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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
September 30, 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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Third Quarter
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First Nine Months
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|||||||||||||||
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2010
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2009
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2010
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2009
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|||||||||||||
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(unaudited)
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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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$ | 27,592 | $ | 27,250 | $ | 89,050 | $ | 71,840 | ||||||||
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Financial Services revenues
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2,301 | 3,022 | 7,476 | 9,632 | ||||||||||||
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Total sales and revenues
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29,893 | 30,272 | 96,526 | 81,472 | ||||||||||||
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Costs and expenses
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||||||||||||||||
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Automotive cost of sales
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24,233 | 24,817 | 77,200 | 69,576 | ||||||||||||
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Selling, administrative and other expenses
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2,654 | 3,005 | 8,880 | 9,807 | ||||||||||||
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Interest expense
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1,469 | 1,613 | 4,806 | 5,213 | ||||||||||||
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Financial Services provision for credit and insurance losses
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(36 | ) | 125 | (208 | ) | 946 | ||||||||||
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Total costs and expenses
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28,320 | 29,560 | 90,678 | 85,542 | ||||||||||||
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Automotive interest income and other non-operating income/(expense), net (Note 11)
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88 | 161 | 336 | 5,175 | ||||||||||||
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Financial Services other income/(loss), net (Note 11)
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108 | 131 | 301 | 431 | ||||||||||||
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Equity in net income/(loss) of affiliated companies
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118 | 108 | 384 | 155 | ||||||||||||
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Income/(Loss) before income taxes
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1,887 | 1,112 | 6,869 | 1,691 | ||||||||||||
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Provision for/(Benefit from) income taxes
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199 | 99 | 500 | (143 | ) | |||||||||||
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Income/(Loss) from continuing operations
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1,688 | 1,013 | 6,369 | 1,834 | ||||||||||||
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Income/(Loss) from discontinued operations
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— | — | — | 5 | ||||||||||||
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Net income/(loss)
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1,688 | 1,013 | 6,369 | 1,839 | ||||||||||||
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Less: Income/(Loss) attributable to noncontrolling interests
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1 | 16 | (2 | ) | 8 | |||||||||||
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Net income/(loss) attributable to Ford Motor Company
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$ | 1,687 | $ | 997 | $ | 6,371 | $ | 1,831 | ||||||||
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NET INCOME/(LOSS) ATTRIBUTABLE TO FORD MOTOR COMPANY
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||||||||||||||||
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Income/(Loss) from continuing operations
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$ | 1,687 | $ | 997 | $ | 6,371 | $ | 1,826 | ||||||||
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Income/(Loss) from discontinued operations
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— | — | — | 5 | ||||||||||||
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Net income/(loss)
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$ | 1,687 | $ | 997 | $ | 6,371 | $ | 1,831 | ||||||||
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AMOUNTS PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK (Note 14)
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||||||||||||||||
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Basic income/(loss)
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||||||||||||||||
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Income/(Loss) from continuing operations
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$ | 0.49 | $ | 0.31 | $ | 1.87 | $ | 0.63 | ||||||||
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Income/(Loss) from discontinued operations
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— | — | — | — | ||||||||||||
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Net income/(loss)
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$ | 0.49 | $ | 0.31 | $ | 1.87 | $ | 0.63 | ||||||||
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Diluted income/(loss)
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||||||||||||||||
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Income/(Loss) from continuing operations
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$ | 0.43 | $ | 0.29 | $ | 1.61 | $ | 0.61 | ||||||||
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Income/(Loss) from discontinued operations
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— | — | — | — | ||||||||||||
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Net income/(loss)
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$ | 0.43 | $ | 0.29 | $ | 1.61 | $ | 0.61 | ||||||||
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Third Quarter
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First Nine Months
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|||||||||||||||
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2010
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2009
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2010
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2009
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|||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||
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AUTOMOTIVE
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||||||||||||||||
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Sales
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$ | 27,592 | $ | 27,250 | $ | 89,050 | $ | 71,840 | ||||||||
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Costs and expenses
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||||||||||||||||
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Cost of sales
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24,233 | 24,817 | 77,200 | 69,576 | ||||||||||||
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Selling, administrative and other expenses
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2,025 | 1,956 | 6,669 | 6,021 | ||||||||||||
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Total costs and expenses
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26,258 | 26,773 | 83,869 | 75,597 | ||||||||||||
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Operating income/(loss)
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1,334 | 477 | 5,181 | (3,757 | ) | |||||||||||
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Interest expense
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415 | 301 | 1,475 | 1,129 | ||||||||||||
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Interest income and other non-operating income/(expense), net (Note
11)
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88 | 161 | 336 | 5,175 | ||||||||||||
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Equity in net income/(loss) of affiliated companies
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119 | 105 | 376 | 289 | ||||||||||||
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Income/(Loss) before income taxes — Automotive
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1,126 | 442 | 4,418 | 578 | ||||||||||||
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FINANCIAL SERVICES
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Revenues
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2,301 | 3,022 | 7,476 | 9,632 | ||||||||||||
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Costs and expenses
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||||||||||||||||
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Interest expense
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1,054 | 1,312 | 3,331 | 4,084 | ||||||||||||
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Depreciation
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426 | 862 | 1,580 | 3,261 | ||||||||||||
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Operating and other expenses
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203 | 187 | 631 | 525 | ||||||||||||
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Provision for credit and insurance losses
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(36 | ) | 125 | (208 | ) | 946 | ||||||||||
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Total costs and expenses
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1,647 | 2,486 | 5,334 | 8,816 | ||||||||||||
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Other income/(loss), net (Note 11)
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108 | 131 | 301 | 431 | ||||||||||||
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Equity in net income/(loss) of affiliated companies
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(1 | ) | 3 | 8 | (134 | ) | ||||||||||
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Income/(Loss) before income taxes — Financial
Services
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761 | 670 | 2,451 | 1,113 | ||||||||||||
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TOTAL COMPANY
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||||||||||||||||
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Income/(Loss) before income taxes
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1,887 | 1,112 | 6,869 | 1,691 | ||||||||||||
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Provision for/(Benefit from) income taxes
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199 | 99 | 500 | (143 | ) | |||||||||||
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Income/(Loss) from continuing operations
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1,688 | 1,013 | 6,369 | 1,834 | ||||||||||||
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Income/(Loss) from discontinued operations
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— | — | — | 5 | ||||||||||||
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Net income/(loss)
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1,688 | 1,013 | 6,369 | 1,839 | ||||||||||||
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Less: Income/(Loss) attributable to noncontrolling interests
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1 | 16 | (2 | ) | 8 | |||||||||||
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Net income/(loss) attributable to Ford Motor Company
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$ | 1,687 | $ | 997 | $ | 6,371 | $ | 1,831 | ||||||||
| NET INCOME/(LOSS) ATTRIBUTABLE TO FORD MOTOR COMPANY | ||||||||||||||||
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Income/(Loss) from continuing operations
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$ | 1,687 | $ | 997 | $ | 6,371 | $ | 1,826 | ||||||||
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Income/(Loss) from discontinued operations
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— | — | — | 5 | ||||||||||||
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Net income/(loss)
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$ | 1,687 | $ | 997 | $ | 6,371 | $ | 1,831 | ||||||||
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AMOUNTS PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK (Note 14)
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||||||||||||||||
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Basic income/(loss)
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||||||||||||||||
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Income/(Loss) from continuing operations
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$ | 0.49 | $ | 0.31 | $ | 1.87 | $ | 0.63 | ||||||||
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Income/(Loss) from discontinued operations
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— | — | — | — | ||||||||||||
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Net income/(loss)
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$ | 0.49 | $ | 0.31 | $ | 1.87 | $ | 0.63 | ||||||||
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Diluted income/(loss)
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||||||||||||||||
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Income/(Loss) from continuing operations
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$ | 0.43 | $ | 0.29 | $ | 1.61 | $ | 0.61 | ||||||||
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Income/(Loss) from discontinued operations
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— | — | — | — | ||||||||||||
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Net income/(loss)
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$ | 0.43 | $ | 0.29 | $ | 1.61 | $ | 0.61 | ||||||||
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September 30
,
2010
|
December 31,
2009
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|||||||
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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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$ | 17,992 | $ | 20,894 | ||||
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Marketable securities
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26,156 | 21,387 | ||||||
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Finance receivables, net (Note 5)
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70,486 | 76,996 | ||||||
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Other receivables, net
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8,368 | 7,257 | ||||||
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Net investment in operating leases
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13,010 | 17,270 | ||||||
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Inventories (Note 6)
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6,855 | 5,041 | ||||||
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Equity in net assets of affiliated companies
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2,676 | 2,428 | ||||||
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Net property
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22,956 | 22,637 | ||||||
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Deferred income taxes
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2,201 | 3,479 | ||||||
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Net intangible assets (Note 8)
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123 | 165 | ||||||
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Assets of held-for-sale operations (Note 13)
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— | 7,618 | ||||||
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Other assets
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6,255 | 6,868 | ||||||
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Total assets
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$ | 177,078 | $ | 192,040 | ||||
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LIABILITIES
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Payables
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$ | 17,374 | $ | 14,301 | ||||
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Accrued liabilities and deferred revenue
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43,726 | 46,144 | ||||||
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Debt (Note 10)
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116,691 | 131,635 | ||||||
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Deferred income taxes
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1,027 | 2,421 | ||||||
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Liabilities of held-for-sale operations (Note 13)
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— | 5,321 | ||||||
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Total liabilities
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178,818 | 199,822 | ||||||
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EQUITY
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||||||||
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Capital stock
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||||||||
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Common Stock, par value $0.01 per share (3,413 million shares issued)
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34 | 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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18,190 | 16,786 | ||||||
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Accumulated other comprehensive income/(loss)
|
(12,609 | ) | (10,864 | ) | ||||
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Treasury stock
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(161 | ) | (177 | ) | ||||
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Retained earnings/(Accumulated deficit)
|
(7,228 | ) | (13,599 | ) | ||||
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Total equity/(deficit) attributable to Ford Motor Company (Note 18)
|
(1,773 | ) | (7,820 | ) | ||||
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Equity/(Deficit) attributable to noncontrolling interests (Note 18)
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33 | 38 | ||||||
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Total equity/(deficit) (Note 18)
|
(1,740 | ) | (7,782 | ) | ||||
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Total liabilities and equity
|
$ | 177,078 | $ | 192,040 | ||||
|
ASSETS
|
||||||||
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Cash and cash equivalents
|
$ | 4,412 | $ | 4,922 | ||||
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Finance receivables, net
|
53,298 | 57,353 | ||||||
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Other receivables, net
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2 0 | 34 | ||||||
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Net investment in operating leases
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6,783 | 10,246 | ||||||
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Inventories
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26 | 106 | ||||||
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Net property
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31 | 154 | ||||||
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Other assets
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25 | 56 | ||||||
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LIABILITIES
|
||||||||
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Payables
|
23 | 23 | ||||||
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Accrued liabilities and deferred revenue
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327 | 560 | ||||||
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Debt
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43,394 | 46,167 | ||||||
|
September 30
,
2010
|
December 31,
2009
|
|||||||
|
(unaudited)
|
||||||||
|
ASSETS
|
||||||||
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Automotive
|
||||||||
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Cash and cash equivalents
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$ | 9,040 | $ | 9,762 | ||||
|
Marketable securities
|
14,848 | 15,169 | ||||||
|
Total cash and marketable securities
|
23,888 | 24,931 | ||||||
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Receivables, net
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4,049 | 3,378 | ||||||
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Inventories (Note 6)
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6,855 | 5,041 | ||||||
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Deferred income taxes
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396 | 479 | ||||||
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Net investment in operating leases
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2,098 | 2,208 | ||||||
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Other current assets
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817 | 688 | ||||||
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Current receivable from Financial Services
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1,497 | 2,568 | ||||||
