[X]
|
QUARTERLY
REPORT PURSUANT TO SECTION
13
OR
15(d)
OF
THE
|
SECURITIES
EXCHANGE ACT OF
1934
|
|
For
the quarterly period ended March
31, 2006
|
|
[
]
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
|
SECURITIES
EXCHANGE ACT OF 1934
|
|
For
the transition period from
to
|
|
Commission
File Number: 1-3950
|
1-3950
|
38-0549190
|
(Commission
File Number)
|
(IRS
Employer
Identification No.)
|
One
American Road, Dearborn, Michigan
|
48126
|
(Address
of
principal executive offices)
|
(Zip
Code)
|
Indicate
by
check mark whether the registrant (1) has filed all reports required
to be
filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during
the preceding 12 months (or for such shorter period that the registrant
was required to file such reports), and (2) has been subject to
such
filing requirements for the past 90 days
|
|||||||||||||||||
[X]
|
Yes
|
[
]
|
No
|
||||||||||||||
Indicate
by
check mark whether the registrant is a large accelerated filer,
an
accelerated filer, or a non-accelerated filer. See definition of
"accelerated filer and large accelerated filer" in Rule 12b-2 of
the
Exchange Act.
|
|||||||||||||||||
Large
accelerated filer
|
[X]
|
Accelerated
filer
|
[ ]
|
Non-accelerated
filer
|
[
]
|
||||||||||||
Indicate
by
check mark whether the registrant is a shell company (as defined
in Rule
12b-2 of the Exchange Act).
|
|||||||||||||||||
[
]
|
Yes
|
[X]
|
No
|
||||||||||||||
First
Quarter
|
|||||||
2006
|
2005
|
||||||
(unaudited)
|
|||||||
Sales
and revenues
|
|||||||
Automotive
sales
|
$
|
36,985
|
$
|
39,332
|
|||
Financial
Services revenues
|
4,070
|
5,804
|
|||||
Total
sales
and revenues
|
41,055
|
45,136
|
|||||
Costs
and expenses
|
|||||||
Cost
of
sales
|
36,674
|
35,558
|
|||||
Selling,
administrative and other expenses
|
4,592
|
6,090
|
|||||
Interest
expense
|
2,019
|
1,964
|
|||||
Financial
Services provision for credit and insurance losses
|
35
|
185
|
|||||
Total
costs
and expenses
|
43,320
|
43,797
|
|||||
Automotive
interest income and other non-operating income/(expense),
net
|
215
|
153
|
|||||
Automotive
equity in net income/(loss) of affiliated companies
|
79
|
57
|
|||||
Income/(loss)
before income taxes
|
(1,971
|
)
|
1,549
|
||||
Provision
for/(benefit from) income taxes
|
(843
|
)
|
314
|
||||
Income/(loss)
before minority interests
|
(1,128
|
)
|
1,235
|
||||
Minority
interests in net income/(loss) of subsidiaries
|
59
|
58
|
|||||
Income/(loss)
from continuing operations
|
(1,187
|
)
|
1,177
|
||||
Income/(loss)
from discontinued operations
|
—
|
35
|
|||||
Net
income/(loss)
|
$
|
(1,187
|
)
|
$
|
1,212
|
||
AMOUNTS
PER SHARE OF COMMON AND CLASS B STOCK (Note 10)
|
|||||||
Basic
income/(loss)
|
|||||||
Income/(loss)
from continuing operations
|
$
|
(0.64
|
)
|
$
|
0.64
|
||
Income/(loss)
from discontinued operations
|
—
|
0.02
|
|||||
Net
income/(loss)
|
$
|
(0.64
|
)
|
$
|
0.66
|
||
Diluted
income/(loss)
|
|||||||
Income/(loss)
from continuing operations
|
$
|
(0.64
|
)
|
$
|
0.58
|
||
Income/(loss)
from discontinued operations
|
—
|
0.02
|
|||||
Net
income/(loss)
|
$
|
(0.64
|
)
|
$
|
0.60
|
||
Cash
dividends
|
$
|
0.10
|
$
|
0.10
|
First
Quarter
|
|||||||
2006
|
2005
|
||||||
(unaudited)
|
|||||||
AUTOMOTIVE
|
|||||||
Sales
|
$
|
36,985
|
$
|
39,332
|
|||
Costs
and expenses
|
|||||||
Cost
of
sales
|
36,674
|
35,558
|
|||||
Selling,
administrative and other expenses
|
2,974
|
3,109
|
|||||
Total
costs
and expenses
|
39,648
|
38,667
|
|||||
Operating
income/(loss)
|
(2,663
|
)
|
665
|
||||
Interest
expense
|
346
|
402
|
|||||
Interest
income and other non-operating income/(expense), net
|
215
|
153
|
|||||
Equity
in net
income/(loss) of affiliated companies
|
79
|
57
|
|||||
Income/(loss)
before income taxes — Automotive
|
(2,715
|
)
|
473
|
||||
FINANCIAL
SERVICES
|
|||||||
Revenues
|
4,070
|
5,804
|
|||||
Costs
and expenses
|
|||||||
Interest
expense
|
1,673
|
1,562
|
|||||
Depreciation
|
1,208
|
1,514
|
|||||
Operating
and
other expenses
|
410
|
1,467
|
|||||
Provision
for
credit and insurance losses
|
35
|
185
|
|||||
Total
costs
and expenses
|
3,326
|
4,728
|
|||||
Income/(loss)
before income taxes — Financial Services
|
744
|
1,076
|
|||||
TOTAL
COMPANY
|
|||||||
Income/(loss)
before income taxes
|
(1,971
|
)
|
1,549
|
||||
Provision
for/(benefit from) income taxes
|
(843
|
)
|
314
|
||||
Income/(loss)
before minority interests
|
(1,128
|
)
|
1,235
|
||||
Minority
interests in net income/(loss) of subsidiaries
|
59
|
58
|
|||||
Income/(loss)
from continuing operations
|
(1,187
|
)
|
1,177
|
||||
Income/(loss)
from discontinued operations
|
—
|
35
|
|||||
Net
income/(loss)
|
$
|
(1,187
|
)
|
$
|
1,212
|
||
AMOUNTS
PER SHARE OF COMMON AND CLASS B STOCK (Note 10)
|
|||||||
Basic
income/(loss)
|
|||||||
Income/(loss)
from continuing operations
|
$
|
(0.64
|
)
|
$
|
0.64
|
||
Income/(loss)
from discontinued operations
|
—
|
0.02
|
|||||
Net
income/(loss)
|
$
|
(0.64
|
)
|
$
|
0.66
|
||
Diluted
income/(loss)
|
|||||||
Income/(loss)
from continuing operations
|
$
|
(0.64
|
)
|
$
|
0.58
|
||
Income/(loss)
from discontinued operations
|
—
|
0.02
