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[X]
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
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SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended
March 31, 2010
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[ ]
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
|
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SECURITIES EXCHANGE ACT OF 1934
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For the transition period from
to _____________________
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Commission File Number:
1-3950
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Delaware
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38-0549190
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(State of Incorporation)
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(IRS Employer Identification No.)
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One American Road, Dearborn, Michigan
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48126
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(Address of principal executive offices)
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(Zip Code)
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First Quarter
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||||||||
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2010
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2009
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|||||||
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(unaudited)
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||||||||
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Sales and revenues
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||||||||
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Automotive sales
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$ | 28,894 | $ | 20,980 | ||||
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Financial Services revenues
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2,672 | 3,410 | ||||||
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Total sales and revenues
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31,566 | 24,390 | ||||||
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Costs and expenses
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||||||||
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Automotive cost of sales
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25,139 | 21,413 | ||||||
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Selling, administrative and other expenses
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3,089 | 3,692 | ||||||
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Interest expense
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1,701 | 1,921 | ||||||
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Financial Services provision for credit and insurance losses
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(41 | ) | 402 | |||||
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Total costs and expenses
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29,888 | 27,428 | ||||||
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Automotive interest income and other non-operating income/(expense), net (Note 10)
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189 | 1,352 | ||||||
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Financial Services other income/(loss), net (Note 10)
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126 | 113 | ||||||
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Equity in net income/(loss) of affiliated companies
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142 | (89 | ) | |||||
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Income/(Loss) before income taxes
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2,135 | (1,662 | ) | |||||
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Provision for/(Benefit from) income taxes
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50 | (227 | ) | |||||
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Income/(Loss) from continuing operations
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2,085 | (1,435 | ) | |||||
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Income/(Loss) from discontinued operations
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— | — | ||||||
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Net income/(loss)
|
2,085 | (1,435 | ) | |||||
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Less: Income/(Loss) attributable to noncontrolling interests
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— | (8 | ) | |||||
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Net income/(loss) attributable to Ford Motor Company
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$ | 2,085 | $ | (1,427 | ) | |||
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NET INCOME/(LOSS) ATTRIBUTABLE TO FORD MOTOR COMPANY
|
||||||||
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Income/(Loss) from continuing operations
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$ | 2,085 | $ | (1,427 | ) | |||
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Income/(Loss) from discontinued operations
|
— | — | ||||||
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Net income/(loss)
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$ | 2,085 | $ | (1,427 | ) | |||
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AMOUNTS PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK (Note 13)
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||||||||
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Basic income/(loss)
|
||||||||
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Income/(Loss) from continuing operations
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$ | 0.62 | $ | (0.60 | ) | |||
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Income/(Loss) from discontinued operations
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— | — | ||||||
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Net income/(loss)
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$ | 0.62 | $ | (0.60 | ) | |||
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Diluted income/(loss)
|
||||||||
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Income/(Loss) from continuing operations
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$ | 0.5 0 | $ | (0.60 | ) | |||
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Income/(Loss) from discontinued operations
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— | — | ||||||
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Net income/(loss)
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$ | 0.5 0 | $ | (0.60 | ) | |||
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First Quarter
|
||||||||
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2010
|
2009
|
|||||||
|
(unaudited)
|
||||||||
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AUTOMOTIVE
|
||||||||
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Sales
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$ | 28,894 | $ | 20,980 | ||||
|
Costs and expenses
|
||||||||
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Cost of sales
|
25,139 | 21,413 | ||||||
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Selling, administrative and other expenses
|
2,220 | 2,009 | ||||||
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Total costs and expenses
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27,359 | 23,422 | ||||||
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Operating income/(loss)
|
1,535 | (2,442 | ) | |||||
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Interest expense
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542 | 469 | ||||||
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Interest income and other non-operating income/(expense), net (Note
10)
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189 | 1,352 | ||||||
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Equity in net income/(loss) of affiliated companies
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138 | 49 | ||||||
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Income/(Loss) before income taxes — Automotive
|
1,320 | (1,510 | ) | |||||
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FINANCIAL SERVICES
|
||||||||
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Revenues
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2,672 | 3,410 | ||||||
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Costs and expenses
|
||||||||
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Interest expense
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1,159 | 1,452 | ||||||
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Depreciation
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660 | 1,435 | ||||||
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Operating and other expenses
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209 | 248 | ||||||
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Provision for credit and insurance losses
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(41 | ) | 402 | |||||
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Total costs and expenses
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1,987 | 3,537 | ||||||
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Other income/(loss), net (Note 10)
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126 | 113 | ||||||
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Equity in net income/(loss) of affiliated companies
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4 | (138 | ) | |||||
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Income/(Loss) before income taxes — Financial
Services
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815 | (152 | ) | |||||
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TOTAL COMPANY
|
||||||||
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Income/(Loss) before income taxes
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2,135 | (1,662 | ) | |||||
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Provision for/(Benefit from) income taxes
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50 | (227 | ) | |||||
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Income/(Loss) from continuing operations
|
2,085 | (1,435 | ) | |||||
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Income/(Loss) from discontinued operations
|
— | — | ||||||
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Net income/(loss)
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2,085 | (1,435 | ) | |||||
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Less: Income/(Loss) attributable to noncontrolling interests
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— | (8 | ) | |||||
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Net income/(loss) attributable to Ford Motor Company
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$ | 2,085 | $ | (1,427 | ) | |||
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NET INCOME/(LOSS) ATTRIBUTABLE TO FORD MOTOR COMPANY
|
||||||||
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Income/(Loss) from continuing operations
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$ | 2,085 | $ | (1,427 | ) | |||
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Income/(Loss) from discontinued operations
|
— | — | ||||||
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Net income/(loss)
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$ | 2,085 | $ | (1,427 | ) | |||
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AMOUNTS PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK (Note 13)
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||||||||
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Basic income/(loss)
|
||||||||
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Income/(Loss) from continuing operations
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$ | 0.62 | $ | ( 0 .60 | ) | |||
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Income/(Loss) from discontinued operations
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— | — | ||||||
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Net income/(loss)
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$ | 0.62 | $ | (0.60 | ) | |||
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Diluted income/(loss)
|
||||||||
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Income/(Loss) from continuing operations
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$ | 0.5 0 | $ | (0.60 | ) | |||
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Income/(Loss) from discontinued operations
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— | — | ||||||
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Net income/(loss)
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$ | 0.5 0 | $ | (0.60 | ) | |||
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March 31,
2010
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December 31,
2009
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|||||||
| (unaudited) |
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|||||||
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ASSETS
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||||||||
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Cash and cash equivalents
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$ | 24,356 | $ | 20,894 | ||||
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Marketable securities
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21,883 | 21,387 | ||||||
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Finance receivables, net (Note 4)
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73,837 | 76,996 | ||||||
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Other receivables, net
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6,925 | 7,257 | ||||||
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Net investment in operating leases
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15,818 | 17,270 | ||||||
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Inventories (Note 5)
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6,292 | 5,041 | ||||||
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Equity in net assets of affiliated companies
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2,544 | 2,428 | ||||||
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Net property
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22,826 | 22,637 | ||||||
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Deferred income taxes
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2,861 | 3,479 | ||||||
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Goodwill and other net intangible assets (Note 7)
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192 | 208 | ||||||
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Assets of held-for-sale operations (Note 12)
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8,076 | 7,618 | ||||||
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Other assets
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6,358 | 6,825 | ||||||
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Total assets
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$ | 191,968 | $ | 192,040 | ||||
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LIABILITIES
|
||||||||
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Payables
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$ | 15,611 | $ | 14,301 | ||||
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Accrued liabilities and deferred revenue
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44,445 | 46,144 | ||||||
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Debt (Note 9)
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130,105 | 131,635 | ||||||
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Deferred income taxes
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1,600 | 2,421 | ||||||
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Liabilities of held-for-sale operations (Note 12)
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5,644 | 5,321 | ||||||
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Total liabilities
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197,405 | 199,822 | ||||||
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EQUITY
|
||||||||
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Capital stock
|
||||||||
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Common Stock, par value $0.01 per share (3,345 million shares issued)
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33 | 33 | ||||||
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Class B Stock, par value $0.01 per share (71 million shares issued)
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1 | 1 | ||||||
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Capital in excess of par value of stock
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17,382 | 16,786 | ||||||
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Accumulated other comprehensive income/(loss)
|
(11,199 | ) | (10,864 | ) | ||||
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Treasury stock
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(178 | ) | (177 | ) | ||||
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Retained earnings/(Accumulated deficit)
|
(11,514 | ) | (13,599 | ) | ||||
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Total equity/(deficit) attributable to Ford Motor Company (Note 17)
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(5,475 | ) | (7,820 | ) | ||||
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Equity/(Deficit) attributable to noncontrolling interests (Note 17)
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38 | 38 | ||||||
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Total equity/(deficit) (Note 17)
|
(5,437 | ) | (7,782 | ) | ||||
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Total liabilities and equity
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$ | 191,968 | $ | 192,040 | ||||
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ASSETS
|
||||||||
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Cash and cash equivalents
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$ | 5,117 | $ | 4,922 | ||||
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Finance receivables, net
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54,471 | 57,353 | ||||||
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Other receivables, net
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25 | 34 | ||||||
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Net investment in operating leases
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10,765 | 10,246 | ||||||
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Inventories
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22 | 106 | ||||||
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Net property
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31 | 154 | ||||||
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Other assets
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39 | 56 | ||||||
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LIABILITIES
|
||||||||
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Payables
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22 | 23 | ||||||
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Accrued liabilities and deferred revenue
|
504 | 560 | ||||||
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Debt
|
47,929 | 46,167 | ||||||
|
March 31,
2010
|
December 31,
2009
|
|||||||
|
(unaudited)
|
||||||||
|
ASSETS
|
||||||||
|
Automotive
|
||||||||
|
Cash and cash equivalents
|
$ | 12,801 | $ | 9,762 | ||||
|
Marketable securities
|
12,491 | 15,169 | ||||||
|
Total cash and marketable securities
|
25,292 | 24,931 | ||||||
|
Receivables, net
|
3,332 | 3,378 | ||||||
|
Inventories (Note 5)
|
6,292 | 5,041 | ||||||
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Deferred income taxes
|
493 | 479 | ||||||
|
Other current assets
|
2,797 | 2,832 | ||||||
|
Current receivable from Financial Services
|
2,834 | 2,568 | ||||||
|
Total current assets
|
41,040 | 39,229 | ||||||
|
Equity in net assets of affiliated companies
|
2,420 | 2,307 | ||||||
|
Net property
|
22,655 | 22,455 | ||||||
|
Deferred income taxes
|
5,600 | 5,660 | ||||||
|
Goodwill and other net intangible assets (Note 7)
|
183 | 199 | ||||||
|
Assets of held-for-sale operations (Note 12)
|
8,076 | 7,618 | ||||||
|
Other assets
|
1,726 | 1,650 | ||||||
|
Non-current receivable from Financial Services
|
256 | — | ||||||
|
Total Automotive assets
|
81,956 | 79,118 | ||||||
|
Financial Services
|
||||||||
|
Cash and cash equivalents
|