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Total current assets
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39,600 | 39,293 | ||||||
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Equity in net assets of affiliated companies
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2,549 | 2,307 | ||||||
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Net property
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22,799 | 22,455 | ||||||
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Deferred income taxes
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4,801 | 5,660 | ||||||
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Net intangible assets (Note 8)
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123 | 165 | ||||||
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Assets of held-for-sale operations (Note 13)
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— | 7,618 | ||||||
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Other assets
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2,008 | 1,620 | ||||||
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Non-current receivable from Financial Services
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558 | — | ||||||
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Total Automotive assets
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72,438 | 79,118 | ||||||
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Financial Services
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Cash and cash equivalents
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8,952 | 11,132 | ||||||
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Marketable securities
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11,537 | 6,864 | ||||||
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Finance receivables, net (Note 5)
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74,807 | 80,885 | ||||||
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Net investment in operating leases
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10,912 | 15,062 | ||||||
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Equity in net assets of affiliated companies
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127 | 121 | ||||||
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Other assets
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3,843 | 5,048 | ||||||
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Total Financial Services assets
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110,178 | 119,112 | ||||||
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Intersector elimination
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(2,286 | ) | (3,224 | ) | ||||
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Total assets
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$ | 180,330 | $ | 195,006 | ||||
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LIABILITIES
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||||||||
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Automotive
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||||||||
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Trade payables
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$ | 14,319 | $ | 11,607 | ||||
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Other payables
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1,658 | 1,458 | ||||||
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Accrued liabilities and deferred revenue
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18,193 | 18,138 | ||||||
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Deferred income taxes
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2,199 | 3,091 | ||||||
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Debt payable within one year (Note 10)
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1,257 | 1,638 | ||||||
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Total current liabilities
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37,626 | 35,932 | ||||||
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Long-term debt (Note 10)
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25,100 | 31,972 | ||||||
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Other liabilities
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21,404 | 23,132 | ||||||
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Deferred income taxes
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396 | 561 | ||||||
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Liabilities of held-for-sale operations (Note 13)
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— | 5,321 | ||||||
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Total Automotive liabilities
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84,526 | 96,918 | ||||||
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Financial Services
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||||||||
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Payables
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1,397 | 1,236 | ||||||
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Debt (Note 10)
|
90,563 | 98,671 | ||||||
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Deferred income taxes
|
1,684 | 1,735 | ||||||
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Other liabilities and deferred income
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4,131 | 4,884 | ||||||
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Payable to Automotive
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2,055 | 2,568 | ||||||
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Total Financial Services liabilities
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99,830 | 109,094 | ||||||
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Intersector elimination
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(2,286 | ) | (3,224 | ) | ||||
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Total liabilities
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182,070 | 202,788 | ||||||
|
EQUITY
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||||||||
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Capital stock
|
||||||||
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Common Stock, par value $0.01 per share (3,413 million shares issued)
|
34 | 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
|
18,190 | 16,786 | ||||||
|
Accumulated other comprehensive income/(loss)
|
(12,609 | ) | (10,864 | ) | ||||
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Treasury stock
|
(161 | ) | (177 | ) | ||||
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Retained earnings/(Accumulated deficit)
|
(7,228 | ) | (13,599 | ) | ||||
|
Total equity/(deficit) attributable to Ford Motor Company (Note 18)
|
(1,773 | ) | (7,820 | ) | ||||
|
Equity/(Deficit) attributable to noncontrolling interests (Note 18)
|
33 | 38 | ||||||
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Total equity/(deficit) (Note 18)
|
(1,740 | ) | (7,782 | ) | ||||
|
Total liabilities and equity
|
$ | 180,330 | $ | 195,006 | ||||
|
First Nine Months
|
||||||||
|
2010
|
2009
|
|||||||
|
(unaudited)
|
||||||||
|
Cash flows from operating activities of continuing operations
|
||||||||
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Net cash (used in)/provided by operating activities
|
$ | 10,238 | $ | 15,081 | ||||
|
Cash flows from investing activities of continuing operations
|
||||||||
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Capital expenditures
|
(2,946 | ) | (2,990 | ) | ||||
|
Acquisitions of retail and other finance receivables and operating leases
|
(21,594 | ) | (21,214 | ) | ||||
|
Collections of retail and other finance receivables and operating leases
|
29,075 | 31,713 | ||||||
|
Purchases of securities
|
(79,096 | ) | (61,142 | ) | ||||
|
Sales and maturities of securities
|
74,627 | 56,639 | ||||||
|
Settlements of derivatives
|
(234 | ) | 451 | |||||
|
Proceeds from sale of businesses
|
1,318 | 380 | ||||||
|
Elimination of cash balances upon disposition of discontinued/held-for-sale operations
|
(456 | ) | — | |||||
|
Cash change due to deconsolidation of joint ventures
|
— | (343 | ) | |||||
|
Other
|
(74 | ) | (622 | ) | ||||
|
Net cash (used in)/provided by investing activities
|
620 | 2,872 | ||||||
|
Cash flows from financing activities of continuing operations
|
||||||||
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Sales of Common Stock
|
1,230 | 2,270 | ||||||
|
Changes in short-term debt
|
(908 | ) | (5,586 | ) | ||||
|
Proceeds from issuance of other debt
|
25,804 | 35,641 | ||||||
|
Principal payments on other debt
|
(39,701 | ) | (45,998 | ) | ||||
|
Other
|
5 | (780 | ) | |||||
|
Net cash (used in)/provided by financing activities
|
(13,570 | ) | (14,453 | ) | ||||
|
Effect of exchange rate changes on cash
|
(190 | ) | 503 | |||||
|
Cumulative correction of Financial Services prior period error
|
— | (630 | ) | |||||
|
Net increase/(decrease) in cash and cash equivalents
|
$ | (2,902 | ) | $ | 3,373 | |||
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Cash and cash equivalents at January 1
|
$ | 20,894 | $ | 21,804 | ||||
|
Net increase/(decrease) in cash and cash equivalents
|
(2,902 | ) | 3,373 | |||||
|
Cash and cash equivalents at September 30
|
$ | 17,992 | $ | 25,177 | ||||
|
First Nine Months 2010
|
First Nine Months 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
|
$ | 4,625 | $ | 3,500 | $ | (959 | ) | $ | 5,367 | |||||||
|
Cash flows from investing activities of continuing operations
|
||||||||||||||||
|
Capital expenditures
|
(2,932 | ) | (14 | ) | (2,976 | ) | (14 | ) | ||||||||
|
Acquisitions of retail and other finance receivables and operating leases
|
— | (21,496 | ) | — | (21,214 | ) | ||||||||||
|
Collections of retail and other finance receivables and operating leases
|
— | 29,075 | — | 31,824 | ||||||||||||
|
Net (acquisitions)/collections of wholesale receivables
|
— | 715 | — | 9,435 | ||||||||||||
|
Purchases of securities
|
(41,262 | ) | (38,026 | ) | (40,655 | ) | (22,135 | ) | ||||||||
|
Sales and maturities of securities
|
41,830 | 33,415 | 35,913 | 21,128 | ||||||||||||
|
Settlements of derivatives
|
(277 | ) | 43 | (52 | ) | 503 | ||||||||||
|
Proceeds from sale of businesses
|
1,318 | — | 6 | 374 | ||||||||||||
|
Investing activity (to)/from Financial Services
|
1,374 | — | 115 | — | ||||||||||||
|
Elimination of cash balances upon disposition of discontinued/held-for-sale operations
|
(456 | ) | — | — | — | |||||||||||
|
Cash change due to deconsolidation of joint ventures
|
— | — | (343 | ) | — | |||||||||||
|
Other
|
(126 | ) | 52 | (748 | ) | 126 | ||||||||||
|
Net cash (used in)/provided by investing activities
|
(531 | ) | 3,764 | (8,740 | ) | 20,027 | ||||||||||
|
Cash flows from financing activities of continuing operations
|
||||||||||||||||
|
Sales of Common Stock
|
1,230 | — | 2,270 | — | ||||||||||||
|
Changes in short-term debt
|
117 | (1,025 | ) | 324 | (5,910 | ) | ||||||||||
|
Proceeds from issuance of other debt
|
2,104 | 23,700 | 11,411 | 24,230 | ||||||||||||
|
Principal payments on other debt
|
(8,481 | ) | (30,346 | ) | (878 | ) | (42,747 | ) | ||||||||
|
Financing activity (to)/from Automotive
|
— | (1,374 | ) | — | (115 | ) | ||||||||||
|
Other
|
170 | (165 | ) | (230 | ) | (550 | ) | |||||||||
|
Net cash (used in)/provided by financing activities
|
(4,860 | ) | (9,210 | ) | 12,897 | (25,092 | ) | |||||||||
|
Effect of exchange rate changes on cash
|
44 | (234 | ) | 225 | 278 | |||||||||||
|
Cumulative correction of prior period error
|
— | — | — | (630 | ) | |||||||||||
|
Net increase/(decrease) in cash and cash equivalents
|
$ | (722 | ) | $ | (2,180 | ) | $ | 3,423 | $ | (50 | ) | |||||
|
Cash and cash equivalents at January 1
|
$ | 9,762 | $ | 11,132 | $ | 6,132 | $ | 15,672 | ||||||||
|
Net increase/(decrease) in cash and cash equivalents
|
(722 | ) | (2,180 | ) | 3,423 | (50 | ) | |||||||||
|
Cash and cash equivalents at September 30
|
$ | 9,040 | $ | 8,952 | $ | 9,555 | $ | 15,622 | ||||||||
|
Third Quarter
|
First Nine Months
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
|
Net income/(loss)
|
$ | 1,688 | $ | 1,013 | $ | 6,369 | $ | 1,839 | ||||||||
|
Other comprehensive income/(loss), net of tax:
|
||||||||||||||||
|
Foreign currency translation
|
(460 | ) | 498 | (2,189 | ) | 2,157 | ||||||||||
|
Net gain/(loss) on derivative instruments
|
65 | (68 | ) | 36 | (191 | ) | ||||||||||
|
Employee benefit-related
|
62 | (131 | ) | 409 | (586 | ) | ||||||||||
|
Net holding gain/(loss)
|
— | 2 | (2 | ) | (1 | ) | ||||||||||
|
Total other comprehensive income/(loss), net of tax
|
(333 | ) | 301 | (1,746 | ) | 1,379 | ||||||||||
|
Comprehensive income/(loss)
|
1,355 | 1,314 | 4,623 | 3,218 | ||||||||||||
|
Less: Comprehensive income/(loss) attributable to noncontrolling interests (Note 18)
|
— | 15 | (3 | ) | 7 | |||||||||||
|
Comprehensive income/(loss) attributable to Ford Motor Company
|
$ | 1,355 | $ | 1,299 | $ | 4,626 | $ | 3,211 | ||||||||
|
Footnote
|
Page
|
|
|
Note 1
|
Principles of Presentation and Consolidation
|
9
|
|
Note 2
|
Accounting Standards Issued But Not Yet Adopted
|
14
|
|
Note 3
|
Fair Value Measurements
|
14
|
|
Note 4
|
Cash and Restricted Cash
|
23
|
|
Note 5
|
Finance Receivables – Financial Services Sector
|
23
|
|
Note 6
|
Inventories
|
24
|
|
Note 7
|
Variable Interest Entities
|
24
|
|
Note 8
|
Net Intangible Assets
|
28
|
|
Note 9
|
Retirement Benefits
|
29
|
|
Note 10
|
Debt and Commitments
|
30
|
|
Note 11
|
Other Income/(Loss)
|
38
|
|
Note 12
|
Income Taxes
|
38
|
|
Note 13
|
Held-For-Sale Operations, Discontinued Operations, Other Dispositions, and Acquisitions
|
39
|
|
Note 14
|
Amounts Per Share Attributable to Ford Motor Company Common and Class B Stock
|
41
|
|
Note 15
|
Derivative Financial Instruments and Hedging Activities
|
42
|
|
Note 16
|
Segment Information
|
47
|
|
Note 17
|
Commitments
|
49
|
|
Note 18
|
Equity/(Deficit) Attributable to Ford Motor Company and Noncontrolling Interests
|
50
|
|
Third Quarter 2009
|
||||||||||||
|
Revised
|
As Originally
Reported
|
Effect of Change
|
||||||||||
|
SUMMARY OF OPERATIONS
|
||||||||||||
|
Total Company
|
||||||||||||
|
Sales and revenues
|
$ | 30,272 | $ | 30,892 | $ | (620 | ) | |||||
|
Income/(Loss) before income taxes
|
$ | 1,112 | $ | 1,215 | $ | (103 | ) | |||||
|
Provision for/(Benefit from) income taxes
|
99 | 139 | (40 | ) | ||||||||
|
Income/(Loss) from continuing operations
|
1,013 | 1,076 | (63 | ) | ||||||||
|
Income/(Loss) from discontinued operations
|
— | — | — | |||||||||
|
Net income/(loss)
|
1,013 | 1,076 | (63 | ) | ||||||||
|
Less: Income/(Loss) attributable to noncontrolling interests
|
16 | 79 | (63 | ) | ||||||||
|
Net income/(loss) attributable to Ford Motor Company
|
$ | 997 | $ | 997 | $ | — | ||||||
|
Automotive Sector
|
||||||||||||
|
Sales
|
$ | 27,250 | $ | 27,870 | $ | (620 | ) | |||||
|
Operating income/(loss)
|
477 | 667 | (190 | ) | ||||||||
|
Income/(Loss) before income taxes
|
442 | 545 | (103 | ) | ||||||||
|
Amounts Per Share Attributable to Ford Motor Company Common and Class B Stock
|
||||||||||||
|
Basic:
|
||||||||||||
|
Income/(Loss) from continuing operations
|
$ | 0.31 | $ | 0.31 | $ | — | ||||||
|
Income/(Loss) from discontinued operations
|
— | — | — | |||||||||
|
Net income/(loss)
|
$ | 0.31 | $ | 0.31 | $ | — | ||||||
|
Diluted:
|
||||||||||||
|
Income/(Loss) from continuing operations
|
$ | 0.29 | $ | 0.29 | $ | — | ||||||
|
Income/(Loss) from discontinued operations
|
— | — | — | |||||||||
|
Net income/(loss)
|
$ | 0.29 | $ | 0.29 | $ | — | ||||||
|
First Nine Months 2009
|
||||||||||||
|
Revised
|
As Originally
Reported
|
Effect of Change
|
||||||||||
|
SUMMARY OF OPERATIONS
|
||||||||||||
|
Total Company
|
||||||||||||
|
Sales and revenues
|
$ | 81,472 | $ | 82,859 | $ | (1,387 | ) | |||||
|
Income/(Loss) before income taxes
|
$ | 1,691 | $ | 1,966 | $ | (275 | ) | |||||
|
Provision for/(Benefit from) income taxes
|
(143 | ) | (40 | ) | (103 | ) | ||||||
|
Income/(Loss) from continuing operations
|
1,834 | 2,006 | (172 | ) | ||||||||
|
Income/(Loss) from discontinued operations
|
5 | 5 | — | |||||||||
|
Net income/(loss)
|
1,839 | 2,011 | (172 | ) | ||||||||
|
Less: Income/(Loss) attributable to noncontrolling interests
|
8 | 180 | (172 | ) | ||||||||
|
Net income/(loss) attributable to Ford Motor Company
|
$ | 1,831 | $ | 1,831 | $ | — | ||||||
|
Automotive Sector
|
||||||||||||
|
Sales
|
$ | 71,840 | $ | 73,227 | $ | (1,387 | ) | |||||
|
Operating income/(loss)
|
(3,757 | ) | (3,239 | ) | (518 | ) | ||||||
|
Income/(Loss) before income taxes
|
578 | 853 | (275 | ) | ||||||||
|
Amounts Per Share Attributable to Ford Motor Company Common and Class B Stock
|
||||||||||||
|
Basic:
|
||||||||||||
|
Income/(Loss) from continuing operations
|
$ | 0.63 | $ | 0.63 | $ | — | ||||||
|
Income/(Loss) from discontinued operations
|
— | — | — | |||||||||
|
Net income/(loss)
|
$ | 0.63 | $ | 0.63 | $ | — | ||||||
|
Diluted:
|
||||||||||||
|
Income/(Loss) from continuing operations
|
$ | 0.61 | $ | 0.61 | $ | — | ||||||
|
Income/(Loss) from discontinued operations
|
— | — | — | |||||||||
|
Net income/(loss)
|
$ | 0.61 | $ | 0.61 | $ | — | ||||||
|
September 30,
2010
|
December 31,
2009
|
|||||||
|
Sector balance sheet presentation of deferred income tax assets:
|
||||||||
|
Automotive sector current deferred income tax assets
|
$ | 396 | $ | 479 | ||||
|
Automotive sector non-current deferred income tax assets
|
4,801 | 5,660 | ||||||
|
Financial Services sector deferred income tax assets*
|
256 | 306 | ||||||
|
Total
|
5,453 | 6,445 | ||||||
|
Reclassification for netting of deferred income taxes
|
(3,252 | ) | (2,966 | ) | ||||
|
Consolidated balance sheet presentation of deferred income tax assets
|
$ | 2,201 | $ | 3,479 | ||||
|
Sector balance sheet presentation of deferred income tax liabilities:
|
||||||||
|
Automotive sector current deferred income tax liabilities
|
$ | 2,199 | $ | 3,091 | ||||
|
Automotive sector non-current deferred income tax liabilities
|
396 | 561 | ||||||
|
Financial Services sector deferred income tax liabilities
|
1,684 | 1,735 | ||||||
|
Total
|
4,279 | 5,387 | ||||||
|
Reclassification for netting of deferred income taxes
|
(3,252 | ) | (2,966 | ) | ||||
|
Consolidated balance sheet presentation of deferred income tax liabilities
|
$ | 1,027 | $ | 2,421 | ||||
|
First Nine Months
|
||||||||
|
2010
|
2009
|
|||||||
|
Automotive cash flows from operating activities of continuing operations
|
$ | 4,625 | $ | (959 | ) | |||
|
Financial Services cash flows from operating activities of continuing operations
|
3,500 | 5,367 | ||||||
|
Total sector cash flows from operating activities of continuing operations
|
8,125 | 4,408 | ||||||
|
Reclassifications from investing to operating cash flows:
|
||||||||
|
Wholesale receivables (a)
|
715 | 9,435 | ||||||
|
Finance receivables (b)
|
98 | 111 | ||||||
|
Reclassifications from operating to financing cash flows:
|
||||||||
|
Payments on notes to the UAW VEBA Trust (Note 10) (c)
|
1,300 | — | ||||||
|
Financial Services sector second quarter 2009 acquisition of Automotive sector debt (d)
|
— | 1,127 | ||||||
|
Consolidated cash flows from operating activities of continuing operations
|
$ | 10,238 | $ | 15,081 | ||||
|
Automotive cash flows from investing activities of continuing operations
|
$ | (531 | ) | $ | (8,740 | ) | ||
|
Financial Services cash flows from investing activities of continuing operations
|
3,764 | 20,027 | ||||||
|
Total sector cash flows from investing activities of continuing operations
|
3,233 | 11,287 | ||||||
|
Reclassifications from investing to operating cash flows:
|
||||||||
|
Wholesale receivables (a)
|
(715 | ) | (9,435 | ) | ||||
|
Finance receivables (b)
|
(98 | ) | (111 | ) | ||||
|
Reclassifications from investing to financing cash flows:
|
||||||||
|
Automotive sector acquisition of Financial Services sector debt (e)
|
(426 | ) | 155 | |||||
|
Financial Services sector first quarter 2009 acquisition of Automotive sector debt (d)
|
— | 1,091 | ||||||
|
Elimination of investing activity to/(from) Financial Services in consolidation
|
(1,374 | ) | (115 | ) | ||||
|
Consolidated cash flows from investing activities of continuing operations
|
$ | 620 | $ | 2,872 | ||||
|
Automotive cash flows from financing activities of continuing operations
|
$ | (4,860 | ) | $ | 12,897 | |||
|
Financial Services cash flows from financing activities of continuing operations
|
(9,210 | ) | (25,092 | ) | ||||
|
Total sector cash flows from financing activities of continuing operations
|
(14,070 | ) | (12,195 | ) | ||||
|
Reclassifications from investing to financing cash flows:
|
||||||||
|
Automotive sector acquisition of Financial Services sector debt (e)
|
426 | (155 | ) | |||||
|
Financial Services sector first quarter 2009 acquisition of Automotive sector debt (d)
|
— | (1,091 | ) | |||||
|
Reclassifications from operating to financing cash flows:
|
||||||||
|
Financial Services sector second quarter 2009 acquisition of Automotive sector debt (d)
|
— | (1,127 | ) | |||||
|
Payments on notes to the UAW VEBA Trust (Note 10) (c)
|
(1,300 | ) | — | |||||
|
Elimination of financing activity to/(from) Financial Services in consolidation
|
1,374 | 115 | ||||||
|
Consolidated cash flows from financing activities of continuing operations
|
$ | (13,570 | ) | $ | (14,453 | ) | ||
|
(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 "Notes Due to UAW VEBA Trust" section of Note 10 for further discussion of this transaction. Cash outflows related to this transaction are reported as financing activities on the consolidated statement of cash flows and operating activities on the sector statement of cash flows.
|
|
(d)
|
See "2009 Debt Repurchases" within the "Public Unsecured Debt Securities" section and "First Nine Months 2009 Secured Term Loan Actions" within the "Secured Term Loan and Revolving Loan" section of Note 10 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 either investing or operating activities on the sector statement of cash flows.
