(Mark
One)
|
|
R
|
Annual
report pursuant to Section 13 or 15(d) of the Securities Exchange
Act of
1934
|
For
the fiscal year ended December 31, 2005
|
|
or
|
|
£
|
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
|
Delaware
|
38-0549190
|
(State
of incorporation)
|
(I.R.S.
employer identification no.)
|
One
American Road, Dearborn, Michigan
|
48126
|
(Address
of principal executive offices)
|
(Zip
code)
|
Title
of each class
|
Name of each exchange on which registered(a)
|
|
Common
Stock, par value $.01 per share
|
New
York Stock Exchange
|
|
Pacific
Stock Exchange
|
||
7.50%
Notes Due June 10, 2043
|
New
York Stock Exchange
|
|
Ford
Motor Company Capital Trust II
|
New
York Stock Exchange
|
|
6.50%
Cumulative Convertible Trust Preferred
|
||
Securities,
liquidation preference $50 per share
|
Document
|
Where
Incorporated
|
|
Proxy
Statement*
|
Part
III (Items 10, 11, 12, 13 and 14)
|
Exhibit
Index begins on page 64
|
Business
Sector
|
Reportable
Segments
|
Description
|
Automotive:
|
The
Americas
|
Primarily
includes the sale of Ford, Lincoln and Mercury brand vehicles and
related
service parts in North America (the United States, Canada and Mexico)
and
Ford-brand vehicles and related service parts in South America; in
each
case, together with the associated costs to design, develop, manufacture
and service these vehicles and parts.
|
Ford
Europe and
Premier
Automotive Group
|
Primarily
includes the sale of Ford-brand vehicles and related service parts
in
Europe and Turkey and the sale of Premier Automotive Group ("PAG")
brand
vehicles (i.e., Volvo, Jaguar, Land Rover and Aston Martin) and related
service parts throughout the world (including North and South America,
Asia Pacific and Africa); in each case, together with the associated
costs
to design, develop, manufacture and service these vehicles and
parts.
|
|
Ford
Asia Pacific and
Africa/Mazda
|
Primarily
includes the sale of Ford-brand vehicles and related service parts
in the
Asia Pacific region and South Africa, together with the associated
costs
to design, develop, manufacture and service these vehicles and parts,
and
our share of the results of Mazda Motor Corporation (of which we
own
approximately 33.4%) and certain of our Mazda-related
investments.
|
|
Financial
Services:
|
Ford
Motor Credit Company
|
Primarily
includes vehicle-related financing, leasing, and
insurance.
|
Brand
|
Number
of Dealerships
at
December 31, 2005*
|
|||
Ford
|
10,134
|
|||
Mercury
|
1,971
|
|||
Lincoln
|
1,422
|
|||
Volvo
|
2,400
|
|||
Land
Rover
|
1,400
|
|||
Jaguar
|
880
|
|||
Aston
Martin
|
125
|
|
U.S.
Industry Sales
|
|||||||||||||||
|
Years
Ended December 31,
|
|||||||||||||||
|
2005
|
2004
|
2003
|
2002
|
2001
|
|||||||||||
(millions
of units)
|
||||||||||||||||
Cars
|
7.7
|
7.5
|
7.6
|
8.1
|
8.4
|
|||||||||||
Trucks
|
9.8
|
9.8
|
9.4
|
9.0
|
9.1
|
|||||||||||
Total
|
17.5
|
17.3
|
17.0
|
17.1
|
17.5
|
U.S.
Industry Vehicle Mix of Sales
by
Segment
|
||||||||||||||||
Years
Ended December 31,
|
||||||||||||||||
2005
|
2004
|
2003
|
2002
|
2001
|
||||||||||||
CARS
|
||||||||||||||||
Small
|
16.7
|
%
|
15.9
|
%
|
16.4
|
%
|
17.3
|
%
|
18.4
|
%
|
||||||
Medium
|
12.6
|
13.6
|
14.8
|
15.6
|
15.8
|
|||||||||||
Large
|
7.0
|
6.3
|
6.1
|
6.9
|
7.1
|
|||||||||||
Premium
|
7.7
|
7.6
|
7.6
|
7.5
|
6.9
|
|||||||||||
Total
U.S. Industry Car Sales
|
44.0
|
43.4
|
44.9
|
47.3
|
48.2
|
|||||||||||
TRUCKS
|
||||||||||||||||
Compact
Pickup
|
3.9
|
%
|
4.0
|
%
|
4.4
|
%
|
4.7
|
%
|
5.1
|
%
|
||||||
Bus/Van
|
8.2
|
8.2
|
8.0
|
8.6
|
8.7
|
|||||||||||
Full-Size
Pickup
|
14.5
|
14.6
|
14.0
|
13.1
|
13.4
|
|||||||||||
Sport
Utility Vehicles
|
26.7
|
27.6
|
27.0
|
24.9
|
23.0
|
|||||||||||
Medium/Heavy
|
2.7
|
2.2
|
1.7
|
1.4
|
1.6
|
|||||||||||
Total
U.S. Industry Truck Sales
|
56.0
|
56.6
|
55.1
|
52.7
|
51.8
|
|||||||||||
Total
U.S. Industry Vehicle Sales
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
|
Ford
Vehicle Mix of Sales
by
Segment in U.S.
|
|||||||||||||||
|
Years
Ended December 31,
|
|||||||||||||||
|
2005
|
2004
|
2003
|
2002
|
2001
|
|||||||||||
CARS
|
||||||||||||||||
Small
|
10.9
|
%
|
10.2
|
%
|
11.4
|
%
|
12.5
|
%
|
14.0
|
%
|
||||||
Medium
|
7.7
|
8.8
|
10.4
|
11.9
|
11.5
|
|||||||||||
Large
|
8.3
|
5.0
|
4.8
|
4.4
|
5.2
|
|||||||||||
Premium
|
5.9
|
6.6
|
7.0
|
7.8
|
7.0
|
|||||||||||
Total
Ford U.S. Car Sales
|
32.8
|
30.6
|
33.6
|
36.6
|
37.7
|
|||||||||||
TRUCKS
|
||||||||||||||||
Compact
Pickup
|
3.8
|
%
|
4.7
|
%
|
6.0
|
%
|
6.2
|
%
|
6.9
|
%
|
||||||
Bus/Van
|
8.4
|
8.8
|
8.4
|
9.1
|
9.1
|
|||||||||||
Full-Size
Pickup
|
28.4
|
28.2
|
24.3
|
22.5
|
22.9
|
|||||||||||
Sport
Utility Vehicles
|
26.1
|
27.4
|
27.5
|
25.4
|
23.2
|
|||||||||||
Medium/Heavy
|
0.5
|
0.3
|
0.2
|
0.2
|
0.2
|
|||||||||||
Total
Ford U.S. Truck Sales
|
67.2
|
69.4
|
66.4
|
63.4
|
62.3
|
|||||||||||
Total
Ford U.S. Vehicle Sales
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
|
U.S.
Car Market Shares*
|
|||||||||||||||
|
Years
Ended December 31,
|
|||||||||||||||
|
2005
|
2004
|
2003
|
2002
|
2001
|
|||||||||||
Ford
|
6.0
|
%
|
5.9
|
%
|
6.9
|
%
|
7.7
|
%
|
8.6
|
%
|
||||||
General
Motors
|
10.0
|
10.9
|
11.5
|
12.1
|
13.0
|
|||||||||||
DaimlerChrysler
|
4.0
|
3.8
|
3.8
|
4.1
|
4.1
|
|||||||||||
Toyota
|
7.4
|
6.4
|
5.9
|
5.8
|
5.5
|
|||||||||||
Honda
|
4.8
|
4.9
|
4.8
|
4.9
|
5.1
|
|||||||||||
Nissan
|
3.3
|
3.1
|
3.0
|
2.5
|
2.4
|
|||||||||||
All
Other**
|
8.5
|
8.4
|
9.0
|
10.2
|
9.5
|
|||||||||||
Total
U.S. Car Retail Deliveries
|
44.0
|
%
|
43.4
|
%
|
44.9
|
%
|
47.3
|
%
|
48.2
|
%
|
|
U.S.
Truck Market Shares*
|
|||||||||||||||
|
Years
Ended December 31,
|
|||||||||||||||
|
2005
|
2004
|
2003
|
2002
|
2001
|
|||||||||||
Ford
|
12.2
|
%
|
13.4
|
%
|
13.6
|
%
|
13.4
|
%
|
14.2
|
%
|
||||||
General
Motors
|
15.8
|
16.2
|
16.4
|
16.2
|
15.0
|
|||||||||||
DaimlerChrysler
|
10.5
|
10.3
|
10.0
|
10.0
|
10.1
|
|||||||||||
Toyota
|
5.6
|
5.5
|
5.1
|
4.5
|
4.5
|
|||||||||||
Honda
|
3.6
|
3.2
|
3.1
|
2.4
|
1.8
|
|||||||||||
Nissan
|
2.9
|
2.6
|
1.7
|
1.5
|
1.7
|
|||||||||||
All
Other**
|
5.4
|
5.4
|
5.2
|
4.7
|
4.5
|
|||||||||||
Total
U.S. Truck Retail Deliveries
|
56.0
|
%
|
56.6
|
%
|
55.1
|
%
|
52.7
|
%
|
51.8
|
%
|
|
U.S.
Combined Car and Truck
Market
Shares*
|
|||||||||||||||
|
Years
Ended December 31,
|
|||||||||||||||
|
2005
|
2004
|
2003
|
2002
|
2001
|
|||||||||||
Ford
|
18.2
|
%
|
19.3
|
%
|
20.5
|
%
|
21.1
|
%
|
22.8
|
%
|
||||||
General
Motors
|
25.8
|
27.1
|
27.9
|
28.3
|
28.0
|
|||||||||||
DaimlerChrysler
|
14.5
|
14.1
|
13.8
|
14.1
|
14.2
|
|||||||||||
Toyota
|
13.0
|
11.9
|
11.0
|
10.3
|
10.0
|
|||||||||||
Honda
|
8.4
|
8.1
|
7.9
|
7.3
|
6.9
|
|||||||||||
Nissan
|
6.2
|
5.7
|
4.7
|
4.4
|
4.1
|
|||||||||||
All
Other**
|
13.9
|
13.8
|
14.2
|
14.5
|
14.0
|
|||||||||||
Total
U.S. Car and Truck Retail Deliveries
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
|
Ford
Fleet Sales
|
|||||||||||||||
|
Years
Ended December 31,
|
|||||||||||||||
|
2005
|
2004
|
2003
|
2002
|
2001
|
|||||||||||
Daily
Rental Units
|
450,000
|
429,000
|
444,000
|
459,000
|
465,000
|
|||||||||||
Commercial
and Other Units
|
263,000
|
248,000
|
227,000
|
252,000
|
295,000
|
|||||||||||
Government
Units
|
141,000
|
133,000
|
124,000
|
123,000
|
143,000
|
|||||||||||
Total
Fleet Units
|
854,000
|
810,000
|
795,000
|
834,000
|
903,000
|
|||||||||||
Percent
of Ford’s total U.S. car and truck sales
|
27
|
%
|
24
|
%
|
23
|
%
|
23
|
%
|
23
|
%
|
|
Industry
Volumes
(in
thousands)
|
Corporate
Market Share
|
||||||||||||||||||||
|
2005
|
2004
|
2005
Over/(Under)
2004
|
2005
|
2004
|
2005
Over/(Under)
2004
|
||||||||||||||||
Australia
|
988
|
955
|
33
|
3
|
%
|
13.8
|
%
|
14.9
|
%
|
(1.1)
pts.
|
||||||||||||
South
Africa
|
565
|
450
|
115
|
26
|
%
|
11.0
|
%
|
10.5
|
%
|
0.5
pts.
|
||||||||||||
Taiwan
|
514
|
484
|
30
|
6
|
%
|
11.2
|
%
|
11.0
|
%
|
0.2
pts.
|
||||||||||||
Thailand
|
700
|
626
|
74
|
12
|
%
|
3.5
|
%
|
4.2
|
%
|
(0.7)
pts.
|
||||||||||||
Japan
|
5,852
|
5,853
|
(1
|
)
|
0
|
%
|
*
|
*
|
*
|
|
Years
Ended
December
31,
|
|||||||||
|
2005
|
2004
|
2003
|
|||||||
United
States
|
||||||||||
Financing
share - Ford, Lincoln and Mercury
|
||||||||||
Retail
installment and lease
|
37
|
%
|
45
|
%
|
39
|
%
|
||||
Wholesale
|
81
|
84
|
85
|
|||||||
Europe
|
||||||||||
Financing
share - Ford
|
||||||||||
Retail
installment and lease
|
28
|
%
|
29
|
%
|
31
|
%
|
||||
Wholesale
|
96
|
97
|
97
|
|
2005
|
2004*
|
|||||
Business
Unit
|
|||||||
Automotive
|
|||||||
The
Americas
|
|||||||
Ford
North America
|
140
|
126
|
|||||
Ford
South America
|
13
|
12
|
|||||
Ford
Europe and PAG
|
|||||||
Ford
Europe
|
66
|
69
|
|||||
PAG
|
49
|
51
|
|||||
Ford
Asia Pacific and Africa
|
18
|
18
|
|||||
Financial
Services
|
|||||||
Ford
Motor Credit Company
|
14
|
18
|
|||||
The
Hertz Corporation
|
-
|
31
|
|||||
Total
|
300
|
325
|
|
2005
|
2004
|
|||||
Earnings
|
$
|
31.64
|
$
|
30.93
|
|||
Benefits
|
33.26
|
32.00
|
|||||
Total
|
$
|
64.90
|
$
|
62.93
|
Segment
|
Plants
|
Distribution
Centers/Warehouses
|
Engineering,
Research/Development
|
Sales
Offices
|
|||||||||
The
Americas
|
61
|
33
|
41
|
38
|
|||||||||
Ford
Europe and PAG
|
38
|
11
|
9
|
27
|
|||||||||
Ford
Asia-Pacific and Africa/Mazda
|
14
|
3
|
2
|
5
|
|||||||||
Total
|
113
|
47
|
52
|
70
|
Name
|
Position
|
Present
Position
Held
Since
|
Age
|
William
Clay Ford, Jr. (a)
|
Chairman
of the Board and Chief Executive Officer
|
October
2001
|
48
|
James
J. Padilla (b)
|
President
and Chief Operating Officer
|
February
2005
|
59
|
Lewis
W. K. Booth
|
Executive
Vice President - Ford Europe and Premier Automotive Group and Chairman,
Ford Europe, Jaguar and Land Rover
|
October
2005
|
57
|
Mark
Fields
|
Executive
Vice President - President, The Americas
|
October
2005
|
45
|
Donat
R. Leclair, Jr.
|
Executive
Vice President and Chief Financial Officer
|
August
2003
|
54
|
Mark
A. Schulz
|
Executive
Vice President - President, International Automotive
Operations
|
October
2005
|
53
|
Anne
L. Stevens
|
Executive
Vice President - Chief Operating Officer, The Americas
|
November
2005
|
57
|
Michael
E. Bannister
|
Group
Vice President - Chairman and Chief Executive Officer,
Ford
Motor Credit Company
|
April
2004
|
56
|
Francisco
Codina
|
Group
Vice President - North America Marketing, Sales and
Service
|
March
2006
|
54
|
John
Fleming
|
Group
Vice President - President and Chief Executive Officer,
Ford
Europe
|
October
2005
|
55
|
Derrick
M. Kuzak
|
Group
Vice President - Product Development, The Americas
|
November
2005
|
54
|
Joe
W. Laymon
|
Group
Vice President - Corporate Human Resources and Labor
Affairs
|
October
2003
|
53
|
J
C. Mays
|
Group
Vice President - Design, and Chief Creative Officer
|
August
2003
|
51
|
Ziad
S. Ojakli
|
Group
Vice President - Corporate Affairs
|
January
2004
|
38
|
Richard
Parry-Jones
|
Group
Vice President - Global Product Development and
Chief
Technical Officer
|
August
2001
|
54
|
David
T. Szczupak
|
Group
Vice President - Manufacturing, The Americas
|
November
2005
|
50
|
David
G. Leitch
|
Senior
Vice President and General Counsel
|
April
2005
|
45
|
James
C. Gouin
|
Vice
President and Controller
|
August
2003
|
46
|
2004
|
2005
|
||||||||||||||||||||||||
|
First
Quarter
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
First
Quarter
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
|||||||||||||||||
Common
Stock price per share*
|
|||||||||||||||||||||||||
High
|
$
|
17.34
|
$
|
16.48
|
$
|
15.77
|
$
|
15.00
|
$
|
14.75
|
$
|
11.69
|
$
|
11.19
|
$
|
10.00
|
|||||||||
Low
|
12.75
|
13.00
|
13.61
|
12.61
|
10.94
|
9.07
|
9.55
|
7.57
|
|||||||||||||||||
Dividends
per share of Common and Class B Stock
|
$
|
0.10
|
$
|
0.10
|
$
|
0.10
|
$
|
0.10
|
$
|
0.10
|
$
|
0.10
|
$
|
0.10
|
$
|
0.10
|
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
|
|||||||||
Oct.
1, 2005 through Oct. 31, 2005
|
2,289,994
|
$ | 8.82 |
0
|
No
publicly announced repurchase program in place
|
||||||||
Nov.
1, 2005 through Nov. 30, 2005
|
2,183,656
|
$ | 8.15 |
0
|
No
publicly announced repurchase program in place
|
||||||||
Dec.
