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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, 2024

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)
Delaware38-0549190
(State of incorporation)(I.R.S. Employer Identification No.)
One American Road
Dearborn,Michigan48126
(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 classTrading symbolsName of each exchange on which registered
Common Stock, par value $.01 per shareFNew York Stock Exchange
6.200% Notes due June 1, 2059FPRBNew York Stock Exchange
6.000% Notes due December 1, 2059FPRCNew York Stock Exchange
6.500% Notes due August 15, 2062FPRDNew 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 19, 2024, Ford had outstanding 3,921,485,081 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, 2024
 Table of ContentsPage
 Part I - Financial Information 
Item 1Financial Statements
Consolidated Income Statements
Consolidated Statements of Comprehensive Income
Consolidated Balance Sheets
Consolidated Statements of Cash Flows
Consolidated Statements of Equity
Notes to the Financial Statements
Item 2Management’s Discussion and Analysis of Financial Condition and Results of Operations
Recent Developments
Results of Operations
Ford Blue Segment
Ford Model e Segment
Ford Pro Segment
Ford Next 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 3Quantitative and Qualitative Disclosures About Market Risk
Item 4Controls and Procedures
Part II - Other Information
Item 1Legal Proceedings
Item 5Other Information
Item 6Exhibits
Signature




PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements.
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(in millions, except per share amounts)
For the periods ended March 31,
 20232024
 First Quarter
(unaudited)
Revenues  
Company excluding Ford Credit$39,085 $39,890 
Ford Credit2,389 2,887 
Total revenues (Note 3)41,474 42,777 
Costs and expenses  
Cost of sales34,669 36,476 
Selling, administrative, and other expenses2,506 2,376 
Ford Credit interest, operating, and other expenses2,186 2,700 
Total costs and expenses39,361 41,552 
Operating income/(loss)2,113 1,225 
Interest expense on Company debt excluding Ford Credit308 278 
Other income/(loss), net (Note 4)224 498 
Equity in net income/(loss) of affiliated companies130 167 
Income/(Loss) before income taxes2,159 1,612 
Provision for/(Benefit from) income taxes496 278 
Net income/(loss)1,663 1,334 
Less: Income/(Loss) attributable to noncontrolling interests(94)2 
Net income/(loss) attributable to Ford Motor Company$1,757 $1,332 
EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK (Note 6)
Basic income/(loss)$0.44 $0.33 
Diluted income/(loss)0.44 0.33 
Weighted-average shares used in computation of earnings/(loss) per share
Basic shares3,9903,979
Diluted shares4,0294,023

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
 For the periods ended March 31,
 20232024
 First Quarter
(unaudited)
Net income/(loss)$1,663 $1,334 
Other comprehensive income/(loss), net of tax (Note 16)
Foreign currency translation493 (114)
Marketable securities110 (8)
Derivative instruments(55)205 
Pension and other postretirement benefits3 27 
Total other comprehensive income/(loss), net of tax551 110 
Comprehensive income/(loss)2,214 1,444 
Less: Comprehensive income/(loss) attributable to noncontrolling interests(94)2 
Comprehensive income/(loss) attributable to Ford Motor Company$2,308 $1,442 

