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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 June 30, 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 July 19, 2024, Ford had outstanding 3,904,397,609 shares of Common Stock and 70,852,076 shares of Class B Stock.

Exhibit Index begins on page 69


FORD MOTOR COMPANY
QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended June 30, 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 2Unregistered Sales of Equity Securities and Use of Proceeds
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 June 30,
 2023202420232024
 Second QuarterFirst Half
(unaudited)
Revenues  
Company excluding Ford Credit$42,427 $44,811 $81,512 $84,701 
Ford Credit2,527 2,997 4,916 5,884 
Total revenues (Note 3)44,954 47,808 86,428 90,585 
Costs and expenses  
Cost of sales37,471 40,489 72,140 76,965 
Selling, administrative, and other expenses2,750 2,678 5,256 5,054 
Ford Credit interest, operating, and other expenses2,272 2,758 4,458 5,458 
Total costs and expenses42,493 45,925 81,854 87,477 
Operating income/(loss)2,461 1,883 4,574 3,108 
Interest expense on Company debt excluding Ford Credit304 270 612 548 
Other income/(loss), net (Note 4)255 628 479 1,126 
Equity in net income/(loss) of affiliated companies(124)197 6 364 
Income/(Loss) before income taxes2,288 2,438 4,447 4,050 
Provision for/(Benefit from) income taxes272 605 768 883 
Net income/(loss)2,016 1,833 3,679 3,167 
Less: Income/(Loss) attributable to noncontrolling interests99 2 5 4 
Net income/(loss) attributable to Ford Motor Company$1,917 $1,831 $3,674 $3,163 
EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK (Note 6)
Basic income/(loss)$0.48 $0.46 $0.92 $0.79 
Diluted income/(loss)0.47 0.46 0.91 0.79 
Weighted-average shares used in computation of earnings/(loss) per share
Basic shares4,0033,9853,9963,982
Diluted shares4,0414,0224,0354,022

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
 For the periods ended June 30,
 2023202420232024
 Second QuarterFirst Half
(unaudited)
Net income/(loss)$2,016 $1,833 $3,679 $3,167 
Other comprehensive income/(loss), net of tax (Note 16)
Foreign currency translation278 (521)771 (635)
Marketable securities(44)28 66 20 
Derivative instruments(369)43 (424)248 
Pension and other postretirement benefits3 24 6 51 
Total other comprehensive income/(loss), net of tax(132)(426)419 (316)
Comprehensive income/(loss)1,884 1,407 4,098 2,851 
Less: Comprehensive income/(loss) attributable to noncontrolling interests103 1 9 3 
Comprehensive income/(loss) attributable to Ford Motor Company$1,781 $1,406 $4,089 $2,848 

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		June 30,
2024
 (unaudited)
ASSETS  
Cash and cash equivalents (Note 7)$24,862 $19,953 
Marketable securities (Note 7)15,309 14,613 
Ford Credit finance receivables, net of allowance for credit losses of $256 and $252 (Note 8)
46,425 47,434 
Trade and other receivables, less allowances of $64 and $62
15,601 16,802 
Inventories (Note 9)15,651 17,183 
Other assets3,633 4,533 
Total current assets121,481 120,518 
Ford Credit finance receivables, net of allowance for credit losses of $626 and $628 (Note 8)
55,650 58,159 
Net investment in operating leases21,384 21,545 
Net property40,821 40,709 
Equity in net assets of affiliated companies5,548 7,215 
Deferred income taxes16,985 16,468 
Other assets11,441 11,972 
Total assets$273,310 $276,586 
LIABILITIES  
Payables$25,992 $25,458 
Other liabilities and deferred revenue (Note 10 and Note 18)25,870 27,380 
Debt payable within one year (Note 12)
Company excluding Ford Credit477 1,712 
Ford Credit49,192 48,853 
Total current liabilities101,531 103,403 
Other liabilities and deferred revenue (Note 10 and Note 18)28,414 28,289 
Long-term debt (Note 12)
Company excluding Ford Credit19,467 18,694 
Ford Credit80,095 81,642 
Deferred income taxes1,005 963 
Total liabilities230,512 232,991 
EQUITY  
Common Stock, par value $0.01 per share (4,108 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 23,270 
Retained earnings31,029 32,240 
Accumulated other comprehensive income/(loss) (Note 16)(9,042)(9,357)
Treasury stock(2,384)(2,628)
Total equity attributable to Ford Motor Company42,773 43,567 
Equity attributable to noncontrolling interests25 28 
Total equity42,798 43,595 
Total liabilities and equity$273,310 $276,586 
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		June 30,
2024
(unaudited)
ASSETS  
Cash and cash equivalents$2,298 $2,311 
Ford Credit finance receivables, net56,131 57,226 
Net investment in operating leases11,179 12,431 
Other assets90 78 
LIABILITIES
Other liabilities and deferred revenue$45 $24 
Debt48,177 45,152 

