FORD MOTOR CO

Previous wording

As a result, in the first quarter of 2024, we recorded about $0.4 billion of expenses and about $0.3 billion of adjustments related to revenue recognized in prior periods. In addition, slower-than-anticipated development of the electric vehicle market may impact our strategy to comply with regulatory standards, and, in some cases, we plan to utilize credits purchased from third parties to demonstrate regulatory compliance or we may need to modify our product offerings. See Item 1A. Risk Factors in our 2023 Form 10-K Report and as updated by our subsequent filings with the SEC for a discussion of the risks related to lower-than-anticipated electric vehicle volumes and our planned transition to a greater mix of electric vehicles.

Current wording

In addition, slower-than-anticipated development of the electric vehicle market may impact our strategy to comply with regulatory standards, and, in some cases, we plan to utilize credits purchased from third parties to demonstrate regulatory compliance or we may need to modify our product offerings. In the second quarter of 2024, for example, we entered into agreements to purchase about $3.8 billion of regulatory compliance credits for use in North America and Europe for current and future model years. Our obligations under those agreements as well as the ultimate number of credits we may purchase are dependent on the sellers’ delivery of the credits and on the continued existence of the underlying regulatory compliance obligation in the applicable jurisdiction. During the second quarter of 2024, we recorded about $100 million of expense for our anticipated utilization of regulatory compliance credits, which is included in Ford Blue and Ford Pro results. See Item 1A. Risk Factors in our 2023 Form 10‑K Report and as updated by our subsequent filings with the SEC for a discussion of the risks related to lower-than-anticipated electric vehicle volumes and our planned transition to a greater mix of electric vehicles.

Previous wording

In the first quarter of 2024, the net income attributable to Ford Motor Company was $1,332 million, and Company adjusted EBIT was $2,763 million.

Current wording

In the second quarter of 2024, the net income attributable to Ford Motor Company was $1,831 million, and Company adjusted EBIT was $2,757 million.

Previous wording

We recorded $873 million of pre-tax special item charges in the first quarter of 2024, driven primarily by restructuring actions in Europe, the extended duration of the EV program changeover at Oakville, and buyouts for hourly employees in North America.

Current wording

We recorded $49 million of pre-tax special item charges in the second quarter of 2024, primarily reflecting restructuring actions in Europe (which triggered remeasurement of certain European pension plans) and updated assumptions for the duration of the Oakville Assembly Plant changeover, which is now shorter than originally planned.

Previous wording

The table below shows our first quarter 2024 key metrics for the Company, compared to a year ago.

Current wording

The table below shows our second quarter and first half 2024 key metrics for the Company, compared to a year ago.

Previous wording

In the first quarter of 2024, our diluted earnings per share of Common and Class B Stock was $0.33, and our diluted adjusted earnings per share was $0.49.

Current wording

In the second quarter of 2024, our diluted earnings per share of Common and Class B Stock was $0.46, and our diluted adjusted earnings per share was $0.47.

Previous wording

Net income/(loss) margin was 3.1% in the first quarter of 2024, down 1.1 percentage points from a year ago. Company adjusted EBIT margin was 6.5% in the first quarter of 2024, down 1.7 percentage points from a year ago.

Current wording

Net income/(loss) margin was 3.8% in the second quarter of 2024, down 0.4 percentage points from a year ago. Company adjusted EBIT margin was 5.8% in the second quarter of 2024, down 2.7 percentage points from a year ago.

Previous wording

The table below shows our first quarter 2024 net income/(loss) attributable to Ford and Company adjusted EBIT by segment.

Current wording

The table below shows our second quarter and first half 2024 net income/(loss) attributable to Ford and Company adjusted EBIT by segment.

Previous wording

The year-over-year decrease of $425 million in net income and $616 million in Company adjusted EBIT in the first quarter of 2024 was driven by lower Ford Blue and Model e EBIT, offset partially by higher Ford Pro EBIT.

Current wording

The year-over-year decrease of $86 million in net income was primarily driven by lower Ford Blue EBIT and higher tax expense, offset partially by lower restructuring costs, the non-recurrence of an accrual for the Transit Connect customs matter, and a pension remeasurement gain. The year-over-year decrease of $1.0 billion in Company adjusted EBIT was driven by lower Ford Blue and Ford Model e EBIT, offset partially by higher Ford Pro EBIT.

