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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 September 30, 2021

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 October 22, 2021, Ford had outstanding 3,925,389,427 shares of Common Stock and 70,852,076 shares of Class B Stock.

Exhibit Index begins on page 71


FORD MOTOR COMPANY
QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended September 30, 2021
 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
Recent Developments
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 September 30,
 20202021
First Nine Months
(unaudited)
Cash flows from operating activities  
Net income/(loss)$1,515 $5,637 
Depreciation and tooling amortization6,670 5,478 
Other amortization(938)(1,034)
Increase/(Decrease) in provision for credit and insurance losses866 (250)
Pension and other postretirement employee benefits (“OPEB”) expense/(income) (Note 13)(454)(1,115)
Equity investment dividends received in excess of (earnings)/losses132 95 
Foreign currency adjustments(216)348 
Net unrealized (gain)/loss on Other Investments (Note 10)7 (926)
Net (gain)/loss on changes in investments in affiliates (Note 4)(3,483)(354)
Stock compensation170 262 
Provision for deferred income taxes978 652 
Decrease/(Increase) in finance receivables (wholesale and other)11,006 8,508 
Decrease/(Increase) in accounts receivable and other assets74 (1,329)
Decrease/(Increase) in inventory(202)(3,129)
Increase/(Decrease) in accounts payable and accrued and other liabilities3,858 (511)
Other(253)(76)
Net cash provided by/(used in) operating activities 19,730 12,256 
Cash flows from investing activities
Capital spending(4,211)(4,455)
Acquisitions of finance receivables and operating leases(43,473)(34,693)
Collections of finance receivables and operating leases36,536 39,440 
Proceeds from sale of business (Note 17)1,340 145 
Purchases of marketable securities and other investments(27,401)(23,243)
Sales and maturities of marketable securities and other investments24,402 28,439 
Settlements of derivatives(407)(244)
Other344 (381)
Net cash provided by/(used in) investing activities(12,870)5,008 
Cash flows from financing activities  
Cash payments for dividends and dividend equivalents(596)(3)
Purchases of common stock— — 
Net changes in short-term debt(2,815)1,568 
Proceeds from issuance of long-term debt54,325 19,300 
Principal payments on long-term debt(50,641)(36,122)
Other(242)(163)
Net cash provided by/(used in) financing activities31 (15,420)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(160)(155)
Net increase/(decrease) in cash, cash equivalents, and restricted cash$6,731 $1,689 
Cash, cash equivalents, and restricted cash at beginning of period (Note 7)$17,741 $25,935 
Net increase/(decrease) in cash, cash equivalents, and restricted cash6,731 1,689 
Cash, cash equivalents, and restricted cash at end of period (Note 7)$24,472 $27,624 

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 September 30,
 2020202120202021
 Third QuarterFirst Nine Months
(unaudited)
Revenues  
Automotive$34,710 $33,211 $82,677 $90,893 
Ford Credit2,774 2,434 8,480 7,700 
Mobility17 38 35 70 
Total revenues (Note 3)37,501 35,683 91,192 98,663 
Costs and expenses  
Cost of sales31,223 30,057 79,677 82,258 
Selling, administrative, and other expenses2,266 2,947 6,663 8,667 
Ford Credit interest, operating, and other expenses1,661 1,337 6,818 3,954 
Total costs and expenses35,150 34,341 93,158 94,879 
Operating income/(loss)2,351 1,342 (1,966)3,784 
Interest expense on Company debt excluding Ford Credit498 439 1,175 1,365 
Other income/(loss), net (Note 4, Note 10, and Note 17)845 852 5,843 3,883 
Equity in net income/(loss) of affiliated companies58 130 (8)260 
Income/(Loss) before income taxes2,756 1,885 2,694 6,562 
Provision for/(Benefit from) income taxes366 63 1,179 925 
Net income/(loss)2,390 1,822 1,515 5,637 
Less: Income/(Loss) attributable to noncontrolling interests5 (10)6 (18)
Net income/(loss) attributable to Ford Motor Company$2,385 $1,832 $1,509 $5,655 
EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK (Note 6)
Basic income/(loss)$0.60 $0.46 $0.38 $1.42 
Diluted income/(loss)0.60 0.45 0.38 1.40 
Weighted-average shares used in computation of earnings/(loss) per share
Basic shares3,9763,9953,9713,989
Diluted shares4,0054,0363,9974,027

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
 For the periods ended September 30,
 2020202120202021
 Third QuarterFirst Nine Months
(unaudited)
Net income/(loss)$2,390 $1,822 $1,515 $5,637 
Other comprehensive income/(loss), net of tax (Note 18)
Foreign currency translation(70)(302)(1,625)(23)
Marketable securities(17)(23)96 (98)
Derivative instruments(71)343 597 154 
Pension and other postretirement benefits15 5 46 18 
Total other comprehensive income/(loss), net of tax(143)23 (886)51 
Comprehensive income/(loss)2,247 1,845 629 5,688 
Less: Comprehensive income/(loss) attributable to noncontrolling interests4 (10)5 (16)
Comprehensive income/(loss) attributable to Ford Motor Company$2,243 $1,855 $624 $5,704 

