-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, O/RIDsqf9/Sjwn/f109l+PmIFPioykUc2n/OIBu0jjDAUM1i+LDD1E7xIeSc97fV KCwdfdFrKfheezwVlcpjKA== 0000037996-97-000020.txt : 19970701 0000037996-97-000020.hdr.sgml : 19970701 ACCESSION NUMBER: 0000037996-97-000020 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961231 FILED AS OF DATE: 19970630 SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FORD MOTOR CO CENTRAL INDEX KEY: 0000037996 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLES & PASSENGER CAR BODIES [3711] IRS NUMBER: 380549190 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03950 FILM NUMBER: 97632708 BUSINESS ADDRESS: STREET 1: THE AMERICAN RD CITY: DEARBORN STATE: MI ZIP: 48121 BUSINESS PHONE: 3133223000 11-K 1 PRIMUS SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 11-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES X EXCHANGE ACT OF 1934 [NO FEE REQUIRED] - ----- For the fiscal year ended December 31, 1996 OR TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES - ----- EXCHANGE ACT OF 1934 [NO FEE REQUIRED] Commission file number 1-3950 PRIMUS AUTOMOTIVE FINANCIAL SERVICES, INC. PRIME ACCOUNT (Full title of the plan) FORD MOTOR COMPANY The American Road Dearborn, Michigan 48121 (Name of issuer of the securities held pursuant to the plan and the address of its principal executive office) -2- Required Information - -------------------- Financial Statements - -------------------- Statement of Net Assets Available for Plan Benefits, as of December 31, 1996 and 1995. Statement of Changes in Net Assets Available for Plan Benefits for the Year Ended December 31, 1996. Schedule I - Schedule of Assets Held for Investment Purposes as of December 31, 1996. Schedule II - Reportable Transactions for the Year Ended December 31, 1996. Exhibit ------- Designation Description Method of Filing - ----------- ----------- ---------------- Exhibit 23 Consent of Coopers Filed with this Report. & Lybrand L.L.P. Signature --------- Pursuant to the requirements of the Securities Exchange Act of 1934, the Primus Automotive Financial Services, Inc. Prime Account Committee has duly caused this Annual Report to be signed by the undersigned thereunto duly authorized. PRIMUS AUTOMOTIVE FINANCIAL SERVICES, INC. PRIME ACCOUNT COMMITTEE By: /s/Dennis Delaney --------------------------------- Dennis Delaney, Chairman Primus Automotive Financial Services, Inc. Prime Account Committee June 30, 1997 -3- EXHIBIT INDEX ------------- Sequential Page Number Designation Description at Which Found - ----------- ----------- -------------- Exhibit 23 Consent of Coopers & Lybrand L.L.P. PRIMUS Automotive Financial Services, Inc. Prime Account 401(k) Tax-Deferred Savings Plan Index of Financial Statements and Supplemental Schedules Pages Report of Independent Accountants.............................................2 Financial Statements: Statement of Net Assets Available for Plan Benefits as of December 31, 1996 and 1995.........................................3-6 Statement of Changes in Net Assets Available for Plan Benefits for the Years Ended December 31, 1996.................................7-9 Notes to Financial Statements.........................................10-17 Supplemental Schedules: Item 27a - Schedule of Assets Held for Investment Purposes as of December 31, 1996.............................................18 Item 27d - Schedule of Reportable Transactions for the Year Ended December 31, 1996..........................................19-20 Report of Independent Accountants To the Boards of Directors of Ford Motor Company and PRIMUS Automotive Financial Services, Inc.: We have audited the accompanying statements of net assets available for plan benefits of the PRIMUS Prime Account 401(k) Tax-Deferred Savings Plan as of December 31, 1996 and 1995 and the related statement of changes in net assets available for plan benefits for the year ended December 31, 1996. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the Plan as of December 31, 1996 and 1995 and the changes in net assets available for plan benefits for the year ended December 31, 1996, in conformity with generally accepted accounting principles. Our audit was performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of the PRIMUS Prime Account 401(k) Tax-Deferred Savings Plan as of December 31, 1996 are presented for the purpose of additional analysis and are not a required part of the basic financial statements, but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The fund information in the statement of net assets available for plan benefits and the statement of changes in net assets available for plan benefits is presented for purposes of additional analysis rather than to present the net assets available for plan benefits and changes in net assets available for plan benefits of each fund. The supplemental schedules and fund information have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, are fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. /s/ Coopers & Lybrand L.L.P. Detroit, Michigan June 12, 1997
