1-3950
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38-0549190
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(Commission File Number)
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(IRS Employer Identification No.)
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One American Road, Dearborn, Michigan
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48126
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(Address of principal executive offices)
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(Zip Code)
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[ ]
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
[ ]
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Designation
|
Description
|
Method of Filing
|
Exhibit 99
|
News Release dated
|
Filed with this Report
|
October 30, 2012
|
FORD MOTOR COMPANY
|
||
(Registrant)
|
||
Date: October 30, 2012
|
By:
|
/s/ Louis J. Ghilardi
|
Louis J. Ghilardi
|
||
Assistant Secretary
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Designation
|
Description
|
Exhibit 99
|
News Release dated October 30, 2012
|
NEWS |
●
|
Best-ever third quarter total company and Automotive pre-tax profit, driven by record North American results; positive Automotive operating-related cash flow; strong liquidity of $34.4 billion
|
●
|
Third quarter pre-tax profit of $2.2 billion, or 40 cents per share, an increase of $200 million from third quarter 2011. Ford has now posted a pre-tax profit for 13 consecutive quarters
|
●
|
Third quarter net income, including favorable special items of $83 million, was $1.6 billion, or 41 cents per share, both about the same as third quarter 2011
|
●
|
Total Automotive pre-tax profit was $1.8 billion, an increase of $436 million from third quarter 2011
|
●
|
Ford North America achieved its highest quarterly profit and operating margin since at least 2000 when the company started reflecting the region as a separate business unit, with third quarter pre-tax profit of $2.3 billion and a 12 percent operating margin
|
●
|
Ford Credit reported a pre-tax profit of $393 million, a decrease of $188 million from third quarter 2011, in line with expectations
|
●
|
Announced comprehensive transformation plan to restore profitability in Europe by mid-decade
|
●
|
For the full year, Ford continues to project strong total company pre-tax profit and positive Automotive operating-related cash flow
|
Financial Results Summary+
|
Third Quarter
|
First Nine Months
|
|||||||||||||||||||||||
2011
|
2012
|
B/(W) 2011 | 2011 | 2012 | B/(W) 2011 | ||||||||||||||||||||
Wholesales (000)
|
1,346 | 1,329 | (17 | ) | 4,268 | 4,134 | (134 | ) | |||||||||||||||||
Revenue (Bils.)
|
$ | 33.1 | $ | 32.1 | $ | (1.0 | ) | $ | 101.7 | $ | 97.8 | $ | (3.9 | ) | |||||||||||
Operating results
|
|||||||||||||||||||||||||
Pre-tax results (Mils.)
|
$ | 1,944 | $ | 2,163 | $ | 219 | $ | 7,659 | $ | 6,285 | $ | (1,374 | ) | ||||||||||||
After-tax results (Mils.)++
|
1,362 | 1,574 | 212 | 5,322 | 4,355 | (967 | ) | ||||||||||||||||||
Earnings per share++
|
0.34 | 0.40 | 0.06 | 1.30 | 1.09 | (0.21 | ) | ||||||||||||||||||
Special items pre-tax (Mils.)
|
$ | (98 | ) | $ | 83 | $ | 181 | $ | (431 | ) | $ | (406 | ) | $ | 25 | ||||||||||
Net income / (loss) attributable to Ford
|
|||||||||||||||||||||||||
After-tax results (Mils.)
|
$ | 1,649 | $ | 1,631 | $ | (18 | ) | $ | 6,598 | $ | 4,067 | $ | (2,531 | ) | |||||||||||
Earnings per share
|
0.41 | 0.41 | - | 1.62 | 1.02 | (0.60 | ) | ||||||||||||||||||
Automotive
|
|||||||||||||||||||||||||
Operating-related cash flow (Bils.)
|
$ | 0.4 | $ | 0.7 | $ | 0.3 | $ | 4.9 | $ | 2.4 | $ | (2.5 | ) | ||||||||||||
Gross cash (Bils.)
