1-3950 | 38-0549190 |
(Commission File Number) | (IRS Employer Identification No.) |
One American Road, Dearborn, Michigan | 48126 |
(Address of principal executive offices) | (Zip Code) |
Designation | Description | Method of Filing |
Exhibit 99 | News release dated January 29, 2013 | Filed with this Report |
FORD MOTOR COMPANY | ||
(Registrant) | ||
Date: January 29, 2013 | By: | /s/ Louis J. Ghilardi |
Louis J. Ghilardi | ||
Assistant Secretary |
* | Any reference in the attached exhibit(s) to our corporate website(s) and/or other social media sites or platforms, and the contents thereof, is provided for convenience only; such websites or platforms and the contents thereof are not incorporated by reference into this Report nor deemed filed with the Securities and Exchange Commission. |
Designation | Description |
Exhibit 99 | News release dated January 29, 2013 |
![]() | | | NEWS | ![]() | ![]() | |
www.facebook.com/ford | www.twitter.com/ford |
• | Strong full year pre-tax profit was $8 billion, or $1.41 per share, a decrease of $797 million from a year ago |
• | Full year net income was $5.7 billion, or $1.42 per share; excluding impact of 2011 changes in valuation allowance against deferred tax assets, full year 2012 net income was $307 million lower than 2011 |
• | Positive Automotive operating-related cash flow was $3.4 billion for the full year and $1 billion for the fourth quarter — the 11th consecutive quarter of positive performance. Ford ended 2012 with Automotive gross cash of $24.3 billion, exceeding debt by $10 billion, and a strong liquidity position of $34.5 billion, an increase of $2.1 billion over 2011 |
• | Ford had its highest fourth quarter pre-tax profit in more than a decade — when trucks and SUVs were a more significant portion of the U.S. product mix — at $1.7 billion, or $0.31 per share, an increase of $577 million from fourth quarter 2011. Ford has now posted a pre-tax operating profit for 14 consecutive quarters |
• | Total company fourth quarter net income was $1.6 billion, or $0.40 per share; excluding impact of 2011 changes in valuation allowance against deferred tax assets, fourth quarter net income was $565 million higher than 2011 |
• | Total Automotive full-year pre-tax profit of $6.3 billion was driven by Ford North America results, which set fourth quarter and full year records for pre-tax profit and operating margin since Ford began reflecting the region as a separate business unit in 2000. For the full year, Ford North America's pre-tax profit was $8.3 billion with an operating margin of 10.4 percent |
• | Ford Credit reported continued solid performance with a full year pre-tax profit of $1.7 billion |
• | For 2013 outlook, Ford expects another strong year, with Total Company operating profit to be about equal to 2012, Automotive operating margin to be about equal to or lower than 2012, and Automotive operating-related cash flow to be higher than 2012 |
Financial Results Summary + | Fourth Quarter | Full Year | ||||||||||||||||||||||
2011 | 2012 | B/(W) 2011 | 2011 | 2012 | B/(W) 2011 | |||||||||||||||||||
Wholesales (000) | 1,427 | 1,534 | 107 | 5,695 | 5,668 | (27) | ||||||||||||||||||
Revenue (Bils.) | $ | 34.6 | $ | 36.5 | $ | 1.9 | $ | 136.3 | $ | 134.3 | $ | (2.0 | ) | |||||||||||
Operating Results | ||||||||||||||||||||||||
Pre-tax results (Mils.)++ | $ | 1,104 | $ | 1,681 | $ | 577 | $ | 8,763 | $ | 7,966 | $ | (797 | ) | |||||||||||
After-tax results (Mils.)+++ | 797 | 1,241 | 444 | 6,119 | 5,596 | (523 | ) | |||||||||||||||||
