Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Defined Benefit Plan, Assumptions [Table Text Block]

The assumptions used to determine benefit obligation and net periodic benefit cost/(income) were as follows:


	Pension Benefits
	U.S. Plans				Non-U.S. Plans				Worldwide OPEB
	2022		2023		2022		2023		2022		2023
Weighted Average Assumptions at December 31
Discount rate	5.51	%	5.17	%	4.42	%	3.98	%	5.48	%	5.10	%
Average rate of increase in compensation	3.70		4.05		3.42		3.54		3.65		3.98
Weighted Average Assumptions Used to Determine Net Benefit Cost for the Year Ended December 31
Discount rate - Service cost	3.12	%	5.60	%	1.78	%	4.29	%	3.27	%	5.65	%
Effective interest rate on benefit obligation	2.40		5.39		1.54		4.45		2.49		5.36
Expected long-term rate of return on assets	5.75		6.25		3.29		4.13		—		—
Average rate of increase in compensation	3.50		3.70		3.19		3.42		3.46		3.65

Schedule of defined benefit plans expense [Table Text Block]

The pre-tax net periodic benefit cost/(income) for our defined benefit pension and OPEB plans for the years ended December 31 was as follows (in millions):


	Pension Benefits
	U.S. Plans						Non-U.S. Plans						Worldwide OPEB
	2021		2022		2023		2021		2022		2023		2021		2022		2023
Service cost	$	526	$	500	$	292	$	557	$	416	$	245	$	49	$	42	$	21
Interest cost	928		1,054		1,641		420		504		965		127		146		231
Expected return on assets	(2,728)		(2,569)		(1,897)		(1,130)		(1,006)		(890)		—		—		—
Amortization of prior service costs/(credits)	2		2		—		24		22		22		(12)		(3)		3
Net remeasurement (gain)/loss	(254)		1,720		841		(3,241)		(436)		932		(376)		(1,314)		286
Separation programs/other	19		46		20		156		63		261		—		—		1
Settlements and curtailments	70		438		69		(2)		(2)		9		—		(1)		—
Net periodic benefit cost/(income)	$	(1,437)	$	1,191	$	966	$	(3,216)	$	(439)	$	1,544	$	(212)	$	(1,130)	$	542

Schedule Of Defined Benefit Plan Obligations [Table Text Block]

The year-end status of these plans was as follows (in millions):


	Pension Benefits
	U.S. Plans				Non-U.S. Plans				Worldwide OPEB
	2022		2023		2022		2023		2022		2023
Change in Benefit Obligation
Benefit obligation at January 1	$	44,888	$	32,867	$	34,432	$	21,605	$	6,040	$	4,459
Service cost	500		292		416		245		42		21
Interest cost	1,054		1,641		504		965		146		231
Amendments (a)	—		581		—		46		—		32
Separation programs/other	4		(18)		56		255		—		—
Curtailments	—		—		(2)		6		—		—
Settlements (b)	(1,172)		(1,479)		(674)		(21)		—		—
Plan participant contributions	18		16		12		11		1		—
Benefits paid	(2,466)		(2,417)		(1,302)		(1,257)		(363)		(359)
Foreign exchange translation	—		—		(2,877)		960		(92)		26
Actuarial (gain)/loss	(9,959)		1,193		(8,960)		1,189		(1,315)		286
Benefit obligation at December 31	32,867		32,676		21,605		24,004		4,459		4,696
Change in Plan Assets
Fair value of plan assets at January 1	45,909		32,922		33,085		21,344		—		—
Actual return on plan assets	(9,548)		2,180		(7,516)		1,145		—		—
Company contributions	223		238		722		756		—		—
Plan participant contributions	18		16		12		11		—		—
Benefits paid	(2,466)		(2,417)		(1,302)		(1,257)		—		—
Settlements (b)	(1,172)		(1,479)		(674)		(21)		—		—
Foreign exchange translation	—		—		(2,973)		990		—		—
Other	(42)		(37)		(10)		(10)		—		—
Fair value of plan assets at December 31	32,922		31,423		21,344		22,958		—		—
Funded status at December 31	$	55	$	(1,253)	$	(261)	$	(1,046)	$	(4,459)	$	(4,696)

