$F
FORD MOTOR CO

2019 Q2 Form 10-Q Financial Statement

#000003799619000067 Filed on July 25, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $38.85B $38.92B
YoY Change -0.17% -2.34%
Cost Of Revenue $33.66B $33.19B
YoY Change 1.39% -0.44%
Gross Profit $5.196B $5.726B
YoY Change -9.26% -12.06%
Gross Profit Margin 13.37% 14.71%
Selling, General & Admin $2.725B $2.778B
YoY Change -1.91% 0.8%
% of Gross Profit 52.44% 48.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $2.725B $2.778B
YoY Change -1.91% 0.8%
Operating Profit $90.00M $2.948B
YoY Change -96.95% -21.49%
Interest Expense -$139.0M $287.0M
YoY Change -148.43% 3.61%
% of Operating Profit -154.44% 9.74%
Other Income/Expense, Net $272.0M $1.004B
YoY Change -72.91% 37.16%
Pretax Income $205.0M $1.349B
YoY Change -84.8% -40.47%
Income Tax $55.00M $280.0M
% Of Pretax Income 26.83% 20.76%
Net Earnings $150.0M $1.069B
YoY Change -85.97% -47.98%
Net Earnings / Revenue 0.39% 2.75%
Basic Earnings Per Share $0.04 $0.27
Diluted Earnings Per Share $0.04 $0.27
COMMON SHARES
Basic Shares Outstanding 3.984B shares 3.977B shares
Diluted Shares Outstanding 4.013B shares 3.999B shares

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.05B $36.48B
YoY Change 4.31% -6.73%
Cash & Equivalents $22.12B $16.83B
Short-Term Investments $15.93B $19.65B
Other Short-Term Assets $3.169B $3.604B
YoY Change -12.07% 9.51%
Inventory $12.44B $12.57B
Prepaid Expenses
Receivables $10.94B $11.03B
Other Receivables $53.76B $51.35B
Total Short-Term Assets $118.4B $115.0B
YoY Change 2.89% 1.31%
LONG-TERM ASSETS
Property, Plant & Equipment $36.58B $35.58B
YoY Change 2.81% 5.28%
Goodwill $265.0M $273.0M
YoY Change -2.93%
Intangibles
YoY Change
Long-Term Investments $2.637B $3.087B
YoY Change -14.58% -4.75%
Other Assets $10.79B $8.300B
YoY Change 29.99% 25.72%
Total Long-Term Assets $143.8B $143.1B
YoY Change 0.54% 6.36%
TOTAL ASSETS
Total Short-Term Assets $118.4B $115.0B
Total Long-Term Assets $143.8B $143.1B
Total Assets $262.2B $258.1B
YoY Change 1.59% 4.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.98B $22.74B
YoY Change 1.04% -3.5%
Accrued Expenses $4.015B $2.971B
YoY Change 35.14% -3.32%
Deferred Revenue
YoY Change
Short-Term Debt $15.44B $16.55B
YoY Change -6.71% -2.31%
Long-Term Debt Due $37.41B $34.33B
YoY Change 8.96% 1.48%
Total Short-Term Liabilities $98.33B $94.86B
YoY Change 3.66% 0.6%
LONG-TERM LIABILITIES
Long-Term Debt $103.2B $102.0B
YoY Change 1.23% 7.06%
Other Long-Term Liabilities $24.03B $24.11B
YoY Change -0.31% -2.95%
Total Long-Term Liabilities $24.03B $24.11B
YoY Change -0.31% -2.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $98.33B $94.86B
Total Long-Term Liabilities $24.03B $24.11B
Total Liabilities $226.0B $221.5B
YoY Change 2.05% 2.98%
SHAREHOLDERS EQUITY
Retained Earnings $22.77B $22.99B
YoY Change -0.97% 24.71%
Common Stock $22.11B $21.95B
YoY Change 0.72% 1.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.388B $1.342B
YoY Change 3.43% 7.1%
Treasury Stock Shares
Shareholders Equity $36.10B $36.44B
YoY Change
Total Liabilities & Shareholders Equity $262.2B $258.1B
YoY Change 1.59% 4.29%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $150.0M $1.069B
YoY Change -85.97% -47.98%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $6.463B $4.972B
YoY Change 29.99% -11.45%
INVESTING ACTIVITIES
Capital Expenditures -$1.920B -$1.909B
YoY Change 0.58% 22.53%
Acquisitions
YoY Change
Other Investing Activities -$570.0M -$569.0M
YoY Change 0.18% -84.42%
Cash From Investing Activities -$2.490B -$2.478B
YoY Change 0.48% -52.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.681B -3.206B
YoY Change -16.38% 48.56%
NET CHANGE
Cash From Operating Activities 6.463B 4.972B
Cash From Investing Activities -2.490B -2.478B
Cash From Financing Activities -2.681B -3.206B
Net Change In Cash 1.292B -712.0M
YoY Change -281.46% -59.38%
FREE CASH FLOW
Cash From Operating Activities $6.463B $4.972B
Capital Expenditures -$1.920B -$1.909B
Free Cash Flow $8.383B $6.881B
YoY Change 21.83% -4.07%

Facts In Submission

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us-gaap Payments To Acquire Loans And Leases Held For Investment
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us-gaap Payments To Acquire Marketable Securities
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us-gaap Payments To Acquire Marketable Securities
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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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us-gaap Payments For Proceeds From Derivative Instrument Investing Activities
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Proceeds From Repayments Of Short Term Debt
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Comparability Of Prior Year Financial Data