The accompanying notes are part of the consolidated financial statements.
3

Item 1. Financial Statements (continued)
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions)
 December 31,
2023
March 31,
2024
 (unaudited)
ASSETS  
Cash and cash equivalents (Note 7)$24,862 $19,721 
Marketable securities (Note 7)15,309 14,742 
Ford Credit finance receivables, net of allowance for credit losses of $256 and $254 (Note 8)
46,425 44,600 
Trade and other receivables, less allowances of $64 and $59
15,601 18,698 
Inventories (Note 9)15,651 18,632 
Other assets3,633 4,202 
Total current assets121,481 120,595 
Ford Credit finance receivables, net of allowance for credit losses of $626 and $626 (Note 8)
55,650 56,985 
Net investment in operating leases21,384 21,118 
Net property40,821 40,515 
Equity in net assets of affiliated companies5,548 6,336 
Deferred income taxes16,985 16,726 
Other assets11,441 12,066 
Total assets$273,310 $274,341 
LIABILITIES  
Payables$25,992 $27,384 
Other liabilities and deferred revenue (Note 10 and Note 18)25,870 26,032 
Debt payable within one year (Note 12)
Company excluding Ford Credit477 727 
Ford Credit49,192 49,063 
Total current liabilities101,531 103,206 
Other liabilities and deferred revenue (Note 10 and Note 18)28,414 27,724 
Long-term debt (Note 12)
Company excluding Ford Credit19,467 19,430 
Ford Credit80,095 80,195 
Deferred income taxes1,005 889 
Total liabilities230,512 231,444 
EQUITY  
Common Stock, par value $0.01 per share (4,105 million shares issued of 6 billion authorized)
41 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 stock23,128 23,125 
Retained earnings31,029 31,019 
Accumulated other comprehensive income/(loss) (Note 16)(9,042)(8,932)
Treasury stock(2,384)(2,384)
Total equity attributable to Ford Motor Company42,773 42,870 
Equity attributable to noncontrolling interests25 27 
Total equity42,798 42,897 
Total liabilities and equity$273,310 $274,341 
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,
2023
March 31,
2024
(unaudited)
ASSETS  
Cash and cash equivalents$2,298 $2,909 
Ford Credit finance receivables, net56,131 56,523 
Net investment in operating leases11,179 11,190 
Other assets90 75 
LIABILITIES
Other liabilities and deferred revenue$45 $18 
Debt48,177 45,716 

The accompanying notes are part of the consolidated financial statements.

4

Item 1. Financial Statements (Continued)
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
For the periods ended March 31,
 20232024
First Quarter
(unaudited)
Cash flows from operating activities  
Net income/(loss)$1,663 $1,334 
Depreciation and tooling amortization1,897 1,881 
Other amortization(272)(376)
Provision for credit and insurance losses83 126 
Pension and other postretirement employee benefits (“OPEB”) expense/(income) (Note 11)303 166 
Equity method investment dividends received in excess of (earnings)/losses and impairments(7)(154)
Foreign currency adjustments(94)(12)
Net realized and unrealized (gains)/losses on cash equivalents, marketable securities, and other investments (Note 4)
51 29 
Stock compensation100 126 
Provision for/(Benefit from) deferred income taxes17 (28)
Decrease/(Increase) in finance receivables (wholesale and other)(656)(1,121)
Decrease/(Increase) in accounts receivable and other assets(732)(806)
Decrease/(Increase) in inventory(1,967)(3,154)
Increase/(Decrease) in accounts payable and accrued and other liabilities2,323 3,333 
Other91 41 
Net cash provided by/(used in) operating activities 2,800 1,385 
Cash flows from investing activities
Capital spending(1,780)(2,094)
Acquisitions of finance receivables and operating leases(12,543)(14,829)
Collections of finance receivables and operating leases11,170 11,238 
Purchases of marketable securities and other investments(2,545)(2,985)
Sales and maturities of marketable securities and other investments4,413 3,579 
Settlements of derivatives(41)(184)
Capital contributions to equity method investments(699)(639)
Other48 34 
Net cash provided by/(used in) investing activities(1,977)(5,880)
Cash flows from financing activities  
Cash payments for dividends and dividend equivalents(3,193)(1,326)
Purchases of common stock  
Net changes in short-term debt(2,211)(1,201)
Proceeds from issuance of long-term debt13,912 16,488 
Payments of long-term debt(12,242)(14,225)
Other(140)(194)
Net cash provided by/(used in) financing activities(3,874)(458)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash70 (171)
Net increase/(decrease) in cash, cash equivalents, and restricted cash$(2,981)$(5,124)
Cash, cash equivalents, and restricted cash at beginning of period (Note 7)$25,340 $25,110 
Net increase/(decrease) in cash, cash equivalents, and restricted cash(2,981)(5,124)
Cash, cash equivalents, and restricted cash at end of period (Note 7)$22,359 $19,986 

