Purchases of common stock

  
FORD MOTOR COMPANY AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(in millions)

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | For the years ended December 31, |
|   | 2019 |  | 2020 |  | 2021 |
| Cash flows from operating activities |   |  |   |  |   |
| Net income/(loss) | $ | 84  |  |  | $ | (1,276) |  |  | $ | 17,910  |  |
| Depreciation and tooling amortization (Note 12 and Note 13) | 9,689  |  |  | 8,751  |  |  | 7,318  |  |
| Other amortization | (1,199) |  |  | (1,294) |  |  | (1,358) |  |
| Held-for-sale impairment charges (Note 21) | 804  |  |  | 23  |  |  | —  |  |
| Brazil manufacturing exit non-cash charges (excluding accelerated depreciation of $145 and $322) (Note 21) | —  |  |  | 1,159  |  |  | 48  |  |
| (Gains)/Losses on extinguishment of debt (Note 5 and Note 19) | 55  |  |  | 1  |  |  | 1,702  |  |
| Provision for/(Benefit from) credit and insurance losses | 413  |  |  | 929  |  |  | (298) |  |
| Pension and other post-retirement employee benefits (“OPEB”) expense/(income) (Note 17) | 2,625  |  |  | 1,027  |  |  | (4,865) |  |
| Equity investment dividends received in excess of (earnings)/losses | 203  |  |  | 130  |  |  | 116  |  |
| Foreign currency adjustments | (54) |  |  | (420) |  |  | 532  |  |
| Net realized and unrealized (gains)/losses on cash equivalents, marketable securities, and other investments | (139) |  |  | (315) |  |  | (9,159) |  |
| Net (gain)/loss on changes in investments in affiliates (Note 5) | (29) |  |  | (3,446) |  |  | (368) |  |
| Stock compensation (Note 6) | 228  |  |  | 199  |  |  | 305  |  |
| Provision for deferred income taxes | (1,370) |  |  | (269) |  |  | (563) |  |
| Decrease/(Increase) in finance receivables (wholesale and other) | 1,554  |  |  | 12,104  |  |  | 7,656  |  |
| Decrease/(Increase) in accounts receivable and other assets | (816) |  |  | (63) |  |  | (1,141) |  |
| Decrease/(Increase) in inventory | 206  |  |  | 148  |  |  | (1,778) |  |
| Increase/(Decrease) in accounts payable and accrued and other liabilities | 5,260  |  |  | 6,809  |  |  | (36) |  |
| Other | 125  |  |  | 72  |  |  | (234) |  |
| Net cash provided by/(used in) operating activities  | 17,639  |  |  | 24,269  |  |  | 15,787  |  |
|  |  |  |  |  |  |
| Cash flows from investing activities |  |  |  |  |  |
| Capital spending | (7,632) |  |  | (5,742) |  |  | (6,227) |  |
| Acquisitions of finance receivables and operating leases | (55,576) |  |  | (55,901) |  |  | (48,379) |  |
| Collections of finance receivables and operating leases | 50,182  |  |  | 48,746  |  |  | 52,094  |  |
| Proceeds from sale of business (Note 22) | —  |  |  | 1,340  |  |  | 145  |  |
| Purchases of marketable securities and other investments | (17,472) |  |  | (39,624) |  |  | (27,491) |  |
| Sales and maturities of marketable securities and other investments | 16,929  |  |  | 32,395  |  |  | 33,229  |  |
| Settlements of derivatives | (114) |  |  | (323) |  |  | (272) |  |
| Other | (38) |  |  | 494  |  |  | (354) |  |
| Net cash provided by/(used in) investing activities | (13,721) |  |  | (18,615) |  |  | 2,745  |  |
|  |  |  |  |  |  |
| Cash flows from financing activities |   |  |   |  |   |
| Cash payments for dividends and dividend equivalents | (2,389) |  |  | (596) |  |  | (403) |  |
| Purchases of common stock | (237) |  |  | —  |  |  | —  |  |
| Net changes in short-term debt | (1,384) |  |  | (2,291) |  |  | 3,273  |  |
| Proceeds from issuance of long-term debt | 47,604  |  |  | 65,900  |  |  | 27,901  |  |
| Payments of long-term debt | (46,497) |  |  | (60,514) |  |  | (54,164) |  |
| Other | (226) |  |  | (184) |  |  | (105) |  |
| Net cash provided by/(used in) financing activities | (3,129) |  |  | 2,315  |  |  | (23,498) |  |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 45  |  |  | 225  |  |  | (232) |  |
| Net increase/(decrease) in cash, cash equivalents, and restricted cash | $ | 834  |  |  | $ | 8,194  |  |  | $ | (5,198) |  |
|  |  |  |  |  |  |
| Cash, cash equivalents, and restricted cash at beginning of period (Note 9) | $ | 16,907  |  |  | $ | 17,741  |  |  | $ | 25,935  |  |
| Net increase/(decrease) in cash, cash equivalents, and restricted cash | 834  |  |  | 8,194  |  |  | (5,198) |  |
| Cash, cash equivalents, and restricted cash at end of period (Note 9) | $ | 17,741  |  |  | $ | 25,935  |  |  | $ | 20,737  |  |

  
The accompanying notes are part of the consolidated financial statements.109
