		1,708
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value	12		12		22
Corporate debt
Debt Securities, Available-for-sale [Abstract]
Debt Securities, Available-for-sale, Amortized Cost	5,047		5,047		6,373
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	0		0		21
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(174)		(174)		(23)
Debt Securities, Available-for-sale	4,873		4,873		6,371
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value	1,262		1,262		2,645
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value	3,588		3,588		3,726
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value	23		23		0
Other marketable securities
Debt Securities, Available-for-sale [Abstract]
Debt Securities, Available-for-sale, Amortized Cost	265		265		228
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	0		0		1
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(9)		(9)		(1)
Debt Securities, Available-for-sale	256		256		228
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value	0		0		0
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value	182		182		150
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value	$ 74		$ 74		$ 78

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Cash, Cash Equivalents, and Marketable Securities Debt Securities in Unrealized Loss Position (Details) - Company excluding Ford Credit - Operating Segments - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 9,930	$ 9,836
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(326)	(75)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	2,473	197
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(152)	(5)
Debt Securities, Available-for-sale, Unrealized Loss Position	12,403	10,033
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(478)	(80)
U.S. government
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	2,674	2,598
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(84)	(14)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	469	0
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(13)	0
Debt Securities, Available-for-sale, Unrealized Loss Position	3,143	2,598
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(97)	(14)
U.S. government agencies
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	1,098	1,809
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(33)	(19)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	933	73
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(64)	(2)
Debt Securities, Available-for-sale, Unrealized Loss Position	2,031	1,882
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(97)	(21)
Non-U.S. government and agencies
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	1,542	1,614
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(57)	(20)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	633	38
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(44)	(1)
Debt Securities, Available-for-sale, Unrealized Loss Position	2,175	1,652
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(101)	(21)
Corporate debt
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	4,402	3,637
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(144)	(21)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	406	71
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(30)	(2)
Debt Securities, Available-for-sale, Unrealized Loss Position	4,808	3,708
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(174)	(23)
Other marketable securities
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	214	178
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(8)	(1)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	32	15
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(1)	0
Debt Securities, Available-for-sale, Unrealized Loss Position	246	193
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ (9)	$ (1)

XML

Cash, Cash Equivalents, and Marketable Securities Restricted Cash (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 19,516	$ 20,540
Restricted cash	600	197
Cash, cash equivalents, and restricted cash in held-for-sale assets	18	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 20,134	$ 20,737	$ 23,162	$ 25,935

XML

Ford Credit Finance Receivables, net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Financing Receivables [Line Items]
Number Of Days After Which Finance Receivable Is Considered Past Due	31 days		31 days
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Current portion	$ 30,716		$ 30,716			$ 32,543
Non-current portion	49,743		49,743			51,256
Variable Interest Entity, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Total finance receivables, net	43,162		43,162			43,001
Ford Credit
Financing Receivables [Line Items]
Sales-type Lease, Lease Income	73	$ 88	150	$ 178
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Retail installment contracts, gross	81,222		81,222			84,724
Total finance receivables, net	80,459		80,459			83,799
Financing Receivable, Allowance for Credit Loss	(763)	(1,061)	(763)	(1,061)	$ (845)	(925)	$ (1,223)	$ (1,305)
Current portion	30,716		30,716			32,543
Non-current portion	49,743		49,743			51,256
Net finance receivables subject to fair value (a)	74,113		74,113			76,796
Interest Receivable	119		119			125
Ford Credit | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member]
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Fair value (b)	72,460		72,460			77,648
Ford Credit | Consumer
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Retail installment contracts, gross	69,240		69,240			73,446
Retail financing, gross	71,775		71,775			76,466
Financing Receivable, Allowance for Credit Loss	(754)	(1,022)	(754)	(1,022)	(826)	(903)	(1,170)	(1,245)
Ford Credit | Consumer | Variable Interest Entity, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Retail installment contracts, gross	36,500		36,500			39,000
Ford Credit | Consumer | Retail installment contracts
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Retail installment contracts, gross	65,128		65,128			69,148
Ford Credit | Consumer | Retail financing
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Retail installment contracts, gross	69,240		69,240			73,446
Unearned interest supplements	(2,535)		(2,535)			(3,020)
Ford Credit | Finance Leases Portfolio Segment | Retail financing
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Finance leases, gross	6,647		6,647			7,318
Ford Credit | Non-consumer
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Retail installment contracts, gross	11,982		11,982			11,278
Financing Receivable, Allowance for Credit Loss	(9)	$ (39)	(9)	$ (39)	$ (19)	(22)	$ (53)	$ (60)
Ford Credit | Non-consumer | Variable Interest Entity, Primary Beneficiary
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Retail installment contracts, gross	13,600		13,600			12,000
Ford Credit | Non-consumer | Dealer financing
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Retail installment contracts, gross	$ 11,982		$ 11,982			$ 11,278