11,555 | 11,132 | ||||||
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Marketable securities
|
9,824 | 6,864 | ||||||
|
Finance receivables, net (Note 4)
|
77,439 | 80,885 | ||||||
|
Net investment in operating leases
|
13,780 | 15,062 | ||||||
|
Equity in net assets of affiliated companies
|
124 | 121 | ||||||
|
Goodwill and other net intangible assets (Note 7)
|
9 | 9 | ||||||
|
Other assets
|
4,330 | 5,039 | ||||||
|
Total Financial Services assets
|
117,061 | 119,112 | ||||||
|
Intersector elimination
|
(3,532 | ) | (3,224 | ) | ||||
|
Total assets
|
$ | 195,485 | $ | 195,006 | ||||
|
LIABILITIES
|
||||||||
|
Automotive
|
||||||||
|
Trade payables
|
$ | 11,898 | $ | 10,599 | ||||
|
Other payables
|
2,480 | 2,466 | ||||||
|
Accrued liabilities and deferred revenue
|
17,642 | 18,138 | ||||||
|
Deferred income taxes
|
2,949 | 3,091 | ||||||
|
Debt payable within one year (Note 9)
|
5,009 | 1,638 | ||||||
|
Total current liabilities
|
39,978 | 35,932 | ||||||
|
Long-term debt (Note 9)
|
29,242 | 31,972 | ||||||
|
Other liabilities
|
22,337 | 23,132 | ||||||
|
Deferred income taxes
|
524 | 561 | ||||||
|
Liabilities of held-for-sale operations (Note 12)
|
5,644 | 5,321 | ||||||
|
Total Automotive liabilities
|
97,725 | 96,918 | ||||||
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Financial Services
|
||||||||
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Payables
|
1,233 | 1,236 | ||||||
|
Debt (Note 9)
|
96,286 | 98,671 | ||||||
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Deferred income taxes
|
1,644 | 1,735 | ||||||
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Other liabilities and deferred income
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4,476 | 4,884 | ||||||
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Payable to Automotive
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3,090 | 2,568 | ||||||
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Total Financial Services liabilities
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106,729 | 109,094 | ||||||
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Intersector elimination
|
(3,532 | ) | (3,224 | ) | ||||
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Total liabilities
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200,922 | 202,788 | ||||||
|
EQUITY
|
||||||||
|
Capital stock
|
||||||||
|
Common Stock, par value $0.01 per share (3,345 million shares issued)
|
33 | 33 | ||||||
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Class B Stock, par value $0.01 per share (71 million shares issued)
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1 | 1 | ||||||
|
Capital in excess of par value of stock
|
17,382 | 16,786 | ||||||
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Accumulated other comprehensive income/(loss)
|
(11,199 | ) | (10,864 | ) | ||||
|
Treasury stock
|
(178 | ) | (177 | ) | ||||
|
Retained earnings/(Accumulated deficit)
|
(11,514 | ) | (13,599 | ) | ||||
|
Total equity/(deficit) attributable to Ford Motor Company (Note 17)
|
(5,475 | ) | (7,820 | ) | ||||
|
Equity/(Deficit) attributable to noncontrolling interests (Note 17)
|
38 | 38 | ||||||
|
Total equity/(deficit) (Note 17)
|
(5,437 | ) | (7,782 | ) | ||||
|
Total liabilities and equity
|
$ | 195,485 | $ | 195,006 | ||||
|
First Quarter
|
||||||||
|
2010
|
2009
|
|||||||
|
(unaudited)
|
||||||||
|
Cash flows from operating activities of continuing operations
|
||||||||
|
Net cash (used in)/provided by operating activities
|
$ | 2,683 | $ | 4,016 | ||||
|
Cash flows from investing activities of continuing operations
|
||||||||
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Capital expenditures
|
(1,068 | ) | (1,069 | ) | ||||
|
Acquisitions of retail and other finance receivables and operating leases
|
(6,979 | ) | (6,032 | ) | ||||
|
Collections of retail and other finance receivables and operating leases
|
9,602 | 10,047 | ||||||
|
Purchases of securities
|
(18,341 | ) | (22,002 | ) | ||||
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Sales and maturities of securities
|
17,987 | 19,071 | ||||||
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Settlements of derivatives
|
46 | 1,163 | ||||||
|
Proceeds from sale of businesses
|
— | 166 | ||||||
|
Cash change due to deconsolidation of joint ventures
|
— | (343 | ) | |||||
|
Other
|
(80 | ) | (336 | ) | ||||
|
Net cash (used in)/provided by investing activities
|
1,167 | 665 | ||||||
|
Cash flows from financing activities of continuing operations
|
||||||||
|
Sales of Common Stock
|
530 | — | ||||||
|
Changes in short-term debt
|
(1,042 | ) | (3,869 | ) | ||||
|
Proceeds from issuance of other debt
|
8,827 | 15,410 | ||||||
|
Principal payments on other debt
|
(8,506 | ) | (16,355 | ) | ||||
|
Other
|
79 | (87 | ) | |||||
|
Net cash (used in)/provided by financing activities
|
(112 | ) | (4,901 | ) | ||||
|
Effect of exchange rate changes on cash
|
(276 | ) | (310 | ) | ||||
|
Cumulative correction of Financial Services prior period error
|
— | (630 | ) | |||||
|
Net increase/(decrease) in cash and cash equivalents from continuing operations
|
3,462 | (1,160 | ) | |||||
|
Cash flows from discontinued operations
|
||||||||
|
Cash flows from operating activities of discontinued operations
|
— | — | ||||||
|
Cash flows from investing activities of discontinued operations
|
— | — | ||||||
|
Cash flows from financing activities of discontinued operations
|
— | — | ||||||
|
Net increase/(decrease) in cash and cash equivalents
|
$ | 3,462 | $ | (1,160 | ) | |||
|
Cash and cash equivalents at January 1
|
$ | 20,894 | $ | 21,804 | ||||
|
Cash and cash equivalents of discontinued/held-for-sale operations at January 1
|
— | — | ||||||
|
Net increase/(decrease) in cash and cash equivalents
|
3,462 | (1,160 | ) | |||||
|
Less: cash and cash equivalents of discontinued/held-for-sale operations at March 31
|
— | — | ||||||
|
Cash and cash equivalents at March 31
|
$ | 24,356 | $ | 20,644 | ||||
|
First Quarter 2010
|
First Quarter 2009
|
|||||||||||||||
|
Automotive
|
Financial
Services
|
Automotive
|
Financial
Services
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
|
Cash flows from operating activities of continuing operations
|
||||||||||||||||
|
Net cash (used in)/provided by operating activities
|
$ | 603 | $ | 1,488 | $ | (2,410 | ) | $ | 1,911 | |||||||
|
Cash flows from investing activities of continuing operations
|
||||||||||||||||
|
Capital expenditures
|
(1,064 | ) | (4 | ) | (1,064 | ) | (5 | ) | ||||||||
|
Acquisitions of retail and other finance receivables and operating leases
|
— | (6,979 | ) | — | (6,032 | ) | ||||||||||
|
Collections of retail and other finance receivables and operating leases
|
— | 9,673 | — | 10,124 | ||||||||||||
|
Net (acquisitions)/collections of wholesale receivables
|
— | 521 | — | 4,438 | ||||||||||||
|
Purchases of securities
|
(9,102 | ) | (9,239 | ) | (17,513 | ) | (5,544 | ) | ||||||||
|
Sales and maturities of securities
|
11,917 | 6,284 | 13,352 | 5,854 | ||||||||||||
|
Settlements of derivatives
|
(128 | ) | 174 | 242 | 921 | |||||||||||
|
Proceeds from sale of businesses
|
— | — | 1 | 165 | ||||||||||||
|
Cash change due to deconsolidation of joint ventures
|
— | — | (343 | ) | — | |||||||||||
|
Other
|
(7 | ) | (73 | ) | (327 | ) | (9 | ) | ||||||||
|
Net cash (used in)/provided by investing activities
|
1,616 | 357 | (5,652 | ) | 9,912 | |||||||||||
|
Cash flows from financing activities of continuing operations
|
||||||||||||||||
|
Sales of Common Stock
|
530 | — | — | — | ||||||||||||
|
Changes in short-term debt
|
269 | (1,311 | ) | 359 | (4,228 | ) | ||||||||||
|
Proceeds from issuance of other debt
|
310 | 8,517 | 10,138 | 5,272 | ||||||||||||
|
Principal payments on other debt
|
(117 | ) | (8,603 | ) | (150 | ) | (15,285 | ) | ||||||||
|
Other
|
116 | (37 | ) | (72 | ) | (15 | ) | |||||||||
|
Net cash (used in)/provided by financing activities
|
1,108 | (1,434 | ) | 10,275 | (14,256 | ) | ||||||||||
|
Effect of exchange rate changes on cash
|
(80 | ) | (196 | ) | (102 | ) | (208 | ) | ||||||||
|
Net change in intersector receivables/payables and other liabilities
|
(208 | ) | 208 | (590 | ) | 590 | ||||||||||
|
Cumulative correction of prior period error
|
— | — | — | (630 | ) | |||||||||||
|
Net increase/(decrease) in cash and cash equivalents from continuing operations
|
3,039 | 423 | 1,521 | (2,681 | ) | |||||||||||
|
Cash flows from discontinued operations
|
||||||||||||||||
|
Cash flows from operating activities of discontinued operations
|
— | — | — | — | ||||||||||||
|
Cash flows from investing activities of discontinued operations
|
— | — | — | — | ||||||||||||
|
Cash flows from financing activities of discontinued operations
|
— | — | — | — | ||||||||||||
|
Net increase/(decrease) in cash and cash equivalents
|
$ | 3,039 | $ | 423 | $ | 1,521 | $ | (2,681 | ) | |||||||
|
Cash and cash equivalents at January 1
|
$ | 9,762 | $ | 11,132 | $ | 6,132 | $ | 15,672 | ||||||||
|
Cash and cash equivalents of discontinued/held-for-sale operations at January 1
|
— | — | — | — | ||||||||||||
|
Net increase/(decrease) in cash and cash equivalents
|
3,039 | 423 | 1,521 | (2,681 | ) | |||||||||||
|
Less: cash and cash equivalents of discontinued/held-for-sale operations at March 31
|
— | — | — | — | ||||||||||||
|
Cash and cash equivalents at March 31
|
$ | 12,801 | $ | 11,555 | $ | 7,653 | $ | 12,991 | ||||||||
|
First Quarter
|
||||||||
|
2010
|
2009
|
|||||||
|
(unaudited)
|
||||||||
|
Net income/(loss)
|
$ | 2,085 | $ | (1,435 | ) | |||
|
Other comprehensive income/(loss), net of tax:
|
||||||||
|
Foreign currency translation
|
(489 | ) | (447 | ) | ||||
|
Net gain/(loss) on derivative instruments
|
(1 | ) | (87 | ) | ||||
|
Employee benefit-related
|
157 | (5 | ) | |||||
|
Net holding gain/(loss)
|
(2 | ) | (1 | ) | ||||
|
Total other comprehensive income/(loss), net of tax
|
(335 | ) | (540 | ) | ||||
|
Comprehensive income/(loss)
|
1,750 | (1,975 | ) | |||||
|
Less: Comprehensive income/(loss) attributable to noncontrolling interests (Note 17)
|
— | (8 | ) | |||||
|
Comprehensive income/(loss) attributable to Ford Motor Company
|
$ | 1,750 | $ | (1,967 | ) | |||
|
Footnote
|
Page
|
|
|
Note 1
|
Principles of Presentation and Consolidation
|
10
|
|
Note 2
|
Fair Value Measurements
|
13
|
|
Note 3
|
Cash and Restricted Cash
|
21
|
|
Note 4
|
Finance Receivables – Financial Services Sector
|
22
|
|
Note 5
|
Inventories
|
22
|
|
Note 6
|
Variable Interest Entities
|
22
|
|
Note 7
|
Goodwill and Other Net Intangible Assets
|
26
|
|
Note 8
|
Retirement Benefits
|
27
|
|
Note 9
|
Debt and Commitments
|
28
|
|
Note 10
|
Other Income/(Loss)
|
36
|
|
Note 11
|
Income Taxes
|
36
|
|
Note 12
|
Held-For-Sale Operations, Discontinued Operations, Other Dispositions, and Acquisitions
|
36
|
|
Note 13
|
Amounts Per Share Attributable to Ford Motor Company Common and Class B Stock
|
38
|
|
Note 14
|
Derivative Financial Instruments and Hedging Activities
|
39
|
|
Note 15
|
Segment Information
|
44
|
|
Note 16
|
Commitments
|
44
|
|
Note 17
|
Equity/(Deficit) Attributable to Ford Motor Company and Noncontrolling Interests
|
46
|
|
First Quarter 2009
|
||||||||||||
|
Revised
|
As Originally Reported
|
Effect of Change
|
||||||||||
|
SUMMARY OF OPERATIONS
|
||||||||||||
|
Total Company
|
||||||||||||
|
Sales and revenues
|
$ | 24,390 | $ | 24,778 | $ | (388 | ) | |||||
|
Income/(Loss) before income taxes
|
$ | (1,662 | ) | $ | (1,620 | ) | $ | (42 | ) | |||
|
Provision for/(Benefit from) income taxes
|
(227 | ) | (204 | ) | (23 | ) | ||||||
|
Income/(Loss) from continuing operations
|
(1,435 | ) | (1,416 | ) | (19 | ) | ||||||
|
Income/(Loss) from discontinued operations
|
— | — | — | |||||||||
|
Net income/(loss)
|
(1,435 | ) | (1,416 | ) | (19 | ) | ||||||
|
Less: Income/(Loss) attributable to noncontrolling interests
|
(8 | ) | 11 | (19 | ) | |||||||
|
Net income/(loss) attributable to Ford Motor Company
|
$ | (1,427 | ) | $ | (1,427 | ) | $ | — | ||||
|
Automotive Sector
|
||||||||||||
|
Sales
|
$ | 20,980 | $ | 21,368 | $ | (388 | ) | |||||
|
Operating income/(loss)
|
(2,442 | ) | (2,338 | ) | (104 | ) | ||||||
|
Income/(Loss) before income taxes
|
(1,510 | ) | (1,468 | ) | (42 | ) | ||||||
|
Amounts Per Share Attributable to Ford Motor Company Common and Class B Stock
|
||||||||||||
|
Basic:
|
||||||||||||
|
Income/(Loss) from continuing operations
|
$ | (0.60 | ) | $ | (0.60 | ) | $ | — | ||||
|
Income/(Loss) from discontinued operations
|
— | — | — | |||||||||
|
Net income/(loss)
|
$ | (0.60 | ) | $ | (0.60 | ) | $ | — | ||||
|
Diluted:
|
||||||||||||
|
Income/(Loss) from continuing operations
|
$ | (0.60 | ) | $ | (0.60 | ) | $ | — | ||||
|
Income/(Loss) from discontinued operations
|
— | — | — | |||||||||
|
Net income/(loss)
|
$ | (0.60 | ) | $ | (0.60 | ) | $ | — | ||||
|
March 31,
2010
|
December 31,
2009
|
|||||||
|
Sector balance sheet presentation of deferred income tax assets:
|
||||||||
|
Automotive sector current deferred income tax assets
|
$ | 493 | $ | 479 | ||||
|
Automotive sector non-current deferred income tax assets
|
5,600 | 5,660 | ||||||
|
Financial Services sector deferred income tax assets*
|
285 | 306 | ||||||
|
Total
|
6,378 | 6,445 | ||||||
|
Reclassification for netting of deferred income taxes
|
(3,517 | ) | (2,966 | ) | ||||
|
Consolidated balance sheet presentation of deferred income tax assets
|
$ | 2,861 | $ | 3,479 | ||||
|
Sector balance sheet presentation of deferred income tax liabilities:
|
||||||||
|
Automotive sector current deferred income tax liabilities
|
$ | 2,949 | $ | 3,091 | ||||
|
Automotive sector non-current deferred income tax liabilities
|
524 | 561 | ||||||
|
Financial Services sector deferred income tax liabilities
|
1,644 | 1,735 | ||||||
|
Total
|
5,117 | 5,387 | ||||||
|
Reclassification for netting of deferred income taxes
|
(3,517 | ) | (2,966 | ) | ||||
|
Consolidated balance sheet presentation of deferred income tax liabilities
|
$ | 1,600 | $ | 2,421 | ||||
|
First Quarter
|
||||||||
|
2010
|
2009
|
|||||||
|
Automotive cash flows from operating activities of continuing operations
|
$ | 603 | $ | (2,410 | ) | |||
|
Financial Services cash flows from operating activities of continuing operations
|
1,488 | 1,911 | ||||||
|
Total sector cash flows from operating activities of continuing operations
|
2,091 | (499 | ) | |||||
|
Reclassifications from investing to operating cash flows:
|
||||||||
|
Wholesale receivables (a)
|
521 | 4,438 | ||||||
|
Finance receivables (b)
|
71 | 77 | ||||||
|
Consolidated cash flows from operating activities of continuing operations
|
$ | 2,683 | $ | 4,016 | ||||
|
Automotive cash flows from investing activities of continuing operations
|
$ | 1,616 | $ | (5,652 | ) | |||
|
Financial Services cash flows from investing activities of continuing operations
|
357 | 9,912 | ||||||
|
Total sector cash flows from investing activities of continuing operations
|
1,973 | 4,260 | ||||||
|
Reclassifications from investing to operating cash flows:
|
||||||||
|
Wholesale receivables (a)
|
(521 | ) | (4,438 | ) | ||||
|
Finance receivables (b)
|
(71 | ) | (77 | ) | ||||
|
Reclassifications from investing to financing cash flows:
|
||||||||
|
Automotive sector acquisition of Financial Services sector debt (c)
|
(214 | ) | ( 134 | ) | ||||
|
Financial Services sector acquisition of Automotive sector debt (d)
|
— | 1,054 | ||||||
|
Consolidated cash flows from investing activities of continuing operations
|
$ | 1,167 | $ | 665 | ||||
|
Automotive cash flows from financing activities of continuing operations
|
$ | 1,108 | $ | 10,275 | ||||
|
Financial Services cash flows from financing activities of continuing operations
|
(1,434 | ) | (14,256 | ) | ||||
|
Total sector cash flows from financing activities of continuing operations
|
(326 | ) | (3,981 | ) | ||||
|
Reclassifications from investing to financing cash flows:
|
||||||||
|
Automotive sector acquisition of Financial Services sector debt (c)
|
214 | 134 | ||||||
|
Financial Services sector acquisition of Automotive sector debt (d)
|
— | (1,054 | ) | |||||
|
Consolidated cash flows from financing activities of continuing operations
|
$ | (112 | ) | $ | (4,901 | ) | ||
|
(a)
|
In addition to the cash flow from vehicles sold by us, the cash flow from wholesale finance receivables (being reclassified from investing to operating) includes financing by Ford Credit of used and non-Ford vehicles. 100% of cash flows from wholesale finance receivables have been reclassified for consolidated presentation as the portion of these cash flows from used and non-Ford vehicles is impracticable to separate.
|
|
(b)
|
Includes cash flows of finance receivables purchased/collected from certain divisions and subsidiaries of the Automotive sector.
|
|
(c)
|
See "Debt Reduction Actions" above for further discussion. Cash inflows related to these transactions are reported as financing activities on the consolidated statement of cash flows and investing activities on the sector statement of cash flows. For first quarter 2009, this includes $135 million related to the maturity of Ford Credit debt previously acquired by our Automotive sector.
|
|
(d)
|
See "2009 Secured Term Loan Actions" within the Automotive section of Note 9 for further discussion of these transactions. Cash outflows related to these transactions are reported as financing activities on the consolidated statement of cash flows and investing or operating activities on the sector statement of cash flows.
|
|
|
·
|
Level 1 – inputs include quoted prices for identical instruments and are the most observable.
|
|
|
·
|
Level 2 – inputs include quoted prices for similar assets and observable inputs such as interest rates, currency exchange rates and yield curves.
|
|
|
·
|
Level 3 – inputs are not observable in the market and include management's judgments about the assumptions market participants would use in pricing the asset or liability.
|
|
March 31, 2010
|
||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Automotive Sector
|
||||||||||||||||
|
Assets
|
||||||||||||||||
|
Cash equivalents – financial instruments (a)
|
||||||||||||||||
|
U.S. government
|
$ | 1,085 | $ | — | $ | — | $ | 1,085 | ||||||||
|
Government-sponsored enterprises
|
— | 2,399 | — | 2,399 | ||||||||||||
|
Government – non-U.S.
|
— | 99 | — | 99 | ||||||||||||
|
Corporate debt
|
— | 2,353 | — | 2,353 | ||||||||||||
|
Total cash equivalents – fina
ncial instruments
|
1,085 | 4,851 | — | 5,936 | ||||||||||||
|
Marketable securities (b)
|
||||||||||||||||
|
U.S. government
|
5,706 | — | — | 5,706 | ||||||||||||
|
Government-sponsored enterprises
|
— | 3,782 | — | 3,782 | ||||||||||||
|
Corporate debt
|
— | 99 | — | 99 | ||||||||||||
|
Mortgage-backed and other asset-backed
|
— | 114 | 2 | 116 | ||||||||||||
|
Equity
|
583 | — | — | 583 | ||||||||||||
|
Government – non-U.S.
|
— | 750 | — | 750 | ||||||||||||
|
Other liquid investments (c)
|
— | 1,023 | — | 1,023 | ||||||||||||
|
Total marketable securities
|
6,289 | 5,768 | 2 | 12,059 | ||||||||||||
|
Derivative financial instruments
|
||||||||||||||||
|
Foreign exchange contracts
|
— | 59 | — | 59 | ||||||||||||
|
Commodity contracts
|
— | 4 | 8 | 12 | ||||||||||||
|
Other – warrants
|
— | — | 3 | 3 | ||||||||||||
|
Total derivative financial instruments (d)
|
— | 63 | 11 | 74 | ||||||||||||
|
Total assets at fair value
|
$ | 7,374 | $ | 10,682 | $ | 13 | $ | 18,069 | ||||||||
|
Liabilities
|
||||||||||||||||
|
Derivative financial instruments
|
||||||||||||||||
|
Foreign exchange contracts
|
$ | — | $ | 128 | $ | — | $ | 128 | ||||||||
|
Commodity contracts
|
— | 29 | — | 29 | ||||||||||||
|
Total derivative financial instruments (d)
|
— | 157 | — | 157 | ||||||||||||
|
Total liabilities at fair value
|
$ | — | $ | 157 | $ | — | $ | 157 | ||||||||
|
(a)
|
"Cash equivalents –
financial instruments" in this table excludes time deposits, certificates of deposit, money market accounts, and other cash equivalents reported at par value on our balance sheet totaling $4.6 billion as of March 31
,
2010 for the Automotive sector, which approximates fair value. In addition to these cash equivalents, we also had cash on hand totaling $2.3 billion as of March 31
,
2010.
|
|
(b)
|
Excludes an investment in Ford Credit debt securities held by the Automotive sector with a carrying value of $432 million and an estimated fair value of $439 million as of March 31, 2010;
see Note 1 for additional detail.
|
|
(c)
|
Includes certificates of deposit and time deposits with a maturity of more than 90 days at date of purchase.
|
|
(d)
|
See Note 14 for additional information regarding derivative financial instruments.
|
|
March 31, 2010
|
||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Financial Services Sector
|
||||||||||||||||
|
Assets
|
||||||||||||||||
|
Cash equivalents – financial instruments (a)
|
||||||||||||||||
|
U.S. government
|
$ | 1,179 | $ | — | $ | — | $ | 1,179 | ||||||||
|
Government-sponsored enterprises
|
— | 850 | — | 850 | ||||||||||||
|
Government – non-U.S.