1, 2005 through Dec. 31, 2005
|
2,494,720
|
$ | 8.10 |
0
|
No
publicly announced repurchase program in place
|
||||||||
Total
|
6,968,370
|
$ | 8.35 |
0
|
|||||||||
2005
|
2004
|
2003
|
2002
|
2001
|
||||||||||||
SUMMARY
OF OPERATIONS
|
||||||||||||||||
Total
Company
|
||||||||||||||||
Sales
and revenues
|
$
|
177,089
|
$
|
171,646
|
$
|
164,331
|
$
|
162,256
|
$
|
160,652
|
||||||
Income/(loss)
before income taxes
|
$
|
1,996
|
$
|
4,853
|
$
|
1,339
|
$
|
1,064
|
$
|
(7,325
|
)
|
|||||
Provision/(credit)
for income taxes
|
(512
|
)
|
938
|
123
|
342
|
(2,064
|
)
|
|||||||||
Minority
interests in net income of subsidiaries
|
280
|
282
|
314
|
367
|
24
|
|||||||||||
Income/(loss)
from continuing operations
|
2,228
|
3,633
|
902
|
355
|
(5,285
|
)
|
||||||||||
Income/(loss)
from discontinued operations
|
47
|
(146
|
)
|
(143
|
)
|
(333
|
)
|
(168
|
)
|
|||||||
Cumulative
effects of change in accounting principle
|
(251
|
)
|
—
|
(264
|
)
|
(1,002
|
)
|
—
|
||||||||
Net
income/(loss)
|
$
|
2,024
|
$
|
3,487
|
$
|
495
|
$
|
(980
|
)
|
$
|
(5,453
|
)
|
||||
Automotive
sector
|
||||||||||||||||
Sales
|
$
|
153,503
|
$
|
147,128
|
$
|
138,253
|
$
|
134,118
|
$
|
130,599
|
||||||
Operating
income/(loss)
|
(4,209
|
)
|
(177
|
)
|
(1,556
|
)
|
(604
|
)
|
(7,471
|
)
|
||||||
Income/(loss)
before income taxes
|
(3,895
|
)
|
(155
|
)
|
(1,908
|
)
|
(1,054
|
)
|
(8,762
|
)
|
||||||
Financial
Services sector
|
||||||||||||||||
Revenues
|
$
|
23,586
|
$
|
24,518
|
$
|
26,078
|
$
|
28,138
|
$
|
30,053
|
||||||
Income/(loss)
before income taxes
|
5,891
|
5,008
|
3,247
|
2,118
|
1,437
|
|||||||||||
Total
Company Data Per Share of Common and Class B Stock
|
||||||||||||||||
Basic:
|
||||||||||||||||
Income/(loss)
from continuing operations
|
$
|
1.21
|
$
|
1.99
|
$
|
0.49
|
$
|
0.19
|
$
|
(2.93
|
)
|
|||||
Income/(loss)
from discontinued operations
|
0.03
|
(0.08
|
)
|
(0.08
|
)
|
(0.19
|
)
|
(0.09
|
)
|
|||||||
Cumulative
effects of change in accounting principle
|
(0.14
|
)
|
—
|
(0.14
|
)
|
(0.55
|
)
|
—
|
||||||||
Net
income/(loss)
|
$
|
1.10
|
$
|
1.91
|
$
|
0.27
|
$
|
(0.55
|
)
|
$
|
(3.02
|
)
|
||||
Diluted:
|
||||||||||||||||
Income/(loss)
from continuing operations
|
$
|
1.14
|
$
|
1.80
|
$
|
0.49
|
$
|
0.19
|
$
|
(2.93
|
)
|
|||||
Income/(loss)
from discontinued/held-for-sale operations
|
0.02
|
(0.07
|
)
|
(0.08
|
)
|
(0.18
|
)
|
(0.09
|
)
|
|||||||
Cumulative
effects of change in accounting principle
|
(0.11
|
)
|
—
|
(0.14
|
)
|
(0.55
|
)
|
—
|
||||||||
Net
income/(loss)
|
$
|
1.05
|
$
|
1.73
|
$
|
0.27
|
$
|
(0.54
|
)
|
$
|
(3.02
|
)
|
||||
Cash
dividends
|
$
|
0.40
|
$
|
0.40
|
$
|
0.40
|
$
|
0.40
|
$
|
1.05
|
||||||
Common
stock price range (NYSE Composite)
|
||||||||||||||||
High
|
$
|
14.75
|
$
|
17.34
|
$
|
17.33
|
$
|
18.23
|
$
|
31.42
|
||||||
Low
|
7.57
|
12.61
|
6.58
|
6.90
|
14.70
|
|||||||||||
Average
number of shares of Common and Class B stock outstanding (in
millions)
|
1,846
|
1,830
|
1,832
|
1,819
|
1,820
|
|||||||||||
SECTOR
BALANCE SHEET DATA AT YEAR-END
|
||||||||||||||||
Assets
|
||||||||||||||||
Automotive
sector
|
$
|
113,829
|
$
|
113,051
|
$
|
111,230
|
$
|
100,223
|
$
|
88,150
|
||||||
Financial
Services sector
|
162,194
|
189,100
|
195,482
|
187,606
|
188,345
|
|||||||||||
Intersector
elimination
|
(83
|
)
|
(2,753
|
)
|
(3,356
|
)
|
(5,865
|
)
|
(4,650
|
)
|
||||||
Total
assets
|
$
|
275,940
|
$
|
299,398
|
$
|
303,356
|
$
|
281,964
|
$
|
271,845
|
||||||
Long-term
Debt
|
||||||||||||||||
Automotive
sector
|
$
|
16,900
|
$
|
17,250
|
$
|
18,758
|
$
|
13,363
|
$
|
13,467
|
||||||
Financial
Services sector
|
104,119
|
113,992
|
126,336
|
124,970
|
124,050
|
|||||||||||
Total
long-term debt
|
$
|
121,019
|
$
|
131,242
|
$
|
145,094
|
$
|
138,333
|
$
|
137,517
|
||||||
Stockholders’
Equity
|
$
|
12,957
|
$
|
16,045
|
$
|
11,651
|
$
|
5,590
|
$
|
7,786
|
|
2005
|
2004
|
2003
|
|||||||
Income/(loss)
before income taxes
|
||||||||||
Automotive
sector
|
$
|
(3,895
|
)
|
$
|
(155
|
)
|
$
|
(1,908
|
)
|
|
Financial
Services sector
|
5,891
|
5,008
|
3,247
|
|||||||
Total
Company
|
1,996
|
4,853
|
1,339
|
|||||||
Provision
for/(benefit from) income taxes (a)
|
(512
|
)
|
938
|
123
|
||||||
Minority
interests in net income/(loss) of subsidiaries (b)
|
280
|
282
|
314
|
|||||||
Income/(loss)
from continuing operations
|
2,228
|
3,633
|
902
|
|||||||
Income/(loss)
from discontinued operations
|
47
|
(146
|
)
|
(143
|
)
|
|||||
Cumulative
effect of change in accounting principle (c)
|
(251
|
)
|
—
|
(264
|
)
|
|||||
Net
income/(loss)
|
$
|
2,024
|
$
|
3,487
|
$
|
495
|
|
2005
|
2004
|
2003
|
|||||||
Automotive
Sector
|
||||||||||
Ford
North America
|
||||||||||
Visteon-related
charges *
|
$
|
(468
|
)
|
$
|
(600
|
)
|
$
|
(1,597
|
)
|
|
Personnel-reduction
programs
|
(401
|
)
|
—
|
—
|
||||||
Fuel-cell
technology charges
|
(116
|
)
|
(182
|
)
|
—
|
|||||
Changes
in state non-income tax law
|
85
|
—
|
—
|
|||||||
Divestiture
of non-core business (Beanstalk Group, LLC)
|
(59
|
)
|
—
|
—
|
||||||
Ford
Europe
|
||||||||||
Personnel-reduction
programs
|
(510
|
)
|
(49
|
)
|
(513
|
)
|
||||
Premier
Automotive Group ("PAG")
|
||||||||||
Jaguar/Land
Rover impairment
|
(1,300
|
)
|
—
|
—
|
||||||
Personnel-reduction
programs
|
(245
|
)
|
(110
|
)
|
—
|
|||||
Ford
Asia Pacific and Africa
|
||||||||||
Divestiture
of non-core business (certain Australia dealerships)
|
14
|
(81
|
)
|
—
|
||||||
Personnel-reduction
programs
|
(33
|
)
|
—
|
—
|
||||||
Other
Automotive
|
||||||||||
Divestiture
of non-core businesses (primarily related to Kwik-Fit Group
Limited)
|
152
|
17
|
49
|
|||||||
Total
Automotive sector
|
(2,881
|
)
|
(1,005
|
)
|
(2,061
|
)
|
||||
Financial
Services Sector
|
||||||||||
Divestiture
of non-core business (The Hertz Corporation ("Hertz"))
|
1,499
|
—
|
—
|
|||||||
Property
clean-up settlement
|
—
|
45
|
—
|
|||||||
Total
|
$
|
(1,382
|
)
|
$
|
(960
|
)
|
$
|
(2,061
|
)
|
|
Income/(Loss)
Before
Income
Taxes
|
|||||||||
|
2005
|
2004
|
2005
Over/
(Under)
2004
|
|||||||
The
Americas
|
||||||||||
—
Ford North America
|
$
|
(2,500
|
)
|
$
|
684
|
$
|
(3,184
|
)
|
||
—
Ford South America
|
389
|
140
|
249
|
|||||||
Total
The Americas
|
(2,111
|
)
|
824
|
(2,935
|
)
|
|||||
Ford
Europe and PAG
|
||||||||||
—
Ford Europe
|
(381
|
)
|
65
|
(446
|
)
|
|||||
—
PAG
|
(1,645
|
)
|
(850
|
)
|
(795
|
)
|
||||
Total
Ford Europe and PAG
|
(2,026
|
)
|
(785
|
)
|
(1,241
|
)
|
||||
Ford
Asia Pacific and Africa/Mazda
|
||||||||||
—
Ford Asia Pacific and Africa
|
42
|
(36
|
)
|
78
|
||||||
—
Mazda and Associated Operations
|
255
|
118
|
137
|
|||||||
Total
Ford Asia Pacific and Africa/Mazda
|
297
|
82
|
215
|
|||||||
Other
Automotive
|
(55
|
)
|
(276
|
)
|
221
|
|||||
Total
Automotive sector
|
$
|
(3,895
|
)
|
$
|
(155
|
)
|
$
|
(3,740
|
)
|
|
Sales
(in
billions)
|
Vehicle
Unit Sales (a)
(in
thousands)
|
|||||||||||||||||||||||
|
2005
|
2004
|
2005
Over/(Under)
2004
|
2005
|
2004
|
2005
Over/(Under)
2004
|
|||||||||||||||||||
The
Americas
|
|||||||||||||||||||||||||
—
Ford North America
|
$
|
80.6
|
$
|
83.0
|
$
|
(2.4
|
)
|
(3
|
)%
|
3,443
|
3,623
|
(180
|
)
|
(5
|
)%
|
||||||||||
—
Ford South America
|
4.3
|
3.0
|
1.3
|
43
|
336
|
292
|
44
|
15
|
|||||||||||||||||
Total
The Americas
|
84.9
|
86.0
|
(1.1
|
)
|
(1
|
)
|
3,779
|
3,915
|
(136
|
)
|
(3
|
)
|
|||||||||||||
Ford
Europe and PAG
|
|||||||||||||||||||||||||
—
Ford Europe
|
30.0
|
26.5
|
3.5
|
13
|
1,785
|
1,705
|
80
|
5
|
|||||||||||||||||
—
PAG
|
30.3
|
27.6
|
2.7
|
10
|
757
|
771
|
(14
|
)
|
(2
|
)
|
|||||||||||||||
Total
Ford Europe and PAG
|
60.3
|
54.1
|
6.2
|
11
|
2,542
|
2,476
|
66
|
3
|
|||||||||||||||||
Ford
Asia Pacific and Africa/Mazda
|
|||||||||||||||||||||||||
—
Ford Asia Pacific and Africa (b)
|
7.7
|
7.0
|
0.7
|
10
|
465
|
407
|
58
|
14
|
|||||||||||||||||
—
Mazda and Associated Operations (c)
|
0.6
|
—
|
0.6
|
—
|
32
|
—
|
32
|
—
|
|||||||||||||||||
Total
Ford Asia Pacific and Africa/Mazda
|
8.3
|
7.0
|
1.3
|
19
|
497
|
407
|
90
|
22
|
|||||||||||||||||
Total
Automotive sector
|
$
|
153.5
|
$
|
147.1
|
$
|
6.4
|
4
|
6,818
|
6,798
|
20
|
—
|
(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. 2005 vehicle unit sales include about 50,000 units transferred
to Hertz which were still being used in Hertz operations as of the
date we
sold Hertz; "sales" above does not include revenue from these
units.
|
(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 87,000 and 66,000 units in 2005 and 2004, respectively.
"Sales" above does not include revenue from these
units.
|
(c)
|
Reflects
sales of Mazda6 by our consolidated subsidiary, AutoAlliance
International, Inc. ("AAI"), beginning with the consolidation of
AAI in
the third quarter of 2005. See Note 17 of the Notes to the Financial
Statements.
|
Dealer-Owned
Stocks (a)
|
||||||||||||||||||||||
Market
Share
|
(in
thousands)
|
|||||||||||||||||||||
Market
|
2005
|
2004
|
2005
Over/(Under)
2004
|
2005
|
2004
|
2005
Over/(Under)
2004
|
||||||||||||||||
U.S.
(b)
|
17.0
|
%
|
18.0
|
%
|
(1.0
|
)
|
pts.
|
733
|
794
|
(61
|
)
|
|||||||||||
Brazil
(b)
|
12.4
|
11.8
|
0.6
|
18
|
19
|
(1
|
)
|
|||||||||||||||
Europe
(b) (c)
|
8.5
|
8.6
|
(0.1
|
)
|
342
|
356
|
(14
|
)
|
||||||||||||||
PAG
- U.S./Europe (c)
|
1.2/2.3
|
1.3/2.3
|
(0.1)/0
|
45/69
|
41/68
|
4/1
|
||||||||||||||||
Australia
(b)
|
13.1
|
14.2
|
(1.1
|
)
|
18
|
19
|
(1
|
)
|
(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,
as
well as some vehicles reflected in our inventory.
|
(b)
|
Includes
only Ford and, in the United States, Lincoln and Mercury
brands.
|
(c)
|
European
market share is based, in part, on estimated 2005 vehicle registrations
for our 19 major European markets.
|
Explanation
of Cost Performance
|
2005
Costs*
Better/(Worse)
than
2004
|
||
Net
product costs
|
New
product and commodities-related cost increases, offset partially
by
pricing reductions from our
suppliers and design cost reductions on existing products.
|
$
(1.0)
|
|
Pension
and health care
|
Primarily
the effect of lower discount rates
|
(0.8)
|
|
Quality-related
|
WWarranty
performance on prior model-year vehicles, offset partially by cost
recoveries from suppliers
((((including
Bridgestone-Firestone North American Tire, LLC)
|
(0.4)
|
|
Depreciation
and amortization
|
Primarily
related to investments for new vehicles and acceleration of depreciation
in a number of
our operations.
|
(0.3)
|
|
Overhead
|
Primarily
reductions in salaried personnel.
|
0.3
|
|
Manufacturing
and engineering
|
Primarily
hourly and salaried personnel reductions and ongoing efficiencies
in our plants.
|
0.9
|
|
Total | $ (1.3) |
|
Income/(Loss)
Before
Income
Taxes
|
|||||||||
|
2004
|
2003
|
2004
Over/(Under)
2003
|
|||||||
The
Americas
|
||||||||||
—
Ford North America
|
$
|
684
|
$
|
196
|
$
|
488
|
||||
—
Ford South America
|
140
|
(129
|
)
|
269
|
||||||
Total
The Americas
|
824
|
67
|
757
|
|||||||
Ford
Europe and PAG
|
||||||||||
—
Ford Europe
|
65
|
(1,620
|
)
|
1,685
|
||||||
—
PAG
|
(850
|
)
|
171
|
(1,021
|
)
|
|||||
Total
Ford Europe and PAG
|
(785
|
)
|
(1,449
|
)
|
664
|
|||||
Ford
Asia Pacific and Africa/Mazda
|
||||||||||
—
Ford Asia Pacific and Africa
|
(36
|
)
|
(23
|
)
|
(13
|
)
|
||||
—
Mazda and Associated Operations
|
118
|
69
|
49
|
|||||||
Total
Ford Asia Pacific and Africa/Mazda
|
82
|
46
|
36
|
|||||||
Other
Automotive
|
(276
|
)
|
(572
|
)
|
296
|
|||||
Total
Automotive sector
|
$
|
(155
|
)
|
$
|
(1,908
|
)
|
$
|
1,753
|
|
Sales
(in
billions)
|
Vehicle
Unit Sales (a)
(in
thousands)
|
|||||||||||||||||||||||
|
2004
|
2003
|
2004
Over/(Under)
2003
|
2004
|
2003
|
2004
Over/(Under)
2003
|
|||||||||||||||||||
The
Americas
|
|||||||||||||||||||||||||
—
Ford North America
|
$
|
83.0
|
$
|
83.6
|
$
|
(0.6
|
)
|
(1
|
)%
|
3,623
|
3,810
|
(187
|
)
|
(5
|
)%
|
||||||||||
—
Ford South America
|
3.0
|
1.9
|
1.1
|
58
|
292
|
210
|
82
|
39
|
|||||||||||||||||
Total
The Americas
|
86.0
|
85.5
|
0.5
|
1
|
3,915
|
4,020
|
(105
|
)
|
(3
|
)
|
|||||||||||||||
Ford
Europe and PAG
|
|||||||||||||||||||||||||
—
Ford Europe
|
26.5
|
22.2
|
4.3
|
19
|
1,705
|
1,609
|
96
|
6
|
|||||||||||||||||
—
PAG
|
27.6
|
24.8
|
2.8
|
11
|
771
|
754
|
17
|
2
|
|||||||||||||||||
Total
Ford Europe and PAG
|
54.1
|
47.0
|
7.1
|
15
|
2,476
|
2,363
|
113
|
5
|
|||||||||||||||||
Ford
Asia Pacific and Africa/Mazda
|
|||||||||||||||||||||||||
—
Ford Asia Pacific and Africa (b)
|
7.0
|
5.8
|
1.2
|
21
|
407
|
353
|
54
|
15
|
|||||||||||||||||
—
Mazda and Associated Operations
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||
Total
Ford Asia Pacific and Africa/Mazda
|
7.0
|
5.8
|
1.2
|
21
|
407
|
353
|
54
|
15
|
|||||||||||||||||
Other
Automotive
|
|||||||||||||||||||||||||
Total
Automotive sector
|
$
|
147.1
|
$
|
138.3
|
$
|
8.8
|
6
|
6,798
|
6,736
|
62
|
1
|
(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 66,000 and 34,000 units in 2004 and 2003, respectively.
"Sales" above does not include revenue from these
units.
|
Dealer-Owned
Stocks (a)
|
||||||||||||||||||||||
Market
Share
|
(in
thousands)
|
|||||||||||||||||||||
Market
|
2004
|
2003
|
2004
Over/(Under)
2003
|
2004
|
2003
|
2004
Over/(Under)
2003
|
||||||||||||||||
U.S.
