Segment Information (Tables)

Key financial information for the periods ended or at March 31 was as follows (in millions):


	Ford Blue		Ford Model e		Ford Pro		Ford Credit		Unallocated Amounts and Eliminations (a)		Total
First Quarter 2024
External revenues	$	21,754	$	116	$	18,019	$	2,887	$	1	$	42,777
Intersegment revenues (b)	11,741		21		—		—		(11,762)		—
Total revenues	$	33,495	$	137	$	18,019	$	2,887	$	(11,761)	$	42,777
Other segment items (c)	32,594		1,464		15,013		2,561
Segment EBIT/EBT	$	901	$	(1,327)	$	3,006	$	326			$	2,906
Reconciliation of Segment EBIT/EBT
Unallocated amounts:
Corporate Other											(143)
Interest on debt (excludes $1,848 of Ford Credit interest on debt)											(278)
Special items (d)											(873)
Income/(Loss) before income taxes											$	1,612

Other Segment Disclosures
Depreciation and tooling amortization	$	725	$	143	$	360	$	622	$	31	$	1,881
Investment-related interest income	36		1		11		145		217		410
Equity in net income/(loss) of affiliated companies	61		(19)		117		8		—		167
Cash outflow for capital spending (e)	1,049		975		9		21		40		2,094
Total assets	61,416		15,032		3,659		148,896		45,338		274,341

First Quarter 2025
External revenues	$	20,997	$	1,242	$	15,181	$	3,237	$	2	$	40,659
Intersegment revenues (b)	10,605		116		—		—		(10,721)		—
Total revenues	$	31,602	$	1,358	$	15,181	$	3,237	$	(10,719)	$	40,659
Other segment items (c)	31,506		2,207		13,872		2,657
Segment EBIT/EBT	$	96	$	(849)	$	1,309	$	580			$	1,136
Reconciliation of Segment EBIT/EBT
Unallocated amounts:
Corporate Other											(117)
Interest on debt (excludes $1,790 of Ford Credit interest on debt)											(288)
Special items (f)											(110)
Income/(Loss) before income taxes											$	621

Other Segment Disclosures
Depreciation and tooling amortization	$	729	$	138	$	348	$	618	$	15	$	1,848
Investment-related interest income	48		1		15		91		196		351
Equity in net income/(loss) of affiliated companies	62		(20)		40		10		2		94
Cash outflow for capital spending (e)	987		761		7		28		35		1,818
Total assets	62,772		16,181		3,664		154,183		47,739		284,539

(a)Unallocated amounts include Corporate Other (see above description of corporate expenses and corporate assets) and Special Items. Eliminations include intersegment transactions occurring in the ordinary course of business.

(b)Intersegment revenues only reflect finished vehicle transactions between Ford Blue, Ford Model e, and Ford Pro where there is an intersegment markup and are recognized at the time of the intersegment transaction.

(c)Other segment items for the Ford Blue, Ford Model e, and Ford Pro segments primarily consists of: material costs (including commodities and components and purchased vehicles from partners), manufacturing costs (including hourly and salaried wages and fringe, and plant overhead such as utilities and taxes), warranty coverages and field service action costs (including estimated costs to repair, replace, or adjust parts on a vehicle that are defective in factory supplied materials or workmanship), freight and duty costs (including related to the receiving and shipping of components and vehicles), vehicle and software engineering and connectivity costs (including wages and fringe for personnel, prototype materials, testing, and outside services), spending-related costs (including depreciation and amortization of manufacturing and engineering assets, asset retirements, and operating leases), advertising and sales promotions costs (including costs for advertising, marketing programs, brand promotions, customer mailings and promotional events, and auto shows), and administrative, IT, and selling costs (primarily including wages and fringe for salaried personnel and purchased services). Other segment items for the Ford Credit segment primarily consists of interest expense and depreciation.

(d)Primarily reflects restructuring actions in Europe, the extended duration of the EV program changeover at the Oakville Assembly Plant, and buyouts for hourly employees in North America.

(e)Ford Blue includes $223 million and $163 million of spending attributable to electric vehicles at shared manufacturing plants at March 31, 2024 and March 31, 2025, respectively. Total electric vehicle spending, including Ford Blue and Ford Model e, was $1,198 million and $924 million at March 31, 2024 and March 31, 2025, respectively.

(f)Primarily reflects the cancellation of a previously planned all-electric three-row SUV program and continued ongoing restructuring actions in Europe.