|
— | 427 | — | 427 | ||||||||||||
|
Corporate debt
|
— | 300 | — | 300 | ||||||||||||
|
Total cash equivalents – financial instruments
|
1,179 | 1,577 | — | 2,756 | ||||||||||||
|
Marketable securities
|
||||||||||||||||
|
U.S. government
|
6,860 | — | — | 6,860 | ||||||||||||
|
Government-sponsored enterprises
|
— | 1,996 | — | 1,996 | ||||||||||||
|
Corporate debt
|
— | 165 | — | 165 | ||||||||||||
|
Mortgage-backed
|
— | 244 | — | 244 | ||||||||||||
|
Government – non-U.S.
|
— | 323 | — | 323 | ||||||||||||
|
Other liquid investments (b)
|
— | 236 | — | 236 | ||||||||||||
|
Total marketable securities
|
6,860 | 2,964 | — | 9,824 | ||||||||||||
|
Derivative financial instruments (c)
|
||||||||||||||||
|
Interest rate contracts
|
— | 1,124 | 350 | 1,474 | ||||||||||||
|
Foreign exchange contracts
|
— | 6 | — | 6 | ||||||||||||
|
Cross currency interest rate swap contracts
|
— | 72 | — | 72 | ||||||||||||
|
Total derivative financial instruments
|
— | 1,202 | 350 | 1,552 | ||||||||||||
|
Retained interest in securitized assets (d)
|
— | — | 13 | 13 | ||||||||||||
|
Total assets at fair value
|
$ | 8,039 | $ | 5,743 | $ | 363 | $ | 14,145 | ||||||||
|
Liabilities
|
||||||||||||||||
|
Derivative financial instruments (c)
|
||||||||||||||||
|
Interest rate contracts
|
$ | — | $ | 312 | $ | 365 | $ | 677 | ||||||||
|
Foreign exchange contracts
|
— | 85 | — | 85 | ||||||||||||
|
Cross
-
currency interest rate swap contracts
|
— | 134 | 168 | 302 | ||||||||||||
|
Total derivative financial instruments
|
— | 531 | 533 | 1,064 | ||||||||||||
|
Total liabilities at fair value
|
$ | — | $ | 531 | $ | 533 | $ | 1,064 | ||||||||
|
(a)
|
"Cash equivalents –
financial instruments" in this table excludes time deposits, certificates of deposit, money market accounts, and other cash equivalents reported at par value on our balance sheet totaling $6.7 billion as of March 31
,
2010 for the Financial Services sector, which approximates fair value. In addition to these cash equivalents, we also had cash on hand totaling $2.1 billion as of March 31
,
2010 for the Financial Services sector
.
|
|
(b)
|
Includes certificates of deposit and time deposits with a maturity of more than 90 days at date of purchase.
|
|
(c)
|
See Note 14 for additional information regarding derivative financial instruments.
|
|
(d)
|
Retained interest in securitized assets is reported in
Other assets
on our consolidated balance sheet.
|
|
December 31, 2009
|
||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Automotive Sector
|
||||||||||||||||
|
Assets
|
||||||||||||||||
|
Cash equivalents – financial instruments (a)
|
||||||||||||||||
|
U.S. government
|
$ | 30 | $ | — | $ | — | $ | 30 | ||||||||
|
Government-sponsored enterprises
|
— | 949 | — | 949 | ||||||||||||
|
Government – non-U.S.
|
— | 238 | — | 238 | ||||||||||||
|
Corporate debt
|
— | 2,557 | — | 2,557 | ||||||||||||
|
Total cash equivalents – financial instruments
|
30 | 3,744 | — | 3,774 | ||||||||||||
|
Marketable securities(b)
|
||||||||||||||||
|
U.S. government
|
9,130 | — | — | 9,130 | ||||||||||||
|
Government-sponsored enterprises
|
— | 2,408 | — | 2,408 | ||||||||||||
|
Corporate debt
|
— | 108 | 8 | 116 | ||||||||||||
|
Mortgage-backed and other asset-backed
|
— | 191 | 17 | 208 | ||||||||||||
|
Equity
|
477 | — | — | 477 | ||||||||||||
|
Government – non-U.S.
|
— | 1,283 | — | 1,283 | ||||||||||||
|
Other liquid investments (c)
|
— | 901 | — | 901 | ||||||||||||
|
Total marketable securities
|
9,607 | 4,891 | 25 | 14,523 | ||||||||||||
|
Derivative financial instruments
|
||||||||||||||||
|
Foreign exchange contracts
|
— | 59 | — | 59 | ||||||||||||
|
Commodity contracts
|
— | 8 | 7 | 15 | ||||||||||||
|
Other - warrants
|
— | — | 2 | 2 | ||||||||||||
|
Total derivative financial instruments
|
— | 67 | 9 | 76 | ||||||||||||
|
Total assets at fair value
|
$ | 9,637 | $ | 8,702 | $ | 34 | $ | 18,373 | ||||||||
|
Liabilities
|
||||||||||||||||
|
Derivative financial instruments
|
||||||||||||||||
|
Foreign exchange contracts
|
$ | — | $ | 85 | $ | — | $ | 85 | ||||||||
|
Commodity contracts
|
— | 54 | — | 54 | ||||||||||||
|
Total derivative financial instruments
|
— | 139 | — | 139 | ||||||||||||
|
Total liabilities at fair value
|
$ | — | $ | 139 | $ | — | $ | 139 | ||||||||
|
(a)
|
"
Cash equivalents – f
inancial instruments" in this table excludes time deposits, certificates of deposit, money market accounts, and other cash equivalents reported at par value on our balance sheet totaling $
2.1 billion as of December 31,
2009 for the Automotive sector, which approximates fair value. In addition to these cash equivalents, we also had cash on hand totaling $3.9 billion as of December
31,
2009.
|
|
(b)
|
Marketable securities excludes an investment in Ford Credit debt securities held by the Automotive sector with a carrying value of $646 million and an estimated fair value of $656 million as of December 31, 2009; see Note 1 for additional detail.
|
|
(c)
|
Other liquid investments include certificates of deposit and time deposits with a maturity of more than 90 days at date of purchase.
|
|
December 31, 2009
|
||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Financial Services Sector
|
||||||||||||||||
|
Assets
|
||||||||||||||||
|
Cash equivalents – financial instruments
(a)
|
||||||||||||||||
|
U.S. government
|
$ | 75 | $ | — | $ | — | $ | 75 | ||||||||
|
Government-sponsored enterprises
|
— | 400 | — | 400 | ||||||||||||
|
Government-non-U.S.
|
— | 29 | — | 29 | ||||||||||||
|
Corporate debt.
|
— | 75 | — | 75 | ||||||||||||
|
Total cash equivalents – financial instruments
|
75 | 504 | — | 579 | ||||||||||||
|
Marketable securities
|
||||||||||||||||
|
U.S. government
|
5,256 | — | — | 5,256 | ||||||||||||
|
Government-sponsored enterprises
|
— | 1,098 | — | 1,098 | ||||||||||||
|
Corporate debt
|
— | 159 | 4 | 163 | ||||||||||||
|
Mortgage-backed
|
— | 237 | — | 237 | ||||||||||||
|
Government – non-U.S.
|
— | 65 | — | 65 | ||||||||||||
|
Other liquid investments (b)
|
— | 45 | — | 45 | ||||||||||||
|
Total marketable securities
|
5,256 | 1,604 | 4 | 6,864 | ||||||||||||
|
Derivative financial instruments
|
||||||||||||||||
|
Interest rate contracts
|
— | 1,234 | 420 | 1,654 | ||||||||||||
|
Foreign exchange contracts
|
— | 22 | — | 22 | ||||||||||||
|
Cross currency interest rate swap contracts
|
— | 203 | — | 203 | ||||||||||||
|
Total derivative financial instruments
|
— | 1,459 | 420 | 1,879 | ||||||||||||
|
Retained interest in securitized assets
|
— | — | 26 | 26 | ||||||||||||
|
Total assets at fair value
|
$ | 5,331 | $ | 3,567 | $ | 450 | $ | 9,348 | ||||||||
|
Liabilities
|
||||||||||||||||
|
Derivative financial instruments
|
||||||||||||||||
|
Interest rate contracts
|
$ | — | $ | 409 | $ | 437 | $ | 846 | ||||||||
|
Foreign exchange contracts
|
— | 46 | — | 46 | ||||||||||||
|
Cross
-
currency interest rate swap contracts
|
— | 144 | 138 | 282 | ||||||||||||
|
Total derivative financial instruments
|
— | 599 | 575 | 1,174 | ||||||||||||
|
Total liabilities at fair value
|
$ | — | $ | 599 | $ | 575 | $ | 1,174 | ||||||||
|
(a)
|
"
Cash equivalents – financial i
nstruments" in this table excludes time deposits, certificates of deposit, money market accounts, and other cash equivalents reported at par value on our balance sheet totaling $
7.7 billion as of December 31,
2009 for the Financial Services sector, which approximates fair value. In addition to these cash equivalents, we also had cash on hand totaling $2.8 billion as of December
31,
2009.
|
|
(b)
|
Other liquid investments include certificates of deposit and time deposits with a maturity of more than 90 days at date of purchase.
|
|
2010
|
||||||||||||||||||||||||
|
Fair Value
at
December 31,
2009
|
Total
Realized/
Unrealized
Gains/
(Losses)
|
Net
Purchases/
(Settlements)
(a)
|
Net Transfers
Into/(Out of)
Level 3
|
Fair Value at
March 31,
2010
|
Change In
Unrealized
Gains/
(Losses) on
Instruments
Still Held (b)
|
|||||||||||||||||||
|
Automotive Sector
|
||||||||||||||||||||||||
|
Marketable securities
|
||||||||||||||||||||||||
|
Corporate debt
|
$ | 8 | $ | — | $ | (8 | ) | $ | — | $ | — | $ | — | |||||||||||
|
Mortgage-backed and other asset-backed
|
17 | (1 | ) | (14 | ) | — | 2 | — | ||||||||||||||||
|
Total marketable securities
|
25 | (1 | ) | (22 | ) | — | 2 | — | ||||||||||||||||
|
Derivative financial instruments, net
|
9 | 3 | (1 | ) | — | 11 | 2 | |||||||||||||||||
|
Total Level 3 fair value
|
$ | 34 | $ | 2 | $ | (23 | ) | $ | — | $ | 13 | $ | 2 | |||||||||||
|
Financial Services Sector
|
||||||||||||||||||||||||
|
Marketable securities - corporate debt
|
$ | 4 | $ | (4 | ) | $ | — | $ | — | $ | — | $ | — | |||||||||||
|
Derivative financial instruments, net
|
(155 | ) | (63 | ) | 35 | — | (183 | ) | (34 | ) | ||||||||||||||
|
Retained interest in securitized assets
|
26 | — | (13 | ) | — | 13 | — | |||||||||||||||||
|
Total Level 3 fair value
|
$ | (125 | ) | $ | (67 | ) | $ | 22 | $ | — | $ | (170 | ) | $ | (34 | ) | ||||||||
|
(a)
|
Includes option premiums (paid)/received on options traded during the quarter.
|
|
(b)
|
For those assets and liabilities still held at reporting date.
|
|
2009
|
||||||||||||||||||||||||
|
Fair Value at
December 31,
2008
|
Total
Realized/
Unrealized
Gains/
(Losses)
|
Net
Purchases/
(Settlements)
(a)
|
Net Transfers
Into/(Out of)
Level 3 (b)
|
Fair Value at
March 31,
2009 (c)
|
Change In
Unrealized
Gains/
(Losses) on
Instruments
Still Held (d)
|
|||||||||||||||||||
|
Automotive Sector
|
||||||||||||||||||||||||
|
Marketable securities
|
||||||||||||||||||||||||
|
Corporate debt
|
$ | 22 | $ | (2 | ) | $ | (13 | ) | $ | — | $ | 7 | $ | (2 | ) | |||||||||
|
Mortgage-backed and other asset
-
backed
|
127 | (4 | ) | (62 | ) | (9 | ) | 52 | (2 | ) | ||||||||||||||
|
Equity
|
1 | — | — | (1 | ) | — | — | |||||||||||||||||
|
Total marketable securities
|
150 | (6 | ) | (75 | ) | (10 | ) | 59 | (4 | ) | ||||||||||||||
|
Derivative financial instruments, net
|
(32 | ) | (3 | ) | 21 | — | (14 | ) | (2 | ) | ||||||||||||||
|
Total Level 3 fair value
|
$ | 118 | $ | (9 | ) | $ | (54 | ) | $ | (10 | ) | $ | 45 | $ | (6 | ) | ||||||||
|
Financial Services Sector
|
||||||||||||||||||||||||
|
Marketable securities - corporate debt
|
$ | 5 | $ | (4 | ) | $ | — | $ | — | $ | 1 | $ | (4 | ) | ||||||||||
|
Derivative financial instruments, net
|
(74 | ) | (15 | ) | 18 | — | (71 | ) | (1 | ) | ||||||||||||||
|
Retained interest in securitized assets
|
92 | 2 | (7 | ) | — | 87 | (2 | ) | ||||||||||||||||
|
Total Level 3 fair value
|
$ | 23 | $ | (17 | ) | $ | 11 | $ | — | $ | 17 | $ | (7 | ) | ||||||||||
|
(a)
|
Includes option premiums (paid)/received on options traded during the quarter.
|
|
(b)
|
"Transfers Into" represent the value at the end of the reporting period and "Transfers Out of" represent the value at the beginning of the reporting period.
|
|
(c)
|
Refer to our 2009 Form 10-K Report for reconciliation of full year 2009.
|
|
(d)
|
For those assets and liabilities still held at reporting date
.
|
|
2010
|
||||||||||||||||||||
|
Automotive
Cost of Sales
|
Automotive
Interest
Income and
Other Non-
Operating
Income/
(Loss), Net
|
Financial
Services
Other Income/
(Loss), Net
|
Other
Comprehensive
Income/
(Loss) (a)
|
Total
Realized/
Unrealized
Gains/
(Losses)
|
||||||||||||||||
|
Automotive Sector
|
||||||||||||||||||||
|
Marketable securities
|
$ | — | $ | (1 | ) | $ | — | $ | — | $ | (1 | ) | ||||||||
|
Derivative financial instruments, net (b)
|
2 | 1 | — | — | 3 | |||||||||||||||
|
Total Automotive sector
|
2 | — | — | — | 2 | |||||||||||||||
|
Financial Services Sector
|
||||||||||||||||||||
|
Marketable securities
|
— | — | (4 | ) | — | (4 | ) | |||||||||||||
|
Derivative financial instruments, net (b)
|
— | — | (56 | ) | (7 | ) | (63 | ) | ||||||||||||
|
Retained interest in securitized assets
|
— | — | (2 | ) | 2 | — | ||||||||||||||
|
Total Financial Services sector
|
$ | — | $ | — | $ | (62 | ) | $ | (5 | ) | $ | (67 | ) | |||||||
|
(a)
|
"Other Comprehensive Income/(Loss)" on derivative financial instruments reflects foreign currency translation on non-U.S. dollar foreign affiliates.
|
|
(b)
|
See Note 14 for detail on financial statement presentation by hedge designation.
|
|
2009
|
||||||||||||||||||||
|
Automotive
Cost of Sales
|
Automotive
Interest
Income and
Other Non-
Operating
Income/
(Loss), Net
|
Financial
Services
Other Income/
(Loss), Net
|
Other
Comprehensive
Income/
(Loss) (a)
|
Total
Realized/
Unrealized
Gains/
(Losses)
|
||||||||||||||||
|
Automotive Sector
|
||||||||||||||||||||
|
Marketable securities
|
$ | — | $ | (6 | ) | $ | — | $ | — | $ | (6 | ) | ||||||||
|
Derivative financial instruments, net (b)
|
(4 | ) | 1 | — | — | (3 | ) | |||||||||||||
|
Total Automotive sector
|
(4 | ) | (5 | ) | — | — | (9 | ) | ||||||||||||
|
Financial Services Sector
|
||||||||||||||||||||
|
Marketable securities
|
— | — | (4 | ) | — | (4 | ) | |||||||||||||
|
Derivative financial instruments, net (b)
|
— | — | (20 | ) | 5 | (15 | ) | |||||||||||||
|
Retained interest in securitized assets
|
— | — | 4 | (2 | ) | 2 | ||||||||||||||
|
Total Financial Services sector
|
$ | — | $ | — | $ | (20 | ) | $ | 3 | $ | (17 | ) | ||||||||
|
(a)
|
"Other Comprehensive Income/(Loss)" on derivative financial instruments reflects foreign currency translation on non-U.S. dollar foreign affiliates.
|
|
(b)
|
See Note 14 for detail on financial statement presentation by hedge designation.
