v3.25.4
CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2025
Cash and Cash Equivalents [Abstract]  
Schedule of Fair Values for Cash, Cash Equivalents, and Marketable Securities
The fair values of cash, cash equivalents, and marketable securities 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 21)
$47 $— $47 
December 31, 2025
Fair Value
 Level		Company 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 
Equities1— — — 
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 (Note 21)
$36 $— $36 
Schedule of Debt Securities, Available-For-Sale
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 YearsAfter 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 
December 31, 2025
Fair Value of Securities with
Contractual Maturities
Amortized CostGross Unrealized GainsGross Unrealized LossesFair ValueWithin 1 YearAfter 1 Year through 5 YearsAfter 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 securities
385 3 — 388 2 357 29 
Total
$15,490 $111 $(19)$15,582 $4,296 $11,240 $46 

Sales proceeds and gross realized gains/losses from the sale of AFS securities for the years ended December 31 were as follows (in millions):
202320242025
Company excluding Ford Credit
Sales proceeds$3,140 $11,026 $6,150 
Gross realized gains2 17 24 
Gross realized losses37 28 5 
Schedule 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		December 31,
2025
Cash and cash equivalents$22,935 $23,356 
Restricted cash (a)208 358 
Cash, cash equivalents, and restricted cash - held-for-sale (Note 21)
47 36 
Total cash, cash equivalents, and restricted cash$23,190 $23,750 
__________
(a)Included in Other assets in the non-current assets section of our consolidated balance sheets.