v3.26.1
CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES
 3 Months Ended
Mar. 31, 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 LevelCompany 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 
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$36 $— $36 
March 31, 2026
Fair Value LevelCompany excluding Ford CreditFord CreditConsolidated
Cash and cash equivalents  
U.S. government1$— $97 $97 
U.S. government agencies21,185 — 1,185 
Non-U.S. government and agencies2— 487 487 
Corporate debt2201 545 746 
Total marketable securities classified as cash equivalents
1,386 1,129 2,515 
Cash, time deposits, and money market funds8,339 6,795 15,134 
Total cash and cash equivalents$9,725 $7,924 $17,649 
Marketable securities
U.S. government1$2,803 $229 $3,032 
U.S. government agencies21,042 — 1,042 
Non-U.S. government and agencies22,004 95 2,099 
Corporate debt25,802 266 6,068 
Other marketable securities2403 195 598 
Total marketable securities$12,054 $785 $12,839 
Restricted cash$241 $113 $354 
Cash, cash equivalents, and restricted cash - held for sale$— $— $— 
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 CostGross Unrealized GainsGross Unrealized LossesFair ValueWithin 1 YearAfter 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 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 securities385 3 — 388 2 357 29 
Total$15,490 $111 $(19)$15,582 $4,296 $11,240 $46 
 
March 31, 2026
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$2,725 $6 $(7)$2,724 $414 $2,310 $— 
U.S. government agencies1,052 2 (9)1,045 467 578 — 
Non-U.S. government and agencies1,964 5 (9)1,960 685 1,275 — 
Corporate debt5,962 30 (15)5,977 1,517 4,385 75 
Other marketable securities364 1 — 365 40 319 6 
Total
$12,067 $44 $(40)$12,071 $3,123 $8,867 $81 

Sales proceeds and gross realized gains/losses from the sale of AFS securities for the periods ended March 31 were as follows (in millions):
First Quarter
20252026
Company excluding Ford Credit
Sales proceeds$2,449 $2,608 
Gross realized gains5 10 
Gross realized losses3 1 

We determine credit losses on AFS debt securities using the specific identification method. During the first quarter 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		March 31,
2026
Cash and cash equivalents$23,356 $17,649 
Restricted cash (a)358 354 
Cash, cash equivalents, and restricted cash - held for sale36 — 
Total cash, cash equivalents, and restricted cash$23,750 $18,003 
__________
(a)Included in Other assets in the non-current assets section of our consolidated balance sheets.