x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
|
SECURITIES
EXCHANGE ACT OF 1934
|
|
For
the quarterly period ended September 30,
2007
|
|
¨
|
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
|
1-3950
|
38-0549190
|
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
|
One
American Road, Dearborn, Michigan
|
48126
|
|
(Address
of principal executive offices)
|
(Zip
Code)
|
Indicate
by check mark whether the registrant (1) has filed all reports
required to
be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934
during the preceding 12 months (or for such shorter period that
the
registrant was required to file such reports), and (2) has been
subject to
such filing requirements for the past 90 days.
|
|||||||
x
|
Yes
|
¨
|
No
|
Indicate
by check mark whether the registrant is a large accelerated filer,
an
accelerated filer, or a non-accelerated filer. See definition
of "accelerated filer and large accelerated filer" in Rule 12b-2
of the
Exchange Act.
|
|||||
Large
accelerated filer
|
x
|
Accelerated
filer
|
¨
|
Non-accelerated
filer
|
¨
|
Indicate
by check mark whether the registrant is a shell company (as defined
in
Rule 12b-2 of the Exchange Act).
|
||||||
¨
|
Yes
|
x
|
No
|
Third
Quarter
|
First
Nine Months
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Sales
and revenues
|
||||||||||||||||
Automotive
sales
|
$ |
36,270
|
$ |
32,541
|
$ |
115,006
|
$ |
107,313
|
||||||||
Financial
Services revenues
|
4,808
|
4,554
|
13,333
|
12,449
|
||||||||||||
Total
sales and revenues
|
41,078
|
37,095
|
128,339
|
119,762
|
||||||||||||
Costs
and expenses
|
||||||||||||||||
Automotive
cost of sales
|
33,238
|
37,552
|
104,135
|
110,338
|
||||||||||||
Selling,
administrative and other expenses
|
4,904
|
4,489
|
15,828
|
13,706
|
||||||||||||
Interest
expense
|
2,733
|
1,937
|
8,210
|
6,330
|
||||||||||||
Financial
Services provision for credit and insurance losses
|
194
|
97
|
374
|
193
|
||||||||||||
Total
costs and expenses
|
41,069
|
44,075
|
128,547
|
130,567
|
||||||||||||
Automotive
interest income and other non-operating income/(expense),
net
|
(216 | ) |
555
|
672
|
1,080
|
|||||||||||
Automotive
equity in net income/(loss) of affiliated companies
|
51
|
61
|
262
|
345
|
||||||||||||
Income/(Loss)
before income taxes
|
(156 | ) | (6,364 | ) |
726
|
(9,380 | ) | |||||||||
Provision
for/(Benefit from) income taxes
|
162
|
(1,160 | ) |
467
|
(2,506 | ) | ||||||||||
Income/(Loss)
before minority interests
|
(318 | ) | (5,204 | ) |
259
|
(6,874 | ) | |||||||||
Minority
interests in net income/(loss) of subsidiaries
|
62
|
48
|
205
|
126
|
||||||||||||
Income/(Loss)
from continuing operations
|
(380 | ) | (5,252 | ) |
54
|
(7,000 | ) | |||||||||
Income/(Loss)
from discontinued operations (Note 7)
|
—
|
4
|
34
|
12
|
||||||||||||
Net
income/(loss)
|
$ | (380 | ) | $ | (5,248 | ) | $ |
88
|
$ | (6,988 | ) | |||||
AMOUNTS
PER SHARE OF COMMON AND CLASS B STOCK (Note 8)
|
||||||||||||||||
Basic
income/(loss)
|
||||||||||||||||
Income/(Loss)