The accompanying notes are part of the consolidated financial statements.
5

Item 1. Financial Statements (Continued)
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY
(in millions, unaudited)
 Equity Attributable to Ford Motor Company 
 Capital StockCap. in Excess of Par Value of StockRetained EarningsAccumulated Other Comprehensive Income/(Loss) (Note 16)Treasury StockTotalEquity Attributable to Non-controlling InterestsTotal
Equity
Balance at December 31, 2022$42 $22,832 $31,754 $(9,339)$(2,047)$43,242 $(75)$43,167 
Net income/(loss)  1,757   1,757 (94)1,663 
Other comprehensive income/(loss), net
   551  551  551 
Common Stock issued (a) 57    57  57 
Treasury stock/other         
Dividends and dividend equivalents declared ($0.80 per share) (b)
  (3,241)  (3,241) (3,241)
Balance at March 31, 2023$42 $22,889 $30,270 $(8,788)$(2,047)$42,366 $(169)$42,197 
Balance at December 31, 2023$42 $23,128 $31,029 $(9,042)$(2,384)$42,773 $25 $42,798 
Net income/(loss)  1,332   1,332 2 1,334 
Other comprehensive income/(loss), net
   110  110  110 
Common Stock issued (a) (3)   (3) (3)
Treasury stock/other         
Dividends and dividend equivalents declared ($0.33 per share) (b)
  (1,342)  (1,342) (1,342)
Balance at March 31, 2024$42 $23,125 $31,019 $(8,932)$(2,384)$42,870 $27 $42,897 
__________
(a)Includes impact of share-based compensation.
(b)Dividends and dividend equivalents declared for Common and Class B Stock. In the first quarter of 2023 and 2024, in addition to a regular dividend of $0.15 per share, we declared a supplemental dividend of $0.65 per share and $0.18 per share, respectively.

The accompanying notes are part of the consolidated financial statements.
6

Item 1. Financial Statements (Continued)
FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS

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

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.

In the opinion of management, these unaudited financial statements include all adjustments, consisting of only normal recurring adjustments, necessary for 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, 2023 (“2023 Form 10-K Report”).

NOTE 2. NEW ACCOUNTING STANDARDS

Adoption of New Accounting Standards

We adopted the following Accounting Standards Updates (“ASUs”) during 2024, none of which had a material impact to our consolidated financial statements or financial statement disclosures:

ASUEffective Date
2023-01Leases: Common Control ArrangementsJanuary 1, 2024
2023-02Investments – Equity Method and Joint Ventures - Accounting for Investments in Tax Credit Structures Using the Proportional Amortization MethodJanuary 1, 2024

Accounting Standards Issued But Not Yet Adopted

ASU 2023-07, Segment Reporting, Improvements to Reportable Segment Disclosures. In November 2023, the Financial Accounting Standards Board (“FASB”) issued a new accounting standard which requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (”CODM”) for each reportable segment. In addition to significant segment expenses that are separately disclosed, the standard requires disclosure of an amount for “other segment items” by reportable segment and a description of its composition. The standard also requires all annual disclosures about a reporting segment’s profit or loss and assets to be provided on an interim basis. This new standard is effective for our 2024 annual financial statements and interim periods beginning in 2025. We are assessing the effect on our consolidated financial statement disclosures; however, adoption will not impact our consolidated balance sheets or income statements.

ASU 2023-09, Improvements to Income Tax Disclosures. In December 2023, the FASB issued a new accounting standard to enhance the transparency and decision usefulness of income tax disclosures. The new standard is effective for annual periods beginning after December 15, 2024, with retrospective application permitted. There will be no impact to our consolidated balance sheets or income statements; however, there will be changes to our consolidated financial statement disclosures, primarily related to the effective tax rate reconciliation and cash paid for income taxes.

All other ASUs issued but not yet adopted were assessed and determined to be not applicable or are not expected to have a material impact on our consolidated financial statements or financial statement disclosures.
8

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):
First Quarter 2023
Company excluding Ford CreditFord CreditConsolidated
Vehicles, parts, and accessories$37,927 $ $37,927 
Used vehicles469  469 
Services and other revenue (a)645 17 662 
Revenues from sales and services
39,041 17 39,058 
Leasing income44 1,049 1,093 
Financing income 1,301 1,301 
Insurance income 22 22 
Total revenues$39,085 $2,389 $41,474 
First Quarter 2024
Company excluding
Ford Credit
Ford CreditConsolidated
Vehicles, parts, and accessories$38,645 $ $38,645 
Used vehicles510  510 
Services and other revenue (a)688 20 708 
Revenues from sales and services
39,843 20 39,863 
Leasing income47 1,017 1,064 
Financing income 1,819 1,819 
Insurance income 31 31 
Total revenues$39,890 $2,887 $42,777 
__________
(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, marketing incentives we offer to our customers and their customers, and other pricing adjustments. Estimates of marketing incentives and other pricing adjustments are based on our expectations of retail and fleet sales volumes, mix of products to be sold, competitor actions, 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 variable consideration (e.g., marketing incentives), we recorded a decrease related to revenue recognized in prior periods of $178 million and $707 million in the first quarter of 2023 and 2024, respectively.

