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IMMEDIATE RELEASE
FORD REPORTS FIRST QUARTER EARNINGS OF $1.1 BILLION
o Earnings per share 60 cents (excluding accounting change).
o North America margins improve from fourth quarter; Europe profitable; South
America recovery continues.
o Ford Credit earnings up 15 percent.
o Positive operating cash flow and strong balance sheet.
DEARBORN, Mich., April 19 - Ford Motor Company [NYSE: F] earned $1.06 billion in
the first quarter of 2001. Excluding adjustments for the new Statement of
Financial Accounting Standard 133 (SFAS 133), Ford earned $1.13 billion or 60
cents per diluted share of common and Class B stock. That compares to $1.93
billion or 90 cents a share from continuing operations in the first quarter of
2000, adjusted for the Value Enhancement Plan.
"Our first quarter performance shows the underlying strengths of Ford Motor
Company in an uncertain economic environment," said Jacques Nasser, president
and CEO. "We have a great team, strong brands, strong products and a strong
balance sheet. This combination provided us with the platform to produce good
results in an unsettled economic environment. This gives us a solid foundation
for 2001," Nasser said.
Ford's first quarter results were bolstered by strong performance from Ford
Credit, which improved its earnings by 15 percent to $406 million (excluding
SFAS 133).
-2-
Ford's worldwide vehicle unit sales in the first quarter were 1,805,000, down 6
percent from 1,914,000, while revenues declined 1 percent to $42.36 billion from
$42.89 billion a year ago.
AUTOMOTIVE OPERATIONS
First quarter automotive earnings (excluding SFAS 133) were $748 million, down
from $1.55 billion a year ago, primarily because of lower unit volumes in North
America from last year's record levels. Worldwide automotive revenues were
$34.65 billion, compared with $36.18 billion a year ago. Total costs, assuming
constant volume and mix, were unchanged in the 2001 first quarter from a year
ago.
Automotive gross cash at March 31 remained strong, totaling $19.1 billion,
including $3.3 billion of pre-funding employee benefit expenses through a
Voluntary Employee Beneficiary Association (VEBA) trust.
North America: First quarter earnings in North America were $754 million
(excluding SFAS 133), compared to $1.67 billion a year ago. This reflects lower
industry sales and market share, and higher marketing costs. First quarter 2001
market share and profitability also were negatively affected by low availability
of the new Ford Explorer and Mercury Mountaineer as production of new models
ramped up. Return on sales (ROS) was 3.2 percent for the 2001 first quarter,
compared with 2.9 percent in the 2000 fourth quarter, and 6.2 percent in the
year-ago first quarter. Revenue was $23.66 billion, compared to $27.21 billion.
Europe: Ford earned $88 million in the first quarter in Europe, $91 million
better than the first quarter a year ago. The success of the Ford Mondeo and
Ford Transit drove volumes higher, which contributed to the improvement. Lower
costs as a result of last year's restructuring actions also contributed to
results. ROS improved to 1 percent. First quarter revenue was $8.68 billion, a
22 percent increase over $7.13 billion a year ago, primarily reflecting the
addition of Land Rover.
-3-
South America: Ford's South American operations generated their sixth quarter in
a row of improved performance. In the region, Ford had a loss of $53 million,
down from a loss of $82 million in the first quarter of last year.
Rest-of-world: In the rest of the world, Ford's results for the first quarter
were a loss of $41 million compared to a loss of $30 million a year ago.
FORD CREDIT
Ford Credit earned $406 million (excluding SFAS 133) in the first quarter, up
from $353 million a year ago. Including SFAS 133 adjustments, Ford Credit had
first quarter earnings of $393 million. Results were up primarily because of
higher financing volume. Improvements in investment and other income offset
higher credit losses primarily associated with the restructuring of North
American operations and lower net financing margins.
HERTZ
The Hertz Corporation posted a first quarter loss of $4 million compared to a
profit of $56 million in the 2000 first quarter. The loss reflects lower pricing
and volume as a result of the slowing U.S. economy and higher costs.
OUTLOOK
In addition to the new Ford Explorer and Mercury Mountaineer, Ford Motor
Company's new products to be introduced this year include the Ford Thunderbird,
Lincoln Blackwood and Jaguar X-Type. Land Rover's Freelander also will be
introduced to the U.S. this year.
