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(Mark One)
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R
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Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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For the fiscal year ended December 31, 2012
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or
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o
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Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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For the transition period from __________ to __________
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Commission file number 1-3950
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Delaware
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38-0549190
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(State of incorporation)
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(I.R.S. Employer Identification No.)
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One American Road, Dearborn, Michigan
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48126
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(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Name of each exchange on which registered*
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Common Stock, par value $.01 per share
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New York Stock Exchange
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Document
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Where Incorporated
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Proxy Statement*
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Part III (Items 10, 11, 12, 13 and 14)
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*
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As stated under various Items of this Report, only certain specified portions of such document are incorporated by reference in this Report.
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Table of Contents
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Page
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Item 1
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Item 1A
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Risk Factors
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Item 1B
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Unresolved Staff Comments
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Item 2
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Properties
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Item 3
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Item 4
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Mine Safety Disclosures
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Item 4A
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Executive Officers of Ford
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Part II
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Item 5
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Item 6
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Selected Financial Data
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Item 7
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Overview
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Critical Accounting Estimates
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Aggregate Contractual Obligations
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Item 7A
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Overview
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Automotive
Sector
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Financial Services Sector
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Item 8
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Financial Statements and Supplementary Data
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Item 9
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Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
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Item 9A
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Item 9B
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Other Information
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Part II
I
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Item 10
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Item 11
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Item 12
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Item 13
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Item 14
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Item 15
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Ford Motor Company and Subsidiaries Financial Statements
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Consolidated Statement of Comprehensive Income
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Condensed
Consolidated Statement of Cash Flows
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Condensed
Sector Statement of Cash Flows
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Schedule II -- Valuation and Qualifying Accounts
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Business Sector
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Reportable Segments (a)
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Description
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Automotive:
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Ford North America
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Primarily includes the sale of Ford- and Lincoln-brand vehicles, service parts, and accessories in North America (the United States, Canada, and Mexico), together with the associated costs to develop, manufacture, distribute, and service the vehicles, parts, and accessories. (b)
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Ford South America
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Primarily includes the sale of Ford-brand vehicles, service parts, and accessories in South America, together with the associated costs to develop, manufacture, distribute, and service the vehicles, parts, and accessories.
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Ford Europe
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Primarily includes the sale of Ford-brand vehicles, components, service parts, and accessories in Europe, Turkey, and Russia, together with the associated costs to develop, manufacture, distribute, and service the vehicles, parts, and accessories.
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Ford Asia Pacific Africa
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Primarily includes the sale of Ford-brand vehicles, service parts, and accessories in the Asia Pacific region and South Africa, together with the associated costs to develop, manufacture, distribute, and service the vehicles, parts, and accessories.
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Financial Services:
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Ford Motor Credit Company
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Primarily includes vehicle-related financing, leasing, and insurance.
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Other Financial Services
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Includes a variety of businesses including holding companies and real estate.
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(a)
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We have experienced a number of changes to our reportable segments within the last five years, including the following:
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•
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We discontinued the Mercury brand as of the end of 2010.
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•
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We sold our Volvo operations on August 2, 2010.
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•
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Based on significant reductions in our stock ownership, beginning with the fourth quarter of 2008 we have accounted for our interest in Mazda Motor Corporation ("Mazda") as a marketable security (instead of as an operating segment).
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•
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We sold our Jaguar Land Rover operations on June 2, 2008.
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•
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We sold Aston Martin on May 31, 2007.
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(b)
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For periods prior to January 1, 2009, this segment also included the sale of Mazda6 vehicles produced by our then-consolidated affiliate AutoAlliance International, Inc. ("AAI"). AAI was an unconsolidated affiliate in 2009 - 2011, but was restructured in 2012 and consolidated.
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Brand
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Number of Dealerships
at December 31, 2012
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Ford
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10,537
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Ford-Lincoln (combined)
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876
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Lincoln
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206
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Total
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11,619
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•
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Wholesale unit volumes
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•
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Margin of profit on each vehicle sold - which in turn is affected by many factors, such as:
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▪
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Market factors - volume and mix of vehicles and options sold, and net pricing (reflecting, among other factors, incentive programs)
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▪
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Costs of components and raw materials necessary for production of vehicles
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▪
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Costs for customer warranty claims and additional service actions
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▪
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Costs for safety, emissions, and fuel economy technology and equipment
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•
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A high proportion of relatively fixed structural costs, so that small changes in wholesale unit volumes can significantly affect overall profitability
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Industry Sales Volume (a)
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2012
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2011
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2010
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2009
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2008
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|||||
United States
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14.8
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13.0
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11.8
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10.6
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13.5
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Canada
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1.7
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1.6
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1.6
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1.5
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1.7
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Mexico
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1.0
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0.9
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0.8
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0.8
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1.1
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Ford North America
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17.5
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15.5
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14.2
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12.9
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16.3
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Brazil
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3.8
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3.6
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3.5
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3.1
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2.8
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Argentina
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0.8
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0.8
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0.7
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0.5
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0.6
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Ford South America (b)
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5.6
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5.4
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5.0
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4.2
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4.3
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Britain
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2.3
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2.2
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2.3
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2.2
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2.5
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Germany
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3.4
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3.5
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3.2
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4.0
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3.4
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Ford Europe (c)
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14.0
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15.3
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15.3
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15.9
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16.6
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Turkey
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0.8
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0.9
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0.8
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0.6
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0.5
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Russia
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3.0
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2.7
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2.0
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1.5
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3.1
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China
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18.9
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18.4
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18.3
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14.1
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9.9
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India
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3.6
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3.3
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3.1
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2.3
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2.0
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Australia
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1.1
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1.0
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1.0
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0.9
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1.0
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South Africa
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0.5
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0.5
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0.4
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0.4
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0.5
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ASEAN (d)
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3.4
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2.6
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2.4
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1.9
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2.0
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Ford Asia Pacific Africa (e)
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33.4
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30.4
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30.7
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24.5
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20.9
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(a)
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Throughout this Report, industry sales volume and wholesale unit volumes include sales of medium and heavy trucks.
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(b)
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Ford South America industry sales volume and market share are based, in part, on estimated vehicle registrations for the six markets we track in the region (i.e., Argentina, Brazil, Chile, Colombia, Ecuador, and Venezuela).
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(c)
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Ford Europe industry sales volume and market share are based, in part, on estimated vehicle registrations for the 19 markets we track (i.e., Austria, Belgium, Britain, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Spain, Sweden, and Switzerland); sales of Ford-brand vehicles in Turkey and Russia by our unconsolidated affiliates Ford Otomotiv Sanayi Anonim Sirketi ("Ford Otosan") and Ford Sollers Netherlands B.V. ("FordSollers"), respectively, contribute to Ford Europe's wholesale unit volumes, but are not reflected in industry sales volume or market share for the region.
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(d)
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ASEAN includes Indonesia, Malaysia, Philippines, Thailand, and Vietnam.
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(e)
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Ford Asia Pacific Africa industry sales volume and market share are based, in part, on estimated vehicle sales for the 12 markets we track (i.e., Australia, China, Japan, India, Indonesia, Malaysia, New Zealand, Philippines, South Africa, Taiwan, Thailand, and Vietnam); market share data for 2008 to the present include Ford and local-brand vehicles produced by our unconsolidated affiliates, including our Chinese joint venture Jiangling Motors Corporation, Ltd. ("JMC").
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Wholesales (a)
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|||||||||||||
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(in thousands)
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|||||||||||||
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2012
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2011
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2010
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2009
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2008
|
|||||
United States
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2,302
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2,224
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1,947
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1,563
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1,825
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Canada
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281
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273
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278
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|
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223
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198
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Mexico
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83
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88
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88
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80
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134
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Ford North America (b)
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2,784
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2,686
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2,413
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1,927
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2,329
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(b)
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Throughout this Report, regional wholesale unit volumes include wholesales to various export markets.
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Wholesales
|
|||||||||||||
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(in thousands)
|
|||||||||||||
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2012
|
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2011
|
|
2010
|
|
2009
|
|
2008
|
|||||
Brazil
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336
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346
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358
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|
|
336
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|
|
297
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|
Argentina
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107
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|
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105
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|
|
85
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|
|
66
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|
|
77
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|
Ford South America
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498
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506
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489
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|
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443
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435
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Market Share
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|||||||||||||
|
2012
|
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2011
|
|
2010
|
|
2009
|
|
2008
|
|||||
Brazil
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9.1
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%
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|
9.5
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%
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|
10.4
|
%
|
|
10.3
|
%
|
|
10.0
|
%
|
Argentina
|
12.3
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|
|
12.9
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|
12.4
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|
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13.3
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|
|
12.4
|
|
Ford South America
|
9.0
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|
|
9.3
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|
|
9.8
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|
|
10.2
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|
|
9.7
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|
|
Wholesales
|
|||||||||||||
|
(in thousands)
|
|||||||||||||
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2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|||||
Ford Europe
|
1,353
|
|
|
1,602
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|
|
1,573
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|
|
1,568
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|
|
1,820
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Market Share
|
|||||||||||||
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|||||
Ford Europe
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7.9
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%
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|
8.3
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%
|
|
8.4
|
%
|
|
9.1
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%
|
|
8.6
|
%
|
|
Market Share
|
|||||||||||||
|
2012
|
|
2011
|
|
2010
|
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2009
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|
2008
|
|||||
Turkey
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13.8
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%
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|
15.8
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%
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|
15.8
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%
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|
15.1
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%
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|
14.7
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%
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Russia
|
4.3
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|
|
4.3
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4.6
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5.5
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6.1
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|
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Wholesales
|
|||||||||||||
|
(in thousands)
|
|||||||||||||
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|||||
China
|
627
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|
|
519
|
|
|
483
|
|
|
345
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|
|
251
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|
India
|
87
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|
|
96
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|
|
84
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|
|
30
|
|
|
29
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|
Australia
|
94
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|
|
83
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|
|
104
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|
|
92
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|
|
102
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|
South Africa
|
49
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|
|
49
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|
|
45
|
|
|
38
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|
|
51
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|
ASEAN
|
95
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|
|
74
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|
|
51
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|
|
38
|
|
|
36
|
|
Ford Asia Pacific Africa
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1,033
|
|
|
901
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|
|
838
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|
|
604
|
|
|
532
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|
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Market Share
|
|||||||||||||
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|||||
China
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3.2
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%
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|
2.7
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%
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|
2.5
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%
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|
2.5
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%
|
|
2.6
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%
|
India
|
2.4
|
|
|
2.9
|
|
|
2.6
|
|
|
1.3
|
|
|
1.4
|
|
Australia
|
8.1
|
|
|
9.0
|
|
|
9.2
|
|
|
10.3
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|
|
10.3
|
|
South Africa
|
7.8
|
|
|
8.4
|
|
|
7.7
|
|
|
7.6
|
|
|
6.9
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|
ASEAN
|
2.6
|
|
|
2.7
|
|
|
1.5
|
|
|
1.6
|
|
|
1.5
|
|
Ford Asia Pacific Africa
|
2.8
|
|
|
2.7
|
|
|
2.4
|
|
|
2.3
|
|
|
2.3
|
|
•
|
Payments made under retail installment sale and lease contracts that it originates and purchases;
|
•
|
Interest supplements and other support payments from us and our subsidiaries on special-rate financing programs; and
|
•
|
Payments made under wholesale and other dealer loan financing programs.
|
United States
|
Years Ended December 31,
|
|||||||
Financing share – Ford and Lincoln
|
2012
|
|
2011
|
|
2010
|
|||
Retail installment and lease
|
38
|
%
|
|
36
|
%
|
|
32
|
%
|
Wholesale
|
78
|
|
|
80
|
|
|
81
|
|
Europe
|
|
|
|
|
|
|
|
|
Financing share – Ford
|
|
|
|
|
|
|
|
|
Retail installment and lease
|
32
|
%
|
|
29
|
%
|
|
26
|
%
|
Wholesale
|
98
|
|
|
99
|
|
|
99
|
|
|
2012
|
|
2011
|
||
Automotive
|
|
|
|
||
Ford North America
|
80
|
|
|
75
|
|
Ford South America
|
17
|
|
|
16
|
|
Ford Europe
|
46
|
|
|
47
|
|
Ford Asia Pacific Africa
|
22
|
|
|
19
|
|
Financial Services
|
|
|
|
|
|
Ford Credit
|
6
|
|
|
7
|
|
Total
|
171
|
|
|
164
|
|
Segment
|
|
Plants
|
|
Distribution
Centers/
Warehouses
|
|
Engineering,
Research/
Development
|
|
Sales
Offices
|
Ford North America
|
|
32
|
(a)
|
30
|
|
46
|
|
60
|
Ford South America
|
|
8
|
|
3
|
|
1
|
|
8
|
Ford Europe
|
|
15
|
(b)
|
6
|
|
4
|
|
26
|
Ford Asia Pacific Africa
|
|
12
|
(c)
|
1
|
|
7
|
|
19
|
Total
|
|
67
|
|
40
|
|
58
|
|
113
|
(a)
|
The year-over-year change in the number of Ford North America plants reflects the closing of one U.S. engine plant, as well as the sale, lease, or other disposition of three facilities operated by Automotive Components Holdings, LLC ("ACH"), partially offset by consolidation of the AAI facility now known as Flat Rock Assembly Plant. The table continues to reflect one ACH plant (where we are transferring the primary business to a supplier over a period scheduled to end in the fourth quarter of 2014, at which point we plan to close the facility upon completion of transfer of the business).
|
(b)
|
Included in this count are three Ford Europe plants that we have announced we intend to close, one of which is subject to an information and consultation process with employee representatives. See Item 7 for additional discussion of our European transformation plan. Also included in this table is Ford Romania S.A. ("Ford Romania"), which came under our full operational control as of January 1, 2013 upon cessation of the government's control and participation. Ford Romania produces engines and Ford B-MAX for distribution across Europe.
|
(c)
|
During 2012, Ford Asia Pacific Africa closed one plant in the Philippines, and opened a new wholly-owned plant in Rayong, Thailand.
|
•
|
AAI
— a 50/50 joint venture with Mazda that operates an automobile assembly plant in Flat Rock, Michigan. As of September 1, 2012, we acquired full management control of AAI; in exchange, beginning on September 1, 2015 for a three-year period, we have granted Mazda a put option to sell, and received a call option to purchase from Mazda, the 50% equity interest in AAI that is held by Mazda ("Option"). The Option is exercisable at a price to be determined by a formula based on AAI's final December 31, 2012 closing balance sheet. AAI currently produces the Ford Mustang, and production of the Ford Fusion is scheduled to begin in 2013. We supply all of the hourly and salaried personnel requirements to AAI, and AAI reimburses us for the cost.
|
•
|
Ford Lio Ho Motor Company Ltd. ("FLH")
— a joint venture in Taiwan among Ford (70% partner), the Lio Ho Group (25% partner), and individual shareholders (5% ownership in aggregate) that assembles a variety of Ford and Mazda vehicles sourced from Ford as well as Mazda. In addition to domestic assembly, FLH also has local product development capability to modify vehicle designs for local needs, and imports Ford-brand built-up vehicles from the Asia Pacific Africa region, Europe, and the United States. This joint venture operates one plant.
|
•
|
Ford Vietnam Limited
— a joint venture between Ford (75% partner) and Vietnam Engine and Agricultural Machinery Corporation ("VEAM"), a company owned by the Vietnamese Ministry of Industry and Trade (25% partner). Ford Vietnam Limited assembles and distributes a variety of Ford passenger and commercial vehicle models. This joint venture operates one plant.
|
•
|
AutoAlliance (Thailand) Co., Ltd. ("AAT")
— a 50/50 joint venture between Ford and Mazda that owns and operates a manufacturing plant in Rayong, Thailand. AAT produces Ford and Mazda products for domestic and export sales, the latter in both built-up and kit form, with export of certain products to markets outside the Asia Pacific Africa region. The recently expanded Rayong production facility produces a number of vehicles, including Ford Everest SUV, and Ford Ranger and Mazda BT-50 pickup trucks, as well as Ford Fiesta, Mazda2, and Mazda3 small cars.
|
•
|
Blue Diamond Parts, LLC ("Blue Diamond Parts")
— a joint venture between Ford (25% partner) and Navistar International Corporation (formerly known as International Truck and Engine Corporation) ("Navistar") (75% partner), in which the two partners share equal voting rights. Blue Diamond Parts manages sourcing, merchandising, and distribution of certain service parts for trucks sold in North America. We will continue to collaborate on this joint venture.
|
•
|
Blue Diamond Truck, S. de R.L. de C.V. ("Blue Diamond Truck")
— a joint venture between Ford (25% partner) and Navistar (75% partner), in which the two partners share equal voting rights. Blue Diamond Truck develops and manufactures selected medium duty commercial trucks in Mexico and sells the vehicles to Ford and Navistar for distribution. We have given notice that we are terminating the Blue Diamond Truck joint venture effective December 2014, and will in-source production of F-650/750 trucks to our Ohio Assembly Plant.
|
•
|
Changan Ford Automobile Corporation, Ltd. ("CAF")
— a 50/50 joint venture between Ford and the Chongqing Changan Automobile Co., Ltd. ("Changan"). CAF, formerly known as Changan Ford Mazda Automobile Corporation, Ltd., was restructured as of November 30, 2012 into two independent companies — CAF, and Changan Mazda Automobile Corporation, Ltd. ("CAM"), a 50/50 joint venture between Mazda and Changan. CAF retained the facilities in the Chinese city of Chongqing, where it produces and distributes in China an expanding variety of Ford passenger vehicle models, as well as Volvo models. The facility in Nanjing was transferred to CAM. CAF currently has under construction two vehicle assembly plants, an engine plant, and a transmission plant to support further growth in the region.
|
•
|
Changan Ford Mazda Engine Company, Ltd. ("CFME")
— a joint venture among Ford (25% partner), Mazda (25% partner), and Changan (50% partner). CFME is located in Nanjing, and produces the Ford New I4, Ford Sigma, and Mazda BZ engines in support of Ford- and Mazda-brand vehicles manufactured in China.
|
•
|
Ford Otosan
— a joint venture in Turkey among Ford (41% partner), the Koc Group of Turkey (41% partner), and public investors (18%) that is a major supplier to Ford of the Transit Connect series and Transit Connect commercial vehicles and is our sole distributor of Ford-brand vehicles in Turkey. In addition, Ford Otosan recently signed an agreement with Ford for the development and supply of a new commercial vehicle, the Transit Courier. Ford Otosan also makes the the Cargo truck for the Turkish and export markets, and certain engines and transmissions, most of which are under license from Ford. This joint venture owns two plants, a parts distribution depot, and a product development center in Turkey.
|
•
|
FordSollers
— a 50/50 joint venture between Ford and Sollers OJSC ("Sollers"), to which we contributed our operations in Russia, consisting primarily of a manufacturing plant and access to our Russian dealership network. Sollers contributed two production facilities and supports the joint venture through its manufacturing capabilities, knowledge of the Russian market, experience in distribution, and work with the Russian supply base. In addition, the joint venture has an exclusive right to manufacture, assemble, and distribute certain Ford-brand vehicles in Russia through the licensing of certain trademarks and intellectual property rights. The joint venture primarily is engaged in manufacturing a range of Ford passenger cars and light commercial vehicles for sale in Russia. The joint venture has been approved to participate in Russia's new industrial assembly regime, which qualifies it for reduced import duties for parts imported into Russia.
|
•
|
Getrag Ford Transmissions GmbH ("Getrag Ford")
— a 50/50 joint venture with Getrag International GmbH, a German company, to which we transferred our European manual transmission operations, including plants, from Halewood, England; Cologne, Germany; and Bordeaux, France. In 2008, we added the Kechnec plant in Slovakia. Getrag Ford operates these four plants, producing, among other things, manual transmissions for Ford Europe and Volvo. We supply most of the hourly and salaried labor requirements of the operations transferred to this joint venture; in the event of surplus labor at the joint venture, our employees assigned to Getrag Ford may return to Ford. Getrag Ford reimburses us for the full cost of the hourly and salaried labor we supply.
|
•
|
JMC
— a publicly-traded company in China with Ford (30% shareholder) and Jiangling Holdings, Ltd. (41% shareholder) as its controlling shareholders. Jiangling Holdings, Ltd. is a 50/50 joint venture between Changan and Jiangling Motors Company Group. The public investors in JMC own 29% of its total outstanding shares. JMC assembles the Ford Transit van, Ford diesel engines, and non-Ford vehicles for distribution in China and in other export markets.
|
•
|
Tenedora Nemak, S.A. de C.V.
— a joint venture between Ford (6.75% partner) and a subsidiary of Mexican conglomerate Alfa S.A. de C.V. (93.25% partner), which supplies aluminum castings from plants located in each region in which we do business.
|
Name
|
|
Position
|
|
Position
Held Since
|
|
Age
|
William Clay Ford, Jr. (a)
|
|
Executive Chairman and Chairman of the Board
|
|
Sept. 2006
|
|
55
|
Alan Mulally (b)
|
|
President and Chief Executive Officer
|
|
Sept. 2006
|
|
67
|
Mark Fields
|
|
Chief Operating Officer
|
|
Dec. 2012
|
|
52
|
James D. Farley, Jr.
|
|
Executive Vice President – Global Marketing, Sales and Service and Lincoln
|
|
Dec. 2012
|
|
50
|
John Fleming
|
|
Executive Vice President – Global Manufacturing and Labor Affairs
|
|
Dec. 2009
|
|
62
|
Joseph R. Hinrichs
|
|
Executive Vice President – President, The Americas
|
|
Dec. 2012
|
|
46
|
Stephen T. Odell
|
|
Executive Vice President – President, Europe, Middle East and Africa
|
|
Dec. 2012
|
|
57
|
Bob Shanks
|
|
Executive Vice President and Chief Financial Officer
|
|
Apr. 2012
|
|
60
|
Tony Brown
|
|
Group Vice President – Purchasing
|
|
Apr. 2008
|
|
56
|
Felicia Fields
|
|
Group Vice President – Human Resources and Corporate Services
|
|
Apr. 2008
|
|
47
|
Bennie Fowler
|
|
Group Vice President – Quality
|
|
Apr. 2008
|
|
56
|
David G. Leitch
|
|
Group Vice President and General Counsel
|
|
Apr. 2005
|
|
52
|
J C. Mays
|
|
Group Vice President and Chief Creative Officer
|
|
Aug. 2003
|
|
58
|
Raj Nair
|
|
Group Vice President – Global Product Development
|
|
Apr. 2012
|
|
48
|
Ziad S. Ojakli
|
|
Group Vice President – Government and Community Relations
|
|
Jan. 2004
|
|
45
|
Dave Schoch
|
|
Group Vice President – President, Asia Pacific
|
|
Dec. 2012
|
|
61
|
Bernard Silverstone
|
|
Group Vice President – Chairman and Chief Executive Officer, Ford Motor Credit Co.
|
|
Jan. 2013
|
|
57
|
Nick Smither
|
|
Group Vice President – Chief Information Officer
|
|
Apr. 2008
|
|
54
|
Stuart Rowley
|
|
Vice President and Controller
|
|
Apr. 2012
|
|
45
|
(a)
|
Also a Director, Chair of the Office of the Chairman and Chief Executive, Chair of the Finance Committee and a member of the Sustainability Committee of the Board of Directors.
|
(b)
|
Also a Director and member of the Office of the Chairman and Chief Executive and the Finance Committee of the Board of Directors.
|
|
2011
|
|
2012
|
||||||||||||||||||||||||||||
Ford Common Stock price per share (a)
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||||||||||
High
|
$
|
18.97
|
|
|
$
|
16.18
|
|
|
$
|
14.22
|
|
|
$
|
12.65
|
|
|
$
|
13.05
|
|
|
$
|
12.95
|
|
|
$
|
10.66
|
|
|
$
|
13.08
|
|
Low
|
13.75
|
|
|
12.65
|
|
|
9.32
|
|
|
9.05
|
|
|
10.99
|
|
|
9.46
|
|
|
8.82
|
|
|
9.71
|
|
||||||||
Dividends per share of Ford Common and Class B Stock
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
0.05
|
|
|
$
|
0.05
|
|
|
$
|
0.05
|
|
|
$
|
0.05
|
|
(a)
|
New York Stock Exchange composite intraday prices as listed in the price history database available at www.NYSEnet.com.
|
Period
|
|
Total Number
of Shares
Purchased (a)
|
|
Average
Price Paid
per Share
|
|
Total Number
of Shares
Purchased as
Part of Publicly-
Announced
Plans or
Programs
|
|
Maximum Number
(or Approximate
Dollar Value) of
Shares that May Yet
Be Purchased Under
the Plans or
Programs
|
|||||
October 1, 2012 through October 31, 2012
|
|
640,000
|
|
|
$
|
9.92
|
|
|
640,000
|
|
|
3.2 million
|
|
November 1, 2012 through November 30, 2012
|
|
2,569,133
|
|
|
11.02
|
|
|
2,569,133
|
|
|
2.6 million
|
|
|
December 1, 2012 through December 31, 2012
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total/Average
|
|
3,209,133
|
|
|
$
|
10.80
|
|
|
3,209,133
|
|
|
|
(a)
|
In any given month, the difference between the total number of shares purchased and the number of shares purchased as part of the publicly-announced plan reflects shares that were acquired from our employees or directors related to certain exercises of stock options in accordance with our various compensation plans.
|
SUMMARY OF INCOME
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
||||||||||
Total Company
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues
|
$
|
134,252
|
|
|
$
|
136,264
|
|
|
$
|
128,954
|
|
|
$
|
116,283
|
|
|
$
|
143,584
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Income/(Loss) before income taxes
|
$
|
7,720
|
|
|
$
|
8,681
|
|
|
$
|
7,149
|
|
|
$
|
2,599
|
|
|
$
|
(14,895
|
)
|
Provision for/(Benefit from) income taxes
|
2,056
|
|
|
(11,541
|
)
|
|
592
|
|
|
(113
|
)
|
|
(62
|
)
|
|||||
Income/(Loss) from continuing operations
|
5,664
|
|
|
20,222
|
|
|
6,557
|
|
|
2,712
|
|
|
(14,833
|
)
|
|||||
Income/(Loss) from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
9
|
|
|||||
Net income/(loss)
|
5,664
|
|
|
20,222
|
|
|
6,557
|
|
|
2,717
|
|
|
(14,824
|
)
|
|||||
Less: Income/(Loss) attributable to noncontrolling interests
|
(1
|
)
|
|
9
|
|
|
(4
|
)
|
|
—
|
|
|
(58
|
)
|
|||||
Net income/(loss) attributable to Ford Motor Company
|
$
|
5,665
|
|
|
$
|
20,213
|
|
|
$
|
6,561
|
|
|
$
|
2,717
|
|
|
$
|
(14,766
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Automotive Sector
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenues
|
$
|
126,567
|
|
|
$
|
128,168
|
|
|
$
|
119,280
|
|
|
$
|
103,868
|
|
|
$
|
127,635
|
|
Income/(Loss) before income taxes
|
6,010
|
|
|
6,250
|
|
|
4,146
|
|
|
785
|
|
|
(12,314
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial Services Sector
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenues
|
$
|
7,685
|
|
|
$
|
8,096
|
|
|
$
|
9,674
|
|
|
$
|
12,415
|
|
|
$
|
15,949
|
|
Income/(Loss) before income taxes
|
1,710
|
|
|
2,431
|
|
|
3,003
|
|
|
1,814
|
|
|
(2,581
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Amounts Per Share Attributable to Ford Motor Company Common and Class B Stock
|
|||||||||||||||||||
Basic income/(loss)
|
$
|
1.48
|
|
|
$
|
5.33
|
|
|
$
|
1.90
|
|
|
$
|
0.91
|
|
|
$
|
(6.50
|
)
|
Diluted income/(loss)
|
$
|
1.42
|
|
|
$
|
4.94
|
|
|
$
|
1.66
|
|
|
$
|
0.86
|
|
|
$
|
(6.50
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash dividends declared
|
$
|
0.15
|
|
|
$
|
0.05
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common Stock price range (NYSE Composite Intraday)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
High
|
$
|
13.08
|
|
|
$
|
18.97
|
|
|
$
|
17.42
|
|
|
$
|
10.37
|
|
|
$
|
8.79
|
|
Low
|
8.82
|
|
|
9.05
|
|
|
9.75
|
|
|
1.50
|
|
|
1.01
|
|
|||||
Average number of shares of Ford Common and Class B Stock outstanding (in millions)
|
3,815
|
|
|
3,793
|
|
|
3,449
|
|
|
2,992
|
|
|
2,273
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
SECTOR BALANCE SHEET DATA AT YEAR-END
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Automotive sector
|
$
|
86,458
|
|
|
$
|
78,786
|
|
|
$
|
64,606
|
|
|
$
|
79,118
|
|
|
$
|
71,556
|
|
Financial Services sector
|
106,160
|
|
|
101,574
|
|
|
103,270
|
|
|
119,112
|
|
|
151,667
|
|
|||||
Intersector elimination
|
(252
|
)
|
|
(1,112
|
)
|
|
(2,083
|
)
|
|
(3,224
|
)
|
|
(2,535
|
)
|
|||||
Total assets
|
$
|
192,366
|
|
|
$
|
179,248
|
|
|
$
|
165,793
|
|
|
$
|
195,006
|
|
|
$
|
220,688
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Automotive sector
|
$
|
14,256
|
|
|
$
|
13,094
|
|
|
$
|
19,077
|
|
|
$
|
33,610
|
|
|
$
|
23,319
|
|
Financial Services sector
|
90,802
|
|
|
86,595
|
|
|
85,112
|
|
|
98,671
|
|
|
128,842
|
|
|||||
Intersector elimination (a)
|
—
|
|
|
(201
|
)
|
|
(201
|
)
|
|
(646
|
)
|
|
(492
|
)
|
|||||
Total debt
|
$
|
105,058
|
|
|
$
|
99,488
|
|
|
$
|
103,988
|
|
|
$
|
131,635
|
|
|
$
|
151,669
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total Equity/(Deficit)
|
$
|
15,989
|
|
|
$
|
15,071
|
|
|
$
|
(642
|
)
|
|
$
|
(7,782
|
)
|
|
$
|
(15,371
|
)
|
(a)
|
Debt related to Ford's acquisition of Ford Credit debt securities.
|
•
|
Material excluding commodity costs - primarily reflecting the change in cost of purchased parts used in the assembly of our vehicles.
|
•
|
Commodity costs - reflecting the change in cost for raw materials (such as steel, aluminum, and resins) used in the manufacture of our products.
|
•
|
Structural costs - reflecting the change in costs that generally do not have a directly proportionate relationship to our production volumes, such as labor costs, including pension and health care; other costs related to the development and manufacture of our vehicles; depreciation and amortization; and advertising and sales promotion costs.
|
•
|
Warranty and other costs - reflecting the change in cost related to warranty coverage, including product recalls and customer satisfaction actions, as well as the change in freight and other costs related to the distribution of our vehicles and support for the sale and distribution of parts and accessories.
|
•
|
Aggressively restructure to operate profitably at the current demand and changing model mix;
|
•
|
Accelerate development of new products our customers want and value;
|
•
|
Finance our plan and improve our balance sheet; and
|
•
|
Work together effectively as one team, leveraging our global assets.
|
•
|
A uniquely Lincoln experience, inside and out - built on our core platforms, leveraging global scale and efficiencies
|
•
|
Design excellence that is stunning and understated, with premium amenities offered on every nameplate
|
•
|
Product excellence that is enabled by class-leading technologies
|
•
|
The full spectrum of customer services that discerning luxury customers expect and appreciate
|
|
2012
|
|
2011
|
|
2010
|
||||||
|
(Mils.)
|
|
(Mils.)
|
|
(Mils.)
|
||||||
Income
|
|
|
|
|
|
||||||
Pre-tax results (excl. special items)
|
$
|
7,966
|
|
|
$
|
8,763
|
|
|
$
|
8,300
|
|
Special items
|
(246
|
)
|
|
(82
|
)
|
|
(1,151
|
)
|
|||
Pre-tax results (incl. special items)
|
7,720
|
|
|
8,681
|
|
|
7,149
|
|
|||
(Provision for)/Benefit from income taxes
|
(2,056
|
)
|
|
11,541
|
|
|
(592
|
)
|
|||
Net income
|
5,664
|
|
|
20,222
|
|
|
6,557
|
|
|||
Less: Income/(Loss) attributable to noncontrolling interests
|
(1
|
)
|
|
9
|
|
|
(4
|
)
|
|||
Net income attributable to Ford
|
$
|
5,665
|
|
|
$
|
20,213
|
|
|
$
|
6,561
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
|
(Mils.)
|
|
(Mils.)
|
|
(Mils.)
|
||||||
Personnel and Dealer-Related Items
|
|
|
|
|
|
||||||
Personnel-reduction actions (a)
|
$
|
(498
|
)
|
|
$
|
(269
|
)
|
|
$
|
(145
|
)
|
Mercury discontinuation/Other dealer actions
|
(71
|
)
|
|
(151
|
)
|
|
(339
|
)
|
|||
Job Security Benefits/Other
|
17
|
|
|
93
|
|
|
36
|
|
|||
Total Personnel and Dealer-Related Items
|
(552
|
)
|
|
(327
|
)
|
|
(448
|
)
|
|||
Other Items
|
|
|
|
|
|
|
|
|
|||
CFMA restructuring
|
625
|
|
|
—
|
|
|
—
|
|
|||
AAI consolidation (b)
|
136
|
|
|
—
|
|
|
—
|
|
|||
FordSollers gain
|
1
|
|
|
401
|
|
|
—
|
|
|||
U.S. pension lump-sum program
|
(250
|
)
|
|
—
|
|
|
—
|
|
|||
Loss on sale of two component businesses
|
(174
|
)
|
|
—
|
|
|
—
|
|
|||
Belgium pension settlement
|
—
|
|
|
(109
|
)
|
|
—
|
|
|||
Debt reduction actions
|
—
|
|
|
(60
|
)
|
|
(853
|
)
|
|||
Sale of Volvo and related charges
|
—
|
|
|
8
|
|
|
179
|
|
|||
Other
|
(32
|
)
|
|
5
|
|
|
(29
|
)
|
|||
Total Other Items
|
306
|
|
|
245
|
|
|
(703
|
)
|
|||
Total Special Items
|
$
|
(246
|
)
|
|
$
|
(82
|
)
|
|
$
|
(1,151
|
)
|
(a)
|
Includes pension-related special items other than the U.S. pension lump-sum program.
|
(b)
|
The special item of $136 million is comprised of the $155 million gain from the consolidation of AAI (see Note 25 of the Notes to the Financial Statements), less a related $19 million adjustment for sales in September 2012 of Ford-brand vehicles produced by AAI.
|
•
|
Market Factors
:
|
▪
|
Volume and Mix -
Primarily measures profit variance from changes in wholesale volumes (at prior-year average margin per unit) driven by changes in industry volume, market share, and dealer stocks, as well as the profit variance resulting from changes in product mix, including mix among vehicle lines and mix of trim levels and options within a vehicle line
|
▪
|
Net Pricing -
Primarily measures profit variance driven by changes in wholesale prices to dealers and marketing incentive programs such as rebate programs, low-rate financing offers, and special lease offers
|
•
|
Contribution Costs -
Primarily measures profit variance driven by per-unit changes in cost categories that typically vary with volume, such as material costs (including commodity and component costs), warranty expense, and freight and duty costs
|
•
|
Other Costs -
Primarily measures profit variance driven by absolute change in cost categories that typically do not have a directly proportionate relationship to production volume. These include mainly structural costs, described below, as well as all other costs, which include items such as litigation costs and costs related to our after-market parts, accessories, and service business. Structural costs include the following cost categories:
|
▪
|
Manufacturing and Engineering -
consists primarily of costs for hourly and salaried manufacturing- and engineering-related personnel, plant overhead (such as utilities and taxes), new product launch expense, prototype materials, and outside engineering services
|
▪
|
Spending-Related -
consists primarily of depreciation and amortization of our manufacturing and engineering assets, but also includes asset retirements and operating leases
|
▪
|
Advertising and Sales Promotions -
includes costs for advertising, marketing programs, brand promotions, customer mailings and promotional events, and auto shows
|
▪
|
Administrative and Selling -
includes primarily costs for salaried personnel and purchased services related to our staff activities and selling functions, as well as associated information technology costs
|
▪
|
Pension and OPEB -
consists primarily of past service pension cost and other postretirement employee benefit costs
|
•
|
Exchange -
Primarily measures profit variance driven by one or more of the following: (i) impact of gains or losses arising from transactions denominated in currencies other than the functional currency of the locations, including currency transactions, (ii) effect of remeasuring income, assets, and liabilities of foreign subsidiaries using U.S. dollars as the functional currency, or (iii) results of our foreign currency hedging activities
|
•
|
Net Interest and Other -
Primarily measures profit variance driven by changes in our Automotive sector's centrally-managed net interest (primarily interest expense, interest income, and other adjustments) and related fair value market adjustments in our investment portfolio and marketable securities as well as other items not included in the causal factors defined above
|
|
|
2012
Better/(Worse)
2011
|
||
Explanation of change:
|
|
|
||
Volume and mix, exchange, and other
|
|
$
|
3.0
|
|
Contribution costs (a)
|
|
|
|
|
Commodity costs (incl. hedging)
|
|
—
|
|
|
Material costs excluding commodity costs
|
|
(0.9
|
)
|
|
Warranty/Freight
|
|
0.8
|
|
|
Other costs (a)
|
|
|
|
|
Structural costs
|
|
(1.5
|
)
|
|
Other
|
|
(0.2
|
)
|
|
Special items
|
|
(0.4
|
)
|
|
Total
|
|
$
|
0.8
|
|
(a)
|
Our key cost change elements are measured primarily at present-year exchange; in addition, costs that vary directly with volume, such as material, freight and warranty costs, are measured at present-year volume and mix. Excludes special items.
|
|
2011
Better/(Worse)
2010
|
||
Explanation of change:
|
|
||
Volume and mix, exchange, and other
|
$
|
(11.4
|
)
|
Contribution costs (a)
|
|
|
|
Commodity costs (incl. hedging)
|
(2.3
|
)
|
|
Material costs excluding commodity costs
|
(1.2
|
)
|
|
Warranty/Freight
|
(0.7
|
)
|
|
Other costs (a)
|
|
|
|
Structural costs
|
(1.4
|
)
|
|
Other
|
0.1
|
|
|
Special items (b)
|
8.0
|
|
|
Total
|
$
|
(8.9
|
)
|
(a)
|
Our key cost change elements are measured primarily at present-year exchange; in addition, costs that vary directly with volume, such as material, freight and warranty costs, are measured at present-year volume and mix. Excludes special items.
|
(b)
|
Special items primarily reflect the non-recurrence of Volvo costs and expenses in 2011.
|
Income before income taxes
|
2012
|
|
2011
|
|
2012
Over/(Under)
2011
|
|
||||||
North America segment
|
$
|
1,550
|
|
|
$
|
2,159
|
|
|
$
|
(609
|
)
|
|
International segment
|
249
|
|
|
371
|
|
|
(122
|
)
|
|
|||
Unallocated risk management (a)
|
(102
|
)
|
|
(126
|
)
|
|
24
|
|
|
|||
Income before income taxes
|
$
|
1,697
|
|
|
$
|
2,404
|
|
|
$
|
(707
|
)
|
|
(a)
|
Consists of gains and losses related to market valuation adjustments to derivatives primarily related to movements in interest rates.
|
|
2012
|
|
2011
|
|
2010
|
||||||
Receivables
|
|
|
|
|
|
||||||
Finance receivables - North America segment
|
|
|
|
|
|
||||||
Consumer
|
|
|
|
|
|
||||||
Retail installment and direct financing leases
|
$
|
39.5
|
|
|
$
|
38.4
|
|
|
$
|
39.1
|
|
Non-Consumer
|
|
|
|
|
|
|
|
|
|||
Wholesale
|
18.1
|
|
|
15.5
|
|
|
13.3
|
|
|||
Dealer loan
|
1.4
|
|
|
1.1
|
|
|
1.1
|
|
|||
Other
|
1.1
|
|
|
1.0
|
|
|
0.8
|
|
|||
Total North America segment - finance receivables (a)
|
60.1
|
|
|
56.0
|
|
|
54.3
|
|
|||
Finance receivables - International segment
|
|
|
|
|
|
||||||
Consumer
|
|
|
|
|
|
||||||
Retail installment and direct financing leases
|
9.0
|
|
|
9.1
|
|
|
10.6
|
|
|||
Non-Consumer
|
|
|
|
|
|
||||||
Wholesale
|
7.4
|
|
|
8.5
|
|
|
8.7
|
|
|||
Dealer loan
|
0.1
|
|
|
—
|
|
|
—
|
|
|||
Other
|
0.4
|
|
|
0.4
|
|
|
0.4
|
|
|||
Total International segment - finance receivables (a)
|
16.9
|
|
|
18.0
|
|
|
19.7
|
|
|||
Unearned interest supplements
|
(1.5
|
)
|
|
(1.6
|
)
|
|
(1.9
|
)
|
|||
Allowance for credit losses
|
(0.4
|
)
|
|
(0.5
|
)
|
|
(0.8
|
)
|
|||
Finance receivables, net
|
75.1
|
|
|
71.9
|
|
|
71.3
|
|
|||
Net investment in operating leases (a)
|
14.7
|
|
|
11.1
|
|
|
10.0
|
|
|||
Total receivables (b)
|
$
|
89.8
|
|
|
$
|
83.0
|
|
|
$
|
81.3
|
|
Memo:
|
|
|
|
|
|
|
|
|
|||
Total managed receivables (c)
|
$
|
91.3
|
|
|
$
|
84.6
|
|
|
$
|
83.2
|
|
(a)
|
At December 31, 2012, 2011 and 2010, includes consumer receivables before allowance for credit losses of $29.3 billion, $36 billion, and
|
(b)
|
Includes allowance for credit losses of $408 million, $534 million, and $854 million at December 31, 2012, 2011 and 2010, respectively.