We had a balance of $4.8 billion and $4.9 billion of unearned revenue associated primarily with outstanding extended service contracts reported in Other liabilities and deferred revenue at December 31, 2023 and March 31, 2024, respectively. We expect to recognize approximately $1.2 billion of the unearned amount in the remainder of 2024, $1.3 billion in 2025, and $2.4 billion thereafter. We recognized $380 million and $431 million of unearned amounts from prior years as revenue during the first quarter of 2023 and 2024, respectively.

Amounts paid to dealers to obtain extended service contracts are deferred and recorded as Other assets. We had a balance of $317 million and $321 million in deferred costs as of December 31, 2023 and March 31, 2024, respectively. We recognized $26 million of amortization during both the first quarter of 2023 and 2024.
9

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):
First Quarter
 20232024
Net periodic pension and OPEB income/(cost), excluding service cost (Note 11)
$(165)$(24)
Investment-related interest income348 410 
Interest income/(expense) on income taxes
(4)(14)
Realized and unrealized gains/(losses) on cash equivalents, marketable securities, and other investments(51)(29)
Gains/(Losses) on changes in investments in affiliates4 7 
Royalty income103 124 
Other(11)24 
Total$224 $498 

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
 20232024
Net income/(loss) attributable to Ford Motor Company$1,757 $1,332 
Basic and Diluted Shares   
Basic shares (average shares outstanding)3,990 3,979 
Net dilutive options, unvested restricted stock units, unvested restricted stock shares, and convertible debt39 44 
Diluted shares4,029 4,023 

10

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, 2023
 Fair Value LevelCompany excluding Ford CreditFord CreditConsolidated
Cash and cash equivalents  
U.S. government1$2,320 $912 $3,232 
U.S. government agencies22,075 625 2,700 
Non-U.S. government and agencies2699 276 975 
Corporate debt21,617 101 1,718 
Total marketable securities classified as cash equivalents
6,711 1,914 8,625 
Cash, time deposits, and money market funds7,493 8,744 16,237 
Total cash and cash equivalents$14,204 $10,658 $24,862 
Marketable securities
U.S. government1$4,467 $207 $4,674 
U.S. government agencies21,774 49 1,823 
Non-U.S. government and agencies22,096 109 2,205 
Corporate debt25,807 268 6,075 
Equities123  23 
Other marketable securities2353 156 509 
Total marketable securities$14,520 $789 $15,309 
Restricted cash$111 $137 $248 
Cash, cash equivalents, and restricted cash - held for sale$ $ $ 
March 31, 2024
Fair Value LevelCompany excluding Ford CreditFord CreditConsolidated
Cash and cash equivalents  
U.S. government1$997 $86 $1,083 
U.S. government agencies22,019  2,019 
Non-U.S. government and agencies2699 277 976 
Corporate debt2   
Total marketable securities classified as cash equivalents
3,715 363 4,078 
Cash, time deposits, and money market funds7,158 8,485 15,643 
Total cash and cash equivalents$10,873 $8,848 $19,721 
Marketable securities
U.S. government1$4,085 $219 $4,304 
U.S. government agencies21,850  1,850 
Non-U.S. government and agencies22,342 83 2,425 
Corporate debt25,288 261 5,549 
Equities125  25 
Other marketable securities2438 151 589 
Total marketable securities$14,028 $714 $14,742 
Restricted cash$112 $102 $214 
Cash, cash equivalents, and restricted cash - held for sale (Note 15)
$51 $ $51 
        
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 cash equivalents and marketable securities accounted for as available-for-sale (“AFS”) securities were as follows (in millions):
December 31, 2023
Fair Value of Securities with
Contractual Maturities
 Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueWithin 1 YearAfter 1 Year through
5 Years
After 5 Years
Company excluding Ford Credit  
U.S. government$4,458 $6 $(66)$4,398 $2,172 $2,216 $10 
U.S. government agencies2,053 4 (62)1,995 490 1,487 18 
Non-U.S. government and agencies1,948 1 (75)1,874 587 1,275 12 
Corporate debt7,433 27 (67)7,393 2,830 4,558 5 
Other marketable securities322 2 (4)320  247 73 
Total$16,214 $40 $(274)$15,980 $6,079 $9,783 $118 
 
