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CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES (Tables)
 9 Months Ended
Sep. 30, 2025
Cash and Cash Equivalents [Abstract]  
Schedule of Fair Values of 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 
September 30, 2025
Fair Value LevelCompany excluding Ford CreditFord CreditConsolidated
Cash and cash equivalents  
U.S. government1$1,424 $162 $1,586 
U.S. government agencies21,809 — 1,809 
Non-U.S. government and agencies24,877 818 5,695 
Corporate debt21,066 882 1,948 
Total marketable securities classified as cash equivalents
9,176 1,862 11,038 
Cash, time deposits, and money market funds8,848 6,902 15,750 
Total cash and cash equivalents$18,024 $8,764 $26,788 
Marketable securities
U.S. government1$3,680 $242 $3,922 
U.S. government agencies21,458 — 1,458 
Non-U.S. government and agencies22,230 90 2,320 
Corporate debt26,847 250 7,097 
Equities1— — — 
Other marketable securities2432 171 603 
Total marketable securities$14,647 $753 $15,400 
Restricted cash$189 $107 $296 
Cash, cash equivalents, and restricted cash - held for sale$— $— $— 
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 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 
 
September 30, 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$3,593 $21 $(4)$3,610 $198 $3,412 $— 
U.S. government agencies1,495 5 (11)1,489 301 1,179 9 
Non-U.S. government and agencies1,956 12 (12)1,956 523 1,424 9 
Corporate debt7,811 73 (2)7,882 2,854 4,981 47 
Other marketable securities402 4 — 406 1 372 33 
Total
$15,257 $115 $(29)$15,343 $3,877 $11,368 $98 

Sales proceeds and gross realized gains/losses from the sale of AFS securities for the periods ended September 30 were as follows (in millions):
Third QuarterFirst Nine Months
2024202520242025
Company excluding Ford Credit
Sales proceeds$3,300 $736 $9,734 $4,177 
Gross realized gains10 3 15 12 
Gross realized losses10 — 26 4 
Schedule of 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		September 30,
2025
Cash and cash equivalents$22,935 $26,788 
Restricted cash (a)208 296 
Cash, cash equivalents, and restricted cash - held for sale (Note 15)
47 — 
Total cash, cash equivalents, and restricted cash$23,190 $27,084 
__________
(a)Included in Other assets in the non-current assets section of our consolidated balance sheets.