|
$ | 20.8 | $ | 24.1 | $ | 3.3 | $ | 20.8 | $ | 24.1 | $ | 3.3 | |||||||||||||
Debt (Bils.)
|
(12.7 | ) | (14.2 | ) | (1.5 | ) | (12.7 | ) | (14.2 | ) | (1.5 | ) | |||||||||||||
Net cash (Bils.)
|
$ | 8.1 | $ | 9.9 | $ | 1.8 | $ | 8.1 | $ | 9.9 | $ | 1.8 | |||||||||||||
Third Quarter
|
First Nine Months
|
||||||||||||||||||||||||||
2011
|
2012
|
B/(W) 2011 | 2011 | 2012 | B/(W) 2011 | ||||||||||||||||||||||
Wholesales (000)
|
1,346 | 1,329 | (17 | ) | 4,268 | 4,134 | (134 | ) | |||||||||||||||||||
Revenue (Bils.)
|
$ | 31.1 | $ | 30.2 | $ | (0.9 | ) | $ | 95.6 | $ | 92.1 | $ | (3.5 | ) | |||||||||||||
Pre-tax results (Mils.)
|
$ | 1,339 | $ | 1,775 | $ | 436 | $ | 5,746 | $ | 4,994 | $ | (752 | ) | ||||||||||||||
Operating Margin (Pct.)
|
4.8 | % | 6.3 | % | 1.5 |
pts.
|
6.5 | % | 5.9 | % | (0.6 | ) |
pts.
|
Third Quarter
|
First Nine Months
|
||||||||||||||||||||||||||
2011
|
2012
|
B/(W) 2011 | 2011 | 2012 | B/(W) 2011 | ||||||||||||||||||||||
Wholesales (000)
|
642 | 659 | 17 | 1,993 | 2,029 | 36 | |||||||||||||||||||||
Revenue (Bils.)
|
$ | 18.0 | $ | 19.5 | $ | 1.5 | $ | 55.4 | $ | 57.8 | $ | 2.4 | |||||||||||||||
Pre-tax results (Mils.)
|
$ | 1,550 | $ | 2,328 | $ | 778 | $ | 5,302 | $ | 6,471 | $ | 1,169 | |||||||||||||||
Operating Margin (Pct.)
|
8.6 | % | 12.0 | % | 3.4 |
pts.
|
9.6 | % | 11.2 | % | 1.6 |
pts.
|
Third Quarter
|
First Nine Months
|
||||||||||||||||||||||||||
2011
|
2012
|
B/(W) 2011 | 2011 | 2012 | B/(W) 2011 | ||||||||||||||||||||||
Wholesales (000)
|
133 | 117 | (16 | ) | 382 | 354 | (28 | ) | |||||||||||||||||||
Revenue (Bils.)
|
$ | 3.0 | $ | 2.3 | $ | (0.7 | ) | $ | 8.2 | $ | 7.0 | $ | (1.2 | ) | |||||||||||||
Pre-tax results (Mils.)
|
$ | 276 | $ | 9 | $ | (267 | ) | $ | 753 | $ | 68 | $ | (685 | ) | |||||||||||||
Operating Margin (Pct.)
|
9.3 | % | 0.4 | % | (8.9 | ) |
pts.
|
9.2 | % | 1.0 | % | (8.2 | ) |
pts.
|
Third Quarter
|
First Nine Months
|
||||||||||||||||||||||||||
2011
|
2012
|
B/(W) 2011 | 2011 | 2012 | B/(W) 2011 | ||||||||||||||||||||||
Wholesales (000)
|
357 | 295 | (62 | ) | 1,211 | 1,026 | (185 | ) | |||||||||||||||||||
Revenue (Bils.)
|
$ | 7.8 | $ | 5.8 | $ | (2.0 | ) | $ | 25.5 | $ | 20.1 | $ | (5.4 | ) | |||||||||||||
Pre-tax results (Mils.)