"We have a tremendous lineup of new products that will continue to enhance our
strong brands and set us apart from the competition," Nasser said. "The launch
of the Ford Explorer and Mercury Mountaineer is off to a good start, and should
provide great momentum to our North American business. The aggressive
restructuring actions we took overseas are beginning to show improved results.
We also continue to focus on improving our business structure, e-business and
customer satisfaction.
-4-
"The net result of our first quarter performance was positive operating cash
flow in this challenging period and a continuing strong balance sheet. Overall,
we are confident going forward," Nasser said.
SFAS 133
SFAS 133 is a new accounting standard for derivative instruments and hedging
activities that took effect Jan. 1, 2001. Adoption of the standard resulted in a
negative, non-cash adjustment to first quarter earnings of $72 million, equal to
about 4 cents a share. Including the adjustment, Ford earned $1.06 billion or 56
cents a share in the first quarter.
Investors can hear a review of first quarter results by Henry Wallace, Ford
Motor Company chief financial officer, on the Internet at
www.shareholder.ford.com, www.streetevents.com or www.streetfusion.com. The
presentation will start at 9 a.m. EDT, April 19.
Ford Motor Company is the world's second largest automaker, selling vehicles in
200 markets and with approximately 345,000 employees on six continents. Its
automotive brands include Aston Martin, Ford, Jaguar, Land Rover, Lincoln,
Mazda, Mercury and Volvo. Its automotive-related services include Ford Credit,
Quality Care and Hertz.
###
Statements included herein may constitute "forward looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995. These
statements involve a number of risks, uncertainties, and other factors that
could cause actual results to differ materially from those stated, including,
without limitation: greater price competition in the U.S. and Europe resulting
from currency fluctuations, industry overcapacity or other factors; a
significant decline in industry sales, particularly in the U.S. or Europe,
resulting from slowing economic growth; market acceptance of new products;
currency or commodity price fluctuations; economic difficulties in South America
or Asia; higher fuel prices; a market shift from truck sales in the U.S.;
lower-than-anticipated residual values for leased vehicles; labor or other
constraints on our ability to restructure our business; increased safety or
emissions regulation resulting in higher costs and/or sales restrictions; work
stoppages at key Ford or supplier facilities; and the discovery of defects in
vehicles resulting in recall campaigns, increased warranty costs or litigation.
Ford Motor Company and Subsidiaries
HIGHLIGHTS
----------
First Quarter
-------------------------------
2001 2000
-------------- --------------
Worldwide vehicle unit sales of cars and trucks
(in thousands)
- - North America 1,104 1,312
- - Outside North America 701 602
----- -----
Total 1,805 1,914
===== =====
Sales and revenues (in millions)
- - Automotive $34,650 $36,175
- - Financial Services 7,711 6,719
------- -------
Total $42,361 $42,894
======= =======
Net income (in millions)
- - Automotive $ 689 $ 1,552
- - Financial Services 370 380
------- -------
Income from continuing operations 1,059 1,932
- - Discontinued operation - 147
------- -------
Total $ 1,059 $ 2,079
======= =======
Capital expenditures (in millions)
- - Automotive $ 1,357 $ 1,500
- - Financial Services 131 306
------- -------
Total $ 1,488 $ 1,806
======= =======
Automotive capital expenditures as a
percentage of sales 3.9% 4.1%
Stockholders' equity at March 31
- - Total (in millions) $16,069 $28,419
- - Annualized after-tax return on Common and
Class B stockholders' equity 25.7% 27.7%
Automotive net cash at March 31
