CONSOLIDATED AND SECTOR STATEME
CONSOLIDATED AND SECTOR STATEMENT OF OPERATIONS (USD $) | ||
In Millions, except Per Share data | 3 Months Ended
Mar. 31, 2010 | 3 Months Ended
Mar. 31, 2009 |
Sales and revenues | ||
Automotive sales | $28,894 | $20,980 |
Financial Services revenues | 2,672 | 3,410 |
Total sales and revenues | 31,566 | 24,390 |
Costs and expenses | ||
Automotive cost of sales | 25,139 | 21,413 |
Selling, administrative and other expenses | 3,089 | 3,692 |
Interest expense | 1,701 | 1,921 |
Financial Services provision for credit and insurance losses | (41) | 402 |
Total costs and expenses | 29,888 | 27,428 |
Automotive interest income and other non-operating income/(expense), net (Note 10) | 189 | 1,352 |
Financial Services other income/(loss), net (Note 10) | 126 | 113 |
Equity in net income/(loss) of affiliated companies | 142 | (89) |
Income/(Loss) before income taxes | 2,135 | (1,662) |
Provision for/(Benefit from) income taxes | 50 | (227) |
Income/(Loss) from continuing operations | 2,085 | (1,435) |
Income/(Loss) from discontinued operations | ||
Net income/(loss) | 2,085 | (1,435) |
Less: Income/(Loss) attributable to noncontrolling interests | (8) | |
Net income/(loss) | 2,085 | (1,427) |
NET INCOME/(LOSS) ATTRIBUTABLE TO FORD MOTOR COMPANY | ||
Income/(Loss) from continuing operations | 2,085 | (1,427) |
Income/(Loss) from discontinued operations | ||
Net income/(loss) | 2,085 | (1,427) |
Basic income/(loss) | ||
Income/(Loss) from continuing operations | 0.62 | -0.6 |
Income/(Loss) from discontinued operations | ||
Net income/(loss) | 0.62 | -0.6 |
Diluted income/(loss) | ||
Income/(Loss) from continuing operations | 0.5 | -0.6 |
Income/(Loss) from discontinued operations | ||
Net income/(loss) | 0.5 | -0.6 |
Automotive [Member] | ||
Sales and revenues | ||
Automotive sales | 28,894 | 20,980 |
Costs and expenses | ||
Automotive cost of sales | 25,139 | 21,413 |
Selling, administrative and other expenses | 2,220 | 2,009 |
Total costs and expenses | 27,359 | 23,422 |
Operating income/(loss) | 1,535 | (2,442) |
Interest expense | 542 | 469 |
Automotive interest income and other non-operating income/(expense), net (Note 10) | 189 | 1,352 |
Equity in net income/(loss) of affiliated companies | 138 | 49 |
Income/(Loss) before income taxes | 1,320 | (1,510) |
Financial Services [Member] | ||
Sales and revenues | ||
Financial Services revenues | 2,672 | 3,410 |
Costs and expenses | ||
Interest expense | 1,159 | 1,452 |
Depreciation | 660 | 1,435 |
Operating and other expenses | 209 | 248 |
Financial Services provision for credit and insurance losses | (41) | 402 |
Total costs and expenses | 1,987 | 3,537 |
Financial Services other income/(loss), net (Note 10) | 126 | 113 |
Equity in net income/(loss) of affiliated companies | 4 | (138) |
Income/(Loss) before income taxes | $815 | ($152) |
CONSOLIDATED AND SECTOR BALANCE
CONSOLIDATED AND SECTOR BALANCE SHEET (USD $) | |||||||||||||||||||
In Millions | Mar. 31, 2010
| Dec. 31, 2009
| |||||||||||||||||
ASSETS | |||||||||||||||||||
Cash and cash equivalents | $24,356 | $20,894 | |||||||||||||||||
Marketable securities | 21,883 | 21,387 | |||||||||||||||||
Finance receivables, net (Note 4) | 73,837 | 76,996 | |||||||||||||||||
Other receivables, net | 6,925 | 7,257 | |||||||||||||||||
Net investment in operating leases | 15,818 | 17,270 | |||||||||||||||||
Inventories (Note 5) | 6,292 | 5,041 | |||||||||||||||||
Equity in net assets of affiliated companies | 2,544 | 2,428 | |||||||||||||||||
Net property | 22,826 | 22,637 | |||||||||||||||||
Deferred income taxes | 2,861 | 3,479 | |||||||||||||||||
Goodwill and other net intangible assets (Note 7) | 192 | 208 | |||||||||||||||||
Assets of held-for-sale operations (Note 12) | 8,076 | 7,618 | |||||||||||||||||
Other assets | 6,358 | 6,825 | |||||||||||||||||
Total assets | 191,968 | 192,040 | |||||||||||||||||
LIABILITIES | |||||||||||||||||||
Payables | 15,611 | 14,301 | |||||||||||||||||
Accrued liabilities and deferred revenue | 44,445 | 46,144 | |||||||||||||||||
Debt (Note 9) | 130,105 | 131,635 | |||||||||||||||||
Deferred income taxes | 1,600 | 2,421 | |||||||||||||||||
Liabilities of held-for-sale operations (Note 12) | 5,644 | 5,321 | |||||||||||||||||
Total liabilities | 197,405 | 199,822 | |||||||||||||||||
EQUITY | |||||||||||||||||||
Capital in excess of par value of stock | 17,382 | 16,786 | |||||||||||||||||
Accumulated other comprehensive income/(loss) | (11,199) | (10,864) | |||||||||||||||||
Treasury stock | (178) | (177) | |||||||||||||||||
Retained earnings/(Accumulated deficit) | (11,514) | (13,599) | |||||||||||||||||
Total equity/(deficit) attributable to Ford Motor Company (Note 17) | (5,475) | (7,820) | |||||||||||||||||
Equity/(Deficit) attributable to noncontrolling interests (Note 17) | 38 | 38 | |||||||||||||||||
Total equity/(deficit) (Note 17) | (5,437) | (7,782) | |||||||||||||||||
Total liabilities and equity | 191,968 | 192,040 | |||||||||||||||||
Variable Interest Entities [Member] | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Cash and cash equivalents | 5,117 | [1] | 4,922 | [1] | |||||||||||||||
Finance receivables, net (Note 4) | 54,471 | [1] | 57,353 | [1] | |||||||||||||||
Other receivables, net | 25 | [1] | 34 | [1] | |||||||||||||||
Net investment in operating leases | 10,765 | [1] | 10,246 | [1] | |||||||||||||||
Inventories (Note 5) | 22 | [1] | 106 | [1] | |||||||||||||||
Net property | 31 | [1] | 154 | [1] | |||||||||||||||
Other assets | 39 | [1] | 56 | [1] | |||||||||||||||
LIABILITIES | |||||||||||||||||||
Payables | 22 | [1] | 23 | [1] | |||||||||||||||
Accrued liabilities and deferred revenue | 504 | [1] | 560 | [1] | |||||||||||||||
Debt (Note 9) | 47,929 | [1] | 46,167 | [1] | |||||||||||||||
Automotive [Member] | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Cash and cash equivalents | 12,801 | 9,762 | |||||||||||||||||
Marketable securities | 12,491 | 15,169 | |||||||||||||||||