|
|||||
Net
income/(loss)
|
$
|
(0.64
|
)
|
$
|
0.60
|
||
Cash
dividends
|
$
|
0.10
|
$
|
0.10
|
|
March
31,
2006
|
December
31,
2005
|
|||||
(unaudited)
|
|||||||
ASSETS
|
|||||||
Cash
and cash
equivalents
|
$
|
21,179
|
$
|
28,406
|
|||
Marketable
securities
|
14,732
|
10,672
|
|||||
Loaned
securities
|
3,160
|
3,461
|
|||||
Finance
receivables, net
|
103,986
|
105,975
|
|||||
Other
receivables, net
|
8,824
|
8,522
|
|||||
Net
investment
in operating leases
|
28,952
|
27,099
|
|||||
Retained
interest in sold receivables
|
1,399
|
1,420
|
|||||
Inventories
(Note 5)
|
11,962
|
10,271
|
|||||
Equity
in net
assets of affiliated companies
|
2,557
|
2,579
|
|||||
Net
property
|
40,941
|
40,706
|
|||||
Deferred
income taxes
|
6,767
|
5,881
|
|||||
Goodwill
and
other intangible assets (Note 7)
|
6,072
|
5,945
|
|||||
Assets
of
discontinued/held-for-sale operations
|
—
|
5
|
|||||
Other
assets
|
18,545
|
18,534
|
|||||
Total
assets
|
$
|
269,076
|
$
|
269,476
|
|||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|||||||
Payables
|
$
|
24,005
|
$
|
22,813
|
|||
Accrued
liabilities and deferred revenue
|
75,512
|
72,977
|
|||||
Debt
|
151,104
|
154,332
|
|||||
Deferred
income taxes
|
5,284
|
5,275
|
|||||
Total
liabilities
|
255,905
|
255,397
|
|||||
Minority
interests
|
1,122
|
1,122
|
|||||
Stockholders’
equity
|
|||||||
Capital
stock
|
|||||||
Common
Stock,
par value $0.01 per share (1,837 million shares issued)
|
18
|
18
|
|||||
Class
B Stock,
par value $0.01 per share (71 million shares issued)
|
1
|
1
|
|||||
Capital
in
excess of par value of stock
|
4,778
|
4,872
|
|||||
Accumulated
other comprehensive income/(loss)
|
(3,156
|
)
|
(3,562
|
)
|
|||
Treasury
stock
|
(680
|
)
|
(833
|
)
|
|||
Earnings
retained for use in business
|
11,088
|
12,461
|
|||||
Total
stockholders’ equity
|
12,049
|
12,957
|
|||||
Total
liabilities and stockholders’ equity
|
$
|
269,076
|
$
|
269,476
|
March
31,
2006
|
December
31,
2005
|
||||||
(unaudited)
|
|||||||
ASSETS
|
|||||||
Automotive
|
|||||||
Cash
and cash
equivalents
|
$
|
10,104
|
$
|
13,388
|
|||
Marketable
securities
|
9,044
|
6,860
|
|||||
Loaned
securities
|
3,160
|
3,461
|
|||||
Total
cash,
marketable and loaned securities
|
22,308
|
23,709
|
|||||
Receivables,
net
|
3,279
|
3,061
|
|||||
Inventories
(Note 5)
|
11,962
|
10,271
|
|||||
Deferred
income taxes
|
1,083
|
1,187
|
|||||
Other
current
assets
|
9,049
|
8,177
|
|||||
Current
receivable from Financial Services
|
324
|
—
|
|||||
Total
current
assets
|
48,005
|
46,405
|
|||||
Equity
in net
assets of affiliated companies
|
1,736
|
1,756
|
|||||
Net
property
|
40,621
|
40,378
|
|||||
Deferred
income taxes
|
11,746
|
11,049
|
|||||
Goodwill
and
other intangible assets (Note 7)
|
6,055
|
5,928
|
|||||
Assets
of
discontinued/held-for-sale operations
|
—
|
5
|
|||||
Other
assets
|
8,369
|
8,308
|
|||||
Total
Automotive assets
|
116,532
|
113,829
|
|||||
Financial
Services
|
|||||||
Cash
and cash
equivalents
|
11,075
|
15,018
|
|||||
Marketable
securities
|
5,688
|
3,812
|
|||||
Finance
receivables, net
|
109,531
|
111,436
|
|||||
Net
investment
in operating leases
|
24,411
|
22,951
|
|||||
Retained
interest in sold receivables
|
1,399
|
1,420
|
|||||
Goodwill
and
other intangible assets (Note 7)
|
17
|
17
|
|||||
Other
assets
|
6,909
|
7,457
|
|||||
Current
receivable from Automotive
|
—
|
83
|
|||||
Total
Financial Services assets
|
159,030
|
162,194
|
|||||
Intersector
elimination
|
(324
|
)
|
(83
|
)
|
|||
Total
assets
|
$
|
275,238
|
$
|
275,940
|
|||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|||||||
Automotive
|
|||||||
Trade
payables
|
$
|
18,052
|
$
|
16,554
|
|||
Other
payables
|
4,195
|
4,222
|
|||||
Accrued
liabilities and deferred revenue
|
30,191
|
28,733
|
|||||
Deferred
income taxes
|
852
|
804
|
|||||
Debt
payable
within one year
|
1,264
|
978
|
|||||
Current
payable to Financial Services
|
—
|
83
|
|||||
Total
current
liabilities
|
54,554
|
51,374
|
|||||
Long-term
debt
|
16,510
|
16,900
|
|||||
Other
liabilities
|
40,135
|
38,639
|
|||||
Deferred
income taxes
|
355
|
586
|
|||||
Total
Automotive liabilities
|
111,554
|
107,499
|
|||||
Financial
Services
|
|||||||
Payables
|
1,758
|
2,037
|
|||||
Debt
|
133,330
|
136,454
|
|||||
Deferred
income taxes
|
10,239
|
10,349
|
|||||
Other
liabilities and deferred income
|
5,186
|
5,605
|
|||||
Payable
to
Automotive
|
324
|
—
|
|||||
Total
Financial Services liabilities
|
150,837
|
154,445
|
|||||
Minority
interests
|
1,122
|
1,122
|
|||||
Stockholders’
equity
|
|||||||
Capital
stock
|
|||||||
Common
Stock,
par value $0.01 per share (1,837 million shares issued)
|
18
|
18
|
|||||
Class
B Stock,
par value $0.01 per share (71 million shares issued)
|
1
|
1
|
|||||
Capital
in
excess of par value of stock
|
4,778
|
4,872
|
|||||
Accumulated
other comprehensive income/(loss)
|
(3,156
|
)
|
(3,562
|
)
|
|||
Treasury
stock
|
(680
|
)
|
(833
|
)
|
|||
Earnings
retained for use in business
|
11,088
|
12,461
|
|||||
Total
stockholders’ equity
|
12,049
|
12,957
|
|||||
Intersector
elimination
|
(324
|
)
|
(83
|
)
|
|||
Total