|
|
(e)
|
See "Debt Reduction Actions" above for further discussion. Cash flows 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.
|
|
|
·
|
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 include data not observable in the market and reflect management's judgments about the assumptions market participants would use in pricing the asset or liability.
|
|
September 30, 2010
|
||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Automotive Sector
|
||||||||||||||||
|
Assets
|
||||||||||||||||
|
Cash equivalents – financial instruments (a)
|
||||||||||||||||
|
U.S. government
|
$ | 1,003 | $ | — | $ | — | $ | 1,003 | ||||||||
|
Government-sponsored enterprises
|
— | 499 | — | 499 | ||||||||||||
|
Government – non-U.S.
|
— | 68 | — | 68 | ||||||||||||
|
Corporate debt (b)
|
— | 2,460 | — | 2,460 | ||||||||||||
|
Total cash equivalents –
financial instruments
|
1,003 | 3,027 | — | 4,030 | ||||||||||||
|
Marketable securities (c)
|
||||||||||||||||
|
U.S. government
|
3,993 | — | — | 3,993 | ||||||||||||
|
Government-sponsored enterprises
|
— | 5,410 | — | 5,410 | ||||||||||||
|
Corporate debt (b)
|
— | 2,549 | 7 | 2,556 | ||||||||||||
|
Mortgage-backed and other asset-backed
|
— | 50 | — | 50 | ||||||||||||
|
Equity
|
495 | — | — | 495 | ||||||||||||
|
Government – non-U.S.
|
— | 635 | — | 635 | ||||||||||||
|
Other liquid investments (d)
|
— | 1,480 | — | 1,480 | ||||||||||||
|
Total marketable securities
|
4,488 | 10,124 | 7 | 14,619 | ||||||||||||
|
Derivative financial instruments
|
||||||||||||||||
|
Foreign exchange contracts
|
— | 222 | 1 | 223 | ||||||||||||
|
Commodity contracts
|
— | 18 | 6 | 24 | ||||||||||||
|
Other – warrants
|
— | — | 3 | 3 | ||||||||||||
|
Total derivative financial instruments (e)
|
— | 240 | 10 | 250 | ||||||||||||
|
Total assets at fair value
|
$ | 5,491 | $ | 13,391 | $ | 17 | $ | 18,899 | ||||||||
|
Liabilities
|
||||||||||||||||
|
Derivative financial instruments
|
||||||||||||||||
|
Foreign exchange contracts
|
$ | — | $ | 127 | $ | — | $ | 127 | ||||||||
|
Commodity contracts
|
— | 13 | — | 13 | ||||||||||||
|
Total derivative financial instruments (e)
|
— | 140 | — | 140 | ||||||||||||
|
Total liabilities at fair value
|
$ | — | $ | 140 | $ | — | $ | 140 | ||||||||
|
(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 $3.6 billion as of September
30, 2010 for the Automotive sector,
which approximates fair value. In addition to these cash equivalents, we also had cash on hand totaling $1.4 billion as of September
30, 2010.
|
|
(b)
|
Corporate debt consists primarily of notes issued by foreign government agencies that include implicit and explicit guarantees as well as notes issued by supranational institutions.
|
|
(c)
|
Excludes an investment in Ford Credit debt securities held by the Automotive sector with a carrying value of $229
million and an estimated fair value of $
228
million as of
September
30, 2010; see Note 1 for
additional detail.
|
|
(d)
|
Other liquid investments includes certificates of deposit and time deposits with a maturity of more than 90 days at date of purchase.
|
|
(e)
|
See Note 15 for additional information regarding derivative financial instruments.
|
|
September 30, 2010
|
||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Financial Services Sector
|
||||||||||||||||
|
Assets
|
||||||||||||||||
|
Cash equivalents – financial instruments (a)
|
||||||||||||||||
|
U.S. government
|
$ | 125 | $ | — | $ | — | $ | 125 | ||||||||
|
Government-sponsored enterprises
|
— | — | — | — | ||||||||||||
|
Government – non-U.S.
|
— | 241 | — | 241 | ||||||||||||
|
Corporate debt
|
— | 400 | — | 400 | ||||||||||||
|
Total cash equivalents – financial instruments
|
125 | 641 | — | 766 | ||||||||||||
|
Marketable securities
|
||||||||||||||||
|
U.S. government
|
3,761 | — | — | 3,761 | ||||||||||||
|
Government-sponsored enterprises
|
— | 5,114 | — | 5,114 | ||||||||||||
|
Corporate debt (b)
|
— | 1,695 | 7 | 1,702 | ||||||||||||
|
Mortgage-backed
|
— | 232 | — | 232 | ||||||||||||
|
Government – non-U.S.
|
— | 589 | — | 589 | ||||||||||||
|
Other liquid investments (c)
|
— | 139 | — | 139 | ||||||||||||
|
Total marketable securities
|
3,761 | 7,769 | 7 | 11,537 | ||||||||||||
|
Derivative financial instruments (d)
|
||||||||||||||||
|
Interest rate contracts
|
— | 1,305 | 273 | 1,578 | ||||||||||||
|
Foreign exchange contracts
|
— | 94 | — | 94 | ||||||||||||
|
Cross-currency interest rate swap contracts
|
— | 57 | — | 57 | ||||||||||||
|
Total derivative financial instruments
|
— | 1,456 | 273 | 1,729 | ||||||||||||
|
Retained interest in securitized assets
|
— | — | — | — | ||||||||||||
|
Total assets at fair value
|
$ | 3,886 | $ | 9,866 | $ | 280 | $ | 14,032 | ||||||||
|
Liabilities
|
||||||||||||||||
|
Derivative financial instruments (d)
|
||||||||||||||||
|
Interest rate contracts
|
$ | — | $ | 147 | $ | 300 | $ | 447 | ||||||||
|
Foreign exchange contracts
|
— | 19 | — | 19 | ||||||||||||
|
Cross-currency interest rate swap contracts
|
— | 122 | 76 | 198 | ||||||||||||
|
Total derivative financial instruments
|
— | 288 | 376 | 664 | ||||||||||||
|
Total liabilities at fair value
|
$ | — | $ | 288 | $ | 376 | $ | 664 | ||||||||
|
(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 $6 billion as of September
30, 2010 for the Financial Services sector, w
hich approximates fair value. In addition to these cash equivalents, we also had cash on hand totaling $2.2 billion as of September
30, 2010 for the Financial Services sector.
|
|
(b)
|
Corporate debt includes notes issued by supranational institutions.
|
|
(c)
|
Other liquid investments includes certificates of deposit and time deposits with a maturity of more than 90 days at date of purchase.
|
|
(d)
|
See Note 15 for additional information regarding derivative financial instruments.
|
|
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 | ||||||||||||
|
T
otal 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 (c)
|
— | 414 | 8 | 422 | ||||||||||||
|
Mortgage-backed and other asset-backed
|
— | 191 | 17 | 208 | ||||||||||||
|
Equity
|
477 | — | — | 477 | ||||||||||||
|
Government – non-U.S.
|
— | 977 | — | 977 | ||||||||||||
|
Other liquid investments (d)
|
— | 901 | — | 901 | ||||||||||||
|
Total marketable securities
|
9,607 | 4,891 | 25 | 14,523 | ||||||||||||
|
Derivative financial instruments (e)
|
||||||||||||||||
|
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 (e)
|
||||||||||||||||
|
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 – 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 $
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)
|
Corporate debt includes notes issued by foreign government agencies that include implicit and explicit guarantees, as well as notes issued by supranational institutions.
|
|
(d)
|
Other liquid investments include certificates of deposit and time deposits with a maturity of more than 90 days at date of purchase.
|
|
(e)
|
See Note 15 for additional information regarding derivative financial instruments.
|
|
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 (c)
|
— | — | 26 | 26 | ||||||||||||
|
Total assets at fair value
|
$ | 5,331 | $ | 3,567 | $ | 450 | $ | 9,348 | ||||||||
|
Liabilities
|
||||||||||||||||
|
Derivative financial instruments (d)
|
||||||||||||||||
|
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, w
hich 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.
|
|
(c)
|
Retained interest in securitized assets is reported in
Other assets
on our consolidated balance sheet.
|
|
(d)
|
See Note 15 for additional information regarding derivative financial instruments.
|
| 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 September 30,
2010
|
Change In Unrealized
Gains/
(Losses) on Instruments
Still Held (b)
|
|||||||||||||||||||
|
Automotive Sector
|
||||||||||||||||||||||||
|
Marketable securities
|
||||||||||||||||||||||||
|
Corporate debt
|
$ | 8 | $ | — | $ | (1 | ) | $ | — | $ | 7 | $ | — | |||||||||||
|
Mortgage-backed and other asset-backed
|
17 | (1 | ) | (16 | ) | — | — | — | ||||||||||||||||
|
Total marketable securities
|
25 | (1 | ) | (17 | ) | — | 7 | — | ||||||||||||||||
|
Derivative financial instruments, net
|
9 | 7 | (6 | ) | — | 10 | 5 | |||||||||||||||||
|
Total Level 3 fair value
|
$ | 34 | $ | 6 | $ | (23 | ) | $ | — | $ | 17 | $ | 5 | |||||||||||
|
Financial Services Sector
|
||||||||||||||||||||||||
|
Marketable securities - corporate debt
|
$ | 4 | $ | (4 | ) | $ | 7 | $ | — | $ | 7 | $ | — | |||||||||||
|
Derivative financial instruments, net
|
(155 | ) | (71 | ) | 123 | — | (103 | ) | 51 | |||||||||||||||
|
Retained interest in securitized assets
|
26 | (1 | ) | (25 | ) | — | — | — | ||||||||||||||||
|
Total Level 3 fair value
|
$ | (125 | ) | $ | (76 | ) | $ | 105 | $ | — | $ | (96 | ) | $ | 51 | |||||||||
|
(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 September 30,
2009 (c)
|
Change In Unrealized
Gains/
(Losses) on Instruments
Still Held (d)
|
|||||||||||||||||||
|
Automotive Sector
|
||||||||||||||||||||||||
|
Marketable securities
|
||||||||||||||||||||||||
|
Government-sponsored enterprises
|
$ | — | $ | — | $ | — | $ | 2 | $ | 2 | $ | — | ||||||||||||
|
Corporate debt
|
26 | (19 | ) | 2 | — | 9 | — | |||||||||||||||||
|
Mortgage-backed and other asset-backed
|
123 | (2 | ) | (57 | ) | (33 | ) | 31 | (3 | ) | ||||||||||||||
|
Equity
|
1 | — | — | (1 | ) | — | — | |||||||||||||||||
|
Government – non-U.S.
|
— | — | 2 | — | 2 | — | ||||||||||||||||||
|
Total marketable securities
|
150 | (21 | ) | (53 | ) | (32 | ) | 44 | (3 | ) | ||||||||||||||
|
Derivative financial instruments, net
|
(32 | ) | (8 | ) | 46 | — | 6 | 2 | ||||||||||||||||
|
Total Level 3 fair value
|
$ | 118 | $ | (29 | ) | $ | (7 | ) | $ | (32 | ) | $ | 50 | $ | (1 | ) | ||||||||
|
Financial Services Sector
|
||||||||||||||||||||||||
|
Marketable securities - corporate debt
|
$ | 5 | $ | (2 | ) | $ | — | $ | — | $ | 3 | $ | (2 | ) | ||||||||||
|
Derivative financial instruments, net
|
(74 | ) | (50 | ) | (32 | ) | — | (156 | ) | (99 | ) | |||||||||||||
|
Retained interest in securitized assets
|
92 | 9 | (68 | ) | — | 33 | (1 | ) | ||||||||||||||||
|
Total Level 3 fair value
|
$ | 23 | $ | (43 | ) | $ | (100 | ) | $ | — | $ | (120 | ) | $ | (102 | ) | ||||||||
|
(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.
|
|
Third Quarter 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
|
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
|
Derivative financial instruments, net (b)
|
6 | — | — | — | 6 | |||||||||||||||
|
Total Automotive sector
|
$ | 6 | $ | — | $ | — | $ | — | $ | 6 | ||||||||||
|
Financial Services Sector
|
||||||||||||||||||||
|
Marketable securities
|
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
|
Derivative financial instruments, net (b)
|
— | — | (45 | ) | (5 | ) | (50 | ) | ||||||||||||
|
Retained interest in securitized assets
|
— | — | — | — | — | |||||||||||||||
|
Total Financial Services sector
|
$ | — | $ | — | $ | (45 | ) | $ | (5 | ) | $ | (50 | ) | |||||||
|
(a)
|
"Other Comprehensive Income/(Loss)" on derivative financial instruments represents foreign currency translation on instruments held by non-U.S. dollar foreign affiliates.
|
|
(b)
|
See Note 15 for detail on financial statement presentation by hedge designation.
|
|
Third Quarter 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
|
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
|
Derivative financial instruments, net (b)
|
(2 | ) | 1 | — | — | (1 | ) | |||||||||||||
|
Total Automotive sector
|
$ | (2 | ) | $ | 1 | $ | — | $ | — | $ | (1 | ) | ||||||||
|
Financial Services Sector
|
||||||||||||||||||||
|
Marketable securities
|
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
|
Derivative financial instruments, net (b)
|
— | — | (80 | ) | (19 | ) | (99 | ) | ||||||||||||
|
Retained interest in securitized assets
|
— | — | — | 1 | 1 | |||||||||||||||
|
Total Financial Services sector
|
$ | — | $ | — | $ | (80 | ) | $ | (18 | ) | $ | (98 | ) | |||||||
|
(a)
|
"Other Comprehensive Income/(Loss)" on marketable securities and derivative financial instruments represents foreign currency translation on instruments held by non-U.S. dollar foreign affiliates.
|
|
(b)
|
See Note 15 for detail on financial statement presentation by hedge designation.
|
|
First Nine Months 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)
|
6 | 1 | — | — | 7 | |||||||||||||||
|
Total Automotive sector
|
$ | 6 | $ | — | $ | — | $ | — | $ | 6 | ||||||||||
|
Financial Services Sector
|
||||||||||||||||||||
|
Marketable securities
|
$ | — | $ | — | $ | (4 | ) | $ | — | $ | (4 | ) | ||||||||
|
Derivative financial instruments, net (b)
|
— | — | (68 | ) | (3 | ) | (71 | ) | ||||||||||||
|
Retained interest in securitized assets
|
— | — | (3 | ) | 2 | (1 | ) | |||||||||||||
|
Total Financial Services sector
|
$ | — | $ | — | $ | (75 | ) | $ | (1 | ) | $ | (76 | ) | |||||||
|
(a)
|
"Other Comprehensive Income/(Loss)" on derivative financial instruments represents foreign currency translation on instruments held by non-U.S. dollar foreign affiliates.
|
|
(b)
|
See Note 15 for detail on financial statement presentation by hedge designation.
|
|
First Nine Months 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
|
$ | — | $ | (1 | ) | $ | — | $ | (20 | ) | $ | (21 | ) | |||||||
|
Derivative financial instruments, net (b)
|
(10 | ) | 2 | — | — | (8 | ) | |||||||||||||
|
Total Automotive sector
|
$ | (10 | ) | $ | 1 | $ | — | $ | (20 | ) | $ | (29 | ) | |||||||
|
Financial Services Sector
|
||||||||||||||||||||
|
Marketable securities
|
$ | — | $ | — | $ | (2 | ) | $ | — | $ | (2 | ) | ||||||||
|
Derivative financial instruments, net (b)
|
— | — | (52 | ) | 2 | (50 | ) | |||||||||||||
|
Retained interest in securitized assets
|
— | — | 10 | (1 | ) | 9 | ||||||||||||||
|
Total Financial Services sector
|
$ | — | $ | — | $ | (44 | ) | $ | 1 | $ | (43 | ) | ||||||||
|
(a)
|
"Other Comprehensive Income/(Loss)" on marketable securities and derivative financial instruments represents foreign currency translation on instruments held by non-U.S. dollar foreign affiliates.
|
|
(b)
|
See Note 15 for detail on financial statement presentation by hedge designation.
