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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, 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)
Delaware 38-0549190
(State of incorporation) (I.R.S. Employer Identification No.)
One American Road
Dearborn, Michigan 48126
(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 class Trading symbols Name of each exchange on which registered
Common Stock, par value $.01 per share F New York Stock Exchange
6.200% Notes due June 1, 2059 FPRB New York Stock Exchange
6.000% Notes due December 1, 2059 FPRC New 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 23, 2021, Ford had outstanding 3,923,912,316 shares of Common Stock and 70,852,076 shares of Class B Stock.

Exhibit Index begins on page 70



FORD MOTOR COMPANY
QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended June 30, 2021
  Table of Contents Page
  Part I - Financial Information  
Item 1 Financial Statements
1
Consolidated Statements of Cash Flows
1
Consolidated Income Statements
2
Consolidated Statements of Comprehensive Income
2
Consolidated Balance Sheets
3
Consolidated Statements of Equity
4
Notes to the Financial Statements
5
Item 2 Management’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 3 Quantitative and Qualitative Disclosures About Market Risk
Item 4 Controls and Procedures
Part II - Other Information
Item 1 Legal Proceedings
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds
Item 6 Exhibits
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 June 30,
  2020 2021
First Half
(unaudited)
Cash flows from operating activities    
Net income/(loss) $ (875) $ 3,815 
Depreciation and tooling amortization 4,802  3,639 
Other amortization (590) (715)
Provision for credit and insurance losses 779  (196)
Pension and other postretirement employee benefits (“OPEB”) expense/(income) (Note 13) (454) (808)
Equity investment dividends received in excess of (earnings)/losses 169  52 
Foreign currency adjustments 113  222 
Net unrealized (gain)/loss on Other Investments (Note 10) (917)
Net (gain)/loss on changes in investments in affiliates (Note 4) (3,480) (332)
Stock compensation 107  183 
Provision for deferred income taxes 655  345 
Decrease/(Increase) in finance receivables (wholesale and other) 9,772  10,465 
Decrease/(Increase) in accounts receivable and other assets 220  (905)
Decrease/(Increase) in inventory 66  (2,929)
Increase/(Decrease) in accounts payable and accrued and other liabilities (2,485) (6,438)
Other (165) (233)
Net cash provided by/(used in) operating activities 8,642  5,248 
Cash flows from investing activities
Capital spending (2,955) (2,881)
Acquisitions of finance receivables and operating leases (27,113) (23,959)
Collections of finance receivables and operating leases 22,923  26,782 
Proceeds from sale of business (Note 17) 1,340  144 
Purchases of marketable securities and other investments (19,624) (17,593)
Sales and maturities of marketable securities and other investments 10,804  23,853 
Settlements of derivatives 73  (205)
Other 337  37 
Net cash provided by/(used in) investing activities (14,215) 6,178 
Cash flows from financing activities    
Cash payments for dividends and dividend equivalents (596) (3)
Purchases of common stock —   
Net changes in short-term debt (789) 890 
Proceeds from issuance of long-term debt 44,303  11,688 
Principal payments on long-term debt (23,345) (26,683)
Other (182) (90)
Net cash provided by/(used in) financing activities 19,391  (14,198)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (378) (1)
Net increase/(decrease) in cash, cash equivalents, and restricted cash $ 13,440  $ (2,773)
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 cash 13,440  (2,773)
Cash, cash equivalents, and restricted cash at end of period (Note 7) $ 31,181  $ 23,162 

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 June 30,
  2020 2021 2020 2021
  Second Quarter First Half
(unaudited)
Revenues    
Automotive $ 16,625  $ 24,128  $ 47,967  $ 57,682 
Ford Credit 2,739  2,603  5,706  5,266 
Mobility 21  18  32 
Total revenues (Note 3) 19,371  26,752  53,691  62,980 
Costs and expenses    
Cost of sales 17,932  22,904  48,454  52,201 
Selling, administrative, and other expenses 1,965  2,877  4,397  5,720 
Ford Credit interest, operating, and other expenses 2,233  993  5,157  2,617 
Total costs and expenses 22,130  26,774  58,008  60,538 
Operating income/(loss) (2,759) (22) (4,317) 2,442 
Interest expense on Company debt excluding Ford Credit 450  453  677  926 
Other income/(loss), net (Note 4, Note 10, and Note 17) 4,318  1,159  4,998  3,031 
Equity in net income/(loss) of affiliated companies (25) 51  (66) 130 
Income/(Loss) before income taxes 1,084  735  (62) 4,677 
Provision for/(Benefit from) income taxes (34) 182  813  862 
Net income/(loss) 1,118  553  (875) 3,815 
Less: Income/(Loss) attributable to noncontrolling interests (8) (8)
Net income/(loss) attributable to Ford Motor Company $ 1,117  $ 561  $ (876) $ 3,823 
EARNINGS/(LOSS) PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK (Note 6)
Basic income/(loss) $ 0.28  $ 0.14  $ (0.22) $ 0.96 
Diluted income/(loss) 0.28  0.14  (0.22) 0.95 
Weighted-average shares used in computation of earnings/(loss) per share
Basic shares 3,975 3,992 3,969 3,986
Diluted shares 3,992 4,028 3,969 4,022