Total cash and marketable securities | 25,292 | 24,931 | |||||||||||||||||
Receivables, net | 3,332 | 3,378 | |||||||||||||||||
Inventories (Note 5) | 6,292 | 5,041 | |||||||||||||||||
Deferred income taxes | 493 | 479 | |||||||||||||||||
Other current assets | 2,797 | 2,832 | |||||||||||||||||
Current receivable from Financial Services | 2,834 | 2,568 | |||||||||||||||||
Total current assets | 41,040 | 39,229 | |||||||||||||||||
Equity in net assets of affiliated companies | 2,420 | 2,307 | |||||||||||||||||
Net property | 22,655 | 22,455 | |||||||||||||||||
Deferred income taxes | 5,600 | 5,660 | |||||||||||||||||
Goodwill and other net intangible assets (Note 7) | 183 | 199 | |||||||||||||||||
Assets of held-for-sale operations (Note 12) | 8,076 | 7,618 | |||||||||||||||||
Other assets | 1,726 | 1,650 | |||||||||||||||||
Non-current receivable from Financial Services | 256 | ||||||||||||||||||
Total assets | 81,956 | 79,118 | |||||||||||||||||
LIABILITIES | |||||||||||||||||||
Trade payables | 11,898 | 10,599 | |||||||||||||||||
Other payables | 2,480 | 2,466 | |||||||||||||||||
Accrued liabilities and deferred revenue | 17,642 | 18,138 | |||||||||||||||||
Deferred income taxes | 2,949 | 3,091 | |||||||||||||||||
Debt payable within one year (Note 9) | 5,009 | 1,638 | |||||||||||||||||
Total current liabilities | 39,978 | 35,932 | |||||||||||||||||
Long-term debt (Note 9) | 29,242 | 31,972 | |||||||||||||||||
Other liabilities | 22,337 | 23,132 | |||||||||||||||||
Deferred income taxes | 524 | 561 | |||||||||||||||||
Liabilities of held-for-sale operations (Note 12) | 5,644 | 5,321 | |||||||||||||||||
Total liabilities | 97,725 | 96,918 | |||||||||||||||||
Financial Services [Member] | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Cash and cash equivalents | 11,555 | 11,132 | |||||||||||||||||
Marketable securities | 9,824 | 6,864 | |||||||||||||||||
Finance receivables, net (Note 4) | 77,439 | 80,885 | |||||||||||||||||
Net investment in operating leases | 13,780 | 15,062 | |||||||||||||||||
Equity in net assets of affiliated companies | 124 | 121 | |||||||||||||||||
Goodwill and other net intangible assets (Note 7) | 9 | 9 | |||||||||||||||||
Other assets | 4,330 | 5,039 | |||||||||||||||||
Total assets | 117,061 | 119,112 | |||||||||||||||||
LIABILITIES | |||||||||||||||||||
Payables | 1,233 | 1,236 | |||||||||||||||||
Debt (Note 9) | 96,286 | 98,671 | |||||||||||||||||
Deferred income taxes | 1,644 | 1,735 | |||||||||||||||||
Other liabilities and deferred income | 4,476 | 4,884 | |||||||||||||||||
Payable to Automotive | 3,090 | 2,568 | |||||||||||||||||
Total liabilities | 106,729 | 109,094 | |||||||||||||||||
Intersector [Member] | |||||||||||||||||||
ASSETS | |||||||||||||||||||
Intersector elimination | (3,532) | (3,224) | |||||||||||||||||
Total assets | 195,485 | 195,006 | |||||||||||||||||
LIABILITIES | |||||||||||||||||||
Intersector elimination | (3,532) | (3,224) | |||||||||||||||||
Total liabilities | 200,922 | 202,788 | |||||||||||||||||
EQUITY | |||||||||||||||||||
Total liabilities and equity | 195,485 | 195,006 | |||||||||||||||||
Common Stock [Member] | |||||||||||||||||||
EQUITY | |||||||||||||||||||
Common stock | 33 | 33 | |||||||||||||||||
Class B Stock [Member] | |||||||||||||||||||
EQUITY | |||||||||||||||||||
Common stock | $1 | $1 | |||||||||||||||||
[1]The following table includes assets to be used to settle liabilities of the consolidated variable interest entities ("VIEs"). These assets and liabilities are included in the consolidated balance sheet above. See Note 6 for additional information on our VIEs. |
1_CONSOLIDATED AND SECTOR BALAN
CONSOLIDATED AND SECTOR BALANCE SHEET PARENTHETICAL (USD $) | |
Share data in Millions, except Per Share data | Mar. 31, 2010
Common Stock [Member] |
Common Stock [Member] | |
EQUITY | |
Common Stock, par value (in dollars per share) | 0.01 |
Common Stock, shares issued (in shares) | 3,345 |
Class B Stock [Member] | |
EQUITY | |
Common Stock, par value (in dollars per share) | 0.01 |
Common Stock, shares issued (in shares) | 71 |
2_CONSOLIDATED AND SECTOR STATE
CONSOLIDATED AND SECTOR STATEMENT OF CASH FLOWS (USD $) | ||
In Millions | 3 Months Ended
Mar. 31, 2010 | 3 Months Ended
Mar. 31, 2009 |
Cash flows from operating activities of continuing operations | ||
Net cash (used in)/provided by operating activities | $2,683 | $4,016 |
Cash flows from investing activities of continuing operations | ||
Capital expenditures | (1,068) | (1,069) |
Acquisitions of retail and other finance receivables and operating leases | (6,979) | (6,032) |
Collections of retail and other finance receivables and operating leases | 9,602 | 10,047 |
Purchases of securities | (18,341) | (22,002) |
Sales and maturities of securities | 17,987 | 19,071 |
Settlements of derivatives | 46 | 1,163 |
Proceeds from sale of businesses | 166 | |
Cash change due to deconsolidation of joint ventures | (343) | |
Other | (80) | (336) |
Net cash (used in)/provided by investing activities | 1,167 | 665 |
Cash flows from financing activities of continuing operations | ||
Sales of Common Stock | 530 | |
Changes in short-term debt | (1,042) | (3,869) |
Proceeds from issuance of other debt | 8,827 | 15,410 |
Principal payments on other debt | (8,506) | (16,355) |
Other | 79 | (87) |
Net cash (used in)/provided by financing activities | (112) | (4,901) |
Effect of exchange rate changes on cash | (276) | (310) |
Cumulative correction of Financial Services prior-period error | (630) | |
Net increase/(decrease) in cash and cash equivalents from continuing operations | 3,462 | (1,160) |
Cash flows from discontinued operations | ||
Cash flows from operating activities of discontinued operations | ||
Cash flows from investing activities of discontinued operations | ||
Cash flows from financing activities of discontinued operations | ||
Net increase/(decrease) in cash and cash equivalents | 3,462 | (1,160) |