Previous wording

The tables below and on the following pages provide first quarter 2024 key metrics and the change in first quarter 2024 EBIT compared with first quarter 2023 by causal factor for each of our segments. For a description of these causal factors, see Definitions and Information Regarding Ford Blue, Ford Model e, Ford Pro Causal Factors.

Current wording

The tables below and on the following pages provide second quarter and first half 2024 key metrics and the change in second quarter 2024 EBIT compared with second quarter 2023 by causal factor for each of our Ford Blue, Ford Model e, and Ford Pro segments. For a description of these causal factors, see Definitions and Information Regarding Ford Blue, Ford Model e, Ford Pro Causal Factors.

Previous wording

(a)Includes Ford and Lincoln brand and JMC brand vehicles produced and sold in China by our unconsolidated affiliates (about 97,000 units in Q1 2023 and 101,000 units in Q1 2024).

Current wording

(a)Includes Ford and Lincoln brand and JMC brand vehicles produced and sold in China by our unconsolidated affiliates (about 107,000 units in Q2 2023 and 105,000 units in Q2 2024).

Previous wording

In the first quarter of 2024, Ford Blue’s wholesales decreased 11% from a year ago, driven primarily by lower F-150 volume due to the new model launch in the quarter and ceasing production of the Fiesta in Europe. First quarter 2024 revenue decreased 13%, driven by lower wholesales and unfavorable mix, offset partially by higher currency-related pricing in South America.

Current wording

In the second quarter of 2024, Ford Blue’s wholesales increased 3% from a year ago, driven primarily by higher F-150, Maverick, and Ranger volumes, offset partially by ceasing production of the Fiesta in Europe. Second quarter 2024 revenue increased 7%, driven primarily by higher wholesales.

Previous wording

Ford Blue’s first quarter 2024 EBIT was $905 million, a decrease of $1.7 billion from a year ago, with an EBIT margin of 4.2%. The lower EBIT was driven by lower wholesales and unfavorable mix (primarily fewer F-150s due to the new model launch). Higher costs reflected primarily material cost for new products and higher warranty costs, offset partially by lower structural costs.

Current wording

Ford Blue’s second quarter 2024 EBIT was $1.2 billion, a decrease of $1.1 billion from a year ago, with an EBIT margin of 4.4%. The lower EBIT was primarily driven by higher warranty costs, higher material costs for new products, and higher manufacturing cost, offset partially by higher wholesales.

Previous wording

In the first quarter of 2024, Ford Model e’s wholesales decreased 20% from a year ago to 10,000 units. First quarter 2024 revenue decreased 84%, primarily driven by the accrual impacts for units in dealer stock at December 31, 2023 (about $0.3 billion) as well as lower net pricing.

Current wording

In the second quarter of 2024, Ford Model e’s wholesales decreased 23% from a year ago to 26,000 units due to competitive market conditions. Second quarter 2024 revenue decreased 37%, primarily driven by lower wholesales and lower net pricing.

Previous wording

Ford Model e’s first quarter 2024 EBIT loss was $1.3 billion, a $598 million higher loss than a year ago. The lower EBIT was primarily driven by lower net pricing and exchange. Favorable cost performance included lower battery raw materials and engineering expense, offset partially by volume-related obligations of about $90 million for batteries and certain other commodities and higher manufacturing costs ahead of the upcoming Explorer EV launch in Europe.

Current wording

Ford Model e’s second quarter 2024 EBIT loss was $1.1 billion, a $63 million higher loss than a year ago, with an EBIT margin of negative 99.5%. The lower EBIT was primarily driven by lower net pricing, lower wholesales, and adverse mix, offset partially by favorable material cost, including lower battery-related raw materials.

Previous wording

(a)Includes Ford brand vehicles produced and sold by our unconsolidated affiliate Ford Otosan in Türkiye (about 22,000 units in Q1 2023 and 18,000 units in Q1 2024).

Current wording

(a)Includes Ford brand vehicles produced and sold by our unconsolidated affiliate Ford Otosan in Türkiye (about 24,000 units in Q2 2023 and 21,000 units in Q2 2024).

Previous wording

Ford Pro’s first quarter 2024 EBIT was $3.0 billion, an increase of $1.6 billion from a year ago, with an EBIT margin of 16.7%. The improvement in EBIT was driven by higher volume, favorable mix, and higher net pricing. Higher cost was a partial offset, including material costs (primarily new product-related and inflationary increases), higher growth-related structural costs (including engineering and manufacturing), and higher warranty costs.