from continuing operations
|
$ | (0.19 | ) | $ | (2.79 | ) | $ |
0.03
|
$ | (3.74 | ) | |||||
Income/(Loss)
from discontinued operations
|
—
|
—
|
0.02
|
0.01
|
||||||||||||
Net
income/(loss)
|
$ | (0.19 | ) | $ | (2.79 | ) | $ |
0.05
|
$ | (3.73 | ) | |||||
Diluted
income/(loss)
|
||||||||||||||||
Income/(Loss)
from continuing operations
|
$ | (0.19 | ) | $ | (2.79 | ) | $ |
0.03
|
$ | (3.74 | ) | |||||
Income/(Loss)
from discontinued operations
|
—
|
—
|
0.02
|
0.01
|
||||||||||||
Net
income/(loss)
|
$ | (0.19 | ) | $ | (2.79 | ) | $ |
0.05
|
$ | (3.73 | ) | |||||
Cash
dividends
|
$ |
—
|
$ |
0.05
|
$ |
—
|
$ |
0.25
|
Third
Quarter
|
First
Nine Months
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
AUTOMOTIVE
|
||||||||||||||||
Sales
|
$ |
36,270
|
$ |
32,541
|
$ |
115,006
|
$ |
107,313
|
||||||||
Costs
and expenses
|
||||||||||||||||
Cost
of sales
|
33,238
|
37,552
|
104,135
|
110,338
|
||||||||||||
Selling,
administrative and other expenses
|
3,016
|
2,791
|
10,314
|
8,709
|
||||||||||||
Total
costs and expenses
|
36,254
|
40,343
|
114,449
|
119,047
|
||||||||||||
Operating
income/(loss)
|
16
|
(7,802 | ) |
557
|
(11,734 | ) | ||||||||||
Interest
expense
|
563
|
(72 | ) |
1,720
|
621
|
|||||||||||
Interest
income and other non-operating income/(expense), net
|
(216 | ) |
555
|
672
|
1,080
|
|||||||||||
Equity
in net income/(loss) of affiliated companies
|
51
|
61
|
262
|
345
|
||||||||||||
Income/(Loss)
before income taxes — Automotive
|
(712 | ) | (7,114 | ) | (229 | ) | (10,930 | ) | ||||||||
FINANCIAL
SERVICES
|
||||||||||||||||
Revenues
|
4,808
|
4,554
|
13,333
|
12,449
|
||||||||||||
Costs
and expenses
|
||||||||||||||||
Interest
expense
|
2,170
|
2,009
|
6,490
|
5,709
|
||||||||||||
Depreciation
|
1,620
|
1,400
|
4,599
|
3,899
|
||||||||||||
Operating
and other expenses
|
268
|
298
|
915
|
1,098
|
||||||||||||
Provision
for credit and insurance losses
|
194
|
97
|
374
|
193
|
||||||||||||
Total
costs and expenses
|
4,252
|
3,804
|
12,378
|
10,899
|
||||||||||||
Income/(Loss)
before income taxes — Financial Services
|
556
|
750
|
955
|
1,550
|
||||||||||||
TOTAL
COMPANY
|
||||||||||||||||
Income/(Loss)
before income taxes
|
(156 | ) | (6,364 | ) |
726
|
(9,380 | ) | |||||||||
Provision
for/(Benefit from) income taxes
|
162
|
(1,160 | ) |
467
|
(2,506 | ) | ||||||||||
Income/(Loss)
before minority interests
|
(318 | ) | (5,204 | ) |
259
|
(6,874 | ) | |||||||||
Minority
interests in net income/(loss) of subsidiaries
|
62
|
48
|
205
|
126
|
||||||||||||
Income/(Loss)
from continuing operations
|
(380 | ) | (5,252 | ) |
54
|
(7,000 | ) | |||||||||
Income/(Loss)
from discontinued operations (Note 7)
|
—
|
4
|
34
|
12
|
||||||||||||
Net
income/(loss)
|
$ | (380 | ) | $ | (5,248 | ) | $ |
88
|
$ | (6,988 | ) | |||||
AMOUNTS
PER SHARE OF COMMON AND CLASS B STOCK (Note 8)
|
||||||||||||||||
Basic
income/(loss)
|
||||||||||||||||
Income/(Loss)
from continuing operations
|
$ | (0.19 | ) | $ | (2.79 | ) | $ |
0.03
|
$ | (3.74 | ) | |||||
Income/(Loss)
