CONSOLIDATED AND SECTOR STATEME
CONSOLIDATED AND SECTOR STATEMENT OF OPERATIONS (USD $) | |||
In Millions, except Per Share data | 12 Months Ended
Dec. 31, 2009 | 12 Months Ended
Dec. 31, 2008 | 12 Months Ended
Dec. 31, 2007 |
Sales and revenues | |||
Automotive sales | $105,893 | $129,165 | $154,379 |
Financial Services revenues | 12,415 | 15,949 | 16,193 |
Total sales and revenues | 118,308 | 145,114 | 170,572 |
Costs and expenses | |||
Automotive cost of sales | 100,016 | 127,102 | 142,587 |
Selling, administrative and other expenses | 13,258 | 21,430 | 21,169 |
Goodwill impairment | 2,400 | ||
Interest expense | 6,828 | 9,805 | 11,038 |
Financial Services provision for credit and insurance losses | 1,030 | 1,874 | 668 |
Total costs and expenses | 121,132 | 160,211 | 177,862 |
Automotive interest income and other non-operating income/(expense), net (Note 20) | 5,288 | (726) | 1,161 |
Financial Services other income/(loss), net (Note 20) | 552 | 1,149 | 1,869 |
Equity in net income/(loss) of affiliated companies | 10 | 176 | 403 |
Income/(Loss) before income taxes | 3,026 | (14,498) | (3,857) |
Provision for/(Benefit from) income taxes (Note 23) | 69 | 63 | (1,333) |
Income/(Loss) from continuing operations | 2,957 | (14,561) | (2,524) |
Income/(Loss) from discontinued operations (Note 24) | 5 | 9 | 41 |
Net income/(loss) | 2,962 | (14,552) | (2,483) |
Less: Income/(Loss) attributable to noncontrolling interests | 245 | 214 | 312 |
Net income/(loss) | 2,717 | (14,766) | (2,795) |
NET INCOME/(LOSS) ATTRIBUTABLE TO FORD MOTOR COMPANY | |||
Income/(Loss) from continuing operations | 2,712 | (14,775) | (2,836) |
Income/(Loss) from discontinued operations (Note 24) | 5 | 9 | 41 |
Net income/(loss) | 2,717 | (14,766) | (2,795) |
Average number of shares of Common and Class B Stock outstanding | 2,992 | 2,273 | 1,979 |
Basic income/(loss) | |||
Income/(Loss) from continuing operations | 0.91 | -6.5 | -1.43 |
Income/(Loss) from discontinued operations | $0 | $0 | 0.02 |
Net income/(loss) | 0.91 | -6.5 | -1.41 |
Diluted income/(loss) | |||
Income/(Loss) from continuing operations | 0.86 | -6.5 | -1.43 |
Income/(Loss) from discontinued operations | $0 | $0 | 0.02 |
Net income/(loss) | 0.86 | -6.5 | -1.41 |
Automotive [Member] | |||
Sales and revenues | |||
Automotive sales | 105,893 | 129,165 | 154,379 |
Costs and expenses | |||
Automotive cost of sales | 100,016 | 127,102 | 142,587 |
Selling, administrative and other expenses | 8,583 | 11,356 | 13,660 |
Goodwill impairment | 2,400 | ||
Total costs and expenses | 108,599 | 138,458 | 158,647 |
Operating income/(loss) | (2,706) | (9,293) | (4,268) |
Interest expense | 1,515 | 2,061 | 2,363 |
Automotive interest income and other non-operating income/(expense), net (Note 20) | 5,288 | (726) | 1,161 |
Equity in net income/(loss) of affiliated companies | 145 | 163 | 389 |
Income/(Loss) before income taxes | 1,212 | (11,917) | (5,081) |
Financial Services [Member] | |||
Sales and revenues | |||
Financial Services revenues | 12,415 | 15,949 | 16,193 |
Costs and expenses | |||
Interest expense | 5,313 | 7,744 | 8,675 |
Depreciation | 3,937 | 9,109 | 6,289 |
Operating and other expenses | 738 | 965 | 1,220 |
Financial Services provision for credit and insurance losses | 1,030 | 1,874 | 668 |
Total costs and expenses | 11,018 | 19,692 | 16,852 |
Financial Services other income/(loss), net (Note 20) | 552 | 1,149 | 1,869 |
Equity in net income/(loss) of affiliated companies | (135) | 13 | 14 |
Income/(Loss) before income taxes | $1,814 | ($2,581) | $1,224 |
CONSOLIDATED AND SECTOR BALANCE
CONSOLIDATED AND SECTOR BALANCE SHEET (USD $) | ||
In Millions | Dec. 31, 2009
| Dec. 31, 2008
|
ASSETS | ||
Cash and cash equivalents | $21,441 | $22,049 |
Marketable securities (Note 6) | 21,387 | 17,411 |
Finance receivables, net (Note 7) | 76,996 | 93,484 |
Other receivables, net | 7,587 | 5,674 |
Net investment in operating leases (Note 8) | 17,270 | 25,250 |
Inventories (Note 10) | 5,450 | 6,988 |
Equity in net assets of affiliated companies (Note 11) | 1,550 | 1,599 |
Net property (Note 14) | 24,778 | 24,143 |
Deferred income taxes | 3,440 | 3,108 |
Goodwill and other net intangible assets (Note 16) | 209 | 246 |
Assets of held-for-sale operations (Note 24) | 7,923 | 8,612 |
Other assets | 6,819 | 9,734 |
Total assets | 194,850 | 218,298 |
LIABILITIES | ||
Payables | 14,594 | 13,145 |
Accrued liabilities and deferred revenue (Note 17) | 46,599 | 59,526 |
Debt (Note 19) | 132,441 | 152,577 |
Deferred income taxes | 2,375 | 2,035 |
Liabilities of held-for-sale operations (Note 24) | 5,356 | 5,542 |
Total liabilities | 201,365 | 232,825 |
EQUITY | ||
Common stock (Note 25) | 33 | 23 |
Capital in excess of par value of stock | 16,786 | 10,875 |
Accumulated other comprehensive income/(loss) | (10,864) | (10,124) |
Treasury stock | (177) | (181) |
Retained earnings/(Accumulated deficit) | (13,599) | (16,316) |
Total equity/(deficit) attributable to Ford Motor Company | (7,820) | (15,722) |
Equity/(Deficit) attributable to noncontrolling interests | 1,305 | 1,195 |
Total equity/(deficit) | (6,515) | (14,527) |
Total liabilities and equity | 194,850 | 218,298 |
Automotive [Member] | ||
ASSETS | ||
Cash and cash equivalents | 10,309 | 6,377 |
Marketable securities (Note 6) | 15,169 | 9,296 |
Total cash and marketable securities | 25,478 | 15,673 |
Receivables, less allowances of $372 and $200 | 3,708 | 3,065 |
Inventories (Note 10) | 5,450 | 6,988 |
Deferred income taxes | 511 | 302 |
Other current assets | 2,845 | 3,450 |
Current receivable from Financial Services (Note 1) | 2,568 | 2,035 |
Total current assets | 40,560 | 31,513 |
Equity in net assets of affiliated companies (Note 11) | 1,429 | 1,076 |
Net property (Note 14) | 24,596 | 23,930 |
Deferred income taxes | 5,663 | 7,204 |
Goodwill and other net intangible assets (Note 16) | 200 | 237 |
Assets of held-for-sale operations (Note 24) | 7,923 | 8,414 |
Other assets | 1,631 | 1,441 |
Total assets | 82,002 | 73,815 |
LIABILITIES | ||
Trade payables | 11,210 | 9,193 |
Other payables | 2,148 | 1,982 |
Accrued liabilities and deferred revenue (Note 17) | 18,465 | 29,584 |
Deferred income taxes | 3,119 | 2,790 |
Debt payable within one year (Note 19) | 2,095 | 1,191 |
Total current liabilities | 37,037 | 44,740 |
Long-term debt (Note 19) | 32,321 | 23,036 |
Other liabilities (Note 17) | 23,260 | 23,766 |
Deferred income taxes | 561 | 614 |
Liabilities of held-for-sale operations (Note 24) | 5,356 | 5,487 |
Total liabilities | 98,535 | 97,643 |
Financial Services [Member] | ||
ASSETS | ||
Cash and cash equivalents | 11,132 | 15,672 |
Marketable securities (Note 6) | 6,864 | 8,607 |
Finance receivables, net (Note 7) | 80,885 | 96,101 |
Net investment in operating leases (Note 8) | 15,062 | 23,120 |
Equity in net assets of affiliated companies (Note 11) | 121 | 523 |
Goodwill and other net intangible assets (Note 16) | 9 | 9 |
Assets of held-for-sale operations (Note 24) | 198 | |
Other assets | 5,039 | 7,437 |
Total assets | 119,112 | 151,667 |
LIABILITIES | ||
Payables | 1,236 | 1,970 |
Debt (Note 19) | 98,671 | 128,842 |
Deferred income taxes | 1,735 | 3,280 |
Other liabilities and deferred income (Note 17) | 4,884 | 6,184 |
Liabilities of held-for-sale operations (Note 24) | 55 | |
Payable to Automotive (Note 1) | 2,568 | 2,035 |
Total liabilities | 109,094 | 142,366 |
Intersector [Member] | ||
ASSETS | ||
Intersector elimination | (3,224) | (2,535) |
Total assets | 197,890 | 222,947 |
LIABILITIES | ||
Intersector elimination | (3,224) | (2,535) |
Total liabilities | 204,405 | 237,474 |
EQUITY | ||
Total liabilities and equity | 197,890 | 222,947 |
Class B Stock | ||
EQUITY | ||
Common stock (Note 25) | $1 | $1 |
1_CONSOLIDATED AND SECTOR BALAN
CONSOLIDATED AND SECTOR BALANCE SHEET PARENTHETICAL (USD $) | ||
In Millions, except Per Share data | Dec. 31, 2009
| Dec. 31, 2008
|
ASSETS | ||
Allowance for receivables | ($372) | ($200) |
EQUITY | ||
Common Stock, par value (in dollars per share) | 0.01 | |
Common Stock, shares issued (in shares) | 3,266 | |
Common Stock, shares authorized (in shares) | 6,000 | |
Class B Stock | ||
EQUITY | ||
Common Stock, par value (in dollars per share) | 0.01 | |
Common Stock, shares issued (in shares) | 71 | |
Common Stock, shares authorized (in shares) | 530 |
2_CONSOLIDATED AND SECTOR STATE
CONSOLIDATED AND SECTOR STATEMENT OF CASH FLOWS (USD $) | ||||
In Millions | 12 Months Ended
Dec. 31, 2009 | 12 Months Ended
Dec. 31, 2008 | 12 Months Ended
Dec. 31, 2007 | Dec. 31, 2006
|
Cash flows from operating activities of continuing operations | ||||
Net cash (used in)/provided by operating activities (Note 27) | $16,042 | ($179) | $17,074 | |
Cash flows from investing activities of continuing operations | ||||
Capital expenditures (Note 28) | (4,561) | (6,696) | (6,022) | |
Acquisitions of retail and other finance receivables and operating leases | (26,392) | (44,562) | (55,681) | |
Collections of retail and other finance receivables and operating leases | 39,884 | 42,061 | 45,498 | |
Purchases of securities | (78,789) | (64,754) | (11,423) | |
Sales and maturities of securities | 74,933 | 62,046 | 18,660 | |
Settlements of derivatives | 478 | 2,533 | 861 | |
Proceeds from sales of retail and other finance receivables and operating leases | 911 | 708 | ||
Proceeds from sale of businesses | 382 | 6,854 | 1,236 | |
Cash paid for acquisitions | (13) | |||
Transfer of cash balances upon disposition of discontinued/held-for-sale operations | (928) | (83) | ||
Other | (377) | 316 | (211) | |
Net cash (used in)/provided by investing activities | 6,469 | (3,143) | (6,457) | |
Cash flows from financing activities of continuing operations | ||||
Sales of Common Stock | 2,450 | 756 | 250 | |
Purchases of Common Stock | (31) | |||
Changes in short-term debt | (5,935) | (5,120) | 919 | |
Proceeds from issuance of other debt | 45,990 | 42,163 | 33,113 | |
Principal payments on other debt | (61,894) | (46,299) | (39,431) | |
Payments on notes/transfer of cash equivalents to the UAW Voluntary Employee Benefit Association ("VEBA") Trust (Note 18) | (2,574) | |||
Other | (996) | (604) | (88) | |
Net cash (used in)/provided by financing activities | (22,959) | (9,104) | (5,268) | |
Effect of exchange rate changes on cash | 470 | (808) | 1,014 | |
Cumulative correction of Financial Services prior-period error (Note 1) | (630) | |||
Net increase/(decrease) in cash and cash equivalents from continuing operations | (608) | (13,234) | 6,363 | |
Cash flows from discontinued operations | ||||
Cash flows from operating activities of discontinued operations | 26 | |||
Cash flows from investing activities of discontinued operations | 0 | |||
Cash flows from financing activities of discontinued operations | 0 | |||
Net increase/(decrease) in cash and cash equivalents | (608) | (13,234) | 6,389 | |
Cash and cash equivalents at January 1 | 22,049 | 35,283 | 28,896 | |
Cash and cash equivalents of discontinued/held-for-sale operations at January 1 | 0 | (2) | ||
Net increase/(decrease) in cash and cash equivalents | (608) | (13,234) | 6,389 | |
Less: Cash and cash equivalents of discontinued/held-for-sale operations at December 31 | 0 | (2) | ||
Cash and cash equivalents at December 31 | 21,441 | 22,049 | 35,283 | 28,896 |
Automotive [Member] | ||||
Cash flows from operating activities of continuing operations | ||||
Net cash (used in)/provided by operating activities (Note 27) | 4,091 | (12,440) | 8,725 | |
Cash flows from investing activities of continuing operations | ||||
Capital expenditures (Note 28) | (4,545) | (6,620) | (5,971) | |
Purchases of securities | (52,882) | (41,347) | (2,628) | |
Sales and maturities of securities | 47,009 | 43,617 | 2,686 | |
Settlements of derivatives | (76) | 1,157 | 1,051 | |
Proceeds from sale of businesses | 8 | 3,156 | 1,079 | |
Cash paid for acquisitions | (13) | |||
Transfer of cash balances upon disposition of discontinued/held-for-sale operations | (928) | (83) | ||
Investing activity from Financial Services | 19 | 9 | ||
Investing activity to Financial Services | (18) | |||
Other | (698) | 40 | 19 | |
Net cash (used in)/provided by investing activities | (11,165) | (929) | (3,865) | |
Cash flows from financing activities of continuing operations | ||||
Sales of Common Stock | 2,450 | 756 | 250 | |
Purchases of Common Stock | (31) | |||
Changes in short-term debt | 227 | 104 | (90) | |
Proceeds from issuance of other debt | 14,727 | 203 | 240 | |
Principal payments on other debt | (3,013) | (594) | (837) | |
Payments on notes/transfer of cash equivalents to the UAW Voluntary Employee Benefit Association ("VEBA") Trust (Note 18) | (2,574) | |||
Other | (395) | (252) | 35 | |
Net cash (used in)/provided by financing activities | 11,422 | 217 | (433) | |
Effect of exchange rate changes on cash | 179 | (309) | 506 | |
Net change in intersector receivables/payables and other liabilities | (595) | (840) | (291) | |
Net increase/(decrease) in cash and cash equivalents from continuing operations | 3,932 | (14,301) | 4,642 | |
Cash flows from discontinued operations | ||||
Cash flows from operating activities of discontinued operations | 16 | |||
Cash flows from investing activities of discontinued operations | 0 | |||
Cash flows from financing activities of discontinued operations | 0 | |||
Net increase/(decrease) in cash and cash equivalents | 3,932 | (14,301) | 4,658 | |
Cash and cash equivalents at January 1 | 6,377 | 20,678 | 16,022 | |
Cash and cash equivalents of discontinued/held-for-sale operations at January 1 | 0 | (2) | ||
Net increase/(decrease) in cash and cash equivalents | 3,932 | (14,301) | 4,658 | |
Less: Cash and cash equivalents of discontinued/held-for-sale operations at December 31 | 0 | (2) | ||
Cash and cash equivalents at December 31 | 10,309 | 6,377 | 20,678 | 16,022 |