liabilities and stockholders’ equity
|
$
|
275,238
|
$
|
275,940
|
Revised
- See Note 1
|
|||||||
|
2006
|
2005
|
|||||
(unaudited)
|
|||||||
Cash
flows from operating activities of continuing
operations
|
|||||||
Net
cash (used
in)/provided by operating activities
|
$
|
(194
|
)
|
$
|
5,165
|
||
Cash
flows from investing activities of continuing
operations
|
|||||||
Capital
expenditures
|
(1,838
|
)
|
(1,561
|
)
|
|||
Acquisitions
of retail and other finance receivables and operating
leases
|
(13,732
|
)
|
(14,035
|
)
|
|||
Collections
of
retail and other finance receivables and operating leases
|
11,446
|
12,877
|
|||||
Net
acquisitions of daily rental vehicles
|
—
|
(1,283
|
)
|
||||
Purchases
of
securities
|
(6,735
|
)
|
(1,922
|
)
|
|||
Sales
and
maturities of securities
|
4,501
|
1,931
|
|||||
Proceeds
from
sales of retail and other finance receivables and operating
leases
|
2,540
|
8,373
|
|||||
Proceeds
from
sale of businesses
|
50
|
39
|
|||||
Transfer
of
cash balances upon disposition of discontinued/held-for-sale
operations
|
(4
|
)
|
—
|
||||
Other
|
41
|
(195
|
)
|
||||
Net
cash (used
in)/provided by investing activities
|
(3,731
|
)
|
4,224
|
||||
Cash
flows from financing activities of continuing
operations
|
|||||||
Cash
dividends
|
(186
|
)
|
(183
|
)
|
|||
Net
sales/(purchases) of Common Stock
|
42
|
(14
|
)
|
||||
Changes
in
short-term debt
|
1,102
|
(410
|
)
|
||||
Proceeds
from
issuance of other debt
|
10,007
|
5,522
|
|||||
Principal
payments on other debt
|
(14,446
|
)
|
(14,312
|
)
|
|||
Other
|
126
|
(21
|
)
|
||||
Net
cash (used
in)/provided by financing activities
|
(3,355
|
)
|
(9,418
|
)
|
|||
Effect
of
exchange rate changes on cash
|
49
|
(137
|
)
|
||||
Net
increase/(decrease) in cash and cash equivalents from continuing
operations
|
(7,231
|
)
|
(166
|
)
|
|||
Cash
flows from discontinued operations
|
|||||||
Cash
flows
from operating activities of discontinued operations
|
—
|
111
|
|||||
Cash
flows
from investing activities of discontinued operations
|
—
|
(60
|
)
|
||||
Cash
flows
from financing activities of discontinued operations
|
—
|
—
|
|||||
Net
increase/(decrease) in cash and cash equivalents
|
$
|
(7,231
|
)
|
$
|
(115
|
)
|
|
Cash
and cash equivalents at January 1
|
$
|
28,406
|
$
|
22,828
|
|||
Cash
and cash
equivalents of discontinued/held-for-sale operations at January
1
|
4
|
681
|
|||||
Net
increase/(decrease) in cash and cash equivalents
|
(7,231
|
)
|
(115
|
)
|
|||
Less:
cash and
cash equivalents of discontinued/held-for-sale operations at March
31
|
—
|
(748
|
)
|
||||
Cash
and cash equivalents at March 31
|
$
|
21,179
|
$
|
22,646
|
Revised
- See Note 1
|
|||||||||||||
First
Quarter 2006
|
First
Quarter 2005
|
||||||||||||
|
Automotive
|
Financial
Services
|
Automotive
|
Financial
Services
|
|||||||||
(unaudited)
|
(unaudited)
|
||||||||||||
Cash
flows from operating activities of continuing
operations
|
|||||||||||||
Net
cash (used
in)/provided by operating activities
|
$
|
(653
|
)
|
$
|
1,043
|
$
|
1,839
|
$
|
3,461
|
||||
Cash
flows from investing activities of continuing
operations
|
|||||||||||||
Capital
expenditures
|
(1,820
|
)
|
(18
|
)
|
(1,436
|
)
|
(125
|
)
|
|||||
Acquisitions
of retail and other finance receivables and operating
leases
|
—
|
(13,732
|
)
|
—
|
(14,035
|
)
|
|||||||
Collections
of
retail and other finance receivables and operating leases
|
—
|
11,276
|
—
|
12,762
|
|||||||||
Net
(increase)/decrease in wholesale receivables
|
—
|
(414
|
)
|
—
|
(1,463
|
)
|
|||||||
Net
acquisitions of daily rental vehicles
|
—
|
—
|
—
|
(1,283
|
)
|
||||||||
Purchases
of
securities
|
(1,739
|
)
|
(4,996
|
)
|
(1,808
|
)
|
(114
|
)
|
|||||
Sales
and
maturities of securities
|
1,271
|
3,230
|
1,540
|
391
|
|||||||||
Proceeds
from
sales of retail and other finance receivables and operating
leases
|
—
|
2,540
|
—
|
8,373
|
|||||||||
Proceeds
from
sale of wholesale receivables
|
—
|
—
|
—
|
1,443
|
|||||||||
Proceeds
from
sale of businesses
|
50
|
—
|
39
|
—
|
|||||||||
Transfer
of
cash balances upon disposition of discontinued/held-for-sale
operations
|
(4
|
)
|
—
|
—
|
—
|
||||||||
Net
investing
activity with Financial Services
|
184
|
—
|
415
|
—
|
|||||||||
Other
|
23
|
18
|
(42
|
)
|
(153
|
)
|
|||||||
Net
cash (used
in)/provided by investing activities
|
(2,035
|
)
|
(2,096
|
)
|
(1,292
|
)
|
5,796
|
||||||
Cash
flows from financing activities of continuing
operations
|
|||||||||||||
Cash
dividends
|
(186
|
)
|
—
|
(183
|
)
|
—
|
|||||||
Net
sales/(purchases) of Common Stock
|
42
|
—
|
(14
|
)
|
—
|
||||||||
Changes
in
short-term debt
|
86
|
1,016
|
(7
|
)
|
(403
|
)
|
|||||||
Proceeds
from
issuance of other debt
|
91
|
9,916
|
76
|
5,446
|
|||||||||
Principal
payments on other debt
|
(271
|
)
|
(14,175
|
)
|
(373
|
)
|
(13,939
|
)
|
|||||
Net
financing
activity with Automotive
|
—
|
(184
|
)
|
—
|
(415
|
)
|
|||||||
Other
|
131
|
(5
|
)
|
(3
|
)
|
(18
|
)
|
||||||
Net
cash (used
in)/provided by financing activities
|
(107
|
)
|
(3,432
|
)
|
(504
|
)
|
(9,329
|
)
|
|||||
Effect
of
exchange rate changes on cash
|
(23
|
)
|
72