from discontinued operations
|
—
|
—
|
0.02
|
0.01
|
||||||||||||
Net
income/(loss)
|
$ | (0.19 | ) | $ | (2.79 | ) | $ |
0.05
|
$ | (3.73 | ) | |||||
Diluted
income/(loss)
|
||||||||||||||||
Income/(Loss)
from continuing operations
|
$ | (0.19 | ) | $ | (2.79 | ) | $ |
0.03
|
$ | (3.74 | ) | |||||
Income/(Loss)
from discontinued operations
|
—
|
—
|
0.02
|
0.01
|
||||||||||||
Net
income/(loss)
|
$ | (0.19 | ) | $ | (2.79 | ) | $ |
0.05
|
$ | (3.73 | ) | |||||
Cash
dividends
|
$ |
—
|
$ |
0.05
|
$ |
—
|
$ |
0.25
|
September
30,
2007
|
December
31,
2006
|
|||||||
(unaudited)
|
||||||||
ASSETS
|
||||||||
Cash
and cash equivalents
|
$ |
27,437
|
$ |
28,896
|
||||
Marketable
securities
|
11,838
|
21,472
|
||||||
Loaned
securities
|
7,697
|
5,256
|
||||||
Finance
receivables, net
|
108,486
|
106,863
|
||||||
Other
receivables, net
|
11,209
|
7,657
|
||||||
Net
investment in operating leases
|
33,717
|
29,834
|
||||||
Retained
interest in sold receivables
|
760
|
990
|
||||||
Inventories (Note
2)
|
12,886
|
11,421
|
||||||
Equity
in net assets of affiliated companies
|
2,661
|
2,787
|
||||||
Net
property
|
37,831
|
38,174
|
||||||
Deferred
income taxes
|
4,103
|
4,920
|
||||||
Goodwill
and other net intangible assets (Note 3)
|
6,487
|
6,821
|
||||||
Assets
of discontinued/held-for-sale operations (Note 7)
|
—
|
767
|
||||||
Other
assets
|
11,051
|
12,696
|
||||||
Total
assets
|
$ |
276,163
|
$ |
278,554
|
||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
Payables
|
$ |
25,898
|
$ |
23,417
|
||||
Accrued
liabilities and deferred revenue
|
81,330
|
82,388
|
||||||
Debt
|
163,213
|
172,049
|
||||||
Deferred
income taxes
|
3,165
|
2,743
|
||||||
Liabilities
of discontinued/held-for-sale operations (Note 7)
|
—
|
263
|
||||||
Total
liabilities
|
273,606
|
280,860
|
||||||
Minority
interests
|
1,394
|
1,159
|
||||||
Stockholders’
equity
|
||||||||
Capital
stock
|
||||||||
Common
Stock, par value $0.01 per share (2,050 million shares
issued)
|
21
|
18
|
||||||
Class
B Stock, par value $0.01 per share (71 million shares
issued)
|
1
|
1
|
||||||
Capital
in excess of par value of stock
|
7,273
|
4,562
|
||||||
Accumulated
other comprehensive income/(loss)
|
(7,272 | ) | (7,846 | ) | ||||
Treasury
stock
|
(186 | ) | (183 | ) | ||||
Retained
earnings/(Accumulated deficit)
|
1,326
|
(17 | ) | |||||
Total
stockholders’ equity
|
1,163
|
(3,465 | ) | |||||
Total
liabilities and stockholders’ equity
|
$ |
276,163
|
$ |
278,554
|
|
(in
millions)
|
September
30,
2007
|
December
31,
2006
|
|||||||
(unaudited)
|
||||||||
ASSETS
|
||||||||
Automotive
|
||||||||
Cash
and cash equivalents
|
$ |
18,945
|
$ |
16,022
|
||||
Marketable
securities
|
7,211
|
11,310
|
||||||
Loaned
securities
|
7,697
|
5,256
|
||||||
Total
cash, marketable and loaned securities
|
33,853
|
32,588
|
||||||
Receivables,
net
|
6,571
|
3,753
|
||||||
Inventories
(Note 2)
|
12,886
|
11,421
|
||||||
Deferred
income taxes
|
523
|
1,569
|
||||||
Other
current assets
|
7,428
|
7,707
|
||||||
Current