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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">As of January 1, 2019, we changed our accounting method for reporting early termination losses related to customer defaults on Ford Credit’s operating leases. Previously, we presented the early termination loss reserve on operating leases due to customer default events as part of the allowance for credit losses within </span><span style="font-family:Arial;font-size:10pt;font-style:italic;">Net investment in operating leases</span><span style="font-family:Arial;font-size:10pt;">. We now consider the effects of operating lease early terminations when determining depreciation estimates, which are included as part of accumulated depreciation within </span><span style="font-family:Arial;font-size:10pt;font-style:italic;">Net investment in operating leases</span><span style="font-family:Arial;font-size:10pt;">. We believe this change in accounting method is preferable as the characterization of these changes is better reflected as depreciation.</span></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">We have retrospectively applied this change in accounting method to all prior periods. At </span><span style="font-family:Arial;font-size:10pt;">December 31, 2018</span><span style="font-family:Arial;font-size:10pt;">, this reclassification increased accumulated depreciation and decreased allowance for credit losses by </span><span style="font-family:Arial;font-size:10pt;"><span>$78 million</span></span><span style="font-family:Arial;font-size:10pt;"> within </span><span style="font-family:Arial;font-size:10pt;font-style:italic;">Net investment in operating leases</span><span style="font-family:Arial;font-size:10pt;">. This change had no impact on our consolidated income statement, consolidated balance sheet or </span><span style="font-family:Arial;font-size:10pt;font-style:italic;">Net cash provided by/(used in) operating activities</span><span style="font-family:Arial;font-size:10pt;"> in the consolidated statement of cash flows for the interim periods presented.</span></div>
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f Unrecognized Tax Benefits Interest Income
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33000000 USD
CY2019Q2 f Gain Losson Investment
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CY2018Q2 f Gain Losson Investment
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CY2018Q2 f Gains Losses On Changes In Investments In Affiliates
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CY2019Q2 f Gains Losses On Changes In Investments In Affiliates
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f Gains Losses On Changes In Investments In Affiliates
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us-gaap Gains Losses On Extinguishment Of Debt
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us-gaap Nonoperating Income Expense
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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us-gaap Available For Sale Securities Gross Realized Losses
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us-gaap Available For Sale Securities Gross Realized Losses
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CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2018Q4 us-gaap Inventory Net
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CY2019Q2 us-gaap Inventory Net
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f Threshold Period For Past Due Finance Receivables
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f Threshold Periodfor Impaired Finance Receivables
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CY2018Q4 us-gaap Goodwill
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CY2019Q2 us-gaap Goodwill
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CY2019Q2 f Dealer And Dealers Customer Allowances And Claims
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CY2018Q4 us-gaap Deferred Revenue Current
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CY2019Q2 us-gaap Deferred Revenue Current
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CY2019Q2 us-gaap Deferred Compensation Liability Current
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CY2018Q4 us-gaap Interest Payable Current
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988000000 USD
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CY2018Q4 f Other Postretirement Defined Benefit Plan Liabilities Current
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CY2019Q2 f Other Postretirement Defined Benefit Plan Liabilities Current
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CY2018Q4 us-gaap Defined Benefit Pension Plan Liabilities Current
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CY2019Q2 us-gaap Defined Benefit Pension Plan Liabilities Current
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203000000 USD
CY2018Q4 us-gaap Operating Lease Liability Current
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CY2019Q2 us-gaap Operating Lease Liability Current
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CY2018Q4 us-gaap Other Sundry Liabilities Current
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CY2019Q2 us-gaap Other Sundry Liabilities Current