Financial Services [Member] | ||||
Cash flows from operating activities of continuing operations | ||||
Net cash (used in)/provided by operating activities (Note 27) | 5,153 | 9,107 | 6,402 | |
Cash flows from investing activities of continuing operations | ||||
Capital expenditures (Note 28) | (16) | (76) | (51) | |
Acquisitions of retail and other finance receivables and operating leases | (26,392) | (44,562) | (55,681) | |
Collections of retail and other finance receivables and operating leases | 40,013 | 42,479 | 45,518 | |
Net (increase)/decrease in wholesale receivables | 5,542 | 2,736 | 1,927 | |
Purchases of securities | (27,555) | (23,831) | (8,795) | |
Sales and maturities of securities | 28,326 | 18,429 | 15,974 | |
Settlements of derivatives | 554 | 1,376 | (190) | |
Proceeds from sales of retail and other finance receivables and operating leases | 911 | 708 | ||
Proceeds from sale of businesses | 374 | 3,698 | 157 | |
Other | 321 | 276 | (230) | |
Net cash (used in)/provided by investing activities | 22,078 | 525 | (663) | |
Cash flows from financing activities of continuing operations | ||||
Changes in short-term debt | (6,162) | (5,224) | 1,009 | |
Proceeds from issuance of other debt | 31,263 | 41,960 | 32,873 | |
Principal payments on other debt | (56,508) | (45,281) | (38,594) | |
Financing activity from Automotive | 18 | |||
Financing activity to Automotive | (19) | (9) | ||
Other | (601) | (352) | (123) | |
Net cash (used in)/provided by financing activities | (32,027) | (8,906) | (4,817) | |
Effect of exchange rate changes on cash | 291 | (499) | 508 | |
Net change in intersector receivables/payables and other liabilities | 595 | 840 | 291 | |
Cumulative correction of Financial Services prior-period error (Note 1) | (630) | |||
Net increase/(decrease) in cash and cash equivalents from continuing operations | (4,540) | 1,067 | 1,721 | |
Cash flows from discontinued operations | ||||
Cash flows from operating activities of discontinued operations | 10 | |||
Cash flows from investing activities of discontinued operations | 0 | |||
Cash flows from financing activities of discontinued operations | 0 | |||
Net increase/(decrease) in cash and cash equivalents | (4,540) | 1,067 | 1,731 | |
Cash and cash equivalents at January 1 | 15,672 | 14,605 | 12,874 | |
Cash and cash equivalents of discontinued/held-for-sale operations at January 1 | 0 | |||
Net increase/(decrease) in cash and cash equivalents | (4,540) | 1,067 | 1,731 | |
Less: Cash and cash equivalents of discontinued/held-for-sale operations at December 31 | 0 | |||
Cash and cash equivalents at December 31 | $11,132 | $15,672 | $14,605 | $12,874 |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (USD $) | ||||||||
In Millions | Capital Stock [Member]
| Capital in Excess of Par Value of Stock [Member]
| Retained Earnings/(Accumulated Deficit) [Member]
| Accumulated Other Comprehensive Income/(Loss) [Member]
| Other Equity [Member]
| Total Equity/(Deficit) Attributable to Ford Motor Company [Member]
| Equity/(Deficit) Attributable to Non-controlling Interests [Member]
| Total
|
Balance at beginning of year at Dec. 31, 2006 | $19 | $6,412 | ($22) | ($7,846) | ($183) | ($1,620) | $1,159 | ($461) |
Comprehensive income/(loss) | ||||||||
Net income/(loss) | (2,795) | (2,795) | 312 | (2,483) | ||||
Foreign currency translation (net of tax benefit/(expense)) | 1,780 | 1,780 | 140 | 1,920 | ||||
Net gain/(loss) on derivative instruments (net of tax benefit/(expense)) | (64) | (64) | (64) | |||||
Employee benefit related (net of tax benefit/(expense)) | 5,581 | 5,581 | 5,581 | |||||
Net holding gain/(loss) (net of tax benefit/(expense)) | (48) | (48) | 1 | (47) | ||||
Comprehensive income/(loss) | 4,454 | 453 | 4,907 | |||||
Adoption of the accounting standard for uncertainty in income taxes | 1,255 | 1,255 | 1,255 | |||||
Common Stock issued for debt conversion, employee benefit plans, and other | 3 | 3,272 | 3,275 | 3,275 | ||||
ESOP loan, treasury stock, and other | (2) | (2) | 7 | 5 | ||||
Cash dividends | (198) | (198) | ||||||
Balance at end of year at Dec. 31, 2007 | 22 | 9,684 | (1,562) | (597) | (185) | 7,362 | 1,421 | 8,783 |
Comprehensive income/(loss) | ||||||||
Net income/(loss) | (14,766) | (14,766) | 214 | (14,552) | ||||
Foreign currency translation (net of tax benefit/(expense)) | (5,576) | (5,576) | (219) | (5,795) | ||||
Net gain/(loss) on derivative instruments (net of tax benefit/(expense)) | (334) | (334) | (334) | |||||
Employee benefit related (net of tax benefit/(expense)) | (3,575) | (3,575) | (3,575) | |||||
Net holding gain/(loss) (net of tax benefit/(expense)) | (42) | (42) | (42) | |||||
Comprehensive income/(loss) | (24,293) | (5) | (24,298) | |||||
Adoption of the fair value option standard for financial assets and liabilities (net of tax benefit/(expense)) | 12 | 12 | 12 | |||||
Common Stock issued for debt conversion, employee benefit plans, and other | 2 | 1,191 | 1,193 | 1,193 | ||||
ESOP loan, treasury stock, and other | 4 | 4 | 9 | 13 | ||||
Cash dividends | (230) | (230) | ||||||
Balance at end of year at Dec. 31, 2008 | 24 | 10,875 | (16,316) | (10,124) | (181) | (15,722) | 1,195 | (14,527) |
Comprehensive income/(loss) | ||||||||
Net income/(loss) | 2,717 | 2,717 | 245 | 2,962 | ||||
Foreign currency translation (net of tax benefit/(expense)) | 2,236 | 2,236 | 38 | 2,274 | ||||
Net gain/(loss) on derivative instruments (net of tax benefit/(expense)) | (127) | (127) | (127) | |||||
Employee benefit related (net of tax benefit/(expense)) | (2,851) | (2,851) | (1) | (2,852) | ||||
Net holding gain/(loss) (net of tax benefit/(expense)) | 2 | 2 | (3) | (1) | ||||
Comprehensive income/(loss) | 1,977 | 279 | 2,256 | |||||
Common Stock issued for debt conversion, employee benefit plans, and other | 10 | 5,911 | 5,921 | 5,921 | ||||
ESOP loan, treasury stock, and other | 4 | 4 | 3 | 7 | ||||
Cash dividends | (172) | (172) | ||||||
Balance at end of year at Dec. 31, 2009 | $34 | $16,786 | ($13,599) | ($10,864) | ($177) | ($7,820) | $1,305 | ($6,515) |
CONSOLIDATED STATEMENT OF EQUIT
CONSOLIDATED STATEMENT OF EQUITY PARENTHETICAL (USD $) | |||
In Millions | 12 Months Ended
Dec. 31, 2009 | 12 Months Ended
Dec. 31, 2008 | 12 Months Ended
Dec. 31, 2007 |
Foreign currency translation, tax benefit/(expense) | $0 | $0 | $0 |
Net gain/(loss) on derivative instruments, tax benefit/(expense) | (64) | 47 | 77 |
Employee benefit related, tax benefit/(expense) | 131 | 352 | (1,909) |
Net holding gain/(loss), tax benefit/(expense) | 0 | 0 | 0 |
Adoption of the fair value option standard for financial assets and liabilities, tax benefit/(expense) | $0 |
Presentation
Presentation | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Presentation [Abstract] | |
PRESENTATION | NOTE 1.PRESENTATION For purposes of this report, "Ford," the "Company," "we," "our," "us" or similar references mean Ford Motor Company and our consolidated subsidiaries and our consolidated variable interest entities ("VIEs") of which we are the primary beneficiary, unless the context requires otherwise. We prepare our financial statements in accordance with generally accepted accounting principles ("GAAP") in the United States.We present the financial statements on a consolidated basis and on a sector basis for our Automotive and Financial Services sectors.The additional information provided in the sector statements enables the reader to better understand the operating performance, financial position, cash flows, and liquidity of our two very different businesses.We eliminate all intercompany items and transactions in both the consolidated and sector basis financial statements.In certain circumstances, presentation of these intercompany eliminations or consolidated adjustments differ between the consolidated and sector financial statements.These line items are reconciled below under "Reconciliations between Consolidated and Sector Financial Statements." The majority of the amounts presented on our balance sheets are based on historical values.However, certain amounts are shown at fair value.For additional information on fair value, see Note 4. To provide comparative prior-year balance sheets, certain amounts on our December31,2008 consolidated and sector balance sheets and related footnotes have been reclassified for operations held for sale in 2009.All held-for-sale assets and liabilities are excluded from the footnotes unless otherwise noted.For information about our held-for-sale operations, see Note 24. In the first quarter of 2009, our wholly-owned subsidiary Ford Motor Credit Company LLC ("Ford Credit") recorded a $630million cumulative adjustment to correct for the overstatement of Financial Services sector cash and cash equivalents and certain accounts payable that originated in prior periods.The impact on previously-issued annual and interim financial statements was not material. Subsequent Events.We evaluated the effects of all subsequent events from the end of the fourth quarter through February25,2010, the date we filed our financial statements with the U.S. Securities and Exchange Commission ("SEC"). Adoption of New Accounting Standards Noncontrolling Interests.We adopted the Financial Accounting Standards Board's ("FASB") revised standard on accounting for noncontrolling interests on January1,2009.This standard establishes accounting and reporting requirements for the noncontrolling interest (formerly "minority interest") in a subsidiary and for the deconsolidation of a subsidiary.The standard clarifies that a noncontrolling interest is an ownership interest in a consolidated entity that should be reported as equity in the consolidated financial statements.We have retrospectively applied the presentation and disclosure requirements of this standard for all periods.This requirement changed the presentation of our consolidated and sector statements of operations, our consolidated and sector balance sheet |
Summary of Accounting Policies
Summary of Accounting Policies | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Summary of Accounting Policies [Abstract] | |
SUMMARY OF ACCOUNTING POLICIES | NOTE 2.SUMMARY OF ACCOUNTING POLICIES For each accounting topic that is addressed in its own footnote, the description of the accompanying accounting policy may be found in the related footnote.The remaining accounting policies are described below. Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires us to make estimates and assumptions that affect our reported amounts of assets and liabilities, our disclosure of contingent assets and liabilities at the date of the financial statements, and our revenue and expenses during the periods reported.Estimates are used to account for certain items such as marketing accruals, warranty costs, employee benefit programs, etc.Estimates are based on historical experience, where applicable, and assumptions that we believe are reasonable under the circumstances.Due to the inherent uncertainty involved with estimates, actual results may differ. Foreign Currency Translation The assets and liabilities of foreign subsidiaries using the local currency as their functional currency are translated to U.S. dollars using end-of-period exchange rates and any resulting translation adjustments are reported in Accumulated other comprehensive income/(loss).Upon sale or liquidation of an investment in a foreign subsidiary, the accumulated amount of translation adjustments related to that entity are reclassified to net income as part of the recognized gain or loss on the investment. Increases/(decreases) in Accumulated other comprehensive income/(loss) resulting fromtranslation adjustments were as follows (in billions): 2009 2008 2007 Adjustments due to change in net assets of foreign subsidiaries $ 2.0 $ (3.8 ) $ 1.8 Deferred translation (gains)/losses reclassified to net income* 0.3 (1.8 ) Total translation adjustments (net of taxes) $ 2.3 $ (5.6 ) $ 1.8 *The 2008 adjustment primarily relates to the sale of Jaguar Land Rover and a portion of our stake in Mazda Motor Corporation ("Mazda"). Gains or losses arising from transactions denominated in currencies other than the functional currency of the locations, the effect of remeasuring assets and liabilities of foreign subsidiaries using U.S. dollars as their functional currency, and the results of our foreign currency hedging activities are reported in Automotive cost of sales, Automotive interest income and other non-operating income/(expense), net, and Selling, administrative, and other expenses.For additional discussion of hedging activities, see Note26.The net after-tax gain/(loss) of this activity for 2009, 2008, and 2007 was $(757)million, $922million, and $217million, respectively. Revenue Recognition Automotive Sector Automotive sales consist primarily of revenue generated from the sale of vehicles.Sales are recorded when the risks and rewards of ownership are transferred to our customers (generally dealers and distributors).For the majority of our sales, this occurs when products are shipped from our manufacturing facilities or delivered to our customers.When vehicles are shipped to customers or vehicle modifiers on co |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Recently Issued Accounting Standards [Abstract] | |