PRIMUS Automotive Financial Services, Inc. Prime Account 401(k) Tax-Deferred Savings Plan Statement of Net Assets Available for Plan Benefits December 31, 1996 ----------------------------------------------------------------------------------------- Participant-Directed Retirement Government Money Growth and U.S. Equity Ford Stock Market Intermediate Income Puritan Index Fund Portfolio Bond Fund Portfolio Fund Portfolio Subtotal ASSETS ---------- --------- ------------ ---------- -------- ------------ ---------- Investments, at fair value (Note 4): Interest in common trust $ $ 906,832 $ 658,224 $ 311,302 $168,561 $ 2,343,094 $4,388,013 Common stock 570,338 570,338 Participant loans receivable 0 --------- --------- --------- --------- --------- ----------- ---------- Total investments 570,338 906,832 658,224 311,302 168,561 2,343,094 4,958,351 -------- --------- ---------- --------- --------- ----------- ---------- Receivables: Accrued interest receivable 0 Accrued employee contributions 0 Accrued employer contributions 0 -------- --------- ---------- --------- ---------- ----------- ---------- Total receivables 0 0 0 0 0 0 0 -------- --------- ---------- --------- --------- ----------- ---------- Interfund transfers --------- ---------- ---------- --------- --------- ----------- ---------- Total assets 570,338 906,832 658,224 311,302 168,561 2,343,094 4,958,351 --------- ---------- ---------- --------- --------- ----------- ---------- LIABILITIES Accounts payable 0 --------- ---------- ---------- ---------- --------- ---------- ---------- Total liabilities 0 0 --------- ---------- ---------- ---------- --------- ---------- ---------- Net assets available for plan benefits $ 570,338 $ 906,832 $ 658,224 $ 311,302 $ 168,561 $2,343,094 $4,958,351 ========= ========== ========== ========== ========= ========== ==========
The accompanying notes are an integral part of the financial statements.
PRIMUS Automotive Financial Services, Inc. Prime Account 401(k) Tax-Deferred Savings Plan Statement of Net Assets Available for Plan Benefits December 31, 1996 Participant-Directed ---------------------------------------------------------------------------------------- International Blue Chip Growth Growth and Growth Company Magellan OTC Income Fund Contrafund Fund Fund Portfolio Fund Subtotal ---------- ---------- ----------- ----------- ---------- --------- ------------ ASSETS Investments, at fair value (Note 4): Interest in common trust $ 335,913 $ 470,749 $ 255,573 $ 1,757,682 $ 301,316 $ 88,607 $ 3,209,840 Common stock 0 Participant loans receivable 0 ----------- ---------- ---------- ----------- ---------- ---------- ----------- Total investments 335,913 470,749 255,573 1,757,682 301,316 88,607 3,209,840 ----------- ----------- ---------- ----------- ---------- ---------- ----------- Receivables: Acrued interest receivable 0 Accrued employee contributions 0 Accrued employer contributions 0 ---------- ---------- --------- ---------- ---------- ----------- ---------- Total receivables 0 0 0 0 0 0 0 ---------- ---------- --------- ---------- ---------- ----------- ---------- Interfund transfers ---------- ---------- --------- ---------- ---------- ----------- ---------- Total assets 335,913 470,749 255,573 1,757,682 301,316 88,607 3,209,840 ---------- ---------- --------- ---------- ---------- ----------- ---------- LIABILITIES Accounts payable 0 ---------- ---------- --------- ---------- ---------- ----------- ---------- Total liabilities 0 0 ---------- ---------- ---------- ---------- --------- ---------- ---------- Net assets available for plan benefits $ 335,913 $ 470,749 $ 255,573 $ 1,757,682 $ 301,316 $ 88,607 $ 3,209,840 ========== ========== ========= =========== ========= ========== ===========
The accompanying notes are an integral part of the financial statements.
PRIMUS Automotive Financial Services, Inc. Prime Account 401(k) Tax-Deferred Savings Plan Statement of Net Assets Available for Plan Benefits December 31, 1995 Participant-Directed ---------------------------------------------------------------------------------------- Asset Asset Overseas Asset Manager Manager Cash/Loan Fund Manager Growth Income Fund Subtotal Total ASSETS ---------- --------- ---------- --------- ---------- ---------- ----------- Investments, at fair value (Note 4): Interest in common trust $ 135,591 $ 37,968 $ 63,558 $ 40,679 $ 317,551 $ 595,347 $ 8,193,200 Common stock 570,338 Participant loans receivable 0 ---------- --------- --------- --------- ---------- ---------- ----------- Total investments 135,591 37,968 63,558 40,679 317,551 595,347 8,763,538 ---------- --------- --------- --------- ---------- ---------- ----------- Receivables: Accrued interest receivable 0 Accrued employee contributions 0 Accrued employer contributions 0 ---------- --------- ---------- --------- ---------- ---------- ----------- Total receivables 0 0 0 0 0 0 0 ---------- --------- ---------- --------- ---------- ---------- ----------- Interfund transfers ---------- --------- ---------- --------- ---------- ---------- ----------- Total assets 135,591 37,968 63,558 40,679 317,551 595,347 8,763,538 ---------- --------- --------- --------- ---------- ----------- ----------- LIABILITIES Accounts payable 0 ---------- --------- --------- --------- ----------- ----------- ----------- Total liabilities 0 0 ---------- --------- --------- --------- ----------- ----------- ----------- Net assets available for plan benefits $ 135,591 $ 37,968 $ 63,558 $ 40,679 $ 317,551 $ 595,347 $ 8,763,538 ========== ========== ========= ========= ========== =========== ===========
The accompanying notes are an integral part of the financial statements.