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CY2018Q4 us-gaap Other Liabilities Current
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CY2019Q2 us-gaap Other Liabilities Current
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22503000000 USD
CY2018Q4 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
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CY2019Q2 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
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9061000000 USD
CY2018Q4 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
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5220000000 USD
CY2019Q2 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
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5224000000 USD
CY2018Q4 f Dealer And Dealers Customer Allowances And Claims Noncurrent
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CY2019Q2 f Dealer And Dealers Customer Allowances And Claims Noncurrent
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CY2019Q2 us-gaap Deferred Revenue Noncurrent
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CY2019Q2 us-gaap Operating Lease Liability Noncurrent
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CY2018Q4 us-gaap Deferred Compensation Liability Classified Noncurrent
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1080000000 USD
CY2019Q2 us-gaap Deferred Compensation Liability Classified Noncurrent
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CY2019Q2 us-gaap Other Sundry Liabilities Noncurrent
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CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
23588000000 USD
CY2019Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
24032000000 USD
CY2018Q4 f Defined Benefit Plan Net Assets For Plan Benefits Current And Noncurrent
DefinedBenefitPlanNetAssetsForPlanBenefitsCurrentAndNoncurrent
3300000000 USD
CY2019Q2 f Defined Benefit Plan Net Assets For Plan Benefits Current And Noncurrent
DefinedBenefitPlanNetAssetsForPlanBenefitsCurrentAndNoncurrent
3600000000 USD
CY2019Q2 us-gaap Defined Benefit Plan Expected Future Employer Contributions Remainder Of Fiscal Year
DefinedBenefitPlanExpectedFutureEmployerContributionsRemainderOfFiscalYear
1000000000 USD
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
1340000000 USD
CY2019Q2 f Finance Lease Right Of Use Asset Accumulated Depreciation
FinanceLeaseRightOfUseAssetAccumulatedDepreciation
39000000 USD
CY2019Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
161000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
363000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
271000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
193000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
141000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
106000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
437000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
1511000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
367000000 USD
CY2019Q2 us-gaap Finance Lease Liability Payments Due In Next Rolling Twelve Months
FinanceLeaseLiabilityPaymentsDueInNextRollingTwelveMonths
94000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
275000000 USD
CY2019Q2 us-gaap Finance Lease Liability Payments Due In Rolling Year Two
FinanceLeaseLiabilityPaymentsDueInRollingYearTwo
27000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
196000000 USD
CY2019Q2 us-gaap Finance Lease Liability Payments Due In Rolling Year Three
FinanceLeaseLiabilityPaymentsDueInRollingYearThree
20000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour
146000000 USD
CY2019Q2 us-gaap Finance Lease Liability Payments Due In Rolling Year Four
FinanceLeaseLiabilityPaymentsDueInRollingYearFour
15000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFive
115000000 USD
CY2019Q2 us-gaap Finance Lease Liability Payments Due In Rolling Year Five
FinanceLeaseLiabilityPaymentsDueInRollingYearFive
9000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterRollingYearFive
421000000 USD
CY2019Q2 us-gaap Finance Lease Liability Payments Due In Rolling After Year Five
FinanceLeaseLiabilityPaymentsDueInRollingAfterYearFive
6000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1520000000 USD
CY2019Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
171000000 USD
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
180000000 USD
CY2019Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
10000000 USD
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
1340000000 USD
CY2019Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
161000000 USD
CY2019Q2 f Lessee Finance Lease Lease Notyet Commenced Future Payments
LesseeFinanceLeaseLeaseNotyetCommencedFuturePayments
400000000 USD
CY2019Q2 us-gaap Lessee Finance Lease Lease Not Yet Commenced Term Of Contract1
LesseeFinanceLeaseLeaseNotYetCommencedTermOfContract1
P20Y
us-gaap Operating Lease Payments
OperatingLeasePayments
215000000 USD