Cash and cash equivalents at January 1 | 20,894 | 21,804 |
Cash and cash equivalents of discontinued/held-for-sale operations at January 1 | ||
Net increase/(decrease) in cash and cash equivalents | 3,462 | (1,160) |
Less: Cash and cash equivalents of discontinued/held-for-sale operations at March 31 | ||
Cash and cash equivalents at March 31 | 24,356 | 20,644 |
Automotive [Member] | ||
Cash flows from operating activities of continuing operations | ||
Net cash (used in)/provided by operating activities | 603 | (2,410) |
Cash flows from investing activities of continuing operations | ||
Capital expenditures | (1,064) | (1,064) |
Purchases of securities | (9,102) | (17,513) |
Sales and maturities of securities | 11,917 | 13,352 |
Settlements of derivatives | (128) | 242 |
Proceeds from sale of businesses | 1 | |
Cash change due to deconsolidation of joint ventures | (343) | |
Other | (7) | (327) |
Net cash (used in)/provided by investing activities | 1,616 | (5,652) |
Cash flows from financing activities of continuing operations | ||
Sales of Common Stock | 530 | |
Changes in short-term debt | 269 | 359 |
Proceeds from issuance of other debt | 310 | 10,138 |
Principal payments on other debt | (117) | (150) |
Other | 116 | (72) |
Net cash (used in)/provided by financing activities | 1,108 | 10,275 |
Effect of exchange rate changes on cash | (80) | (102) |
Net change in intersector receivables/payables and other liabilities | (208) | (590) |
Net increase/(decrease) in cash and cash equivalents from continuing operations | 3,039 | 1,521 |
Cash flows from discontinued operations | ||
Cash flows from operating activities of discontinued operations | ||
Cash flows from investing activities of discontinued operations | ||
Cash flows from financing activities of discontinued operations | ||
Net increase/(decrease) in cash and cash equivalents | 3,039 | 1,521 |
Cash and cash equivalents at January 1 | 9,762 | 6,132 |
Cash and cash equivalents of discontinued/held-for-sale operations at January 1 | ||
Net increase/(decrease) in cash and cash equivalents | 3,039 | 1,521 |
Less: Cash and cash equivalents of discontinued/held-for-sale operations at March 31 | ||
Cash and cash equivalents at March 31 | 12,801 | 7,653 |
Financial Services [Member] | ||
Cash flows from operating activities of continuing operations | ||
Net cash (used in)/provided by operating activities | 1,488 | 1,911 |
Cash flows from investing activities of continuing operations | ||
Capital expenditures | (4) | (5) |
Acquisitions of retail and other finance receivables and operating leases | (6,979) | (6,032) |
Collections of retail and other finance receivables and operating leases | 9,673 | 10,124 |
Net (acquisitions)/collections of wholesale receivables | 521 | 4,438 |
Purchases of securities | (9,239) | (5,544) |
Sales and maturities of securities | 6,284 | 5,854 |
Settlements of derivatives | 174 | 921 |
Proceeds from sale of businesses | 165 | |
Other | (73) | (9) |
Net cash (used in)/provided by investing activities | 357 | 9,912 |
Cash flows from financing activities of continuing operations | ||
Changes in short-term debt | (1,311) | (4,228) |
Proceeds from issuance of other debt | 8,517 | 5,272 |
Principal payments on other debt | (8,603) | (15,285) |
Other | (37) | (15) |
Net cash (used in)/provided by financing activities | (1,434) | (14,256) |
Effect of exchange rate changes on cash | (196) | (208) |
Net change in intersector receivables/payables and other liabilities | 208 | 590 |
Cumulative correction of Financial Services prior-period error | (630) | |
Net increase/(decrease) in cash and cash equivalents from continuing operations | 423 | (2,681) |
Cash flows from discontinued operations | ||
Cash flows from operating activities of discontinued operations | ||
Cash flows from investing activities of discontinued operations | ||
Cash flows from financing activities of discontinued operations | ||
Net increase/(decrease) in cash and cash equivalents | 423 | (2,681) |
Cash and cash equivalents at January 1 | 11,132 | 15,672 |
Cash and cash equivalents of discontinued/held-for-sale operations at January 1 | ||
Net increase/(decrease) in cash and cash equivalents | 423 | (2,681) |
Less: Cash and cash equivalents of discontinued/held-for-sale operations at March 31 | ||
Cash and cash equivalents at March 31 | $11,555 | $12,991 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (USD $) | ||
In Millions | 3 Months Ended
Mar. 31, 2010 | 3 Months Ended
Mar. 31, 2009 |
Net income/(loss) | $2,085 | ($1,435) |
Other comprehensive income/(loss), net of tax: | ||
Foreign currency translation | (489) | (447) |
Net gain/(loss) on derivative instruments | (1) | (87) |
Employee benefit-related | 157 | (5) |
Net holding gain/(loss) | (2) | (1) |
Total other comprehensive income/(loss), net of tax | (335) | (540) |
Comprehensive income/(loss) | 1,750 | (1,975) |
Less: Comprehensive income/(loss) attributable to noncontrolling interests (Note 17) | (8) | |
Comprehensive income/(loss) attributable to Ford Motor Company | $1,750 | ($1,967) |
Principles of Presentation and
Principles of Presentation and Consolidation | |
3 Months Ended
Mar. 31, 2010 | |
Principles of Presentation and Consolidation [Abstract] | |
