Ford Motor (F) 8-K Ford Adopts Mark-to-Market for Pension and OPEB Plans; Improves Transparency of Automotive Operating Performance

The following table shows Ford Motor Company’s previously reported and revised results (in millions, except per share amounts):

	Automotive Sector
	Operating Segments								Reconciling Items
	North America		Europe			Rest of World (a)			Other Automotive			Special Items
															Total
For the First Nine Months Ended September 30, 2015
Income/(Loss) before income taxes - Previously Reported	$	6,607	$	(381	)	$	(204	)	$	(542	)	$	166		$	5,646
Elimination of (gain)/loss amortization	579		478			2			—			—			1,059
Other - primarily asset fair value change and inventory effects	130		31			4			—			—			165
Net remeasurement gain/(loss)	—		—			—			—			—			—
Income/(Loss) before income taxes - Automotive Sector - Revised	$	7,316	$	128		$	(198	)	$	(542	)	$	166		$	6,870
Income before income taxes - Financial Services Sector															1,486
Income before income taxes															$	8,356
(Provision for)/Benefit from income taxes															(2,849		)
(Income)/Loss attributable to noncontrolling interests															(2		)
Net income attributable to Ford Motor Company															$	5,505
Diluted earnings per common share - Revised															$	1.38
Memo: Diluted earnings per common share excluding special items															$	1.35
For the Year Ended December 31, 2014
Income/(Loss) before income taxes - Previously Reported	$	6,898	$	(1,062	)	$	(593	)	$	(755	)	$	(1,940	)	$	2,548
Elimination of (gain)/loss amortization	481		411			(1		)	—			—			891
Other - primarily asset fair value change and inventory effects	64		53			3			—			—			120
Net remeasurement gain/(loss) and other special items (b) (c)	—		—			—			—			(4,119		)	(4,119		)
Income/(Loss) before income taxes - Automotive Sector - Revised	$	7,443	$	(598	)	$	(591	)	$	(755	)	$	(6,059	)	$	(560	)
Income before income taxes - Financial Services Sector															1,794
Income before income taxes															$	1,234
(Provision for)/Benefit from income taxes															(4		)
(Income)/Loss attributable to noncontrolling interests															1
Net income attributable to Ford Motor Company															$	1,231
Diluted earnings per common share - Revised															$	0.31
Memo: Diluted earnings per common share excluding special items															$	1.34
For the Year Ended December 31, 2013
Income/(Loss) before income taxes - Previously Reported	$	8,809	$	(1,442	)	$	225		$	(656	)	$	(1,568	)	$	5,368
Elimination of (gain)/loss amortization	1,054		443			2			—			—			1,499
Other - primarily asset fair value change and inventory effects	14		(26		)	—			—			—			(12		)
Net remeasurement gain/(loss) and other special items (c)	—		—			—			—			5,844			5,844
Income/(Loss) before income taxes - Automotive Sector - Revised	$	9,877	$	(1,025	)	$	227		$	(656	)	$	4,276		$	12,699
Income before income taxes - Financial Services Sector															1,672
Income before income taxes															$	14,371
(Provision for)/Benefit from income taxes															(2,425		)
(Income)/Loss attributable to noncontrolling interests															7
Net income attributable to Ford Motor Company															$	11,953
Diluted earnings per common share - Revised															$	2.94
Memo: Diluted earnings per common share excluding special items															$	1.86

__________

(a) Includes South America, Middle East & Africa, and Asia Pacific Automotive segments.

(b) Included in 2014 net remeasurement gain/(loss) is a $(782) million adjustment to correct for an understatement in the year-end 2014 valuation of our U.S. pension benefit obligation previously recorded in the first quarter of 2015 and disclosed in our Quarterly Reports on Form 10-Q filed in 2015.

(c) Other special items include the reversal of settlement expense related to recognition of unamortized gains/losses.

The following table shows the Automotive sector’s previously reported and revised results (in millions):

	Automotive Sector
	2015									2014
	September 30			June 30			March 31			December 31			September 30			June 30			March 31
North America																			.
Income/(Loss) before income taxes - Previously   Reported	$	2,670		$	2,597		$	1,340		$	1,548		$	1,410		$	2,440		$	1,500
Elimination of (gain)/loss amortization	192			193			194			120			121			120			120
Other - primarily asset fair value change and    inventory effects	47			48			35			(54		)	6			7			105
Income/(Loss) before income taxes - Revised	$	2,909		$	2,838		$	1,569		$	1,614		$	1,537		$	2,567		$	1,725
Europe																			.
Income/(Loss) before income taxes - Previously   Reported	$	(182	)	$	(14	)	$	(185	)	$	(443	)	$	(439	)	$	14		$	(194	)
Elimination of (gain)/loss amortization	160			156			162			99			104			105			103
Other - primarily asset fair value change and   inventory effects	31			19			(19		)	47			5			5			(4		)
Income/(Loss) before income taxes - Revised	$	9		$	161		$	(42	)	$	(297	)	$	(330	)	$	124		$	(95	)
Rest of World (a)																			.
Income/(Loss) before income taxes - Previously   Reported	$	(158	)	$	(39	)	$	(7	)	$	(174	)	$	(141	)	$	(113	)	$	(165	)
Elimination of (gain)/loss amortization	—			1			1			(1		)	—			—			—
Other - primarily asset fair value change and   inventory effects	2			1			1			1			—			1			1
Income/(Loss) before income taxes - Revised	$	(156	)	$	(37	)	$	(5	)	$	(174	)	$	(141	)	$	(112	)	$	(164	)
Other Automotive																			.
Income/(Loss) before income taxes - Previously   Reported	$	(163	)	$	(167	)	$	(212	)	$	(218	)	$	(144	)	$	(171	)	$	(222	)
Elimination of (gain)/loss amortization	—			—			—			—			—			—			—
Other - primarily asset fair value change and   inventory effects	—			—			—			—			—			—			—
Income/(Loss) before income taxes - Revised	$	(163	)	$	(167	)	$	(212	)	$	(218	)	$	(144	)	$	(171	)	$	(222	)
Special Items																			.
Income/(Loss) before income taxes - Previously   Reported	$	166		$	—		$	—		$	(1,177	)	$	(160	)	$	(481	)	$	(122	)
Net remeasurement gain/(loss) and other special   items (b)	—			—			—			(4,119		)	—			—			—
Income/(Loss) before income taxes - Revised	$	166		$	—		$	—		$	(5,296	)	$	(160	)	$	(481	)	$	(122	)
Total																			.
Income/(Loss) before income taxes - Previously   Reported	$	2,333		$	2,377		$	936		$	(464	)	$	526		$	1,689		$	797
Elimination of (gain)/loss amortization	352			350			357			218			225			225			223
Other - primarily asset fair value change and   inventory effects	80			68			17			(6		)	11			13			102
Special items	—			—			—			(4,119		)	—			—			—
Income/(Loss) before income taxes - Revised	$	2,765		$	2,795		$	1,310		$	(4,371	)	$	762		$	1,927		$	1,122

__________

(a) Includes South America, Middle East & Africa, and Asia Pacific Automotive segments.

(b) Included in fourth quarter 2014 net remeasurement gain/(loss) is a $(782) million adjustment to correct for an understatement in the year-end 2014 valuation of our U.S. pension benefit obligation previously recorded in the first quarter of 2015 and disclosed in our Quarterly Reports on Form 10-Q filed in 2015. Other special items includes the reversal of settlement expense related to recognition of unamortized gains/losses.