receivable from Financial Services
|
1,079
|
—
|
||||||
Total
current assets
|
62,340
|
57,038
|
||||||
Equity
in net assets of affiliated companies
|
2,092
|
2,029
|
||||||
Net
property
|
37,567
|
37,905
|
||||||
Deferred
income taxes
|
11,857
|
14,850
|
||||||
Goodwill
and other net intangible assets (Note 3)
|
6,469
|
6,804
|
||||||
Assets
of discontinued/held-for-sale operations (Note 7)
|
—
|
767
|
||||||
Other
assets
|
2,665
|
3,241
|
||||||
Non-current
receivable from Financial Services
|
359
|
—
|
||||||
Total
Automotive assets
|
123,349
|
122,634
|
||||||
Financial
Services
|
||||||||
Cash
and cash equivalents
|
8,492
|
12,874
|
||||||
Marketable
securities
|
4,627
|
10,162
|
||||||
Finance
receivables, net
|
113,124
|
110,767
|
||||||
Net
investment in operating leases
|
29,827
|
26,606
|
||||||
Retained
interest in sold receivables
|
760
|
990
|
||||||
Goodwill
and other net intangible assets (Note 3)
|
18
|
17
|
||||||
Other
assets
|
5,824
|
6,167
|
||||||
Receivable
from Automotive
|
—
|
1,467
|
||||||
Total
Financial Services assets
|
162,672
|
169,050
|
||||||
Intersector
elimination
|
(1,438 | ) | (1,467 | ) | ||||
Total
assets
|
$ |
284,583
|
$ |
290,217
|
||||
LIABILITIES
AND STOCKHOLDERS’
EQUITY
|
||||||||
Automotive
|
||||||||
Trade
payables
|
$ |
19,162
|
$ |
16,937
|
||||
Other
payables
|
4,788
|
4,893
|
||||||
Accrued
liabilities and deferred revenue
|
29,132
|
28,877
|
||||||
Deferred
income taxes
|
3,408
|
3,138
|
||||||
Debt
payable within one year
|
1,392
|
1,499
|
||||||
Current
payable to Financial Services
|
—
|
640
|
||||||
Total
current liabilities
|
57,882
|
55,984
|
||||||
Long-term
debt
|
26,285
|
28,514
|
||||||
Other
liabilities
|
47,299
|
49,386
|
||||||
Deferred
income taxes
|
1,025
|
441
|
||||||
Liabilities
of discontinued/held-for-sale operations (Note 7)
|
—
|
263
|
||||||
Non-current
payable to Financial Services
|
—
|
827
|
||||||
Total
Automotive liabilities
|
132,491
|
135,415
|
||||||
Financial
Services
|
||||||||
Payables
|
1,948
|
1,587
|
||||||
Debt
|
135,536
|
142,036
|
||||||
Deferred
income taxes
|
7,152
|
10,827
|
||||||
Other
liabilities and deferred income
|
4,899
|
4,125
|
||||||
Payable
to Automotive
|
1,438
|
—
|
||||||
Total
Financial Services liabilities
|
150,973
|
158,575
|
||||||
Minority
interests
|
1,394
|
1,159
|
||||||
Stockholders’
equity
|
||||||||
Capital
stock
|
||||||||
Common
Stock, par value $0.01 per share (2,050 million shares
issued)
|
21
|
18
|
||||||
Class
B Stock, par value $0.01 per share (71 million shares
issued)
|
1
|
1
|
||||||
Capital
in excess of par value of stock
|
7,273
|
4,562
|
||||||
Accumulated
other comprehensive income/(loss)
|
(7,272 | ) | (7,846 | ) | ||||
Treasury
stock
|
(186 | ) | (183 | ) | ||||
Retained
earnings/(Accumulated deficit)
|
1,326
|
(17 | ) | |||||
Total
stockholders’ equity
|
1,163
|
(3,465 | ) | |||||
Intersector
elimination
|
(1,438 | ) | (1,467 | ) | ||||
Total
liabilities and stockholders’ equity
|
$ |
284,583
|
$ |
290,217
|
First
Nine Months
|