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,
2020		September 30,
2021
 (unaudited)
ASSETS  
Cash and cash equivalents (Note 7)$25,243 $27,429 
Marketable securities (Note 7)24,718 18,997 
Ford Credit finance receivables, net of allowance for credit losses of $394 and $303 (Note 8)
42,401 32,600 
Trade and other receivables, less allowances of $84 and $46
9,993 10,851 
Inventories (Note 9)10,808 13,508 
Other assets3,581 3,583 
Total current assets116,744 106,968 
Ford Credit finance receivables, net of allowance for credit losses of $911 and $681 (Note 8)
55,277 50,839 
Net investment in operating leases27,951 26,740 
Net property37,083 36,597 
Equity in net assets of affiliated companies4,901 4,628 
Deferred income taxes12,423 11,891 
Other assets12,882 15,014 
Total assets$267,261 $252,677 
LIABILITIES  
Payables$22,204 $22,923 
Other liabilities and deferred revenue (Note 12 and Note 20)23,645 18,787 
Debt payable within one year (Note 14)
Company excluding Ford Credit1,374 1,849 
Ford Credit49,969 45,474 
Total current liabilities97,192 89,033 
Other liabilities and deferred revenue (Note 12 and Note 20)28,379 28,808 
Long-term debt (Note 14)
Company excluding Ford Credit22,633 23,767 
Ford Credit87,708 73,482 
Deferred income taxes538 883 
Total liabilities236,450 215,973 
EQUITY  
Common Stock, par value $0.01 per share (4,042 million shares issued of 6 billion authorized)
40 40 
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 stock22,290 22,477 
Retained earnings18,243 23,894 
Accumulated other comprehensive income/(loss) (Note 18)(8,294)(8,245)
Treasury stock(1,590)(1,574)
Total equity attributable to Ford Motor Company30,690 36,593 
Equity attributable to noncontrolling interests121 111 
Total equity30,811 36,704 
Total liabilities and equity$267,261 $252,677 
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,
2020		September 30,
2021
(unaudited)
ASSETS  
Cash and cash equivalents$2,822 $5,657 
Ford Credit finance receivables, net51,472 43,248 
Net investment in operating leases12,794 8,759 
Other assets— 11 
LIABILITIES
Other liabilities and deferred revenue$56 $10 
Debt46,770 39,576 

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, 2019$41 $22,165 $20,320 $(7,728)$(1,613)$33,185 $45 $33,230 
Adoption of accounting standards— — (202)— — (202)— (202)
Net income/(loss)— — (1,993)— — (1,993)— (1,993)
Other comprehensive income/(loss), net
— — — (733)— (733)— (733)
Common Stock issued (a)— (15)— — — (15)— (15)
Treasury stock/other — — — — 6 6 3 9 
Dividends and dividend equivalents declared ($0.15 per share) (b)
— — (598)— — (598)— (598)
Balance at March 31, 2020$41 $22,150 $17,527 $(8,461)$(1,607)$29,650 $48 $29,698 
Net income/(loss)— — 1,117 — — 1,117 1 1,118 
Other comprehensive income/(loss), net
— — — (10)— (10)— (10)
Common Stock issued (a)— 60 — — — 60 — 60 
Treasury stock/other — — — — 6 6 (18)(12)
Dividends and dividend equivalents declared (b)— — 1 — — 1 — 1 
Balance at June 30, 2020$41 $22,210 $18,645 $(8,471)$(1,601)$30,824 $31 $30,855 
Net income/(loss)— — 2,385 — — 2,385 5 2,390 
Other comprehensive income/(loss), net
— — — (142)— (142)(1)(143)
Common stock issued (a)
— 52 — — — 52 — 52 
Treasury stock/other— — — — 5 5 1 6 
Dividends and dividend equivalents declared (b)— — 1 — — 1 — 1 
Balance at September 30, 2020$41 $22,262 $21,031 $(8,613)$(1,596)$33,125 $36 $33,161 
Balance at December 31, 2020$41 $22,290 $18,243 $(8,294)$(1,590)$30,690 $121 $30,811 
Net income/(loss)— — 3,262 — — 3,262 — 3,262 
Other comprehensive income/(loss), net
— — — (76)— (76)— (76)
Common Stock issued (a)— (50)— — — (50)— (50)
Treasury stock/other — — — — 5 5 25 30 
Dividends and dividend equivalents declared (b)— — (3)— — (3)— (3)
Balance at March 31, 2021$41 $22,240 $21,502 $(8,370)$(1,585)$33,828 $146 $33,974 
Net income/(loss)— — 561 — — 561 (8)553 
Other comprehensive income/(loss), net
— — — 102 — 102 2 104 
Common Stock issued (a)— 168 — — — 168