Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued) Liquidity We define gross liquidity as cash, cash equivalents, and marketable securities (excluding amounts related to insurance activities) and committed capacity (which includes our asset-backed facilities and unsecured credit facilities), less utilization of liquidity. Utilization of liquidity is the amount funded under our liquidity sources and also includes the cash required to support securitization transactions and restricted cash. Net liquidity available for use is defined as gross liquidity less certain adjustments as described below. While not included in available liquidity, these adjustments represent additional funding sources for future originations. The following table shows our liquidity sources and utilization (in billions): December 31, 2018 December 31, 2019 December 31, 2020 Liquidity Sources Cash $ 10.2  $ 11.7  $ 18.5  Committed asset-backed facilities 35.4  36.6  38.1  Other unsecured credit facilities 3.0  3.0  2.5  Ford corporate credit facility allocation 3.0  3.0  —  Total liquidity sources $ 51.6  $ 54.3  $ 59.1  Utilization of Liquidity Securitization and restricted cash $ (3.1) $ (3.6) $ (3.9) Committed asset-backed facilities (20.7) (17.3) (16.7) Other unsecured credit facilities (0.7) (0.8) (0.5) Ford corporate credit facility allocation —  —  —  Total utilization of liquidity $ (24.5) $ (21.7) $ (21.1) Gross liquidity $ 27.1  $ 32.6  $ 38.0  Asset-backed capacity in excess of eligible receivables and other adjustments 0.1  0.4  (2.6) Net liquidity available for use $ 27.2  $ 33.0  $ 35.4  Our net liquidity available for use will fluctuate quarterly based on factors including near-term debt maturities, receivable growth, and timing of funding transactions. At December 31, 2020, our net liquidity available for use was $35.4 billion, $2.4 billion higher than year-end 2019. At December 31, 2020, our liquidity sources totaled $59.1 billion, up $4.8 billion from year-end 2019. Cash.   At December 31, 2020, our cash totaled $18.5 billion compared with $11.7 billion at year-end 2019. In the normal course of our funding activities, we may generate more proceeds than are required for our immediate funding needs. These excess amounts are held primarily in highly liquid investments, which provide liquidity for our anticipated and unanticipated cash needs and give us flexibility in the use of our other funding programs. Our Cash primarily includes United States Department of Treasury obligations, federal agency securities, bank time deposits with investment-grade institutions, investment-grade commercial paper, debt obligations of a select group of non-U.S. governments, non-U.S. governmental agencies, supranational institutions, non-U.S. central banks, and money market funds that carry the highest possible ratings.  The average maturity of these investments ranges from approximately three to six months and is adjusted based on market conditions and liquidity needs. We monitor our Cash levels and average maturity on a daily basis. Cash includes restricted cash and amounts to be used only to support our securitization transactions of $3.6 billion and $3.9 billion at December 31, 2019 and 2020, respectively. 40