|
|
March 31,
2010
|
December 31,
2009
|
|||||||
|
Automotive sector
|
$ | 736 | $ | 777 | ||||
|
Financial Services sector
|
408 | 335 | ||||||
|
Total Company
|
$ | 1,144 | $ | 1,112 | ||||
|
March 31,
2010
|
December 31,
2009
|
|||||||
|
Retail (including direct financing leases)
|
$ | 55,574 | $ | 58,229 | ||||
|
Wholesale
|
21,456 | 22,370 | ||||||
|
Other finance receivables
|
3,638 | 3,611 | ||||||
|
Total finance receivables
|
80,668 | 84,210 | ||||||
|
Unearned interest supplements
|
(2,048 | ) | (1,994 | ) | ||||
|
Allowance for credit losses
|
(1,196 | ) | (1,351 | ) | ||||
|
Other
|
15 | 20 | ||||||
|
Finance receivables, net – sector balance sheet
|
$ | 77,439 | $ | 80,885 | ||||
|
Finance receivables, net, subject to fair value
|
$ | 72,879 | $ | 76,991 | ||||
|
Fair value
|
$ | 74,251 | $ | 76,066 | ||||
|
Finance receivables,
net – sector balance sheet
|
$ | 77,439 | $ | 80,885 | ||||
|
Reclassification of receivables purchased from Automotive sector to
Other receivables, net
|
(3,602 | ) | (3,889 | ) | ||||
|
Finance receivables, net – consolidated balance sheet
|
$ | 73,837 | $ | 76,996 | ||||
|
March 31,
2010
|
December 31,
2009
|
|||||||
|
Raw materials, work-in-process and supplies
|
$ | 2,816 | $ | 2,456 | ||||
|
Finished products
|
4,276 | 3,383 | ||||||
|
Total inventories under first-in, first-out method ("FIFO")
|
7,092 | 5,839 | ||||||
|
Less: Last-in, first-out method ("LIFO") adjustment
|
(800 | ) | (798 | ) | ||||
|
Total inventories
|
$ | 6,292 | $ | 5,041 | ||||
|
Assets
|
March 31,
2010
|
December 31,
2009
|
||||||
|
Cash and cash equivalents
|
$ | 4 | $ | 27 | ||||
|
Other receivables, net
|
25 | 34 | ||||||
|
Inventories
|
22 | 106 | ||||||
|
Net property
|
31 | 154 | ||||||
|
Other assets
|
— | 1 | ||||||
|
Total assets
|
$ | 82 | $ | 322 | ||||
|
Liabilities
|
||||||||
|
Payables
|
$ | 22 | $ | 23 | ||||
|
Accrued liabilities and deferred revenue
|
— | 32 | ||||||
|
Debt
|
— | 14 | ||||||
|
Total liabilities
|
$ | 22 | $ | 69 | ||||
|
|
·
|
Getrag Ford Transmissions GmbH ("GFT") is a 50/50 joint venture with Getrag Deutsche Venture GmbH and Co. KG. Ford and its related parties purchase substantially all of the joint venture's output.
|
|
|
·
|
Pininfarina Sverige, AB is a 40/60 joint venture between Volvo Cars and Pininfarina, S.p.A. Volvo purchases substantially all of the joint venture's output.
|
|
|
·
|
Getrag All Wheel Drive AB is a 40/60 joint venture between Volvo Cars and Getrag Dana Holding GmbH. Volvo and its related parties purchase substantially all of the joint venture's output.
|
|
|
·
|
Hertz Vehicle Financing LLC was established in 2005, as part of the transaction to sell our interest in The Hertz Corporation ("Hertz"). We provided cash-collateralized letters of credit to support the payment obligations of Hertz Vehicle Financing LLC, a bankruptcy-remote special purpose entity which is thinly capitalized and wholly owned by Hertz. The arrangements outlined in the letters of credit do not grant Ford the power to direct activities that most significantly impact the entity's economic performance. The carrying value of our obligation related to these letters of credit, which will expire no later than December 21, 2011, was approximately $8 million at March 31, 2010. For additional discussion of these letters of credit, see Note 16.
|
|
|
·
|
Ford Motor Company Capital Trust II ("Trust II") was formed in 2002. We own 100% of Trust II's common stock, which is equal to 5% of Trust II's total equity. Operation of the trust is predetermined by Trust documents which cannot be modified.
|
|
|
·
|
First Aquitaine Industries SAS ("First Aquitaine") operates a transmission plant in Bordeaux, France which manufactures automatic transmissions for Ford Explorer, Ranger and Mustang vehicles. During 2009 we transferred legal ownership of First Aquitaine to HZ Holding France and entered into a volume-dependent pricing agreement with the new owner to purchase transmissions through the end of the product cycle. After the transfer, Ford relinquished all decision-making rights within the entity.
|
|
March 31,
2010
|
December 31,
2009
|
Change in
Maximum
Exposure
|
||||||||||
|
Investments
|
$ | 440 | $ | 421 | $ | 19 | ||||||
|
Liabilities
|
(8 | ) | (9 | ) | 1 | |||||||
|
Guarantees (off-balance sheet)
|
192 | 191 | 1 | |||||||||
|
Total maximum exposure
|
$ | 624 | $ | 603 | $ | 21 | ||||||
|
|
·
|
Retail transactions – consumer credit risk and prepayment risk.
|
|
|
·
|
Wholesale transactions – dealer credit risk.
|
|
|
·
|
Net investments in operating lease transactions – vehicle residual value risk, consumer credit risk, and prepayment risk.
|
|
March 31, 2010
|
||||||||||||
|
Cash and Cash
Equivalents
|
Finance
Receivables, Net
and
Net Investment in
Operating Leases
|
Debt
|
||||||||||
|
Finance receivables
|
||||||||||||
|
Retail
|
$ | 3.4 | $ | 38.6 | $ | 30.6 | ||||||
|
Wholesale
|
0. 5 | 15.8 | 10.2 | |||||||||
|
Total finance receivables
|
3.9 | 54.4 | 40.8 | |||||||||
|
Net investment in operating leases
|
1.2 | 10.8 | 7.1 | |||||||||
|
Total*
|
$ | 5.1 | $ | 65.2 | $ | 47.9 | ||||||
|
*
|
Certain notes issued by the VIEs to affiliated companies served as collateral for accessing the European Central Bank ("ECB") open market operations program. This external funding of $736 million at March 31, 2010 was not reflected as debt of the VIEs and is excluded from the table above, but was included in our consolidated debt. The finance receivables backing this external funding are included in the table above.
|
|
December 31, 2009
|
||||||||||||
|
Cash and Cash
Equivalents
|
Finance
Receivables, Net
and
Net Investment in
Operating Leases
|
Debt
|
||||||||||
|
Finance receivables
|
||||||||||||
|
Retail
|
$ | 3.1 | $ | 40.9 | $ | 31.2 | ||||||
|
Wholesale
|
0.5 | 16.5 | 8.4 | |||||||||
|
Total finance receivables
|
3.6 | 57.4 | 39.6 | |||||||||
|
Net investment in operating leases
|
1.3 | 10.2 | 6.6 | |||||||||
|
Total*
|
$ | 4.9 | $ | 67.6 | $ | 46.2 | ||||||
|
*
|
Certain notes issued by the VIEs to affiliated companies served as collateral for accessing the ECB open market operation
s program. This external funding of $1.8 billion at December 31, 2009, was not reflected as debt of the VIEs and is excluded from the table above, but was included in our consolidated debt.
The finance receivables backing this external funding are included in the table above.
|
|
March 31, 2010
|
December 31, 2009
|
|||||||||||||||
|
Derivative
Asset
|
Derivative
Liability
|
Derivative
Asset
|
Derivative
Liability
|
|||||||||||||
|
Total derivative financial instruments*
|
$ | 39 | $ | 504 | $ | 55 | $ | 528 | ||||||||
|
*
|
Ford Credit derivative assets and liabilities are included in
Other assets
and
Accrued liabilities and deferred revenue
, respectively, on our consolidated balance sheet.
|
|
First Quarter 2010
|
First Quarter 2009
|
|||||||||||||||
|
Derivative
Expense
|
Interest
Expense
|
Derivative
Expense
|
Interest
Expense
|
|||||||||||||
|
VIE financial performance
|
$ | 145 | $ | 332 | $ | 64 | $ | 478 | ||||||||
|
March 31, 2010
|
December 31, 2009
|
|||||||||||||||||||||||
|
Gross
Carrying
Amount
|
Less:
Accumulated
Amortization
|
Net Carrying
Amount
|
Gross
Carrying
Amount
|
Less:
Accumulated
Amortization
|
Net Carrying
Amount
|
|||||||||||||||||||
|
Automotive Sector
|
||||||||||||||||||||||||
|
Ford Europe goodwill
|
$ | 32 | $ | — | $ | 32 | $ | 34 | $ | — | $ | 34 | ||||||||||||
|
Manufacturing and production incentive rights
|
297 | (241 | ) | 56 | 305 | (228 | ) | 77 | ||||||||||||||||
|
License and advertising agreements
|
96 | (34 | ) | 62 | 96 | (32 | ) | 64 | ||||||||||||||||
|
Other intangible assets
|
74 | (41 | ) | 33 | 74 | (50 | ) | 24 | ||||||||||||||||
|
Total Automotive sector
|
499 | (316 | ) | 183 | 509 | (310 | ) | 199 | ||||||||||||||||
|
Financial Services Sector
|
||||||||||||||||||||||||
|
Ford Credit goodwill
|
9 | — | 9 | 9 | — | 9 | ||||||||||||||||||
|
Other intangible assets
|
1 | (1 | ) | — | 1 | (1 | ) | — | ||||||||||||||||
|
Total Financial Services sector
|
1 0 | (1 | ) | 9 | 1 0 | (1 | ) | 9 | ||||||||||||||||
|
Total Company
|
$ | 509 | $ | (317 | ) | $ | 192 | $ | 519 | $ | (311 | ) | $ | 208 | ||||||||||
|
2010
|
2009
|
|||||||
|
Pre-tax amortization expense
|
$ | 23 | $ | 18 | ||||
|
First Quarter
|
||||||||||||||||||||||||
|
Pension Benefits
|
||||||||||||||||||||||||
|
U.S. Plans
|
Non-U.S. Plans
|
OPEB
|
||||||||||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||||||||
|
Service cost
|
$ | 94 | $ | 86 | $ | 85 | $ | 68 | $ | 14 | $ | 102 | ||||||||||||
|
Interest cost
|
631 | 674 | 325 | 292 | 84 | 223 | ||||||||||||||||||
|
Expected return on assets
|
(791 | ) | (822 | ) | (347 | ) | (303 | ) | — | (33 | ) | |||||||||||||
|
Amortization of:
|
||||||||||||||||||||||||
|
Prior service costs/(credits)
|
93 | 94 | 19 | 19 | (154 | ) | (227 | ) | ||||||||||||||||
|
(Gains)/Losses and Other
|
2 | 2 | 65 | 37 | 24 | 21 | ||||||||||||||||||
|
Separation programs
|
3 | 7 | 4 | 30 | — | 2 | ||||||||||||||||||
|
(Gain)/Loss from curtailment
|
— | — | — | — | — | (2 | ) | |||||||||||||||||
|
Net expense/(income)
|
$ | 32 | $ | 41 | $ | 151 | $ | 143 | $ | (32 | ) | $ | 86 | |||||||||||
|
March 31,
2010
|
December 31,
2009
|
|||||||
|
Automotive Sector
|
||||||||
|
Debt payable within one year
|
||||||||
|
Short-term (a)
|
$ | 739 | $ | 502 | ||||
|
Long-term payable within one year
|
||||||||
|
Public unsecured debt securities
|
334 | 334 | ||||||
|
Notes due to UAW Retiree Medical Benefits Trust (the "UAW VEBA Trust") unsecured portion (b)
|
859 | 859 | ||||||
|
Secured term loan
|
77 | 77 | ||||||
|
Secured revolving loan
|
3,000 | — | ||||||
|
Other debt (a)
|
166 | 199 | ||||||
|
Unamortized discount
|
(166 | ) | (333 | ) | ||||
|
Total debt payable within one year
|
5,009 | 1,638 | ||||||
|
Long-term debt payable after one year
|
||||||||
|
Public unsecured debt securities
|
5,260 | 5,260 | ||||||
|
Convertible notes
|
3,454 | 3,454 | ||||||
|
Subordinated convertible debentures
|
3,173 | 3,124 | ||||||
|
Secured term loan
|
5,165 | 5,184 | ||||||
|
Secured revolving loan
|
4,527 | 7,527 | ||||||
|
Notes due to UAW VEBA Trust (b)
|
||||||||
|
Unsecured portion
|
6,720 | 6,720 | ||||||
|
Secured portion
|
3,000 | 3,000 | ||||||
|
U.S. Department of Energy loans
|
1,475 | 1,221 | ||||||
|
Other debt
|
688 | 727 | ||||||
|
Unamortized discount
|
(4,220 | ) | (4,245 | ) | ||||
|
Total long-term debt payable after one year
|
29,242 | 31,972 | ||||||
|
Total Automotive sector
|
$ | 34,251 | $ | 33,610 | ||||
|
Fair value of debt
|
$ | 33,305 | $ | 30,492 | ||||
|
Financial Services Sector
|
||||||||
|
Short-term debt
|
||||||||
|
Asset-backed commercial paper
|
$ | 6,468 | $ | 6,369 | ||||
|
Other asset-backed short-term debt
|
2,603 | 4,482 | ||||||
|
Ford Interest Advantage (c)
|
4,178 | 3,680 | ||||||
|
Other short-term debt
|
879 | 1,088 | ||||||
|
Total short-term debt
|
14,128 | 15,619 | ||||||
|
Long-term debt
|
||||||||
|
Unsecured debt
|
||||||||
|
Notes payable within one year
|
8,825 | 7,338 | ||||||
|
Notes payable after one year
|
29,799 | 33,888 | ||||||
|
Asset-backed debt
|
||||||||
|
Notes payable within one year
|
19,652 | 18,962 | ||||||
|
Notes payable after one year
|
24,102 | 23,163 | ||||||
|
Unamortized discount
|
(478 | ) | (530 | ) | ||||
|
Fair value adjustments (d)
|
258 | 231 | ||||||
|
Total long-term debt
|
82,158 | 83,052 | ||||||
|
Total Financial Services sector
|
$ | 96,286 | $ | 98,671 | ||||
|
Fair value of debt
|
$ | 98,580 | $ | 100,231 | ||||
|
Total Automotive and Financial Services sectors
|
$ | 130,537 | $ | 132,281 | ||||
|
Intersector elimination (e)
|
(432 | ) | (646 | ) | ||||
|
Total Company
|
$ | 130,105 | $ | 131,635 | ||||
|
(a)
|
Includes $519 million (s
hort-term of $514 million and
l
ong-term payable within one year of $5 million) and $177 million (
s
hort-term of $174 million and
long-term payable within
one year of $3 million) of
debt with affiliated companies
at March 31, 2010 and December 31, 2009, respect
ively
.
|
|
(b)
|
Amortizing Guaranteed Secured Notes maturing June 30, 2022 owed to UAW VEBA Trust.
|
|
(c)
|
The Ford Interest Advantage program consists of Ford Credit's floating rate demand notes.
|
|
(d)
|
Adjustments related to designated fair value hedges of unsecured debt.
|
|
(e)
|
Debt related to Ford's acquisition of Ford Credit debt securities; see Note 1 for additional detail.
|
|
2010
|
2011
|
2012
|
2013
|
2014
|
Thereafter
|
Total Debt
Maturities
|
||||||||||||||||||||||
|
Automotive Sector
|
||||||||||||||||||||||||||||
|
Public unsecured debt securities
|
$ | 334 | $ | — | $ | — | $ | — | $ | — | $ | 5,260 | $ | 5,594 | ||||||||||||||
|
Unamortized discount (a)
|
— | — | — | — | — | (84 | ) | (84 | ) | |||||||||||||||||||
|
Convertible notes
|
— | — | — | — | — | 3,454 | 3,454 | |||||||||||||||||||||
|
Unamortized discount (a)
|
— | — | — | — | — | (855 | ) | (855 | ) | |||||||||||||||||||
|
Subordinated convertible debentures
|
— | — | — | — | 188 | 2,985 | 3,173 | |||||||||||||||||||||
|
Secured term loan
|
58 | 77 | 77 | 5,030 | — | — | 5,242 | |||||||||||||||||||||
|
Secured revolving loan (b)
|
3,000 | 838 | — | 3,689 | — | — | 7,527 | |||||||||||||||||||||
|
Notes due to UAW VEBA Trust (c)
|
859 | 859 | 1,238 | 1,238 | 1,238 | 5,147 | 10,579 | |||||||||||||||||||||
|
Unamortized discount (a)
|
(166 | ) | (617 | ) | (593 | ) | (531 | ) | (463 | ) | (1,077 | ) | (3,447 | ) | ||||||||||||||
|
U.S. Department of Energy loans
|
— | — | 74 | 148 | 148 | 1,105 | 1,475 | |||||||||||||||||||||
|
Short-term and other debt (d)
|
550 | 520 | 177 | 114 | 23 | 209 | 1,593 | |||||||||||||||||||||
|
Total Automotive debt
|
4,635 | 1,677 | 973 | 9,688 | 1,134 | 16,144 | 34,251 | |||||||||||||||||||||
|
Financial Services Sector
|
||||||||||||||||||||||||||||
|
Unsecured debt
|
9,495 | 11,969 | 7,283 | 4,775 | 3,699 | 6,460 | 43,681 | |||||||||||||||||||||
|
Asset-backed debt
|
24,485 | 15,812 | 8,540 | 2,041 | 240 | 1,707 | 52,825 | |||||||||||||||||||||
|
Unamortized discount (a)
|
(1 | ) | (2 | ) | (180 | ) | (67 | ) | (186 | ) | (42 | ) | (478 | ) | ||||||||||||||
|
Fair value adjustments (a) (e)
|
3 | 89 | 107 | 46 | 13 | — | 258 | |||||||||||||||||||||
|
Total Financial Services debt
|
33,982 | 27,868 | 15,750 | 6,795 | 3,766 | 8,125 | 96,286 | |||||||||||||||||||||
|
Intersector elimination (f)
|
(432 | ) | — | — | — | — | — | (432 | ) | |||||||||||||||||||
|
Total Company
|
$ | 38,185 | $ | 29,545 | $ | 16,723 | $ | 16,483 | $ | 4,900 | $ | 24,269 | $ | 130,105 | ||||||||||||||
|
(a)
|
Unamortized discount and fair value adjustments are presented based on maturity date of related debt.
