Ford Motor Co. Files Q3 2024 10-Q

TL;DR

**FORD Q3 2024 10-Q FILED** - Get the latest numbers.

AI Summary

Ford Motor Company filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position during the third quarter of 2024. 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 — As a major automotive manufacturer, Ford is subject to significant economic, regulatory, and competitive risks inherent in the industry.

Key Numbers

• 2024 Q3 — Reporting Period (Covers the third quarter of 2024.)
• 12/31 — Fiscal Year End (Indicates the end of Ford's fiscal year.)

Key Players & Entities

• FORD MOTOR CO (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241029 (date) — Filing date
• DEARBORN, MI (location) — Company headquarters

FAQ

Filing Documents

• f-20240930.htm (10-Q) — 3029KB
• f09302024exhibit311.htm (EX-31.1) — 10KB
• f09302024exhibit312.htm (EX-31.2) — 9KB
• f09302024exhibit321.htm (EX-32.1) — 4KB
• f09302024exhibit322.htm (EX-32.2) — 4KB
• 0000037996-24-000185.txt ( ) — 14881KB
• f-20240930.xsd (EX-101.SCH) — 60KB
• f-20240930_cal.xml (EX-101.CAL) — 104KB
• f-20240930_def.xml (EX-101.DEF) — 623KB
• f-20240930_lab.xml (EX-101.LAB) — 878KB
• f-20240930_pre.xml (EX-101.PRE) — 760KB
• f-20240930_htm.xml (XML) — 3083KB

- 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 September 30, 2023 2024 2023 2024 Third Quarter First Nine Months (unaudited) Revenues Company excluding Ford Credit $ 41,176 $ 43,069 $ 122,688 $ 127,770 Ford Credit 2,625 3,127 7,541 9,011 Total revenues (Note 3) 43,801 46,196 130,229 136,781 Costs and expenses Cost of sales 37,548 40,168 109,688 117,133 Selling, administrative, and other expenses 2,671 2,456 7,927 7,510 Ford Credit interest, operating, and other expenses 2,453 2,692 6,911 8,150 Total costs and expenses 42,672 45,316 124,526 132,793 Operating income/(loss) 1,129 880 5,703 3,988 Interest expense on Company debt excluding Ford Credit 324 272 936 820 Other income/(loss), net (Note 4) 319 114 798 1,240 Equity in net income/(loss) of affiliated companies 263 147 269 511 Income/(Loss) before income taxes 1,387 869 5,834 4,919 Provision for/(Benefit from) income taxes 214 ( 27 ) 982 856 Net income/(loss) 1,173 896 4,852 4,063 Less: Income/(Loss) attributable to noncontrolling interests ( 26 ) 4 ( 21 ) 8 Net income/(loss) attributable to Ford Motor Company $ 1,199 $ 892 $ 4,873 $ 4,055 EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK (Note 6) Basic income/(loss) $ 0.30 $ 0.22 $ 1.22 $ 1.02 Diluted income/(loss) 0.30 0.22 1.21 1.01 Weighted-average shares used in computation of earnings/(loss) per share Basic shares 4,004 3,976 3,999 3,980 Diluted shares 4,050 4,018 4,040 4,020 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in millions) For the periods ended September 30, 2023 2024 2023 2024 Third Quarter First Nine Months (unaudited) Net income/(loss) $ 1,173 $ 896 $ 4,852 $ 4,063 Other comprehensive income/(loss), net of tax (Note 16) Foreign currency translation ( 371 ) 431 400 ( 204 ) Marketable securities 28 180 94 200 Derivative instruments 325 ( 292 ) ( 99

Financial Statements (continued)