|
56
|
(193
|
)
|
|||||||
Net
change in
intersector receivables/payables and other liabilities
|
(470
|
)
|
470
|
(710
|
)
|
710
|
|||||||
Net
increase/(decrease) in cash and cash equivalents from continuing
operations
|
(3,288
|
)
|
(3,943
|
)
|
(611
|
)
|
445
|
||||||
Cash
flows from discontinued operations
|
|||||||||||||
Cash
flows
from operating activities of discontinued operations
|
—
|
—
|
40
|
71
|
|||||||||
Cash
flows
from investing activities of discontinued operations
|
—
|
—
|
6
|
(66
|
)
|
||||||||
Cash
flows
from financing activities of discontinued operations
|
—
|
—
|
—
|
—
|
|||||||||
Net
increase/(decrease) in cash and cash equivalents
|
$
|
(3,288
|
)
|
$
|
(3,943
|
)
|
$
|
(565
|
)
|
$
|
450
|
||
Cash
and cash equivalents at January 1
|
$
|
13,388
|
$
|
15,018
|
$
|
10,139
|
$
|
12,689
|
|||||
Cash
and cash
equivalents of discontinued/held-for-sale operations at January
1
|
4
|
—
|
2
|
679
|
|||||||||
Net
increase/(decrease) in cash and cash equivalents
|
(3,288
|
)
|
(3,943
|
)
|
(565
|
)
|
450
|
||||||
Less:
cash and
cash equivalents of discontinued/held-for-sale operations at March
31
|
—
|
—
|
(48
|
)
|
(700
|
)
|
|||||||
Cash
and cash equivalents at March 31
|
$
|
10,104
|
$
|
11,075
|
$
|
9,528
|
$
|
13,118
|
First
Quarter
|
|||||||
|
2006
|
2005
|
|||||
Sales
and
revenues
|
$
|
—
|
$
|
135
|
|||
Operating
income/(loss) from discontinued operations
|
$
|
—
|
$
|
57
|
|||
Gain/(loss)
on
discontinued operations
|
—
|
(1
|
)
|
||||
(Provision
for)/benefit from income taxes
|
—
|
(21
|
)
|
||||
Income/(loss)
from discontinued operations
|
$
|
—
|
$
|
35
|
March
31,
|
December
31,
|
||||||
|
2006
|
2005
|
|||||
Raw
materials,
work-in-process and supplies
|
$
|
4,413
|
$
|
4,057
|
|||
Finished
products
|
8,586
|
7,223
|
|||||
Total
inventories at FIFO
|
12,999
|
11,280
|
|||||
Less:
LIFO
adjustment
|
(1,037
|
)
|
(1,009
|
)
|
|||
Total
inventories
|
$
|
11,962
|
$
|
10,271
|
Automotive
Sector
|
Financial
Services
Sector
|
|||||||||
The
Americas
|
Ford
Europe
and
PAG
|
Ford
Credit
|
||||||||
Beginning
balance, December 31, 2005
|
$
|
202
|
$
|
4,906
|
$
|
17
|
||||
Goodwill
acquired
|
3
|
—
|
—
|
|||||||
Goodwill
impairment
|
—
|
—
|
—
|
|||||||
Exchange
translation/other
|
—
|
84
|
—
|
|||||||
Ending
balance, March 31, 2006
|
$
|
205
|
$
|
4,990
|
$
|
17
|
March
31, 2006
|
December
31, 2005
|
|||||||||||||||
Automotive
Sector
|
Automotive
Sector
|
Financial
Services Sector
|
||||||||||||||
Amortizable
|
Non-amortizable
|
Amortizable
|
Non-amortizable
|
Amortizable
|
||||||||||||
Gross
carrying
amount
|
$
|
598
|
$
|
435
|
$
|
558
|
$
|
431
|
$
|
4
|
||||||
Less:
accumulated amortization
|
(173
|
)
|
—
|
(169
|
)
|
—
|
(4
|
)
|
||||||||
Net
intangible
assets
|
$
|
425
|
$
|
435
|
$
|
389
|
$
|
431
|
$
|
—
|
First
Quarter
|
|||||||
2006
|
2005
|
||||||
Automotive
Sector
|
$
|
143
|
$
|
44
|
|||
Financial
Services Sector
|
(21
|
)
|
(50
|
)
|
|||
Total
|
$
|
122
|
$
|
(6
|
)
|
|
March
31, 2006
|
December
31, 2005
|
|||||||||||
|
Fair
Value
Assets
|
Fair
Value
Liabilities
|
Fair
Value
Assets
|
Fair
Value
Liabilities
|
|||||||||
Automotive
Sector
|
|||||||||||||
Total
derivative financial instruments
|
$
|
1,829
|
$
|
877
|
$
|
1,578
|
$
|
1,207
|
|||||
Financial
Services Sector
|
|||||||||||||
Foreign
currency swaps, forwards and options
|
$
|
1,157
|
$
|
632
|
$
|
1,126
|
$
|
789
|
|||||
Interest
rate
swaps
|
1,194
|
82
|
1,657
|
96
|
|||||||||
Impact
of
netting agreements
|
(100
|
)
|
(100
|
)
|
(205
|
)
|
(205
|
)
|
|||||
Total
derivative financial instruments
|
$
|
2,251
|
$
|
614
|
$
|
2,578
|
$
|
680
|
First
Quarter
|
||||||||||
2006
|
2005
|
|||||||||
Basic
and Diluted Income/(Loss)
|
||||||||||
Basic
income/(loss) from continuing operations
|
$
|
(1,187
|
)
|
$
|
1,177
|
|||||
Effect
of
dilutive convertible preferred securities
|
—
|
(a
|
)
|
53
|
||||||
Diluted
income/(loss) from continuing operations
|
$
|
(1,187
|
)
|
$
|
1,230
|
|||||
Basic
and Diluted Shares
|
||||||||||
Average
shares
outstanding
|
1,865
|
1,830
|
||||||||
Restricted
and
uncommitted-ESOP shares
|
(2
|
)
|
(3
|
)
|
||||||
Basic
shares
|
1,863
|
1,827
|
||||||||
Net
dilutive
options and restricted and uncommitted-ESOP shares
|
—
|
(b
|
)
|
13
|
||||||
Dilutive
convertible preferred securities
|
—
|
(a
|
)
|
282
|
||||||
Diluted
shares
|
1,863
|
2,122
|
(a) |
282
million
shares and the related income effect for convertible preferred
securities.
|
(b) |
7
million
contingently issuable shares.
|
First
Quarter
|
|||||||
2006
|
2005
|
||||||
Net
income/(loss)
|
$
|
(1,187
|
)
|
$
|
1,212
|
||
Other
comprehensive income/(loss)
|
|||||||
Net
income/(loss) on derivative instruments
|
272
|
(276
|
)
|
||||
Foreign
currency translation
|
180
|
(1,141
|
)
|
||||
Net
holding
gain/(loss)
|
(12
|
)
|
(39
|
)
|
|||
Minimum
pension liability
|
(34
|
)
|
48
|
||||
Total
other
comprehensive income/(loss)
|
406
|
(1,408
|
)
|
||||
Total
comprehensive income/(loss)
|
$
|
(781
|
)
|
$
|
(196
|
)
|
First
Quarter
|
|||||||||||||||||||
Pension
Benefits
|
Health
Care and
|
||||||||||||||||||
U.S.
Plans
|
Non-U.S.