|
|
(b)
|
$3 billion debt maturity in 2010 represents our election to make a prepayment in the second quarter of 2010 as committed on March 29, 2010
.
|
|
(c)
|
Amortizing Guaranteed Secured Notes maturing June 30, 2022 owed to UAW VEBA Trust.
|
|
(d)
|
Primarily non-U.S. affiliate debt.
|
|
(e)
|
Adjustments related to designated fair value hedges of unsecured debt.
|
|
(f)
|
Debt related to Ford's acquisition of Ford Credit debt securities; see Note 1 for additional detail.
|
|
Aggregate Principal Amount
Outstanding
|
||||||||
|
Title of Security
|
March 31,
2010
|
December 31,
2009
|
||||||
|
9.50% Guaranteed Debentures due June 1, 2010
|
$ | 334 | $ | 334 | ||||
|
6 1/2% Debentures due August 1, 2018
|
361 | 361 | ||||||
|
8 7/8% Debentures due January 15, 2022
|
86 | 86 | ||||||
|
6.55% Debentures due October 3, 2022
(a)
|
15 | 15 | ||||||
|
7 1/8% Debentures due November 15, 2025
|
209 | 209 | ||||||
|
7 1/2% Debentures due August 1, 2026
|
193 | 193 | ||||||
|
6 5/8% Debentures due February 15, 2028
|
104 | 104 | ||||||
|
6 5/8% Debentures due October 1, 2028
(b)
|
638 | 638 | ||||||
|
6 3/8% Debentures due February 1, 2029
(b)
|
260 | 260 | ||||||
|
5.95% Debentures due September 3, 2029
(a)
|
8 | 8 | ||||||
|
6.15% Debentures due June 3, 2030
(a)
|
10 | 10 | ||||||
|
7.45% GLOBLS due July 16, 2031
(b)
|
1,794 | 1,794 | ||||||
|
8.900% Debentures due January 15, 2032
|
151 | 151 | ||||||
|
9.95% Debentures due February 15, 2032
|
4 | 4 | ||||||
|
5.75% Debentures due April 2, 2035
(a)
|
40 | 40 | ||||||
|
7.50% Debentures due June 10, 2043
(c)
|
593 | 593 | ||||||
|
7.75% Debentures due June 15, 2043
|
73 | 73 | ||||||
|
7.40% Debentures due November 1, 2046
|
398 | 398 | ||||||
|
9.980% Debentures due February 15, 2047
|
181 | 181 | ||||||
|
7.70% Debentures due May 15, 2097
|
142 | 142 | ||||||
|
Total public unsecured debt securities (d)
|
$ | 5,594 | $ | 5,594 | ||||
|
(a)
|
Unregistered industrial revenue bonds.
|
|
(b)
|
Listed on the Luxembourg Exchange and on the Singapore Exchange.
|
|
(c)
|
Listed on the New York Stock Exchange.
|
|
(d)
|
Excludes
9 1/2% Debentures due September 15, 2011
and
9.215% Debe
ntures due September 15, 2021
with outstanding balances at
March
31
,
2010
of
$167 million and $180 million
, respectively. These securities are on-lent to Ford Holdings to fund Financial Services activity and are reported as
Financial Services debt
.
|
|
March 31,
2010
|
December 31,
2009
|
|||||||
|
Liability component
|
||||||||
|
Principal
|
$ | 2,875 | $ | 2,875 | ||||
|
Unamortized discount
|
(684 | ) | (702 | ) | ||||
|
Net carrying amount
|
$ | 2,191 | $ | 2,173 | ||||
|
Equity component (recorded in
Capital in excess of par value of stock
)
|
$ | (702 | ) | $ | (702 | ) | ||
|
First Quarter
|
||||||||
|
2010
|
2009
|
|||||||
|
Contractual interest coupon
|
$ | 3 0 | $ | — | ||||
|
Amortization of discount
|
18 | — | ||||||
|
Total interest cost on 2016 Convertible Notes
|
$ | 48 | $ | — | ||||
|
March 31,
2010
|
December 31,
2009
|
|||||||
|
Liability component
|
||||||||
|
Principal
|
$ | 579 | $ | 579 | ||||
|
Unamortized discount
|
(171 | ) | (175 | ) | ||||
|
Net carrying amount
|
$ | 408 | $ | 404 | ||||
|
Equity component (recorded in
Capital in excess of par value of stock
)
|
$ | (3,207 | ) | $ | (3,207 | ) | ||
|
First Quarter
|
||||||||
|
2010
|
2009
|
|||||||
|
Contractual interest coupon
|
$ | 6 | $ | 52 | ||||
|
Amortization of discount
|
4 | 34 | ||||||
|
Total interest cost on 2036 Convertible Notes
|
$ | 1 0 | $ | 86 | ||||
|
·
|
$838 million of revolving loans which bear interest of LIBOR plus a margin of 2.25%, maturing on December 15, 2011;
|
|
·
|
$6.7 billion of revolving loans which bear interest of LIBOR plus a margin of 3.25%, maturing on November 30, 2013, of which $3 billion was repaid on April 6, 2010 and remains available for borrowing; and
|
|
·
|
$5.2 billion of a secured term loan maturing on December 15, 2013. The term loan principal amount amortizes at a rate of $77 million (1% of original loan) per annum and bears interest at LIBOR plus a margin of 3.00%. We are required to use a portion of the cash proceeds from the sale of Volvo (discussed in Note 12) upon the closing thereof (expected in the third quarter of 2010) to partially prepay certain outstanding term loans under the Credit Agreement.
|
|
March 31, 2010
|
||||||||||||
|
Cash and Cash
Equivalents and
Marketable
Securities (a)
|
Finance
Receivables, Net
and
Net Investment in
Operating Leases
|
Related
Debt
|
||||||||||
|
VIEs (b)
|
||||||||||||
|
Finance receivables
|
$ | 3.9 | $ | 54.4 | $ | 40.8 | ||||||
|
Net investment in operating leases
|
1.2 | 10.8 | 7.1 | |||||||||
|
Total
|
5.1 | 65.2 | 47.9 | |||||||||
|
Non-VIE
|
||||||||||||
|
Finance receivables (c)
|
0.5 | 5.1 | 4.8 | |||||||||
|
Total securitization transactions
|
||||||||||||
|
Finance receivables
|
4.4 | 59.5 | 45.6 | |||||||||
|
Net investment in operating leases
|
1.2 | 10.8 | 7.1 | |||||||||
|
Total
|
$ | 5.6 | $ | 70.3 | $ | 52.7 | ||||||
|
December 31, 2009
|
||||||||||||
|
Cash and Cash
Equivalents
|
Finance
Receivables, Net
and
Net Investment in
Operating Leases
|
Related
Debt
|
||||||||||
|
VIEs (b)
|
||||||||||||
|
Finance receivables
|
$ | 3.6 | $ | 57.4 | $ | 39.6 | ||||||
|
Net investment in operating leases
|
1.3 | 10.2 | 6.6 | |||||||||
|
Total
|
4.9 | 67.6 | 46.2 | |||||||||
|
Non-VIE
|
||||||||||||
|
Finance receivables (c)
|
0.3 | 6.1 | 6.7 | |||||||||
|
Total securitization transactions
|
||||||||||||
|
Finance receivables
|
3.9 | 63.5 | 46.3 | |||||||||
|
Net investment in operating leases
|
1.3 | 10.2 | 6.6 | |||||||||
|
Total
|
$ | 5.2 | $ | 73.7 | $ | 52.9 | ||||||
|
(a)
|
Includes marketable securities totaling $256 million, which are pledged as collateral in a funding arrangement with the
ECB
.
|
|
(b)
|
Includes assets that can be used to settle obligations of the consolidated VIEs and the related debt of the VIEs. See Note 6 for additional information on Financial Services sector VIEs.
|
|
(c)
|
Certain debt issued by the VIEs to affiliated companies served as collateral for accessing the ECB open market operations program. This external funding of $736 million and $1.8 billion at March 31, 2010 and December 31, 2009, respectively was not reflected as a liability of the VIEs and is reflected as a non-VIE liability above. The finance receivables backing this external funding are reflected in VIE finance receivables.
|
|
First Quarter
|
||||||||
|
2010
|
2009
|
|||||||
|
Interest income
|
$ | 47 | $ | 62 | ||||
|
Realized and unrealized gains/(losses) on cash equivalents and marketable securities
|
119 | (6 | ) | |||||
|
Gains/(Losses) on the sale of held-for-sale operations, equity and cost investments, and other dispositions
|
4 | 13 | ||||||
|
Gains/(Losses) on extinguishment of debt
|
— | 1,279 | ||||||
|
Other *
|
19 | 4 | ||||||
|
Total
|
$ | 189 | $ | 1,352 | ||||
|
First Quarter
|
||||||||
|
2010
|
2009
|
|||||||
|
Interest income (non-financing related)
|
$ | 16 | $ | 44 | ||||
|
Realized and unrealized gains/(losses) on cash equivalents and marketable securities
|
2 | (13 | ) | |||||
|
Gains/(Losses) on the sale of held-for-sale operations, equity and cost investments, and other dispositions
|
1 | 2 | ||||||
|
Gains/(Losses) on extinguishment of debt
|
(7 | ) | 65 | |||||
|
Investment and other income related to sales of receivables
|
— | 10 | ||||||
|
Insurance premiums earned, net
|
26 | 29 | ||||||
|
Other
|
88 | (24 | ) | |||||
|
Total
|
$ | 126 | $ | 113 | ||||
|
March 31,
2010
|
December 31,
2009
|
|||||||
|
Assets
|
||||||||
|
Receivables
|
$ | 584 | $ | 420 | ||||
|
Inventories
|
1,323 | 1,236 | ||||||
|
Net property
|
4,821 | 4,682 | ||||||
|
Goodwill
|
1,230 | 1,241 | ||||||
|
Other intangibles
|
228 | 204 | ||||||
|
Other assets
|
540 | 485 | ||||||
|
Impairment of carrying value
|
(650 | ) | (650 | ) | ||||
|
Total assets of the held-for-sale operations
|
$ | 8,076 | $ | 7,618 | ||||
|
Liabilities
|
||||||||
|
Payables
|
$ | 2,092 | $ | 1,980 | ||||
|
Pension liabilities
|
359 | 387 | ||||||
|
Warranty liabilities
|
258 | 358 | ||||||
|
Other liabilities
|
2,935 | 2,596 | ||||||
|
Total liabilities of the held-for-sale operations
|
$ | 5,644 | $ | 5,321 | ||||
|
First Quarter
|
||||||||
|
2010
|
2009
|
|||||||
|
Basic and Diluted Income/(Loss) Attributable to Ford Motor Company
|
||||||||
|
Basic income/(loss) from continuing operations
|
$ | 2,085 | $ | (1,427 | ) | |||
|
Effect of dilutive 2016 Convertible Notes (a)
|
48 | — | ||||||
|
Effect of dilutive 2036 Convertible Notes (a)(b)
|
11 | — | ||||||
|
Effect of dilutive UAW VEBA Note B (a)
|
97 | — | ||||||
|
Effect of dilutive Trust Preferred Securities (a)(c)
|
51 | — | ||||||
|
Diluted income/(loss) from continuing operations
|
$ | 2,292 | $ | (1,427 | ) | |||
|
Basic and Diluted Shares
|
||||||||
|
Average shares outstanding
|
3,366 | 2,398 | ||||||
|
Restricted and uncommitted-ESOP shares
|
(1 | ) | (1 | ) | ||||
|
Basic shares
|
3,365 | 2,397 | ||||||
|
Net dilutive options, warrants, and restricted and uncommitted-ESOP shares (d)
|
205 | — | ||||||
|
Dilutive 2016 Convertible Notes
|
309 | — | ||||||
|
Dilutive 2036 Convertible Notes (b)
|
63 | — | ||||||
|
Dilutive UAW VEBA Note B
|
464 | — | ||||||
|
Dilutive convertible Trust Preferred Securities (c)
|
163 | — | ||||||
|
Diluted shares
|
4,569 | 2,397 | ||||||
|
(a)
|
As applicable, includes interest expense, amortization of discount, amortization of fees, and other changes in income or loss that would result from the assumed conversion.
|
|
Not included in calculation of diluted EPS due to their antidilutive effect:
|
|
|
(b)
|
531
mil
lion shares for the first quarter of 2009 and the related income effect for 2036 Convertible Notes.
|
|
(c)
|
160
million shares for the first quarter of 2009 and the related income effect for Trust Preferred Securities.
|
|
(d)
|
35
million contingently-issuable sh
ares for first quarter of 2009.
|
|
First Quarter 2010
|
||||||||||||
|
Gain/(Loss)
Recorded in
OCI
|
Gain/(Loss)
Reclassified
from AOCI to
Income
|
Gain/(Loss)
Recognized
in Income
|
||||||||||
|
Automotive Sector
|
||||||||||||
|
Designated Cash flow hedges:
|
||||||||||||
|
Foreign exchange contracts
|
$ | (5 | ) | $ | (3 | ) | $ | — | ||||
|
Derivatives not designated as hedging instruments:
|
||||||||||||
|
Foreign exchange contracts (a)
|
$ | (155 | ) | |||||||||
|
Commodity contracts
|
(3 | ) | ||||||||||
|
Other – warrants
|
1 | |||||||||||
|
Total
|
$ | (157 | ) | |||||||||
|
Financial Services Sector
|
||||||||||||
|
Fair value hedges:
|
||||||||||||
|
Interest rate contracts
|
||||||||||||
|
Net interest settlements and accruals excluded from the assessment of hedge effectiveness
|
$ | 53 | ||||||||||
|
Ineffectiveness (b)
|
(2 | ) | ||||||||||
|
Total
|
$ | 51 | ||||||||||
|
Derivatives not designated as hedging instruments:
|
||||||||||||
|
Interest rate contracts
|
$ | 29 | ||||||||||
|
Foreign exchange contracts (a)
|
(80 | ) | ||||||||||
|
Cross currency interest rate swap contracts (a)
|
(8 | ) | ||||||||||
|
Other – warrants
|
— | |||||||||||
|
Total
|
$ | (59 | ) | |||||||||
|
(a)
|
Gains/(Losses) related to foreign currency derivatives were substantially offset by net revaluation impacts on foreign denominated assets and liabilities, which were recorded to the same statement of operations line item as the derivative gains/(losses).
|
|
(b)
|
Hedge ineffectiveness reflects change in fair value on derivatives of $
43 million gain
and change in fair value on hedged debt
of $45 million loss in first quarter 2010.
|
|
First Quarter 2009
|
||||||||||||
|
Gain/(Loss)
Recorded in
OCI
|
Gain/(Loss)
Reclassified
from AOCI to
Income
|
Gain/(Loss)
Recognized
in Income
|
||||||||||
|
Automotive Sector
|
||||||||||||
|
Designated Cash flow hedges:
|
||||||||||||
|
Foreign exchange contracts
|
$ | (55 | ) | $ | 28 | (a) | $ | (1 | ) | |||
|
Commodity contracts
|
— | 4 | — | |||||||||
|
Total
|
$ | (55 | ) | $ | 32 | $ | (1 | ) | ||||
|
Derivatives not designated as hedging instruments:
|
||||||||||||
|
Foreign exchange contracts – operating exposures (b)
|
$ | 75 | ||||||||||
|
Foreign exchange contracts – investment portfolios (c)
|
(1 | ) | ||||||||||
|
Commodity contracts
|
(30 | ) | ||||||||||
|
Other – warrants
|
— | |||||||||||
|
Total
|
$ | 44 | ||||||||||
|
Financial Services Sector
|
||||||||||||
|
Fair value hedges:
|
||||||||||||
|
Interest rate contracts
|
||||||||||||
|
Net interest settlements and accruals excluded from the assessment of hedge effectiveness
|
$ | 24 | ||||||||||
|
Ineffectiveness (d)
|
(10 | ) | ||||||||||
|
Total
|
$ | 14 | ||||||||||
|
Derivatives not designated as hedging instruments:
|
||||||||||||
|
Interest rate contracts
|
$ | (95 | ) | |||||||||
|
Foreign exchange contracts (b)
|
177 | |||||||||||
|
Cross currency interest rate swap contracts (b)
|
73 | |||||||||||
|
Other - warrants
|
(1 | ) | ||||||||||
|
Total
|
$ | 154 | ||||||||||
|
(a)
|
Includes $4 million gain reclassified from AOCI
to income in first quarter 2009 attributable to transactions no longer probable to occur, primarily related to Volvo.
