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EXCEL - IDEA: XBRL DOCUMENT - FORD MOTOR CO | Financial_Report.xls |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: August 2, 2010
(Date of earliest event reported)
FORD MOTOR COMPANY
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
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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Registrant's telephone number, including area code 313-322-3000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ]
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ]
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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))
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[ ]
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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1
Item 2.01. Completion of Acquisition or Disposition of Assets.
As disclosed in its Current Report on Form 8-K dated March 28, 2010, Ford Motor Company ("Ford") and its subsidiary, Volvo Personvagnar Holding AB ("Volvo Holdco"), signed a stock purchase agreement (the "Agreement") with two subsidiaries of Zhejiang Geely Holding Group Company Limited ("Geely"), Mintime North America, LLC ("Mintime") and Geely Sweden AB ("Geely Sweden"). Pursuant to the terms of the Agreement, on August 2, 2010, Volvo Holdco sold and Geely Sweden acquired 100% of the outstanding shares of Volvo Personvagnar AB, which together with its subsidiaries is the main operating entity for the production and sale of Volvo-brand vehicles ("Volvo Car Corporation" or "VCC"), and Ford sold and Mintime acquired 100% of the membership interest of Volvo Cars of North America, LLC, the distributor of Volvo-brand vehicles in North America ("VCNA"). Pursuant to the Agreement, VCC, VCNA, and their respective subsidiaries (collectively, "Volvo") will retain or acquire certain assets presently used by Volvo, consisting principally of ownership of, or licenses to use, certain intellectual property ("Related Assets").
The total purchase price for VCC, VCNA and the Related Assets set forth in the Agreement was $1.8 billion, of which $200 million was to be paid in the form of a note (the "Note") and the balance to be paid in cash, with the cash portion subject to customary purchase price adjustments. In accordance with the terms of the Agreement, at closing on August 2, 2010, Geely paid $1.3 billion in cash and issued the Note in the amount of $200 million. The estimated purchase price adjustments used at closing (relating to estimated pension liabilities, debt, cash and working capital balances) are expected to be finalized and settled following final true-up of the purchase price adjustments later this year. The final true-up is expected to result in additional proceeds to Ford.
The Note issued to Volvo Holdco is the obligation of the parent of Geely Sweden, and is guaranteed by the parent of the obligor. The Note matures on November 2, 2015, and contains certain covenants, including with respect to the incurrence of indebtedness, liens, and merger and consolidation transactions.
As part of the arrangement between Ford and Geely, Ford will continue to supply Volvo with, for differing periods, powertrains, stampings and other vehicle components. Volvo will continue to supply engines, stampings and other components to Ford for a period of time. Ford also has committed to provide certain engineering support, information technology, access to tooling for common components, accounting and other selected services for a transition period to ensure a smooth separation process.
Pursuant to the terms of the secured credit agreement that Ford entered into in December 2006, as amended (the "Credit Agreement"), Ford is required to use about $300 million of the net cash proceeds from the sale of VCC to partially prepay certain outstanding term loans under the Credit Agreement. For additional information, see the Amended and Restated Credit Agreement dated as of November 24, 2009 (filed as Exhibit 99.2 to Ford's Current Report on Form 8-K dated November 25, 2009).
Item 9.01. Financial Statements and Exhibits.
The following unaudited pro forma condensed statements of operations (consolidated and sector) for the year ended December 31, 2009 and the three months ended March 31, 2010, have been prepared to present our results of operations as if the sale of Volvo had occurred at the beginning of the respective periods. The unaudited pro forma condensed balance sheets (consolidated and sector) at March 31, 2010 have been prepared to present our financial position as if the sale of Volvo had occurred on March 31, 2010.
The pro forma statements do not purport to be indicative of the financial position or results of operations of Ford as of such date or for such periods, nor are they necessarily indicative of future results. As such, data in the pro forma statements differ from the actual sales proceeds calculated as of August 2, 2010 and disclosed in Item 2.01 above. Further, the pro forma financial statements have not been adjusted for the ongoing mutual component supply activities or transitional services described in Item 2.01 above.