Current wording

Ford Pro’s second quarter 2024 EBIT was $2.6 billion, an increase of $173 million from a year ago, with an EBIT margin of 15.1%. The improvement in EBIT was driven by higher volume, favorable mix, and higher net pricing, offset partially by higher growth-related structural costs and higher manufacturing costs.

Previous wording

The Ford Next segment primarily includes expenses and investments for emerging business initiatives aimed at creating value for Ford in vehicle-adjacent market segments. Ford Next’s first quarter 2024 EBIT loss was $9 million, a $35 million improvement from a year ago.

Current wording

The Ford Next segment primarily includes expenses and investments for emerging business initiatives aimed at creating value for Ford in vehicle-adjacent market segments. Ford Next’s second quarter 2024 EBIT loss was $13 million, a $13 million improvement from a year ago.

Previous wording

The tables below provide first quarter 2024 key metrics and the change in first quarter 2024 EBT compared with first quarter 2023 by causal factor for the Ford Credit segment. For a description of these causal factors, see Definitions and Information Regarding Ford Credit Causal Factors.

Current wording

The tables below provide second quarter and first half 2024 key metrics and the change in second quarter 2024 EBT compared with second quarter 2023 by causal factor for the Ford Credit segment. For a description of these causal factors, see Definitions and Information Regarding Ford Credit Causal Factors.

Previous wording

(b)U.S. 36-month off-lease first quarter auction values at Q1 2024 mix.

Current wording

(b)U.S. 36-month off-lease second quarter auction values at Q2 2024 mix and YTD amounts at YTD 2024 mix.

Previous wording

Ford Credit’s total net receivables of $136 billion were 10% higher than a year ago, reflecting the impact of increased consumer and non-consumer financing, offset partially by a smaller lease portfolio. The first quarter 2024 U.S. loss-to-receivables (“LTR”) ratio of 47 basis points increased from a year ago, but remained low by historical standards. U.S. auction values in the first quarter of 2024 were lower compared to a year ago.

Current wording

Ford Credit’s total net receivables of $137.7 billion were 9% higher than a year ago, explained primarily by higher consumer and non-consumer financing. The second quarter 2024 U.S. loss-to-receivables (“LTR”) ratio of 41 basis points increased from a year ago, and U.S. auction values in the second quarter of 2024 were lower year over year.

Previous wording

Ford Credit’s first quarter 2024 EBT of $326 million was $23 million higher than a year ago, explained primarily by higher financing margin and favorable volume and mix, offset partially by unfavorable lease residual performance.

Current wording

Ford Credit’s second quarter 2024 EBT of $343 million was $47 million lower than a year ago, explained primarily by higher operating lease depreciation reflecting higher lease return rates, higher insurance losses due to severe weather events (included in Other), and higher credit losses, offset partially by higher financing margin, higher volume, and favorable mix.

Previous wording

•Term Asset-Backed Securities (“ABS”) (as shown in the Funding Structure table) – Obligations issued in securitization transactions that are payable only out of collections on the underlying securitized assets and related enhancements

Current wording

•Term Asset-Backed Securities (as shown in the Funding Structure table) – Obligations issued in securitization transactions that are payable only out of collections on the underlying securitized assets and related enhancements

Previous wording

Corporate Other primarily includes corporate governance expenses, past service pension and OPEB income and expense, interest income (excluding Ford Credit interest income and interest earned on our extended service contract portfolio) and gains and losses from our cash, cash equivalents, and marketable securities (excluding gains and losses on investments in equity securities), and foreign exchange derivatives gains and losses associated with intercompany lending. Corporate governance expenses are primarily administrative, delivering benefit on behalf of the global enterprise, that are not allocated to operating segments. These include expenses related to setting and directing global policy, providing oversight and stewardship, and promoting the Company’s interests. In the first quarter of 2024, Corporate Other had a $147 million EBIT loss, unchanged from a year ago.