(b)
|
18.0
|
%
|
19.2
|
%
|
(1.2
|
)
|
pts.
|
794
|
791
|
3
|
||||||||||||
Brazil
(b)
|
11.8
|
11.5
|
0.3
|
19
|
12
|
7
|
||||||||||||||||
Europe
(b) (c)
|
8.7
|
8.6
|
0.1
|
356
|
403
|
(47
|
)
|
|||||||||||||||
PAG
- U.S./Europe (c)
|
1.3/2.3
|
1.3/2.1
|
0/
0.2
|
41/68
|
47/59
|
(6)/9
|
||||||||||||||||
Australia
(b)
|
14.2
|
13.9
|
0.3
|
19
|
18
|
1
|
(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,
as
well as some vehicles reflected in our inventory.
|
(b)
|
Includes
only Ford and, in the United States, Lincoln and Mercury
brands.
|
(c)
|
European
market share is based on vehicle registrations for our 19 major European
markets.
|
Income/(Loss)
Before
Income Taxes
|
||||||||||
2005
|
2004
|
2005
Over/(Under)
2004
|
||||||||
Ford
Credit
|
$
|
3,861
|
$
|
4,431
|
$
|
(570
|
)
|
|||
Hertz
operating results (a)
|
974
|
493
|
481
|
|||||||
Other
Financial Services operating results
|
(39
|
)
|
84
|
(123
|
)
|
|||||
Gain
on sale of Hertz (b)
|
1,095
|
—
|
1,095
|
|||||||
Total
Financial Services sector
|
$
|
5,891
|
$
|
5,008
|
$
|
883
|
|
December
31,
|
||||||
|
2005
|
2004
|
|||||
On-Balance
Sheet (including on-balance sheet
securitizations)
|
|||||||
Finance
receivables
|
|||||||
Retail
installment
|
$
|
65.7
|
$
|
81.7
|
|||
Wholesale
|
39.6
|
23.8
|
|||||
Other
|
4.6
|
5.3
|
|||||
Total
finance receivables, net
|
109.9
|
110.8
|
|||||
Net
investment in operating leases
|
22.2
|
21.9
|
|||||
Total
on-balance sheet*
|
$
|
132.1
|
$
|
132.7
|
|||
Memo:
Allowance for credit losses included above
|
$
|
1.6
|
$
|
2.4
|
|||
Securitized
Off-Balance Sheet
|
|||||||
Finance
receivables
|
|||||||
Retail
installment
|
$
|
18.0
|
$
|
16.7
|
|||
Wholesale
|
—
|
18.9
|
|||||
Other
|
—
|
—
|
|||||
Total
finance receivables
|
18.0
|
35.6
|
|||||
Net
investment in operating leases
|
—
|
—
|
|||||
Total
securitized off-balance sheet
|
$
|
18.0
|
$
|
35.6
|
|||
Managed
|
|||||||
Finance
receivables
|
|||||||
Retail
installment
|
$
|
83.7
|
$
|
98.4
|
|||
Wholesale
|
39.6
|
42.7
|
|||||
Other
|
4.6
|
5.3
|
|||||
Total
finance receivables, net
|
127.9
|
146.4
|
|||||
Net
investment in operating leases
|
22.2
|
21.9
|
|||||
Total
managed
|
$
|
150.1
|
$
|
168.3
|
|||
Serviced
|
$
|
153.0
|
$
|
172.3
|
|
2005
|
2004
|
2005
Over/(Under)
2004
|
|||||||
Charge-offs
(in millions)
|
||||||||||
On-Balance
Sheet
|
||||||||||
Retail
installment and lease
|
$
|
681
|
$
|
1,281
|
$
|
(600
|
)
|
|||
Wholesale
|
23
|
43
|
(20
|
)
|
||||||
Other
|
2
|
3
|
(1
|
)
|
||||||
Total
on-balance sheet
|
$
|
706
|
$
|
1,327
|
$
|
(621
|
)
|
|||
Reacquired
Receivables (retail)*
|
$
|
22
|
$
|
74
|
$
|
(52
|
)
|
|||
Securitized
Off-Balance Sheet
|
||||||||||
Retail
installment and lease
|
$
|
127
|
$
|
244
|
$
|
(117
|
)
|
|||
Wholesale
|
—
|
—
|
—
|
|||||||
Other
|
—
|
—
|
—
|
|||||||
Total
securitized off-balance sheet
|
$
|
127
|
$
|
244
|
$
|
(117
|
)
|
|||
Managed
|
||||||||||
Retail
installment and lease
|
$
|
830
|
$
|
1,599
|
$
|
(769
|
)
|
|||
Wholesale
|
23
|
43
|
(20
|
)
|
||||||
Other
|
2
|
3
|
(1
|
)
|
||||||
Total
managed
|
$
|
855
|
$
|
1,645
|
$
|
(790
|
)
|
|||
Loss-to-Receivables
Ratios
|
||||||||||
On-Balance
Sheet
|
||||||||||
Retail
installment and lease
|
0.72
|
%
|
1.25
|
%
|
(0.53
|
) pts. | ||||
Wholesale
|
0.09
|
0.20
|
(0.11
|
)
|
||||||
Total
including other
|
0.57
|
%
|
1.02
|
%
|
(0.45
|
) pts. | ||||
Managed
|
||||||||||
Retail
installment and lease
|
0.73
|
%
|
1.29
|
%
|
(0.56
|
) pts. | ||||
Wholesale
|
0.06
|
0.10
|
(0.04
|
)
|
||||||
Total
including other
|
0.54
|
%
|
0.96
|
%
|
(0.42
|
) pts. |
|
2005
|
2004
|
|||||
AlAllowance
for Credit Losses
|
|||||||
Balance,
beginning of year
|
$
|
2.4
|
$
|
2.9
|
|||
Provision
for credit losses
|
0.2
|
0.9
|
|||||
Deductions
|
|||||||
Charge-offs
|
1.2
|
1.8
|
|||||
Recoveries
|
(0.5
|
)
|
(0.5
|
)
|
|||
Net
charge-offs
|
0.7
|
1.3
|
|||||
Other
changes, principally amounts related to finance receivables sold
and
translation adjustments
|
0.3
|
0.1
|
|||||
Net
deductions
|
1.0
|
1.4
|
|||||
Balance,
end of year
|
$
|
1.6
|
$
|
2.4
|
|||
Allowance
for credit losses as a percentage of end-of-period net
receivables
|
1.19
|
%
|
1.80
|
%
|
|
Income/(Loss)
Before
Income Taxes
|
|||||||||
|
2004
|
2003
|
2004
Over/(Under)
2003
|
|||||||
Ford
Credit
|
$
|
4,431
|
$
|
2,956
|
$
|
1,475
|
||||
Hertz*
|
493
|
228
|
265
|
|||||||
Other
Financial Services
|
84
|
63
|
21
|
|||||||
Total
Financial Services sector
|
$
|
5,008
|
$
|
3,247
|
$
|
1,761
|
|
December
31,
|
|||||||||
|
2005
|
2004
|
2003
|
|||||||
Cash
and cash equivalents
|
$
|
13.4
|
$
|
10.1
|
$
|
6.9
|
||||
Marketable
securities
|
6.9
|
8.3
|
9.3
|
|||||||
Loaned
securities*
|
3.4
|
1.1
|
5.7
|
|||||||
Total
cash, marketable securities and loaned securities
|
23.7
|
19.5
|
21.9
|
|||||||
Short-term
VEBA assets
|
1.4
|
4.1
|
4.0
|
|||||||
Gross
cash
|
$
|
25.1
|
$
|
23.6
|
$
|
25.9
|
|
2005
|
2004
|
2003
|
|||||||
Gross
cash at end of period
|
$
|
25.1
|
$
|
23.6
|
$
|
25.9
|
||||
Gross
cash at beginning of period
|
23.6
|
25.9
|
25.3
|
|||||||
Total
change in gross cash
|
$
|
1.5
|
$
|
(2.3
|
)
|
$
|
0.6
|
|||
Operating-related
cash flow
|
||||||||||
Automotive
income/(loss) before income taxes
|
$
|
(3.9
|
)
|
$
|
(0.2
|
)
|
$
|
(1.9
|
)
|
|
Non-cash
portion of special items
|
1.2
|
1.1
|
2.0
|
|||||||
Capital
expenditures
|
(7.1
|
)
|
(6.3
|
)
|
(7.4
|
)
|
||||
Depreciation
and special tools amortization
|
8.1
|
6.4
|
5.5
|
|||||||
Changes
in receivables, inventory and trade payables (a)
|
1.3
|
(0.4
|
)
|
(1.0
|
)
|
|||||
Other
(b)
|
(1.3
|
)
|
0.4
|
2.9
|
||||||
Total
operating-related cash flows
|
(1.7
|
)
|
1.0
|
0.1
|
||||||
Other
changes in cash
|
||||||||||
Funded
pension plans/long-term VEBA contributions
|
(2.7
|
)
|
(5.0
|
)
|
(4.8
|
)
|
||||
Tax
refunds
|
0.3
|
0.3
|
1.7
|
|||||||
Capital
transactions with Financial Services sector (c)
|
2.3
|
4.2
|
3.6
|
|||||||
Acquisitions
and divestitures (d)
|
5.3
|
0.4
|
0.5
|
|||||||
Dividends
paid to shareholders
|
(0.7
|
)
|
(0.7
|
)
|
(0.7
|
)
|
||||
Changes
in total Automotive sector debt
|
(0.5
|
)
|
(2.4
|
)
|
(0.1
|
)
|
||||
Cash
from Variable Interest Entity ("VIE") consolidations (e)
|
—
|
—
|
0.3
|
|||||||
Other
(f)
|
(0.8
|
)
|
(0.1
|
)
|
—
|
|||||
Total
change in gross cash
|
$
|
1.5
|
$
|
(2.3
|
)
|
$
|
0.6
|
(a)
|
In
2005, we took measures to improve our working capital, including
reducing
inventory (both production materials and finished vehicles) and changing
the way our European affiliates pay suppliers.
|
(b)
|
Primarily
expense and payment timing differences for items such as marketing,
warranty, pension and OPEB.
|
(c)
|
Primarily
dividends received from Ford Credit, excluding proceeds from Financial
Services sector divestitures paid to the Automotive
sector.
|
(d)
|
In
2005, primarily proceeds from the sale of Hertz and the final payment
for
the Land Rover acquisition.
|
(e)
|
See
Note 17 of the Notes to the Financial Statements for a discussion
of
VIEs.
|
(f)
|
In
2005, primarily cash flow associated with the acquisition of ACH
from
Visteon (an outflow of about $700 million), dividends to minority
shareholders of consolidated subsidiaries (an outflow of about $200
million), and the net issuance of Ford Common stock under employee
savings
plans (an inflow of about $200
million).
|
|
2005
|
2004
|
2003
|
|||||||
Net
cash flows from operating activities
|
$
|
5.4
|
$
|
7.0
|
$
|
2.9
|
||||
Items
included in operating-related cash flow
|
||||||||||
Capital
expenditures
|
(7.1
|
)
|
(6.3
|
)
|
(7.3
|
)
|
||||
Net
transactions between Automotive and Financial Services sectors
(a)
|
(0.4
|
)
|
1.3
|
1.2
|
||||||
Net
sales/(purchases) of trading securities
|
0.6
|
(5.6
|
)
|
(1.6
|
)
|
|||||
Other
(b)
|
(2.6
|
)
|
(0.1
|
)
|
1.8
|
|||||
Items
not included in operating-related cash flow
|
||||||||||
Pension
and long-term VEBA contributions
|
2.7
|
5.0
|
4.8
|
|||||||
Tax
refunds
|
(0.3
|
)
|
(0.3
|
)
|
(1.7
|
)
|
||||
Operating-related
cash flows
|
$
|
(1.7
|
)
|
$
|
1.0
|
$
|
0.1
|
(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).
|
|
2006
Forecast
|
2005
|
2004
|
|||||||
Unsecured
Term Debt
|
||||||||||
Institutional
|
$
|
0
- 2
|
$
|
8
|
$
|
7
|
||||
Retail
|
0
- 1
|
1
|
5
|
|||||||
Total
unsecured term debt
|
0
- 3
|
9
|
12
|
|||||||
Term
Public Securitization
(a)
|
8
- 12
|
12
|
6
|
|||||||
Total
term public funding
|
$
|
8
- 15
|
$
|
21
|
$
|
18
|
||||
Memo
- Not Included Above
|
||||||||||
Private
transactions (b)
|
$
|
25
- 35
|
$
|
18
|
$
|
10
|
||||
Financial
Statement Leverage
|
=
|
Total
Debt
|
||||||||||||||||||
Equity
|
||||||||||||||||||||
Total
Debt
|
+
|
Securitized
Off-Balance
Sheet
Receivables
|
-
|
Retained
Interest
in
Securitized
Off-Balance
Sheet
Receivables
|
-
|
Cash
and
Cash Equivalents
|
-
|
Fair
Value Hedge Accounting
Adjustments
on
Total Debt
|
||||||||||||
Managed
Leverage
|
=
|
|||||||||||||||||||
Equity
|
+
|
Minority
Interest
|
-
|
Fair
Value Hedge Accounting
Adjustments
on
Equity
|
|
December
31,
|
|||||||||
|
2005
|
2004
|
2003
|
|||||||
Total
debt
|
$
|
134.5
|
$
|
144.3
|
$
|
149.7
|
||||
Total
stockholder’s equity
|
10.7
|
11.5
|
12.5
|
|||||||
Debt-to-equity
ratio (to 1)
|
12.5
|
12.6
|
12.0
|
|
December
31,
|
|||||||||
|
2005
|
2004
|
2003
|
|||||||
Total
debt
|
$
|
134.5
|
$
|
144.3
|
$
|
149.7
|
||||
Securitized
off-balance sheet receivables outstanding (a)
|
18.0
|
37.7
|
49.4
|
|||||||
Retained
interest in securitized off-balance sheet receivables (b)
|
(1.4
|
)
|
(9.5
|
)
|
(13.0
|
)
|
||||
Adjustments
for cash and cash equivalents
|
(17.9
|
)
|
(12.7
|
)
|
(15.7
|
)
|
||||
Fair
value hedge accounting adjustments
|
(1.6
|
)
|
(3.2
|
)
|
(4.7
|
)
|
||||
Total
adjusted debt
|
$
|
131.6
|
$
|
156.6
|
$
|
165.7
|
||||
Total
stockholder’s equity (including minority interest)
|
$
|
10.7
|
$
|
11.5
|
$
|
12.5
|
||||
Fair
value hedge accounting adjustments
|
—
|
|
(0.1
|
)
|
0.2
|
|||||
Total
adjusted equity
|
$
|
10.7
|
$
|
11.4
|
$
|
12.7
|
||||
Managed
debt-to-equity ratio (to 1)
|
12.3
|
13.7
|
13.0
|
(a)
|
Includes
securitized funding from discontinued operations in 2003 and
2004.
|
(b)
|
Includes
retained interest in securitized receivables from discontinued operations
in 2003 and 2004.
|
DBRS
|
Fitch
|
Moody's
|
S&P
|
|||||||||
Long-
Term
|
Short-Term
|
Trend
|
Long-Term
|
Short-Term
|
Outlook
|
Long-Term
|
Short-Term
|
Outlook
|
Long-Term
|
Short-Term
|
Outlook
|
|
Ford
|
BB
(low)
|
R-3
(high)
|
Negative
|
BB+
|
B
|
Negative
|
Ba3
|
NA
|
Negative
|
BB-
|
B-2
|
Negative
|
Ford
Credit
|
BB
|
R-3
(high)
|
Negative
|
BB+
|
B
|
Negative
|
Ba2
|
NP
|
Negative
|
BB-
|
B-2
|
Negative
|
Industry
Volume (SAAR
incl. heavy trucks)
|
Planning
Assumptions
|
||
U.S.
|
17.0
million units
|
||
Europe
|
17.3
million units
|
||
Industry
Net Pricing
|
|||
U.S
|
Slightly
negative
|
||
Europe
|
Slightly
negative
|
||
Operation
Metrics
|
2006
Milestones
|
||
Quality
|
Improved
|
||
Market
share
|
Flat to improved
|
||
Automotive
cost performance*
|
Favorable
|
||
Capital
spending
|
About $7 billion
|
· |
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.
|
· |
Discount
rates
|
· |
Salary
growth
|
· |
Retirement
rates
|
· |
Expected
contributions
|
· |
Inflation
|
· |
Expected
return on plan assets
|
· |
Mortality
rates
|
Increase/(Decrease)
in:
|
|||||||||||||||||||
Percentage
|
December
31, 2005
|
|
|||||||||||||||||
Point
|
U.S.
Plans
|
Non-U.S.
Plans
|
2005
Expense
|
||||||||||||||||
Assumption
|
Change
|
Funded
Status
|
Funded
Status
|
Equity
|
U.S.
Plans
|
Non-U.S.
Plans
|
|||||||||||||
Discount
rate
|
+/-
1.0 pt.
|
$
|
4,690/$(5,250
|
)
|
$
|
4,280/$(5,310
|
)
|
$
|
3,450/$(6,560
|
)
|
$
|
(110)/$320
|
$
|
(330)/$430
|
|||||
Actual
return on assets
|
+/- 1.0
|
390/(390
|
)
|
180/(180
|
)
|
1,400/(200
|
)
|
—
|
—
|
||||||||||
Expected
return on assets
|
+/- 1.0
|
—
|
—
|
—
|
(380)/380
|
(150)/150
|
· |
Discount
rates
|
· |
Salary
growth
|
· |
Retirement
rates
|
· |
Expected
contributions
|
· |
Health
care cost trends
|
· |
Expected
return on plan assets
|
· |
Mortality
rates
|
|
|
Effect
on U.S. and Canadian Plans: Increase/(Decrease)
|
||||||||
Assumption
|
Percentage
Point
Change
|
December
31, 2005
Obligation
|
2005
Expense
|
|||||||
Discount
rate
|
+/-
1.0
|
pt. |
$
|
(5,540)/$6,330
|
$
|
(460)/$530
|
||||
Health
care cost trend rates — total expense
|
+/-
1.0
|
4,910/(3,890
|
)
|
830/(650
|
)
|
|||||
Health
care cost trend rates — service and interest expense
|
+/-
1.0
|
4,910/(3,890
|
)
|
490/(380
|
)
|
|
|
Increase/(Decrease)
|
||||||||
Assumption
|
Percentage
Point
Change
|
December
31, 2005
Allowance
for
Credit
Losses
|
2005
Expense
|
|||||||
Repossession
rates *
|
+/-
0.1
|
pt. |
$
|
40/$(40
|
)
|
$
|
40/$(40
|
)
|
||
Loss
severity
|
+/-
1.0
|
10/(10
|
)
|
10/(10
|
)
|
· |
FCAR.