|
(c)
|
Excludes unearned interest supplements related to finance receivables.
|
•
|
Placement volume measures the number of leases Ford Credit purchases in a given period;
|
•
|
Termination volume measures the number of vehicles for which the lease has ended in the given period; and
|
•
|
Return volume reflects the number of vehicles returned to Ford Credit by customers at lease-end.
|
|
2012
|
|
2011
|
|
2010
|
|
|||
Placements
|
257
|
|
|
219
|
|
|
120
|
|
|
Terminations
|
126
|
|
|
246
|
|
|
408
|
|
|
Returns
|
76
|
|
|
144
|
|
|
281
|
|
|
Memo:
|
|
|
|
|
|
|
|||
Return Rates
|
60
|
%
|
|
59
|
%
|
|
69
|
%
|
|
|
2012
|
|
2011
|
|
2010
|
|
||||||
Cash and cash equivalents
|
$
|
6.2
|
|
|
$
|
7.9
|
|
|
$
|
6.3
|
|
|
Marketable securities
|
18.2
|
|
|
15.0
|
|
|
14.2
|
|
|
|||
Total cash, marketable securities and loaned securities
|
24.4
|
|
|
22.9
|
|
|
20.5
|
|
|
|||
Securities-in-transit (a)
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
|||
Gross cash
|
$
|
24.3
|
|
|
$
|
22.9
|
|
|
$
|
20.5
|
|
|
(a)
|
The purchase or sale of marketable securities for which the cash settlement was not made by period-end and for which there was a payable or receivable recorded on the balance sheet at period-end.
|
|
December 31, 2012
|
|
December 31, 2011
|
||||
Gross cash
|
$
|
24.3
|
|
|
$
|
22.9
|
|
Available credit lines
|
|
|
|
|
|
||
Revolving credit facility, unutilized portion
|
9.5
|
|
|
8.8
|
|
||
Local lines available to foreign affiliates, unutilized portion
|
0.7
|
|
|
0.7
|
|
||
Automotive liquidity
|
$
|
34.5
|
|
|
$
|
32.4
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Gross cash at end of period
|
$
|
24.3
|
|
|
$
|
22.9
|
|
|
$
|
20.5
|
|
Gross cash at beginning of period
|
22.9
|
|
|
20.5
|
|
|
24.9
|
|
|||
Total change in gross cash
|
$
|
1.4
|
|
|
$
|
2.4
|
|
|
$
|
(4.4
|
)
|
|
|
|
|
|
|
||||||
Automotive income before income taxes (excluding special items)
|
$
|
6.3
|
|
|
$
|
6.3
|
|
|
$
|
5.3
|
|
Capital expenditures
|
(5.5
|
)
|
|
(4.3
|
)
|
|
(3.9
|
)
|
|||
Depreciation and special tools amortization
|
3.7
|
|
|
3.6
|
|
|
3.8
|
|
|||
Changes in working capital (a)
|
(2.3
|
)
|
|
0.3
|
|
|
(0.1
|
)
|
|||
Other/Timing differences (b)
|
1.2
|
|
|
(0.3
|
)
|
|
(0.7
|
)
|
|||
Total operating-related cash flows
|
3.4
|
|
|
5.6
|
|
|
4.4
|
|
|||
|
|
|
|
|
|
||||||
Cash impact of personnel-reduction programs accrual
|
(0.4
|
)
|
|
(0.3
|
)
|
|
(0.2
|
)
|
|||
Net receipts from Financial Services sector (c)
|
0.7
|
|
|
4.2
|
|
|
2.7
|
|
|||
Other (d)
|
1.1
|
|
|
(0.2
|
)
|
|
(0.8
|
)
|
|||
Cash flow before other actions
|
4.8
|
|
|
9.3
|
|
|
6.1
|
|
|||
|
|
|
|
|
|
||||||
Net proceeds from/(Payments on) Automotive sector debt
|
0.9
|
|
|
(6.0
|
)
|
|
(12.1
|
)
|
|||
Contributions to funded pension plans
|
(3.4
|
)
|
|
(1.1
|
)
|
|
(1.0
|
)
|
|||
Dividends/Other
|
(0.9
|
)
|
|
0.2
|
|
|
2.6
|
|
|||
Total change in gross cash
|
$
|
1.4
|
|
|
$
|
2.4
|
|
|
$
|
(4.4
|
)
|
(a)
|
Working capital comprised of changes in receivables, inventory, and trade payables.
|
(b)
|
Primarily expense and payment timing differences for items such as pension and OPEB, compensation, marketing, and warranty, as well as additional factors, such as the impact of tax payments.
|
(c)
|
Primarily distributions and tax payments received from Ford Credit.
|
(d)
|
2012 includes cash and marketable securities resulting from the consolidation of AAI.
|
|
2012
|
|
2011
|
|
2010
|
||||||
Net cash provided by/(used in) by operating activities
|
$
|
6.3
|
|
|
$
|
9.4
|
|
|
$
|
6.4
|
|
Items included in operating-related cash flows
|
|
|
|
|
|
|
|
||||
Capital expenditures
|
(5.5
|
)
|
|
(4.3
|
)
|
|
(3.9
|
)
|
|||
Proceeds from the exercise of stock options
|
—
|
|
|
0.1
|
|
|
0.3
|
|
|||
Net cash flows from non-designated derivatives
|
(0.8
|
)
|
|
0.1
|
|
|
(0.2
|
)
|
|||
Items not included in operating-related cash flows
|
|
|
|
|
|
|
|
|
|||
Cash impact of Job Security Benefits and personnel-reduction actions
|
0.4
|
|
|
0.3
|
|
|
0.2
|
|
|||
Contributions to funded pension plans
|
3.4
|
|
|
1.1
|
|
|
1.0
|
|
|||
Tax refunds, tax payments, and tax receipts from affiliates
|
(0.1
|
)
|
|
(1.4
|
)
|
|
(0.2
|
)
|
|||
Settlement of outstanding obligation with affiliates
|
(0.3
|
)
|
|
—
|
|
|
—
|
|
|||
Other
|
—
|
|
|
0.3
|
|
|
0.8
|
|
|||
Operating-related cash flows
|
$
|
3.4
|
|
|
$
|
5.6
|
|
|
$
|
4.4
|
|
|
December 31, 2012
|
|
December 31, 2011
|
||||
Gross cash
|
$
|
24.3
|
|
|
$
|
22.9
|
|
Less:
|
|
|
|
|
|
||
Long-term debt
|
12.9
|
|
|
12.1
|
|
||
Debt payable within one year
|
1.4
|
|
|
1.0
|
|
||
Total debt
|
14.3
|
|
|
13.1
|
|
||
Net cash
|
$
|
10.0
|
|
|
$
|
9.8
|
|
•
|
Limiting liability growth in our defined benefit plans by closing participation to new participants;
|
•
|
Reducing plan deficits through discretionary cash contributions;
|
•
|
Progressively re-balancing assets to more fixed income investments, with a target asset allocation to be reached over the next several years of about 80% fixed income investments and 20% growth assets, which will provide a better matching of plan assets to the characteristics of the liabilities, thereby reducing our net exposure; and
|
•
|
Taking other strategic actions to reduce pension liabilities, such as the voluntary lump sum payout program started in 2012 for U.S. salaried retirees.
|
(a)
|
The Ford Interest Advantage program consists of Ford Credit's floating rate demand notes.
|
(b)
|
Obligations issued in securitization transactions that are payable only out of collections on the underlying securitized assets and related enhancements.
|
(c)
|
Excludes marketable securities related to insurance activities.
|
|
Public Term Funding Plan
|
||||||||||||
|
2013
Forecast
|
|
2012
|
|
2011
|
|
2010
|
||||||
Unsecured
|
$ 7-10
|
|
$
|
9
|
|
|
$
|
8
|
|
|
$
|
6
|
|
Securitizations (a)
|
10-14
|
|
14
|
|
|
11
|
|
|
11
|
|
|||
Total
|
$ 17-24
|
|
$
|
23
|
|
|
$
|
19
|
|
|
$
|
17
|
|
(a)
|
Includes Rule 144A offerings.
|
|
December 31, 2012
|
|
December 31, 2011
|
|
December 31,
2010 |
||||||
Liquidity Sources (a)
|
|
|
|
|
|
||||||
Cash (b)
|
$
|
10.9
|
|
|
$
|
12.1
|
|
|
$
|
14.6
|
|
Unsecured credit facilities
|
0.9
|
|
|
0.7
|
|
|
1.1
|
|
|||
FCAR bank lines
|
6.3
|
|
|
7.9
|
|
|
9.0
|
|
|||
Conduit / Bank Asset-Backed Securitizations ("ABS")
|
24.3
|
|
|
24
|
|
|
24.2
|
|
|||
Total liquidity sources
|
$
|
42.4
|
|
|
$
|
44.7
|
|
|
$
|
48.9
|
|
|
|
|
|
|
|
||||||
Utilization of Liquidity
|
|
|
|
|
|
||||||
Securitization cash (c)
|
$
|
(3.0
|
)
|
|
$
|
(3.7
|
)
|
|
$
|
(4.2
|
)
|
Unsecured credit facilities
|
(0.1
|
)
|
|
(0.2
|
)
|
|
(0.5
|
)
|
|||
FCAR bank lines
|
(5.8
|
)
|
|
(6.8
|
)
|
|
(6.7
|
)
|
|||
Conduit / Bank ABS
|
(12.3
|
)
|
|
(14.5
|
)
|
|
(8.6
|
)
|
|||
Total utilization of liquidity
|
(21.2
|
)
|
|
(25.2
|
)
|
|
(20.0
|
)
|
|||
Gross liquidity
|
21.2
|
|
|
19.5
|
|
|
28.9
|
|
|||
Capacity in excess of eligible receivables
|
(1.5
|
)
|
|
(2.4
|
)
|
|
(6.3
|
)
|
|||
Liquidity available for use
|
$
|
19.7
|
|
|
$
|
17.1
|
|
|
$
|
22.6
|
|
(a)
|
FCAR and conduits subject to availability of sufficient assets and ability to obtain derivatives to manage interest rate risk; FCAR commercial paper must be supported by bank lines equal to at least 100% of the principal amount; conduits include committed securitization programs.
|
(b)
|
Cash, cash equivalents, and marketable securities (excludes marketable securities related to insurance activities).
|
(c)
|
Securitization cash is to be used only to support on-balance sheet securitization transactions.
|
(a)
|
Includes finance receivables net of unearned income, investment in operating leases net of accumulated depreciation, cash and cash equivalents, and marketable securities (excludes marketable securities related to insurance activities).
|
(b)
|
Retail and lease ABS are treated as amortizing immediately to match the underlying assets.
|
(c)
|
Includes all of the wholesale ABS term and conduit maturities of $8 billion that otherwise contractually extend to 2014 and beyond.
|
•
|
The 2013 maturities include all of the wholesale securitization transactions
,
even if the maturities extend beyond 2013; and
|
•
|
Retail securitization transactions under certain committed liquidity programs are assumed to amortize immediately rather than amortizing after the expiration of the commitment period.
|
|
December 31, 2012
|
|
December 31, 2011
|
|
December 31, 2010
|
||||||
Total debt
|
$
|
89.3
|
|
|
$
|
84.7
|
|
|
$
|
82.9
|
|
Equity
|
9.7
|
|
|
8.9
|
|
|
10.3
|
|
|||
Financial statement leverage (to 1)
|
9.2
|
|
|
9.5
|
|
|
8.0
|
|
|
December 31, 2012
|
|
December 31, 2011
|
|
December 31, 2010
|
||||||
Total debt
|
$
|
89.3
|
|
|
$
|
84.7
|
|
|
$
|
82.9
|
|
Adjustments for cash, cash equivalents, and marketable securities (a)
|
(10.9
|
)
|
|
(12.1
|
)
|
|
(14.6
|
)
|
|||
Adjustments for derivative accounting (b)
|
(0.8
|
)
|
|
(0.7
|
)
|
|
(0.3
|
)
|
|||
Total adjusted debt
|
$
|
77.6
|
|
|
$
|
71.9
|
|
|
$
|
68.0
|
|
|
|
|
|
|
|
||||||
Equity
|
$
|
9.7
|
|
|
$
|
8.9
|
|
|
$
|
10.3
|
|
Adjustments for derivative accounting (b)
|
(0.3
|
)
|
|
(0.2
|
)
|
|
(0.1
|
)
|
|||
Total adjusted equity
|
$
|
9.4
|
|
|
$
|
8.7
|
|
|
$
|
10.2
|
|
Managed leverage (to 1) (c)
|
8.3
|
|
|
8.3
|
|
|
6.7
|
|
(a)
|
Excludes marketable securities related to insurance activities.
|
(b)
|
Primarily related to market valuation adjustments to derivatives due to movements in interest rates. Adjustments to debt are related to designated fair value hedges and adjustments to equity are related to retained earnings.
|
(c)
|
Equals total adjusted debt over total adjusted equity.
|
•
|
DBRS Limited ("DBRS");
|
•
|
Fitch, Inc. ("Fitch");
|
•
|
Moody's Investors Service, Inc. ("Moody's"); and
|
•
|
Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc. ("S&P").
|
*
|
S&P assigns FCE a long-term senior unsecured rating of BBB-, maintaining a one notch differential versus Ford Credit.
|
|
|
|
Full-Year 2012
|
||
|
Full-Year 2011 Results
|
|
Plan
|
|
Results
|
Industry Volume (million units) (a)
|
|
|
|
|
|
–United States
|
13.0
|
|
13.5 – 14.5
|
|
14.8
|
–Europe (b)
|
15.3
|
|
14.0 – 15.0
|
|
14.0
|
|
|
|
|
|
|
Operational Metrics
|
|
|
|
|
|
Compared with prior full year:
|
|
|
|
|
|
–U.S. Market Share
|
16.5%
|
|
About Equal
|
|
15.2%
|
–Europe Market Share (b)
|
8.3%
|
|
About Equal
|
|
7.9%
|
–Quality
|
Mixed
|
|
Improve
|
|
Mixed
|
|
|
|
|
|
|
Financial Metrics
|
|
|
|
|
|
Compared with prior full year:
|
|
|
|
|
|
–Automotive Pre-Tax Operating Profit (c)
|
$6.3 Billion
|
|
Higher
|
|
$6.3 Billion
|
–Ford Credit Pre-Tax Operating Profit
|
$2.4 Billion
|
|
Lower
|
|
$1.7 Billion
|
–Total Company Pre-Tax Operating Profit (c)
|
$8.8 Billion
|
|
About Equal
|
|
$8 Billion
|
–Automotive Structural Cost Increase (d)
|
$1.4 Billion
|
|
Less than $2 Billion
|
|
$1.5 Billion
|
–Automotive Operating Margin (c)
|
5.4%
|
|
Improve
|
|
5.3%
|
|
|
|
|
|
|
Absolute amount:
|
|
|
|
|
|
–Capital Spending
|
$4.3 Billion
|
|
$5.5 Billion – $6 Billion
|
|
$5.5 Billion
|
(a)
|
Includes medium and heavy trucks.
|
(b)
|
For the 19 markets we track.
|
(c)
|
Excludes special items; Automotive operating margin equal to Automotive pre-tax results excluding Other Automotive divided by Automotive revenue.
|
(d)
|
Structural cost changes are measured primarily at present-year exchange, and exclude special items and discontinued operations.
|
|
First Quarter 2013 (a)
|
||
|
Planned Vehicle
Unit Production
|
|
Over/(Under)
First Quarter 2012
|
Ford North America
|
770
|
|
93
|
Ford South America
|
115
|
|
18
|
Ford Europe
|
405
|
|
(13)
|
Ford Asia Pacific Africa
|
275
|
|
62
|
Total
|
1,565
|
|
160
|
|
Full-Year 2012 Results
|
|
2013 Full-Year Plan
|
Industry Volume (million units) (a)
|
|
|
|
–United States
|
14.8
|
|
15.0 - 16.0
|
–Europe (b)
|
14.0
|
|
13.0 - 14.0
|
–China
|
19.0
|
|
19.5 - 21.5
|
|
|
|
|
Operational Metrics
|
|
|
|
Compared with prior full year:
|
|
|
|
–U.S. Market Share
|
15.2%
|
|
Higher
|
–Europe Market Share (b)
|
7.9%
|
|
About Equal
|
–China Market Share (c)
|
3.2%
|
|
Higher
|
|
|
|
|
–Quality
|
Mixed
|
|
Improve
|
|
|
|
|
Financial Metrics
|
|
|
|
Compared with prior full year:
|
|
|
|
–Total Company Pre-Tax Profit (d)
|
$8 Billion
|
|
About Equal
|
–Automotive Operating Margin (d)
|
5.3%
|
|
About Equal / Lower
|
–Automotive Operating-Related Cash Flow
|
$3.4 Billion
|
|
Higher
|
(a)
|
Includes medium and heavy trucks.
|
(b)
|
For the 19 markets we track.
|
(c)
|
Includes Ford and JMC brand vehicles sold in China by our unconsolidated affiliates.
|
(d)
|
Excludes special items; Automotive operating margin equal to Automotive pre-tax results excluding Other Automotive divided by Automotive revenue.
|
•
|
Decline in industry sales volume, particularly in the United States or Europe, due to financial crisis, recession, geopolitical events, or other factors;
|
•
|
Decline in Ford's market share or failure to achieve growth;
|
•
|
Lower-than-anticipated market acceptance of Ford's new or existing products;
|
•
|
Market shift away from sales of larger, more profitable vehicles beyond Ford's current planning assumption, particularly in the United States;
|
•
|
An increase in or continued volatility of fuel prices, or reduced availability of fuel;
|
•
|
Continued or increased price competition resulting from industry excess capacity, currency fluctuations, or other factors;
|
•
|
Fluctuations in foreign currency exchange rates, commodity prices, and interest rates;
|
•
|
Adverse effects resulting from economic, geopolitical, or other events;
|
•
|
Economic distress of suppliers that may require Ford to provide substantial financial support or take other measures to ensure supplies of components or materials and could increase costs, affect liquidity, or cause production constraints or disruptions;
|
•
|
Work stoppages at Ford or supplier facilities or other limitations on production (whether as a result of labor disputes, natural or man-made disasters, tight credit markets or other financial distress, production constraints or difficulties, or other factors);
|
•
|
Single-source supply of components or materials;
|
•
|
Labor or other constraints on Ford's ability to maintain competitive cost structure;
|
•
|
Substantial pension and postretirement health care and life insurance liabilities impairing our liquidity or financial condition;
|
•
|
Worse-than-assumed economic and demographic experience for postretirement benefit plans (e.g., discount rates or investment returns);
|
•
|
Restriction on use of tax attributes from tax law "ownership change;"
|
•
|
The discovery of defects in vehicles resulting in delays in new model launches, recall campaigns, or increased warranty costs;
|
•
|
Increased safety, emissions, fuel economy, or other regulations resulting in higher costs, cash expenditures, and/or sales restrictions;
|
•
|
Unusual or significant litigation, governmental investigations, or adverse publicity arising out of alleged defects in products, perceived environmental impacts, or otherwise;
|
•
|
A change in requirements under long-term supply arrangements committing Ford to purchase minimum or fixed quantities of certain parts, or to pay a minimum amount to the seller ("take-or-pay" contracts);
|
•
|
Adverse effects on results from a decrease in or cessation or clawback of government incentives related to investments;
|
•
|
Inherent limitations of internal controls impacting financial statements and safeguarding of assets;
|
•
|
Cybersecurity risks to operational systems, security systems, or infrastructure owned by Ford, Ford Credit, or a third-party vendor or supplier;
|
•
|
Failure of financial institutions to fulfill commitments under committed credit and liquidity facilities;
|
•
|
Inability of Ford Credit to access debt, securitization, or derivative markets around the world at competitive rates or in sufficient amounts, due to credit rating downgrades, market volatility, market disruption, regulatory requirements, or other factors;
|
•
|
Higher-than-expected credit losses, lower-than-anticipated residual values, or higher-than-expected return volumes for leased vehicles;
|
•
|
Increased competition from banks or other financial institutions seeking to increase their share of financing Ford vehicles; and
|
•
|
New or increased credit, consumer, or data protection or other regulations resulting in higher costs and/or additional financing restrictions.
|
•
|
Discount rates.
We base the discount rate assumption primarily on the results of a cash flow matching analysis, which matches the future cash outflows for each major plan to a yield curve comprised of high-quality bonds specific to the country of the plan. Benefit payments are discounted at the rates on the curve and a single discount rate specific to the plan is determined.
|
•
|
Expected long-term rate of return on assets.
The expected long-term rate of return on assets assumption reflects historical returns and long-run inputs from a range of advisors for capital market returns, inflation, bond yields, and other variables, adjusted for specific aspects of our investment strategy. The assumption is based on consideration of all inputs, with a focus on long-term trends to avoid short-term market influences. Assumptions are not changed unless structural trends in the underlying economy are identified, our asset strategy changes, or there are significant changes in other inputs.
|
•
|
Salary growth.
The salary growth assumption reflects our long-term actual experience, outlook, and assumed inflation.
|
•
|
Inflation.
Our inflation assumption is based on an evaluation of external market indicators, including real gross domestic product growth and central bank inflation targets.
|
•
|
Expected contributions.
The expected amount and timing of contributions is based on an assessment of minimum requirements, and additional amounts based on cash availability and other considerations (e.g., funded status, avoidance of regulatory premiums and levies, and tax efficiency).
|
•
|
Retirement rates.
Retirement rates are developed to reflect actual and projected plan experience.
|
•
|
Mortality rates.
Mortality rates are developed to reflect actual and projected plan experience.
|
|
|
Percentage
|
|
Increase/(Decrease) in:
|
||||||
|
|
Point
|
|
2013 Expense
|
|
December 31, 2012 Obligation
|
||||
Assumption
|
|
Change
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
Discount rate
|
|
+/- 1.0 pt.
|
|
$(300)/360
|
|
$(300)/350
|
|
$(5,200)/6,400
|
|
$(4,000)/4,700
|
Expected long-term rate of return on assets
|
|
+/- 1.0
|
|
(390)/390
|
|
(210)/210
|
|
|
|
|
•
|
Discount rates.
We base the discount rate assumption primarily on the results of a cash flow matching analysis, which matches the future cash outflows for each plan to a yield curve comprised of high quality bonds specific to the country of the plan. Benefit payments are discounted at the rates on the curve and a single discount rate specific to the plan is determined.
|
•
|
Health care cost trends.
Our health care cost trend assumptions are developed based on historical cost data, the near-term outlook, and an assessment of likely long-term trends.
|
•
|
Salary growth.
Salary growth assumptions reflect our long-term actual experience, our outlook, and assumed inflation.
|
•
|
Retirement rates.
Retirement rates are developed to reflect actual and projected plan experience.
|
•
|
Mortality rates.
Mortality rates are developed to reflect actual and projected plan experience.
|
•
|
Frequency.
The number of finance receivables and operating lease contracts that Ford Credit expects will default over a period of time, measured as repossessions; and
|
•
|
Loss severity.
The expected difference between the amount of money a customer owes Ford Credit when Ford Credit charges off the finance contract and the amount Ford Credit receives, net of expenses, from selling the repossessed vehicle, including any recoveries from the customer.
|
|
|
|
|
Increase/(Decrease)
|
||
Assumption
|
|
Percentage
Point Change
|
|
December 31, 2012
Allowance for
Credit Losses
|
|
2012
Expense
|
Repossession ratios (a)
|
|
+/- 0.1 pt.
|
|
$20/$(20)
|
|
$20/$(20)
|
Loss severity
|
|
+/- 1.0
|
|
5/(5)
|
|
5/(5)
|
(a)
|
Reflects the number of finance receivables and operating lease contracts that Ford Credit expects will default over a period of time relative to the average number of contracts outstanding.
|
|
2012
|
|
2011
|
|
2010
|
Vehicle return volume
|
76
|
|
144
|
|
281
|
Return rate
|
60%
|
|
59%
|
|
69%
|
•
|
Auction value.
Ford Credit's projection of the market value of the vehicles when we sell them at the end of the lease; and
|
•
|
Return volume.
Ford Credit's projection of the number of vehicles that will be returned at lease-end.
|
|
|
|
|
Increase/(Decrease)
|
||
Assumption
|
|
Percentage
Change
|
|
December 31, 2012
Accumulated
Depreciation on
Vehicles Subject to
Operating Leases
|
|
2013
Expense
|
Future auction values
|
|
+/- 1.0
|
|
$47/$(47)
|
|
$12/$(12)
|
Return volumes
|
|
+/- 1.0
|
|
3/(3)
|
|
1/(1)
|
•
|
Business projections
. We make assumptions about the demand for our products in the marketplace. These assumptions drive our planning assumptions for volume, mix, and pricing. We also make assumptions about our
|
•
|
Long-term growth rate
. A growth rate is used to calculate the terminal value of the business, and is added to the present value of the debt-free interim cash flows. The growth rate is the expected rate at which a business unit's earnings stream is projected to grow beyond the planning period.
|
•
|
Discount rate.
When measuring possible impairment, future cash flows are discounted at a rate that is consistent with a weighted-average cost of capital that we anticipate a potential market participant would use. Weighted-average cost of capital is an estimate of the overall risk-adjusted after-tax rate of return required by equity and debt holders of a business enterprise.
|
•
|
Economic projections.
Assumptions regarding general economic conditions are included in and affect our assumptions regarding industry sales and pricing estimates for our vehicles. These macro-economic assumptions include, but are not limited to, industry sales volumes, inflation, interest rates, prices of raw materials (i.e., commodities), and foreign currency exchange rates.
|
|
Payments Due by Period
|
|
|
||||||||||||||||
|
2013
|
|
2014 - 2015
|
|
2016 - 2017
|
|
2018 and Thereafter
|
|
Total
|
||||||||||
Automotive Sector
|
|
|
|
|
|
|
|
|
|
||||||||||
On-balance sheet
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term debt (a) (b) (excluding capital leases)
|
$
|
893
|
|
|
$
|
2,576
|
|
|
$
|
2,307
|
|
|
$
|
8,216
|
|
|
$
|
13,992
|
|
Interest payments relating to long-term debt (c)
|
589
|
|
|
1,113
|
|
|
990
|
|
|
6,872
|
|
|
9,564
|
|
|||||
Capital leases
|
9
|
|
|
11
|
|
|
5
|
|
|
4
|
|
|
29
|
|
|||||
Pension funding (d)
|
458
|
|
|
774
|
|
|
426
|
|
|
—
|
|
|
1,658
|
|
|||||
Off-balance sheet
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchase obligations
|
1,873
|
|
|
1,668
|
|
|
880
|
|
|
936
|
|
|
5,357
|
|
|||||
Operating leases
|
217
|
|
|
333
|
|
|
172
|
|
|
172
|
|
|
894
|
|
|||||
Total Automotive sector
|
4,039
|
|
|
6,475
|
|
|
4,780
|
|
|
16,200
|
|
|
31,494
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial Services Sector
|
|
|
|
|
|
|
|
|
|
||||||||||
On-balance sheet
|
|
|
|
|
|
|
|
|
|
||||||||||
Long-term debt (a) (b) (excluding capital leases)
|
19,630
|
|
|
30,284
|
|
|
14,261
|
|
|
8,222
|
|
|
72,397
|
|
|||||
Interest payments relating to long-term debt (c)
|
2,621
|
|
|
3,468
|
|
|
1,717
|
|
|
1,762
|
|
|
9,568
|
|
|||||
Capital leases
|
1
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|||||
Off-balance sheet
|
|
|
|
|
|
|
|
|
|
||||||||||
Purchase obligations
|
29
|
|
|
4
|
|
|
3
|
|
|
1
|
|
|
37
|
|
|||||
Operating leases
|
52
|
|
|
75
|
|
|
53
|
|
|
24
|
|
|
204
|
|
|||||
Total Financial Services sector
|
22,333
|
|
|
33,833
|
|
|
16,034
|
|
|
10,009
|
|
|
82,209
|
|
|||||
Total Company
|
$
|
26,372
|
|
|
$
|
40,308
|
|
|
$
|
20,814
|
|
|
$
|
26,209
|
|
|
$
|
113,703
|
|
•
|
Market risk
- the possibility that changes in interest and currency exchange rates will adversely affect cash flow and economic value;
|
•
|
Credit risk
- the possibility of loss from a customer's failure to make payments according to contract terms;
|
•
|
Residual risk
- the possibility that the actual proceeds received at lease termination will be lower than projections or return volumes will be higher than projections; and
|
•
|
Liquidity risk
- the possibility that Ford Credit may be unable to meet all of its current and future obligations in a timely manner.
|
|
Pre-Tax Cash Flow Sensitivity (given a one percentage point instantaneous
increase
in interest rates)
|
|
Pre-Tax Cash Flow Sensitivity (given a one percentage point instantaneous
decrease
in interest rates) (a)
|
||||
December 31, 2012
|
$
|
77
|
|
|
$
|
(77
|
)
|
December 31, 2011
|
$
|
60
|
|
|
$
|
(60
|
)
|
(a)
|
Pre-tax cash flow sensitivity given a one percentage point decrease in interest rates requires an assumption of negative interest rates in markets where existing interest rates are below one percent.
|
•
|
We began issuing payments pursuant to our previously announced program that offers voluntary lump-sum pension payout options to eligible salaried U.S. retirees and former salaried employees. The program provides participants with a one-time choice of electing to receive a lump-sum settlement of remaining pension benefit. Offers to eligible participants will continue through 2013.
|
•
|
Effective December 1, 2012, Ford Motor Company appointed Mark Fields to the position of Chief Operating Officer. Mr. Fields is the first executive to be appointed to this position at Ford since it was last filled in 2006.
|
•
|
Report of Independent Registered Public Accounting Firm.
|
•
|
Consolidated Income Statement and Sector Income Statement for the years ended December 31, 2012, 2011, and 2010.
|
•
|
Consolidated Statement of Comprehensive Income for the years ended December 31, 2012, 2011, and 2010.
|
•
|
Consolidated Balance Sheet and Sector Balance Sheet at December 31, 2012 and 2011.
|
•
|
Consolidated Statement of Cash Flows and Sector Statement of Cash Flows for the years ended December 31, 2012, 2011, and 2010.
|
•
|
Consolidated Statement of Equity for the years ended December 31, 2012, 2011, and 2010.
|
•
|
Notes to the Financial Statements.
|
Designation
|
Description
|
Schedule II
|
Valuation and Qualifying Accounts
|
Designation
|
|
Description
|
|
Method of Filing
|
Exhibit 3-A
|
|
Restated Certificate of Incorporation, dated August 2, 2000.
|
|
Filed as Exhibit 3-A to our Annual Report on Form 10-K for the year ended December 31, 2000.*
|
Exhibit 3-B
|
|
By-Laws as amended through December 14, 2006.
|
|
Filed as Exhibit 3-B to our Annual Report on Form 10-K for the year ended December 31, 2006.*
|
Exhibit 10-A
|
|
Executive Separation Allowance Plan as amended and restated effective as of January 1, 2012.**
|
|
Filed with this Report.
|
Exhibit 10-B
|
|
Deferred Compensation Plan for Non-Employee Directors, as amended and restated as of January 1, 2012.**
|
|
Filed as Exhibit 10-B to our Annual Report on Form 10-K for the year ended December 31, 2011.*
|
Exhibit 10-C
|
|
Benefit Equalization Plan, as amended and restated as of January 1, 2012.**
|
|
Filed with this Report.
|
Exhibit 10-D
|
|
Description of financial counseling services provided to certain executives.**
|
|
Filed as Exhibit 10-F to our Annual Report on Form 10-K for the year ended December 31, 2002.*
|
Exhibit 10-E
|
|
Supplemental Executive Retirement Plan, amended and restated effective as of January 1, 2013.**
|
|
Filed with this Report.
|
Exhibit 10-E-1
|
|
Defined Contribution Supplemental Executive Retirement Plan, effective January 1, 2013.**
|
|
Filed with this Report.
|
Exhibit 10-F
|
|
Description of Director Compensation as of July 13, 2006.**
|
|
Filed as Exhibit 10-G-3 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2006.*
|
Exhibit 10-F-1
|
|
Amendment to Description of Director Compensation as of March 1, 2009.**
|
|
Filed as Exhibit 10-F-5 to our Annual Report on Form 10-K for the year ended December 31, 2008.*
|
Designation
|
|
Description
|
|
Method of Filing
|
Exhibit 10-F-2
|
|
Amendment to Description of Director Compensation as of February 25, 2010.**
|
|
Filed as Exhibit 10-F-6 to our Annual Report on Form 10-K for the year ended December 31, 2009.*
|
Exhibit 10-F-3
|
|
Amendment to Description of Director Compensation as of February 8, 2012.**
|
|
Filed as Exhibit 10-F-3 to our Annual Report on Form 10-K for the year ended December 31, 2011.*
|
Exhibit 10-G
|
|
2008 Long-Term Incentive Plan.**
|
|
Filed as Exhibit 10.1 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2008.*
|
Exhibit 10-H
|
|
Description of Matching Gift Program and Vehicle Evaluation Program for Non-Employee Directors.**
|
|
Filed as Exhibit 10-I to our Annual Report on Form 10-K/A for the year ended December 31, 2005.*
|
Exhibit 10-I
|
|
Non-Employee Directors Life Insurance and Optional Retirement Plan as amended and restated as of December 31, 2010.**
|
|
Filed as Exhibit 10-I to our Annual Report on Form 10-K for the year ended December 31, 2010.*
|
Exhibit 10-J
|
|
Description of Non-Employee Directors Accidental Death, Dismemberment and Permanent Total Disablement Indemnity.**
|
|
Filed as Exhibit 10-S to our Annual Report on Form 10-K for the year ended December 31, 1992.*
|
Exhibit 10-K
|
|
Agreement dated December 10, 1992 between Ford and William C. Ford.**
|
|
Filed as Exhibit 10-T to our Annual Report on Form 10-K for the year ended December 31, 1992.*
|
Exhibit 10-L
|
|
Select Retirement Plan, amended and restated effective as of January 1, 2012.**
|
|
Filed with this Report.
|
Exhibit 10-M
|
|
Deferred Compensation Plan, as amended and restated as of December 31, 2010.**
|
|
Filed as Exhibit 10-M to our Annual Report on Form 10-K for the year ended December 31, 2010.*
|
Exhibit 10-M-1
|
|
Suspension of Open Enrollment in Deferred Compensation Plan.**
|
|
Filed as Exhibit 10-M-1 to our Annual Report on Form 10-K for the year ended December 31, 2009.*
|
Exhibit 10-N
|
|
Annual Incentive Compensation Plan, as amended and restated as of March 1, 2008.**
|
|
Filed as Exhibit 10.2 to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2008.*
|
Exhibit 10-N-1
|
|
Amendment to the Ford Motor Company Annual Incentive Compensation Plan (effective as of December 31, 2008).**
|
|
Filed as Exhibit 10-N-1 to our Annual Report on Form 10-K for the year ended December 31, 2008.*
|
Exhibit 10-N-2
|
|
Annual Incentive Compensation Plan Metrics for 2011.**
|
|
Filed as Exhibit 10-N-3 to our Annual Report on Form 10-K for the year ended December 31, 2010.*
|
Exhibit 10-N-3
|
|
Annual Incentive Compensation Plan Metrics for 2012.**
|
|
Filed as Exhibit 10-N-4 to our Annual Report on Form 10-K for the year ended December 31, 2011.*
|
Exhibit 10-N-4
|
|
Annual Incentive Compensation Plan Metrics for 2013.**
|
|
Filed with this Report.
|
Exhibit 10-N-5
|
|
Performance-Based Restricted Stock Unit Metrics for 2009.**
|
|
Filed as Exhibit 10-N-5 to our Annual Report on Form 10-K for the year ended December 31, 2008.*
|
Exhibit 10-N-6
|
|
Performance-Based Restricted Stock Unit Metrics for 2010.**
|
|
Filed as Exhibit 10-N-5 to our Annual Report on Form 10-K for the year ended December 31, 2009.*
|
Exhibit 10-N-7
|
|
Performance-Based Restricted Stock Unit Metrics for 2011.**
|
|
Filed as Exhibit 10-N-7 to our Annual Report on Form 10-K for the year ended December 31, 2010.*
|
Exhibit 10-N-8
|
|
Performance-Based Restricted Stock Unit Metrics for 2012.**
|
|
Filed as Exhibit 10-N-9 to our Annual Report on Form 10-K for the year ended December 31, 2011.*
|
Exhibit 10-N-9
|
|
Performance-Based Restricted Stock Unit Metrics for 2013.**
|
|
Filed with this Report.
|
Exhibit 10-N-10
|
|
Executive Compensation Recoupment Policy.**
|
|
Filed as Exhibit 10-N-8 to our Annual Report on Form 10-K for the year ended December 31, 2010.*
|
Exhibit 10-N-11
|
|
Incremental Bonus Description.**
|
|
Filed as Exhibit 10-N-9 to our Annual Report on Form 10-K for the year ended December 31, 2010.*
|
Exhibit 10-O
|
|
1998 Long-Term Incentive Plan, as amended and restated effective as of January 1, 2003.**
|
|
Filed as Exhibit 10-R to our Annual Report on Form 10-K for the year ended December 31, 2002.*
|
Exhibit 10-O-1
|
|
Amendment to Ford Motor Company 1998 Long-Term Incentive Plan (effective as of January 1, 2006).**
|
|
Filed as Exhibit 10-P-1 to our Annual Report on Form 10-K/A for the year ended December 31, 2005.*
|
Exhibit 10-O-2
|
|
Form of Stock Option Agreement (NQO) with Terms and Conditions.**
|
|
Filed as Exhibit 10-P-2 to our Annual Report on Form 10-K/A for the year ended December 31, 2005.*
|
Exhibit 10-O-3
|
|
Form of Stock Option (NQO) Terms and Conditions for 2008 Long-Term Incentive Plan.**
|
|
Filed as Exhibit 10-O-3 to our Annual Report on
Form 10-K for the year ended December 31, 2008.*
|
Exhibit 10-O-4
|
|
Form of Stock Option (NQO) Agreement for 2008 Long-Term Incentive Plan.**
|
|
Filed as Exhibit 10-O-4 to our Annual Report on Form 10-K for the year ended December 31, 2008.*
|
Exhibit 10-O-5
|
|
Form of Stock Option Agreement (ISO) with Terms and Conditions.**
|
|
Filed as Exhibit 10-P-3 to our Annual Report on Form 10-K/A for the year ended December 31, 2005.*
|
Exhibit 10-O-6
|
|
Form of Stock Option (ISO) Terms and Conditions for 2008 Long-Term Incentive Plan.**
|
|
Filed as Exhibit 10-O-6 to our Annual Report on Form 10-K for the year ended December 31, 2008.*
|
Exhibit 10-O-7
|
|
Form of Stock Option Agreement (ISO) for 2008 Long-Term Incentive Plan.**
|
|
Filed as Exhibit 10-O-7 to our Annual Report on Form 10-K for the year ended December 31, 2008.*
|
Exhibit 10-O-8
|
|
Form of Stock Option Agreement (U.K. NQO) with Terms and Conditions.**
|
|
Filed as Exhibit 10-P-4 to our Annual Report on Form 10-K/A for the year ended December 31, 2005.*
|
Exhibit 10-O-9
|
|
Form of Stock Option (U.K.) Terms and Conditions for 2008 Long-Term Incentive Plan.**
|
|
Filed as Exhibit 10-O-9 to our Annual Report on Form 10-K for the year ended December 31, 2009.*
|
Designation
|
|
Description
|
|
Method of Filing
|
Exhibit 10-O-10
|
|
Form of Stock Option Agreement (U.K.) for 2008 Long-Term Incentive Plan.**
|
|
Filed as Exhibit 10-O-10 to our Annual Report on Form 10-K for the year ended December 31, 2009.*
|
Exhibit 10-O-11
|
|
Form of Restricted Stock Grant Letter.**
|
|
Filed as Exhibit 10-O-14 to our Annual Report on Form 10-K for the year ended December 31, 2008.*
|
Exhibit 10-O-12
|
|
Form of Restricted Stock Grant Letter as of January 1, 2011.**
|
|
Filed as Exhibit 10-O-12 to our Annual Report on Form 10-K for the year ended December 31, 2010.*
|
Exhibit 10-O-13
|
|
Form of Final Award Notification Letter for Performance-Based Restricted Stock Units.**
|
|
Filed as Exhibit 10-O-17 to our Annual Report on Form 10-K for the year ended December 31, 2008.*
|
Exhibit 10-O-14
|
|
Form of Performance-Based Restricted Stock Unit Opportunity Letter (2008 Long-Term Incentive Plan).**
|
|
Filed as Exhibit 10-O-19 to our Annual Report on Form 10-K for the year ended December 31, 2008.*
|
Exhibit 10-O-15
|
|
2008 Long-Term Incentive Plan Restricted Stock Unit Agreement.**
|
|
Filed as Exhibit 10-O-22 to our Annual Report on Form 10-K for the year ended December 31, 2008.*
|
Exhibit 10-O-16
|
|
2008 Long-Term Incentive Plan Restricted Stock Unit Terms and Conditions.**
|
|
Filed as Exhibit 10-O-24 to our Annual Report on Form 10-K for the year ended December 31, 2008.*
|
Exhibit 10-O-17
|
|
Form of Final Award Agreement for Performance-Based Restricted Stock Units under 2008 Long-Term Incentive Plan.**
|
|
Filed as Exhibit 10-O-26 to our Annual Report on Form 10-K for the year ended December 31, 2008.*
|
Exhibit 10-O-18
|
|
Form of Final Award Terms and Conditions for Performance-Based Restricted Stock Units under 2008 Long-Term Incentive Plan.**
|
|
Filed as Exhibit 10-O-28 to our Annual Report on Form 10-K for the year ended December 31, 2008.*
|
Exhibit 10-O-19
|
|
Form of Notification Letter for Time-Based Restricted Stock Units.**
|
|
Filed as Exhibit 10-O-29 to our Annual Report on Form 10-K for the year ended December 31, 2008.*
|
Exhibit 10-P
|
|
Agreement dated January 13, 1999 between Ford Motor Company and Edsel B. Ford II.**
|
|
Filed as Exhibit 10-X to our Annual Report on Form 10-K for the year ended December 31, 1998.*
|
Exhibit 10-P-1
|
|
Amendment dated May 5, 2010 to the Consulting Agreement between Ford Motor Company and Edsel B. Ford II.**
|
|
Filed as Exhibit 10.3 to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2010.*
|
Exhibit 10-P-2
|
|
Amendment dated January 1, 2012 to the Consulting Agreement between Ford Motor Company and Edsel B. Ford II.**
|
|
Filed as Exhibit 10-P-2 to our Annual Report on Form 10-K for the year ended December 31, 2011.*
|
Exhibit 10-Q
|
|
Amended and Restated Agreement between Ford Motor Company and Ford Motor Credit Company dated as of December 12, 2006.
