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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 March 31, 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 April 22, 2022, Ford had outstanding 3,948,913,279 shares of Common Stock and 70,852,076 shares of Class B Stock.
Exhibit Index begins on page 67
FORD MOTOR COMPANY
QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended March 31, 2022
| | | | | | | | | | | |
| Table of Contents | | Page |
| Part I - Financial Information | | |
Item 1 | Financial Statements | | |
| Consolidated Statements of Cash Flows | | |
| Consolidated Income Statements | | |
| Consolidated Statements of Comprehensive Income | | |
| Consolidated Balance Sheets | | |
| Consolidated Statements of Equity | | |
| Notes to the Financial Statements | | |
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 | | |
| Results of Operations | | |
| Automotive Segment | | |
| Mobility Segment | | |
| Ford Credit Segment | | |
| Corporate Other | | |
| Interest on Debt | | |
| Taxes | | |
| Liquidity and Capital Resources | | |
| Credit Ratings | | |
| Outlook | | |
| Cautionary Note on Forward-Looking Statements | | |
| Non-GAAP Financial Measures That Supplement GAAP Measures | | |
| Non-GAAP Financial Measure Reconciliations | | |
| Supplemental Information | | |
| Accounting Standards Issued But Not Yet Adopted | | |
Item 3 | Quantitative and Qualitative Disclosures About Market Risk | | |
Item 4 | Controls and Procedures | | |
| | | |
| Part II - Other Information | | |
Item 1 | Legal Proceedings | | |
Item 2 | Unregistered Sales of Equity Securities and Use of Proceeds | | |
Item 6 | Exhibits | | |
| Signature | | |
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements.
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
| | | | | | | | | | | |
| For the periods ended March 31, |
| 2021 | | 2022 |
| First Quarter |
| (unaudited) |
Cash flows from operating activities | | | |
Net income/(loss) | $ | 3,262 | | | $ | (3,119) | |
Depreciation and tooling amortization | 2,103 | | | 1,857 | |
Other amortization | (361) | | | (310) | |
Provision for/(Benefit from) credit and insurance losses | (36) | | | (66) | |
Pension and other post-retirement employee benefits (“OPEB”) expense/(income) (Note 13) | (318) | | | (213) | |
Equity method investment dividends received in excess of (earnings)/losses and impairments | 68 | | | 199 | |
Foreign currency adjustments | 350 | | | 32 | |
Net realized and unrealized (gains)/losses on cash equivalents, marketable securities, and other investments (Note 4) | (899) | | | 5,454 | |
Net (gain)/loss on changes in investments in affiliates (Note 4) | (166) | | | 125 | |
Stock compensation | 41 | | | 67 | |
Provision for deferred income taxes | 427 | | | (1,053) | |
Decrease/(Increase) in finance receivables (wholesale and other) | 2,699 | | | (2,192) | |
Decrease/(Increase) in accounts receivable and other assets | (588) | | | (956) | |
Decrease/(Increase) in inventory | (2,176) | | | (2,755) | |
Increase/(Decrease) in accounts payable and accrued and other liabilities | 193 | | | 1,714 | |
Other | (107) | | | 132 | |
Net cash provided by/(used in) operating activities | 4,492 | | | (1,084) | |
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Cash flows from investing activities | | | |
Capital spending | (1,368) | | | (1,370) | |
Acquisitions of finance receivables and operating leases | (11,695) | | | (10,278) | |
Collections of finance receivables and operating leases | 12,482 | | | 11,988 | |
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Purchases of marketable securities and other investments | (11,580) | | | (4,319) | |
Sales and maturities of marketable securities and other investments | 11,686 | | | 7,115 | |
Settlements of derivatives | 31 | | | 212 | |
Other | (47) | | | (33) | |
Net cash provided by/(used in) investing activities | (491) | | | 3,315 | |
| | | |
Cash flows from financing activities | | | |
Cash payments for dividends and dividend equivalents | (3) | | | (405) | |
Purchases of common stock | — | | | — | |
Net changes in short-term debt | 273 | | | (614) | |
Proceeds from issuance of long-term debt | 6,931 | | | 12,489 | |
Payments of long-term debt | (14,892) | | | (12,975) | |
Other | (102) | | | (156) | |
Net cash provided by/(used in) financing activities | (7,793) | | | (1,661) | |
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Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (93) | | | (24) | |
| | | |
Net increase/(decrease) in cash, cash equivalents, and restricted cash | $ | (3,885) | | | $ | 546 | |
| | | |
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 | (3,885) | | | 546 | |
Cash, cash equivalents, and restricted cash at end of period (Note 7) | $ | 22,050 | | | $ | 21,283 | |
The accompanying notes are part of the consolidated financial statements.