If
credit losses or delinquencies in Ford Credit's portfolio of retail,
wholesale or lease receivables exceed specified levels, FCAR is not
permitted to purchase additional asset-backed securities of the affected
type for so long as such levels are exceeded. FCAR is permitted to
purchase only highly-rated asset-backed securities, and if the credit
enhancement on any asset-backed security purchased by FCAR is reduced
to
zero, FCAR may not purchase any additional asset-backed securities
and
would wind down its operations.
|
· |
Conduits.
If
credit losses or delinquencies on the pool of sold receivables held
by a
conduit exceed specified levels, or if the level of overcollateralization
for such pool decreases below a specified level, Ford Credit will
be
unable to sell additional pools of receivables to that
conduit.
|
·
|
Wholesale
Securitization and Motown Notes Program. If
the payment rates on wholesale receivables are lower than specified
levels, the SPE will be unable to issue additional securities and
any
existing securities would begin to amortize.
|
|
|
|
Payments
Due by Period
|
|||||||||||||||||||
|
Automotive
|
Financial
Services
|
Total
|
2006
|
2007-2008
|
2009-2010
|
2011
and
Thereafter
|
|||||||||||||||
On-balance
sheet
|
||||||||||||||||||||||
Long-term
debt*
|
$
|
17,627
|
$
|
104,119
|
$
|
121,746
|
$
|
27,318
|
$
|
45,623
|
$
|
20,414
|
$
|
28,391
|
||||||||
Capital
lease
|
375
|
—
|
375
|
56
|
118
|
111
|
90
|
|||||||||||||||
Off-balance
sheet
|
||||||||||||||||||||||
Purchase
obligations
|
4,013
|
271
|
4,284
|
1,185
|
1,521
|
1,086
|
492
|
|||||||||||||||
Operating
lease
|
1,758
|
516
|
2,274
|
596
|
852
|
442
|
384
|
|||||||||||||||
Total
|
$
|
23,773
|
$
|
104,906
|
$
|
128,679
|
$
|
29,155
|
$
|
48,114
|
$
|
22,053
|
$
|
29,357
|
|
Pre-tax
Net Interest
Income
impact given a
one
percentage point
instantaneous
increase
in
interest rates
(in
millions)
|
Pre-tax
Net Interest
Income
impact given a
one
percentage point
instantaneous
decrease
in
interest rates
(in
millions)
|
|||||
December
31, 2005
|
$
|
(40
|
)
|
$
|
40
|
||
December
31, 2004
|
(93
|
)
|
93
|
· |
Consolidated
Statement of Income and Sector Statement of Income for the years
ended
December 31, 2005, 2004,
and 2003.
|
· |
Consolidated
Balance Sheet and Sector Balance Sheet at December 31, 2005 and
2004.
|
· |
Consolidated
Statement of Cash Flows and Sector Statement of Cash Flows for the
years
ended December 31, 2005, 2004, and
2003.
|
· |
Consolidated
Statement of Stockholders’ Equity for the years ended December 31, 2005,
2004, and 2003.
|
· |
Notes
to the Financial Statements.
|
· |
Report
of Independent Registered Public Accounting Firm.
|
Designation
|
Description
|
Schedule
II
|
Valuation
and Qualifying Accounts
|
Designation
|
Description
|
Method
of Filing
|
Exhibit
2
|
Stock
Purchase Agreement dated as of September 12, 2005 between
CCMG Holdings, Inc., Ford Holdings LLC and Ford Motor
Company.
|
Filed
as Exhibit 2 to our Quarterly Report on Form 10-Q for the period
ended
September 30, 2005.*
|
Exhibit
3-A
|
Restated
Certificate of Incorporation, dated August 2, 2000.
|
Filed
as Exhibit 3-A to our Annual Report on Form 10-K for the year ended
December 31, 2000.*
|
Exhibit
3-B
|
By-Laws
as amended through March 10, 2005.
|
Filed
as Exhibit 3-B to our Annual Report on Form 10-K for the year ended
December 31, 2004.*
|
Exhibit
10-A
|
Amended
and Restated Profit Maintenance Agreement, dated as of January
1, 2002,
between Ford and Ford Credit.
|
Filed
as Exhibit 10-A to our Annual Report on Form 10-K for the year
ended
December 31, 2001.*
|
Designation
|
Description
|
Method
of Filing
|
Exhibit
10-B
|
Executive
Separation Allowance Plan as amended through January 1, 2005
for
separations on or after January 1, 1981.**
|
Filed
as Exhibit 10-B to our Annual Report on Form 10-K for the year
ended
December 31, 2004.*
|
Exhibit
10-C
|
Deferred
Compensation Plan for Non- Employee Directors, as amended and
restated as
of January 1, 2005.**
|
Filed
as Exhibit 10-D to our Annual Report on Form 10-K for the year
ended
December 31, 2004.*
|
Exhibit
10-D
|
Benefit
Equalization Plan, as amended as of January 1, 2005.**
|
Filed
as Exhibit 10-E to our Annual Report on Form 10-K for the year
ended
December 31, 2004.*
|
Exhibit
10-D-1
|
Amendment
to Benefit Equalization Plan, adopted in October 2002 and effective
as of
November 1, 2001.**
|
Filed
as Exhibit 10 to our Quarterly Report on Form 10-Q for the quarter
ended
September 30, 2002.*
|
Exhibit
10-E
|
Description
of financial counseling services provided to certain
executives.**
|
Filed
as Exhibit 10-F to Ford’s Annual Report on Form 10-K for the year ended
December 31, 2002.*
|
Exhibit
10-F
|
Supplemental
Executive Retirement Plan, as amended through January 1,
2005.**
|
Filed
as Exhibit 10-G to our Annual Report on Form 10-K for the year
ended
December 31, 2004.*
|
Exhibit
10-G
|
Restricted
Stock Plan for Non-Employee Directors adopted by the Board of
Directors on
November 10, 1988.**
|
Filed
as Exhibit 10-P to our Annual Report on Form 10-K for the year
ended
December 31, 1988.*
|
Exhibit
10-G-1
|
Amendment
to Restricted Stock Plan for Non-Employee Directors, effective
as of
August 1, 1996.**
|
Filed
as Exhibit 10.1 to our Quarterly Report on Form 10-Q for the
quarter ended
September 30, 1996.*
|
Exhibit
10-G-2
|
Amendment
to Restricted Stock Plan for Non-Employee Directors, effective
as of
July 1, 2004.**
|
Filed
as Exhibit 10 to our Quarterly Report on Form 10-Q for the quarter
ended
September 30, 2004.*
|
Exhibit
10-G-3
|
Description
of Director Compensation.**
|
Filed
with this Report.
|
Exhibit
10-H
|
1990
Long-Term Incentive Plan, amended as of June 1, 1990.**
|
Filed
as Exhibit 10-R to our Annual Report on Form 10-K for the year
ended
December 31, 1990.*
|
Exhibit
10-H-1
|
Amendment
to 1990 Long-Term Incentive Plan, effective as of October 1,
1990.**
|
Filed
as Exhibit 10-P-1 to our Annual Report on Form 10-K for the year
ended
December 31, 1991.*
|
Exhibit
10-H-2
|
Amendment
to 1990 Long-Term Incentive Plan, effective as of March 8,
1995.**
|
Filed
as Exhibit 10.2 to our Quarterly Report on Form 10-Q for the
quarter ended
March 31, 1995.*
|
Exhibit
10-H-3
|
Amendment
to 1990 Long-Term Incentive Plan, effective as of October 1,
1997.**
|
Filed
as Exhibit 10-M-3 to our Annual Report on Form 10-K for the year
ended
December 31, 1997.*
|
Exhibit
10-H-4
|
Amendment
to 1990 Long-Term Incentive Plan, effective as of January 1,
1998.**
|
Filed
as Exhibit 10-M-4 to our Annual Report on Form 10-K for the year
ended
December 31, 1997.*
|
Exhibit
10-I
|
Description
of Matching Gift Program and Vehicle Evaluation Program for Non-Employee
Directors.**
|
Filed
with this Report.
|
Exhibit
10-J
|
Non-Employee
Directors Life Insurance and Optional Retirement Plan (as amended
as of
January 1, 2005).**
|
Filed
as Exhibit 10-K to our Annual Report on Form 10-K for the year
ended
December 31, 2004.*
|
Designation
|
Description | Method of Filing |
Exhibit
10-K
|
Description
of Non-Employee Directors Accidental Death, Dismemberment and
Permanent
Total Disablement Indemnity.**
|
Filed
as Exhibit 10-S to our Annual Report on Form 10-K for the year
ended
December 31, 1992.*
|
Exhibit
10-L
|
Agreement
dated December 10, 1992 between Ford and William C.
Ford.**
|
Filed
as Exhibit 10-T to our Annual Report on Form 10-K for the year
ended
December 31, 1992.*
|
Exhibit
10-M
|
Select
Retirement Plan, as amended through January 1, 2005.**
|
Filed
as Exhibit 10-N to our Annual Report on Form 10-K for the year
ended
December 31, 2004.*
|
Exhibit
10-N
|
Deferred
Compensation Plan, as amended and restated as of December 7,
2005.**
|
Filed
with this Report.
|
Exhibit
10-O
|
Annual
Incentive Compensation Plan, as amended and restated as of
January 1,
2000.**
|
Filed
as Exhibit 10-T to our Annual Report on Form 10-K for the year
ended
December 31, 1999.*
|
Exhibit
10-O-1
|
Annual
Incentive Compensation Plan Metrics for 2006.**
|
Filed
with this Report.
|
Exhibit
10-P
|
1998
Long-Term Incentive Plan, as amended and restated effective
as of January
1, 2003.**
|
Filed
as Exhibit 10-R to our Annual Report on Form 10-K for the year
ended
December 31, 2002.*
|
Exhibit
10-P-1
|
Amendment
to Ford Motor Company 1998 Long-Term Incentive Plan (effective
as of
January 1, 2006).**
|
Filed
with this Report.
|
Exhibit
10-P-2
|
Form
of Stock Option Agreement (NQO) with Terms and
Conditions.**
|
Filed
with this Report.
|
Exhibit
10-P-3
|
Form
of Stock Option Agreement (ISO) with Terms and
Conditions.**
|
Filed
with this Report.
|
Exhibit
10-P-4
|
Form
of Stock Option Agreement (U.K. NQO) with Terms and
Conditions.**
|
Filed
with this Report.
|
Exhibit
10-P-5
|
Performance
Stock Rights Description for 2005-2007 Performance
Period.**
|
Filed
as Exhibit 10-Q-4 to our Annual Report on Form 10-K for the
year ended
December 31, 2004.*
|
Exhibit
10-P-6
|
Performance
Stock Rights Description for 2006-2008 Performance
Period.**
|
Filed
with this Report.
|
Exhibit
10-P-7
|
Form
of Final Award Notification Letter For 2003-2005 Performance
Period.**
|
Filed
with this Report.
|
Exhibit
10-P-8
|
Form
of Restricted Stock Equivalent Grant Letter.**
|
Filed
as Exhibit 10-Q-6 to our Annual Report on Form 10-K for the
year ended
December 31, 2004.*
|
Exhibit
10-P-9
|
Form
of Performance-Based Restricted Stock Equivalent Opportunity
Letter for
2005.**
|
Filed
as Exhibit 10-Q-7 to our Annual Report on Form 10-K for the
year ended
December 31, 2004.*
|
Exhibit
10-P-10
|
Form
of Performance-Based Restricted Stock Equivalent Opportunity
Letter for
2006.**
|
Filed
with this Report.
|
Exhibit
10-P-11
|
Form
of Restricted Stock Grant Letter.**
|
Filed
as Exhibit 10-Q-8 to our Annual Report on Form 10-K for the
year ended
December 31, 2004.*
|
Designation | Description | Method of Filing |
Exhibit
10-P-12
|
Form
of Final Award Notification Letter for 2005 Performance-Based
Restricted
Stock Equivalents.**
|
Filed
with this Report.
|
Exhibit
10-Q
|
Agreement
dated January 13, 1999 between Ford and Edsel B. Ford
II.**
|
Filed
as Exhibit 10-X to our Annual Report on Form 10-K for the
year ended
December 31, 1998.*
|
Exhibit
10-R
|
Agreement
between Ford Motor Company and Ford Motor Credit Company
dated as of
October 18, 2001.
|
Filed
as Exhibit 10 to our Current Report on Form 8-K dated October
18,
2001.*
|
Exhibit
10-S
|
Agreement
between Ford and Carl Reichardt, entered into in June
2002.**
|
Filed
as Exhibit 10.2 to our Quarterly Report on Form 10-Q for
the quarter ended
June 30, 2002.*
|
Exhibit
10-T
|
Form
of Trade Secrets/Non-Compete Statement between Ford and certain
of its
Executive Officers.**
|
Filed
as Exhibit 10-V to our Annual Report on Form 10-K for the
year ended
December 31, 2003.*
|
Exhibit
10-U
|
Form
of Special 2006-2008 Retention Incentive Opportunity
Letter.**
|
Filed
with this Report.
|
Exhibit
10-V
|
Form
of Special 2006 Performance Incentive Opportunity
Letter.**
|
Filed
with this Report.
|
Exhibit
10-W
|
Agreement
dated April 28, 2004 between Ford Motor Company and David
W.
Thursfield.**
|
Filed
as Exhibit 10.1 to our Quarterly Report on Form 10-Q for
the quarter ended
June 30, 2004.*
|
Exhibit
10-W-1
|
Amendment
dated June 4, 2004 to Agreement dated April 28, 2004 between
Ford Motor
Company and David W. Thursfield.**
|
Filed
as Exhibit 10.2 to Ford’s Quarterly Report on Form 10-Q for the quarter
ended June 30, 2004.*
|
Exhibit
10-X
|
Arrangement
between Ford Motor Company and Allan Gilmour dated January
28,
2005.**
|
Filed
as Exhibit 10-Y to our Annual Report on Form 10-K for the
year ended
December 31, 2004.*
|
Exhibit
10-Y
|
Arrangement
between Ford Motor Company and Nicholas V. Scheele dated
December
10, 2004.**
|
Filed
as Exhibit 10-Z to our Annual Report on Form 10-K for the
year ended
December 31, 2004.*
|
Exhibit
10-Y-1
|
Agreement
between Ford Motor Company and Nicholas V. Scheele dated
December
10, 2004.**
|
Filed
as Exhibit 10-Z-1 to our Annual Report on Form 10-K for the
year ended
December 31, 2004.*
|
Exhibit
10-Z
|
Arrangement
between Ford Motor Company and
James J. Padilla.**
|
Filed
with this Report.
|
Exhibit
10-AA
|
Arrangement
between Ford Motor Company and William Clay Ford, Jr. dated
May 11,
2005.**
|
Filed
with our Current Report on Form 8-K dated
May 11, 2005.
|
Exhibit
10-AA-1
|
Arrangement
between Ford Motor Company and William Clay Ford, Jr. dated
February 27, 2006.**
|
Filed
with this Report.
|
Exhibit
10-BB
|
Arrangement
between Ford Motor Company and Greg C. Smith dated February
10,
2006.**
|
Filed
with this Report.
|
Designation | Description | Method of Filing |
Exhibit
10-BB-1
|
Agreement
between Ford Motor Company and Greg C. Smith dated February
10,
2006.**
|
Filed
with this Report.
|
Exhibit
10-CC
|
Agreement
between Ford Motor Company and Mark Fields dated October
5,
2005.**
|
Filed
with this Report.
|
Exhibit
10-DD
|
Description
of Company Practices regarding Club Memberships for
Executives.**
|
Filed
with this Report.
|
Exhibit
12
|
Calculation
of Ratio of Earnings to Combined Fixed Charges and Preferred
Stock
Dividends.
|
Filed
with this Report.
|
Exhibit
21
|
List
of Subsidiaries of Ford as of February 22, 2006.
|
Filed
with this Report.
|
Exhibit
23
|
Consent
of Independent Registered Public Accounting Firm.
|
Filed
with this Report.
|
Exhibit
24
|
Powers
of Attorney.
|
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.
|
Signature
|
Title
|
Date
|
WILLIAM
CLAY FORD, JR.*
|
Director,
Chairman of the Board and Chief Executive Officer, Chair of the
|
March
1, 2006
|
(William Clay Ford, Jr.) |
Environmental
and Public Policy Committee and Chair of the Office of the Chairman
and
Chief
Executive Committee (principal executive
officer)
|
|
JOHN
R. H. BOND*
|
Director
|
March
1, 2006
|
(John
R. H. Bond)
|
||
STEPHEN
G. BUTLER*
|
Director
and Chair of the Audit Committee
|
March
1, 2006
|
(Stephen
G. Butler)
|
||
KIMBERLY
A. CASIANO*
|
Director
|
March
1, 2006
|
(Kimberly
A. Casiano)
|
||
EDSEL
B. FORD II*
|
Director
|
March
1, 2006
|
(Edsel
B. Ford II)
|
||
IRVINE
O. HOCKADAY, JR.*
|
Director
|
March
1, 2006
|
(Irvine
O. Hockaday, Jr.)
|
||
MARIE-JOSEE
KRAVIS*
|
Director
and Chair of the Compensation Committee
|
March
1, 2006
|
(Marie-Josée
Kravis)
|
||
RICHARD
A. MANOOGIAN*
|
Director
|
March
1, 2006
|
(Richard
A. Manoogian)
|
||
ELLEN
R. MARRAM*
|
Director
and Chair of the Nominating and Governance
Committee
|
March
1, 2006
|
(Ellen
R. Marram)
|
|
|
HOMER
A. NEAL*
|
Director
and Chair of the Environmental and Public
Policy Committee
|
March
1, 2006
|
(Homer
A. Neal)
|
|
|
JORMA
OLLILA*
|
Director
|
March
1, 2006
|
(Jorma
Ollila)
|
||
JAMES
J. PADILLA*
|
Director,
President and Chief Operating Officer
|
March
1, 2006
|
(James
J. Padilla)
|
||
CARL
E. REICHARDT*
|
Director
and Chair of the Finance Committee
|
March
1, 2006
|
(Carl
E. Reichardt)
|
||
ROBERT
E. RUBIN*
|
Director
|
March
1, 2006
|
(Robert
E. Rubin)
|
||
JOHN
L. THORNTON*
|
Director
|
March
1, 2006
|
(John
L. Thornton)
|
||
DONAT
R. LECLAIR, JR.*
|
Executive
Vice President and Chief Financial Officer (principal financial
officer)
|
March
1, 2006
|
(Donat
R. Leclair, Jr.)
|
||
JAMES
C. GOUIN*
|
Vice
President and Controller (principal accounting officer)
|
March
1, 2006
|
(James
C. Gouin)
|
||
*By:
/s/ PETER J. SHERRY, JR.