PRIMUS Automotive Financial Services, Inc. Prime Account 401(k) Tax-Deferred Savings Plan Statement of Changes in Net Assets Available for Plan Benefits for the year ended December 31, 1996 Participant-Directed ---------------------------------------------------------------------------------------- Short-Term U.S. Government Core Ford Securities Intermediate 500 Index Equity Stock Cash/Loan Fund Bond Fund Fund Fund Fund Fund Total ASSETS ---------- --------- ------------ ----------- --------- ---------- ----------- Investments, at fair value (Note 4): Interest in common trust $ 971,322 $ 688,091 $ 1,980,703 $ 1,201,173 $ 58,007 $ 58,498 $ 4,937,794 Common stock 221,067 221,067 Participant loans receivable 10,627 5,482 28,958 22,443 57,142 124,652 ---------- ---------- ----------- ----------- ---------- ---------- ----------- Total investments 981,949 673,573 2,009,661 1,223,616 279,074 115,640 5,283,513 ---------- ---------- ----------- ----------- ---------- ---------- ----------- Receivables: Accrued interest receivable 4,547 498 5,045 Accrued employee contributions 6,315 5,793 18,614 11,348 5,413 47,483 Accrued employer contributions 16,277 14,592 44,505 26,299 11,631 113,304 ---------- ---------- ----------- ---------- ---------- ---------- ---------- Total receivables 27,139 20,385 63,119 37,647 17,044 498 165,832 ---------- ---------- ----------- ---------- ---------- ---------- ---------- Interfund transfers (13,688) (42,066) (6,211) 32,474 2,732 26,759 - ---------- ---------- ----------- ---------- ---------- ---------- ---------- Total assets 995,400 651,892 2,066,569 1,293,737 298,850 142,897 5,449,345 ---------- ---------- ----------- ---------- ---------- ---------- ---------- LIABILITIES Accounts payable 20,278 20,278 ---------- ---------- ----------- ---------- ---------- --------- ---------- Total liabilities - - - - - 20,278 20,278 ---------- ---------- ----------- ---------- ---------- --------- ---------- Net assets available for plan benefits $ 995,400 $ 651,892 $ 2,066,569 $1,293,737 $ 298,850 $ 122,619 $5,429,067 ========== ========== =========== ========== ========== ========= ==========
The accompanying notes are an integral part of the financial statements.
PRIMUS Automotive Financial Services, Inc. Prime Account 401(k) Tax-Deferred Savings Plan Statement of Changes in Net Assets Available for Plan Benefits for the year ended December 31, 1996 Participant-Directed ---------------------------------------------------------------------------------------- Retirement Government Money Intermediate Growth and U.S. Equity Ford Stock Market Bond Income Puritan Index Fund Portfolio Fund Portfolio Fund Portfolio Subtotal ---------- ---------- ---------- ---------- ---------- ---------- ---------- Additions: Employee contributions $ 153,873 $ 96,887 $ 69,911 $ 84,475 $ 32,753 $ 185,413 $ 623,312 Employer contributions 88,718 56,293 39,750 46,914 18,185 106,640 356,500 Rollover contributions 19,777 4,179 24,449 32,546 15,273 41,686 37,910 Interest and dividend income 20,083 50,356 43,172 10,184 12,073 13,129 148,997 Net appreciation (depreciation) in fair value of investments (Note 4) 22,516 8,973 (25,419) 17,371 (824) 422,964 445,581 Loans - interest repayments 1,756 2,316 651 880 158 2,206 7,967 Loans - principal repayments 10,080 13,682 3,809 3,480 379 12,890 44,320 Transfers in (out) (8,270) (248,197) (113,570) 129,409 95,481 (358,306) (503,453) ---------- ---------- ---------- --------- --------- ---------- --------- Total additions 308,533 (15,511) 42,753 325,259 173,478 426,622 1,261,134 ---------- ---------- ---------- --------- --------- ---------- --------- Deductions: Distributions 15,767 59,244 13,785 2,134 1,423 52,696 145,049 Loans to participants 19,554 39,160 18,475 11,400 3,242 90,137 181,968 Forfeitures 1,724 (22,977) 4,161 423 252 7,264 (9,153) Adjustments - (2,370) - - - - (2,370) ---------- ---------- ---------- --------- --------- ---------- --------- Total deductions 37,045 73,057 36,421 13,957 4,917 150,097 315,494 ---------- ---------- ---------- --------- --------- ---------- --------- Net additions (deductions) 271,488 (88,568) 6,332 311,302 168,561 276,525 945,640 Net assets available for plan benefits, beginning of year 298,850 995,400 651,892 - - 2,066,569 4,012,711 ---------- ---------- ---------- --------- --------- ---------- --------- Net assets available for plan benefits, end of year $ 570,338 $ 906,832 $ 658,224 $ 311,302 $ 168,561 $ 2,343,094 $ 4,958,351 ========== ========== ========== ========= ========= =========== ===========
The accompanying notes are an integral part of the financial statements.