XML

Ford Credit Finance Receivables - Aging (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Pass | Consumer | Maximum
Financing Receivables, Aging [Line Items]
Finance Receivables Credit Quality Ratings Term Range	60 days
Special Mention | Consumer | Minimum
Financing Receivables, Aging [Line Items]
Finance Receivables Credit Quality Ratings Term Range	61 days
Special Mention | Consumer | Maximum
Financing Receivables, Aging [Line Items]
Finance Receivables Credit Quality Ratings Term Range	120 days
Substandard | Consumer | Minimum
Financing Receivables, Aging [Line Items]
Finance Receivables Credit Quality Ratings Term Range	120 days
Ford Credit
Financing Receivables, Aging [Line Items]
Recorded investment	$ 81,222	$ 84,724
Non-accrual of Financing Revenue	90 days
Ford Credit | Consumer
Financing Receivables, Aging [Line Items]
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	$ 1,919	868
Financing Receivable, Originated Four Years before Latest Fiscal Year	4,333	2,675
Financing Receivable, Originated Three Years before Latest Fiscal Year	9,019	6,683
Financing Receivable, Originated Two Years before Latest Fiscal Year	17,909	12,847
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	22,675	22,938
Financing Receivable, Originated in Current Fiscal Year	13,385	27,435
Recorded investment	$ 69,240	$ 73,446
Financing Receivable, Percent Past Due	100.00%	100.00%
Ford Credit | Consumer | Financing Receivables, 31 to 60 Days Past due [Member]
Financing Receivables, Aging [Line Items]
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	$ 57	$ 39
Financing Receivable, Originated Four Years before Latest Fiscal Year	68	52
Financing Receivable, Originated Three Years before Latest Fiscal Year	91	98
Financing Receivable, Originated Two Years before Latest Fiscal Year	170	120
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	113	186
Financing Receivable, Originated in Current Fiscal Year	30	91
Recorded investment	$ 529	$ 586
Financing Receivable, Percent Past Due	0.80%	0.80%
Ford Credit | Consumer | Financing Receivables, 61 to 120 Days Past due [Member]
Financing Receivables, Aging [Line Items]
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	$ 11	$ 7
Financing Receivable, Originated Four Years before Latest Fiscal Year	15	10
Financing Receivable, Originated Three Years before Latest Fiscal Year	23	20
Financing Receivable, Originated Two Years before Latest Fiscal Year	36	29
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	31	40
Financing Receivable, Originated in Current Fiscal Year	7	21
Recorded investment	$ 123	$ 127
Financing Receivable, Percent Past Due	0.20%	0.20%
Ford Credit | Consumer | Financing Receivables, Greater than 120 Days Past due [Member]
Financing Receivables, Aging [Line Items]
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	$ 13	$ 10
Financing Receivable, Originated Four Years before Latest Fiscal Year	5	6
Financing Receivable, Originated Three Years before Latest Fiscal Year	8	6
Financing Receivable, Originated Two Years before Latest Fiscal Year	7	9
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	6	11
Financing Receivable, Originated in Current Fiscal Year	1	1
Recorded investment	$ 40	$ 43
Financing Receivable, Percent Past Due	0.00%	0.00%
Ford Credit | Consumer | Financial Asset, Greater than 30 Days Past Due [Member]
Financing Receivables, Aging [Line Items]
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	$ 81	$ 56
Financing Receivable, Originated Four Years before Latest Fiscal Year	88	68
Financing Receivable, Originated Three Years before Latest Fiscal Year	122	124
Financing Receivable, Originated Two Years before Latest Fiscal Year	213	158
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	150	237
Financing Receivable, Originated in Current Fiscal Year	38	113
Recorded investment	$ 692	$ 756
Financing Receivable, Percent Past Due	1.00%	1.00%
Ford Credit | Consumer | Financial Asset, 1 to 29 Days Past Due [Member]
Financing Receivables, Aging [Line Items]
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	$ 1,838	$ 812
Financing Receivable, Originated Four Years before Latest Fiscal Year	4,245	2,607
Financing Receivable, Originated Three Years before Latest Fiscal Year	8,897	6,559
Financing Receivable, Originated Two Years before Latest Fiscal Year	17,696	12,689
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	22,525	22,701
Financing Receivable, Originated in Current Fiscal Year	13,347	27,322
Recorded investment	$ 68,548	$ 72,690
Financing Receivable, Percent Past Due	99.00%	99.00%

