Ford Motor Co. Files Q2 2024 10-Q

TL;DR

Ford's Q2 10-Q is in! Get the latest numbers on revenue, profit, and debt.

AI Summary

Ford Motor Company filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position for the second quarter and the first six months of the year. Key financial data and operational updates are provided, reflecting the company's ongoing business activities and strategic initiatives.

Why It Matters

This filing provides investors and analysts with the latest official financial data for Ford, crucial for understanding the company's performance and making informed investment decisions.

Risk Assessment

Risk Level: medium — Automotive industry is subject to cyclical demand, supply chain disruptions, and intense competition, all of which can impact Ford's financial performance.

Key Numbers

• 2.5 xbrli:shares — Shares (Indicates the number of shares, though the specific context within the filing is not detailed enough to provide a precise meaning without more data.)

Key Players & Entities

• FORD MOTOR CO (company) — Filer
• 20240630 (date) — Period of Report
• DEARBORN (location) — Company Headquarters City
• 3133223000 (phone_number) — Company Business Phone

FAQ

Filing Documents

• f-20240630.htm (10-Q) — 2957KB
• f06302024exhibit311.htm (EX-31.1) — 10KB
• f06302024exhibit312.htm (EX-31.2) — 9KB
• f06302024exhibit321.htm (EX-32.1) — 4KB
• f06302024exhibit322.htm (EX-32.2) — 4KB
• 0000037996-24-000144.txt ( ) — 14551KB
• f-20240630.xsd (EX-101.SCH) — 59KB
• f-20240630_cal.xml (EX-101.CAL) — 104KB
• f-20240630_def.xml (EX-101.DEF) — 620KB
• f-20240630_lab.xml (EX-101.LAB) — 856KB
• f-20240630_pre.xml (EX-101.PRE) — 749KB
• f-20240630_htm.xml (XML) — 3047KB

- Financial Information

Part I - Financial Information

Financial Statements 3

Item 1 Financial Statements 3 Consolidated Income Statements 3 Consolidated Statements of Comprehensive Income 3 Consolidated Balance Sheets 4 Consolidated Statements of Cash Flows 5 Consolidated Statements of Equity 6 Notes to the Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations 35

Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 35 Recent Developments 35 Results of Operations 36 Ford Blue Segment 38 Ford Model e Segment 39 Ford Pro Segment 39 Ford Next Segment 41 Ford Credit Segment 41 Corporate Other 44 Interest on Debt 44 Taxes 44 Liquidity and Capital Resources 45 Credit Ratings 54 Outlook 55 Cautionary Note on Forward-Looking Statements 56 Non-GAAP Financial Measures That Supplement GAAP Measures 58 Non-GAAP Financial Measure Reconciliations 60 Supplemental Information 62 Accounting Standards Issued But Not Yet Adopted 65

Quantitative and Qualitative Disclosures About Market Risk 66

Item 3 Quantitative and Qualitative Disclosures About Market Risk 66

Controls and Procedures 66

Item 4 Controls and Procedures 66

- Other Information

Part II - Other Information

Legal Proceedings 67

Item 1 Legal Proceedings 67

Unregistered Sales of Equity Securities and Use of Proceeds 68

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 68

Other Information 68

Item 5 Other Information 68

Exhibits 69

Item 6 Exhibits 69 Signature 70

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements. FORD MOTOR COMPANY AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENTS (in millions, except per share amounts) For the periods ended June 30, 2023 2024 2023 2024 Second Quarter First Half (unaudited) Revenues Company excluding Ford Credit $ 42,427 $ 44,811 $ 81,512 $ 84,701 Ford Credit 2,527 2,997 4,916 5,884 Total revenues (Note 3) 44,954 47,808 86,428 90,585 Costs and expenses Cost of sales 37,471 40,489 72,140 76,965 Selling, administrative, and other expenses 2,750 2,678 5,256 5,054 Ford Credit interest, operating, and other expenses 2,272 2,758 4,458 5,458 Total costs and expenses 42,493 45,925 81,854 87,477 Operating income/(loss) 2,461 1,883 4,574 3,108 Interest expense on Company debt excluding Ford Credit 304 270 612 548 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 taxes 2,288 2,438 4,447 4,050 Provision for/(Benefit from) income taxes 272 605 768 883 Net income/(loss) 2,016 1,833 3,679 3,167 Less: Income/(Loss) attributable to noncontrolling interests 99 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 shares 4,003 3,985 3,996 3,982 Diluted shares 4,041 4,022 4,035 4,022 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in millions) For the periods ended June 30, 2023 2024 2023 2024 Second Quarter First Half (unaudited) Net income/(loss) $ 2,016 $ 1,833 $ 3,679 $ 3,167 Other comprehensive income/(loss), net of tax (Note 16) Foreign currency translation 278 ( 521 ) 771 ( 635 ) Marketable securities ( 44 ) 28 66 20 Derivative instruments ( 369 ) 43 ( 424 ) 248 Pension and other pos