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FORD MOTOR COMPANY
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(Registrant)
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Date: August 2, 2010
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By:
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/s/ Louis J. Ghilardi
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Louis J. Ghilardi
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||
Assistant Secretary
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3
Item 9.01. Financial Statements and Exhibits (Continued)
FORD MOTOR COMPANY AND SUBSIDIARIES
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(in millions, except per share amounts)
Three Months Ended March 31, 2010
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Year Ended December 31, 2009
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|||||||||||||||||||||||||
Historical
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Pro Forma
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Pro Forma
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Historical
|
Pro Forma
|
Pro Forma
|
|||||||||||||||||||||
Financial
|
Adjustments
|
Financial
|
Financial
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Adjustments
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Financial
|
|||||||||||||||||||||
Statement
|
Volvo (a)
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Statement
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Statement
|
Volvo (a)
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Statement
|
|||||||||||||||||||||
(unaudited)
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(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
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|||||||||||||||||||||
Sales and revenues
|
||||||||||||||||||||||||||
Automotive sales
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$ | 28,894 | $ | (3,523 | ) | $ | 25,371 | $ | 103,868 | $ | (12,356 | ) | $ | 91,512 | ||||||||||||
Financial Services revenues
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2,672 | — | 2,672 | 12,415 | — | 12,415 | ||||||||||||||||||||
Total sales and revenues
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31,566 | (3,523 | ) | 28,043 | 116,283 | (12,356 | ) | 103,927 | ||||||||||||||||||
Costs and expenses
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||||||||||||||||||||||||||
Automotive cost of sales
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25,139 | (2,949 | ) | 22,190 | 98,866 | (11,907 | ) | 86,959 | ||||||||||||||||||
Selling, administrative and other expenses
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3,089 | (389 | ) | 2,700 | 13,029 | (1,433 | ) | 11,596 | ||||||||||||||||||
Interest expense
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1,701 | (2 | ) | 1,699 |
(b)
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6,790 | (11 | ) | 6,779 |
(b)
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||||||||||||||||
Financial Services provision for credit and insurance losses
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(41 | ) | — | (41 | ) | 1,030 | — | 1,030 | ||||||||||||||||||
Total costs and expenses
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29,888 | (3,340 | ) | 26,548 | 119,715 | (13,351 | ) | 106,364 | ||||||||||||||||||
Automotive interest income and other non-operating income/(expense), net
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189 | — | 189 | 5,284 | — | 5,284 | ||||||||||||||||||||
Financial Services other income/(loss)
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126 | — | 126 | 552 | — | 552 | ||||||||||||||||||||
Equity in net income/(loss) of affiliated companies
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142 | (3 | ) | 139 | 195 | (45 | ) | 150 | ||||||||||||||||||
Income/(Loss) before income taxes
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2,135 | (186 | ) | 1,949 | 2,599 | 950 | 3,549 | |||||||||||||||||||
Provision for/(Benefit from) income taxes
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50 | (33 | ) | 17 | (113 | ) | (57 | ) | (170 | ) | ||||||||||||||||