Earnings per share+++ | 0.20 | 0.31 | 0.11 | 1.51 | 1.41 | (0.10 | ) | |||||||||||||||||
Special items pre-tax (Mils.) | $ | 349 | $ | 160 | $ | (189 | ) | $ | (82 | ) | $ | (246 | ) | $ | (164 | ) | ||||||||
Net income attributable to Ford -- excl. 2011 changes in val. allow. against deferred tax assets | ||||||||||||||||||||||||
After-tax results (Mils.) | $ | 1,033 | $ | 1,598 | $ | 565 | $ | 5,972 | $ | 5,665 | $ | (307 | ) | |||||||||||
Net income attributable to Ford | ||||||||||||||||||||||||
After-tax results (Mils.) | $ | 13,615 | $ | 1,598 | $ | (12,017 | ) | $ | 20,213 | $ | 5,665 | $ | (14,548 | ) | ||||||||||
Earnings per share | 3.40 | 0.40 | (3.00 | ) | 4.94 | 1.42 | (3.52 | ) | ||||||||||||||||
Automotive | ||||||||||||||||||||||||
Operating-related cash flow (Bils.) | $ | 0.7 | $ | 1.0 | $ | 0.3 | $ | 5.6 | $ | 3.4 | $ | (2.2 | ) | |||||||||||
Gross cash (Bils.) | $ | 22.9 | $ | 24.3 | $ | 1.4 | $ | 22.9 | $ | 24.3 | $ | 1.4 | ||||||||||||
Debt (Bils.) | (13.1 | ) | (14.3 | ) | (1.2 | ) | (13.1 | ) | (14.3 | ) | (1.2 | ) | ||||||||||||
Net cash (Bils.) | $ | 9.8 | $ | 10.0 | $ | 0.2 | $ | 9.8 | $ | 10.0 | $ | 0.2 |
Fourth Quarter | Full Year | |||||||||||||||||||||||
2011 | 2012 | B/(W) 2011 | 2011 | 2012 | B/(W) 2011 | |||||||||||||||||||
Wholesales (000) | 1,427 | 1,534 | 107 | 5,695 | 5,668 | (27 | ) | |||||||||||||||||
Revenue (Bils.) | $ | 32.6 | $ | 34.5 | $ | 1.9 | $ | 128.2 | $ | 126.6 | $ | (1.6 | ) | |||||||||||
Pre-tax results (Mils.) | $ | 586 | $ | 1,262 | $ | 676 | $ | 6,332 | $ | 6,256 | $ | (76 | ) | |||||||||||
Operating Margin (Pct.) | 2.2 | % | 3.8 | % | 1.6 pts. | 5.4 | % | 5.3 | % | (0.1) pts. |
Fourth Quarter | Full Year | |||||||||||||||||||||||
2011 | 2012 | B/(W) 2011 | 2011 | 2012 | B/(W) 2011 | |||||||||||||||||||
Wholesales (000) | 693 | 755 | 62 | 2,686 | 2,784 | 98 | ||||||||||||||||||
Revenue (Bils.) | $ | 19.6 | $ | 22.1 | $ | 2.5 | $ | 75.0 | $ | 79.9 | $ | 4.9 | ||||||||||||
Pre-tax results (Mils.) | $ | 889 | $ | 1,872 | $ | 983 | $ | 6,191 | $ | 8,343 | $ | 2,152 | ||||||||||||
Operating Margin (Pct.) | 4.5 | % | 8.4 | % | 3.9 pts. | 8.3 | % | 10.4 | % | 2.1 pts. |
Fourth Quarter | Full Year | |||||||||||||||||||||||
2011 | 2012 | B/(W) 2011 | 2011 | 2012 | B/(W) 2011 | |||||||||||||||||||
Wholesales (000) | 124 | 144 | 20 | 506 | 498 | (8 | ) | |||||||||||||||||
Revenue (Bils.) | $ | 2.8 | $ | 3.1 | $ | 0.3 | $ | 11.0 | $ | 10.1 | $ | (0.9 | ) | |||||||||||
Pre-tax results (Mils.) | $ | 108 | $ | 145 | $ | 37 | $ | 861 | $ | 213 | $ | (648 | ) | |||||||||||
Operating Margin (Pct.) | 3.9 | % | 4.8 | % | 0.9 pts. | 7.8 | % | 2.1 | % | (5.7) pts. |
Fourth Quarter | Full Year | |||||||||||||||||||||||
2011 | 2012 | B/(W) 2011 | 2011 | 2012 | B/(W) 2011 | |||||||||||||||||||
Wholesales (000) | 391 | 327 | (64 | ) | 1,602 | 1,353 | (249 | ) | ||||||||||||||||
Revenue (Bils.) | $ | 8.3 | $ | 6.5 | $ | (1.8 | ) | $ | 33.8 | $ | 26.6 | $ | (7.2 | ) | ||||||||||
Pre-tax results (Mils.) | $ | (190 | ) | $ | (732 | ) | $ | (542 | ) | $ | (27 | ) | $ | (1,753 | ) | $ | (1,726 | ) | ||||||
Operating Margin (Pct.) | (2.3 | )% | (11.4 | )% | (9.1) pts. | (0.1 | )% | (6.6 | )% | (6.5) pts. |
Fourth Quarter | Full Year | |||||||||||||||||||||||
2011 | 2012 | B/(W) 2011 | 2011 | 2012 | B/(W) 2011 | |||||||||||||||||||
Wholesales (000) | 219 | 308 | 89 | 901 | 1,033 | 132 | ||||||||||||||||||
Revenue (Bils.) | $ | 1.9 | $ | 2.8 | $ | 0.9 | $ | 8.4 | $ | 10.0 | $ | 1.6 | ||||||||||||
Pre-tax results (Mils.) | $ | (83 | ) | $ | 39 | $ | 122 | $ | (92 | ) | $ | (77 | ) | $ | 15 | |||||||||