|
$ | (306 | ) | $ | (468 | ) | $ | (162 | ) | $ | 163 | $ | (1,021 | ) | $ | (1,184 | ) | ||||||||||
Operating Margin (Pct.)
|
(3.9 | ) % | (8.0 | ) % | (4.1 | ) |
pts.
|
0.6 | % | (5.1 | ) % | (5.7 | ) |
pts.
|
Third Quarter
|
First Nine Months
|
||||||||||||||||||||||||||
2011
|
2012
|
B/(W) 2011 | 2011 | 2012 | B/(W) 2011 | ||||||||||||||||||||||
Wholesales (000)
|
214 | 258 | 44 | 682 | 725 | 43 | |||||||||||||||||||||
Revenue (Bils.)
|
$ | 2.3 | $ | 2.6 | $ | 0.3 | $ | 6.5 | $ | 7.2 | $ | 0.7 | |||||||||||||||
Pre-tax results (Mils.)
|
$ | (43 | ) | $ | 45 | $ | 88 | $ | (9 | ) | $ | (116 | ) | $ | (107 | ) | |||||||||||
Operating Margin (Pct.)
|
(1.8 | ) % | 1.7 | % | 3.5 |
pts.
|
(0.1 | ) % | (1.6 | ) % | (1.5 | ) |
pts.
|
Third Quarter
|
First Nine Months
|
|||||||||||||||||||||||||
2011
|
2012
|
B/(W) 2011 | 2011 | 2012 | B/(W) 2011 | |||||||||||||||||||||
Revenue (Bils.)
|
$ | 2.0 | $ | 1.9 | $ | (0.1 | ) | $ | 6.1 | $ | 5.7 | $ | (0.4 | ) | ||||||||||||
Ford Credit pre-tax results (Mils.)
|
$ | 581 | $ | 393 | $ | (188 | ) | $ | 1,898 | $ | 1,283 | $ | (615 | ) | ||||||||||||
Other Financial Services pre-tax results (Mils.)
|
24 | (5 | ) | (29 | ) | 15 | 8 | (7 | ) | |||||||||||||||||
Financial Services pre-tax results (Mils.)
|
$ | 605 | $ | 388 | $ | (217 | ) | $ | 1,913 | $ | 1,291 | $ | (622 | ) |
2012*
|
||||||||
Third Quarter
|
Fourth Quarter
|
|||||||
Actual
|
Forecast
|
|||||||
O / (U)
|
O / (U)
|
|||||||
Units
|
2011
|
Units
|
2011
|
|||||
(000)
|
(000)
|
(000)
|
(000)
|
|||||
North America
|
673
|
17
|
725
|
50
|
||||
South America
|
104
|
(15)
|
120
|
20
|
||||
Europe
|
319
|
(32)
|
340
|
(62)
|
||||
Asia Pacific Africa
|
264
|
54
|
295
|
104
|
||||
1,360
|
24
|
1,480
|
112
|
|||||
First
|
Full Year
|
Full Year
|
||||||
Nine Months
|
Plan
|
Outlook
|
||||||
Planning Assumptions
|
||||||||
Industry Volume (SAAR)* -- U.S. (Mils.)
|
14.6
|
13.5 - 14.5
|
About 14.7
|
|||||
Industry Volume (SAAR)* -- Europe (Mils.)**
|
14.1
|
14.0 - 15.0
|
About 14.0
|
|||||
Operational Metrics
|
||||||||
Compared with Prior Year:
|
||||||||
Market Share -- U.S.
|
15.2%
|
About Equal (compared with 16.5%)
|
Lower
|
|||||
-- Europe**
|
8.0%
|
About Equal (compared with 8.3%)
|
Lower
|
|||||
Quality
|
Mixed
|
Improve
|
Mixed
|
|||||
Financial Metrics
|
||||||||
Compared with Prior Year:
|
||||||||
- Automotive Pre-Tax Operating Profit***
|
$5.0 Bils.
|
Higher (compared with $6.3 Bils.)