RECENTLY ISSUED ACCOUNTING STANDARDS | NOTE 3.RECENTLY ISSUED ACCOUNTING STANDARDS In June 2009, the FASB issued Statement of Financial Accounting Standards No.168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles - a replacement of FASB Statement No. 162.This standard establishes the FASB Accounting Standards Codification ("Codification") as the single source of authoritative U.S. GAAP, superseding all previously issued authoritative guidance.All references to pre-Codification GAAP in our financial statements are replaced with descriptive titles. In June 2009, the FASB issued a new accounting standard related to transfers of financial assets.The standard provides greater transparency about transfers of financial assets and a companys continuing involvement in the transferred financial assets.The standard also removes the concept of a qualifying special-purpose entity from U.S.GAAP, changes the requirements for derecognizing financial assets, and requires additional disclosures about a transferor's continuing involvement with the transferred financial assets and the related risks retained.The standard is effective for us as of January1,2010.We do not expect this standard to have a material impact on our financial condition, results of operations, and financial statement disclosures. In June 2009, the FASB issued a new accounting standard related to the consolidation of VIEs.The standard replaces the quantitative-based risks and rewards calculation with an approach that is primarily qualitative.The standard also requires ongoing reassessments of the appropriateness of consolidation, and additional disclosures about involvement with VIEs.The standard is effective for us as of January1,2010.We expect that adoption of this standard will result in the deconsolidation of many of our joint ventures, including Ford Otomotiv Sanayi Anonim Sirketi ("Ford Otosan") reported within our Ford Europe segment results.Although we continue to examine the potential impact of this standard on our financial condition, results of operations, and financial statement disclosures, we anticipate that its adoption will impact Income/(Loss) before income taxes and in particular Ford Europe's pre-tax results (see Note13 for additional information regarding the financial results of our consolidated VIEs).The standard will have no effect onNet income/(loss) attributable to Ford Motor Company. In October2009, the FASB issued amended guidance addressing revenue arrangements with multiple deliverables.The new guidance establishes a selling price hierarchy for determining the selling price of a deliverable, eliminates the residual method of allocation, requires the allocation of arrangement consideration to all deliverables using the relative selling price method, and significantly expands disclosure requirements.The guidance is effective prospectively for revenue arrangements entered into or materially modified in fiscal years beginning on or after June15,2010.We are addressing the potential impact of this guidance on our financial condition, results of operations, and financial statement disclosures. In October 2009, the FASB issued amended g |
Fair Value Measurements
Fair Value Measurements | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Fair Value Measurements [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 4.FAIR VALUE MEASUREMENTS Certain assets and liabilities are presented on our financial statements at fair value.Assets and liabilities measured at fair value on a recurring basis on our balance sheet include cash equivalents, marketable securities, derivative financial instruments, retained interest in securitized assets, and pension assets.Assets and liabilities measured at fair value on a recurring basis for disclosure only include debt and finance receivables.Fair value of these items are presented together with the related carrying value in Notes 19 and 7, respectively.Assets and liabilities measured at fair value on a non-recurring basis include held-for-sale operations, finance receivables, held-and-used long-lived assets, and equity method investments. Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.The fair value should be based on assumptions that market participants would use, including a consideration of non-performance risk. In determining fair value, we use various valuation methodologies and prioritize the use of observable inputs.The availability of observable inputs varies by instrument and depends on a variety of factors including the type of instrument, whether the instrument is actively traded, and other characteristics particular to the transaction.For many financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely accepted by market participants, and the valuation does not require significant management discretion.For other financial instruments, pricing inputs are less observable in the marketplace and may require management judgment. We assess the inputs used to measure fair value using a three-tier hierarchy based on the extent to which inputs used in measuring fair value are observable in the market: Level1 inputs include quoted prices for identical instruments and are the most observable. Level2 inputs include quoted prices for similar assets and observable inputs such as interest rates, currency exchange rates and yield curves. Level3 inputs are not observable in the market and include management's judgments about the assumptions market participants would use in pricing the asset or liability. For instruments measured using Level 3 inputs, a reconciliation of the beginning and ending balances is disclosed. Valuation Methodologies Cash Equivalents Financial Instruments.Cash and all highly liquid investments with a maturity of 90days or less at date of purchase are classified as Cash and cash equivalents.We use quoted market prices where available and industry-standard valuation models using market-based inputs when quoted prices are unavailable. Marketable Securities.Fixed income and equity securities with a maturity date greater than 90days at the date of purchase are classified as marketable securities.We measure the fair value of these securities using quoted market prices where available and industry-standard valuation models using market-based inputs when quote |
Cash and Restricted Cash
Cash and Restricted Cash | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Cash and Restricted Cash [Abstract] | |
CASH AND RESTRICTED CASH | NOTE 5.CASH AND RESTRICTED CASH Cash and cash equivalents that are restricted as to withdrawal or usage under the terms of certain contractual arrangements are recorded as restricted in Other assets on our consolidated balancesheet.Restricted cash does not include required minimum balances, or cash securing debt raised through securitization transactions ("securitization cash").See Note 19 for discussion of the minimum balance requirement related to the secured credit agreement that we initially entered into in December 2006, and securitization cash. See Note13 for additional information regarding Automotive VIEs. For cash and cash equivalents, we review our disbursement accounts and reclassify any aggregate negative balances to a liability account included in Payables on our balance sheet. Restricted Cash Restricted cash reflected on our balance sheet at December 31 is as follows (in millions): 2009 2008 Automotive sector $ 789 $ 363 Financial Services sector 335 449 Total Company $ 1,124 $ 812 |
Marketable and Other Securities
Marketable and Other Securities | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Marketable and Other Securities [Abstract] | |
MARKETABLE AND OTHER SECURITIES | NOTE 6.MARKETABLE AND OTHER SECURITIES Ford holds various investments classified as marketable securities including U.S. government and non-U.S. government securities, corporate obligations and equities, and asset-backed securities.Highly-liquid investments with a maturity of 90 days or less at the date of purchase are classified in Cash and cash equivalents.Investment securities with a maturity date greater than 90days at the date of the security's acquisition are classified as Marketable securities. Prior to 2008, we classified all marketable securities as trading, available-for-sale or held-to-maturity.The unrealized gains and losses for available-for-sale securities were recorded, net of tax, as a separate component of Accumulated other comprehensive income/(loss) and the unrealized gains and losses for held-to-maturity securities were not recognized.On January1,2008, we elected to apply the fair value option and recorded all available-for-sale or held-to-maturity securities as trading securities.This election resulted in a cumulative after-tax increase of about $12million to the opening balance of Retained earnings.Marketable securities acquired subsequent to January1,2008 have been recorded as trading securities. Trading securities are recorded at fair value with unrealized gains and losses recorded in Automotive interest income and other non-operating income/(expense), net and Financial Services income/(loss), net.Realized gains and losses are accounted for using the specific identification method.See Note 4 for information on valuation methodologies. Investments in Marketable Securities Investments in marketable securities at December31 were as follows (in millions): 2009 2008 Fair Value Unrealized Gains/(Losses) (a) Fair Value Unrealized Gains/(Losses) (a) Trading Securities Automotive sector (b) $ 15,169 $ 141 $ 9,296 $ (1,443 ) Financial Services sector 6,864 14 8,607 (32 ) Intersector elimination (b) (646 ) (492 ) Total Company $ 21,387 $ 155 $ 17,411 $ (1,475 ) __________ (a) Unrealized gains/(losses) for period related to instruments still held. (b) "Fair Value" reflects an investment in Ford Credit debt securities shown at a carrying value of $646million and $492million (estimated fair value of which is $656million and $437million) at December31,2009 and 2008, respectively.See Note 1 for additional detail. Included in Automotive sector trading securities above is our investment in Mazda.The fair value of our investment in Mazda at December31,2009 and 2008 was $447million and $322 million, respectively.See Note12 for additional information. The proceeds from maturities and sales of available-for-sale securities in 2007 were as follows (in millions): 2007 Maturities Sales Automotive sector $ $ 2,686 Financial Services sector 7,900 8,074 Total Company $ 7,900 $ 10,760 Realized gains and losses on sales of available-for-sale securities in 2007 were as follows (in millions): |
Finance Receivables - Financial
Finance Receivables - Financial Services Sector | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Finance Receivables - Financial Services Sector [Abstract] | |
FINANCE RECEIVABLES - FINANCIAL SERVICES SECTOR | NOTE 7.FINANCE RECEIVABLES FINANCIAL SERVICES SECTOR Retail finance receivables consist primarily of installment loans and direct financing lease contracts for new and used vehicles with retail customers, daily rental companies, government entities, and fleet customers.Wholesale finance receivables include dealer financing of new and used vehicles in inventory.Other finance receivables consist primarily of real estate, commercial and other collateralized loans, and accrued interest. Revenue from finance receivables (including direct financing leases) is recognized using the interest method.Certain origination costs on receivables are deferred and amortized, using the interest method, over the term of the related receivable as a reduction in financing revenue.The accrual of interest on receivables is discontinued at the time a receivable is determined to be uncollectible. Ford Credit receives interest supplements and other support payments on certain financing transactions under agreements with Ford and other affiliates.Income is recognized in a manner that is consistent with revenue recognition on the underlying financing contracts over the periods that the related finance receivables are outstanding. Finance Receivables, Net Finance receivables, net, at December31, were as follows (in millions): 2009 2008 Retail (including direct financing leases) $ 58,229 $ 67,316 Wholesale 22,370 27,483 Other finance receivables 3,611 4,057 Total finance receivables 84,210 98,856 Unearned interest supplements (1,994 ) (1,343 ) Allowance for credit losses (1,351 ) (1,417 ) Other 20 5 Finance receivables, net sector balance sheet $ 80,885 $ 96,101 Finance receivables, net, subject to fair value* $ 76,991 $ 91,584 Fair value $ 76,066 $ 84,615 Finance receivables, net sector balance sheet $ 80,885 $ 96,101 Reclassification of receivables purchased from Automotive sector to Other receivables, net (3,889 ) (2,617 ) Finance receivables, net consolidated balance sheet $ 76,996 $ 93,484 __________ * At December31,2009 and 2008, excludes $3.9billion and $4.5billion, respectively, of certain receivables (primarily direct financing leases) that are not subject to fair value disclosure requirements. Finance receivables that originated outside of the United States were $35.4billion and $43.1billion at December31,2009 and 2008, respectively.At December31,2009, finance receivables included $663million owed by the three customers with the largest receivables balances. Included in net finance and other receivables at December31,2009 and 2008 were $64.4billion and $73.7billion, respectively, of finance receivables that secure certain debt obligations.The cash flows generated from collection of these receivables can be used only for payment of the related debt and obligations arising from the transfer; they are not available to pay our other obligations or the claims of our other creditors (see Notes 13 and 19). The fair value of financ |
Net Investment in Operating Lea
Net Investment in Operating Leases | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Net Investment in Operating Leases [Abstract] | |
