This is the back of a '94-96 airbag, the same for most Ford cars & trucks.
Red: shaped charge
Yellow: airbag
Green: shorting clip inside connector prevents static from detonating the charge while unplugged

Any time an airbag is uninstalled, it should be placed face-up (fasteners DOWN) under the vehicle. If it accidentally deploys, it will stay where it is, and not throw anything.

See also:
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Owner caption July 2003 · Photo 97 of 5000