[X]
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
|
SECURITIES EXCHANGE ACT OF 1934
|
|
For the quarterly period ended September 30, 2010
|
|
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
|
SECURITIES EXCHANGE ACT OF 1934
|
|
For the transition period from __________ to __________
|
|
Commission File Number: 1-3950
|
Delaware
|
38-0549190
|
(State of Incorporation)
|
(IRS Employer Identification No.)
|
One American Road, Dearborn, Michigan
|
48126
|
(Address of principal executive offices)
|
(Zip Code)
|
Third Quarter
|
First Nine Months
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Sales and revenues
|
||||||||||||||||
Automotive sales
|
$ | 27,592 | $ | 27,250 | $ | 89,050 | $ | 71,840 | ||||||||
Financial Services revenues
|
2,301 | 3,022 | 7,476 | 9,632 | ||||||||||||
Total sales and revenues
|
29,893 | 30,272 | 96,526 | 81,472 | ||||||||||||
Costs and expenses
|
||||||||||||||||
Automotive cost of sales
|
24,233 | 24,817 | 77,200 | 69,576 | ||||||||||||
Selling, administrative and other expenses
|
2,654 | 3,005 | 8,880 | 9,807 | ||||||||||||
Interest expense
|
1,469 | 1,613 | 4,806 | 5,213 | ||||||||||||
Financial Services provision for credit and insurance losses
|
(36 | ) | 125 | (208 | ) | 946 | ||||||||||
Total costs and expenses
|
28,320 | 29,560 | 90,678 | 85,542 | ||||||||||||
Automotive interest income and other non-operating income/(expense), net (Note 11)
|
88 | 161 | 336 | 5,175 | ||||||||||||
Financial Services other income/(loss), net (Note 11)
|
108 | 131 | 301 | 431 | ||||||||||||
Equity in net income/(loss) of affiliated companies
|
118 | 108 | 384 | 155 | ||||||||||||
Income/(Loss) before income taxes
|
1,887 | 1,112 | 6,869 | 1,691 | ||||||||||||
Provision for/(Benefit from) income taxes
|
199 | 99 | 500 | (143 | ) | |||||||||||
Income/(Loss) from continuing operations
|
1,688 | 1,013 | 6,369 | 1,834 | ||||||||||||
Income/(Loss) from discontinued operations
|
— | — | — | 5 | ||||||||||||
Net income/(loss)
|
1,688 | 1,013 | 6,369 | 1,839 | ||||||||||||
Less: Income/(Loss) attributable to noncontrolling interests
|
1 | 16 | (2 | ) | 8 | |||||||||||
Net income/(loss) attributable to Ford Motor Company
|
$ | 1,687 | $ | 997 | $ | 6,371 | $ | 1,831 | ||||||||
NET INCOME/(LOSS) ATTRIBUTABLE TO FORD MOTOR COMPANY
|
||||||||||||||||
Income/(Loss) from continuing operations
|
$ | 1,687 | $ | 997 | $ | 6,371 | $ | 1,826 | ||||||||
Income/(Loss) from discontinued operations
|
— | — | — | 5 | ||||||||||||
Net income/(loss)
|
$ | 1,687 | $ | 997 | $ | 6,371 | $ | 1,831 | ||||||||
AMOUNTS PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK (Note 14)
|
||||||||||||||||
Basic income/(loss)
|
||||||||||||||||
Income/(Loss) from continuing operations
|
$ | 0.49 | $ | 0.31 | $ | 1.87 | $ | 0.63 | ||||||||
Income/(Loss) from discontinued operations
|
— | — | — | — | ||||||||||||
Net income/(loss)
|
$ | 0.49 | $ | 0.31 | $ | 1.87 | $ | 0.63 | ||||||||
Diluted income/(loss)
|
||||||||||||||||
Income/(Loss) from continuing operations
|
