-----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, Lb8N+mGqgOBMOepOC357g1NNJ1CaWAnnzAVqEe0MZ8AGK3nd6Iqh8jZOHSvkIB3o DKSRPkN9snJjL4xflHLEEw== 0000037996-98-000035.txt : 19980630 0000037996-98-000035.hdr.sgml : 19980630 ACCESSION NUMBER: 0000037996-98-000035 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980629 SROS: NYSE SROS: PCX 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: SEC FILE NUMBER: 001-03950 FILM NUMBER: 98656746 BUSINESS ADDRESS: STREET 1: THE AMERICAN RD CITY: DEARBORN STATE: MI ZIP: 48121 BUSINESS PHONE: 3133223000 11-K 1 FMI SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 11-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE X SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] - -------- For the fiscal year ended December 31, 1997 OR TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] - -------- For the transition period from to ---------------- ---------------- Commission file number 1-3950 FORD MICROELECTRONICS, INC. SALARIED RETIREMENT SAVINGS PLAN (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 and Schedules - ---------------------------------- Statement of Net Assets Available for Plan Benefits, as of December 31, 1997 and 1996. Statement of Changes in Net Assets Available for Plan Benefits for the Year Ended December 31, 1997. Schedule I - Schedule of Assets Held for Investment Purposes as of December 31, 1997. Schedule II - Reportable Transactions for the Year Ended December 31, 1997. 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 Ford Microelectronics, Inc. Salaried Retirement Savings Committee has duly caused this Annual Report to be signed by the undersigned thereunto duly authorized. FORD MICROELECTRONICS, INC. SALARIED RETIREMENT SAVINGS PLAN By: /s/John A. Sullivan ---------------------------------- John A. Sullivan, Chairman Ford Microelectronics, Inc. Salaried Retirement Savings Plan Committee June 29, 1998 -3- EXHIBIT INDEX ------------- Sequential Page Number Designation Description at Which Found - ----------- ----------- -------------- Exhibit 23 Consent of Coopers & Lybrand L.L.P. Ford Microelectronics, Inc. Salaried Retirement Savings Plan Index of Financial Statements and Supplemental Schedules Pages Report of Independent Accountants 2 Financial Statements: Statement of Net Assets Available for Benefits as of December 31, 1997 and 1996 3 Statement of Changes in Net Assets Available for Benefits with Fund Information for the Year Ended December 31, 1997 4-5 Notes to Financial Statements 6-12 Supplemental Schedules: Item 27a - Schedule of Assets Held for Investment Purposes as of December 31, 1997 13 Item 27d - Schedule of Reportable Transactions for the Year Ended December 31, 1997 14-15 Report of Independent Accountants To the Boards of Directors of Ford Motor Company and Ford Microelectronics, Inc.: We have audited the accompanying statements of net assets available for benefits of the Ford Microelectronics, Inc. Salaried Retirement Savings Plan as of December 31, 1997 and 1996, and the related statement of changes in net assets available for benefits with fund information for the year ended December 31, 1997. 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 audits. We conducted our audits 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 audits provide 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 benefits of the Plan as of December 31, 1997 and 1996, and the changes in net assets available for benefits with fund information for the year ended December 31, 1997 in conformity with generally accepted accounting principles. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of Assets Held for Investment Purposes and Reportable Transactions 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 supplemental schedules have been subjected to the auditing procedures applied in the audits 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 23, 1998 -2- Ford Microelectronics, Inc. Salaried Retirement Savings Plan Statement of Net Assets Available for Benefits as of December 31, 1997 and 1996 (in thousands)
ASSETS 1997 1996 ----------- ----------- Investments, at fair value $ 20,953 $ 14,601 Participant notes receivable 522 481 ----------- ----------- Net assets available for benefits $ 21,475 $ 15,082 =========== =========== The accompanying notes are an integral part of the financial statements.
