v3.26.1
CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES
 6 Months Ended
Jun. 30, 2026
Cash and Cash Equivalents [Abstract]  
CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES
The fair values of cash, cash equivalents, and marketable securities were as follows (in millions):
December 31, 2025
 Fair Value LevelCompany excluding Ford CreditFord CreditConsolidated
Cash and cash equivalents  
U.S. government1$1,649 $70 $1,719 
U.S. government agencies2610 400 1,010 
Non-U.S. government and agencies21,300 1,082 2,382 
Corporate debt21,404 780 2,184 
Total marketable securities classified as cash equivalents
4,963 2,332 7,295 
Cash, time deposits, and money market funds9,123 6,938 16,061 
Total cash and cash equivalents$14,086 $9,270 $23,356 
Marketable securities
U.S. government1$3,817 $224 $4,041 
U.S. government agencies21,319 — 1,319 
Non-U.S. government and agencies22,043 91 2,134 
Corporate debt26,755 269 7,024 
Other marketable securities2413 200 613 
Total marketable securities$14,347 $784 $15,131 
Restricted cash$251 $107 $358 
Cash, cash equivalents, and restricted cash - held for sale$36 $— $36 
June 30, 2026
Fair Value LevelCompany excluding Ford CreditFord CreditConsolidated
Cash and cash equivalents  
U.S. government1$200 $84 $284 
U.S. government agencies2335 — 335 
Non-U.S. government and agencies2850 642 1,492 
Corporate debt2366 772 1,138 
Total marketable securities classified as cash equivalents
1,751 1,498 3,249 
Cash, time deposits, and money market funds8,426 6,928 15,354 
Total cash and cash equivalents$10,177 $8,426 $18,603 
Marketable securities
U.S. government1$2,902 $227 $3,129 
U.S. government agencies2910 — 910 
Non-U.S. government and agencies21,832 93 1,925 
Corporate debt25,927 269 6,196 
Other marketable securities2372 199 571 
Total marketable securities$11,943 $788 $12,731 
Restricted cash$187 $106 $293 
Cash, cash equivalents, and restricted cash - held for sale$— $— $— 
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, 2025
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$3,724 $25 $(2)$3,747 $356 $3,391 $— 
U.S. government agencies1,358 6 (8)1,356 460 892 4 
Non-U.S. government and agencies1,958 12 (8)1,962 553 1,400 9 
Corporate debt8,065 65 (1)8,129 2,925 5,200 4 
Other marketable securities385 3 — 388 2 357 29 
Total$15,490 $111 $(19)$15,582 $4,296 $11,240 $46 
 
June 30, 2026
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$2,842 $1 $(16)$2,827 $272 $2,545 $10 
U.S. government agencies920 — (11)909 172 737 — 
Non-U.S. government and agencies1,842 2 (15)1,829 382 1,447 — 
Corporate debt6,272 17 (24)6,265 796 5,400 69 
Other marketable securities335 1 (1)335 — 295 40 
Total
$12,211 $21 $(67)$12,165 $1,622 $10,424 $119 

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 QuarterFirst Half
2025202620252026
Company excluding Ford Credit
Sales proceeds$992 $1,212 $3,441 $3,820 
Gross realized gains4 5 9 15 
Gross realized losses1 1 4 2 

We determine credit losses on AFS debt securities using the specific identification method. During the first half of 2026, we did not recognize any credit losses. 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 on our consolidated statements of cash flows, were as follows (in millions):
December 31,
2025		June 30,
2026
Cash and cash equivalents$23,356 $18,603 
Restricted cash (a)358 293 
Cash, cash equivalents, and restricted cash - held for sale36 — 
Total cash, cash equivalents, and restricted cash$23,750 $18,896 
__________
(a)Included in Other assets in the non-current assets section of our consolidated balance sheets.