Plans
|
Life
Insurance
|
|||||||||||||||||
2006
|
2005
|
2006
|
2005
|
2006
|
2005
|
||||||||||||||
Service
cost
|
$
|
178
|
$
|
184
|
$
|
171
|
$
|
166
|
$
|
179
|
$
|
178
|
|||||||
Interest
cost
|
597
|
598
|
337
|
368
|
547
|
551
|
|||||||||||||
Expected
return on assets
|
(835
|
)
|
(823
|
)
|
(399
|
)
|
(419
|
)
|
(129
|
)
|
(122
|
)
|
|||||||
Amortization
of:
|
|||||||||||||||||||
Prior
service
costs
|
118
|
126
|
30
|
61
|
(160
|
)
|
(54
|
)
|
|||||||||||
(Gains)/losses
and other
|
28
|
12
|
131
|
92
|
229
|
224
|
|||||||||||||
Separation
programs
|
15
|
—
|
16
|
1
|
—
|
—
|
|||||||||||||
Loss
from
curtailment
|
414
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||
Costs
allocated to Visteon
|
—
|
(28
|
)
|
—
|
—
|
1
|
(81
|
)
|
|||||||||||
Net
expense/(income)
|
$
|
515
|
$
|
69
|
$
|
286
|
$
|
269
|
$
|
667
|
$
|
696
|
First
Quarter
|
|||||||
|
2006
|
2005
|
|||||
Beginning
balance
|
$
|
6,158
|
$
|
5,751
|
|||
Payments
made
during the period
|
(1,001
|
)
|
(993
|
)
|
|||
Changes
in
accrual related to warranties issued during the period
|
907
|
981
|
|||||
Changes
in
accrual related to pre-existing warranties
|
84
|
25
|
|||||
Foreign
currency translation and other
|
22
|
(73
|
)
|
||||
Ending
balance
|
$
|
6,170
|
$
|
5,691
|
Automotive
Sector
|
Financial
Services Sector (a)
|
||||||||||||||||||||||||||||||||||||
Ford
Asia
|
|||||||||||||||||||||||||||||||||||||
Ford
|
Pacific
&
|
||||||||||||||||||||||||||||||||||||
The
|
Europe
|
Africa/
|
Ford
|
||||||||||||||||||||||||||||||||||
Americas
|
and
PAG
|
Mazda
|
Other
|
Total
|
Credit
|
Hertz
(b)
|
Other
|
Elims
|
Total
|
Elims
(c)
|
Total
|
||||||||||||||||||||||||||
FIRST
QUARTER 2006
|
|||||||||||||||||||||||||||||||||||||
Revenues
|
|||||||||||||||||||||||||||||||||||||
External
customer
|
$
|
20,931
|
$
|
13,911
|
$
|
2,143
|
$
|
—
|
$
|
36,985
|
$
|
4,007
|
$
|
—
|
$
|
63
|
$
|
—
|
$
|
4,070
|
$
|
—
|
$
|
41,055
|
|||||||||||||
Intersegment
|
252
|
328
|
60
|
30
|
670
|
157
|
—
|
8
|
(2
|
)
|
163
|
(833
|
)
|
—
|
|||||||||||||||||||||||
Income
|
|||||||||||||||||||||||||||||||||||||
Income/(loss)
before income taxes
|
(2,842
|
)
|
242
|
47
|
(162
|
)
|
(2,715
|
)
|
751
|
—
|
(7
|
)
|
—
|
744
|
—
|
(1,971
|
)
|
||||||||||||||||||||
Total
assets
at March 31
|
116,532
|
159,237
|
—
|
10,482
|
(10,689
|
)
|
159,030
|
(324
|
)
|
275,238
|
|||||||||||||||||||||||||||
FIRST
QUARTER 2005
|
|||||||||||||||||||||||||||||||||||||
Revenues
|
|||||||||||||||||||||||||||||||||||||
External
customer
|
$
|
21,962
|
$
|
15,335
|
$
|
2,035
|
$
|
—
|
$
|
39,332
|
$
|
4,099
|
$
|
1,644
|
$
|
61
|
$
|
—
|
$
|
5,804
|
$
|
—
|
$
|
45,136
|
|||||||||||||
Intersegment
|
1,095
|
838
|
17
|
—
|
1,950
|
146
|
4
|
2
|
(3
|
)
|
149
|
(2,099
|
)
|
—
|
|||||||||||||||||||||||
Income
|
|||||||||||||||||||||||||||||||||||||
Income/(loss)
before income taxes
|
634
|
4
|
97
|
(262
|
)
|
473
|
1,061
|
33
|
(18
|
)
|
—
|
1,076
|
—
|
1,549
|
|||||||||||||||||||||||
Total
assets
at March 31
|
112,402
|
161,553
|
14,833
|
13,644
|
(12,607
|
)
|
177,423
|
(1,633
|
)
|
288,192
|
First
Quarter
|
||||||||||
2006
|
2005
|
2006
Over/
(Under)
2005
|
||||||||
Income/(loss)
before income taxes
|
||||||||||
Automotive
sector
|
$
|
(2,715
|
)
|
$
|
473
|
$
|
(3,188
|
)
|
||
Financial
Services sector
|
744
|
1,076
|
(332
|
)
|
||||||
Total
|
(1,971
|
)
|
1,549
|
(3,520
|
)
|
|||||
Provision
for/(benefit from) income taxes
|
(843
|
)
|
314
|
(1,157
|
)
|
|||||
Minority
interests in net income/(loss) of subsidiaries *
|
59
|
58
|
1
|
|
||||||
Income/(loss)
from continuing operations
|
(1,187
|
)
|
1,177
|
(2,364
|
)
|
|||||
Income/(loss)
from discontinued operations
|
—
|
35
|
(35
|
)
|
||||||
Net
income/(loss)
|
$
|
(1,187
|
)
|
$
|
1,212
|
$
|
(2,399
|
)
|
||
__________
|
First
Quarter
|
|||||||
2006
|
2005
|
||||||
Ford
North America
|
|||||||
Jobs
Bank
Benefits and voluntary termination charges (primarily related to
the Way
Forward plan)
|
$
|
(1,754
|
)
|
$
|
—
|
||
Pension
curtailment charges
|
(414
|
)
|
—
|
||||
U.S.
plant
idlings (primarily fixed-asset write-offs)
|
(281
|
)
|
—
|
||||
Additional
personnel-reduction programs
|
(70
|
)
|
—
|
||||
Divestiture
of
non-core business
|
—
|
(59
|
)
|
||||
Fuel-cell
technology charges
|
—
|
(39
|
)
|
||||
Visteon-related
charges
|
—
|
(9
|
)
|
||||
Ford
Europe
|
|||||||
Personnel-reduction
programs
|
(9
|
)
|
—
|
||||
PAG
|
|||||||
Personnel-reduction
programs
|
(3
|
)
|
—
|
||||
Total
|
$
|
(2,531
|
)
|
$
|
(107
|
)
|
First
Quarter
|
||||||||||
2006
|
2005
|
2006
Over/
(Under)
2005
|
||||||||
The
Americas
|
||||||||||
Ford
North
America
|
$
|
(2,976
|
)
|
$
|
557
|
$
|
(3,533
|
)
|
||
Ford
South
America
|
134
|
77
|
57
|
|||||||
Total
The
Americas
|
(2,842
|
)
|
634
|
(3,476
|
)
|
|||||
Ford
Europe and PAG
|
||||||||||
Ford
Europe
|
82
|
59
|
23
|
|||||||
PAG
|
160
|
(55
|
)
|
215
|
||||||
Total
Ford
Europe and PAG
|
242
|
4
|
238
|
|||||||
Ford
Asia Pacific and Africa/Mazda
|
||||||||||
Ford
Asia
Pacific and Africa
|
2
|
43
|
(41
|
)
|
||||||
Mazda
and
Associated Operations
|
45
|
54
|
(9
|
)
|
||||||
Total
Ford
Asia Pacific and Africa/Mazda
|
47
|
97
|
(50
|
)
|
||||||
Other
Automotive
|
(162
|
)
|
(262
|
)
|
100
|
|||||
Total
|
$
|
(2,715
|
)
|
$
|
473
|
$
|
(3,188
|
)
|
First
Quarter
|
|||||||||||||||||||||||||
Sales
(in
billions)
|
Vehicle
Unit Sales (a)
(in
thousands)
|
||||||||||||||||||||||||
2006
|
2005
|
2006
Over/(Under)
2005
|
2006
|
2005
|
2006
Over/(Under)
2005
|
||||||||||||||||||||
The
Americas
|
|||||||||||||||||||||||||
Ford
North
America
|
$
|
19.8
|
$
|
21.1
|
$
|
(1.3
|
)
|
(6
|
)%
|
863
|
898
|
(35
|
)
|
(4
|
)%
|
||||||||||
Ford
South
America
|
1.2
|
0.9
|
0.3
|
34
|
84
|
73
|
11
|
16
|
|||||||||||||||||
Total
The
Americas
|
21.0
|
22.0
|
(1.0
|
)
|
(5
|
)
|
947
|
971
|
(24
|
)
|
(2
|
)
|
|||||||||||||
Ford
Europe and PAG
|
|||||||||||||||||||||||||
Ford
Europe
|
6.8
|
7.7
|
(0.9
|
)
|
(12
|
)
|
434
|
445
|
(11
|
)
|
(3
|
)
|
|||||||||||||
PAG
|
7.1
|
7.6
|
(0.5
|
)
|
(7
|
)
|
183
|
188
|
(5
|
)
|
(3
|
)
|
|||||||||||||
Total
Ford
Europe and PAG
|
13.9
|
15.3
|
(1.4
|
)
|
(9
|
)
|
617
|
633
|
(16
|
)
|
(3
|
)
|
|||||||||||||
Ford
Asia Pacific and Africa/Mazda
|
|||||||||||||||||||||||||
Ford
Asia
Pacific and Africa (b)
|
1.7
|
2.0
|
(0.3
|
)
|
(15
|
)
|
134
|
112
|
22
|
19
|
|||||||||||||||
Mazda
and
Associated Operations (c)
|
0.4
|
—
|
0.4
|
—
|
24
|
—
|
24
|
—
|
|||||||||||||||||
Total
Ford
Asia Pacific and Africa/Mazda
|
2.1
|
2.0
|
0.1
|
5
|
158
|
112
|
46
|
41
|
|||||||||||||||||
Total
|
$
|
37.0
|
$
|
39.3
|
$
|
(2.3
|
)
|
(6
|
)%
|
1,722
|
1,716
|
6
|
—
|
%
|
(a)
|
Vehicle
unit
sales generally are reported on a where-sold basis, and include
sales of
all Ford-badged units and units manufactured by Ford and sold to
other
manufacturers, as well as units distributed for other manufacturers.