|
|
September 30,
2010
|
December 31,
2009
|
|||||||
|
Automotive sector
|
$ | 723 | $ | 713 | ||||
|
Financial Services sector
|
333 | 335 | ||||||
|
Total Company
|
$ | 1,056 | $ | 1,048 | ||||
|
September 30,
2010
|
December 31,
2009
|
|||||||
|
Retail (including direct financing leases)
|
$ | 52,967 | $ | 58,229 | ||||
|
Wholesale
|
21,408 | 22,370 | ||||||
|
Other finance receivables
|
3,370 | 3,611 | ||||||
|
Total finance receivables
|
77,745 | 84,210 | ||||||
|
Unearned interest supplements
|
(2,066 | ) | (1,994 | ) | ||||
|
Allowance for credit losses
|
(876 | ) | (1,351 | ) | ||||
|
Other
|
4 | 20 | ||||||
|
Finance receivables, net – sector balance sheet
|
$ | 74,807 | $ | 80,885 | ||||
|
Finance receivables, net, subject to fair value
|
$ | 70,713 | $ | 76,991 | ||||
|
Fair value
|
$ | 72,631 | $ | 76,066 | ||||
|
Finance receivables, net – sector balance s
heet
|
$ | 74,807 | $ | 80,885 | ||||
|
Reclassification of receivables purchased from Automotive sector to
Other receivables, net
|
(4,321 | ) | (3,889 | ) | ||||
|
Finance receivables, net – consolidated balance sheet
|
$ | 70,486 | $ | 76,996 | ||||
|
September 30,
2010
|
December 31,
2009
|
|||||||
|
Raw materials, work-in-process and supplies
|
$ | 3,111 | $ | 2,456 | ||||
|
Finished products
|
4,570 | 3,383 | ||||||
|
Total inventories under first-in, first-out method ("FIFO")
|
7,681 | 5,839 | ||||||
|
Less: Last-in, first-out method ("LIFO") adjustment
|
(826 | ) | (798 | ) | ||||
|
Total inventories
|
$ | 6,855 | $ | 5,041 | ||||
|
Assets
|
September 30,
2010
|
December 31,
2009
|
||||||
|
Cash and cash equivalents
|
$ | 5 | $ | 27 | ||||
|
Other receivables, net
|
2 0 | 34 | ||||||
|
Inventories
|
26 | 106 | ||||||
|
Net property
|
31 | 154 | ||||||
|
Other assets
|
1 | 1 | ||||||
|
Total assets
|
$ | 83 | $ | 322 | ||||
|
Liabilities
|
||||||||
|
Payables
|
$ | 23 | $ | 23 | ||||
|
Accrued liabilities and deferred revenue
|
— | 32 | ||||||
|
Debt
|
— | 14 | ||||||
|
Total liabilities
|
$ | 23 | $ | 69 | ||||
|
|
·
|
Hertz Vehicle Financing LLC was established in 2005, as part of the transaction to sell our interest in Hertz. We provided cash-collateralized letters of credit in the aggregate amount of $200 million 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. However, these letters of credit facilitate the on-going sale of vehicles to Hertz. The carrying value of our obligation related to these letters of credit, which will expire no later than December 21, 2011, was approximately $6 million at September 30, 2010.
|
|
|
·
|
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. For additional discussion of Trust II, see Note 10.
|
|
|
·
|
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.
|
|
|
·
|
Zeledyne, LLC ("Zeledyne") manufactures and sells glass products for automotive glass markets. Zeledyne purchased the Automotive Components Holdings ("ACH") glass business from us in 2008 and has continued to supply us with automotive glass. During 2010, we agreed to amend our supply agreement and to provide certain guarantees to Zeledyne. The revised contractual arrangement prompted our reconsideration of whether Zeledyne is a VIE. We have concluded Zeledyne is a VIE; however Ford does not have decision-making ability over key operational functions within Zeledyne and therefore, is not the primary beneficiary of the entity. The carrying value of our obligation relating to a guarantee to Zeledyne's shareholder was $10 million at September 30, 2010.
|
|
September 30,
2010
|
December 31,
2009
|
Change in
Maximum
Exposure
|
||||||||||
|
Investments
|
$ | 395 | $ | 421 | $ | (26 | ) | |||||
|
Cash collateralized letters of credit
|
200 | 200 | — | |||||||||
|
Guarantees
|
1 0 | — | 10 | |||||||||
|
Total maximum exposure
|
$ | 605 | $ | 621 | $ | (16 | ) | |||||
|
|
·
|
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.
|
|
September 30, 2010
|
||||||||||||
|
Cash and Cash Equivalents
|
Finance
Receivables, Net
and
Net Investment in
Operating Leases
|
Debt
|
||||||||||
|
Finance receivables
|
||||||||||||
|
Retail
|
$ | 3.1 | $ | 37.3 | $ | 30.2 | ||||||
|
Wholesale
|
0. 4 | 16. 0 | 9.5 | |||||||||
|
Total finance receivables
|
3.5 | 53.3 | 39.7 | |||||||||
|
Net investment in operating leases
|
0.9 | 6.8 | 3.7 | |||||||||
|
Total*
|
$ | 4.4 | $ | 60.1 | $ | 43.4 | ||||||
|
*
|
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 $427 million at September 30, 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 operations 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 thi
s external funding are included in the table above.
|
|
September 30, 2010
|
December 31, 2009
|
|||||||||||||||
|
Derivative
Asset
|
Derivative
Liability
|
Derivative
Asset
|
Derivative
Liability
|
|||||||||||||
|
Total derivative financial instruments*
|
$ | 24 | $ | 327 | $ | 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.
|
|
Third Quarter 2010
|
Third Quarter 2009
|
|||||||||||||||
|
Derivative
Expense
|
Interest
Expense
|
Derivative
(Income)
|
Interest
Expense
|
|||||||||||||
|
VIEs financial performance
|
$ | 90 | $ | 298 | $ | 272 | $ | 408 | ||||||||
|
First Nine Months 2010
|
First Nine Months 2009
|
|||||||||||||||
|
Derivative
Expense
|
Interest
Expense
|
Derivative
Expense
|
Interest
Expense
|
|||||||||||||
|
VIEs financial performance
|
$ | 237 | $ | 972 | $ | 281 | $ | 1,306 | ||||||||
|
September 30, 2010
|
December 31, 2009
|
|||||||||||||||||||||||
|
Gross
Carrying
Amount
|
Less:
Accumulated Amortization
|
Net Carrying Amount
|
Gross
Carrying Amount
|
Less:
Accumulated Amortization
|
Net
Carrying
Amount
|
|||||||||||||||||||
|
Automotive Sector
|
||||||||||||||||||||||||
|
Manufacturing and production incentive rights
|
$ | 313 | $ | (293 | ) | $ | 20 | $ | 305 | $ | (228 | ) | $ | 77 | ||||||||||
|
License and advertising agreements
|
111 | (37 | ) | 74 | 96 | (32 | ) | 64 | ||||||||||||||||
|
Other intangible assets
|
75 | (46 | ) | 29 | 74 | (50 | ) | 24 | ||||||||||||||||
|
Total Automotive sector
|
499 | (376 | ) | 123 | 475 | (310 | ) | 165 | ||||||||||||||||
|
Financial Services Sector
|
||||||||||||||||||||||||
|
Other intangible assets
|
1 | (1 | ) | — | 1 | (1 | ) | — | ||||||||||||||||
|
Total Financial Services sector
|
1 | (1 | ) | — | 1 | (1 | ) | — | ||||||||||||||||
|
Total Company
|
$ | 500 | $ | (377 | ) | $ | 123 | $ | 476 | $ | (311 | ) | $ | 165 | ||||||||||
|
Third Quarter
|
First Nine Months
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Pre-tax amortization expense
|
$ | 22 | $ | 22 | $ | 74 | $ | 61 | ||||||||
|
Third Quarter
|
||||||||||||||||||||||||
|
Pension Benefits
|
||||||||||||||||||||||||
|
U.S. Plans
|
Non-U.S. Plans
|
OPEB
|
||||||||||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||||||||
|
Service cost
|
$ | 94 | $ | 85 | $ | 74 | $ | 76 | $ | 13 | $ | 102 | ||||||||||||
|
Interest cost
|
631 | 674 | 301 | 326 | 84 | 225 | ||||||||||||||||||
|
Expected return on assets
|
(79 0 | ) | (822 | ) | (324 | ) | (342 | ) | — | (32 | ) | |||||||||||||
|
Amortization of:
|
||||||||||||||||||||||||
|
Prior service costs/(credits)
|
92 | 94 | 18 | 22 | (155 | ) | (228 | ) | ||||||||||||||||
|
(Gains)/Losses and Other
|
2 | 2 | 57 | 46 | 25 | 21 | ||||||||||||||||||
|
Separation programs
|
1 | — | 10 | 11 | 1 | — | ||||||||||||||||||
|
(Gain)/Loss from curtailment
|
— | — | — | — | (30 | ) | (1 | ) | ||||||||||||||||
|
Net expense/(income)
|
$ | 30 | $ | 33 | $ | 136 | $ | 139 | $ | (62 | ) | $ | 87 | |||||||||||
|
First Nine Months
|
||||||||||||||||||||||||
|
Pension Benefits
|
||||||||||||||||||||||||
|
U.S. Plans
|
Non-U.S. Plans
|
OPEB
|
||||||||||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||||||||
|
Service cost
|
$ | 282 | $ | 257 | $ | 241 | $ | 215 | $ | 41 | $ | 306 | ||||||||||||
|
Interest cost
|
1,893 | 2,023 | 940 | 923 | 253 | 673 | ||||||||||||||||||
|
Expected return on assets
|
(2,372 | ) | (2,466 | ) | (1,007 | ) | (963 | ) | — | (98 | ) | |||||||||||||
|
Amortization of:
|
||||||||||||||||||||||||
|
Prior service costs/(credits)
|
278 | 281 | 55 | 62 | (465 | ) | (682 | ) | ||||||||||||||||
|
(Gains)/Losses and Other
|
6 | 6 | 184 | 118 | 74 | 62 | ||||||||||||||||||
|
Separation programs
|
4 | 7 | 20 | 122 | 1 | 2 | ||||||||||||||||||
|
(Gain)/Loss from curtailment
|
— | — | — | — | (30 | ) | (4 | ) | ||||||||||||||||
|
Net expense/(income)
|
$ | 91 | $ | 108 | $ | 433 | $ | 477 | $ | (126 | ) | $ | 259 | |||||||||||
|
September 30,
2010
|
December 31,
2009
|
|||||||
|
Automotive Sector
|
||||||||
|
Debt payable within one year
|
||||||||
|
Short-term (a)
|
$ | 593 | $ | 502 | ||||
|
Long-term payable within one year
|
||||||||
|
Public unsecured debt securities
|
— | 334 | ||||||
|
Notes due to UAW VEBA Trust unsecured portion
|
610 | 859 | ||||||
|
Secured term loan
|
140 | 77 | ||||||
|
Other debt (a)
|
175 | 199 | ||||||
|
Unamortized discount
|
(261 | ) | (333 | ) | ||||
|
Total debt payable within one year
|
1,257 | 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
|
2,985 | 3,124 | ||||||
|
Secured term loan
|
4,775 | 5,184 | ||||||
|
Secured revolving loan
|
2,527 | 7,527 | ||||||
|
Notes due to UAW VEBA Trust
|
||||||||
|
Unsecured portion
|
1,682 | 6,720 | ||||||
|
Secured portion
|
3,000 | 3,000 | ||||||
|
U.S. Department of Energy ("DOE") loans
|
2,284 | 1,221 | ||||||
|
Other debt (b)
|
1,473 | 727 | ||||||
|
Unamortized discount
|
(2,340 | ) | (4,245 | ) | ||||
|
Total long-term debt payable after one year
|
25,100 | 31,972 | ||||||
|
Total Automotive sector
|
$ | 26,357 | $ | 33,610 | ||||
|
Fair value of debt
|
$ | 26,285 | $ | 30,492 | ||||
|
Financial Services Sector
|
||||||||
|
Short-term debt
|
||||||||
|
Asset-backed commercial paper
|
$ | 6,689 | $ | 6,369 | ||||
|
Ford Interest Advantage (c)
|
4,551 | 3,680 | ||||||
|
Other asset-backed short-term debt
|
2,593 | 4,482 | ||||||
|
Other short-term debt
|
678 | 1,088 | ||||||
|
Total short-term debt
|
14,511 | 15,619 | ||||||
|
Long-term debt
|
||||||||
|
Unsecured debt
|
||||||||
|
Notes payable within one year
|
6,641 | 7,338 | ||||||
|
Notes payable after one year
|
31,413 | 33,888 | ||||||
|
Asset-backed debt
|
||||||||
|
Notes payable within one year
|
18,472 | 18,962 | ||||||
|
Notes payable after one year
|
19,544 | 23,163 | ||||||
|
Unamortized discount
|
(439 | ) | (530 | ) | ||||
|
Fair value adjustments (d)
|
421 | 231 | ||||||
|
Total long-term debt
|
76,052 | 83,052 | ||||||
|
Total Financial Services sector
|
$ | 90,563 | $ | 98,671 | ||||
|
Fair value of debt
|
$ | 94,460 | $ | 100,231 | ||||
|
Total Automotive and Financial Services sectors
|
$ | 116,920 | $ | 132,281 | ||||
|
Intersector elimination (e)
|
(229 | ) | (646 | ) | ||||
|
Total Company
|
$ | 116,691 | $ | 131,635 | ||||
|
(a)
|
Includes debt we owed to affiliated companies of $425 million (short-term of $419
million
,
and long-term payable within one year of $6
million) and $177 million (short-term of $174 million
,
and long-term payable within one
year of $3 million) at September 30, 2010 and December 31, 2009, respectively.
|
|
(b)
|
Includes European Investment Bank ("EIB") loan of $711 million at September 30, 2010; see discussion below for additional detail.
|
|
(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
|
$ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,260 | $ | 5,260 | ||||||||||||||
|
Unamortized discount (a)
|
— | — | — | — | — | (82 | ) | (82 | ) | |||||||||||||||||||
|
Convertible notes
|
— | — | — | — | — | 3,454 | 3,454 | |||||||||||||||||||||
|
Unamortized discount (a)
|
— | — | — | — | — | (809 | ) | (809 | ) | |||||||||||||||||||
|
Subordinated convertible debentures
|
— | — | — | — | — | 2,985 | 2,985 | |||||||||||||||||||||
|
Secured term loan
|
82 | 77 | 77 | 4,679 | — | — | 4,915 | |||||||||||||||||||||
|
Secured revolving loan
|
— | 838 | — | 1,689 | — | — | 2,527 | |||||||||||||||||||||
|
Note due to UAW VEBA Trust
|
— | 610 | 654 | 654 | 654 | 2,720 | 5,292 | |||||||||||||||||||||
|
Unamortized discount (a)
|
— | (261 | ) | (321 | ) | (288 | ) | (252 | ) | (588 | ) | (1,710 | ) | |||||||||||||||
|
DOE loans
|
— | — | 114 | 228 | 228 | 1,714 | 2,284 | |||||||||||||||||||||
|
Short-term and other debt (b)
|
212 | 634 | 173 | 278 | 22 | 922 | 2,241 | |||||||||||||||||||||
|
Total Automotive debt
|
294 | 1,898 | 697 | 7,240 | 652 | 15,576 | 26,357 | |||||||||||||||||||||
|
Financial Services Sector
|
||||||||||||||||||||||||||||
|
Unsecured debt
|
5,565 | 9,985 | 7,448 | 5,496 | 3,726 | 11,063 | 43,283 | |||||||||||||||||||||
|
Asset-backed debt
|
11,759 | 18,426 | 11,030 | 3,618 | 929 | 1,536 | 47,298 | |||||||||||||||||||||
|
Unamortized discount (a)
|
1 | — | (141 | ) | (58 | ) | (168 | ) | (73 | ) | (439 | ) | ||||||||||||||||
|
Fair value adjustments (a) (c)
|
— | 50 | 106 | 103 | 57 | 105 | 421 | |||||||||||||||||||||
|
Total Financial Services debt
|
17,325 | 28,461 | 18,443 | 9,159 | 4,544 | 12,631 | 90,563 | |||||||||||||||||||||
|
Intersector elimination (d)
|
(29 | ) | — | (200 | ) | — | — | — | (229 | ) | ||||||||||||||||||
|
Total Company
|
$ | 17,590 | $ | 30,359 | $ | 18,940 | $ | 16,399 | $ | 5,196 | $ | 28,207 | $ | 116,691 | ||||||||||||||
|
(a)
|
Unamortized discount and fair value adjustments are presented based on contractual payment date of related debt.
|
|
(b)
|
Primarily non-U.S. affiliate debt.
|
|
(c)
|
Adjustments related to designated fair value hedges of unsecured debt.
|
|
(d)
|
Debt related to Ford's acquisition of Ford Credit debt securities; see Note 1 for additional detail.