$ | 0.43 | $ | 0.29 | $ | 1.61 | $ | 0.61 | ||||||||
Income/(Loss) from discontinued operations
|
— | — | — | — | ||||||||||||
Net income/(loss)
|
$ | 0.43 | $ | 0.29 | $ | 1.61 | $ | 0.61 |
Third Quarter
|
First Nine Months
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
AUTOMOTIVE
|
||||||||||||||||
Sales
|
$ | 27,592 | $ | 27,250 | $ | 89,050 | $ | 71,840 | ||||||||
Costs and expenses
|
||||||||||||||||
Cost of sales
|
24,233 | 24,817 | 77,200 | 69,576 | ||||||||||||
Selling, administrative and other expenses
|
2,025 | 1,956 | 6,669 | 6,021 | ||||||||||||
Total costs and expenses
|
26,258 | 26,773 | 83,869 | 75,597 | ||||||||||||
Operating income/(loss)
|
1,334 | 477 | 5,181 | (3,757 | ) | |||||||||||
Interest expense
|
415 | 301 | 1,475 | 1,129 | ||||||||||||
Interest income and other non-operating income/(expense), net (Note 11)
|
88 | 161 | 336 | 5,175 | ||||||||||||
Equity in net income/(loss) of affiliated companies
|
119 | 105 | 376 | 289 | ||||||||||||
Income/(Loss) before income taxes — Automotive
|
1,126 | 442 | 4,418 | 578 | ||||||||||||
FINANCIAL SERVICES
|
||||||||||||||||
Revenues
|
2,301 | 3,022 | 7,476 | 9,632 | ||||||||||||
Costs and expenses
|
||||||||||||||||
Interest expense
|
1,054 | 1,312 | 3,331 | 4,084 | ||||||||||||
Depreciation
|
426 | 862 | 1,580 | 3,261 | ||||||||||||
Operating and other expenses
|
203 | 187 | 631 | 525 | ||||||||||||
Provision for credit and insurance losses
|
(36 | ) | 125 | (208 | ) | 946 | ||||||||||
Total costs and expenses
|
1,647 | 2,486 | 5,334 | 8,816 | ||||||||||||
Other income/(loss), net (Note 11)
|
108 | 131 | 301 | 431 | ||||||||||||
Equity in net income/(loss) of affiliated companies
|
(1 | ) | 3 | 8 | (134 | ) | ||||||||||
Income/(Loss) before income taxes — Financial Services
|
761 | 670 | 2,451 | 1,113 | ||||||||||||
TOTAL COMPANY
|
||||||||||||||||
Income/(Loss) before income taxes
|
1,887 | 1,112 | 6,869 | 1,691 | ||||||||||||
Provision for/(Benefit from) income taxes
|
199 | 99 | 500 | (143 | ) | |||||||||||
Income/(Loss) from continuing operations
|
1,688 | 1,013 | 6,369 | 1,834 | ||||||||||||
Income/(Loss) from discontinued operations
|
— | — | — | 5 | ||||||||||||
Net income/(loss)
|
1,688 | 1,013 | 6,369 | 1,839 | ||||||||||||
Less: Income/(Loss) attributable to noncontrolling interests
|
1 | 16 | (2 | ) | 8 | |||||||||||
Net income/(loss) attributable to Ford Motor Company
|
$ | 1,687 | $ | 997 | $ | 6,371 | $ | 1,831 |
NET INCOME/(LOSS) ATTRIBUTABLE TO FORD MOTOR COMPANY | ||||||||||||||||
Income/(Loss) from continuing operations
|
$ | 1,687 | $ | 997 | $ | 6,371 | $ | 1,826 | ||||||||
Income/(Loss) from discontinued operations
|
— | — | — | 5 | ||||||||||||
Net income/(loss)
|
$ | 1,687 | $ | 997 | $ | 6,371 | $ | 1,831 | ||||||||
AMOUNTS PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK (Note 14)
|
||||||||||||||||
Basic income/(loss)
|
||||||||||||||||
Income/(Loss) from continuing operations
|
$ | 0.49 | $ | 0.31 | $ | 1.87 | $ | 0.63 | ||||||||
Income/(Loss) from discontinued operations
|
— | — | — | — | ||||||||||||