|
March
1, 2006
|
|
(Peter
J. Sherry, Jr.)
Attorney-in-Fact
|
|
2005
|
2004
|
2003
|
|||||||
Sales
and revenues
|
||||||||||
Automotive
sales
|
$
|
153,503
|
$
|
147,128
|
$
|
138,253
|
||||
Financial
Services revenues
|
23,586
|
24,518
|
26,078
|
|||||||
Total
sales and revenues
|
177,089
|
171,646
|
164,331
|
|||||||
Costs
and expenses
|
||||||||||
Cost
of sales
|
144,944
|
135,852
|
129,683
|
|||||||
Selling,
administrative and other expenses
|
24,652
|
23,901
|
24,389
|
|||||||
Interest
expense
|
7,643
|
7,071
|
7,643
|
|||||||
Financial
Services provision for credit and insurance losses
|
483
|
1,212
|
2,248
|
|||||||
Total
costs and expenses
|
177,722
|
168,036
|
163,963
|
|||||||
Automotive
interest income and other non-operating income/(expense),
net
|
1,249
|
988
|
897
|
|||||||
Automotive
equity in net income/(loss) of affiliated companies
|
285
|
255
|
74
|
|||||||
Gain
on sale of The Hertz Corporation ("Hertz") (Note 4)
|
1,095
|
—
|
—
|
|||||||
Income/(loss)
before income taxes
|
1,996
|
4,853
|
1,339
|
|||||||
Provision
for/(benefit from) income taxes (Note 3)
|
(512
|
)
|
938
|
123
|
||||||
Income/(loss)
before minority interests
|
2,508
|
3,915
|
1,216
|
|||||||
Minority
interests in net income/(loss) of subsidiaries
|
280
|
282
|
314
|
|||||||
Income/(loss)
from continuing operations
|
2,228
|
3,633
|
902
|
|||||||
Income/(loss)
from discontinued operations (Note 4)
|
47
|
(146
|
)
|
(143
|
)
|
|||||
Income/(loss)
before cumulative effects of changes in accounting
principles
|
2,275
|
3,487
|
759
|
|||||||
Cumulative
effects of changes in accounting principles (Notes 27 and
17)
|
(251
|
)
|
—
|
(264
|
)
|
|||||
Net
income/(loss)
|
$
|
2,024
|
$
|
3,487
|
$
|
495
|
||||
Average
number of shares of Common and Class B stock outstanding
|
1,846
|
1,830
|
1,832
|
|||||||
AMOUNTS
PER SHARE OF COMMON AND CLASS B STOCK (Note 18)
|
||||||||||
Basic
income/(loss)
|
||||||||||
Income/(loss)
from continuing operations
|
$
|
1.21
|
$
|
1.99
|
$
|
0.49
|
||||
Income/(loss)
from discontinued operations
|
0.03
|
(0.08
|
)
|
(0.08
|
)
|
|||||
Cumulative
effects of changes in accounting principles
|
(0.14
|
)
|
—
|
(0.14
|
)
|
|||||
Net
income/(loss)
|
$
|
1.10
|
$
|
1.91
|
$
|
0.27
|
||||
Diluted
income/(loss)
|
||||||||||
Income/(loss)
from continuing operations
|
$
|
1.14
|
$
|
1.80
|
$
|
0.49
|
||||
Income/(loss)
from discontinued operations
|
0.02
|
(0.07
|
)
|
(0.08
|
)
|
|||||
Cumulative
effects of changes in accounting principles
|
(0.11
|
)
|
—
|
(0.14
|
)
|
|||||
Net
income/(loss)
|
$
|
1.05
|
$
|
1.73
|
$
|
0.27
|
||||
Cash
dividends
|
$
|
0.40
|
$
|
0.40
|
$
|
0.40
|
|
2005
|
2004
|
2003
|
|||||||
AUTOMOTIVE
|
||||||||||
Sales
|
$
|
153,503
|
$
|
147,128
|
$
|
138,253
|
||||
Costs
and expenses
|
||||||||||
Cost
of sales
|
144,944
|
135,852
|
129,683
|
|||||||
Selling,
administrative and other expenses
|
12,768
|
11,453
|
10,126
|
|||||||
Total
costs and expenses
|
157,712
|
147,305
|
139,809
|
|||||||
Operating
income/(loss)
|
(4,209
|
)
|
(177
|
)
|
(1,556
|
)
|
||||
Interest
expense
|
1,220
|
1,221
|
1,323
|
|||||||
Interest
income and other non-operating income/(expense), net
|
1,249
|
988
|
897
|
|||||||
Equity
in net income/(loss) of affiliated companies
|
285
|
255
|
74
|
|||||||
Income/(loss)
before income taxes — Automotive
|
(3,895
|
)
|
(155
|
)
|
(1,908
|
)
|
||||
FINANCIAL
SERVICES
|
||||||||||
Revenues
|
23,586
|
24,518
|
26,078
|
|||||||
Costs
and expenses
|
||||||||||
Interest
expense
|
6,423
|
5,850
|
6,320
|
|||||||
Depreciation
|
5,854
|
6,618
|
8,771
|
|||||||
Operating
and other expenses
|
6,030
|
5,830
|
5,492
|
|||||||
Provision
for credit and insurance losses
|
483
|
1,212
|
2,248
|
|||||||
Total
costs and expenses
|
18,790
|
19,510
|
22,831
|
|||||||
Gain
on sale of Hertz (Note 4)
|
1,095
|
—
|
—
|
|||||||
Income/(loss)
before income taxes — Financial Services
|
5,891
|
5,008
|
3,247
|
|||||||
TOTAL
COMPANY
|
||||||||||
Income/(loss)
before income taxes
|
1,996
|
4,853
|
1,339
|
|||||||
Provision
for/(benefit from) income taxes (Note 3)
|
(512
|
)
|
938
|
123
|
||||||
Income/(loss)
before minority interests
|
2,508
|
3,915
|
1,216
|
|||||||
Minority
interests in net income/(loss) of subsidiaries
|
280
|
282
|
314
|
|||||||
Income/(loss)
from continuing operations
|
2,228
|
3,633
|
902
|
|||||||
Income/(loss)
from discontinued operations (Note 4)
|
47
|
(146
|
)
|
(143
|
)
|
|||||
Income/(loss)
before cumulative effects of changes in accounting
principles
|
2,275
|
3,487
|
759
|
|||||||
Cumulative
effects of changes in accounting principles (Note 27 and
17)
|
(251
|
)
|
—
|
(264
|
)
|
|||||
Net
income/(loss)
|
$
|
2,024
|
$
|
3,487
|
$
|
495
|
||||
Average
number of shares of Common and Class B stock outstanding
|
1,846
|
1,830
|
1,832
|
|||||||
AMOUNTS
PER SHARE OF COMMON AND CLASS B STOCK (Note 18)
|
||||||||||
Basic
income/(loss)
|
||||||||||
Income/(loss)
from continuing operations
|
$
|
1.21
|
$
|
1.99
|
$
|
0.49
|
||||
Income/(loss)
from discontinued operations
|
0.03
|
(0.08
|
)
|
(0.08
|
)
|
|||||
Cumulative
effects of changes in accounting principles
|
(0.14
|
)
|
—
|
(0.14
|
)
|
|||||
Net
income/(loss)
|
$
|
1.10
|
$
|
1.91
|
$
|
0.27
|
||||
Diluted
income/(loss)
|
||||||||||
Income/(loss)
from continuing operations
|
$
|
1.14
|
$
|
1.80
|
$
|
0.49
|
||||
Income/(loss)
from discontinued operations
|
0.02
|
(0.07
|
)
|
(0.08
|
)
|
|||||
Cumulative
effects of changes in accounting principles
|
(0.11
|
)
|
—
|
(0.14
|
)
|
|||||
Net
income/(loss)
|
$
|
1.05
|
$
|
1.73
|
$
|
0.27
|
||||
Cash
dividends
|
$
|
0.40
|
$
|
0.40
|
$
|
0.40
|
December
31,
2005
|
December
31,
2004
|
||||||
ASSETS
|
|||||||
Cash
and cash equivalents
|
$
|
31,499
|
$
|
22,831
|
|||
Marketable
securities (Note 5)
|
7,583
|
8,946
|
|||||
Loaned
securities (Note 5)
|
3,461
|
1,058
|
|||||
Finance
receivables, net
|
105,975
|
109,544
|
|||||
Other
receivables, net
|
8,522
|
5,891
|
|||||
Net
investment in operating leases (Note 12)
|
27,099
|
25,564
|
|||||
Retained
interest in sold receivables (Note 13)
|
1,420
|
9,166
|
|||||
Inventories
(Note 6)
|
10,271
|
10,766
|
|||||
Equity
in net assets of affiliated companies
|
2,579
|
2,835
|
|||||
Net
property (Note 8)
|
40,707
|
43,313
|
|||||
Deferred
income taxes
|
5,881
|
6,686
|
|||||
Goodwill
and other intangible assets (Note 10)
|
5,945
|
6,394
|
|||||
Assets
of discontinued/held-for-sale operations
|
—
|
16,346
|
|||||
Other
assets
|
18,534
|
26,166
|
|||||
Total
assets
|
$
|
269,476
|
$
|
295,506
|
|||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|||||||
Payables
|
$
|
22,813
|
$
|
21,991
|
|||
Accrued
liabilities and deferred revenue (Note 15)
|
72,977
|
73,592
|
|||||
Debt
(Note 16)
|
154,332
|
164,337
|
|||||
Deferred
income taxes
|
5,275
|
7,187
|
|||||
Liabilities
of discontinued/held-for-sale operations
|
—
|
11,477
|
|||||
Total
liabilities
|
255,397
|
278,584
|
|||||
Minority
interests
|
1,122
|
877
|
|||||
Stockholders’
equity
|
|||||||
Capital
stock (Note 18)
|
|||||||
Common
Stock, par value $0.01 per share (1,837 million shares issued; 6,000
million shares authorized)
|
18
|
18
|
|||||
Class
B Stock, par value $0.01 per share (71 million shares issued; 530
million
shares authorized)
|
1
|
1
|
|||||
Capital
in excess of par value of stock
|
4,872
|
5,321
|
|||||
Accumulated
other comprehensive income/(loss)
|
(3,562
|
)
|
1,258
|
||||
Treasury
stock
|
(833
|
)
|
(1,728
|
)
|
|||
Earnings
retained for use in business
|
12,461
|
11,175
|
|||||
Total
stockholders’ equity
|
12,957
|
16,045
|
|||||
Total
liabilities and stockholders’ equity
|
$
|
269,476
|
$
|
295,506
|
|
December
31,
2005
|
December
31,
2004
|
|||||
ASSETS
|
|||||||
Automotive
|
|||||||
Cash
and cash equivalents
|
$
|
13,392
|
$
|
10,142
|
|||
Marketable
securities (Note 5)
|
6,860
|
8,291
|
|||||
Loaned
securities (Note 5)
|
3,461
|
1,058
|
|||||
Total
cash, marketable and loaned securities
|
23,713
|
19,491
|
|||||
Receivables,
less allowances of $298 and $388
|
3,061
|
2,894
|
|||||
Inventories
(Note 6)
|
10,271
|
10,766
|
|||||
Deferred
income taxes
|
1,187
|
2,200
|
|||||
Other
current assets
|
8,177
|
8,916
|
|||||
Total
current assets
|
46,409
|
44,267
|
|||||
Equity
in net assets of affiliated companies
|
1,756
|
1,907
|
|||||
Net
property (Note 8)
|
40,379
|
42,904
|
|||||
Deferred
income taxes
|
11,049
|
8,164
|
|||||
Goodwill
and other intangible assets (Note 10)
|
5,928
|
6,374
|
|||||
Assets
of discontinued/held-for-sale operations
|
—
|
188
|
|||||
Other
assets
|
8,308
|
9,247
|
|||||
Total
Automotive assets
|
113,829
|
113,051
|
|||||
Financial
Services
|
|||||||
Cash
and cash equivalents
|
18,107
|
12,689
|
|||||
Investments
in securities (Note 5)
|
723
|
655
|
|||||
Finance
receivables, net (Note 11)
|
111,436
|
112,541
|
|||||
Net
investment in operating leases (Note 12)
|
22,951
|
22,652
|
|||||
Retained
interest in sold receivables (Note 13)
|
1,420
|
9,166
|
|||||
Goodwill
and other intangible assets (Note 10)
|
17
|
20
|
|||||
Assets
of discontinued/held-for-sale operations
|
—
|
16,158
|
|||||
Other
assets
|
7,457
|
12,466
|
|||||
Receivable
from Automotive (Note 1)
|
83
|
2,753
|
|||||
Total
Financial Services assets
|
162,194
|
189,100
|
|||||
Intersector
elimination
|
(83
|
)
|
(2,753
|
)
|
|||
Total
assets
|
$
|
275,940
|
$
|
299,398
|
|||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|||||||
Automotive
|
|||||||
Trade
payables
|
$
|
16,554
|
$
|
16,026
|
|||
Other
liabilities
|
4,222
|
4,269
|
|||||
Accrued
liabilities and deferred revenue (Note 15)
|
28,733
|
29,700
|
|||||
Deferred
income taxes
|
804
|
877
|
|||||
Debt
payable within one year (Note 16)
|
978
|
977
|
|||||
Current
payable to Financial Services (Note 1)
|
83
|
1,382
|
|||||
Total
current liabilities
|
51,374
|
53,231
|
|||||
Long-term
debt (Note 16)
|
16,900
|
17,250
|
|||||
Other
liabilities (Note 15)
|
38,639
|
37,058
|
|||||
Deferred
income taxes
|
586
|
312
|
|||||
Liabilities
of discontinued/held-for-sale operations
|
—
|
46
|
|||||
Payable
to Financial Services (Note 1)
|
—
|
1,371
|
|||||
Total
Automotive liabilities
|
107,499
|
109,268
|
|||||
Financial
Services
|
|||||||
Payables
|
2,037
|
1,696
|
|||||
Debt
(Note 16)
|
136,454
|
146,110
|
|||||
Deferred
income taxes
|
10,349
|
9,890
|
|||||
Other
liabilities and deferred income
|
5,605
|
6,834
|
|||||
Liabilities
of discontinued/held-for-sale operations
|
—
|
11,431
|
|||||
Total
Financial Services liabilities
|
154,445
|
175,961
|
|||||
Minority
Interests
|
1,122
|
877
|
|||||
Stockholders’
equity
|
|||||||
Capital
stock (Note 18)
|
|||||||
Common
Stock, par value $0.01 per share (1,837 million shares issued; 6,000
million shares authorized)
|
18
|
18
|
|||||
Class
B Stock, par value $0.01 per share (71 million shares issued; 530
million
shares authorized)
|
1
|
1
|
|||||
Capital
in excess of par value of stock
|
4,872
|
5,321
|
|||||
Accumulated
other comprehensive income/(loss)
|
(3,562
|
)
|
1,258
|
||||
Treasury
stock
|
(833
|
)
|
(1,728
|
)
|
|||
Earnings
retained for use in business
|
12,461
|
11,175
|
|||||
Total
stockholders’ equity
|
12,957
|
16,045
|
|||||
Intersector
elimination
|
(83
|
)
|
(2,753
|
)
|
|||
Total
liabilities and stockholders’ equity
|
$
|
275,940
|
$
|
299,398
|
Revised
- See Note 1
|
||||||||||
|
2005
|
2004
|
2003
|
|||||||
Cash
flows from operating activities of continuing operations
|
||||||||||
Net
cash flows from operating activities (Note 21)
|
$
|
21,674
|
$
|
24,562
|
$
|
17,256
|
||||
Cash
flows from investing activities of continuing operations
|
||||||||||
Capital
expenditures
|
(7,517
|
)
|
(6,738
|
)
|
(7,726
|
)
|
||||
Acquisitions
of retail and other finance receivables and operating
leases
|
(54,024
|
)
|
(63,284
|
)
|
(59,503
|
)
|
||||
Collections
of retail and other finance receivables and operating
leases
|
48,238
|
51,024
|
44,476
|
|||||||
Net
acquisitions of daily rental vehicles
|
(1,552
|
)
|
(2,492
|
)
|
(1,505
|
)
|
||||
Purchases
of securities
|
(6,278
|
)
|
(8,470
|
)
|
(10,074
|
)
|
||||
Sales
and maturities of securities
|
6,154
|
8,414
|
9,382
|
|||||||
Proceeds
from sales of retail and other finance receivables and operating
leases
|
17,288
|
6,481
|
18,401
|
|||||||
Proceeds
from sale of businesses
|
7,937
|
537
|
1,702
|
|||||||
Transfer
of cash balances upon disposition of discontinued/held-for-sale
operations
|
(1,255
|
)
|
(39
|
)
|
(10
|
)
|
||||
Cash
paid for acquisitions
|
(2,031
|
)
|
(30
|
)
|
—
|
|||||
Cash
recognized on initial consolidation of joint ventures
|
—
|
—
|
256
|
|||||||
Other
|
497
|
(364
|
)
|
1,599
|
||||||
Net
cash (used in)/provided by investing activities
|
7,457
|
(14,961
|
)
|
(3,002
|
)
|
|||||
Cash
flows from financing activities of continuing operations
|
||||||||||
Cash
dividends
|
(738
|
)
|
(733
|
)
|
(733
|
)
|
||||
Net
sales/(purchases) of Common Stock
|
325
|
(151
|
)
|
9
|
||||||
Changes
in short-term debt
|
(8,591
|
)
|
4,937
|
1,305
|
||||||
Proceeds
from issuance of other debt
|
24,559
|
22,223
|
23,086
|
|||||||
Principal
payments on other debt
|
(36,080
|
)
|
(36,000
|
)
|
(28,765
|
)
|
||||
Other
|
(126
|
)
|
(120
|
)
|
(82
|
)
|
||||
Net
cash (used in)/provided by financing activities
|
(20,651
|
)
|
(9,844
|
)
|
(5,180
|
)
|
||||
Effect
of exchange rate changes on cash
|
(496
|
)
|
505
|
811
|
||||||
Net
increase/(decrease) in cash and cash equivalents from continuing
operations
|
7,984
|
262
|
9,885
|
|||||||
Cash
from discontinued operations
|
||||||||||
Cash
flows from operating activities of discontinued operations
|
54
|
316
|
308
|
|||||||
Cash
flows from investing activities of discontinued operations
|
(49
|
)
|
(320
|
)
|
(280
|
)
|
||||
Cash
flows from financing activities of discontinued operations
|
—
|
—
|
(6
|
)
|
||||||
Net
increase/(decrease) in cash and cash equivalents
|
$
|
7,989
|
$
|
258
|
$
|
9,907
|
||||
Cash
and cash equivalents at January 1