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Ford Microelectronics, Inc. Salaried Retirement Savings Plan Statement of Changes in Net Assets Available for Benefits with Fund Information for the year ended December 31, 1997 (in thousands) Participant-Directed ------------------------------------------------------------------------------------------------- Ford Inter- Company Ultra Vista Equity national Strategic Strategic Strategic Stock Investors Investors Income Value Growth Conservative Moderate Aggressive Fund* Fund Fund Fund Fund Fund Fund Fund Fund --------- ----------- --------- -------- -------- -------- ------------ ---------- ---------- Net assets at fair value, January 1, 1997 $ 7,508 $ 930 $ 898 $ 691 $ 1,329 $ 369 $ 18 $ 55 $ 109 Additions: Participant contributions 77 257 163 108 212 103 4 17 43 Company contributions (non- participant directed) 75 263 161 100 199 84 3 18 44 Participant notes - principal repayments 2 66 29 22 53 19 5 10 Participant notes - interest repayments 3 9 4 3 7 1 1 2 Dividend and interest income 343 410 66 181 360 106 2 5 19 Net appreciation in fair value of investments 3,163 36 67 7 17 Transfers in 2,845 587 457 592 863 262 15 23 198 ------- -------- -------- -------- -------- ------- --------- --------- -------- Total additions 6,508 1,592 880 1,042 1,761 575 24 76 333 Deductions: Distributions 318 8 75 73 84 7 Loans to participants 21 43 24 48 78 6 19 Net depreciation in fair value of investments 133 129 13 Transfers out 4,904 321 476 577 645 149 15 43 16 -------- -------- -------- -------- -------- ------- --------- --------- --------- Total deductions 5,243 505 704 698 807 168 15 43 42 -------- -------- -------- -------- -------- ------- --------- --------- --------- Net Assets at fair value December 31, 1997 $8,773 $ 2,017 $ 1,074 $ 1,035 $ 2,283 $ 776 $ 27 $ 88 $ 400 ======== ======= ======== ======= ======= ====== ======== ========= =========
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Ford Microelectronics, Inc. Salaried Retirement Savings Plan Statement of Changes in Net Assets Available for Benefits with Fund Information for the year ended December 31, 1997 (in thousands) Participant-Directed ----------------------------------------------------------------------------- Schwab Income Premium Personal Prime & Bond Choice Money GNMA Growth Participant Fund Fund Market Fund Fund Notes Total --------- ----------- --------- -------- -------- -------- ------------ Net assets at fair value, January 1, 1997 $ 168 $1,210 $ 136 $ 1,180 $ 481 $ 15,082 Additions: Participant contributions 8 26 18 210 1,246 Company contributions (non- participant directed) 9 41 18 193 1,208 Participant notes - principal repayments 16 4 37 (263) - Participant notes - interest repayments 2 5 37 Dividend and interest income 13 1 79 13 235 1,833 Net appreciation in fair value of investments 4 4 261 3,559 Transfers in 249 260 2,743 70 886 10,050 -------- ------- ------ ------ ------- ------ --------- Total additions 283 261 2,907 127 1,827 (263) 17,933 Deductions: Distributions 545 89 1,199 Loans to participants 16 14 35 (304) - Net depreciation in fair value of investments 16 291 Transfers out 205 40 2,109 60 490 10,050 -------- -------- ------- ------ ------- ------ --------- Total deductions 205 56 2,670 74 614 (304) 11,540 -------- -------- ------- ------ ------- ------ --------- Net assets at fair value, December 31, 1997 $ 246 $ 205 $ 1,447 $ 189 $ 2,393 $ 522 $ 21,475 ======== ======== ======= ====== ======= ====== ========= *As of 12/31/96, Ford Company Stock Fund contributions were Company-directed The accompanying notes are an integral part of the financial statements. -5-
Ford Microelectronics, Inc. Salaried Retirement Savings Plan Notes to Financial Statements 1. Description of the Plan: The following description of the Ford Microelectronics, Inc. (the "Company") Salaried Retirement Savings Plan (the "Plan") provides only general information. Participants should refer to the Plan agreement for a more comprehensive description 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 salaried 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"). b. Eligibility: With certain exceptions, regular full-time salaried employees having at least three months of continuous service are eligible to participate in the contributory portion of the Plan. All full-time employees are eligible to participate in the discretionary portion of the Plan. Participation in the Plan is voluntary. c. Contributions: Under the Plan and subject to limits required to be imposed by the Internal Revenue Code, participants may defer up to 15 percent in pre-tax contributions and 10 percent in post-tax contributions. The Company match is at the rate of 100 percent of the first 3 percent of the participants' base salaries contributed and at the rate of $.60 for each dollar of the next 7 percent of participants' base salaries contributed. All Company matching contributions are invested in Ford Common Stock. The Company may also contribute an additional amount determined at the discretion of the Company, in cash. For the years ended December 31, 1997 and 1996, the Company made discretionary contributions of 3 percent for each regular active employee with covered compensation. These contributions were made semi-monthly in 1997 and monthly during 1996. d. Participant Accounts: Each participant's account is credited with the participant's contribution and allocations of the Company's contributions and Plan earnings. Administrative expenses are paid primarily by the Company. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account. e. Vesting: Participants are immediately vested in their contributions plus actual earnings thereon. Vesting in the Company's matching and discretionary contribution portion of their accounts plus actual earnings thereon is based on years of continuous service. A participant is 100 percent vested after five years of credited service. A participant becomes fully vested in company matching contributions automatically upon attainment of normal retirement age, retirement due to disability or death. Participants are entitled to receive the full amount of vested funds when their employment is terminated. -6- Notes to Financial Statements, Continued 1. Description of the Plan, continued: f. Investments Options: Upon enrollment in the Plan, a participant may direct employee contributions in 1 percent increments with a maximum investment of 10 percent in any of the investment options offered. As of December 31, 1997, participants have the following investment options: - Ford Company Stock Fund - Invests primarily in shares of Ford Motor Company common stock with a small portion of short-term liquid investments for liquidity purposes. - Ultra Fund - Invests in stocks of companies with accelerating earnings and revenue trends. The objective of the fund is to seek capital growth over time. - Vista Fund - Invests in medium-sized and smaller companies, with an emphasis on smaller firms. The objective of the fund is to seek capital growth over time. - Equity Income Fund - Invests primarily in companies with favorable dividend-paying history, dividend-paying ability and capital appreciation potential. The objective of the fund is to seek current income with capital appreciation as a secondary objective. - Value Fund - Invests primarily in stocks of well-established companies that are believed to be undervalued at the time of purchase. The objective of the fund is to seek capital growth over time. - International Growth Fund - Invests in a diversified international portfolio with the majority of investments in developing markets. The objective of the fund is to seek capital growth over time. - Strategic Conservative Fund - Invests primarily in bonds and money market securities with potential for moderate long-term total return. The objective of the fund is to seek high levels of current income. - Strategic Moderate Fund - Invests in equity securities, but maintains a sizable stake in bonds and money market securities. The objective of the fund is to seek high levels of total return (capital appreciation plus income) as is consistent with its risk profile. - Strategic Aggressive Fund - Invests in a diversified portfolio of stocks, bonds and money market securities and seeks a high level of total return. The objective of the fund is to seek high levels of total return (capital appreciation plus income) as is consistent with its risk profile. - Premium Bond Fund - Invests in longer-term bonds and other debt instruments. The objective of the fund is to seek high levels of current income. -7- 1. Description of the Plan, continued: f. Investments Options, continued: - Schwab Personal Choice Fund - Allows participants to invest in mutual funds, listed and over-the-counter stocks, certificates of deposits, money market funds and federally backed investments and bonds at the participants discretion. - Prime Money Market Fund - Invests in high-quality U. S. dollar-denominated money market instruments and other short-term obligations of bank, governments and corporations. The objective of the fund is to seek the highest level of current income consistent with preservation of capital. - GNMA Fund - Invests in mortgage-backed Ginnie Mae certificates. The objective of the fund is to provide a high level of current income consistent with safety of principal and investment liquidity. - Income & Growth Fund - Invests primarily in larger-sized companies and targets stocks with a higher expected dividend yield and higher overall return potential. The objective of the fund is to provide dividend growth, current income and capital appreciation by investing in common stocks. g. Participant Notes Receivable: Participants may borrow from their fund accounts a minimum of $1,000 and to a maximum equal to the lesser of $50,000 or 50 percent of their account balance. Loan transactions are treated as a transfer to/from the investment fund from/to the Participant Notes fund. Loan terms range from one to five years or up to ten years for the purchase of a primary residence. The loans bear interest at a rate commensurate with local prevailing rates. Interest rates range from 6.5 to 9.5 percent. Principal and interest are paid ratably through monthly payroll deductions. h. Payment of Benefits: On termination of service due to death, disability, or retirement, a participant may elect to receive all or part of participant's vested interest in his or her account as a lump-sum distribution. i. Forfeitures: The Plan permits the Company to use the Ford Company Stock fund units forfeited by participants to pay Plan administration expenses, and, to the extent not used to pay such expenses, to reduce future Company contributions. As of December 31, 1997 and 1996 $130,464 and $48,045, respectively, were forfeited by plan participants and were available to pay future administrative expenses. To the extent that forfeited units are not available to pay administrative expenses, the