|
|
Aggregate Principal Amount
Outstanding
|
||||||||
|
Title of Security
|
September 30,
2010
|
December 31,
2009
|
||||||
|
9.50% Guaranteed Debentures due June 1, 2010
|
$ | — | $ | 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)
|
$ | 5,260 | $ | 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% Debentures due September 15, 2021
with outstanding balances at September 30, 2010 of $167 million and $180 million, respectively. The
proceeds from these securities were on-lent by Ford to Ford Holdings to fund Financial Services activity and are reported as
Financial Services debt
.
|
|
September 30,
2010
|
December 31,
2009
|
|||||||
|
Liability component
|
||||||||
|
Principal
|
$ | 2,875 | $ | 2,875 | ||||
|
Unamortized discount
|
(647 | ) | (702 | ) | ||||
|
Net carrying amount
|
$ | 2,228 | $ | 2,173 | ||||
|
Equity component of outstanding debt (recorded in
Capital in excess of par value of stock
)
|
$ | (702 | ) | $ | (702 | ) | ||
|
Third Quarter
|
First Nine Months
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Contractual interest coupon
|
$ | 31 | $ | — | $ | 92 | $ | — | ||||||||
|
Amortization of discount
|
19 | — | 55 | — | ||||||||||||
|
Total interest cost on 2016 Convertible Notes
|
$ | 50 | $ | — | $ | 147 | $ | — | ||||||||
|
September 30,
2010
|
December 31,
2009
|
|||||||
|
Liability component
|
||||||||
|
Principal
|
$ | 579 | $ | 579 | ||||
|
Unamortized discount
|
(162 | ) | (175 | ) | ||||
|
Net carrying amount
|
$ | 417 | $ | 404 | ||||
|
Equity component of outstanding debt (recorded in
Capital in excess of par value of stock
)
|
$ | (216 | ) | $ | (216 | ) | ||
|
Third Quarter
|
First Nine Months
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Contractual interest coupon
|
$ | 6 | $ | 6 | $ | 18 | $ | 68 | ||||||||
|
Amortization of discount
|
4 | 4 | 13 | 44 | ||||||||||||
|
Total interest cost on 2036 Convertible Notes
|
$ | 10 | $ | 10 | $ | 31 | $ | 112 | ||||||||
|
·
|
$4.9 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 2.75%;
|
|
·
|
$838 million of revolving loans maturing on December 15, 2011, which bears interest of LIBOR plus a margin of 1.125%; and
|
|
·
|
$1.7 billion of revolving loans maturing on November 30, 2013, which bears interest of LIBOR plus a margin of 2.125%.
|
|
September 30, 2010
|
||||||||||||
|
Cash and Cash Equivalents and Marketable
Securities (a)
|
Finance Receivables, Net
and Net Investment in Operating Leases
|
Related Debt
|
||||||||||
|
VIEs (b)
|
||||||||||||
|
Finance receivables
|
$ | 3.5 | $ | 53 . 3 | $ | 39.7 | ||||||
|
Net investment in operating leases
|
0. 9 | 6 . 8 | 3 . 7 | |||||||||
|
Total
|
$ | 4.4 | $ | 60 . 1 | $ | 43 . 4 | ||||||
|
Non-VIE
|
||||||||||||
|
Finance receivables (c)
|
$ | 0.3 | $ | 4.2 | $ | 3 . 8 | ||||||
|
Total securitization transactions
|
||||||||||||
|
Finance receivables
|
$ | 3 . 8 | $ | 57 . 5 | $ | 43.5 | ||||||
|
Net investment in operating leases
|
0. 9 | 6 . 8 | 3 . 7 | |||||||||
|
Total
|
$ | 4 . 7 | $ | 64 . 3 | $ | 47 . 2 | ||||||
|
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 $116
million, which are pledged as collateral in a funding arrangement with the
ECB
.
|
|
(b)
|
Includes assets that can be used to settle liabilities of the consolidated VIEs and the related debt of the VIEs. See Note 7 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 $427
million and $1.8 billion at
September 30, 20
10 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.
|
|
Third Quarter
|
First Nine Months
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Interest income
|
$ | 71 | $ | 45 | $ | 178 | $ | 158 | ||||||||
|
Realized and unrealized gains/(losses) on cash equivalents and marketable securities
|
19 | 93 | 52 | 326 | ||||||||||||
|
Gains/(Losses) on the sale of held-for-sale operations, equity and cost investments, and other dispositions (a)
|
(20 | ) | — | (2 | ) | (15 | ) | |||||||||
|
Gains/(Losses) on extinguishment of debt (b)
|
— | 8 | 49 | 4,668 | ||||||||||||
|
Other (c)
|
18 | 15 | 59 | 38 | ||||||||||||
|
Total
|
$ | 88 | $ | 161 | $ | 336 | $ | 5,175 | ||||||||
|
(a)
|
Includes loss of $23 million related to the sale of Volvo. See Note 13 for additional detail.
|
|
(b)
|
See Notes 1 and 10 for a description of the debt transactions.
|
|
(c)
|
2009 includes $
4 million
of income and $5 million of expense for the third quarter and first nine months, respectively, in "Other" in the table above associated with the overall debt reduction actions discussed in Notes 1 and 10
.
|
|
Third Quarter
|
First Nine Months
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Interest income (investment-related)
|
$ | 25 | $ | 22 | $ | 63 | $ | 87 | ||||||||
|
Realized and unrealized gains/(losses) on cash equivalents and marketable securities
|
17 | 31 | 38 | 43 | ||||||||||||
|
Gains/(Losses) on the sale of held-for-sale operations, equity and cost investments, and other dispositions
|
1 | 12 | 3 | 15 | ||||||||||||
|
Gains/(Losses) on extinguishment of debt *
|
(26 | ) | (4 | ) | (86 | ) | 73 | |||||||||
|
Investment and other income related to sales of receivables
|
— | (49 | ) | 1 | (30 | ) | ||||||||||
|
Insurance premiums earned, net
|
25 | 20 | 75 | 76 | ||||||||||||
|
Other
|
66 | 99 | 207 | 167 | ||||||||||||
|
Total
|
$ | 108 | $ | 131 | $ | 301 | $ | 431 | ||||||||
|
August 2
,
2010
|
December 31,
2009
|
|||||||
|
Assets
|
||||||||
|
Cash and cash equivalents
|
$ | 456 | $ | — | ||||
|
Receivables
|
473 | 420 | ||||||
|
Inventories
|
1,262 | 1,236 | ||||||
|
Net property
|
4,763 | 4,682 | ||||||
|
Goodwill
|
1,229 | 1,241 | ||||||
|
Other intangibles
|
225 | 204 | ||||||
|
Other assets
|
583 | 485 | ||||||
|
Impairment of carrying value
|
(650 | ) | (650 | ) | ||||
|
Total assets of the held-for-sale operations
|
$ | 8,341 | $ | 7,618 | ||||
|
Liabilities
|
||||||||
|
Payables
|
$ | 1 , 555 | $ | 1,980 | ||||
|
Pension liabilities
|
337 | 387 | ||||||
|
Warranty liabilities
|
245 | 358 | ||||||
|
Debt
|
51 | — | ||||||
|
Other liabilities
|
2,985 | 2,596 | ||||||
|
Total liabilities of the held-for-sale operations
|
$ | 5,173 | $ | 5,321 | ||||
|
Third Quarter
|
First Nine Months
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Basic and Diluted Income/(Loss) Attributable to Ford Motor Company
|
||||||||||||||||
|
Basic income/(loss) from continuing operations
|
$ | 1,687 | $ | 997 | $ | 6,371 | $ | 1,826 | ||||||||
|
Effect of dilutive 2016 Convertible Notes (a)
|
47 | — | 138 | — | ||||||||||||
|
Effect of dilutive 2036 Convertible Notes (a)
|
10 | 10 | 30 | 110 | ||||||||||||
|
Effect of dilutive convertible Trust Preferred Securities (a)(b)
|
44 | 46 | 137 | — | ||||||||||||
|
Diluted income/(loss) from continuing operations
|
$ | 1,788 | $ | 1,053 | $ | 6,676 | $ | 1,936 | ||||||||
|
Basic and Diluted Shares
|
||||||||||||||||
|
Basic shares (Average shares outstanding)
|
3,446 | 3,259 | 3,408 | 2,886 | ||||||||||||
|
Net dilutive options and warrants
|
193 | 102 | 197 | 75 | ||||||||||||
|
Dilutive 2016 Convertible Notes
|
309 | — | 309 | — | ||||||||||||
|
Dilutive 2036 Convertible Notes
|
63 | 63 | 63 | 231 | ||||||||||||
|
Dilutive convertible Trust Preferred Securities (b)
|
163 | 163 | 163 | — | ||||||||||||
|
Diluted shares
|
4,174 | 3,587 | 4,140 | 3,192 | ||||||||||||
|
(a)
|
As applicable, includes interest expense, amortization of discount, amortization of fees, and other changes in income or loss that result from the application of the if-converted method for convertible securities
.
|
|
Not included in calculation of diluted EPS due to their antidilutive effect:
|
|
|
(b)
|
162
million shares for the
first nine months of 2009 and the related income effect for Trust Preferred Securities.
|
|
Third Quarter 2010
|
First Nine Months 2010
|
|||||||||||||||||||||||
|
Gain/(Loss) Recorded
in OCI
|
Gain/(Loss) Reclassified
from AOCI
to Income
|
Gain/(Loss) Recognized in Income
|
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
|
$ | 67 | $ | (20 | ) | $ | - | $ | 16 | $ | (33 | ) | $ | - | ||||||||||
|
Derivatives not designated as hedging instruments:
|
||||||||||||||||||||||||
|
Foreign exchange contracts (a)
|
$ | 50 | $ | (150 | ) | |||||||||||||||||||
|
Commodity contracts
|
25 | 10 | ||||||||||||||||||||||
|
Other – warrants
|
- | 1 | ||||||||||||||||||||||
|
Total
|
$ | 75 | $ | (139 | ) | |||||||||||||||||||
|
Financial Services Sector
|
||||||||||||||||||||||||
|
Fair value hedges:
|
||||||||||||||||||||||||
|
Interest rate contracts
|
||||||||||||||||||||||||
|
Net interest settlements, accruals and fees excluded from the assessment of hedge effectiveness
|
$ | 60 | $ | 165 | ||||||||||||||||||||
|
Ineffectiveness (b)
|
3 | 3 | ||||||||||||||||||||||
|
Total
|
$ | 63 | $ | 168 | ||||||||||||||||||||
|
Derivatives not designated as hedging instruments:
|
||||||||||||||||||||||||
|
Interest rate contracts
|
$ | 25 | $ | 56 | ||||||||||||||||||||
|
Foreign exchange contracts (a)
|
65 | (25 | ) | |||||||||||||||||||||
|
Cross-currency interest rate swap contracts (a)
|
(80 | ) | 8 | |||||||||||||||||||||
|
Total
|
$ | 10 | $ | 39 | ||||||||||||||||||||
|
(a)
|
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).
|
|
(b)
|
Hedge ineffectiveness reflects change in fair value on derivatives of $83
million gain and a $
238 million gain in the third quarter and first nine months of 2010, respectively
,
and change in f
air value on hedged debt of $80 million loss and a
$235 million loss in the third quarter and first nine months of 2010, respectively.
|
|
Third Quarter 2009
|
First Nine Months 2009
|
|||||||||||||||||||||||
|
Gain/(Loss) Recorded
in OCI
|
Gain/(Loss) Reclassified
from AOCI
to Income
|
Gain/(Loss) Recognized in Income
|
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
|
$ | (14 | ) | $ | (13 | ) | $ | — | $ | (83 | ) | $ | 38 | (a) | $ | (1 | ) | |||||||
|
Commodity contracts
|
— | 1 | — | — | 4 | — | ||||||||||||||||||
|
Total
|
$ | (14 | ) | $ | (12 | ) | $ | — | $ | (83 | ) | $ | 42 | $ | (1 | ) | ||||||||
|
Derivatives not designated as hedging instruments:
|
||||||||||||||||||||||||
|
Foreign exchange contracts – operating exposures (b)
|
$ | (87 | ) | $ | (88 | ) | ||||||||||||||||||
|
Foreign exchange contracts – investment portfolios
|
(6 | ) | (12 | ) | ||||||||||||||||||||
|
Commodity contracts
|
12 | (37 | ) | |||||||||||||||||||||
|
Other –
warrants
|
1 | 2 | ||||||||||||||||||||||
|
Total
|
$ | (80 | ) | $ | (135 | ) | ||||||||||||||||||
|
Financial Services Sector
|
||||||||||||||||||||||||
|
Fair value hedges:
|
||||||||||||||||||||||||
|
Interest rate contracts
|
||||||||||||||||||||||||
|
Net interest settlements, accruals and fees excluded from the assessment of hedge effectiveness
|
$ | 50 | $ | 107 | ||||||||||||||||||||
|
Ineffectiveness (c)
|
(18 | ) | (14 | ) | ||||||||||||||||||||
|
Total
|
$ | 32 | $ | 93 | ||||||||||||||||||||
|
Derivatives not designated as hedging instruments:
|
||||||||||||||||||||||||
|
Interest rate contracts
|
$ | 34 | $ | (50 | ) | |||||||||||||||||||
|
Foreign exchange contracts (b)
|
(114 | ) | (226 | ) | ||||||||||||||||||||
|
Cross-currency interest rate swap contracts (b)
|
(54 | ) | 60 | |||||||||||||||||||||
|
Other - warrants
|
1 | — | ||||||||||||||||||||||
|
Total
|
$ | (133 | ) | $ | (216 | ) | ||||||||||||||||||
|
(a)
|
Includes $4 million gain reclas
sified 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)
|
Hedge ineffectiveness reflects change in fair value on derivatives of a $46 million gain and a $1 million loss in the third quarter and first nine months of 2009, respectively
,
and a change in the fair value on the hedged item attributable to the hedged risk of $64
million
loss and $
13
million loss in the third quarter and first nine months of 2009, respectively.