||||||||
2007
|
2006
|
|||||||
(unaudited)
|
||||||||
Cash
flows from operating activities of continuing
operations
|
||||||||
Net
cash (used in)/provided by operating activities
|
$ |
13,242
|
$ |
16,979
|
||||
Cash
flows from investing activities of continuing
operations
|
||||||||
Capital
expenditures
|
(4,215 | ) | (5,242 | ) | ||||
Acquisitions
of retail and other finance receivables and operating
leases
|
(42,827 | ) | (47,688 | ) | ||||
Collections
of retail and other finance receivables and operating
leases
|
34,509
|
31,741
|
||||||
Purchases
of securities
|
(9,085 | ) | (17,471 | ) | ||||
Sales
and maturities of securities
|
14,805
|
15,196
|
||||||
Proceeds
from sales of retail and other finance receivables and operating
leases
|
705
|
3,956
|
||||||
Proceeds
from sale of businesses
|
1,236
|
54
|
||||||
Cash
paid for acquisitions
|
(18 | ) |
—
|
|||||
Transfer
of cash balances upon disposition of discontinued/held-for-sale
operations
|
(83 | ) | (4 | ) | ||||
Other
|
901
|
143
|
||||||
Net
cash (used in)/provided by investing activities
|
(4,072 | ) | (19,315 | ) | ||||
Cash
flows from financing activities of continuing
operations
|
||||||||
Cash
dividends
|
—
|
(468 | ) | |||||
Sales
of Common Stock
|
152
|
355
|
||||||
Purchases
of Common Stock
|
(31 | ) | (139 | ) | ||||
Changes
in short-term debt
|
(2,558 | ) | (276 | ) | ||||
Proceeds
from issuance of other debt
|
24,018
|
32,775
|
||||||
Principal
payments on other debt
|
(32,457 | ) | (33,012 | ) | ||||
Other
|
169
|
(34 | ) | |||||
Net
cash (used in)/provided by financing activities
|
(10,707 | ) | (799 | ) | ||||
Effect
of exchange rate changes on cash
|
64
|
238
|
||||||
Net
increase/(decrease) in cash and cash equivalents from continuing
operations
|
(1,473 | ) | (2,897 | ) | ||||
Cash
flows from discontinued operations
|
||||||||
Cash
flows from operating activities of discontinued operations
|
16
|
(2 | ) | |||||
Cash
flows from investing activities of discontinued operations
|
—
|
—
|
||||||
Cash
flows from financing activities of discontinued operations
|
—
|
—
|
||||||
Net
increase/(decrease) in cash and cash equivalents
|
$ | (1,457 | ) | $ | (2,899 | ) | ||
Cash
and cash equivalents at January 1
|
$ |
28,896
|
$ |
28,391
|
||||
Cash
and cash equivalents of discontinued/held-for-sale operations at
January
1
|
(2 | ) |
19
|
|||||
Net
increase/(decrease) in cash and cash equivalents
|
(1,457 | ) | (2,899 | ) | ||||
Less:
cash and cash equivalents of discontinued/held-for-sale operations
at
September 30
|
—
|
(15 | ) | |||||
Cash
and cash equivalents at September 30
|
$ |
27,437
|
$ |
25,496
|
First
Nine Months 2007
|
First
Nine Months 2006
|
|||||||||||||||
Automotive
|
Financial
Services
|
Automotive
|
Financial
Services
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Cash
flows from operating activities of continuing
operations
|
||||||||||||||||
Net
cash (used in)/provided by operating activities
|
$ |
5,932
|
$ |
5,247
|
$ |
5,024
|
$ |
5,471
|
||||||||
Cash
