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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)
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

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 ContentsPage
 Part I - Financial Information 
Item 1Financial 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 2Management’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 3Quantitative and Qualitative Disclosures About Market Risk
Item 4Controls and Procedures
Part II - Other Information
Item 1Legal Proceedings
Item 2Unregistered Sales of Equity Securities and Use of Proceeds
Item 6Exhibits
Signature

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 March 31,
 20212022
First Quarter
(unaudited)
Cash flows from operating activities  
Net income/(loss)$3,262 $(3,119)
Depreciation and tooling amortization2,103 1,857 
Other amortization(361)(310)
Provision for/(Benefit from) credit and insurance losses(36)(66)
Pension and other post-retirement employee benefits (“OPEB”) expense/(income) (Note 13)(318)(213)
Equity method investment dividends received in excess of (earnings)/losses and impairments68 199 
Foreign currency adjustments350 32 
Net realized and unrealized (gains)/losses on cash equivalents, marketable securities, and other investments (Note 4)(899)5,454 
Net (gain)/loss on changes in investments in affiliates (Note 4)(166)125 
Stock compensation41 67 
Provision for deferred income taxes427 (1,053)
Decrease/(Increase) in finance receivables (wholesale and other)2,699 (2,192)
Decrease/(Increase) in accounts receivable and other assets(588)(956)
Decrease/(Increase) in inventory(2,176)(2,755)
Increase/(Decrease) in accounts payable and accrued and other liabilities193 1,714 
Other(107)132 
Net cash provided by/(used in) operating activities 4,492 (1,084)
Cash flows from investing activities
Capital spending(1,368)(1,370)
Acquisitions of finance receivables and operating leases(11,695)(10,278)
Collections of finance receivables and operating leases12,482 11,988 
Purchases of marketable securities and other investments(11,580)(4,319)
Sales and maturities of marketable securities and other investments11,686 7,115 
Settlements of derivatives31 212 
Other(47)(33)
Net cash provided by/(used in) investing activities(491)3,315 
Cash flows from financing activities  
Cash payments for dividends and dividend equivalents(3)(405)
Purchases of common stock  
Net changes in short-term debt273 (614)
Proceeds from issuance of long-term debt6,931 12,489 
Payments of long-term debt(14,892)(12,975)
Other(102)(156)
Net cash provided by/(used in) financing activities(7,793)(1,661)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(93)(24)
Net increase/(decrease) in cash, cash equivalents, and restricted cash$(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.
1

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,
 20212022
 First Quarter
(unaudited)
Revenues  
Automotive$33,554 $32,111 
Ford Credit2,663 2,281 
Mobility11 84 
Total revenues (Note 3)36,228 34,476 
Costs and expenses  
Cost of sales29,297 29,036 
Selling, administrative, and other expenses2,843 2,740 
Ford Credit interest, operating, and other expenses1,624 1,357 
Total costs and expenses33,764 33,133 
Operating income/(loss)2,464 1,343 
Interest expense on Company debt excluding Ford Credit473 308 
Other income/(loss), net (Note 4 and Note 17)1,872 (4,850)
Equity in net income/(loss) of affiliated companies79 (33)
Income/(Loss) before income taxes3,942 (3,848)
Provision for/(Benefit from) income taxes680 (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)
Weighted-average shares used in computation of earnings/(loss) per share
Basic shares3,9804,008
Diluted shares4,0164,008

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
 For the periods ended March 31,
 20212022
 First Quarter
(unaudited)
Net income/(loss)$3,262 $(3,119)
Other comprehensive income/(loss), net of tax (Note 18)
Foreign currency translation289 146 
Marketable securities(65)(253)
Derivative instruments(301)144 
Pension and other postretirement benefits1 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.
2

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 assets3,425 3,635 
Total current assets108,996 106,142 
Ford Credit finance receivables, net of allowance for credit losses of $643 and $583 (Note 8)
51,256 50,000 
Net investment in operating leases26,361 25,546 
Net property37,139 36,625 
Equity in net assets of affiliated companies4,545 4,306 
Deferred income taxes13,796 14,991 
Other assets14,942 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 Credit3,175 2,927 
Ford Credit46,517 45,359 
Liabilities held for sale (Note 17) 547 
Total current liabilities90,727 90,352 
Other liabilities and deferred revenue (Note 12 and Note 20)27,705 28,501 
Long-term debt (Note 14)
Company excluding Ford Credit17,200 17,158 
Ford Credit71,200 70,157 
Deferred income taxes1,581 1,734 
Total liabilities208,413 207,902 
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 stock22,611 22,550 
Retained earnings35,769 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 Company48,519 44,985 
Equity attributable to noncontrolling interests103 99 
Total equity48,622 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, net43,001 42,119 
Net investment in operating leases7,540 10,191 
Other assets39 152 
LIABILITIES
Other liabilities and deferred revenue$6 $1 
Debt38,274 40,139 