PRINCIPLES OF PRESENTATION AND CONSOLIDATION | NOTE 1.PRINCIPLES OF PRESENTATION AND CONSOLIDATION Our financial statements are presented in accordance with generally accepted accounting principles ("GAAP") in the United States for interim financial information, and instructions to the Quarterly Report on Form 10-Q and Rule10-01 of Regulation S-X.We show certain of our financial statements on both a consolidated and a sector basis for our Automotive and Financial Services sectors.All intercompany items and transactions have been eliminated in both the consolidated and sector basis financial statements.Reconciliations of certain line items are explained below in this Note, where the presentation of these intercompany eliminations or consolidated adjustments differs between the consolidated and sector financial statements. In the opinion of management, these unaudited financial statements reflect a fair statement of the results of operations and financial condition of Ford Motor Company and its consolidated subsidiaries and consolidated VIEs of which we are the primary beneficiary for the periods and at the dates presented. The operating results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. Reference should be made to the financial statements contained in our Annual Report on Form 10-K for the year ended December31,2009,updatedby the revised disclosures in Exhibit 99 to our Current Report on Form 8-K dated May7,2010 showing retrospective application of the new accounting standard on VIE consolidation effective January1,2010 ("2009Form 10-K Report"). 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 VIEs of which we are the primary beneficiary, unless the context requires otherwise. All held-for-sale assets and liabilities are excluded from the footnotes unless otherwise noted. See Note 12 for details of held-for-sale operations. 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. Adoption of New Accounting Standards Fair Value Measurements.We adopted the new accounting standard on fair value measurements on January1,2010 which both requires new disclosures and clarifies existing disclosure requirements.The standard requires a greater level of disaggregated information in the fair value hierarchy and expands disclosures about valuation techniques and inputs to measure fair value.Refer to Note 2 for further information regarding our fair value measurements. Transfers of Financial Assets.On January 1, 2010, we adopted the new accounting standard related to transfers of financial assets.The standard provides greater transparency about transfers of financial assets and a company's continuing involvement in the transferred financial assets.Th |
Fair Value Measurements
Fair Value Measurements | |
3 Months Ended
Mar. 31, 2010 | |
Fair Value Measurements [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 2.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 and retained interest in securitized assets.Assets and liabilities measured at fair value on a recurring basis for disclosure only include finance receivables and debt.Fair value of these items are presented together with the related carrying value in Notes 4 and 9, respectively.Assets and liabilities measured at fair value on a recurring basis vary based on specific circumstances such as impairments. 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.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, Cash Equivalents and Marketable Securities.Cash and all highly liquid investments with a maturity of 90days or less at date of purchase are classified as Cash and cash equivalents. Investments in securities with a maturity date greater than 90 days at the date of purchase are classified as Marketable securities.Cash on hand, time deposits, certificates of deposit, and money market accounts are reported at par value, which approximates fair value. For other investment securities, we generally measure fair value based on a market approach using prices obtained from pricing services. We review all pricing data for reasonability and observability of inputs. Pricing methodologies and inputs to valuation models used by the pricing services depend on the security type (i.e., asset class).Where possible, fair values are generated using market inputs including quoted prices (the closing price in an exchange market), bid prices (the price at which a dealer stands ready to purchase) and other market information.For securities that are not actively traded, the pricing services obtain quotes for similar fixed-income securities or utilize matrix pricing, benchmark curves or other factors to determine fair value. In certain cases, when observable pricing data is not available, we estimate the fair val |
Cash and Restricted Cash
Cash and Restricted Cash | |
3 Months Ended
Mar. 31, 2010 | |
Cash and Restricted Cash [Abstract] | |
CASH AND RESTRICTED CASH | NOTE 3.CASH AND RESTRICTED CASH Cash and cash equivalents that are restricted as to withdrawal or usage under the terms of certain contractual agreements are recorded as restricted in Other assets on our consolidated balancesheet. Our Automotive sector restricted cash balances primarily include cash collateral required for letters of credit related to the sale of Hertz (see Note 16), cash collateral posted with counterparties related to derivatives (see Note 14) and cash collateral for bank guarantees.Additionally, restricted cash includes various escrow agreements related to insurance, customs, environmental matters and contractual obligations related to the sale or disposition of a business.Our Financial Services sector restricted cash balances primarily include cash collateral required to be held against loans with the European Investment Bank and cash held to meet certain local governmental and regulatoryreserve requirements. Restricted cash does not include required minimum balances, or cash securing debt issued through securitization transactions ("securitization cash").See Note 9 for discussion of the minimum balance requirement related to the secured credit agreement that we initially entered into in December 2006, and securitization cash. Restricted Cash Restricted cash reflected on our balance sheet is as follows (in millions): March 31, 2010 December 31, 2009 Automotive sector $ 736 $ 777 Financial Services sector 408 335 Total Company $ 1,144 $ 1,112 |
Finance Receivables - Financial
Finance Receivables - Financial Services Sector | |
3 Months Ended
Mar. 31, 2010 | |
Finance Receivables - Financial Services Sector [Abstract] | |
