Ford Motor Credit (FCZ) 10-K1999 FY Annual report

Filed: 21 Mar 00, 12:00am

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Removed: actuarially, added, advancement, affirmed, alternative, analyzing, announcement, ascertained, assembler, attributable, Australian, Autolatina, began, borrower, bus, called, Certificate, claimant, Clinton, Columbia, commensurate, concentrated, Connecticut, consideration, CONT, Continental, Convention, coordinate, cumulative, cyclical, dated, defining, depend, devine, diminished, Director, dissolution, distinguished, earning, England, equal, equipped, Extinguishment, fewer, floating, formed, Granite, greatly, greenhouse, Hanover, Holland, implementation, imported, incorporation, influence, investing, Island, issuer, john, July, kenneth, landfill, larger, Liquidation, loan, make, Manhattan, manufacture, margin, monetary, Moody, municipal, Navistar, necessitate, noncompliance, Opportunity, ordered, OTC, ownership, Ozone, packaging, partial, Payroll, Poor, power, prevail, prohibited, Puerto, realizing, recommendation, record, recover, regional, regular, Rent, repaid, restated, retrofit, reviewed, Rhode, Rico, Rouge, satisfy, Secured, sewerage, soil, stall, steel, stockholder, stumble, task, tractor, trading, ultimate, Unamortized, undertaken, USL, vacated, valid, voting, wastewater, weaker

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Exhibit 12-B

FORD MOTOR COMPANY AND SUBSIDIARIES

CALCULATION OF RATIO OF EARNINGS TO COMBINED FIXED CHARGES

AND PREFERRED STOCK DIVIDENDS

(in millions)



		For the Years Ended December 31

		1999			1998			1997		1996		1995

Earnings




Income before income taxes		$	11,026		$	25,396		$	10,939	$	6,793	$	6,705




Equity in net (income)/loss of affiliates plus dividends from affiliates			(35	)		78			121		36		179




Adjusted fixed charges (a)			9,459			9,215			10,911		10,801		10,556

	Earnings	$	20,450		$	34,689		$	21,971	$	17,630	$	17,440

Combined Fixed Charges and Preferred Stock Dividends




Interest expense (b)		$	9,114		$	8,919		$	10,570	$	10,464	$	10,121




Interest portion of rental expense (c)			282			245			309		300		396




Preferred stock dividend requirements of majority owned subsidiaries and trusts (d)			55			55			55		55		199

	Fixed charges		9,451			9,219			10,934		10,819		10,716




Ford preferred stock dividend requirements (e)			23			122			82		95		459

	Total combined fixed charges and preferred stock dividends	$	9,474		$	9,341		$	11,016	$	10,914	$	11,175

Ratios




Ratio of earnings to fixed charges			2.2			3.8	(f)		2.0		1.6		1.6




Ratio of earnings to combined fixed charges and preferred stock dividends			2.2			3.7	(f)		2.0		1.6		1.6


(a)	Fixed charges, as shown above, adjusted to exclude the amount of interest capitalized during the period and preferred stock dividend requirements of majority owned subsidiaries and trusts.

(b)	Includes interest, whether expensed or capitalized, and amortization of debt expense and discount or premium relating to any indebtedness.

(c)	One-third of all rental expense is deemed to be interest.

(d)	Preferred stock dividend requirements of Ford Holdings, Inc. (1995) increased to an amount representing the pre-tax earnings which would be required to cover such dividend requirements based on Ford’s effective income tax rates. Beginning in Fourth Quarter 1995, includes requirements related to company-obligated mandatorily redeemable preferred securities of a subsidiary trust.

(e)	Preferred stock dividend requirements of Ford Motor Company increased to an amount representing the pre-tax earnings which would be required to cover such dividend requirements based on Ford Motor Company’s effective income tax rates.


(f)	Earnings used in calculation of this ratio include the $15,955 million gain on the spin-off of The Associates. Excluding this gain, the ratio is 2.0.