(in millions)
- - Cash and marketable securities $15,767 $22,848
- - Debt 12,036 10,753
------- -------
Automotive net cash $ 3,731 $12,095
======= =======
After-tax return on sales
- - North American Automotive 3.0% 6.2%
- - Total Automotive 2.0% 4.3%
Shares of Common and Class B Stock
(in millions)
- - Average number outstanding 1,840 1,206
- - Number outstanding at March 31 1,830 1,205
Common Stock price (per share)
- - High $ 31.37 $ 30.33
- - Low 23.75 22.12
AMOUNTS PER SHARE OF COMMON AND CLASS B
STOCK AFTER PREFERRED STOCK DIVIDENDS
Income assuming dilution
- - Automotive $ 0.36 $ 1.27
- - Financial Services 0.20 0.31
------- -------
Total continuing operations 0.56 1.58
- - Discontinued operation - 0.12
------- -------
Total $ 0.56 $ 1.70
======= =======
Cash dividends $ 0.30 $ 0.50
Ford Motor Company and Subsidiaries
VEHICLE UNIT SALES
------------------
For the Periods Ended March 31, 2001 and 2000
(in thousands)
First Quarter
-----------------------------
2001 2000
------------- -------------
North America
United States
Cars 363 481
Trucks 653 724
----- -----
Total United States 1,016 1,205
Canada 52 79
Mexico 36 28
----- -----
Total North America 1,104 1,312
Europe
Britain 180 115
Germany 106 91
Italy 64 49
France 42 42
Spain 40 40
Sweden 28 28
Other countries 116 112
----- -----
Total Europe 576 477
South America
Brazil 35 28
Argentina 8 15
Other countries 7 6
----- -----
Total South America 50 49
Other international
Australia 26 24
Taiwan 17 22
Other countries 32 30
----- -----
Total other international 75 76
----- -----
Total worldwide vehicle unit sales 1,805 1,914
===== =====
Vehicle unit sales generally are reported worldwide on a "where sold" basis and
include sales of all Ford Motor Company units, as well as units manufactured by
Ford and sold to other manufacturers.
Ford Motor Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME
--------------------------------
For the Periods Ended March 31, 2001 and 2000
(in millions)
First Quarter
-----------------------------
2001 2000
-------------- -------------
AUTOMOTIVE
Sales $34,650 $36,175
Costs and expenses (Note 2)
Cost of sales (Note 3) 30,730 31,578
Selling, administrative and other expenses 2,506 2,265
------- -------
Total costs and expenses 33,236 33,843
Operating income 1,414 2,332
Interest income 255 368
Interest expense 367 318
------- -------
Net interest income/(expense) (112) 50
Equity in net income/(loss) of affiliated companies (178) (32)
Net expense from transactions with
Financial Services (85) (10)
------- -------
Income before income taxes - Automotive 1,039 2,340
FINANCIAL SERVICES
Revenues 7,711 6,719
Costs and expenses
Interest expense 2,560 2,213
Depreciation 2,519 2,208
Operating and other expenses (Note 3) 1,437 1,211
Provision for credit and insurance losses 686 454
------- -------
Total costs and expenses 7,202 6,086
Net revenue from transactions with Automotive 85 10
------- -------
Income before income taxes - Financial Services 594 643
------- -------
TOTAL COMPANY
Income before income taxes 1,633 2,983
Provision for income taxes 571 1,022
------- -------
Income before minority interests 1,062 1,961
Minority interests in net income of subsidiaries 3 29
------- -------
Income from continuing operations $ 1,059 $ 1,932
Income from discontinued operation (Note 4) - 147
------- -------
Net income $ 1,059 $ 2,079
======= =======
Income attributable to Common and Class B Stock
after preferred stock dividends $ 1,055 $ 2,075
Average number of shares of Common and Class B
Stock outstanding 1,840 1,206
AMOUNTS PER SHARE OF COMMON AND CLASS B STOCK (Notes 5 and 6)
Basic income
Income from continuing operations $ 0.58 $ 1.61
Net income $ 0.58 $ 1.73
Diluted income
Income from continuing operations $ 0.56 $ 1.58
Net income $ 0.56 $ 1.70
Cash dividends $ 0.30 $ 0.50
The accompanying notes are part of the financial statements.