|
|
September 30, 2010
|
||||||||||||
|
Fair Value of
|
Fair Value of
|
|||||||||||
|
Notionals
|
Assets
|
Liabilities
|
||||||||||
|
Automotive Sector
|
||||||||||||
|
Cash flow hedges:
|
||||||||||||
|
Foreign exchange contracts
|
$ | 808 | $ | 57 | $ | 14 | ||||||
|
Derivatives not designated as hedging instruments:
|
||||||||||||
|
Foreign exchange contracts
|
1,804 | 166 | 113 | |||||||||
|
Commodity contracts
|
750 | 24 | 13 | |||||||||
|
Other – warrants
|
12 | 3 | — | |||||||||
|
Total derivatives not designated as hedging instruments
|
2,566 | 193 | 126 | |||||||||
|
Total Automotive sector derivative instruments
|
$ | 3,374 | $ | 250 | $ | 140 | ||||||
|
Financial Services Sector
|
||||||||||||
|
Fair value hedges:
|
||||||||||||
|
Interest rate contracts
|
$ | 8,549 | $ | 652 | $ | — | ||||||
|
Derivatives not designated as hedging instruments:
|
||||||||||||
|
Interest rate contracts
|
55,357 | 926 | 447 | |||||||||
|
Foreign exchange contracts
|
4,313 | 94 | 19 | |||||||||
|
Cross-currency interest rate swap contracts
|
2,013 | 57 | 198 | |||||||||
|
Total derivatives not designated as hedging instruments
|
61,683 | 1,077 | 664 | |||||||||
|
Total Financial Services sector derivative instruments
|
$ | 70,232 | $ | 1,729 | $ | 664 | ||||||
|
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
|
|||||||||||||||||||||||||||||||
|
Operating Segments
|
Reconciling Items
|
|||||||||||||||||||||||||||||||
|
Ford North America
|
Ford South America
|
Ford
Europe
|
Ford Asia
Pacific
Africa
|
Volvo
|
Other
Automotive
|
Special
Items
|
Total
|
|||||||||||||||||||||||||
|
THIRD QUARTER 2010
|
||||||||||||||||||||||||||||||||
|
Sales/Revenues
|
||||||||||||||||||||||||||||||||
|
External customer
|
$ | 16,205 | $ | 2,443 | $ | 6,223 | $ | 1,849 | $ | — | $ | — | $ | 872 | $ | 27,592 | ||||||||||||||||
|
Intersegment
|
186 | — | 209 | — | — | — | 1 | 396 | ||||||||||||||||||||||||
|
Income/(Loss)
|
||||||||||||||||||||||||||||||||
|
Income/(Loss) before income taxes
|
1,588 | 241 | (196 | ) | 3 0 | — | (369 | ) | (168 | ) | 1,126 | |||||||||||||||||||||
|
THIRD QUARTER 2009
|
||||||||||||||||||||||||||||||||
|
Sales/Revenues
|
||||||||||||||||||||||||||||||||
|
External customer
|
$ | 13,420 | $ | 2,089 | $ | 7,274 | $ | 1,495 | $ | 2,972 | $ | — | $ | — | $ | 27,250 | ||||||||||||||||
|
Intersegment
|
65 | — | 168 | — | 8 | — | — | 241 | ||||||||||||||||||||||||
|
Income/(Loss)
|
||||||||||||||||||||||||||||||||
|
Income/(Loss) before income taxes
|
314 | 247 | 131 | 22 | (136 | ) | (237 | ) | 101 | 442 | ||||||||||||||||||||||
|
Financial Services Sector
|
Total Company
|
|||||||||||||||||||||||||||
|
Operating Segments
|
Reconciling Items
|
|||||||||||||||||||||||||||
|
Ford Credit
|
Other
Financial
Services
|
Special
Items
|
Elims
|
Total
|
Elims *
|
Total
|
||||||||||||||||||||||
|
THIRD QUARTER 2010
|
||||||||||||||||||||||||||||
|
Sales/Revenues
|
||||||||||||||||||||||||||||
|
External customer
|
$ | 2,222 | $ | 79 | $ | — | $ | — | $ | 2,301 | $ | — | $ | 29,893 | ||||||||||||||
|
Intersegment
|
104 | 3 | — | — | 107 | (503 | ) | — | ||||||||||||||||||||
|
Income/(Loss)
|
||||||||||||||||||||||||||||
|
Income/(Loss) before income taxes
|
766 | (5 | ) | — | — | 761 | — | 1,887 | ||||||||||||||||||||
|
THIRD QUARTER 2009
|
||||||||||||||||||||||||||||
|
Sales/Revenues
|
||||||||||||||||||||||||||||
|
External customer
|
$ | 2,929 | $ | 93 | $ | — | $ | — | $ | 3,022 | $ | — | $ | 30,272 | ||||||||||||||
|
Intersegment
|
112 | 2 | — | — | 114 | (355 | ) | — | ||||||||||||||||||||
|
Income/(Loss)
|
||||||||||||||||||||||||||||
|
Income/(Loss) before income taxes
|
677 | (16 | ) | 9 | — | 670 | — | 1,112 | ||||||||||||||||||||
|
(In millions)
|
Automotive Sector
|
|||||||||||||||||||||||||||||||
| Operating Segments | Reconciling Items | |||||||||||||||||||||||||||||||
|
Ford
North
America
|
Ford South America
|
Ford
Europe
|
Ford Asia
Pacific
Africa
|
Volvo
|
Other
Automotive
|
Special
Items
|
Total
|
|||||||||||||||||||||||||
|
FIRST NINE MONTHS 2010
|
||||||||||||||||||||||||||||||||
|
Sales/Revenues
|
||||||||||||||||||||||||||||||||
|
External customer
|
$ | 47,245 | $ | 7,077 | $ | 21,419 | $ | 5,229 | $ | — | $ | — | $ | 8,080 | $ | 89,050 | ||||||||||||||||
|
Intersegment
|
516 | — | 580 | — | — | — | 13 | 1,109 | ||||||||||||||||||||||||
|
Income/(Loss)
|
||||||||||||||||||||||||||||||||
|
Income/(Loss) before income taxes
|
4,739 | 729 | 233 | 166 | — | (1,311 | ) | (138 | ) | 4,418 | ||||||||||||||||||||||
|
Total assets at September 30 (a)
|
72,438 | |||||||||||||||||||||||||||||||
|
FIRST NINE MONTHS 2009
|
||||||||||||||||||||||||||||||||
|
Sales/Revenues
|
||||||||||||||||||||||||||||||||
|
External customer
|
$ | 34,182 | $ | 5,333 | $ | 19,998 | $ | 3,868 | $ | 8,459 | $ | — | $ | — | $ | 71,840 | ||||||||||||||||
|
Intersegment
|
262 | — | 539 | — | 35 | — | — | 836 | ||||||||||||||||||||||||
|
Income/(Loss)
|
||||||||||||||||||||||||||||||||
|
Income/(Loss) before income taxes
|
(1,250 | ) | 396 | (397 | ) | (102 | ) | (622 | ) | (796 | ) | 3,349 | 578 | |||||||||||||||||||
|
Total assets at September 30
|
79,594 | |||||||||||||||||||||||||||||||
|
Financial Services Sector
|
Total Company
|
|||||||||||||||||||||||||||
|
Operating Segments
|
Reconciling Items
|
|||||||||||||||||||||||||||
|
Ford
Credit
|
Other
Financial
Services
|
Special
Items
|
Elims
|
Total
|
Elims (b)
|
Total
|
||||||||||||||||||||||
|
FIRST NINE MONTHS 2010
|
||||||||||||||||||||||||||||
|
Sales/Revenues
|
||||||||||||||||||||||||||||
|
External customer
|
$ | 7,243 | $ | 233 | $ | — | $ | — | $ | 7,476 | $ | — | $ | 96,526 | ||||||||||||||
|
Intersegment
|
350 | 10 | — | — | 360 | (1,469 | ) | — | ||||||||||||||||||||
|
Income/(Loss)
|
||||||||||||||||||||||||||||
|
Income/(Loss) before income taxes
|
2,482 | (31 | ) | — | — | 2,451 | — | 6,869 | ||||||||||||||||||||
|
Total assets at September 30 (a)
|
108,619 | 8,652 | — | (7,093 | ) | 110,178 | (2,286 | ) | 180,330 | |||||||||||||||||||
|
FIRST NINE MONTHS 2009
|
||||||||||||||||||||||||||||
|
Sales/Revenues
|
||||||||||||||||||||||||||||
|
External customer
|
$ | 9,375 | $ | 257 | $ | — | $ | — | $ | 9,632 | $ | — | $ | 81,472 | ||||||||||||||
|
Intersegment
|
327 | 10 | — | — | 337 | (1,173 | ) | — | ||||||||||||||||||||
|
Income/(Loss)
|
||||||||||||||||||||||||||||
|
Income/(Loss) before income taxes
|
1,287 | (93 | ) | (81 | ) | — | 1,113 | — | 1,691 | |||||||||||||||||||
|
Total assets at September 30
|
124,792 | 10,513 | — | (8,675 | ) | 126,630 | (3,245 | ) | 202,979 | |||||||||||||||||||
|
(a)
|
As reported on our sector balance sheet.
|
|
(b)
|
Includes intersector transactions occurring in the ordinary course of business.
|
|
September 30
,
2010
|
December 31,
2009
|
|||||||
|
Maximum potential payments
|
$ | 605 | $ | 219 | ||||
|
Carrying value of recorded liabilities related to guarantees
|
51 | 30 | ||||||
|
First Nine Months
|
||||||||
|
2010
|
2009
|
|||||||
|
Beginning balance
|
$ | (3,147 | ) | $ | (3,239 | ) | ||
|
Payments made during the period
|
1,658 | 1,896 | ||||||
|
Changes in accrual related to warranties issued during the period
|
(1,163 | ) | (1,117 | ) | ||||
|
Changes in accrual related to pre-existing warranties
|
(113 | ) | (590 | ) | ||||
|
Foreign currency translation and other
|
54 | (155 | ) | |||||
|
Ending balance
|
$ | (2,711 | ) | $ | (3,205 | ) | ||
|
2010
|
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 equity issuances, 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 | ) | ||||||||
|
Beginning balance, April 1
|
$ | (5,475 | ) | $ | 38 | $ | (5,437 | ) | $ | (17,577 | ) | $ | 68 | $ | (17,509 | ) | ||||||||
|
Total comprehensive income/(loss)
|
||||||||||||||||||||||||
|
Net income/(loss)
|
2,599 | (3 | ) | 2,596 | 2,261 | — | 2,261 | |||||||||||||||||
|
Other comprehensive income/(loss):
|
||||||||||||||||||||||||
|
Foreign currency translation
|
(1,240 | ) | — | (1,240 | ) | 2,106 | — | 2,106 | ||||||||||||||||
|
Net gain/(loss) on derivative instruments
|
(28 | ) | — | (28 | ) | (36 | ) | — | (36 | ) | ||||||||||||||
|
Employee benefit-related
|
190 | — | 190 | (450 | ) | — | (450 | ) | ||||||||||||||||
|
Net holding gain/(loss)
|
— | — | — | (2 | ) | — | (2 | ) | ||||||||||||||||
|
Total other comprehensive income/(loss)
|
(1,078 | ) | — | (1,078 | ) | 1,618 | — | 1,618 | ||||||||||||||||
|
Total comprehensive income/(loss)
|
1,521 | (3 | ) | 1,518 | 3,879 | — | 3,879 | |||||||||||||||||
|
Other changes in equity:
|
||||||||||||||||||||||||
|
Capital in excess of par value of stock for equity issuances, debt conversion, employee benefit plans, and other
|
377 | — | 377 | 2,945 | — | 2,945 | ||||||||||||||||||
|
Dividends
|
— | (2 | ) | (2 | ) | — | (3 | ) | (3 | ) | ||||||||||||||
|
Other
|
3 | — | 3 | 10 | (5 | ) | 5 | |||||||||||||||||
|
Ending balance, June 30
|
$ | (3,574 | ) | $ | 33 | $ | (3,541 | ) | $ | (10,743 | ) | $ | 60 | $ | (10,683 | ) | ||||||||
|
Beginning balance, July 1
|
$ | (3,574 | ) | $ | 33 | $ | (3,541 | ) | $ | (10,743 | ) | $ | 60 | $ | (10,683 | ) | ||||||||
|
Total comprehensive income/(loss)
|
||||||||||||||||||||||||
|
Net income/(loss)
|
1,687 | 1 | 1,688 | 997 | 16 | 1,013 | ||||||||||||||||||
|
Other comprehensive income/(loss):
|
||||||||||||||||||||||||
|
Foreign currency translation
|
(459 | ) | (1 | ) | (460 | ) | 499 | (1 | ) | 498 | ||||||||||||||
|
Net gain/(loss) on derivative instruments
|
65 | — | 65 | (68 | ) | — | (68 | ) | ||||||||||||||||
|
Employee benefit-related
|
62 | — | 62 | (131 | ) | — | (131 | ) | ||||||||||||||||
|
Net holding gain/(loss)
|
— | — | — | 2 | — | 2 | ||||||||||||||||||
|
Total other comprehensive income/(loss)
|
(332 | ) | (1 | ) | (333 | ) | 302 | (1 | ) | 301 | ||||||||||||||
|
Total comprehensive income/(loss)
|
1,355 | — | 1,355 | 1,299 | 15 | 1,314 | ||||||||||||||||||
|
Other changes in equity:
|
||||||||||||||||||||||||
|
Capital in excess of par value of stock for equity issuances, debt conversion, employee benefit plans, and other
|
431 | — | 431 | 768 | — | 768 | ||||||||||||||||||
|
Dividends
|
— | — | — | — | — | — | ||||||||||||||||||
|
Other
|
15 | — | 15 | 1 | (14 | ) | (13 | ) | ||||||||||||||||
|
Ending balance, September 30
|
$ | (1,773 | ) | $ | 33 | $ | (1,740 | ) | $ | (8,675 | ) | $ | 61 | $ | (8,614 | ) | ||||||||
|
Third Quarter
|
||||||||||||
|
2010
|
2009
|
2010
Over/(Under)
2009
|
||||||||||
|
Income/(Loss) before income taxes
|
||||||||||||
|
Automotive sector
|
$ | 1,126 | $ | 442 | $ | 684 | ||||||
|
Financial Services sector
|
761 | 670 | 91 | |||||||||
|
Total Company
|
1,887 | 1,112 | 775 | |||||||||
|
Provision for/(Benefit from) income taxes*
|
199 | 99 | 100 | |||||||||
|
Income/(Loss) from continuing operations
|
1,688 | 1,013 | 675 | |||||||||
|
Income/(Loss) from discontinued operations
|
— | — | — | |||||||||
|
Net income/(loss)
|
1,688 | 1,013 | 675 | |||||||||
|
Less: Income/(Loss) attributable to noncontrolling interests
|
1 | 16 | (15 | ) | ||||||||
|
Net income/(loss) attributable to Ford Motor Company
|
$ | 1,687 | $ | 997 | $ | 690 | ||||||
|
*
|
Our continued low effective tax rate primarily results from our valuation allowance against deferred tax assets. For additional discussion of the valuation allowance, see our "Critical Accounting Estimates" discussion below.
|
|
Third
Quarter – Income/(Loss)
|
||||||||
|
Personnel and Dealer-Related Items:
|
2010
|
2009
|
||||||
|
Automotive Sector
|
||||||||
|
Mercury discontinuation/Other dealer actions
|
$ | (43 | ) | $ | (13 | ) | ||
|
Personnel-reduction actions
|
(1 | ) | (49 | ) | ||||
|
Retiree health care and related charges
|
(7 | ) | (120 | ) | ||||
|
Job Security Benefits/Transition Assistance Plan
|
18 | 22 | ||||||
|
Total Personnel and Dealer-Related Items - Automotive sector
|
(33 | ) | (160 | ) | ||||
|
Other Items:
|
||||||||
|
Automotive Sector
|
||||||||
|
Sale of Volvo and related items*
|
(102 | ) | 160 | |||||
|
Liquidation of foreign subsidiaries
– foreign currency translation impact
|
(33 | ) | — | |||||
|
Other
|
— | 101 | ||||||
|
Total Other Items – Automotive sector
|
(135 | ) | 261 | |||||
|
Total Automotive sector
|
(168 | ) | 101 | |||||
|
Financial Services Sector
|
||||||||
|
DFO Partnership impairment
|
— | 9 | ||||||
|
Total Other Items – Financial Services sector
|
— | 9 | ||||||
|
Total
|
$ | (168 | ) | $ | 110 | |||
|
*
|
Amounts for 2009 have been 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
.
|
|
Third Quarter
|
||||||||||||
|
2010
|
2009
|
2010
Over/(Under)
2009
|
||||||||||
|
Ford North America
|
$ | 1,588 | $ | 314 | $ | 1,274 | ||||||
|
Ford South America
|
241 | 247 | (6 | ) | ||||||||
|
Ford Europe
|
(196 | ) | 131 | (327 | ) | |||||||
|
Ford Asia Pacific Africa
|
30 | 22 | 8 | |||||||||
|
Volvo
|
— | (136 | ) | 136 | ||||||||
|
Other Automotive
|
(369 | ) | (237 | ) | (132 | ) | ||||||
|
Total Automotive
|
1,294 | 341 | 953 | |||||||||
|
Special items
|
(168 | ) | 101 | (269 | ) | |||||||
|
Total Automotive sector
|
$ | 1,126 | $ | 442 | $ | 684 | ||||||
|
Third Quarter
|
||||||||||||||||||||||||||||||||
|
Sales (a)
(in billions)
|
Wholesales (b)
(in thousands)
|
|||||||||||||||||||||||||||||||
|
2010
|
2009
|
2010
Over/(Under)
2009
|
2010
|
2009
|
2010
Over/(Under)
2009
|
|||||||||||||||||||||||||||
|
Ford North America
|
$ | 16.2 | $ | 13.4 | $ | 2.8 | 21 | % | 592 | 502 | 90 | 18 | % | |||||||||||||||||||
|
Ford South America
|
2.5 | 2.1 | 0.4 | 17 | 116 | 108 | 8 | 7 | ||||||||||||||||||||||||
|
Ford Europe (c)
|
6.2 | 7.3 | (1.1 | ) | (14 | ) | 340 | 393 | (53 | ) | (13 | ) | ||||||||||||||||||||
|
Ford Asia Pacific Africa (d)
|
1.8 | 1.5 | 0.3 | 24 | 205 | 159 | 46 | 29 | ||||||||||||||||||||||||
|
Volvo
|
— | 3.0 | (3.0 | ) | — | — | 76 | (76 | ) | — | ||||||||||||||||||||||
|
Total Automotive
|
26.7 | 27.3 | (0.6 | ) | (2 | ) | 1,253 | 1,238 | 15 | 1 | ||||||||||||||||||||||
|
Special items
– Volvo
|
0.9 | — | 0.9 | — | 20 | — | 20 | — | ||||||||||||||||||||||||
|
Total Automotive Sector
|
$ | 27.6 | $ | 27.3 | $ | 0.3 | 1 | 1,273 | 1,238 | 35 | 3 | |||||||||||||||||||||
|
(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) is 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 16,000
units
and 15,000 units in the third 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 111
,000
units and 93,000 units in the third quarters of 2010 and 2009, respectively. "Sales" above does not include revenue from these units.