Vehicles sold to daily rental car companies that are returned to
us
pursuant to a guaranteed repurchase option and vehicles used in
our own
fleet (including management evaluation vehicles) are included in
vehicle
unit sales at the time they are disposed of by us through used
car
channels.
|
(b)
|
Included
in
vehicle unit sales of Ford Asia Pacific and Africa are Ford-badged
vehicles sold in China and Malaysia by certain unconsolidated affiliates
totaling about 35,000 and 14,000 units in 2006 and 2005, respectively.
“Sales” above does not include revenue from these
units.
|
(c)
|
In
2006,
reflects
sales
of Mazda6 by our subsidiary - AutoAlliance
International, Inc. ("AAI") - which we began consolidating in the
third
quarter of 2005.
|
First
Quarter
|
Dealer-Owned
Stocks (a)
|
|||||||||||||||||||||
Market
Share
|
(in
thousands)
|
|||||||||||||||||||||
Market
|
2006
|
2005
|
2006
Over/(Under)
2005
|
March
31,
2006
|
March
31,
2005
|
2006
Over/(Under)
2005
|
||||||||||||||||
U.S.
(b)
|
17.2
|
%
|
17.7
|
%
|
(0.5
|
)
|
pts.
|
783
|
877
|
(94
|
)
|
|||||||||||
South
America
(b) (c)
|
12.1
|
12.6
|
(0.5
|
)
|
33
|
28
|
5
|
|||||||||||||||
Europe
(b)
(d)
|
8.8
|
9.0
|
(0.2
|
)
|
334
|
359
|
(25
|
)
|
||||||||||||||
PAG
--
U.S./Europe (d)
|
1.1/2.3
|
1.2/2.4
|
(0.1)/(0.1
|
)
|
41/66
|
45/68
|
(4)/(2
|
)
|
||||||||||||||
Asia
Pacific
and Africa (b) (e)
|
2.4
|
2.2
|
0.2
|
47
|
42
|
5
|
(a)
|
Dealer-owned
stocks represent our estimate of vehicles shipped to our customers
(dealers) and not yet sold by the dealers to their retail customers,
including some vehicles reflected in our inventory.
|
(b)
|
Includes
only
Ford and, in certain markets (primarily U.S.), Lincoln and Mercury
brands.
|
(c)
|
South
America
2006 market share is based on estimated vehicle retail sales for
our six
major markets (Argentina, Brazil, Chile, Colombia, Ecuador and
Venezuela).
|
(d)
|
European
2006
market share is based, in part, on estimated vehicle registrations
for our
19 major European markets.
|
(e)
|
Asia
Pacific
and Africa 2006 market share is based on estimated vehicle retail
sales
for our 12 major markets (Australia, China, Japan, India, Indonesia,
Malaysia, New Zealand, Philippines, South Africa, Taiwan, Thailand,
and
Vietnam).
|
Explanation
of Cost Changes
|
2006
Better/(Worse) Than 2005
|
||||||
Manufacturing
and engineering
|
Primarily
hourly and salaried personnel reductions and ongoing efficiencies
in our
plants, partially offset by charges associated with fixed-asset
retirements.
|
$
|
0.2
|
||||
Net
product
costs
|
Pricing
reductions from our suppliers and design cost reductions on existing
products, offset partially by commodity price increases.
|
0.3
|
|||||
Quality-related
|
Primarily
non-recurrence of favorable adjustments in 2005 related to
reserves
for additional service actions.
|
(0.4
|
)
|
||||
Depreciation
and amortization
|
Acceleration
of depreciation resulting from ongoing improvement plans inclusive
of the
announced future facility idlings, offset partially by the favorable
impact of the change in special tooling amortization method and
the
favorable impact of the impairment charge taken in fourth quarter
of 2005
for long-lived assets of Land Rover/Jaguar operations.
|
(0.1
|
)
|
||||
Total
|
$
|
—
|
First
Quarter
|
|||||||||||||||||||
Revenues
(in
billions)
|
Income/(Loss)
Before Income Taxes
(in
millions)
|
||||||||||||||||||
2006
|
2005
|
2006
Over/(Under)
2005
|
2006
|
2005
|
2006
Over/(Under)
2005
|
||||||||||||||
Ford
Credit
|
$
|
4.0
|
$
|
4.1
|
$
|
(0.1
|
)
|
$
|
751
|
$
|
1,061
|
$
|
(310
|
)
|
|||||
Other
Financial Services
|
0.1
|
0.1
|
—
|
(7
|
)
|
(18
|
)
|
11
|
|||||||||||
Hertz
|
—
|
1.6
|
(1.6
|
)
|
—
|
33
|
(33
|
)
|
|||||||||||
Total
|
$
|
4.1
|
$
|
5.8
|
$
|
(1.7
|
)
|
$
|
744
|
$
|
1,076
|
$
|
(332
|
)
|
First
Quarter
|
|||||||||||||
2006
|
2005
|
2006
Over/(Under)
2005
|
|||||||||||
Charge-offs
(in millions)
|
|||||||||||||
On-Balance
Sheet
|
$
|
111
|
$
|
181
|
$
|
(70
|
)
|
||||||
Managed
|
136
|
229
|
(93
|
)
|
|||||||||
Loss-to-Receivables
Ratios
|
|||||||||||||
On-Balance
Sheet
|
0.34
|
%
|
0.56
|
%
|
(0.22
|
)
|
pts.
|
||||||
Managed
|
0.37
|
%
|
0.55
|
%
|
(0.18
|
)
|
pts.
