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VARIABLE INTEREST ENTITIES | 6 Months Ended
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Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES Certain of our affiliates are VIEs in which we are not the primary beneficiary. Our maximum exposure to any potential losses associated with these unconsolidated affiliates is limited to our equity investments, accounts receivable, loans, and guarantees and was $5.2 billion and $275 million at December 31, 2025 and June 30, 2026, respectively. The guarantee exposure is related to certain debt at our unconsolidated affiliates, which includes amounts outstanding as well as potential future draws up to a maximum amount of $4.9 billion and $0 at December 31, 2025 and June 30, 2026, respectively, related to certain obligations of our VIEs (see Note 17). The decrease in maximum exposure from December 31, 2025 is primarily related to BOSK, which is no longer a VIE of Ford, as discussed below. In July 2022, Ford, SK On Co., Ltd. (“SK On”), and SK Battery America, Inc. (“SKBA,” a wholly owned subsidiary of SK On) completed the creation of BOSK, a 50/50 joint venture formed to build and operate an EV battery plant in Tennessee and two EV battery plants in Kentucky to supply batteries to Ford and Ford affiliates. Upon its formation, BOSK was a VIE of which we were not the primary beneficiary, and we used the equity method of accounting for our investment. In December 2024, BOSK entered into a loan agreement with the DOE of up to $9.6 billion (the “BOSK DOE Loan”). In conjunction with the loan agreement, Ford agreed to guarantee its 50% share of BOSK’s payment obligations under the BOSK DOE Loan. After its draws on the BOSK DOE Loan, BOSK distributed $3.1 billion (including $1.7 billion in the first half of 2025) to Ford as returns of capital. In December 2025, Ford, SK On, SKBA, and BOSK entered into a Joint Venture Disposition Agreement (“JVDA”), and in May 2026, closing on the transactions contemplated by the JVDA occurred. Upon closing, Ford’s membership interest in BOSK was redeemed in full, Ford’s obligation to make further capital contributions to BOSK was terminated, and Ford was released from its 50% guarantee of BOSK’s payment obligations under the BOSK DOE Loan. We also acquired from BOSK assets with a fair value of $0.9 billion, including two plants located in Kentucky and related fixed assets, received cash of $0.1 billion, and assumed certain liabilities, including a $3.8 billion promissory note payable to DOE related to the Kentucky plant for which advances were made under the BOSK DOE Loan. (For more information on Ford’s DOE loan, see Note 12.) The acquisition of the Kentucky plants and the related fixed assets and the assumption of debt represent non-cash investing and financing activities. During the second quarter of 2026, we recognized charges of $2.9 billion in Equity in net income/(loss) of affiliated companies reflecting the amount by which the value of the liabilities assumed exceeded the value of the assets acquired in exchange for the redemption of our interest in BOSK. We also recognized charges of $0.7 billion in Cost of sales related to settlement of pre-existing claims of $0.5 billion and a non-cash write down of fixed assets of $0.2 billion.

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/810/tableOfContent + Details
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