|
About Equal / Lower
|
|||||
- Ford Motor Credit Pre-Tax Operating Profit
|
$1.3 Bils.
|
Lower (compared with $2.4 Bils.)
|
On Track
|
|||||
- Total Company Pre-Tax Operating Profit***
|
$6.3 Bils.
|
About Equal (compared with $8.8 Bils.)
|
Lower
|
|||||
- Automotive Structural Costs Increase****
|
$1.1 Bils.
|
Less Than $2.0 Bils.
|
On Track
|
|||||
- Automotive Operating Margin***
|
5.9%
|
Improve (compared with 5.4%)
|
About Equal / Lower
|
|||||
Absolute Amount:
|
||||||||
- Capital Spending (Bils.)
|
$3.6
|
$5.5 - $6.0
|
About $5
|
|||||
Expect Total Company Full Year Pre-Tax Operating Profit To Be Strong, But
Lower Than 2011; Automotive Operating-Related Cash Flow To Be Positive
|
|
|||||||
*
|
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
|
●
|
Aggressively restructure to operate profitably at the current demand and changing model mix
|
●
|
Accelerate the development of new products that customers want and value
|
●
|
Finance the plan and improve the balance sheet
|
●
|
Work 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 Quarterly Report on Form 10-Q for the period ended September 30, 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 and operating-related cash flow.
|
●
|
Operating margin is defined as Automotive pre-tax results, excluding special items and Other Automotive, divided by Automotive revenue.
|
●
|
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 Oct. 30, 2012 conference calls at www.shareholder.ford.com for further discussion of wholesale unit volumes.
|
++
|
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.
|
●
|
At 9 a.m. EDT, Alan Mulally, president and chief executive officer, Ford Motor Company, and Bob Shanks, executive vice president and chief financial officer, Ford Motor Company, will host a conference call for the investment community and news media to discuss 2012 third quarter financial results.
|
●
|
At 11 a.m. EDT, Neil Schloss, vice president and treasurer, Ford Motor Company, Michael Seneski, chief financial officer, Ford Motor Credit Company, and Stuart Rowley, vice president and controller, Ford Motor Company, will host a conference call for fixed income analysts and investors.
|
Access Information – Tuesday, Oct. 30 |
Earnings Call: 9 a.m. EDT |
Toll Free: 866.318.8613 |
International: 617.399.5132 |
Earnings Passcode: Ford Earnings |
Fixed Income: 11 a.m. EDT |
Toll Free: 866.515.2907 |
International: 617.399.5121 |
Fixed Income Passcode: Ford Fixed Income |
Replays – Available after 2 p.m. the day of the event through Tuesday, Nov. 6
|
www.shareholder.ford.com |
Toll Free: 888.286.8010 |
International: 617.801.6888 |
Passcodes: |
Earnings: 22215248 |
Fixed Income: 47066242 |
Contacts:
|
Media:
|
Equity Investment
|
Fixed Income
|
Shareholder
|
Community: | Investment | Inquiries: | ||
Community: | ||||
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
|
●
|
Decline in industry sales volume, particularly in the United States or Europe, due to financial crisis, recession, geopolitical events or other factors;
|
●
|
Decline in market share or failure to achieve growth;
|
●
|
Lower-than-anticipated market acceptance of new or existing products;
|
●
|
Market shift away from sales of larger, more profitable vehicles beyond our current planning assumption, 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 excess capacity, currency fluctuations or other factors;
|
●
|
Fluctuations in foreign currency exchange rates, commodity prices and interest rates;
|
●
|
Adverse effects on our operations resulting from economic, geopolitical or other events;
|
●
|
Economic distress of suppliers that may require us to provide substantial financial support or take other measures to ensure supplies of components or materials and could increase our costs, affect our liquidity, or cause production constraints or disruptions;
|
●
|
Work stoppages at Ford or supplier facilities or other limitations on production (whether as a result of labor disputes, natural or man-made disasters, tight credit markets or other financial distress, information technology issues, production constraints or difficulties, or other factors);
|
●
|
Single-source supply of components or materials;
|
●
|
Labor or other constraints on our ability to maintain competitive cost structure;
|
●
|
Substantial pension and postretirement health care and life insurance liabilities impairing our liquidity or financial condition;
|
●
|
Worse-than-assumed economic and demographic experience for 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 regulations resulting in higher costs, cash expenditures and/or sales restrictions;
|
●
|
Unusual or significant litigation, governmental investigations or adverse publicity arising out of alleged defects in our products, perceived environmental impacts or otherwise;
|
●
|
A change in our requirements 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;
|
●
|
Inherent limitations of internal controls impacting financial statements and safeguarding of assets;
|
●
|
Cybersecurity risks to operational systems, security systems, or infrastructure owned by us or a third-party vendor, or at a supplier facility;
|
●
|
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, lower-than-anticipated residual values or higher-than-expected return volumes for leased vehicles;
|
●
|
Increased competition from banks or other financial institutions seeking to increase their share of financing Ford vehicles; and
|
●
|
New or increased credit, consumer, or data protection or other regulations resulting in higher costs and/or additional financing restrictions.