|
|
Filed as Exhibit 10-R to our Annual Report on Form 10-K for the year ended December 31, 2006.*
|
Exhibit 10-R
|
|
Form of Trade Secrets/Non-Compete Statement between Ford and certain of its Executive Officers.**
|
|
Filed as Exhibit 10-V to our Annual Report on Form 10-K for the year ended December 31, 2003.*
|
Exhibit 10-S
|
|
Arrangement between Ford Motor Company and William C. Ford, Jr., dated February 25, 2009.**
|
|
Filed as Exhibit 10-V to our Annual Report on Form 10-K for the year ended December 31, 2008.*
|
Exhibit 10-T
|
|
Arrangement between Ford Motor Company and Mark Fields dated February 7, 2007.**
|
|
Filed as Exhibit 10-AA-1 to our Annual Report on Form 10-K for the year ended December 31, 2006.*
|
Exhibit 10-U
|
|
Description of Company Practices regarding Club Memberships for Executives.**
|
|
Filed as Exhibit 10-BB to our Annual Report on Form 10-K for the year ended December 31, 2006.*
|
Exhibit 10-V
|
|
Accession Agreement between Ford Motor Company and Alan Mulally as of September 1, 2006.**
|
|
Filed as Exhibit 10.1 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2006.*
|
Exhibit 10-V-1
|
|
Description of Special Terms and Conditions for Stock Options Granted to Alan Mulally.**
|
|
Filed as Exhibit 10-CC-1 to our Annual Report on Form 10-K for the year ended December 31, 2006.*
|
Exhibit 10-V-2
|
|
Description of President and CEO Compensation Arrangements.**
|
|
Filed as Exhibit 10-CC-2 to our Annual Report on Form 10-K for the year ended December 31, 2006.*
|
Exhibit 10-V-3
|
|
Form of Alan Mulally Agreement Amendment, effective as of December 31, 2008.**
|
|
Filed as Exhibit 10-Y-3 to our Annual Report on Form 10-K for the year ended December 31, 2008.*
|
Exhibit 10-V-4
|
|
Form of Alan Mulally Agreement Amendment, dated February 15, 2013.**
|
|
Filed with this Report.
|
Exhibit 10-W
|
|
Accession Agreement between Ford Motor Company and James D. Farley, Jr. as of October 9, 2007.**
|
|
Filed with this Report.
|
Exhibit 10-W-1
|
|
Form of James D. Farley, Jr. Agreement Amendment, effective as of October 12, 2008.**
|
|
Filed with this Report.
|
Exhibit 10-X
|
|
Amended and Restated Credit Agreement dated as of November 24, 2009.
|
|
Filed as Exhibit 99.2 to our Current Report on Form 8-K filed November 25, 2009.*
|
Exhibit 10-X-1
|
|
Seventh Amendment dated as of March 15, 2012 to our Credit Agreement dated as of December 15, 2006, as amended and restated as of November 24, 2009, and as further amended.
|
|
Filed as Exhibit 99.2 to our Current Report on Form 8-K filed March 15, 2012.*
|
Exhibit 10-Y
|
|
Amended and Restated Support Agreement (formerly known as Amended and Restated Profit Maintenance Agreement) dated November 6, 2008 between Ford Motor Company and Ford Motor Credit Company LLC.
|
|
Filed as Exhibit 10 to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2008.*
|
Exhibit 10-Z
|
|
Certificate of Designation of Series A Junior Participating Preferred Stock filed on September 11, 2009.
|
|
Filed as Exhibit 3.1 to our Current Report on Form 8-K filed September 11, 2009.*
|
Designation
|
|
Description
|
|
Method of Filing
|
Exhibit 10-AA
|
|
Tax Benefit Preservation Plan ("TBPP") dated September 11, 2009 between Ford Motor Company and Computershare Trust Company, N.A.
|
|
Filed as Exhibit 4.1 to our Current Report on Form 8-K filed September 11, 2009.*
|
Exhibit 10-AA-1
|
|
Amendment No. 1 to TBPP dated September 11, 2012.
|
|
Filed as Exhibit 4 to our Current Report on Form 8-K filed September 12, 2012.*
|
Exhibit 10-BB
|
|
Loan Arrangement and Reimbursement Agreement between Ford Motor Company and the U.S. Department of Energy dated as of September 16, 2009.
|
|
Filed as Exhibit 10.1 to our Current Report on Form 8-K filed September 22, 2009.*
|
Exhibit 10-CC
|
|
Note Purchase Agreement dated as of September 16, 2009 among the Federal Financing Bank, Ford Motor Company, and the U.S. Secretary of Energy.
|
|
Filed as Exhibit 10.2 to our Current Report on Form 8-K filed September 22, 2009.*
|
Exhibit 12
|
|
Calculation of Ratio of Earnings to Combined Fixed Charges.
|
|
Filed with this Report.
|
Exhibit 18
|
|
Letter of PricewaterhouseCoopers LLP, dated February 18, 2013, regarding Change in Accounting Principle.
|
|
Filed with this Report.
|
Exhibit 21
|
|
List of Subsidiaries of Ford as of February 1, 2013.
|
|
Filed with this Report.
|
Exhibit 23
|
|
Consent of Independent Registered Public Accounting Firm.
|
|
Filed with this Report.
|
Exhibit 24
|
|
Powers of Attorney.
|
|
Filed with this Report.
|
Exhibit 31.1
|
|
Rule 15d-14(a) Certification of CEO.
|
|
Filed with this Report.
|
Exhibit 31.2
|
|
Rule 15d-14(a) Certification of CFO.
|
|
Filed with this Report.
|
Exhibit 32.1
|
|
Section 1350 Certification of CEO.
|
|
Furnished with this Report.
|
Exhibit 32.2
|
|
Section 1350 Certification of CFO.
|
|
Furnished with this Report.
|
Exhibit 101.INS
|
|
XBRL Instance Document.
|
|
***
|
Exhibit 101.SCH
|
|
XBRL Taxonomy Extension Schema Document.
|
|
***
|
Exhibit 101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
***
|
Exhibit 101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
***
|
Exhibit 101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
***
|
Exhibit 101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
|
***
|
*
|
Incorporated by reference as an exhibit to this Report (file number reference 1-3950, unless otherwise indicated).
|
**
|
Management contract or compensatory plan or arrangement.
|
By:
|
/s/ Stuart Rowley
|
|
Stuart Rowley, Vice President and Controller
|
|
(chief accounting officer)
|
|
|
Date:
|
February 18, 2013
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
WILLIAM CLAY FORD, JR.*
|
|
Director, Chairman of the Board, Executive Chairman, Chair of the Office of the Chairman and Chief Executive, and Chair of the Finance Committee
|
|
February 18, 2013
|
William Clay Ford, Jr.
|
|
|
|
|
|
|
|
|
|
ALAN MULALLY*
|
|
Director, President and Chief Executive Officer
|
|
February 18, 2013
|
Alan Mulally
|
|
(principal executive officer)
|
|
|
|
|
|
|
|
STEPHEN G. BUTLER*
|
|
Director and Chair of the Audit Committee
|
|
February 18, 2013
|
Stephen G. Butler
|
|
|
|
|
|
|
|
|
|
KIMBERLY A. CASIANO*
|
|
Director
|
|
February 18, 2013
|
Kimberly A. Casiano
|
|
|
|
|
|
|
|
|
|
ANTHONY F. EARLEY, JR.*
|
|
Director
|
|
February 18, 2013
|
Anthony F. Earley, Jr.
|
|
|
|
|
|
|
|
|
|
EDSEL B. FORD II*
|
|
Director
|
|
February 18, 2013
|
Edsel B. Ford II
|
|
|
|
|
|
|
|
|
|
RICHARD A. GEPHARDT*
|
|
Director
|
|
February 18, 2013
|
Richard A. Gephardt
|
|
|
|
|
|
|
|
|
|
JAMES H. HANCE, JR.*
|
|
Director
|
|
February 18, 2013
|
James H. Hance, Jr.
|
|
|
|
|
|
|
|
|
|
WILLIAM W. HELMAN IV*
|
|
Director
|
|
February 18, 2013
|
William W. Helman IV
|
|
|
|
|
|
|
|
|
|
IRVINE O. HOCKADAY, JR.*
|
|
Director
|
|
February 18, 2013
|
Irvine O. Hockaday, Jr.
|
|
|
|
|
|
|
|
|
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
JON M. HUNTSMAN, JR.*
|
|
Director
|
|
February 18, 2013
|
Jon M. Huntsman, Jr.
|
|
|
|
|
|
|
|
|
|
RICHARD A. MANOOGIAN*
|
|
Director and Chair of the Compensation Committee
|
|
February 18, 2013
|
Richard A. Manoogian
|
|
|
|
|
|
|
|
|
|
ELLEN R. MARRAM*
|
|
Director and Chair of the Nominating and Governance Committee
|
|
February 18, 2013
|
Ellen R. Marram
|
|
|
|
|
|
|
|
|
|
HOMER A. NEAL*
|
|
Director and Chair of the Sustainability Committee
|
|
February 18, 2013
|
Homer A. Neal
|
|
|
|
|
|
|
|
|
|
GERALD L. SHAHEEN*
|
|
Director
|
|
February 18, 2013
|
Gerald L. Shaheen
|
|
|
|
|
|
|
|
|
|
JOHN L. THORNTON*
|
|
Director
|
|
February 18, 2013
|
John L. Thornton
|
|
|
|
|
|
|
|
|
|
BOB SHANKS*
|
|
Executive Vice President and Chief Financial Officer
|
|
February 18, 2013
|
Bob Shanks
|
|
(principal financial officer)
|
|
|
|
|
|
|
|
STUART ROWLEY*
|
|
Vice President and Controller
|
|
February 18, 2013
|
Stuart Rowley
|
|
(principal accounting officer)
|
|
|
|
|
|
|
|
*By: /s/ BRADLEY M. GAYTON
|
|
|
|
February 18, 2013
|
Bradley M. Gayton
|
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|
Attorney-in-Fact
|
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|
|
|
For the years ended December 31,
|
||||||||||
|
2012
|
|
2011
|
|
2010
|
||||||
Revenues
|
|
|
|
|
|
||||||
Automotive
|
$
|
126,567
|
|
|
$
|
128,168
|
|
|
$
|
119,280
|
|
Financial Services
|
7,685
|
|
|
8,096
|
|
|
9,674
|
|
|||
Total revenues
|
134,252
|
|
|
136,264
|
|
|
128,954
|
|
|||
|
|
|
|
|
|
||||||
Costs and expenses
|
|
|
|
|
|
|
|
||||
Automotive cost of sales
|
112,578
|
|
|
113,345
|
|
|
104,451
|
|
|||
Selling, administrative, and other expenses
|
12,182
|
|
|
11,578
|
|
|
11,909
|
|
|||
Financial Services interest expense
|
3,115
|
|
|
3,614
|
|
|
4,345
|
|
|||
Financial Services provision for credit and insurance losses
|
86
|
|
|
(33
|
)
|
|
(216
|
)
|
|||
Total costs and expenses
|
127,961
|
|
|
128,504
|
|
|
120,489
|
|
|||
|
|
|
|
|
|
||||||
Automotive interest expense
|
713
|
|
|
817
|
|
|
1,807
|
|
|||
|
|
|
|
|
|
||||||
Automotive interest income and other income/(loss), net (Note 21)
|
1,185
|
|
|
825
|
|
|
(362
|
)
|
|||
Financial Services other income/(loss), net (Note 21)
|
369
|
|
|
413
|
|
|
315
|
|
|||
Equity in net income/(loss) of affiliated companies
|
588
|
|
|
500
|
|
|
538
|
|
|||
Income before income taxes
|
7,720
|
|
|
8,681
|
|
|
7,149
|
|
|||
Provision for/(Benefit from) income taxes (Note 24)
|
2,056
|
|
|
(11,541
|
)
|
|
592
|
|
|||
Net income
|
5,664
|
|
|
20,222
|
|
|
6,557
|
|
|||
Less: Income/(Loss) attributable to noncontrolling interests
|
(1
|
)
|
|
9
|
|
|
(4
|
)
|
|||
Net income attributable to Ford Motor Company
|
$
|
5,665
|
|
|
$
|
20,213
|
|
|
$
|
6,561
|
|
|
|
|
|
|
|
||||||
AMOUNTS PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK (Note 26)
|
|||||||||||
Basic income
|
$
|
1.48
|
|
|
$
|
5.33
|
|
|
$
|
1.90
|
|
Diluted income
|
$
|
1.42
|
|
|
$
|
4.94
|
|
|
$
|
1.66
|
|
|
|
|
|
|
|
||||||
Cash dividends declared
|
$
|
0.15
|
|
|
$
|
0.05
|
|
|
$
|
—
|
|
|
For the years ended December 31,
|
||||||||||
|
2012
|
|
2011
|
|
2010
|
||||||
Net income
|
$
|
5,664
|
|
|
$
|
20,222
|
|
|
$
|
6,557
|
|
Other comprehensive income/(loss), net of tax (Note 20)
|
|
|
|
|
|
||||||
Foreign currency translation
|
142
|
|
|
(720
|
)
|
|
(2,234
|
)
|
|||
Derivative instruments
|
6
|
|
|
(152
|
)
|
|
(24
|
)
|
|||
Pension and other postretirement benefits
|
(4,268
|
)
|
|
(3,553
|
)
|
|
(1,190
|
)
|
|||
Net holding gain/(loss)
|
—
|
|
|
2
|
|
|
(2
|
)
|
|||
Total other comprehensive income/(loss), net of tax
|
(4,120
|
)
|
|
(4,423
|
)
|
|
(3,450
|
)
|
|||
Comprehensive income
|
1,544
|
|
|
15,799
|
|
|
3,107
|
|
|||
Less: Comprehensive income/(loss) attributable to noncontrolling interests
|
(1
|
)
|
|
7
|
|
|
(5
|
)
|
|||
Comprehensive income attributable to Ford Motor Company
|
$
|
1,545
|
|
|
$
|
15,792
|
|
|
$
|
3,112
|
|
|
For the years ended December 31,
|
||||||||||
|
2012
|
|
2011
|
|
2010
|
||||||
AUTOMOTIVE
|
|
|
|
|
|
||||||
Revenues
|
$
|
126,567
|
|
|
$
|
128,168
|
|
|
$
|
119,280
|
|
Costs and expenses
|
|
|
|
|
|
||||||
Cost of sales
|
112,578
|
|
|
113,345
|
|
|
104,451
|
|
|||
Selling, administrative, and other expenses
|
9,006
|
|
|
9,060
|
|
|
9,040
|
|
|||
Total costs and expenses
|
121,584
|
|
|
122,405
|
|
|
113,491
|
|
|||
|
|
|
|
|
|
||||||
Interest expense
|
713
|
|
|
817
|
|
|
1,807
|
|
|||
|
|
|
|
|
|
||||||
Interest income and other income/(loss), net (Note 21)
|
1,185
|
|
|
825
|
|
|
(362
|
)
|
|||
Equity in net income/(loss) of affiliated companies
|
555
|
|
|
479
|
|
|
526
|
|
|||
Income before income taxes — Automotive
|
6,010
|
|
|
6,250
|
|
|
4,146
|
|
|||
|
|
|
|
|
|
||||||
FINANCIAL SERVICES
|
|
|
|
|
|
|
|
||||
Revenues
|
7,685
|
|
|
8,096
|
|
|
9,674
|
|
|||
Costs and expenses
|
|
|
|
|
|
||||||
Interest expense
|
3,115
|
|
|
3,614
|
|
|
4,345
|
|
|||
Depreciation
|
2,524
|
|
|
1,843
|
|
|
2,024
|
|
|||
Operating and other expenses
|
652
|
|
|
675
|
|
|
845
|
|
|||
Provision for credit and insurance losses
|
86
|
|
|
(33
|
)
|
|
(216
|
)
|
|||
Total costs and expenses
|
6,377
|
|
|
6,099
|
|
|
6,998
|
|
|||
|
|
|
|
|
|
||||||
Other income/(loss), net (Note 21)
|
369
|
|
|
413
|
|
|
315
|
|
|||
Equity in net income/(loss) of affiliated companies
|
33
|
|
|
21
|
|
|
12
|
|
|||
Income before income taxes — Financial Services
|
1,710
|
|
|
2,431
|
|
|
3,003
|
|
|||
|
|
|
|
|
|
||||||
TOTAL COMPANY
|
|
|
|
|
|
|
|
||||
Income before income taxes
|
7,720
|
|
|
8,681
|
|
|
7,149
|
|
|||
Provision for/(Benefit from) income taxes (Note 24)
|
2,056
|
|
|
(11,541
|
)
|
|
592
|
|
|||
Net income
|
5,664
|
|
|
20,222
|
|
|
6,557
|
|
|||
Less: Income/(Loss) attributable to noncontrolling interests
|
(1
|
)
|
|
9
|
|
|
(4
|
)
|
|||
Net income attributable to Ford Motor Company
|
$
|
5,665
|
|
|
$
|
20,213
|
|
|
$
|
6,561
|
|
|
December 31,
2012 |
|
December 31,
2011 |
||||
ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
15,659
|
|
|
$
|
17,148
|
|
Marketable securities (Note 6)
|
20,284
|
|
|
18,618
|
|
||
Finance receivables, net (Note 7)
|
71,510
|
|
|
69,976
|
|
||
Other receivables, net
|
10,828
|
|
|
8,565
|
|
||
Net investment in operating leases (Note 8)
|
16,451
|
|
|
12,838
|
|
||
Inventories (Note 10)
|
7,362
|
|
|
5,901
|
|
||
Equity in net assets of affiliated companies (Note 11)
|
3,246
|
|
|
2,936
|
|
||
Net property (Note 13)
|
24,942
|
|
|
22,371
|
|
||
Deferred income taxes (Note 24)
|
15,185
|
|
|
15,125
|
|
||
Net intangible assets (Note 14)
|
87
|
|
|
100
|
|
||
Other assets
|
5,000
|
|
|
4,770
|
|
||
Total assets
|
$
|
190,554
|
|
|
$
|
178,348
|
|
|
|
|
|
||||
LIABILITIES
|
|
|
|
|
|
||
Payables
|
$
|
19,308
|
|
|
$
|
17,724
|
|
Accrued liabilities and deferred revenue (Note 15)
|
49,407
|
|
|
45,369
|
|
||
Debt (Note 17)
|
105,058
|
|
|
99,488
|
|
||
Deferred income taxes (Note 24)
|
470
|
|
|
696
|
|
||
Total liabilities
|
174,243
|
|
|
163,277
|
|
||
|
|
|
|
||||
Redeemable noncontrolling interest (Note 19)
|
322
|
|
|
—
|
|
||
|
|
|
|
||||
EQUITY
|
|
|
|
|
|
||
Capital stock (Note 26)
|
|
|
|
|
|
||
Common Stock, par value $.01 per share (3,875 million shares issued)
|
39
|
|
|
37
|
|
||
Class B Stock, par value $.01 per share (71 million shares issued)
|
1
|
|
|
1
|
|
||
Capital in excess of par value of stock
|
20,976
|
|
|
20,905
|
|
||
Retained earnings
|
18,077
|
|
|
12,985
|
|
||
Accumulated other comprehensive income/(loss) (Note 20)
|
(22,854
|
)
|
|
(18,734
|
)
|
||
Treasury stock
|
(292
|
)
|
|
(166
|
)
|
||
Total equity attributable to Ford Motor Company
|
15,947
|
|
|
15,028
|
|
||
Equity attributable to noncontrolling interests
|
42
|
|
|
43
|
|
||
Total equity
|
15,989
|
|
|
15,071
|
|
||
Total liabilities and equity
|
$
|
190,554
|
|
|
$
|
178,348
|
|
|
December 31,
2012 |
|
December 31,
2011 |
||||
ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
2,911
|
|
|
$
|
3,402
|
|
Finance receivables, net
|
47,515
|
|
|
49,795
|
|
||
Net investment in operating leases
|
6,308
|
|
|
6,354
|
|
||
Other assets
|
4
|
|
|
157
|
|
||
LIABILITIES
|
|
|
|
||||
Accrued liabilities and deferred revenue
|
134
|
|
|
97
|
|
||
Debt
|
40,245
|
|
|
41,421
|
|
|
December 31,
2012 |
|
December 31,
2011 |
||||
ASSETS
|
|
||||||
Automotive
|
|
|
|
||||
Cash and cash equivalents
|
$
|
6,247
|
|
|
$
|
7,965
|
|
Marketable securities (Note 6)
|
18,178
|
|
|
14,984
|
|
||
Total cash and marketable securities
|
24,425
|
|
|
22,949
|
|
||
Receivables, less allowances of $115 and $126
|
5,361
|
|
|
4,219
|
|
||
Inventories (Note 10)
|
7,362
|
|
|
5,901
|
|
||
Deferred income taxes
|
3,488
|
|
|
1,791
|
|
||
Net investment in operating leases (Note 8)
|
1,415
|
|
|
1,356
|
|
||
Other current assets
|
1,124
|
|
|
1,053
|
|
||
Current receivable from Financial Services (Note 1)
|
—
|
|
|
878
|
|
||
Total current assets
|
43,175
|
|
|
38,147
|
|
||
Equity in net assets of affiliated companies (Note 11)
|
3,112
|
|
|
2,797
|
|
||
Net property (Note 13)
|
24,813
|
|
|
22,229
|
|
||
Deferred income taxes
|
13,325
|
|
|
13,932
|
|
||
Net intangible assets (Note 14)
|
87
|
|
|
100
|
|
||
Non-current receivable from Financial Services (Note 1)
|
—
|
|
|
32
|
|
||
Other assets
|
1,946
|
|
|
1,549
|
|
||
Total Automotive assets
|
86,458
|
|
|
78,786
|
|
||
Financial Services
|
|
|
|
|
|
||
Cash and cash equivalents
|
9,412
|
|
|
9,183
|
|
||
Marketable securities (Note 6)
|
2,106
|
|
|
3,835
|
|
||
Finance receivables, net (Note 7)
|
75,770
|
|
|
73,330
|
|
||
Net investment in operating leases (Note 8)
|
15,036
|
|
|
11,482
|
|
||
Equity in net assets of affiliated companies (Note 11)
|
134
|
|
|
139
|
|
||
Other assets
|
3,450
|
|
|
3,605
|
|
||
Receivable from Automotive (Note 1)
|
252
|
|
|
—
|
|
||
Total Financial Services assets
|
106,160
|
|
|
101,574
|
|
||
Intersector elimination
|
(252
|
)
|
|
(1,112
|
)
|
||
Total assets
|
$
|
192,366
|
|
|
$
|
179,248
|
|
LIABILITIES
|
|
|
|
|
|
||
Automotive
|
|
|
|
|
|
||
Trade payables
|
$
|
15,107
|
|
|
$
|
14,015
|
|
Other payables
|
3,044
|
|
|
2,734
|
|
||
Accrued liabilities and deferred revenue (Note 15)
|
15,358
|
|
|
15,003
|
|
||
Deferred income taxes
|
81
|
|
|
40
|
|
||
Debt payable within one year (Note 17)
|
1,386
|
|
|
1,033
|
|
||
Current payable to Financial Services (Note 1)
|
252
|
|
|
—
|
|
||
Total current liabilities
|
35,228
|
|
|
32,825
|
|
||
Long-term debt (Note 17)
|
12,870
|
|
|
12,061
|
|
||
Other liabilities (Note 15)
|
30,549
|
|
|
26,910
|
|
||
Deferred income taxes
|
514
|
|
|
255
|
|
||
Total Automotive liabilities
|
79,161
|
|
|
72,051
|
|
||
Financial Services
|
|
|
|
|
|
||
Payables
|
1,157
|
|
|
975
|
|
||
Debt (Note 17)
|
90,802
|
|
|
86,595
|
|
||
Deferred income taxes
|
1,687
|
|
|
1,301
|
|
||
Other liabilities and deferred income (Note 15)
|
3,500
|
|
|
3,457
|
|
||
Payable to Automotive (Note 1)
|
—
|
|
|
910
|
|
||
Total Financial Services liabilities
|
97,146
|
|
|
93,238
|
|
||
Intersector elimination
|
(252
|
)
|
|
(1,112
|
)
|
||
Total liabilities
|
176,055
|
|
|
164,177
|
|
||
|
|
|
|
||||
Redeemable noncontrolling interest (Note 19)
|
322
|
|
|
—
|
|
||
|
|
|
|
||||
EQUITY
|
|
|
|
|
|
||
Capital stock (Note 26)
|
|
|
|
|
|
||
Common Stock, par value $.01 per share (3,875 million shares issued)
|
39
|
|
|
37
|
|
||
Class B Stock, par value $.01 per share (71 million shares issued)
|
1
|
|
|
1
|
|
||
Capital in excess of par value of stock
|
20,976
|
|
|
20,905
|
|
||
Retained earnings
|
18,077
|
|
|
12,985
|
|
||
Accumulated other comprehensive income/(loss) (Note 20)
|
(22,854
|
)
|
|
(18,734
|
)
|
||
Treasury stock
|
(292
|
)
|
|
(166
|
)
|
||
Total equity attributable to Ford Motor Company
|
15,947
|
|
|
15,028
|
|
||
Equity attributable to noncontrolling interests
|
42
|
|
|
43
|
|
||
Total equity
|
15,989
|
|
|
15,071
|
|
||
Total liabilities and equity
|
$
|
192,366
|
|
|
$
|
179,248
|
|
|
For the years ended December 31,
|
||||||||||
|
2012
|
|
2011
|
|
2010
|
||||||
Cash flows from operating activities of continuing operations
|
|
|
|
|
|
||||||
Net cash provided by/(used in) operating activities
|
$
|
9,045
|
|
|
$
|
9,784
|
|
|
$
|
11,477
|
|
|
|
|
|
|
|
||||||
Cash flows from investing activities of continuing operations
|
|
|
|
|
|
||||||
Capital expenditures
|
(5,488
|
)
|
|
(4,293
|
)
|
|
(4,092
|
)
|
|||
Acquisitions of retail and other finance receivables and operating leases
|
(39,208
|
)
|
|
(35,866
|
)
|
|
(28,873
|
)
|
|||
Collections of retail and other finance receivables and operating leases
|
32,333
|
|
|
33,964
|
|
|
37,757
|
|
|||
Purchases of securities
|
(95,135
|
)
|
|
(68,723
|
)
|
|
(100,150
|
)
|
|||
Sales and maturities of securities
|
93,749
|
|
|
70,795
|
|
|
101,077
|
|
|||
Cash change due to initial consolidation of businesses
|
191
|
|
|
—
|
|
|
94
|
|
|||
Proceeds from sale of business
|
66
|
|
|
333
|
|
|
1,318
|
|
|||
Settlements of derivatives
|
(737
|
)
|
|
353
|
|
|
(37
|
)
|
|||
Elimination of cash balances upon disposition of discontinued/held-for-sale operations
|
—
|
|
|
(69
|
)
|
|
(456
|
)
|
|||
Other
|
(61
|
)
|
|
465
|
|
|
270
|
|
|||
Net cash provided by/(used in) investing activities
|
(14,290
|
)
|
|
(3,041
|
)
|
|
6,908
|
|
|||
|
|
|
|
|
|
||||||
Cash flows from financing activities of continuing operations
|
|
|
|
|
|
|
|
||||
Cash dividends
|
(763
|
)
|
|
—
|
|
|
—
|
|
|||
Purchases of Common Stock
|
(125
|
)
|
|
—
|
|
|
—
|
|
|||
Sales of Common Stock
|
—
|
|
|
—
|
|
|
1,339
|
|
|||
Changes in short-term debt
|
1,208
|
|
|
2,841
|
|
|
(1,754
|
)
|
|||
Proceeds from issuance of other debt
|
32,436
|
|
|
35,921
|
|
|
30,821
|
|
|||
Principal payments on other debt
|
(29,210
|
)
|
|
(43,095
|
)
|
|
(47,625
|
)
|
|||
Payments on notes/transfer of cash equivalents to the UAW Voluntary Employee Benefit Association ("VEBA") Trust
|
—
|
|
|
—
|
|
|
(7,302
|
)
|
|||
Other
|
159
|
|
|
92
|
|
|
100
|
|
|||
Net cash provided by/(used in) financing activities
|
3,705
|
|
|
(4,241
|
)
|
|
(24,421
|
)
|
|||
|
|
|
|
|
|
||||||
Effect of exchange rate changes on cash and cash equivalents
|
51
|
|
|
(159
|
)
|
|
(53
|
)
|
|||
|
|
|
|
|
|
||||||
Net increase/(decrease) in cash and cash equivalents
|
$
|
(1,489
|
)
|
|
$
|
2,343
|
|
|
$
|
(6,089
|
)
|
|
|
|
|
|
|
||||||
Cash and cash equivalents at January 1
|
$
|
17,148
|
|
|
$
|
14,805
|
|
|
$
|
20,894
|
|
Net increase/(decrease) in cash and cash equivalents
|
(1,489
|
)
|
|
2,343
|
|
|
(6,089
|
)
|
|||
Cash and cash equivalents at December 31
|
$
|
15,659
|
|
|
$
|
17,148
|
|
|
$
|
14,805
|
|
|
For the years ended December 31,
|
||||||||||||||||||||||
|
2012
|
|
2011
|
|
2010
|
||||||||||||||||||
|
Automotive
|
|
Financial
Services
|
|
Automotive
|
|
Financial
Services
|
|
Automotive
|
|
Financial
Services
|
||||||||||||
Cash flows from operating activities of continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net cash provided by/(used in) operating activities (Note 27)
|
$
|
6,266
|
|
|
$
|
3,957
|
|
|
$
|
9,368
|
|
|
$
|
2,405
|
|
|
$
|
6,363
|
|
|
$
|
3,798
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash flows from investing activities of continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Capital expenditures
|
(5,459
|
)
|
|
(29
|
)
|
|
(4,272
|
)
|
|
(21
|
)
|
|
(4,066
|
)
|
|
(26
|
)
|
||||||
Acquisitions of retail and other finance receivables and operating leases
|
—
|
|
|
(39,151
|
)
|
|
—
|
|
|
(35,845
|
)
|
|
—
|
|
|
(28,811
|
)
|
||||||
Collections of retail and other finance receivables and operating leases
|
—
|
|
|
32,333
|
|
|
—
|
|
|
33,964
|
|
|
—
|
|
|
37,757
|
|
||||||
Net collections/(acquisitions) of wholesale receivables
|
—
|
|
|
(1,235
|
)
|
|
—
|
|
|
(2,010
|
)
|
|
—
|
|
|
(46
|
)
|
||||||
Purchases of securities
|
(73,100
|
)
|
|
(22,035
|
)
|
|
(44,353
|
)
|
|
(24,370
|
)
|
|
(53,614
|
)
|
|
(46,728
|
)
|
||||||
Sales and maturities of securities
|
70,202
|
|
|
23,748
|
|
|
43,525
|
|
|
27,270
|
|
|
54,857
|
|
|
46,866
|
|
||||||
Cash change due to initial consolidation of businesses
|
191
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
94
|
|
|
—
|
|
||||||
Proceeds from sale of business
|
54
|
|
|
12
|
|
|
310
|
|
|
23
|
|
|
1,318
|
|
|
—
|
|
||||||
Settlements of derivatives
|
(788
|
)
|
|
51
|
|
|
135
|
|
|
218
|
|
|
(196
|
)
|
|
159
|
|
||||||
Investing activity (to)/from Financial Services
|
925
|
|
|
—
|
|
|
2,903
|
|
|
—
|
|
|
2,455
|
|
|
—
|
|
||||||
Elimination of cash balances upon disposition of discontinued/held-for-sale operations
|
—
|
|
|
—
|
|
|
(69
|
)
|
|
—
|
|
|
(456
|
)
|
|
—
|
|
||||||
Other
|
(49
|
)
|
|
(12
|
)
|
|
280
|
|
|
185
|
|
|
185
|
|
|
85
|
|
||||||
Net cash provided by/(used in) investing activities
|
(8,024
|
)
|
|
(6,318
|
)
|
|
(1,541
|
)
|
|
(586
|
)
|
|
577
|
|
|
9,256
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash flows from financing activities of continuing operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cash dividends
|
(763
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Purchases of Common Stock
|
(125
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Sales of Common Stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,339
|
|
|
—
|
|
||||||
Changes in short-term debt
|
154
|
|
|
1,054
|
|
|
(396
|
)
|
|
3,237
|
|
|
391
|
|
|
(2,145
|
)
|
||||||
Proceeds from issuance of other debt
|
1,553
|
|
|
30,883
|
|
|
2,452
|
|
|
33,469
|
|
|
2,648
|
|
|
28,173
|
|
||||||
Principal payments on other debt
|
(810
|
)
|
|
(28,601
|
)
|
|
(8,058
|
)
|
|
(35,037
|
)
|
|
(9,144
|
)
|
|
(38,935
|
)
|
||||||
Payments on notes/transfer of cash equivalents to the UAW VEBA Trust
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,002
|
)
|
|
—
|
|
||||||
Financing activity to/(from) Automotive
|
—
|
|
|
(925
|
)
|
|
—
|
|
|
(2,903
|
)
|
|
—
|
|
|
(2,455
|
)
|
||||||
Other
|
31
|
|
|
128
|
|
|
70
|
|
|
22
|
|
|
292
|
|
|
(192
|
)
|
||||||
Net cash provided by/(used in) financing activities
|
40
|
|
|
2,539
|
|
|
(5,932
|
)
|
|
(1,212
|
)
|
|
(10,476
|
)
|
|
(15,554
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Effect of exchange rate changes on cash and cash equivalents
|
—
|
|
|
51
|
|
|
(231
|
)
|
|
72
|
|
|
75
|
|
|
(128
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net increase/(decrease) in cash and cash equivalents
|
$
|
(1,718
|
)
|
|
$
|
229
|
|
|
$
|
1,664
|
|
|
$
|
679
|
|
|
$
|
(3,461
|
)
|
|
$
|
(2,628
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents at January 1
|
$
|
7,965
|
|
|
$
|
9,183
|
|
|
$
|
6,301
|
|
|
$
|
8,504
|
|
|
$
|
9,762
|
|
|
$
|
11,132
|
|
Net increase/(decrease) in cash and cash equivalents
|
(1,718
|
)
|
|
229
|
|
|
1,664
|
|
|
679
|
|
|
(3,461
|
)
|
|
(2,628
|
)
|
||||||
Cash and cash equivalents at December 31
|
$
|
6,247
|
|
|
$
|
9,412
|
|
|
$
|
7,965
|
|
|
$
|
9,183
|
|
|
$
|
6,301
|
|
|
$
|
8,504
|
|
|
Equity/(Deficit) Attributable to Ford Motor Company
|
|
|
|
|
||||||||||||||||||||||||||
|
Capital Stock
|
|
Cap. in
Excess of
Par Value
of Stock
|
|
Retained Earnings/
(Accumulated Deficit)
|
|
Accumulated Other Comprehensive Income/(Loss) (Note 20)
|
|
Treasury Stock
|
|
Total
|
|
Equity/(Deficit)
Attributable
to Non-controlling Interests
|
|
Total
Equity/
(Deficit)
|
||||||||||||||||
Balance at December 31, 2009
|
$
|
34
|
|
|
$
|
16,786
|
|
|
$
|
(13,599
|
)
|
|
$
|
(10,864
|
)
|
|
$
|
(177
|
)
|
|
$
|
(7,820
|
)
|
|
$
|
38
|
|
|
$
|
(7,782
|
)
|
Net income
|
—
|
|
|
—
|
|
|
6,561
|
|
|
—
|
|
|
—
|
|
|
6,561
|
|
|
(4
|
)
|
|
6,557
|
|
||||||||
Other comprehensive income/(loss), net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,449
|
)
|
|
—
|
|
|
(3,449
|
)
|
|
(1
|
)
|
|
(3,450
|
)
|
||||||||
Common stock issued (including share-based compensation impacts)
|
4
|
|
|
4,017
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,021
|
|
|
—
|
|
|
4,021
|
|
||||||||
Treasury stock/other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
14
|
|
|
—
|
|
|
14
|
|
||||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
||||||||
Balance at December 31, 2010
|
$
|
38
|
|
|
$
|
20,803
|
|
|
$
|
(7,038
|
)
|
|
$
|
(14,313
|
)
|
|
$
|
(163
|
)
|
|
$
|
(673
|
)
|
|
$
|
31
|
|
|
$
|
(642
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance at December 31, 2010
|
$
|
38
|
|
|
$
|
20,803
|
|
|
$
|
(7,038
|
)
|
|
$
|
(14,313
|
)
|
|
$
|
(163
|
)
|
|
$
|
(673
|
)
|
|
$
|
31
|
|
|
$
|
(642
|
)
|
Net income
|
—
|
|
|
—
|
|
|
20,213
|
|
|
—
|
|
|
—
|
|
|
20,213
|
|
|
9
|
|
|
20,222
|
|
||||||||
Other comprehensive income/(loss), net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,421
|
)
|
|
—
|
|
|
(4,421
|
)
|
|
(2
|
)
|
|
(4,423
|
)
|
||||||||
Common stock issued (including share-based compensation impacts)
|
—
|
|
|
102
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
102
|
|
|
—
|
|
|
102
|
|
||||||||
Treasury stock/other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
|
5
|
|
|
2
|
|
||||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
(190
|
)
|
|
—
|
|
|
—
|
|
|
(190
|
)
|
|
—
|
|
|
(190
|
)
|
||||||||
Balance at December 31, 2011
|
$
|
38
|
|
|
$
|
20,905
|
|
|
$
|
12,985
|
|
|
$
|
(18,734
|
)
|
|
$
|
(166
|
)
|
|
$
|
15,028
|
|
|
$
|
43
|
|
|
$
|
15,071
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Balance at December 31, 2011
|
$
|
38
|
|
|
$
|
20,905
|
|
|
$
|
12,985
|
|
|
$
|
(18,734
|
)
|
|
$
|
(166
|
)
|
|
$
|
15,028
|
|
|
$
|
43
|
|
|
$
|
15,071
|
|
Net income
|
—
|
|
|
—
|
|
|
5,665
|
|
|
—
|
|
|
—
|
|
|
5,665
|
|
|
(1
|
)
|
|
5,664
|
|
||||||||
Other comprehensive income/(loss), net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,120
|
)
|
|
—
|
|
|
(4,120
|
)
|
|
—
|
|
|
(4,120
|
)
|
||||||||
Common stock issued (including share-based compensation impacts)
|
2
|
|
|
71
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
73
|
|
|
—
|
|
|
73
|
|
||||||||
Treasury stock/other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(126
|
)
|
|
(126
|
)
|
|
—
|
|
|
(126
|
)
|
||||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
(573
|
)
|
|
—
|
|
|
—
|
|
|
(573
|
)
|
|
—
|
|
|
(573
|
)
|
||||||||
Balance at December 31, 2012
|
$
|
40
|
|
|
$
|
20,976
|
|
|
$
|
18,077
|
|
|
$
|
(22,854
|
)
|
|
$
|
(292
|
)
|
|
$
|
15,947
|
|
|
$
|
42
|
|
|
$
|
15,989
|
|
Footnote
|
|
Page
|
Note 1
|
Presentation
|
|
Note 2
|
Summary of Accounting Policies
|
|
Note 3
|
Accounting Standards Issued But Not Yet Adopted
|
|
Note 4
|
Fair Value Measurements
|
|
Note 5
|
Restricted Cash
|
|
Note 6
|
Marketable and Other Securities
|
|
Note 7
|
Finance Receivables
|
|
Note 8
|
Net Investment in Operating Leases
|
|
Note 9
|
Allowance for Credit Losses
|
|
Note 10
|
Inventories
|
|
Note 11
|
Equity in Net Assets of Affiliated Companies
|
|
Note 12
|
Variable Interest Entities
|
|
Note 13
|
Net Property and Lease Commitments
|
|
Note 14
|
Net Intangible Assets
|
|
Note 15
|
Accrued Liabilities and Deferred Revenue
|
|
Note 16
|
Retirement Benefits
|
|
Note 17
|
Debt and Commitments
|
|
Note 18
|
Derivative Financial Instruments and Hedging Activities
|
|
Note 19
|
Redeemable Noncontrolling Interest
|
|
Note 20
|
Accumulated Other Comprehensive Income/(Loss)
|
|
Note 21
|
Other Income/(Loss)
|
|
Note 22
|
Share-Based Compensation
|
|
Note 23
|
Employee Separation Actions
|
|
Note 24
|
Income Taxes
|
|
Note 25
|
Dispositions and Other Changes in Investments in Affiliates
|
|
Note 26
|
Capital Stock and Amounts Per Share
|
|
Note 27
|
Operating Cash Flows
|
|
Note 28
|
Segment Information
|
|
Note 29
|
Geographic Information
|
|
Note 30
|
Selected Quarterly Financial Data
|
|
Note 31
|
Commitments and Contingencies
|
|
December 31,
2012 |
|
December 31,
2011 |
||||
Sector balance sheet presentation of deferred income tax assets
|
|
|
|
||||
Automotive sector current deferred income tax assets
|
$
|
3,488
|
|
|
$
|
1,791
|
|
Automotive sector non-current deferred income tax assets
|
13,325
|
|
|
13,932
|
|
||
Financial Services sector deferred income tax assets (a)
|
184
|
|
|
302
|
|
||
Total
|
16,997
|
|
|
16,025
|
|
||
Reclassification for netting of deferred income taxes
|
(1,812
|
)
|
|
(900
|
)
|
||
Consolidated balance sheet presentation of deferred income tax assets
|
$
|
15,185
|
|
|
$
|
15,125
|
|
|
|
|
|
||||
Sector balance sheet presentation of deferred income tax liabilities
|
|
|
|
|
|
||
Automotive sector current deferred income tax liabilities
|
$
|
81
|
|
|
$
|
40
|
|
Automotive sector non-current deferred income tax liabilities
|
514
|
|
|
255
|
|
||
Financial Services sector deferred income tax liabilities
|
1,687
|
|
|
1,301
|
|
||
Total
|
2,282
|
|
|
1,596
|
|
||
Reclassification for netting of deferred income taxes
|
(1,812
|
)
|
|
(900
|
)
|
||
Consolidated balance sheet presentation of deferred income tax liabilities
|
$
|
470
|
|
|
$
|
696
|
|
(a)
|
Financial Services deferred income tax assets are included in
Financial Services other assets
on our sector balance sheet.