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
  For the periods ended June 30,
  2020 2021 2020 2021
  Second Quarter First Half
(unaudited)
Net income/(loss) $ 1,118  $ 553  $ (875) $ 3,815 
Other comprehensive income/(loss), net of tax (Note 18)
Foreign currency translation (102) (10) (1,555) 279 
Marketable securities 99  (10) 113  (75)
Derivative instruments (24) 112  668  (189)
Pension and other postretirement benefits 17  12  31  13 
Total other comprehensive income/(loss), net of tax (10) 104  (743) 28 
Comprehensive income/(loss) 1,108  657  (1,618) 3,843 
Less: Comprehensive income/(loss) attributable to noncontrolling interests
(6) (6)
Comprehensive income/(loss) attributable to Ford Motor Company $ 1,107  $ 663  $ (1,619) $ 3,849 

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
June 30,
2021
  (unaudited)
ASSETS    
Cash and cash equivalents (Note 7) $ 25,243  $ 22,955 
Marketable securities (Note 7) 24,718  18,081 
Ford Credit finance receivables, net of allowance for credit losses of $394 and $341 (Note 8)
42,401  34,339 
Trade and other receivables, less allowances of $84 and $55
9,993  8,750 
Inventories (Note 9) 10,808  13,593 
Other assets 3,581  3,557 
Total current assets 116,744  101,275 
Ford Credit finance receivables, net of allowance for credit losses of $911 and $720 (Note 8)
55,277  51,836 
Net investment in operating leases 27,951  27,562 
Net property 37,083  36,723 
Equity in net assets of affiliated companies 4,901  4,582 
Deferred income taxes 12,423  12,271 
Other assets 12,882  14,283 
Total assets $ 267,261  $ 248,532 
LIABILITIES    
Payables $ 22,204  $ 18,593 
Other liabilities and deferred revenue (Note 12 and Note 20) 23,645  18,869 
Debt payable within one year (Note 14)
Company excluding Ford Credit 1,374  2,136 
Ford Credit 49,969  43,876 
Total current liabilities 97,192  83,474 
Other liabilities and deferred revenue (Note 12 and Note 20) 28,379  28,586 
Long-term debt (Note 14)
Company excluding Ford Credit 22,633  23,776 
Ford Credit 87,708  77,129 
Deferred income taxes 538  783 
Total liabilities 236,450  213,748 
EQUITY    
Common Stock, par value $0.01 per share (4,041 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 
Capital in excess of par value of stock 22,290  22,408 
Retained earnings 18,243  22,062 
Accumulated other comprehensive income/(loss) (Note 18) (8,294) (8,268)
Treasury stock (1,590) (1,579)
Total equity attributable to Ford Motor Company 30,690  34,664 
Equity attributable to noncontrolling interests 121  120 
Total equity 30,811  34,784 
Total liabilities and equity $ 267,261  $ 248,532 
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
June 30,
2021
(unaudited)
ASSETS    
Cash and cash equivalents $ 2,822  $ 7,555 
Ford Credit finance receivables, net 51,472  44,157 
Net investment in operating leases 12,794  8,426 
Other assets —  5 
LIABILITIES
Other liabilities and deferred revenue $ 56  $ 19 
Debt 46,770  39,861 