|
CALCULATION OF EARNINGS PER SHARE
|
||||||||||||||||
2012 Third Quarter
|
2012 First Nine Months
|
|||||||||||||||
After-Tax
|
After-Tax
|
|||||||||||||||
Net Income
|
Oper. Results
|
Net Income | Oper. Results | |||||||||||||
Attributable
|
Excl. Special
|
Attributable
|
Excl. Special
|
|||||||||||||
to Ford
|
Items*
|
to Ford
|
Items*
|
|||||||||||||
After-Tax Results (Mils.)
|
||||||||||||||||
After-tax results*
|
$ | 1,631 | $ | 1,574 | 4,067 | 4,355 | ||||||||||
Effect of dilutive 2016 Convertible Notes**
|
12 | 12 | 33 | 33 | ||||||||||||
Effect of dilutive 2036 Convertible Notes**
|
- | - | 1 | 1 | ||||||||||||
Diluted after-tax results
|
$ | 1,643 | $ | 1,586 | 4,101 | 4,389 | ||||||||||
Basic and Diluted Shares (Mils.)
|
||||||||||||||||
Basic shares (Average shares outstanding)
|
3,814 | 3,814 | 3,811 | 3,811 | ||||||||||||
Net dilutive options and warrants***
|
59 | 59 | 108 | 108 | ||||||||||||
Dilutive 2016 Convertible Notes
|
96 | 96 | 95 | 95 | ||||||||||||
Dilutive 2036 Convertible Notes
|
3 | 3 | 3 | 3 | ||||||||||||
Diluted shares
|
3,972 | 3,972 | 4,017 | 4,017 | ||||||||||||
EPS (Diluted)
|
$ | 0.41 | $ | 0.40 | 1.02 | 1.09 |
*
|
Excludes Income / (Loss) attributable to non-controlling interests; special items detailed on page 10
|
**
|
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
|
***
|
Net dilutive effect includes approximately 19 million and 60 million dilutive shares for the Third Quarter and First Nine Months of 2012, respectively,
|
representing the net share settlement methodology for the 362 million warrants outstanding as of September 30, 2012
|
TOTAL COMPANY
|
||||||||||||||||
INCOME / (LOSS) FROM CONTINUING OPERATIONS
|
||||||||||||||||
Third Quarter
|
First Nine Months
|
|||||||||||||||
2011
|
2012
|
2011
|
2012
|
|||||||||||||
(Mils.)
|
(Mils.)
|
(Mils.)
|
(Mils.)