Amounts Recognized on the Balance Sheets
Prepaid assets	$	2,064	$	1,229	$	3,599	$	3,060	$	—	$	—
Other liabilities	(2,009)		(2,482)		(3,860)		(4,106)		(4,459)		(4,696)
Total	$	55	$	(1,253)	$	(261)	$	(1,046)	$	(4,459)	$	(4,696)
Amounts Recognized in Accumulated Other Comprehensive Loss (pre-tax)
Unamortized prior service costs/(credits)	$	—	$	581	$	130	$	161	$	25	$	55

Pension Plans in which Accumulated Benefit Obligation Exceeds Plan Assets at December 31
Accumulated benefit obligation	$	15,055	$	14,045	$	8,346	$	9,135
Fair value of plan assets	13,576		12,154		5,068		5,587

Accumulated Benefit Obligation at December 31	$	32,336	$	32,086	$	20,304	$	22,661

Pension Plans in which Projected Benefit Obligation Exceeds Plan Assets at December 31
Projected benefit obligation	$	15,585	$	14,636	$	8,932	$	9,991
Fair value of plan assets	13,576		12,154		5,068		5,885

Projected Benefit Obligation at December 31	$	32,867	$	32,676	$	21,605	$	24,004

__________

(a) Reflects benefit enhancements included in the collective bargaining agreements with the UAW and Unifor ratified in 2023.

(b) For U.S. plans, 2022 and 2023 primarily reflect salaried lump sum retirement payments. For non-U.S. plans, in 2022, we transferred a pension obligation and related plan assets to an insurance company.

Schedule of Expected Benefit Payments [Table Text Block]

The expected future benefit payments at December 31, 2023 were as follows (in millions):


	Benefit Payments
	Pension
	U.S. Plans		Non-U.S. Plans		Worldwide OPEB
2024	$	2,715	$	1,430	$	340
2025	2,670		1,295		340
2026	2,635		1,310		340
2027	2,600		1,325		330
2028	2,575		1,330		330
2029-2033	12,475		6,640		1,610

Schedule of Allocation of Plan Assets [Table Text Block]

The fair value of our defined benefit pension plan assets (including dividends and interest receivables of $268 million and $74 million for U.S. and non-U.S. plans, respectively) by asset category at December 31 was as follows (in millions):


	2022
	U.S. Plans										Non-U.S. Plans
	Level 1		Level 2		Level 3		Assets measured at NAV (a)		Total		Level 1		Level 2		Level 3		Assets measured at NAV (a)		Total
Asset Category
Equity
U.S. companies	$	412	$	2	$	—	$	—	$	414	$	1,426	$	33	$	—	$	—	$	1,459
International companies	269		6		8		—		283		989		13		—		—		1,002
Total equity	681		8		8		—		697		2,415		46		—		—		2,461
Fixed Income
U.S. government and agencies	7,380		1,509		—		—		8,889		36		35		—		—		71
Non-U.S. government	—		640		—		—		640		—		12,256		231		—		12,487
Corporate bonds	—		17,774		1		—		17,775		—		2,059		124		—		2,183
Mortgage/other asset-backed	—		422		—		—		422		—		265		10		—		275
Commingled funds	—		104		—		—		104		—		170		—		—		170
Derivative financial instruments, net	(2)		19		—		—		17		2		(74)		77		—		5
Total fixed income	7,378		20,468		1		—		27,847		38		14,711		442		—		15,191
Alternatives
Hedge funds	—		—		—		3,342		3,342		—		—		—		1,009		1,009
Private equity	—		—		—		1,411		1,411		—		—		—		584		584
Real estate	—		—		—		1,553		1,553		—		—		—		405		405
Total alternatives	—		—		—		6,306		6,306		—		—		—		1,998		1,998
Cash, cash equivalents, and repurchase agreements (b)	(1,135)		—		—		—		(1,135)		(1,363)		—		—		—		(1,363)
Other (c)	(793)		—		—		—		(793)		(310)		—		3,367		—		3,057
Total assets at fair value	$	6,131	$	20,476	$	9	$	6,306	$	32,922	$	780	$	14,757	$	3,809	$	1,998	$	21,344

__________

(a)Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

(b)Primarily short-term investment funds to provide liquidity to plan investment managers, cash held to pay benefits, and repurchase agreements valued at $2.6 billion in U.S. plans and $2.1 billion in non-U.S. plans.