XML

Ford Credit Finance Receivables - Credit Quality (Details) - Ford Credit - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Credit quality [Line Items]
Recorded investment	$ 81,222	$ 84,724
Non-accrual of Financing Revenue	90 days
Non-consumer
Credit quality [Line Items]
Financing Receivable, Revolving	$ 10,792	10,025
Recorded investment	11,982	11,278
Non-consumer | Group I
Credit quality [Line Items]
Financing Receivable, Revolving	8,076	6,751
Non-consumer | Group II
Credit quality [Line Items]
Financing Receivable, Revolving	2,353	2,689
Non-consumer | Group III
Credit quality [Line Items]
Financing Receivable, Revolving	331	529
Non-consumer | Group IV
Credit quality [Line Items]
Financing Receivable, Revolving	32	56
Non-consumer | Dealer Loans
Credit quality [Line Items]
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	459	410
Financing Receivable, Originated Four Years before Latest Fiscal Year	179	75
Financing Receivable, Originated Three Years before Latest Fiscal Year	41	182
Financing Receivable, Originated Two Years before Latest Fiscal Year	71	47
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	241	114
Financing Receivable, Originated in Current Fiscal Year	199	425
Recorded investment	1,190	1,253
Non-consumer | Dealer Loans | Group I
Credit quality [Line Items]
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	452	391
Financing Receivable, Originated Four Years before Latest Fiscal Year	155	68
Financing Receivable, Originated Three Years before Latest Fiscal Year	40	151
Financing Receivable, Originated Two Years before Latest Fiscal Year	65	45
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	225	109
Financing Receivable, Originated in Current Fiscal Year	144	345
Recorded investment	1,081	1,109
Non-consumer | Dealer Loans | Group II
Credit quality [Line Items]
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	7	11
Financing Receivable, Originated Four Years before Latest Fiscal Year	22	7
Financing Receivable, Originated Three Years before Latest Fiscal Year	1	26
Financing Receivable, Originated Two Years before Latest Fiscal Year	5	2
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	10	4
Financing Receivable, Originated in Current Fiscal Year	43	54
Recorded investment	88	104
Non-consumer | Dealer Loans | Group III
Credit quality [Line Items]
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	0	8
Financing Receivable, Originated Four Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Three Years before Latest Fiscal Year	0	1
Financing Receivable, Originated Two Years before Latest Fiscal Year	0	0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	4	1
Financing Receivable, Originated in Current Fiscal Year	10	20
Recorded investment	14	30
Non-consumer | Dealer Loans | Group IV
Credit quality [Line Items]
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Four Years before Latest Fiscal Year	2	0
Financing Receivable, Originated Three Years before Latest Fiscal Year	0	4
Financing Receivable, Originated Two Years before Latest Fiscal Year	1	0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	2	0
Financing Receivable, Originated in Current Fiscal Year	2	6
Recorded investment	7	10
Non-consumer | Wholesale and Dealer Loans
Credit quality [Line Items]
Recorded investment	$ 11,982	$ 11,278
Financing Receivable, Percent of Dealer Finance Receivables	100.00%	100.00%
Non-consumer | Wholesale and Dealer Loans | Financing Receivables, Total Past Due
Credit quality [Line Items]
Recorded investment	$ 8	$ 62
Non-consumer | Wholesale and Dealer Loans | Group I
Credit quality [Line Items]
Recorded investment	$ 9,157	$ 7,860
Financing Receivable, Percent of Dealer Finance Receivables	76.40%	69.70%
Non-consumer | Wholesale and Dealer Loans | Group II
Credit quality [Line Items]
Recorded investment	$ 2,441	$ 2,793
Financing Receivable, Percent of Dealer Finance Receivables	20.40%	24.80%
Non-consumer | Wholesale and Dealer Loans | Group III
Credit quality [Line Items]
Recorded investment	$ 345	$ 559
Financing Receivable, Percent of Dealer Finance Receivables	2.90%	4.90%
Non-consumer | Wholesale and Dealer Loans | Group IV
Credit quality [Line Items]
Recorded investment	$ 39	$ 66
Financing Receivable, Percent of Dealer Finance Receivables	0.30%	0.60%

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Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Threshold Period Past Due, Writeoff	120 days		120 days
Ford Credit
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss	$ 845	$ 1,223	$ 925	$ 1,305
Financing Receivable, Allowance for Credit Loss, Writeoff	(62)	(58)	(124)	(155)
Financing Receivable, Allowance for Credit Loss, Recovery	45	57	89	113
Provision for credit losses	(56)	(166)	(120)	(206)
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation	(9)	5	(7)	4
Financing Receivable, Allowance for Credit Loss, Ending Balance	763	1,061	763	1,061
Global Pandemic [Member] | Ford Credit
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease)	(82)		(162)
Consumer | Ford Credit
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss	826	1,170	903	1,245
Financing Receivable, Allowance for Credit Loss, Writeoff	(61)	(55)	(123)	(152)
Financing Receivable, Allowance for Credit Loss, Recovery	44	55	87	108
Provision for credit losses	(48)	(154)	(107)	(184)
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation	(7)	6	(6)	5
Financing Receivable, Allowance for Credit Loss, Ending Balance	754	1,022	754	1,022
Non-consumer | Ford Credit
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss	19	53	22	60
Financing Receivable, Allowance for Credit Loss, Writeoff	(1)	(3)	(1)	(3)
Financing Receivable, Allowance for Credit Loss, Recovery	1	2	2	5
Provision for credit losses	(8)	(12)	(13)	(22)
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation	(2)	(1)	(1)	(1)
Financing Receivable, Allowance for Credit Loss, Ending Balance	$ 9	$ 39	$ 9	$ 39

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Inventories (Details) $ in Millions	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Inventory Disclosure [Abstract]
Raw materials, work-in-process, and supplies	$ 6,048	$ 5,785
Finished products	7,928	6,280
Total inventories	$ 13,976	$ 12,065
Inventory, finished goods, awaiting installation of components	18,000