|
|
2012
|
|
2011
|
|
2010
|
||||||
Automotive net cash provided by/(used in) operating activities
|
$
|
6,266
|
|
|
$
|
9,368
|
|
|
$
|
6,363
|
|
Financial Services net cash provided by/(used in) operating activities
|
3,957
|
|
|
2,405
|
|
|
3,798
|
|
|||
Total sector net cash provided by/(used in) operating activities (Note 27)
|
10,223
|
|
|
11,773
|
|
|
10,161
|
|
|||
Reclassifications from investing to operating cash flows
|
|
|
|
|
|
|
|
||||
Wholesale receivables (a)
|
(1,235
|
)
|
|
(2,010
|
)
|
|
(46
|
)
|
|||
Finance receivables (b)
|
57
|
|
|
21
|
|
|
62
|
|
|||
Reclassifications from operating to financing cash flows
|
|
|
|
|
|
||||||
Payments on notes to the UAW VEBA Trust (c)
|
—
|
|
|
—
|
|
|
1,300
|
|
|||
Consolidated net cash provided by/(used in) operating activities
|
$
|
9,045
|
|
|
$
|
9,784
|
|
|
$
|
11,477
|
|
|
|
|
|
|
|
||||||
Automotive net cash provided by/(used in) investing activities
|
$
|
(8,024
|
)
|
|
$
|
(1,541
|
)
|
|
$
|
577
|
|
Financial Services net cash provided by/(used in) investing activities
|
(6,318
|
)
|
|
(586
|
)
|
|
9,256
|
|
|||
Total sector net cash provided by/(used in) investing activities
|
(14,342
|
)
|
|
(2,127
|
)
|
|
9,833
|
|
|||
Reclassifications from investing to operating cash flows
|
|
|
|
|
|
|
|
||||
Wholesale receivables (a)
|
1,235
|
|
|
2,010
|
|
|
46
|
|
|||
Finance receivables (b)
|
(57
|
)
|
|
(21
|
)
|
|
(62
|
)
|
|||
Reclassifications from investing to financing cash flows
|
|
|
|
|
|
||||||
Maturity of Financial Services sector debt held by Automotive sector (d)
|
(201
|
)
|
|
—
|
|
|
(454
|
)
|
|||
Elimination of investing activity to/(from) Financial Services in consolidation
|
(925
|
)
|
|
(2,903
|
)
|
|
(2,455
|
)
|
|||
Consolidated net cash provided by/(used in) investing activities
|
$
|
(14,290
|
)
|
|
$
|
(3,041
|
)
|
|
$
|
6,908
|
|
|
|
|
|
|
|
||||||
Automotive net cash provided by/(used in) financing activities
|
$
|
40
|
|
|
$
|
(5,932
|
)
|
|
$
|
(10,476
|
)
|
Financial Services net cash provided by/(used in) financing activities
|
2,539
|
|
|
(1,212
|
)
|
|
(15,554
|
)
|
|||
Total sector net cash provided by/(used in) financing activities
|
2,579
|
|
|
(7,144
|
)
|
|
(26,030
|
)
|
|||
Reclassifications from investing to financing cash flows
|
|
|
|
|
|
|
|
||||
Maturity of Financial Services sector debt held by Automotive sector (d)
|
201
|
|
|
—
|
|
|
454
|
|
|||
Elimination of investing activity to/(from) Financial Services in consolidation
|
925
|
|
|
2,903
|
|
|
2,455
|
|
|||
Reclassifications from operating to financing cash flows
|
|
|
|
|
|
||||||
Payments on notes to the UAW VEBA Trust (c)
|
—
|
|
|
—
|
|
|
(1,300
|
)
|
|||
Consolidated net cash provided by/(used in) financing activities
|
$
|
3,705
|
|
|
$
|
(4,241
|
)
|
|
$
|
(24,421
|
)
|
(a)
|
In addition to the cash flow from vehicles sold by us, the cash flow from wholesale finance receivables (being reclassified from investing to operating) includes dealer financing by Ford Credit of used and non-Ford vehicles.
One hundred
percent of cash flows from these wholesale finance receivables have been reclassified for consolidated presentation as the portion of these cash flows from used and non-Ford vehicles is impracticable to separate.
|
(b)
|
Includes cash flows of finance receivables purchased/collected by the Financial Services sector from certain divisions and subsidiaries of the Automotive sector.
|
(c)
|
Cash outflows related to this transaction are reported as financing activities on the consolidated statement of cash flows and operating activities on the sector statement of cash flows.
|
(d)
|
Cash inflows related to these transactions are reported as financing activities on the consolidated statement of cash flows and investing activities on the sector statement of cash flows.
|
|
December 31, 2012
|
|
December 31, 2011
|
||||||||||||
|
Automotive
|
|
Financial
Services
|
|
Automotive
|
|
Financial
Services
|
||||||||
Finance receivables, net (a)
|
|
|
$
|
4.8
|
|
|
|
|
$
|
3.7
|
|
||||
Unearned interest supplements and residual support (b)
|
|
|
(2.6
|
)
|
|
|
|
(2.6
|
)
|
||||||
Wholesale receivables/Other (c)
|
|
|
0.8
|
|
|
|
|
0.7
|
|
||||||
Net investment in operating leases (d)
|
|
|
0.5
|
|
|
|
|
0.4
|
|
||||||
Intersector receivables/(payables) (e)
|
$
|
(0.3
|
)
|
|
0.3
|
|
|
$
|
0.9
|
|
|
(0.9
|
)
|
(a)
|
Automotive sector receivables (generated primarily from vehicle and parts sales to third parties) sold to Ford Credit. These receivables are classified as
Other receivables, net
on our consolidated balance sheet and
Finance receivables, net
on our sector balance sheet.
|
(b)
|
We pay amounts to Ford Credit at the point of retail financing or lease origination that represent interest supplements and residual value support.
|
(c)
|
Primarily wholesale receivables with entities that are consolidated subsidiaries of Ford.
|
(d)
|
Sale-leaseback agreement between Automotive and Financial Services sectors relating to vehicles that we lease to our employees.
|
(e)
|
Amounts owed to the Financial Services sector by Automotive sector, or vice versa.
|
•
|
Ratification bonuses expensed in the period a labor agreement is ratified
|
•
|
Operational performance bonuses and protection payments expensed equally over the period to payment
|
•
|
Profit sharing payments accrued throughout the year in which the payment is earned. Each quarter, we evaluate and adjust the year-to-date accrual to ensure it is consistent with the bonus formula
|
|
2012
|
|
2011
|
|
2010
|
||||||
Engineering, research, and development
|
$
|
5.5
|
|
|
$
|
5.3
|
|
|
$
|
5.0
|
|
Advertising
|
4.0
|
|
|
4.1
|
|
|
3.9
|
|
•
|
Level 1 - inputs include quoted prices for identical instruments and are the most observable
|
•
|
Level 2 - inputs include quoted prices for similar instruments and observable inputs such as interest rates, currency exchange rates, and yield curves
|
•
|
Level 3 - inputs include data not observable in the market and reflect management judgment about the assumptions market participants would use in pricing the instruments
|
|
December 31, 2012
|
|
December 31, 2011
|
||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
Automotive Sector
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Cash equivalents – financial instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
U.S. government
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
U.S. government-sponsored enterprises
|
—
|
|
|
718
|
|
|
—
|
|
|
718
|
|
|
—
|
|
|
319
|
|
|
—
|
|
|
319
|
|
||||||||
Non-U.S. government
|
—
|
|
|
139
|
|
|
—
|
|
|
139
|
|
|
—
|
|
|
168
|
|
|
—
|
|
|
168
|
|
||||||||
Non-U.S. government agencies (a)
|
—
|
|
|
365
|
|
|
—
|
|
|
365
|
|
|
—
|
|
|
820
|
|
|
—
|
|
|
820
|
|
||||||||
Corporate debt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||||||
Total cash equivalents – financial instruments (b)
|
—
|
|
|
1,222
|
|
|
—
|
|
|
1,222
|
|
|
—
|
|
|
1,309
|
|
|
—
|
|
|
1,309
|
|
||||||||
Marketable securities (c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. government
|
4,493
|
|
|
—
|
|
|
—
|
|
|
4,493
|
|
|
2,960
|
|
|
—
|
|
|
—
|
|
|
2,960
|
|
||||||||
U.S. government-sponsored enterprises
|
—
|
|
|
5,459
|
|
|
—
|
|
|
5,459
|
|
|
—
|
|
|
4,852
|
|
|
—
|
|
|
4,852
|
|
||||||||
Non-U.S. government agencies (a)
|
—
|
|
|
4,794
|
|
|
—
|
|
|
4,794
|
|
|
—
|
|
|
4,558
|
|
|
—
|
|
|
4,558
|
|
||||||||
Corporate debt
|
—
|
|
|
1,871
|
|
|
—
|
|
|
1,871
|
|
|
—
|
|
|
1,631
|
|
|
—
|
|
|
1,631
|
|
||||||||
Mortgage-backed and other asset-backed
|
—
|
|
|
25
|
|
|
—
|
|
|
25
|
|
|
—
|
|
|
38
|
|
|
—
|
|
|
38
|
|
||||||||
Equities
|
142
|
|
|
—
|
|
|
—
|
|
|
142
|
|
|
129
|
|
|
—
|
|
|
—
|
|
|
129
|
|
||||||||
Non-U.S. government
|
—
|
|
|
1,367
|
|
|
—
|
|
|
1,367
|
|
|
—
|
|
|
598
|
|
|
—
|
|
|
598
|
|
||||||||
Other liquid investments (d)
|
—
|
|
|
27
|
|
|
—
|
|
|
27
|
|
|
—
|
|
|
17
|
|
|
—
|
|
|
17
|
|
||||||||
Total marketable securities
|
4,635
|
|
|
13,543
|
|
|
—
|
|
|
18,178
|
|
|
3,089
|
|
|
11,694
|
|
|
—
|
|
|
14,783
|
|
||||||||
Derivative financial instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency exchange contracts
|
—
|
|
|
218
|
|
|
—
|
|
|
218
|
|
|
—
|
|
|
198
|
|
|
14
|
|
|
212
|
|
||||||||
Commodity contracts
|
—
|
|
|
19
|
|
|
4
|
|
|
23
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
2
|
|
||||||||
Other – warrants
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
||||||||
Total derivative financial instruments (e)
|
—
|
|
|
237
|
|
|
4
|
|
|
241
|
|
|
—
|
|
|
199
|
|
|
19
|
|
|
218
|
|
||||||||
Total assets at fair value
|
$
|
4,635
|
|
|
$
|
15,002
|
|
|
$
|
4
|
|
|
$
|
19,641
|
|
|
$
|
3,089
|
|
|
$
|
13,202
|
|
|
$
|
19
|
|
|
$
|
16,310
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative financial instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency exchange contracts
|
$
|
—
|
|
|
$
|
486
|
|
|
$
|
—
|
|
|
$
|
486
|
|
|
$
|
—
|
|
|
$
|
442
|
|
|
$
|
6
|
|
|
$
|
448
|
|
Commodity contracts
|
—
|
|
|
112
|
|
|
12
|
|
|
124
|
|
|
—
|
|
|
289
|
|
|
83
|
|
|
372
|
|
||||||||
Total derivative financial instruments (e)
|
—
|
|
|
598
|
|
|
12
|
|
|
610
|
|
|
—
|
|
|
731
|
|
|
89
|
|
|
820
|
|
||||||||
Total liabilities at fair value
|
$
|
—
|
|
|
$
|
598
|
|
|
$
|
12
|
|
|
$
|
610
|
|
|
$
|
—
|
|
|
$
|
731
|
|
|
$
|
89
|
|
|
$
|
820
|
|
(a)
|
Includes notes issued by non-U.S. government agencies, as well as notes issued by supranational institutions.
|
(b)
|
Excludes time deposits, certificates of deposit, money market accounts, and other cash equivalents reported at par value on our balance sheet totaling
$3 billion
and
$4.6 billion
at
December 31, 2012
and
2011
, respectively, for the Automotive sector. In addition to these cash equivalents, our Automotive sector also had cash on hand totaling
$2 billion
and
$2.1 billion
at
December 31, 2012
and
2011
, respectively.
|
(c)
|
Excludes an investment in Ford Credit debt securities held by the Automotive sector with a carrying value of
$201 million
and an estimated fair value of
$201 million
at
December 31, 2011
. This investment matured in 2012.
|
(d)
|
Includes certificates of deposit and time deposits subject to changes in value.
|
(e)
|
See Note 18 for additional information regarding derivative financial instruments.
|
|
December 31, 2012
|
|
December 31, 2011
|
||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
Financial Services Sector
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Cash equivalents – financial instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
U.S. government
|
$
|
200
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
200
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
U.S. government-sponsored enterprises
|
—
|
|
|
20
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
75
|
|
|
—
|
|
|
75
|
|
||||||||
Non-U.S. government
|
—
|
|
|
103
|
|
|
—
|
|
|
103
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
15
|
|
||||||||
Non-U.S. government agencies (a)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
150
|
|
|
—
|
|
|
150
|
|
||||||||
Corporate debt
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Total cash equivalents – financial instruments (b)
|
200
|
|
|
124
|
|
|
—
|
|
|
324
|
|
|
1
|
|
|
240
|
|
|
—
|
|
|
241
|
|
||||||||
Marketable securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. government
|
620
|
|
|
—
|
|
|
—
|
|
|
620
|
|
|
619
|
|
|
—
|
|
|
—
|
|
|
619
|
|
||||||||
U.S. government-sponsored enterprises
|
—
|
|
|
12
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
713
|
|
|
—
|
|
|
713
|
|
||||||||
Non-U.S. government agencies (a)
|
—
|
|
|
95
|
|
|
—
|
|
|
95
|
|
|
—
|
|
|
778
|
|
|
—
|
|
|
778
|
|
||||||||
Corporate debt
|
—
|
|
|
1,155
|
|
|
—
|
|
|
1,155
|
|
|
—
|
|
|
1,186
|
|
|
—
|
|
|
1,186
|
|
||||||||
Mortgage-backed and other asset-backed
|
—
|
|
|
67
|
|
|
—
|
|
|
67
|
|
|
—
|
|
|
88
|
|
|
—
|
|
|
88
|
|
||||||||
Non-U.S. government
|
—
|
|
|
142
|
|
|
—
|
|
|
142
|
|
|
—
|
|
|
444
|
|
|
—
|
|
|
444
|
|
||||||||
Other liquid investments (c)
|
—
|
|
|
15
|
|
|
—
|
|
|
15
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
7
|
|
||||||||
Total marketable securities
|
620
|
|
|
1,486
|
|
|
—
|
|
|
2,106
|
|
|
619
|
|
|
3,216
|
|
|
—
|
|
|
3,835
|
|
||||||||
Derivative financial instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate contracts
|
—
|
|
|
1,291
|
|
|
—
|
|
|
1,291
|
|
|
—
|
|
|
1,196
|
|
|
—
|
|
|
1,196
|
|
||||||||
Foreign currency exchange contracts
|
—
|
|
|
9
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
30
|
|
|
—
|
|
|
30
|
|
||||||||
Cross-currency interest rate swap contracts
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
12
|
|
||||||||
Other (d)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
137
|
|
|
137
|
|
||||||||
Total derivative financial instruments (e)
|
—
|
|
|
1,300
|
|
|
—
|
|
|
1,300
|
|
|
—
|
|
|
1,238
|
|
|
137
|
|
|
1,375
|
|
||||||||
Total assets at fair value
|
$
|
820
|
|
|
$
|
2,910
|
|
|
$
|
—
|
|
|
$
|
3,730
|
|
|
$
|
620
|
|
|
$
|
4,694
|
|
|
$
|
137
|
|
|
$
|
5,451
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative financial instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate contracts
|
$
|
—
|
|
|
$
|
256
|
|
|
$
|
—
|
|
|
$
|
256
|
|
|
$
|
—
|
|
|
$
|
237
|
|
|
$
|
—
|
|
|
$
|
237
|
|
Foreign currency exchange contracts
|
—
|
|
|
8
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
50
|
|
|
—
|
|
|
50
|
|
||||||||
Cross-currency interest rate swap contracts
|
—
|
|
|
117
|
|
|
—
|
|
|
117
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
12
|
|
||||||||
Total derivative financial instruments (e)
|
—
|
|
|
381
|
|
|
—
|
|
|
381
|
|
|
—
|
|
|
299
|
|
|
—
|
|
|
299
|
|
||||||||
Total liabilities at fair value
|
$
|
—
|
|
|
$
|
381
|
|
|
$
|
—
|
|
|
$
|
381
|
|
|
$
|
—
|
|
|
$
|
299
|
|
|
$
|
—
|
|
|
$
|
299
|
|
(a)
|
Includes notes issued by non-U.S. government agencies, as well as notes issued by supranational institutions.
|
(b)
|
Excludes time deposits, certificates of deposit, and money market accounts reported at par value on our balance sheet totaling
$6.5 billion
and
$6 billion
at
December 31, 2012
and
2011
, respectively. In addition to these cash equivalents, we also had cash on hand totaling
$2.6 billion
and
$3 billion
at
December 31, 2012
and
2011
, respectively.
|
(c)
|
Includes certificates of deposit and time deposits subject to changes in value.
|
(d)
|
Represents derivative features included in the FUEL Notes.
|
(e)
|
See Note 18 for additional information regarding derivative financial instruments.
|
|
2012
|
|
2011
|
||||||||||||||||||||
|
Marketable Securities
|
|
Derivative Financial Instruments,
Net
|
|
Total Level 3
Fair Value
|
|
Marketable Securities
|
|
Derivative Financial Instruments,
Net
|
|
Total Level 3
Fair Value
|
||||||||||||
Automotive Sector
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
$
|
—
|
|
|
$
|
(70
|
)
|
|
$
|
(70
|
)
|
|
$
|
2
|
|
|
$
|
38
|
|
|
$
|
40
|
|
Realized/unrealized gains/(losses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cost of sales
|
—
|
|
|
11
|
|
|
11
|
|
|
—
|
|
|
(99
|
)
|
|
(99
|
)
|
||||||
Interest income and other income/(loss), net
|
—
|
|
|
(4
|
)
|
|
(4
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
(2
|
)
|
||||||
Other comprehensive income/(loss) (a)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total realized/unrealized gains/(losses)
|
—
|
|
|
7
|
|
|
7
|
|
|
(1
|
)
|
|
(100
|
)
|
|
(101
|
)
|
||||||
Purchases, issues, sales, and settlements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Purchases
|
—
|
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
7
|
|
||||||
Issues
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Sales
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||||
Settlements
|
—
|
|
|
65
|
|
|
65
|
|
|
—
|
|
|
(14
|
)
|
|
(14
|
)
|
||||||
Total purchases, issues, sales, and settlements
|
—
|
|
|
65
|
|
|
65
|
|
|
6
|
|
|
(14
|
)
|
|
(8
|
)
|
||||||
Transfers into Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Transfers out of Level 3 (b)
|
—
|
|
|
(10
|
)
|
|
(10
|
)
|
|
(7
|
)
|
|
6
|
|
|
(1
|
)
|
||||||
Ending balance
|
$
|
—
|
|
|
$
|
(8
|
)
|
|
$
|
(8
|
)
|
|
$
|
—
|
|
|
$
|
(70
|
)
|
|
$
|
(70
|
)
|
Unrealized gains/(losses) on instruments still held
|
$
|
—
|
|
|
$
|
9
|
|
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
(69
|
)
|
|
$
|
(69
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Financial Services Sector
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Beginning balance
|
$
|
—
|
|
|
$
|
137
|
|
|
$
|
137
|
|
|
$
|
1
|
|
|
$
|
(89
|
)
|
|
$
|
(88
|
)
|
Realized/unrealized gains/(losses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Other income/(loss), net
|
—
|
|
|
(81
|
)
|
|
(81
|
)
|
|
—
|
|
|
382
|
|
|
382
|
|
||||||
Other comprehensive income/(loss) (a)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
||||||
Interest income/(expense) (c)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
90
|
|
|
90
|
|
||||||
Total realized/unrealized gains/(losses)
|
—
|
|
|
(81
|
)
|
|
(81
|
)
|
|
—
|
|
|
471
|
|
|
471
|
|
||||||
Purchases, issues, sales, and settlements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Purchases
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
||||||
Issues (d)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
73
|
|
|
73
|
|
||||||
Sales
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Settlements (e)
|
—
|
|
|
(56
|
)
|
|
(56
|
)
|
|
—
|
|
|
114
|
|
|
114
|
|
||||||
Total purchases, issues, sales, and settlements
|
—
|
|
|
(56
|
)
|
|
(56
|
)
|
|
5
|
|
|
187
|
|
|
192
|
|
||||||
Transfers into Level 3
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Transfers out of Level 3 (b)
|
—
|
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
(432
|
)
|
|
(438
|
)
|
||||||
Ending balance
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
137
|
|
|
$
|
137
|
|
Unrealized gains/(losses) on instruments still held
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
65
|
|
|
$
|
65
|
|
(a)
|
Represents foreign currency translation on derivative asset and liability balances held by non-U.S. dollar foreign affiliates.
|
(b)
|
The transfer out of Level 3 of
$432 million
in 2011 was primarily the result of management's validation of the observable data and determination that certain unobservable inputs had an insignificant impact on the valuation of these instruments. The remaining transfers were due to the increase in availability of observable data.
|
(c)
|
Recorded in
Interest expense.
|
|
December 31, 2012
|
|
December 31, 2011
|
||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||||||||||
Financial Services Sector
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
North America
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Retail receivables
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
52
|
|
|
$
|
52
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
70
|
|
|
$
|
70
|
|
Dealer loans
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
6
|
|
||||||||
Total North America
|
—
|
|
|
—
|
|
|
54
|
|
|
54
|
|
|
—
|
|
|
—
|
|
|
76
|
|
|
76
|
|
||||||||
International
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Retail receivables
|
—
|
|
|
—
|
|
|
26
|
|
|
26
|
|
|
—
|
|
|
—
|
|
|
39
|
|
|
39
|
|
||||||||
Total International
|
—
|
|
|
—
|
|
|
26
|
|
|
26
|
|
|
—
|
|
|
—
|
|
|
39
|
|
|
39
|
|
||||||||
Total Financial Services sector
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
80
|
|
|
$
|
80
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
115
|
|
|
$
|
115
|
|
|
Total Gains/(Losses)
|
||||||||||
|
2012
|
|
2011
|
|
2010
|
||||||
Financial Services Sector
|
|
|
|
|
|
||||||
North America
|
|
|
|
|
|
||||||
Retail receivables
|
$
|
(13
|
)
|
|
$
|
(23
|
)
|
|
$
|
(29
|
)
|
Dealer loans
|
(1
|
)
|
|
—
|
|
|
(3
|
)
|
|||
Total North America
|
(14
|
)
|
|
(23
|
)
|
|
(32
|
)
|
|||
International
|
|
|
|
|
|
||||||
Retail receivables
|
(11
|
)
|
|
(14
|
)
|
|
(25
|
)
|
|||
Total International
|
(11
|
)
|
|
(14
|
)
|
|
(25
|
)
|
|||
Total Financial Services sector
|
$
|
(25
|
)
|
|
$
|
(37
|
)
|
|
$
|
(57
|
)
|
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Fair Value Range
|
Automotive Sector
|
|
|
|
|
|
|
|
Recurring basis
|
|
|
|
|
|
|
|
Net commodity contracts
|
$(8)
|
|
Income Approach
|
|
Forward commodity prices for certain commodity types. A lower forward price will result in a lower fair value.
|
|
$(7) - $(8)
|
Financial Services Sector
|
|
|
|
|
|
|
|
Nonrecurring basis
|
|
|
|
|
|
|
|
Retail receivables
|
|
|
|
|
|
|
|
North America
|
$52
|
|
Income Approach
|
|
POD percentage
|
|
$38 - $52
|
International
|
$26
|
|
Income Approach
|
|
ARV percentage
|
|
$25 - $27
|
Dealer loans
|
$2
|
|
Income Approach
|
|
Estimated fair value
|
|
$1 - $3
|
|
December 31,
2012 |
|
December 31,
2011 |
||||
Automotive sector
|
$
|
172
|
|
|
$
|
330
|
|
Financial Services sector
|
172
|
|
|
149
|
|
||
Total Company
|
$
|
344
|
|
|
$
|
479
|
|
|
December 31, 2012
|
|
December 31, 2011
|
||||||||||||
|
Fair Value
|
|
Unrealized
Gains/(Losses) (a)
|
|
Fair Value
|
|
Unrealized
Gains/(Losses) (a)
|
||||||||
Automotive sector
|
$
|
18,178
|
|
|
$
|
52
|
|
|
$
|
14,984
|
|
|
$
|
(93
|
)
|
Financial Services sector
|
2,106
|
|
|
6
|
|
|
3,835
|
|
|
(9
|
)
|
||||
Intersector elimination (b)
|
—
|
|
|
—
|
|
|
(201
|
)
|
|
—
|
|
||||
Total Company
|
$
|
20,284
|
|
|
$
|
58
|
|
|
$
|
18,618
|
|
|
$
|
(102
|
)
|
(a)
|
Unrealized gains/(losses) for period related to instruments still held.
|
(b)
|
"Fair Value" reflects an investment in Ford Credit debt securities shown at a carrying value of
$201 million
(estimated fair value of which was
$201 million
) at December 31, 2011. This investment matured in 2012.
|
|
December 31,
2012 |
|
December 31,
2011 |
||||
Automotive sector
|
$
|
21
|
|
|
$
|
21
|
|
Financial Services sector
|
5
|
|
|
5
|
|
||
Total Company
|
$
|
26
|
|
|
$
|
26
|
|
|
December 31,
2012 |
|
December 31,
2011 |
||||
Automotive sector (a)
|
$
|
519
|
|
|
$
|
355
|
|
Financial Services sector
|
75,770
|
|
|
73,330
|
|
||
Reclassification of receivables purchased by Financial Services sector from Automotive sector to
Other receivables, net
|
(4,779
|
)
|
|
(3,709
|
)
|
||
Finance receivables, net
|
$
|
71,510
|
|
|
$
|
69,976
|
|
(a)
|
Finance receivables are reported on our sector balance sheet in
Receivables, less allowances
and
Other assets
.
|
|
December 31,
2012 |
|
December 31,
2011 |
||||
Notes receivable
|
$
|
542
|
|
|
$
|
384
|
|
Less: Allowance for credit losses
|
(23
|
)
|
|
(29
|
)
|
||
Notes receivable, net
|
$
|
519
|
|
|
$
|
355
|
|
•
|
Dealer financing
– wholesale loans to dealers to finance the purchase of vehicle inventory, also known as floorplan financing, and loans to dealers to finance working capital and improvements to dealership facilities, finance the purchase of dealership real estate, and other dealer vehicle program financing. Wholesale is approximately
95%
of our dealer financing
|
•
|
Other financing
– purchased receivables primarily related to the sale of parts and accessories to dealers
|
|
December 31, 2012
|
|
December 31, 2011
|
||||||||||||||||||||
|
North
America
|
|
International
|
|
Total Finance Receivables
|
|
North
America
|
|
International
|
|
Total Finance Receivables
|
||||||||||||
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail financing, gross
|
$
|
39,504
|
|
|
$
|
10,460
|
|
|
$
|
49,964
|
|
|
$
|
38,410
|
|
|
$
|
11,083
|
|
|
$
|
49,493
|
|
Less: Unearned interest supplements
|
(1,264
|
)
|
|
(287
|
)
|
|
(1,551
|
)
|
|
(1,407
|
)
|
|
(335
|
)
|
|
(1,742
|
)
|
||||||
Consumer finance receivables
|
$
|
38,240
|
|
|
$
|
10,173
|
|
|
$
|
48,413
|
|
|
$
|
37,003
|
|
|
$
|
10,748
|
|
|
$
|
47,751
|
|
Non-Consumer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Dealer financing
|
$
|
19,429
|
|
|
$
|
7,242
|
|
|
$
|
26,671
|
|
|
$
|
16,501
|
|
|
$
|
8,479
|
|
|
$
|
24,980
|
|
Other
|
689
|
|
|
386
|
|
|
1,075
|
|
|
723
|
|
|
377
|
|
|
1,100
|
|
||||||
Non-Consumer finance receivables
|
20,118
|
|
|
7,628
|
|
|
27,746
|
|
|
17,224
|
|
|
8,856
|
|
|
26,080
|
|
||||||
Total recorded investment
|
$
|
58,358
|
|
|
$
|
17,801
|
|
|
$
|
76,159
|
|
|
$
|
54,227
|
|
|
$
|
19,604
|
|
|
$
|
73,831
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Recorded investment in finance receivables
|
$
|
58,358
|
|
|
$
|
17,801
|
|
|
$
|
76,159
|
|
|
$
|
54,227
|
|
|
$
|
19,604
|
|
|
$
|
73,831
|
|
Less: Allowance for credit losses
|
(309
|
)
|
|
(80
|
)
|
|
(389
|
)
|
|
(388
|
)
|
|
(113
|
)
|
|
(501
|
)
|
||||||
Finance receivables, net
|
$
|
58,049
|
|
|
$
|
17,721
|
|
|
$
|
75,770
|
|
|
$
|
53,839
|
|
|
$
|
19,491
|
|
|
$
|
73,330
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net finance receivables subject to fair value (a)
|
|
|
|
|
$
|
73,618
|
|
|
|
|
|
|
$
|
70,754
|
|
||||||||
Fair value
|
|
|
|
|
75,618
|
|
|
|
|
|
|
72,294
|
|
(a)
|
At
December 31, 2012
and
2011
, excludes
$2.2 billion
and
$2.6 billion
, respectively, of certain receivables (primarily direct financing leases) that are not subject to fair value disclosure requirements. All finance receivables are categorized within Level 3 of the fair value hierarchy. See Note 4 for additional information.
|
|
Due in Year Ending December 31,
|
|
|
|
|
||||||||||||||
|
2013
|
|
2014
|
|
2015
|
|
Thereafter
|
|
Total
|
||||||||||
North America
|
|
|
|
|
|
|
|
|
|
||||||||||
Consumer
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail financing, gross
|
$
|
11,599
|
|
|
$
|
9,992
|
|
|
$
|
8,096
|
|
|
$
|
9,817
|
|
|
$
|
39,504
|
|
Non-Consumer
|
|
|
|
|
|
|
|
|
|
||||||||||
Dealer financing
|
17,966
|
|
|
546
|
|
|
72
|
|
|
845
|
|
|
19,429
|
|
|||||
Other
|
685
|
|
|
2
|
|
|
1
|
|
|
1
|
|
|
689
|
|
|||||
Total North America
|
$
|
30,250
|
|
|
$
|
10,540
|
|
|
$
|
8,169
|
|
|
$
|
10,663
|
|
|
$
|
59,622
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
International
|
|
|
|
|
|
|
|
|
|
||||||||||
Consumer
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail financing, gross
|
$
|
4,381
|
|
|
$
|
3,096
|
|
|
$
|
1,826
|
|
|
$
|
1,157
|
|
|
$
|
10,460
|
|
Non-Consumer
|
|
|
|
|
|
|
|
|
|
||||||||||
Dealer financing
|
6,464
|
|
|
717
|
|
|
58
|
|
|
3
|
|
|
7,242
|
|
|||||
Other
|
386
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
386
|
|
|||||
Total International
|
$
|
11,231
|
|
|
$
|
3,813
|
|
|
$
|
1,884
|
|
|
$
|
1,160
|
|
|
$
|
18,088
|
|
|
December 31, 2012
|
|
December 31, 2011
|
||||||||||||||||||||
|
North America
|
|
International
|
|
Total Direct Financing Leases
|
|
North America
|
|
International
|
|
Total Direct Financing Leases
|
||||||||||||
Total minimum lease rentals to be received
|
$
|
58
|
|
|
$
|
1,466
|
|
|
$
|
1,524
|
|
|
$
|
4
|
|
|
$
|
1,897
|
|
|
$
|
1,901
|
|
Initial direct costs
|
1
|
|
|
16
|
|
|
17
|
|
|
—
|
|
|
18
|
|
|
18
|
|
||||||
Estimated residual values
|
—
|
|
|
851
|
|
|
851
|
|
|
1
|
|
|
971
|
|
|
972
|
|
||||||
Less: Unearned income
|
(7
|
)
|
|
(152
|
)
|
|
(159
|
)
|
|
(1
|
)
|
|
(203
|
)
|
|
(204
|
)
|
||||||
Less: Unearned interest supplements
|
—
|
|
|
(82
|
)
|
|
(82
|
)
|
|
—
|
|
|
(116
|
)
|
|
(116
|
)
|
||||||
Recorded investment in direct financing leases
|
52
|
|
|
2,099
|
|
|
2,151
|
|
|
4
|
|
|
2,567
|
|
|
2,571
|
|
||||||
Less: Allowance for credit losses
|
(1
|
)
|
|
(8
|
)
|
|
(9
|
)
|
|
—
|
|
|
(12
|
)
|
|
(12
|
)
|
||||||
Net investment in direct financing leases
|
$
|
51
|
|
|
$
|
2,091
|
|
|
$
|
2,142
|
|
|
$
|
4
|
|
|
$
|
2,555
|
|
|
$
|
2,559
|
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
Thereafter
|
||||||||||
North America
|
$
|
21
|
|
|
$
|
12
|
|
|
$
|
13
|
|
|
$
|
9
|
|
|
$
|
3
|
|
International
|
571
|
|
|
430
|
|
|
317
|
|
|
136
|
|
|
12
|
|
|
2012
|
|
2011
|
||||||||||||||||||||
|
North America
|
|
International
|
|
Total
|
|
North America
|
|
International
|
|
Total
|
||||||||||||
Consumer
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
31-60 days past due
|
$
|
783
|
|
|
$
|
50
|
|
|
$
|
833
|
|
|
$
|
732
|
|
|
$
|
64
|
|
|
$
|
796
|
|
61-90 days past due
|
97
|
|
|
18
|
|
|
115
|
|
|
68
|
|
|
28
|
|
|
96
|
|
||||||
91-120 days past due
|
21
|
|
|
9
|
|
|
30
|
|
|
22
|
|
|
12
|
|
|
34
|
|
||||||
Greater than 120 days past due
|
52
|
|
|
29
|
|
|
81
|
|
|
70
|
|
|
43
|
|
|
113
|
|
||||||
Total past due
|
953
|
|
|
106
|
|
|
1,059
|
|
|
892
|
|
|
147
|
|
|
1,039
|
|
||||||
Current
|
37,287
|
|
|
10,067
|
|
|
47,354
|
|
|
36,111
|
|
|
10,601
|
|
|
46,712
|
|
||||||
Consumer finance receivables
|
$
|
38,240
|
|
|
$
|
10,173
|
|
|
$
|
48,413
|
|
|
$
|
37,003
|
|
|
$
|
10,748
|
|
|
$
|
47,751
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Non-Consumer
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total past due
|
$
|
29
|
|
|
$
|
11
|
|
|
$
|
40
|
|
|
$
|
30
|
|
|
$
|
9
|
|
|
$
|
39
|
|
Current
|
20,089
|
|
|
7,617
|
|
|
27,706
|
|
|
17,194
|
|
|
8,847
|
|
|
26,041
|
|
||||||
Non-Consumer finance receivables
|
20,118
|
|
|
7,628
|
|
|
27,746
|
|
|
17,224
|
|
|
8,856
|
|
|
26,080
|
|
||||||
Total recorded investment
|
$
|
58,358
|
|
|
$
|
17,801
|
|
|
$
|
76,159
|
|
|
$
|
54,227
|
|
|
$
|
19,604
|
|
|
$
|
73,831
|
|
•
|
Pass
–
current to 60 days past due
|
•
|
Special Mention
– 61 to 120 days past due and in intensified collection status
|
•
|
Substandard
–
greater than 120 days past due
and for which the uncollectible portion of the receivables has already been charged-off, as measured using the fair value of collateral
|
•
|
Group I
– strong to superior financial metrics
|
•
|
Group II
– fair to favorable financial metrics
|
•
|
Group III
– marginal to weak financial metrics
|
•
|
Group IV
– poor financial metrics, including dealers classified as uncollectible
|
|
|
|
|
|
|
|
|
|
2012
|
|
2011
|
||||||||||||||||||||
|
North America
|
|
International
|
|
Total
|
|
North America
|
|
International
|
|
Total
|
||||||||||||
Dealer Financing
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Group I
|
$
|
16,526
|
|
|
$
|
4,551
|
|
|
$
|
21,077
|
|
|
$
|
13,506
|
|
|
$
|
5,157
|
|
|
$
|
18,663
|
|
Group II
|
2,608
|
|
|
1,405
|
|
|
4,013
|
|
|
2,654
|
|
|
1,975
|
|
|
4,629
|
|
||||||
Group III
|
277
|
|
|
1,279
|
|
|
1,556
|
|
|
331
|
|
|
1,337
|
|
|
1,668
|
|
||||||
Group IV
|
18
|
|
|
7
|
|
|
25
|
|
|
10
|
|
|
10
|
|
|
20
|
|
||||||
Total recorded investment
|
$
|
19,429
|
|
|
$
|
7,242
|
|
|
$
|
26,671
|
|
|
$
|
16,501
|
|
|
$
|
8,479
|
|
|
$
|
24,980
|
|
|
December 31,
2012 |
|
December 31,
2011 |
||||
Automotive Sector
|
|
|
|
||||
Vehicles, net of depreciation
|
$
|
1,415
|
|
|
$
|
1,356
|
|
Financial Services Sector
|
|
|
|
|
|
||
Vehicles and other equipment, at cost (a)
|
18,159
|
|
|
14,242
|
|
||
Accumulated depreciation
|
(3,100
|
)
|
|
(2,720
|
)
|
||
Allowance for credit losses
|
(23
|
)
|
|
(40
|
)
|
||
Total Financial Services sector
|
15,036
|
|
|
11,482
|
|
||
Total Company
|
$
|
16,451
|
|
|
$
|
12,838
|
|
(a)
|
Includes Ford Credit's operating lease assets of
$6.3 billion
and
$6.4 billion
at December 31, 2012 and 2011, respectively, for which the related cash flows have been used to secure certain lease securitization transactions. Cash flows associated with the net investment in operating leases are available only for payment of the debt or other obligations issued or arising in the securitization transactions; they are not available to pay other obligations or the claims of other creditors.
|
|
2012
|
|
2011
|
|
2010
|
||||||
Operating lease depreciation expense
|
$
|
53
|
|
|
$
|
61
|
|
|
$
|
297
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Operating lease depreciation expense
|
$
|
2,488
|
|
|
$
|
1,799
|
|
|
$
|
1,977
|
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
Thereafter
|
|
Total
|
||||||||||||
Minimum rentals on operating leases
|
$
|
1,754
|
|
|
$
|
2,012
|
|
|
$
|
1,037
|
|
|
$
|
223
|
|
|
$
|
66
|
|
|
$
|
5,092
|
|
|
2012
|
|
2011
|
||||
Allowance for credit losses
|
|
|
|
||||
Beginning balance
|
$
|
29
|
|
|
$
|
120
|
|
Charge-offs
|
(7
|
)
|
|
—
|
|
||
Recoveries
|
(11
|
)
|
|
(85
|
)
|
||
Provision for credit losses
|
6
|
|
|
2
|
|
||
Other
|
6
|
|
|
(8
|
)
|
||
Ending balance
|
$
|
23
|
|
|
$
|
29
|
|
•
|
Frequency - number of finance rec
eivables and operating lease contracts that are expected to default over the loss emergence period, measured as repossessions
|
•
|
Loss severity - expected difference between the amount of money a customer owes when the finance contract is charged off and the amount received, net of expenses from selling the repossessed vehicle, including any recoveries from the customer
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
||||||||||||||||||
|
Finance Receivables
|
|
Net Investment in
Operating Leases
|
|
|
||||||||||||||
|
Consumer
|
|
Non-Consumer
|
|
Total
|
|
|
Total Allowance
|
|||||||||||
Allowance for credit losses
|
|
|
|
|
|
|
|
|
|
||||||||||
Beginning balance
|
$
|
457
|
|
|
$
|
44
|
|
|
$
|
501
|
|
|
$
|
40
|
|
|
$
|
541
|
|
Charge-offs
|
(316
|
)
|
|
(8
|
)
|
|
(324
|
)
|
|
(47
|
)
|
|
(371
|
)
|
|||||
Recoveries
|
171
|
|
|
12
|
|
|
183
|
|
|
49
|
|
|
232
|
|
|||||
Provision for credit losses
|
45
|
|
|
(19
|
)
|
|
26
|
|
|
(19
|
)
|
|
7
|
|
|||||
Other (a)
|
3
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|||||
Ending balance
|
$
|
360
|
|
|
$
|
29
|
|
|
$
|
389
|
|
|
$
|
23
|
|
|
$
|
412
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Analysis of ending balance of allowance for
credit losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Collective impairment allowance
|
$
|
341
|
|
|
$
|
27
|
|
|
$
|
368
|
|
|
$
|
23
|
|
|
$
|
391
|
|
Specific impairment allowance
|
19
|
|
|
2
|
|
|
21
|
|
|
—
|
|
|
21
|
|
|||||
Ending balance
|
$
|
360
|
|
|
$
|
29
|
|
|
$
|
389
|
|
|
$
|
23
|
|
|
$
|
412
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Analysis of ending balance of finance receivables and net investment in operating leases
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Collectively evaluated for impairment
|
$
|
47,991
|
|
|
$
|
27,699
|
|
|
$
|
75,690
|
|
|
$
|
15,059
|
|
|
|
|
|
Specifically evaluated for impairment
|
422
|
|
|
47
|
|
|
469
|
|
|
—
|
|
|
|
|
|||||
Recorded investment (b)
|
$
|
48,413
|
|
|
$
|
27,746
|
|
|
$
|
76,159
|
|
|
$
|
15,059
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ending balance, net of allowance for credit losses
|
$
|
48,053
|
|
|
$
|
27,717
|
|
|
$
|
75,770
|
|
|
$
|
15,036
|
|
|
|
|
(a)
|
Represents amounts related to translation adjustments.
|
(b)
|
Represents finance receivables and net investment in operating leases before allowance for credit losses.
