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Cash, Cash Equivalents, and Marketable Securities (Notes) | 12 Months Ended
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Dec. 31, 2021
Fair Value Disclosures [Abstract] |
Cash, Cash Equivalents, and Marketable Securities | 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, 2020
| Fair Value Level |  | Company excluding Ford Credit |  | Ford Credit |  | Consolidated
Cash and cash equivalents |  |  |  |  |  |  |
U.S. government | 1 |  | $ | 2,940 |  |  | $ | 3,255 |  |  | $ | 6,195 |
U.S. government agencies | 2 |  | 850 |  |  | 640 |  |  | 1,490 |
Non-U.S. government and agencies | 2 |  | 600 |  |  | 717 |  |  | 1,317 |
Corporate debt | 2 |  | 605 |  |  | 970 |  |  | 1,575 |
Total marketable securities classified as cash equivalents |  |  | 4,995 |  |  | 5,582 |  |  | 10,577 |
Cash, time deposits, and money market funds |  |  | 5,899 |  |  | 8,767 |  |  | 14,666 |
Total cash and cash equivalents |  |  | $ | 10,894 |  |  | $ | 14,349 |  |  | $ | 25,243 |
Marketable securities |  |  |  |  |  |  |
U.S. government | 1 |  | $ | 4,709 |  |  | $ | 1,082 |  |  | $ | 5,791 |
U.S. government agencies | 2 |  | 3,259 |  |  | 485 |  |  | 3,744 |
Non-U.S. government and agencies | 2 |  | 4,448 |  |  | 2,693 |  |  | 7,141 |
Corporate debt | 2 |  | 7,095 |  |  | 308 |  |  | 7,403 |
Equities (a) | 1 |  | 113 |  |  | — |  |  | 113 |
Other marketable securities | 2 |  | 234 |  |  | 292 |  |  | 526 |
Total marketable securities |  |  | $ | 19,858 |  |  | $ | 4,860 |  |  | $ | 24,718 |
Restricted cash |  |  | $ | 45 |  |  | $ | 647 |  |  | $ | 692 |
|  |  | December 31, 2021
| Fair Value Level |  | Company excluding Ford Credit |  | Ford Credit |  | Consolidated
Cash and cash equivalents |  |  |  |  |  |  |
U.S. government | 1 |  | $ | 2,877 |  |  | $ | 711 |  |  | $ | 3,588 |
U.S. government agencies | 2 |  | 355 |  |  | 240 |  |  | 595 |
Non-U.S. government and agencies | 2 |  | 55 |  |  | 152 |  |  | 207 |
Corporate debt | 2 |  | 105 |  |  | 940 |  |  | 1,045 |
Total marketable securities classified as cash equivalents |  |  | 3,392 |  |  | 2,043 |  |  | 5,435 |
Cash, time deposits, and money market funds |  |  | 6,185 |  |  | 8,920 |  |  | 15,105 |
Total cash and cash equivalents |  |  | $ | 9,577 |  |  | $ | 10,963 |  |  | $ | 20,540 |
Marketable securities |  |  |  |  |  |  |
U.S. government | 1 |  | $ | 4,018 |  |  | $ | 864 |  |  | $ | 4,882 |
U.S. government agencies | 2 |  | 2,270 |  |  | 75 |  |  | 2,345 |
Non-U.S. government and agencies | 2 |  | 3,373 |  |  | 697 |  |  | 4,070 |
Corporate debt | 2 |  | 6,299 |  |  | 304 |  |  | 6,603 |
Equities (a) | 1 |  | 10,673 |  |  | — |  |  | 10,673 |
Other marketable securities | 2 |  | 247 |  |  | 233 |  |  | 480 |
Total marketable securities |  |  | $ | 26,880 |  |  | $ | 2,173 |  |  | $ | 29,053 |
Restricted cash |  |  | $ | 69 |  |  | $ | 128 |  |  | $ | 197 |
__________ (a) Includes $10.6 billion of Rivian common shares valued at $103.69 per share as of December 31, 2021. Net unrealized gains/losses incurred during the reporting periods on equity securities still held at December 31, 2020 and 2021 were a $24 million gain and a $8.3 billion gain, respectively. At February 2, 2022, Rivian common shares were valued at $64.32 per share. Ford’s Rivian shares are subject to a contractual 180-day lockup period that commenced with Rivian’s initial public offering (“IPO”) on November 10, 2021. NOTE 9. 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, 2020 |  |
|  |  |  |  |  |  |  |  | Fair Value of Securities with Contractual Maturities
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Within 1 Year |  | After 1 Year through 5 Years |  | After 5 Years
Company excluding Ford Credit |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government | $ | 2,894 |  |  | $ | 44 |  |  | $ | — |  |  | $ | 2,938 |  |  | $ | 1,649 |  |  | $ | 1,286 |  |  | $ | 3 |
U.S. government agencies | 2,588 |  |  | 15 |  |  | — |  |  | 2,603 |  |  | 772 |  |  | 1,629 |  |  | 202 |