Ford Motor Company and Subsidiaries
CONSOLIDATED BALANCE SHEET
--------------------------
(in millions)
March 31, December 31,
2001 2000
--------------- ----------------
ASSETS
Automotive
Cash and cash equivalents $ 3,953 $ 3,374
Marketable securities 11,814 13,116
-------- --------
Total cash and marketable securities 15,767 16,490
Receivables 4,069 4,685
Inventories (Note 7) 7,664 7,514
Deferred income taxes 2,674 2,239
Other current assets 5,683 5,318
Current receivable from Financial Services 2,538 1,587
-------- --------
Total current assets 38,395 37,833
Equity in net assets of affiliated companies 3,003 2,949
Net property 36,133 37,508
Deferred income taxes 3,235 3,342
Other assets 13,045 13,711
-------- --------
Total Automotive assets 93,811 95,343
Financial Services
Cash and cash equivalents 1,429 1,477
Investments in securities 662 817
Finance receivables, net 126,279 125,164
Net investment in operating leases 47,575 46,593
Other assets 12,194 12,390
Receivable from Automotive 2,637 2,637
-------- --------
Total Financial Services assets 190,776 189,078
-------- --------
Total assets $284,587 $284,421
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Automotive
Trade payables $ 15,794 $ 15,075
Other payables 4,443 4,011
Accrued liabilities 22,773 23,515
Income taxes payable 447 449
Debt payable within one year 799 277
-------- --------
Total current liabilities 44,256 43,327
Long-term debt 11,237 11,769
Other liabilities 30,895 30,495
Deferred income taxes 296 353
Payable to Financial Services 2,637 2,637
-------- --------
Total Automotive liabilities 89,321 88,581
Financial Services
Payables 5,194 5,297
Debt 155,329 153,510
Deferred income taxes 8,626 8,677
Other liabilities and deferred income 6,837 7,486
Payable to Automotive 2,538 1,587
-------- --------
Total Financial Services liabilities 178,524 176,557
Company-obligated mandatorily redeemable preferred securities of a subsidiary
trust holding solely junior subordinated debentures of the Company (Note 8) 673 673
Stockholders' equity
Capital stock
Preferred Stock, par value $1.00 per share (aggregate liquidation preference
of $177 million) * *
Common Stock (par value $0.01 per share (1,837 million shares issued) 18 18
Class B Stock, par value $0.01 per share (71 million shares issued) 1 1
Capital in excess of par value of stock 6,035 6,174
Accumulated other comprehensive income (Notes 3 and 9) (5,768) (3,432)
ESOP loan and treasury stock (2,603) (2,035)
Earnings retained for use in business 18,386 17,884
-------- --------
Total stockholders' equity 16,069 18,610
-------- --------
Total liabilities and stockholders' equity $284,587 $284,421
======== ========
- - - - - -
*Less than $1 million
The accompanying notes are part of the financial statements.
Ford Motor Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
----------------------------------------------
For the Periods Ended March 31, 2001 and 2000
(in millions)
First Quarter 2001 First Quarter 2000
--------------------------- ---------------------------
Financial Financial
Automotive Services Automotive Services
------------- ------------- ------------ --------------
Cash and cash equivalents at January 1 $ 3,374 $ 1,477 $ 2,793 $ 1,588
Cash flows from operating activities before securities trading 3,385 1,903 3,443 5,342
Net sales of trading securities 1,362 (6) 22 73
------- -------- ------- --------
Net cash flows from operating activities 4,747 1,897 3,465 5,415
Cash flows from investing activities
Capital expenditures (1,357) (131) (1,500) (306)
Acquisitions of receivables and lease investments - (23,772) - (24,585)
Collections of receivables and lease investments - 13,249 - 15,389
Net acquisitions of daily rental vehicles - (1,118) - (1,035)
Purchases of securities (6,713) (204) (1,133) (142)
Sales and maturities of securities 6,654 199 1,100 123
Proceeds from sales of receivables and lease investments - 7,174 - 2,807
Net investing activity with Financial Services (674) - 35 -
Cash paid for acquisitions (Note 10) (122) (743) (206) (49)
Other 342 9 (56) 240
------- -------- ------- --------
Net cash used in investing activities (1,870) (5,337) (1,760) (7,558)
Cash flows from financing activities
Cash dividends (557) - (607) -
Net purchases of Common Stock (801) - (78) -
Changes in short-term debt (28) (4,861) (736) (3,891)
Proceeds from issuance of other debt 79 14,386 156 11,610
Principal payments on other debt (61) (7,691) (389) (3,672)
Net financing activity with Automotive - 674 - (35)
Net cash distribution to Ford from discontinued operation - - 17 -
Other 84 44 21 (549)
------- -------- ------- --------
Net cash (used in)/provided by financing activities (1,284) 2,552 (1,616) 3,463
Effect of exchange rate changes on cash (63) (111) 48 (80)
Net transactions with Automotive/Financial Services (951) 951 945 (945)
------- -------- ------- --------
Net increase/(decrease) in cash and cash equivalents 579 (48) 1,082 295
------- -------- ------- --------
Cash and cash equivalents at March 31 $ 3,953 $ 1,429 $ 3,875 $ 1,883
======= ======= ======= =======
The accompanying notes are part of the financial statements.
