Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Ford Motor Co., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Federal	62)	68)	102)	(23)	(101)
Non-U.S.	948)	781)	598)	554)	738)
State and local	229)	123)	26)	(45)	33)
Current	1,239)	972)	726)	486)	670)
Federal	(413)	(2,292)	2,290)	(523)	(1,190)
Non-U.S.	(1,149)	688)	(3,254)	168)	(70)
State and local	(39)	(232)	108)	29)	(134)
Deferred	(1,601)	(1,836)	(856)	(326)	(1,394)
Provision for (benefit from) income taxes	(362)	(864)	(130)	160)	(724)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Download chart

Item	Description	The company
Current	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Ford Motor Co. current increased from 2021 to 2022 and from 2022 to 2023.
Deferred	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Ford Motor Co. deferred decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.
Provision for (benefit from) income taxes	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Ford Motor Co. provision for (benefit from) income taxes decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.

Ford Motor Co., effective income tax rate (EITR) reconciliation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
U.S. statutory tax rate	21.00%	21.00%	21.00%	21.00%	21.00%
Non-U.S. tax rate differential	-3.40%	-8.70%	1.30%	-2.60%	46.90%
State and local income taxes	1.90%	2.30%	0.50%	8.90%	12.40%
General business credits	-15.90%	13.00%	-2.30%	35.10%	67.00%
Nontaxable foreign currency gains and losses	0.00%	-4.20%	0.00%	-1.10%	0.00%
Dispositions and restructurings	-14.70%	-7.00%	-18.80%	-0.40%	45.50%
U.S. tax on non-U.S. earnings	7.70%	2.80%	2.40%	28.10%	-49.20%
Prior year settlements and claims	1.20%	1.50%	-0.30%	8.30%	-5.00%
Tax incentives	-3.90%	2.00%	-0.60%	-6.00%	20.70%
Enacted change in tax laws	0.10%	-2.00%	1.10%	1.50%	-12.50%
Valuation allowances	-0.70%	6.20%	-4.70%	-108.80%	-18.70%
Other	-2.40%	1.70%	-0.30%	1.70%	-15.00%
Effective tax rate	-9.10%	28.60%	-0.70%	-14.30%	113.10%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Download chart

Item	Description	The company
Effective tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Ford Motor Co. effective tax rate increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Ford Motor Co., components of deferred tax assets and liabilities

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Employee benefit plans	2,470)	1,960)	2,320)	4,760)	4,125)
Net operating loss carryforwards	7,262)	3,978)	4,163)	1,584)	1,726)
Tax credit carryforwards	8,944)	9,354)	10,437)	11,037)	9,335)
Research expenditures	3,799)	3,240)	1,117)	1,321)	619)
Dealer and dealers’ customer allowances and claims	2,752)	2,192)	1,944)	2,145)	1,724)
Other foreign deferred tax assets	3,456)	1,854)	2,005)	729)	799)
All other	2,299)	2,201)	2,353)	2,335)	1,781)
Gross deferred tax assets	30,982)	24,779)	24,339)	23,911)	20,109)
Valuation allowances	(4,187)	(822)	(1,067)	(1,981)	(843)
Net deferred tax assets	26,795)	23,957)	23,272)	21,930)	19,266)
Leasing transactions	(3,253)	(2,992)	(2,103)	(3,299)	(2,694)
Depreciation and amortization, excluding leasing transactions	(3,389)	(3,116)	(2,881)	(3,218)	(3,094)
Finance receivables	(699)	(792)	(756)	(574)	(584)
Carrying value of investments	—)	(487)	(2,149)	(144)	—)
Other foreign deferred tax liabilities	(1,255)	(1,196)	(893)	(839)	(608)
All other	(2,219)	(1,371)	(2,275)	(1,971)	(913)
Deferred tax liabilities	(10,815)	(9,954)	(11,057)	(10,045)	(7,893)
Net deferred tax assets (liabilities)	15,980)	14,003)	12,215)	11,885)	11,373)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Download chart

Item	Description	The company
Gross deferred tax assets	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Ford Motor Co. gross deferred tax assets increased from 2021 to 2022 and from 2022 to 2023.
Net deferred tax assets	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Ford Motor Co. net deferred tax assets increased from 2021 to 2022 and from 2022 to 2023.
Net deferred tax assets (liabilities)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Ford Motor Co. net deferred tax assets (liabilities) increased from 2021 to 2022 and from 2022 to 2023.