Current wording

Corporate Other primarily includes corporate governance expenses, past service pension and OPEB income and expense, interest income (excluding Ford Credit interest income and interest earned on our extended service contract portfolio) and gains and losses from our cash, cash equivalents, and marketable securities (excluding gains and losses on investments in equity securities), and foreign exchange derivatives gains and losses associated with intercompany lending. Corporate governance expenses are primarily administrative, delivering benefit on behalf of the global enterprise, that are not allocated to operating segments. These include expenses related to setting and directing global policy, providing oversight and stewardship, and promoting the Company’s interests. In the second quarter of 2024, Corporate Other had a $165 million EBIT loss, a $32 million improvement from a year ago.

Previous wording

Interest on Debt, which consists of interest expense on Company debt excluding Ford Credit, was $278 million in the first quarter of 2024, $30 million lower than a year ago.

Current wording

Interest on Debt, which consists of interest expense on Company debt excluding Ford Credit, was $270 million in the second quarter of 2024, $34 million lower than a year ago.

Previous wording

Our Provision for/(Benefit from) income taxes for the first quarter of 2024 was a provision of $278 million, resulting in an effective tax rate of 17.2%.

Current wording

Our Provision for/(Benefit from) income taxes for the second quarter and first half of 2024 was a provision of $605 million and $883 million, respectively, resulting in effective tax rates of 24.8% and 21.8%, respectively.

Previous wording

At March 31, 2024, total balance sheet cash, cash equivalents, marketable securities, and restricted cash, including Ford Credit and entities held for sale, was $34.7 billion.

Current wording

At June 30, 2024, total balance sheet cash, cash equivalents, marketable securities, and restricted cash, including Ford Credit and entities held for sale, was $34.8 billion.

Previous wording

Liquidity. Our key priority is to maintain a strong balance sheet to withstand potential stress scenarios, while having resources available to invest in and grow our business. At March 31, 2024, we had Company cash of $25.1 billion and liquidity of $42.6 billion. At March 31, 2024, about 86% of Company cash was held by consolidated entities domiciled in the United States.

Current wording

Liquidity. Our key priority is to maintain a strong balance sheet to withstand potential stress scenarios, while having resources available to invest in and grow our business. At June 30, 2024, we had Company cash of $26.6 billion and liquidity of $44.8 billion. At June 30, 2024, about 86% of Company cash was held by consolidated entities domiciled in the United States.

Previous wording

The terms of the offtake agreements we have entered into, and those we may enter into in the future, vary by transaction, though they generally obligate us to purchase a certain percentage or minimum amount of output produced by the counterparty over an agreed upon period of time. The purchase price mechanism included in the offtake agreement is typically based on the market price of the material at the time of delivery. The terms may also include conditions to our obligation to purchase the materials, such as quality or minimum output. Subject to satisfaction of those conditions, we will be obligated to purchase the materials at the cost determined by the purchase price mechanism. As of March 31, 2024, our estimated expenditures for the maximum quantity that we are committed to purchase under these offtake agreements through 2035, subject to certain conditions, consist of approximately $3.9 billion of purchase obligations and approximately $6.9 billion of contingent purchase obligations based on our present forecast; however, our forecast could fluctuate from period to period based on market prices, which could result in significant increases or decreases in our estimate. The actual price paid for these materials will be recorded on our balance sheet at the time of purchase. In addition, as market conditions dictate, we may enter into additional offtake agreements with raw material suppliers or seek to renegotiate existing agreements. Based on the offtake agreements we have entered into thus far, the earliest date by which we could be obligated to purchase any output, subject to satisfaction of the applicable conditions, will be in the second half of 2024. See Item 1A. Risk Factors in our 2023 Form 10-K Report and as updated by our subsequent filings with the SEC for a discussion of the risks related to our offtake agreements and other long-term purchase contracts.

Current wording

The terms of the offtake agreements we have entered into, and those we may enter into in the future, vary by transaction, though they generally obligate us to purchase a certain percentage or minimum amount of output produced by the counterparty over an agreed upon period of time. The purchase price mechanism included in the offtake agreement is typically based on the market price of the material at the time of delivery. The terms may also include conditions to our obligation to purchase the materials, such as quality or minimum output. Subject to satisfaction of those conditions, we will be obligated to purchase the materials at the cost determined by the purchase price mechanism. As of June 30, 2024, our estimated expenditures for the maximum quantity that we are committed to purchase under these offtake agreements through 2035, subject to certain conditions, consist of approximately $3.7 billion of purchase obligations and approximately $6.8 billion of contingent purchase obligations based on our present forecast; however, our forecast could fluctuate from period to period based on market prices, which could result in significant increases or decreases in our estimate. The actual price paid for these materials will be recorded on our balance sheet at the time of purchase. In the event that we do not expect to consume all of the materials we are obligated to purchase pursuant to the terms of these agreements, we may sell the excess materials to a replacement purchaser or back to the supplier. The resale price may or may not be the same as the original purchase price, depending on then-current market conditions and negotiated terms. As a result, in certain instances when the purchase price mechanism under our agreements is higher than the expected resale price of the excess materials, we have recorded and may in the future record accruals related to the resale. Accruals recorded to date for such items have been immaterial.

