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CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES | 6 Months Ended
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Jun. 30, 2026
Cash and Cash Equivalents [Abstract] |
CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES | CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES The fair values of cash, cash equivalents, and marketable securities were as follows (in millions):
|  |  | December 31, 2025
| Fair Value Level |  | Company excluding Ford Credit |  | Ford Credit |  | Consolidated
Cash and cash equivalents |  |  |  |  |  |  |
U.S. government | 1 |  | $ | 1,649 |  |  | $ | 70 |  |  | $ | 1,719 |
U.S. government agencies | 2 |  | 610 |  |  | 400 |  |  | 1,010 |
Non-U.S. government and agencies | 2 |  | 1,300 |  |  | 1,082 |  |  | 2,382 |
Corporate debt | 2 |  | 1,404 |  |  | 780 |  |  | 2,184 |
Total marketable securities classified as cash equivalents |  |  | 4,963 |  |  | 2,332 |  |  | 7,295 |
Cash, time deposits, and money market funds |  |  | 9,123 |  |  | 6,938 |  |  | 16,061 |
Total cash and cash equivalents |  |  | $ | 14,086 |  |  | $ | 9,270 |  |  | $ | 23,356 |
Marketable securities |  |  |  |  |  |  |
U.S. government | 1 |  | $ | 3,817 |  |  | $ | 224 |  |  | $ | 4,041 |
U.S. government agencies | 2 |  | 1,319 |  |  | — |  |  | 1,319 |
Non-U.S. government and agencies | 2 |  | 2,043 |  |  | 91 |  |  | 2,134 |
Corporate debt | 2 |  | 6,755 |  |  | 269 |  |  | 7,024 |
Other marketable securities | 2 |  | 413 |  |  | 200 |  |  | 613 |
Total marketable securities |  |  | $ | 14,347 |  |  | $ | 784 |  |  | $ | 15,131 |
Restricted cash |  |  | $ | 251 |  |  | $ | 107 |  |  | $ | 358 |
Cash, cash equivalents, and restricted cash - held for sale |  |  | $ | 36 |  |  | $ | — |  |  | $ | 36 |
|  |  | June 30, 2026
| Fair Value Level |  | Company excluding Ford Credit |  | Ford Credit |  | Consolidated
Cash and cash equivalents |  |  |  |  |  |  |
U.S. government | 1 |  | $ | 200 |  |  | $ | 84 |  |  | $ | 284 |
U.S. government agencies | 2 |  | 335 |  |  | — |  |  | 335 |
Non-U.S. government and agencies | 2 |  | 850 |  |  | 642 |  |  | 1,492 |
Corporate debt | 2 |  | 366 |  |  | 772 |  |  | 1,138 |
Total marketable securities classified as cash equivalents |  |  | 1,751 |  |  | 1,498 |  |  | 3,249 |
Cash, time deposits, and money market funds |  |  | 8,426 |  |  | 6,928 |  |  | 15,354 |
Total cash and cash equivalents |  |  | $ | 10,177 |  |  | $ | 8,426 |  |  | $ | 18,603 |
Marketable securities |  |  |  |  |  |  |
U.S. government | 1 |  | $ | 2,902 |  |  | $ | 227 |  |  | $ | 3,129 |
U.S. government agencies | 2 |  | 910 |  |  | — |  |  | 910 |
Non-U.S. government and agencies | 2 |  | 1,832 |  |  | 93 |  |  | 1,925 |
Corporate debt | 2 |  | 5,927 |  |  | 269 |  |  | 6,196 |
Other marketable securities | 2 |  | 372 |  |  | 199 |  |  | 571 |
Total marketable securities |  |  | $ | 11,943 |  |  | $ | 788 |  |  | $ | 12,731 |
Restricted cash |  |  | $ | 187 |  |  | $ | 106 |  |  | $ | 293 |
Cash, cash equivalents, and restricted cash - held for sale |  |  | $ | — |  |  | $ | — |  |  | $ | — |
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, 2025
|  |  |  |  |  |  |  |  | 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 | $ | 3,724 |  |  | $ | 25 |  |  | $ | (2) |  |  | $ | 3,747 |  |  | $ | 356 |  |  | $ | 3,391 |  |  | $ | — |
U.S. government agencies | 1,358 |  |  | 6 |  |  | (8) |  |  | 1,356 |  |  | 460 |  |  | 892 |  |  | 4 |
Non-U.S. government and agencies | 1,958 |  |  | 12 |  |  | (8) |  |  | 1,962 |  |  | 553 |  |  | 1,400 |  |  | 9 |
Corporate debt | 8,065 |  |  | 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 |
| June 30, 2026
|  |  |  |  |  |  |  |  | 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 | $ | 2,842 |  |  | $ | 1 |  |  | $ | (16) |  |  | $ | 2,827 |  |  | $ | 272 |  |  | $ | 2,545 |  |  | $ | 10 |
U.S. government agencies | 920 |  |  | — |  |  | (11) |  |  | 909 |  |  | 172 |  |  | 737 |  |  | — |
Non-U.S. government and agencies | 1,842 |  |  | 2 |  |  | (15) |  |  | 1,829 |  |  | 382 |  |  | 1,447 |  |  | — |
Corporate debt | 6,272 |  |  | 17 |  |  | (24) |  |  | 6,265 |  |  | 796 |  |  | 5,400 |  |  | 69 |
Other marketable securities | 335 |  |  | 1 |  |  | (1) |  |  | 335 |  |  | — |  |  | 295 |  |  | 40 |
Total | $ | 12,211 |  |  | $ | 21 |  |  | $ | (67) |  |  | $ | 12,165 |  |  | $ | 1,622 |  |  | $ | 10,424 |  |  | $ | 119 |
Sales proceeds and gross realized gains/losses from the sale of AFS securities for the periods ended June 30 were as follows (in millions):
| Second Quarter |  | First Half
| 2025 |  | 2026 |  | 2025 |  | 2026
Company excluding Ford Credit |  |  |  |  |  |  |
Sales proceeds | $ | 992 |  |  | $ | 1,212 |  |  | $ | 3,441 |  |  | $ | 3,820 |
Gross realized gains | 4 |  |  | 5 |  |  | 9 |  |  | 15 |
Gross realized losses | 1 |  |  | 1 |  |  | 4 |  |  | 2 |
We determine credit losses on AFS debt securities using the specific identification method. During the first half of 2026, we did not recognize any credit losses. 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, 2025 |  | June 30, 2026
Cash and cash equivalents | $ | 23,356 |  |  | $ | 18,603 |
Restricted cash (a) | 358 |  |  | 293 |
Cash, cash equivalents, and restricted cash - held for sale | 36 |  |  | — |
Total cash, cash equivalents, and restricted cash | $ | 23,750 |  |  | $ | 18,896 |
__________ (a)Included in Other assets in the non-current assets section of our consolidated balance sheets.

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- Definition The entire disclosure of cash, cash equivalent, and debt and equity securities, including realized and unrealized gain (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent + Details
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