flows from investing activities
|
||||||||||||||||
Capital
expenditures
|
(4,176 | ) | (39 | ) | (5,212 | ) | (30 | ) | ||||||||
Acquisitions
of retail and other finance receivables and operating
leases
|
—
|
(42,827 | ) |
—
|
(47,688 | ) | ||||||||||
Collections
of retail and other finance receivables and operating
leases
|
—
|
34,545
|
—
|
32,099
|
||||||||||||
Net
(increase)/decrease of wholesale receivables
|
—
|
2,027
|
—
|
6,126
|
||||||||||||
Purchases
of securities
|
(1,428 | ) | (7,657 | ) | (3,641 | ) | (13,830 | ) | ||||||||
Sales
and maturities of securities
|
1,469
|
13,336
|
4,095
|
11,101
|
||||||||||||
Proceeds
from sales of retail and other finance receivables and operating
leases
|
—
|
705
|
—
|
3,956
|
||||||||||||
Proceeds
from sale of businesses
|
1,079
|
157
|
54
|
—
|
||||||||||||
Cash
paid for acquisitions
|
(18 | ) |
—
|
—
|
—
|
|||||||||||
Transfer
of cash balances upon disposition of discontinued/held-for-sale
operations
|
(83 | ) |
—
|
(4 | ) |
—
|
||||||||||
Investing
activity from Financial Services
|
—
|
—
|
785
|
—
|
||||||||||||
Investing
activity to Financial Services
|
(8 | ) |
—
|
(1,400 | ) |
—
|
||||||||||
Other
|
728
|
173
|
(61 | ) |
204
|
|||||||||||
Net
cash (used in)/provided by investing activities
|
(2,437 | ) |
420
|
(5,384 | ) | (8,062 | ) | |||||||||
Cash
flows from financing activities
|
||||||||||||||||
Cash
dividends
|
—
|
—
|
(468 | ) |
—
|
|||||||||||
Sales
of Common Stock
|
152
|
—
|
355
|
—
|
||||||||||||
Purchases
of Common Stock
|
(31 | ) |
—
|
(139 | ) |
—
|
||||||||||
Changes
in short-term debt
|
(69 | ) | (2,489 | ) |
251
|
(527 | ) | |||||||||
Proceeds
from issuance of other debt
|
189
|
23,829
|
204
|
32,571
|
||||||||||||
Principal
payments on other debt
|
(617 | ) | (31,840 | ) | (629 | ) | (32,383 | ) | ||||||||
Financing
activity from Automotive
|
—
|
8
|
—
|
1,400
|
||||||||||||
Financing
activity to Automotive
|
—
|
—
|
—
|
(785 | ) | |||||||||||
Other
|
225
|
(56 | ) |
76
|
(110 | ) | ||||||||||
Net
cash (used in)/provided by financing activities
|
(151 | ) | (10,548 | ) | (350 | ) |
166
|
|||||||||
Effect
of exchange rate changes on cash
|
342
|
(278 | ) |
3
|
235
|
|||||||||||
Net
change in intersector receivables/payables and other
liabilities
|
(777 | ) |
777
|
848
|
(848 | ) | ||||||||||
Net
increase/(decrease) in cash and cash equivalents from continuing
operations
|
2,909
|
(4,382 | ) |
141
|
(3,038 | ) | ||||||||||
Cash
flows from discontinued operations
|
||||||||||||||||
Cash
flows from operating activities of discontinued operations
|
16
|
—
|
(2 | ) |
—
|
|||||||||||
Cash
flows from investing activities of discontinued operations
|
—
|
—
|
—
|
—
|
||||||||||||
Cash
flows from financing activities of discontinued operations
|
—
|
—
|
—
|
—
|
||||||||||||
Net
increase/(decrease) in cash and cash equivalents
|
$ |
2,925
|
$ | (4,382 | ) | $ |
139
|
$ | (3,038 | ) | ||||||
Cash
and cash equivalents at January 1
|
$ |
16,022
|
$ |
12,874
|
$ |
13,373
|
$ |
15,018
|
||||||||
Cash