FINANCE RECEIVABLES - FINANCIAL SERVICES SECTOR | NOTE 4.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. Net finance receivables were as follows (in millions): March 31, 2010 December 31, 2009 Retail (including direct financing leases) $ 55,574 $ 58,229 Wholesale 21,456 22,370 Other finance receivables 3,638 3,611 Total finance receivables 80,668 84,210 Unearned interest supplements (2,048 ) (1,994 ) Allowance for credit losses (1,196 ) (1,351 ) Other 15 20 Finance receivables, net sector balance sheet $ 77,439 $ 80,885 Finance receivables, net, subject to fair value $ 72,879 $ 76,991 Fair value $ 74,251 $ 76,066 Finance receivables, net sector balance sheet $ 77,439 $ 80,885 Reclassification of receivables purchased from Automotive sector to Other receivables, net (3,602 ) (3,889 ) Finance receivables, net consolidated balance sheet $ 73,837 $ 76,996 |
Inventories
Inventories | |
3 Months Ended
Mar. 31, 2010 | |
Inventories [Abstract] | |
INVENTORIES | NOTE 5.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 35% and 31% of inventories at March 31,2010 and December 31, 2009, respectively.Cost of other inventories is determined on a first-in, first-out ("FIFO") basis. Inventories are summarized as follows (in millions): March 31, 2010 December 31, 2009 Raw materials, work-in-process and supplies $ 2,816 $ 2,456 Finished products 4,276 3,383 Total inventories under first-in, first-out method ("FIFO") 7,092 5,839 Less: Last-in, first-out method ("LIFO") adjustment (800 ) (798 ) Total inventories $ 6,292 $ 5,041 |
Variable Interest Entities
Variable Interest Entities | |
3 Months Ended
Mar. 31, 2010 | |
Variable Interest Entities [Abstract] | |
VARIABLE INTEREST ENTITIES | NOTE 6.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 has both the power to direct the activities that most significantly impact the entity's economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the VIE. If we determine that we have operating power and the obligation to absorb losses or receive benefits, we consolidate the VIE as the primary beneficiary, and if not, we do not consolidate.Our involvement constitutes power that is most significant to the entity when we have unconstrained decision-making ability over key operational functions within the entity or we have the ability to exercise discretion in the servicing of financial assets related to securitization entities. 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.Conversely, liabilities recognized as a result of consolidating these VIEs do not represent additional claims on our general assets; rather, they represent claims against the specific assets of the consolidated VIEs. Automotive Sector VIEs of which we are the primary beneficiary: At March 31, 2010, we have one VIE of which we are the primary beneficiary: Tekfor Cologne GmbH ("Tekfor") is a 50/50 joint venture with Neumayer Tekfor GmbH. Tekfor produces transmission and chassis components for use in our vehicles. We provide financial support to Tekfor in the form of a revolving loan agreement. This loan is being used by Tekfor to refinance external debt. At December 31, 2009, in addition to Tekfor, we held interests in certain dealerships in North America. During the first quarter of 2009 we consolidated 64 dealerships as part of our Dealer Development Program. As we sold our ownership interest and liquidated certain other dealerships, that number was reduced during the year to 13 at December 31, 2009. In the first quarter of 2010, we acquired the remaining outside ownership interest and now consolidate the dealerships under the voting interest model. The total consolidated VIE assets and liabilities reflected on our balance sheet are as follows (in millions): Assets March 31, 2010 December 31, 2009 Cash and cash equivalents $ 4 $ 27 Other receivables, net 25 34 Inventories 22 106 Net property 31 154 Other assets 1 Total assets $ 82 $ 322 Liabilities Payables $ 22 $ 23 Accrued liabilities and deferred revenue 32 Debt 14 Total liabilities $ 22 $ 69 The financial performance of Tekfor reflected on our statement of operations at March 31, 2010 includes sales of $15million and cost of sales |
Goodwill and Other Net Intangib
Goodwill and Other Net Intangible Assets | |
3 Months Ended
Mar. 31, 2010 | |
Goodwill and Other Net Intangible Assets [Abstract] | |
GOODWILL AND OTHER NET INTANGIBLES | NOTE 7.GOODWILL AND OTHER NET INTANGIBLE ASSETS The components of goodwill and other net intangible assets are as follows (in millions): March 31, 2010 December 31, 2009 Gross Carrying Amount Less: Accumulated Amortization Net Carrying Amount Gross Carrying Amount Less: Accumulated Amortization Net Carrying Amount Automotive Sector Ford Europe goodwill $ 32 $ $ 32 $ 34 $ $ 34 Manufacturing and production incentive rights 297 (241 ) 56 305 (228 ) 77 License and advertising agreements 96 (34 ) 62 96 (32 ) 64 Other intangible assets 74 (41 ) 33 74 (50 ) 24 Total Automotive sector 499 (316 ) 183 509 (310 ) 199 Financial Services Sector Ford Credit goodwill 9 9 9 9 Other intangible assets 1 (1 ) 1 (1 ) Total Financial Services sector 10 (1 ) 9 10 (1 ) 9 Total Company $ 509 $ (317 ) $ 192 $ 519 $ (311 ) $ 208 Changes in the goodwill balances are primarily attributable to the impact of foreign currency translation.We also have goodwill recorded within Equity in net assets of affiliated companies of $34million at March31,2010 and December31,2009. Our intangible assets are comprised primarily of manufacturing and production incentive rights acquired in 2006 with a useful life of 4years, license and advertising agreements with amortization periods of 5years to 25years, and other intangibles with various amortization periods (primarily patents, customer contracts, technology, and land rights). Pre-tax amortization expense was as follows for the period ending March 31 (in millions): 2010 2009 Pre-tax amortization expense $ 23 $ 18 Amortization for current intangible assets is forecasted to be approximately $80million to $90million in 2010, $10million in 2011 through 2014, and $7 million thereafter. |