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
||||||||||||||||||
|
Finance Receivables
|
|
Net Investment in
Operating Leases
|
|
|
||||||||||||||
|
Consumer
|
|
Non-Consumer
|
|
Total
|
|
|
Total Allowance
|
|||||||||||
Allowance for credit losses
|
|
|
|
|
|
|
|
|
|
||||||||||
Beginning balance
|
$
|
707
|
|
|
$
|
70
|
|
|
$
|
777
|
|
|
$
|
87
|
|
|
$
|
864
|
|
Charge-offs
|
(405
|
)
|
|
(11
|
)
|
|
(416
|
)
|
|
(89
|
)
|
|
(505
|
)
|
|||||
Recoveries
|
207
|
|
|
7
|
|
|
214
|
|
|
86
|
|
|
300
|
|
|||||
Provision for credit losses
|
(51
|
)
|
|
(22
|
)
|
|
(73
|
)
|
|
(44
|
)
|
|
(117
|
)
|
|||||
Other (a)
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|||||
Ending balance
|
$
|
457
|
|
|
$
|
44
|
|
|
$
|
501
|
|
|
$
|
40
|
|
|
$
|
541
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Analysis of ending balance of allowance for
credit losses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Collective impairment allowance
|
$
|
441
|
|
|
$
|
36
|
|
|
$
|
477
|
|
|
$
|
40
|
|
|
$
|
517
|
|
Specific impairment allowance
|
16
|
|
|
8
|
|
|
24
|
|
|
—
|
|
|
24
|
|
|||||
Ending balance
|
$
|
457
|
|
|
$
|
44
|
|
|
$
|
501
|
|
|
$
|
40
|
|
|
$
|
541
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Analysis of ending balance of finance receivables and net investment in operating leases
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Collectively evaluated for impairment
|
$
|
47,369
|
|
|
$
|
26,016
|
|
|
$
|
73,385
|
|
|
$
|
11,522
|
|
|
|
|
|
Specifically evaluated for impairment
|
382
|
|
|
64
|
|
|
446
|
|
|
—
|
|
|
|
|
|||||
Recorded investment (b)
|
$
|
47,751
|
|
|
$
|
26,080
|
|
|
$
|
73,831
|
|
|
$
|
11,522
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ending balance, net of allowance for credit losses
|
$
|
47,294
|
|
|
$
|
26,036
|
|
|
$
|
73,330
|
|
|
$
|
11,482
|
|
|
|
|
(a)
|
Represents amounts related to translation adjustments.
|
(b)
|
Represents finance receivables and net investment in operating leases before allowance for credit losses.
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2012 |
|
December 31,
2011 |
||||
Raw materials, work-in-process, and supplies
|
$
|
3,697
|
|
|
$
|
2,847
|
|
Finished products
|
4,614
|
|
|
3,982
|
|
||
Total inventories under FIFO
|
8,311
|
|
|
6,829
|
|
||
Less: LIFO adjustment
|
(949
|
)
|
|
(928
|
)
|
||
Total inventories
|
$
|
7,362
|
|
|
$
|
5,901
|
|
|
Ownership Percentage
|
|
Investment Balance
|
|||||||
Automotive Sector
|
December 31,
2012 |
|
December 31,
2012 |
|
December 31,
2011 |
|||||
Changan Ford Automobile Corporation, Ltd ("CAF") (a)
|
50.0
|
%
|
|
$
|
990
|
|
|
$
|
—
|
|
Changan Ford Mazda Automobile Corporation, Ltd ("CFMA") (a)
|
—
|
|
|
—
|
|
|
468
|
|
||
Jiangling Motors Corporation, Ltd
|
30.0
|
|
|
419
|
|
|
373
|
|
||
AutoAlliance International, Inc ("AAI") (a)
|
—
|
|
|
—
|
|
|
372
|
|
||
Ford Otomotiv Sanayi Anonim Sirketi ("Ford Otosan")
|
41.0
|
|
|
394
|
|
|
369
|
|
||
AutoAlliance (Thailand) Co., Ltd.
|
50.0
|
|
|
391
|
|
|
367
|
|
||
FordSollers Netherlands B.V. ("FordSollers") (a)
|
50.0
|
|
|
407
|
|
|
361
|
|
||
Getrag Ford Transmissions GmbH ("GFT")
|
50.0
|
|
|
242
|
|
|
229
|
|
||
Ford Romania S.A. ("Ford Romania") (b)
|
100.0
|
|
|
63
|
|
|
92
|
|
||
Tenedora Nemak, S.A. de C.V.
|
6.8
|
|
|
73
|
|
|
68
|
|
||
Changan Ford Mazda Engine Company, Ltd.
|
25.0
|
|
|
50
|
|
|
33
|
|
||
DealerDirect LLC
|
97.7
|
|
|
25
|
|
|
18
|
|
||
OEConnection LLC
|
50.0
|
|
|
20
|
|
|
13
|
|
||
Percepta, LLC
|
45.0
|
|
|
9
|
|
|
7
|
|
||
Blue Diamond Truck, S. de R.L. de C.V.
|
25.0
|
|
|
11
|
|
|
7
|
|
||
Ford Performance Vehicles Pty Ltd.
|
49.0
|
|
|
5
|
|
|
6
|
|
||
Blue Diamond Parts, LLC
|
25.0
|
|
|
4
|
|
|
4
|
|
||
Automotive Fuel Cell Cooperation Corporation
|
30.0
|
|
|
5
|
|
|
4
|
|
||
Other
|
Various
|
|
|
4
|
|
|
6
|
|
||
Total Automotive sector
|
|
|
|
3,112
|
|
|
2,797
|
|
||
Financial Services Sector
|
|
|
|
|
|
|
|
|
||
Forso Nordic AB
|
50.0
|
|
|
71
|
|
|
71
|
|
||
FFS Finance South Africa (Pty) Limited
|
50.0
|
|
|
39
|
|
|
43
|
|
||
RouteOne LLC
|
30.0
|
|
|
20
|
|
|
15
|
|
||
CNF-Administradora de Consorcio Nacional Ltda.
|
33.3
|
|
|
4
|
|
|
10
|
|
||
Total Financial Services sector
|
|
|
|
134
|
|
|
139
|
|
||
Total Company
|
|
|
|
$
|
3,246
|
|
|
$
|
2,936
|
|
(a)
|
See Note 25 for additional information.
|
(b)
|
Although we manage the day-to-day operations for Ford Romania, through December 31, 2012 the Romanian government contractually maintained the ability to influence key decisions regarding the business, including implementation of the business plan, employment levels, and capital expenditure and investment levels. As a result, we did not consolidate our investment in Ford Romania as of year-end 2012.
|
|
December 31,
2012 |
|
December 31,
2011 |
|
Change in
Maximum
Exposure
|
||||||
Investments
|
$
|
242
|
|
|
$
|
229
|
|
|
$
|
13
|
|
Guarantees and other supplier arrangements
|
5
|
|
|
6
|
|
|
(1
|
)
|
|||
Total maximum exposure
|
$
|
247
|
|
|
$
|
235
|
|
|
$
|
12
|
|
•
|
Retail - consumer credit risk and pre-payment risk
|
•
|
Wholesale - dealer credit risk
|
•
|
Net investments in operating lease - vehicle residual value risk, consumer credit risk, and pre-payment risk
|
|
December 31, 2012
|
||||||||||
|
Cash and Cash
Equivalents
|
|
Finance
Receivables, Net
and
Net Investment in
Operating Leases
|
|
Debt
|
||||||
Finance receivables
|
|
|
|
|
|
||||||
Retail
|
$
|
2.2
|
|
|
$
|
27.0
|
|
|
$
|
23.2
|
|
Wholesale
|
0.3
|
|
|
20.5
|
|
|
12.8
|
|
|||
Total finance receivables
|
2.5
|
|
|
47.5
|
|
|
36.0
|
|
|||
Net investment in operating leases
|
0.4
|
|
|
6.3
|
|
|
4.2
|
|
|||
Total (a)
|
$
|
2.9
|
|
|
$
|
53.8
|
|
|
$
|
40.2
|
|
(a)
|
Certain notes issued by the VIEs to affiliated companies served as collateral for accessing the European Central Bank ("ECB") open market operations program. This external funding of
$145 million
at
December 31, 2012
was not reflected as debt of the VIEs and is excluded from the table above, but was included in our consolidated debt. The finance receivables backing this external funding are included in the table above.
|
|
December 31, 2011
|
||||||||||
|
Cash and Cash
Equivalents
|
|
Finance
Receivables, Net
and
Net Investment in
Operating Leases
|
|
Debt
|
||||||
Finance receivables
|
|
|
|
|
|
||||||
Retail
|
$
|
2.5
|
|
|
$
|
31.9
|
|
|
$
|
26.0
|
|
Wholesale
|
0.5
|
|
|
17.9
|
|
|
11.2
|
|
|||
Total finance receivables
|
3.0
|
|
|
49.8
|
|
|
37.2
|
|
|||
Net investment in operating leases
|
0.4
|
|
|
6.4
|
|
|
4.2
|
|
|||
Total (a)
|
$
|
3.4
|
|
|
$
|
56.2
|
|
|
$
|
41.4
|
|
(a)
|
Certain notes issued by the VIEs to affiliated companies served as collateral for accessing the ECB open market operations program. This external funding of
$246 million
at
December 31, 2011
was not reflected as debt of the VIEs and is excluded from the table above, but was included in our consolidated debt. The finance receivables backing this external funding are included in the table above.
|
|
December 31, 2012
|
|
December 31, 2011
|
||||||||||||
|
Derivative
Asset
|
|
Derivative
Liability
|
|
Derivative
Asset
|
|
Derivative
Liability
|
||||||||
Derivatives of the VIEs
|
$
|
4
|
|
|
$
|
134
|
|
|
$
|
157
|
|
|
$
|
97
|
|
Derivatives related to the VIEs
|
74
|
|
|
63
|
|
|
81
|
|
|
63
|
|
||||
Total exposures related to the VIEs
|
$
|
78
|
|
|
$
|
197
|
|
|
$
|
238
|
|
|
$
|
160
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
VIEs
|
$
|
227
|
|
|
$
|
31
|
|
|
$
|
225
|
|
Related to the VIEs
|
(5
|
)
|
|
11
|
|
|
(73
|
)
|
|||
Total derivative expense/(income) related to the VIEs
|
$
|
222
|
|
|
$
|
42
|
|
|
$
|
152
|
|
Automotive Sector
|
December 31,
2012 |
|
December 31,
2011 |
||||
Land
|
$
|
423
|
|
|
$
|
384
|
|
Buildings and land improvements
|
10,249
|
|
|
10,129
|
|
||
Machinery, equipment and other
|
35,040
|
|
|
34,363
|
|
||
Software
|
1,813
|
|
|
1,917
|
|
||
Construction in progress
|
1,783
|
|
|
1,311
|
|
||
Total land, plant and equipment and other
|
49,308
|
|
|
48,104
|
|
||
Accumulated depreciation
|
(32,835
|
)
|
|
(32,874
|
)
|
||
Net land, plant and equipment and other
|
16,473
|
|
|
15,230
|
|
||
Special tools, net of amortization
|
8,340
|
|
|
6,999
|
|
||
Total Automotive sector
|
24,813
|
|
|
22,229
|
|
||
Financial Services sector (a)
|
129
|
|
|
142
|
|
||
Total Company
|
$
|
24,942
|
|
|
$
|
22,371
|
|
(a)
|
Included in
Financial Services other assets
on our sector balance sheet.
|
|
2012
|
|
2011
|
|
2010
|
||||||
Depreciation and other amortization
|
$
|
1,794
|
|
|
$
|
1,759
|
|
|
$
|
1,956
|
|
Amortization of special tools
|
1,861
|
|
|
1,774
|
|
|
1,920
|
|
|||
Total
|
$
|
3,655
|
|
|
$
|
3,533
|
|
|
$
|
3,876
|
|
|
|
|
|
|
|
||||||
Maintenance and rearrangement
|
$
|
1,352
|
|
|
$
|
1,431
|
|
|
$
|
1,397
|
|
|
December 31,
2012 |
|
December 31,
2011 |
||||
Beginning balance
|
$
|
266
|
|
|
$
|
331
|
|
Liabilities settled
|
(8
|
)
|
|
(6
|
)
|
||
Revisions to estimates
|
9
|
|
|
(59
|
)
|
||
Ending balance
|
$
|
267
|
|
|
$
|
266
|
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
Thereafter
|
|
Total
|
||||||||||||||
Automotive sector
|
$
|
217
|
|
|
$
|
189
|
|
|
$
|
144
|
|
|
$
|
98
|
|
|
$
|
74
|
|
|
$
|
172
|
|
|
$
|
894
|
|
Financial Services sector
|
52
|
|
|
41
|
|
|
34
|
|
|
31
|
|
|
22
|
|
|
24
|
|
|
204
|
|
|||||||
Total Company
|
$
|
269
|
|
|
$
|
230
|
|
|
$
|
178
|
|
|
$
|
129
|
|
|
$
|
96
|
|
|
$
|
196
|
|
|
$
|
1,098
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Automotive sector
|
$
|
404
|
|
|
$
|
416
|
|
|
$
|
475
|
|
Financial Services sector
|
106
|
|
|
124
|
|
|
136
|
|
|||
Total Company
|
$
|
510
|
|
|
$
|
540
|
|
|
$
|
611
|
|
|
December 31, 2012
|
|
December 31, 2011
|
||||||||||||||||||||
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net Carrying
Amount
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net Carrying
Amount
|
||||||||||||
Automotive Sector
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
License and advertising agreements
|
$
|
118
|
|
|
$
|
(54
|
)
|
|
$
|
64
|
|
|
$
|
118
|
|
|
$
|
(47
|
)
|
|
$
|
71
|
|
Land rights
|
23
|
|
|
(8
|
)
|
|
15
|
|
|
23
|
|
|
(8
|
)
|
|
15
|
|
||||||
Patents
|
27
|
|
|
(20
|
)
|
|
7
|
|
|
26
|
|
|
(17
|
)
|
|
9
|
|
||||||
Other
|
11
|
|
|
(10
|
)
|
|
1
|
|
|
27
|
|
|
(22
|
)
|
|
5
|
|
||||||
Total Automotive sector
|
$
|
179
|
|
|
$
|
(92
|
)
|
|
$
|
87
|
|
|
$
|
194
|
|
|
$
|
(94
|
)
|
|
$
|
100
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Pre-tax amortization expense
|
$
|
10
|
|
|
$
|
12
|
|
|
$
|
97
|
|
|
December 31,
2012 |
|
December 31,
2011 |
||||
Automotive Sector
|
|
|
|
||||
Current
|
|
|
|
||||
Dealer and customer allowances and claims
|
$
|
6,779
|
|
|
$
|
6,694
|
|
Deferred revenue
|
2,796
|
|
|
2,216
|
|
||
Employee benefit plans
|
1,504
|
|
|
1,552
|
|
||
Accrued interest
|
277
|
|
|
253
|
|
||
Other postretirement employee benefits ("OPEB")
|
409
|
|
|
439
|
|
||
Pension
|
387
|
|
|
388
|
|
||
Other
|
3,206
|
|
|
3,461
|
|
||
Total Automotive accrued liabilities and deferred revenue
|
15,358
|
|
|
15,003
|
|
||
Non-current
|
|
|
|
|
|
||
Pension
|
18,400
|
|
|
15,091
|
|
||
OPEB
|
6,398
|
|
|
6,152
|
|
||
Dealer and customer allowances and claims
|
2,036
|
|
|
2,179
|
|
||
Deferred revenue
|
1,893
|
|
|
1,739
|
|
||
Employee benefit plans
|
767
|
|
|
709
|
|
||
Other
|
1,055
|
|
|
1,040
|
|
||
Total Automotive other liabilities
|
30,549
|
|
|
26,910
|
|
||
Total Automotive sector
|
45,907
|
|
|
41,913
|
|
||
Financial Services Sector
|
3,500
|
|
|
3,457
|
|
||
Total sectors
|
49,407
|
|
|
45,370
|
|
||
Intersector elimination (a)
|
—
|
|
|
(1
|
)
|
||
Total Company
|
$
|
49,407
|
|
|
$
|
45,369
|
|
(a)
|
Accrued interest related to Ford's acquisition of Ford Credit debt securities. See Note 17 for additional details.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Benefits
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
|
U.S. Plans
|
|
Non-U.S. Plans
|
|
Worldwide OPEB
|
||||||||||||||||||||||||||||||
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
|
2012
|
|
2011
|
|
2010
|
||||||||||||||||||
Service cost
|
$
|
521
|
|
|
$
|
467
|
|
|
$
|
376
|
|
|
$
|
372
|
|
|
$
|
327
|
|
|
$
|
314
|
|
|
$
|
67
|
|
|
$
|
63
|
|
|
$
|
54
|
|
Interest cost
|
2,208
|
|
|
2,374
|
|
|
2,530
|
|
|
1,189
|
|
|
1,227
|
|
|
1,249
|
|
|
290
|
|
|
327
|
|
|
338
|
|
|||||||||
Expected return on assets
|
(2,873
|
)
|
|
(3,028
|
)
|
|
(3,172
|
)
|
|
(1,340
|
)
|
|
(1,404
|
)
|
|
(1,337
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Amortization of
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Prior service costs/(credits)
|
220
|
|
|
343
|
|
|
370
|
|
|
72
|
|
|
72
|
|
|
75
|
|
|
(545
|
)
|
|
(612
|
)
|
|
(617
|
)
|
|||||||||
(Gains)/Losses
|
425
|
|
|
194
|
|
|
20
|
|
|
412
|
|
|
301
|
|
|
218
|
|
|
129
|
|
|
94
|
|
|
92
|
|
|||||||||
Separation programs/other
|
7
|
|
|
1
|
|
|
(2
|
)
|
|
162
|
|
|
170
|
|
|
54
|
|
|
2
|
|
|
10
|
|
|
5
|
|
|||||||||
(Gains)/Losses from curtailments and settlements
|
250
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
111
|
|
|
—
|
|
|
(11
|
)
|
|
(26
|
)
|
|
(30
|
)
|
|||||||||
Net expense/(income)
|
$
|
758
|
|
|
$
|
351
|
|
|
$
|
122
|
|
|
$
|
867
|
|
|
$
|
804
|
|
|
$
|
573
|
|
|
$
|
(68
|
)
|
|
$
|
(144
|
)
|
|
$
|
(158
|
)
|
|
|
Pension Benefits
|
|
|
|
|
||||||||||||||||||
|
|
U.S. Plans
|
|
Non-U.S. Plans
|
|
Worldwide OPEB
|
||||||||||||||||||
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||||||
Change in Benefit Obligation
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Benefit obligation at January 1
|
|
$
|
48,816
|
|
|
$
|
46,647
|
|
|
$
|
25,163
|
|
|
$
|
23,385
|
|
|
$
|
6,593
|
|
|
$
|
6,423
|
|
Service cost
|
|
521
|
|
|
467
|
|
|
372
|
|
|
327
|
|
|
67
|
|
|
63
|
|
||||||
Interest cost
|
|
2,208
|
|
|
2,374
|
|
|
1,189
|
|
|
1,227
|
|
|
290
|
|
|
327
|
|
||||||
Amendments
|
|
(39
|
)
|
|
5
|
|
|
222
|
|
|
38
|
|
|
(156
|
)
|
|
(62
|
)
|
||||||
Separation programs and other
|
|
(40
|
)
|
|
(52
|
)
|
|
202
|
|
|
196
|
|
|
3
|
|
|
10
|
|
||||||
Curtailments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(50
|
)
|
||||||
Settlements
|
|
(1,123
|
)
|
|
—
|
|
|
—
|
|
|
(152
|
)
|
|
—
|
|
|
—
|
|
||||||
Plan participant contributions
|
|
27
|
|
|
23
|
|
|
36
|
|
|
46
|
|
|
29
|
|
|
29
|
|
||||||
Benefits paid
|
|
(3,427
|
)
|
|
(3,534
|
)
|
|
(1,420
|
)
|
|
(1,373
|
)
|
|
(454
|
)
|
|
(473
|
)
|
||||||
Foreign exchange translation
|
|
—
|
|
|
—
|
|
|
803
|
|
|
(441
|
)
|
|
47
|
|
|
(62
|
)
|
||||||
Divestiture
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Actuarial (gain)/loss
|
|
5,182
|
|
|
2,886
|
|
|
4,135
|
|
|
1,910
|
|
|
391
|
|
|
388
|
|
||||||
Benefit obligation at December 31
|
|
$
|
52,125
|
|
|
$
|
48,816
|
|
|
$
|
30,702
|
|
|
$
|
25,163
|
|
|
$
|
6,810
|
|
|
$
|
6,593
|
|
Change in Plan Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Fair value of plan assets at January 1
|
|
$
|
39,414
|
|
|
$
|
39,960
|
|
|
$
|
19,198
|
|
|
$
|
18,615
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Actual return on plan assets
|
|
5,455
|
|
|
2,887
|
|
|
1,637
|
|
|
934
|
|
|
—
|
|
|
—
|
|
||||||
Company contributions
|
|
2,134
|
|
|
132
|
|
|
1,629
|
|
|
1,403
|
|
|
—
|
|
|
—
|
|
||||||
Plan participant contributions
|
|
27
|
|
|
23
|
|
|
36
|
|
|
46
|
|
|
—
|
|
|
—
|
|
||||||
Benefits paid
|
|
(3,427
|
)
|
|
(3,534
|
)
|
|
(1,420
|
)
|
|
(1,373
|
)
|
|
—
|
|
|
—
|
|
||||||
Settlements
|
|
(1,123
|
)
|
|
—
|
|
|
—
|
|
|
(152
|
)
|
|
—
|
|
|
—
|
|
||||||
Foreign exchange translation
|
|
—
|
|
|
—
|
|
|
641
|
|
|
(267
|
)
|
|
—
|
|
|
—
|
|
||||||
Divestiture
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other
|
|
(85
|
)
|
|
(54
|
)
|
|
(8
|
)
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
||||||
Fair value of plan assets at December 31
|
|
$
|
42,395
|
|
|
$
|
39,414
|
|
|
$
|
21,713
|
|
|
$
|
19,198
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Funded status at December 31
|
|
$
|
(9,730
|
)
|
|
$
|
(9,402
|
)
|
|
$
|
(8,989
|
)
|
|
$
|
(5,965
|
)
|
|
$
|
(6,810
|
)
|
|
$
|
(6,593
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Amounts Recognized on the Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Prepaid assets
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
85
|
|
|
$
|
114
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Accrued liabilities
|
|
(9,730
|
)
|
|
(9,402
|
)
|
|
(9,074
|
)
|
|
(6,079
|
)
|
|
(6,810
|
)
|
|
(6,593
|
)
|
||||||
Total
|
|
$
|
(9,730
|
)
|
|
$
|
(9,402
|
)
|
|
$
|
(8,989
|
)
|
|
$
|
(5,965
|
)
|
|
$
|
(6,810
|
)
|
|
$
|
(6,593
|
)
|
Amounts Recognized in Accumulated Other Comprehensive Loss (pre-tax)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Unamortized prior service costs/(credits)
|
|
$
|
938
|
|
|
$
|
1,197
|
|
|
$
|
487
|
|
|
$
|
323
|
|
|
$
|
(1,263
|
)
|
|
$
|
(1,648
|
)
|
Unamortized net (gains)/losses
|
|
11,349
|
|
|
9,394
|
|
|
11,375
|
|
|
7,612
|
|
|
2,594
|
|
|
2,305
|
|
||||||
Total
|
|
$
|
12,287
|
|
|
$
|
10,591
|
|
|
$
|
11,862
|
|
|
$
|
7,935
|
|
|
$
|
1,331
|
|
|
$
|
657
|
|
Pension Plans in which Accumulated Benefit Obligation Exceeds Plan Assets at December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Accumulated benefit obligation
|
|
$
|
50,821
|
|
|
$
|
47,555
|
|
|
$
|
21,653
|
|
|
$
|
18,138
|
|
|
|
|
|
|
|
||
Fair value of plan assets
|
|
42,395
|
|
|
39,414
|
|
|
14,625
|
|
|
13,207
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accumulated Benefit Obligation at December 31
|
|
$
|
50,821
|
|
|
$
|
47,555
|
|
|
$
|
28,136
|
|
|
$
|
23,524
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Pension Plans in which Projected Benefit Obligation Exceeds Plan Assets at December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Projected benefit obligation
|
|
$
|
52,125
|
|
|
$
|
48,816
|
|
|
$
|
29,984
|
|
|
$
|
24,184
|
|
|
|
|
|
||||
Fair value of plan assets
|
|
42,395
|
|
|
39,414
|
|
|
20,910
|
|
|
18,105
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Projected Benefit Obligation at December 31
|
|
$
|
52,125
|
|
|
$
|
48,816
|
|
|
$
|
30,702
|
|
|
$
|
25,163
|
|
|
|
|
|
|
Pension Benefits
|
|
|
|
|
||||||||||||
|
U.S. Plans
|
|
Non-U.S. Plans
|
|
U.S. OPEB
|
||||||||||||
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||
Weighted Average Assumptions at December 31
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Discount rate
|
3.84
|
%
|
|
4.64
|
%
|
|
3.92
|
%
|
|
4.84
|
%
|
|
3.80
|
%
|
|
4.60
|
%
|
Expected long-term rate of return on assets
|
7.38
|
|
|
7.50
|
|
|
6.74
|
|
|
6.77
|
|
|
—
|
|
|
—
|
|
Average rate of increase in compensation
|
3.80
|
|
|
3.80
|
|
|
3.41
|
|
|
3.39
|
|
|
3.80
|
|
|
3.80
|
|
Assumptions Used to Determine Net Benefit Cost for the Year Ended December 31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Discount rate
|
4.64
|
%
|
|
5.24
|
%
|
|
4.84
|
%
|
|
5.31
|
%
|
|
4.60
|
%
|
|
5.20
|
%
|
Expected long-term rate of return on assets
|
7.50
|
|
|
8.00
|
|
|
6.77
|
|
|
7.20
|
|
|
—
|
|
|
—
|
|
Average rate of increase in compensation
|
3.80
|
|
|
3.80
|
|
|
3.39
|
|
|
3.34
|
|
|
3.80
|
|
|
3.80
|
|
|
|
Pension Benefits
|
|
|
|
|
||||||||||
|
|
U.S. Plans
|
|
Non-U.S.
Plans
|
|
Worldwide
OPEB
|
|
Total
|
||||||||
Prior service cost/(credit)
|
|
$
|
174
|
|
|
$
|
68
|
|
|
$
|
(286
|
)
|
|
$
|
(44
|
)
|
(Gains)/Losses
|
|
778
|
|
|
707
|
|
|
160
|
|
|
1,645
|
|
|
|
Gross Benefit Payments
|
||||||||||
|
|
Pension
|
|
|
||||||||
|
|
U.S. Plans
|
|
Non-U.S.
Plans
|
|
Worldwide
OPEB
|
||||||
2013
|
|
$
|
5,940
|
|
|
$
|
1,370
|
|
|
$
|
440
|
|
2014
|
|
3,320
|
|
|
1,350
|
|
|
400
|
|
|||
2015
|
|
3,250
|
|
|
1,380
|
|
|
390
|
|
|||
2016
|
|
3,200
|
|
|
1,410
|
|
|
390
|
|
|||
2017
|
|
3,160
|
|
|
1,450
|
|
|
380
|
|
|||
2018 - 2022
|
|
15,330
|
|
|
7,690
|
|
|
1,890
|
|
U.S. Plans
|
December 31, 2012
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Asset Category
|
|
|
|
|
|
|
|
||||||||
Equity
|
|
|
|
|
|
|
|
||||||||
U.S. companies
|
$
|
7,544
|
|
|
$
|
48
|
|
|
$
|
15
|
|
|
$
|
7,607
|
|
International companies
|
4,971
|
|
|
133
|
|
|
3
|
|
|
5,107
|
|
||||
Derivative financial instruments (a)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total equity
|
12,515
|
|
|
181
|
|
|
18
|
|
|
12,714
|
|
||||
Fixed Income
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. government
|
2,523
|
|
|
—
|
|
|
—
|
|
|
2,523
|
|
||||
U.S. government-sponsored enterprises (b)
|
—
|
|
|
3,236
|
|
|
3
|
|
|
3,239
|
|
||||
Non-U.S. government
|
—
|
|
|
2,884
|
|
|
32
|
|
|
2,916
|
|
||||
Corporate bonds (c)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Investment grade
|
—
|
|
|
10,581
|
|
|
80
|
|
|
10,661
|
|
||||
High yield
|
—
|
|
|
1,386
|
|
|
14
|
|
|
1,400
|
|
||||
Other credit
|
—
|
|
|
28
|
|
|
50
|
|
|
78
|
|
||||
Mortgage/other asset-backed
|
—
|
|
|
1,183
|
|
|
115
|
|
|
1,298
|
|
||||
Commingled funds
|
—
|
|
|
477
|
|
|
—
|
|
|
477
|
|
||||
Derivative financial instruments (a)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate contracts
|
(31
|
)
|
|
15
|
|
|
—
|
|
|
(16
|
)
|
||||
Credit contracts
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||
Other contracts
|
—
|
|
|
(122
|
)
|
|
—
|
|
|
(122
|
)
|
||||
Total fixed income
|
2,492
|
|
|
19,670
|
|
|
294
|
|
|
22,456
|
|
||||
Alternatives
|
|
|
|
|
|
|
|
|
|
|
|
||||
Hedge funds (d)
|
—
|
|
|
—
|
|
|
3,121
|
|
|
3,121
|
|
||||
Private equity (e)
|
—
|
|
|
—
|
|
|
2,412
|
|
|
2,412
|
|
||||
Real estate (f)
|
—
|
|
|
—
|
|
|
457
|
|
|
457
|
|
||||
Total alternatives
|
—
|
|
|
—
|
|
|
5,990
|
|
|
5,990
|
|
||||
Cash and cash equivalents (g)
|
—
|
|
|
1,844
|
|
|
57
|
|
|
1,901
|
|
||||
Other (h)
|
(681
|
)
|
|
15
|
|
|
—
|
|
|
(666
|
)
|
||||
Total assets at fair value
|
$
|
14,326
|
|
|
$
|
21,710
|
|
|
$
|
6,359
|
|
|
$
|
42,395
|
|
(a)
|
Net derivative position.
|
(b)
|
Debt securities primarily issued by U.S. government-sponsored enterprises ("GSEs").
|
(c)
|
"Investment grade" bonds are those rated Baa3/BBB or higher by at least two rating agencies; "High yield" bonds are those rated below investment grade; "Other credit" refers to non-rated bonds.
|
(d)
|
Funds investing in diverse hedge fund strategies with the following composition of underlying hedge fund investments within the U.S. pension plans at
December 31, 2012
: global macro (
39%
), event-driven (
21%
), equity long/short (
17%
), relative value (
13%
), and multi-strategy (
10%
).
|
(e)
|
Diversified investments in private equity funds with the following strategies: buyout (
60%
), venture capital (
25%
), mezzanine/distressed (
8%
), and other (
7%
). Allocations are estimated based on latest available data for managers reflecting June 30, 2012 holdings.
|
(f)
|
Investment in private property funds broadly classified as core (
54%
), value-added and opportunistic (
46%
).
|
(g)
|
Primarily short-term investment funds to provide liquidity to plan investment managers and cash held to pay benefits.
|
(h)
|
Primarily cash related to net pending security (purchases)/sales and net pending foreign currency purchases/(sales).
|
Non-U.S. Plans
|
December 31, 2012
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Asset Category
|
|
|
|
|
|
|
|
||||||||
Equity
|
|
|
|
|
|
|
|
||||||||
U.S. companies
|
$
|
3,221
|
|
|
$
|
223
|
|
|
$
|
—
|
|
|
$
|
3,444
|
|
International companies
|
3,424
|
|
|
188
|
|
|
1
|
|
|
3,613
|
|
||||
Derivative financial instruments (a)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total equity
|
6,645
|
|
|
411
|
|
|
1
|
|
|
7,057
|
|
||||
Fixed Income
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. government
|
99
|
|
|
—
|
|
|
—
|
|
|
99
|
|
||||
U.S. government-sponsored enterprises (b)
|
—
|
|
|
6
|
|
|
—
|
|
|
6
|
|
||||
Non-U.S. government
|
—
|
|
|
5,841
|
|
|
41
|
|
|
5,882
|
|
||||
Corporate bonds (c)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Investment grade
|
—
|
|
|
1,147
|
|
|
22
|
|
|
1,169
|
|
||||
High yield
|
—
|
|
|
268
|
|
|
1
|
|
|
269
|
|
||||
Other credit
|
—
|
|
|
13
|
|
|
6
|
|
|
19
|
|
||||
Mortgage/other asset-backed
|
—
|
|
|
168
|
|
|
28
|
|
|
196
|
|
||||
Commingled funds
|
—
|
|
|
504
|
|
|
—
|
|
|
504
|
|
||||
Derivative financial instruments (a)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate contracts
|
—
|
|
|
4
|
|
|
(1
|
)
|
|
3
|
|
||||
Credit contracts
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||
Other contracts
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total fixed income
|
99
|
|
|
7,950
|
|
|
97
|
|
|
8,146
|
|
||||
Alternatives
|
|
|
|
|
|
|
|
|
|
|
|
||||
Hedge funds (d)
|
—
|
|
|
—
|
|
|
1,142
|
|
|
1,142
|
|
||||
Private equity (e)
|
—
|
|
|
—
|
|
|
236
|
|
|
236
|
|
||||
Real estate (f)
|
—
|
|
|
1
|
|
|
329
|
|
|
330
|
|
||||
Total alternatives
|
—
|
|
|
1
|
|
|
1,707
|
|
|
1,708
|
|
||||
Cash and cash equivalents (g)
|
—
|
|
|
867
|
|
|
—
|
|
|
867
|
|
||||
Other (h)
|
(751
|
)
|
|
16
|
|
|
4,670
|
|
|
3,935
|
|
||||
Total assets at fair value
|
$
|
5,993
|
|
|
$
|
9,245
|
|
|
$
|
6,475
|
|
|
$
|
21,713
|
|
(a)
|
Net derivative position.
|
(b)
|
Debt securities primarily issued by GSEs.
|
(c)
|
"Investment grade" bonds are those rated Baa3/BBB or higher by at least two rating agencies; "High yield" bonds are those rated below investment grade; "Other credit" refers to non-rated bonds.
|
(d)
|
Funds investing in diversified portfolio of underlying hedge funds. At
December 31, 2012
, the composition of underlying hedge fund investments (within the U.K. and Canada pension plans) was: event-driven (
36%
), equity long/short (
26%
), multi-strategy (
14%
), global macro (
13%
) and relative value (
11%
).
|
(e)
|
Investments in private investment funds (funds of funds) pursuing strategies broadly classified as venture capital and buyouts.
|
(f)
|
Investment in private property funds broadly classified as core (
31%
), value-added and opportunistic (
69%
). Also includes investment in real assets.
|
(g)
|
Primarily short-term investment funds to provide liquidity to plan investment managers.
|
(h)
|
Primarily Ford-Werke GmbH ("Ford-Werke") plan assets (insurance contract valued at
$3,609 million
) and cash related to net pending security (purchases)/sales and net pending foreign currency purchases/(sales).