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Other Investments (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Equity Securities without Readily Determinable Fair Value, Amount	$ 1,300	$ 900
Other Income [Member]
Equity Securities without Readily Determinable Fair Value, Upward Price Adjustment, Cumulative Amount	$ 141

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Goodwill (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 595	$ 619

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Other Liabilities and Deferred Revenue (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivative Liability, Current	$ 1,104	$ 535
Derivative Liability, Noncurrent	1,540	535
Accounts Payable and Accrued Liabilities, Current [Abstract]
Dealer and dealers’ customer allowances and claims	8,033	8,300
Deferred revenue	2,375	2,349
Employee benefit plans	1,418	1,687
Accrued interest	773	888
OPEB (a)	331	332
Pension (a)	199	202
Operating lease liabilities	352	345
Other (b)	5,414	4,583
Total current other liabilities and deferred revenue	18,895	18,686
Accounts Payable and Accrued Liabilities, Noncurrent [Abstract]
Pension (a)	7,910	8,658
OPEB (a)	5,590	5,708
Dealer and dealers’ customer allowances and claims	5,170	4,909
Deferred revenue	4,943	4,683
Operating lease liabilities	1,055	1,048
Employee benefit plans	982	1,007
Other (b)	2,571	1,692
Total non-current other liabilities and deferred revenue	28,221	27,705
Net pension assets	8,900	8,500
Derivative Liability, Current	1,104	535
Derivative Liability, Noncurrent	1,540	535
Other Current Liabilities
Derivative Liability, Current	705	97
Accounts Payable and Accrued Liabilities, Noncurrent [Abstract]
Derivative Liability, Current	705	97
Other Noncurrent Liabilities
Derivative Liability, Noncurrent	1,500	535
Accounts Payable and Accrued Liabilities, Noncurrent [Abstract]
Derivative Liability, Noncurrent	$ 1,500	$ 535

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Retirement Benefits - Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Worldwide OPEB
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)
Service cost	$ 11	$ 12	$ 21	$ 24
Interest cost	37	32	74	64
Expected return on assets	0	0	0	0
Amortization of prior service costs/(credits)	0	(3)	(1)	(6)
Net remeasurement (gain)/loss	0	0	0	0
Defined Benefit Plan, Other Cost (Credit)	(1)	0	(1)	0
Settlements and curtailments	0	0	0	0
Net periodic benefit cost/(income)	47	41	93	82
UNITED STATES | Pension Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)
Service cost	125	127	250	265
Interest cost	264	239	527	462
Expected return on assets	(643)	(664)	(1,285)	(1,366)
Amortization of prior service costs/(credits)	1	0	1	1
Net remeasurement (gain)/loss	0	(182)	0	241
Defined Benefit Plan, Other Cost (Credit)	7	3	11	5
Settlements and curtailments	0	10	0	49
Net periodic benefit cost/(income)	(246)	(467)	(496)	(343)
Foreign Plan | Pension Plan
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)
Service cost	107	139	218	283
Interest cost	133	109	267	208
Expected return on assets	(259)	(284)	(527)	(569)
Amortization of prior service costs/(credits)	5	7	12	12
Net remeasurement (gain)/loss	16	(81)	16	(565)
Defined Benefit Plan, Other Cost (Credit)	10	47	17	84
Settlements and curtailments	0	(1)	0	0
Net periodic benefit cost/(income)	12	(64)	3	(547)
Foreign Plan | Pension Plan | Global Redesign
Defined Benefit Plan, Net Periodic Benefit Cost (Credit)
Defined Benefit Plan, Other Cost (Credit)	$ 9	$ 46	$ 16	$ 84

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Retirement Benefits Pension Plan Contributions (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Unfunded Plan
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year	$ 400
Pension Plan | Funded Plan
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Contributions by Employer	328
Pension Plan | Unfunded Plan
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Plan Assets, Contributions by Employer	195
Minimum | Pension Plan | Funded Plan
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year	600
Maximum | Pension Plan | Funded Plan
Defined Benefit Plan Disclosure [Line Items]
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year	$ 700