NET INVESTMENT IN OPERATING LEASES | NOTE 8.NET INVESTMENT IN OPERATING LEASES Net investment in operating leases on our balance sheet consists primarily of lease contracts for vehicles with daily rental companies, fleet customers, and retail customers.Assets subject to operating leases are depreciated on the straight-line method over the term of the lease to reduce the asset to its estimated residual value.Estimated residual values are based on assumptions for used vehicle prices at lease termination and the number of vehicles that are expected to be returned. Included in the Automotive sector on our consolidated balance sheet are vehicles sold to daily rental car companies subject to guaranteed repurchase options.At the time of transfer, the proceeds are recorded as deferred revenue in Accrued liabilities and deferred revenue.At December31,2009 and 2008, $2.5billion and $2.3billion, respectively, was included in this line item for these vehicles.Also at the time of transfer, the cost of the vehicles is recorded in Other current assets.The difference between the proceeds and the guaranteed repurchase amount is recognized in Automotive sales over an average term of 8 months, using a straight-line method.The difference between the cost of the vehicle and the estimated auction value is depreciated in Automotive cost of sales over the term of the lease. Net Investment in Operating Leases The net investment in operating leases at December 31 was as follows (in millions): 2009 2008 Automotive Sector Vehicles, net of depreciation (a) $ 2,208 $ 2,130 Financial Services Sector Vehicles and other equipment, at cost (b) 21,769 28,926 Accumulated depreciation (6,493 ) (5,542 ) Allowance for credit losses (214 ) (264 ) Total Financial Services sector 15,062 23,120 Total Company $ 17,270 $ 25,250 __________ (a)Included in Automotive other current assets on our sector balance sheet. (b)Includes the impact of the 2008 impairment of vehicles subject to operating leases at Ford Credit.See Note 15 for additional details. Automotive Sector Included in Net investment in operating leases are vehicles sold to daily rental car companies subject to guaranteed repurchase options.Operating lease depreciation expense (which excludes gains and losses on disposal of assets) was as follows (in millions): 2009 2008 2007 Operating lease depreciation expense $ 536 $ 861 $ 979 Included in Automotive sales are rents on operating leases.The amount contractually due for minimum rentals on operating leases is $404million for 2010. Financial Services Sector Included in Net investment in operating leases at December31,2009and2008 were Ford Credit's interests of $10.4billion and $15.6billion, respectively, that have been included in securitizations that do not satisfy the requirements for accounting sale treatment.These net investments in operating leases are available only for payment of the debt or other obligations issued or arising in the securitization transactions; they are not available to pay other obligations or the claim |
Allowance for Credit Losses - F
Allowance for Credit Losses - Financial Services Sector | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Allowance for Credit Losses - Financial Services Sector [Abstract] | |
Allowance For Credit Losses Disclosure Text Block | NOTE 9.ALLOWANCE FOR CREDIT LOSSES FINANCIAL SERVICES SECTOR The allowance for credit losses is our estimate of the probable credit losses inherent in finance receivables and operating leases at the date of the balance sheet.Consistent with our normal practices and policies, we assess the adequacy of our allowance for credit losses quarterly and regularly evaluate the assumptions and models used in establishing the allowance.Because credit losses can vary substantially over time, estimating credit losses requires a number of assumptions about matters that are uncertain. The allowance for credit losses is estimated using a combination of models and management judgment and is based on factors such as historical trends in credit losses and recoveries (including key metrics such as delinquencies, repossessions, and bankruptcies), the composition of our present portfolio (including vehicle brand, term, risk evaluation, and new/used vehicles), trends in historical and projected used vehicle values and economic conditions.Additions to the allowance for credit losses are made by recording charges to Financial Services provision for credit and insurance losses on our consolidated statement of operations.Finance receivables, investments in direct financing leases, and investments in operating leases are charged to the allowance for credit losses at the earlier of when an account is deemed to be uncollectible or when an account is 120days delinquent, taking into consideration the financial condition of the borrower or lessee, the value of the collateral, recourse to guarantors and other factors.Recoveries on finance receivables and investments in leases previously charged off as uncollectible are credited to the allowance for credit losses. Changes in Allowance for Credit Losses Changes in the allowance for credit losses for finance receivables, investment in direct financing leases, and investment in operating leases were as follows (in millions): 2009 2008 2007 Beginning balance $ 1,681 $ 1,102 $ 1,121 Provision for credit losses 977 1,773 592 Total charge-offs and recoveries Charge-offs (1,526 ) (1,552 ) (1,105 ) Recoveries 423 414 470 Net charge-offs (1,103 ) (1,138 ) (635 ) Other changes, principally amounts related to finance receivables sold and translation adjustments 10 (56 ) 24 Ending balance $ 1,565 $ 1,681 $ 1,102 The decrease in allowance for credit losses primarily reflected the decline in receivables and the related charge-offs.At December31,2009, Ford Credit's allowance for credit losses included about $215million that was based on management's judgment regarding higher retail installment and lease repossession assumptions and higher wholesale and dealer loan default assumptions compared with historical trends used in Ford Credit's models.At December31,2008, Ford Credit's allowance for credit losses included about $210million that was based on management's judgment regarding higher severity assumptions.At December31,2007, Ford Credit's allowance for credit |
Inventories
Inventories | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Inventories [Abstract] | |
INVENTORIES | NOTE 10.INVENTORIES All inventories are stated at the lower of cost or market.Cost for a substantial portion of U.S. inventories is determined on a last-in, first-out ("LIFO") basis.LIFO was used for approximately 28% and 24% of inventories at December31,2009 and 2008, respectively.Cost of other inventories is determined on a first-in, first-out ("FIFO") basis. Inventories at December31 were as follows (in millions): 2009 2008 Raw materials, work-in-process and supplies $ 2,783 $ 2,747 Finished products 3,465 5,091 Total inventories under FIFO 6,248 7,838 Less: LIFO adjustment (798 ) (850 ) Total inventories $ 5,450 $ 6,988 At December31,2009, inventory quantities were reduced, resulting in a liquidation of LIFO inventory quantities carried at lower costs prevailing in prior years as compared with the cost of 2009 purchases, the effect of which decreased Automotive cost of sales by about $33million. |
Equity in Net Assets of Affilia
Equity in Net Assets of Affiliated Companies | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Equity in Net Assets of Affiliated Companies [Abstract] | |
EQUITY IN NET ASSETS OF AFFILIATED COMPANIES | NOTE 11.EQUITY IN NET ASSETS OF AFFILIATED COMPANIES We use the equity method of accounting for our investments in entities over which we do not have control or of which we are not the primary beneficiary, but over whose operating and financial policies we are able to exercise significant influence. Ownership Percentages and Investment Balances The following table reflects our ownership percentages at December31,2009, and balances of equity method investments at December31,2009 and 2008 (in millions, except percentages): Investment Balance Ownership Percentage 2009 2008 Automotive Sector AutoAlliance (Thailand) Co., Ltd ("AAT"). 50.0 % $ 301 $ 258 S.C. Automobile Craiova SA. ("ACSA") * 97.1 289 24 Changan Ford Mazda Automobile Corporation, Ltd 35.0 247 189 Jiangling Motors Corporation, Ltd 30.0 238 191 Ford Motor Company Capital Trust II ("Trust II") 5.0 155 155 Tenedora Nemak, S.A. de C.V. 6.8 64 74 Blue Diamond Truck, S. de R.L. de C.V. 25.0 45 33 Getrag Asia Pacific GmbH Co. KG 25.0 33 29 Changan Ford Mazda Engine Company, Ltd. 25.0 19 15 OEConnection LLC 33.0 10 7 Ford Performance Vehicles Pty Ltd. 49.0 9 8 Percepta, LLC 45.0 6 7 Blue Diamond Parts, LLC 25.0 5 10 Automotive Fuel Cell Cooperation Corporation ("AFCC") 30.0 3 4 Getrag America Holdings GmbH CH ("Getrag America Holdings") 19 NuCellsys Holding GmbH ("NuCellsys") * 18 Other Various 5 35 Total Automotive sector 1,429 1,076 Financial Services Sector Forso Nordic AB 50.0 67 66 FFS Finance South Africa (Pty) Limited 50.0 32 34 RouteOne LLC 30.0 18 18 DFO Partnership 357 Other Various 4 48 Total Financial Services sector 121 523 Total Company $ 1,550 $ 1,599 __________ * See Note 24 for discussion of this entity. We received $152million, $224million, and $216million of dividends from these affiliated companies for the years ended December31,2009,2008,and2007, respectively. Changes in Equity Method Investments Getrag America Holdings.In 2009, Getrag America Holdings changed its operating profile from a development stage enterprise to an operating business.Accordingly, we reconsidered the consolidation analysis and determined this to be a variable interest entity of which we are the primary beneficiary. DFO Partnership.In March2009, our Board of Directors approved a potential sale of the Financial Services sector investment in DFOPartnership.DFO Partnership holds a portfolio of "non-core" diversified leveraged lease assets (e.g.,railcars, aircraft, and energy facilities).During the first quarter of 2009, an other-than-temporary impairment of the investment in DFO Partnership of $141million was recorded in Financial Services equity in ne |
Significant Unconsolidated Affi
Significant Unconsolidated Affiliates | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Significant Unconsolidated Affiliates [Abstract] | |
SIGNIFICANT UNCONSOLIDATED AFFILIATES | NOTE 12.SIGNIFICANT UNCONSOLIDATED AFFILIATES We are required to measure the impact of all unconsolidated majority-owned subsidiaries and equity-method investments to determine their significance to our financial statements.If the affiliates meet the defined thresholds of significance, certain financial disclosure data is required. Mazda Mazda was considered to be a significant unconsolidated affiliate in 2007.Presented below is summarized financial information for Mazda for 2008 and 2007. In November 2008, we sold 278million shares of Mazda for net proceeds of $532million.As a result of the transaction, we recorded a pre-tax loss on the sale of $121million, net of transaction costs and recognition of foreign currency translation adjustments, in Automotive interest income and other non-operating income/(expense), net.We continue to own 195.5million shares of Mazda, representing an 11%ownership interest.We no longer have certain management rights we previously held and, as a result, we have deemed that we no longer hold significant influence over Mazda's operating and financial policies.Consequently, we account for our remaining investment of $447million as of December31,2009 as a marketable security. As a result, we had no equity in net assets of affiliated companies at December31,2008 associated with our investment in Mazda.Our investment in Mazda included $0 of goodwill included in Equity in net assets of affiliated companies at December31, 2008.Dividends received from Mazda were $27million and $36million for the years ended December31,2008 and 2007, respectively. Summarized income statement information from Mazda's published financial statements, prepared in accordance with Japanese GAAP, for the twelve months ended September30, 2008 and 2007, and summarized balance sheet information from Mazda's published financial statements at September 30, 2008 and 2007 is as follows (in millions): 2008 2007 Net sales $ 31,422 $ 28,108 Cost and expenses 30,036 26,763 Income from continuing operations 889 698 Net income/(loss) 854 628 Total assets $ 19,548 $ 16,776 Total liabilities 14,067 12,430 Included in our Automotive equity in net income/(loss) of affiliated companies was the following income for the years ended December31 (in millions): 2008 2007 Ford's share of Mazda's net income/(loss) $ 25 $ 189 Ford's share of Mazda's net income/(loss) in the table above represents our share of Mazda's results on a U.S. GAAP basis.For 2008, our share includes a charge as determined under U.S. GAAP representing the impact on us of a goodwill impairment related to Mazda-owned dealerships in Japan. |
Variable Interest Entities
Variable Interest Entities | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Variable Interest Entities [Abstract] | |
