x
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
|
SECURITIES
EXCHANGE ACT OF 1934
|
|
For
the quarterly period ended March 31,
2009
|
|
¨
|
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)
|
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, a non-accelerated filer, or a smaller reporting
company. See definitions of "large accelerated filer,"
"accelerated filer" and "smaller reporting company in Rule 12b-2 of the
Exchange Act.
|
|||||||
Large
accelerated filer
|
x
|
Accelerated
filer
|
¨
|
Non-accelerated
filer
|
¨
|
Smaller
reporting company
|
¨
|
Indicate
by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).
|
||||||
¨
|
Yes
|
x
|
No
|
Indicate
by check mark whether the registrant has submitted electronically and
posted on its corporate Web site, if any, every Interactive Data File
required to be submitted and posted pursuant to Rule 405 of Regulation S-T
(§232.405 of this chapter) during the preceding 12 months (or for
such shorter period that the registrant was required to submit and post
such files).
|
||||||
¨
|
Yes
|
o
|
No
|
First
Quarter
|
||||||||
2009
|
2008
|
|||||||
(unaudited)
|
||||||||
Sales
and revenues
|
||||||||
Automotive
sales
|
$ | 21,368 | $ | 39,117 | ||||
Financial
Services revenues
|
3,410 | 4,175 | ||||||
Total
sales and revenues
|
24,778 | 43,292 | ||||||
Costs
and expenses
|
||||||||
Automotive
cost of sales
|
21,662 | 35,456 | ||||||
Selling,
administrative and other expenses
|
3,727 | 5,094 | ||||||
Interest
expense
|
1,936 | 2,575 | ||||||
Financial
Services provision for credit and insurance losses
|
402 | 344 | ||||||
Total
costs and expenses
|
27,727 | 43,469 | ||||||
Automotive
interest income and other non-operating income/(expense), net (Note
7)
|
1,343 | 92 | ||||||
Financial
Services other income/(loss), net (Note 7)
|
113 | 229 | ||||||
Equity
in net income/(loss) of affiliated companies
|
(127 | ) | 142 | |||||
Income/(Loss)
before income taxes
|
(1,620 | ) | 286 | |||||
Provision
for/(benefit from) income taxes
|
(204 | ) | 95 | |||||
Income/(Loss)
from continuing operations
|
(1,416 | ) | 191 | |||||
Income/(Loss)
from discontinued operations (Note 10)
|
— | 1 | ||||||
Net
income/(loss)
|
(1,416 | ) | 192 | |||||
Less:
Income/(loss) attributable to noncontrolling interests
|
11 | 122 | ||||||
Net
income/(loss) attributable to Ford Motor Company
|
$ | (1,427 | ) | $ | 70 | |||
NET
INCOME/(LOSS) ATTRIBUTABLE TO FORD MOTOR COMPANY
|
||||||||
Income/(Loss)
from continuing operations
|
$ | (1,427 | ) | $ | 69 | |||
Income/(Loss)
from discontinued operations (Note 10)
|
— | 1 | ||||||
Net
income/(loss)
|
$ | (1,427 | ) | $ | 70 | |||
AMOUNTS
PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK
(Note 11)
|
||||||||
Basic
income/(loss)
|
||||||||
Income/(Loss)
from continuing operations
|
$ | (0.60 | ) | $ | 0.03 | |||
Income/(Loss)
from discontinued operations
|
— | — | ||||||
Net
income/(loss)
|
$ | (0.60 | ) | $ | 0.03 | |||
Diluted
income/(loss)
|
||||||||
Income/(Loss)
from continuing operations
|
$ | (0.60 | ) | $ | 0.03 | |||
Income/(Loss)
from discontinued operations
|
— | — | ||||||
Net
income/(loss)
|
$ | (0.60 | ) | $ | 0.03 |
First
Quarter
|
||||||||
2009
|
2008
|
|||||||
(unaudited)
|
||||||||
AUTOMOTIVE
|
||||||||
Sales
|
$ | 21,368 | $ | 39,117 | ||||
Costs
and expenses
|
||||||||
Cost
of sales
|
21,662 | 35,456 | ||||||
Selling,
administrative and other expenses
|
2,044 | 3,109 | ||||||
Total
costs and expenses
|
23,706 | 38,565 | ||||||
Operating
income/(loss)
|
(2,338 | ) | 552 | |||||
Interest
expense
|
484 | 558 | ||||||
Interest
income and other non-operating income/(expense), net (Note
7)
|
1,343 | 92 | ||||||
Equity
in net income/(loss) of affiliated companies
|
11 | 136 | ||||||
Income/(Loss)