Retirement Benefits
Retirement Benefits | |
3 Months Ended
Mar. 31, 2010 | |
Retirement Benefits [Abstract] | |
RETIREMENT BENEFITS | NOTE 8.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. Pension and OPEB expense is summarized as follows (in millions): First Quarter Pension Benefits U.S. Plans Non-U.S. Plans OPEB 2010 2009 2010 2009 2010 2009 Service cost $ 94 $ 86 $ 85 $ 68 $ 14 $ 102 Interest cost 631 674 325 292 84 223 Expected return on assets (791 ) (822 ) (347 ) (303 ) (33 ) Amortization of: Prior service costs/(credits) 93 94 19 19 (154 ) (227 ) (Gains)/Losses and Other 2 2 65 37 24 21 Separation programs 3 7 4 30 2 (Gain)/Loss from curtailment (2 ) Net expense/(income) $ 32 $ 41 $ 151 $ 143 $ (32 ) $ 86 Plan Contributions Our policy for funded plans is to contribute annually, at a minimum, amounts required by applicable laws and regulations.From time to time, we make contributions beyond those legally required. Pension.In the first quarter of 2010, we contributed $500 million to our worldwide pension plans (including Volvo), including $100million of benefit payments paid directly by the Company for unfunded plans.We expect to contribute from Automotive cash and cash equivalents an additional $1billion in 2010, including $300million of benefit payments paid directly by the Company for unfunded plans, for a total of $1.5billion this year (excluding any purchase price adjustment for pension plans at closing in connection with the sale of Volvo).Based on current assumptions and regulations, we do not expect to have a legal requirement to fund our major U.S. pension plans in 2010. |
Debt and Commitments
Debt and Commitments | |
3 Months Ended
Mar. 31, 2010 | |
Debt and Commitments [Abstract] | |
DEBT AND COMMITMENTS | NOTE 9.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, our Financial Services sector 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 outstanding is shown below (in millions): March 31, 2010 December 31, 2009 Automotive Sector Debt payable within one year Short-term (a) $ 739 $ 502 Long-term payable within one year Public unsecured debt securities 334 334 Notes due to UAW Retiree Medical Benefits Trust (the "UAW VEBA Trust") unsecured portion (b) 859 859 Secured term loan 77 77 Secured revolving loan 3,000 Other debt (a) 166 199 Unamortized discount (166 ) (333 ) Total debt payable within one year 5,009 1,638 Long-term debt payable after one year Public unsecured debt securities 5,260 5,260 Convertible notes 3,454 3,454 Subordinated convertible debentures 3,173 3,124 Secured term loan 5,165 5,184 Secured revolving loan 4,527 7,527 Notes due to UAW VEBA Trust (b) Unsecured portion 6,720 6,720 Secured portion 3,000 3,000 U.S. Department of Energy loans 1,475 1,221 Other debt 688 727 Unamortized discount (4,220 ) (4,245 ) Total long-term debt payable after one year 29,242 31,972 Total Automotive sector $ 34,251 $ 33,610 Fair value of debt $ 33,305 $ 30,492 Financial Services Sector Short-term debt Asset-backed commercial paper $ 6,468 $ 6,369 Other asset-backed short-term debt 2,603 4,482 Ford Interest Advantage (c) 4,178 3,680 Other short-term debt 879 1,088 Total short-term debt 14,128 15,619 Long-term debt Unsecured debt Notes payable within one year 8,825 7,338 Notes payable after one year 29,799 33,888 Asset-backed debt Notes payable within one year 19,652 18,962 Notes payable after one year 24,102 23,163 Unamortized discount (478 ) (530 ) Fair value adjustments (d) 258 231 Total long-term debt 82,158 83,052 Total Financial Services sector $ 96,286 $ 98,671 Fair value of debt $ 98,580 $ 100,231 Total Automotive and Financial Services sectors $ 130,537 $ 132,281 Intersector eliminat |
Other Income
Other Income (Loss) | |
3 Months Ended
Mar. 31, 2010 | |
Other Income (Loss) [Abstract] | |
OTHER INCOME/(LOSS) | NOTE 10.OTHER INCOME/(LOSS) Automotive Sector The following table summarizes amounts included in Automotive interest income and other non-operating income/(expense), net for the periods ending March 31 (in millions): First Quarter 2010 2009 Interest income $ 47 $ 62 Realized and unrealized gains/(losses) on cash equivalents and marketable securities 119 (6 ) Gains/(Losses) on the sale of held-for-sale operations, equity and cost investments, and other dispositions 4 13 Gains/(Losses) on extinguishment of debt 1,279 Other * 19 4 Total $ 189 $ 1,352 *2009 includes $9million 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 for the periods ending March 31 (in millions): First Quarter 2010 2009 Interest income (non-financing related) $ 16 $ 44 Realized and unrealized gains/(losses) on cash equivalents and marketable securities 2 (13 ) Gains/(Losses) on the sale of held-for-sale operations, equity and cost investments, and other dispositions 1 2 Gains/(Losses) on extinguishment of debt (7 ) 65 Investment and other income related to sales of receivables 10 Insurance premiums earned, net 26 29 Other 88 (24 ) Total $ 126 $ 113 |
Income Taxes
Income Taxes | |
3 Months Ended
Mar. 31, 2010 | |
Income Taxes [Abstract] | |
INCOME TAXES | NOTE 11.INCOME TAXES Generally, for interim tax reporting we estimate one single tax rate for tax jurisdictions not subject to a valuation allowance, which is applied to the year-to-date ordinary income/(loss).We manage our operations by multi-jurisdictional business units, however, and thus are unable to reasonably compute one overall effective tax rate.Accordingly, our worldwide tax provision is calculated pursuant to U.S. GAAP, which provides that tax (or benefit) in each foreign jurisdiction not subject to valuation allowance be separately computed as ordinary income/(loss) occurs within the jurisdiction. |
Held-For-Sale Operations, Disco
Held-For-Sale Operations, Discontinued Operations, Other Dispositions, and Acquisitions | |
3 Months Ended
Mar. 31, 2010 | |
Held For Sale Operations, Discontinued Operations, Other Dispositions, and Acquisitions [Abstract] | |