Net income/(loss)
|
$ | 0.49 | $ | 0.31 | $ | 1.87 | $ | 0.63 | ||||||||
Diluted income/(loss)
|
||||||||||||||||
Income/(Loss) from continuing operations
|
$ | 0.43 | $ | 0.29 | $ | 1.61 | $ | 0.61 | ||||||||
Income/(Loss) from discontinued operations
|
— | — | — | — | ||||||||||||
Net income/(loss)
|
$ | 0.43 | $ | 0.29 | $ | 1.61 | $ | 0.61 |
September 30,
2010
|
December 31,
2009
|
|||||||
(unaudited)
|
||||||||
ASSETS
|
||||||||
Cash and cash equivalents
|
$ | 17,992 | $ | 20,894 | ||||
Marketable securities
|
26,156 | 21,387 | ||||||
Finance receivables, net (Note 5)
|
70,486 | 76,996 | ||||||
Other receivables, net
|
8,368 | 7,257 | ||||||
Net investment in operating leases
|
13,010 | 17,270 | ||||||
Inventories (Note 6)
|
6,855 | 5,041 | ||||||
Equity in net assets of affiliated companies
|
2,676 | 2,428 | ||||||
Net property
|
22,956 | 22,637 | ||||||
Deferred income taxes
|
2,201 | 3,479 | ||||||
Net intangible assets (Note 8)
|
123 | 165 | ||||||
Assets of held-for-sale operations (Note 13)
|
— | 7,618 | ||||||
Other assets
|
6,255 | 6,868 | ||||||
Total assets
|
$ | 177,078 | $ | 192,040 | ||||
LIABILITIES
|
||||||||
Payables
|
$ | 17,374 | $ | 14,301 | ||||
Accrued liabilities and deferred revenue
|
43,726 | 46,144 | ||||||
Debt (Note 10)
|
116,691 | 131,635 | ||||||
Deferred income taxes
|
1,027 | 2,421 | ||||||
Liabilities of held-for-sale operations (Note 13)
|
— | 5,321 | ||||||
Total liabilities
|
178,818 | 199,822 | ||||||
EQUITY
|
||||||||
Capital stock
|
||||||||
Common Stock, par value $0.01 per share (3,413 million shares issued)
|
34 | 33 | ||||||
Class B Stock, par value $0.01 per share (71 million shares issued)
|
1 | 1 | ||||||
Capital in excess of par value of stock
|
18,190 | 16,786 | ||||||
Accumulated other comprehensive income/(loss)
|
(12,609 | ) | (10,864 | ) | ||||
Treasury stock
|
(161 | ) | (177 | ) | ||||
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 | ||||||
Total equity/(deficit) (Note 18)
|
(1,740 | ) | (7,782 | ) | ||||
Total liabilities and equity
|
$ | 177,078 | $ | 192,040 |
ASSETS
|
||||||||
Cash and cash equivalents
|
$ | 4,412 | $ | 4,922 | ||||
Finance receivables, net
|
53,298 | 57,353 | ||||||
Other receivables, net
|
20 | 34 | ||||||
Net investment in operating leases
|
6,783 | 10,246 | ||||||
Inventories
|
26 | 106 | ||||||
Net property
|
31 | 154 | ||||||
Other assets
|
25 | 56 | ||||||
LIABILITIES
|
||||||||
Payables
|
23 | 23 | ||||||
Accrued liabilities and deferred revenue
|
327 | 560 | ||||||
Debt
|
43,394 | 46,167 |
September 30,
2010
|
December 31,
2009
|
|||||||
(unaudited)
|
||||||||
ASSETS
|
||||||||
Automotive
|
||||||||
Cash and cash equivalents
|
$ | 9,040 | $ | 9,762 | ||||
Marketable securities
|
14,848 | 15,169 | ||||||
Total cash and marketable securities
|
23,888 | 24,931 | ||||||
Receivables, net
|
4,049 | 3,378 | ||||||
Inventories (Note 6)
|
6,855 | 5,041 | ||||||
Deferred income taxes
|
396 | 479 | ||||||
Net investment in operating leases
|
2,098 | 2,208 | ||||||
Other current assets