Income/(Loss) from continuing operations
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2,085 | (153 | ) | 1,932 | 2,712 | 1,007 | 3,719 | |||||||||||||||||||
Income/(Loss) from discontinued operations
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— | — | — | 5 | — | 5 | ||||||||||||||||||||
Net income/(loss)
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2,085 | (153 | ) | 1,932 | 2,717 | 1,007 | 3,724 | |||||||||||||||||||
Less: Income/(Loss) attributable to noncontrolling interests
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— | — | — | — | — | — | ||||||||||||||||||||
Net income/(loss) attributable to Ford Motor Company
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$ | 2,085 | $ | (153 | ) | $ | 1,932 | $ | 2,717 | $ | 1,007 | $ | 3,724 |
NET INCOME/(LOSS) ATTRIBUTABLE TO FORD MOTOR COMPANY
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|||||||||||||||||||||||||
Income/(Loss) from continuing operations
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$ | 2,085 | $ | (153 | ) | $ | 1,932 | $ | 2,712 | $ | 1,007 | $ | 3,719 | ||||||||||||
Income/(Loss) from discontinued operations
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— | — | — | 5 | — | 5 | |||||||||||||||||||
Net income/(loss)
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$ | 2,085 | $ | (153 | ) | $ | 1,932 | $ | 2,717 | $ | 1,007 | $ | 3,724 |
AMOUNTS PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK
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|||||||||||||||||||||||||
Basic income/(loss)
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|||||||||||||||||||||||||
Income/(Loss) from continuing operations
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$ | 0.62 | $ | (0.05 | ) | $ | 0.57 | $ | 0.91 | $ | 0.34 | $ | 1.24 | ||||||||||||
Number of shares used to compute amounts per share
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3,365 | 3,365 | 3,365 | 2,991 | 2,991 | 2,991 | |||||||||||||||||||
Diluted income/(loss)
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|||||||||||||||||||||||||
Income/(Loss) from continuing operations
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$ | 0.50 | $ | (0.04 | ) | $ | 0.47 | $ | 0.86 | $ | 0.34 | $ | 1.17 | ||||||||||||
Number of shares used to compute amounts per share
|
4,569 | 3,570 | 4,569 | 3,312 | 2,991 | 3,474 |
See endnotes.
4
Item 9.01. Financial Statements and Exhibits (Continued)
FORD MOTOR COMPANY AND SUBSIDIARIES
PRO FORMA CONDENSED SECTOR STATEMENT OF OPERATIONS
(in millions, except per share amounts)
Three Months Ended March 31, 2010
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Year Ended December 31, 2009
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|||||||||||||||||||||||||
Historical
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Pro Forma
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Pro Forma
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Historical
|
Pro Forma
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Pro Forma
|
|||||||||||||||||||||
Financial
|
Adjustments
|
Financial
|
Financial
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Adjustments
|
Financial
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|||||||||||||||||||||
Statement
|
Volvo (a)
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Statement
|
Statement
|
Volvo (a)
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Statement
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|||||||||||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
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(unaudited)
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|||||||||||||||||||||
AUTOMOTIVE
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||||||||||||||||||||||||||
Sales
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$ | 28,894 | $ | (3,523 | ) | $ | 25,371 | $ | 103,868 | $ | (12,356 | ) | $ | 91,512 | ||||||||||||
Costs and expenses
|
||||||||||||||||||||||||||
Cost of sales
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25,139 | (2,949 | ) | 22,190 | 98,866 | (11,907 | ) | 86,959 | ||||||||||||||||||