Item 1. Financial Statements (continued) FORD MOTOR COMPANY AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in millions) December 31, 2023 September 30, 2024 (unaudited) ASSETS Cash and cash equivalents (Note 7) $ 24,862 $ 23,449 Marketable securities (Note 7) 15,309 13,456 Ford Credit finance receivables, net of allowance for credit losses of $ 256 and $ 247 (Note 8) 46,425 49,340 Trade and other receivables, less allowances of $ 64 and $ 73 15,601 16,469 Inventories (Note 9) 15,651 18,025 Other assets 3,633 4,360 Total current assets 121,481 125,099 Ford Credit finance receivables, net of allowance for credit losses of $ 626 and $ 615 (Note 8) 55,650 59,889 Net investment in operating leases 21,384 22,389 Net property 40,821 41,169 Equity in net assets of affiliated companies 5,548 8,029 Deferred income taxes 16,985 17,216 Other assets 11,441 13,256 Total assets $ 273,310 $ 287,047 LIABILITIES Payables $ 25,992 $ 27,424 Other liabilities and deferred revenue (Note 10 and Note 18) 25,870 28,048 Debt payable within one year (Note 12) Company excluding Ford Credit 477 1,526 Ford Credit 49,192 52,038 Total current liabilities 101,531 109,036 Other liabilities and deferred revenue (Note 10 and Note 18) 28,414 28,977 Long-term debt (Note 12) Company excluding Ford Credit 19,467 19,071 Ford Credit 80,095 84,623 Deferred income taxes 1,005 1,001 Total liabilities 230,512 242,708 EQUITY Common Stock, par value $ 0.01 per share ( 4,110 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 23,397 Retained earnings 31,029 32,525 Accumulated other comprehensive income/(loss) (Note 16) ( 9,042 ) ( 8,989 ) Treasury stock ( 2,384 ) ( 2,660 ) Total equity attributable to Ford Motor Company 42,773 44,315 Equity attributable to noncontrolling interests 25 24 Total equity 42,798 44,339 Tot

Financial Statements (Continued)

Item 1. Financial Statements (Continued) FORD MOTOR COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) For the periods ended September 30, 2023 2024 First Nine Months (unaudited) Cash flows from operating activities Net income/(loss) $ 4,852 $ 4,063 Depreciation and tooling amortization 5,678 5,636 Other amortization ( 853 ) ( 1,219 ) Provision for credit and insurance losses 349 433 Pension and other postretirement employee benefits ("OPEB") expense/(income) (Note 11) 1,026 689 Equity method investment dividends received in excess of (earnings)/losses and impairments ( 71 ) ( 216 ) Foreign currency adjustments ( 99 ) 296 Net realized and unrealized (gains)/losses on cash equivalents, marketable securities, and other investments (Note 4) 187 25 Stock compensation 350 404 Provision for/(Benefit from) deferred income taxes ( 45 ) ( 329 ) Decrease/(Increase) in finance receivables (wholesale and other) ( 1,234 ) ( 2,739 ) Decrease/(Increase) in accounts receivable and other assets ( 2,965 ) ( 2,046 ) Decrease/(Increase) in inventory ( 4,229 ) ( 2,338 ) Increase/(Decrease) in accounts payable and accrued and other liabilities 9,195 9,386 Other 285 350 Net cash provided by/(used in) operating activities 12,426 12,395 Cash flows from investing activities Capital spending ( 5,941 ) ( 6,186 ) Acquisitions of finance receivables and operating leases ( 40,162 ) ( 44,942 ) Collections of finance receivables and operating leases 33,726 33,855 Purchases of marketable securities and other investments ( 5,899 ) ( 8,501 ) Sales and maturities of marketable securities and other investments 10,384 10,611 Settlements of derivatives ( 207 ) ( 174 ) Capital contributions to equity method investments ( 1,615 ) ( 2,200 ) Other ( 505 ) 28 Net cash provided by/(used in) investing activities ( 10,219 ) ( 17,509 ) Cash flows from financing activities Cash payments for dividends and dividend equivalents ( 4,394 ) ( 2,522 ) Pur

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 Net income/(loss) — — 1,199 — — 1,199 ( 26 ) 1,173 Other comprehensive income/(loss), net — — — ( 9 ) — ( 9 ) ( 2 ) ( 11 ) Common stock issued (a) — 115 — — — 115 — 115 Treasury stock/other — ( 112 ) — — — ( 112 ) 112 — Dividends and dividend equivalents declared ($ 0.15 per share) (b) — — ( 607 ) — — ( 607 ) — ( 607 ) Balance at September 30, 2023 $ 42 $ 23,032 $ 32,169 $ ( 8,933 ) $ ( 2,047 ) $ 44,263 $ 13 $ 44,276 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 ) —