PRIMUS Automotive Financial Services, Inc. Prime Account 401(k) Tax-Deferred Savings Plan Statement of Changes in Net Assets Available for Plan Benefits for the year ended December 31, 1996 Participant-Directed ---------------------------------------------------------------------------------------- Blue Chip Growth International Growth Company Magellan OTC Growth and Fund Contrafund Fund Fund Portfolio Income Fund Subtotal ---------- ---------- ----------- ---------- ---------- ----------- ---------- Additions: Employee contributions $ 128,904 $ 123,100 $ 89,760 $ 367,199 $ 85,987 $ 18,313 $ 813,263 Employer contributions 75,573 65,087 48,836 215,234 46,207 10,235 461,172 Rollover contributions 7,851 19,561 26,696 28,576 15,849 2,188 100,721 Interest and dividend income 16,263 19,527 9,749 223,129 26,144 2,815 297,627 Net appreciation (depreciation) in fair value of investments(Note 4) 10,433 27,203 6,730 (54,947) 1,473 2,048 (7,060) Loans - interest repayments 1,019 716 678 4,358 639 60 7,470 Loans - principal repayments 3,716 3,427 3,614 19,445 2,065 252 32,519 Transfers in (out) 104,215 234,789 88,030 (219,820) 135,261 53,133 395,608 ---------- ---------- --------- ---------- --------- ---------- ---------- Total additions 347,974 493,410 274,093 583,174 313,625 89,044 2,101,320 ---------- ---------- --------- ---------- --------- ---------- ---------- Deductions: Distributions 2,299 12,286 9,861 46,993 2,932 33 74,404 Loans to participants 9,150 9,624 8,168 65,714 8,858 404 101,918 Forfeitures 612 751 491 6,522 519 - 8,895 Adjustments - - - - - - - ---------- ---------- ---------- ---------- --------- ---------- ---------- Total deductions 12,061 22,661 18,520 119,229 12,309 437 185,217 ---------- ---------- ---------- ---------- --------- --------- ---------- Net additions (deductions) 335,913 470,749 255,573 463,945 301,316 88,607 1,916,103 Net assets available for plan benefits, beginning of year - - - 1,293,737 - - 1,293,737 ---------- ---------- ---------- ---------- --------- --------- ---------- Net assets available for plan benefits, end of year $ 335,913 $ 470,749 $ 255,573 $ 1,757,682 $ 301,316 $ 88,607 $ 3,209,840 =========== ========== ========== =========== ========== ========= ===========
The accompanying notes are an integral part of the financial statements.
PRIMUS Automotive Financial Services, Inc. Prime Account 401(k) Tax-Deferred Savings Plan Statement of Changes in Net Assets Available for Plan Benefits for the year ended December 31, 1996 Participant-Directed ---------------------------------------------------------------------------------------- Asset Asset Overseas Asset Manager Manager Cash/Loan Fund Manager Growth Income Fund Subtotal Total ---------- ---------- ---------- ---------- ----------- ----------- ----------- Additions: Employee contributions $ 34,370 $ 16,409 $ 20,999 $ 7,455 - $ 79,233 $ 1,515,808 Employer contributions 17,675 9,563 12,384 5,254 - 44,876 862,548 Rollover contributions 11,306 8,982 2,303 2,996 - 25,587 264,218 Interest and dividend income 7,964 2,442 5,231 2,307 - 17,944 464,568 Net appreciation (depreciation)in fair value of investments (Note 4) 495 119 853 226 - 1,693 440,214 Loans - interest repayments 32 32 891 103 - 1,058 16,495 Loans - principal repayments 107 66 2,125 486 $ (79,623) (76,839) - Transfers in (out) 65,169 751 19,247 22,678 - 107,845 - ---------- --------- ---------- ---------- ---------- ---------- ----------- Total additions 137,118 38,364 64,033 41,505 (79,623) 201,397 3,563,851 ---------- --------- ---------- ---------- ---------- ---------- ----------- Deductions: Distributions 416 92 217 262 11,310 12,297 231,750 Loans to participants 1,017 277 195 490 (285,865) (283,886) - Forfeitures 94 27 63 74 - 258 - Adjustments - - - - - - (2,370) ---------- --------- ---------- ---------- ---------- ---------- ----------- Total deductions 1,527 395 475 826 (274,555) (271,331) 229,380 ---------- --------- ---------- ---------- ---------- ---------- ----------- Net additions (deductions) 135,591 37,968 63,558 40,679 194,932 472,728 3,334,471 Net assets available for plan benefits, beginning of year - - - - 122,619 122,619 5,429,067 ---------- --------- ---------- ---------- ---------- ---------- ---------- Net assets available for plan benefits, end of year $ 135,591 $ 37,968 $ 63,558 $ 40,679 $ 317,551 $ 595,347 $8,763,538 ========== ========== ========== ========= ========== ========== ==========
The accompanying notes are an integral part of the financial statements. PRIMUS Automotive Financial Services, Inc. Prime Account 401(k) Tax-Deferred Savings Plan Notes to Financial Statements 1. Description of the Plan: The Plan became effective April 1, 1992. The following description of the PRIMUS Automotive Financial Services, Inc. (the "Company") Prime Account 401(k) Tax-Deferred Savings Plan (the "Plan") provides only general information. Participants should refer to the plan agreement for a more comprehensive of the Plan's provisions. a. General: The Plan is a defined contribution plan established to encourage and facilitate systematic savings and investment by eligible employees and to provide them with an opportunity to become stockholders of Ford Motor Company ("Ford"). It is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA"). With