Selling, administrative and other expenses
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2,220 | (389 | ) | 1,831 | 8,354 | (1,433 | ) | 6,921 | ||||||||||||||||||
Total costs and expenses
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27,359 | (3,338 | ) | 24,021 | 107,220 | (13,340 | ) | 93,880 | ||||||||||||||||||
Operating income/(loss)
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1,535 | (185 | ) | 1,350 | (3,352 | ) | 984 | (2,368 | ) | |||||||||||||||||
Interest expense
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542 | (2 | ) | 540 |
(b)
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1,477 | (11 | ) | 1,466 |
(b)
|
||||||||||||||||
Interest income and other non-operating income/(expense), net
|
189 | — | 189 | 5,284 | — | 5,284 | ||||||||||||||||||||
Equity in net income/(loss) of affiliated companies
|
138 | (3 | ) | 135 | 330 | (45 | ) | 285 | ||||||||||||||||||
Income/(Loss) before income taxes — Automotive
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1,320 | (186 | ) | 1,134 | 785 | 950 | 1,735 | |||||||||||||||||||
FINANCIAL SERVICES
|
||||||||||||||||||||||||||
Revenues
|
2,672 | — | 2,672 | 12,415 | — | 12,415 | ||||||||||||||||||||
Costs and expenses
|
||||||||||||||||||||||||||
Interest expense
|
1,159 | — | 1,159 | 5,313 | — | 5,313 | ||||||||||||||||||||
Depreciation
|
660 | — | 660 | 3,937 | — | 3,937 | ||||||||||||||||||||
Operating and other expenses
|
209 | — | 209 | 738 | — | 738 | ||||||||||||||||||||
Provision for credit and insurance losses
|
(41 | ) | — | (41 | ) | 1,030 | — | 1,030 | ||||||||||||||||||
Total costs and expenses
|
1,987 | — | 1,987 | 11,018 | — | 11,018 | ||||||||||||||||||||
Other income/(loss), net
|
126 | — | 126 | 552 | — | 552 | ||||||||||||||||||||
Equity in net income/(loss) of affiliated companies
|
4 | — | 4 | (135 | ) | — | (135 | ) | ||||||||||||||||||
Income/(Loss) before income taxes — Financial Services
|
815 | — | 815 | 1,814 | — | 1,814 | ||||||||||||||||||||
TOTAL COMPANY
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||||||||||||||||||||||||||
Income/(Loss) before income taxes
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2,135 | (186 | ) | 1,949 | 2,599 | 950 | 3,549 | |||||||||||||||||||
Provision for/(Benefit from) income taxes
|
50 | (33 | ) | 17 | (113 | ) | (57 | ) | (170 | ) | ||||||||||||||||
Income/(Loss) from continuing operations
|
2,085 | (153 | ) | 1,932 | 2,712 | 1,007 | 3,719 | |||||||||||||||||||
Income/(Loss) from discontinued operations
|
— | — | — | 5 | — | 5 | ||||||||||||||||||||
Net income/(loss)
|
2,085 | (153 | ) | 1,932 | 2,717 | 1,007 | 3,724 | |||||||||||||||||||
Less: Income/(Loss) attributable to noncontrolling interests
|
— | — | — | — | — | — | ||||||||||||||||||||
Net income/(loss) attributable to Ford Motor Company
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$ | 2,085 | $ | (153 | ) | $ | 1,932 | $ | 2,717 | $ | 1,007 | $ | 3,724 | |||||||||||||
NET INCOME/(LOSS) ATTRIBUTABLE TO FORD MOTOR COMPANY
|
||||||||||||||||||||||||
Income/(Loss) from continuing operations
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$ | 2,085 | $ | (153 | ) | $ | 1,932 | $ | 2,712 | $ | 1,007 | $ | 3,719 | |||||||||||
Income/(Loss) from discontinued operations
|
— | — | — | 5 | — | 5 | ||||||||||||||||||
Net income/(loss)
|
$ | 2,085 | $ | (153 | ) | $ | 1,932 | $ | 2,717 | $ | 1,007 | $ | 3,724 | |||||||||||
AMOUNTS PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK
|
||||||||||||||||||||||||
Basic income/(loss)
|
||||||||||||||||||||||||
Income/(Loss) from continuing operations
|
$ | 0.62 | $ | (0.05 | ) | $ | 0.57 | $ | 0.91 | $ | 0.34 | $ | 1.24 | |||||||||||
No. of shares used to compute per share
|
3,365 | 3,365 | 3,365 | 2,991 | 2,991 | 2,991 | ||||||||||||||||||
Diluted income/(loss)
|
||||||||||||||||||||||||
Income/(Loss) from continuing operations
|
$ | 0.50 | $ | (0.04 | ) | $ | 0.47 | $ | 0.86 | $ | 0.34 | $ | 1.17 | |||||||||||
No. of shares used to compute per share
|
4,569 | 3,570 | 4,569 | 3,312 | 2,991 | 3,474 |
See endnotes.