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 Stock Cap. In Excess of Par Value of Stock Retained Earnings Accumulated Other Comprehensive Income/(Loss) (Note 18) Treasury Stock Total Equity Attributable to Non-controlling Interests Total
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  —  —  —  — 
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  1,118 
Other comprehensive income/(loss), net
—  —  —  (10) —  (10) —  (10)
Common Stock issued (a) —  60  —  —  —  60  —  60 
Treasury stock/other  —  —  —  —  (18) (12)
Dividends and dividend equivalents declared (b) —  —  —  —  — 
Balance at June 30, 2020 $ 41  $ 22,210  $ 18,645  $ (8,471) $ (1,601) $ 30,824  $ 31  $ 30,855 
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  —  —  —  —  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    168 
Treasury stock/other          6  6  (20) (14)
Dividends and dividend equivalents declared (b)
    (1)     (1)   (1)
Balance at June 30, 2021 $ 41  $ 22,408  $ 22,062  $ (8,268) $ (1,579) $ 34,664  $ 120  $ 34,784 
__________
(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 1 Presentation
6
Note 2 New Accounting Standards
6
Note 3 Revenue
7
Note 4 Other Income/(Loss)
9
Note 5 Income Taxes
9
Note 6 Capital Stock and Earnings/(Loss) Per Share
9
Note 7 Cash, Cash Equivalents, and Marketable Securities
Note 8 Ford Credit Finance Receivables and Allowance for Credit Losses
Note 9 Inventories
Note 10 Other Investments
Note 11 Goodwill
Note 12 Other Liabilities and Deferred Revenue
Note 13 Retirement Benefits
Note 14 Debt
Note 15 Derivative Financial Instruments and Hedging Activities
Note 16 Employee Separation Actions and Exit and Disposal Activities
Note 17 Acquisitions and Divestitures
Note 18 Accumulated Other Comprehensive Income/(Loss)
Note 19 Variable Interest Entities
Note 20 Commitments and Contingencies
Note 21 Segment 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, 2020 (“2020 Form 10-K Report”).

NOTE 2. NEW ACCOUNTING STANDARDS

Adoption of New Accounting Standards

Accounting Standards Update (“ASU”) 2019-12, Income Taxes - Simplifying the Accounting for Income Taxes. Effective January 1, 2021, we adopted the amendments in this ASU to simplify the accounting for income taxes. The amendments clarified that an entity may elect, but is not required, to reflect an allocation of consolidated current and deferred tax expense for non-taxable legal entities that are treated as disregarded by taxing authorities in their separately issued financial statements.

With the adoption of the amendments in ASU 2019-12, Ford Credit’s separately issued financial statements no longer reflect an allocation of our consolidated U.S. current and deferred tax expense to it and certain of its U.S. subsidiaries that are treated as disregarded entities for U.S. tax purposes. Adoption of these amendments reduces complexity in accounting for income taxes and better reflects Ford Credit’s external obligations to tax authorities. Following the adoption, in April 2021, we entered into a Second Amended and Restated Tax Sharing Agreement with Ford Credit. The adoption of ASU 2019-12 and the Second Amended and Restated Tax Sharing Agreement had no impact on our consolidated financial position and results of operations. The amendments were adopted on a retrospective basis and are reflected in Ford Credit’s standalone financial statements and disclosures.

ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. Effective January 1, 2021, we adopted the new standard, which simplified guidance on the issuer’s accounting for convertible debt instruments and amended certain guidance related to the computation of earnings per share for convertible instruments and contracts in an entity’s own equity. There was no impact on the date of adoption. During the first quarter of 2021, we issued convertible notes (see Note 14).

Accounting Standards Issued But Not Yet Adopted

The Company considers the applicability and impact of all ASUs.  ASUs were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial statements.
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 June 30 (in millions):
Second Quarter 2020
Company excluding Ford Credit Ford Credit Consolidated
Vehicles, parts, and accessories $ 15,406  $ —  $ 15,406 
Used vehicles 533  —  533 
Services and other revenue (a) 608  44  652 
Revenues from sales and services
16,547  44  16,591 
Leasing income 85  1,401  1,486 
Financing income —  1,261  1,261 
Insurance income —  33  33 
Total revenues $ 16,632  $ 2,739  $ 19,371 
Second Quarter 2021
Company excluding
Ford Credit
Ford Credit Consolidated
Vehicles, parts, and accessories $ 22,663  $ —  $ 22,663 
Used vehicles 752  —  752 
Services and other revenue (a) 656  48  704 
Revenues from sales and services
24,071  48  24,119 
Leasing income 78  1,367  1,445 
Financing income —  1,174  1,174 
Insurance income —  14  14 
Total revenues $ 24,149  $ 2,603  $ 26,752 
First Half 2020
Company excluding
Ford Credit
Ford Credit Consolidated
Vehicles, parts, and accessories $ 45,247  $ —  $ 45,247 
Used vehicles 1,464  —  1,464 
Services and other revenue (a) 1,131  85  1,216 
Revenues from sales and services
47,842  85  47,927 
Leasing income 143  2,860  3,003 
Financing income —  2,686  2,686 
Insurance income —  75  75 
Total revenues $ 47,985  $ 5,706  $ 53,691 
First Half 2021
Company excluding
Ford Credit
Ford Credit Consolidated
Vehicles, parts, and accessories $ 54,798  $ —  $ 54,798 
Used vehicles 1,497  —  1,497 
Services and other revenue (a) 1,264  64  1,328 
Revenues from sales and services
57,559  64  57,623 
Leasing income 155  2,747  2,902 
Financing income —  2,417  2,417 
Insurance income —  38  38 
Total revenues $ 57,714  $ 5,266  $ 62,980 
__________
(a)Includes extended service contract revenue.


