v3.24.1.u1
Cash, Cash Equivalents, and Marketable Securities (Notes)
 3 Months Ended
Mar. 31, 2024
Cash, Cash Equivalents, and Marketable Securities [Abstract]  
Cash, Cash Equivalents, and Marketable Securities [Text Block] CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES
The fair values of cash, cash equivalents, and marketable securities measured at fair value on a recurring basis were as follows (in millions):
December 31, 2023
 Fair Value LevelCompany excluding Ford CreditFord CreditConsolidated
Cash and cash equivalents  
U.S. government1$2,320 $912 $3,232 
U.S. government agencies22,075 625 2,700 
Non-U.S. government and agencies2699 276 975 
Corporate debt21,617 101 1,718 
Total marketable securities classified as cash equivalents
6,711 1,914 8,625 
Cash, time deposits, and money market funds7,493 8,744 16,237 
Total cash and cash equivalents$14,204 $10,658 $24,862 
Marketable securities
U.S. government1$4,467 $207 $4,674 
U.S. government agencies21,774 49 1,823 
Non-U.S. government and agencies22,096 109 2,205 
Corporate debt25,807 268 6,075 
Equities123 — 23 
Other marketable securities2353 156 509 
Total marketable securities$14,520 $789 $15,309 
Restricted cash$111 $137 $248 
Cash, cash equivalents, and restricted cash - held for sale$— $— $— 
March 31, 2024
Fair Value LevelCompany excluding Ford CreditFord CreditConsolidated
Cash and cash equivalents  
U.S. government1$997 $86 $1,083 
U.S. government agencies22,019 — 2,019 
Non-U.S. government and agencies2699 277 976 
Corporate debt2— — — 
Total marketable securities classified as cash equivalents
3,715 363 4,078 
Cash, time deposits, and money market funds7,158 8,485 15,643 
Total cash and cash equivalents$10,873 $8,848 $19,721 
Marketable securities
U.S. government1$4,085 $219 $4,304 
U.S. government agencies21,850 — 1,850 
Non-U.S. government and agencies22,342 83 2,425 
Corporate debt25,288 261 5,549 
Equities125 — 25 
Other marketable securities2438 151 589 
Total marketable securities$14,028 $714 $14,742 
Restricted cash$112 $102 $214 
Cash, cash equivalents, and restricted cash - held for sale (Note 15)
$51 $— $51 
        
NOTE 7. CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES (Continued)

The cash equivalents and marketable securities accounted for as available-for-sale (“AFS”) securities were as follows (in millions):
December 31, 2023
Fair Value of Securities with
Contractual Maturities
 Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueWithin 1 YearAfter 1 Year through
5 Years		After 5 Years
Company excluding Ford Credit  
U.S. government$4,458 $6 $(66)$4,398 $2,172 $2,216 $10 
U.S. government agencies2,053 4 (62)1,995 490 1,487 18 
Non-U.S. government and agencies1,948 1 (75)1,874 587 1,275 12 
Corporate debt7,433 27 (67)7,393 2,830 4,558 5 
Other marketable securities322 2 (4)320 — 247 73 
Total$16,214 $40 $(274)$15,980 $6,079 $9,783 $118 
 
March 31, 2024
Fair Value of Securities with
Contractual Maturities
Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueWithin 1 YearAfter 1 Year through
5 Years		After 5 Years
Company excluding Ford Credit
U.S. government$4,076 $— $(64)$4,012 $1,931 $2,071 $10 
U.S. government agencies1,973 — (63)1,910 425 1,467 18 
Non-U.S. government and agencies1,982 — (71)1,911 626 1,273 12 
Corporate debt5,304 15 (59)5,260 698 4,554 8 
Other marketable securities408 2 (3)407 — 297 110 
Total
$13,743 $17 $(260)$13,500 $3,680 $9,662 $158 

Sales proceeds and gross realized gains/losses from the sale of AFS securities for the periods ended March 31 were as follows (in millions):
First Quarter
20232024
Company excluding Ford Credit
Sales proceeds$1,163 $3,719 
Gross realized gains1 2 
Gross realized losses12 8 
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 Year1 Year or GreaterTotal
 Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Company excluding Ford Credit  
U.S. government$619 $(2)$2,735 $(64)$3,354 $(66)
U.S. government agencies283 (1)1,068 (61)1,351 (62)
Non-U.S. government and agencies67 — 1,654 (75)1,721 (75)
Corporate debt2,608 (2)2,192 (65)4,800 (67)
Other marketable securities26 — 122 (4)148 (4)
Total
$3,603 $(5)$7,771 $(269)$11,374 $(274)
 
March 31, 2024
Less than 1 Year1 Year or GreaterTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Company excluding Ford Credit
U.S. government$1,683 $(13)$2,259 $(51)$3,942 $(64)
U.S. government agencies829 (4)1,002 (59)1,831 (63)
Non-U.S. government and agencies343 (3)1,527 (68)1,870 (71)
Corporate debt1,653 (7)1,780 (52)3,433 (59)
Other marketable securities85 — 115 (3)200 (3)
Total
$4,593 $(27)$6,683 $(233)$11,276 $(260)

We determine credit losses on AFS debt securities using the specific identification method. During the first quarter of 2024, 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,
2023		March 31,
2024
Cash and cash equivalents$24,862 $19,721 
Restricted cash (a)248 214 
Cash, cash equivalents, and restricted cash - held for sale (Note 15)
— 51 
Total cash, cash equivalents, and restricted cash$25,110 $19,986 
__________
(a)Included in Other assets in the non-current assets section of our consolidated balance sheets.