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Debt - Debt Outstanding (Details) £ in Millions, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2022 GBP (£)	Dec. 31, 2021 USD ($)	Jun. 30, 2021 USD ($)
Debt Instrument [Line Items]
Total assets	$ 245,755.0	$ 245,755.0		$ 257,035.0	$ 248,532.0
Convertible Debt
Debt Instrument [Line Items]
Debt Instrument, Face Amount	2,300.0	2,300.0		2,300.0
Operating Segments | Ford Credit
Debt Instrument [Line Items]
Unsecured Debt, Current	10,471.0	10,471.0		13,660.0
Secured Debt, Current	17,884.0	17,884.0		18,049.0
Unamortized (discount)/premium, current	1.0	1.0		1.0
Unamortized issuance costs, current	(12.0)	(12.0)		(13.0)
Adjustment Fair Value Hedging Instruments Unsecured Debt, Current	13.0	13.0		10.0
Long-term Debt, Current Maturities	42,286.0	42,286.0		46,517.0
Unsecured Long-term Debt, Noncurrent	39,999.0	39,999.0		44,337.0
Secured Long-term Debt, Noncurrent	28,472.0	28,472.0		26,654.0
Unamortized (discount)/premium, noncurrent	24.0	24.0		28.0
Unamortized issuance costs, noncurrent	(198.0)	(198.0)		(199.0)
Fair value adjustments, noncurrent	(1,122.0)	(1,122.0)		380.0
Long-term Debt, Excluding Current Maturities	67,175.0	67,175.0		71,200.0
Debt, Long-term and Short-term, Combined Amount	109,461.0	109,461.0		117,717.0
Short-term Debt, Fair Value	13,200.0	13,200.0		14,100.0
Debt Carrying Value Fair Value	33,400.0	33,400.0		37,500.0
Total assets	127,493.0	127,493.0			$ 138,098.0
Adjustment Fair Value Hedging Instruments Unsecured Debt, Discontinued Hedging Relationships	179.0	179.0		257.0
Operating Segments | Ford Credit | Corporate debt | Unsecured Debt
Debt Instrument [Line Items]
Debt Instrument, Repurchased Face Amount	3,000.0	3,000.0
Debt Instrument, Repurchase Amount, Including Fees	3,000.0	3,000.0
Gain (Loss) on Repurchase of Debt Instrument, Including Fees	16.6
Operating Segments | Ford Credit | Notes Payable, Other Payables
Debt Instrument [Line Items]
Short-term	13,929.0	13,929.0		14,810.0
Operating Segments | Company excluding Ford Credit
Debt Instrument [Line Items]
Unamortized (discount)/premium, current	(3.0)	(3.0)		2.0
Long-term Debt, Current Maturities	1,533.0	1,533.0		3,175.0
Unamortized (discount)/premium, noncurrent	(198.0)	(198.0)		(188.0)
Unamortized issuance costs, noncurrent	(173.0)	(173.0)		(166.0)
Long-term Debt, Excluding Current Maturities	17,833.0	17,833.0		17,200.0
Debt, Long-term and Short-term, Combined Amount	19,366.0	19,366.0		20,375.0
Short-term Debt, Fair Value	1,033.0	1,033.0		209.0
Operating Segments | Company excluding Ford Credit | Corporate debt
Debt Instrument [Line Items]
Unsecured Debt, Current	0.0	0.0		86.0
Unsecured Long-term Debt, Noncurrent	13,643.0	13,643.0		13,643.0
Operating Segments | Company excluding Ford Credit | Notes Payable, Other Payables
Debt Instrument [Line Items]
Other Loans Payable, Current	434.0	434.0		348.0
Other Loans Payable, Long-term, Noncurrent	596.0	596.0		768.0
Operating Segments | Company excluding Ford Credit | Notes Payable, Other Payables | U.S. Department of Energy Advanced Technology Vehicles Manufacturing Incentive Program
Debt Instrument [Line Items]
Other Loans Payable, Current	0.0	0.0		953.0
Operating Segments | Company excluding Ford Credit | Notes Payable, Other Payables | Delayed Draw Term Loan [Member]
Debt Instrument [Line Items]
Long-term Line of Credit, Noncurrent	0.0	0.0		1,500.0
Operating Segments | Company excluding Ford Credit | Notes Payable, Other Payables | U.K. Export Finance Program
Debt Instrument [Line Items]
Other Loans Payable, Long-term, Noncurrent	1,665.0	$ 1,665.0	£ 750	843.0
Debt Instrument, Term		5 years
Operating Segments | Company excluding Ford Credit | Notes Payable, Other Payables
Debt Instrument [Line Items]
Short-term	1,102.0	$ 1,102.0		286.0
Fair Value, Nonrecurring [Member] | Level 2 [Member] | Operating Segments | Ford Credit
Debt Instrument [Line Items]
Fair Value	106,884.0	106,884.0		120,204.0
Fair Value, Nonrecurring [Member] | Level 2 [Member] | Operating Segments | Company excluding Ford Credit
Debt Instrument [Line Items]
Fair Value	$ 18,141.0	$ 18,141.0		$ 24,044.0

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Debt - Convertible Debt (Details) - Convertible Debt - Zero Percent Convertible Senior Notes Due 2026 - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Debt Instrument [Line Items]
Amortization of Debt Issuance Costs	$ 2,000	$ 2,000	$ 3,000	$ 2,000
Debt Conversion, Converted Instrument, Amount			$ 1
Debt Conversion, Converted Instrument, Shares Issued			57.7721
Debt Instrument, Convertible, Conversion Price	$ 17.31		$ 17.31