before income taxes — Automotive
|
(1,468 | ) | 222 | |||||
FINANCIAL
SERVICES
|
||||||||
Revenues
|
3,410 | 4,175 | ||||||
Costs
and expenses
|
||||||||
Interest
expense
|
1,452 | 2,017 | ||||||
Depreciation
|
1,435 | 1,836 | ||||||
Operating
and other expenses
|
248 | 149 | ||||||
Provision
for credit and insurance losses
|
402 | 344 | ||||||
Total
costs and expenses
|
3,537 | 4,346 | ||||||
Other
income/(loss), net (Note 7)
|
113 | 229 | ||||||
Equity
in net income/(loss) of affiliated companies
|
(138 | ) | 6 | |||||
Income/(Loss)
before income
taxes — Financial Services
|
(152 | ) | 64 | |||||
TOTAL
COMPANY
|
||||||||
Income/(Loss)
before income taxes
|
(1,620 | ) | 286 | |||||
Provision
for/(Benefit from) income taxes
|
(204 | ) | 95 | |||||
Income/(Loss)
from continuing operations
|
(1,416 | ) | 191 | |||||
Income/(Loss)
from discontinued operations (Note 10)
|
— | 1 | ||||||
Net
income/(loss)
|
(1,416 | ) | 192 | |||||
Less:
Income/(loss) attributable to noncontrolling interests
|
11 | 122 | ||||||
Net
income/(loss) attributable to Ford Motor Company
|
$ | (1,427 | ) | $ | 70 | |||
NET
INCOME/(LOSS) ATTRIBUTABLE TO FORD MOTOR COMPANY
|
||||||||
Income/(Loss)
from continuing operations
|
$ | (1,427 | ) | $ | 69 | |||
Income/(Loss)
from discontinued operations (Note 10)
|
— | 1 | ||||||
Net
income/(loss)
|
$ | (1,427 | ) | $ | 70 | |||
AMOUNTS
PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK
(Note 11)
|
||||||||
Basic
income/(loss)
|
||||||||
Income/(Loss)
from continuing operations
|
$ | (0.60 | ) | $ | 0.03 | |||
Income/(Loss)
from discontinued operations
|
— | — | ||||||
Net
income/(loss)
|
$ | (0.60 | ) | $ | 0.03 | |||
Diluted
income/(loss)
|
||||||||
Income/(Loss)
from continuing operations
|
$ | (0.60 | ) | $ | 0.03 | |||
Income/(Loss)
from discontinued operations
|
— | — | ||||||
Net
income/(loss)
|
$ | (0.60 | ) | $ | 0.03 |
March
31,
2009
|
December
31,
2008
|
|||||||
(unaudited)
|
||||||||
ASSETS
|
||||||||
Cash
and cash equivalents
|
$ | 21,093 | $ | 22,049 | ||||
Marketable
securities
|
20,363 | 17,411 | ||||||
Finance
receivables, net
|
84,008 | 93,484 | ||||||
Other
receivables, net
|
5,390 | 5,674 | ||||||
Net
investment in operating leases
|
21,912 | 25,250 | ||||||
Inventories
(Note 2)
|
6,575 | 6,988 | ||||||
Equity
in net assets of affiliated companies
|
1,736 | 1,599 | ||||||
Net
property
|
23,779 | 24,143 | ||||||
Deferred
income taxes
|
2,818 | 3,108 | ||||||
Goodwill
and other net intangible assets (Note 4)
|
227 | 246 | ||||||
Assets
of held-for-sale operations (Note 10)
|
7,273 | 8,612 | ||||||
Other
assets
|
7,960 | 9,734 | ||||||
Total
assets
|
$ | 203,134 | $ | 218,298 | ||||
LIABILITIES
|
||||||||
Payables
|
$ | 12,882 | $ | 13,145 | ||||
Accrued
liabilities and deferred revenue
|
54,429 | 59,526 | ||||||
Debt
(Note 5)
|
145,586 | 152,577 | ||||||
Deferred
income taxes
|
1,706 | 2,035 | ||||||
Liabilities
of held-for-sale operations (Note 10)
|
5,008 | 5,542 | ||||||
Total
liabilities
|
219,611 | 232,825 | ||||||
EQUITY
|
||||||||
Capital
stock
|
||||||||
Common
Stock, par value $0.01 per share (2,350 million
shares issued)
|
23 | 23 | ||||||
Class
B Stock, par value $0.01 per share (71 million shares
issued)
|
1 | 1 | ||||||
Capital
in excess of par value of stock
|
10,985 | 10,875 | ||||||
Accumulated
other comprehensive income/(loss)
|
(10,624 | ) | (10,085 | ) | ||||
Treasury
stock
|
(180 | ) | (181 | ) | ||||
Retained
earnings/(Accumulated deficit)
|
(17,782 | ) | (16,355 | ) | ||||
Total equity/(deficit)
attributable to Ford Motor Company
|
(17,577 | ) | (15,722 | ) | ||||
Equity/(Deficit)
attributable to noncontrolling interests
|
1,100 | 1,195 | ||||||
Total
equity/(deficit)
|
(16,477 | ) | (14,527 | ) | ||||
Total
liabilities and equity