Item 1. Financial Statements (continued)
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(in millions, except per share amounts)
| | | | | | | | | | | | | | | |
| For the periods ended March 31, |
| 2021 | | 2022 | | | | |
| First Quarter | | |
| (unaudited) |
Revenues | | | | | | | |
Automotive | $ | 33,554 | | | $ | 32,111 | | | | | |
Ford Credit | 2,663 | | | 2,281 | | | | | |
Mobility | 11 | | | 84 | | | | | |
Total revenues (Note 3) | 36,228 | | | 34,476 | | | | | |
| | | | | | | |
Costs and expenses | | | | | | | |
Cost of sales | 29,297 | | | 29,036 | | | | | |
Selling, administrative, and other expenses | 2,843 | | | 2,740 | | | | | |
Ford Credit interest, operating, and other expenses | 1,624 | | | 1,357 | | | | | |
Total costs and expenses | 33,764 | | | 33,133 | | | | | |
Operating income/(loss) | 2,464 | | | 1,343 | | | | | |
Interest expense on Company debt excluding Ford Credit | 473 | | | 308 | | | | | |
Other income/(loss), net (Note 4 and Note 17) | 1,872 | | | (4,850) | | | | | |
Equity in net income/(loss) of affiliated companies | 79 | | | (33) | | | | | |
Income/(Loss) before income taxes | 3,942 | | | (3,848) | | | | | |
Provision for/(Benefit from) income taxes | 680 | | | (729) | | | | | |
Net income/(loss) | 3,262 | | | (3,119) | | | | | |
Less: Income/(Loss) attributable to noncontrolling interests | — | | | (9) | | | | | |
Net income/(loss) attributable to Ford Motor Company | $ | 3,262 | | | $ | (3,110) | | | | | |
| | | | | | | |
EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK (Note 6) |
Basic income/(loss) | $ | 0.82 | | | $ | (0.78) | | | | | |
Diluted income/(loss) | 0.81 | | | (0.78) | | | | | |
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Weighted-average shares used in computation of earnings/(loss) per share | | | | | | |
Basic shares | 3,980 | | 4,008 | | | | |
Diluted shares | 4,016 | | 4,008 | | | | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
| | | | | | | | | | | | | | | |
| For the periods ended March 31, |
| 2021 | | 2022 | | | | |
| First Quarter | | |
| (unaudited) |
Net income/(loss) | $ | 3,262 | | | $ | (3,119) | | | | | |
Other comprehensive income/(loss), net of tax (Note 18) | | | | | | | |
Foreign currency translation | 289 | | | 146 | | | | | |
Marketable securities | (65) | | | (253) | | | | | |
Derivative instruments | (301) | | | 144 | | | | | |
Pension and other postretirement benefits | 1 | | | 8 | | | | | |
Total other comprehensive income/(loss), net of tax | (76) | | | 45 | | | | | |
Comprehensive income/(loss) | 3,186 | | | (3,074) | | | | | |
Less: Comprehensive income/(loss) attributable to noncontrolling interests | — | | | (9) | | | | | |
Comprehensive income/(loss) attributable to Ford Motor Company | $ | 3,186 | | | $ | (3,065) | | | | | |
The accompanying notes are part of the consolidated financial statements.