5
Item 9.01. Financial Statements and Exhibits (Continued)
FORD MOTOR COMPANY AND SUBSIDIARIES
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
March 31, 2010
(in millions)
Historical
|
Pro Forma
|
Pro Forma
|
|||||||||||
Financial
|
Adjustments
|
Financial
|
|||||||||||
Statement
|
Volvo
|
Statement
|
|||||||||||
(unaudited)
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(unaudited)
|
(unaudited)
|
|||||||||||
ASSETS
|
|||||||||||||
Cash and cash equivalents
|
$ | 24,356 | $ | — | $ | 24,356 | |||||||
— | 1,301 |
(c)
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1,301 | ||||||||||
— | (665 | ) |
(d)
|
(665 | ) | ||||||||
— | (280 | ) |
(e)
|
(280 | ) | ||||||||
Subtotal adjusted cash and cash equivalents
|
24,356 | 356 | 24,712 | ||||||||||
Marketable securities
|
21,883 | — | 21,883 | ||||||||||
Finance receivables, net
|
73,837 | — | 73,837 | ||||||||||
Other receivables, net
|
6,925 | 303 |
(f)
|
7,228 | |||||||||
Net investment in operating leases
|
15,818 | — | 15,818 | ||||||||||
Inventories
|
6,292 | — | 6,292 | ||||||||||
Equity in net assets of affiliated companies
|
2,544 | — | 2,544 | ||||||||||
Net property
|
22,826 | — | 22,826 | ||||||||||
Deferred income taxes
|
2,861 | — | 2,861 | ||||||||||
Goodwill and other net intangible assets
|
192 | — | 192 | ||||||||||
Assets of held-for-sale operations
|
8,076 | (8,076 | ) |
(g)
|
— | ||||||||
Other assets
|
6,358 | — | 6,358 | ||||||||||
Total assets
|
$ | 191,968 | $ | (7,417 | ) | $ | 184,551 | ||||||
Payables
|
$ | 15,611 | $ | 149 |
(h)
|
$ | 15,760 | ||||||
Accrued liabilities and deferred revenue
|
44,445 | 47 |
(i)
|
44,492 | |||||||||
Debt
|
130,105 | (377 | ) |
(j)(e)
|
129,728 | ||||||||
Deferred income taxes
|
1,600 | — | 1,600 | ||||||||||
Liabilities of held-for-sale operations
|
5,644 | (5,644 | ) |
(g)
|
— | ||||||||
Total liabilities
|
197,405 | (5,825 | ) | 191,580 | |||||||||
Equity
|
|||||||||||||
Capital stock
|
|||||||||||||
Common Stock, par value $0.01 per share (3,345 million shares issued)
|
33 | — | 33 | ||||||||||
Class B Stock, par value $0.01 per share (71 million shares issued)
|
1 | — | 1 | ||||||||||
Capital in excess of par value of stock
|
17,382 | — | 17,382 | ||||||||||
Accumulated other comprehensive income/(loss)
|
(11,199 | ) | (1,609 | ) |
(g)
|
(12,808 | ) | ||||||
Treasury stock
|
(178 | ) | 17 |
(k)
|
(161 | ) | |||||||
Retained earnings/(Accumulated deficit)
|
(11,514 | ) | — |
(l)
|
(11,514 | ) | |||||||
Total equity/(deficit) attributable to Ford Motor Company
|
(5,475 | ) | (1,592 | ) | (7,067 | ) | |||||||
Equity/(Deficit) attributable to noncontrolling interests
|
38 | — | 38 | ||||||||||
Total equity/(deficit)
|
(5,437 | ) | (1,592 | ) | (7,029 | ) | |||||||
Total liabilities and equity
|
$ | 191,968 | $ | (7,417 | ) | $ | 184,551 |
________________
The following table includes assets to settle liabilities of the consolidated variable interest entities ("VIEs"). These assets and liabilities are included in the consolidated balance sheet above.
ASSETS
|
||||||||||||
Cash and cash equivalents
|
$ | 5,117 | $ | — | $ | 5,117 | ||||||
Finance receivables, net
|
54,471 | — | 54,471 | |||||||||
Other receivables, net
|
25 | — | 25 | |||||||||
Net investment in operating leases
|
10,765 | — | 10,765 | |||||||||
Inventories
|
22 | — | 22 | |||||||||
Net property
|
31 | — | 31 | |||||||||
Other assets
|
39 | — | 39 | |||||||||
LIABILITIES
|
||||||||||||
Payables
|
22 | — | 22 | |||||||||
Accrued liabilities and deferred revenue
|
504 | — | 504 | |||||||||
Debt
|
47,929 | — | 47,929 |
See endnotes.