|
$ | 203,134 | $ | 218,298 |
March
31, 2009
|
December
31, 2008
|
|||||||
(unaudited)
|
||||||||
ASSETS
|
||||||||
Automotive
|
||||||||
Cash
and cash equivalents
|
$ | 8,102 | $ | 6,377 | ||||
Marketable
securities
|
13,483 | 9,296 | ||||||
Total
cash and marketable securities
|
21,585 | 15,673 | ||||||
Receivables,
net
|
2,694 | 3,065 | ||||||
Inventories
(Note 2)
|
6,575 | 6,988 | ||||||
Deferred
income taxes
|
306 | 302 | ||||||
Other
current assets
|
2,099 | 3,450 | ||||||
Current
receivable from Financial Services
|
2,871 | 2,035 | ||||||
Total
current assets
|
36,130 | 31,513 | ||||||
Equity
in net assets of affiliated companies
|
1,376 | 1,076 | ||||||
Net
property
|
23,590 | 23,930 | ||||||
Deferred
income taxes
|
6,410 | 7,204 | ||||||
Goodwill
and other net intangible assets (Note 4)
|
219 | 237 | ||||||
Assets
of held-for-sale operations (Note 10)
|
7,273 | 8,414 | ||||||
Other
assets
|
1,454 | 1,441 | ||||||
Total
Automotive assets
|
76,452 | 73,815 | ||||||
Financial
Services
|
||||||||
Cash
and cash equivalents
|
12,991 | 15,672 | ||||||
Marketable
securities
|
7,237 | 8,607 | ||||||
Finance
receivables, net
|
86,713 | 96,101 | ||||||
Net
investment in operating leases
|
20,765 | 23,120 | ||||||
Equity
in net assets of affiliated companies
|
360 | 523 | ||||||
Goodwill
and other net intangible assets (Note 4)
|
8 | 9 | ||||||
Assets
of held-for-sale operations (Note 10)
|
— | 198 | ||||||
Other
assets
|
5,981 | 7,437 | ||||||
Total
Financial Services assets
|
134,055 | 151,667 | ||||||
Intersector
elimination
|
(3,237 | ) | (2,535 | ) | ||||
Total
assets
|
$ | 207,270 | $ | 222,947 | ||||
LIABILITIES
|
||||||||
Automotive
|
||||||||
Trade
payables
|
$ | 9,614 | $ | 9,193 | ||||
Other
payables
|
1,965 | 1,982 | ||||||
Accrued
liabilities and deferred revenue
|
26,561 | 29,584 | ||||||
Deferred
income taxes
|
2,856 | 2,790 | ||||||
Debt
payable within one year (Note 5)
|
1,428 | 1,191 | ||||||
Total
current liabilities
|
42,424 | 44,740 | ||||||
Long-term
debt (Note 5)
|
30,704 | 23,036 | ||||||
Other
liabilities
|
22,368 | 23,766 | ||||||
Deferred
income taxes
|
384 | 614 | ||||||
Liabilities
of held-for-sale operations (Note 10)
|
5,008 | 5,487 | ||||||
Total
Automotive liabilities
|
100,888 | 97,643 | ||||||
Financial
Services
|
||||||||
Payables
|
1,303 | 1,970 | ||||||
Debt
(Note 5)
|
113,811 | 128,842 | ||||||
Deferred
income taxes
|
2,602 | 3,280 | ||||||
Other
liabilities and deferred income
|
5,509 | 6,184 | ||||||
Liabilities
of held-for-sale operations (Note 10)
|
— | 55 | ||||||
Payable
to Automotive
|
2,871 | 2,035 | ||||||
Total
Financial Services liabilities
|
126,096 | 142,366 | ||||||
Intersector
elimination
|
(3,237 | ) | (2,535 | ) | ||||
Total
liabilities
|
223,747 | 237,474 | ||||||
EQUITY
|
||||||||
Capital
stock
|
||||||||
Common
Stock, par value $0.01 per share (2,350 million
shares issued)
|
23 | 23 | ||||||
Class
B Stock, par value $0.01 per share (71 million shares
issued)
|
1 | 1 | ||||||
Capital
in excess of par value of stock
|
10,985 | 10,875 | ||||||
Accumulated
other comprehensive income/(loss)
|
(10,624 | ) | (10,085 | ) | ||||
Treasury
stock
|
(180 | ) | (181 | ) | ||||
Retained
earnings/(Accumulated deficit)
|
(17,782 | ) | (16,355 | ) | ||||
Total
equity/(deficit) attributable to Ford Motor Company
|
(17,577 | ) | (15,722 | ) | ||||
Equity/(Deficit)
attributable to noncontrolling interests
|
1,100 | 1,195 | ||||||
Total
equity/(deficit)
|
(16,477 | ) | (14,527 | ) | ||||
Total
liabilities and equity
|
$ | 207,270 | $ | 222,947 |
First
Quarter
|
||||||||
2009
|
2008
|
|||||||
(unaudited)
|
||||||||
Cash
flows from operating activities of continuing operations
|
||||||||
Net
cash (used in)/provided by operating activities