Ford Motor Co., deferred tax assets and liabilities, classification

US$ in millions

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
	Deferred tax assets	16,985)	15,552)	13,796)	12,423)	11,863)
	Deferred tax liabilities	1,005)	1,549)	1,581)	538)	490)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Download chart

Item	Description	The company
Deferred tax assets	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.	Ford Motor Co. deferred tax assets increased from 2021 to 2022 and from 2022 to 2023.
Deferred tax liabilities	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	Ford Motor Co. deferred tax liabilities decreased from 2021 to 2022 and from 2022 to 2023.

Ford Motor Co., adjustments to financial statements

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Adjustment to Total Assets
Total assets (as reported)	273,310)	255,884)	257,035)	267,261)	258,537)
Less: Noncurrent deferred tax assets, net	16,985)	15,552)	13,796)	12,423)	11,863)
Total assets (adjusted)	256,325)	240,332)	243,239)	254,838)	246,674)
Adjustment to Total Liabilities
Total liabilities (as reported)	230,512)	212,717)	208,413)	236,450)	225,307)
Less: Noncurrent deferred tax liabilities, net	1,005)	1,549)	1,581)	538)	490)
Total liabilities (adjusted)	229,507)	211,168)	206,832)	235,912)	224,817)
Adjustment to Equity Attributable To Ford Motor Company
Equity attributable to Ford Motor Company (as reported)	42,773)	43,242)	48,519)	30,690)	33,185)
Less: Net deferred tax assets (liabilities)	15,980)	14,003)	12,215)	11,885)	11,373)
Equity attributable to Ford Motor Company (adjusted)	26,793)	29,239)	36,304)	18,805)	21,812)
Adjustment to Net Income (loss) Attributable To Ford Motor Company
Net income (loss) attributable to Ford Motor Company (as reported)	4,347)	(1,981)	17,937)	(1,279)	47)
Add: Deferred income tax expense (benefit)	(1,601)	(1,836)	(856)	(326)	(1,394)
Net income (loss) attributable to Ford Motor Company (adjusted)	2,746)	(3,817)	17,081)	(1,605)	(1,347)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Ford Motor Co., Financial Data: Reported vs. Adjusted

Download chart

Ford Motor Co., adjusted financial ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net Profit Margin
Reported net profit margin	2.62%	-1.33%	14.21%	-1.10%	0.03%
Adjusted net profit margin	1.66%	-2.56%	13.53%	-1.38%	-0.94%
Total Asset Turnover
Reported total asset turnover	0.61	0.58	0.49	0.43	0.56
Adjusted total asset turnover	0.65	0.62	0.52	0.45	0.58
Financial Leverage
Reported financial leverage	6.39	5.92	5.30	8.71	7.79
Adjusted financial leverage	9.57	8.22	6.70	13.55	11.31
Return on Equity (ROE)
Reported ROE	10.16%	-4.58%	36.97%	-4.17%	0.14%
Adjusted ROE	10.25%	-13.05%	47.05%	-8.53%	-6.18%
Return on Assets (ROA)
Reported ROA	1.59%	-0.77%	6.98%	-0.48%	0.02%
Adjusted ROA	1.07%	-1.59%	7.02%	-0.63%	-0.55%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Ford Motor Co. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Ford Motor Co. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Ford Motor Co. adjusted financial leverage ratio increased from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Ford Motor Co. adjusted ROE deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Ford Motor Co. adjusted ROA deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Ford Motor Co., Financial Ratios: Reported vs. Adjusted

Download chart

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Ford Motor Company	4,347)	(1,981)	17,937)	(1,279)	47)
Company revenues excluding Ford Credit	165,901)	149,079)	126,268)	115,941)	143,640)
Profitability Ratio
Net profit margin¹	2.62%	-1.33%	14.21%	-1.10%	0.03%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Ford Motor Company	2,746)	(3,817)	17,081)	(1,605)	(1,347)
Company revenues excluding Ford Credit	165,901)	149,079)	126,268)	115,941)	143,640)
Profitability Ratio
Adjusted net profit margin²	1.66%	-2.56%	13.53%	-1.38%	-0.94%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Net profit margin = 100 × Net income (loss) attributable to Ford Motor Company ÷ Company revenues excluding Ford Credit
= 100 × 4,347 ÷ 165,901 = 2.62%