6
Item 9.01. Financial Statements and Exhibits (Continued)
FORD MOTOR COMPANY AND SUBSIDIARIES
PRO FORMA CONDENSED SECTOR BALANCE SHEET
March 31, 2010
(in millions)
Historical
Financial
Statement
|
Pro Forma Adjustments
Volvo
|
Pro Forma Financial
Statement
|
|||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||
ASSETS
|
|||||||||||||
Automotive
|
|||||||||||||
Cash and cash equivalents
|
$ | 12,801 | $ | 356 |
(c)(d)(e)
|
$ | 13,157 | ||||||
Marketable securities
|
12,491 | — | 12,491 | ||||||||||
Total cash, marketable and loaned securities
|
25,292 | 356 | 25,648 | ||||||||||
Receivables, net
|
3,332 | 303 |
(f)
|
3,635 | |||||||||
Inventories
|
6,292 | — | 6,292 | ||||||||||
Deferred income taxes
|
493 | — | 493 | ||||||||||
Other current assets
|
2,797 | — | 2,797 | ||||||||||
Current receivable from Financial Services
|
2,834 | — | 2,834 | ||||||||||
Total current assets
|
41,040 | 659 | 41,699 | ||||||||||
Equity in net assets of affiliated companies
|
2,420 | — | 2,420 | ||||||||||
Net property
|
22,655 | — | 22,655 | ||||||||||
Deferred income taxes
|
5,600 | — | 5,600 | ||||||||||
Goodwill and other net intangible assets
|
183 | — | 183 | ||||||||||
Assets of held-for-sale operations
|
8,076 | (8,076 | ) |
(g)
|
— | ||||||||
Other assets
|
1,726 | — | 1,726 | ||||||||||
Non-current receivable from Financial Services
|
256 | — | 256 | ||||||||||
Total Automotive assets
|
81,956 | (7,417 | ) | 74,539 | |||||||||
Financial Services
|
|||||||||||||
Cash and cash equivalents
|
11,555 | — | 11,555 | ||||||||||
Marketable securities
|
9,824 | — | 9,824 | ||||||||||
Finance receivables, net
|
77,439 | — | 77,439 | ||||||||||
Net investment in operating leases
|
13,780 | — | 13,780 | ||||||||||
Equity in net assets of affiliated companies
|
124 | — | 124 | ||||||||||
Goodwill and other net intangible assets
|
9 | — | 9 | ||||||||||
Other assets
|
4,330 | — | 4,330 | ||||||||||
Total Financial Services assets
|
117,061 | — | 117,061 | ||||||||||
Intersector elimination
|
(3,532 | ) | — | (3,532 | ) | ||||||||
Total assets
|
$ | 195,485 | $ | (7,417 | ) | $ | 188,068 | ||||||
LIABILITIES
|
|||||||||||||
Automotive
|
|||||||||||||
Trade payables
|
$ | 11,898 | $ | 149 |
(h)
|
$ | 12,047 | ||||||
Other payables
|
2,480 | — | 2,480 | ||||||||||
Accrued liabilities and deferred revenue
|
17,642 | 47 |
(i)
|
17,689 | |||||||||
Deferred income taxes
|
2,949 | — | 2,949 | ||||||||||
Debt payable within one year
|
5,009 | (67 | ) |
(j)(e)
|
4,942 | ||||||||
Total current liabilities
|
39,978 | 129 | 40,107 | ||||||||||
Long-term debt
|
29,242 | (310 | ) |
(j)(e)
|
28,932 | ||||||||
Other liabilities
|
22,337 | — | 22,337 | ||||||||||
Deferred income taxes
|
524 | — | 524 | ||||||||||
Liabilities of held-for-sale operations
|
5,644 | (5,644 | ) |
(g)
|
— | ||||||||
Total Automotive liabilities
|
97,725 | (5,825 | ) | 91,900 | |||||||||
Financial Services
|
|||||||||||||
Payables
|
1,233 | — | 1,233 | ||||||||||
Debt
|
96,286 | — | 96,286 | ||||||||||
Deferred income taxes
|
1,644 | — | 1,644 | ||||||||||
Other liabilities and deferred income
|
4,476 | — | 4,476 | ||||||||||
Payable to Automotive
|
3,090 | — | 3,090 | ||||||||||