|
March
31,
2006
|
December
31,
2005
|
2006
Over/(Under)
2005
|
||||||||
On-Balance
Sheet (including on-balance sheet securitizations) *
|
$
|
131.7
|
$
|
132.1
|
$
|
(0.4
|
)
|
|||
Securitized
Off-Balance Sheet
|
17.0
|
18.0
|
(1.0
|
)
|
||||||
Managed
|
$
|
148.7
|
$
|
150.1
|
$
|
(1.4
|
)
|
|||
Serviced
|
$
|
152.2
|
$
|
153.0
|
$
|
(0.8
|
)
|
*
|
At
March 31,
2006 and December 31, 2005, finance receivables of $48.0 billion
and $44.7
billion, respectively, have been sold for legal purposes to consolidated
securitization SPEs. In addition, at March 31, 2006 and December
31, 2005,
interests in operating leases and the related vehicles (net of
accumulated
depreciation) of $11.8 billion and $6.5 billion, respectively,
have been
transferred for legal purposes to, or are held by or for the benefit
of,
consolidated securitization SPEs and are available only for repayment
of
debt issued by those entities, and to pay other securitization
investors
and other participants; they are not available to pay Ford Credit's
other
obligations or the claims of Ford Credit's other creditors.
|
March
31,
2006
|
December
31,
2005
|
2006
Over/(Under)
2005
|
|||||||||||
Allowance
for
credit losses (in billions)
|
$
|
1.4
|
$
|
1.6
|
$
|
(0.2
|
)
|
||||||
Allowance
as a
percentage of end-of-period receivables
|
1.08
|
%
|
1.19
|
%
|
(0.11
|
)
|
pts.
|
March
31, 2006
|
December
31, 2005
|
March
31, 2005
|
December
31, 2004
|
||||||||||
Cash
and cash
equivalents
|
$
|
10.1
|
$
|
13.4
|
$
|
9.5
|
$
|
10.1
|
|||||
Marketable
securities
|
9.1
|
6.9
|
9.2
|
8.3
|
|||||||||
Loaned
securities
|
3.1
|
3.4
|
0.9
|
1.1
|
|||||||||
Total
cash,
marketable securities and loaned securities
|
22.3
|
23.7
|
19.6
|
19.5
|
|||||||||
Short-term
VEBA assets
|
1.4
|
1.4
|
3.3
|
4.1
|
|||||||||
Gross
cash
|
$
|
23.7
|
$
|
25.1
|
$
|
22.9
|
$
|
23.6
|
First
Quarter
|
|||||||
2006
|
2005
|
||||||
Gross
cash at
end of period
|
$
|
23.7
|
$
|
22.9
|
|||
Gross
cash at
beginning of period
|
25.1
|
23.6
|
|||||
Total
change
in gross cash
|
$
|
(1.4
|
)
|
$
|
(0.7
|
)
|
|
Operating-related
cash flows
|
|||||||
Automotive
income/(loss) before income taxes
|
$
|
(2.7
|
)
|
$
|
0.5
|
||
Special
items
|
2.5
|
0.1
|
|||||
Capital
expenditures
|
(1.8
|
)
|
(1.4
|
)
|
|||
Depreciation
and special tools amortization
|
1.8
|
1.7
|
|||||
Changes
in
receivables, inventories and trade payables
|
(0.4
|
)
|
0.5
|
||||
Other
(a)
|
(0.1
|
)
|
(0.5
|
)
|
|||
Total
operating-related cash flows
|
(0.7
|
)
|
0.9
|
||||
Other
changes
in cash
|
|||||||
Contributions
to funded pension plans
|
(0.3
|
)
|
(1.4
|
)
|
|||
Cash
impact of
personnel-reduction programs and Jobs Bank Benefits (b)
|
(0.4
|
)
|
(0.1
|
)
|
|||
Capital
transactions with Financial Services sector (c)
|
0.2
|
0.4
|
|||||
Dividends
paid
to shareholders
|
(0.2
|
)
|
(0.2
|
)
|
|||
Changes
in
total Automotive sector debt
|
(0.1
|
)
|
(0.3
|
)
|
|||
Other
(d)
|
0.1
|
—
|
|||||
Total
change
in gross cash
|
$
|
(1.4
|
)
|
$
|
(0.7
|
)
|
(a)
|
Primarily
expense and payment timing differences for items such as marketing,
warranty, pension and OPEB.
|
(b)
|
Includes
severance payments made to hourly and salaried employees as part
of
previously announced personnel-reduction programs and cash payments
charged against the $1.75 billion accrual included in special
items.
|
(c)
|
Primarily
dividends received from Ford Credit, excluding proceeds from Financial
Services sector divestitures paid to the Automotive
sector.
|
(d)
|
In
2006,
primarily the net issuance of Common Stock under employee savings
plans
(an inflow of about $50 million).
|
First
Quarter
|
|||||||
2006
|
2005
|
||||||
Net
cash flows
from operating activities of continuing operations
|
$
|
(0.7
|
)
|
$
|
1.8
|
||
Items
included
in operating-related cash flows
|
|||||||
Capital
expenditures
|
(1.8
|
)
|
(1.4
|
)
|
|||
Net
transactions between auto and financial services sector
(a)
|
(0.5
|
)
|
(0.7
|
)
|
|||
Net
sales/(purchases) of trading securities
|
1.3
|
0.6
|
|||||
Other
(b)
|
0.3
|
(0.9
|
)
|
||||
Items
not
included in operating-related cash flows
|
|||||||
Cash
impact of
jobs bank and separation programs
|
0.4
|
0.1
|
|||||
Pension
and
long-term VEBA contributions
|
0.3
|
1.4
|
|||||
Operating-related
cash flows
|
$
|
(0.7
|
)
|
$
|
0.9
|
(a)
|
Primarily
payables and receivables between the sectors in the normal course
of
business, as shown in our Condensed Sector Statement of Cash Flows
for the
Automotive sector.
|
(b)
|
Primarily
the
exclusion of cash flow from short-term VEBA
contribution/(drawdown).
|
March
31,
|
December
31,
|
||||||
|
2006
|
2005
|
|||||
Total
debt
|
$
|
131.4
|
$
|
134.5
|
|||
Total
stockholder’s equity
|
11.0
|
10.7
|
|||||
Debt-to-equity
ratio (to 1)
|
11.9
|
12.5
|
March
31,
|
December
31,
|
||||||
2006
|
2005
|
||||||
Total
debt
|
$
|
131.4
|
$
|
134.5
|
|||
Securitized
off-balance sheet receivables outstanding
|
17.0
|
18.0
|
|||||
Retained
interest in securitized off-balance sheet receivables
|
(1.4
|
)
|
(1.4
|
)
|
|||
Adjustments
for cash and cash equivalents, and marketable securities *
|
(15.9
|
)
|
(17.9
|
)
|
|||
Fair
value
hedge accounting adjustments
|
(1.1
|
)
|
(1.6
|
)
|
|||
Total
adjusted
debt
|
$
|
130.0
|
$
|
131.6
|
|||
Total
stockholder’s equity (including
minority interest)
|
$
|
11.0
|
$
|
10.7
|
|||
Fair
value
hedge accounting adjustments
|
(0.0
|
)
|
(0.0
|
)
|
|||
Total
adjusted
equity
|
$
|
11.0
|
$
|
10.7
|
|||
Managed
debt-to-equity ratio (to 1)
|
11.8
|
12.3
|
*
|
Excluding
marketable securities related to insurance
activities.
|
Ford
|
Ford
Credit
|
|||||
Long
Term
|
Short
Term
|
Outlook/Trend
|
Long
Term
|
Short
Term
|
Outlook/Trend
|
|
DBRS
|
BB
(low)
|
R-3
(high)
|
Negative
|
BB
|
R-3
(high)
|
Negative
|
Fitch
|
BB
|
B
|
Negative
|
BB
|
B
|
Negative
|
Moody's
|
Ba3
|
NP
|
Negative
|
Ba2
|
NP
|
Negative
|
S&P
|
BB-
|
B-2
|
Negative
|
BB-
|
B-2
|
Negative
|
Industry
Volume (SAAR
incl.
heavy trucks)
|
Planning
Assumptions
|
First
Quarter Status
|
Full-Year
Outlook
|
U.S.
