FORD MOTOR CREDIT COMPANY LLC AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
(in millions)
|
| | | | | | | | | | | |
| | For the Years Ended December 31, |
| | 2015 | | 2016 | | 2017 |
| | (unaudited) |
| Financing revenue | | | | | |
| Operating leases | $ | 4,865 |
| | $ | 5,555 |
| | $ | 5,552 |
|
| Retail financing | 2,819 |
| | 3,070 |
| | 3,451 |
|
| Dealer financing | 1,539 |
| | 1,760 |
| | 1,903 |
|
| Other | 57 |
| | 38 |
| | 70 |
|
| Total financing revenue | 9,280 |
| | 10,423 |
| | 10,976 |
|
| Depreciation on vehicles subject to operating leases | (3,640 | ) | | (4,329 | ) | | (4,135 | ) |
| Interest expense | (2,416 | ) | | (2,755 | ) | | (3,175 | ) |
| Net financing margin | 3,224 |
| | 3,339 |
| | 3,666 |
|
| Other revenue | | | |
| | |
|
| Insurance premiums earned | 133 |
| | 156 |
| | 158 |
|
| Fee based revenue and other | — |
| | — |
| | 243 |
|
| Total financing margin and other revenue | 3,357 |
| | 3,495 |
| | 4,067 |
|
| Expenses | | | |
| | |
|
| Operating expenses | 1,139 |
| | 1,274 |
| | 1,295 |
|
| Provision for credit losses | 347 |
| | 547 |
| | 588 |
|
| Insurance expenses | 69 |
| | 125 |
| | 124 |
|
| Total expenses | 1,555 |
| | 1,946 |
| | 2,007 |
|
| | | | | | |
| Other income, net | 284 |
| | 330 |
| | 250 |
|
| | | | | | |
| Income before income taxes | 2,086 |
| | 1,879 |
| | 2,310 |
|
| Provision for / (Benefit from) income taxes | 723 |
| | 506 |
| | (697 | ) |
| Net income | $ | 1,363 |
| | $ | 1,373 |
| | $ | 3,007 |
|
FORD MOTOR CREDIT COMPANY LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in millions)
|
| | | | | | | |
| | December 31,
2016 | | December 31,
2017 |
| | (unaudited) |
| ASSETS | | | |
| Cash and cash equivalents | $ | 8,077 |
| | $ | 9,558 |
|
| Marketable securities | 3,280 |
| | 2,881 |
|
| Finance receivables, net | 102,981 |
| | 116,003 |
|
| Net investment in operating leases | 27,209 |
| | 26,661 |
|
| Notes and accounts receivable from affiliated companies | 811 |
| | 1,076 |
|
| Derivative financial instruments | 909 |
| | 935 |
|
| Other assets | 2,822 |
| | 3,329 |
|
| Total assets | $ | 146,089 |
| | $ | 160,443 |
|
| | | | |
| LIABILITIES | | | |
| Accounts payable | | | |
| Customer deposits, dealer reserves, and other | $ | 1,065 |
| | $ | 1,171 |
|
| Affiliated companies | 336 |
| | 592 |
|
| Total accounts payable | 1,401 |
| | 1,763 |
|
| Debt | 126,492 |
| | 137,828 |
|
| Deferred income taxes | 3,230 |
| | 2,386 |
|
| Derivative financial instruments | 166 |
| | 310 |
|
| Other liabilities and deferred income | 1,997 |
| | 2,272 |
|
| Total liabilities | 133,286 |
| | 144,559 |
|
| | | | |
| SHAREHOLDER’S INTEREST | | | |
| Shareholder’s interest | 5,227 |
| | 5,227 |
|
| Accumulated other comprehensive income / (loss) | (890 | ) | | (419 | ) |
| Retained earnings | 8,466 |
| | 11,076 |
|
| Total shareholder’s interest attributable to Ford Motor Credit Company | 12,803 |
| | 15,884 |
|
| Shareholder’s interest attributable to noncontrolling interests | — |
| | — |
|
| Total shareholder’s interest | 12,803 |
| | 15,884 |
|