Total Financial Services liabilities
|
106,729 | — | 106,729 | ||||||||||
Intersector elimination
|
(3,532 | ) | — | (3,532 | ) | ||||||||
Total liabilities
|
200,922 | (5,825 | ) | 195,097 | |||||||||
Equity
|
|||||||||||||
Capital stock
|
|||||||||||||
Common Stock, par value $0.01 per share (3,345 million shares issued)
|
33 | — | 33 | ||||||||||
Class B Stock, par value $0.01 per share (71 million shares issued)
|
1 | — | 1 | ||||||||||
Capital in excess of par value of stock
|
17,382 | — | 17,382 | ||||||||||
Accumulated other comprehensive income/(loss)
|
(11,199 | ) | (1,609 | ) |
(g)
|
(12,808 | ) | ||||||
Treasury stock
|
(178 | ) | 17 |
(k)
|
(161 | ) | |||||||
Retained earnings/(Accumulated deficit)
|
(11,514 | ) | — |
(l)
|
(11,514 | ) | |||||||
Total equity/(deficit) attributable to Ford Motor Company
|
(5,475 | ) | (1,592 | ) | (7,067 | ) | |||||||
Equity/(Deficit) attributable to noncontrolling interests
|
38 | — | 38 | ||||||||||
Total equity/(deficit)
|
(5,437 | ) | (1,592 | ) | (7,029 | ) | |||||||
Total liabilities and equity
|
$ | 195,485 | $ | (7,417 | ) | $ | 188,068 |
See endnotes.
7
Item 9.01. Financial Statements and Exhibits (Continued)
FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE PRO FORMA FINANCIAL STATEMENTS
(a)
|
Carve-out of Volvo results included in our historical statements.
|
(b)
|
The interest savings from the use of $280 million of sale proceeds to partially prepay certain outstanding term loans as required pursuant to the terms of the Credit Agreement.
|
(c)
|
Anticipated cash proceeds from the sale of Volvo of $1.301 billion. Amount is comprised of the portion of the purchase price to be settled in cash ($1.6 billion), and contractually defined purchase price adjustments ($299 million) for estimated pension liabilities, the cash to be transferred to the acquirer, net of debt, and the difference between actual and targeted working capital balances, had the sale occurred on March 31, 2010.
|
(d)
|
Volvo cash balances that would have been transferred to Geely had the sale occurred on March 31, 2010.
|
(e)
|
Use of $280 million of sale proceeds to partially prepay certain outstanding term loans as required pursuant to the terms of the Credit Agreement.
|
(f)
|
Portion of the purchase price to be paid in the form of a seller loan note ($200 million) and trade receivables ($103 million) between Ford and Volvo as of March 31, 2010 (eliminated as an intercompany item in our historical financial statements).
|
(g)
|
Carve out of assets, liabilities, and other accumulated other comprehensive income/(loss) of Volvo included in our historical financial statements.
|
(h)
|
Trade payables between Ford and Volvo as of March 31, 2010 (eliminated as an intercompany item in our historical financial statements).
|
(i)
|
Liabilities incurred in connection with the sale of Volvo.
|
(j)
|
Volvo debt that would have been transferred to Geely had the sale occurred on March 31, 2010 ($97 million).
|
(k)
|
Related to the transfer of shares held by the Volvo North America Employee Stock Ownership Plan.
|
(l)
|
Estimated gain/(loss) on the sale of Volvo as if sold on March 31, 2010.
|
8