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 StockCap. in Excess of Par Value of StockRetained EarningsAccumulated Other Comprehensive Income/(Loss) (Note 18)Treasury StockTotalEquity Attributable to Non-controlling InterestsTotal
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 
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 
__________
(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.
4

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 Investments
Note 11Goodwill
Note 12Other Liabilities and Deferred Revenue
Note 13Retirement Benefits
Note 14Debt
Note 15Derivative Financial Instruments and Hedging Activities
Note 16Employee Separation Actions and Exit and Disposal Activities
Note 17Acquisitions and Divestitures
Note 18Accumulated Other Comprehensive Income/(Loss)
Note 19Variable Interest Entities
Note 20Commitments and Contingencies
Note 21Segment Information
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:

ASUEffective Date
2021-04Issuer’s Accounting for Certain Modifications or Exchanges of WarrantsJanuary 1, 2022
2021-05Lessors - Certain Leases with Variable Lease PaymentsJanuary 1, 2022
2021-08Business Combinations: Accounting for Contract Assets and Contract Liabilities from Contracts with CustomersJanuary 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 March 31 (in millions):
First Quarter 2021
Company excluding Ford CreditFord CreditConsolidated
Vehicles, parts, and accessories$32,135 $ $32,135 
Used vehicles745  745 
Services and other revenue (a)608 16 624 
Revenues from sales and services
33,488 16 33,504 
Leasing income77 1,380 1,457 
Financing income 1,243 1,243 
Insurance income 24 24 
Total revenues$33,565 $2,663 $36,228 
First Quarter 2022
Company excluding
Ford Credit
Ford CreditConsolidated
Vehicles, parts, and accessories$30,991 $ $30,991 
Used vehicles429  429 
Services and other revenue (a)722 19 741 
Revenues from sales and services
32,142 19 32,161 
Leasing income53 1,211 1,264 
Financing income 1,040 1,040 
Insurance income 11 11 
Total revenues$32,195 $2,281 $34,476 
__________
(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.
7

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
 20212022
Net periodic pension and OPEB income/(cost), excluding service cost (a)$612 $459 
Investment-related interest income72 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 income171 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
 20212022
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 shares4,016 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.

8

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 LevelCompany excluding Ford CreditFord CreditConsolidated
Cash and cash equivalents  
U.S. government1$2,877 $711 $3,588 
U.S. government agencies2355 240 595 
Non-U.S. government and agencies255 152 207 
Corporate debt2105 940 1,045 
Total marketable securities classified as cash equivalents
3,392 2,043 5,435 
Cash, time deposits, and money market funds6,185 8,920 15,105 
Total cash and cash equivalents$9,577 $10,963 $20,540 
Marketable securities
U.S. government1$4,018 $864 $4,882 
U.S. government agencies22,270 75 2,345 
Non-U.S. government and agencies23,373 697 4,070 
Corporate debt26,299 304 6,603 
Equities (a)110,673  10,673 
Other marketable securities2247 233 480 
Total marketable securities$26,880 $2,173 $29,053 
Restricted cash$69 $128 $197 
Cash, cash equivalents, and restricted cash in
   held-for-sale assets
$ $ $ 
March 31, 2022
Fair Value LevelCompany excluding Ford CreditFord CreditConsolidated
Cash and cash equivalents  
U.S. government1$1,723 $615 $2,338 
U.S. government agencies21,072 200 1,272 
Non-U.S. government and agencies2830 436 1,266 
Corporate debt250 889 939 
Total marketable securities classified as cash equivalents
3,675 2,140 5,815 
Cash, time deposits, and money market funds6,759 8,439 15,198 
Total cash and cash equivalents$10,434 $10,579 $21,013 
Marketable securities
U.S. government1$2,928 $413 $3,341 
U.S. government agencies22,120 75 2,195 
Non-U.S. government and agencies22,486 1,036 3,522 
Corporate debt25,151 297 5,448 
Equities (a)15,223