|
|
(b)
|
Gains/(Losses) related to foreign currency derivatives were partially offset by net revaluation impacts on foreign denominated assets and liabilities, which were recorded to the same statement of operations line item as the derivative gains/(losses).
|
|
(c)
|
Foreign exchange contracts – investment portfolios on the balance sheet were $1 million at March 31, 2009.
|
|
(d)
|
Hedge ineffectiveness reflects change in fair value on derivatives of $1 million gain and change in fair value on hedged debt
of $11 million loss in first quarter 2009.
|
|
March 31, 2010
|
||||||||||||
|
Fair Value of
|
Fair Value of
|
|||||||||||
|
Notionals
|
Assets
|
Liabilities
|
||||||||||
|
Automotive Sector
|
||||||||||||
|
Cash flow hedges:
|
||||||||||||
|
Foreign exchange contracts
|
$ | 90 | $ | — | $ | 8 | ||||||
|
Derivatives not designated as hedging instruments:
|
||||||||||||
|
Foreign exchange contracts
|
4,327 | 59 | 120 | |||||||||
|
Commodity contracts
|
657 | 12 | 29 | |||||||||
|
Other – warrants
|
12 | 3 | — | |||||||||
|
Total derivatives not designated as hedging instruments
|
4,996 | 74 | 149 | |||||||||
|
Total Automotive sector derivative instruments
|
$ | 5,086 | $ | 74 | $ | 157 | ||||||
|
Financial Services Sector
|
||||||||||||
|
Fair value hedges:
|
||||||||||||
|
Interest rate contracts
|
$ | 6,239 | $ | 392 | $ | — | ||||||
|
Derivatives not designated as hedging instruments:
|
||||||||||||
|
Interest rate contracts
|
63,610 | 1,082 | 677 | |||||||||
|
Foreign exchange contracts
|
4,107 | 6 | 85 | |||||||||
|
Cross currency interest rate swap contracts
|
2,642 | 72 | 302 | |||||||||
|
Total derivatives not designated as hedging instruments
|
70,359 | 1,160 | 1,064 | |||||||||
|
Total Financial Services sector derivative instruments
|
$ | 76,598 | $ | 1,552 | $ | 1,064 | ||||||
|
December 31, 2009
|
||||||||||||
|
Fair Value of
|
Fair Value of
|
|||||||||||
|
Notionals
|
Assets
|
Liabilities
|
||||||||||
|
Automotive Sector
|
||||||||||||
|
Cash flow hedges:
|
||||||||||||
|
Foreign exchange contracts
|
$ | 118 | $ | — | $ | 5 | ||||||
|
Derivatives not designated as hedging instruments:
|
||||||||||||
|
Foreign exchange contracts
|
4,255 | 59 | 80 | |||||||||
|
Commodity contracts
|
980 | 15 | 54 | |||||||||
|
Other – warrants
|
12 | 2 | — | |||||||||
|
Total derivatives not designated as hedging instruments
|
5,247 | 76 | 134 | |||||||||
|
Total Automotive sector derivative instruments
|
$ | 5,365 | $ | 76 | $ | 139 | ||||||
|
Financial Services Sector
|
||||||||||||
|
Fair value hedges:
|
||||||||||||
|
Interest rate contracts
|
$ | 6,309 | $ | 385 | $ | — | ||||||
|
Derivatives not designated as hedging instruments:
|
||||||||||||
|
Interest rate contracts
|
68,527 | 1,269 | 846 | |||||||||
|
Foreign exchange contracts
|
4,386 | 22 | 46 | |||||||||
|
Cross currency interest rate swap contracts
|
3,873 | 203 | 282 | |||||||||
|
Total derivatives not designated as hedging instruments
|
76,786 | 1,494 | 1,174 | |||||||||
|
Total Financial Services sector derivative instruments
|
$ | 83,095 | $ | 1,879 | $ | 1,174 | ||||||
|
(In millions)
|
Automotive Sector
|
|||||||||||||||||||||||||||||||
|
Ford
North
America
|
Ford
South
America
|
Ford
Europe
|
Ford
Asia
Pacific
Africa
|
Volvo
|
Jaguar
Land
Rover
|
Other
|
Total
|
|||||||||||||||||||||||||
|
FIRST QUARTER 2010
|
||||||||||||||||||||||||||||||||
|
Sales/Revenues
|
||||||||||||||||||||||||||||||||
|
External customer
|
$ | 14,132 | $ | 2,014 | $ | 7,647 | $ | 1,578 | $ | 3,523 | $ | — | $ | — | $ | 28,894 | ||||||||||||||||
|
Intersegment
|
201 | — | 167 | — | 11 | — | — | 379 | ||||||||||||||||||||||||
|
Income/(Loss)
|
||||||||||||||||||||||||||||||||
|
Income/(Loss) before income taxes
|
1,223 | 203 | 75 | 22 | 188 | — | (391 | ) | 1,320 | |||||||||||||||||||||||
|
Total assets at March 31 (a)
|
81,956 | |||||||||||||||||||||||||||||||
|
FIRST QUARTER 2009
|
||||||||||||||||||||||||||||||||
|
Sales/Revenues
|
||||||||||||||||||||||||||||||||
|
External customer
|
$ | 10,018 | $ | 1,404 | $ | 5,769 | $ | 1,165 | $ | 2,624 | $ | — | $ | — | $ | 20,980 | ||||||||||||||||
|
Intersegment
|
146 | — | 171 | — | 12 | — | — | 329 | ||||||||||||||||||||||||
|
Income/(Loss)
|
||||||||||||||||||||||||||||||||
|
Income/(Loss) before income taxes
|
(802 | ) | 63 | (590 | ) | (104 | ) | (915 | ) | (2 | ) | 840 | (1,510 | ) | ||||||||||||||||||
|
Total assets at March 31
|
74,017 | |||||||||||||||||||||||||||||||
|
Financial Services Sector
|
Total Company
|
|||||||||||||||||||||||
|
Ford Credit
|
Other
Financial
Services
|
Elims
|
Total
|
Elims (b)
|
Total
|
|||||||||||||||||||
|
FIRST QUARTER 2010
|
||||||||||||||||||||||||
|
Sales/Revenues
|
||||||||||||||||||||||||
|
External customer
|
$ | 2,594 | $ | 78 | $ | — | $ | 2,672 | $ | — | $ | 31,566 | ||||||||||||
|
Intersegment
|
130 | 3 | — | 133 | (512 | ) | — | |||||||||||||||||
|
Income/(Loss)
|
||||||||||||||||||||||||
|
Income/(Loss) before income taxes
|
828 | (13 | ) | — | 815 | — | 2,135 | |||||||||||||||||
|
Total assets at March 31 (a)
|
115,555 | 8,558 | (7,052 | ) | 117,061 | (3,532 | ) | 195,485 | ||||||||||||||||
|
FIRST QUARTER 2009
|
||||||||||||||||||||||||
|
Sales/Revenues
|
||||||||||||||||||||||||
|
External customer
|
$ | 3,330 | $ | 80 | $ | — | $ | 3,410 | $ | — | $ | 24,390 | ||||||||||||
|
Intersegment
|
105 | 4 | — | 109 | (438 | ) | — | |||||||||||||||||
|
Income/(Loss)
|
||||||||||||||||||||||||
|
Income/(Loss) before income taxes
|
(36 | ) | (116 | ) | — | (152 | ) | — | (1,662 | ) | ||||||||||||||
|
Total assets at March 31
|
132,307 | 10,820 | (9,072 | ) | 134,055 | (3,237 | ) | 204,835 | ||||||||||||||||
|
First Quarter
|
||||||||
|
2010
|
2009
|
|||||||
|
Beginning balance
|
$ | 3,147 | $ | 3,239 | ||||
|
Payments made during the period
|
(582 | ) | (634 | ) | ||||
|
Changes in accrual related to warranties issued during the period
|
441 | 308 | ||||||
|
Changes in accrual related to pre-existing warranties
|
95 | 371 | ||||||
|
Foreign currency translation and other
|
(35 | ) | (45 | ) | ||||
|
Ending balance
|
$ | 3,066 | $ | 3,239 | ||||
|
First Quarter 2010
|
First Quarter 2009
|
|||||||||||||||||||||||
|
Equity/(Deficit)
Attributable to
Ford Motor
Company
|
Equity/(Deficit)
Attributable to Noncontrolling
Interests
|
Total
Equity/
(Deficit)
|
Equity/(Deficit)
Attributable to
Ford Motor
Company
|
Equity/(Deficit)
Attributable to
Noncontrolling
Interests
|
Total
Equity/
(Deficit)
|
|||||||||||||||||||
|
Beginning balance, January 1
|
$ | (7,820 | ) | $ | 38 | $ | (7,782 | ) | $ | (15,721 | ) | $ | 350 | $ | (15,371 | ) | ||||||||
|
Total comprehensive income/(loss)
|
||||||||||||||||||||||||
|
Net income/(loss)
|
2,085 | — | 2,085 | (1,427 | ) | (8 | ) | (1,435 | ) | |||||||||||||||
|
Other comprehensive income/(loss):
|
||||||||||||||||||||||||
|
Foreign currency translation
|
(489 | ) | — | (489 | ) | (447 | ) | — | (447 | ) | ||||||||||||||
|
Net gain/(loss) on derivative instruments
|
(1 | ) | — | (1 | ) | (87 | ) | — | (87 | ) | ||||||||||||||
|
Employee benefit-related
|
157 | — | 157 | (5 | ) | — | (5 | ) | ||||||||||||||||
|
Net holding gain/(loss)
|
(2 | ) | — | (2 | ) | (1 | ) | — | (1 | ) | ||||||||||||||
|
Total other comprehensive income/(loss)
|
(335 | ) | — | (335 | ) | (540 | ) | — | (540 | ) | ||||||||||||||
|
Total comprehensive income/(loss)
|
1,750 | — | 1,750 | (1,967 | ) | (8 | ) | (1,975 | ) | |||||||||||||||
|
Other changes in equity:
|
||||||||||||||||||||||||
|
Capital in excess of par value of stock for debt
conversion, employee benefit plans, and other
|
596 | — | 596 | 110 | — | 110 | ||||||||||||||||||
|
Adoption of the accounting standard on
VIE consolidation
|
— | — | — | — | (269 | ) | (269 | ) | ||||||||||||||||
|
Dividends
|
— | — | — | — | — | — | ||||||||||||||||||
|
Other
|
(1 | ) | — | (1 | ) | 1 | (5 | ) | (4 | ) | ||||||||||||||
|
Ending balance, March 31
|
$ | (5,475 | ) | $ | 38 | $ | (5,437 | ) | $ | (17,577 | ) | $ | 68 | $ | (17,509 | ) | ||||||||
|
First Quarter
|
||||||||||||
|
2010
|
2009* |
2010
Over/
(Under)
2009
|
||||||||||
|
Income/(Loss) before income taxes
|
||||||||||||
|
Automotive sector
|
$ | 1,320 | $ | (1,510 | ) | $ | 2,830 | |||||
|
Financial Services sector
|
815 | (152 | ) | 967 | ||||||||
|
Total Company
|
2,135 | (1,662 | ) | 3,797 | ||||||||
|
Provision for/(Benefit from) income taxes
|
50 | (227 | ) | 277 | ||||||||
|
Income/(Loss) from continuing operations
|
2,085 | (1,435 | ) | 3,520 | ||||||||
|
Income/(Loss) from discontinued operations
|
— | — | — | |||||||||
|
Net income/(loss)
|
2,085 | (1,435 | ) | 3,520 | ||||||||
|
Less: Income/(Loss) attributable to noncontrolling interests
|
— | (8 | ) | 8 | ||||||||
|
Net income/(loss) attributable to Ford Motor Company
|
$ | 2,085 | $ | (1,427 | ) | $ | 3,512 | |||||
|
*
|
Adjusted for the effect of the new accounting standard on VIE consolidation; see Note 1 of the Notes to the Financial Statements for additional detail
.
|
|
First Quarter – Income/(Loss)
|
||||||||
|
Personnel and Dealer-Related Items:
|
2010
|
2009
|
||||||
|
Automotive Sector
|
||||||||
|
Ford North America
|
||||||||
|
Personnel-reduction programs
|
$ | (53 | ) | $ | (170 | ) | ||
|
U.S. dealer actions
|
(15 | ) | (81 | ) | ||||
|
Retiree health care and related charges
|
20 | (178 | ) | |||||
|
Job Security Benefits/Transition Assistance Plan ("JSB/TAP")
|
18 | 292 | ||||||
|
Total Ford North America
|
(30 | ) | (137 | ) | ||||
|
Ford Europe
|
||||||||
|
Personnel-reduction programs
|
(32 | ) | (5 | ) | ||||
|
Ford Asia Pacific Africa
|
||||||||
|
Personnel-reduction programs
|
(1 | ) | (7 | ) | ||||
|
Total Personnel and Dealer-Related Items - Automotive sector
|
(63 | ) | (149 | ) | ||||
|
Other Items:
|
||||||||
|
Automotive Sector
|
||||||||
|
Other Automotive
|
||||||||
|
Gain on debt reduction actions and related costs
|
— | 1,270 | ||||||
|
Volvo
|
||||||||
|
Held-for-sale impairment and related items *
|
188 | (666 | ) | |||||
|
Jaguar Land Rover
|
||||||||
|
Other
|
— | (2 | ) | |||||
|
Total Other Items – Automotive sector
|
188 | 602 | ||||||
|
Financial Services Sector
|
||||||||
|
DFO Partnership impairment
|
— | (141 | ) | |||||
|
Gain on purchase of Ford Holdings debt securities
|
— | 51 | ||||||
|
Total Other Items – Financial Services sector
|
— | (90 | ) | |||||
|
Total
|
$ | 125 | $ | 363 | ||||
|
First Quarter
|
||||||||||||
|
2010
|
2009
|
2010
Over/(Under)
2009
|
||||||||||
|
Ford North America
|
$ | 1,223 | $ | (802 | ) | $ | 2,025 | |||||
|
Ford South America
|
203 | 63 | 140 | |||||||||
|
Ford Europe
|
75 | (590 | ) | 665 | ||||||||
|
Ford Asia Pacific Africa
|
22 | (104 | ) | 126 | ||||||||
|
Total ongoing Automotive operations
|
1,523 | (1,433 | ) | 2,956 | ||||||||
|
Other Automotive *
|
(391 | ) | 840 | (1,231 | ) | |||||||
|
Total ongoing Automotive
|
1,132 | (593 | ) | 1,725 | ||||||||
|
Volvo
|
188 | (915 | ) | 1,103 | ||||||||
|
Jaguar Land Rover
|
— | (2 | ) | 2 | ||||||||
|
Total Automotive sector
|
$ | 1,320 | $ | (1,510 | ) | $ | 2,830 | |||||
|
*
|
For first quarter 2010
,
the loss of $391 million is more than explained by net interest expense of $492 million, which was comprised of about $550 million of interest expense, offset partially by interest income. In addition, there was $101 million of favorable fair market value adjustment, associated primarily with our investment in Mazda.
|
|
First Quarter
|
||||||||||||||||||||||||||||||||
|
Sales (a)
(in billions)
|
Wholesales (b)
(in thousands)
|
|||||||||||||||||||||||||||||||
|
2010
|
2009
|
2010
Over/(Under)
2009
|
2010
|
2009
|
2010
Over/(Under)
2009
|
|||||||||||||||||||||||||||
|
Ford North America
|
$ | 14.1 | $ | 10.0 | $ | 4.1 | 41 | % | 547 | 350 | 197 | 56 | % | |||||||||||||||||||
|
Ford South America
|
2.0 | 1.4 | 0.6 | 43 | 101 | 93 | 8 | 9 | ||||||||||||||||||||||||
|
Ford Europe (c)
|
7.7 | 5.8 | 1.9 | 33 | 416 | 343 | 73 | 21 | ||||||||||||||||||||||||
|
Ford Asia Pacific Africa (d)
|
1.6 | 1.2 | 0.4 | 35 | 189 | 131 | 58 | 44 | ||||||||||||||||||||||||
|
Volvo
|
3.5 | 2.6 | 0.9 | 34 | 92 | 69 | 23 | 33 | ||||||||||||||||||||||||
|
Total Automotive sector
|
$ | 28.9 | $ | 21.0 | $ | 7.9 | 38 | 1,345 | 986 | 359 | 36 | |||||||||||||||||||||
|
(a)
|
2010 over/(under) 2009 sales percentages are computed using unrounded sales numbers.
|
|
(b)
|
Wholesale unit volumes include all Ford brand units (whether produced by Ford or by an unconsolidated affiliate), units manufactured by Ford that are sold to other manufacturers, units distributed for other manufacturers, and local-brand vehicles produced by our Chinese unconsolidated affiliate Jiangling Motors Corporation ("JMC"). Revenue from certain vehicles in wholesale unit volumes (specifically, Ford brand vehicles produced and distributed by our unconsolidated affiliates, as well as JMC brand vehicles) are not included in our revenue. Vehicles sold to daily rental car companies that are subject to a guaranteed repurchase option, as well as other sales of finished vehicles for which the recognition of revenue is deferred (e.g., consignments), also are included in wholesale unit volumes.
|
|
(c)
|
Included in wholesale unit volumes are Ford brand vehicles sold in Turkey by our unconsolidated affiliate, Ford Otosan, totaling about 10,000 and 6,000 units in the first quarters of 2010 and 2009, respectively. "Sales" above do not include revenue from those units.