Financial Statements (continued)

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 assets 3,633 4,533 Total current assets 121,481 120,518 Ford Credit finance receivables, net of allowance for credit losses of $ 626 and $ 628 (Note 8) 55,650 58,159 Net investment in operating leases 21,384 21,545 Net property 40,821 40,709 Equity in net assets of affiliated companies 5,548 7,215 Deferred income taxes 16,985 16,468 Other assets 11,441 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 Credit 477 1,712 Ford Credit 49,192 48,853 Total current liabilities 101,531 103,403 Other liabilities and deferred revenue (Note 10 and Note 18) 28,414 28,289 Long-term debt (Note 12) Company excluding Ford Credit 19,467 18,694 Ford Credit 80,095 81,642 Deferred income taxes 1,005 963 Total liabilities 230,512 232,991 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 stock 23,128 23,270 Retained earnings 31,029 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 Company 42,773 43,567 Equity attributable to noncontrolling interests 25 28 Total equity 42,798 43,595 Total liab

Financial Statements (Continued)

Item 1. Financial Statements (Continued) FORD MOTOR COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) For the periods ended June 30, 2023 2024 First Half (unaudited) Cash flows from operating activities Net income/(loss) $ 3,679 $ 3,167 Depreciation and tooling amortization 3,775 3,795 Other amortization ( 554 ) ( 772 ) Provision for credit and insurance losses 212 317 Pension and other postretirement employee benefits ("OPEB") expense/(income) (Note 11) 612 201 Equity method investment dividends received in excess of (earnings)/losses and impairments 142 ( 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 compensation 238 275 Provision for/(Benefit from) deferred income taxes 3 206 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 liabilities 6,134 5,269 Other 148 ( 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 leases 22,517 22,530 Purchases of marketable securities and other investments ( 4,860 ) ( 6,069 ) Sales and maturities of marketable securities and other investments 7,584 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

Financial Statements (Continued)

Item 1. Financial Statements (Continued) FORD MOTOR COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EQUITY (in millions, unaudited) Equity Attributable to Ford Motor Company Capital Stock Cap. in Excess of Par Value of Stock Retained Earnings Accumulated Other Comprehensive Income/(Loss) (Note 16) Treasury Stock Total Equity Attributable to Non-controlling Interests Total 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 —

Financial Statements (Continued)

Item 1. Financial Statements (Continued) FORD MOTOR COMPANY AND SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS Table of Contents Footnote Page Note 1 Presentation 8 Note 2 New Accounting Standards 8 Note 3 Revenue 9 Note 4 Other Income/(Loss) 11 Note 5 Income Taxes 11 Note 6 Capital Stock and Earnings/(Loss) Per Share 11 Note 7 Cash, Cash Equivalents, and Marketable Securities 12 Note 8 Ford Credit Finance Receivables and Allowance for Credit Losses 15 Note 9 Inventories 19 Note 10 Other Liabilities and Deferred Revenue 19 Note 11 Retirement Benefits 20 Note 12 Debt 21 Note 13 Derivative Financial Instruments and Hedging Activities 22 Note 14 Employee Separation Actions and Exit and Disposal Activities 24 Note 15 Acquisitions and Divestitures 25 Note 16 Accumulated Other Comprehensive Income/(Loss) 26 Note 17 Variable Interest Entities 27 Note 18 Commitments and Contingencies 28 Note 19 Segment Information 31 7

Financial Statements (Continued)

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: ASU Effective Date 2023-01 Leases: Common Control Arrangements January 1, 2024 2023-02 Investments – Equity Method and Joint Ventures - Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method January 1, 2024 Accounting Standards Issued But Not Yet Adopted ASU 2023-07, Segment Reporting, Improvements to Reportable Segment Disclosures. In November 2023, the Financial Accoun

Financial Statements (Continued)

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 Credit Ford Credit Consolidated Vehicles, parts, and accessories $ 41,241 $ — $ 41,241 Used vehicles 457 — 457 Services and other revenue (a) 683 49 732 Revenues from sales and services 42,381 49 42,430 Leasing income 46 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 Credit Consolidated Vehicles, parts, and accessories $ 43,542 $ — $ 43,542 Used vehicles 489 — 489 Services and other revenue (a) 726 42 768 Revenues from sales and services 44,757 42 44,799 Leasing income 54 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 Credit Consolidated Vehicles, parts, and accessories $ 79,168 $ — $ 79,168 Used vehicles 926 — 926 Services and other revenue (a) 1,328 66 1,394 Revenues from sales and services 81,422 66 81,488 Leasing income 90 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 Credit Consolidated Vehicles, parts, and accessories $ 82,187 $ — $ 82,187 Used vehicles 999 — 999 Services and other revenue (a) 1,414 62 1,476 Revenues from sales and services 84,600 62 84,662 Leasing income 101 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