Item 1. Financial Statements (continued)
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions)
| | | | | | | | | | | |
| December 31, 2021 | | March 31, 2022 |
| (unaudited) |
ASSETS | | | |
Cash and cash equivalents (Note 7) | $ | 20,540 | | | $ | 21,013 | |
Marketable securities (Note 7) | 29,053 | | | 20,215 | |
Ford Credit finance receivables, net of allowance for credit losses of $282 and $262 (Note 8) | 32,543 | | | 32,775 | |
Trade and other receivables, less allowances of $48 and $77 | 11,370 | | | 13,031 | |
Inventories (Note 9) | 12,065 | | | 14,647 | |
Assets held for sale (Note 17) | — | | | 826 | |
Other assets | 3,425 | | | 3,635 | |
Total current assets | 108,996 | | | 106,142 | |
Ford Credit finance receivables, net of allowance for credit losses of $643 and $583 (Note 8) | 51,256 | | | 50,000 | |
Net investment in operating leases | 26,361 | | | 25,546 | |
Net property | 37,139 | | | 36,625 | |
Equity in net assets of affiliated companies | 4,545 | | | 4,306 | |
Deferred income taxes | 13,796 | | | 14,991 | |
Other assets | 14,942 | | | 15,376 | |
Total assets | $ | 257,035 | | | $ | 252,986 | |
| | | |
LIABILITIES | | | |
Payables | $ | 22,349 | | | $ | 23,256 | |
Other liabilities and deferred revenue (Note 12 and Note 20) | 18,686 | | | 18,263 | |
Debt payable within one year (Note 14) | | | |
Company excluding Ford Credit | 3,175 | | | 2,927 | |
Ford Credit | 46,517 | | | 45,359 | |
Liabilities held for sale (Note 17) | — | | | 547 | |
Total current liabilities | 90,727 | | | 90,352 | |
Other liabilities and deferred revenue (Note 12 and Note 20) | 27,705 | | | 28,501 | |
Long-term debt (Note 14) | | | |
Company excluding Ford Credit | 17,200 | | | 17,158 | |
Ford Credit | 71,200 | | | 70,157 | |
Deferred income taxes | 1,581 | | | 1,734 | |
Total liabilities | 208,413 | | | 207,902 | |
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EQUITY | | | |
Common Stock, par value $0.01 per share (4,066 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 | | | 22,550 | |
Retained earnings | 35,769 | | | 32,251 | |
Accumulated other comprehensive income/(loss) (Note 18) | (8,339) | | | (8,294) | |
Treasury stock | (1,563) | | | (1,564) | |
Total equity attributable to Ford Motor Company | 48,519 | | | 44,985 | |
Equity attributable to noncontrolling interests | 103 | | | 99 | |
Total equity | 48,622 | | | 45,084 | |
Total liabilities and equity | $ | 257,035 | | | $ | 252,986 | |
| | | | | | | | | | | |
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 | | March 31, 2022 |
| (unaudited) |
ASSETS | | | |
Cash and cash equivalents | $ | 3,407 | | | $ | 2,473 | |
Ford Credit finance receivables, net | 43,001 | | | 42,119 | |
Net investment in operating leases | 7,540 | | | 10,191 | |
Other assets | 39 | | | 152 | |
LIABILITIES | | | |
Other liabilities and deferred revenue | $ | 6 | | | $ | 1 | |
Debt | 38,274 | | | 40,139 | |
The accompanying notes are part of the consolidated financial statements.
Item 1. Financial Statements (Continued)
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(in millions, unaudited)
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| 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 | |
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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 | |
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__________
(a)Includes impacts 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.
Item 1. Financial Statements (Continued)
FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
Table of Contents
| | | | | | | | |
Footnote | | Page |
Note 1 | Presentation | |
Note 2 | New Accounting Standards | |
Note 3 | Revenue | |
Note 4 | Other Income/(Loss) | |
Note 5 | Income Taxes | |
Note 6 | Capital Stock and Earnings/(Loss) Per Share | |
Note 7 | Cash, Cash Equivalents, and Marketable Securities | |
Note 8 | Ford Credit Finance Receivables and Allowance for Credit Losses | |
Note 9 | Inventories | |
Note 10 | Other Investments | |
Note 11 | Goodwill | |
Note 12 | Other Liabilities and Deferred Revenue | |
Note 13 | Retirement Benefits | |
Note 14 | Debt | |
Note 15 | Derivative Financial Instruments and Hedging Activities | |
Note 16 | Employee Separation Actions and Exit and Disposal Activities | |
Note 17 | Acquisitions and Divestitures | |
Note 18 | Accumulated Other Comprehensive Income/(Loss) | |
Note 19 | Variable Interest Entities | |
Note 20 | Commitments and Contingencies | |
Note 21 | Segment Information | |
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.
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 March 31 (in millions):
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| First Quarter 2021 |
| Company excluding Ford Credit | | Ford Credit | | Consolidated |
Vehicles, parts, and accessories | $ | 32,135 | | | $ | — | | | $ | 32,135 | |
Used vehicles | 745 | | | — | | | 745 | |
Services and other revenue (a) | 608 | | | 16 | | | 624 | |
Revenues from sales and services | 33,488 | | | 16 | | | 33,504 | |
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Leasing income | 77 | | | 1,380 | | | 1,457 | |
Financing income | — | | | 1,243 | | | 1,243 | |
Insurance income | — | | | 24 | | | 24 | |
Total revenues | $ | 33,565 | | | $ | 2,663 | | | $ | 36,228 | |
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| First Quarter 2022 |
| Company excluding Ford Credit | | Ford Credit | | Consolidated |
Vehicles, parts, and accessories | $ | 30,991 | | | $ | — | | | $ | 30,991 | |
Used vehicles | 429 | | | — | | | 429 | |
Services and other revenue (a) | 722 | | | 19 | | | 741 | |
Revenues from sales and services | 32,142 | | | 19 | | | 32,161 | |
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Leasing income | 53 | | | 1,211 | | | 1,264 | |
Financing income | — | | | 1,040 | | | 1,040 | |
Insurance income | — | | | 11 | | | 11 | |
Total revenues | $ | 32,195 | | | $ | 2,281 | | | $ | 34,476 | |
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__________
(a)Includes extended service contract revenue.