|
U.S. Plans
|
December 31, 2011
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Asset Category
|
|
|
|
|
|
|
|
||||||||
Equity
|
|
|
|
|
|
|
|
||||||||
U.S. companies
|
$
|
7,331
|
|
|
$
|
44
|
|
|
$
|
12
|
|
|
$
|
7,387
|
|
International companies
|
5,565
|
|
|
32
|
|
|
3
|
|
|
5,600
|
|
||||
Commingled funds
|
—
|
|
|
244
|
|
|
3
|
|
|
247
|
|
||||
Derivative financial instruments (a)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total equity
|
12,896
|
|
|
320
|
|
|
18
|
|
|
13,234
|
|
||||
Fixed Income
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. government
|
4,084
|
|
|
—
|
|
|
—
|
|
|
4,084
|
|
||||
U.S. government-sponsored enterprises (b)
|
—
|
|
|
4,581
|
|
|
7
|
|
|
4,588
|
|
||||
Non-U.S. government
|
—
|
|
|
1,375
|
|
|
169
|
|
|
1,544
|
|
||||
Corporate bonds (c)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Investment grade
|
—
|
|
|
9,061
|
|
|
33
|
|
|
9,094
|
|
||||
High yield
|
—
|
|
|
1,280
|
|
|
11
|
|
|
1,291
|
|
||||
Other credit
|
—
|
|
|
17
|
|
|
18
|
|
|
35
|
|
||||
Mortgage/other asset-backed
|
—
|
|
|
1,348
|
|
|
54
|
|
|
1,402
|
|
||||
Commingled funds
|
—
|
|
|
258
|
|
|
—
|
|
|
258
|
|
||||
Derivative financial instruments (a)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate contracts
|
13
|
|
|
28
|
|
|
(3
|
)
|
|
38
|
|
||||
Credit contracts
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
(8
|
)
|
||||
Other contracts
|
—
|
|
|
(265
|
)
|
|
9
|
|
|
(256
|
)
|
||||
Total fixed income
|
4,097
|
|
|
17,675
|
|
|
298
|
|
|
22,070
|
|
||||
Alternatives
|
|
|
|
|
|
|
|
|
|
|
|
||||
Hedge funds (d)
|
—
|
|
|
—
|
|
|
2,968
|
|
|
2,968
|
|
||||
Private equity (e)
|
—
|
|
|
—
|
|
|
2,085
|
|
|
2,085
|
|
||||
Real estate (f)
|
—
|
|
|
—
|
|
|
362
|
|
|
362
|
|
||||
Total alternatives
|
—
|
|
|
—
|
|
|
5,415
|
|
|
5,415
|
|
||||
Cash and cash equivalents (g)
|
—
|
|
|
1,477
|
|
|
1
|
|
|
1,478
|
|
||||
Other (h)
|
(2,798
|
)
|
|
18
|
|
|
(3
|
)
|
|
(2,783
|
)
|
||||
Total assets at fair value
|
$
|
14,195
|
|
|
$
|
19,490
|
|
|
$
|
5,729
|
|
|
$
|
39,414
|
|
(a)
|
Net derivative position.
|
(b)
|
Debt securities primarily issued by GSEs.
|
(c)
|
"Investment grade" bonds are those rated Baa3/BBB or higher by at least two rating agencies; "High yield" bonds are those rated below investment grade; "Other credit" refers to non-rated bonds.
|
(d)
|
Funds investing in diverse hedge fund strategies (primarily commingled fund of funds) with the following composition of underlying hedge fund investments within the U.S. pension plans at
December 31, 2011
: global macro (
42%
), equity long/short (
21%
), event-driven (
18%
), relative value (
11%
), and multi-strategy (
8%
).
|
(e)
|
Diversified investments in private equity funds with the following strategies: buyout (
61%
), venture capital (
25%
), mezzanine/distressed (
8%
), and other (
6%
). Allocations are estimated based on latest available data for managers reflecting June 30, 2011 holdings.
|
(f)
|
Investment in private property funds broadly classified as core (
64%
), value-added and opportunistic (
36%
).
|
(g)
|
Primarily short-term investment funds to provide liquidity to plan investment managers and cash held to pay benefits.
|
(h)
|
Primarily cash related to net pending trade purchases/sales and net pending foreign exchange purchases/sales.
|
Non-U.S. Plans
|
December 31, 2011
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Asset Category
|
|
|
|
|
|
|
|
||||||||
Equity
|
|
|
|
|
|
|
|
||||||||
U.S. companies
|
$
|
2,596
|
|
|
$
|
181
|
|
|
$
|
—
|
|
|
$
|
2,777
|
|
International companies
|
2,906
|
|
|
154
|
|
|
1
|
|
|
3,061
|
|
||||
Derivative financial instruments (a)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total equity
|
5,502
|
|
|
335
|
|
|
1
|
|
|
5,838
|
|
||||
Fixed Income
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. government
|
33
|
|
|
—
|
|
|
—
|
|
|
33
|
|
||||
U.S. government-sponsored enterprises (b)
|
—
|
|
|
16
|
|
|
—
|
|
|
16
|
|
||||
Non-U.S. government
|
2
|
|
|
5,805
|
|
|
122
|
|
|
5,929
|
|
||||
Corporate bonds (c)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Investment grade
|
—
|
|
|
975
|
|
|
11
|
|
|
986
|
|
||||
High yield
|
—
|
|
|
271
|
|
|
—
|
|
|
271
|
|
||||
Other credit
|
—
|
|
|
15
|
|
|
—
|
|
|
15
|
|
||||
Mortgage/other asset-backed
|
—
|
|
|
189
|
|
|
6
|
|
|
195
|
|
||||
Commingled funds
|
—
|
|
|
415
|
|
|
—
|
|
|
415
|
|
||||
Derivative financial instruments (a)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest rate contracts
|
—
|
|
|
(15
|
)
|
|
(6
|
)
|
|
(21
|
)
|
||||
Credit contracts
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||
Other contracts
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
||||
Total fixed income
|
35
|
|
|
7,669
|
|
|
133
|
|
|
7,837
|
|
||||
Alternatives
|
|
|
|
|
|
|
|
|
|
|
|
||||
Hedge funds (d)
|
—
|
|
|
—
|
|
|
1,053
|
|
|
1,053
|
|
||||
Private equity (e)
|
—
|
|
|
—
|
|
|
123
|
|
|
123
|
|
||||
Real estate (f)
|
—
|
|
|
1
|
|
|
160
|
|
|
161
|
|
||||
Total alternatives
|
—
|
|
|
1
|
|
|
1,336
|
|
|
1,337
|
|
||||
Cash and cash equivalents (g)
|
—
|
|
|
370
|
|
|
—
|
|
|
370
|
|
||||
Other (h)
|
(554
|
)
|
|
12
|
|
|
4,358
|
|
|
3,816
|
|
||||
Total assets at fair value
|
$
|
4,983
|
|
|
$
|
8,387
|
|
|
$
|
5,828
|
|
|
$
|
19,198
|
|
(a)
|
Net derivative position.
|
(b)
|
Debt securities primarily issued by GSEs.
|
(c)
|
"Investment grade" bonds are those rated Baa3/BBB or higher by at least two rating agencies; "High yield" bonds are those rated below investment grade; "Other credit" refers to non-rated bonds.
|
(d)
|
Funds investing in diversified portfolio of underlying hedge funds (commingled fund of funds). At
December 31, 2011
, the composition of underlying hedge fund investments (within the U.K. and Canada pension plans) was: event-driven (
30%
), equity long/short (
27%
), global macro (
14%
), multi-strategy (
14%
), relative value (
11%
), and cash (
4%
).
|
(e)
|
Investments in private investment funds (funds of funds) pursuing strategies broadly classified as venture capital and buyouts.
|
(f)
|
Investment in private property funds broadly classified as core (
13%
), value-added and opportunistic (
87%
). Also includes investment in real assets.
|
(g)
|
Primarily short-term investment funds to provide liquidity to plan investment managers.
|
(h)
|
Primarily Ford-Werke plan assets (insurance contract valued at
$3,406 million
) and cash related to net pending trade purchases/sales and net pending foreign exchange purchases/sales.
|
U.S. Plans
|
2012
|
||||||||||||||||||||||||||
|
|
Return on plan assets
|
|
|
|
Transfers
|
|
|
|||||||||||||||||||
|
Fair
Value
at
January 1, 2012
|
|
Attributable
to Assets
Held
at
December 31,
2012
|
|
Attributable
to
Assets
Sold
|
|
Net Purchases/
(Settlements)
|
|
Into
Level 3
|
|
Out of
Level 3
|
|
Fair
Value
at
December 31,
2012
|
||||||||||||||
Asset Category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
U.S. companies
|
$
|
15
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15
|
|
International companies
|
3
|
|
|
—
|
|
|
3
|
|
|
(3
|
)
|
|
1
|
|
|
(1
|
)
|
|
3
|
|
|||||||
Derivative financial instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total equity
|
18
|
|
|
—
|
|
|
3
|
|
|
(3
|
)
|
|
1
|
|
|
(1
|
)
|
|
18
|
|
|||||||
Fixed Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
U.S. government
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
U.S. government-sponsored enterprises
|
8
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
3
|
|
|||||||
Non-U.S. government
|
169
|
|
|
2
|
|
|
5
|
|
|
(137
|
)
|
|
5
|
|
|
(12
|
)
|
|
32
|
|
|||||||
Corporate bonds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Investment grade
|
33
|
|
|
5
|
|
|
(4
|
)
|
|
14
|
|
|
42
|
|
|
(10
|
)
|
|
80
|
|
|||||||
High yield
|
11
|
|
|
1
|
|
|
1
|
|
|
4
|
|
|
1
|
|
|
(4
|
)
|
|
14
|
|
|||||||
Other credit
|
17
|
|
|
5
|
|
|
—
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
50
|
|
|||||||
Mortgage/other asset-backed
|
54
|
|
|
1
|
|
|
3
|
|
|
43
|
|
|
21
|
|
|
(7
|
)
|
|
115
|
|
|||||||
Derivative financial instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Interest rate contracts
|
(3
|
)
|
|
—
|
|
|
5
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Credit contracts
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Other contracts
|
9
|
|
|
(3
|
)
|
|
(14
|
)
|
|
12
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|||||||
Total fixed income
|
298
|
|
|
11
|
|
|
(4
|
)
|
|
(43
|
)
|
|
69
|
|
|
(37
|
)
|
|
294
|
|
|||||||
Alternatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Hedge funds
|
2,968
|
|
|
189
|
|
|
(6
|
)
|
|
(30
|
)
|
|
—
|
|
|
—
|
|
|
3,121
|
|
|||||||
Private equity
|
2,085
|
|
|
201
|
|
|
—
|
|
|
126
|
|
|
—
|
|
|
—
|
|
|
2,412
|
|
|||||||
Real estate
|
362
|
|
|
31
|
|
|
1
|
|
|
63
|
|
|
—
|
|
|
—
|
|
|
457
|
|
|||||||
Total alternatives
|
5,415
|
|
|
421
|
|
|
(5
|
)
|
|
159
|
|
|
—
|
|
|
—
|
|
|
5,990
|
|
|||||||
Other
|
(2
|
)
|
|
2
|
|
|
—
|
|
|
67
|
|
|
—
|
|
|
(10
|
)
|
|
57
|
|
|||||||
Total Level 3 fair value
|
$
|
5,729
|
|
|
$
|
434
|
|
|
$
|
(6
|
)
|
|
$
|
180
|
|
|
$
|
70
|
|
|
$
|
(48
|
)
|
|
$
|
6,359
|
|
Non-U.S. Plans
|
2012
|
||||||||||||||||||||||||||
|
|
|
Return on plan assets
|
|
|
|
Transfers
|
|
|
||||||||||||||||||
|
Fair
Value
at
January 1,
2012
|
|
Attributable
to Assets
Held
at
December 31,
2012
|
|
Attributable
to
Assets
Sold
|
|
Net
Purchases/
(Settlements)
|
|
Into
Level 3
|
|
Out of
Level 3
|
|
Fair
Value
at
December 31,
2012
|
||||||||||||||
Asset Category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
U.S. companies
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
International companies
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||||
Total equity
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||||
Fixed Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
U.S. government
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
U.S. government-sponsored enterprises
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Non-U.S. government
|
122
|
|
|
1
|
|
|
9
|
|
|
(31
|
)
|
|
—
|
|
|
(60
|
)
|
|
41
|
|
|||||||
Corporate bonds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Investment grade
|
11
|
|
|
1
|
|
|
1
|
|
|
4
|
|
|
5
|
|
|
—
|
|
|
22
|
|
|||||||
High yield
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||||
Other credit
|
—
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|||||||
Mortgage/other asset-backed
|
6
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
8
|
|
|
—
|
|
|
28
|
|
|||||||
Commingled funds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Derivative financial instruments
|
(6
|
)
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
8
|
|
|
—
|
|
|
(1
|
)
|
|||||||
Total fixed income
|
133
|
|
|
2
|
|
|
7
|
|
|
(6
|
)
|
|
21
|
|
|
(60
|
)
|
|
97
|
|
|||||||
Alternatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Hedge funds
|
1,053
|
|
|
79
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,142
|
|
|||||||
Private equity
|
123
|
|
|
14
|
|
|
—
|
|
|
99
|
|
|
—
|
|
|
—
|
|
|
236
|
|
|||||||
Real estate
|
160
|
|
|
4
|
|
|
(1
|
)
|
|
166
|
|
|
—
|
|
|
—
|
|
|
329
|
|
|||||||
Total alternatives
|
1,336
|
|
|
97
|
|
|
9
|
|
|
265
|
|
|
—
|
|
|
—
|
|
|
1,707
|
|
|||||||
Other (a)
|
4,358
|
|
|
312
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,670
|
|
|||||||
Total Level 3 fair value
|
$
|
5,828
|
|
|
$
|
411
|
|
|
$
|
16
|
|
|
$
|
259
|
|
|
$
|
21
|
|
|
$
|
(60
|
)
|
|
$
|
6,475
|
|
(a)
|
Primarily Ford-Werke plan assets (insurance contract valued at
$3,609 million
).
|
U.S. Plans
|
2011
|
||||||||||||||||||||||||||
|
|
Return on plan assets
|
|
|
|
Transfers
|
|
|
|||||||||||||||||||
|
Fair
Value
at
January 1, 2011
|
|
Attributable
to Assets
Held
at
December 31,
2011
|
|
Attributable
to
Assets
Sold
|
|
Net Purchases/
(Settlements)
|
|
Into
Level 3
|
|
Out of
Level 3
|
|
Fair
Value
at
December 31,
2011
|
||||||||||||||
Asset Category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
U.S. companies
|
$
|
16
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
15
|
|
International companies
|
6
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
3
|
|
|||||||
Derivative financial instruments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total equity
|
22
|
|
|
(1
|
)
|
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
(1
|
)
|
|
18
|
|
|||||||
Fixed Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
U.S. government
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
U.S. government-sponsored enterprises
|
14
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
—
|
|
|
(1
|
)
|
|
8
|
|
|||||||
Non-U.S. government
|
280
|
|
|
(2
|
)
|
|
(3
|
)
|
|
(86
|
)
|
|
13
|
|
|
(33
|
)
|
|
169
|
|
|||||||
Corporate bonds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Investment grade
|
28
|
|
|
4
|
|
|
2
|
|
|
18
|
|
|
3
|
|
|
(22
|
)
|
|
33
|
|
|||||||
High yield
|
2
|
|
|
(1
|
)
|
|
—
|
|
|
8
|
|
|
3
|
|
|
(1
|
)
|
|
11
|
|
|||||||
Other credit
|
50
|
|
|
(1
|
)
|
|
—
|
|
|
(32
|
)
|
|
—
|
|
|
—
|
|
|
17
|
|
|||||||
Mortgage/other asset-backed
|
125
|
|
|
(3
|
)
|
|
1
|
|
|
(38
|
)
|
|
4
|
|
|
(35
|
)
|
|
54
|
|
|||||||
Derivative financial instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Interest rate contracts
|
(2
|
)
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|||||||
Credit contracts
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Other contracts
|
—
|
|
|
25
|
|
|
(8
|
)
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
9
|
|
|||||||
Total fixed income
|
497
|
|
|
22
|
|
|
(9
|
)
|
|
(143
|
)
|
|
23
|
|
|
(92
|
)
|
|
298
|
|
|||||||
Alternatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Hedge funds
|
2,854
|
|
|
10
|
|
|
(22
|
)
|
|
126
|
|
|
—
|
|
|
—
|
|
|
2,968
|
|
|||||||
Private equity
|
1,491
|
|
|
244
|
|
|
—
|
|
|
350
|
|
|
—
|
|
|
—
|
|
|
2,085
|
|
|||||||
Real estate
|
120
|
|
|
39
|
|
|
—
|
|
|
203
|
|
|
—
|
|
|
—
|
|
|
362
|
|
|||||||
Total alternatives
|
4,465
|
|
|
293
|
|
|
(22
|
)
|
|
679
|
|
|
—
|
|
|
—
|
|
|
5,415
|
|
|||||||
Other
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|||||||
Total Level 3 fair value
|
$
|
4,981
|
|
|
$
|
314
|
|
|
$
|
(32
|
)
|
|
$
|
536
|
|
|
$
|
23
|
|
|
$
|
(93
|
)
|
|
$
|
5,729
|
|
Non-U.S. Plans
|
2011
|
||||||||||||||||||||||||||
|
|
|
Return on plan assets
|
|
|
|
Transfers
|
|
|
||||||||||||||||||
|
Fair
Value
at
January 1,
2011
|
|
Attributable
to Assets
Held
at
December 31,
2011
|
|
Attributable
to
Assets
Sold
|
|
Net
Purchases/
(Settlements)
|
|
Into
Level 3
|
|
Out of
Level 3
|
|
Fair
Value
at
December 31,
2011
|
||||||||||||||
Asset Category
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
U.S. companies
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
International companies
|
10
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
1
|
|
|
(5
|
)
|
|
1
|
|
|||||||
Commingled funds
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total equity
|
10
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
1
|
|
|
(5
|
)
|
|
1
|
|
|||||||
Fixed Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
U.S. government
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
U.S. government-sponsored enterprises
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Non-U.S. government
|
103
|
|
|
(6
|
)
|
|
1
|
|
|
28
|
|
|
—
|
|
|
(4
|
)
|
|
122
|
|
|||||||
Corporate bonds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Investment grade
|
15
|
|
|
(1
|
)
|
|
1
|
|
|
(7
|
)
|
|
3
|
|
|
—
|
|
|
11
|
|
|||||||
High yield
|
20
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|||||||
Other credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Mortgage/other asset-backed
|
34
|
|
|
—
|
|
|
1
|
|
|
(24
|
)
|
|
1
|
|
|
(6
|
)
|
|
6
|
|
|||||||
Commingled funds
|
8
|
|
|
—
|
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Derivative financial instruments
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(6
|
)
|
|||||||
Total fixed income
|
180
|
|
|
(7
|
)
|
|
1
|
|
|
(25
|
)
|
|
4
|
|
|
(20
|
)
|
|
133
|
|
|||||||
Alternatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Hedge funds
|
711
|
|
|
(31
|
)
|
|
11
|
|
|
362
|
|
|
—
|
|
|
—
|
|
|
1,053
|
|
|||||||
Private equity
|
31
|
|
|
(3
|
)
|
|
—
|
|
|
95
|
|
|
—
|
|
|
—
|
|
|
123
|
|
|||||||
Real estate
|
11
|
|
|
6
|
|
|
—
|
|
|
143
|
|
|
—
|
|
|
—
|
|
|
160
|
|
|||||||
Total alternatives
|
753
|
|
|
(28
|
)
|
|
11
|
|
|
600
|
|
|
—
|
|
|
—
|
|
|
1,336
|
|
|||||||
Other (a)
|
4,380
|
|
|
(22
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,358
|
|
|||||||
Total Level 3 fair value
|
$
|
5,323
|
|
|
$
|
(57
|
)
|
|
$
|
12
|
|
|
$
|
570
|
|
|
$
|
5
|
|
|
$
|
(25
|
)
|
|
$
|
5,828
|
|
(a)
|
Primarily Ford-Werke plan assets (insurance contract valued at
$3,406 million
).
|
|
|
|
|
|
Interest Rates (a)
|
||||||||||||||
|
|
|
|
|
Average Contractual (b)
|
|
Average Effective (c)
|
||||||||||||
Automotive Sector
|
December 31,
2012 |
|
December 31,
2011 |
|
December 31,
2012 |
|
December 31,
2011 |
|
December 31,
2012 |
|
December 31,
2011 |
||||||||
Debt payable within one year
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Short-term with non-affiliates
|
$
|
484
|
|
|
$
|
559
|
|
|
1.5
|
%
|
|
1.6
|
%
|
|
1.5
|
%
|
|
1.6
|
%
|
Short-term with unconsolidated affiliates
|
—
|
|
|
18
|
|
|
|
|
|
|
|
|
|
||||||
Long-term payable within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
U.S. Department of Energy ("DOE") Advanced Technology Vehicles Manufacturing ("ATVM") Incentive Program
|
591
|
|
|
240
|
|
|
|
|
|
|
|
|
|
||||||
Other debt
|
311
|
|
|
216
|
|
|
|
|
|
|
|
|
|
||||||
Total debt payable within one year
|
1,386
|
|
|
1,033
|
|
|
|
|
|
|
|
|
|
||||||
Long-term debt payable after one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Public unsecured debt securities
|
5,420
|
|
|
5,260
|
|
|
|
|
|
|
|
|
|
||||||
Unamortized discount
|
(100
|
)
|
|
(77
|
)
|
|
|
|
|
|
|
|
|
||||||
Convertible notes
|
908
|
|
|
908
|
|
|
|
|
|
|
|
|
|
||||||
Unamortized discount
|
(142
|
)
|
|
(172
|
)
|
|
|
|
|
|
|
|
|
||||||
DOE ATVM Incentive Program
|
5,014
|
|
|
4,556
|
|
|
|
|
|
|
|
|
|
||||||
EIB Credit Facilities
|
729
|
|
|
698
|
|
|
|
|
|
|
|
|
|
||||||
Other debt
|
1,048
|
|
|
888
|
|
|
|
|
|
|
|
|
|
||||||
Unamortized discount
|
(7
|
)
|
|
—
|
|
|
|
|
|
|
|
|
|
||||||
Total long-term debt payable after one year
|
12,870
|
|
|
12,061
|
|
|
4.6
|
%
|
|
4.9
|
%
|
|
5.1
|
%
|
|
5.5
|
%
|
||
Total Automotive sector
|
$
|
14,256
|
|
|
$
|
13,094
|
|
|
|
|
|
|
|
|
|
||||
Fair value of Automotive sector debt (d)
|
$
|
14,867
|
|
|
$
|
13,451
|
|
|
|
|
|
|
|
|
|
||||
Financial Services Sector
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Short-term debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Asset-backed commercial paper
|
$
|
5,752
|
|
|
$
|
6,835
|
|
|
|
|
|
|
|
|
|
||||
Other asset-backed short-term debt
|
3,762
|
|
|
2,987
|
|
|
|
|
|
|
|
|
|
||||||
Floating rate demand notes
|
4,890
|
|
|
4,713
|
|
|
|
|
|
|
|
|
|
||||||
Commercial paper
|
1,686
|
|
|
156
|
|
|
|
|
|
|
|
|
|
||||||
Other short-term debt
|
1,655
|
|
|
1,905
|
|
|
|
|
|
|
|
|
|
||||||
Total short-term debt
|
17,745
|
|
|
16,596
|
|
|
1.1
|
%
|
|
1.4
|
%
|
|
1.1
|
%
|
|
1.4
|
%
|
||
Long-term debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Unsecured debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Notes payable within one year
|
5,830
|
|
|
6,144
|
|
|
|
|
|
|
|
|
|
||||||
Notes payable after one year
|
32,503
|
|
|
26,167
|
|
|
|
|
|
|
|
|
|
||||||
Asset-backed debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Notes payable within one year
|
13,801
|
|
|
16,538
|
|
|
|
|
|
|
|
|
|
||||||
Notes payable after one year
|
20,266
|
|
|
20,621
|
|
|
|
|
|
|
|
|
|
||||||
Unamortized discount
|
(134
|
)
|
|
(152
|
)
|
|
|
|
|
|
|
|
|
||||||
Fair value adjustments (e)
|
791
|
|
|
681
|
|
|
|
|
|
|
|
|
|
||||||
Total long-term debt
|
73,057
|
|
|
69,999
|
|
|
3.8
|
%
|
|
4.3
|
%
|
|
4.1
|
%
|
|
4.6
|
%
|
||
Total Financial Services sector
|
$
|
90,802
|
|
|
$
|
86,595
|
|
|
|
|
|
|
|
|
|
||||
Fair value of Financial Services sector debt(d)
|
$
|
94,578
|
|
|
$
|
88,823
|
|
|
|
|
|
|
|
|
|
||||
Total Automotive and Financial Services sectors
|
$
|
105,058
|
|
|
$
|
99,689
|
|
|
|
|
|
|
|
|
|
||||
Intersector elimination (f)
|
—
|
|
|
(201
|
)
|
|
|
|
|
|
|
|
|
||||||
Total Company
|
$
|
105,058
|
|
|
$
|
99,488
|
|
|
|
|
|
|
|
|
|
(a)
|
Interest rates are presented for the fourth quarter of 2012 and the fourth quarter of 2011.
|
(b)
|
Average contractual rates reflect the stated contractual interest rate with the exception of commercial paper, which is issued at a discount.
|
(c)
|
Average effective rates reflect the average contractual interest rate plus amortization of discounts, premiums, and issuance fees.
|
(d)
|
The fair value of debt includes
$484 million
and
$326 million
of Automotive sector short-term debt and
$8.4 billion
and
$7 billion
of Financial Services sector short-term debt at
December 31, 2012
and
2011
, respectively, carried at cost which approximates fair value. All debt is categorized within Level 2 of the fair value hierarchy. See Note 4 for additional information.
|
(e)
|
Adjustments related to designated fair value hedges of unsecured debt.
|
(f)
|
Debt related to Ford's acquisition of Ford Credit debt securities.
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
Thereafter
|
|
Total Debt Maturities
|
||||||||||||||
Automotive Sector
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Public unsecured debt securities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
160
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,260
|
|
|
$
|
5,420
|
|
Unamortized discount (a)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(100
|
)
|
|
(100
|
)
|
|||||||
Convertible notes
|
—
|
|
|
—
|
|
|
—
|
|
|
883
|
|
|
—
|
|
|
25
|
|
|
908
|
|
|||||||
Unamortized discount (a)
|
—
|
|
|
—
|
|
|
—
|
|
|
(137
|
)
|
|
—
|
|
|
(5
|
)
|
|
(142
|
)
|
|||||||
DOE ATVM Incentive Program
|
591
|
|
|
591
|
|
|
591
|
|
|
591
|
|
|
591
|
|
|
2,650
|
|
|
5,605
|
|
|||||||
Short-term and other debt (b)
|
795
|
|
|
100
|
|
|
1,145
|
|
|
139
|
|
|
108
|
|
|
285
|
|
|
2,572
|
|
|||||||
Unamortized discount (a)
|
(4
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|||||||
Total Automotive debt
|
1,382
|
|
|
689
|
|
|
1,895
|
|
|
1,476
|
|
|
699
|
|
|
8,115
|
|
|
14,256
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Financial Services Sector
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Unsecured debt
|
14,061
|
|
|
4,019
|
|
|
8,906
|
|
|
4,898
|
|
|
6,459
|
|
|
8,221
|
|
|
46,564
|
|
|||||||
Asset-backed debt
|
23,315
|
|
|
12,356
|
|
|
5,005
|
|
|
1,319
|
|
|
1,586
|
|
|
—
|
|
|
43,581
|
|
|||||||
Unamortized (discount)/premium (a)
|
(1
|
)
|
|
(76
|
)
|
|
(19
|
)
|
|
(15
|
)
|
|
(15
|
)
|
|
(8
|
)
|
|
(134
|
)
|
|||||||
Fair value adjustments (a) (c)
|
33
|
|
|
25
|
|
|
84
|
|
|
43
|
|
|
148
|
|
|
458
|
|
|
791
|
|
|||||||
Total Financial Services debt
|
37,408
|
|
|
16,324
|
|
|
13,976
|
|
|
6,245
|
|
|
8,178
|
|
|
8,671
|
|
|
90,802
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total Company
|
$
|
38,790
|
|
|
$
|
17,013
|
|
|
$
|
15,871
|
|
|
$
|
7,721
|
|
|
$
|
8,877
|
|
|
$
|
16,786
|
|
|
$
|
105,058
|
|
(a)
|
Based on contractual payment date of related debt.
|
(b)
|
Primarily non-U.S. affiliate debt and includes the EIB secured loan.
|
(c)
|
Adjustments related to designated fair value hedges of unsecured debt.
|
|
Aggregate Principal Amount Outstanding
|
||||||
Title of Security
|
December 31,
2012 |
|
December 31,
2011 |
||||
4 7/8% Debentures due March 26, 2015
|
$
|
160
|
|
|
$
|
—
|
|
6 1/2% Debentures due August 1, 2018
|
361
|
|
|
361
|
|
||
8 7/8% Debentures due January 15, 2022
|
86
|
|
|
86
|
|
||
6.55% Debentures due October 3, 2022
(a)
|
15
|
|
|
15
|
|
||
7 1/8% Debentures due November 15, 2025
|
209
|
|
|
209
|
|
||
7 1/2% Debentures due August 1, 2026
|
193
|
|
|
193
|
|
||
6 5/8% Debentures due February 15, 2028
|
104
|
|
|
104
|
|
||
6 5/8% Debentures due October 1, 2028
(b)
|
638
|
|
|
638
|
|
||
6 3/8% Debentures due February 1, 2029
(b)
|
260
|
|
|
260
|
|
||
5.95% Debentures due September 3, 2029
(a)
|
8
|
|
|
8
|
|
||
6.15% Debentures due June 3, 2030
(a)
|
10
|
|
|
10
|
|
||
7.45% GLOBLS due July 16, 2031
(b)
|
1,794
|
|
|
1,794
|
|
||
8.900% Debentures due January 15, 2032
|
151
|
|
|
151
|
|
||
9.95% Debentures due February 15, 2032
|
4
|
|
|
4
|
|
||
5.75% Debentures due April 2, 2035
(a)
|
40
|
|
|
40
|
|
||
7.50% Debentures due June 10, 2043
(c)
|
593
|
|
|
593
|
|
||
7.75% Debentures due June 15, 2043
|
73
|
|
|
73
|
|
||
7.40% Debentures due November 1, 2046
|
398
|
|
|
398
|
|
||
9.980% Debentures due February 15, 2047
|
181
|
|
|
181
|
|
||
7.70% Debentures due May 15, 2097
|
142
|
|
|
142
|
|
||
Total public unsecured debt securities (d)
|
$
|
5,420
|
|
|
$
|
5,260
|
|
(a)
|
Unregistered industrial revenue bonds.
|
(b)
|
Listed on the Luxembourg Exchange and on the Singapore Exchange.
|
(c)
|
Listed on the New York Stock Exchange; this debt was redeemed as of February 4, 2013.
|
(d)
|
Excludes
9.215%
Debentures due September 15, 2021
with an outstanding balance at
December 31, 2012
of
$180 million
. The proceeds from these securities were on-lent by Ford to Ford Holdings to fund Financial Services activity and are reported as
Financial Services debt
.
|
|
|
|
|
|
Total Effective Interest Rate
|
||||||
|
December 31,
2012 |
|
December 31,
2011 |
|
December 31,
2012 |
|
December 31,
2011 |
||||
Liability component
|
|
|
|
|
|
|
|
||||
4.25% Debentures due November 15, 2016
|
$
|
768
|
|
|
$
|
768
|
|
|
9.2%
|
|
9.2%
|
4.25% Debentures due November 15, 2016 (underwriter option)
|
115
|
|
|
115
|
|
|
8.6%
|
|
8.6%
|
||
Subtotal Convertible Debt due November 15, 2016
|
883
|
|
|
883
|
|
|
|
|
|
||
4.25% Debentures due December 15, 2036
|
25
|
|
|
25
|
|
|
10.5%
|
|
10.5%
|
||
Unamortized discount
|
(142
|
)
|
|
(172
|
)
|
|
|
|
|
||
Net carrying amount
|
$
|
766
|
|
|
$
|
736
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Equity component of outstanding debt (a)
|
$
|
(225
|
)
|
|
$
|
(225
|
)
|
|
|
|
|
Share value in excess of principal value, if converted (b)
|
$
|
384
|
|
|
$
|
143
|
|
|
|
|
|
(a)
|
Recorded in
Capital in excess of par value of stock.
|
(b)
|
Based on share price of $
12.95
and $
10.76
as of
December 31, 2012
and 2011, respectively.
|
|
2012
|
|
2011
|
|
2010
|
||||||
Contractual interest coupon
|
$
|
38
|
|
|
$
|
38
|
|
|
$
|
138
|
|
Amortization of discount
|
30
|
|
|
27
|
|
|
87
|
|
|||
Total interest cost on Convertible Notes
|
$
|
68
|
|
|
$
|
65
|
|
|
$
|
225
|
|
|
2012
|
||||||||||
|
Cash and Cash
Equivalents
|
|
Finance Receivables, Net
and
Net Investment in
Operating Leases
|
|
Related
Debt
|
||||||
VIEs (a)
|
|
|
|
|
|
||||||
Finance receivables
|
$
|
2.5
|
|
|
$
|
47.5
|
|
|
$
|
36.0
|
|
Net investment in operating leases
|
0.4
|
|
|
6.3
|
|
|
4.2
|
|
|||
Total
|
$
|
2.9
|
|
|
$
|
53.8
|
|
|
$
|
40.2
|
|
Non-VIE
|
|
|
|
|
|
|
|
|
|||
Finance receivables (b)
|
$
|
0.1
|
|
|
$
|
3.5
|
|
|
$
|
3.3
|
|
Total securitization transactions
|
|
|
|
|
|
|
|
|
|||
Finance receivables
|
$
|
2.6
|
|
|
$
|
51.0
|
|
|
$
|
39.3
|
|
Net investment in operating leases
|
0.4
|
|
|
6.3
|
|
|
4.2
|
|
|||
Total
|
$
|
3.0
|
|
|
$
|
57.3
|
|
|
$
|
43.5
|
|
|
|
|
|
|
|
||||||
|
2011
|
||||||||||
|
Cash and Cash
Equivalents
|
|
Finance Receivables, Net
and
Net Investment in
Operating Leases
|
|
Related
Debt
|
||||||
VIEs (a)
|
|
|
|
|
|
|
|
|
|||
Finance receivables
|
$
|
3.0
|
|
|
$
|
49.8
|
|
|
$
|
37.2
|
|
Net investment in operating leases
|
0.4
|
|
|
6.4
|
|
|
4.2
|
|
|||
Total
|
$
|
3.4
|
|
|
$
|
56.2
|
|
|
$
|
41.4
|
|
Non-VIE
|
|
|
|
|
|
|
|
|
|||
Finance receivables (b)
|
$
|
0.3
|
|
|
$
|
6.2
|
|
|
$
|
5.6
|
|
Total securitization transactions
|
|
|
|
|
|
|
|
|
|||
Finance receivables
|
$
|
3.3
|
|
|
$
|
56.0
|
|
|
$
|
42.8
|
|
Net investment in operating leases
|
0.4
|
|
|
6.4
|
|
|
4.2
|
|
|||
Total
|
$
|
3.7
|
|
|
$
|
62.4
|
|
|
$
|
47.0
|
|
(a)
|
Includes assets to be used to settle liabilities of the consolidated VIEs. See Note 12 for additional information on Financial Services sector VIEs.
|
(b)
|
Certain debt issued by the VIEs to affiliated companies served as collateral for accessing the ECB open market operations program. This external funding of
$145 million
and
$246 million
at
December 31, 2012
and
2011
, respectively was not reflected as a liability of the VIEs and is reflected as a non-VIE liability above. The finance receivables backing this external funding are reflected in VIE finance receivables.
|
•
|
Foreign currency exchange contracts, including forwards and options, that are used to manage foreign exchange exposure;
|
•
|
Commodity contracts, including forwards and options, that are used to manage commodity price risk;
|
•
|
Interest rate contracts including swaps, caps, and floors that are used to manage the effects of interest rate fluctuations; and
|
•
|
Cross-currency interest rate swap contracts that are used to manage foreign currency and interest rate exposures on foreign-denominated debt.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012
|
|
2011
|
|
2010
|
||||||||||||||||||||||||||||||
|
Gain/(Loss) Recorded
in OCI
|
|
Gain/(Loss)
Reclassified
from AOCI
to Income
|
|
Gain/(Loss) Recognized
in Income
|
|
Gain/(Loss) Recorded
in OCI
|
|
Gain/(Loss)
Reclassified
from AOCI
to Income
|
|
Gain/(Loss) Recognized
in Income
|
|
Gain/(Loss) Recorded
in OCI
|
|
Gain/(Loss)
Reclassified
from AOCI
to Income
|
|
Gain/(Loss) Recognized
in Income
|
||||||||||||||||||
Automotive Sector
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Foreign currency exchange contracts
|
$
|
(371
|
)
|
|
$
|
(377
|
)
|
|
$
|
1
|
|
|
$
|
(100
|
)
|
|
$
|
119
|
|
|
$
|
(3
|
)
|
|
$
|
(7
|
)
|
|
$
|
17
|
|
|
$
|
—
|
|
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency exchange contracts
|
|
|
|
|
|
|
$
|
(138
|
)
|
|
|
|
|
|
|
|
$
|
20
|
|
|
|
|
|
|
$
|
(183
|
)
|
||||||||
Commodity contracts
|
|
|
|
|
|
|
(65
|
)
|
|
|
|
|
|
|
|
(423
|
)
|
|
|
|
|
|
68
|
|
|||||||||||
Other – warrants
|
|
|
|
|
|
|
(4
|
)
|
|
|
|
|
|
|
|
(1
|
)
|
|
|
|
|
|
2
|
|
|||||||||||
Total
|
|
|
|
|
|
|
$
|
(207
|
)
|
|
|
|
|
|
|
|
$
|
(404
|
)
|
|
|
|
|
|
$
|
(113
|
)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Financial Services Sector
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fair value hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net interest settlements and accruals excluded from the assessment of hedge effectiveness
|
|
|
|
|
|
|
$
|
177
|
|
|
|
|
|
|
|
|
$
|
217
|
|
|
|
|
|
|
$
|
225
|
|
||||||||
Ineffectiveness (a)
|
|
|
|
|
|
|
16
|
|
|
|
|
|
|
|
|
(30
|
)
|
|
|
|
|
|
(6
|
)
|
|||||||||||
Total
|
|
|
|
|
|
|
$
|
193
|
|
|
|
|
|
|
|
|
$
|
187
|
|
|
|
|
|
|
$
|
219
|
|
||||||||
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate contracts
|
|
|
|
|
|
|
$
|
(14
|
)
|
|
|
|
|
|
|
|
$
|
(5
|
)
|
|
|
|
|
|
$
|
38
|
|
||||||||
Foreign currency exchange contracts
|
|
|
|
|
|
|
(70
|
)
|
|
|
|
|
|
|
|
(48
|
)
|
|
|
|
|
|
(88
|
)
|
|||||||||||
Cross-currency interest rate swap contracts
|
|
|
|
|
|
|
(150
|
)
|
|
|
|
|
|
|
|
(3
|
)
|
|
|
|
|
|
(1
|
)
|
|||||||||||
Other (b)
|
|
|
|
|
|
|
(81
|
)
|
|
|
|
|
|
|
|
65
|
|
|
|
|
|
|
—
|
|
|||||||||||
Total
|
|
|
|
|
|
|
$
|
(315
|
)
|
|
|
|
|
|
|
|
$
|
9
|
|
|
|
|
|
|
$
|
(51
|
)
|
(a)
|
For 2012, 2011, and 2010, hedge ineffectiveness reflects change in fair value on derivatives of
$228 million
gain,
$433 million
gain, and
$117 million
gain, respectively, and change in value on hedged debt attributable to the change in benchmark interest rate of
$212 million
loss,
$463 million
loss, and
$123 million
loss, respectively.
|
(b)
|
Reflects gains/(losses) for derivative features included in the FUEL Notes (see Note 4).
|
|
December 31, 2012
|
|
December 31, 2011
|
||||||||||||||||||||
|
Notional
|
|
Fair Value of
Assets
|
|
Fair Value of
Liabilities
|
|
Notional
|
|
Fair Value of
Assets
|
|
Fair Value of
Liabilities
|
||||||||||||
Automotive Sector
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash flow hedges
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency exchange contracts
|
$
|
17,663
|
|
|
$
|
150
|
|
|
$
|
357
|
|
|
$
|
14,535
|
|
|
$
|
120
|
|
|
$
|
368
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Foreign currency exchange contracts
|
9,225
|
|
|
68
|
|
|
129
|
|
|
5,692
|
|
|
92
|
|
|
80
|
|
||||||
Commodity contracts
|
1,854
|
|
|
23
|
|
|
124
|
|
|
2,396
|
|
|
2
|
|
|
372
|
|
||||||
Other – warrants
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
4
|
|
|
—
|
|
||||||
Total derivatives not designated as hedging instruments
|
11,079
|
|
|
91
|
|
|
253
|
|
|
8,100
|
|
|
98
|
|
|
452
|
|
||||||
Total Automotive sector derivative financial instruments
|
$
|
28,742
|
|
|
$
|
241
|
|
|
$
|
610
|
|
|
$
|
22,635
|
|
|
$
|
218
|
|
|
$
|
820
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Financial Services Sector
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Fair value hedges
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest rate contracts
|
$
|
16,754
|
|
|
$
|
787
|
|
|
$
|
8
|
|
|
$
|
7,786
|
|
|
$
|
526
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest rate contracts
|
68,919
|
|
|
504
|
|
|
248
|
|
|
70,639
|
|
|
670
|
|
|
237
|
|
||||||
Foreign currency exchange contracts
|
2,378
|
|
|
9
|
|
|
8
|
|
|
3,582
|
|
|
30
|
|
|
50
|
|
||||||
Cross-currency interest rate swap contracts
|
3,006
|
|
|
—
|
|
|
117
|
|
|
987
|
|
|
12
|
|
|
12
|
|
||||||
Other (a)
|
—
|
|
|
—
|
|
|
—
|
|
|
2,500
|
|
|
137
|
|
|
—
|
|
||||||
Total derivatives not designated as hedging instruments
|
74,303
|
|
|
513
|
|
|
373
|
|
|
77,708
|
|
|
849
|
|
|
299
|
|
||||||
Total Financial Services sector derivative financial instruments
|
$
|
91,057
|
|
|
$
|
1,300
|
|
|
$
|
381
|
|
|
$
|
85,494
|
|
|
$
|
1,375
|
|
|
$
|
299
|
|
(a)
|
Represents derivative features included in the FUEL Notes (see Note 4). The derivative features included in the FUEL Notes were extinguished as a result of the mandatory exchange of the FUEL Notes to unsecured notes in the second quarter of 2012.
|
|
2012
|
||
Balance on September 1, 2012
|
$
|
319
|
|
Accretion to the redemption value of noncontrolling interest (recognized in
Interest expense)
|
3
|
|
|
Ending balance
|
$
|
322
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Foreign currency translation
|
|
|
|
|
|
||||||
Beginning balance
|
$
|
(1,383
|
)
|
|
$
|
(665
|
)
|
|
$
|
1,568
|
|
Net gain/(loss) on foreign currency translation (net of tax of $0, $2 and $2)
|
157
|
|
|
(697
|
)
|
|
(497
|
)
|
|||
Reclassifications to net income (a)
|
(15
|
)
|
|
(21
|
)
|
|
(1,736
|
)
|
|||
Other comprehensive income/(loss), net of tax (b)
|
142
|
|
|
(718
|
)
|
|
(2,233
|
)
|
|||
Ending balance
|
$
|
(1,241
|
)
|
|
$
|
(1,383
|
)
|
|
$
|
(665
|
)
|
|
|
|
|
|
|
||||||
Derivative instruments (e)
|
|
|
|
|
|
||||||
Beginning balance
|
$
|
(181
|
)
|
|
$
|
(29
|
)
|
|
$
|
(5
|
)
|
Net gain/(loss) on derivative instruments (net of tax benefit of $115, $29 and $1)
|
(256
|
)
|
|
(71
|
)
|
|
(6
|
)
|
|||
Reclassifications to net income (net of tax of $115, tax benefit of $38 and tax of $1) (c)
|
262
|
|
|
(81
|
)
|
|
(18
|
)
|
|||
Other comprehensive income/(loss), net of tax
|
6
|
|
|
(152
|
)
|
|
(24
|
)
|
|||
Ending balance
|
$
|
(175
|
)
|
|
$
|
(181
|
)
|
|
$
|
(29
|
)
|
|
|
|
|
|
|
||||||
Pension and other postretirement benefits
|
|
|
|
|
|
||||||
Beginning balance
|
$
|
(17,170
|
)
|
|
$
|
(13,617
|
)
|
|
$
|
(12,427
|
)
|
Prior service cost arising during the period (net of tax benefit of $1, $35 and $1)
|
(31
|
)
|
|
56
|
|
|
60
|
|
|||
Net gain/(loss) arising during the period (net of tax benefit of $2,238, $1,461 and tax of $142)
|
(4,693
|
)
|
|
(4,229
|
)
|
|
(1,690
|
)
|
|||
Amortization of prior service cost included in net income (net of tax benefit of $100, $183 and tax of $4) (d)
|
(164
|
)
|
|
(40
|
)
|
|
(230
|
)
|
|||
Amortization of (gain)/loss included in net income (net of tax of $404, $69 and $0) (d)
|
812
|
|
|
631
|
|
|
354
|
|
|||
Translation impact on non-U.S. plans
|
(192
|
)
|
|
29
|
|
|
316
|
|
|||
Other comprehensive income/(loss), net of tax
|
(4,268
|
)
|
|
(3,553
|
)
|
|
(1,190
|
)
|
|||
Ending balance
|
$
|
(21,438
|
)
|
|
$
|
(17,170
|
)
|
|
$
|
(13,617
|
)
|
|
|
|
|
|
|
||||||
Net holding gain/(loss)
|
|
|
|
|
|
||||||
Beginning balance
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
$
|
—
|
|
Reclassifications to net income
|
—
|
|
|
2
|
|
|
(2
|
)
|
|||
Ending balance
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(2
|
)
|
|
|
|
|
|
|
||||||
Total AOCI ending balance at December 31
|
$
|
(22,854
|
)
|
|
$
|
(18,734
|
)
|
|
$
|
(14,313
|
)
|
(a)
|
The accumulated translation adjustments related to an investment in a foreign subsidiary are reclassified to net income upon sale or upon complete or substantially complete liquidation of the entity and are recognized in
Automotive interest income and other income/(loss), net
or
Financial Services other income/(loss), net.