HELD-FOR-SALE OPERATIONS, DISCONTINUED OPERATIONS, OTHER DISPOSITIONS, AND ACQUISITIONS | NOTE 12.HELD-FOR-SALE OPERATIONS, DISCONTINUED OPERATIONS, OTHER DISPOSITIONS, AND ACQUISITIONS We classify disposal groups as held for sale when management, having the authority to approve the action, commits to a plan to sell the disposal group, the sale is probable within one year and the disposal group is available for immediate sale in its present condition. We also consider whether an active program to locate a buyer has been initiated, whether the disposal group is actively marketed for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. 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. 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.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. Our commitment to actively market Volvo for sale also triggered a held-for-sale impairment test in the first quarter of 2009.We received information from our discussions with potential buyers that provided us a value for Volvo using a market approach, rather than an income approach.We concluded that the information we received from our discussions with potential buyers was |
Capital Stock and Amounts Per S
Capital Stock and Amounts Per Share | |
3 Months Ended
Mar. 31, 2010 | |
Capital Stock and Amounts Per Share [Abstract] | |
CAPITAL STOCK AND AMOUNTS PER SHARE | NOTE 13.AMOUNTS PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK The calculation of diluted income/(loss) per share of Ford Common Stock and Class B Stock takes into account the effect of obligations, such as restricted stock unit awards, stock options and warrants, and convertible notes and securities, considered to be potentially dilutive. Warrants In conjunction with the transfer of assets to the UAW VEBA Trust on December31, 2009, warrants to purchase 362,391,305 shares of Ford Common Stock at an exercise price of $9.20 per share were issued.On April 6, 2010, the UAW VEBA Trust sold all such warrants to parties unrelated to us.In connection with the sale, the terms of the warrants were modified to provide for, among other things, net share settlement as the only permitted settlement method, thereby eliminating full physical settlement as an option, and elimination of certain of the transfer restrictions applicable to the underlying stock.The Company received no proceeds from the offering.All warrants are fully exercisable and expire January1,2013. Option to Stock-Settle Debt On December 31, 2009 we issued Note B to the UAW VEBA Trust (see our 2009 Form 10-K Report for additional discussion of Note B (referred to therein as "NewNoteB") and the Settlement Agreement pursuant to which it was issued).Under the terms of Note B, we have the exclusive right, subject to certain conditions, to make each principal payment due on any principal payment date (i.e., a fixed dollar amount) in cash, Ford Common Stock, or a combination of cash and Ford Common Stock.Under no circumstances does the UAW VEBA Trust have a right to require us to pay Note B by a transfer of Ford Common Stock. If we elect to satisfy our scheduled payment by delivering shares of Ford Common Stock, the number of shares delivered would be determined by dividing the principal payment due by the volume-weighted average price (the VWAP) per share of Ford Common Stock for the 30trading days ending on the second business day immediately preceding the June 30 payment date each year.We may decide whether to settle our principal payment in shares at any time during the two-day period prior to the applicable payment date.As previously disclosed, we will use our discretion in determining which form of payment makes economic sense at the time of each required payment, balancing liquidity needs and preservation of shareholder value.We made our December31,2009 payment on Note B in cash.We have the option to prepay Note B in part or in full on each principal payment date, but only with cash. Our March31,2010 diluted earnings per share ("EPS") calculation includes approximately 464 million shares (using the VWAP of $12.71 per share at March 29,2010), assuming a hypothetical situation under which Note B could be satisfied in full with shares rather than cash for the fully accreted amount of the obligation, even though the terms of Note B permit only a prepayment in cash.This hypothetical option to settle Note B in full with stock reduced our diluted EPS in the first quarter by 3cents per share.The number of shares used in this calculation may vary signif |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging Activities | |
3 Months Ended
Mar. 31, 2010 | |
Derivative Financial Instruments and Hedging Activities [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES | NOTE 14.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.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 have elected to apply hedge accounting to certain derivatives.Derivatives that receive designated hedge accounting treatment are documented and the relationships are evaluated for effectiveness at the time they are designated, as well as throughout the hedge period.Some derivatives do not qualify for hedge accounting; for others, we elect not to apply hedge accounting.Regardless of hedge accounting treatment, we only enter into transactions we believe will be highly effective at offsetting the underlying economic risk.Refer to our 2009 Form 10-K Report for a more detailed description of our derivative financial instruments and hedge accounting policies. Income Effect of Derivative Instruments The following tables summarize by hedge designation the pre-tax gains/(losses) recorded in Other comprehensive income/(loss)("OCI"),reclassified from Accumulated other comprehensive income/(loss) ("AOCI" ) to incomeand recognized directly in income (inmillions): First Quarter 2010 Gain/(Loss) Recorded in OCI Gain/(Loss) Reclassified from AOCI to Income Gain/(Loss) Recognized in Income Automotive Sector Designated Cash flow hedges: Foreign exchange contracts $ (5 ) $ (3 ) $ Derivatives not designated as hedging instruments: Foreign exchange contracts (a) $ (155 ) Commodity contracts (3 ) Other warrants 1 Total $ (157 ) Financial Services Sector Fair value hedges: Interest rate contracts Net interest settlements and accruals excluded from the assessment of hedge effectiveness $ 53 Ineffectiveness (b) (2 ) Total $ 51 Derivatives not designated as hedging instruments: Interest rate contracts $ 29 Foreign exchange contracts (a) (80 ) Cross currency interest rate swap contracts (a) (8 |