|
| Third Quarter | |||||||||||||||||||||||||
|
Dealer-Owned Stocks (a)
|
|||||||||||||||||||||||||
|
Market Share
|
(in thousands)
|
||||||||||||||||||||||||
|
Market
|
2010
|
2009
|
2010
Over/(Under)
2009
|
2010
|
2009
|
2010
Over/(Under)
2009
|
|||||||||||||||||||
|
United States (b)
|
15.9 | % | 14.6 | % | 1.3 |
pts.
|
404 | 313 | 91 | ||||||||||||||||
|
South America (b) (c)
|
9.5 | 9.8 | (0.3 | ) | 43 | 28 | 15 | ||||||||||||||||||
|
Europe (b) (d)
|
8.4 | 9.2 | (0.8 | ) | 198 | 190 | 8 | ||||||||||||||||||
|
Asia Pacific Africa (e)
|
2.6 | 2.3 | 0.3 | 81 | 52 | 29 | |||||||||||||||||||
|
(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 and dealer-owned stocks are based on our six major markets (Argentina, Brazil, Chile, Colombia, Ecuador and Venezuela); market share represents, in part, estimated vehicle registrations.
|
|
(d)
|
Europe market share and dealer-owned stocks are based on
the 19 European markets we track (described in "Item 1. Business" of our 2009 Form 10-K Report)
; market share represents, in part, estimated vehicle registrations.
|
|
(e)
|
Asia Pacific Africa market share and dealer-owned stocks are based on our 12 major markets (Australia, China, Japan, India, Indonesia, Malaysia, New Zealand, Philippines, South Africa, Taiwan, Thailand and Vietnam), including JMC brand vehicles sold in China by our unconsolidated affiliates; market share represents, in part, estimated vehicle sales; dealer-owned stocks include units distributed for other manufacturers.
|
|
Third 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
|
$ | 2.2 | $ | 2.9 | $ | (0.7 | ) | $ | 766 | $ | 677 | $ | 89 | |||||||||||
|
Other Financial Services
|
0.1 | 0.1 | — | (5 | ) | (16 | ) | 11 | ||||||||||||||||
|
Special items
|
— | — | — | — | 9 | (9 | ) | |||||||||||||||||
|
Total
|
$ | 2.3 | $ | 3.0 | $ | (0.7 | ) | $ | 761 | $ | 670 | $ | 91 | |||||||||||
|
Third Quarter
|
||||||||||||
|
2010
|
2009
|
2010
Over/
(
Under)
2009
|
||||||||||
|
Income/(Loss) before income taxes
|
||||||||||||
|
North America operations
|
$ | 691 | $ | 650 | $ | 41 | ||||||
|
International operations
|
92 | (7 | ) | 99 | ||||||||
|
Unallocated risk management*
|
(17 | ) | 34 | (51 | ) | |||||||
|
Income/(Loss) before income taxes
|
766 | 677 | 89 | |||||||||
|
Provision for/(Benefit from) income taxes
|
269 | 250 | 19 | |||||||||
|
Net income
|
$ | 497 | $ | 427 | $ | 70 | ||||||
|
September 30
,
2010
|
December 31,
2009
|
2010
Over/(Under)
2009
|
||||||||||
|
Receivables – On-Balance Sheet
|
||||||||||||
|
Finance receivables
|
||||||||||||
|
Retail installment
|
$ | 51.1 | $ | 56.3 | $ | (4.8 | ) | |||||
|
Wholesale
|
21.5 | 22.4 | (0.6 | ) | ||||||||
|
Other
|
2.4 | 2.4 | 0.2 | |||||||||
|
Unearned interest supplements
|
(2.0 | ) | (1.9 | ) | (0.1 | ) | ||||||
|
Allowance for credit losses
|
(0.9 | ) | (1.3 | ) | 0.3 | |||||||
|
Finance receivables, net
|
72.1 | 77.9 | (5.0 | ) | ||||||||
|
Net investment in operating leases
|
10.5 | 14.6 | (3.0 | ) | ||||||||
|
Total receivables – on-balance sheet (a)(b)
|
$ | 82.6 | $ | 92.5 | $ | (8.0 | ) | |||||
|
Memo:
|
||||||||||||
|
Total receivables – manage
d (c)
|
$ | 84.6 | $ | 94.5 | $ | (9.9 | ) | |||||
|
Total receivables – s
erviced (d)
|
84.6 | 94.6 | (10.0 | ) | ||||||||
|
(a)
|
At September 30
,
2010
and December
31,
2009
, inclu
des finance receivables before allowance for credit losses of $57.5
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 September 30, 2010
and December
31,
2009
, includes net investment in operating leases before allowance for credit losses of
about $6.8 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
10 of the Notes to the Financial Statements for more information regarding securitization transactions.
|
|
(b)
|
Includes allowance for credit losses of $1 billion and $1.5 billion at September 30
,
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 September 30
,
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 December
31,
2009.
|
|
Third Quarter
|
|||||||||||||
|
2010
|
2009
|
2010
Over/(Under)
2009
|
|||||||||||
|
On-Balance Sheet
|
|||||||||||||
|
Charge-offs
|
$ | 95 | $ | 240 | $ | (145 | ) | ||||||
|
Loss-to-receivables ratio
|
0.44 | % | 0.97 | % | (0.53 |
) pts.
|
|||||||
|
Memo:
|
|||||||||||||
|
Charge-offs – managed
|
$ | 95 | $ | 241 | $ | (146 | ) | ||||||
|
Loss-to-receivables ratio – managed
|
0.44 | % | 0.97 | % | (0.53 |
) pts.
|
|||||||
|
September 30,
2010
|
December 31,
2009
|
2010
Over/(Under)
2009
|
|||||||||||
|
Allowance for credit losses
|
$ | 973 | $ | 1,549 | $ | (576 | ) | ||||||
|
Allowance as a percentage of end-of-period receivables
|
1.14 | % | 1.61 | % | (0.47 |
) pts.
|
|||||||
|
First Nine Months
|
||||||||||||
|
2010
|
2009
|
2010
Over/
(Under)
2009
|
||||||||||
|
Income/(Loss) before income taxes
|
||||||||||||
|
Automotive sector
|
$ | 4,418 | $ | 578 | $ | 3,840 | ||||||
|
Financial Services sector
|
2,451 | 1,113 | 1,338 | |||||||||
|
Total Company
|
6,869 | 1,691 | 5,178 | |||||||||
|
Provision for/(Benefit from) income taxes*
|
500 | (143 | ) | 643 | ||||||||
|
Income/(Loss) from continuing operations
|
6,369 | 1,834 | 4,535 | |||||||||
|
Income/(Loss) from discontinued operations
|
— | 5 | (5 | ) | ||||||||
|
Net income/(loss)
|
6,369 | 1,839 | 4,530 | |||||||||
|
Less: Income/(Loss) attributable to noncontrolling interests
|
(2 | ) | 8 | (10 | ) | |||||||
|
Net income/(loss) attributable to Ford Motor Company
|
$ | 6,371 | $ | 1,831 | $ | 4,540 | ||||||
|
*
|
Our continued low effective tax rate primarily results from our valuation allowance against deferred tax assets. For additional discussion of the valuation allowance, see our "Critical Accounting Estimates" discussion below.
|
|
*
|
Amounts for 2009 have been 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 Nine Months
–
Income/(Loss)
|
||||||||
|
Personnel and Dealer-Related Items:
|
2010
|
2009
|
||||||
|
Automotive Sector
|
||||||||
|
Mercury discontinuation/Other dealer actions
|
$ | (290 | ) | $ | (105 | ) | ||
|
Personnel-reduction actions
|
(118 | ) | (482 | ) | ||||
|
Retiree health care and related charges
|
33 | (408 | ) | |||||
|
Job Security Benefits/Transition Assistance Plan
|
50 | 336 | ||||||
|
Total Personnel and Dealer-Related Items - Automotive sector
|
(325 | ) | (659 | ) | ||||
|
Other Items:
|
||||||||
|
Automotive Sector
|
||||||||
|
Liquidation of foreign subsidiaries
– foreign currency translation impact
|
(33 | ) | (281 | ) | ||||
|
Net gains on debt reduction actions
|
40 | 4,663 | ||||||
|
Sale of Volvo and related items*
|
180 | (373 | ) | |||||
|
Investment impairment and related charges
|
— | (100 | ) | |||||
|
Return on assets held in Temporary Asset Account ("TAA")
|
— | 96 | ||||||
|
Other
|
— | 3 | ||||||
|
Total Other Items – Automotive sector
|
187 | 4,008 | ||||||
|
Total Automotive sector
|
(138 | ) | 3,349 | |||||
|
Financial Services Sector
|
||||||||
|
DFO Partnership impairment
|
— | (132 | ) | |||||
|
Gain on purchase of Ford Holdings debt securities
|
— | 51 | ||||||
|
Total Other Items – Financial Services sector
|
— | (81 | ) | |||||
|
Total
|
$ | (138 | ) | $ | 3,268 | |||
|
First Nine Months
|
||||||||||||
|
2010
|
2009
|
2010
Over/(Under)
2009
|
||||||||||
|
Ford North America
|
$ | 4,739 | $ | (1,250 | ) | $ | 5,989 | |||||
|
Ford South America
|
729 | 396 | 333 | |||||||||
|
Ford Europe
|
233 | (397 | ) | 630 | ||||||||
|
Ford Asia Pacific Africa
|
166 | (102 | ) | 268 | ||||||||
|
Volvo
|
— | (622 | ) | 622 | ||||||||
|
Other Automotive
|
(1,311 | ) | (796 | ) | (515 | ) | ||||||
|
Total Automotive
|
4,556 | (2,771 | ) | 7,327 | ||||||||
|
Special items
|
(138 | ) | 3,349 | (3,487 | ) | |||||||
|
Total Automotive sector
|
$ | 4,418 | $ | 578 | $ | 3,840 | ||||||
|
First Nine Months
|
||||||||||||||||||||||||||||||||
|
Sales (a)
(in billions)
|
Wholesales (b)
(in thousands)
|
|||||||||||||||||||||||||||||||
|
2010
|
2009
|
2010
Over/(Under)
2009
|
2010
|
2009
|
2010
Over/(Under)
2009
|
|||||||||||||||||||||||||||
|
Ford North America
|
$ | 47.2 | $ | 34.1 | $ | 13.1 | 38 | % | 1,798 | 1,310 | 488 | 37 | % | |||||||||||||||||||
|
Ford South America
|
7.1 | 5.3 | 1.8 | 33 | 347 | 312 | 35 | 11 | ||||||||||||||||||||||||
|
Ford Europe (c)
|
21.4 | 20.1 | 1.3 | 7 | 1,176 | 1,136 | 40 | 4 | ||||||||||||||||||||||||
|
Ford Asia Pacific Africa (d)
|
5.2 | 3.9 | 1.3 | 35 | 603 | 436 | 167 | 38 | ||||||||||||||||||||||||
|
Volvo
|
— | 8.5 | (8.5 | ) | — | — | 224 | (224 | ) | — | ||||||||||||||||||||||
|
Total Automotive
|
80.9 | 71.9 | 9.0 | 13 | 3,924 | 3,418 | 506 | 15 | ||||||||||||||||||||||||
|
Special items – Volvo
|
8.1 | — | 8.1 | — | 211 | — | 211 | — | ||||||||||||||||||||||||
|
Total Automotive Sector
|
$ | 89.0 | $ | 71.9 | $ | 17.1 | 24 | 4,135 | 3,418 | 717 | 21 | |||||||||||||||||||||
|
(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 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) is 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 41
,000
units
and 36,000 units in the first nine months 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 351,000 units and 250,000 units in the first nine months of 2010 and 2009, respectively. "Sales" above does not include revenue from these units.
|
| First Nine Months | |||||||||||||||||||||||||
|
Dealer-Owned Stocks (a)
|
|||||||||||||||||||||||||
|
Market Share
|
(in thousands)
|
||||||||||||||||||||||||
|
Market
|
2010
|
2009
|
2010
Over/(Under)
2009
|
2010
|
2009
|
2010
Over/(Under)
2009
|
|||||||||||||||||||
|
United States (b)
|
16.4 | % | 15.0 | % | 1.4 |
pts.
|
404 | 313 | 91 | ||||||||||||||||
|
South America (b) (c)
|
9.9 | 10.4 | (0.5 | ) | 43 | 28 | 15 | ||||||||||||||||||
|
Europe (b) (d)
|
8.6 | 9.2 | (0.6 | ) | 198 | 190 | 8 | ||||||||||||||||||
|
Asia Pacific Africa (e)
|
2.3 | 2.3 | — | 81 | 52 | 29 | |||||||||||||||||||
|
(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 and dealer-owned stocks are based on our six major markets (Argentina, Brazil, Chile, Colombia, Ecuador and Venezuela); market share represents, in part, estimated vehicle registrations.
|
|
(d)
|
Europe market share and dealer-owned stocks are based on
the 19 European markets we track (described in "Item 1. Business" of our 2009 Form 10-K Report)
; market share represents, in part, estimated vehicle registrations.
|
|
(e)
|
Asia Pacific Africa market share and dealer-owned stocks are based on our 12 major markets (Australia, China, Japan, India, Indonesia, Malaysia, New Zealand, Philippines, South Africa, Taiwan, Thailand and Vietnam), including JMC brand vehicles sold in China by our unconsolidated affiliates; market share represents, in part, estimated vehicle sales; dealer-owned stocks include units distributed for other manufacturers.
|
|
First Nine Months
|
||||||||||||||||||||||||
|
Revenues
(in billions)
|
Income/(Loss) Before Income Taxes
(in millions)
|
|||||||||||||||||||||||
|
2010
|
2009
|
2010
Over/(Under)
2009
|
2010
|
2009
|
2010
Over/(Under)
2009
|
|||||||||||||||||||
|
Ford Credit
|
$ | 7.3 | $ | 9.4 | $ | (2.1 | ) | $ | 2,482 | $ | 1,287 | $ | 1,195 | |||||||||||
|
Other Financial Services
|
0.2 | 0.2 | — | (31 | ) | (93 | ) | 62 | ||||||||||||||||
|
Special items
|
— | — | — | — | (81 | ) | 81 | |||||||||||||||||
|
Total
|
$ | 7 . 5 | $ | 9.6 | $ | (2 . 1 | ) | $ | 2,451 | $ | 1,113 | $ | 1,338 | |||||||||||
|
First Nine Months
|
||||||||||||
|
2010
|
2009
|
2010
Over/
(
Under)
2009
|
||||||||||
|
Income before income taxes
|
||||||||||||
|
North America operations
|
$ | 2,224 | $ | 1,245 | $ | 979 | ||||||
|
International operations
|
265 | (1 | ) | 266 | ||||||||
|
Unallocated risk management*
|
(7 | ) | 43 | (50 | ) | |||||||
|
Income/(Loss) before income taxes
|
2,482 | 1,287 | 1,195 | |||||||||
|
Provision for/(Benefit from) income taxes and Gain on disposal of discontinued operations
|
901 | 460 | 441 | |||||||||
|
Net income
|
$ | 1,581 | $ | 827 | $ | 754 | ||||||
|
First Nine Months
|
|||||||||||||
|
2010
|
2009
|
2010
Over/(Under)
2009
|
|||||||||||
|
On-Balance Sheet
|
|||||||||||||
|
Charge-offs
|
$ | 314 | $ | 857 | $ | (543 | ) | ||||||
|
Loss-to-receivables ratio
|
0.47 | % | 1.10 | % | (0.63 |
) pts.
|
|||||||
|
Memo:
|
|||||||||||||
|
Charge-offs – managed
|
$ | 314 | $ | 862 | $ | (548 | ) | ||||||
|
Loss-to-receivables ratio – managed
|
0.47 | % | 1.10 | % | (0.63 |
) 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.