certain exceptions, regular full-time employees having at least twelve months of continuous service are eligible to participate in the Plan. All full-time employees are eligible to participate in the discretionary portion of the Plan. Participation in the Plan is voluntary. b. Contributions: Under the Plan and subject to limits required to be imposed by the Internal Revenue Code, participants may elect to contribute up to 11 percent of their pre-tax earnings, not to exceed 25 percent of annual earnings including overtime and bonuses. The Company, at its discretion, may match at the rate of 100 percent of the first 2 percent and 50 percent of the next 4 percent of the participants' pre-tax contributions. c. Participant Accounts: Each participant's account is credited with the participant's contribution and allocations of the Company's contribution and Plan earnings. Plan administrative expenses are paid primarily by the Company. Allocations are based on the participant's earnings or account balances, as defined. Forfeited balances of terminated participants' nonvested accounts are used to reduce future Company contributions. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account. d. Vesting : Participants are vested in their contributions plus actual earnings thereon. Vesting in the Company's matching and discretionary contribution portion of their account plus actual earnings thereon is based on continuous service. The Company's matching contributions are vested 20 percent, 50 percent and 100 percent for one, two and three years of service, respectively. A participant becomes fully vested in company matching contributions automatically upon retirement due to disability, upon death or upon termination of the Plan. 1. Description of the Plan, continued: e. Investment Programs and Participation: Participant contributions are invested in accordance with the participant's election in any of sixteen investment funds. These investment options as of December 31, 1996 are as follows: (1) Ford Stock Fund: The Fund consists of shares of the common stock, $1.00 par value, of Ford and a small portion in short-term investments. The value of the fund primarily rises or falls depending upon the stock's performance in the market. Ford stock is subject to economic factors, the stock market in general and factors affecting Ford in particular. (2) Fidelity Retirement Government Money Market Portfolio: A money market mutual fund with a goal to preserve your investment, keep a stable price and provide current income. This fund may be appropriate for participants who are seeking high-quality money market securities for which U. S. government or its agencies guarantee timely payment of principal and interest. (3) Fidelity Intermediate Bond Fund: This is an income mutual fund with a goal to provide high current income. It invests in U. S. and foreign bonds. Select bonds are considered medium to high quality with an average maturity of 3-10 years. This fund may be appropriate for someone who is looking for income in the short term or to balance more growth-oriented choices in a portfolio. (4) Fidelity Growth and Income Portfolio: This fund is a growth and income mutual fund with a goal to provide a high total return from a combination of current income and capital growth. It invests primarily in U. S. and foreign stocks that pay current dividends and show potential earnings growth. May also invest in some bonds. May be appropriate for the investor who is willing to ride out stock market ups and downs to try to get potentially high long-term return. (5) Fidelity Puritan Fund: This fund is a growth and income mutual fund with a goal to provide income while preserving investment. It invests in a wide variety of U. S. and foreign securities. It includes all types of bonds of any quality as well as common and preferred stock. May be appropriate for someone looking for income and who plans to invest long-term. (6) Fidelity U. S. Equity Index Portfolio: This fund is a growth and income mutual fund with a goal to duplicate the composition and return of the Standard and Poor's composite index of 500 stocks. It invests primarily in the 500 companies that make up the S&P 500. May be appropriate for someone who wants to try to achieve roughly the same performance as the overall U. S. stock market. 1. Description of the Plan, continued: e. Investment Programs and Participation, continued: (7) Fidelity Blue Chip Growth Fund: This fund is a growth mutual fund with a goal to increase the value of the investment over the long-term through capital growth. It invests primarily in common stocks of well known, established growth companies. May be appropriate for someone who prefers stocks of "household name" companies and established companies with strong earnings and future growth potential. (8) Fidelity Contrafund: This fund is a growth mutual fund with a goal to increase the value of investment over the long-term through capital growth. It invests primarily in common stocks the funds manager believes are undervalued and also in companies that are currently out of public favor but show potential for capital growth. Such stocks may be subject to more frequent and greater price changes. May be appropriate for someone