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 June 30,
 20232024
First Half
(unaudited)
Cash flows from operating activities  
Net income/(loss)$3,679 $3,167 
Depreciation and tooling amortization3,775 3,795 
Other amortization(554)(772)
Provision for credit and insurance losses212 317 
Pension and other postretirement employee benefits (“OPEB”) expense/(income) (Note 11)612 201 
Equity method investment dividends received in excess of (earnings)/losses and impairments142 (124)
Foreign currency adjustments(97)173 
Net realized and unrealized (gains)/losses on cash equivalents, marketable securities, and other investments (Note 4)
163 8 
Stock compensation238 275 
Provision for/(Benefit from) deferred income taxes3 206 
Decrease/(Increase) in finance receivables (wholesale and other)(1,473)(1,865)
Decrease/(Increase) in accounts receivable and other assets(1,793)(1,603)
Decrease/(Increase) in inventory(3,354)(1,845)
Increase/(Decrease) in accounts payable and accrued and other liabilities6,134 5,269 
Other148 (309)
Net cash provided by/(used in) operating activities 7,835 6,893 
Cash flows from investing activities
Capital spending(3,729)(4,194)
Acquisitions of finance receivables and operating leases(26,231)(29,542)
Collections of finance receivables and operating leases22,517 22,530 
Purchases of marketable securities and other investments(4,860)(6,069)
Sales and maturities of marketable securities and other investments7,584 6,812 
Settlements of derivatives(32)(237)
Capital contributions to equity method investments(1,047)(1,299)
Other(359)78 
Net cash provided by/(used in) investing activities(6,157)(11,921)
Cash flows from financing activities  
Cash payments for dividends and dividend equivalents(3,794)(1,925)
Purchases of common stock— (244)
Net changes in short-term debt(658)(1,008)
Proceeds from issuance of long-term debt26,401 28,960 
Payments of long-term debt(22,213)(25,145)
Other(197)(254)
Net cash provided by/(used in) financing activities(461)384 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash66 (240)
Net increase/(decrease) in cash, cash equivalents, and restricted cash$1,283 $(4,884)
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 cash1,283 (4,884)
Cash, cash equivalents, and restricted cash at end of period (Note 7)$26,623 $20,226 

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 
Net income/(loss)— — 1,917 — — 1,917 99 2,016 
Other comprehensive income/(loss), net
— — — (136)— (136)4 (132)
Common Stock issued (a)— 140 — — — 140 — 140 
Treasury stock/other — — — — — — (5)(5)
Dividends and dividend equivalents declared ($0.15 per share) (b)
— — (610)— — (610)— (610)
Balance at June 30, 2023$42 $23,029 $31,577 $(8,924)$(2,047)$43,677 $(71)$43,606 
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 
Net income/(loss)— — 1,831 — — 1,831 2 1,833 
Other comprehensive income/(loss), net
— — — (425)— (425)(1)(426)
Common Stock issued (a)— 145 — — — 145 — 145 
Treasury stock/other — — — — (244)(244)— (244)
Dividends and dividend equivalents declared ($0.15 per share) (b)
— — (610)— — (610)— (610)
Balance at June 30, 2024$42 $23,270 $32,240 $(9,357)$(2,628)$43,567 $28 $43,595 
__________
(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 continue to assess 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 June 30 (in millions):
Second Quarter 2023
Company excluding Ford CreditFord CreditConsolidated
Vehicles, parts, and accessories$41,241 $— $41,241 
Used vehicles457 — 457 
Services and other revenue (a)683 49 732 
Revenues from sales and services
42,381 49 42,430 
Leasing income46 1,029 1,075 
Financing income— 1,426 1,426 
Insurance income— 23 23 
Total revenues$42,427 $2,527 $44,954 
Second Quarter 2024
Company excluding
Ford Credit		Ford CreditConsolidated
Vehicles, parts, and accessories$43,542 $— $43,542 
Used vehicles489 — 489 
Services and other revenue (a)726 42 768 
Revenues from sales and services
44,757 42 44,799 
Leasing income54 1,030 1,084 
Financing income— 1,889 1,889 
Insurance income— 36 36 
Total revenues$44,811 $2,997 $47,808 
First Half 2023
Company excluding
Ford Credit		Ford CreditConsolidated
Vehicles, parts, and accessories$79,168 $— $79,168 
Used vehicles926 — 926 
Services and other revenue (a)1,328 66 1,394 
Revenues from sales and services
81,422 66 81,488 
Leasing income90 2,078 2,168 
Financing income— 2,727 2,727 
Insurance income— 45 45 
Total revenues$81,512 $4,916 $86,428 
First Half 2024
Company excluding
Ford Credit		Ford CreditConsolidated
Vehicles, parts, and accessories$82,187 $— $82,187 
Used vehicles999 — 999 
Services and other revenue (a)1,414 62 1,476 
Revenues from sales and services
84,600 62 84,662 
Leasing income101 2,047 2,148 
Financing income— 3,708 3,708 
Insurance income— 67 67 
Total revenues$84,701 $5,884 $90,585 
__________
(a)Includes extended service contract revenue.