Financial Statements (Continued)

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

Financial Statements (Continued)

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 Quarter First Half 2023 2024 2023 2024 Net periodic pension and OPEB income/(cost), excluding service cost (Note 11) $ ( 167 ) $ 105 $ ( 332 ) $ 81 Investment-related interest income 372 367 720 777 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 affiliates 13 17 17 24 Royalty income 127 113 230 237 Other 24 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 Quarter First Half 2023 2024 2023 2024 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 debt 38 37 39 40 Diluted shares 4,041 4,022 4,035 4,022 11

Financial Statements (Continued)

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 Level Company excluding Ford Credit Ford Credit Consolidated Cash and cash equivalents U.S. government 1 $ 2,320 $ 912 $ 3,232 U.S. government agencies 2 2,075 625 2,700 Non-U.S. government and agencies 2 699 276 975 Corporate debt 2 1,617 101 1,718 Total marketable securities classified as cash equivalents 6,711 1,914 8,625 Cash, time deposits, and money market funds 7,493 8,744 16,237 Total cash and cash equivalents $ 14,204 $ 10,658 $ 24,862 Marketable securities U.S. government 1 $ 4,467 $ 207 $ 4,674 U.S. government agencies 2 1,774 49 1,823 Non-U.S. government and agencies 2 2,096 109 2,205 Corporate debt 2 5,807 268 6,075 Equities 1 23 — 23 Other marketable securities 2 353 156 509 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 Level Company excluding Ford Credit Ford Credit Consolidated Cash and cash equivalents U.S. government 1 $ 250 $ 60 $ 310 U.S. government agencies 2 3,095 — 3,095 Non-U.S. government and agencies 2 400 283 683 Corporate debt 2 439 279 718 Total marketable securities classified as cash equivalents 4,184 622 4,806 Cash, time deposits, and money market funds 8,321 6,826 15,147 Total cash and cash equivalents $ 12,505 $ 7,448 $ 19,953 Marketable securities U.S. government 1 $ 4,021 $ 227 $ 4,248 U.S. government agencies 2 1,876 — 1,876 Non-U.S. government and agencies 2 2,358 55 2,413 Corporate debt 2 5,197 255 5,452 Equities 1 19 — 19 Other marketable securities 2 460 145 605 Total marketable securities $ 13,931 $ 682

Financial Statements (Continued)

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 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Within 1 Year After 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 agencies 2,053 4 ( 62 ) 1,995 490 1,487 18 Non-U.S. government and agencies 1,948 1 ( 75 ) 1,874 587 1,275 12 Corporate debt 7,433 27 ( 67 ) 7,393 2,830 4,558 5 Other marketable securities 322 2 ( 4 ) 320 — 247 73 Total $ 16,214 $ 40 $ ( 274 ) $ 15,980 $ 6,079 $ 9,783 $ 118 June 30, 2024 Fair Value of Securities with Contractual Maturities Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Within 1 Year After 1 Year through 5 Years After 5 Years Company excluding Ford Credit U.S. government $ 4,004 $ 2 $ ( 53 ) $ 3,953 $ 1,560 $ 2,383 $ 10 U.S. government agencies 1,999 — ( 58 ) 1,941 553 1,370 18 Non-U.S. government and agencies 1,996 1 ( 62 ) 1,935 679 1,217 39 Corporate debt 5,650 13 ( 49 ) 5,614 1,046 4,543 25 Other marketable securities 430 1 ( 3 ) 428 — 321 107 Total $ 14,079 $ 17 $ ( 225 ) $ 13,871 $ 3,838 $ 9,834 $ 199 Sales proceeds and gross realized gains/losses from the sale of AFS securities for the periods ended June 30 were as follows (in millions): Second Quarter First Half 2023 2024 2023 2024 Company excluding Ford Credit Sales proceeds $ 715 $ 2,715 $ 1,878 $ 6,434 Gross realized gains — 3 1 5 Gross realized losses 9 8 21 16 13

Financial Statements (Continued)

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 Year 1 Year or Greater Total Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Company excluding Ford Credit U.S. government $ 619 $ ( 2 ) $ 2,735 $ ( 64 ) $ 3,354 $ ( 66 ) U.S. government agencies 283 ( 1 ) 1,068 ( 61 ) 1,351 ( 62 ) Non-U.S. government and agencies 67 — 1,654 ( 75 ) 1,721 ( 75 ) Corpora

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