|
$ | 4,161 | $ | 1,027 | ||||
Cash
flows from investing activities of continuing operations
|
||||||||
Capital
expenditures
|
(1,366 | ) | (1,490 | ) | ||||
Acquisitions
of retail and other finance receivables and operating
leases
|
(6,032 | ) | (11,872 | ) | ||||
Collections
of retail and other finance receivables and operating
leases
|
10,047 | 10,936 | ||||||
Purchases
of securities
|
(22,151 | ) | (13,531 | ) | ||||
Sales
and maturities of securities
|
19,217 | 13,527 | ||||||
Settlements
of derivatives
|
1,163 | 456 | ||||||
Proceeds
from sale of businesses
|
166 | 44 | ||||||
Other
|
(339 | ) | 165 | |||||
Net
cash (used in)/provided by investing activities
|
705 | (1,765 | ) | |||||
Cash
flows from financing activities of continuing operations
|
||||||||
Sales
of Common Stock
|
— | 63 | ||||||
Changes
in short-term debt
|
(3,863 | ) | (678 | ) | ||||
Proceeds
from issuance of other debt
|
15,458 | 11,150 | ||||||
Principal
payments on other debt
|
(16,395 | ) | (11,107 | ) | ||||
Other
|
(50 | ) | (129 | ) | ||||
Net
cash (used in)/provided by financing activities
|
(4,850 | ) | (701 | ) | ||||
Effect
of exchange rate changes on cash
|
(342 | ) | 316 | |||||
Cumulative
correction of Financial Services prior period error (Note
1)
|
(630 | ) | — | |||||
Net
increase/(decrease) in cash and cash equivalents from continuing
operations
|
(956 | ) | (1,123 | ) | ||||
Cash
flows from discontinued operations
|
||||||||
Cash
flows from operating activities of discontinued operations
|
— | 29 | ||||||
Cash
flows from investing activities of discontinued operations
|
— | (94 | ) | |||||
Cash
flows from financing activities of discontinued operations
|
— | (344 | ) | |||||
Net
increase/(decrease) in cash and cash equivalents
|
$ | (956 | ) | $ | (1,532 | ) | ||
Cash
and cash equivalents at January 1
|
$ | 22,049 | $ | 35,283 | ||||
Cash
and cash equivalents of discontinued/held-for-sale operations at January
1
|
— | — | ||||||
Net
increase/(decrease) in cash and cash equivalents
|
(956 | ) | (1,532 | ) | ||||
Less:
cash and cash equivalents of discontinued/held-for-sale operations at
March 31
|
— | — | ||||||
Cash
and cash equivalents at March 31
|
$ | 21,093 | $ | 33,751 |
First
Quarter 2009
|
First
Quarter 2008
|
|||||||||||||||
Automotive
|
Financial
Services
|
Automotive
|
Financial
Services
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Cash
flows from operating activities of continuing operations
|
||||||||||||||||
Net
cash (used in)/provided by operating activities
|
$ | (2,265 | ) | $ | 1,911 | $ | 685 | $ | 2,482 | |||||||
Cash
flows from investing activities
|
||||||||||||||||
Capital
expenditures
|
(1,361 | ) | (5 | ) | (1,449 | ) | (41 | ) | ||||||||
Acquisitions
of retail and other finance receivables and operating
leases
|
— | (6,032 | ) | — | (12,166 | ) | ||||||||||
Collections
of retail and other finance receivables and operating
leases
|
— | 10,124 | — | 10,936 | ||||||||||||
Net
(increase)/decrease of wholesale receivables
|
— | 4,438 | — | (1,846 | ) | |||||||||||
Purchases
of securities
|
(17,662 | ) | (5,544 | ) | (12,509 | ) | (1,022 | ) | ||||||||
Sales
and maturities of securities
|
13,498 | 5,854 | 11,329 | 2,198 | ||||||||||||
Settlements
of derivatives
|
242 | 921 | 282 | 174 | ||||||||||||
Proceeds
from sale of businesses
|
1 | 165 | 44 | — | ||||||||||||
Investing
activity from Financial Services
|
— | — | — | — | ||||||||||||
Investing
activity to Financial Services
|
— | — | — | — | ||||||||||||
Other
|
(330 | ) | (9 | ) | 15 | 150 | ||||||||||
Net
cash (used in)/provided by investing activities
|
(5,612 | ) | 9,912 | (2,288 | ) | (1,617 | ) | |||||||||
Cash
flows from financing activities
|
||||||||||||||||
Sales
of Common Stock
|