Operating Margin (Pct.) | (4.4 | )% | 1.4 | % | 5.8 pts. | (1.1 | )% | (0.8 | )% | 0.3 pts. |
Fourth Quarter | Full Year | |||||||||||||||||||||||
2011 | 2012 | B/(W) 2011 | 2011 | 2012 | B/(W) 2011 | |||||||||||||||||||
Revenue (Bils.) | $ | 2.0 | $ | 2.0 | $ | — | $ | 8.1 | $ | 7.7 | $ | (0.4 | ) | |||||||||||
Ford Credit pre-tax results (Mils.) | $ | 506 | $ | 414 | $ | (92 | ) | $ | 2,404 | $ | 1,697 | $ | (707 | ) | ||||||||||
Other Financial Services pre-tax results (Mils.) | 12 | 5 | (7 | ) | 27 | 13 | (14 | ) | ||||||||||||||||
Financial Services pre-tax results (Mils.) | $ | 518 | $ | 419 | $ | (99 | ) | $ | 2,431 | $ | 1,710 | $ | (721 | ) |
2012 Actual | 2013 | |||||||||||
Fourth Quarter | Full Year | First Quarter Forecast | ||||||||||
Units | O/(U) 2011 | Units | O/(U) 2011 | Units | O/(U) 2012 | |||||||
(000) | (000) | (000) | (000) | (000) | (000) | |||||||
North America | 735 | 60 | 2,822 | 124 | 770 | 93 | ||||||
South America | 116 | 16 | 417 | (44) | 115 | 18 | ||||||
Europe | 340 | (62) | 1,446 | (188) | 405 | (13) | ||||||
Asia Pacific Africa | 302 | 111 | 1,023 | 162 | 275 | 62 | ||||||
Total | 1,493 | 125 | 5,708 | 54 | 1,565 | 160 |
2011 Full Year | 2012 Full Year | 2012 Full Year | ||||
Results | Plan | Results | ||||
Planning Assumptions | ||||||
Industry Volume* -- U.S. (Mils.) | 13.0 | 13.5 - 14.5 | 14.8 | |||
Industry Volume* -- Europe (Mils.)** | 15.3 | 14.0 - 15.0 | 14.0 | |||
Operational Metrics | ||||||
Compared with Prior Year: | ||||||
- U.S. Market Share | 16.5% | About Equal | 15.2% | |||
- Europe Market Share** | 8.3% | About Equal | 7.9% | |||
- Quality | Mixed | Improve | Mixed | |||
Financial Metrics | ||||||
Compared with Prior Year: | ||||||
- Automotive Pre-Tax Operating Profit (Bils.)*** | $6.3 | Higher | $6.3 | |||
- Ford Motor Credit Pre-Tax Operating Profit (Bils.) | $2.4 | Lower | $1.7 | |||
- Total Company Pre-Tax Operating Profit (Bils.)*** | $8.8 | About Equal | $8.0 | |||
- Automotive Structural Costs Increase (Bils.)**** | $1.4 | Less than $2.0 | $1.5 | |||
- Automotive Operating Margin*** | 5.4% | Improve | 5.3% | |||
Absolute Amount: | ||||||
- Capital Spending (Bils.) | $4.3 | $5.5 - $6.0 | $5.5 | |||
* | Includes medium and heavy trucks | |||||
** | The 19 markets we track | |||||
*** | Excludes special items; Automotive operating margin is defined as Automotive pre-tax results, excluding special items and Other Automotive, divided by Automotive revenue | |||||
**** | Structural cost changes are measured primarily at present-year exchange, and exclude special items and discontinued operations | |||||
2012 | 2013 Full Year | |||
Results | Plan | |||
Planning Assumptions | ||||
Industry Volume* -- U.S. (Mils.) | 14.8 | 15.0 - 16.0 | ||
-- Europe (Mils.)** | 14.0 | 13.0 - 14.0 | ||
-- China (Mils.) | 19.0 | 19.5 - 21.5 | ||
Operational Metrics | ||||
Compared with Prior Year: | ||||
Market Share -- U.S. | 15.2% | Higher | ||
-- Europe** | 7.9 | About Equal | ||
-- China*** | 3.2 | Higher | ||
Quality | Mixed | Improve | ||
Financial Metrics | ||||
Compared with Prior Year: | ||||
- Total Company Pre-Tax Profit (Bils.)**** | $8.0 | About Equal | ||
- Automotive Operating Margin**** | 5.3% | About Equal / Lower | ||
- Automotive Operating-Related Cash Flow (Bils.) | $3.4 | Higher | ||
* | Includes medium and heavy trucks | |||
** | The 19 markets we track | |||
*** | Includes Ford and JMC brand vehicles sold in China by unconsolidated affiliates | |||
**** | Excludes special items; Automotive operating margin is defined as Automotive pre-tax results, excluding special items and Other Automotive, divided by automotive revenue | |||
• | Aggressively restructuring to operate profitably at the current demand and changing model mix |