The adjustment for 2010 primarily relates to the sale of Volvo.
|
(b)
|
There were losses of
$2 million
and
$1 million
attributable to noncontrolling interests in 2011 and 2010, respectively.
|
(c)
|
Gain/(loss) on cash flow hedges is reclassified from AOCI to income when the hedged item affects earnings and is recognized in
Automotive cost of sales.
|
(d)
|
These AOCI components are included in the computation of net periodic pension cost. See Note 16 for additional details.
|
(e)
|
We expect to reclassify existing net losses of
$265 million
from
Accumulated other comprehensive income/(loss)
to
Automotive cost of sales
during the next twelve months as the underlying exposures are realized.
|
|
2012
|
|
2011
|
|
2010
|
||||||
Interest income
|
$
|
272
|
|
|
$
|
387
|
|
|
$
|
262
|
|
Realized and unrealized gains/(losses) on cash equivalents and marketable securities
|
85
|
|
|
(77
|
)
|
|
125
|
|
|||
Gains/(Losses) on the sale of held-for-sale operations, equity and cost investments, business combinations, and other dispositions
|
594
|
|
|
436
|
|
|
5
|
|
|||
Gains/(Losses) on extinguishment of debt
|
—
|
|
|
(60
|
)
|
|
(844
|
)
|
|||
Other
|
234
|
|
|
139
|
|
|
90
|
|
|||
Total
|
$
|
1,185
|
|
|
$
|
825
|
|
|
$
|
(362
|
)
|
|
2012
|
|
2011
|
|
2010
|
||||||
Interest income (investment-related)
|
$
|
70
|
|
|
$
|
84
|
|
|
$
|
86
|
|
Realized and unrealized gains/(losses) on cash equivalents and marketable securities
|
16
|
|
|
15
|
|
|
22
|
|
|||
Gains/(Losses) on the sale of held-for-sale operations, equity and cost investments, business combinations, and other dispositions
|
(8
|
)
|
|
51
|
|
|
9
|
|
|||
Gains/(Losses) on extinguishment of debt
|
(14
|
)
|
|
(68
|
)
|
|
(139
|
)
|
|||
Insurance premiums earned, net
|
105
|
|
|
100
|
|
|
98
|
|
|||
Other
|
200
|
|
|
231
|
|
|
239
|
|
|||
Total
|
$
|
369
|
|
|
$
|
413
|
|
|
$
|
315
|
|
|
Shares
(millions)
|
|
Weighted-
Average Grant-
Date Fair Value
|
|
Aggregate
Intrinsic Value
(millions)
|
|||||
Outstanding, beginning of year
|
36.1
|
|
|
$
|
7.31
|
|
|
|
||
Granted
|
8.2
|
|
|
12.43
|
|
|
|
|||
Vested
|
(25.4
|
)
|
|
4.28
|
|
|
|
|||
Forfeited
|
(0.7
|
)
|
|
14.12
|
|
|
|
|||
Outstanding, end of year
|
18.2
|
|
|
13.18
|
|
|
$
|
235.7
|
|
|
RSU-stock expected to vest
|
18.0
|
|
|
N/A
|
|
|
232.6
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Fair value
|
|
|
|
|
|
||||||
Granted
|
$
|
102
|
|
|
$
|
123
|
|
|
$
|
130
|
|
Weighted average for multiple grant dates (per unit)
|
12.43
|
|
|
14.47
|
|
|
12.69
|
|
|||
Vested
|
109
|
|
|
141
|
|
|
112
|
|
|||
Intrinsic value
|
|
|
|
|
|
|
|
|
|||
Vested
|
329
|
|
|
478
|
|
|
522
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Compensation cost (a)
|
$
|
62
|
|
|
$
|
84
|
|
|
$
|
138
|
|
(a)
|
Net of tax benefit of
$36 million
,
$49 million
, and
$0
in 2012, 2011, and 2010, respectively.
|
|
2012
|
|
2011
|
|
2010
|
|||||||||||||||
|
Shares
(millions)
|
|
Weighted-
Average
Exercise
Price
|
|
Shares
(millions)
|
|
Weighted-
Average
Exercise
Price
|
|
Shares
(millions)
|
|
Weighted-
Average
Exercise
Price
|
|||||||||
Outstanding, beginning of year
|
144.4
|
|
|
$
|
10.63
|
|
|
172.5
|
|
|
$
|
13.07
|
|
|
225.4
|
|
|
$
|
13.36
|
|
Granted
|
6.4
|
|
|
12.43
|
|
|
4.4
|
|
|
14.76
|
|
|
6.7
|
|
|
12.75
|
|
|||
Exercised (a)
|
(7.6
|
)
|
|
5.70
|
|
|
(8.2
|
)
|
|
9.25
|
|
|
(36.5
|
)
|
|
8.41
|
|
|||
Forfeited (including expirations)
|
(35.2
|
)
|
|
16.59
|
|
|
(24.3
|
)
|
|
29.18
|
|
|
(23.1
|
)
|
|
23.18
|
|
|||
Outstanding, end of year
|
108.0
|
|
|
9.14
|
|
|
144.4
|
|
|
10.63
|
|
|
172.5
|
|
|
13.07
|
|
|||
Exercisable, end of year
|
96.5
|
|
|
8.67
|
|
|
126.8
|
|
|
11.00
|
|
|
143.7
|
|
|
14.63
|
|
(a)
|
Exercised at option price ranging from
$1.96
to
$12.49
during
2012
, option price ranging from
$1.96
to
$16.91
during
2011
, and option price ranging from
$1.96
to
$16.91
during
2010
.
|
|
2012
|
|
2011
|
|
2010
|
||||||
Fair value of vested options
|
$
|
37
|
|
|
$
|
36
|
|
|
$
|
37
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Intrinsic value of vested options
|
$
|
426
|
|
|
$
|
257
|
|
|
$
|
623
|
|
Intrinsic value of unvested options (after forfeitures)
|
4
|
|
|
74
|
|
|
324
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Compensation cost (a)
|
$
|
26
|
|
|
$
|
30
|
|
|
$
|
34
|
|
(a)
|
Net of tax benefit of
$16 million
,
$17 million
, and
$0
in 2012, 2011, and 2010, respectively.
|
|
Shares
(millions)
|
|
Weighted-
Average Grant-
Date Fair Value
|
|||
Non-vested, beginning of year
|
17.6
|
|
|
$
|
4.49
|
|
Granted
|
6.4
|
|
|
5.88
|
|
|
Vested
|
(12.4
|
)
|
|
3.03
|
|
|
Forfeited
|
(0.1
|
)
|
|
6.63
|
|
|
Non-vested, end of year
|
11.5
|
|
|
6.79
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Fair value per stock option
|
$
|
5.88
|
|
|
$
|
8.48
|
|
|
$
|
7.21
|
|
Assumptions:
|
|
|
|
|
|
|
|
|
|||
Annualized dividend yield
|
2
|
%
|
|
—
|
%
|
|
—
|
%
|
|||
Expected volatility
|
53.8
|
%
|
|
53.2
|
%
|
|
53.4
|
%
|
|||
Risk-free interest rate
|
1.6
|
%
|
|
3.2
|
%
|
|
3.0
|
%
|
|||
Expected stock option term (in years)
|
7.2
|
|
|
7.1
|
|
|
6.9
|
|
|
Outstanding Options
|
|
Exercisable Options
|
||||||||||||
Range of Exercise Prices
|
Shares
(millions)
|
|
Weighted-
Average Life
(years)
|
|
Weighted-
Average
Exercise
Price
|
|
Shares
(millions)
|
|
Weighted-
Average
Exercise
Price
|
||||||
$1.96 – $2.84
|
19.7
|
|
|
6.2
|
|
$
|
2.11
|
|
|
19.7
|
|
|
$
|
2.11
|
|
$5.11 – $8.58
|
36.2
|
|
|
3.4
|
|
7.34
|
|
|
36.2
|
|
|
7.34
|
|
||
$10.11 – $12.98
|
30.5
|
|
|
4.7
|
|
12.52
|
|
|
21.8
|
|
|
12.52
|
|
||
$13.07 – $16.64
|
21.6
|
|
|
2.6
|
|
13.81
|
|
|
18.8
|
|
|
13.66
|
|
||
Total stock options
|
108.0
|
|
|
|
|
|
|
|
96.5
|
|
|
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Compensation cost (a)
|
$
|
—
|
|
|
$
|
(6
|
)
|
|
$
|
6
|
|
(a)
|
Net of tax of
$0
,
$3 million
, and
$0
in 2012, 2011, and 2010, respectively.
|
|
2012
|
|
2011
|
|
2010
|
||||||
Ford Europe
|
$
|
76
|
|
|
$
|
67
|
|
|
$
|
56
|
|
Ford North America
|
194
|
|
|
154
|
|
|
110
|
|
|||
Ford South America
|
65
|
|
|
15
|
|
|
3
|
|
|||
Ford Asia Pacific Africa
|
43
|
|
|
38
|
|
|
1
|
|
|
2012
|
|
2011
|
|
2010
|
||||||
Income before income taxes, excluding equity in net results of affiliated companies accounted for after-tax (in millions)
|
|
|
|
|
|
||||||
U.S.
|
$
|
6,639
|
|
|
$
|
6,043
|
|
|
$
|
4,057
|
|
Non-U.S.
|
493
|
|
|
2,138
|
|
|
2,554
|
|
|||
Total
|
$
|
7,132
|
|
|
$
|
8,181
|
|
|
$
|
6,611
|
|
Provision for/(Benefit from) income taxes (in millions)
|
|
|
|
|
|
|
|
|
|||
Current
|
|
|
|
|
|
|
|
|
|||
Federal
|
$
|
4
|
|
|
$
|
(4
|
)
|
|
$
|
(69
|
)
|
Non-U.S.
|
270
|
|
|
298
|
|
|
289
|
|
|||
State and local
|
3
|
|
|
(24
|
)
|
|
(5
|
)
|
|||
Total current
|
277
|
|
|
270
|
|
|
215
|
|
|||
Deferred
|
|
|
|
|
|
|
|
|
|||
Federal
|
2,076
|
|
|
(9,785
|
)
|
|
—
|
|
|||
Non-U.S.
|
(126
|
)
|
|
(1,590
|
)
|
|
292
|
|
|||
State and local
|
(171
|
)
|
|
(436
|
)
|
|
85
|
|
|||
Total deferred
|
1,779
|
|
|
(11,811
|
)
|
|
377
|
|
|||
Total
|
$
|
2,056
|
|
|
$
|
(11,541
|
)
|
|
$
|
592
|
|
Reconciliation of effective tax rate
|
|
|
|
|
|
|
|
|
|||
U.S. statutory rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
|||
Non-U.S. tax rates under U.S. rates
|
(1.6
|
)
|
|
(1.5
|
)
|
|
(0.1
|
)
|
|||
State and local income taxes
|
0.2
|
|
|
1.1
|
|
|
1.5
|
|
|||
General business credits
|
0.3
|
|
|
(1.9
|
)
|
|
(1.8
|
)
|
|||
Dispositions and restructurings
|
(1.7
|
)
|
|
6.8
|
|
|
(9.5
|
)
|
|||
U.S. tax on non-U.S. earnings
|
(1.0
|
)
|
|
(0.8
|
)
|
|
0.1
|
|
|||
Prior year settlements and claims
|
(1.8
|
)
|
|
(0.2
|
)
|
|
(10.0
|
)
|
|||
Tax-related interest
|
—
|
|
|
(0.9
|
)
|
|
(0.7
|
)
|
|||
Tax-exempt income
|
(3.9
|
)
|
|
(3.9
|
)
|
|
(4.7
|
)
|
|||
Other
|
1.7
|
|
|
(2.5
|
)
|
|
0.2
|
|
|||
Valuation allowances
|
1.6
|
|
|
(172.3
|
)
|
|
(1.0
|
)
|
|||
Effective rate
|
28.8
|
%
|
|
(141.1
|
)%
|
|
9.0
|
%
|
|
December 31,
2012 |
|
December 31,
2011 |
||||
Deferred tax assets
|
|
|
|
||||
Employee benefit plans
|
$
|
8,079
|
|
|
$
|
8,189
|
|
Net operating loss carryforwards
|
2,417
|
|
|
3,163
|
|
||
Tax credit carryforwards
|
4,973
|
|
|
4,534
|
|
||
Research expenditures
|
2,321
|
|
|
2,297
|
|
||
Dealer and customer allowances and claims
|
1,820
|
|
|
1,731
|
|
||
Other foreign deferred tax assets
|
1,790
|
|
|
694
|
|
||
Allowance for credit losses
|
146
|
|
|
194
|
|
||
All other
|
1,176
|
|
|
1,483
|
|
||
Total gross deferred tax assets
|
22,722
|
|
|
22,285
|
|
||
Less: valuation allowances
|
(1,923
|
)
|
|
(1,545
|
)
|
||
Total net deferred tax assets
|
20,799
|
|
|
20,740
|
|
||
Deferred tax liabilities
|
|
|
|
|
|
||
Leasing transactions
|
1,145
|
|
|
932
|
|
||
Deferred income
|
2,094
|
|
|
2,098
|
|
||
Depreciation and amortization (excluding leasing transactions)
|
1,561
|
|
|
1,659
|
|
||
Finance receivables
|
616
|
|
|
551
|
|
||
Other foreign deferred tax liabilities
|
379
|
|
|
360
|
|
||
All other
|
289
|
|
|
711
|
|
||
Total deferred tax liabilities
|
6,084
|
|
|
6,311
|
|
||
Net deferred tax assets/(liabilities)
|
$
|
14,715
|
|
|
$
|
14,429
|
|
|
2012
|
|
2011
|
||||
Beginning balance
|
$
|
1,721
|
|
|
$
|
966
|
|
Increase – tax positions in prior periods
|
84
|
|
|
1,045
|
|
||
Increase – tax positions in current period
|
19
|
|
|
59
|
|
||
Decrease – tax positions in prior periods
|
(246
|
)
|
|
(134
|
)
|
||
Settlements
|
(31
|
)
|
|
(186
|
)
|
||
Lapse of statute of limitations
|
(14
|
)
|
|
(21
|
)
|
||
Foreign currency translation adjustment
|
14
|
|
|
(8
|
)
|
||
Ending balance
|
$
|
1,547
|
|
|
$
|
1,721
|
|
•
|
A discount rate of
16%
based on an appropriate weighted average cost of capital, adjusted for perceived business risks related to regulatory concerns, foreign exchange volatility, execution risk, and risk associated with the Russian automotive industry.
|
|
September 1,
2012 |
||
Assets
|
|
||
Cash and cash equivalents
|
$
|
191
|
|
Marketable securities
|
321
|
|
|
Receivables
|
202
|
|
|
Inventories
|
99
|
|
|
Property, plant and equipment
|
487
|
|
|
Deferred tax assets
|
119
|
|
|
Total assets of AAI (a)
|
$
|
1,419
|
|
Liabilities
|
|
||
Trade payables
|
$
|
150
|
|
Other payables
|
185
|
|
|
Accrued liabilities
|
41
|
|
|
Debt payable to Ford
|
51
|
|
|
Deferred tax liabilities
|
124
|
|
|
Total liabilities of AAI (a)
|
$
|
551
|
|
|
|
Conversion Rate -
|
||||
|
|
Shares of Ford Common Stock for Each $1,000 Principal Amount
|
||||
|
|
|
|
After Adjustment
|
|
After Adjustment
|
|
|
In Effect
|
|
Effective
|
|
Effective
|
Security
|
|
At January 1, 2012
|
|
August 1, 2012
|
|
November 9, 2012
|
4.25% Senior Convertible Notes Due November 15, 2016
|
|
107.5269 shares
|
|
109.3202 shares
|
|
109.8554 shares
|
|
|
|
|
|
|
|
|
|
|
|
After Adjustment
|
|
After Adjustment
|
|
|
In Effect
|
|
Effective
|
|
Effective
|
|
|
At January 1, 2012
|
|
August 6, 2012
|
|
December 15, 2012
|
4.25% Senior Convertible Notes Due December 15, 2036
|
|
108.6957 shares
|
|
110.5085 shares
|
|
111.0495 shares
|
|
2012
|
|
2011
|
|
2010
|
||||||
Basic and Diluted Income Attributable to Ford Motor Company
|
|
|
|
|
|
||||||
Basic income from continuing operations
|
$
|
5,665
|
|
|
$
|
20,213
|
|
|
$
|
6,561
|
|
Effect of dilutive 2016 Convertible Notes (a)
|
46
|
|
|
64
|
|
|
173
|
|
|||
Effect of dilutive 2036 Convertible Notes (a)
|
2
|
|
|
2
|
|
|
37
|
|
|||
Effect of dilutive Trust Preferred Securities (a) (b)
|
—
|
|
|
40
|
|
|
182
|
|
|||
Diluted income from continuing operations
|
$
|
5,713
|
|
|
$
|
20,319
|
|
|
$
|
6,953
|
|
|
|
|
|
|
|
||||||
Basic and Diluted Shares (c)
|
|
|
|
|
|
|
|
||||
Basic shares (average shares outstanding)
|
3,815
|
|
|
3,793
|
|
|
3,449
|
|
|||
Net dilutive options and warrants
|
101
|
|
|
187
|
|
|
217
|
|
|||
Dilutive 2016 Convertible Notes
|
96
|
|
|
95
|
|
|
291
|
|
|||
Dilutive 2036 Convertible Notes
|
3
|
|
|
3
|
|
|
58
|
|
|||
Dilutive Trust Preferred Securities (b)
|
—
|
|
|
33
|
|
|
163
|
|
|||
Diluted shares
|
4,015
|
|
|
4,111
|
|
|
4,178
|
|
(a)
|
As applicable, includes interest expense, amortization of discount, amortization of fees, and other changes in income or loss that would result from the assumed conversion.
|
(b)
|
The Trust Preferred Securities, which were convertible into Ford Common Stock, were fully redeemed on March 15, 2011.
|
(c)
|
Includes (i)
53 million
in average net dilutive shares for 2012 for warrants outstanding prior to exercise and (ii)
9 million
in average basic shares outstanding for 2012 for shares issued for warrants exercised. In total, by the deadline for exercise of December 31, 2012,
362 million
warrants were exercised on a net share settlement basis, resulting in the issuance of
106 million
shares.
|
|
2012
|
||||||||||
|
Automotive
|
|
Financial Services
|
|
Total (a)
|
||||||
Net income attributable to Ford Motor Company
|
$
|
4,466
|
|
|
$
|
1,199
|
|
|
$
|
5,665
|
|
Depreciation and special tools amortization
|
3,655
|
|
|
2,524
|
|
|
6,179
|
|
|||
Other amortization
|
43
|
|
|
(1,018
|
)
|
|
(975
|
)
|
|||
Provision for credit and insurance losses
|
6
|
|
|
86
|
|
|
92
|
|
|||
Net (gain)/loss on extinguishment of debt
|
—
|
|
|
14
|
|
|
14
|
|
|||
Net (gain)/loss on investment securities
|
(89
|
)
|
|
(16
|
)
|
|
(105
|
)
|
|||
Dividends in excess of equity investment earnings
|
20
|
|
|
—
|
|
|
20
|
|
|||
Foreign currency adjustments
|
(121
|
)
|
|
5
|
|
|
(116
|
)
|
|||
Net (gain)/loss on sale of businesses
|
183
|
|
|
4
|
|
|
187
|
|
|||
Gain on changes in investments in affiliates
|
(780
|
)
|
|
—
|
|
|
(780
|
)
|
|||
Stock compensation
|
134
|
|
|
6
|
|
|
140
|
|
|||
Cash changes in operating assets and liabilities were as follows:
|
|
|
|
|
|
|
|
|
|||
Provision for deferred income taxes
|
1,444
|
|
|
545
|
|
|
1,989
|
|
|||
Decrease/(Increase) in intersector receivables/payables
|
899
|
|
|
(899
|
)
|
|
—
|
|
|||
Decrease/(Increase) in accounts receivable and other assets
|
(2,335
|
)
|
|
713
|
|
|
(1,622
|
)
|
|||
Decrease/(Increase) in inventory
|
(1,401
|
)
|
|
—
|
|
|
(1,401
|
)
|
|||
Increase/(Decrease) in accounts payable and accrued and other liabilities
|
(520
|
)
|
|
1,005
|
|
|
485
|
|
|||
Other
|
662
|
|
|
(211
|
)
|
|
451
|
|
|||
Net cash provided by/(used in) operating activities
|
$
|
6,266
|
|
|
$
|
3,957
|
|
|
$
|
10,223
|
|
|
2011
|
||||||||||
|
Automotive
|
|
Financial Services
|
|
Total (a)
|
||||||
Net income attributable to Ford Motor Company
|
$
|
18,447
|
|
|
$
|
1,766
|
|
|
$
|
20,213
|
|
Depreciation and special tools amortization
|
3,533
|
|
|
1,843
|
|
|
5,376
|
|
|||
Other amortization
|
80
|
|
|
(1,200
|
)
|
|
(1,120
|
)
|
|||
Provision for credit and insurance losses
|
2
|
|
|
(33
|
)
|
|
(31
|
)
|
|||
Net (gain)/loss on extinguishment of debt
|
60
|
|
|
68
|
|
|
128
|
|
|||
Net (gain)/loss on investment securities
|
76
|
|
|
6
|
|
|
82
|
|
|||
Equity investment earnings in excess of dividends received
|
(169
|
)
|
|
—
|
|
|
(169
|
)
|
|||
Foreign currency adjustments
|
(35
|
)
|
|
(2
|
)
|
|
(37
|
)
|
|||
Net (gain)/loss on sale of businesses
|
(410
|
)
|
|
(11
|
)
|
|
(421
|
)
|
|||
Stock compensation
|
163
|
|
|
8
|
|
|
171
|
|
|||
Cash changes in operating assets and liabilities were as follows:
|
|
|
|
|
|
|
|
|
|||
Provision for deferred income taxes
|
(11,566
|
)
|
|
495
|
|
|
(11,071
|
)
|
|||
Decrease/(Increase) in intersector receivables/payables
|
642
|
|
|
(642
|
)
|
|
—
|
|
|||
Decrease/(Increase) in accounts receivable and other assets
|
(1,658
|
)
|
|
722
|
|
|
(936
|
)
|
|||
Decrease/(Increase) in inventory
|
(367
|
)
|
|
—
|
|
|
(367
|
)
|
|||
Increase/(Decrease) in accounts payable and accrued and other liabilities
|
(168
|
)
|
|
(450
|
)
|
|
(618
|
)
|
|||
Other
|
738
|
|
|
(165
|
)
|
|
573
|
|
|||
Net cash provided by/(used in) operating activities
|
$
|
9,368
|
|
|
$
|
2,405
|
|
|
$
|
11,773
|
|
(a)
|
See Note 1 for a reconciliation of the sum of the sector net cash provided by/(used in) operating activities to the consolidated net cash provided by/(used in) operating activities.
|
|
2010
|
||||||||||
|
Automotive
|
|
Financial Services
|
|
Total (a)
|
||||||
Net income attributable to Ford Motor Company
|
$
|
4,690
|
|
|
$
|
1,871
|
|
|
$
|
6,561
|
|
Depreciation and special tools amortization
|
3,876
|
|
|
2,024
|
|
|
5,900
|
|
|||
Other amortization
|
703
|
|
|
(1,019
|
)
|
|
(316
|
)
|
|||
Provision for credit and insurance losses
|
51
|
|
|
(216
|
)
|
|
(165
|
)
|
|||
Net (gain)/loss on extinguishment of debt
|
844
|
|
|
139
|
|
|
983
|
|
|||
Net (gain)/loss on investment securities
|
(102
|
)
|
|
19
|
|
|
(83
|
)
|
|||
Net (gain)/loss on pension and OPEB curtailment
|
(29
|
)
|
|
—
|
|
|
(29
|
)
|
|||
Equity investment earnings in excess of dividends received
|
(198
|
)
|
|
—
|
|
|
(198
|
)
|
|||
Foreign currency adjustments
|
(347
|
)
|
|
(1
|
)
|
|
(348
|
)
|
|||
Net (gain)/loss on sale of businesses
|
23
|
|
|
(5
|
)
|
|
18
|
|
|||
Stock option expense
|
32
|
|
|
2
|
|
|
34
|
|
|||
Cash changes in operating assets and liabilities were as follows:
|
|
|
|
|
|
|
|
|
|||
Provision for deferred income taxes
|
300
|
|
|
(266
|
)
|
|
34
|
|
|||
Decrease/(Increase) in intersector receivables/payables
|
321
|
|
|
(321
|
)
|
|
—
|
|
|||
Decrease/(Increase) in accounts receivable and other assets
|
(988
|
)
|
|
1,683
|
|
|
695
|
|
|||
Decrease/(Increase) in inventory
|
(903
|
)
|
|
—
|
|
|
(903
|
)
|
|||
Increase/(Decrease) in accounts payable and accrued and other liabilities
|
(1,311
|
)
|
|
475
|
|
|
(836
|
)
|
|||
Other
|
(599
|
)
|
|
(587
|
)
|
|
(1,186
|
)
|
|||
Net cash provided by/(used in) operating activities
|
$
|
6,363
|
|
|
$
|
3,798
|
|
|
$
|
10,161
|
|
(a)
|
See Note 1 for a reconciliation of the sum of the sector net cash provided by/(used in) operating activities to the consolidated net cash provided by/(used in) operating activities.
|
|
2012
|
|
2011
|
|
2010
|
||||||
Interest
|
|
|
|
|
|
||||||
Automotive sector
|
$
|
693
|
|
|
$
|
1,012
|
|
|
$
|
1,336
|
|
Financial Services sector
|
3,003
|
|
|
3,357
|
|
|
4,018
|
|
|||
Total interest paid
|
$
|
3,696
|
|
|
$
|
4,369
|
|
|
$
|
5,354
|
|
Income taxes
|
$
|
344
|
|
|
$
|
268
|
|
|
$
|
73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Automotive Sector
|
||||||||||||||||||||||||||
|
Operating Segments
|
|
Reconciling Items
|
|
|
|
|||||||||||||||||||||
|
Ford North
America
|
|
Ford South
America
|
|
Ford
Europe
|
|
Ford Asia
Pacific
Africa
|
|
Other
Automotive
|
|
Special
Items
|
|
Total
|
||||||||||||||
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
External customer
|
$
|
79,943
|
|
|
$
|
10,080
|
|
|
$
|
26,546
|
|
|
$
|
9,998
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
126,567
|
|
Intersegment
|
593
|
|
|
—
|
|
|
602
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,195
|
|
|||||||
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Income before income taxes
|
8,343
|
|
|
213
|
|
|
(1,753
|
)
|
|
(77
|
)
|
|
(470
|
)
|
|
(246
|
)
|
|
6,010
|
|
|||||||
Other disclosures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Depreciation and special tools amortization
|
1,964
|
|
|
256
|
|
|
1,132
|
|
|
303
|
|
|
—
|
|
|
—
|
|
|
3,655
|
|
|||||||
Amortization of intangibles
|
9
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|||||||
Interest expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
713
|
|
|
—
|
|
|
713
|
|
|||||||
Interest income
|
72
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
200
|
|
|
—
|
|
|
272
|
|
|||||||
Cash outflow for capital expenditures
|
3,150
|
|
|
668
|
|
|
1,112
|
|
|
529
|
|
|
—
|
|
|
—
|
|
|
5,459
|
|
|||||||
Unconsolidated affiliates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Equity in net income/(loss)
|
127
|
|
|
—
|
|
|
113
|
|
|
315
|
|
|
—
|
|
|
—
|
|
|
555
|
|
|||||||
Total assets at December 31
|
51,699
|
|
|
6,819
|
|
|
20,305
|
|
|
7,635
|
|
|
—
|
|
|
—
|
|
|
86,458
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
External customer
|
$
|
75,022
|
|
|
$
|
10,976
|
|
|
$
|
33,758
|
|
|
$
|
8,412
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
128,168
|
|
Intersegment
|
244
|
|
|
—
|
|
|
836
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,080
|
|
|||||||
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Income before income taxes
|
6,191
|
|
|
861
|
|
|
(27
|
)
|
|
(92
|
)
|
|
(601
|
)
|
|
(82
|
)
|
|
6,250
|
|
|||||||
Other disclosures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Depreciation and special tools amortization
|
1,769
|
|
|
265
|
|
|
1,225
|
|
|
274
|
|
|
—
|
|
|
—
|
|
|
3,533
|
|
|||||||
Amortization of intangibles
|
9
|
|
|
2
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|||||||
Interest expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
817
|
|
|
—
|
|
|
817
|
|
|||||||
Interest income
|
60
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
327
|
|
|
—
|
|
|
387
|
|
|||||||
Cash outflow for capital expenditures
|
2,164
|
|
|
581
|
|
|
1,034
|
|
|
493
|
|
|
—
|
|
|
—
|
|
|
4,272
|
|
|||||||
Unconsolidated affiliates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Equity in net income/(loss)
|
179
|
|
|
—
|
|
|
61
|
|
|
239
|
|
|
—
|
|
|
—
|
|
|
479
|
|
|||||||
Total assets at December 31
|
46,038
|
|
|
6,878
|
|
|
19,737
|
|
|
6,133
|
|
|
—
|
|
|
—
|
|
|
78,786
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
External customer
|
$
|
64,428
|
|
|
$
|
9,905
|
|
|
$
|
29,486
|
|
|
$
|
7,381
|
|
|
$
|
—
|
|
|
$
|
8,080
|
|
|
$
|
119,280
|
|
Intersegment
|
674
|
|
|
—
|
|
|
732
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
1,419
|
|
|||||||
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Income before income taxes
|
5,409
|
|
|
1,010
|
|
|
182
|
|
|
189
|
|
|
(1,493
|
)
|
|
(1,151
|
)
|
|
4,146
|
|
|||||||
Other disclosures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Depreciation and special tools amortization
|
2,058
|
|
|
247
|
|
|
1,199
|
|
|
262
|
|
|
—
|
|
|
110
|
|
|
3,876
|
|
|||||||
Amortization of intangibles
|
9
|
|
|
77
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
10
|
|
|
97
|
|
|||||||
Interest expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,807
|
|
|
—
|
|
|
1,807
|
|
|||||||
Interest income
|
47
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
215
|
|
|
—
|
|
|
262
|
|
|||||||
Cash outflow for capital expenditures
|
2,127
|
|
|
364
|
|
|
971
|
|
|
467
|
|
|
—
|
|
|
137
|
|
|
4,066
|
|
|||||||
Unconsolidated affiliates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Equity in net income/(loss)
|
155
|
|
|
—
|
|
|
128
|
|
|
242
|
|
|
—
|
|
|
1
|
|
|
526
|
|
|||||||
Total assets at December 31
|
29,955
|
|
|
6,623
|
|
|
22,260
|
|
|
5,768
|
|
|
—
|
|
|
—
|
|
|
64,606
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Services Sector
|
|
Total Company
|
||||||||||||||||||||
|
Operating Segments
|
|
Reconciling Item
|
|
|
|
|
|
|
||||||||||||||
|
Ford
Credit
|
|
Other
Financial
Services
|
|
Elims
|
|
Total
|
|
Elims (a)
|
|
Total
|
||||||||||||
2012
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
External customer
|
$
|
7,422
|
|
|
$
|
263
|
|
|
$
|
—
|
|
|
$
|
7,685
|
|
|
$
|
—
|
|
|
$
|
134,252
|
|
Intersegment
|
460
|
|
|
4
|
|
|
—
|
|
|
464
|
|
|
(1,659
|
)
|
|
—
|
|
||||||
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income before income taxes
|
1,697
|
|
|
13
|
|
|
—
|
|
|
1,710
|
|
|
—
|
|
|
7,720
|
|
||||||
Other disclosures:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Depreciation and special tools amortization
|
2,499
|
|
|
25
|
|
|
—
|
|
|
2,524
|
|
|
—
|
|
|
6,179
|
|
||||||
Amortization of intangibles
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
||||||
Interest expense
|
3,027
|
|
|
88
|
|
|
—
|
|
|
3,115
|
|
|
—
|
|
|
3,828
|
|
||||||
Interest income (b)
|
69
|
|
|
1
|
|
|
—
|
|
|
70
|
|
|
—
|
|
|
342
|
|
||||||
Cash outflow for capital expenditures
|
18
|
|
|
11
|
|
|
—
|
|
|
29
|
|
|
—
|
|
|
5,488
|
|
||||||
Unconsolidated affiliates
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity in net income/(loss)
|
33
|
|
|
—
|
|
|
—
|
|
|
33
|
|
|
—
|
|
|
588
|
|
||||||
Total assets at December 31
|
105,744
|
|
|
7,698
|
|
|
(7,282
|
)
|
|
106,160
|
|
|
(2,064
|
)
|
|
190,554
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
External customer
|
$
|
7,764
|
|
|
$
|
332
|
|
|
$
|
—
|
|
|
$
|
8,096
|
|
|
$
|
—
|
|
|
$
|
136,264
|
|
Intersegment
|
557
|
|
|
5
|
|
|
—
|
|
|
562
|
|
|
(1,642
|
)
|
|
—
|
|
||||||
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income before income taxes
|
2,404
|
|
|
27
|
|
|
—
|
|
|
2,431
|
|
|
—
|
|
|
8,681
|
|
||||||
Other disclosures:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Depreciation and special tools amortization
|
1,813
|
|
|
30
|
|
|
—
|
|
|
1,843
|
|
|
—
|
|
|
5,376
|
|
||||||
Amortization of intangibles
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
||||||
Interest expense
|
3,507
|
|
|
107
|
|
|
—
|
|
|
3,614
|
|
|
—
|
|
|
4,431
|
|
||||||
Interest income (b)
|
83
|
|
|
1
|
|
|
—
|
|
|
84
|
|
|
—
|
|
|
471
|
|
||||||
Cash outflow for capital expenditures
|
15
|
|
|
6
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
4,293
|
|
||||||
Unconsolidated affiliates
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity in net income/(loss)
|
21
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
500
|
|
||||||
Total assets at December 31
|
100,242
|
|
|
8,634
|
|
|
(7,302
|
)
|
|
101,574
|
|
|
(2,012
|
)
|
|
178,348
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2010
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
External customer
|
$
|
9,357
|
|
|
$
|
317
|
|
|
$
|
—
|
|
|
$
|
9,674
|
|
|
$
|
—
|
|
|
$
|
128,954
|
|
Intersegment
|
469
|
|
|
10
|
|
|
—
|
|
|
479
|
|
|
(1,898
|
)
|
|
—
|
|
||||||
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Income before income taxes
|
3,054
|
|
|
(51
|
)
|
|
—
|
|
|
3,003
|
|
|
—
|
|
|
7,149
|
|
||||||
Other disclosures:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Depreciation and special tools amortization
|
1,989
|
|
|
35
|
|
|
—
|
|
|
2,024
|
|
|
—
|
|
|
5,900
|
|
||||||
Amortization of intangibles
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
97
|
|
||||||
Interest expense
|
4,222
|
|
|
123
|
|
|
—
|
|
|
4,345
|
|
|
—
|
|
|
6,152
|
|
||||||
Interest income (b)
|
86
|
|
|
—
|
|
|
—
|
|
|
86
|
|
|
—
|
|
|
348
|
|
||||||
Cash outflow for capital expenditures
|
13
|
|
|
13
|
|
|
—
|
|
|
26
|
|
|
—
|
|
|
4,092
|
|
||||||
Unconsolidated affiliates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Equity in net income/(loss)
|
12
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
538
|
|
||||||
Total assets at December 31
|
101,696
|
|
|
8,708
|
|
|
(7,134
|
)
|
|
103,270
|
|
|
(3,189
|
)
|
|
164,687
|
|
(a)
|
Includes intersector transactions occurring in the ordinary course of business and deferred tax netting.
|
(b)
|
Interest income reflected on this line for Financial Services sector is non-financing related. Interest income in the normal course of business for Financial Services sector is reported in
Financial Services revenues.