(c)For U.S. plans, amounts related to net pending security (purchases)/sales and net pending foreign currency purchases/(sales). For non-U.S plans, $2.5 billion of insurance contracts, primarily Ford-Werke, and amounts related to net pending security (purchases)/sales and net pending foreign currency purchases/(sales).

NOTE 17. RETIREMENT BENEFITS (Continued)

The fair value of our defined benefit pension plan assets (including dividends and interest receivables of $239 million and $58 million for U.S. and non-U.S. plans, respectively) by asset category at December 31 was as follows (in millions):


	2023
	U.S. Plans										Non-U.S. Plans
	Level 1		Level 2		Level 3		Assets measured at NAV (a)		Total		Level 1		Level 2		Level 3		Assets measured at NAV (a)		Total
Asset Category
Equity
U.S. companies	$	855	$	1	$	2	$	—	$	858	$	1,968	$	37	$	—	$	—	$	2,005
International companies	493		29		6		—		528		1,293		20		—		—		1,313
Total equity	1,348		30		8		—		1,386		3,261		57		—		—		3,318
Fixed Income
U.S. government and agencies	7,236		1,493		—		—		8,729		38		28		—		—		66
Non-U.S. government	2		482		2		—		486		—		12,843		184		—		13,027
Corporate bonds	—		16,470		11		—		16,481		—		1,890		66		—		1,956
Mortgage/other asset-backed	—		444		—		—		444		—		289		11		—		300
Commingled funds	—		65		—		—		65		23		191		—		—		214
Derivative financial instruments, net	(3)		161		—		—		158		—		36		36		—		72
Total fixed income	7,235		19,115		13		—		26,363		61		15,277		297		—		15,635
Alternatives
Hedge funds	—		—		—		3,603		3,603		—		—		—		906		906
Private equity	—		—		—		1,093		1,093		—		—		—		477		477
Real estate	—		—		—		1,406		1,406		—		—		—		381		381
Total alternatives	—		—		—		6,102		6,102		—		—		—		1,764		1,764
Cash, cash equivalents, and repurchase agreements (b)	(1,779)		—		—		—		(1,779)		(1,364)		—		—		—		(1,364)
Other (c)	(649)		—		—		—		(649)		(236)		—		3,841		—		3,605
Total assets at fair value	$	6,155	$	19,145	$	21	$	6,102	$	31,423	$	1,722	$	15,334	$	4,138	$	1,764	$	22,958

__________

(a)Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

(b)Primarily short-term investment funds to provide liquidity to plan investment managers, cash held to pay benefits, and repurchase agreements valued at $2.7 billion in U.S. plans and $1.8 billion in non-U.S. plans.

(c)For U.S. plans, amounts related to net pending security (purchases)/sales and net pending foreign currency purchases/(sales). For non-U.S plans, $3.0 billion of insurance contracts, primarily Ford-Werke, and amounts related to net pending security (purchases)/sales and net pending foreign currency purchases/(sales).

Schedule of Changes in Fair Value of Plan Assets [Table Text Block]

The following table summarizes the changes in Level 3 defined benefit pension plan assets measured at fair value on a recurring basis for the years ended December 31 (in millions):


	2022
			Return on plan assets
	Fair Value at January 1		Attributable to Assets Held at December 31		Attributable to Assets Sold		Net Purchases/ (Settlements)		Transfers Into/ (Out of) Level 3		Fair Value at December 31
U.S. Plans	$	20	$	—	$	(4)	$	(8)	$	1	$	9
Non-U.S. Plans (a)	6,020		(1,732)		26		(722)		217		3,809

	2023
			Return on plan assets
	Fair Value at January 1		Attributable to Assets Held at December 31		Attributable to Assets Sold		Net Purchases/ (Settlements)		Transfers Into/ (Out of) Level 3		Fair Value at December 31
U.S. Plans	$	9	$	(6)	$	—	$	9	$	9	$	21
Non-U.S. Plans (a)	3,809		44		(8)		410		(117)		4,138

__________

(a)Includes insurance contracts, primarily the Ford-Werke plan, valued at $2.5 billion and $3.0 billion at year-end 2022 and 2023, respectively. In the fourth quarter of 2022, we transferred a non-U.S. pension obligation and related plan assets to an insurance company. There were no gains or losses recognized upon settlement.