VARIABLE INTEREST ENTITIES | NOTE 13.VARIABLE INTEREST ENTITIES A VIE is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support or (ii) has equity investors who lack the characteristics of a controlling financial interest.A VIE is consolidated by its primary beneficiary.The primary beneficiary is the entity that absorbs the majority of the risk for the variability in the VIE's assets.A variable interest is a contractual, ownership, or other interest that changes with changes in the fair value of the VIE's net assets. We use qualitative analysis to determine whether or not we need to consolidate a VIE.We consider the rights and obligations conveyed by variable interests to determine whether we will absorb a majority of a VIE's expected losses, receive a majority of its expected residual returns, or both.If so, we consolidate the VIE. The liabilities recognized as a result of consolidating these VIEs do not necessarily represent additional claims on our general assets; rather, they represent claims against the specific assets of the consolidated VIEs.Conversely, assets recognized as a result of consolidating these VIEs do not represent additional assets that could be used to satisfy claims against our general assets. Automotive Sector VIEs of which we are the primary beneficiary: We have contractual agreements with the VIEs we consolidate to purchase the majority, and in some cases substantially all, of the entity's output under a cost-plus-margin arrangement and/or volume-dependent pricing.These contractual arrangements may require us to absorb entity losses when production volume targets are not met and/or allow us to receive bonuses when production volume targets are exceeded.Described below are the significant VIEs we consolidated as of December31,2009: AutoAlliance International, Inc. ("AAI") is a 50/50 joint venture with Mazda in North America, engaged in the manufacture of automobiles on behalf of Ford and Mazda, primarily for sale in North America. First Aquitaine operates a transmission plant in Bordeaux, France which manufactures automatic transmissions for Ford Explorer, Ranger, and Mustang vehicles.During the second quarter of 2009, we transferred legal ownership of First Aquitaine to HZ Holding France.We also entered into a volume-dependent pricing agreement with the new owner to purchase transmissions through the end of the product cycle.As a result, we now consider this entity to be a VIE of which we are the primary beneficiary.See Note4 for discussion of the impairment of our investment in this plant. Ford Otosan is a 41/41/18 joint venture in Turkey with the Koc Group of Turkey and public investors.Ford Otosan is a supplier of the Ford Transit Connect model, and an assembly supplier of the Ford Transit van model, both of which we sell primarily in Europe. Getrag Ford Transmissions GmbH ("GFT") is a 50/50 joint venture with Getrag Deutsche Venture GmbH and Co. KG. and is the primary supplier of manual transmissions for use in our European vehicles. Getrag All Wheel Drive AB is a 40/60 joint venture between Volvo Cars and Getrag Dana |
Net Property and Lease Commitme
Net Property and Lease Commitments | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Net Property and Lease Commitments [Abstract] | |
NET PROPERTY AND LEASE COMMITMENTS | NOTE 14.NET PROPERTY AND LEASE COMMITMENTS Net Property Net property includes land, buildings and land improvements, machinery and equipment, special tools, and other assets that we use in our normal operations.These assets are recorded at cost, net of accumulated depreciation and impairments.We capitalize new assets when we expect to use the asset for more than one year and the acquisition cost is greater than $2,500.Routine maintenance and repair costs are expensed when incurred. Included in our carrying value is the estimated cost for legal obligations to retire, abandon, or dispose of the asset.These conditional asset retirement obligations relate to the estimated cost for asbestos abatement and PCB removal. Property and equipment are depreciated primarily using the straight-line method over the estimated useful life of the asset.Useful lives range from 3years to 36years.The estimated useful lives generally are 14.5years for machinery and equipment, and 30years for buildings and improvements.Special tools generally are amortized over the expected life of a product program using a straight-line method.If the expected production volumes for major product programs associated with the tools decline significantly, we accelerate the amortization reflecting the rate of decline. Net property at December 31 was as follows (in millions): Automotive Sector 2009 2008 Land $ 348 $ 409 Buildings and land improvements 11,034 10,797 Machinery, equipment and other 40,220 38,767 Construction in progress 1,325 1,295 Total land, plant and equipment 52,927 51,268 Accumulated depreciation (35,404 ) (34,552 ) Net land, plant and equipment 17,523 16,716 Special tools, net of amortization 7,073 7,214 Total Automotive sector 24,596 23,930 Financial Services sector* 182 213 Total Company $ 24,778 $ 24,143 __________ * Included in Financial Services other assets on our sector balance sheet. Automotive sector property-related expenses for the years ended December 31 were as follows (in millions): 2009 2008 2007 Depreciation and other amortization $ 2,127 $ 6,584 $ 3,474 Amortization of special tools 1,967 4,537 3,289 Total* $ 4,094 $ 11,121 $ 6,763 Maintenance and rearrangement $ 1,272 $ 1,839 $ 2,014 __________ * Includes impairments of long-lived assets for 2008.See Note 15 for additional information. Conditional Asset Retirement Obligations Asbestos abatement was estimated using site-specific surveys where available and a per/square foot estimate where surveys were unavailable.PCB removal costs were based on historical removal costs per transformer and applied to transformers identified by a PCB transformer global survey we conducted. The liability for our conditional asset retirement obligations which are recorded in Accrued liabilities and deferred revenue at December31 was as follows (in millions): 2009 2008 Beginning balance $ 360 |
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Impairment of Long Lived Assets [Abstract] | |
IMPAIRMENT OF LONG-LIVED ASSETS | NOTE 15.IMPAIRMENT OF LONG-LIVED ASSETS We monitor our operating units for conditions that may indicate a potential impairment of long-lived assets.These conditions include current-period operating losses combined with a history of losses and a projection of continuing losses, and significant negative industry or economic trends.When these conditions exist, we test for impairment.An impairment charge is recognized for the amount by which the carrying value of the asset group exceeds its estimated fair value. During the second quarter of 2008, higher fuel prices and the weak economic climate in the United States and Canada resulted in a more pronounced and accelerated shift in consumer preferences away from full-size trucks and traditional sport utility vehicles ("SUVs") to smaller, more fuel-efficient vehicles.This shift in consumer preferences combined with lower-than-anticipated U.S. industry demand and greater-than-anticipated escalation of commodity costs resulted in impairment charges related to Ford North America's long-lived assets and Ford Credit's operating lease portfolio. Automotive Sector North America Long-Lived Assets.Based upon the financial impact of rapidly-changing U.S. market conditions during the second quarter of 2008, we projected a decline in net cash flows for the Ford North America segment.As a result, in the second quarter of 2008 we tested the long-lived assets for impairment and recorded in Automotive cost of sales a pre-tax charge of $5.3billion, representing the amount by which the carrying value of the assets exceeded the estimated fair value.See Note 4 for further discussion of the fair value used in the impairment. The table below describes the significant components of the second quarter 2008long-lived asset impairment (inmillions): Ford North America Land $ Buildings and land improvements 698 Machinery, equipment and other 2,833 Special tools 1,769 Total $ 5,300 Financial Services Sector Certain Vehicle Line Operating Leases.The shift in consumer preferences combined with a weak economic climate caused a significant reduction in auction values, in particular for used full-size trucks and traditional SUVs.As a result, in the second quarter of 2008 we tested Ford Credit's operating leases in its North America segment for impairment and recorded a pre-tax impairment charge in Selling, administrative and other expenses on our consolidated statement of operations and in Financial Services depreciation on our sector statement of operations of $2.1billion, representing the amount by which the carrying value of certain vehicle lines in Ford Credit's lease portfolio exceeded the estimated fair value.See Note 4 for further discussion of the fair value used in the impairment. |
Goodwill and Other Net Intangib
Goodwill and Other Net Intangible Assets | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Goodwill and Other Net Intangible Assets [Abstract] | |
GOODWILL AND OTHER NET INTANGIBLES | NOTE 16.GOODWILL AND OTHER NET INTANGIBLE ASSETS Goodwill is subject to impairment testing at least annually or upon a triggering event.Our annual testing of goodwill occurs in the fourth quarter.An impairment charge is recognized for the amount by which the carrying value of the operating segment's goodwill exceeds its implied fair value. Our intangible assets are comprised primarily of manufacturing and production incentive rights, license and advertising agreements, patents, customer contracts, technology, and land rights and all are amortized over their determinable lives. Goodwill In the fourth quarter of 2007, we recorded a goodwill impairment charge of $2.4billion in Goodwill impairment as a result of our impairment testing of Volvo.Volvo's fair value declined throughout 2007, primarily related to three factors.First, the weakening of the U.S. dollar resulted in lower sales revenues relative to euro and Swedish krona material costs; approximately 25% of Volvo vehicle sales are in the United States.Second, higher gas prices and other factors were causing a shift from larger to smaller vehicle segments in the U.S. and other markets.This resulted in lower-than-planned volumes for new vehicles, especially high-margin SUVs.Third, to encourage sales in the face of lower-than-planned volumes for Volvo vehicles in the U.S. and other markets, we offered higher-than-anticipated marketing incentives on the sale of these vehicles.These higher marketing incentives led to a reduction in revenues and profits.Volvo goodwill was tested for impairment at December31,2007 by comparing the carrying value of the Volvo reporting unit to its implied fair value using discounted cash flow and market methods. The following table summarizes the changes in the carrying amount of goodwill (in millions): Automotive Sector Financial Services Sector Ford North America Ford Europe Volvo Jaguar Land Rover Total Ford Credit Total Company Balances at December 31, 2007 Goodwill $ 89 $ 37 $ 3,760 $ 1,438 $ 5,324 $ 18 $ 5,342 Accumulated impairment losses (2,400 ) (2,400 ) (2,400 ) Balances reclassified to held for sale (a) (1,360 ) (1,438 ) (2,798 ) (2,798 ) Net goodwill at December 31, 2007 89 37 126 18 144 Changes in goodwill: Dealer goodwill impairment (b) (88 ) (88 ) (88 ) Effect of foreign currency translation/Other (6 ) (6 ) (6 ) Goodwill-related dispositions (1 ) (1 ) (9 ) (10 ) Balances at December 31, 2008 Goodwill 88 31 119 9 128 Accumulated impairment losses (88 ) (88 ) (88 ) Net goodwill at December 31, 2008 31 31 |
Accrued Liabilities and Deferre
Accrued Liabilities and Deferred Revenue | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Accrued Liabilities and Deferred Revenue [Abstract] | |
ACCRUED LIABILITIES AND DEFERRED REVENUE | NOTE 17.ACCRUED LIABILITIES AND DEFERRED REVENUE Accrued liabilities and deferred revenue at December31 were as follows (in millions): 2009 2008 Automotive Sector Current Dealer and customer allowances and claims $ 8,651 $ 9,715 Deferred revenue 3,162 2,883 Employee benefit plans 1,481 1,820 Accrued interest 570 419 Pension 469 473 Other postretirement employee benefits ("OPEB") (a) 453 10,917 Other 3,679 3,357 Total Automotive current 18,465 29,584 Non-current Pension 11,607 10,924 OPEB 5,597 5,358 Dealer and customer allowances and claims 2,919 4,303 Deferred revenue 1,656 1,751 Employee benefit plans 587 525 Other 894 905 Total Automotive non-current 23,260 23,766 Total Automotive sector 41,725 53,350 Financial Services Sector 4,884 6,184 Total sectors 46,609 59,534 Intersector elimination (b) (10 ) (8 ) Total Company $ 46,599 $ 59,526 __________ (a) See Note 18 for discussion regarding settlement of the UAW retiree health care obligation. (b) Accrued interest related to Ford's acquisition of Ford Credit debt securities.See Note 1 for additional detail. |
Retirement Benefits
Retirement Benefits | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Retirement Benefits [Abstract] | |