who wants to invest in the stock market over the long term and who is comfortable with the ups and downs of the stock market. (9) Fidelity Growth Company Fund: This fund is a growth mutual fund with a goal to increase the value of investment over the long term through capital growth. It invests primarily in stocks of companies with earnings or gross sales that indicate the potential for above average growth. May be appropriate for someone who is interested in capital growth rather than current income and is willing to ride out stock market ups and downs to try to get a higher return over the long term. (10) Fidelity Magellan Fund: This fund is a growth mutual fund with a goal to increase the value of investment over the long term through capital growth. It invests primarily in common stocks of small, medium and large foreign and U. S. companies with investments that are broadly diversified across many different kinds of companies and industries. May be appropriate for someone who will be invested in the fund over the long term and who is comfortable with the ups and downs of the overall stock market. (11) Fidelity OTC Portfolio: This fund is a growth mutual fund with a goal to increase the value of investment over the long term through aggressive capital growth. It invests primarily in stocks traded in the "over-the-counter" (OTC) market, but may also include preferred stocks, debt securities, and other types of investments. May be appropriate for someone who has a long term investing horizon and who is comfortable with the ups and downs of the stock market. 1..Description of the Plan, continued: e. Investment Programs and Participation, continued: (12) Fidelity International Growth and Income Fund: This fund is a growth and income mutual fund that invests internationally with a goal to increase the value of investment over the long term through capital growth while also providing current income. It invests primarily in stock that the fund manager feels have growth possibilities. It will keep at least 25 percent of assets invested in bonds for income. Investments may be made in assets in one country but will generally be spread in investments across at least six different countries. May be appropriate for someone who wants to complement the performance of U. S. investments with that of investments overseas which may behave quite differently. (13) Fidelity Overseas Fund: This fund is a growth mutual fund that invests internationally with a goal to increase the value of investment over the long term through capital growth. It investment primarily in stocks and bonds of companies whose principal business activities are outside the U. S. Sixty-five percent of the fund's total assets will be invested in securities from at least three different countries outside of North America. May be appropriate for someone who wants to complement the performance of U. S. investments with that of investments overseas which may behave differently. (14) Fidelity Asset Manager: This fund is an asset allocation mutual fund with a goal to provide high total return with reduced risk over the long term. It invests in stocks, bonds and short term instruments of U. S. and foreign issuers including those in emerging markets. The manager of this fund may gradually shift assets from one type to another, based on the current outlook of the various markets. May be appropriate for someone who wants to diversify among stocks, bonds and short term instruments and who can tolerate ups and downs in share price, but does not want the burden of selecting individual securities. (15) Fidelity Asset Manager Growth: This fund is an asset allocation mutual fund with a goal to provide high total return. It invests in stocks, bonds and short term instruments of U. S. and foreign issuers. The manager of this fund may gradually shift assets from one type to another, based on the current outlook of the various markets. May be appropriate for someone who wants to diversify among stocks, bonds and short term instruments and who can tolerate ups and downs in share price, but does not want the burden of selecting individual securities. 1. Description of the Plan, continued: e. Investment Programs and Participation, continued: (16) Fidelity Asset Manager Income: This fund is an asset allocation mutual fund with a goal to provide high current income. It invests in stocks, bonds and short term instruments of U. S. and foreign issuers. The manager of the fund may gradually shift assets from one type to another based on the current outlook of the various markets. May be appropriate for someone who is looking for immediate income but who also wants the opportunity to benefit if the stock market does well. f. Participant Loans: Participants may borrow from their fund accounts a minimum of $1,000 and to a maximum of $50,000. Loan interest rates are set monthly but will not change during the term of the loan. Loan transactions are treated as a transfer to/from the investment fund from/to the Cash/Loan Fund. The interest rate will be the prime rate as quoted in The Wall Street Journal in the "Money Rates" section of the paper as of the last business day of the month preceding the month in which the loan was taken. Principal and interest are paid ratably through payroll deductions. g. Payment of Benefits: Benefits are payable upon termination or upon normal retirement at age 65 in a cash lump-sum payment. 