Ford Motor Company and Subsidiaries
NOTES TO FINANCIAL STATEMENTS
-----------------------------
1. Financial Statements - The financial data presented herein are unaudited,
but in the opinion of management reflect those adjustments necessary for a
fair presentation of such information. Results for interim periods should
not be considered indicative of results for a full year. Reference should
be made to the financial statements contained in the registrant's Annual
Report on Form 10-K (the "10-K Report") for the year ended December 31,
2000. For purposes of this report, "Ford", the "Company", "we", "our", "us"
or similar references means Ford Motor Company and its majority owned
subsidiaries unless the context requires otherwise. Certain amounts for
prior periods were reclassified to conform with present period
presentation.
2. Selected Automotive Costs and Expenses are summarized as follows (in
millions):
First Quarter
----------------------------
2001 2000
------------ ------------
Depreciation $675 $694
Amortization of special tools 726 574
Pension expense/(benefits) (85) 64
3. SFAS 133 ("Accounting for Derivative Instruments and Hedging") - The
Company adopted this new standard on January 1, 2001. Non-cash adjustments
to income (not material to total Company results) and to stockholders'
equity in the first quarter were (in millions):
Financial Total
Automotive Services Company
-------------- ------------ ---------------
Pre-tax income $(90)* $(20)** $ (110)
Net income (59) (13) (72)
Stockholders' equity (1,225)***
* Recorded in Automotive cost of sales
** Recorded in Financial Services operating and other expenses
*** Recorded in accumulated other comprehensive income
4. Discontinued Operation - On June 28, 2000, Ford distributed 130 million
shares of Visteon Corporation ("Visteon"), which represented its 100%
ownership interest, by means of a tax-free spin-off in the form of a
dividend on Ford Common and Class B Stock. Ford's financial statements
reflect Visteon as a "discontinued operation" for all periods prior to the
date of the spin-off. Through the date of the spin-off, Visteon's net
assets were aggregated in Ford's balance sheet as "net assets of
discontinued operation".
5. Value Enhancement Plan - On August 7, 2000, the Company announced the final
results of its recapitalization, known as the Value Enhancement Plan
("VEP"). Under the VEP, Ford shareholders exchanged each of their old Ford
Common or Class B shares for one new Ford Common or Class B share, as the
case may be, plus, at their election, either $20 in cash, 0.748 additional
new Ford Common shares, or a combination of $5.17 in cash and 0.555
additional new Ford Common shares. As a result of the elections made by
shareholders under the VEP, the total cash elected was $5.7 billion and the
total number of new Ford Common and Class B shares that became issued and
outstanding was 1.893 billion. As a result of the VEP, approximately $1.2
billion was transferred from capital stock to capital in excess of par
value of stock.
In accordance with generally accepted accounting principles, prior period
shares and earnings per share amounts were not adjusted.
Ford Motor Company and Subsidiaries
NOTES TO FINANCIAL STATEMENTS
-----------------------------
6. Income Per Share of Common and Class B Stock - Basic income per share of
Common and Class B Stock is calculated by dividing the income attributable
to Common and Class B Stock by the average number of shares of Common and
Class B Stock outstanding during the applicable period, adjusted for shares
issuable under employee savings and compensation plans.
The calculation of diluted income per share of Common and Class B Stock
takes into account the effect of dilutive potential common stock, such as
stock options.