|
|
(d)
|
Included in wholesale unit volumes of Ford Asia Pacific Africa are Ford brand and JMC brand vehicles sold in China by our unconsolidated affiliates totaling about 118,000 and 68,000 units in the first quarters of 2010 and 2009, respectively. "Sales" above does not include revenue from these units.
|
|
Dealer-Owned Stocks (a)
|
|||||||||||||||||||||||||
|
Market Share
|
(in thousands)
|
||||||||||||||||||||||||
|
Market
|
2010
|
2009
|
2010
Over/(Under)
2009
|
2010
|
2009
|
2010
Over/(Under)
2009
|
|||||||||||||||||||
|
United States (b)
|
16.5 | % | 13.9 | % | 2.6 |
pts.
|
405 | 410 | (5 | ) | |||||||||||||||
|
South America (b) (c)
|
10.7 | 10.9 | (0.2 | ) | 28 | 30 | (2 | ) | |||||||||||||||||
|
Europe (b) (d)
|
9.4 | 9.4 | — | 187 | 225 | (38 | ) | ||||||||||||||||||
|
Asia Pacific Africa (e) (f)
|
2.0 | 2.1 | (0.1 | ) | 59 | 54 | 5 | ||||||||||||||||||
|
Volvo – United States/Europe (d)
|
0.5/1.4 | 0.6/1.3 | (0.1)/0.1 | 11/29 | 15/33 | (4)/(4) | |||||||||||||||||||
|
(a)
|
Dealer-owned stocks represent our estimate of vehicles shipped to our customers (dealers) and not yet sold by the dealers to their retail customers.
|
|
(b)
|
Includes only Ford and, in certain markets (primarily United States), Lincoln and Mercury brands.
|
|
(c)
|
South America market share is based, in part, on estimated vehicle registrations for our six major markets (Argentina, Brazil, Chile, Colombia, Ecuador and Venezuela).
|
|
(d)
|
Europe market share is based, in part, on estimated vehicle registrations for the 19 European markets we track (described in "Item 1. Business"
of our 2009 Form 10-K Report).
|
|
(e)
|
Asia Pacific Africa market share is based, in part, on estimated vehicle sales for our 12 major markets (Australia, China, Japan, India, Indonesia, Malaysia, New Zealand, Philippines, South Africa, Taiwan, Thailand and Vietnam); market share includes Ford brand and JMC brand vehicles sold in China by our unconsolidated affiliates.
|
|
(f)
|
Dealer-owned stocks for Asia Pacific Africa include primarily Ford brand vehicles and JMC brand vehicles sold in China by our unconsolidated affiliates, as well as a small number of units distributed for other manufacturers.
|
|
First Quarter
|
||||||||||||||||||||||||
|
Revenues
(in billions)
|
Income/(Loss) Before Income Taxes
(in millions)
|
|||||||||||||||||||||||
|
2010
|
2009
|
2010
Over/(Under)
2009
|
2010
|
2009
|
2010
Over/(Under)
2009
|
|||||||||||||||||||
|
Ford Credit
|
$ | 2.6 | $ | 3.3 | $ | (0.7 | ) | $ | 828 | $ | (36 | ) | $ | 864 | ||||||||||
|
Other Financial Services
|
0.1 | 0.1 | 0.0 | (13 | ) | (116 | ) | 103 | ||||||||||||||||
|
Total
|
$ | 2.7 | $ | 3.4 | $ | (0.7 | ) | $ | 815 | $ | (152 | ) | $ | 967 | ||||||||||
|
First Quarter
|
||||||||||||
|
2010
|
2009
|
2010
Over/
(
Under)
2009
|
||||||||||
|
Income/(Loss) before income taxes
|
||||||||||||
|
North America operations
|
$ | 702 | $ | (45 | ) | $ | 747 | |||||
|
International operations
|
96 | 33 | 63 | |||||||||
|
Unallocated risk management*
|
30 | (24 | ) | 54 | ||||||||
|
Income/(Loss) before income taxes
|
828 | (36 | ) | 864 | ||||||||
|
Provision for/(Benefit from) income taxes
|
300 | (23 | ) | 323 | ||||||||
|
Net income/(loss)
|
$ | 528 | $ | (13 | ) | $ | 541 | |||||
|
March 31
,
2010
|
December 31,
2009
|
2010
Over/(Under)
2009
|
||||||||||
|
Receivables – On-Balance Sheet
|
||||||||||||
|
Finance receivables
|
||||||||||||
|
Retail installment
|
$ | 53.8 | $ | 56.3 | $ | (2.5 | ) | |||||
|
Wholesale
|
21.5 | 22.4 | (0.9 | ) | ||||||||
|
Other
|
2.5 | 2.4 | 0.1 | |||||||||
|
Unearned interest supplements
|
(2.0 | ) | (1.9 | ) | (0.1 | ) | ||||||
|
Allowance for credit losses
|
(1.2 | ) | (1.3 | ) | 0.1 | |||||||
|
Finance receivables, net
|
74.6 | 77.9 | (3.3 | ) | ||||||||
|
Net investment in operating leases
|
13.3 | 14.6 | (1.3 | ) | ||||||||
|
Total receivables – on-balance sheet (a)(b)
|
$ | 87.9 | $ | 92.5 | $ | (4.6 | ) | |||||
|
Memo:
|
||||||||||||
|
Total receivables – manage
d (c)
|
$ | 89.9 | $ | 94.5 | $ | (4.6 | ) | |||||
|
Total receivables – s
erviced (d)
|
90.0 | 94.6 | (4.6 | ) | ||||||||
|
(a)
|
At March 31
,
2010
and December
31,
2009
, inclu
des finance receivables before allowance for credit losses of $59.8
billion and $
64.4
billion, respectively
,
that have been sold for legal purposes in securitization transactions, but continue to be included in Ford Credit's financial statements
.
In addition, at March 31, 2010
and December
31,
2009
, includes net investment in operating leases before allowance for credit losses of $10.9 billion and $10.4 billion, respectively, that have been included in securitization transactions, but continue to be included in Ford Credit's financial statements. These underlying securitized assets are available only for payment of the debt and other obligations issued or arising in the securitization transactions; they are not available to pay Ford Credit's other obligations or the claims of its other creditors. Ford Credit holds the right to the excess cash flows not needed to pay the debt and other obligations issued or arising in each of these securitization transactions
.
See Note 9 of the Notes to the Financial Statements for more information regarding securitization transactions.
|
|
(b)
|
Includes allowance for credit losses of $1.4 billion and $1.5 billion at March 31
,
2010
and December
31,
2009, respectively.
|
|
(c)
|
Includes on-balance sheet receivables, excluding unearned interest supplements related to finance receivables of about $
2
billion and $1.9 billion at March 31
,
2010
and December
31,
2009
, respectively; and includes off-balance sheet retail receivables of ab
out $100 million at
December
31,
2009
.
|
|
(d)
|
Includes managed receivables and receivables sold in whole-loan sale transactions where Ford Credit retains no interest, but which it continues to service of about $
100 million at March 31
,
2010 and December
31,
2009.
|
|
First Quarter
|
|||||||||||||
|
2010
|
2009
|
2010
Over/(Under)
2009
|
|||||||||||
|
On-Balance Sheet
|
|||||||||||||
|
Charge-offs (in millions)
|
$ | 133 | $ | 332 | $ | (199) | |||||||
|
Loss-to-receivables ratio
|
0.58 | % | 1.21 | % |
(0.63)
|
pts. | |||||||
|
Memo:
|
|||||||||||||
|
Charge-offs – managed (in millions)
|
$ | 133 | $ | 335 | $ | (202) | |||||||
|
Loss-to-receivables ratio – managed
|
0.58 | % | 1.22 | % |
(0.64)
|
pts. | |||||||
|
March 31,
2010
|
December 31,
2009
|
2010
Over/(Under)
2009
|
|||||||||||
|
Allowance for credit losses (in millions)
|
$ | 1,356 | $ | 1,549 | $ | (193) | |||||||
|
Allowance as a percentage of end-of-period receivables
|
1.49 | % | 1.61 | % |
(0.12)
|
pts. | |||||||
|
·
|
Placement volume measures the number of leases Ford Credit purchases in a given period;
|
|
·
|
Termination volume measures the number of vehicles for which the lease has ended in the given period; and
|
|
·
|
Return volume reflects the number of vehicles returned to Ford Credit by customers at lease-end.
|
|
First Quarter
|
||||||||
|
2010
|
2009
|
|||||||
|
Placements
|
29 | 20 | ||||||
|
Terminations
|
97 | 84 | ||||||
|
Returns
|
72 | 75 | ||||||
|
Memo:
|
||||||||
|
Return rates
|
74 | % | 89 | % | ||||
|
First Quarter
|
||||||||
|
2010
|
2009
|
|||||||
|
Returns
|
||||||||
|
24-Month term
|
16 | 16 | ||||||
|
36-Month term
|
19 | 22 | ||||||
|
39-Month term
|
9 | 6 | ||||||
|
Total returns
|
44 | 44 | ||||||
|
Memo:
|
||||||||
|
Return rates
|
71 | % | 89 | % | ||||
|
Auction Values at Constant First Quarter 2010 Vehicle Mix
|
||||||||
|
24-Month term
|
$ | 18,940 | $ | 17,020 | ||||
|
36-Month term
|
15,285 | 13,115 | ||||||
|
March 31,
2010
|
December 31,
2009
|
March 31,
2009
|
December 31,
2008
|
|||||||||||||
|
Cash and cash equivalents
|
$ | 12.8 | $ | 9.7 | $ | 7.7 | $ | 6.1 | ||||||||
|
Marketable securities (a)
|
12.5 | 15.2 | 13.5 | 9.3 | ||||||||||||
|
Total cash and marketable securities
|
25.3 | 24.9 | 21.2 | 15.4 | ||||||||||||
|
UAW-Ford TAA/Other (b)
|
— | — | (0.3 | ) | (2.3 | ) | ||||||||||
|
Gross cash
|
$ | 25.3 | $ | 24.9 | $ | 20.9 | $ | 13.1 | ||||||||
|
(a)
|
Included at March 31, 2010 and December 31, 2009 are Ford Credit debt securities that we purchased, which are reflected in the table at a carrying value of $432 million and $646 million, respectively; the estimated fair value is $43
9
million and $656 milli
on, respectively. Also included are Mazda marketable securities with a fair value of $551 million and $447 million at March 31, 2010 and December 31, 2009, respectively.
|
|
(b)
|
Amount transferred to UAW-Ford TAA that, due to consolidation, was shown in
Cash and cash equivalents
and
Marketable securities
.
|
|
First Quarter
|
||||||||
|
2010 (a)
|
2009
|
|||||||
|
Gross cash at end of period
|
$ | 25.3 | $ | 20.9 | ||||
|
Gross cash at beginning of period
|
24.9 | 13.1 | ||||||
|
Total change in gross cash
|
$ | 0.4 | $ | 7.8 | ||||
|
Operating-related cash flows
|
||||||||
|
Automotive income/(loss) before income taxes (excluding special items)
|
$ | 1.2 | $ | (2.0 | ) | |||
|
Capital expenditures
|
(0.9 | ) | (1.1 | ) | ||||
|
Depreciation and special tools amortization
|
0.9 | 1.0 | ||||||
|
Changes in receivables, inventories and trade payables
|
(0.4 | ) | 0. 8 | |||||
|
Other (b)
|
(0.6 | ) | (1.7 | ) | ||||
|
Subtotal
|
0.2 | (3.0 | ) | |||||
|
Up-front subvention payments to Ford Credit
|
(0.3 | ) | (0.5 | ) | ||||
|
Total operating-related cash flows
|
(0.1 | ) | (3.5 | ) | ||||
|
Other changes in gross cash
|
||||||||
|
Cash impact of personnel-reduction programs and Job Security Benefits accrual
|
(0.1 | ) | (0.3 | ) | ||||
|
Contributions to funded pension plans
|
(0.3 | ) | (0.4 | ) | ||||
|
Net effect of TAA/VEBA on gross cash (c)
|
— | 2.0 | ||||||
|
Net receipts from Financial Services sector
|
0.5 | 0.3 | ||||||
|
Net proceeds from/(payments on) Automotive sector debt
|
0.5 | 9.9 | ||||||
|
Equity issuances, net (primarily related to the equity distribution agreement described below)
|
0.5 | — | ||||||
|
Other (d)
|
(0.6 | ) | (0.2 | ) | ||||
|
Total change in gross cash
|
$ | 0.4 | $ | 7.8 | ||||
|
(a)
|
Except as noted, see note (d) below, 2010 data exclude Volvo.
|
|
(b)
|
First quarter 2010 Other Operating-related cash flows were primarily driven by timing differences of payables and receivables between the Automotive and Financial Services sectors in the normal course of business.
|
|
(c)
|
As previously disclosed in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2008 Form 10-K Report, in January 2009 we liquidated the assets in the TAA established pursuant to the Retiree Health Care Settlement Agreement, and replaced the assets with a promissory note owing by Ford to Ford-UAW Holdings LLC, allowing us access to the TAA assets as another available source of liquidity for use in our operations during 2009.
|
|
(d)
|
Primarily relates to net cash flows from Volvo, investments to support unconsolidated subsidiaries and the impact of exchange on our non-US dollar cash balances.
|
|
First Quarter
|
||||||||
|
2010 (a)
|
2009
|
|||||||
|
Cash flows from operating activities of continuing operations
|
$ | 0.6 | $ | (2.4 | ) | |||
|
Items included in operating-related cash flows
|
||||||||
|
Capital expenditures
|
(0.9 | ) | (1.1 | ) | ||||
|
Net transactions between Automotive and Financial Services sectors (b)
|
(0.7 | ) | (0.6 | ) | ||||
|
Net cash flows from non-designated derivatives
|
— | 0.2 | ||||||
|
Items not included in operating-related cash flows
|
||||||||
|
Cash impact of JSB/TAP accrual and personnel-reduction programs
|
0.1 | 0.3 | ||||||
|
Contributions to funded pension plans
|
0.3 | 0.4 | ||||||
|
Tax refunds, tax payments, and tax receipts from affiliates
|
— | (0.3 | ) | |||||
|
Other (c)
|
0. 5 | — | ||||||
|
Operating-related cash flows
|
$ | (0.1 | ) | $ | (3.5 | ) | ||
|
(a)
|
Except as noted, see note (c) below, 2010 data exclude Volvo.
|
|
(b)
|
Primarily payables and receivables between the Automotive and Financial Services sectors in the normal course of business.
|
|
(c)
|
2010 includes Volvo cash flows
.
|
|
March 31,
2010
|
December 31,
2009
|
|||||||
|
Gross cash
|
$ | 25.3 | $ | 24.9 | ||||
|
Less:
|
||||||||
|
Long-term debt
|
29.3 | 32.0 | ||||||
|
Debt payable within one year
|
5.0 | 1.6 | ||||||
|
Total debt
|
34.3 | 33.6 | ||||||
|
Net cash/(debt)
|
$ | (9.0 | ) | $ | (8.7 | ) | ||
|
Date
|
Issuer
|
Issuance Size
(in billions)
|
Weighted Average Spread
(basis points)
|
||||||
|
Retail Installment
|
|||||||||
|
March 2009
|
Ford Credit Auto Owner Trust 2009 – A
|
$ | 3.0 | 295 | |||||
|
June 2009
|
Ford Credit Auto Owner Trust 2009 – B
|
1.9 | 161 | ||||||
|
July 2009
|
Ford Credit Auto Owner Trust 2009 – C
|
1.0 | 165 | ||||||
|
September 2009
|
Ford Credit Auto Owner Trust 2009 – D
|
2.1 | 83 | ||||||
|
Wholesale
|
|||||||||
|
October 2009
|
Ford Credit Master Owner Trust 20
09 – 2
|
1.5 | 155 | ||||||
|
January 2010
|
Ford Credit Master Owner Trust 2010 – 1
|
1.3 | 165 | ||||||
|
March 2010
|
Ford Credit Master Owner Trust 2010 – 3
|
1.0 | 170 | ||||||
|
Retail Lease
|
|||||||||
|
June 2009
|
Ford Credit Auto Lease Trust 2009 – A
|
0.8 | 211 | ||||||
|
2010
|
||||||||||||
|
Full Year
Forecast
|
Through
April 30
|
Actual
2
00
9
|
||||||||||
|
Public Term Funding
|
||||||||||||
|
Unsecured
|
$ | 3 – 6 | $ | 2 | $ | 5 | ||||||
|
Securitization transactions (a)
|
9 – 14 | 6 | 15 | |||||||||
|
Total public term funding
|
$ | 12 – 17 | $ | 8 | $ | 20 | ||||||
|
Private Term Funding (b)
|
$ | 7 – 11 | $ | 3 | $ | 11 | ||||||
|
(a)
|
Includes public securitization transactions and securitization transactions issued under Rule 144A of the Securities Act of 1933.
|
|
(b)
|
Includes private term debt, securitization transactions, and other term funding; excludes sales to Ford Credit's FCAR program.