• | Accelerating the development of new products that customers want and value |
• | Financing the plan and improving the balance sheet |
• | Working together effectively as one team, leveraging Ford's global assets |
+ | The financial results discussed herein are presented on a preliminary basis; final data will be included in Ford's Annual Report on Form 10-K for the year ended Dec. 31, 2012. The following information applies to the information throughout this release: |
• | Pre-tax operating results exclude special items unless otherwise noted. |
• | See tables following the “Safe Harbor/Risk Factors” for the nature and amount of special items, and reconciliation of items designated as “excluding special items” to U.S. generally accepted accounting principles (“GAAP”). Also see the tables for reconciliation to GAAP of Automotive gross cash, operating-related cash flow and net interest. |
• | Discussion of overall Automotive cost changes is measured primarily at present-year exchange and excludes special items and discontinued operations; in addition, costs that vary directly with production volume, such as material, freight, and warranty costs, are measured at present-year volume and mix. |
• | Wholesale unit sales and production volumes include the sale or production of Ford-brand and JMC-brand vehicles by unconsolidated affiliates. JMC refers to our Chinese joint venture, Jiangling Motors Corporation. See materials supporting the Jan. 29, 2013 conference calls at www.shareholder.ford.com for further discussion of wholesale unit volumes. |
++ | Excludes special items. |
+++ | Excludes special items and “Income/(Loss) attributable to non-controlling interests.” See tables following “Safe Harbor/Risk Factors” for the nature and amount of these special items and reconciliation to GAAP. |
• | Decline in industry sales volume, particularly in the United States or Europe, due to financial crisis, recession, geo-political events, or other factors; |
• | Decline in market share or failure to achieve growth; |
• | Lower-than-anticipated market acceptance of new or existing products; |
• | An increase in or acceleration of market shift beyond our current planning assumptions from sales of trucks, medium- and large-sized utilities, or other more profitable vehicles, particularly in the United States; |
• | An increase in fuel prices, continued volatility of fuel prices, or reduced availability of fuel; |
• | Continued or increased price competition resulting from industry overcapacity, currency fluctuations, or other factors; |
• | Adverse effects from the bankruptcy, insolvency, or government-funded restructuring of, change in ownership or control of, or alliances entered into by a major competitor; |
• | Fluctuations in foreign currency exchange rates, commodity prices, and interest rates; |
• | Economic distress of suppliers that may require us to provide substantial financial support or take other measures to ensure supplies of components and could increase our costs, affect our liquidity, or cause production constraints or disruptions; |
• | Single-source supply of components or materials; |
• | Labor or other constraints on our ability to maintain competitive cost structure; |
• | Work stoppages at Ford or supplier facilities or other interruptions of production; |
• | Substantial pension and postretirement health care and life insurance liabilities impairing our liquidity or financial condition; |