RETIREMENT BENEFITS | NOTE 18.RETIREMENT BENEFITS We provide pension benefits and OPEB, such as health care and life insurance, to employees in many of our operations around the world.Plan obligations are measured based on the present value of projected future benefit payments for all participants for services rendered to date.The measurement of projected future benefits is dependent on the provisions of each specific plan, demographics of the group covered by the plan, and other key measurement assumptions.For plans that provide benefits dependent on salary assumptions, we include a projection of salary growth in our measurements.No assumption is made regarding any potential future changes to benefit provisions beyond those to which we are presently committed (e.g., in existing labor contracts). The funded status of the benefit plans, which represents the difference between the benefit obligation and fair value of plan assets, is calculated on a plan-by-plan basis.The net periodic costs of these benefits are recorded in Automotive cost of sales and Selling, administrative and other expenses.The impact of plan amendments and actuarial gains and losses are recorded in Accumulated other comprehensive income/(loss) and generally are amortized as a component of net periodic cost over the remaining service period of our active employees.We record a curtailment loss when an event occurs that significantly reduces the expected years of future service or eliminates the accrual of defined benefits for the future services of a significant number of employees.We record a curtailment gain when a significant number of employees who are entitled to the benefits terminate their employment. The measurement of the fair value of plan assets, including stocks, bonds and other investments, uses valuation methodologies and the inputs as described in Note 4.Certain investments within our plan assets do not have a readily determinable fair value; in such instances, we use net asset value per share to measure fair value. Our contribution policy for funded pension plans is to contribute annually, at a minimum, amounts required by applicable laws and regulations.We do from time to time make contributions beyond those legally required.In general, our plans are funded, with the main exceptions being certain plans in Germany, and U.S. defined benefit plans for senior management.In such cases, an unfunded liability is recorded. Employee Retirement and Savings Plans.We have two principal qualified defined benefit retirement plans in the United States.The Ford-UAW Retirement Plan covers hourly employees represented by the UAW, and the General Retirement Plan covers substantially all other Ford employees in the United States hired on or before December31,2003.The hourly plan provides noncontributory benefits related to employee service.The salaried plan provides similar noncontributory benefits and contributory benefits related to pay and service.Other U.S. and non-U.S. subsidiaries have separate plans that generally provide similar types of benefits for their employees.We established, effective January1,2004, a defined contribution plan covering new salaried U.S. employees hire |
Debt and Commitments
Debt and Commitments | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Debt and Commitments [Abstract] | |
DEBT AND COMMITMENTS | NOTE 19.DEBT AND COMMITMENTS Our debt consists of short-term and long-term unsecured debt securities, convertible debt securities, and unsecured and secured borrowings from banks and other lenders.Debt issuances are placed directly by us or through securities dealers or underwriters and are held by institutional and retail investors.In addition, Ford Credit sponsors securitization programs that provide short-term and long-term asset-backed financing through institutional investors in the U.S. and international capital markets. Debt is recorded on our balance sheet at par value adjusted for unamortized discount or premium (in addition to adjustments related to debt in designated fair value hedge relationships; see Note 26 for policy detail).Discounts, premiums, and costs directly related to the issuance of debt generally are capitalized and amortized over the life of the debt and are recorded in Interest expense using the interest method.Gains and losses on the extinguishment of debt are recorded in Automotive interest income and other non-operating income/(expense), net and Financial Services other income/(loss), net. Although we have not elected to mark any of our debt to fair value through earnings, we estimate its fair value for disclosures.The fair value of debt is estimated based on quoted market prices, current market rates for similar debt with approximately the same remaining maturities, or discounted cash flow models utilizing current market rates. Debt outstanding at December 31 is shown below (in millions, except percentages): Interest Rates Average Contractual (a) Weighted Average (b) 2009 2008 2009 2008 2009 2008 Automotive Sector Debt payable within one year Short-term 3.2 % 4.5 % 3.2 % 4.5 % $ 787 $ 543 Long-term payable within one year Public unsecured debt securities 334 Notes due to UAW VEBA Trust unsecured portion (c) 859 Secured term loan 77 70 Other debt 371 578 Unamortized discount (333 ) Total debt payable within one year 2,095 1,191 Long-term debt payable after one year Public unsecured debt securities 5,260 9,148 Convertible notes 3,454 4,883 Subordinated convertible debentures 3,124 3,027 Secured term loan 5,184 6,790 Secured revolving loan 7,527 Notes due to UAW VEBA Trust (c) Unsecured portion 6,720 Secured portion 3,000 U.S. Department of Energy loans 1,221 Other debt 1, |
Other Income
Other Income (Loss) | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Other Income/(Loss) [Abstract] | |
OTHER INCOME/(LOSS) | NOTE 20.OTHER INCOME/(LOSS) Automotive Sector The following table summarizes amounts included in Automotive interest income and other non-operating income/(expense), net (in millions): 2009 2008 2007 Interest income $ 209 $ 951 $ 1,713 Realized and unrealized gains/(losses) on cash equivalents and marketable securities 372 (1,309 ) (109 ) Gains/(Losses) on the sale of held-for-sale operations, equity and cost investments, and other dispositions (7 ) (527 ) 139 Gains/(Losses) on extinguishment of debt 4,666 170 (512 ) Other * 48 (11 ) (70 ) Total $ 5,288 $ (726 ) $ 1,161 __________ *2009 includes $5million of expense in other income associated with the overall debt reduction actions discussed in Note 1. Financial Services Sector The following table summarizes the amounts included in Financial Services other income/(loss), net (in millions): 2009 2008 2007 Interest income (non-financing related) $ 107 $ 503 $ 860 Realized and unrealized gains/(losses) on cash equivalents and marketable securities 42 (8 ) 39 Gains/(Losses) on the sale of held-for-sale operations, equity and cost investments, and other dispositions 16 119 54 Gains/(Losses) on extinguishment of debt* 71 Investment and other income related to sales of receivables (25 ) 199 391 Insurance premiums earned, net 100 140 169 Other 241 196 356 Total $ 552 $ 1,149 $ 1,869 __________ *2009 includes a gain of $4million based on extinguishment of debt from the exercise of a contractually-permitted put option. |
Share-Based Compensation
Share-Based Compensation | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Share-Based Compensation [Abstract] | |
SHARE-BASED COMPENSATION | NOTE 21.SHARE-BASED COMPENSATION At December31,2009, a variety of Ford stock-based compensation grants and awards were outstanding for employees (including officers) and members of the Board of Directors.All stock-based compensation plans are approved by the shareholders. Included below is information on restricted stock units, stock option awards, and other share-based awards. We grant performance and time-based restricted stock units to our employees.Restricted stock units awarded in stock ("RSU-stock") provide the recipients with the right to shares of stock after a restriction period.We have stock-based compensation outstanding under two Long-Term Incentive Plans ("LTIP"):the 1998LTIP and the 2008LTIP.No further grants may be made under the 1998LTIP.All outstanding stock-based compensation under the 1998LTIP continues to be governed by the terms and conditions of the existing agreements for those grants.Grants may continue to be made under the 2008LTIP through April2018.Under the 2008LTIP, 2% of our issued Common Stock as of December31 becomes available for granting plan awards in the succeeding calendar year.Any unused portion is available for later years.The limit may be increased up to 3% in any year, with a corresponding reduction in shares available for grants in future years.All unused shares from previous years and shares available under the 2% limit were used in 2009, as well as additional shares allocated from increasing the limit above 2%. The fair value of the awards under the two plans is calculated differently: 1998 LTIP - Fair value is the average of the high and low market price of our Common Stock on the grant date. 2008 LTIP - Fair value is the closing price of our Common Stock on the grant date. Outstanding RSU-stock are either strictly time-based or a combination of performance and time-based awards.Expenses associated with RSU-stock are recorded in Selling, administrative, and other expense. Time-based RSU-stock issued in 2006 and prior vest at the end of the restriction period and the expense is taken equally over the restriction period. Time-based RSU-stock issued in and after 2007 generally have a graded vesting feature whereby one-third of eachRSU-stock vests after the first anniversary of the grant date, one-third after the second anniversary, and one-third after the third anniversary.The expense is recognized using the graded vesting method. Performance RSU-stock have a performance period (usually 1-3 years) and a restriction period (usually 1-3 years).Compensation expense for performance RSU-stock is not recognized until it is probable and estimable.Expense is then recognized over the performance and restriction periods based on the fair market value of Ford Common Stock at grant date. We also grant stock options to our employees.We measure the fair value of the majority of our stock options using the Black-Scholes option-pricing model, using historical volatility and our determination of the expected term.The expected term of stock options is the time period that the stock options are expected to be outstanding.Historical data are used to estimate option exercise behaviors and |
Employee Separation Actions
Employee Separation Actions | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Employee Separation Actions [Abstract] | |
EMPLOYEE SEPARATION ACTIONS | NOTE 22.EMPLOYEE SEPARATION ACTIONS As part of our plan to realign our vehicle assembly capacity to operate profitably at the current demand and changing model mix, we have implemented a number of different employee separation plans.The accounting for employee separation plans is dependent on the specific design of the plans. Under certain labor agreements, we are required to pay transitional benefits to our employees who are idled.For employees who will be temporary idled, we expense the benefits on an as-incurred basis.For employees who will be permanently idled, we expense all of the future benefits payments in the period when it is probable that the employees will be permanently idled.Our reserve balance for these future benefit payments to permanently idled employees takes into account several factors:the demographics of the population at each affected facility, redeployment alternatives, estimate of benefits to be paid, and recent experience relative to voluntary redeployments. We also incur payments to employees for separation actions.The costs of unconditional voluntary employee separation actions are recorded at the time of employee acceptance, unless the acceptance requires explicit approval by the Company.The costs of conditional voluntary separations are accrued when all conditions are satisfied.The costs of involuntary separation programs are accrued when management has approved the program and the affected employees are identified. Automotive Sector Transitional Benefits Our collective bargaining agreements with the UAW and the CAW require us to pay a portion of wage and benefits for a specified period of time to idled employees who meet certain conditions.We have established a reserve for employee benefits that we expect to provide under our collective bargaining agreements.The following table summarizes the activity in the reserve: Reserve (in millions) Number of Employees Full-Year 2009 Full-Year 2008 Full-Year 2009 Full-Year 2008 Beginning balance $ 411 $ 817 4,187 8,316 Additions to transitional benefits reserve/transfers from voluntary separation program (i.e., rescissions) 318 71 1,542 806 Voluntary separations and relocations (87 ) (248 ) (983 ) (2,880 ) Benefit payments and other adjustments (268 ) (229 ) (2,310 ) (2,055 ) Ending balance $ 374 $ 411 2,436 4,187 During the first quarter of 2009, we reached an agreement with the UAW to modify our collective bargaining agreement.We renegotiated Job Security Benefits, modified Supplemental Unemployment Benefits, and established a new Transition Assistance Plan.This change in the contract benefits combined with a change in our plans to redeploy employees in our operations reduced our reserve.Additionally, in the fourth quarter of 2009, we announced the closure of our St. Thomas Assembly Plant in Canada, which resulted in an increase to the reserve. During 2009, 2008, and 2007 we recorded in Automotive cost of sales a reduction of expense of $40million, $346million, and $80million, re |
Income Taxes
Income Taxes | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Income Taxes [Abstract] | |
INCOME TAXES | NOTE 23.INCOME TAXES Income Taxes According to U.S. GAAP, we have elected to recognize accrued interest related to unrecognized tax benefits and tax-related penalties in the Provision for/(Benefit from) income taxes on our consolidated statement of operations. Valuation of Deferred Tax Assets and Liabilities Deferred tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences that exist between the financial statement carrying value of assets and liabilities and their respective tax bases, and operating loss and tax credit carryforwards on a taxing jurisdiction basis.We measure deferred tax assets and liabilities using enacted tax rates that will apply in the years in which we expect the temporary differences to be recovered or paid. Our accounting for deferred tax consequences represents our best estimate of the likely future tax consequences of events that have been recognized in our financial statements or tax returns and their future probability.In assessing the need for a valuation allowance, we consider both positive and negative evidence related to the likelihood of realization of the deferred tax assets.If, based on the weight of available evidence, it is more likely than not the deferred tax assets will not be realized, we record a valuation allowance. Components of Income Taxes Components of income taxes excluding discontinued operations, cumulative effects of changes in accounting principles, other comprehensive income, and equity in net results of affiliated companies accounted for after-tax, are as follows: 2009 2008 2007 Income/(Loss) before income taxes, excluding equity in net results of affiliated companies accounted for after-tax (in millions) U.S. $ 1,869 $ (16,122 ) $ (6,373 ) Non-U.S. 1,147 1,448 2,113 Total $ 3,016 $ (14,674 ) $ (4,260 ) Provision for/(Benefit from) income taxes (in millions) Current Federal $ (274 ) $ (117 ) $ (39 ) Non-U.S. 293 458 313 State and local 7 36 1 Total current 26 377 275 Deferred Federal 95 (1,749 ) Non-U.S. 102 (350 ) 410 State and local (59 ) (59 ) (269 ) Total deferred 43 (314 ) (1,608 ) Total $ 69 $ 63 $ (1,333 ) Reconciliation of effective tax rate U.S. tax at statutory rate 35.0 % 35.0 % 35.0 % Non-U.S. income taxes (1.6 ) 1.2 1.3 State and local income taxes (1.6 ) 0.2 4.2 General business credits (5.0 ) 1.1 5.4 Dispositions and restructurings (3.4 ) 15.8 (6.1 ) Medicare prescription drug benefit 0.6 2.1 Prior year settlements and claims 8.3 (0.6 ) 1.0 Tax-related interest (1.2 ) 0.5 (1.7 ) Other 0.9 (0.1 ) 2.5 Valuation allowance (29.1 ) (54.1 ) (12.4 ) Effecti |