and cash equivalents of discontinued/held-for-sale operations at
January
1
|
(2 | ) |
—
|
19
|
—
|
|||||||||||
Net
increase/(decrease) in cash and cash equivalents
|
2,925
|
(4,382 | ) |
139
|
(3,038 | ) | ||||||||||
Less:
cash and cash equivalents of discontinued/held-for-sale operations
at
September 30
|
—
|
—
|
(15 | ) |
—
|
|||||||||||
Cash
and cash equivalents at September 30
|
$ |
18,945
|
$ |
8,492
|
$ |
13,516
|
$ |
11,980
|
September
30,
|
December
31,
|
|||||||
2007
|
2006
|
|||||||
Raw
materials, work-in-process and supplies
|
$ |
4,565
|
$ |
4,545
|
||||
Finished
products
|
9,385
|
7,891
|
||||||
Total
inventories under first-in, first-out method ("FIFO")
|
13,950
|
12,436
|
||||||
Less:
last-in, first-out method ("LIFO") adjustment
|
(1,064 | ) | (1,015 | ) | ||||
Total
inventories
|
$ |
12,886
|
$ |
11,421
|
Goodwill,
December 31, 2006
|
Goodwill
Acquired
|
Exchange
Translation/Other
|
Goodwill,
September 30,
2007
|
|||||||||||||
Automotive
Sector
|
||||||||||||||||
Ford
North America
|
$ |
95
|
$ |
—
|
$ | (5 | ) | $ |
90
|
|||||||
Ford
Europe
|
35
|
—
|
1
|
36
|
||||||||||||
Premier
Automotive Group ("PAG")
|
5,574
|
—
|
(388 | ) |
5,186
|
|||||||||||
Ford
Asia Pacific and Africa
|
6
|
—
|
—
|
6
|
||||||||||||
Total
Automotive sector
|
5,710
|
—
|
(392 | ) |
5,318
|
|||||||||||
Financial
Services Sector
|
||||||||||||||||
Ford
Credit
|
17
|
—
|
1
|
18
|
||||||||||||
Total
Financial Services sector
|
17
|
—
|
1
|
18
|
||||||||||||
Total
|
$ |
5,727
|
$ |
—
|
$ | (391 | ) | $ |
5,336
|
September
30, 2007
|
December
31, 2006
|
|||||||||||||||||||||||
Gross
Carrying
Amount
|
Less:
Accumulated Amortization
|
Net
Intangible Assets
|
Gross
Carrying Amount
|
Less:
Accumulated Amortization
|
Net
Intangible Assets
|
|||||||||||||||||||
Automotive
Sector
|
||||||||||||||||||||||||
Tradename
|
$ |
543
|
$ |
—
|
$ |
543
|
$ |
491
|
$ |
—
|
$ |
491
|
||||||||||||
Distribution
networks
|
389
|
(110 | ) |
279
|
372
|
(98 | ) |
274
|
||||||||||||||||
Manufacturing
and production incentive rights
|
285
|
(53 | ) |
232
|
246
|
—
|
246
|
|||||||||||||||||
Other
|
271
|
(174 | ) |
97
|
240
|
(157 | ) |
83
|
||||||||||||||||
Total
Automotive Sector
|
1,488
|
(337 | ) |
1,151
|
1,349
|
(255 | ) |
1,094
|
||||||||||||||||
Total
Financial Services Sector
|
4
|
(4 | ) |
—
|
4
|
(4 | ) |
—
|
||||||||||||||||
Total
|
$ |
1,492
|
$ | (341 | ) | $ |
1,151
|
$ |
1,353
|
$ | (259 | ) | $ |
1,094
|
Third
Quarter
|
First
Nine Months
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Pre-tax
amortization expense
|
$ |
32
|
$ |
7
|
$ |
80
|
$ |
19
|
Reserve
(in millions)
|
Number
of employees
|
|||||||||||||||
First
Nine Months
2007
|
Full
Year
2006
|
First
Nine Months
2007
|
Full
Year
2006
|
|||||||||||||
Beginning
balance
|
$ |
1,036
|
$ |
—
|
10,728
|
—
|
||||||||||
Additions
to Jobs Bank/Transfers from voluntary separation program (i.e.,
rescissions)
|
205
|
2,583
|
2,019
|
25,849
|
||||||||||||
Voluntary
separations and relocations
|
(307 | ) | (1,445 | ) | (4,588 | ) | (15,121 | ) | ||||||||