— | — | 63 | — | ||||||||||||
Changes
in short-term debt
|
365 | (4,228 | ) | 93 | (771 | ) | ||||||||||
Proceeds
from issuance of other debt
|
10,186 | 5,272 | 57 | 11,093 | ||||||||||||
Principal
payments on other debt
|
(190 | ) | (15,285 | ) | (90 | ) | (11,017 | ) | ||||||||
Other
|
(35 | ) | (15 | ) | (91 | ) | (38 | ) | ||||||||
Net
cash (used in)/provided by financing activities
|
10,326 | (14,256 | ) | 32 | (733 | ) | ||||||||||
|
||||||||||||||||
Effect
of exchange rate changes on cash
|
(134 | ) | (208 | ) | 235 | 81 | ||||||||||
Net
change in intersector receivables/payables and other
liabilities
|
(590 | ) | 590 | (679 | ) | 679 | ||||||||||
Cumulative
correction of prior period error (Note 1)
|
— | (630 | ) | — | — | |||||||||||
Net
increase/(decrease) in cash and cash equivalents from continuing
operations
|
1,725 | (2,681 | ) | (2,015 | ) | 892 | ||||||||||
Cash
flows from discontinued operations
|
||||||||||||||||
Cash
flows from operating activities of discontinued operations
|
— | — | — | 29 | ||||||||||||
Cash
flows from investing activities of discontinued operations
|
— | — | — | (94 | ) | |||||||||||
Cash
flows from financing activities of discontinued operations
|
— | — | — | (344 | ) | |||||||||||
Net
increase/(decrease) in cash and cash equivalents
|
$ | 1,725 | $ | (2,681 | ) | $ | (2,015 | ) | $ | 483 | ||||||
Cash
and cash equivalents at January 1
|
$ | 6,377 | $ | 15,672 | $ | 20,678 | $ | 14,605 | ||||||||
Cash
and cash equivalents of discontinued/held-for-sale operations at January
1
|
— | — | — | — | ||||||||||||
Net
increase/(decrease) in cash and cash equivalents
|
1,725 | (2,681 | ) | (2,015 | ) | 483 | ||||||||||
Less:
cash and cash equivalents of discontinued/held-for-sale operations at
March 31
|
— | — | — | — | ||||||||||||
Cash
and cash equivalents at March 31
|
$ | 8,102 | $ | 12,991 | $ | 18,663 | $ | 15,088 |
First
Quarter
|
||||||||
2009
|
2008
|
|||||||
(unaudited)
|
||||||||
Net
income/(loss)
|
$ | (1,416 | ) | $ | 192 | |||
Other
comprehensive income/(loss), net of tax:
|
||||||||
Foreign
currency translation
|
(515 | ) | 871 | |||||
Net
gain/(loss) on derivative instruments
|
(87 | ) | 225 | |||||
Employee
benefit-related
|
(5 | ) | 96 | |||||
Net
holding gain/(loss)
|
(1 | ) | (27 | ) | ||||
Total
other comprehensive income/(loss), net of tax
|
(608 | ) | 1,165 | |||||
Comprehensive
income/(loss)
|
(2,024 | ) | 1,357 | |||||
Less:
Comprehensive income/(loss) attributable to noncontrolling interests (Note
17)
|
(58 | ) | 72 | |||||
Comprehensive
income/(loss) attributable to Ford Motor Company
|
$ | (1,966 | ) | $ | 1,285 |
Footnote
|
Page
|
|
Note
1
|
Principles
of Presentation and Consolidation
|
10
|
Note
2
|
Inventories
|
14
|
Note
3
|
Variable
Interest Entities
|
14
|
Note
4
|
Goodwill
and Other Net Intangibles
|
18
|
Note
5
|
Debt
and Commitments
|
19
|
Note
6
|
Impairments
|
24
|
Note
7
|
Other
Income/(Loss)
|
24
|
Note
8
|
Employee
Separation Actions and Exit and Disposal Activities
|
25
|
Note
9
|
Income
Taxes
|
25
|
Note
10
|
Discontinued
Operations, Held-For-Sale Operations, Other Dispositions, and
Acquisitions
|
26
|
Note
11
|
Amounts
Per Share Attributable to Ford Motor Company Common and Class B
Stock
|
28
|
Note
12
|
Derivative
Financial Instruments and Hedging Activities
|
28
|
Note
13
|
Retirement
Benefits
|
32
|
Note
14
|
Fair
Value Measurements
|
33
|
Note
15
|
Segment
Information
|
35
|
Note
16
|
Guarantees
|
36
|
Note
17
|
Equity/(Deficit)
Attributable to Ford Motor Company and Noncontrolling
Interests
|
37
|
Statement
of Operations
|
Revised
First
Quarter 2008
|
As
Originally Reported
First
Quarter 2008
|
Effect
of
Change
|
|||||||||
Automotive
interest expense
|
$ | 558 | $ | 528 | $ | (30 | ) | |||||
Income/(loss)