|
|
Third Quarter
|
First Nine Months
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Placements
|
29 | 11 | 90 | 46 | ||||||||||||
|
Terminations
|
109 | 95 | 311 | 297 | ||||||||||||
|
Returns
|
72 | 73 | 232 | 249 | ||||||||||||
|
Memo:
|
||||||||||||||||
|
Return rates
|
66 | % | 77 | % | 70 | % | 84 | % | ||||||||
|
Third Quarter
|
First Nine Months
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Returns
|
||||||||||||||||
|
24-Month term
|
9 | 12 | 38 | 43 | ||||||||||||
|
36-Month term
|
16 | 11 | 55 | 53 | ||||||||||||
|
39-Month term/Other term
|
14 | 10 | 36 | 27 | ||||||||||||
|
Total returns
|
39 | 33 | 129 | 123 | ||||||||||||
|
Memo:
|
||||||||||||||||
|
Return rates
|
61 | % | 70 | % | 66 | % | 81 | % | ||||||||
|
Auction Values at Constant Third Quarter 2010 Vehicle Mix
|
||||||||||||||||
|
24-Month term
|
$ | 19,030 | $ | 19,385 | $ | 18,635 | $ | 17,780 | ||||||||
|
36-Month term
|
16,235 | 15,615 | 15,985 | 14,470 | ||||||||||||
|
September 30,
2010
|
June 30,
2010
|
December 31,
2009
|
September 30,
2009
|
June 30,
2009
|
December 31,
2008
|
|||||||||||||||||||
|
Cash and cash equivalents
|
$ | 9.0 | $ | 8.7 | $ | 9.7 | $ | 9.6 | $ | 11.2 | $ | 6.1 | ||||||||||||
|
Marketable securities (a)
|
14.9 | 13.2 | 15.2 | 14.5 | 9.7 | 9.3 | ||||||||||||||||||
|
Total cash and marketable securities
|
23.9 | 21.9 | 24.9 | 24.1 | 20.9 | 15.4 | ||||||||||||||||||
|
Securities in-transit (b)
|
(0.1 | ) | — | — | (0.2 | ) | (0.1 | ) | — | |||||||||||||||
|
UAW-Ford TAA/Other (c)
|
— | — | — | (0.7 | ) | (0.4 | ) | (2.3 | ) | |||||||||||||||
|
Gross cash
|
$ | 23.8 | $ | 21.9 | $ | 24.9 | $ | 23.2 | $ | 20.4 | $ | 13.1 | ||||||||||||
|
(a)
|
Included at September 30, 2010 are Ford Credit debt securities that we purchased, which are reflected in the table at a carrying value of $229 million, the estimated fair value
of which is $228 million. Also included are Mazda marketable securitie
s with a fair value of $472 million. For similar data points for the other periods listed here, see our prior period financial reports.
|
|
(b)
|
The purchase or sale of marketable securities for which the cash settlement was not made by period-end and for which there was a payable or receivable recorded on the balance sheet at period-end.
|
|
(c)
|
Amount transferred to UAW-Ford TAA that, due to consolidation, was shown in
Cash and cash equivalents
and
Marketable securities
.
|
|
*
|
Amounts for 2009 and prior periods have been 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
.
|
|
Third Quarter
|
First Nine Months
|
|||||||||||||||
|
2010 (a)
|
2009
|
2010
|
2009
|
|||||||||||||
|
Gross cash at end of period
|
$ | 23.8 | $ | 23.2 | $ | 23.8 | $ | 23.2 | ||||||||
|
Gross cash at beginning of period
|
21.9 | 20.4 | 24.9 | 13.1 | ||||||||||||
|
Total change in gross cash
|
$ | 1.9 | $ | 2.8 | $ | (1.1 | ) | $ | 10.1 | |||||||
|
Operating-related cash flows
|
||||||||||||||||
|
Automotive income/(loss) before income taxes (excluding special items)
|
$ | 1.3 | $ | 0.3 | $ | 4.6 | $ | (2.8 | ) | |||||||
|
Capital expenditures
|
(0.9 | ) | (0.9 | ) | (2.8 | ) | (3.0 | ) | ||||||||
|
Depreciation and special tools amortization
|
0.9 | 1.1 | 2.8 | 3.1 | ||||||||||||
|
Changes in receivables, inventories and trade payables
|
— | 1.2 | 0.1 | 3.1 | ||||||||||||
|
Other (b)
|
(0.2 | ) | (0.1 | ) | (0.5 | ) | (2.5 | ) | ||||||||
|
Subtotal
|
1.1 | 1.6 | 4.2 | (2.1 | ) | |||||||||||
|
Up-front subvention payments to Ford Credit
|
(0.2 | ) | (0.5 | ) | (0.8 | ) | (1.6 | ) | ||||||||
|
Total operating-related cash flows
|
0.9 | 1.1 | 3.4 | (3.7 | ) | |||||||||||
|
Other changes in gross cash
|
||||||||||||||||
|
Cash impact of personnel-reduction programs and Job Security Benefits accrual
|
— | (0.2 | ) | (0.2 | ) | (0.7 | ) | |||||||||
|
Contributions to funded pension plans
|
(0.1 | ) | (0.1 | ) | (0.8 | ) | (0.8 | ) | ||||||||
|
Net effect of TAA on gross cash (c)
|
— | (0.2 | ) | — | 1.7 | |||||||||||
|
Net receipts from Financial Services sector
|
1.0 | 0.6 | 1.5 | 0.9 | ||||||||||||
|
Net proceeds from/(payments on) Automotive sector debt (d)
|
(1.2 | ) | 0.9 | (6.3 | ) | 10.7 | ||||||||||
|
Equity issuances, net (primarily related to the equity distribution agreement described below)
|
0.4 | 0.6 | 1.2 | 2.2 | ||||||||||||
|
Other (e)
|
0.9 | 0.1 | 0.1 | (0.2 | ) | |||||||||||
|
Total change in gross cash
|
$ | 1.9 | $ | 2.8 | $ | (1.1 | ) | $ | 10.1 | |||||||
|
(a)
|
Except as noted, see note (e) below, 2010 data exclude Volvo.
|
|
(b)
|
In the third quarter of 2010, Other Operating-related cash flows were driven primarily by timing differences between the expensing of marketing and other accruals, and the payment of those expenses.
|
|
(c)
|
As previously disclosed in "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2008, 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)
|
Cash flows during the third quarter of 2010 included further paying down our revolving credit line by $2 billion and a $300 million payment on our secured term loans. These reductions were offset partially by receipts of government loans for the development of more fuel-efficient vehicles described in Note 10 of the Notes to the Financial Statements.
|
|
(e)
|
During the third quarter of 2010 we completed the sale of Volvo for $1.8 billion, of which $200 million was paid in the form of a note and the balance in cash. As a result of estimated purchase price adjustments of $300 million, we received $1.3 billion in cash. The final purchase price adjustments are expected to result in additional proceeds to Ford. Other cash changes of $400 million primarily reflect the exclusion of Volvo's cash balances as a result of the sale.
|
|
Third Quarter
|
First Nine Months
|
|||||||||||||||
|
2010 (a)
|
2009
|
2010 (a)
|
2009
|
|||||||||||||
|
Cash flows from operating activities of continuing operations (b)
|
$ | 1.6 | $ | 2.3 | $ | 4.6 | $ | (1.0 | ) | |||||||
|
Items included in operating-related cash flows
|
||||||||||||||||
|
Capital expenditures
|
(0.9 | ) | (0.9 | ) | (2.8 | ) | (3.0 | ) | ||||||||
|
Net cash flows from non-designated derivatives
|
(0.1 | ) | (0.1 | ) | (0.3 | ) | (0.1 | ) | ||||||||
|
Items not included in operating-related cash flows
|
||||||||||||||||
|
Cash impact of Job Security Benefits/Transition Assistance Program accrual and personnel-reduction programs
|
— | 0.2 | 0.2 | 0.7 | ||||||||||||
|
Contributions to funded pension plans
|
0.1 | 0.1 | 0.8 | 0.8 | ||||||||||||
|
Tax refunds, tax payments, and tax receipts from affiliates
|
— | (0.2 | ) | — | (0.5 | ) | ||||||||||
|
Other (c)
|
0.2 | (0.3 | ) | 0.9 | (0.6 | ) | ||||||||||
|
Operating-related cash flows
|
$ | 0.9 | $ | 1.1 | $ | 3.4 | $ | (3.7 | ) | |||||||
|
(a)
|
Except as noted, see note (c) below, 2010 data exclude Volvo.
|
|
(b)
|
Adjusted to reflect the reallocation of amounts previously displayed in "Net change in intersector receivables/payables and other liabilities" on our Sector Statement of Cash Flows. These amounts are being reallocated from a single line item to the individual cash flow line items within operating, investing, and financing activities of continuing operations on our Sector Statement of Cash Flows.
|
|
(c)
|
2010 includes Volvo cash flows.
|
|
September 30,
2010
|
December 31,
2009
|
|||||||
|
Gross cash
|
$ | 23.8 | $ | 24.9 | ||||
|
Less:
|
||||||||
|
Long-term debt
|
25.1 | 32.0 | ||||||
|
Debt payable within one year
|
1.3 | 1.6 | ||||||
|
Total debt
|
26.4 | 33.6 | ||||||
|
Net cash/(debt)
|
$ | (2.6 | ) | $ | (8.7 | ) | ||
|
Memo: Liquidity*
|
$ | 29.4 | $ | 25.6 | ||||
|
*
|
Includes gross cash plus amounts available for draw under our secured Credit Agreement and other Automotive credit facilities.
|
|
2010
|
||||||||||||
|
Full Year Forecast
|
Through
October 31
|
Actual
2
00
9
|
||||||||||
|
Public Term Funding
|
||||||||||||
|
Unsecured
|
$ | 6 – 7 | $ | 6 | $ | 5 | ||||||
|
Securitization transactions (a)
|
10 – 12 | 10 | 15 | |||||||||
|
Total public term funding
|
$ | 16 – 19 | $ | 16 | $ | 20 | ||||||
|
Private Term Funding (b)
|
$ | 8 – 10 | $ | 8 | $ | 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.
|
|
September 30,
2010
|
December 31,
2009
|
|||||||
|
Cash, cash equivalents, and marketable securities (a)
|
$ | 19.8 | $ | 17.3 | ||||
|
Committed liquidity programs
|
25.1 | (b) | 23.2 | |||||
|
Asset-backed commercial paper
|
9.0 | (b) | 9.3 | |||||
|
Credit facilities
|
1.1 | 1.3 | ||||||
|
Committed capacity
|
35.2 | 33.8 | ||||||
|
Committed capacity and cash
|
55.0 | 51.1 | ||||||
|
Less: Capacity in excess of eligible receivables
|
(8.2 | ) | (6.5 | ) | ||||
|
Less: Cash, cash equivalents, and marketable securities to support on-balance sheet securitization transactions
|
(4.7 | ) | (5.2 | ) | ||||
|
Liquidity
|
42.1 | 39.4 | ||||||
|
Less: Utilization
|
(17.5 | ) | (18.3 | ) | ||||
|
Liquidity available for use
|
$ | 24.6 | $ | 21.1 | ||||
|
(a)
|
Excludes marketable securities related to insurance activities.
|
|
(b)
|
Capacity as of October 1, 2010.
|
|
September 30,
2010
|
December 31,
2009
|
|||||||
|
Total debt
|
$ | 88.5 | $ | 96.3 | ||||
|
Equity
|
10.9 | 11.0 | ||||||
|
Financial statement leverage (to 1)
|
8.1 | 8.8 | ||||||
|
September 30,
2010
|
December 31,
2009
|
|||||||
|
Total debt
|
$ | 88.5 | $ | 96.3 | ||||
|
Securitized off-balance sheet receivables outstanding
|
— | 0.1 | ||||||
|
Retained interest in securitized off-balance sheet receivables
|
— | — | ||||||
|
Adjustments for cash, cash equivalents, and marketable securities (a)
|
(19.8 | ) | (17.3 | ) | ||||
|
Adjustments for derivative accounting (b)
|
(0.4 | ) | (0.2 | ) | ||||
|
Total adjusted debt
|
$ | 68.3 | $ | 78.9 | ||||
|
Equity
|
$ | 10.9 | $ | 11.0 | ||||
|
Adjustments for derivative accounting (b)
|
(0.1 | ) | (0.2 | ) | ||||
|
Total adjusted equity
|
$ | 10.8 | $ | 10.8 | ||||
|
Managed leverage (to 1)
|
6.3 | 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.
|
|
September 30,
2010
|
December 31,
2009
|
|||||||
|
Total outstanding principal amount of finance receivables and net investment in operating leases included in on-balance sheet securitizations (a)
|
$ | 64.3 | $ | 74.8 | ||||
|
Cash, cash equivalents, and marketable securities to be used only to support the on-balance sheet securitizations
|
4.7 | (b) | 5.2 | |||||
|
Debt payable only out of collections on the underlying securitized assets and related enhancements
|
47.0 | 52.9 | ||||||
|
(a)
|
Before allowance for credit losses.
|
|
(b)
|
Included are marketable securities totaling $116 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 October 8, 2010, Moody's upgraded Ford's corporate family rating to Ba2 from B1, the senior secured rating to Baa3 from Ba1 and the unsecured rating to Ba3 from B2. The outlook on the ratings is stable.
|
|
Ford Credit
|
On October 8, 2010, Moody's upgraded Ford Credit's corporate family rating and senior unsecured rating to Ba2 from Ba3. The outlook on the ratings is stable.
|
|
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
|
BB (low)
|
B |
BB (high)
|
Stable
|
BB
|
R-4 |
Stable
|
||||||
|
Fitch
|
BB-
|
B |
BB+
|
Stable
|
BB-
|
B |
Stable
|
||||||
|
Moody's
|
Ba2
|
Ba3
|
Baa3
|
Stable
|
Ba2
|
NP
|
Stable
|
||||||
|
S&P
|
B+
|
B |
BB
|
Positive
|
B+ *
|
NR
|
Positive
|
||||||
|
Fourth Quarter 2010
|
||||||||
|
Planned Vehicle
Unit Production*
|
Over/(Under)
Fourth Quarter 2009
|
|||||||
|
Ford North America
|
59 0 | 16 | ||||||
|
Ford South America
|
125 | 1 | ||||||
|
Ford Europe
|
400 | (57 | ) | |||||
|
Ford Asia Pacific Africa
|
233 | 68 | ||||||
|
Total
|
1,348 | 28 | ||||||
|
Industry Volume
(a)
|
Full-Year Plan
|
First Nine Months
|
Full-Year Outlook
|
|
(million units)
|
|||
|
–United States
|
11.5 – 12.5
|
11.5
|
11.6
|
|
–Europe (b)
|
13.5 – 14.5
|
15.2
|
15.0
|
|
Operational Metrics
|
|||
|
Compared with prior year:
|
|||
|
–Quality
|
Improve
|
Improved
|
On Track
|
|
–Automotive Structural Costs (c)
|
Somewhat Higher
|
$700
Million Higher
|
About $1 Billion Higher
|
|
–U.S. Market Share (Ford, Lincoln, and Mercury)
|
Equal / Improve
|
16.4%
|
Improve
|
|
–U.S. Share of Retail Market (d)
|
Equal / Improve
|
14.1%
|
Improve
|
|
–Europe Market Share (b)
|
Equal
|
8.6%
|
About 8.6%
|
|
Absolute amount:
|
|||
|
–Automotive Operating-Related Cash Flow (e)
|
Positive
|
$3.4
Billion
|
On Track
|
|
–Capital Spending
|
$4.5 Billion to $5 Billion
|
$2.8
Billion
|
About $4
Billion
|
|
(a)
|
Seasonally adjusted annual rate; includes medium and heavy trucks
.
|
|
(b)
|
For the 19 markets we track in Europe as defined 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.
|
|
·
|
Decline in industry sales volume, particularly in the United States or Europe, due to financial crisis, 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, regulatory requirements or other factors;
|
|
·
|
Inability of Ford Credit to access public securitization markets in the United States on or after January 24, 2011 due to rating agencies withholding consent to the required use of their credit ratings in registration statements;
|
|
·
|
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; and
|
|
·
|
New or increased credit, consumer, or data protection or other laws or regulations resulting in higher costs and/or additional financing restrictions.
|
|
|
·
|
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. We generally consider cumulative pre-tax losses in the three-year period ending with the current quarter to be significant negative evidence regarding future profitability. We also consider the strength and trend of earnings, as well as other relevant factors. In certain circumstances, historical information may not be as relevant due to changes in our business operations;
|
|
|
·
|
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
|
||||||||||||
|
July 1, 201
0
through July 31, 2010
|
— | $ | — | — | ** | |||||||||||
|
August 1, 2010 through August 31, 201
0
|
— | — | — | ** | ||||||||||||
|
September 1, 2010 through September 30, 201
0
|
7,074 | 12.24 | — | ** | ||||||||||||
|
Total/Average
|
7,074 | 12.24 | — | ** | ||||||||||||
|
*
|
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.
|
| FORD MOTOR COMPANY | |||
| (Registrant) | |||
|
Date:
November 8, 2010
|
By:
|
/s/ Bob Shanks | |
|
Bob Shanks
|
|||
|
Vice President and Controller
|
|||
| (Chief Accounting Officer) | |||
|
Designation
|
Description
|
Method of Filing
|
||
|
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 November 8, 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.*
|
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 |
|---|