|
$
|
22,831
|
$
|
22,599
|
$
|
13,124
|
||||
Cash
and cash equivalents of discontinued/held-for-sale operations at
January
1
|
679
|
653
|
221
|
|||||||
Net
increase/(decrease) in cash and cash equivalents
|
7,989
|
258
|
9,907
|
|||||||
Less:
cash and cash equivalents of discontinued/held-for-sale operations
at
December 31
|
—
|
(679
|
)
|
(653
|
)
|
|||||
Cash
and cash equivalents at December 31
|
$
|
31,499
|
$
|
22,831
|
$
|
22,599
|
Revised
- See Note 1
|
|||||||||||||||||||
|
2005
|
2004
|
2003
|
||||||||||||||||
|
Automotive
|
Financial
Services
|
Automotive
|
Financial
Services
|
Automotive
|
Financial
Services
|
|||||||||||||
Cash
flows from operating activities of continuing operations
|
|||||||||||||||||||
Net
cash flows from operating activities (Note 21)
|
$
|
5,436
|
$
|
9,384
|
$
|
6,969
|
$
|
15,592
|
$
|
2,923
|
$
|
16,487
|
|||||||
Cash
flows from investing activities of continuing operations
|
|||||||||||||||||||
Capital
expenditures
|
(7,123
|
)
|
(394
|
)
|
(6,280
|
)
|
(458
|
)
|
(7,347
|
)
|
(379
|
)
|
|||||||
Acquisitions
of retail and other finance receivables and operating
leases
|
—
|
(54,024
|
)
|
—
|
(63,284
|
)
|
—
|
(59,503
|
)
|
||||||||||
Collections
of retail and other finance receivables and operating
leases
|
—
|
48,226
|
—
|
51,242
|
—
|
44,118
|
|||||||||||||
Net
(increase)/decrease in wholesale receivables
|
—
|
3,563
|
—
|
(2,174
|
)
|
—
|
(2,762
|
)
|
|||||||||||
Net
acquisitions of daily rental vehicles
|
—
|
(1,988
|
)
|
—
|
(2,492
|
)
|
—
|
(1,505
|
)
|
||||||||||
Purchases
of securities
|
(5,714
|
)
|
(564
|
)
|
(7,590
|
)
|
(880
|
)
|
(8,925
|
)
|
(1,149
|
)
|
|||||||
Sales
and maturities of securities
|
5,106
|
1,048
|
7,615
|
799
|
8,673
|
709
|
|||||||||||||
Proceeds
from sales of retail and other finance receivables and operating
leases
|
—
|
17,288
|
—
|
6,481
|
—
|
18,401
|
|||||||||||||
Proceeds
from sale of wholesale receivables
|
—
|
3,739
|
—
|
3,957
|
—
|
966
|
|||||||||||||
Proceeds
from sale of businesses
|
280
|
7,657
|
125
|
412
|
77
|
1,625
|
|||||||||||||
Transfer
of cash balances upon disposition of discontinued/held-for-sale
operations
|
—
|
(1,255
|
)
|
(26
|
)
|
(13
|
)
|
(10
|
)
|
—
|
|||||||||
Net
investing activity with Financial Services
|
8,407
|
—
|
4,361
|
—
|
3,708
|
—
|
|||||||||||||
Cash
paid for acquisitions
|
(2,031
|
)
|
—
|
(30
|
)
|
—
|
—
|
—
|
|||||||||||
Cash
recognized on initial consolidation of joint ventures
|
—
|
—
|
—
|
—
|
256
|
—
|
|||||||||||||
Other
|
384
|
113
|
101
|
(465
|
)
|
716
|
883
|
||||||||||||
Net
cash (used in)/provided by investing activities
|
(691
|
)
|
23,409
|
(1,724
|
)
|
(6,875
|
)
|
(2,852
|
)
|
1,404
|
|||||||||
Cash
flows from financing activities of continuing operations
|
|||||||||||||||||||
Cash
dividends
|
(738
|
)
|
—
|
(733
|
)
|
—
|
(733
|
)
|
—
|
||||||||||
Net
sales/(purchases) of Common Stock
|
325
|
—
|
(151
|
)
|
—
|
9
|
—
|
||||||||||||
Changes
in short-term debt
|
(115
|
)
|
(8,476
|
)
|
(342
|
)
|
5,279
|
(237
|
)
|
1,542
|
|||||||||
Proceeds
from issuance of other debt
|
385
|
24,174
|
469
|
21,754
|
1,144
|
21,942
|
|||||||||||||
Principal
payments on other debt
|
(758
|
)
|
(35,322
|
)
|
(2,564
|
)
|
(33,436
|
)
|
(1,082
|
)
|
(27,683
|
)
|
|||||||
Net
financing activity with Automotive
|
—
|
(8,407
|
)
|
—
|
(4,361
|
)
|
—
|
(3,708
|
)
|
||||||||||
Other
|
(177
|
)
|
51
|
(39
|
)
|
(81
|
)
|
(15
|
)
|
(67
|
)
|
||||||||
Net
cash (used in)/provided by financing activities
|
(1,078
|
)
|
(27,980
|
)
|
(3,360
|
)
|
(10,845
|
)
|
(914
|
)
|
(7,974
|
)
|
|||||||
Effect
of exchange rate changes on cash
|
(23
|
)
|
(473
|
)
|
117
|
388
|
260
|
551
|
|||||||||||
Net
change in intersector receivables/payables and other
liabilities
|
(394
|
)
|
394
|
1,258
|
(1,258
|
)
|
1,186
|
(1,186
|
)
|
||||||||||
Net
increase/(decrease) in cash and cash equivalents from continuing
operations
|
3,250
|
4,734
|
3,260
|
(2,998
|
)
|
603
|
9,282
|
||||||||||||
Cash
from discontinued operations
|
|||||||||||||||||||
Cash
flows from operating activities of discontinued operations
|
(17
|
)
|
71
|
(148
|
)
|
464
|
26
|
282
|
|||||||||||
Cash
flows from investing activities of discontinued operations
|
17
|
(66
|
)
|
137
|
(457
|
)
|
(4
|
)
|
(276
|
)
|
|||||||||
Cash
flows from financing activities of discontinued operations
|
—
|
—
|
—
|
—
|
(6
|
)
|
—
|
||||||||||||
Net
increase/(decrease) in cash and cash equivalents
|
$
|
3,250
|
$
|
4,739
|
$
|
3,249
|
$
|
(2,991
|
)
|
$
|
619
|
$
|
9,288
|
||||||
Cash
and cash equivalents at January 1
|
$
|
10,142
|
$
|
12,689
|
$
|
6,856
|
$
|
15,743
|
$
|
6,243
|
$
|
6,881
|
|||||||
Cash
and cash equivalents of discontinued/held-for-sale operations at
January
1
|
—
|
679
|
37
|
616
|
31
|
190
|
|||||||||||||
Net
increase/(decrease) in cash and cash equivalents
|
3,250
|
4,739
|
3,249
|
(2,991
|
)
|
619
|
9,288
|
||||||||||||
Less:
cash and cash equivalents of discontinued/held-for-sale operations
at
December 31
|
—
|
—
|
—
|
(679
|
)
|
(37
|
)
|
(616
|
)
|
||||||||||
Cash
and cash equivalents at December 31
|
$
|
13,392
|
$
|
18,107
|
$
|
10,142
|
$
|
12,689
|
$
|
6,856
|
$
|
15,743
|
Capital
in
|
Accumulated
Other Comprehensive
|
||||||||||||||||||||||||
Excess
|
Income/(Loss)
|
||||||||||||||||||||||||
of
Par
|
Foreign
|
Minimum
|
Derivative
|
||||||||||||||||||||||
Capital
|
Value
of
|
Retained
|
Currency
|
Pension
|
Instruments
|
||||||||||||||||||||
Stock
|
Stock
|
Earnings
|
Translation
|
Liability
|
and
Other
|
Other
|
Total
|
||||||||||||||||||
YEAR
ENDED DECEMBER 31, 2003
|
|||||||||||||||||||||||||
Balance
at beginning of year
|
$
|
19
|
$
|
5,420
|
$
|
8,659
|
$
|
(1,291
|
)
|
$
|
(5,776
|
)
|
$
|
536
|
$
|
(1,977
|
)
|
$
|
5,590
|
||||||
Comprehensive
income/(loss)
|
|||||||||||||||||||||||||
Net
income
|
495
|
495
|
|||||||||||||||||||||||
Foreign
currency translation
|
3,075
|
3,075
|
|||||||||||||||||||||||
Net
gain /(loss) on derivative instruments (net of tax of
$430)
|
(191
|
)
|
989
|
798
|
|||||||||||||||||||||
Minimum
pension liability (net of tax of $1,208)
|
2,243
|
2,243
|
|||||||||||||||||||||||
Net
holding gain/(loss) (net of tax of $1)
|
1
|
1
|
|||||||||||||||||||||||
Comprehensive
income/(loss)
|
6,612
|
||||||||||||||||||||||||
Common
Stock issued for employee benefit plans and other
|
(46
|
)
|
(46
|
)
|
|||||||||||||||||||||
ESOP
loan and treasury stock
|
228
|
228
|
|||||||||||||||||||||||
Cash
dividends
|
(733
|
)
|
(733
|
)
|
|||||||||||||||||||||
Balance
at end of year
|
$
|
19
|
$
|
5,374
|
$
|
8,421
|
$
|
1,593
|
$
|
(3,533
|
)
|
$
|
1,526
|
$
|
(1,749
|
)
|
$
|
11,651
|
|||||||
YEAR
ENDED DECEMBER 31, 2004
|
|||||||||||||||||||||||||
Balance
at beginning of year
|
$
|
19
|
$
|
5,374
|
$
|
8,421
|
$
|
1,593
|
$
|
(3,533
|
)
|
$
|
1,526
|
$
|
(1,749
|
)
|
$
|
11,651
|
|||||||
Comprehensive
income/(loss)
|
|||||||||||||||||||||||||
Net
income
|
3,487
|
3,487
|
|||||||||||||||||||||||
Foreign
currency translation
|
2,352
|
2,352
|
|||||||||||||||||||||||
Net
gain/(loss) on derivative instruments (net of tax of $98)
|
(121
|
)
|
(62
|
)
|
(183
|
)
|
|||||||||||||||||||
Minimum
pension liability (net of tax of $255)
|
(473
|
)
|
(473
|
)
|
|||||||||||||||||||||
Net
holding gain/(loss) (net of tax of $13)
|
(24
|
)
|
(24
|
)
|
|||||||||||||||||||||
Comprehensive
income/(loss)
|
5,159
|
||||||||||||||||||||||||
Common
Stock issued for employee benefit plans and other
|
(53
|
)
|
(53
|
)
|
|||||||||||||||||||||
ESOP
loan and Treasury stock
|
21
|
21
|
|||||||||||||||||||||||
Cash
dividends
|
(733
|
)
|
(733
|
)
|
|||||||||||||||||||||
Balance
at end of year
|
$
|
19
|
$
|
5,321
|
$
|
11,175
|
$
|
3,824
|
$
|
(4,006
|
)
|
$
|
1,440
|
$
|
(1,728
|
)
|
$
|
16,045
|
|||||||
YEAR
ENDED DECEMBER 31, 2005
|
|||||||||||||||||||||||||
Balance
at beginning of year
|
$
|
19
|
$
|
5,321
|
$
|
11,175
|
$
|
3,824
|
$
|
(4,006
|
)
|
$
|
1,440
|
$
|
(1,728
|
)
|
$
|
16,045
|
|||||||
Comprehensive
income/(loss)
|
|||||||||||||||||||||||||
Net
income
|
2,024
|
2,024
|
|||||||||||||||||||||||
Foreign
currency translation (Note 2)
|
(3,446
|
)
|
(3,446
|
)
|
|||||||||||||||||||||
Net
gain/(loss) on derivative instruments (net of tax of $501)
|
284
|
(1,214
|
)
|
(930
|
)
|
||||||||||||||||||||
Minimum
pension liability (net of tax of $210)
|
(390
|
)
|
(390
|
)
|
|||||||||||||||||||||
Net
holding gain/(loss) (net of tax of $29)
|
(54
|
)
|
(54
|
)
|
|||||||||||||||||||||
Comprehensive
income/(loss)
|
(2,796
|
)
|
|||||||||||||||||||||||
Common
Stock issued for employee benefit plans and other
|
(449
|
)
|
(449
|
)
|
|||||||||||||||||||||
ESOP
loan and treasury stock
|
895
|
895
|
|||||||||||||||||||||||
Cash
dividends
|
(738
|
)
|
(738
|
)
|
|||||||||||||||||||||
Balance
at end of year
|
$
|
19
|
$
|
4,872
|
$
|
12,461
|
$
|
662
|
$
|
(4,396
|
)
|
$
|
172
|
$
|
(833
|
)
|
$
|
12,957
|
|
2005
|
2004
|
|||||||||||
|
Automotive
|
Financial
Services
|
Automotive
|
Financial
Services
|
|||||||||
Finance
receivables, net (a)
|
$
|
5.5
|
$
|
3.0
|
|||||||||
Other
assets (b)
|
1.1
|
0.8
|
|||||||||||
Intersector
receivables/(payables) (c)
|
$
|
(0.1
|
)
|
0.1
|
$
|
(2.8
|
)
|
2.8
|
(a)
|
Automotive
sector receivables (generated primarily from vehicle and parts sales
to
third parties) sold to Ford Credit. These receivables are classified
as
Other
receivables, net on
our consolidated balance sheet and Finance
Receivables, net on
our sector balance sheet.
|
(b)
|
Primarily
used vehicles purchased by Ford Credit pursuant to the Automotive
sector’s
obligation to repurchase such vehicles from daily rental car companies,
including Hertz. These vehicles are subsequently sold at
auction.
|
(c)
|
At
December 31, 2005, primarily amounts due the Automotive sector from
Ford
Credit under a tax sharing agreement and net result of all other
transactions including receivables of Ford Credit from the Automotive
sector's consolidated dealerships. At December 31, 2004, primarily
amounts
due Ford Credit and Hertz from the Automotive sector under tax sharing
agreements and net result of all other transactions including receivables
of Ford Credit from the Automotive sector's consolidated
dealerships.
|
|
2005
|
2004
|
2003
|
|||||||
Advertising
|
$
|
5.0
|
$
|
4.6
|
$
|
4.1
|
||||
Engineering,
research and development
|
8.0
|
7.4
|
7.3
|
|
2005
|
2004
|
2003
|
|||||||
Income/(loss)
before income taxes, excluding equity in net results of affiliated
companies accounted for after-tax (in millions)
|
||||||||||
U.S.
|
$
|
848
|
$
|
3,099
|
$
|
(246
|
)
|
|||
Non-U.S.
|
852
|
1,501
|
1,501
|
|||||||
Total
|
$
|
1,700
|
$
|
4,600
|
$
|
1,255
|
||||
Provision
for income taxes (in millions)
|
||||||||||
Current
|
||||||||||
Federal
|
$
|
26
|
$
|
(119
|
)
|
$
|
(149
|
)
|
||
Non-U.S.
|
764
|
1,038
|
653
|
|||||||
State
and local
|
43
|
(148
|
)
|
32
|
||||||
Total
Current
|
833
|
771
|
536
|
|||||||
Deferred
|
||||||||||
Federal
|
(485
|
)
|
959
|
(209
|
)
|
|||||
Non-U.S
|
(784
|
)
|
(804
|
)
|
(141
|
)
|
||||
State
and local
|
(76
|
)
|
12
|
(63
|
)
|
|||||
Total
Deferred
|
(1,345
|
)
|
167
|
(413
|
)
|
|||||
Total
|
$
|
(512
|
)
|
$
|
938
|
$
|
123
|
|||
Reconciliation
of effective tax rate
|
||||||||||
U.S.
tax at statutory rate
|
35
|
%
|
35
|
%
|
35
|
%
|
||||
Non-U.S.
income taxes
|
(5
|
)
|
(2
|
)
|
—
|
|||||
State
and local income taxes
|
(1
|
)
|
1
|
(2
|
)
|
|||||
Deductible
dividends
|
(9
|
)
|
(3
|
)
|
(4
|
)
|
||||
General
business credits
|
(7
|
)
|
(3
|
)
|
(12
|
)
|
||||
Dispositions
and restructurings
|
7
|
—
|
—
|
|||||||
Medicare
prescription drug benefit
|
(6
|
)
|
(2
|
)
|
—
|
|||||
Repatriation
of foreign earnings under The
American Jobs Creation Act of 2004
|
(15
|
)
|
—
|
—
|
||||||
Prior
year settlements and claims
|
(23
|
)
|
(6
|
)
|
—
|
|||||
Other
|
(6
|
)
|
—
|
(7
|
)
|
|||||
Effective
rate
|
(30
|
)%
|
20
|
%
|
10
|
%
|
|
2005
|
2004
|
|||||
Deferred
tax assets
|
|||||||
Employee
benefit plans
|
$
|
7,142
|
$
|
6,005
|
|||
Dealer
and customer allowances and claims
|
3,000
|
3,196
|
|||||
Tax
credit carryforwards
|
2,173
|
2,736
|
|||||
Other
foreign deferred tax assets
|
2,905
|
2,639
|
|||||
Allowance
for credit losses
|
1,764
|
1,957
|
|||||
All
other
|
6,103
|
5,623
|
|||||
Total
gross deferred tax assets
|
23,087
|
22,156
|
|||||
Less: valuation allowance
|
(248
|
)
|
(169
|
)
|
|||
Total net deferred tax assets
|
22,839
|
21,987
|
|||||
Deferred
tax liabilities
|
|||||||
Leasing
transactions
|
7,736
|
7,913
|
|||||
Depreciation
and amortization (excluding leasing transactions)
|
5,130
|
5,554
|
|||||
Finance
receivables
|
2,839
|
2,826
|
|||||
All
other
|
6,528
|
6,195
|
|||||
Total
deferred tax liabilities
|
22,233
|
22,488
|
|||||
Net
deferred tax assets/(liabilities)
|
$
|
606
|
$
|
(501
|
)
|
|
2005
|
2004
|
2003
|
|||||||
Sales
|
$
|
3
|
$
|
192
|
$
|
410
|
||||
Operating
income/(loss) from discontinued operations
|
$
|
(4
|
)
|
$
|
(184
|
)
|
$
|
(65
|
)
|
|
Gain/(loss)
on discontinued operations
|
13
|
(165
|
)
|
(105
|
)
|
|||||
(Provision
for)/benefit from income taxes
|
(3
|
)
|
122
|
29
|
||||||
Income/(loss)
from discontinued operations
|
$
|
6
|
$
|
(227
|
)
|
$
|
(141
|
)
|
Value
of ACH Assets/(Liabilities) Received on October 1,
2005
|
||||
Net
property
|
$
|
427
|
||
Inventory
|
299
|
|||
Warrants
for purchase of Visteon stock
|
165
|
|||
Other
net liabilities
|
(10
|
)
|
||
Total
|
$
|
881
|
||
Cash
Paid/Liabilities Assumed
|
||||
Forgiveness
of employee-related liabilities*
|
$
|
(500
|
)
|
|
Cash
paid to escrow account for Visteon restructuring
|
(400
|
)
|
||
Cash
paid for inventories
|
(299
|
)
|
||
Liability
recorded for Visteon restructuring
|
(150
|
)
|
||
Total
|
$
|
(1,349
|
)
|
*
|
As
part of the transaction, we forgave $1.1 billion of Visteon's liability
to
us for employee-related costs of which $600 million was recognized
in 2004
as an allowance for doubtful
accounts.