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Income Effect of Derivative Financial Instruments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Derivative [Line Items]
Gain/(Loss) Recognized in Income	$ (301)	$ (57)	$ (292)	$ (11)
Held collateral	147		147		$ 26
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Foreign currency exchange contracts [Member]
Derivative [Line Items]
Gain/(Loss) Reclassified from AOCI to Income	(90)	(173)	(180)	(188)
Gains/(losses) on derivative instruments	234	(110)	106	(571)
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Commodity Contract [Member]
Derivative [Line Items]
Gain/(Loss) Reclassified from AOCI to Income	84	20	142	28
Gains/(losses) on derivative instruments	(360)	100	(76)	180
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Cross-currency interest rate swap contracts [Member]
Derivative [Line Items]
Net interest settlements and accruals on hedging instruments	(6)	(1)	(9)	(4)
Fair value changes on hedging instruments	(61)	11	(98)	(39)
Fair value changes on hedged debt	65	(11)	106	33
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest rate contracts [Member]
Derivative [Line Items]
Net interest settlements and accruals on hedging instruments	25	100	101	201
Fair value changes on hedging instruments	(336)	103	(1,322)	(538)
Fair value changes on hedged debt	385	(87)	1,376	503
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member]
Derivative [Line Items]
Gain/(Loss) Recognized in Income	127	(147)	81	86
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member] | Nonoperating Income (Expense) [Member]
Derivative [Line Items]
Gain/(Loss) Recognized in Income	27	(44)	25	8
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member] | Cost of Sales
Derivative [Line Items]
Gain/(Loss) Recognized in Income	100	(103)	56	78
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member]
Derivative [Line Items]
Gain/(Loss) Recognized in Income	(140)	73	(31)	128
Not Designated as Hedging Instrument [Member] | Cross-currency interest rate swap contracts [Member]
Derivative [Line Items]
Gain/(Loss) Recognized in Income	(443)	49	(670)	(196)
Not Designated as Hedging Instrument [Member] | Interest rate contracts [Member]
Derivative [Line Items]
Gain/(Loss) Recognized in Income	$ 89	$ 6	$ 212	$ (25)

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Balance Sheet Effect of Derivative Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative, Notional Amount	$ 104,589	$ 123,296
Derivative Asset, Current	661	924
Derivative Asset, Noncurrent	382	666
Derivative Asset	1,043	1,590
Derivative Liability, Current	1,104	535
Derivative Liability, Noncurrent	1,540	535
Derivative Liability	2,644	1,070
Held collateral	147	26
Posted collateral	115	71
Counterparty Netting, Liabilities Not Offset	388	719
Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative, Notional Amount	9,153	11,534
Designated as Hedging Instrument [Member] | Cross-currency interest rate swap contracts [Member] | Fair Value Hedging [Member]
Derivative [Line Items]
Derivative, Notional Amount	884	885
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value Hedging [Member]
Derivative [Line Items]
Derivative, Notional Amount	19,711	23,893
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Derivative, Notional Amount	1,028	931
Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member]
Derivative [Line Items]
Derivative, Notional Amount	21,521	28,463
Not Designated as Hedging Instrument [Member] | Cross-currency interest rate swap contracts [Member]
Derivative [Line Items]
Derivative, Notional Amount	6,633	6,533
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member]
Derivative [Line Items]
Derivative, Notional Amount	44,788	50,060
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member]
Derivative [Line Items]
Derivative, Notional Amount	871	997
Fair Value, Recurring | Level 2 [Member]
Derivative [Line Items]
Fair Value of Assets	1,043	1,590
Fair Value of Liabilities	2,644	1,070
Counterparty Netting, Assets Not Offset	388	719
Fair Value, Recurring | Level 2 [Member] | Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Fair Value of Assets	92	74
Fair Value of Liabilities	97	346
Fair Value, Recurring | Level 2 [Member] | Designated as Hedging Instrument [Member] | Cross-currency interest rate swap contracts [Member] | Fair Value Hedging [Member]
Derivative [Line Items]
Fair Value of Assets	0	0
Fair Value of Liabilities	135	49
Fair Value, Recurring | Level 2 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Fair Value Hedging [Member]
Derivative [Line Items]
Fair Value of Assets	0	544
Fair Value of Liabilities	1,100	274
Fair Value, Recurring | Level 2 [Member] | Designated as Hedging Instrument [Member] | Commodity Contract [Member] | Cash Flow Hedging [Member]
Derivative [Line Items]
Fair Value of Assets	37	182
Fair Value of Liabilities	71	5
Fair Value, Recurring | Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Foreign currency exchange contracts [Member]
Derivative [Line Items]
Fair Value of Assets	199	281
Fair Value of Liabilities	196	198
Fair Value, Recurring | Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Cross-currency interest rate swap contracts [Member]
Derivative [Line Items]
Fair Value of Assets	31	117
Fair Value of Liabilities	690	61
Fair Value, Recurring | Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member]
Derivative [Line Items]
Fair Value of Assets	651	338
Fair Value of Liabilities	259	126
Fair Value, Recurring | Level 2 [Member] | Not Designated as Hedging Instrument [Member] | Commodity Contract [Member]
Derivative [Line Items]
Fair Value of Assets	33	54
Fair Value of Liabilities	$ 96	$ 11