|
|
2012
|
|
2011
|
|
2010
|
||||||||||||||||||
|
Revenues
|
|
Long-Lived
Assets (a)
|
|
Revenues
|
|
Long-Lived
Assets (a)
|
|
Revenues
|
|
Long-Lived
Assets (a)
|
||||||||||||
North America
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
United States
|
$
|
76,418
|
|
|
$
|
23,987
|
|
|
$
|
71,165
|
|
|
$
|
19,311
|
|
|
$
|
63,318
|
|
|
$
|
17,423
|
|
Canada
|
9,523
|
|
|
2,674
|
|
|
9,525
|
|
|
2,525
|
|
|
9,351
|
|
|
3,456
|
|
||||||
Mexico/Other
|
1,406
|
|
|
1,991
|
|
|
1,436
|
|
|
1,420
|
|
|
1,537
|
|
|
1,411
|
|
||||||
Total North America
|
87,347
|
|
|
28,652
|
|
|
82,126
|
|
|
23,256
|
|
|
74,206
|
|
|
22,290
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
United Kingdom
|
9,214
|
|
|
1,668
|
|
|
9,486
|
|
|
1,721
|
|
|
9,172
|
|
|
1,817
|
|
||||||
Germany
|
8,281
|
|
|
2,770
|
|
|
8,717
|
|
|
3,060
|
|
|
7,139
|
|
|
3,395
|
|
||||||
Italy
|
1,633
|
|
|
3
|
|
|
3,038
|
|
|
3
|
|
|
3,656
|
|
|
3
|
|
||||||
France
|
1,964
|
|
|
183
|
|
|
2,806
|
|
|
102
|
|
|
2,754
|
|
|
105
|
|
||||||
Spain
|
1,735
|
|
|
1,500
|
|
|
2,189
|
|
|
1,185
|
|
|
2,235
|
|
|
1,211
|
|
||||||
Russia
|
—
|
|
|
—
|
|
|
1,913
|
|
|
—
|
|
|
2,041
|
|
|
228
|
|
||||||
Belgium
|
892
|
|
|
824
|
|
|
1,288
|
|
|
735
|
|
|
1,539
|
|
|
964
|
|
||||||
Other
|
4,199
|
|
|
28
|
|
|
5,843
|
|
|
28
|
|
|
8,238
|
|
|
33
|
|
||||||
Total Europe
|
27,918
|
|
|
6,976
|
|
|
35,280
|
|
|
6,834
|
|
|
36,774
|
|
|
7,756
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
All Other
|
18,987
|
|
|
4,350
|
|
|
18,858
|
|
|
3,763
|
|
|
17,974
|
|
|
3,526
|
|
||||||
Total Company
|
$
|
134,252
|
|
|
$
|
39,978
|
|
|
$
|
136,264
|
|
|
$
|
33,853
|
|
|
$
|
128,954
|
|
|
$
|
33,572
|
|
(a)
|
Includes
Net property
from our consolidated balance sheet and Financial Services
Net investment in operating leases
from the sector balance sheet.
|
|
2012
|
|
2011
|
||||||||||||||||||||||||||||
Automotive Sector
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||||||||||
Revenues
|
$
|
30,525
|
|
|
$
|
31,328
|
|
|
$
|
30,247
|
|
|
$
|
34,467
|
|
|
$
|
31,038
|
|
|
$
|
33,476
|
|
|
$
|
31,043
|
|
|
$
|
32,611
|
|
Income before income taxes
|
1,582
|
|
|
1,148
|
|
|
1,858
|
|
|
1,422
|
|
|
2,070
|
|
|
2,004
|
|
|
1,241
|
|
|
935
|
|
||||||||
Financial Services Sector
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
1,920
|
|
|
1,883
|
|
|
1,925
|
|
|
1,957
|
|
|
2,076
|
|
|
2,051
|
|
|
2,004
|
|
|
1,965
|
|
||||||||
Income before income taxes
|
456
|
|
|
447
|
|
|
388
|
|
|
419
|
|
|
706
|
|
|
602
|
|
|
605
|
|
|
518
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Total Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Income before income taxes
|
2,038
|
|
|
1,595
|
|
|
2,246
|
|
|
1,841
|
|
|
2,776
|
|
|
2,606
|
|
|
1,846
|
|
|
1,453
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Amounts Attributable to Ford Motor Company Common and Class B Shareholders
|
|||||||||||||||||||||||||||||||
Net income
|
1,396
|
|
|
1,040
|
|
|
1,631
|
|
|
1,598
|
|
|
2,551
|
|
|
2,398
|
|
|
1,649
|
|
|
13,615
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Common and Class B per share from income from continuing operations before cumulative effects of changes in accounting principles
|
|||||||||||||||||||||||||||||||
Basic
|
0.37
|
|
|
0.27
|
|
|
0.43
|
|
|
0.42
|
|
|
0.68
|
|
|
0.63
|
|
|
0.43
|
|
|
3.58
|
|
||||||||
Diluted
|
0.35
|
|
|
0.26
|
|
|
0.41
|
|
|
0.40
|
|
|
0.61
|
|
|
0.59
|
|
|
0.41
|
|
|
3.40
|
|
|
December 31,
2012 |
|
December 31,
2011 |
||||
Maximum potential payments
|
$
|
409
|
|
|
$
|
444
|
|
Carrying value of recorded liabilities related to guarantees
|
17
|
|
|
31
|
|
|
2012
|
|
2011
|
||||
Beginning balance
|
$
|
3,915
|
|
|
$
|
3,855
|
|
Payments made during the period
|
(2,254
|
)
|
|
(2,799
|
)
|
||
Changes in accrual related to warranties issued during the period
|
1,885
|
|
|
2,215
|
|
||
Changes in accrual related to pre-existing warranties
|
49
|
|
|
690
|
|
||
Foreign currency translation and other
|
61
|
|
|
(46
|
)
|
||
Ending balance
|
$
|
3,656
|
|
|
$
|
3,915
|
|
Description
|
|
Balance at
Beginning of
Period
|
|
Charged to
Costs and
Expenses
|
|
Deductions
|
|
Balance at End
of Period
|
||||||||||
For the Year Ended December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
||||||||
Allowances deducted from assets
|
|
|
|
|
|
|
|
|
|
|
||||||||
Credit losses
|
|
$
|
570
|
|
|
$
|
2
|
|
|
|
$
|
137
|
|
(a)
|
|
$
|
435
|
|
Doubtful receivables
|
|
110
|
|
|
13
|
|
|
|
17
|
|
(c)
|
|
106
|
|
||||
Inventories (primarily service part obsolescence)
|
|
249
|
|
|
18
|
|
(d)
|
|
—
|
|
|
|
267
|
|
||||
Deferred tax assets
|
|
1,545
|
|
|
378
|
|
(e)
|
|
—
|
|
|
|
1,923
|
|
||||
Total allowances deducted from assets
|
|
$
|
2,474
|
|
|
$
|
411
|
|
|
|
$
|
154
|
|
|
|
$
|
2,731
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
For the Year Ended December 31, 2011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allowances deducted from assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Credit losses
|
|
$
|
984
|
|
|
$
|
(115
|
)
|
|
|
$
|
299
|
|
(a)
|
|
$
|
570
|
|
Doubtful receivables
|
|
116
|
|
|
(69
|
)
|
|
|
(63
|
)
|
(c)
|
|
110
|
|
||||
Inventories (primarily service part obsolescence)
|
|
245
|
|
|
4
|
|
(d)
|
|
—
|
|
|
|
249
|
|
||||
Deferred tax assets
|
|
15,664
|
|
|
(14,119
|
)
|
(e)
|
|
—
|
|
|
|
1,545
|
|
||||
Total allowances deducted from assets
|
|
$
|
17,009
|
|
|
$
|
(14,299
|
)
|
|
|
$
|
236
|
|
|
|
$
|
2,474
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
For the Year Ended December 31, 2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Allowances deducted from assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Credit losses
|
|
$
|
1,757
|
|
|
$
|
(211
|
)
|
|
|
$
|
562
|
|
(a)
|
|
$
|
984
|
|
Doubtful receivables (b)
|
|
276
|
|
|
(98
|
)
|
|
|
62
|
|
(c)
|
|
116
|
|
||||
Inventories (primarily service part obsolescence) (b)
|
|
242
|
|
|
3
|
|
(d)
|
|
—
|
|
|
|
245
|
|
||||
Deferred tax assets
|
|
17,396
|
|
|
194
|
|
(e)
|
|
1,926
|
|
(f)
|
|
15,664
|
|
||||
Total allowances deducted from assets
|
|
$
|
19,671
|
|
|
$
|
(112
|
)
|
|
|
$
|
2,550
|
|
|
|
$
|
17,009
|
|
(a)
|
Finance receivables and lease investments deemed to be uncollectible and other changes, principally amounts related to finance receivables sold and translation adjustments.
|
(b)
|
Excludes Volvo.
|
(c)
|
Accounts and notes receivable deemed to be uncollectible as well as translation adjustments.
|
(d)
|
Net change in inventory allowances.
|
(e)
|
Includes
$0
,
$0
, and
$572 million
in 2012, 2011, and 2010, respectively, of valuation allowance for deferred tax assets through
Accumulated other comprehensive income/(loss)
and
$378 million
,
$(14.1) billion
, and
$(378) million
in 2012, 2011, and 2010, respectively, of valuation allowance for deferred tax assets through the income statement.
|
(f)
|
Deductions relate primarily to the disposition of Volvo.
|
(i)
|
During the entire period from the date of such employee's Separation From Service to the end of such month, such employee shall have earned out such installment by refraining from engaging in any activity that is directly or indirectly in competition with any activity of the Company or any Subsidiary or Affiliate thereof;
|
(ii)
|
If a Specified Employee incurs a Separation From Service, other than as a result of such Specified Employee's death, payment of any Executive Separation Allowance benefit to such Specified Employee shall commence on or as soon as reasonably practicable after the first day of the seventh month following the Separation From Service and any Executive Separation Allowance benefits to which such Specified Employee otherwise would have been entitled during the first six months following such Specified Employee's Separation From Service shall be accumulated and paid in a lump sum payment on or as soon as reasonably practicable after the first day of the seventh month following such Separation From Service; and
|
(iii)
|
The payments delayed under this Section shall not bear interest.
|
(a)
|
is not engaged in regular employment or occupation for remuneration or profit (including employment with the Company and/or its Subsidiaries, but excluding employment or occupation which the Plan Administrator determines to be for purposes of rehabilitation);
|
(b)
|
is determined by the Plan Administrator, on the basis of medical evidence, to be totally disabled by bodily injury or disease so as to be prevented thereby from engaging in any regular occupation with the Company, where such disability has been continuous for at least 5 months, and where the Plan Administrator determines such disability will be permanent and continuous during the remainder of such Eligible Employee's life; and
|
(c)
|
has earned at least 10 years of credited service under the GRP.
|
(i)
|
Shall be equal in amount to the difference between the GRP benefit the Eligible Employee would receive if the Eligible Employee commenced monthly GRP benefits upon Separation From Service and the corresponding monthly benefit that would be payable under the GRP without regard to the Limitations. For purposes of determining the amount of such Periodic GRP Equalization Benefit, the Eligible Employee shall be treated as if such Eligible Employee elected to receive a GRP benefit in the form of the qualified joint and survivor annuity benefit under the GRP if married, or the single life annuity form of benefit under the GRP if unmarried (including, a divorced or widowed Eligible Employee). The amount of any Periodic GRP Equalization Benefit payable to an Eligible Employee whose benefit under the ESAP is not offset or reduced by the amount of any GRP benefit payable to such Eligible Employee prior to age 65 shall be increased upon the Eligible Employee's attainment of age 65 to reflect an unreduced normal retirement benefit under the GRP. In determining the amount of the Periodic GRP Equalization Benefit, the Eligible Employee's salary shall be the Eligible Employee's salary (as that term is defined in the GRP) plus BEP Salary Reductions for periods before January 1, 1985 which are credited under this Plan pursuant to Section 3.02(a)(ii)(C) below, but the Eligible Employee shall not make contributions hereunder based on such BEP Salary Reductions.
|
(ii)
|
Shall be paid monthly by the Company to an Eligible Employee who has had a Separation From Service and, for distributions commencing on and after January 1, 2005, shall be paid commencing on or as soon as reasonably practicable after the first day of the month following the earliest of the following dates:
|
(iii)
|
Notwithstanding any other provision of the Plan to the contrary, if a Specified Employee incurs a Separation From Service, other than as a result of such Specified Employee's death, payment of any Periodic GRP Equalization Benefit to such Specified Employee shall commence on or as soon as reasonably practicable after the first day of the seventh month following Separation From Service. Any Periodic GRP Equalization Benefit payments to which a Specified Employee otherwise would have been entitled during the first six months following such Specified Employee's Separation From Service shall be accumulated and paid in a lump sum payment on or as soon as reasonably practicable after the first day of the seventh month following such Separation From Service. The payment delayed under this Section shall not bear interest.
|
(i)
|
If at any time during a plan year beginning on or after January 1, 1985 contributions by or on behalf of an Eligible Employee and related Company matching contributions to the SSIP are subject to the Limitations, there shall be credited for purposes of computing the Eligible Employee's SSIP Equalization Benefit under this Subsection 3.02(b) an amount equal to the Company matching contributions which would have been made under the SSIP based upon the Eligible Employee's SSIP elections, except that such Company matching contributions cannot be made because of the Limitations. For plan years beginning on or after January 1, 2005, if the amount credited as an Eligible Employee's SSIP Equalization Benefit for a plan year increases or decreases as a result of a change in the Eligible Employee's SSIP deferral elections for such plan year, such increase or decrease in the SSIP Equalization Benefit shall be adjusted to the extent necessary to prevent such increase or decrease, when aggregated with all SSIP Equalization Benefits credited for such plan year, from exceeding the amount of Company matching contributions that would have been contributed to the SSIP had the Limitations not applied.
|
(ii)
|
If at any time during a plan year an Eligible Employee elects to defer base salary amounts to the DCP, there shall be credited for purposes of computing the Eligible Employee's SSIP Equalization Benefit under this Subsection 3.02(b) an amount equal to the Company matching contributions that would have been contributed to the SSIP had the Eligible Employee not made base salary deferrals to the DCP.
|
(iii)
|
For periods on or after October 1, 1995 until May 31, 2007, any Company matching contributions credited for purposes of computing an Eligible Employee's SSIP Equalization Benefit shall be credited in the form of units in the Ford Stock Fund rather than shares of Ford common stock. For periods on or after June 1, 2007, any Company matching contributions so credited shall be credited in the form of cash.
|
(iv)
|
There shall be established for each Eligible Employee a subaccount for periods of participation under this Subsection 3.02(b) under the SSIP Equalization Benefit Account. For periods prior to May 1, 1996, this subaccount shall be equal to the amounts credited by the Company pursuant to Subsection 3.02(b)(i), adjusted on the basis of investment performance and any election by the Eligible Employee to transfer the value of matured Company matching contributions under the SSIP, as though credits to the Eligible Employee's account hereunder had been so invested. For periods May 1, 1996 and after, this subaccount shall be equal to the amounts credited by the Company pursuant to Subsection 3.02(b)(i), and adjusted on the basis of investment performance attributable to any separate investment election made by an Eligible Employee (other than a Company officer) on or after May 1, 1996. The investment options for managing the subaccount shall be identical to the investment options specified in the SSIP, although they will have separate fund codes. Any BEP credits earned will be based on the investment options available under the SSIP. The Designated Third Party Administrator will maintain the accounts and process the elections and otherwise be the record keeper with respect to this subaccount. Company officers with this subaccount are not eligible to reallocate or transfer credits under the subaccount from the Ford Stock Fund to other investment options, or from other investment options to the Ford Stock Fund.
|
(v)
|
An Eligible Employee may not withdraw any amounts credited under this Subsection 3.02(b) and may not borrow against this subaccount of the Eligible Employee's SSIP Equalization Benefit. This subaccount will not accept rollovers from other plans.
|
(vi)
|
The SSIP Equalization Benefit under this Subsection 3.02(b) shall be equal to the amount at the time of distribution credited to the Eligible Employee's subaccount of the SSIP Benefit Equalization Account as determined under Subsection 3.02(b)(ii).
|
(vii)
|
In the event of death of an Eligible Employee with an SSIP Benefit Equalization subaccount, the balance of the subaccount shall be payable to the same beneficiary as the Eligible Employee has designated under the SSIP, unless the Eligible Employee makes a separate designation under this Plan pursuant to the rules established by the Committee.
|
(i)
|
Shall be paid in a lump sum cash payment by the Company to the Eligible Employee or, if the Eligible Employee is deceased, to the Eligible Employee's beneficiary under the SSIP, on or as soon as reasonably practicable after the earlier of the Eligible Employee's Separation From Service or death. In the event of an Eligible Employee's death, the balance of the Eligible Employee's SSIP Equalization Benefit book entry account, if any, shall be payable to the same beneficiary as the Eligible Employee's beneficiary under the SSIP, unless the Eligible Employee makes a separate designation under this Plan pursuant to the rules established by the Committee.
|
(ii)
|
Notwithstanding any other provision of the Plan to the contrary, if a Specified Employee incurs a Separation From Service, other than as a result of death, payment of the amount credited to such Specified Employee's SSIP Equalization Benefit subaccount, accrued or vested after December 31, 2004, shall be paid on or as soon as reasonably practicable after the first day of the seventh month following such Separation From Service. A Specified Employee who is subject to a six-month distribution delay pursuant to this Subsection 3.02(c)(ii) will be permitted to continue to manage the investment elections applicable to such Specified Employee's subaccount during the six-month distribution delay.
|
(iii)
|
The SSIP Equalization Benefit under this Subsection 3.02(c) shall be equal to the amount credited to the Eligible Employee's book entry account at the time of distribution, as determined under Subsection 3.03(a) or (b), as applicable.
|
.
|
|
(i)
|
The Company shall establish a book entry account for each Eligible Employee for purposes of computing the Eligible Employee's FRP Equalization Benefit under this Section 3.03. The Eligible Employee's FRP Equalization Benefit under this Subsection 3.03(a) shall be equal to the amount(s) credited to the book entry account at the time of distribution.
|
(ii)
|
If, at any time during a plan year beginning on or after January 1, 2004, contributions made to the FRP on behalf of an Eligible Employee are limited due to the application of the Limitations, there shall be credited to the book entry account established for the Eligible Employee pursuant to this Subsection 3.03(a) an amount equal to the amount of Company contributions that would have been made under the FRP on behalf of the Eligible Employee but for the application of the Limitations.
|
(iii)
|
Each Eligible Employee's book entry account also will be credited or debited with amounts determined based on investment options selected by the Eligible Employee under this Subsection 3.03(a)(iii). The investment options available for selection under this Subsection 3.03(a)(iii) shall be identical to the investment options available under the FRP, but will have separate fund codes. Each Eligible Employee shall select which investment options are to be used in determining the Eligible Employee's FRP Equalization Benefit. In the absence of an investment selection by an Eligible Employee, the Eligible Employee's book entry account will be credited or debited with amounts based on the appropriate target date - retirement fund offered under the FRP as identified by the Company for the Eligible Employee. The Designated Third Party Administrator will maintain a record of each book entry account, process investment selections, and otherwise be the record keeper of the book entry accounts. Investment options selected under this Section 3.03 shall be used solely for purposes of determining an Eligible Employee's FRP Equalization Benefit. An Eligible Employee's FRP Equalization Benefit will be based on the value of the Eligible Employee's book entry account as if the amounts in the book entry account had been invested in actual investments selected by the Eligible Employee; however, no such investments shall be made on behalf of the Eligible Employee. Eligible Employees shall not have voting rights or any other ownership rights with respect to any investment options selected as the measuring mechanism for book entry accounts established under this Section 3.03.
|
(iv)
|
Eligible Employees may not withdraw or borrow against amounts credited to any book account under this Subsection 3.03(a). Book entry accounts will not accept rollovers from other plans.
|
(i)
|
Shall be paid in a lump sum cash payment by the Company to the Eligible Employee or, if the Eligible Employee is deceased, to the Eligible Employee's beneficiary under the FRP, on or as soon as reasonably practicable after the earlier of the Eligible Employee's Separation From Service or death. In the event of an Eligible Employee's death, the balance of the Eligible Employee's FRP Equalization Benefit book entry account, if any, shall be payable to the same beneficiary as the Eligible Employee designated under the FRP, unless the Eligible Employee makes a separate designation under this Plan pursuant to the rules established by the Committee.
|
(ii)
|
Notwithstanding any other provision of the Plan to the contrary, if a Specified Employee incurs a Separation From Service, other than as a result of death, payment of any amount
|
(iii)
|
The FRP Equalization Benefit under this Subsection 3.03(b) shall be equal to the amount credited to the Eligible Employee's book entry account at the time of distribution, as determined under Subsection 3.03(a).
|
(b)
|
Group III Employees.
|
(i)
|
was hired or rehired on or after January 1, 2004;
|
(ii)
|
was actively employed on or after January 1, 2013;
|
(iii)
|
who upon Separation From Service is at least age 55 with ten or more years of Eligibility Service or is at least age 65 with five or more years of Eligibility Service; and
|
(iv)
|
is being Separated From Service upon the approval of the Company,
|
(i)
|
Except as otherwise provided below, distribution of the Supplemental Benefit shall be made in five annual installment payments, with such annual installments beginning on, or as soon as reasonably practicable after, the first Valuation Date following the one year anniversary of the Eligible Executive's Separation From Service. Thereafter, each installment shall be paid annually on, or as soon as reasonably practicable after, each successive Valuation Date.
|
(ii)
|
Prior to the March 15
th
immediately following an Eligible Executive's Separation From Service, an Eligible Executive may elect to defer payment of the Supplemental Benefit in accordance with this Subsection. Distribution of a deferred Supplemental Benefit shall be made in five annual installment payments, with such annual installments beginning on, or as soon as reasonably practicable after, the first Valuation Date following the fifth anniversary of the Valuation Date on which payment would have commenced had the Eligible Executive not elected to defer commencement of the Supplemental Benefit.
|
(iii)
|
Notwithstanding any other provisions of the Plan to the contrary, if a Specified Employee incurs a Separation From Service, other than as a result of such Specified Employee's death, payment of any Supplemental Benefit to such Specified Employee shall commence no sooner than the first day of the seventh month following the Separation From Service.
|
(iv)
|
Except as provided in Section 3.05, payments with respect to an Eligible Executive hereunder shall cease at the Eligible Executive's death.
|
(i)
|
Upon death, but before Separation From Service, if the Eligible Executive has satisfied the eligibility requirements under Section 3.01(i), (ii) and (iii), the Eligible Executive's Notional Account shall be distributed in its entirety to the Eligible Executive's beneficiary or deemed beneficiary under the FRP. All such distributions shall occur on, or as soon as reasonably practicable after, such Eligible Executive's date of death.
|
(ii)
|
If the Eligible Executive's death occurs after Separation From Service and before all five annual payments are made, the Eligible Executive's Notional Account balance shall be distributed in its entirety to the Eligible Executive's beneficiary or deemed beneficiary under the FRP. All such distributions shall occur on, or as soon as reasonably practicable after, such Eligible Executive's date of death.
|
(i)
|
The terms of the Plan shall determine the benefits payable to an Eligible Executive and no Eligible Executive shall be permitted to receive a benefit under the Plan that would be inconsistent with such terms.
|
(ii)
|
The Group Vice President - Human Resources and Corporate Services and the Executive Vice President and Chief Financial Officer (or, in the event of a change in title, such officer's functional equivalent) shall have full power and authority on behalf of the Company to administer and interpret the Plan. In the event of a change in a designated officer's title, the officer or officers with functional responsibility for the Retirement Plans shall have the power and authority to administer and interpret the Plan. All decisions with respect to the administration and interpretation of the Plan shall be final and binding upon all persons.
|
(iii)
|
In the event that an Article, Section or paragraph of the Code or Treasury Regulations is renumbered, such renumbered Article, Section or paragraph shall apply to applicable references in this Plan.
|
(i)
|
The provisions of Code Section 409A are incorporated into the Plan by reference to the extent necessary for any benefit provided under the Plan that is subject to Code Section 409A to comply with such requirements and, except as otherwise expressly determined by the Committee, the Plan shall be administered in accordance with Code Section 409A as if the requirements of Code Section 409A were set forth herein. The Company reserves the right to take such action, on a uniform and consistent basis, as the Company deems necessary or desirable to ensure compliance with Code Section 409A, and applicable additional regulatory guidance thereunder, or to achieve the goals of the Plan without having adverse tax consequences under this Plan for any employee or beneficiary. Unless determined otherwise by the Committee, any such action shall be taken in a manner that will enable any benefit provided under the Plan that is intended to be exempt from Code Section 409A to continue to be so exempt, or to enable any benefit provided under the Plan that is intended to comply with Code Section 409A to continue to so comply.
|
(ii)
|
In no event shall any transfer of liabilities to or from this Plan result in an impermissible acceleration or deferral of Supplemental Benefits or Special Supplemental Benefits under Code Section 409A. In the event such a transfer would cause an impermissible acceleration or deferral under Code Section 409A, such transfer shall not occur.
|
(iii)
|
In no event will application of any eligibility requirements under this Plan cause an impermissible acceleration or deferral between Plan benefits under Code Section 409A.
|
(iv)
|
In the event an Eligible Executive receiving, or entitled to receive, a Supplemental Benefit and/or a Special Supplemental Benefit is reemployed following a Separation From Service, distribution of any Supplemental Benefit or Special Supplemental Benefit shall not cease or be deferred upon such Eligible Executive's reemployment. Any additional Supplemental Benefits or Special Supplemental Benefits to which such Eligible Executive may become entitled following reemployment shall be determined and paid, independent of any other Supplemental Benefit or Special Supplemental Benefit, in accordance with the terms and conditions of this Plan, including Section 3 and Subsection 4.03.
|
(v)
|
After receipt of Plan benefits, the obligations of the Company with respect to such benefits shall be satisfied and no Eligible Executive or beneficiary shall have any further claims against the Plan or the Company with respect to Plan benefits.
|
(vi)
|
Notwithstanding any other provisions of the Plan to the contrary, any payment deferral election made pursuant to Section 3.04(ii) shall be made not less than 12 months prior to the Valuation Date on which
|
Jim Farley
|
Shall be excluded from Plan participation until June 30, 2017; provided however, service earned prior to that date shall be used for purposes of determining Eligibility Service
|
(i)
|
Notwithstanding any other provisions of the Plan to the contrary, the terms of the Plan shall determine the benefits payable to an Eligible Executive and no Eligible Executive shall be permitted to receive a benefit under the Plan that would be inconsistent with such terms.
|
(ii)
|
The Group Vice President - Human Resources and Corporate Services and the Executive Vice President and Chief Financial Officer (or, in the event of a change in title, such officer's functional equivalent) shall have full power and authority on behalf of the Company to administer and interpret the Plan. In the event of a change in a designated officer's title, the officer or officers with functional responsibility for the Retirement Plans shall have the power and authority to administer and interpret the Plan. All decisions with respect to the administration and interpretation of the Plan shall be final and binding upon all persons.
|
(iii)
|
In the event that an Article, Section or paragraph of the Code, Treasury Regulations, GRP, ESAP or SERP is renumbered, such renumbered Article, Section or paragraph shall apply to applicable references in this Plan.
|
1.01
|
Contributory Service.
Contributory Service, if any, for each such Eligible Executive for any period of time during which the Eligible Executive did not receive a cash base salary shall be determined by the Committee, in its sole discretion, based on the contributory service the Eligible Executive would have accrued had the Eligible Executive participated in the Ford Motor Company General Retirement Plan on a contributory basis during such period of time.
|
1.02
|
Credited Service.
Credited Service, if any, for each such Eligible Executive for any period of time during which the Eligible Executive did not receive a cash base salary shall be determined by the Committee, in its sole discretion, based on the service the Eligible Executive would have accrued had the Eligible Executive participated in, and accrued credited service under, the Ford Motor Company General Retirement Plan during such period of time.
|
1.03
|
Monthly Base Salary.
Monthly Base Salary for each such Eligible Executive shall be determined by the Committee, in its sole discretion, based on a notional monthly base salary for the period of time during which the Eligible Executive did not receive a cash base salary.
|
1.04
|
Final Average Monthly Salary.
Final Average Monthly Salary for each such Eligible Executive shall be determined by the Committee, in its sole discretion, based on a notional monthly base salary for the period of time during which the Eligible Executive did not receive a cash base salary.
|
1.05
|
Affected Eligible Executives.
The following Eligible Executives' special Select Benefits shall be determined in accordance with this Section:
|
•
|
Profit before tax* (35%),
|
•
|
Automotive operating-related cash flow* (35%),
|
•
|
Cost performance (10%),
|
•
|
Market share (10%), and
|
•
|
Quality (10%).
|
•
|
Profit before tax* (35%),
|
•
|
Automotive operating-related cash flow* (35%),
|
•
|
Cost performance (10%),
|
•
|
Market (10%), and
|
•
|
Quality (10%).
|
|
||||||
|
|
|
|
|
|
|
Inter Office
|
|
|
|
|
Group Vice President Human Resources & Corporate Services
|
▪
|
Ford Retirement Plan
(FRP), a tax-qualified defined contribution plan to which the Company contributes a percentage of your annual base salary (based on your age)
|
▪
|
Benefit Equalization Plan
(BEP), an unfunded, non-qualified plan to which the Company makes contributions that would have been made for the FRP but for limits under the Internal Revenue Code (IRC)
|
▪
|
Provide an additional pre-tax value equal to four times the amount of the Company's contributions to your FRP and FRP-BEP accounts for each year of service from hire through termination, pro-rated to the last day of the month of your termination
|
▪
|
To be paid on, or as soon as reasonably practicable after, the first day of the seventh month after termination of employment* in compliance with IRC §409A
|
|
||||||
|
|
|
|
|
|
|
Joe W. Laymon
Group Vice President
Corporate Human Resources and Labor Affairs
|
|
|
|
|
•
|
An annual base salary of $700,000 payable according to Ford's regular payroll practices.
|
•
|
A signing bonus of $1,500,000.
This amount will be paid in cash within two weeks after your effective date of hire. The payment may be deferred, in whole or part, into our Deferred Compensation Plan as long as you declare your election prior to your effective date of hire or within 30 days of the acceptance of this offer, whichever comes first. If you voluntarily leave Ford Motor Company within two years of your date of hire or if you are discharged 'for Cause' within that period, the entire signing bonus must be repaid in full to the Company within two weeks of your departure.
|
•
|
An initial stock grant valued at $1,000,000.
This grant will be made in the form of 50% stock options and 50% time-vested restricted stock units.
The quantity of stock options and restricted stock units will be determined by
the Fair Market Value (FMV) of Ford Common Stock using the average of high and low prices for Ford Motor Company Common Stock (trading the regular way on the NYSE) on November 15, 2007 which will be the grant date for these stock awards (assuming your effective date of hire is prior to this date). The stock options will be non-qualified stock options that vest over a three-year period-33% would vest one year from grant date, another 33% two years from the grant date, and the remaining 34% three years from the grant date. The options would have a ten-year term and be subject to the terms and provisions of the Company's Long Term Incentive Plan. The restricted stock units will vest over a three-year period, similar to the stock options, and are also subject to the terms and conditions of the Company's Long Term Incentive Plan.
|
•
|
As a member of the leadership team, you are eligible to participate in the Company's shareholder-approved Annual Incentive Compensation Plan (AICP). The final AICP award is dependent on Company performance and may be adjusted by the Compensation Committee of the Board of Directors based on your individual performance. Your annual incentive (bonus) target will be $630,000 (equivalent to 90% of your base salary) for performance years 2007 and 2008.
You are guaranteed full payment of the 2007 and 2008 AICP targets which will be paid in March 2008 and March 2009 respectively.
|
•
|
You will be eligible to receive annual grants of stock options and performance-based restricted stock units (usually granted in March of each year) comparable to other Officers at your level, with the actual quantity determined by the Compensation Committee.
|
•
|
Two identical lump-sum amounts, while on the active employment roll, payable on the 1st of the month you become age 50 and age 55, designed to provide equivalent value as if you had met your present employer's eligibility requirements for early retirement; and,
|
•
|
Additional lump-sum amounts, while on the active employment roll, payable on the 1st of the month you become age 58, 60 and 62, designed to provide the additional years of benefit accrual forfeit as an early retiree under your present employer's retirement plans.
|
•
|
Age 55 early retirement eligibility
|
•
|
Pension Earnings pay: base plus 100% bonus
|
•
|
Salary/bonus increase: 4.5% per year
|
•
|
SERP: 2% final average base/bonus (less offsets) times years of service (maximum 30 years)
|
•
|
50% joint and survivor coverage
|
•
|
5% early retirement reduction from age 62
|
I have read the foregoing offer of at-will employment. I agree with, and accept, this offer of employment subject to the terms and conditions detailed above.
|
||||||||
|
|
|
|
|
|
|
||
Signed:
|
/s/ James D. Farley, Jr.
|
Date:
|
10/9/2007
|
|
||||||
|
|
|
|
|
|
|
Inter Office
|
|
|
|
|
Group Vice President Human Resources & Corporate Services
|
•
|
provide you a series of lump-sum cash payments designed to replace the value of the retirement benefits you forfeited at Toyota, offset by your Toyota deferred vested benefit and your Ford Retirement Plan benefit.
|
•
|
the payments would be made as long as you are on Ford active employment rolls at the specified payment dates.
|
•
|
the payment amounts would be based on information you provided from Toyota regarding your earnings, vested benefits, and other pertinent documentation.
|
|
2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
||||||||||
Earnings
|
|
|
|
|
|
|
|
|
|
||||||||||
Income/(Loss) before income taxes
|
$
|
7,720
|
|
|
$
|
8,681
|
|
|
$
|
7,149
|
|
|
$
|
2,599
|
|
|
$
|
(14,895
|
)
|
Add/(Deduct):
|
|
|
|
|
|
|
|
|
|
||||||||||
Equity in net income of affiliated companies
|
(588
|
)
|
|
(500
|
)
|
|
(538
|
)
|
|
(195
|
)
|
|
(382
|
)
|
|||||
Dividends from affiliated companies
|
593
|
|
|
316
|
|
|
337
|
|
|
299
|
|
|
411
|
|
|||||
Fixed charges excluding capitalized interest
|
3,998
|
|
|
4,611
|
|
|
6,356
|
|
|
7,048
|
|
|
10,059
|
|
|||||
Amortization of capitalized interest
|
44
|
|
|
46
|
|
|
48
|
|
|
49
|
|
|
48
|
|
|||||
Earnings/(Losses)
|
$
|
11,767
|
|
|
$
|
13,154
|
|
|
$
|
13,352
|
|
|
$
|
9,800
|
|
|
$
|
(4,759
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed Charges
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
$
|
3,828
|
|
|
$
|
4,431
|
|
|
$
|
6,152
|
|
|
$
|
6,790
|
|
|
$
|
9,737
|
|
Interest portion of rental expense (a)
|
170
|
|
|
180
|
|
|
204
|
|
|
258
|
|
|
322
|
|
|||||
Capitalized interest
|
4
|
|
|
31
|
|
|
21
|
|
|
28
|
|
|
50
|
|
|||||
Total fixed charges
|
$
|
4,002
|
|
|
$
|
4,642
|
|
|
$
|
6,377
|
|
|
$
|
7,076
|
|
|
$
|
10,109
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratios
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of earnings to fixed charges
|
2.9
|
|
|
2.8
|
|
|
2.1
|
|
|
1.4
|
|
|
(b)
|
Organization
|
|
Jurisdiction
|
|||||
Ford Asia Pacific Automotive Holdings Ltd.
|
|
Mauritius
|
|||||
Ford Capital B.V.
|
|
The Netherlands
|
|||||
|
Ford Motor Company (Belgium) N.V.
|
|
Belgium
|
||||
|
Ford Nederland B.V.
|
|
The Netherlands
|
||||
Ford Component Sales, L.L.C.
|
|
Delaware, U.S.A.
|
|||||
Ford Espana S.L.
|
|
Spain
|
|||||
|
Ford Italia S.p.A.
|
|
Italy
|
||||
|
Groupe FMC France SAS
|
|
France
|
||||
|
|
FMC Automobiles SAS
|
|
France
|
|||
Ford European Holdings LLC
|
|
Delaware, U.S.A.
|
|||||
|
Ford Deutschland Holding GmbH
|
|
Germany
|
||||
|
|
Ford-Werke GmbH
|
|
Germany
|
|||
|
|
|
Ford Motor Company (Austria) GmbH
|
|
Austria
|
||
Ford Global Technologies, LLC
|
|
Delaware, U.S.A.
|
|||||
|
Ford VHC AB
|
|
Sweden
|
||||
|
|
Ford Argentina S.C.A.
|
|
Argentina
|
|||
|
|
Ford Motor Company Brasil Ltda.
|
|
Brazil
|
|||
|
|
Ford Motor de Venezuela, S.A.
|
|
Venezuela
|
|||
Ford Global Treasury, Inc.
|
|
Delaware, U.S.A.
|
|||||
Ford Holdings LLC
|
|
Delaware, U.S.A.
|
|||||
|
Ford Motor Credit Company LLC
|
|
Delaware, U.S.A.
|
||||
|
|
Ford Automotive Finance (China) Limited
|
|
China
|
|||
|
|
Ford Credit International, Inc.
|
|
Delaware, U.S.A.
|
|||
|
|
|
FCE Bank plc
|
|
England
|
||
|
|
|
Ford Credit Canada Limited
|
|
Canada
|
||
|
|
|
|
Canadian Road Holdings Company
|
|
Canada
|
|
|
|
|
|
|
Canadian Road Leasing Company
|
|
Canada
|
|
Ford Motor Land Development Corporation
|
|
Delaware, U.S.A.
|
||||
Ford India Private Limited
|
|
India
|
|||||
Ford International Capital LLC
|
|
Delaware, U.S.A.
|
|||||
|
Blue Oval Holdings
|
|
England
|
||||
|
|
Ford International Liquidity Management Limited
|
|
England
|
|||
|
|
Ford Motor Company Limited
|
|
England
|
|||
|
|
|
Ford Retail Group Limited
|
|
England
|
||
|
Ford Sales & Service (Thailand) Co., Ltd.
|
|
Thailand
|
/s/ Bradley M. Gayton
|
Bradley M. Gayton
|
Secretary
|
/s/ William Clay Ford, Jr.
|
|
/s/ Jon M. Huntsman, Jr.
|
(William Clay Ford, Jr.)
|
|
(Jon M. Huntsman, Jr.)
|
|
|
|
/s/ Stephen G. Butler
|
|
/s/ Richard A. Manoogian
|
(Stephen G. Butler)
|
|
(Richard A. Manoogian)
|
|
|
|
/s/ Kimberly A. Casiano
|
|
/s/ Ellen R. Marram
|
(Kimberly A. Casiano)
|
|
(Ellen R. Marram)
|
|
|
|
/s/ Anthony F. Earley, Jr.
|
|
/s/ Alan Mulally
|
(Anthony F. Earley, Jr.)
|
|
(Alan Mulally)
|
|
|
|
/s/ Edsel B. Ford II
|
|
/s/ Homer A. Neal
|
(Edsel B. Ford II)
|
|
(Homer A. Neal)
|
|
|
|
/s/ Richard A. Gephardt
|
|
/s/ Gerald L. Shaheen
|
(Richard A. Gephardt)
|
|
(Gerald L. Shaheen)
|
|
|
|
/s/ James H. Hance, Jr.
|
|
/s/ John L. Thornton
|
(James H. Hance, Jr.)
|
|
(John L. Thornton)
|
|
|
|
/s/ William W. Helman IV
|
|
/s/ Bob Shanks
|
(William W. Helman IV)
|
|
(Bob Shanks)
|
|
|
|
/s/ Irvine O. Hockaday, Jr.
|
|
/s/ Stuart Rowley
|
(Irvine O. Hockaday, Jr.)
|
|
(Stuart Rowley)
|
|
|
|
|
|
|
1.
|
I have reviewed this Annual Report on Form 10-K for the period ended
December 31, 2012
of Ford Motor Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
Dated:
|
February 18, 2013
|
/s/ Alan Mulally
|
|
|
Alan Mulally
|
|
|
President and Chief Executive Officer
|
1.
|
I have reviewed this Annual Report on Form 10-K for the period ended
December 31, 2012
of Ford Motor Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
Dated:
|
February 18, 2013
|
/s/ Bob Shanks
|
|
|
Bob Shanks
|
|
|
Executive Vice President and
|
|
|
Chief Financial Officer
|
1.
|
The Company's Annual Report on Form 10-K for the period ended
December 31, 2012
, to which this statement is furnished as an exhibit (the "Report"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
2.
|
The information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Dated:
|
February 18, 2013
|
/s/ Alan Mulally
|
|
|
Alan Mulally
|
|
|
President and Chief Executive Officer
|
1.
|
The Company's Annual Report on Form 10-K for the period ended
December 31, 2012
, to which this statement is furnished as an exhibit (the "Report"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
|
2.
|
The information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Dated:
|
February 18, 2013
|
/s/ Bob Shanks
|
|
|
Bob Shanks
|
|
|
Executive Vice President and
|
|
|
Chief Financial Officer
|