|
|
2005
|
2004
|
2003
|
|||||||
Revenues
|
$
|
118
|
$
|
493
|
$
|
550
|
||||
Operating
income/(loss) from discontinued operations
|
$
|
59
|
$
|
138
|
$
|
84
|
||||
Gain/(loss)
on discontinued operations
|
(16
|
)
|
—
|
(50
|
)
|
|||||
(Provision
for)/benefit from income taxes
|
(2
|
)
|
(57
|
)
|
(36
|
)
|
||||
Income/(loss)
from discontinued operations
|
$
|
41
|
$
|
81
|
$
|
(2
|
)
|
December
31,
2004
|
||||
Assets
|
||||
Cash
and cash equivalents
|
$
|
679
|
||
Finance
receivables
|
1,283
|
|||
Net
investment in operating leases
|
9,111
|
|||
Goodwill
and other intangibles
|
877
|
|||
Other
assets
|
2,022
|
|||
Total
assets of held-for-sale operations
|
$
|
13,972
|
||
Liabilities
|
||||
Payables
|
$
|
1,538
|
||
Debt
|
8,428
|
|||
Other
liabilities
|
1,372
|
|||
Total
liabilities of held-for-sale operations
|
$
|
11,338
|
2005
|
2004
|
||||||||||||||||||||||||
Amortized
|
Unrealized
|
Fair
|
Amortized
|
Unrealized
|
Fair
|
||||||||||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
Cost
|
Gains
|
Losses
|
Value
|
||||||||||||||||||
Automotive
Sector
|
|||||||||||||||||||||||||
Trading
|
$
|
8,028
|
$
|
13
|
$
|
24
|
$
|
8,017
|
$
|
7,648
|
$
|
12
|
$
|
23
|
$
|
7,637
|
|||||||||
Available-for-sale
|
|||||||||||||||||||||||||
U.S.
government
|
1,063
|
—
|
6
|
1,057
|
933
|
1
|
9
|
925
|
|||||||||||||||||
Mortgage-backed
securities
|
527
|
1
|
4
|
524
|
212
|
2
|
1
|
213
|
|||||||||||||||||
Other
debt securities
|
729
|
1
|
7
|
723
|
582
|
1
|
9
|
574
|
|||||||||||||||||
Subtotal
|
2,319
|
2
|
17
|
2,304
|
1,727
|
4
|
19
|
1,712
|
|||||||||||||||||
Total
|
$
|
10,347
|
$
|
15
|
$
|
41
|
$
|
10,321
|
$
|
9,375
|
$
|
16
|
$
|
42
|
$
|
9,349
|
|||||||||
Financial
Services Sector
|
|||||||||||||||||||||||||
Trading
|
$
|
2
|
$
|
1
|
$
|
—
|
$
|
3
|
$
|
2
|
$
|
—
|
$
|
—
|
$
|
2
|
|||||||||
Available-for-sale
|
|||||||||||||||||||||||||
U.S.
government
|
92
|
1
|
—
|
93
|
101
|
2
|
—
|
103
|
|||||||||||||||||
Mortgage-backed
securities
|
282
|
1
|
4
|
279
|
184
|
3
|
—
|
187
|
|||||||||||||||||
Other
debt securities
|
242
|
1
|
3
|
240
|
264
|
9
|
1
|
272
|
|||||||||||||||||
Equity
|
65
|
38
|
1
|
102
|
50
|
37
|
3
|
84
|
|||||||||||||||||
Subtotal
|
681
|
41
|
8
|
714
|
599
|
51
|
4
|
646
|
|||||||||||||||||
Held-to-maturity
|
|||||||||||||||||||||||||
U.S.
government
|
6
|
—
|
—
|
6
|
7
|
—
|
—
|
7
|
|||||||||||||||||
Total
|
$
|
689
|
$
|
42
|
$
|
8
|
$
|
723
|
$
|
608
|
$
|
51
|
$
|
4
|
$
|
655
|
|
Proceeds
|
Gains/(Losses)
|
|||||||||||||||||
|
2005
|
2004
|
2003
|
2005
|
2004
|
2003
|
|||||||||||||
Automotive
Sector
|
$
|
5,106
|
$
|
7,615
|
$
|
8,673
|
$
|
(57
|
)
|
$
|
(12
|
)
|
$
|
9
|
|||||
Financial
Services Sector
|
482
|
768
|
693
|
4
|
6
|
14
|
|
Automotive
|
Financial
Services
|
|||||||||||||||||
|
Available-for-Sale
|
Available-for-Sale
|
Held-to-Maturity
|
||||||||||||||||
Contractual
Maturity
|
Amortized
Cost
|
Fair
Value
|
Amortized
Cost
|
Fair
Value
|
Amortized
Cost
|
Fair
Value
|
|||||||||||||
1
year
|
$
|
129
|
$
|
129
|
$
|
14
|
$
|
14
|
$
|
1
|
$
|
1
|
|||||||
2-5
years
|
1,506
|
1,496
|
180
|
178
|
3
|
3
|
|||||||||||||
6-10
years
|
39
|
38
|
60
|
59
|
—
|
—
|
|||||||||||||
11
years and later
|
118
|
117
|
80
|
82
|
1
|
1
|
|||||||||||||
Mortgage
backed securities
|
527
|
524
|
282
|
279
|
1
|
1
|
|||||||||||||
Equity
securities
|
—
|
—
|
65
|
102
|
—
|
—
|
|||||||||||||
Total
|
$
|
2,319
|
$
|
2,304
|
$
|
681
|
$
|
714
|
$
|
6
|
$
|
6
|
Less
Than
12
Months
|
12
Months
or
Greater
|
Total
|
|||||||||||||||||
Description
of Securities
|
Fair
Value
|
Gross
Unrealized
Losses
|
Fair
Value
|
Gross
Unrealized
Losses
|
Fair
Value
|
Gross
Unrealized
Losses
|
|||||||||||||
Automotive
Sector
|
|||||||||||||||||||
U.S.
government
|
$
|
805
|
$
|
4
|
$
|
105
|
$
|
2
|
$
|
910
|
$
|
6
|
|||||||
Mortgage-backed
securities
|
288
|
2
|
89
|
2
|
377
|
4
|
|||||||||||||
Other
debt securities
|
321
|
2
|
230
|
5
|
551
|
7
|
|||||||||||||
Total
|
$
|
1,414
|
$
|
8
|
$
|
424
|
$
|
9
|
$
|
1,838
|
$
|
17
|
|||||||
Financial
Services Sector
|
|||||||||||||||||||
U.S.
government
|
$
|
29
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
29
|
$
|
—
|
|||||||
Mortgage-backed
securities
|
139
|
3
|
33
|
1
|
172
|
4
|
|||||||||||||
Other
debt securities
|
85
|
1
|
75
|
2
|
160
|
$
|
3
|
||||||||||||
Equity
securities
|
3
|
—
|
2
|
1
|
5
|
1
|
|||||||||||||
Total
|
$
|
256
|
$
|
4
|
$
|
110
|
$
|
4
|
$
|
366
|
$
|
8
|
|||||||
|
2005
|
2004
|
|||||
Raw
materials, work-in-process and supplies
|
$
|
4,056
|
$
|
3,968
|
|||
Finished
products
|
7,224
|
7,799
|
|||||
Total
inventories at FIFO
|
11,280
|
11,767
|
|||||
Less:
LIFO adjustment
|
(1,009
|
)
|
(1,001
|
)
|
|||
Total
inventories
|
$
|
10,271
|
$
|
10,766
|
2005
|
2004
|
2003
|
||||||||
Net
sales
|
$
|
26,555
|
$
|
28,015
|
$
|
20,281
|
||||
Cost
and expenses
|
25,696
|
27,226
|
19,740
|
|||||||
Income
from continuing operations
|
333
|
419
|
368
|
|||||||
Net
income
|
566
|
384
|
250
|
2005
|
2004
|
2003
|
||||||||
Net
service revenue
|
$
|
194
|
$
|
113
|
$
|
93
|
||||
Net
other expenses
|
28
|
20
|
17
|
|||||||
Income
from continuing operations
|
166
|
93
|
75
|
|||||||
Net
income
|
164
|
91
|
75
|
|
2005
|
2004
|
|||||
Land
|
$
|
697
|
$
|
727
|
|||
Buildings
and land improvements
|
12,833
|
12,598
|
|||||
Machinery,
equipment and other
|
45,680
|
46,383
|
|||||
Construction
in progress
|
2,736
|
2,089
|
|||||
Total
land, plant and equipment
|
61,946
|
61,797
|
|||||
Accumulated
depreciation
|
(32,617
|
)
|
(31,011
|
)
|
|||
Net
land, plant and equipment
|
29,329
|
30,786
|
|||||
Special
tools, net of amortization
|
11,050
|
12,118
|
|||||
Net
Automotive Sector property
|
40,379
|
42,904
|
|||||
Net
Financial Services Sector property
|
328
|
409
|
|||||
Total
|
$
|
40,707
|
$
|
43,313
|
|
2005
|
2004
|
2003
|
|||||||
Amortization
of special tools
|
$
|
3,966
|
$
|
3,156
|
$
|
2,658
|
||||
Depreciation
and other amortization
|
4,167
|
3,241
|
2,800
|
|||||||
Total
|
$
|
8,133
|
$
|
6,397
|
$
|
5,458
|
||||
Maintenance
and rearrangement
|
$
|
1,895
|
$
|
1,971
|
$
|
1,791
|
Automotive
Sector
|
Financial
Services Sector
|
|||||||||
The
Americas
|
Ford
Europe and PAG
|
Ford
Credit
|
||||||||
Beginning
balance, December 31, 2004
|
$
|
188
|
$
|
5,248
|
$
|
20
|
||||
Goodwill
acquired
|
55
|
—
|
—
|
|||||||
Goodwill
impairment
|
(34
|
)
|
—
|
—
|
||||||
Exchange
translation/other
|
(7
|
)
|
(342
|
)
|
(3
|
)
|
||||
Ending
balance, December 31, 2005
|
$
|
202
|
$
|
4,906
|
$
|
17
|
2005
|
2004
|
||||||||||||||||||
Automotive
Sector
|
Financial
Services Sector
|
Automotive
Sector
|
Financial
Services Sector
|
||||||||||||||||
Amortizable
|
Non-amortizable
|
Amortizable
|
Amortizable
|
Non-amortizable
|
Amortizable
|
||||||||||||||
Gross
carrying amount
|
$
|
558
|
$
|
431
|
$
|
4
|
$
|
604
|
$
|
484
|
$
|
4
|
|||||||
Less:
accumulated amortization
|
(169
|
)
|
—
|
(4
|
)
|
(150
|
)
|
—
|
(4
|
)
|
|||||||||
Net
intangible assets
|
$
|
389
|
$
|
431
|
$
|
—
|
$
|
454
|
$
|
484
|
$
|
—
|
|
2005
|
2004
|
|||||
Retail
|
$
|
67,928
|
$
|
84,843
|
|||
Wholesale
|
38,522
|
22,666
|
|||||
Other
finance receivables
|
6,320
|
7,096
|
|||||
Total
finance receivables
|
112,770
|
114,605
|
|||||
Allowance
for credit losses
|
(1,400
|
)
|
(2,136
|
)
|
|||
Other
|
66
|
72
|
|||||
Net
finance and other receivables
|
$
|
111,436
|
$
|
112,541
|
|||
Net
finance receivables subject to fair value*
|
$
|
105,481
|
$
|
104,874
|
|||
Fair
Value
|
$
|
105,004
|
$
|
105,113
|
*
|
December
31, 2005 and 2004, excludes $5.5 billion and $7.7 billion, respectively,
of certain receivables (primarily direct financing leases) that are
not
financial instruments.
|
|
2005
|
2004
|
|||||
Total
minimum lease rentals to be received
|
$
|
3,978
|
$
|
4,972
|
|||
Less:
Unearned income
|
(555
|
)
|
(758
|
)
|
|||
Loan
origination costs
|
41
|
50
|
|||||
Estimated
residual values
|
2,394
|
3,367
|
|||||
Less:
Allowance for credit losses
|
(59
|
)
|
(82
|
)
|
|||
Net
investment in direct financing leases
|
$
|
5,799
|
$
|
7,549
|
|
2005
|
2004
|
|||||
Financial
Services Sector
|
|||||||
Vehicles
and other equipment, at cost
|
$
|
29,489
|
$
|
30,799
|
|||
Accumulated
depreciation
|
(6,344
|
)
|
(7,842
|
)
|
|||
Allowances
for credit losses
|
(194
|
)
|
(305
|
)
|
|||
Total
Financial Services
|
22,951
|
22,652
|
|||||
Automotive
Sector
|
|||||||
Vehicles,
net of depreciation
|
4,148
|
2,912
|
|||||
Total
|
$
|
27,099
|
$
|
25,564
|
Retail
|
Wholesale
|
Total
|
||||||||
Servicing
portfolio at December 31, 2003
|
$
|
33,921
|
$
|
20,249
|
$
|
54,170
|
||||
Receivables
sales
|
6,933
|
—
|
6,933
|
|||||||
Collections
|
(20,185
|
)
|
(1,345
|
)
|
(21,530
|
)
|
||||
Servicing
portfolio at December 31, 2004
|
20,669
|
18,904
|
39,573
|
|||||||
Receivables
sales
|
18,138
|
1,561
|
19,699
|
|||||||
Collections
and re-acquired receivables
|
(17,886
|
)
|
(20,465
|
)
|
(38,351
|
)
|
||||
Servicing
portfolio at December 31, 2005
|
$
|
20,921
|
$
|
—
|
$
|
20,921
|
|
2005
|
2004
|
|||||
Residual
interest in securitization transactions
|
$
|
1,094
|
$
|
756
|
|||
Restricted
cash held for benefit of securitization SPEs
|
199
|
503
|
|||||
Subordinated
securities
|
127
|
875
|
|||||
Interest
in sold wholesale receivables and other trust assets
|
—
|
6,904
|
|||||
Senior
securities
|
—
|
128
|
|||||
Retained
interest in securitized assets
|
$
|
1,420
|
$
|
9,166
|
|
2005
|
2004
|
2003
|
|||||||
Net
gain on sales of receivables
|
$
|
74
|
$
|
155
|
$
|
373
|
||||
Income
on interest in sold wholesale receivables and retained
securities
|
327
|
588
|
679
|
|||||||
Servicing
fees
|
376
|
372
|
618
|
|||||||
Income
on residual interest and other
|
721
|
815
|
941
|
|||||||
Investment
and other income related to sales of receivables
|
$
|
1,498
|
$
|
1,930
|
$
|
2,611
|
|
2005
|
2004
|
2003
|
|||||||
Proceeds
from sales of receivables
|
||||||||||
Proceeds
from sales of retail receivables
|
$
|
15,549
|
$
|
4,795
|
$
|
15,761
|
||||
Proceeds
from interest in sold wholesale receivables
|
3,739
|
3,957
|
966
|
|||||||
Proceeds
from revolving-period securitizations
|
1,349
|
1,567
|
2,610
|
|||||||
Proceeds
from sale of retained notes - retail
|
298
|
—
|
—
|
|||||||
Total
|
$
|
20,935
|
$
|
10,319
|
$
|
19,337
|
||||
Cash
flows related to net change in retained interest
|
||||||||||
Interest
in sold retail receivables
|
$
|
708
|
$
|
1,457
|
$
|
893
|
||||
Interest
in sold wholesale receivables
|
2,684
|
(1,831
|
)
|
1,140
|
||||||
Total
|
$
|
3,392
|
$
|
(374
|
)
|
$
|
2,033
|
|||
Servicing
fees
|
||||||||||
Retail
|
$
|
260
|
$
|
260
|
$
|
409
|
||||
Wholesale
|
116
|
112
|
209
|
|||||||
Total
|
$
|
376
|
$
|
372
|
$
|
618
|
||||
Other
cash flows received on interests retained (which are reflected in
securitization income)
|
||||||||||
Retail
|
$
|
276
|
$
|
356
|
$
|
735
|
||||
Wholesale
|
507
|
802
|
810
|
|||||||
Total
|
$
|
783
|
$
|
1,158
|
$
|
1,545
|
||||
Repurchased
retail receivables
|
$
|
(43
|
)
|
$
|
(143
|
)
|
$
|
(193
|
)
|
Impact
on Fair Value Based
|
||||||||||
Assumption
|
on
Adverse Change
|
|||||||||
Percentage
|
10%
Change
|
20%
Change
|
||||||||
(annual
rate)
|
||||||||||
Cash
flow discount rate
|
11
|
%
|
$
|
(12
|
)
|
$
|
(24
|
)
|
||
Estimated
net credit loss rate
|
0.1%
- 5.0
|
%
|
(19
|
)
|
(38
|
)
|
||||
Prepayment
speed
|
0.9%
- 1.5
|
%
|
(3
|
)
|
(6
|
)
|
|
2005
|
2004
|
2003
|
|||||||
Beginning
balance
|
$
|
2,471
|
$
|
2,962
|
$
|
3,054
|
||||
Provision
for credit losses
|
167
|
923
|
1,928
|
|||||||
Total
charge-offs and recoveries
|
||||||||||
Charge-offs
|
(1,184
|
)
|
(1,843
|
)
|
(2,409
|
)
|
||||
Recoveries
|
478
|
477
|
475
|
|||||||
Net
charge-offs
|
(706
|
)
|
(1,366
|
)
|
(1,934
|
)
|
||||
Other
changes, principally amounts related to finance receivables sold
and
translation adjustments
|
(338
|
)
|
(48
|
)
|
(86
|
)
|
||||
Ending
balance
|
$
|
1,594
|
$
|
2,471
|
$
|
2,962
|
|
2005
|
2004
|
|||||
Automotive
Sector
|
|||||||
Current
|
|||||||
Dealer
and customer allowances and claims
|
$
|
12,953
|
$
|
14,082
|
|||
Deferred
revenue
|
5,697
|
4,417
|
|||||
Employee
benefit plans
|
2,070
|
1,921
|
|||||
Other
postretirement employee benefits
|
1,442
|
1,572
|
|||||
Accrued
interest
|
1,248
|
1,538
|
|||||
Pension
liability
|
398
|
69
|
|||||
Other
|
4,925
|
6,101
|
|||||
Total
Automotive current
|
28,733
|
29,700
|
|||||
Non-current
|
|||||||
Other
postretirement employee benefits
|
17,778
|
15,306
|
|||||
Dealer
and customer allowances and claims
|
7,359
|
7,728
|
|||||
Pension
liability
|
7,156
|
7,639
|
|||||
Deferred
revenue
|
2,130
|
2,188
|
|||||
Employee
benefit plans
|
1,121
|
1,106
|
|||||
Other
|
3,095
|
3,091
|
|||||
Total
Automotive non-current
|
38,639
|
37,058
|
|||||
Total
Automotive Sector
|
67,372
|
66,758
|
|||||
Financial
Services Sector
|
5,605
|
6,834
|
|||||
Total
|
$
|
72,977
|
$
|
73,592
|
|
Weighted
Average
Rate (a)
|
Amount
|
|||||||||||
|
2005
|
2004
|
2005
|
2004
|
|||||||||
Automotive
Sector
|
|||||||||||||
Debt
payable within one year
|
|||||||||||||
Short-term
|
6.0
|
%
|
8.6
|
%
|
$
|
251
|
$
|
270
|
|||||
Long-term
payable within one year
|
|||||||||||||
Senior
indebtedness
|
727
|
707
|
|||||||||||
Total
debt payable within one year
|
978
|
977
|
|||||||||||
Long-term
debt
|
|||||||||||||
Senior
indebtedness
|
|||||||||||||
Notes
and bank debt
|
7.5
|
%
|
7.4
|
%
|
11,942
|
12,303
|
|||||||
Unamortized
discount
|
(197
|
)
|
(208
|
)
|
|||||||||
Total
senior indebtedness
|
11,745
|
12,095
|
|||||||||||
Subordinated
indebtedness
|
6.5
|
%
|
6.5
|
%
|
5,155
|
5,155
|
|||||||
Total
long-term debt
|
16,900
|
17,250
|
|||||||||||
Total
debt
|
$
|
17,878
|
$
|
18,227
|
|||||||||
Fair
value (b)
|
$
|
13,179
|
$
|
18,074
|
|||||||||
Financial
Services Sector
|
|||||||||||||
Short-term
debt
|
|||||||||||||
Asset-backed
commercial paper (c)
|
$
|
21,751
|
$
|
12,612
|
|||||||||
Commercial
paper
|
1,041
|
8,916
|
|||||||||||
Other
short-term
|
9,543
|
10,590
|
|||||||||||
Total
short-term debt
|
5.0
|
%
|
2.8
|
%
|
32,335
|
32,118
|
|||||||
Long-term
debt
|
|||||||||||||
Senior
indebtedness
|
|||||||||||||
Notes
payable within one year
|
21,234
|
29,661
|
|||||||||||
Notes
payable after one year
|
64,924
|
80,556
|
|||||||||||
Unamortized
discount
|
(63
|
)
|
(70
|
)
|
|||||||||
Asset-backed
debt (d)
|
|||||||||||||
Notes
payable within one year
|
5,357
|
624
|
|||||||||||
Notes
payable after one year
|
12,667
|
3,221
|
|||||||||||
Total
long-term debt
|
5.1
|
%
|
4.4
|
%
|
104,119
|
113,992
|
|||||||
`Total
debt
|
$
|
136,454
|
$
|
146,110
|
|||||||||
Fair
value (b)
|
$
|
131,233
|
$
|
148,334
|
Long-term
debt maturities
|
2006
|
2007
|
2008
|
2009
|
2010
|
Thereafter
|
Maturity
Average
(Years)
|
|||||||||||||||
Automotive
Sector
|
$
|
727
|
$
|
801
|
$
|
400
|
$
|
184
|
$
|
663
|
$
|
14,852
|
25
|
|||||||||
Financial
Services Sector
|
26,591
|
26,532
|
17,890
|
12,778
|
6,789
|
13,539
|
3
|
(a)
|
Includes
the effect of interest rate swaps
|
(b)
|
Based
on quoted market prices or current rates for similar debt with the
same
remaining maturities.