7

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 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 $48 million and $214 million in the second quarter of 2020 and 2021, respectively.

We sell separately-priced service contracts that extend mechanical and maintenance coverages beyond our base warranty agreements to vehicle owners (“extended service contracts”). We had a balance of $4.2 billion and $4.3 billion of unearned revenue associated with outstanding contracts reported in Other liabilities and deferred revenue at December 31, 2020 and June 30, 2021, respectively. We expect to recognize approximately $700 million of the unearned amount in the remainder of 2021, $1.3 billion in 2022, and $2.3 billion thereafter. We recognized $276 million and $336 million of unearned amounts as revenue during the second quarter of 2020 and 2021, respectively, and $606 million and $678 million in the first half of 2020 and 2021, respectively.

Amounts paid to dealers to obtain these contracts are deferred and recorded as Other assets. We had a balance of $283 million and $304 million in deferred costs as of December 31, 2020 and June 30, 2021, respectively. We recognized $19 million of amortization during the second quarter of both 2020 and 2021 and $39 million in the first half of both 2020 and 2021.
8

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
  2020 2021 2020 2021
Net periodic pension and OPEB income/(cost), excluding service cost
$ 544  $ 768  $ 995  $ 1,380 
Investment-related interest income 122  64  284  136 
Interest income/(expense) on income taxes
12  —  (11) (3)
Realized and unrealized gains/(losses) on cash equivalents, marketable securities, and other investments (Note 10)
47  15  906 
Gains/(Losses) on changes in investments in affiliates (Note 17)
3,465  166  3,480  332 
Royalty income 94  128  183  299 
Other 34  26  52  (19)
Total $ 4,318  $ 1,159  $ 4,998  $ 3,031 

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
  2020 2021 2020 2021
Net income/(loss) attributable to Ford Motor Company $ 1,117  $ 561  $ (876) $ 3,823 
Basic and Diluted Shares    
Basic shares (average shares outstanding) 3,975  3,992  3,969  3,986 
Net dilutive options, unvested restricted stock units, and unvested restricted stock shares (a) 17  36  —  36 
Diluted shares 3,992  4,028  3,969  4,022 
__________
(a)In the first half of 2020, there were 25 million shares excluded from the calculation of diluted earnings/(loss) per share, due to their anti-dilutive effect.
9

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, 2020
  Fair Value Level Company excluding Ford Credit Ford Credit Consolidated
Cash and cash equivalents    
U.S. government 1 $ 2,940  $ 3,255  $ 6,195 
U.S. government agencies 2 850  640  1,490 
Non-U.S. government and agencies 2 600  717  1,317 
Corporate debt 2 605  970  1,575 
Total marketable securities classified as cash equivalents
4,995  5,582  10,577 
Cash, time deposits, and money market funds 5,899  8,767  14,666 
Total cash and cash equivalents $ 10,894  $ 14,349  $ 25,243 
Marketable securities
U.S. government 1 $ 4,709  $ 1,082  $ 5,791 
U.S. government agencies 2 3,259  485  3,744 
Non-U.S. government and agencies 2 4,448  2,693  7,141 
Corporate debt 2 7,095  308  7,403 
Equities (a) 1 113  —  113 
Other marketable securities 2 234  292  526 
Total marketable securities $ 19,858  $ 4,860  $ 24,718 
Restricted cash $ 45  $ 647  $ 692 
June 30, 2021
Fair Value Level Company excluding Ford Credit Ford Credit Consolidated
Cash and cash equivalents    
U.S. government 1 $ 2,004  $ 416  $ 2,420 
U.S. government agencies 2 200  50  250 
Non-U.S. government and agencies 2 426  242  668 
Corporate debt 2 —  795  795 
Total marketable securities classified as cash equivalents
2,630  1,503  4,133 
Cash, time deposits, and money market funds 6,387  12,435  18,822 
Total cash and cash equivalents $ 9,017  $ 13,938  $ 22,955 
Marketable securities
U.S. government 1 $ 2,922  $ 550  $ 3,472 
U.S. government agencies 2 2,263  225  2,488 
Non-U.S. government and agencies 2 3,882  718  4,600 
Corporate debt 2 6,621  293  6,914 
Equities (a) 1 80  —  80 
Other marketable securities 2 258  269  527 
Total marketable securities $ 16,026  $ 2,055  $ 18,081 
Restricted cash $ 64  $ 143  $ 207 
__________
(a)Net unrealized gains/losses incurred during the reporting periods on equity securities still held at December 31, 2020 and June 30, 2021 were a $24 million gain and a $19 million loss, respectively.
10