9
Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
NOTE 3. REVENUE (Continued)

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 $3 million and $256 million in the second quarter of 2023 and 2024, respectively.

We had a balance of $4.8 billion and $5.0 billion of unearned revenue associated primarily with outstanding extended service contracts reported in Other liabilities and deferred revenue at December 31, 2023 and June 30, 2024, respectively. We expect to recognize approximately $900 million of the unearned amount in the remainder of 2024, $1.4 billion in 2025, and $2.7 billion thereafter. We recognized $374 million and $427 million of unearned amounts from prior years as revenue during the second quarter of 2023 and 2024, respectively, and $754 million and $858 million in the first half 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 $319 million in deferred costs as of December 31, 2023 and June 30, 2024, respectively. We recognized $25 million and $27 million of amortization during the second quarter of 2023 and 2024, respectively, and $51 million and $53 million in the first half of 2023 and 2024, respectively.
10
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 June 30 were as follows (in millions):
Second QuarterFirst Half
 2023202420232024
Net periodic pension and OPEB income/(cost), excluding service cost (Note 11)
$(167)$105 $(332)$81 
Investment-related interest income372 367 720 777 
Interest income/(expense) on income taxes
(2)(9)(6)(23)
Realized and unrealized gains/(losses) on cash equivalents, marketable securities, and other investments(112)21 (163)(8)
Gains/(Losses) on changes in investments in affiliates13 17 17 24 
Royalty income127 113 230 237 
Other24 14 13 38 
Total$255 $628 $479 $1,126 

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):
Second QuarterFirst Half
 2023202420232024
Net income/(loss) attributable to Ford Motor Company$1,917 $1,831 $3,674 $3,163 
Basic and Diluted Shares   
Basic shares (average shares outstanding)4,003 3,985 3,996 3,982 
Net dilutive options, unvested restricted stock units, unvested restricted stock shares, and convertible debt38 37 39 40 
Diluted shares4,041 4,022 4,035 4,022 

11
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 $248 
Cash, cash equivalents, and restricted cash - held for sale$— $— $— 
June 30, 2024
Fair Value LevelCompany excluding Ford CreditFord CreditConsolidated
Cash and cash equivalents  
U.S. government1$250 $60 $310 
U.S. government agencies23,095 — 3,095 
Non-U.S. government and agencies2400 283 683 
Corporate debt2439 279 718 
Total marketable securities classified as cash equivalents
4,184 622 4,806 
Cash, time deposits, and money market funds8,321 6,826 15,147 
Total cash and cash equivalents$12,505 $7,448 $19,953 
Marketable securities
U.S. government1$4,021 $227 $4,248 
U.S. government agencies21,876 — 1,876 
Non-U.S. government and agencies22,358 55 2,413 
Corporate debt25,197 255 5,452 
Equities119 — 19 
Other marketable securities2460 145 605 
Total marketable securities$13,931 $682 $14,613 
Restricted cash$123 $105 $228 
Cash, cash equivalents, and restricted cash - held for sale (Note 15)
$45 $— $45 
        
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 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 (