Previous wording

Financial institutions participate in a supply chain finance (“SCF”) program that enables our suppliers, at their sole discretion, to sell their Ford receivables (i.e., our payment obligations to the suppliers) to the financial institutions on a non-recourse basis in order to be paid earlier than our payment terms provide. Our suppliers’ voluntary inclusion of invoices in the SCF program has no bearing on our payment terms, the amounts we pay, or our liquidity. We have no economic interest in a supplier’s decision to participate in the SCF program, and we do not provide any guarantees in connection with it. As of March 31, 2024, the outstanding amount of Ford receivables that suppliers elected to sell to the SCF financial institutions was $213 million. The amount settled through the SCF program during the first quarter of 2024 was $383 million.

Current wording

Financial institutions participate in a supply chain finance (“SCF”) program that enables our suppliers, at their sole discretion, to sell their Ford receivables (i.e., our payment obligations to the suppliers) to the financial institutions on a non-recourse basis in order to be paid earlier than our payment terms provide. Our suppliers’ voluntary inclusion of invoices in the SCF program has no bearing on our payment terms, the amounts we pay, or our liquidity. We have no economic interest in a supplier’s decision to participate in the SCF program, and we do not provide any guarantees in connection with it. As of June 30, 2024, the outstanding amount of Ford receivables that suppliers elected to sell to the SCF financial institutions was $194 million. The amount settled through the SCF program during the first half of 2024 was $767 million.

Previous wording

Our first quarter 2024 Net cash provided by/(used in) operating activities was positive $1.4 billion, $1.4 billion lower than a year ago (see page 60 for additional information). The decrease reflects higher inventory and lower net income, offset partially by higher accounts payable as reflected on our Consolidated Statement of Cash Flows. Company adjusted free cash flow was negative $0.5 billion, $1.2 billion lower than a year ago. The decrease was primarily driven by lower Company adjusted EBIT excluding Ford Credit and higher capital spending.

Current wording

Our second quarter 2024 Net cash provided by/(used in) operating activities was positive $5.5 billion, $0.5 billion higher than a year ago (see page 61 for additional information). The increase reflects lower working capital and higher Ford Credit operating cash flow. Company adjusted free cash flow was $3.2 billion, $0.3 billion higher than a year ago, primarily driven by lower working capital.

Previous wording

Capital spending was $2.1 billion in the first quarter of 2024, an increase of $0.3 billion from a year ago. We now expect full year 2024 capital spending to be in the range of $8 billion to $9 billion.

Current wording

Capital spending was $2.1 billion in the second quarter of 2024, an increase of $0.2 billion from a year ago. We continue to expect full year 2024 capital spending to be in the range of $8 billion to $9 billion.

Previous wording

First quarter 2024 working capital impact was $1.2 billion negative, driven by higher inventory, offset partially by higher trade payables, each compared to December 31, 2023. All other and timing differences were negative $0.2 billion. Timing differences include differences between accrual-based EBIT and the associated cash flows (e.g., marketing incentive and warranty payments to dealers, JV equity income, compensation payments, and pension and OPEB income or expense).

Current wording

Second quarter 2024 working capital impact was flat, driven by lower inventory, offset by higher trade receivables and lower trade payables, each compared to March 31, 2024. All other and timing differences were positive $2.0 billion. Timing differences include differences between accrual-based EBIT and the associated cash flows (e.g., marketing incentive and warranty payments to dealers, JV equity income, compensation payments, and pension and OPEB income or expense). Cash outflows related to our warranty accruals are expected to occur over several years.

Previous wording

In the first quarter of 2024, we contributed $550 million to our global funded pension plans. We continue to expect to contribute about $1 billion to our global funded pension plans in 2024.

Current wording

In the second quarter of 2024, we contributed $83 million to our global funded pension plans. We expect to contribute about $1 billion to our global funded pension plans in 2024.