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, 2020
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 $ 2,894  $ 44  $ —  $ 2,938  $ 1,649  $ 1,286  $
U.S. government agencies 2,588  15  —  2,603  772  1,629  202 
Non-U.S. government and agencies 2,926  31  —  2,957  1,330  1,617  10 
Corporate debt 7,482  102  (1) 7,583  3,566  3,987  30 
Other marketable securities 212  —  215  147  67 
Total $ 16,102  $ 195  $ (1) $ 16,296  $ 7,318  $ 8,666  $ 312 
 
June 30, 2021
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 $ 2,797  $ 21  $ (1) $ 2,817  $ 815  $ 2,002  $ — 
U.S. government agencies 2,157  10  (6) 2,161  230  1,204  727 
Non-U.S. government and agencies 3,613  17  (6) 3,624  1,099  2,161  364 
Corporate debt 6,504  60  (3) 6,561  2,546  3,899  116 
Other marketable securities 236  (1) 237  64  171 
Total
$ 15,307  $ 110  $ (17) $ 15,400  $ 4,754  $ 9,437  $ 1,209 

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
2020 2021 2020 2021
Company excluding Ford Credit
Sales proceeds $ 2,452  $ 659  $ 4,317  $ 3,539 
Gross realized gains 21  28  17 
Gross realized losses —  10 
11

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, 2020
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 $ 181  $ —  $ —  $ —  $ 181  $ — 
U.S. government agencies 83  —  —  —  83  — 
Non-U.S. government and agencies 164  —  10  —  174  — 
Corporate debt 1,538  (1) —  1,547  (1)
Other marketable securities 23  —  13  —  36  — 
Total
$ 1,989  $ (1) $ 32  $ —  $ 2,021  $ (1)
 
June 30, 2021
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 $ 701  $ (1) $ —  $ —  $ 701  $ (1)
U.S. government agencies 1,019  (6) —  —  1,019  (6)
Non-U.S. government and agencies 1,163  (6) —  —  1,163  (6)
Corporate debt 890  (3) —  —  890  (3)
Other marketable securities 79  (1) —  86  (1)
Total
$ 3,852  $ (17) $ $ —  $ 3,859  $ (17)

We determine credit losses on AFS debt securities using the specific identification method. During the first half of 2021, we did not recognize any credit loss. The unrealized losses on securities are due to changes in interest rates and market liquidity.

Cash, Cash Equivalents, and Restricted Cash

Cash, cash equivalents, and restricted cash, as reported in the consolidated statements of cash flows, were as follows (in millions):
December 31,
2020
June 30,
2021
Cash and cash equivalents $ 25,243  $ 22,955 
Restricted cash (a) 692  207 
Total cash, cash equivalents, and restricted cash $ 25,935  $ 23,162 
__________
(a)Included in Other assets in the non-current assets section of our consolidated balance sheets.
12

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
NOTE 8. FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES

Ford Credit manages finance receivables as “consumer” and “non-consumer” portfolios.  The receivables are generally secured by the vehicles, inventory, or other property being financed.

Finance receivables are recorded at the time of origination or purchase at fair value and are subsequently reported at amortized cost, net of any allowance for credit losses.

For all finance receivables, Ford Credit defines “past due” as any payment, including principal and interest, that is at least 31 days past the contractual due date.