Benefit
payments and other adjustmentsPackages accepted
|
(140 | ) | (102 | ) |
—
|
—
|
||||||||||
Ending
balance
|
$ |
794
|
$ |
1,036
|
8,159
|
10,728
|
Reserve
(in millions)
|
Number
of employees
|
|||||||||||||||
First
Nine Months
2007
|
Full
Year
2006
|
First
Nine Months
2007
|
Full
Year
2006
|
|||||||||||||
Beginning
balance
|
$ |
2,435
|
$ |
—
|
26,351
|
—
|
||||||||||
Voluntary
acceptances
|
—
|
3,240
|
—
|
36,623
|
||||||||||||
Payments/Terminations
|
(1,816 | ) | (788 | ) | (21,425 | ) | (10,084 | ) | ||||||||
Rescissions
|
(290 | ) | (17 | ) | (3,360 | ) | (188 | ) | ||||||||
Ending
balance
|
$ |
329
|
$ |
2,435
|
1,566
|
26,351
|
Third
Quarter
|
First
Nine Months
|
||||||||||||||||
2007
|
2006
|
2007
|
2006
|
||||||||||||||
Ford
Canada
|
$ |
9
|
$ |
—
|
$ |
203
|
$ |
14
|
|||||||||
Ford
Europe
|
13
|
12
|
40
|
52
|
|||||||||||||
PAG
|
5
|
48
|
33
|
65
|
|||||||||||||
Ford
Asia Pacific and Africa
|
1
|
—
|
4
|
—
|
Third
Quarter
|
First
Nine Months
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Sales
and revenues
|
$ |
—
|
$ |
15
|
$ |
13
|
$ |
43
|
||||||||
Operating
income/(loss) from discontinued operations
|
$ |
—
|
$ |
7
|
$ |
2
|
$ |
17
|
||||||||
Gain/(Loss)
on discontinued operations
|
—
|
—
|
51
|
3
|
||||||||||||
(Provision
for)/Benefit from income taxes
|
—
|
(3 | ) | (19 | ) | (8 | ) | |||||||||
Income/(Loss)
from discontinued operations
|
$ |
—
|
$ |
4
|
$ |
34
|
$ |
12
|
September 1,
2007
|
December
31, 2006
|
|||||||
Assets
|
||||||||
Inventories
|
$ |
13
|
$ |
15
|
||||
Net
property
|
43
|
50
|
||||||
Total
assets of the held-for-sale operation
|
$ |
56
|
$ |
65
|
September
19, 2007
|
December
31, 2006
|
|||||||
Assets
|
||||||||
Receivables
|
$ |
23
|
$ |
25
|
||||
Inventories
|
64
|
46
|
||||||
Net
property
|
16
|
14
|
||||||
Other
assets
|
1
|
1
|
||||||
Total
assets of the held-for-sale operations
|
$ |
104
|
$ |
86
|
||||
Liabilities
|
||||||||
Payables
|
$ |
27
|
$ |
11
|
||||
Other
liabilities
|
56
|
6
|
||||||
Total
liabilities of the held-for-sale operations
|
$ |
83
|
$ |
17
|
Sheldon
Road plant
|
Heating,
ventilating and cooling assemblies; heat exchangers; and manual
control
panel components
|
Milan
plant
|
Fuel
tanks and bumper fascias
|
Monroe
plant
|
Catalytic
converters, driveshafts, and springs (agreement includes only driveshaft
business– not the plant itself)
|
Nashvillle,
Tulsa, and VidrioCar (Mexico) plants
|
Automotive
and architectural glass products
|
Sandusky
plant
|
Lighting
components
|
Third
Quarter
|
First
Nine Months
|
|||||||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||||||
Basic
and Diluted Income/(Loss)
|
||||||||||||||||||||
Basic
income/(loss) from continuing operations
|
$ | (380 | ) | $ | (5,252 | ) | $ |
54
|
$ | (7,000 | ) | |||||||||
Effect
of dilutive senior convertible notes
|
—
|
(a)
|
—
|
(a)
|
—
|
(a)
|
—
|
(a)
|
||||||||||||
Effect
of dilutive 6.50% Cumulative Convertible Trust Preferred Securities
("Trust Preferred Securities")
|
—
|
(b)
|
—
|
(b)
|