Income per share of Common and Class B Stock from continuing operations was
as follows (in millions, except per share amounts):
First Quarter 2001 First Quarter 2000
----------------------------- --------------------------
Income Shares Income Shares
-------------- ------------- ------------ -------------
Income from continuing operations and shares $1,059 1,840 $1,932 1,206
Preferred stock dividend requirements (4) - (4) -
Issuable and uncommitted ESOP shares - (12) - (7)
------ ----- ------ -----
Basic continuing income and shares $1,055 1,828 $1,928 1,199
Basic income per share from continuing operations $ 0.58 $ 1.61
Basic income per share from discontinued operation - 0.12
------ ------
Basic income per share $ 0.58 $ 1.73
Basic continuing income and shares $1,055 1,828 $1,928 1,199
Net dilutive effect of options - 40 - 23
------ ----- ------ -----
Diluted continuing income and shares $1,055 1,868 $1,928 1,222
Diluted income per share from continuing operations $ 0.56 $ 1.58
Diluted income per share from discontinued operation - 0.12
------ ------
Diluted income per share $ 0.56 $ 1.70
7. Automotive Inventories are summarized as follows (in millions):
March 31, December 31,
2001 2000
---------------- -----------------
Raw materials, work in process and supplies $2,837 $2,798
Finished products 4,827 4,716
------ ------
Total inventories $7,664 $7,514
====== ======
8. Company-Obligated Mandatorily Redeemable Preferred Securities of a
Subsidiary Trust - The sole asset of Ford Motor Company Capital Trust I
(the "Trust"), which is the obligor on the Preferred Securities of such
Trust, is $632 million principal amount of 9% Junior Subordinated
Debentures due 2025 of Ford Motor Company.
9. Comprehensive Income - Other comprehensive income primarily reflects
foreign currency translation adjustments and adjustments related to SFAS
133 (Note 3). Total comprehensive income is summarized as follows (in
millions):
First Quarter
-----------------------------------
2001 2000
----------------- ----------------
Net income $ 1,059 $2,079
Other comprehensive income (2,336) (596)
------- ------
Total comprehensive income $(1,277) $1,483
======= ======
Ford Motor Company and Subsidiaries
NOTES TO FINANCIAL STATEMENTS
-----------------------------
10. Acquisitions
Hertz Purchase - In March 2001, through a tender offer and a merger
transaction, Ford acquired (for a total price of $735 million) the common
stock of Hertz that it did not own, which represented about 18% of the
economic interest in Hertz.
Purchase of Land Rover Business - On June 30, 2000, Ford purchased the Land
Rover business from the BMW Group for approximately $2.6 billion.
Approximately two-thirds of the purchase price was paid at time of closing;
the remainder will be paid in 2005. The acquisition involves the entire
Land Rover line of products, and related assembly and engineering
facilities. It does not include Rover's passenger car business or financial
services business.
11. Segment Information - Ford's business is divided into two business sectors
- Automotive and Financial Services (including Ford Credit and Hertz);
detail is summarized as follows (in millions):
Financial Services Sector
-----------------------------------------
First Quarter Auto Ford Other Elims/
Sector Credit Hertz Fin Svcs Other Total
------------- ------------- ----------- ------------- ------------ --------------
2001
Revenues
External customer $ 34,650 $ 6,348 $ 1,176 $ 179 $ 8 $ 42,361
Intersegment 1,228 122 8 27 (1,385) -
-------- -------- ------- ------ ------- --------
Total Revenues $ 35,878 $ 6,470 $ 1,184 $ 206 $(1,377) $ 42,361
======== ======== ======= ====== ======= ========
Net income $ 689 $ 393 $ (4) $ (15) $ (4) $ 1,059
Total assets $ 97,414 $175,156 $11,339 $7,476 $(6,798) $284,587
2000
Revenues
External customer $ 36,175 $ 5,491 $ 1,131 $ 98 $ (1) $ 42,894
Intersegment 1,158 39 8 42 (1,247) -
-------- -------- ------- ------ ------- --------
Total Revenues $ 37,333 $ 5,530 $ 1,139 $ 140 $(1,248) $ 42,894
======== ======== ======= ====== ======= ========
Income from continuing
Operations $ 1,552 $ 353 $ 56 $ (11) $ (18) $ 1,932
Total assets a/ $102,146 $161,735 $10,360 $8,108 $(7,325) $275,024
- - - - -
a/ Net assets from discontinued operations of $1,644 million as of
March 31, 2000 is included in Auto Sector total assets.
"Other Financial Services" data is an aggregation of miscellaneous smaller
Financial Services Sector business components, including Ford Motor Land
Development Corporation, Ford Leasing Development Company, Ford Leasing
Corporation and Granite Management Corporation.
"Eliminations/Other" data includes intersegment eliminations and minority
interests. Interest income for the operating segments in the Financial
Services Sector is reported as "Revenue".