Non-U.S. government and agencies | 2,926 |  |  | 31 |  |  | — |  |  | 2,957 |  |  | 1,330 |  |  | 1,617 |  |  | 10 |
Corporate debt | 7,482 |  |  | 102 |  |  | (1) |  |  | 7,583 |  |  | 3,566 |  |  | 3,987 |  |  | 30 |
Other marketable securities | 212 |  |  | 3 |  |  | — |  |  | 215 |  |  | 1 |  |  | 147 |  |  | 67 |
Total | $ | 16,102 |  |  | $ | 195 |  |  | $ | (1) |  |  | $ | 16,296 |  |  | $ | 7,318 |  |  | $ | 8,666 |  |  | $ | 312 |
| December 31, 2021 |  |
|  |  |  |  |  |  |  |  | Fair Value of Securities with Contractual Maturities
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value |  | Within 1 Year |  | After 1 Year through 5 Years |  | After 5 Years
Company excluding Ford Credit |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government | $ | 3,821 |  |  | $ | 12 |  |  | $ | (14) |  |  | $ | 3,819 |  |  | $ | 1,360 |  |  | $ | 2,435 |  |  | $ | 24 |
U.S. government agencies | 2,249 |  |  | 2 |  |  | (21) |  |  | 2,230 |  |  | 316 |  |  | 1,802 |  |  | 112 |
Non-U.S. government and agencies | 2,599 |  |  | 6 |  |  | (21) |  |  | 2,584 |  |  | 854 |  |  | 1,708 |  |  | 22 |
Corporate debt | 6,373 |  |  | 21 |  |  | (23) |  |  | 6,371 |  |  | 2,645 |  |  | 3,726 |  |  | — |
Other marketable securities | 228 |  |  | 1 |  |  | (1) |  |  | 228 |  |  | — |  |  | 150 |  |  | 78 |
Total | $ | 15,270 |  |  | $ | 42 |  |  | $ | (80) |  |  | $ | 15,232 |  |  | $ | 5,175 |  |  | $ | 9,821 |  |  | $ | 236 |
Sales proceeds and gross realized gains/losses from the sale of AFS securities for the years ended December 31 were as follows (in millions):
| 2019 |  | 2020 |  | 2021
Company excluding Ford Credit |  |  |  |  |
Sales proceeds | $ | 5,753 |  |  | $ | 8,574 |  |  | $ | 5,943 |
Gross realized gains | 13 |  |  | 56 |  |  | 26 |
Gross realized losses | 10 |  |  | 11 |  |  | 3 |
NOTE 9. 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, 2020
| Less than 1 Year |  | 1 Year or Greater |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Company excluding Ford Credit |  |  |  |  |  |  |  |  |  |  |
U.S. government | $ | 181 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 181 |  |  | $ | — |
U.S. government agencies | 83 |  |  | — |  |  | — |  |  | — |  |  | 83 |  |  | — |
Non-U.S. government and agencies | 164 |  |  | — |  |  | 10 |  |  | — |  |  | 174 |  |  | — |
Corporate debt | 1,538 |  |  | (1) |  |  | 9 |  |  | — |  |  | 1,547 |  |  | (1) |
Other marketable securities | 23 |  |  | — |  |  | 13 |  |  | — |  |  | 36 |  |  | — |
Total | $ | 1,989 |  |  | $ | (1) |  |  | $ | 32 |  |  | $ | — |  |  | $ | 2,021 |  |  | $ | (1) |
| December 31, 2021
| Less than 1 Year |  | 1 Year or Greater |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Company excluding Ford Credit |  |  |  |  |  |  |  |  |  |  |
U.S. government | $ | 2,598 |  |  | $ | (14) |  |  | $ | — |  |  | $ | — |  |  | $ | 2,598 |  |  | $ | (14) |
U.S. government agencies | 1,809 |  |  | (19) |  |  | 73 |  |  | (2) |  |  | 1,882 |  |  | (21) |
Non-U.S. government and agencies | 1,614 |  |  | (20) |  |  | 38 |  |  | (1) |  |  | 1,652 |  |  | (21) |
Corporate debt | 3,637 |  |  | (21) |  |  | 71 |  |  | (2) |  |  | 3,708 |  |  | (23) |
Other marketable securities | 178 |  |  | (1) |  |  | 15 |  |  | — |  |  | 193 |  |  | (1) |
Total | $ | 9,836 |  |  | $ | (75) |  |  | $ | 197 |  |  | $ | (5) |  |  | $ | 10,033 |  |  | $ | (80) |
We determine credit losses on AFS debt securities using the specific identification method. During the years ended December 31, 2019, 2020, and 2021, 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, 2020 |  | December 31, 2021
Cash and cash equivalents | $ | 25,243 |  |  | $ | 20,540 |
Restricted cash (a) | 692 |  |  | 197 |
Total cash, cash equivalents, and restricted cash | $ | 25,935 |  |  | $ | 20,737 |
__________ (a)Included in Other assets in the non-current assets section of our consolidated balance sheets.

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