March 31, 2024
Fair Value of Securities with
Contractual Maturities
Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueWithin 1 YearAfter 1 Year through
5 Years
After 5 Years
Company excluding Ford Credit
U.S. government$4,076 $ $(64)$4,012 $1,931 $2,071 $10 
U.S. government agencies1,973  (63)1,910 425 1,467 18 
Non-U.S. government and agencies1,982  (71)1,911 626 1,273 12 
Corporate debt5,304 15 (59)5,260 698 4,554 8 
Other marketable securities408 2 (3)407  297 110 
Total
$13,743 $17 $(260)$13,500 $3,680 $9,662 $158 

Sales proceeds and gross realized gains/losses from the sale of AFS securities for the periods ended March 31 were as follows (in millions):
First Quarter
20232024
Company excluding Ford Credit
Sales proceeds$1,163 $3,719 
Gross realized gains1 2 
Gross realized losses12 8 

12

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, 2023
Less than 1 Year1 Year or GreaterTotal
 Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Company excluding Ford Credit  
U.S. government$619 $(2)$2,735 $(64)$3,354 $(66)
U.S. government agencies283 (1)1,068 (61)1,351 (62)
Non-U.S. government and agencies67  1,654 (75)1,721 (75)
Corporate debt2,608 (2)2,192 (65)4,800 (67)
Other marketable securities26  122 (4)148 (4)
Total
$3,603 $(5)$7,771 $(269)$11,374 $(274)
 
March 31, 2024
Less than 1 Year1 Year or GreaterTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Company excluding Ford Credit
U.S. government$1,683 $(13)$2,259 $(51)$3,942 $(64)
U.S. government agencies829 (4)1,002 (59)1,831 (63)
Non-U.S. government and agencies343 (3)1,527 (68)1,870 (71)
Corporate debt1,653 (7)1,780 (52)3,433 (59)
Other marketable securities85  115 (3)200 (3)
Total
$4,593 $(27)$6,683 $(233)$11,276 $(260)

We determine credit losses on AFS debt securities using the specific identification method. During the first quarter of 2024, 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,
2023
March 31,
2024
Cash and cash equivalents$24,862 $19,721 
Restricted cash (a)248 214 
Cash, cash equivalents, and restricted cash - held for sale (Note 15)
 51 
Total cash, cash equivalents, and restricted cash$25,110 $19,986 
__________
(a)Included in Other assets in the non-current assets section of our consolidated balance sheets.

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

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,
2023
March 31,
2024
Consumer  
Retail installment contracts, gross$73,825 $75,787 
Finance leases, gross7,793 7,999 
Retail financing, gross81,618 83,786 
Unearned interest supplements(3,344)(3,868)
Consumer finance receivables78,274 79,918 
Non-Consumer 
Dealer financing24,683 22,547 
Non-Consumer finance receivables24,683 22,547 
Total recorded investment$102,957 $102,465 
Recorded investment in finance receivables$102,957 $102,465 
Allowance for credit losses(882)(880)
Total finance receivables, net$102,075 $101,585 
Current portion$46,425 $44,600 
Non-current portion55,650 56,985 
Total finance receivables, net$102,075 $101,585 
Net finance receivables subject to fair value (a)$94,728 $94,062 
Fair value (b)93,189 92,715 
__________
(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 first quarter of 2023 and 2024 was $83 million and $117 million, respectively, and is included in Ford Credit revenues on our consolidated income statements.

At December 31, 2023 and March 31, 2024, accrued interest was $294 million and $287 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, 2023 and March 31, 2024, were consumer receivables of $46.0 billion and $45.0 billion, respectively, and non-consumer receivables of $21.3 billion and $22.0 billion, respectively, (including Ford Blue, Ford Model e, and Ford Pro 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.

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)

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 Mention61 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, 2023 was as follows (in millions):
Amortized Cost Basis by Origination Year
Prior to 201920192020202120222023TotalPercent
Consumer
31 - 60 days past due$40 $49 $130 $125 $187 $159 $690 0.9 %
61 - 120 days past due9 11 30 37 58 50 195 0.2 
Greater than 120 days past due7 4 7 10 10 5 43 0.1 
Total past due56 64 167 172 255 214 928 1.2 
Current891 2,359 7,385 11,301 20,247 35,163 77,346 98.8 
Total$947 $2,423 $7,552 $11,473 $20,502 $35,377 $78,274 100.0 %
Gross charge-offs$47 $40 $75 $85 $117 $37