|
817 | 688 | ||||||
Current receivable from Financial Services
|
1,497 | 2,568 | ||||||
Total current assets
|
39,600 | 39,293 | ||||||
Equity in net assets of affiliated companies
|
2,549 | 2,307 | ||||||
Net property
|
22,799 | 22,455 | ||||||
Deferred income taxes
|
4,801 | 5,660 | ||||||
Net intangible assets (Note 8)
|
123 | 165 | ||||||
Assets of held-for-sale operations (Note 13)
|
— | 7,618 | ||||||
Other assets
|
2,008 | 1,620 | ||||||
Non-current receivable from Financial Services
|
558 | — | ||||||
Total Automotive assets
|
72,438 | 79,118 | ||||||
Financial Services
|
||||||||
Cash and cash equivalents
|
8,952 | 11,132 | ||||||
Marketable securities
|
11,537 | 6,864 | ||||||
Finance receivables, net (Note 5)
|
74,807 | 80,885 | ||||||
Net investment in operating leases
|
10,912 | 15,062 | ||||||
Equity in net assets of affiliated companies
|
127 | 121 | ||||||
Other assets
|
3,843 | 5,048 | ||||||
Total Financial Services assets
|
110,178 | 119,112 | ||||||
Intersector elimination
|
(2,286 | ) | (3,224 | ) | ||||
Total assets
|
$ | 180,330 | $ | 195,006 | ||||
LIABILITIES
|
||||||||
Automotive
|
||||||||
Trade payables
|
$ | 14,319 | $ | 11,607 | ||||
Other payables
|
1,658 | 1,458 | ||||||
Accrued liabilities and deferred revenue
|
18,193 | 18,138 | ||||||
Deferred income taxes
|
2,199 | 3,091 | ||||||
Debt payable within one year (Note 10)
|
1,257 | 1,638 | ||||||
Total current liabilities
|
37,626 | 35,932 | ||||||
Long-term debt (Note 10)
|
25,100 | 31,972 | ||||||
Other liabilities
|
21,404 | 23,132 | ||||||
Deferred income taxes
|
396 | 561 | ||||||
Liabilities of held-for-sale operations (Note 13)
|
— | 5,321 | ||||||
Total Automotive liabilities
|
84,526 | 96,918 | ||||||
Financial Services
|
||||||||
Payables
|
1,397 | 1,236 | ||||||
Debt (Note 10)
|
90,563 | 98,671 | ||||||
Deferred income taxes
|
1,684 | 1,735 | ||||||
Other liabilities and deferred income
|
4,131 | 4,884 | ||||||
Payable to Automotive
|
2,055 | 2,568 | ||||||
Total Financial Services liabilities
|
99,830 | 109,094 | ||||||
Intersector elimination
|
(2,286 | ) | (3,224 | ) | ||||
Total liabilities
|
182,070 | 202,788 | ||||||
EQUITY
|
||||||||
Capital stock
|
||||||||
Common Stock, par value $0.01 per share (3,413 million shares issued)
|
34 | 33 | ||||||
Class B Stock, par value $0.01 per share (71 million shares issued)
|
1 | 1 | ||||||
Capital in excess of par value of stock
|
18,190 | 16,786 | ||||||
Accumulated other comprehensive income/(loss)
|
(12,609 | ) | (10,864 | ) | ||||
Treasury stock
|
(161 | ) | (177 | ) | ||||
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 | ||||||
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
|
||||||||
Net cash (used in)/provided by operating activities
|
$ | 10,238 | $ | 15,081 | ||||
Cash flows from investing activities of continuing operations
|
||||||||
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
|
||||||||
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 | |||
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 | $< |