² Adjusted net profit margin = 100 × Adjusted net income (loss) attributable to Ford Motor Company ÷ Company revenues excluding Ford Credit
= 100 × 2,746 ÷ 165,901 = 1.66%

Download chart

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Ford Motor Co. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Company revenues excluding Ford Credit	165,901)	149,079)	126,268)	115,941)	143,640)
Total assets	273,310)	255,884)	257,035)	267,261)	258,537)
Activity Ratio
Total asset turnover¹	0.61	0.58	0.49	0.43	0.56
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Company revenues excluding Ford Credit	165,901)	149,079)	126,268)	115,941)	143,640)
Adjusted total assets	256,325)	240,332)	243,239)	254,838)	246,674)
Activity Ratio
Adjusted total asset turnover²	0.65	0.62	0.52	0.45	0.58

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Total asset turnover = Company revenues excluding Ford Credit ÷ Total assets
= 165,901 ÷ 273,310 = 0.61

² Adjusted total asset turnover = Company revenues excluding Ford Credit ÷ Adjusted total assets
= 165,901 ÷ 256,325 = 0.65

Download chart

Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Ford Motor Co. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets	273,310)	255,884)	257,035)	267,261)	258,537)
Equity attributable to Ford Motor Company	42,773)	43,242)	48,519)	30,690)	33,185)
Solvency Ratio
Financial leverage¹	6.39	5.92	5.30	8.71	7.79
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets	256,325)	240,332)	243,239)	254,838)	246,674)
Adjusted equity attributable to Ford Motor Company	26,793)	29,239)	36,304)	18,805)	21,812)
Solvency Ratio
Adjusted financial leverage²	9.57	8.22	6.70	13.55	11.31

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Financial leverage = Total assets ÷ Equity attributable to Ford Motor Company
= 273,310 ÷ 42,773 = 6.39

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted equity attributable to Ford Motor Company
= 256,325 ÷ 26,793 = 9.57

Download chart

Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Ford Motor Co. adjusted financial leverage ratio increased from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Ford Motor Company	4,347)	(1,981)	17,937)	(1,279)	47)
Equity attributable to Ford Motor Company	42,773)	43,242)	48,519)	30,690)	33,185)
Profitability Ratio
ROE¹	10.16%	-4.58%	36.97%	-4.17%	0.14%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Ford Motor Company	2,746)	(3,817)	17,081)	(1,605)	(1,347)
Adjusted equity attributable to Ford Motor Company	26,793)	29,239)	36,304)	18,805)	21,812)
Profitability Ratio
Adjusted ROE²	10.25%	-13.05%	47.05%	-8.53%	-6.18%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROE = 100 × Net income (loss) attributable to Ford Motor Company ÷ Equity attributable to Ford Motor Company
= 100 × 4,347 ÷ 42,773 = 10.16%

² Adjusted ROE = 100 × Adjusted net income (loss) attributable to Ford Motor Company ÷ Adjusted equity attributable to Ford Motor Company
= 100 × 2,746 ÷ 26,793 = 10.25%

Download chart

Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Ford Motor Co. adjusted ROE deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Ford Motor Company	4,347)	(1,981)	17,937)	(1,279)	47)
Total assets	273,310)	255,884)	257,035)	267,261)	258,537)
Profitability Ratio
ROA¹	1.59%	-0.77%	6.98%	-0.48%	0.02%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income (loss) attributable to Ford Motor Company	2,746)	(3,817)	17,081)	(1,605)	(1,347)
Adjusted total assets	256,325)	240,332)	243,239)	254,838)	246,674)
Profitability Ratio
Adjusted ROA²	1.07%	-1.59%	7.02%	-0.63%	-0.55%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROA = 100 × Net income (loss) attributable to Ford Motor Company ÷ Total assets
= 100 × 4,347 ÷ 273,310 = 1.59%

² Adjusted ROA = 100 × Adjusted net income (loss) attributable to Ford Motor Company ÷ Adjusted total assets
= 100 × 2,746 ÷ 256,325 = 1.07%

Download chart

Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Ford Motor Co. adjusted ROA deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Ford Motor Co. (NYSE:F)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

Ford Motor Co., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Ford Motor Co., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)