from continuing operations attributable to Ford Motor
Company
|
69 | 99 | (30 | ) | ||||||||
Net
income/(loss) attributable to Ford Motor Company
|
70 | 100 | (30 | ) | ||||||||
Earnings
per share attributable to Ford Motor Company
|
0.03 | 0.05 | (0.02 | ) |
Balance
Sheet (a)
|
Revised
December
31,
2008
|
As
Originally Reported
December
31,
2008
|
Effect
of
Change
|
|||||||||
Automotive
other assets – noncurrent (b)
|
$ | 1,441 | $ | 1,512 | $ | 71 | ||||||
Automotive
long-term debt
|
23,036 | 24,655 | (1,619 | ) | ||||||||
Capital
in excess of par value of stock (c)
|
10,875 | 9,076 | 1,799 | |||||||||
Retained
earnings/(Accumulated deficit)
|
(16,355 | ) | (16,145 | ) | (210 | ) |
|
(a)
|
As
a result of the retrospective application of FSP APB 14-1, the
December 31, 2008 column on our consolidated and sector balance
sheets is "unaudited."
|
|
(b)
|
Effect
of Change related to FSP APB 14-1 is $30 million; the remaining
$41 million relates to the assets of Volvo classified as
held-for-sale operations (see Note 10 for discussion of
Volvo).
|
|
(c)
|
Effect
of Change represents the equity component under FSP APB 14-1 (i.e., $1,864
million), less those amounts previously recorded on conversions prior to
adoption of the standard (i.e.,
$65 million).
|
First
Quarter 2009
|
||||||||||||
Basic
income/(loss)
|
Before
Adoption
|
After
Adoption
|
Change
|
|||||||||
Income/(Loss)
from continuing operations
|
$ | (0.58 | ) | $ | (0.60 | ) | $ | (0.02 | ) | |||
Income/(Loss)
from discontinued operations
|
— | — | — | |||||||||
Net
income/(loss)
|
$ | (0.58 | ) | $ | (0.60 | ) | $ | (0.02 | ) | |||
Diluted
income/(loss)
|
||||||||||||
Income/(Loss)
from continuing operations
|
$ | (0.58 | ) | $ | (0.60 | ) | $ | (0.02 | ) | |||
Income/(Loss)
from discontinued operations
|
— | — | — | |||||||||
Net
income/(loss)
|
$ | (0.58 | ) | $ | (0.60 | ) | $ | (0.02 | ) |
March
31,
2009
|
December
31, 2008
|
|||||||
Sector
balance sheet presentation of deferred income tax assets:
|
||||||||
Automotive
sector current deferred income tax assets
|
$ | 306 | $ | 302 | ||||
Automotive
sector non-current deferred income tax assets
|
6,410 | 7,204 | ||||||
Financial
Services sector deferred income tax assets*
|
238 | 251 | ||||||
Total
|
6,954 | 7,757 | ||||||
Reclassification
for netting of deferred income taxes
|
(4,136 | ) | (4,649 | ) | ||||
Consolidated
balance sheet presentation of deferred income tax assets
|
$ | 2,818 | $ | 3,108 | ||||
Sector
balance sheet presentation of deferred income tax
liabilities:
|
||||||||
Automotive
sector current deferred income tax liabilities
|
$ | 2,856 | $ | 2,790 | ||||
Automotive
sector non-current deferred income tax liabilities
|
384 | 614 | ||||||
Financial
Services sector deferred income tax liabilities
|
2,602 | 3,280 | ||||||
Total
|
5,842 | 6,684 | ||||||
Reclassification
for netting of deferred income taxes
|
(4,136 | ) | (4,649 | ) | ||||
Consolidated
balance sheet presentation of deferred income tax
liabilities
|
$ | 1,706 | $ | 2,035 |
First
Quarter
|
||||||||
2009
|
2008
|
|||||||
Sum
of sector cash flows from operating activities of continuing
operations
|
$ | (354 | ) | $ | 3,167 | |||
Reclassification
of wholesale receivable cash flows from investing to operating for
consolidated presentation (a)
|
4,438 | (1,846 | ) | |||||
Reclassification
of finance receivable cash flows from investing to operating for
consolidated presentation (b)
|
77 | (294 | ) | |||||
Consolidated
cash flows from operating activities of continuing
operations
|
$ | 4,161 | $ | 1,027 |
(a)
|
In
addition to vehicles sold by us, the cash flows from wholesale finance
receivables being reclassified from investing to operating include
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.