Ford Credit finance receivables, net were as follows (in millions):
  December 31,
2020
June 30,
2021
Consumer    
Retail installment contracts, gross $ 73,631  $ 70,434 
Finance leases, gross 8,431  8,132 
Retail financing, gross 82,062  78,566 
Unearned interest supplements (3,987) (3,358)
Consumer finance receivables 78,075  75,208 
Non-Consumer    
Dealer financing 20,908  12,028 
Non-Consumer finance receivables 20,908  12,028 
Total recorded investment $ 98,983  $ 87,236 
Recorded investment in finance receivables $ 98,983  $ 87,236 
Allowance for credit losses (1,305) (1,061)
Total finance receivables, net $ 97,678  $ 86,175 
Current portion $ 42,401  $ 34,339 
Non-current portion 55,277  51,836 
Total finance receivables, net $ 97,678  $ 86,175 
Net finance receivables subject to fair value (a) $ 89,651  $ 78,427 
Fair value (b) 91,238  79,987 
__________
(a)Net finance receivables subject to fair value exclude finance leases.
(b)The fair value of finance receivables is categorized within Level 3 of the fair value hierarchy.

Ford Credit’s finance leases are comprised of sales-type and direct financing leases. Financing revenue from finance leases for the second quarter of 2020 and 2021 was $77 million and $88 million, respectively, and for the first half of 2020 and 2021 was $172 million and $178 million, respectively, and is included in Ford Credit revenues on our consolidated income statements.

At December 31, 2020 and June 30, 2021, accrued interest was $181 million and $133 million, respectively, which we report in Other assets in the current assets section of our consolidated balance sheets.

Included in the recorded investment in finance receivables at December 31, 2020 and June 30, 2021, were consumer receivables of $43.7 billion and $38.7 billion, respectively, and non-consumer receivables of $16.4 billion and $12 billion, respectively, that have been sold for legal purposes in securitization transactions but continue to be reported in our consolidated financial statements. The receivables are available only for payment of the debt issued by, and other obligations of, the securitization entities that are parties to those securitization transactions; they are not available to pay the other obligations or the claims of Ford Credit’s other creditors. Ford Credit holds the right to receive the excess cash flows not needed to pay the debt issued by, and other obligations of, the securitization entities that are parties to those securitization transactions.
13

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
NOTE 8. FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued)

Credit Quality

Consumer Portfolio. Credit quality ratings for consumer receivables are based on Ford Credit’s aging analysis. Consumer receivables credit quality ratings are as follows:

Pass – current to 60 days past due;
Special Mention – 61 to 120 days past due and in intensified collection status; and
Substandard – greater than 120 days past due and for which the uncollectible portion of the receivables has already been charged off, as measured using the fair value of collateral less costs to sell.

The credit quality analysis of consumer receivables at December 31, 2020 was as follows (in millions):
Amortized Cost Basis by Origination Year
Prior to 2016 2016 2017 2018 2019 2020 Total Percent
Consumer
31 - 60 days past due $ 45  $ 62  $ 103  $ 162  $ 166  $ 143  $ 681  0.9  %
61 - 120 days past due 12  24  44  45  31  163  0.2 
Greater than 120 days past due 11  41  — 
Total past due 63  80  134  214  218  176  885  1.1 
Current 782  2,518  6,648  13,704  20,822  32,716  77,190  98.9 
Total $ 845  $ 2,598  $ 6,782  $ 13,918  $ 21,040  $ 32,892  $ 78,075  100.0  %

The credit quality analysis of consumer receivables at June 30, 2021 was as follows (in millions):
Amortized Cost Basis by Origination Year
Prior to 2017 2017 2018 2019 2020 2021 Total Percent
Consumer
31 - 60 days past due $ 52  $ 60  $ 98  $ 114  $ 134  $ 24  $ 482  0.6  %
61 - 120 days past due 13  23  29  31  112  0.2 
Greater than 120 days past due 13  10  —  47  0.1 
Total past due 74  80  130  153  173  31  641  0.9 
Current 1,747  4,419  9,952  16,768  28,228  13,453  74,567  99.1 
Total $ 1,821  $ 4,499  $ 10,082  $ 16,921  $ 28,401  $ 13,484  $ 75,208  100.0  %

Non-Consumer Portfolio. The credit quality of dealer financing receivables is evaluated based on Ford Credit’s internal dealer risk rating analysis. Ford Credit uses a proprietary model to assign each dealer a risk rating. This model uses historical dealer performance data to identify key factors about a dealer that are considered most significant in predicting a dealer’s ability to meet its financial obligations. Ford Credit also considers numerous other financial and qualitative factors of the dealer’s operations, including capitalization and leverage, liquidity and cash flow, profitability, and credit history with Ford Credit and other creditors.