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 September 30 (in millions): Third Quarter 2023 Company excluding Ford Credit Ford Credit Consolidated Vehicles, parts, and accessories $ 39,916 $ — $ 39,916 Used vehicles 482 — 482 Services and other revenue (a) 733 20 753 Revenues from sales and services 41,131 20 41,151 Leasing income 45 1,017 1,062 Financing income — 1,563 1,563 Insurance income — 25 25 Total revenues $ 41,176 $ 2,625 $ 43,801 Third Quarter 2024 Company excluding Ford Credit Ford Credit Consolidated Vehicles, parts, and accessories $ 41,665 $ — $ 41,665 Used vehicles 532 — 532 Services and other revenue (a) 818 23 841 Revenues from sales and services 43,015 23 43,038 Leasing income 54 1,065 1,119 Financing income — 2,002 2,002 Insurance income — 37 37 Total revenues $ 43,069 $ 3,127 $ 46,196 First Nine Months 2023 Company excluding Ford Credit Ford Credit Consolidated Vehicles, parts, and accessories $ 119,084 $ — $ 119,084 Used vehicles 1,408 — 1,408 Services and other revenue (a) 2,061 86 2,147 Revenues from sales and services 122,553 86 122,639 Leasing income 135 3,095 3,230 Financing income — 4,290 4,290 Insurance income — 70 70 Total revenues $ 122,688 $ 7,541 $ 130,229 First Nine Months 2024 Company excluding Ford Credit Ford Credit Consolidated Vehicles, parts, and accessories $ 123,852 $ — $ 123,852 Used vehicles 1,531 — 1,531 Services and other revenue (a) 2,232 85 2,317 Revenues from sales and services 127,615 85 127,700 Leasing income 155 3,112 3,267 Financing income — 5,710 5,710 Insurance income — 104 104 Total revenues $ 127,770 $ 9,011 $ 136,781 __________ (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 de minimis adjustment related to revenue recognized in prior periods in the third quarter of 2023 and a decrease of $ 329 million in the third quarter of 2024. We had a balance of $ 4.8 billion and $ 5.3 billion of unearned revenue associated primarily with outstanding extended service contracts reported in Other liabilities and deferred revenue at December 31, 2023 and September 30, 2024, respectively . We expect to recognize approximately $ 500 million of the unearned amount in the remainder of 2024, $ 1.6 billion in 2025, and $ 3.2 billion thereafter. We recognized $ 385 million and $ 472 million of unearned amounts from prior years as revenue during the third quarter of 2023 and 2024, respectively, and $ 1.1 billion and $ 1.3 billion in the nine months 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 September 30, 2024, respectively. We recognized $ 26 million of amortization during both the third quarter of 2023 and 2024, respectively, and $ 77 million and $ 79 million

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 September 30 were as follows (in millions): Third Quarter First Nine Months 2023 2024 2023 2024 Net periodic pension and OPEB income/(cost), excluding service cost (Note 11) $ ( 273 ) $ ( 347 ) $ ( 605 ) $ ( 266 ) Investment-related interest income 414 367 1,134 1,144 Interest income/(expense) on income taxes ( 6 ) ( 1 ) ( 12 ) ( 24 ) Realized and unrealized gains/(losses) on cash equivalents, marketable securities, and other investments ( 24 ) ( 17 ) ( 187 ) ( 25 ) Gains/(Losses) on changes in investments in affiliates 2 66 19 90 Royalty income 124 123 354 360 Other 82 ( 77 ) 95 ( 39 ) Total $ 319 $ 114 $ 798 $ 1,240 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. During the quarter we recognized tax benefits from a change in our full-year forecast of tax expense, including benefits related to the write-down of certain product-specific manufacturing and vendor tooling assets, resulting in a negative 3.1 % effective tax rate for the third quarter of 2024. 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): Third Quarter First Nine Months 2023 2024 2023 2024 Net income/(loss) attributable to Ford Motor Company $ 1,199 $ 892 $ 4,873 $ 4,055 Basic and Diluted Shares Basic shares (average shares out

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 $ — $ — $ — September 30, 2024 Fair Value Level Company excluding Ford Credit Ford Credit Consolidated Cash and cash equivalents U.S. government 1 $ 1,498 $ — $ 1,498 U.S. government agencies 2 2,605 — 2,605 Non-U.S. government and agencies 2 1,290 697 1,987 Corporate debt 2 643 50 693 Total marketable securities classified as cash equivalents 6,036 747 6,783 Cash, time deposits, and money market funds 8,942 7,724 16,666 Total cash and cash equivalents $ 14,978 $ 8,471 $ 23,449 Marketable securities U.S. government 1 $ 3,050 $ 247 $ 3,297 U.S. government agencies 2 1,736 — 1,736 Non-U.S. government and agencies 2 1,943 77 2,020 Corporate debt 2 5,489 262 5,751 Equities 1 16 — 16 Other marketable securities 2 495 141 636 Total marketable securities $ 12

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 September 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 $ 2,969 $ 19 $ ( 14 ) $ 2,974 $ 834 $ 2,140 $ — U.S. government agencies 1,813 10 ( 33 ) 1,790 641 1,129 20 Non-U.S. government and agencies 1,764 7 ( 35 ) 1,736 492 1,230 14 Corporate debt 6,034 84 ( 14 ) 6,104 1,228 4,851 25 Other mar

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