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Employee Separation Actions and Exit and Disposal Activities Global Redesign (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating Segments | Company excluding Ford Credit
Restructuring Reserve
Beginning balance	$ 829	$ 1,499	$ 950	$ 1,732
Changes in accruals (a)	50	176	116	369
Payments	(146)	(966)	(351)	(1,257)
Foreign currency translation	(42)	130	(24)	(5)
Ending balance	691	839	691	839
Global Redesign
Restructuring Reserve
Gain (Loss) on Disposition of Property Plant Equipment	6		38
Restructuring and Related Cost, Expected Cost	1,500		1,500
Restructuring and Related Cost, Incurred Cost			160
Global Redesign | Pension Costs
Restructuring Reserve
Restructuring Charges	9	46	16	84
Global Redesign | Accelerated depreciation
Restructuring Reserve
Restructuring Charges	$ 43	$ 86	$ 66	$ 388

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Employee Separation Actions and Exit and Disposal Activities Ford Credit (Details) - Ford Credit $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)
Operating Segments
Restructuring Cost and Reserve [Line Items]
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Tax	$ 36	$ 155
Foreign Currency Translation Adjustment | Operating Segments
Restructuring Cost and Reserve [Line Items]
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	$ 223	$ 223

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Acquisitions and Divestitures (Details) - USD ($) $ in Millions	2 Months Ended		3 Months Ended	10 Months Ended	12 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Jun. 30, 2021	Dec. 31, 2021	Feb. 28, 2022	Jun. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations				$ 0		$ 18
Ford Otosan
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity Method Investment, Ownership Percentage						41.00%
Operating Segments | Ford Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations				0		$ 0
Operating Segments | Company excluding Ford Credit
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Disposal Group, Including Discontinued Operations				0		18
Operating Segments | Company excluding Ford Credit | Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net						170
Inventories						201
Disposal Group, Including Discontinued Operation, Other Assets, Current						10
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment						419
Disposal Group, Including Discontinued Operation, Other Assets, Noncurrent						19
Disposal Group, including Discontinued Ops, Total Assets incl. Intercompany Balances						837
Disposal Group, Including Discontinued Operations, Intercompany Assets						(142)
Total assets of held-for-sale operations (a)						695
Disposal Group, Including Discontinued Operation, Accounts Payable						358
Disposal Group, Including Discontinued Operation, Other Liabilities, Current						21
Disposal Group, including Discontinued Operations, Debt, Current						0
Disposal Group, Including Discontinued Operation, Other Liabilities, Noncurrent						3
Disposal Group, including Discontinued Operations, Debt, Non-current						0
Disposal Group, Including Discontinued Operations, Liabilities incl. Intercompany Balance						382
Disposal Group, Including Discontinued Operations, Intercompany Liabilities						(22)
Disposal Group, Including Discontinued Operation, Liabilities						360
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents						18
Operating Segments | Company excluding Ford Credit | Disposal Group, Held-for-sale, Not Discontinued Operations | Cash
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Consideration						$ 422
Operating Segments | Company excluding Ford Credit | Getrag Ford Transmissions GmbH
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value					$ 275
Operating Segments | Company excluding Ford Credit | Ford Lio Ho Motor Co., Ltd. (“FLH”) | Other Income [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal			$ 161
Operating Segments | Company excluding Ford Credit | Getrag Ford Transmissions GmbH
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Business Combination, Consideration Transferred					$ 275
Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain	$ 2			$ 178
Operating Segments | Company excluding Ford Credit | Getrag Ford Transmissions GmbH | Income (Loss) from Equity Method Investments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity Method Investment, Realized Gain (Loss) on Disposal		$ 40

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Accumulated Other Comprehensive Income/(Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Derivative instruments [Abstract]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months			$ (105)
Pension and other postretirement benefits
Total AOCI ending balance at June 30	$ (9,473)		(9,473)		$ (8,339)
Parent Company [Member]
Foreign currency transaction [Abstract]
Beginning balance	(5,341)	$ (5,237)	(5,487)	$ (5,526)
Gains/(Losses) on foreign currency translation	(996)	(46)	(1,067)	348
Less: Tax/(Tax benefit) (a)	65	(30)	(31)	67
Net gains/(losses) on foreign currency translation	(1,061)	(16)	(1,036)	281
(Gains)/Losses reclassified from AOCI to income	47	4	168	(4)
Other comprehensive income/(loss), net of tax (c)	(1,014)	(12)	(868)	277
Ending balance	(6,355)	(5,249)	(6,355)	(5,249)
Marketable securities [Abstract]
Beginning balance	(272)	91	(19)	156
Gains/(Losses) on available for sale securities	(118)	(10)	(448)	(86)
Less: Tax/(Tax benefit)	(29)	(3)	(106)	(22)
Net gains/(losses) on available for sale securities	(89)	(7)	(342)	(64)
(Gains)/Losses reclassified from AOCI to net income	8	(4)	8	(15)
Less: Tax/(Tax benefit)	2	(1)	2	(4)
Net (gains)/losses reclassified from AOCI to net income	6	(3)	6	(11)
Other comprehensive income/(loss), net of tax	(83)	(10)	(336)	(75)
Ending balance	(355)	81	(355)	81
Derivative instruments [Abstract]
Beginning balance	(49)	(567)	(193)	(266)
Gains/(losses) on derivative instruments	(126)	(10)	30	(391)
Less: Tax/(tax benefit)	(30)	(3)	7	(77)
Net gains/(losses) on derivative instruments	(96)	(7)	23	(314)
(Gains)/Losses reclassified from AOCI to net income	6	153	38	160
Less: Tax/(tax benefit)	4	34	11	35
Net (gains)/losses reclassified to AOCI from net income	2	119	27	125
Other comprehensive income/(loss), net of tax	(94)	112	50	(189)
Ending balance	(143)	(455)	(143)	(455)
Pension and other postretirement benefits
Beginning balance	(2,632)	(2,657)	(2,640)	(2,658)
Amortization of prior service costs/(credits)	6	17	12	20
Less: Tax/(Tax benefit)	2	3	3	4
Net prior service costs/(credits) reclassified from AOCI to net income	4	14	9	16
Translation impact on non-U.S. plans	8	(2)	11	(3)
Other comprehensive income/(loss), net of tax	12	12	20	13
Ending balance	(2,620)	(2,645)	(2,620)	(2,645)
Total AOCI ending balance at June 30	$ (9,473)	$ (8,268)	(9,473)	$ (8,268)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Noncontrolling Interest			$ (4)