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 $359 million and $211 million in the first 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 March 31, 2022. We expect to recognize approximately $1 billion of the unearned amount in the remainder of 2022, $1.2 billion in 2023, and $2.1 billion thereafter. We recognized $342 million and $365 million of unearned amounts as revenue during the first quarter 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 $317 million in deferred costs as of December 31, 2021 and March 31, 2022, respectively. We recognized $20 million and $22 million of amortization during the first quarter of 2021 and 2022, respectively.
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 March 31 were as follows (in millions):
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| First Quarter | | |
| 2021 | | 2022 | | | | |
Net periodic pension and OPEB income/(cost), excluding service cost (a) | $ | 612 | | | $ | 459 | | | | | |
Investment-related interest income | 72 | | | 61 | | | | | |
Interest income/(expense) on income taxes | (3) | | | 5 | | | | | |
Realized and unrealized gains/(losses) on cash equivalents, marketable securities, and other investments (b) | 899 | | | (5,454) | | | | | |
Gains/(Losses) on changes in investments in affiliates (c) | 166 | | | (125) | | | | | |
Royalty income | 171 | | | 144 | | | | | |
Other | (45) | | | 60 | | | | | |
Total | $ | 1,872 | | | $ | (4,850) | | | | | |
__________
(a) See Note 13 for additional information relating to our pension and OPEB remeasurements.
(b) Includes a $0.9 billion unrealized gain and a $5.4 billion unrealized loss on our Rivian equity investment in the first quarter of 2021 and 2022, respectively.
(c) Primarily reflects a gain on Getrag Ford Transmission GmbH in first quarter 2021 (see Note 17), and a loss on the Ford Credit Brazil liquidation in first quarter 2022 (see Note 16).
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):
| | | | | | | | | | | | | | | |
| First Quarter | | |
| 2021 | | 2022 | | | | |
Net income/(loss) attributable to Ford Motor Company | $ | 3,262 | | | $ | (3,110) | | | | | |
| | | | | | | |
Basic and Diluted Shares | | | | | | | |
Basic shares (average shares outstanding) | 3,980 | | | 4,008 | | | | | |
Net dilutive options, unvested restricted stock units, unvested restricted stock shares, and convertible debt (a) | 36 | | | — | | | | | |
Diluted shares | 4,016 | | | 4,008 | | | | | |
__________
(a) In the first quarter of 2022, there were 56 million shares excluded from the calculation of diluted earnings/(loss) per share, due to their anti-dilutive effect.
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 | | | $ | — | | | $ | — | | | $ | — | |
| | | March 31, 2022 |
| Fair Value Level | | Company excluding Ford Credit | | Ford Credit | | Consolidated |
Cash and cash equivalents | | | | | | | |
U.S. government | 1 | | $ | 1,723 | | | $ | 615 | | | $ | 2,338 | |
U.S. government agencies | 2 | | 1,072 | | | 200 | | | 1,272 | |
Non-U.S. government and agencies | 2 | | 830 | | | 436 | | | 1,266 | |
Corporate debt | 2 | | 50 | | | 889 | | | 939 | |
Total marketable securities classified as cash equivalents | | | 3,675 | | | 2,140 | | | 5,815 | |
Cash, time deposits, and money market funds | | | 6,759 | | | 8,439 | | | 15,198 | |
Total cash and cash equivalents | | | $ | 10,434 | | | $ | 10,579 | | | $ | 21,013 | |
| | | | | | | |
Marketable securities | | | | | | | |
U.S. government | 1 | | $ | 2,928 | | | $ | 413 | | | $ | 3,341 | |
U.S. government agencies | 2 | | 2,120 | | | 75 | | | 2,195 | |
Non-U.S. government and agencies | 2 | | 2,486 | | | 1,036 | | | 3,522 | |
Corporate debt | 2 | | 5,151 | | | 297 | | | 5,448 | |
Equities (a) | 1 | | 5,223 | | | — | | | |