Held-For-Sale Operations, Disco
Held-For-Sale Operations, Discontinued Operations, Other Dispositions, and Acquisitions | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Held For Sale Operations, Discontinued Operations, Other Dispositions, and Acquisitions [Abstract] | |
HELD-FOR-SALE OPERATIONS, DISCONTINUED OPERATIONS, OTHER DISPOSITIONS, AND ACQUISITIONS | NOTE 24.HELD-FOR-SALE OPERATIONS, DISCONTINUED OPERATIONS, OTHER DISPOSITIONS, AND ACQUISITIONS We classify disposal groups as held for sale when the sale is probable within one year and the disposal group is available for immediate sale in its present condition.We classify disposal groups as discontinued operations when the criteria to be classified as held for sale have been met and we will not have any significant involvement with the disposal groups after the sale. We perform an impairment test on disposal groups.An impairment charge is recognized when the carrying value of the disposal group exceeds the estimated fair value, less transaction costs.We estimate fair value under the market approach to approximate the expected proceeds to be received. We are required by U.S.GAAP to aggregate the assets and liabilities of all held-for-sale disposal groups on the balance sheet for the period in which the disposal group is held for sale.To provide comparative balance sheets, we also aggregate the assets and liabilities for significant held-for-sale disposal groups on the prior-period balance sheet. Automotive Sector Held-for-Sale Operations Volvo.In the fourth quarter of 2008, we performed annual goodwill impairment testing for our Volvo reporting unit.We compared the carrying value of our Volvo reporting unit to its fair value, and concluded that the goodwill was not impaired.We performed this measurement relying primarily on the income approach, applying a discounted cash flow methodology.Our valuation was based on an in-use premise which considered a discount rate, after-tax return on sales rate, growth rate, and terminal value consistent with assumptions we believed principal market participants (i.e., other global automotive manufacturers) would use.This methodology produced appropriate valuations for entities we disposed of in recent years; in light of worsening economic conditions, however, we also considered other valuations, including a discounted cash flow analysis using more conservative assumptions than we initially used.This alternative analysis incorporated a significantly higher discount rate, offset partially by a higher growth rate; a much lower after-tax return on sales rate; and a lower terminal value.This alternative analysis reduced the valuation of our Volvo reporting unit by about50%.Even this more conservative analysis, however, did not support an impairment of Volvo goodwill at year end. As previously disclosed, in recent years we have undertaken efforts to divest non-core assets in order to allow us to focus exclusively on our global Ford brand.Toward that end, in 2007 we sold our interest in Aston Martin; in 2008, we sold our interest in our Jaguar Land Rover operations, and a significant portion of our ownership in Mazda.During the first quarter of 2009, based on our strategic review of Volvo and in light of our goal to focus on the global Ford brand, our Board of Directors committed to actively market Volvo for sale, notwithstanding the current distressed market for automotive-related assets.Accordingly, in the first quarter of 2009 we reported Volvo as held for sale, and we ceased depreciatio |
Capital Stock and Amounts Per S
Capital Stock and Amounts Per Share | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Capital Stock and Amounts Per Share [Abstract] | |
CAPITAL STOCK AND AMOUNTS PER SHARE | NOTE 25.CAPITAL STOCK AND AMOUNTS PER SHARE Capital Stock.All general voting power is vested in the holders of Common Stock and Class B Stock.Holders of our Common Stock have 60% of the general voting power and holders of our Class B Stock are entitled to such number of votes per share as will give them the remaining 40%.Shares of Common Stock and Class B Stock share equally in dividends when and as paid, with stock dividends payable in shares of stock of the class held.As discussed in Note19, we are restricted in our ability to pay dividends (other than dividends payable in stock) under the terms of the amended Credit Agreement. If liquidated, each share of Common Stock will be entitled to the first $0.50 available for distribution to holders of Common Stock and Class B Stock, each share of Class B Stock will be entitled to the next $1.00 so available, each share of Common Stock will be entitled to the next $0.50 so available and each share of Common and Class B Stock will be entitled to an equal amount thereafter. Earnings Per Share.We calculate earnings per share on a basic and on a diluted basis.Basic earnings per share measures our performance over the reporting period.The numerator of our basic earnings per share calculation is our income/(loss) from continuing operations attributable to Ford Motor Company and the denominator is the average shares outstanding for the period.Diluted earnings per share measures our performance over the reporting period (less restricted and uncommitted ESOP shares), while giving effect to all dilutive potential common shares that were outstanding during the period.The dilutive earnings per share calculation adjusts the basic calculation by the dilutive effect of potential Common Stock (securities such as stock options, warrants, convertible securities, and contingent stock agreements).Each individual type of potential Common Stock is evaluated for its dilutive effect.If a security is determined to be dilutive, income/(loss) from continuing operations attributable to Ford Motor Company is then adjusted by the interest expense, amortization of discount, amortization of fees, and other changes in income or loss that would result from the assumed conversion.The number of average shares outstanding is adjusted by the number of shares this conversion would create.A security that is shown to be antidilutive would not be included in the diluted earnings per share calculation. Convertible Securities As discussed in Note19, Trust Preferred Securities with an aggregate liquidation preference of $2.8billion are outstanding at December31,2009.In the first quarter of 2009, holders of 862,889 Trust Preferred Securities with an aggregate liquidation preference of $43million elected to convert such securities into an aggregate 2,437,562 shares of Ford Common Stock.In the third quarter of 2007, holders of 42,543,071 Trust Preferred Securities with an aggregate liquidation preference of $2.1billion elected to convert such securities into an aggregate 194,494,157 shares of Ford Common Stock.At the option of the holder, each Trust Preferred Security is convertible, at any time on or before January15,2032, into |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging Activities | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Derivative Financial Instruments and Hedging Activities [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES | NOTE 26.DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES In the normal course of business, our operations are exposed to global market risks, including the effect of changes in foreign currency exchange rates, certain commodity prices, and interest rates.To manage these risks, we enter into various derivatives contracts.Foreign currency exchange contracts including forwards and options, are used to manage foreign exchange exposure.Commodity contracts including forwards and options are used to manage commodity price risk.Interest rate contracts including swaps, caps, and floors are used to manage the effects of interest rate fluctuations.Cross-currency interest rate swap contracts are used to manage foreign currency and interest rate exposures on foreign-denominated debt.The vast majority of our derivatives are over-the-counter customized derivative transactions and are not exchange-traded.Management reviews our hedging program, derivative positions, and overall risk management strategy on a regular basis.We only enter into transactions that we believe will be highly effective at offsetting the underlying risk. Consistent with the FASB's new standard on disclosures for derivative instruments and hedging activities effective January1,2009, in this initial year of adoption, we have elected to not present earlier periods for comparative purposes. Overall Derivative Financial Instruments and Hedge Accounting.All derivatives are recognized on the balance sheet at fair value.To ensure consistency in our treatment of derivative and non-derivative exposures with regard to our master agreements, we do not net our derivative position by counterparty for purposes of balance sheet presentation and disclosure. We have elected to apply hedge accounting to certain derivatives in both the Automotive and Financial Services sectors; derivatives that receive designated hedge accounting treatment are documented and evaluated for effectiveness at the time they are designated, as well as throughout the hedge period.Cash flows associated with designated hedges are reported in the same category as the underlying hedged item. Some derivatives do not qualify for hedge accounting; for others, we elect to not apply hedge accounting.We report changes in the fair value of derivatives not designated as hedging instruments through Automotive cost of sales, Automotive interest income and other non-operating income/(expense), net,or Financial Services other income/(loss), net depending on the sector and underlying exposure.Cash flows associated with non-designated or de-designated derivatives are reported in Net cash (used in)/provided by investing activities in our statements of cash flows. Cash Flow Hedges.Our Automotive sector has designated certain forward and option contracts as cash flow hedges of forecasted transactions with exposure to foreign currency exchange and commodity price risks.During the second half of 2008, all foreign exchange forwards and options previously designated as cash flow hedges of forecasted transactions under critical terms match were de-designated and re-designated under the "long-haul" method using regression analys |
Operating Cash Flows
Operating Cash Flows | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Operating Cash Flows [Abstract] | |
OPERATING CASH FLOWS | NOTE 27.OPERATING CASH FLOWS The reconciliation of Net income/(loss) attributable to Ford Motor Company to cash flows from operating activities of continuing operations is as follows (in millions): 2009 Automotive Financial Services Total* Net income/(loss) attributable to Ford Motor Company $ 1,563 $ 1,154 $ 2,717 (Income)/Loss of discontinued operations (3 ) (2 ) (5 ) Depreciation and special tools amortization 4,094 3,924 8,018 Other amortization 174 (1,261 ) (1,087 ) Impairment charges (depreciation and amortization) 157 154 311 Held-for-sale impairment 650 650 Provision for credit and insurance losses 1,030 1,030 Net (gain)/loss on extinguishment of debt (4,666 ) (71 ) (4,737 ) Net (gain)/loss on investment securities (385 ) (25 ) (410 ) Net (gain)/loss on pension and OPEB curtailment (4 ) (4 ) Net (gain)/loss on settlement of U.S. hourly retiree health care obligation 248 248 Net losses/(earnings) from equity investments in excess of dividends received 1 (7 ) (6 ) Foreign currency adjustments 398 (323 ) 75 Net (gain)/loss on sale of businesses 29 4 33 Stock option expense 27 2 29 Cash changes in operating assets and liabilities were as follows: Provision for deferred income taxes 586 (1,390 ) (804 ) Decrease/(Increase) in accounts receivable and other assets 39 2,205 2,244 Decrease/(Increase) in inventory 2,333 2,333 Increase/(Decrease) in accounts payable and accrued and other liabilities (809 ) (994 ) (1,803 ) Other (341 ) 753 412 Net cash (used in)/provided by operating activities $ 4,091 $ 5,153 $ 9,244 __________ * See Note 1 for a reconciliation of the sum of the sector cash flows from operating activities of continuing operations to the consolidated cash flows from operating activities of continuing operations. 2008 Automotive Financial Services Total* Net income/(loss) attributable to Ford Motor Company $ (13,174 ) $ (1,592 ) $ (14,766 ) (Income)/Loss of discontinued operations (9 ) (9 ) Depreciation and special tools amortization 5,803 7,023 12,826 Other amortization 274 (643 ) (369 ) Impairment charges (depreciation and amortization) 5,318 2,086 7,404 Held-for-sale impairment 421 421 U.S. consolidated dealerships goodwill impairment 88 88 Provision for credit and insurance losses 1,874 1,874 Net (gain)/loss on extinguishment of debt (170 ) (170 ) Net (gain)/loss on investment securities 1,364 12 1,376 Net (gain)/loss on pension and OPEB curtailment (2,714 ) (2,714 ) Net losses/(earnings) from equity investments in excess of dividends received 60 (4 |
