v3.25.1
Cash, Cash Equivalents, and Marketable Securities (Notes)
 3 Months Ended
Mar. 31, 2025
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, 2024
 Fair Value LevelCompany excluding Ford CreditFord CreditConsolidated
Cash and cash equivalents  
U.S. government1$1,099 $854 $1,953 
U.S. government agencies22,529 400 2,929 
Non-U.S. government and agencies21,073 370 1,443 
Corporate debt2659 339 998 
Total marketable securities classified as cash equivalents
5,360 1,963 7,323 
Cash, time deposits, and money market funds8,303 7,309 15,612 
Total cash and cash equivalents$13,663 $9,272 $22,935 
Marketable securities
U.S. government1$3,530 $185 $3,715 
U.S. government agencies21,691 — 1,691 
Non-U.S. government and agencies22,272 79 2,351 
Corporate debt26,676 252 6,928 
Equities122 — 22 
Other marketable securities2516 190 706 
Total marketable securities$14,707 $706 $15,413 
Restricted cash$120 $88 $208 
Cash, cash equivalents, and restricted cash - held for sale (Note 15)
$47 $— $47 
March 31, 2025
Fair Value LevelCompany excluding Ford CreditFord CreditConsolidated
Cash and cash equivalents  
U.S. government1$1,850 $33 $1,883 
U.S. government agencies2361 100 461 
Non-U.S. government and agencies22,250 710 2,960 
Corporate debt2306 230 536 
Total marketable securities classified as cash equivalents
4,767 1,073 5,840 
Cash, time deposits, and money market funds8,646 6,378 15,024 
Total cash and cash equivalents$13,413 $7,451 $20,864 
Marketable securities
U.S. government1$3,095 $258 $3,353 
U.S. government agencies21,463 — 1,463 
Non-U.S. government and agencies22,288 82 2,370 
Corporate debt26,219 253 6,472 
Equities112 — 12 
Other marketable securities2504 188 692 
Total marketable securities$13,581 $781 $14,362 
Restricted cash$120 $93 $213 
Cash, cash equivalents, and restricted cash - held for sale (Note 15)
$— $— $— 
        
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, 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$3,476 $1 $(27)$3,450 $282 $3,168 $— 
U.S. government agencies1,755 1 (30)1,726 697 1,010 19 
Non-U.S. government and agencies2,039 1 (39)2,001 559 1,429 13 
Corporate debt7,295 35 (21)7,309 2,272 5,033 4 
Other marketable securities486 3 (1)488 — 411 77 
Total$15,051 $41 $(118)$14,974 $3,810 $11,051 $113 
 
March 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$3,018 $11 $(10)$3,019 $93 $2,926 $— 
U.S. government agencies1,542 4 (22)1,524 571 938 15 
Non-U.S. government and agencies2,025 5 (25)2,005 608 1,383 14 
Corporate debt6,453 51 (8)6,496 1,505 4,968 23 
Other marketable securities475 3 — 478 — 394 84 
Total
$13,513 $74 $(65)$13,522 $2,777 $10,609 $136 

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
20242025
Company excluding Ford Credit
Sales proceeds$3,719 $2,449 
Gross realized gains2 5 
Gross realized losses8 3 

We determine credit losses on AFS debt securities using the specific identification method. During the first quarter of 2025, 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 on our consolidated statements of cash flows, were as follows (in millions):
December 31,
2024		March 31,
2025
Cash and cash equivalents$22,935 $20,864 
Restricted cash (a)208 213 
Cash, cash equivalents, and restricted cash - held for sale (Note 15)
47 — 
Total cash, cash equivalents, and restricted cash$23,190 $21,077 
__________
(a)Included in Other assets in the non-current assets section of our consolidated balance sheets.