Segment Information
Segment Information | |
3 Months Ended
Mar. 31, 2010 | |
Segment Information [Abstract] | |
SEGMENT INFORMATION | NOTE 15.SEGMENT INFORMATION (In millions) Automotive Sector Ford North America Ford South America Ford Europe Ford Asia Pacific Africa Volvo Jaguar Land Rover Other Total FIRST QUARTER 2010 Sales/Revenues External customer $ 14,132 $ 2,014 $ 7,647 $ 1,578 $ 3,523 $ $ $ 28,894 Intersegment 201 167 11 379 Income/(Loss) Income/(Loss) before income taxes 1,223 203 75 22 188 (391 ) 1,320 Total assets at March 31 (a) 81,956 FIRST QUARTER 2009 Sales/Revenues External customer $ 10,018 $ 1,404 $ 5,769 $ 1,165 $ 2,624 $ $ $ 20,980 Intersegment 146 171 12 329 Income/(Loss) Income/(Loss) before income taxes (802 ) 63 (590 ) (104 ) (915 ) (2 ) 840 (1,510 ) Total assets at March 31 74,017 Financial Services Sector Total Company Ford Credit Other Financial Services Elims Total Elims (b) Total FIRST QUARTER 2010 Sales/Revenues External customer $ 2,594 $ 78 $ $ 2,672 $ $ 31,566 Intersegment 130 3 133 (512 ) Income/(Loss) Income/(Loss) before income taxes 828 (13 ) 815 2,135 Total assets at March 31 (a) 115,555 8,558 (7,052 ) 117,061 (3,532 ) 195,485 FIRST QUARTER 2009 Sales/Revenues External customer $ 3,330 $ 80 $ $ 3,410 $ $ 24,390 Intersegment 105 4 109 (438 ) Income/(Loss) Income/(Loss) before income taxes (36 ) (116 ) (152 ) (1,662 ) Total assets at March 31 132,307 10,820 (9,072 ) 134,055 (3,237 ) 204,835 (a)As reported on our sector balance sheet. (b)Includes intersector transactions occurring in the ordinary course of business. |
Commitments
Commitments | |
3 Months Ended
Mar. 31, 2010 | |
Commitments [Abstract] | |
COMMITMENTS | NOTE 16.COMMITMENTS Guarantees At March 31,2010 and December 31, 2009, 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 $247million and $219million at March 31, 2010 and December 31, 2009, respectively.The carrying value of our recorded liabilities related to guarantees was $24million and $30 million at March 31,2010 and December31,2009, 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 $8million and $9million at March 31,2010 and December 31, 2009, 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 of the following: environmental, tax, and shareholder matters; intellectual property rights; power generation contracts; governmental regulations and employment-related matters; dealers, supplier, and other commercial contractual relationships; and financial matters, such as securitizations.Performance under these indemnities generally would be triggered by a breach of terms of the contract or by a third-party claim. As part of the sale of Jaguar Land Rover, we provided the buyer a customary set of indemnifications, some of which were subject to an |
Equity
Equity (Deficit) Attributable to Ford Motor Company and Noncontrolling Interests | |
3 Months Ended
Mar. 31, 2010 | |
Equity (Deficit) Attributable To Ford Motor Comany And Noncontrolling Interests [Abstract] | |
EQUITY/(DEFICIT) ATTRIBUTABLE TO FORD MOTOR COMPANY AND NONCONTROLLING INTERESTS | NOTE 17.EQUITY/(DEFICIT) ATTRIBUTABLE TO FORD MOTOR COMPANY AND NONCONTROLLING INTERESTS Components of equity/(deficit) attributable to Ford Motor Company and its noncontrolling interests are as follows (in millions): First Quarter 2010 First Quarter 2009 Equity/(Deficit) Attributable to Ford Motor Company Equity/(Deficit) Attributable to Noncontrolling Interests Total Equity/ (Deficit) Equity/(Deficit) Attributable to Ford Motor Company Equity/(Deficit) Attributable to Noncontrolling Interests Total Equity/ (Deficit) Beginning balance, January 1 $ (7,820 ) $ 38 $ (7,782 ) $ (15,721 ) $ 350 $ (15,371 ) Total comprehensive income/(loss) Net income/(loss) 2,085 2,085 (1,427 ) (8 ) (1,435 ) Other comprehensive income/(loss): Foreign currency translation (489 ) (489 ) (447 ) (447 ) Net gain/(loss) on derivative instruments (1 ) (1 ) (87 ) (87 ) Employee benefit-related 157 157 (5 ) (5 ) Net holding gain/(loss) (2 ) (2 ) (1 ) (1 ) Total other comprehensive income/(loss) (335 ) (335 ) (540 ) (540 ) Total comprehensive income/(loss) 1,750 1,750 (1,967 ) (8 ) (1,975 ) Other changes in equity: Capital in excess of par value of stock for debt conversion, employee benefit plans, and other 596 596 110 110 Adoption of the accounting standard on VIE consolidation (269 ) (269 ) Dividends Other (1 ) (1 ) 1 (5 ) (4 ) Ending balance, March 31 $ (5,475 ) $ 38 $ (5,437 ) $ (17,577 ) $ 68 $ (17,509 ) |
DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION (USD $) | |||
3 Months Ended
Mar. 31, 2010 | Apr. 29, 2010
| Jun. 30, 2009
| |
Document Information | |||
Document Type | 10-Q | ||
Amendment Flag | false | ||
Document Period End Date | 2010-03-31 | ||
Document Fiscal Year Focus | 2,010 | ||
Document Fiscal Period Focus | Q1 | ||
Entity Information | |||
Entity Registrant Name | FORD MOTOR CO | ||
Entity Central Index Key | 0000037996 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $19,118,478,708 | ||
Entity Common Stock, Shares Outstanding | 3,335,728,639 | ||
Trading Symbol | F | ||
Common Stock [Member] | |||
Entity Information | |||
Entity Common Stock, Shares Outstanding | 3,335,728,639 | ||
Class B Stock [Member] | |||
Entity Information | |||
Entity Common Stock, Shares Outstanding | 70,852,076 |