Segment Information
Segment Information | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Segment Information [Abstract] | |
SEGMENT INFORMATION | NOTE 28.SEGMENT INFORMATION Our operating activity consists of two operating sectors, Automotive and Financial Services.Segment selection is based on the organizational structure we use to evaluate performance and make decisions on resource allocation, as well as availability and materiality of separate financial results consistent with that structure. Automotive Sector In 2008, we changed the reporting structure of our Automotive sector to separately disclose the following seven segments:1) Ford North America, 2) Ford South America, 3) Ford Europe, 4) Ford Asia Pacific Africa, 5) Volvo, 6)Mazda, and 7) Jaguar Land Rover and Aston Martin.Automotive sector prior period information has been reclassified into these seven segments, and is provided for these segments in the table below.Included in each segment described below are the associated costs to design, develop, manufacture, and service vehicles and parts. Ford North America segment includes primarily the sale of Ford, Lincoln, and Mercury brand vehicles and related service parts in North America (the United States, Canada and Mexico).In the first quarter of 2008, we changed the reporting structure of this segment to include the sale of Mazda6 vehicles by our consolidated subsidiary, AAI (previously included in the results for Ford Asia Pacific Africa).We have reclassified prior period information to reflect this structural change to our segment reporting. Ford South America segment includes primarily the sale of Ford-brand vehicles and related service parts in South America. Ford Europe segment includes primarily the sale of Ford-brand vehicles and related service parts in Europe (including all parts of Turkey and Russia). Ford Asia Pacific Africa segment includes primarily the sale of Ford-brand vehicles and related service parts in the Asia Pacific region and South Africa. The Volvo segment includes primarily the sale of Volvo-brand vehicles and related service parts throughout the world (including in North America, South America, Europe, Asia Pacific, and Africa). The Mazda segment includes the equity income/(loss) associated with our investment in Mazda (33.4% of Mazda's profit after tax before the sale of a portion of our investment in November 2008), as well as certain of our Mazda-related investments.Beginning with the fourth quarter of 2008, our remaining investment in Mazda (approximately 11%) is treated as marketable securities.All mark-to-market adjustments are recorded in Other Automotive. Prior to the sale of these brands, the Jaguar Land Rover and Aston Martin segment included primarily the sale of Jaguar Land Rover and Aston Martin vehicles and related service parts throughout the world (including in North America, South America, Europe, Asia Pacific, and Africa).In May2007 and June2008, respectively, we completed the sale of Aston Martin and Jaguar Land Rover; sales of Aston Martin and Jaguar Land Rover vehicles and related service parts throughout the world are included within this segment for the period until each brand's respective date of sale. The Other Automotive component of the Automotive sector consists primarily of centrally-man |
Geographic Information
Geographic Information | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Geographic Information [Abstract] | |
GEOGRAPHIC INFORMATION | NOTE 29.GEOGRAPHIC INFORMATION The following table includes information for both Automotive and Financial Services sectors (in millions): 2009 2008 2007 Net Sales and Revenues Long-Lived Assets* Net Sales and Revenues Long-Lived Assets* Net Sales and Revenues Long-Lived Assets* North America United States $ 54,377 $ 22,489 $ 60,481 $ 29,158 $ 80,237 $ 37,174 Canada 7,974 5,000 7,964 6,369 9,332 10,280 Mexico/Other 1,336 1,393 2,224 950 2,253 1,054 Total North America 63,687 28,882 70,669 36,477 91,822 48,508 Europe United Kingdom 8,448 2,388 14,406 2,259 16,634 2,899 Germany 7,843 3,468 9,146 3,845 8,239 3,849 Italy 4,529 53 5,052 31 5,537 44 France 3,102 504 3,554 502 3,580 581 Spain 2,174 1,280 3,550 1,223 5,039 1,198 Russia 1,573 240 5,211 221 4,647 166 Belgium 1,460 1,229 2,029 1,330 1,912 1,621 Other 8,976 344 13,286 424 14,203 842 Total Europe 38,105 9,506 56,234 9,835 59,791 11,200 All Other 16,516 3,660 18,211 3,081 18,959 3,871 Total Company $ 118,308 $ 42,048 $ 145,114 $ 49,393 $ 170,572 $ 63,579 __________ * Includes Net investment in operating leases and Net property from our consolidated balance sheet. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Selected Quarterly Financial Data [Abstract] | |
SELECTED QUARTERLY FINANCIAL DATA (unaudited) | NOTE 30.SELECTED QUARTERLY FINANCIAL DATA (unaudited) (In millions, except per share amounts) 2009 2008 First Quarter Second Quarter Third Quarter Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter Automotive Sector Sales $ 21,368 $ 23,989 $ 27,870 $ 32,666 $ 39,117 $ 37,057 $ 27,733 $ 25,258 Operating income/(loss) (2,338 ) (1,568 ) 667 533 552 (5,892 ) (8 ) (3,945 ) Income/(Loss) before income taxes (1,468 ) 1,776 545 359 222 (6,639 ) (732 ) (4,768 ) Financial Services Sector Revenues 3,410 3,200 3,022 2,783 4,175 4,045 4,013 3,716 Income/(Loss) before income taxes (152 ) 595 670 701 64 (2,420 ) 159 (384 ) Total Company Income/(Loss) before income taxes (1,620 ) 2,371 1,215 1,060 286 (9,059 ) (573 ) (5,152 ) Amounts Attributable to Ford Motor Company Common and Class B Shareholders Income/(Loss) from continuing operations before cumulative effects of changes in accounting principles (1,427 ) 2,256 997 886 69 (8,705 ) (161 ) (5,978 ) Net income/(loss) (1,427 ) 2,261 997 886 70 (8,697 ) (161 ) (5,978 ) Common and Class B per share from income/(loss) from continuing operations before cumulative effects of changes in accounting principles Basic (0.60 ) 0.75 0.31 0.27 0.03 (3.89 ) (0.07 ) (2.51 ) Diluted (0.60 ) 0.69 0.29 0.25 0.03 (3.89 ) (0.07 ) (2.51 ) Certain of the quarterly results identified above include material unusual or infrequently occurring items as follows: The pre-tax loss of $1.6billion in the first quarter of 2009 includes a $1.1billion gain (net of transaction costs) related to Ford Credit's acquisition of $2.2billion principal amount of our secured term loan for $1.1billion of cash, a $292million reduction of expense related to a change in benefits and our ability to redeploy employees, and a $650million impairment charge related to our total investment in Volvo. The pre-tax income of $2.4billion in the second quarter of 2009 includes a $2.2billion gain (net of transaction costs, unamortized discounts, premiums and fees) related to Ford Credit's acquisition of $3.4billion principal amount of our public unsecured debt securities for $1.1billion, a $1.2billion gain related to a conversion offer on our 2036Convertible Notes, and a $281million foreign exchange translation loss related to the liquidation of Progress Ford Sales Limited. The pre-tax income of $1.1billion in the fourth quarter of 2009 includes a $310million charge related to the announced closure of our St. Thomas Assembly Plant in Canada, and a $264million charge related |
Commitments and Contingencies
Commitments and Contingencies | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 31.COMMITMENTS AND CONTINGENCIES Guarantees are recorded at fair value at the inception of the guarantee.Litigation and claims are accrued when losses are deemed probable and reasonably estimable. Estimated warranty costs and additional service actions are accrued for at the time the vehicle is sold to a dealer, including costs for basic warranty coverage on vehicles sold, product recalls, and other customer service actions.Fees or premiums for the issuance of extended service plans are recognized in income over the contract period in proportion to the costs expected to be incurred in performing services under the contract. Guarantees At December31,2009 and 2008, the following guarantees and indemnifications were issued and outstanding: Guarantees related to affiliates and third parties.We guarantee debt and lease obligations of certain joint ventures, as well as certain financial obligations of outside third parties including suppliers to support our business and economic growth.Expiration dates vary through 2017, and guarantees will terminate on payment and/or cancellation of the obligation.A payment by us would be triggered by failure of the guaranteed party to fulfill its obligation covered by the guarantee.In some circumstances, we are entitled to recover from the third party amounts paid by us under the guarantee.However, our ability to enforce these rights is sometimes stayed until the guaranteed party is paid in full, and may be limited in the event of insolvency of the third party or other circumstances.Maximum potential payments under guarantees total $215million for 2009 and $206million for 2008.The carrying value of our recorded liabilities related to guarantees was $30million and $24 million at December31,2009 and 2008, respectively.Our performance risk under these guarantees is reviewed regularly, and has resulted in no changes to our initial valuations. In December2005, we completed the sale of Hertz.As part of this transaction, we provided cash-collateralized letters of credit in an aggregate amount of $200million to support the asset-backed portion of the buyer's financing for the transaction.Our commitment to provide the letters of credit expires no later than December21,2011 and supports the payment obligations of Hertz Vehicle Finance LLC under one or more series of asset-backed notes.The letters of credit can be drawn upon on any date funds allocated to pay interest on the asset-backed notes are insufficient to pay scheduled interest payments, principal amounts due on the legal final maturity date, or when the balance of assets supporting the asset-backed notes is less than the outstanding balance of the asset-backed notes.The carrying value of our deferred gain related to the letters of credit was $9million and $14million at December31,2009 and 2008, respectively.We believe future performance under these letters of credit is remote. Indemnifications.In the ordinary course of business, we execute contracts involving indemnifications standard in the industry and indemnifications specific to a transaction, such as the sale of a business.These indemnifications might include claims relating to any |
Schedule of Valuation and Quali
Schedule of Valuation and Qualifying Accounts | |
12 Months Ended
Dec. 31, 2009 USD / shares | |
Schedule Of Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Schedule II Valuation and Qualifying Accounts (in millions) Description Balance at Beginning of Period Charged to Costs and Expenses Deductions Balance at End of Period For the Year Ended December 31, 2009 Allowances deducted from assets Credit losses $ 1,681 $ 977 $ 1,093 (a) $ 1,565 Doubtful receivables (b) 204 291 (4 ) (c) 499 Inventories (primarily service part obsolescence) (b) 280 (14 ) (d) 266 Deferred tax assets 17,268 183 (f) 17,451 Total allowances deducted from assets $ 19,433 $ 1,437 $ 1,089 $ 19,781 For the Year Ended December 31, 2008 Allowances deducted from assets Credit losses $ 1,102 $ 1,773 $ 1,194 (a) $ 1,681 Doubtful receivables (b) 175 55 26 (c) 204 Inventories (primarily service part obsolescence) (b) 309 (29 ) (d) 280 Deferred tax assets (e) 7,988 9,280 (f) 17,268 Total allowances deducted from assets $ 9,574 $ 11,079 $ 1,220 $ 19,433 For the Year Ended December 31, 2007 Allowances deducted from assets Credit losses $ 1,121 $ 592 $ 611 (a) $ 1,102 Doubtful receivables (b) 154 6 (15 ) (c) 175 Inventories (primarily service part obsolescence) (b) 350 (41 ) (d) 309 Deferred tax assets (e) 7,293 695 (f) 7,988 Total allowances deducted from assets $ 8,918 $ 1,252 $ 596 $ 9,574 __________ (a) Finance receivables and lease investments deemed to be uncollectible and other changes, principally amounts related to finance receivables sold and translation adjustments. (b) Excludes Jaguar Land Rover and Volvo. (c) Accounts and notes receivable deemed to be uncollectible as well as translation adjustments. (d) Net change in inventory allowances.Excludes Jaguar Land Rover and Volvo (e) Includes Jaguar Land Rover. (f) Includes $1.1billion, $1.1billion, and $156million in 2009, 2008, and 2007, respectively, of valuation allowance for deferred tax assets through Accumulated other comprehensive income/(loss) and $(879)million, $8.2billion, and $539million in 2009, 2008, and 2007, respectively, of valuation allowance for deferred tax assets through the statement of operations. |
DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION (USD $) | |||
12 Months Ended
Dec. 31, 2009 | Feb. 12, 2010
| Jun. 30, 2009
| |
Document Information | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | 2009-12-31 | ||
Entity Information | |||
Entity Registrant Name | FORD MOTOR CO | ||
Entity Central Index Key | 0000037996 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $19,118,478,708 | ||
Entity Common Stock, Shares Outstanding | 3,297,413,605 | ||
Trading Symbol | F | ||
Class B Stock | |||
Entity Information | |||
Entity Common Stock, Shares Outstanding | 70,852,076 |