2. Summary of Significant Accounting Policies: a. Basis of Accounting: The financial statements of the Plan are prepared under the accrual method of accounting. b. Investments: During 1995, the plan allowed its participants to direct their share of contributions and earnings to five different investment mediums which were held by Comerica Bank. These investment mediums were offered by Comerica Bank, the Plan's trustee, and stated at fair value as of December 31, 1995. On January 1, 1996, all investments under the Plan were transferred to Fidelity Investments. Since the transfer, the Plan allows its participants to direct their share of contributions and earnings to sixteen different investment mediums, which are held by Fidelity Investments and are stated at fair value as of December 31, 1996. These investment mediums are offered by Fidelity Investments, the Plan's trustee. 2. Summary of Significant Accounting Policies, continued: b. Investments, continued: Purchases and sales of securities are recorded on a trade-date basis. Gains and losses on sales of securities are based on average cost. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. The Plan presents in the statements of changes in net assets available for plan benefits the net appreciation (depreciation) in the fair value of its investments which consist of the realized gains or losses and the unrealized appreciation (depreciation) on those investments c. Payment of Benefits: Benefits are recorded when paid. d. Contributions: Contributions from employees and the Company are recorded in the period that payroll deductions are made from Plan participants. e. Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. f. Risks and Uncertainties: The Plan provides for various investment options in any combination of either equity or fixed income investment securities. Investment securities are exposed to various risks, such as interest rate, market and credit. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in risks in the near term would materially affect participants' account balances and the amounts reported in the statement of net assets available for benefits and the statement of changes in net assets available for benefits. 3. Plan Termination: Although it has not expressed any intent to do so, the Company has the right under the Plan to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, the plan committee will direct the trustee to distribute the assets of the Plan to the participants, former participants and beneficiaries in accordance with their interests under the Plan. 4. Investments: a. Net Appreciation (Depreciation ) in the Fair Value of Investments: The net appreciation (depreciation) in the fair value of investments (including investments bought and sold, as well as held, during the year) for the year ended December 31, 1996: Net Appreciation (Depreciation) in Fair Value -------------- Ford Stock Fund $ 22,516 Retirement Government Money Market Portfolio 8,973 Intermediate Bond Fund (25,419) Growth and Income Portfolio 17,371 Puritan Fund (824) U. S. Equity Index Portfolio 422,964 Blue Chip Growth Fund 10,433 Contrafund 27,203 Growth Company Fund 6,730 Magellan Fund (54,947) OTC Portfolio 1,473 International Growth and Income Fund 2,048 Overseas Fund 495 Asset Manager 119 Asset Manager Growth 853 Asset Manager Income 226 ------------- $ 440,214 ============= b. Fair Value of Individual Investments: The fair value of individual investments representing five percent or more of the Plan's net assets are as follows as of December 31, 1996: Ford Stock Fund $ 570,338 Retirement Government Money Market Portfolio 906,832 Intermediate Bond Fund 658,224 U. S. Equity Index Portfolio 2,343,094 Contrafund 470,749 Magellan Fund 1,757,682 ---------- $ 6,706,919 =========== 4. Investments, continued: c. Asset Value per Unit: The number of shares or units contained in each investment fund, the aggregate cost of shares of units and market value per share or unit as of December 31, 1996 is as follows: Market Number of Value Shares or per Share Units or Unit Ford Stock Fund 55,211.863 $ 10.33 Retirement Government Money Market Portfolio 906,832.720 1.00 Intermediate Bond 65,299.708 10.08 Growth and Income Portfolio 10,130.270 30.73 Puritan Fund 9,777.262 17.24 U. S. Equity Index Portfolio 115,423.361 20.30 Blue Chip Growth Fund 10,275.745 32.69 Contrafund 11,168.432 42.15 Growth Company Fund 6,316.644 40.46 Magellan Fund 21,793.943 80.65 OTC Portfolio 9,211.691 32.71 International Growth and Income Fund 4,532.287 19.55 Overseas Fund 4,396.575 30.84 Asset Manager 2,305.332 16.47 Asset Manager Growth 3,887.347 16.35 Asset Manager Income 3,503.626 11.61 5. Tax Status: The Internal Revenue Service has determined and informed the Company by a letter dated November 20, 1995, that the Plan is in accordance with the applicable sections of the Internal Revenue Code. The Plan has been amended since receiving the determination letter. However, the Plan administrator believes the Plan is designed and is currently being operated in compliance with the applicable requirements of the Internal Revenue Code.