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
3000000 USD
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
17000000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
142000000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
20000000 USD
CY2019Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
110000000 USD
us-gaap Operating Lease Expense
OperatingLeaseExpense
220000000 USD
CY2019Q2 us-gaap Variable Lease Cost
VariableLeaseCost
12000000 USD
us-gaap Variable Lease Cost
VariableLeaseCost
31000000 USD
CY2019Q2 us-gaap Sublease Income
SubleaseIncome
4000000 USD
us-gaap Sublease Income
SubleaseIncome
8000000 USD
CY2019Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
4000000 USD
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
7000000 USD
CY2019Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
2000000 USD
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
3000000 USD
CY2019Q2 us-gaap Lease Cost
LeaseCost
124000000 USD
us-gaap Lease Cost
LeaseCost
253000000 USD
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y9M18D
CY2019Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P3Y
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.035
CY2019Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.035
CY2018Q2 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
257000000 USD
CY2019Q2 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
168000000 USD
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
53000000 USD
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
5000000 USD
CY2018Q4 invest Derivative Notional Amount
DerivativeNotionalAmount
142760000000 USD
CY2019Q2 invest Derivative Notional Amount
DerivativeNotionalAmount
134526000000 USD
CY2018Q4 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
681000000 USD
CY2018Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
601000000 USD
CY2019Q2 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
290000000 USD
CY2019Q2 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
617000000 USD
CY2018Q4 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
540000000 USD
CY2018Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
312000000 USD
CY2019Q2 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
1106000000 USD
CY2019Q2 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
221000000 USD
CY2018Q4 us-gaap Derivative Assets
DerivativeAssets
1221000000 USD
CY2018Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
913000000 USD
CY2019Q2 us-gaap Derivative Assets
DerivativeAssets
1396000000 USD
CY2019Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
838000000 USD
CY2018Q4 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
19000000 USD
CY2019Q2 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
24000000 USD
CY2018Q4 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
59000000 USD
CY2019Q2 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
85000000 USD
CY2019Q2 us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
-82000000 USD
CY2018Q4 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
1163000000 USD
CY2019Q2 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
1043000000 USD
CY2018Q4 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
351000000 USD
CY2019Q2 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
324000000 USD
us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<div style="line-height:120%;text-indent:24px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">Guarantees and indemnifications are recorded at fair value at their inception. We regularly review our performance risk under these arrangements, and in the event it becomes probable we will be required to perform under a guarantee or indemnity, the amount of probable payment is recorded.</span></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">We guarantee the resale value of vehicles sold in certain arrangements to daily rental companies. The maximum potential payment of </span><span style="font-family:Arial;font-size:10pt;"><span>$897 million</span></span><span style="font-family:Arial;font-size:10pt;"> as of </span><span style="font-family:Arial;font-size:10pt;">June 30, 2019</span><span style="font-family:Arial;font-size:10pt;">, included in the table above, represents the total proceeds we guarantee the rental company will receive on re-sale.  Reflecting our present estimate of proceeds the rental companies will receive on resale from third parties, we have recorded </span><span style="font-family:Arial;font-size:10pt;"><span>$297 million</span></span><span style="font-family:Arial;font-size:10pt;"> as our best estimate of the amount we will have to pay under the guarantee.  </span></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">We also guarantee debt and lease obligations of certain joint ventures, as well as certain financial obligations of outside third parties, including suppliers, to support our business and economic growth. Expiration dates vary through 2033, and guarantees will terminate on payment and/or cancellation of the underlying obligation. A payment by us would be triggered by failure of the joint venture or other third party to fulfill its obligation covered by the guarantee. In some circumstances, we are entitled to recover from a third party amounts paid by us under the guarantee. However, our ability to enforce these rights is sometimes stayed until the guaranteed party is paid in full, and may be limited in the event of insolvency of the third party or other circumstances.</span></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">In the ordinary course of business, we execute contracts involving indemnifications standard in the industry and indemnifications specific to a transaction, such as the sale of a business. These indemnifications might include and are not limited to claims relating to any of the following: environmental, tax, and shareholder matters; intellectual property rights; power generation contracts; governmental regulations and employment-related matters; dealer, supplier, and other commercial contractual relationships; and financial matters, such as securitizations. Performance under these indemnities generally would be triggered by a breach of terms of the contract or by a third-party claim. While some of these indemnifications are limited in nature, many of them do not limit potential payment. Therefore, we are unable to estimate a maximum amount of future payments that could result from claims made under these unlimited indemnities.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Warranty and Field Service Actions</span></div><div style="line-height:120%;text-align:left;font-size:8pt;"><span style="font-family:Arial;font-size:8pt;"><br/></span></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">We accrue obligations for warranty costs and field service actions (i.e., safety recalls, emission recalls, and other product campaigns) at the time of sale using a patterned estimation model that includes historical information regarding the nature, frequency, and average cost of claims for each vehicle line by model year. Warranty and field service action obligations are reported in </span><span style="font-family:Arial;font-size:10pt;font-style:italic;">Other liabilities and deferred revenue</span><span style="font-family:Arial;font-size:10pt;">. We reevaluate the adequacy of our accruals on a regular basis. </span></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;">We recognize the benefit from a recovery of the costs associated with our warranty and field service actions when specifics of the recovery have been agreed with our supplier and the amount of recovery is virtually certain. Recoveries are reported in </span><span style="font-family:Arial;font-size:10pt;font-style:italic;">Trade and other receivables</span><span style="font-family:Arial;font-size:10pt;"> and</span><span style="font-family:Arial;font-size:10pt;font-style:italic;"> Other assets.</span></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div>
CY2019Q2 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
700000000 USD
CY2017Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
5296000000 USD
CY2018Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
5137000000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1911000000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2192000000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1252000000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1424000000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
337000000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
715000000 USD
us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-96000000 USD
us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
23000000 USD
CY2018Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
4878000000 USD
CY2019Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
5107000000 USD
CY2018Q2 us-gaap Revenues
Revenues
38920000000 USD
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1349000000 USD
CY2018Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
60000000 USD
CY2018Q2 f Cashcashequivalentsmarketablesecuritiesandrestrictedcash
Cashcashequivalentsmarketablesecuritiesandrestrictedcash
36669000000 USD
CY2018Q2 us-gaap Assets
Assets
258079000000 USD
CY2019Q2 us-gaap Revenues
Revenues
38853000000 USD
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
205000000 USD
CY2019Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
87000000 USD
CY2019Q2 f Cashcashequivalentsmarketablesecuritiesandrestrictedcash
Cashcashequivalentsmarketablesecuritiesandrestrictedcash
38237000000 USD
CY2019Q2 us-gaap Assets
Assets
262184000000 USD
us-gaap Revenues
Revenues
80879000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
3268000000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
284000000 USD
us-gaap Revenues
Revenues
79195000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1815000000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
112000000 USD

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