• | Worse-than-assumed economic and demographic experience for our 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, reputational damage, or increased warranty costs; |
• | Increased safety, emissions, fuel economy, or other regulation 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 our products, perceived environmental impacts, or otherwise; |
• | A change in our requirements for parts where we have long-term supply arrangements committing us 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 our results from a decrease in or cessation or clawback of government incentives related to investments; |
• | Adverse effects on our operations resulting from certain geo-political or other events; |
• | Inherent limitations of internal controls impacting financial statements and safeguarding of assets; |
• | Substantial levels of Automotive indebtedness adversely affecting our financial condition or preventing us from fulfilling our debt obligations; |
• | Failure of financial institutions to fulfill commitments under committed credit 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; |
• | Increased competition from banks or other financial institutions seeking to increase their share of financing Ford vehicles; |
• | Collection and servicing problems related to finance receivables and net investment in operating leases; |
• | Lower-than-anticipated residual values or higher-than-expected return volumes for leased vehicles; |
• | Imposition of additional costs or restrictions due to the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Act") and its implementing rules and regulations; |
• | New or increased credit, consumer, or data protection or other regulations resulting in higher costs and/or additional financing restrictions; and |
• | Inability of Ford Credit to obtain competitive funding. |
• | At 9 a.m. EST, Alan Mulally, Ford president and CEO, and Bob Shanks, Ford executive vice president and chief financial officer, will host a conference call for the investment community and news media to discuss the 2012 fourth quarter and full-year results. |
• | At 11 a.m. EST, Neil Schloss, Ford vice president and treasurer, Stuart Rowley, Ford vice president and controller, and Mike Seneski, chief financial officer, Ford Motor Credit Company, will host a conference call for fixed income analysts and investors. |
Contact(s): | Media: | Equity Investment | Fixed Income | Shareholder | ||
Community: | Investment Community: | Inquiries: | ||||
Jay Cooney | Larry Heck | Molly Tripp | 1.800.555.5259 or | |||
1.313.319.5477 | 1.313.594.0613 | 1.313.621.0881 | 1.313.845.8540 | |||
jcoone17@ford.com | fordir@ford.com | fixedinc@ford.com | stockinf@ford.com | |||
CALCULATION OF EARNINGS PER SHARE | ||||||||||||||||
Fourth Quarter 2012 | Full Year 2012 | |||||||||||||||
Net Income Attributable to Ford | After-Tax Operating Results Excl. Special Items* | Net Income Attributable to Ford | After-Tax Operating Results Excl. Special Items* | |||||||||||||
After-Tax Results (Mils.) | ||||||||||||||||
After-tax results* | $ | 1,598 | $ | 1,241 | $ | 5,665 | $ | 5,596 | ||||||||
Effect of dilutive 2016 Convertible Notes** | 13 | 11 | 46 | 44 | ||||||||||||
Effect of dilutive 2036 Convertible Notes** | 1 | — | 2 | 1 | ||||||||||||
Diluted after-tax results | $ | 1,612 | $ | 1,252 | $ | 5,713 | $ | 5,641 | ||||||||
Basic and Diluted Shares (Mils.)*** | ||||||||||||||||
Basic shares (Average shares outstanding) | 3,830 | 3,830 | 3,815 | 3,815 | ||||||||||||
Net dilutive options and warrants | 78 | 76 | 101 | 100 | ||||||||||||