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Variable Interest Entities (Details) - USD ($) $ in Millions	Jul. 13, 2022	Jun. 30, 2022	Dec. 31, 2021
BlueOval SK, LLC | Subsequent Event
Variable Interest Entity [Line Items]
Equity Method Investment, Ownership Percentage	50.00%
Equity Method Investment, Committed Capital, Expected Timing of Satisfaction, Period	5
BlueOval SK, LLC | Subsequent Event | Maximum
Variable Interest Entity [Line Items]
Committed Capital	$ 6,600.0
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount		$ 2,900.0	$ 2,800.0

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Commitments and Contingencies (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Warranty [Abstract]
Beginning balance	$ 8,451	$ 8,172
Payments made during the period	(2,006)	(2,169)
Changes in accrual related to warranties issued during the period	1,877	1,933
Changes in accrual related to pre-existing warranties	395	80
Foreign currency translation and other	(120)	(5)
Ending balance	8,597	$ 8,011
Litigation and Claims
Guarantor Obligations [Line Items]
Loss contingency estimate	2,000
Field Service Actions and Customer Satisfaction Actions
Guarantor Obligations [Line Items]
Loss contingency estimate	700
Financial Guarantee [Member]
Guarantor Obligations [Line Items]
Maximum potential payments	242		$ 357
Carrying value of recorded liabilities related to guarantees and limited indemnities	18		36
Indemnification Agreement [Member]
Guarantor Obligations [Line Items]
Maximum potential payments	278		453
Carrying value of recorded liabilities related to guarantees and limited indemnities	0		$ 38
Guarantees to daily rental companies
Guarantor Obligations [Line Items]
Maximum potential payments	271
Carrying value of recorded liabilities related to guarantees and limited indemnities	$ 0

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Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Segment Information
Revenues	$ 40,190	$ 26,752	$ 74,666	$ 62,980
Income/(Loss) before income taxes	791	735	(3,057)	4,677
Equity in net income/(loss) of affiliated companies	58	51	25	130
Total assets	245,755	248,532	245,755	248,532	$ 257,035
Operating Segments | Automotive
Segment Information
Revenues	37,909	24,128	70,020	57,682
Income/(Loss) before income taxes	3,322	(97)	5,213	3,300
Equity in net income/(loss) of affiliated companies	157	77	296	249
Total assets	71,291	67,513	71,291	67,513
Operating Segments | Mobility
Segment Information
Revenues	25	21	109	32
Income/(Loss) before income taxes	(221)	(210)	(463)	(417)
Equity in net income/(loss) of affiliated companies	(83)	(63)	(158)	(123)
Total assets	3,284	3,574	3,284	3,574
Operating Segments | Ford Credit
Segment Information
Revenues	2,256	2,603	4,537	5,266
Income/(Loss) before income taxes	939	1,623	1,867	2,585
Equity in net income/(loss) of affiliated companies	4	9	10	14
Total assets	127,493	138,098	127,493	138,098
Corporate Other
Segment Information
Revenues	0	0	0	0
Income/(Loss) before income taxes	(318)	(263)	(569)	(503)
Equity in net income/(loss) of affiliated companies	0	0	1	1
Total assets	45,008	40,411	45,008	40,411
Interest on Debt | Adjustments
Segment Information
Revenues	0	0	0	0
Income/(Loss) before income taxes	(312)	(453)	(620)	(926)
Equity in net income/(loss) of affiliated companies	0	0	0	0
Total assets	0	0	0	0
Special Items | Adjustments
Segment Information
Revenues	0	0	0	0
Income/(Loss) before income taxes	(2,619)	135	(8,485)	638
Equity in net income/(loss) of affiliated companies	(20)	28	(124)	(11)
Total assets	0	0	0	0
Adjustments | Adjustments
Segment Information
Revenues	0	0	0	0
Income/(Loss) before income taxes	0	0	0	0
Equity in net income/(loss) of affiliated companies	0	0	0	0
Total assets	$ (1,321)	$ (1,064)	$ (1,321)	$ (1,064)