PRIMUS Automotive Financial Services, Inc. Prime Account 401(k) Tax-Deferred Savings Plan Item 27a - Schedule of Assets Held for Investment Purposes as of December 31, 1996 (c) (b) Description of Investment, Identity of Issuer, Including Maturity Date, (e) Borrower, Lessor Rate of Interest, Collateral (d) Current (a) or Similar Party Par or Maturity Value Cost Value - --- ------------------- ------------------------------- -------------- ------------- * Ford Motor Company Ford Motor Company Common Stock, 55,212 shares $ 562,183 $ 570,338 * Fidelity Retirement Government Money Market Portfolio, 906,832 units 906,832 906,832 * Fidelity Intermediate Bond Fund, 65,300 units 674,121 658,224 * Fidelity Growth and Income Portfolio, 10,130 units 295,118 311,302 * Fidelity Puritan Fund, 9,777 units 169,241 168,561 * Fidelity U. S. Equity Index Portfolio, 115,423 units 1,956,733 2,343,094 * Fidelity Blue Chip Growth Fund, 10,276 units 325,042 335,913 * Fidelity Contrafund, 11,168 units 445,251 470,749 * Fidelity Growth Company Fund, 6,316 units 249,678 255,573 * Fidelity Magellan Fund, 21,794 units 1,785,539 1,757,682 * Fidelity OTC Portfolio, 9,212 units 300,167 301,316 * Fidelity International Growth and Income Fund, 4,532 units 86,590 88,607 * Fidelity Overseas Fund, 4,397 units 135,093 135,591 * Fidelity Asset Manager, 2,305 units 37,853 37,968 * Fidelity Asset Manager Growth, 3,887 units 62,734 63,558 * Fidelity Asset Manager Income, 3,504 units 40,463 40,679 Plan participants Loans receivable (6-9 percent) - 317,551 ------------- ------------ $ 8,032,638 $ 8,763,538 ============= ============ *Party-in-interest
PRIMUS Automotive Financial Services, Inc. Prime Account 401(k) Tax-Deferred Savings Plan Item 27d - Schedule of Reportable Transactions for the year ended December 31, 1996 (h) Current (f) Value (a) (c) (d) (e) Expenses (g) of Asset on (i) Identity of (b) Purchase Selling Lease Incurred with Cost Transaction Net Gain Party Involved Description of Asset Price Price Rental Transaction* of Asset Date or (Loss) - -------------- ---------------------- --------- ------- ------ -------------- -------- ------------ --------- REPORTING CRITERION I: Any single transaction in excess of five percent of current value of plan assets. None. REPORTING CRITERION II: Any series of transactions in other than securities in excess of five percent of the current value of plan assets. None. REPORTING CRITERION III: Any series of transactions in securities in excess of five percent of current value of plan assets. Ford Motor Company Ford Motor Company Common Stock: 115 Purchases $ 378,740 $ 378,740 $ 378,740 Fidelity Retirement Government Money Market Portfolio: 126 Purchases 1,373,299 1,373,299 1,373,299 88 Sales $466,466 466,466 - Fidelity Intermediate Bond Fund: 108 Purchases 893,703 893,703 893,703 70 Sales 214,699 219,611 $(4,912) Fidelity Growth and Income Portfolio: 100 Purchases 350,870 350,870 350,870 Fidelity U. S. Equity Index Portfolio: 124 Purchases 2,472,344 2,472,344 2,472,344 93 Sales 555,274 515,611 39,663 Fidelity Blue Chip Fund Growth: 79 Purchases 380,101 380,101 380,101
PRIMUS Automotive Financial Services, Inc. Prime Account 401(k) Tax-Deferred Savings Plan Item 27d - Schedule of Reportable Transactions, Continued (h) Current (f) Value (a) (c) (d) (e) Expenses (g) of Asset on (i) Identity of (b) Purchase Selling Lease Incurred with Cost Transaction Net Gain Party Involved Description of Asset Price Price Rental Transaction* of Asset Date or (Loss) - -------------- ------------------------ -------- --------- -------- -------------- ---------- ----------- ---------- REPORTING CRITERION III, Continued: Fidelity Contrafund: 101 Purchases $ 500,270 $ 500,270 $ 500,270 Fidelity Growth Company Fund: 87 Purchases 285,516 285,516 285,516 Fidelity Magellan Fund: 132 Purchases 2,222,955 2,222,955 2,222,955 106 Sales $416,116 437,415 $(21,299) Fidelity OTC Portfolio: 78 Purchases 329,020 329,020 329,020 REPORTING CRITERION IV: Any transaction within the plan year with respect to securities with or in conjunction with a person with whom any prior or subsequent single five percent security transactions within the plan year took place. None.
Note A: Transactions already reported under Criterion I are not reported here. * Information regarding expenses incurred with each transaction was not available from the trustee. EX-23 2 COOPERS Consent of Independent Accountants Ford Motor Company The American Road Dearborn, Michigan Re: Ford Motor Company Registration Statement No. 33-58861 We consent to the incorporation by reference in the above Registration Statements of our report dated June 12, 1997, to the Board of Directors of Ford Motor Company and PRIMUS Automotive Financial Services, Inc. with respect to the financial statements of the PRIMUS Automotive Financial Services, Inc. Prime Account 401(k) Tax Deferred Savings Plan at December 31, 1996 and 1995, and for the year ended December 31, 1996, which is included in this Annual Report on Form 11-K. 400 Renaissance Center Detroit, Michigan 48243 June 25, 1997 -----END PRIVACY-ENHANCED MESSAGE-----