|
|||||||||||||
North America
|
$ | 1,550 | $ | 2,328 | $ | 5,302 | $ | 6,471 | ||||||||
South America
|
276 | 9 | 753 | 68 | ||||||||||||
Europe
|
(306 | ) | (468 | ) | 163 | (1,021 | ) | |||||||||
Asia Pacific Africa
|
(43 | ) | 45 | (9 | ) | (116 | ) | |||||||||
Other Automotive
|
(138 | ) | (139 | ) | (463 | ) | (408 | ) | ||||||||
Total Automotive (excl. special items)
|
$ | 1,339 | $ | 1,775 | $ | 5,746 | $ | 4,994 | ||||||||
Special items -- Automotive
|
(98 | ) | 83 | (431 | ) | (406 | ) | |||||||||
Total Automotive
|
$ | 1,241 | $ | 1,858 | $ | 5,315 | $ | 4,588 | ||||||||
Financial Services
|
605 | 388 | 1,913 | 1,291 | ||||||||||||
Pre-tax results
|
$ | 1,846 | $ | 2,246 | $ | 7,228 | $ | 5,879 | ||||||||
(Provision for) / Benefit from income taxes
|
(194 | ) | (613 | ) | (620 | ) | (1,810 | ) | ||||||||
Net income / (loss)
|
$ | 1,652 | $ | 1,633 | $ | 6,608 | $ | 4,069 | ||||||||
Less: Income / (Loss) attributable to non-controlling interests
|
3 | 2 | 10 | 2 | ||||||||||||
Net income / (loss) attributable to Ford
|
$ | 1,649 | $ | 1,631 | $ | 6,598 | $ | 4,067 | ||||||||
Memo: Excluding special items
|
||||||||||||||||
Pre-tax results
|
$ | 1,944 | $ | 2,163 | $ | 7,659 | $ | 6,285 | ||||||||
(Provision for) / Benefit from income taxes
|
(579 | ) | (587 | ) | (2,327 | ) | (1,928 | ) | ||||||||
Less: Income / (Loss) attributable to non-controlling interests
|
3 | 2 | 10 | 2 | ||||||||||||
After-tax results
|
$ | 1,362 | $ | 1,574 | $ | 5,322 | $ | 4,355 |
TOTAL COMPANY
|
|||||||||
SPECIAL ITEMS
|
|||||||||
Third Quarter
|
First Nine Months
|
|||||||||||||||
2011
|
2012
|
2011
|
2012
|
|||||||||||||
(Mils.)
|
(Mils.)
|
(Mils.)
|
(Mils.)
|
|||||||||||||
Personnel and Dealer-Related Items
|
||||||||||||||||
Personnel-reduction actions
|
$ | (81 | ) | $ | (23 | ) | $ | (213 | ) | $ | (313 | ) | ||||
Mercury discontinuation / Other dealer actions
|
(42 | ) | (18 | ) | (104 | ) | (47 | ) | ||||||||
Job Security Benefits / Other
|
29 | 5 | 33 | 23 | ||||||||||||
Total Personnel and Dealer-Related Items
|
$ | (94 | ) | $ | (36 | ) | $ | (284 | ) | $ | (337 | ) | ||||
Other Items
|
||||||||||||||||
AAI consolidation
|
$ | - | $ | 136 | $ | - | $ | 136 | ||||||||
Loss on sale of two component businesses
|
- | (1 | ) | - | (174 | ) | ||||||||||
Belgium pension
|
- | - | (104 | ) | - | |||||||||||
Trust Preferred redemption
|
- | - | (60 | ) | - | |||||||||||
Other
|
(4 | ) | (16 | ) | 17 | (31 | ) | |||||||||
Total Other Items
|
$ | (4 | ) | $ | 119 | $ | (147 | ) | $ | (69 | ) | |||||
Total Special Items
|
$ | (98 | ) | $ | 83 | $ | (431 | ) | $ | (406 | ) | |||||
Memo:
|
||||||||||||||||
Special Items impact on earnings per share*
|
$ | 0.07 | $ | 0.01 | $ | 0.32 | $ | (0.07 | ) |
*
|
Includes related tax effect on special items and tax special items
|
AUTOMOTIVE SECTOR
|
|||||||||
NET INTEREST RECONCILIATION TO GAAP
|
|||||||||
Third Quarter
|
First Nine Months
|
|||||||||||||||
2011
|
2012
|
2011
|
2012
|
|||||||||||||
(Mils.)
