Lock-up period

FORD MOTOR COMPANY AND SUBSIDIARIESNOTES TO THE FINANCIAL STATEMENTSNOTE 9.  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, 2020 |
|   | Fair Value Level |  | Company excluding Ford Credit |  | Ford Credit |  | Consolidated |
| Cash and cash equivalents |   |  |  |  |  |  |   |
| U.S. government | 1 |  | $ | 2,940  |  |  | $ | 3,255  |  |  | $ | 6,195  |  |
| U.S. government agencies | 2 |  | 850  |  |  | 640  |  |  | 1,490  |  |
| Non-U.S. government and agencies | 2 |  | 600  |  |  | 717  |  |  | 1,317  |  |
| Corporate debt | 2 |  | 605  |  |  | 970  |  |  | 1,575  |  |
| Total marketable securities classified as cash equivalents |  |  | 4,995  |  |  | 5,582  |  |  | 10,577  |  |
| Cash, time deposits, and money market funds |  |  | 5,899  |  |  | 8,767  |  |  | 14,666  |  |
| Total cash and cash equivalents |  |  | $ | 10,894  |  |  | $ | 14,349  |  |  | $ | 25,243  |  |
|  |   |  |  |  |  |  |  |
| Marketable securities |  |  |  |  |  |  |  |
| U.S. government | 1 |  | $ | 4,709  |  |  | $ | 1,082  |  |  | $ | 5,791  |  |
| U.S. government agencies | 2 |  | 3,259  |  |  | 485  |  |  | 3,744  |  |
| Non-U.S. government and agencies | 2 |  | 4,448  |  |  | 2,693  |  |  | 7,141  |  |
| Corporate debt | 2 |  | 7,095  |  |  | 308  |  |  | 7,403  |  |
| Equities (a) | 1 |  | 113  |  |  | —  |  |  | 113  |  |
| Other marketable securities | 2 |  | 234  |  |  | 292  |  |  | 526  |  |
| Total marketable securities |  |  | $ | 19,858  |  |  | $ | 4,860  |  |  | $ | 24,718  |  |
|  |  |  |  |  |  |  |  |
| Restricted cash |  |  | $ | 45  |  |  | $ | 647  |  |  | $ | 692  |  |
|  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |
|  |  |  | December 31, 2021 |
|  | Fair Value Level |  | Company excluding Ford Credit |  | Ford Credit |  | Consolidated |
| Cash and cash equivalents |  |  |  |  |  |  |  |
| U.S. government | 1 |  | $ | 2,877  |  |  | $ | 711  |  |  | $ | 3,588  |  |
| U.S. government agencies | 2 |  | 355  |  |  | 240  |  |  | 595  |  |
| Non-U.S. government and agencies | 2 |  | 55  |  |  | 152  |  |  | 207  |  |
| Corporate debt | 2 |  | 105  |  |  | 940  |  |  | 1,045  |  |
| Total marketable securities classified as cash equivalents |  |  | 3,392  |  |  | 2,043  |  |  | 5,435  |  |
| Cash, time deposits, and money market funds |  |  | 6,185  |  |  | 8,920  |  |  | 15,105  |  |
| Total cash and cash equivalents |  |  | $ | 9,577  |  |  | $ | 10,963  |  |  | $ | 20,540  |  |
|  |   |  |  |  |  |  |  |
| Marketable securities |  |  |  |  |  |  |  |
| U.S. government | 1 |  | $ | 4,018  |  |  | $ | 864  |  |  | $ | 4,882  |  |
| U.S. government agencies | 2 |  | 2,270  |  |  | 75  |  |  | 2,345  |  |
| Non-U.S. government and agencies | 2 |  | 3,373  |  |  | 697  |  |  | 4,070  |  |
| Corporate debt | 2 |  | 6,299  |  |  | 304  |  |  | 6,603  |  |
| Equities (a) | 1 |  | 10,673  |  |  | —  |  |  | 10,673  |  |
| Other marketable securities | 2 |  | 247  |  |  | 233  |  |  | 480  |  |
| Total marketable securities |  |  | $ | 26,880  |  |  | $ | 2,173  |  |  | $ | 29,053  |  |
|  |  |  |  |  |  |  |  |
| Restricted cash |  |  | $ | 69  |  |  | $ | 128  |  |  | $ | 197  |  |
|  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |

\_\_\_\_\_\_\_\_\_\_(a)    Includes $10.6 billion of Rivian common shares valued at $103.69 per share as of December 31, 2021. Net unrealized gains/losses incurred during the reporting periods on equity securities still held at December 31, 2020 and 2021 were a $24 million gain and a $8.3 billion gain, respectively. At February 2, 2022, Rivian common shares were valued at $64.32 per share. Ford’s Rivian shares are subject to a contractual 180-day lockup period that commenced with Rivian’s initial public offering (“IPO”) on November 10, 2021.130