Dilutive 2016 Convertible Notes | 97 | 97 | 96 | 96 | ||||||||||||
Dilutive 2036 Convertible Notes | 3 | 3 | 3 | 3 | ||||||||||||
Diluted shares | 4,008 | 4,006 | 4,015 | 4,014 | ||||||||||||
EPS (Diluted) | $ | 0.40 | $ | 0.31 | $ | 1.42 | $ | 1.41 | ||||||||
* | Excludes Income / (Loss) attributable to non-controlling interests and the effect of discontinued operations; special items detailed on page 11 | |||||||||||||||
** | As applicable, includes interest expense, amortization of discount, amortization of fees, and other changes in income or loss that result from the application of the if-converted method for convertible securities | |||||||||||||||
*** | Includes (i) 36 million and 53 million in average net dilutive shares for the Fourth Quarter and Full Year 2012, respectively, for warrants outstanding prior to exercise and (ii) 35 million and 9 million in average basic shares outstanding for the Fourth Quarter and Full Year 2012, respectively, 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. |
TOTAL COMPANY | ||||||||||||||||
INCOME FROM CONTINUING OPERATIONS | ||||||||||||||||
Fourth Quarter | Full Year | |||||||||||||||
2011 | 2012 | 2011 | 2012 | |||||||||||||
(Mils.) | (Mils.) | (Mils.) | (Mils.) | |||||||||||||
North America | $ | 889 | $ | 1,872 | $ | 6,191 | $ | 8,343 | ||||||||
South America | 108 | 145 | 861 | 213 | ||||||||||||
Europe | (190 | ) | (732 | ) | (27 | ) | (1,753 | ) | ||||||||
Asia Pacific Africa | (83 | ) | 39 | (92 | ) | (77 | ) | |||||||||
Other Automotive | (138 | ) | (62 | ) | (601 | ) | (470 | ) | ||||||||
Total Automotive (excl. special items) | $ | 586 | $ | 1,262 | $ | 6,332 | $ | 6,256 | ||||||||
Special items -- Automotive | 349 | 160 | (82 | ) | (246 | ) | ||||||||||
Total Automotive | $ | 935 | $ | 1,422 | $ | 6,250 | $ | 6,010 | ||||||||
Financial Services | 518 | 419 | 2,431 | 1,710 | ||||||||||||
Pre-tax results | $ | 1,453 | $ | 1,841 | $ | 8,681 | $ | 7,720 | ||||||||
(Provision for)/Benefit from income taxes | 12,161 | (246 | ) | 11,541 | (2,056 | ) | ||||||||||
Net income | $ | 13,614 | $ | 1,595 | $ | 20,222 | $ | 5,664 | ||||||||
Less: Income/(Loss) attributable to non-controlling interests | (1 | ) | (3 | ) | 9 | (1 | ) | |||||||||
Net income attributable to Ford | $ | 13,615 | $ | 1,598 | $ | 20,213 | $ | 5,665 | ||||||||
Memo: Excluding special items | ||||||||||||||||
Pre-tax results | $ | 1,104 | $ | 1,681 | $ | 8,763 | $ | 7,966 | ||||||||
(Provision for)/Benefit from income taxes | (308 | ) | (443 | ) | (2,635 | ) | (2,371 | ) | ||||||||
Less: Income/(Loss) attributable to non-controlling interests | (1 | ) | (3 | ) | 9 | (1 | ) | |||||||||
After tax results | $ | 797 | $ | 1,241 | $ | 6,119 | $ | 5,596 |
TOTAL COMPANY | |||||||||||||||
SPECIAL ITEMS | |||||||||||||||
Fourth Quarter | Full Year | ||||||||||||||
2011 | 2012 | 2011 | 2012 | ||||||||||||
(Mils.) | (Mils.) | (Mils.) | (Mils.) | ||||||||||||
Personnel and Dealer-Related Items | |||||||||||||||
Personnel-reduction actions* | $ | (56 | ) | $ | (185 | ) | $ | (269 | ) | $ | (498 | ) | |||
Mercury discontinuation / Other dealer actions | (47 | ) | (24 | ) | (151 | ) | (71 | ) | |||||||
Job Security Benefits (JSB) / Other | 60 | (6 | ) | 93 | 17 | ||||||||||
Total Personnel and Dealer-Related Items | $ | (43 | ) | $ | (215 | ) | $ | (327 | ) | $ | (552 | ) | |||
Other Items | |||||||||||||||
CFMA restructuring | $ | — | $ | 625 | $ | — | $ | 625 | |||||||
AAI consolidation | — | — | — | 136 | |||||||||||
FordSollers gain | 401 | — | 401 | 1 | |||||||||||