Previous wording

Available Credit Lines. Total Company committed credit lines, excluding Ford Credit, at March 31, 2024 were $19.4 billion, consisting of $13.5 billion of our corporate credit facility, $2.0 billion of our supplemental revolving credit facility, $1.8 billion of our 364-day revolving credit facility, and $2.2 billion of local credit facilities. At March 31, 2024, the utilized portion of the corporate credit facility was $18 million, representing amounts utilized for letters of credit. In addition, $1.7 billion of committed Company credit lines, excluding Ford Credit, was utilized under local credit facilities for our affiliates as of March 31, 2024.

Current wording

Available Credit Lines. Total Company committed credit lines, excluding Ford Credit, at June 30, 2024 were $20.1 billion, consisting of $13.5 billion of our corporate credit facility, $2.0 billion of our supplemental revolving credit facility, $2.5 billion of our 364-day revolving credit facility, and $2.1 billion of local credit facilities. At June 30, 2024, the utilized portion of the corporate credit facility was $6 million, representing amounts utilized for letters of credit. In addition, $1.7 billion of committed Company credit lines, excluding Ford Credit, was utilized under local credit facilities for our affiliates as of June 30, 2024.

Previous wording

Our corporate, supplemental, and 364-day revolving credit facilities were amended as of April 22, 2024 to extend the maturity dates of the commitments under each facility and increase the size of our 364-day revolving credit facility. Following the corporate credit facility amendment, $25 million of commitments mature on April 26, 2026, $3.4 billion of commitments mature on April 22, 2027, $0.1 billion of commitments mature on April 26, 2028, and $10.0 billion of commitments mature on April 20, 2029. Following the supplemental revolving credit facility amendment, $2.0 billion of commitments mature on April 22, 2027. Following the 364-day revolving credit facility amendment, $2.5 billion of commitments mature on April 21, 2025.

Current wording

Our corporate, supplemental, and 364-day revolving credit facilities were amended as of April 22, 2024 to extend the maturity dates of the commitments under each facility and increase the size of our 364-day revolving credit facility. Lenders under our corporate credit facility have $25 million of commitments maturing on April 26, 2026, $3.4 billion of commitments maturing on April 22, 2027, $0.1 billion of commitments maturing on April 26, 2028, and $10.0 billion of commitments maturing on April 20, 2029. Lenders under our supplemental revolving credit facility have $2.0 billion of commitments maturing on April 22, 2027. Lenders under our 364-day revolving credit facility have $2.5 billion of commitments maturing on April 21, 2025.

Previous wording

Debt. As shown in Note 12 of the Notes to the Financial Statements, at March 31, 2024, Company debt excluding Ford Credit was $20.2 billion. This balance is $0.2 billion higher than at December 31, 2023.

Current wording

Debt. As shown in Note 12 of the Notes to the Financial Statements, at June 30, 2024, Company debt excluding Ford Credit was $20.4 billion. This balance is $0.5 billion higher than at December 31, 2023.

Previous wording

Ford Credit remains well capitalized with a strong balance sheet and funding diversified across platforms and markets. Ford Credit ended the first quarter of 2024 with $27.0 billion of liquidity, up $1.3 billion from year-end. Ford Credit continues to have robust access to capital markets, completing $13 billion of public term issuances through April 23, 2024.

Current wording

Ford Credit remains well capitalized with a strong balance sheet and funding diversified across platforms and markets. Ford Credit ended the second quarter of 2024 with $28.3 billion of liquidity, up $2.6 billion from year-end. Ford Credit continues to have robust access to capital markets, completing $22 billion of public term issuances through July 23, 2024.

Previous wording

•Continue to leverage retail deposit funding in Europe

Current wording

•Continue to leverage retail deposits in Europe

Previous wording

•Flexibility to increase ABS mix as needed; preserving assets and committed capacity

Current wording

•Flexibility to increase asset-backed securities mix as needed; preserving assets and committed capacity

Previous wording

Net receivables of $135.5 billion at March 31, 2024 were funded primarily with term unsecured debt and term asset-backed securities. Securitized funding as a percent of total debt was 42.5% as of March 31, 2024.

Current wording

Net receivables of $137.7 billion at June 30, 2024 were funded primarily with term unsecured debt and term asset-backed securities. Securitized funding as a percent of total debt was 41.3% as of June 30, 2024.