|
March
31,
|
December
31,
|
|||||||
2009
|
2008
|
|||||||
Raw
materials, work-in-process and supplies
|
$ | 2,926 | $ | 2,747 | ||||
Finished
products
|
4,493 | 5,091 | ||||||
Total
inventories under first-in, first-out method ("FIFO")
|
7,419 | 7,838 | ||||||
Less:
Last-in, first-out method ("LIFO") adjustment
|
(844 | ) | (850 | ) | ||||
Total
inventories
|
$ | 6,575 | $ | 6,988 |
March
31,
|
December
31,
|
|||||||
Assets
|
2009
|
2008
|
||||||
Cash
and cash equivalents
|
$ | 519 | $ | 665 | ||||
Receivables
|
440 | 518 | ||||||
Inventories
|
910 | 1,117 | ||||||
Net
property
|
2,220 | 2,136 | ||||||
Assets
of held-for-sale operations
|
294 | 318 | ||||||
Other
assets
|
184 | 297 | ||||||
Total
assets
|
$ | 4,567 | $ | 5,051 | ||||
Liabilities
|
||||||||
Trade
payables
|
$ | 413 | $ | 516 | ||||
Accrued
liabilities
|
281 | 324 | ||||||
Debt
|
980 | 972 | ||||||
Liabilities
of held-for-sale operations
|
87 | 97 | ||||||
Other
liabilities
|
189 | 167 | ||||||
Total
liabilities
|
$ | 1,950 | $ | 2,076 | ||||
Equity
attributable to noncontrolling interests
|
$ | 1,073 | $ | 1,168 |
First
Quarter
|
||||||||
2009
|
2008
|
|||||||
Sales
|
$ | 926 | $ | 2,054 | ||||
Costs
and expenses
|
||||||||
Cost
of sales
|
847 | 1,666 | ||||||
Selling,
administrative and other expenses
|
109 | 192 | ||||||
Total
costs and expenses
|
956 | 1,858 | ||||||
Operating
income/(loss)
|
(30 | ) | 196 | |||||
Interest
expense
|
15 | 17 | ||||||
Interest
income and other non-operating income/(expense), net
|
16 | 20 | ||||||
Equity
in net income/(loss) of affiliated companies
|
(3 | ) | 1 | |||||
Income/(Loss)
before income taxes - Automotive
|
(32 | ) | 200 | |||||
Provision
for/(Benefit from) income taxes
|
22 | 68 | ||||||
Income/(Loss)
from continuing operations
|
(54 | ) | 132 | |||||
Income/(Loss)
from discontinued operations
|
— | — | ||||||
Net
income/(loss)
|
(54 | ) | 132 | |||||
Less:
Income/(loss) attributable to noncontrolling interests
|
12 | 120 | ||||||
Net
income/(loss) attributable to Ford Motor Company
|
$ | (66 | ) | $ | 12 |
Change
in
|
||||||||||||
March
31,
|
December
31,
|
Maximum
|
||||||||||
2009
|
2008
|
Exposure
|
||||||||||
Investments
|
$ | 400 | $ | 413 | $ | (13 | ) | |||||
Liabilities
|
(35 | ) | (38 | ) | 3 | |||||||
Guarantees
(off-balance sheet)
|
365 | 362 | 3 | |||||||||
Total
maximum exposure
|
$ | 730 | $ | 737 | $ | (7 | ) |
March
31, 2009
|
December
31, 2008
|
|||||||||||||||
Cash
& Cash Equivalents (a)
|
Debt
(b)
|
Cash
& Cash Equivalents (a)
|
Debt
(b)
|
|||||||||||||
VIEs
supporting transactions by asset class (c)
|
||||||||||||||||
Retail
|
$ | 2,690 | $ | 32,660 | $ | 2,673 | $ | 34,507 | ||||||||
Wholesale
|
788 | 11,916 | 1,029 | 15,537 | ||||||||||||
Net
investment in operating leases
|
187 | 10,302 | 206 | 12,005 | ||||||||||||
Total
|
$ | 3,665 | $ | 54,878 | $ | 3,908 | $ | 62,049 |
(a)
|
Additional cash and
cash equivalents available to support the obligations of the VIEs
that are not assets of the VIEs were $1 billion and $949 million
as of March 31, 2009 and December 31, 2008, respectively, and are
reflected in our consolidated financial
statements.