U.S. pension buyouts | — | (250 | ) | — | (250 | ) | |||||||||
Loss on sale of two component businesses | — | — | — | (174 | ) | ||||||||||
Belgium pension settlement | (5 | ) | — | (109 | ) | — | |||||||||
Other | (4 | ) | — | (47 | ) | (32 | ) | ||||||||
Total Other Items | $ | 392 | $ | 375 | $ | 245 | $ | 306 | |||||||
Total Special Items | $ | 349 | $ | 160 | $ | (82 | ) | $ | (246 | ) | |||||
Tax Special Items** | $ | 12,469 | $ | 197 | $ | 14,176 | $ | 315 | |||||||
Memo: | |||||||||||||||
Special Items impact on earnings per share*** | $ | 3.20 | $ | 0.09 | $ | 3.43 | $ | 0.01 | |||||||
* Includes pension-related special items | |||||||||||||||
** For 2011, primarily represents valuation allowance reversal at year end and valuation allowance consumed during the year | |||||||||||||||
*** Includes related tax effect on special items and tax special items |
NET INTEREST RECONCILIATION TO GAAP | |||||||||||||||
Fourth Quarter | Full Year | ||||||||||||||
2011 | 2012 | 2011 | 2012 | ||||||||||||
(Mils.) | (Mils.) | (Mils.) | (Mils.) | ||||||||||||
Interest expense | $ | (183 | ) | $ | (142 | ) | $ | (817 | ) | $ | (713 | ) | |||
Interest income | 96 | 52 | 387 | 272 | |||||||||||
Subtotal | $ | (87 | ) | $ | (90 | ) | $ | (430 | ) | $ | (441 | ) | |||
Adjusted for items included / excluded from net interest: | |||||||||||||||
Include: Gains/(Losses) on cash equiv. & mark. securities* | (24 | ) | 5 | (8 | ) | 69 | |||||||||
Exclude: Change in amortized value of debt included in interest expense | — | (45 | ) | — | (45 | ) | |||||||||
Exclude: Special items | — | — | (2 | ) | — | ||||||||||
Other | (15 | ) | (17 | ) | (60 | ) | (72 | ) | |||||||
Net Interest | $ | (126 | ) | $ | (147 | ) | $ | (500 | ) | $ | (489 | ) | |||
* Excludes mark-to-market adjustments of our investment in Mazda |
AUTOMOTIVE SECTOR | ||||||||||||
GROSS CASH RECONCILIATION TO GAAP | ||||||||||||
Dec. 31, | Sep. 30, | Dec. 31, | ||||||||||
2011 | 2012 | 2012 | ||||||||||
(Bils.) | (Bils.) | (Bils.) | ||||||||||
Cash and cash equivalents | $ | 7.9 | $ | 6.2 | $ | 6.2 | ||||||
Marketable securities | 15.0 | 17.9 | 18.2 | |||||||||
Total cash and marketable securities | $ | 22.9 | $ | 24.1 | $ | 24.4 | ||||||
Securities in transit* | — | — | (0.1 | ) | ||||||||
Gross cash | $ | 22.9 | $ | 24.1 | $ | 24.3 | ||||||
* | 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 |
AUTOMOTIVE SECTOR | ||||||||||||||||
OPERATING-RELATED CASH FLOWS RECONCILIATION TO GAAP | ||||||||||||||||
Fourth Quarter | Full Year | |||||||||||||||
2011 | 2012 | 2011 | 2012 | |||||||||||||
(Bils.) | (Bils.) | (Bils.) | (Bils.) | |||||||||||||
Cash flows from operating activities of continuing operations | $ | 2.6 | $ | 2.2 | $ | 9.4 | $ | 6.3 | ||||||||
Items included in operating-related cash flows | ||||||||||||||||
Capital expenditures | (1.2 | ) | (1.9 | ) | (4.3 | ) | (5.5 | ) | ||||||||
Proceeds from the exercise of stock options | — | — | 0.1 | — | ||||||||||||
Net cash flows from non-designated derivatives | — | (0.2 | ) | 0.1 | (0.8 | ) | ||||||||||
Items not included in operating-related cash flows | ||||||||||||||||
Cash impact of JSB and personnel-reduction actions | 0.1 | 0.1 | 0.3 | 0.4 | ||||||||||||
Pension contributions | 0.1 | 0.9 | 1.1 | 3.4 | ||||||||||||
Tax refunds and tax payments from affiliates | (1.0 | ) | — | (1.4 | ) | (0.1 | ) | |||||||||
Settlement of outstanding obligation with affiliates | — | — | — | (0.3 | ) | |||||||||||
Other | 0.1 | (0.1 | ) | 0.3 | — | |||||||||||
Operating-related cash flows | $ | 0.7 | $ | 1.0 | $ | 5.6 | $ | 3.4 |