Company pays such expenses. -8- 1. Description of the Plan, continued: j. Investment Participation: The number of participants in each program at December 31, 1997 are as follows: Number of Investment Fund Participants -------------------------------- ---------------- Ford Company Stock Fund 291 Ultra Fund 205 Vista Fund 153 Equity Income Fund 121 Value Fund 163 International Growth Fund 110 Strategic Conservative Fund 13 Strategic Moderate Fund 30 Strategic Aggressive Fund 61 Premium Bond Fund 23 Schwab Personal Choice Fund 11 Prime Money Market Fund 149 GNMA Fund 29 Income & Growth Fund 184 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. Investment Valuation and Income Recognition: All Plan investments are valued on the basis of established year-end quoted market prices. Participant notes are carried at cost, which approximates fair value. 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. Interest income is recorded on the accrual basis. The Plan presents in the statement of changes in net assets available for benefits the net appreciation in the fair value of its investments which consist of the realized gains and losses and the unrealized appreciation and 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. -9- 2. Summary of Significant Accounting Policies, continued: 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 reported 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 discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100 percent vested in all funds in their accounts. -10- 4. Asset Value Per Unit: The number of units and asset value per unit, at December 31, 1997 per American Century Services Corporation are as follows: Number Asset of Value Units Per Unit ----------- ----------- Ford Motor Company Stock Fund 180,116 $ 48.69 Ultra Fund 73,873 27.30 Vista Fund 86,484 12.42 Equity Income Fund 155,385 6.66 Value Fund 328,508 6.95 International Growth Fund 94,794 8.19 Strategic Conservative Fund 5,176 5.22 Strategic Moderate Fund 15,173 5.80 Strategic Aggressive Fund 66,263 6.04 Premium Bond Fund 24,184 10.13 Schwab Personal Choice Fund 208,540 1.00 Prime Money Market Fund 1,446,830 1.00 GNMA Fund 17,737 10.66 Income & Growth Fund 98,496 24.30 5. Tax Status: The Internal Revenue Service has determined and informed the Company by a letter dated September 13, 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. Therefore, no provision for income taxes has been included in the Plan's financial statements. 6. Change in Trustees: Effective January 1, 1997, the Company transferred trustee responsibilities from Comerica Bank to UMB Bank. The Company also retains American Century Services Corporation as third party administrator. -11- 7. Subsequent Events: On March 2, 1998, the Board of Directors of the Company approved the spin-off of all of the Company's 80.7 percent interest in Associates First Capital Corporation (the "Associates") by declaring a dividend on the Company's outstanding shares of Common and Class B stock. The spin-off dividend was payable on April 7, 1998 to stockholders of record on March 12, 1998. Participants with assets in the Ford Stock Fund under the Plan on the distribution date received the stock dividend distribution. As a result, a total of 53,198 shares of Associates Common Stock was received by the trustee on behalf of Plan participants. In preparation for the spin-off, the Associates Stock Fund was created to hold the Associates shares acquired under the Plan as a result of the spin-off. Future cash dividends paid on the Associates stock held in the Associates Stock Fund will be credited to participants' accounts in the Ford Stock Fund and invested in shares of Ford Common Stock. During the period between the record date and the distribution date, participants' Ford Stock Fund account balances under the Plan reflected the value of the Associates stock distribution. The Associates Stock Fund is a "sell-only" fund and no contributions or transfers by Plan participants may be made to this fund. -12-
Ford Microelectronics, Inc. Salaried Retirement Savings Plan Item 27a - Schedule of Assets Held for Investment Purposes as of December 31, 1997 (c) Description of Investment, (b) Including Maturity Date, (e) Identity if Issuer, Borrower, Rate of Interest, Collateral, (d) Current (a) Lessor or Similar Party Par or Maturity Value Cost Value - ------ ------------------------------- ------------------------------------------- ----------------- ----------------- * Ford Motor Company Ford Motor Company Common Stock, 180,116 units $ 6,235,817 $ 8,769,755 * American Century Services Ultra Fund Corporation Ultra Fund, 73,873 units 2,183,179 2,016,726 Vista Fund, 86,484 units 1,198,273 1,074,133 Equity Income Fund, 155,385 units 1,045,050 1,034,864 Value Fund, 328,508 units 2,269,020 2,283,131 International Growth Fund, 94,794 units 794,645 776,366 Strategic Conservative Fund, 5,176 units 27,051 27,432 Strategic Moderate Fund, 15,173 units 84,985 88,307 Strategic Aggressive Fund, 66,263 units 384,338 399,564 Premium Bond Fund, 24,184 units 241,243 245,469 Schwab Personal Choice Fund, 208,540 units 221,805 204,544 Prime Money Market Fund, 1,446,830 units 1,446,830 1,446,830 GNMA Fund 185,671 189,435 Income & Growth Fund, 98,496 units 2,190,603 2,393,449 * Participant notes 6.5% to 10% interest rate generally maturing from 3 to 5 years - 522,386 ----------------- ----------------- Total $ 18,508,510 $ 21,472,391 ================= ================= *Party-in-interest to the Plan.