|
(b)
|
Certain notes issued
by the VIEs to affiliated companies served as collateral for
accessing the European Central Bank ("ECB)" facility. This
external funding of $246 million and $308 million at March 31, 2009
and December 31, 2008, respectively, was not reflected as a
liability of the VIEs, but was included in our consolidated
liabilities.
|
(c)
|
The
derivative assets of our consolidated VIEs were $59 million and $46
million at March 31, 2009 and December 31, 2008, respectively, and the
derivative liabilities were $673 million and $808 million at March 31,
2009 and December 31, 2008,
respectively.
|
First
Quarter
|
||||||||||||||||
2009
|
2008
|
|||||||||||||||
Derivative
(Income)/
Expense
|
Interest
Expense
|
Derivative
(Income)/
Expense
|
Interest
Expense
|
|||||||||||||
VIEs
supporting transactions by asset class
|
||||||||||||||||
Retail
|
$ | 40 | $ | 275 | $ | 270 | $ | 453 | ||||||||
Wholesale
|
(3 | ) | 79 | (22 | ) | 184 | ||||||||||
Net
investment in operating leases
|
27 | 124 | 96 | 178 | ||||||||||||
Our
financial performance related to VIEs
|
$ | 64 | $ | 478 | $ | 344 | $ | 815 |
March
31, 2009
|
December
31, 2008
|
|||||||||||||||||||||||
Gross
Carrying
Amount
|
Less:
Accumulated Amortization
|
Net
Intangible Assets
|
Gross
Carrying Amount
|
Less:
Accumulated Amortization
|
Net
Intangible Assets
|
|||||||||||||||||||
Automotive
Sector
|
||||||||||||||||||||||||
Manufacturing
and production incentive rights
|
$ | 229 | (128 | ) | 101 | 227 | (113 | ) | 114 | |||||||||||||||
License
and advertising agreements
|
85 | (25 | ) | 60 | 85 | (23 | ) | 62 | ||||||||||||||||
Other
|
70 | (42 | ) | 28 | 71 | (41 | ) | 30 | ||||||||||||||||
Total
Automotive sector
|
384 | (195 | ) | 189 | 383 | (177 | ) | 206 | ||||||||||||||||
Total
Financial Services Sector
|
3 | (3 | ) | — | 4 | (4 | ) | — | ||||||||||||||||
Total
Company
|
$ | 387 | $ | (198 | ) | $ | 189 | $ | 387 | $ | (181 | ) | $ | 206 |
First
Quarter
|
||||||||
2009
|
2008
|
|||||||
Pre-tax
amortization expense
|
$ | 18 | $ | 24 |
Amount
Outstanding
(in
millions)
|
||||||||||||
(Pro Forma)
April
8, 2009
|
March
31, 2009
|
December
31, 2008
|
||||||||||
Automotive
Sector
|
||||||||||||
Debt
payable within one year
|
||||||||||||
Short-term
|
$ | 861 | $ | 861 | $ | 543 | ||||||
Long-term
payable within one year
|
||||||||||||
Secured
term loan
|
70 | 70 | 70 | |||||||||
Other
debt
|
497 | 497 | 578 | |||||||||
Total
debt payable within one year
|
1,428 | 1,428 | 1,191 | |||||||||
Long-term
debt payable after one year
|
||||||||||||
Public
unsecured debt securities
|
5,594 | 8,983 | 9,148 | |||||||||
Convertible
notes
|
579 | 4,883 | 4,883 | |||||||||
Subordinated
convertible debentures
|
2,984 | 2,984 | 3,027 | |||||||||
Secured
term loan
|
4,566 | 4,566 | 6,790 | |||||||||
Secured
revolving loan
|
10,066 | 10,066 | — | |||||||||