|
|
March 31,
2010
|
December 31,
2009
|
|||||||
|
Cash, cash equivalents, and marketable securities (a)
|
$ | 20.7 | $ | 17.3 | ||||
|
Committed liquidity programs
|
22.0 | (b) | 23.2 | |||||
|
Asset-backed commercial paper
|
9.1 | 9.3 | ||||||
|
Credit facilities
|
1.2 | 1.3 | ||||||
|
Committed capacity
|
32.3 | 33.8 | ||||||
|
Committed capacity and cash
|
53.0 | 51.1 | ||||||
|
Less: Capacity in excess of eligible receivables
|
(9.0 | ) | (6.5 | ) | ||||
|
Less: Cash, cash equivalents, and marketable securities to support on-balance sheet securitization transactions
|
(5.6 | ) | (5.2 | ) | ||||
|
Liquidity
|
38.4 | 39.4 | ||||||
|
Less: Utilization
|
(17.3 | ) | (18.3 | ) | ||||
|
Liquidity available for use
|
$ | 21.1 | $ | 21.1 | ||||
|
(a)
|
Excludes marketable securities related to insurance activities.
|
|
(b)
|
Capacity as of April 1, 2010.
|
|
March 31,
2010
|
December 31,
2009
|
|||||||
|
Total debt
|
$ | 94.2 | $ | 96.3 | ||||
|
Equity
|
10.8 | 11.0 | ||||||
|
Financial statement leverage (to 1)
|
8.7 | 8.8 | ||||||
|
March 31,
2010
|
December 31,
2009
|
|||||||
|
Total debt
|
$ | 94.2 | $ | 96.3 | ||||
|
Securitized off-balance sheet receivables outstanding
|
0.0 | 0.1 | ||||||
|
Retained interest in securitized off-balance sheet receivables
|
0.0 | 0.0 | ||||||
|
Adjustments for cash, cash equivalents, and marketable securities (a)
|
(20.7 | ) | (17.3 | ) | ||||
|
Adjustments for derivative accounting (b)
|
(0.2 | ) | (0.2 | ) | ||||
|
Total adjusted debt
|
$ | 73.3 | $ | 78.9 | ||||
|
Equity
|
$ | 10.8 | $ | 11.0 | ||||
|
Adjustments for derivative accounting (b)
|
(0.1 | ) | (0.2 | ) | ||||
|
Total adjusted equity
|
$ | 10.7 | $ | 10.8 | ||||
|
Managed leverage (to 1)
|
6.9 | 7.3 | ||||||
|
(a)
|
Excludes marketable securities related to insurance activities.
|
|
(b)
|
Primarily related to market valuation adjustments to derivatives due to movements in interest rates. Adjustments to debt are related to designated fair value hedges and adjustments to equity are related to retained earnings.
|
|
March 31,
2010
|
December 31,
2009
|
|||||||
|
Total outstanding principal amount of finance receivables and net investment in operating leases included in on-balance sheet securitizations (a)
|
$ | 70.7 | $ | 74.8 | ||||
|
Cash, cash equivalents, and marketable securities to be used only to support the on-balance sheet securitizations
|
5.6 | (b) | 5.2 | |||||
|
Debt payable only out of collections on the underlying securitized assets and related enhancements
|
52.7 | 52.9 | ||||||
|
(a)
|
Before allowance for credit losses of about $800 million and $1.1 billion at March 31, 2010 and December 31, 2009, respectively. Excludes about $400 million and $0 in finance receivables related to Volvo Auto Bank at March 31, 2010 and December 31, 2009, respectively.
|
|
(b)
|
Included are marketable securities totaling $256 million, which are pledged as collateral in a funding arrangement with the ECB.
|
|
·
|
DBRS Limited ("DBRS");
|
|
·
|
Fitch, Inc. ("Fitch");
|
|
·
|
Moody's Investors Service, Inc. ("Moody's"); and
|
|
·
|
Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc. ("S&P").
|
|
Ford
|
On January 11, 2010, Fitch upgraded Ford's corporate rating to B- from CCC and the senior secured rating to BB- from B+; the outlook remains positive.
On March 17, Moody's upgraded Ford's Corporate Family Rating (CFR) to B2 from B3, our secured credit facility to Ba2 from Ba3 and our senior unsecured rating to B3 from Caa1. The ratings are under review for further possible upgrade.
On March 30, DBRS upgraded Ford's issuer rating to B from B (low), our senior secured credit facilities to BB (low) from B (high) and long-term debt to CCC (high) from CCC. The ratings trend is positive.
On April 28, S&P revised its outlook on Ford to positive from stable and affirmed its ratings.
On April 29, Fitch upgraded Ford's issuer default rating to B from B-, our senior secured rating to BB from BB- and our senior unsecured rating to CCC from CC. The outlook remains positive.
|
|
Ford Credit
|
On January 11, 2010, Fitch upgraded Ford Credit's corporate rating to B- from CCC, the senior unsecured rating to B+ from B, and the short-term rating to B from C; the outlook remains positive.
On March 4, Moody's upgraded Ford Credit's senior unsecured rating to B2 from B3 with a stable outlook.
On March 17, Moody's upgraded Ford Credit's senior unsecured rating to B1 from B2. The ratings are under review for further possible upgrade. Moody's also initiated a CFR for Ford Credit of B1.
On March 30, DBRS upgraded Ford Credit's issuer and long-term debt ratings to B (high) from B. It also upgraded Ford Credit's short-term rating to R-4 from R-5. The long-term ratings trend is positive while the short-term ratings trend is stable.
On April 28, S&P revised its outlook on Ford Credit to positive from stable and affirmed its ratings.
On April 29, Fitch upgraded Ford Credit's issue default rating to B from B- and affirmed its short-term rating at B. The outlook remains positive.
|
|
NRSRO RATINGS
|
|||||||||||||
|
Ford
|
Ford Credit | ||||||||||||
|
Issuer Default/
Corporate/
Issuer Rating
|
Long-Term
Senior
Unsecured
|
Senior
Secured
|
Outlook /
Trend
|
Long-Term
Senior
Unsecured
|
Short-Term
Unsecured
|
Outlook /
Trend
|
|||||||
|
DBRS
|
B |
CCC (high)
|
BB (low)
|
Positive
|
B (high)
|
R-4 |
Positive**
|
||||||
|
Fitch
|
B |
CCC
|
BB
|
Positive
|
BB-
|
B |
Positive
|
||||||
|
Moody's
|
B2 | B3 |
Ba2
|
Review
|
B1 |
NP
|
Review
|
||||||
|
S&P
|
B- |
CCC
|
B- |
Positive
|
B-* |
NR
|
Positive
|
||||||
|
*
|
S&P assigns FCE a long-term senior unsecured rating of B, maintaining a one notch differential versus Ford Credit.
|
|
**
|
DBRS has assigned a stable trend to Ford Credit's short-term ratings.
|
|
Second Quarter 201
0
(in thousands)
|
||||||||
|
Vehicle Unit
Production*
|
Over/(Under)
Second Quarter 2009
|
|||||||
|
Ford North America
|
625 | 174 | ||||||
|
Ford South America
|
135 | 25 | ||||||
|
Ford Europe
|
448 | 50 | ||||||
|
Ford Asia Pacific Africa
|
213 | 73 | ||||||
|
Industry Volume (a)
|
Full-Year Plan
|
Full-Year Outlook
|
Memo:
First Quarter 2010
|
|||||||||
|
(million units)
|
||||||||||||
|
–United States
|
11.5 – 12.5 |
On Track
|
11.3 | |||||||||
|
–Europe (b)
|
13.5 – 14.5 | 14.0 – 15.0 | 16.0 | |||||||||
|
Operational Metrics
|
||||||||||||
|
Compared with prior year:
|
||||||||||||
|
–Quality
|
Improve
|
On Track
|
Improved
|
|||||||||
|
–Automotive Structural Costs (c
)
|
Somewhat Higher
|
On Track
|
$100 Million Lower
|
|||||||||
|
–U.S. Market Share (Ford, Lincoln, and Mercury)
|
Equal / Improve
|
On Track
|
16.5% | |||||||||
|
–U.S. Share of Retail Market (d)
|
Equal / Improve
|
On Track
|
14.1% | |||||||||
|
–Europe Market Share (b)
|
Equal
|
On Track
|
9.4% | |||||||||
|
Absolute amount:
|
||||||||||||
|
–Automotive Operating-Rela
ted Cash Flow (e)
|
Positive
|
On Track
|
$(100) Million
|
|||||||||
|
–Capital Spending
|
$4.5 Billion to $5 Billion
|
On Track
|
$900 Million
|
|||||||||
|
(a)
|
Seasonally adjusted annual rate; includes medium and heavy vehicles.
|
|
(b)
|
For the 19 markets we track in Europe as de
fined in "Item 1. Business" of our 2009 Form 10-K Report.
|
|
(c)
|
Structural cost changes are measured primarily at prior-year exchange, and exclude special items and discontinued operations.
|
|
(d)
|
Estimate.
|
|
(e)
|
See "Liquidity and Capital Resources" discussion above for reconciliation to U.S. GAAP.
|
|
·
|
Further declines in industry sales volume, particularly in the United States or Europe, due to financial crisis, deepening recession, geo-political events, or other factors;
|
|
·
|
Decline in market share;
|
|
·
|
Lower-than-anticipated market acceptance of new or existing products;
|
|
·
|
An increase in or acceleration of market shift beyond our current planning assumptions from sales of trucks, medium- and large-sized utilities, or other more profitable vehicles, particularly in the United States;
|
|
·
|
A return to elevated gasoline prices, as well as the potential for volatile prices or reduced availability;
|
|
·
|
Continued or increased price competition resulting from industry overcapacity, currency fluctuations, or other factors;
|
|
·
|
Adverse effects from the bankruptcy, insolvency, or government-funded restructuring of, change in ownership or control of, or alliances entered into by a major competitor;
|
|
·
|
A prolonged disruption of the debt and securitization markets;
|
|
·
|
Fluctuations in foreign currency exchange rates, commodity prices, and interest rates;
|
|
·
|
Economic distress of suppliers that may require us to provide substantial financial support or take other measures to ensure supplies of components or materials and could increase our costs, affect our liquidity, or cause production disruptions;
|
|
·
|
Single-source supply of components or materials;
|
|
·
|
Labor or other constraints on our ability to restructure our business;
|
|
·
|
Work stoppages at Ford or supplier facilities or other interruptions of production;
|
|
·
|
Substantial pension and postretirement health care and life insurance liabilities impairing our liquidity or financial condition;
|
|
·
|
Worse-than-assumed economic and demographic experience for our postretirement benefit plans (e.g., discount rates or investment returns);
|
|
·
|
Restriction on use of tax attributes from tax law "ownership change;"
|
|
·
|
The discovery of defects in vehicles resulting in delays in new model launches, recall campaigns, or increased warranty costs;
|
|
·
|
Increased safety, emissions, fuel economy, or other regulation resulting in higher costs, cash expenditures, and/or sales restrictions;
|
|
·
|
Unusual or significant litigation or governmental investigations arising out of alleged defects in our products, perceived environmental impacts, or otherwise;
|
|
·
|
A change in our requirements for parts or materials where we have long-term supply arrangements that commit us to purchase minimum or fixed quantities of certain parts or materials, or to pay a minimum amount to the seller ("take-or-pay" contracts);
|
|
·
|
Adverse effects on our results from a decrease in or cessation of government incentives related to capital investments;
|
|
·
|
Adverse effects on our operations resulting from certain geo-political or other events;
|
|
·
|
Substantial levels of Automotive indebtedness adversely affecting our financial condition or preventing us from fulfilling our debt obligations (which may grow because we are able to incur substantially more debt, including additional secured debt);
|
|
·
|
Failure of financial institutions to fulfill commitments under committed credit facilities;
|
|
·
|
Inability of Ford Credit to obtain competitive funding;
|
|
·
|
Inability of Ford Credit to access debt, securitization, or derivative markets around the world at competitive rates or in sufficient amounts due to credit rating downgrades, market volatility, market disruption, or other factors;
|
|
·
|
Higher-than-expected credit losses;
|
|
·
|
Increased competition from banks or other financial institutions seeking to increase their share of financing Ford vehicles;
|
|
·
|
Collection and servicing problems related to finance receivables and net investment in operating leases;
|
|
·
|
Lower-than-anticipated residual values or higher-than-expected return volumes for leased vehicles;
|
|
·
|
New or increased credit, consumer, or data protection or other laws or regulations resulting in higher costs and/or additional financing restrictions; and
|
|
·
|
Inability to implement our One Ford plan.
|
|
·
|
Nature, frequency, and severity of current and cumulative financial reporting losses.
A pattern of objectively measured recent financial reporting losses is heavily weighted as a source of negative evidence. In certain circumstances, historical information may not be as relevant due to changed circumstances;
|
|
·
|
Sources of future taxable income.
Future reversals of existing temporary differences are heavily-weighted sources of objectively verifiable positive evidence. Projections of future taxable income exclusive of reversing temporary differences are a source of positive evidence only when the projections are combined with a history of recent profits and can be reasonably estimated. Otherwise, these projections are considered inherently subjective and generally will not be sufficient to overcome negative evidence that includes relevant cumulative losses in recent years, particularly if the projected future taxable income is dependent on an anticipated turnaround to profitability that has not yet been achieved. In such cases, we generally give these projections of future taxable income no weight for the purposes of our valuation allowance assessment pursuant to U.S. GAAP; and
|
|
·
|
Tax planning strategies.
If necessary and available, tax planning strategies would be implemented to accelerate taxable amounts to utilize expiring carryforwards. These strategies would be a source of additional positive evidence and, depending on their nature, could be heavily weighted.
|
|
Period
|
Total Number
of Shares
Purchased*
|
Average
Price Paid
per Share
|
Total Number of
Shares Purchased
as Part of Publicly-
Announced Plans
or Programs
|
Maximum Number
(or Approximate Dollar Value)
of Shares that May Yet Be
Purchased Under the
Plans or Programs
|
||||||||||||
|
Jan. 1, 2010 through Jan. 31, 201
0
|
— | $ | — | — | ** | |||||||||||
|
Feb. 1, 2010 through Feb. 28, 201
0
|
50,695 | 11.12 | — | ** | ||||||||||||
|
March 1, 2010 through March 31, 201
0
|
19,919 | 12.57 | — | ** | ||||||||||||
|
Total/Average
|
70,614 | 11.53 | — | ** | ||||||||||||
|
*
|
We presently have no publicly-announced repurchase program in place. Shares were acquired from our employees or directors in accordance with our various compensation plans as a result of share withholdings to pay: (i)
income tax related to
the lapse of restrictions on restricted stock or the issuance of unrestricted stock
;
and (ii)
the exercise price and related income taxes with respect to certain exercises of stock options.
|
|
**
|
No publicly
-
announced repurchase program in place.
|
|
·
|
The parties have filed joint motions to dismiss the federal litigation in California, Vermont, and Rhode Island regarding federal preemption of state motor vehicle GHG standards.
|
|
·
|
The California Air Resources Board (“CARB”) adopted the modifications to its regulations required to implement the agreement in principle.
|
|
·
|
The EPA and National Highway Traffic Safety Administration promulgated a final rule setting forth harmonized GHG and fuel economy standards for the 2012-2016 model years.
|
| FORD MOTOR COMPANY | |||
| (Registrant) | |||
|
Date:
May 7, 2010
|
By:
|
/s/ Bob Shanks | |
| Bob Shanks | |||
|
Vice President and Controller
|
|||
|
(Chief Accounting Officer)
|
|||
|
Designation
|
Description
|
Method of Filing
|
||
|
Exhibit 10.1
|
Stock Purchase Agreement by and among Ford Motor Company, Volvo Personvagnar Holding AB, Mintime North America, LLC and Geely Sweden AB for the Sale and Purchase of Volvo Car Corporation and Volvo Cars of North America, LLC
|
Filed with this Report.
|
||
|
Exhibit 10.2
|
Executive Compensation Recoupment Policy
|
Filed with this Report.*
|
||
|
Exhibit 10.3
|
Amendment dated May 5, 2010 to the Consulting Agreement between Ford Motor Company and Edsel B. Ford II
|
Filed with this Report.*
|
||
|
Exhibit 12
|
Ford Motor Company and Subsidiaries Calculation of Ratio of Earnings to Combined Fixed Charges
|
Filed with this Report.
|
||
|
Exhibit 15
|
Letter of PricewaterhouseCoopers LLP dated May 7, 2010 relating to financial information
|
Filed with this Report.
|
||
|
Exhibit 31.1
|
Rule 15d-14(a) Certification of CEO
|
Filed with this Report.
|
||
|
Exhibit 31.2
|
Rule 15d-14(a) Certification of CFO
|
Filed with this Report.
|
||
|
Exhibit 32.1
|
Section 1350 Certification of CEO
|
Furnished with this Report.
|
||
|
Exhibit 32.2
|
Section 1350 Certification of CFO
|
Furnished with this Report.
|
||
|
Exhibit 101.INS
|
XBRL Instance Document
|
Furnished with this Report.**
|
||
|
Exhibit 101.SCH
|
XBRL Taxonomy Extension Schema Document
|
Furnished with this Report.**
|
||
|
Exhibit 101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
Furnished with this Report.**
|
||
|
Exhibit 101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
Furnished with this Report.**
|
||
|
Exhibit 101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
Furnished with this Report.**
|
||
|
Exhibit 101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
Furnished with this Report.**
|
|
*
|
Management contract or compensatory plan or arrangement.
|
|
**
|
Submitted electronically with this Report.
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
Suppliers
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|