| Total liabilities and shareholder’s interest | $ | 146,089 |
| | $ | 160,443 |
|
FORD MOTOR CREDIT COMPANY LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(in millions)
|
| | | | | | | | | | | |
| | For the Years Ended December 31, |
| | 2015 | | 2016 | | 2017 |
| | (unaudited) |
| Cash flows from operating activities | | | | | |
| Net income | $ | 1,363 |
| | $ | 1,373 |
| | $ | 3,007 |
|
| Adjustments to reconcile net income to net cash provided by operations | | | | | |
| Provision for credit losses | 347 |
| | 547 |
| | 588 |
|
| Depreciation and amortization | 4,465 |
| | 5,121 |
| | 4,928 |
|
| Amortization of upfront interest supplements | (1,078 | ) | | (1,341 | ) | | (1,686 | ) |
| Net change in deferred income taxes | 1,042 |
| | 340 |
| | (923 | ) |
| Net change in other assets | 129 |
| | (413 | ) | | (606 | ) |
| Net change in other liabilities | (348 | ) | | 462 |
| | 480 |
|
| All other operating activities | (210 | ) | | 142 |
| | (123 | ) |
| Net cash provided by / (used in) operating activities | $ | 5,710 |
| | $ | 6,231 |
| | $ | 5,665 |
|
| | | | | | |
| Cash flows from investing activities | | | | | |
| Purchases of finance receivables | (39,512 | ) | | (37,494 | ) | | (43,232 | ) |
| Principal collections of finance receivables | 31,560 |
| | 30,924 |
| | 37,277 |
|
| Purchases of operating lease vehicles | (14,355 | ) | | (14,441 | ) | | (12,780 | ) |
| Proceeds from termination of operating lease vehicles | 6,570 |
| | 7,920 |
| | 8,538 |
|
| Net change in wholesale receivables and other short-duration receivables | (5,126 | ) | | (1,499 | ) | | (874 | ) |
| Purchases of marketable securities | (12,199 | ) | | (7,289 | ) | | (5,899 | ) |
| Proceeds from sales and maturities of marketable securities | 12,704 |
| | 6,756 |
| | 6,316 |
|
| Settlements of derivatives | 210 |
| | 215 |
| | (117 | ) |
| All other investing activities | 20 |
| | (164 | ) | | (34 | ) |
| Net cash provided by / (used in) investing activities | (20,128 | ) | | (15,072 | ) | | (10,805 | ) |
| | | | | | |
| Cash flows from financing activities | | | | | |
| Proceeds from issuances of long-term debt | 48,124 |
| | 42,971 |
| | 44,994 |
|
| Principal payments on long-term debt | (31,474 | ) | | (38,000 | ) | | (39,372 | ) |
| Change in short-term debt, net | 1,229 |
| | 3,403 |
| | 1,195 |
|
| Cash distributions to parent | (250 | ) | | — |
| | (406 | ) |
| All other financing activities | (101 | ) | | (103 | ) | | (105 | ) |
| Net cash provided by / (used in) financing activities | 17,528 |
| | 8,271 |
| | 6,306 |
|
| | | | | | |
| Effect of exchange rate changes on cash and cash equivalents | (403 | ) | | (239 | ) | | 315 |
|
| | | | | | |
| Net increase / (decrease) in cash and cash equivalents | $ | 2,707 |
| | $ | (809 | ) | | $ | 1,481 |
|
| | | | | | |
| Cash and cash equivalents at January 1 | $ | 6,179 |
| | $ | 8,886 |
| | $ | 8,077 |
|
| Net increase / (decrease) in cash and cash equivalents | 2,707 |
| | (809 | ) | | 1,481 |
|
| Cash and cash equivalents at December 31 | $ | 8,886 |
| | $ | 8,077 |
| | $ | 9,558 |
|