Dealers are assigned to one of four groups according to risk ratings as follows:

Group I – strong to superior financial metrics;
Group II – fair to favorable financial metrics;
Group III – marginal to weak financial metrics; and
Group IV – poor financial metrics, including dealers classified as uncollectible.
14

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
NOTE 8. FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued)

The credit quality analysis of dealer financing receivables at December 31, 2020 was as follows (in millions):
Amortized Cost Basis by Origination Year Wholesale Loans
Dealer Loans
Prior to 2016 2016 2017 2018 2019 2020 Total Total Percent
Group I $ 503  $ 129  $ 110  $ 188  $ 70  $ 248  $ 1,248  $ 13,160  $ 14,408  68.9  %
Group II 38  20  11  35  87  194  4,680  4,874  23.3 
Group III —  19  35  69  1,464  1,533  7.3 
Group IV —  —  —  10  83  93  0.5 
Total (a) $ 552  $ 149  $ 124  $ 242  $ 78  $ 376  $ 1,521  $ 19,387  $ 20,908  100.0  %
__________
(a)Total past due dealer financing receivables at December 31, 2020 were $99 million.

The credit quality analysis of dealer financing receivables at June 30, 2021 was as follows (in millions):
Amortized Cost Basis by Origination Year Wholesale Loans
Dealer Loans
Prior to 2017 2017 2018 2019 2020 2021 Total Total Percent
Group I $ 530  $ 87  $ 178  $ 52  $ 115  $ 175  $ 1,137  $ 6,993  $ 8,130  67.6  %
Group II 15  33  15  96  169  2,806  2,975  24.7 
Group III 17  35  63  797  860  7.2 
Group IV —  —  —  10  53  63  0.5 
Total (a) $ 562  $ 95  $ 216  $ 61  $ 134  $ 311  $ 1,379  $ 10,649  $ 12,028  100.0  %
__________
(a)Total past due dealer financing receivables at June 30, 2021 were $56 million.

Non-Accrual of Revenue. The accrual of financing revenue is discontinued at the time a receivable is determined to be uncollectible or when it is 90 days past due. Accounts may be restored to accrual status only when a customer settles all past-due deficiency balances and future payments are reasonably assured. For receivables in non-accrual status, subsequent financing revenue is recognized only to the extent a payment is received. Payments are generally applied first to outstanding interest and then to the unpaid principal balance.

Troubled Debt Restructuring (“TDR”). A restructuring of debt constitutes a TDR if a concession is granted to a debtor for economic or legal reasons related to the debtor’s financial difficulties that Ford Credit otherwise would not consider. Consumer and non-consumer receivables that have a modified interest rate below market rate or that were modified in reorganization proceedings pursuant to the U.S. Bankruptcy Code, except non-consumer receivables that are current with minimal risk of loss, are considered to be TDRs. Ford Credit does not grant concessions on the principal balance of the receivables. If a receivable is modified in a reorganization proceeding, all payment requirements of the reorganization plan need to be met before remaining balances are forgiven.

Allowance for Credit Losses

The allowance for credit losses represents an estimate of the lifetime expected credit losses inherent in finance receivables as of the balance sheet date.

Adjustments to the allowance for credit losses are made by recording charges to Ford Credit interest, operating, and other expenses on our consolidated income statements. The uncollectible portion of a finance receivable is charged to the allowance for credit losses at the earlier of when an account is deemed to be uncollectible or when an account is 120 days delinquent, taking into consideration the financial condition of the customer or borrower, the value of the collateral, recourse to guarantors, and other factors.
15

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
NOTE 8. FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES (Continued)

Charge-offs on finance receivables include uncollected amounts related to principal, interest, late fees, and other allowable charges. Recoveries on finance receivables previously charged off as uncollectible are credited to the allowance for credit losses. In the event Ford Credit repossesses the collateral, the receivable is charged off and the collateral is recorded at its estimated fair value less costs to sell and reported in Other assets on our consolidated balance sheets.