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Ford Microelectronics, Inc. Salaried Retirement Savings Plan Item 27d - Schedule of Reportable Transactions for the year ended December 31, 1997 (b) (h) (a) Description of Asset (c) (d) (e) (f) (g) Current (i) Identity of (Including Interest Rate and Purchase Selling Lease Expenses Cost of Value Net Gain Party Involved Maturity in Case of a Loan) Price Price Rental Incurred Asset of Asset or (Loss) - -------------- ----------------------------------- ------------- ---------- ------- ---------- --------- ----------- --------- REPORTING Single transaction in excess of CRITERION I: five percent of current value of plan assets. None. REPORTING Series of transactions in other CRITERION II: than securities in excess of five percent of current value of plan assets. None. REPORTING Series of transactions in CRITERION securities in excess of five III: percent of current value of plan assets. American Equity Income Fund: Century Purchases $1,711,684 $1,711,684 $1,711,684 Services Income & Growth Fund: Corporation* Purchases 2,764,902 2,764,902 2,764,902 International Growth Fund: Purchases 955,183 955,183 955,183 Prime Market Fund: Purchases 4,012,204 4,012,204 4,012,204 Sales $2,669,700 2,565,375 2,669,700 $ 104,325 Ultra Fund: Purchases 2,545,757 2,545,757 2,545,757 Value Fund: Purchases 3,032,299 3,032,299 3,032,299 Sales 807,251 763,280 807,251 43,971 Vista Fund: Purchases 1,794,748 1,794,748 1,794,748 -14-
Ford Microelectronics, Inc. Salaried Retirement Savings Plan Item 27d - Schedule of Reportable Transactions, Continued (b) (h) (a) Description of Asset (c) (d) (e) (f) (g) Current (i) Identity of (Including Interest Rate and Purchase Selling Lease Expenses Cost of Value Net Gain Party Involved Maturity in Case of a Loan) Price Price Rental Incurred Asset of Asset or (Loss) - -------------- ----------------------------------- ------------- ------------ -------- ---------- --------- ----------- -------- REPORTING CRITERION III, continued: Ford Ford Motor Company Common Stock: Motor Purchases $ 9,626,386 $9,626,386 $ 9,626,386 Company* Sales $ 5,286,696 $4,640,251 $ 5,286,696 $646,445 REPORTING Single transactions with a CRITERION nonregulated entity in excess IV: of five percent of current value of plan assets. None.
(1) Information regarding expenses incurred with each transaction was not available from the trustee. *Party-in-interest to the Plan. -15- EX-23 2 CONSET LETTER Exhibit 23 Consent of Independent Accountants Ford Motor Company The American Road Dearborn, Michigan Re: Ford Motor Company Registration Statement No. 333-47735, 333-02407, 33-58785, 33-56785 We consent to the incorporation by reference in the above Registration Statement of our report dated June 23, 1998, to the Board of Directors of Ford Motor Company and Ford Microelectronics, Inc. with respect to the financial statements of the Ford Microelectronics, Inc. Salaried Retirement Savings Plan at December 31, 1997 and 1996, and for the year ended December 31, 1997, which is included in this Annual Report on Form 11-K. /s/Coopers & Lybrand, L.L.P. 400 Renaissance Center Detroit, Michigan 48243 June 29, 1998 -----END PRIVACY-ENHANCED MESSAGE-----