|
(Mils.)
|
(Mils.)
|
(Mils.)
|
|||||||||||||
Interest expense
|
$ | (181 | ) | $ | (198 | ) | $ | (634 | ) | $ | (571 | ) | ||||
Interest income
|
101 | 68 | 291 | 220 | ||||||||||||
Subtotal
|
$ | (80 | ) | $ | (130 | ) | $ | (343 | ) | $ | (351 | ) | ||||
Adjusted for items included / excluded from net interest
|
||||||||||||||||
Include: Gains / (Losses) on cash equiv. and marketable securities*
|
(5 | ) | 33 | 17 | 64 | |||||||||||
Exclude: Special items
|
- | - | (2 | ) | - | |||||||||||
Other
|
(16 | ) | (19 | ) | (46 | ) | (55 | ) | ||||||||
Net Interest
|
$ | (101 | ) | $ | (116 | ) | $ | (374 | ) | $ | (342 | ) |
*
|
Excludes mark-to-market adjustments of our investment in Mazda
|
AUTOMOTIVE SECTOR
|
|||||||||||
GROSS CASH RECONCILIATION TO GAAP
|
|||||||||||
2011
|
2012
|
|||||||||||||||||||
Sep. 30
|
Dec. 31
|
Mar. 31
|
June 30
|
Sep. 30
|
||||||||||||||||
(Bils.)
|
(Bils.)
|
(Bils.)
|
(Bils.)
|
(Bils.)
|
||||||||||||||||
Cash and cash equivalents
|
$ | 8.1 | $ | 7.9 | $ | 7.3 | $ | 7.2 | $ | 6.2 | ||||||||||
Marketable securities
|
12.7 | 15.0 | 15.8 | 16.6 | 17.9 | |||||||||||||||
Total cash and marketable securities
|
$ | 20.8 | $ | 22.9 | $ | 23.1 | $ | 23.8 | $ | 24.1 | ||||||||||
Securities in transit*
|
- | - | (0.1 | ) | (0.1 | ) | - | |||||||||||||
Gross cash
|
$ | 20.8 | $ | 22.9 | $ | 23.0 | $ | 23.7 | $ | 24.1 |
*
|
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
|
||||||||
Third Quarter
|
First Nine Months
|
|||||||||||||||
2011
|
2012
|
2011
|
2012
|
|||||||||||||
(Bils.)
|
(Bils.)
|
(Bils.)
|
(Bils.)
|
|||||||||||||
Cash flows from operating activities of continuing operations
|
$ | 1.1 | $ | 1.4 | $ | 6.8 | $ | 4.1 | ||||||||
Items included in operating-related cash flows
|
||||||||||||||||
Capital expenditures
|
(1.1 | ) | (1.3 | ) | (3.1 | ) | (3.6 | ) | ||||||||
Proceeds from the exercise of stock options
|
- | - | 0.1 | - | ||||||||||||
Net cash flows from non-designated derivatives
|
- | (0.3 | ) | 0.1 | (0.6 | ) | ||||||||||
Items not included in operating-related cash flows
|
||||||||||||||||
Cash impact of Job Security Benefits and personnel-reduction actions
|
0.1 | - | 0.2 | 0.3 | ||||||||||||
Pension contributions
|
0.2 | 0.6 | 1.0 | 2.5 | ||||||||||||
Tax refunds and tax payments from affiliates
|
- | - | (0.4 | ) | (0.1 | ) | ||||||||||
Settlement of outstanding obligation with affiliates
|
- | - | - | (0.3 | ) | |||||||||||
Other
|
0.1 | 0.3 | 0.2 | 0.1 | ||||||||||||
Operating-related cash flows
|
$ | 0.4 | $ | 0.7 | $ | 4.9 | $ | 2.4 | ||||||||