(million
units)
|
17.0
|
17.4
|
17.2
|
Europe
(million units)
|
17.3
|
17.5
|
17.5
|
Operation
Metrics
|
2006
Milestones
|
||
Quality
|
Improved
|
On
track
|
On
track
|
Market
share
|
Flat
to
improved
|
Down
|
Down
to
flat
|
Automotive
cost performance (a)
|
Favorable
|
$0
|
On
track
|
Capital
spending (billions)
|
About
$7
|
$1.8
|
On
track
|
Year-end
cash
balance (billions) (b)
|
Over
$20
|
$23.7
|
On
track
|
Second
Quarter
|
|||||||
Vehicle
Unit Production
|
2006
Over/(Under)
2005
|
||||||
Ford
North
America
|
890
|
(15
|
)
|
||||
Ford
Europe
|
465
|
(1
|
)
|
||||
PAG
|
180
|
(13
|
)
|
· |
Continued
decline in market share;
|
· |
Continued
or
increased price competition resulting from industry overcapacity,
currency
fluctuations or other factors;
|
· |
A
market
shift (or an increase in or acceleration of market shift) away from
sales
of trucks or sport utility vehicles, or from sales of other more
profitable vehicles in the United States;
|
· |
A
significant
decline in industry sales, particularly in the United States or Europe,
resulting from slowing economic growth, geo-political events or other
factors;
|
· |
Lower-than-anticipated
market acceptance of new or existing
products;
|
· |
Continued
or
increased high prices for or reduced availability of
fuel;
|
· |
Currency
or
commodity price fluctuations;
|
· |
Adverse
effects from the bankruptcy or insolvency of a major
competitor;
|
· |
Economic
distress of suppliers that has in the past and may in the future
require
us to provide financial support or take other measures to ensure
supplies
of components or materials;
|
· |
Work
stoppages at Ford or supplier facilities or other interruptions of
supplies;
|
· |
Single-source
supply of components or materials;
|
· |
Labor
or
other constraints on our ability to restructure our
business;
|
· |
Worse-than-assumed
economic and demographic experience for our postretirement benefit
plans
(e.g., discount rates, investment returns, and health care cost
trends);
|
· |
The
discovery
of defects in vehicles resulting in delays in new model launches,
recall
campaigns or increased warranty costs;
|
· |
Increased
safety, emissions, fuel economy or other (e.g., pension funding)
regulation resulting in higher costs, cash expenditures, and/or sales
restrictions;
|
· |
Unusual
or
significant litigation or governmental investigations arising out
of
alleged defects in our products or
otherwise;
|
· |
A
change in
our requirements for parts or materials where we have entered into
long-term supply arrangements that commit us to purchase minimum
or fixed
quantities of certain parts or materials, or to pay a minimum amount
to
the seller ("take-or-pay contracts");
|
· |
Inability
to
access debt or securitization markets around the world at competitive
rates or in sufficient amounts due to additional credit rating downgrades
or otherwise;
|
· |
Higher-than-expected
credit losses;
|
· |
Increased
competition from banks or other financial institutions seeking to
increase
their share of financing Ford vehicles;
|
· |
Changes
in
interest rates;
|
· |
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;
|
· |
New
or
increased credit, consumer or data protection or other regulations
resulting in higher costs and/or additional financing restrictions;
and
|
· |
Inability
to
implement the Way Forward plan.
|
Period
|
Total
Number
of
Shares
Purchased*
|
Average
Price
Paid
per
Share
|
Total
Number of
Shares
Purchased
as
Part of Publicly
Announced
Plans
or
Programs
|
Maximum
Number
(or
Approximate Dollar Value)
of
Shares that May Yet Be
Purchased
Under the
Plans
or Programs
|
|||||||||
Jan.
1, 2006
through Jan. 31, 2006
|
2,686,135
|
$
|
8.35
|
0
|
No
publicly announced repurchase program in place
|
||||||||
Feb.
1, 2006
through Feb. 28, 2006
|
1,922,898
|
8.30
|
0
|
No
publicly announced repurchase program in place
|
|||||||||
Mar.
1, 2006
through Mar. 31, 2006
|
3,317,672
|
7.88
|
0
|
No
publicly announced repurchase program in place
|
|||||||||
Total
|
7,926,705
|
$
|
8.14
|
0
|
* |
We
currently
do not have a publicly announced repurchase program in place. Of
the
7,926,705 shares purchased, 7,113,782 shares were purchased from
the Ford
Motor Company Savings and Stock Investment Plan for Salaried Employees
("SSIP") and the Tax Efficient Savings Plan for Hourly Employees
("TESPHE"). Shares are generally purchased from SSIP and TESPHE
when
participants in those plans elect to sell units in the Ford Stock
Fund
upon retirement, upon termination of employment with the Company,
related
to an in-service distribution, or to fund a loan against an existing
account balance in the Ford Stock Fund. Shares are not purchased
from
these plans when a participant transfers account balances out of
the Ford
Stock Fund and into another investment option under the plans.
The
remaining shares were acquired from our employees or directors
in
accordance with our various compensation plans as a result of share
withholdings
to pay
income taxes with respect to: (i) the lapse of restrictions on
restricted
stock, (ii) the issuance of unrestricted stock, including issuances
as a
result of the conversion of restricted stock equivalents, or (iii) to
pay the exercise price and
related
income taxes with respect to certain exercises of stock
options.
|
|
|
FORD
MOTOR
COMPANY
|
|
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
|
|
Date:
May
9, 2006
|
By:
|
/s/
James
C. Gouin
|
|
|
James
C.
Gouin
|
|
|
Vice
President and Controller
|
|
|
|
Designation
|
Description
|
Method
of
Filing
|
||
Exhibit
12
|
Ford
Motor
Company and Subsidiaries Calculation of Ratio of Earnings to Combined
Fixed Charges and Preferred Stock Dividends
|
Filed
with
this Report
|
||
Exhibit
15
|
Letter
of
PricewaterhouseCoopers LLP, Independent Registered Public Accounting
Firm,
dated May 8, 2006, relating to Financial Information
|
Filed
with
this Report
|
||
Exhibit
18.1
|
Letter
of
PricewaterhouseCoopers LLP, Independent Registered Public Accounting
Firm,
dated May 8, 2006, regarding Change in Accounting Principles (timing
of
annual impairment testing)
|
Filed
with
this Report
|
||
Exhibit
18.2
|
Letter
of
PricewaterhouseCoopers LLP, Independent Registered Public Accounting
Firm,
dated May 8, 2006, regarding Change in Accounting Principles (amortization
of special tools)
|
Filed
with
this Report
|
||
Exhibit
31.1
|
Rule
15d-14(a) Certification of CEO
|
Filed
with
this Report
|
||
Exhibit
31.2
|
Rule
15d-14(a) Certification of CFO
|
Filed
with
this Report
|
||
Exhibit
32.1
|
Section
1350
Certification of CEO
|
Furnished
with this Report
|
||
Exhibit
32.2
|
Section
1350
Certification of CFO
|
Furnished
with this Report
|
||