An analysis of the allowance for credit losses related to finance receivables for the periods ended June 30 was as follows (in millions):
Second Quarter 2020 First Half 2020
  Consumer Non-Consumer Total Consumer Non-Consumer Total
Allowance for credit losses
Beginning balance $ 1,157  $ 74  $ 1,231  $ 496  $ 17  $ 513 
Adoption of ASU 2016-13 (a) —  —  —  247  252 
Charge-offs (80) —  (80) (225) (1) (226)
Recoveries 33  34  76  79 
Provision for credit losses 94  (1) 93  628  51  679 
Other (b) —  (11) (1) (12)
Ending balance $ 1,211  $ 74  $ 1,285  $ 1,211  $ 74  $ 1,285 

Second Quarter 2021 First Half 2021
  Consumer Non-Consumer Total Consumer Non-Consumer Total
Allowance for credit losses
Beginning balance $ 1,170  $ 53  $ 1,223  $ 1,245  $ 60  $ 1,305 
Charge-offs (55) (3) (58) (152) (3) (155)
Recoveries 55  57  108  113 
Provision for credit losses (154) (12) (166) (184) (22) (206)
Other (b) (1) (1)
Ending balance $ 1,022  $ 39  $ 1,061  $ 1,022  $ 39  $ 1,061 
__________
(a)Cumulative pre-tax adjustments related to the adoption of ASU 2016-13, Credit Losses - Measurement of Credit Losses on Financial Instruments, were recorded in retained earnings as of January 1, 2020.
(b)Primarily represents amounts related to translation adjustments.

The allowance for credit losses considers economic conditions attributable to the COVID-19 pandemic. The allowance reflects economic uncertainty and an expectation of continued higher unemployment, which increases the probability of default and loss given default rates used in Ford Credit’s estimate of the lifetime expected credit losses for its consumer portfolio, especially in the United States.

During the second quarter and first half of 2021, the allowance for credit losses decreased $162 million and $244 million, respectively, primarily reflecting improvement in the economic outlook that caused Ford Credit to lower its expectation of lifetime losses attributable to macroeconomic assumptions driven by COVID-19. Although net charge-offs remained low in the second quarter and first half ended June 30, 2021, due in part to government stimulus, changes in consumer spending behavior, and high vehicle collateral values, the impact of COVID-19 on future credit losses remains uncertain. Ford Credit will continue to monitor economic trends and conditions and portfolio performance and will adjust the reserve accordingly.
16

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
NOTE 9. INVENTORIES

Inventories were as follows (in millions):
  December 31,
2020
June 30,
2021
Raw materials, work-in-process, and supplies $ 4,676  $ 5,578 
Finished products 6,132  8,015 
Total inventories $ 10,808  $ 13,593 

Finished products at June 30, 2021 in the table above include vehicles completed but awaiting installation of components affected by the semiconductor supply shortage, after which, they will proceed through an additional quality review process prior to being shipped to our dealers.

NOTE 10. OTHER INVESTMENTS

We have investments in entities not accounted for under the equity method for which fair values are not readily available. We record these investments at cost (less impairment, if any), adjusted for observable price changes in orderly transactions for the identical or a similar investment of the same issuer. We report the carrying value of these investments in Other assets in the non-current assets section of our consolidated balance sheets. These investments were $1.7 billion and $2.9 billion at December 31, 2020 and June 30, 2021, respectively. The increase from December 31, 2020 primarily reflects an observable event of $902 million (measured using an option pricing model) for our investment in Rivian, reported in Other income/(loss), net on our consolidated income statements. The cumulative net unrealized gain from adjustments related to Other Investments held at June 30, 2021 is $1.2 billion.

In July 2021, we purchased $415 million of Rivian’s unsecured senior convertible notes, which will be reflected in our Quarterly Report on Form 10-Q for the quarter ending September 30, 2021.

NOTE 11. GOODWILL

The net carrying amount of goodwill was $258 million and $741 million at December 31, 2020 and June 30, 2021, respectively, and is reported in Other assets in the non-current assets section of our consolidated balance sheets. The increase from December 31, 2020 reflects the acquisitions of Getrag Ford Transmissions GmbH in March 2021 and Electriphi, Inc. in June 2021 (see Note 17).
17

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
NOTE 12. OTHER LIABILITIES AND DEFERRED REVENUE

Other liabilities and deferred revenue were as follows (in millions):
  December 31,
2020
June 30,
2021
Current
Dealer and dealers’ customer allowances and claims $ 12,702  $ 8,610 
Deferred revenue 2,161  2,418 
Employee benefit plans 1,752  1,574 
Accrued interest 1,215  999 
OPEB (a) 339  341 
Pension (a) 193  193 
Operating lease liabilities 323  340 
Other 4,960  4,394 
Total current other liabilities and deferred revenue $ 23,645  $ 18,869 
Non-current    
Pension (a) $ 10,738  $ 10,258 
OPEB (a) 6,236