|
(c)
|
Amounts
represent asset-backed commercial paper issued by consolidated
securitization SPEs and are payable out of collections on the finance
receivables. This debt is the legal obligation of the securitization
SPEs.
|
(d)
|
Asset-backed
debt is issued by consolidated securitization SPEs and is payable
out of
collections on the finance receivables or interests in operating
leases
and the related vehicles transferred to the SPEs. This debt is the
legal
obligation of the securitization
SPEs.
|
|
2005
|
2004
|
2003
|
|||||||
Basic
and Diluted Income/(Loss)
|
||||||||||
Basic
income/(loss) from continuing operations attributable to Common Stock
and
Class B Stock
|
$
|
2,228
|
$
|
3,633
|
$
|
902
|
||||
Effect
of dilutive convertible preferred securities
|
213
|
199
|
—
|
|||||||
Diluted
income/(loss) from continuing operations attributable to Common Stock
and
Class B Stock
|
$
|
2,441
|
$
|
3,832
|
$
|
902
|
||||
Diluted
Shares
|
||||||||||
Average
shares outstanding
|
1,846
|
1,830
|
1,832
|
|||||||
Restricted
and uncommitted-ESOP shares
|
(3
|
)
|
(4
|
)
|
(2
|
)
|
||||
Basic
shares
|
1,843
|
1,826
|
1,830
|
|||||||
Net
dilutive options and restricted and uncommitted ESOP
shares
|
10
|
18
|
13
|
|||||||
Dilutive
convertible preferred securities *
|
282
|
282
|
—
|
|||||||
Diluted
shares
|
2,135
|
2,126
|
1,843
|
|
2005
|
2004
|
2003
|
||||||||||||||||
Stock
Option Activity
|
Shares
(millions
|
)
|
Weighted-
Average
Exercise
Price
|
Shares
(millions
|
)
|
Weighted-
Average
Exercise
Price
|
Shares
(millions
|
)
|
Weighted-
Average
Exercise
Price
|
||||||||||
Outstanding,
beginning of year
|
245.4
|
$
|
19.13
|
234.7
|
$
|
19.34
|
212.9
|
$
|
20.88
|
||||||||||
Granted
|
27.6
|
12.46
|
26.7
|
13.46
|
31.3
|
7.93
|
|||||||||||||
Exercised*
|
(3.7
|
)
|
9.14
|
(11.7
|
)
|
10.60
|
(4.2
|
)
|
11.06
|
||||||||||
Forfeited
(including expirations)
|
(24.1
|
)
|
17.13
|
(4.3
|
)
|
18.68
|
(5.3
|
)
|
19.90
|
||||||||||
Outstanding,
end of year
|
245.2
|
18.72
|
245.4
|
19.13
|
234.7
|
19.34
|
|||||||||||||
Exercisable,
end of year
|
191.9
|
20.61
|
183.0
|
21.41
|
161.7
|
21.44
|
|
Shares
(millions)
|
Weighted-Average
Grant-date
Fair
Value
|
|||||
Nonvested
beginning of year
|
62.4
|
$
|
4.16
|
||||
Granted
|
27.6
|
4.44
|
|||||
Vested
|
(32.8
|
)
|
4.43
|
||||
Forfeited
|
(3.9
|
)
|
4.73
|
||||
Nonvested
end of year
|
53.3
|
4.09
|
2005
|
2004
|
2003
|
||||||||
Fair
value per option
|
$
|
4.44
|
$
|
4.71
|
$
|
2.07
|
||||
Assumptions:
|
||||||||||
Annualized
dividend yield
|
3.2
|
%
|
3.0
|
%
|
5.1
|
%
|
||||
Expected
volatility
|
41.9
|
%
|
42.2
|
%
|
39.3
|
%
|
||||
Risk-free
interest rate
|
4.4
|
%
|
3.4
|
%
|
3.7
|
%
|
||||
Expected
option term (in years)
|
7
|
7
|
7
|
|
Outstanding
Options
|
Exercisable
Options
|
||||||||||||||
Range
of Exercise Prices
|
Shares
(millions)
|
Weighted-
Average
Life
(years)
|
Weighted-
Average
Exercise
Price
|
Shares
(millions)
|
Weighted-
Average
Exercise
Price
|
|||||||||||
$ 7.40
- $10.58
|
26.4
|
7.2
|
$
|
7.97
|
16.5
|
$
|
7.99
|
|||||||||
10.62
- 15.81
|
80.2
|
6.0
|
12.81
|
37.9
|
12.86
|
|||||||||||
15.91
- 23.88
|
85.7
|
4.6
|
19.99
|
84.6
|
20.04
|
|||||||||||
23.97
- 35.79
|
52.3
|
4.3
|
30.85
|
52.3
|
30.85
|
|||||||||||
41.03
- 42.52
|
0.6
|
2.3
|
41.42
|
0.6
|
41.42
|
|||||||||||
Total
options
|
245.2
|
191.9
|
|
2005
|
2004
|
2003
|
|||||||
Beginning
of year: net unrealized gain/(loss) on derivative financial
instruments
|
$
|
1,240
|
$
|
1,302
|
$
|
313
|
||||
Increase/(decrease)
in fair value of derivatives
|
(661
|
)
|
961
|
1,072
|
||||||
(Gains)/losses
reclassified from OCI
|
(553
|
)
|
(1,023
|
)
|
(83
|
)
|
||||
End
of year: net unrealized gain/(loss) on derivative financial
instruments
|
$
|
26
|
$
|
1,240
|
$
|
1,302
|
|
2005
|
2004
|
|||||||||||||||||
|
Notional
(in
billions)
|
Fair
Value
Assets
(in
millions)
|
Fair
Value
Liabilities
(in
millions)
|
Notional
(in
billions)
|
Fair
Value
Assets
(in
millions)
|
Fair
Value
Liabilities
(in
millions)
|
|||||||||||||
Automotive
Sector
|
|||||||||||||||||||
Total
derivative financial instruments
|
$
|
62
|
$
|
1,578
|
$
|
1,207
|
$
|
71
|
$
|
3,128
|
$
|
911
|
|||||||
Financial
Services Sector
|
|||||||||||||||||||
Foreign
currency swaps, forwards and options
|
$
|
24
|
$
|
1,126
|
$
|
789
|
$
|
31
|
$
|
4,201
|
$
|
1,076
|
|||||||
Interest
rate swaps
|
125
|
1,657
|
96
|
135
|
3,074
|
180
|
|||||||||||||
Impact
of netting agreements
|
—
|
(205
|
)
|
(205
|
)
|
—
|
(345
|
)
|
(345
|
)
|
|||||||||
Total
derivative financial instruments
|
$
|
149
|
$
|
2,578
|
$
|
680
|
$
|
166
|
$
|
6,930
|
$
|
911
|
Revised-See
Note 1
|
|||||||||||||||||||
|
2005
|
2004
|
2003
|
||||||||||||||||
|
Automotive
|
Financial
Services
|
Automotive
|
Financial
Services
|
Automotive
|
Financial
Services
|
|||||||||||||
Net
income/(loss)
|
$
|
(1,889
|
)
|
$
|
3,913
|
$
|
262
|
$
|
3,225
|
$
|
(1,465
|
)
|
$
|
1,960
|
|||||
(Income)/loss
of discontinued operations
|
(6
|
)
|
(41
|
)
|
227
|
(81
|
)
|
141
|
2
|
||||||||||
Cumulative
effects of changes in accounting principles
|
251
|
—
|
—
|
—
|
264
|
—
|
|||||||||||||
Depreciation
and special tools amortization
|
8,133
|
5,854
|
6,397
|
6,618
|
5,458
|
8,771
|
|||||||||||||
Amortization
of intangibles
|
49
|
6
|
26
|
10
|
24
|
11
|
|||||||||||||
Net
losses/(earnings) from equity investments in excess of dividends
received
|
(135
|
)
|
—
|
3
|
—
|
(2
|
)
|
—
|
|||||||||||
Provision
for credit/insurance losses
|
—
|
483
|
—
|
1,212
|
—
|
2,248
|
|||||||||||||
Foreign
currency adjustments
|
36
|
—
|
1
|
—
|
160
|
—
|
|||||||||||||
(Gain)/loss
on sale of business
|
—
|
(1,099
|
)
|
16
|
(66
|
)
|
—
|
(53
|
)
|
||||||||||
Stock
option expense
|
103
|
13
|
105
|
14
|
154
|
19
|
|||||||||||||
Cash
changes in operating assets and liabilities was as
follows:
|
|||||||||||||||||||
Provision
for deferred income taxes
|
(976
|
)
|
1,763
|
2,469
|
1,502
|
732
|
1,274
|
||||||||||||
Decrease/(increase)
in accounts receivable and other assets
|
(2,060
|
)
|
1,002
|
(1,649
|
)
|
4,279
|
(1,804
|
)
|
1,229
|
||||||||||
Decrease/(increase)
in inventory
|
(76
|
)
|
—
|
(112
|
)
|
—
|
(505
|
)
|
—
|
||||||||||
Increase/(decrease)
in accounts payable and accrued and other liabilities
|
2,234
|
(2,581
|
)
|
(7,052
|
)
|
(928
|
)
|
(1,970
|
)
|
1,078
|
|||||||||
Net
sales/(purchases) of trading securities
|
(579
|
)
|
(50
|
)
|
5,600
|
92
|
1,630
|
524
|
|||||||||||
Other
|
351
|
121
|
676
|
(285
|
)
|
106
|
(576
|
)
|
|||||||||||
Cash
flows from operating activities of continuing operations
|
$
|
5,436
|
$
|
9,384
|
$
|
6,969
|
$
|
15,592
|
$
|
2,923
|
$
|
16,487
|
Revised-See
Note 1
|
||||||||||
2005
|
2004
|
2003
|
||||||||
Sum
of sector cash flows of continuing operations from operating
activities
|
$
|
14,820
|
$
|
22,561
|
$
|
19,410
|
||||
Reclassification
of wholesale receivable cash flows from investing to operating for
consolidated presentation
|
7,290
|
2,001
|
(2,154
|
)
|
||||||
Reclassification
relating to sale of vehicles to Hertz and related auction proceeds
for
consolidated
presentation.
|
(436
|
)
|
—
|
—
|
||||||
Consolidated
cash flows of continuing operations from operating
activities
|
$
|
21,674
|
$
|
24,562
|
$
|
17,256
|
|
2005
|
2004
|
2003
|
|||||||
Interest
|
$
|
7,825
|
$
|
7,355
|
$
|
7,543
|
||||
Income
taxes
|
382
|
211
|
(1,046
|
)
|
Segment
|
Liability
at
December
31,
2004
|
Accrued
in
2005
|
Paid
in
2005
|
Other*
|
Liability
at
December
31,
2005
|
Estimated
Total
Costs
|
|||||||||||||
Ford
Europe and PAG
|
$
|
139
|
$
|
35
|
$
|
(122
|
)
|
$
|
(40
|
)
|
$
|
12
|
$
|
774
|
Segment
|
Liability
at
December
31,
2004
|
Accrued
in
2005
|
Paid
in
2005
|
Other
|
Liability
at
December
31,
2005
|
Estimated
Total
Costs
|
|||||||||||||
Ford
Credit
|
$
|
10
|
$
|
41
|
$
|
(36
|
)
|
$
|
—
|
$
|
15
|
$
|
61
|
Pension
Benefits
|
||||||||||||||||||||||||||||
Health
Care and
|
||||||||||||||||||||||||||||
U.S.
Plans
|
Non-U.S.
Plans
|
Life
Insurance
|
||||||||||||||||||||||||||
2005
|
2004
|
2003
|
2005
|
2004
|
2003
|
2005
|
2004
|
2003
|
||||||||||||||||||||
Service
cost
|
$
|
734
|
$
|
636
|
$
|
600
|
$
|
630
|
$
|
554
|
$
|
492
|
$
|
710
|
$
|
542
|
$
|
521
|
||||||||||
Interest
cost
|
2,398
|
2,445
|
2,442
|
1,408
|
1,332
|
1,170
|
2,188
|
1,964
|
2,004
|
|||||||||||||||||||
Expected
return on assets
|
(3,363
|
)
|
(3,219
|
)
|
(3,202
|
)
|
(1,633
|
)
|
(1,651
|
)
|
(1,382
|
)
|
(500
|
)
|
(289
|
)
|
(37
|
)
|
||||||||||
Amortization
of:
|
||||||||||||||||||||||||||||
Prior
service costs
|
500
|
502
|
472
|
156
|
106
|
135
|
(245
|
)
|
(220
|
)
|
(179
|
)
|
||||||||||||||||
(Gains)/losses
and other
|
88
|
23
|
33
|
352
|
204
|
148
|
893
|
610
|
532
|
|||||||||||||||||||
Separation
programs
|
179
|
1
|
—
|
422
|
78
|
128
|
1
|
—
|
—
|
|||||||||||||||||||
Visteon
pre-spin liability
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
1,646
|
|||||||||||||||||||
Allocated
costs to Visteon
|
(84
|
)
|
(107
|
)
|
(88
|
)
|
—
|
—
|
—
|
(246
|
)
|
(228
|
)
|
(314
|
)
|
|||||||||||||
Net
expense/(income)
|
$
|
452
|
$
|
281
|
$
|
257
|
$
|
1,335
|
$
|
623
|
$
|
691
|
$
|
2,801
|
$
|
2,379
|
$
|
4,173
|
Pension
Benefits
|
Health
Care and
|
||||||||||||||||||
U.S.
Plans
|
Non-U.S.
Plans
|
Life
Insurance
|
|||||||||||||||||
2005
|
2004
|
2005
|
2004
|
2005
|
2004
|
||||||||||||||
Change
in Benefit Obligation
|
|||||||||||||||||||
Benefit
obligation at January 1
|
$
|
43,077
|
$
|
40,463
|
$
|
29,452
|
$
|
24,790
|
$
|
39,115
|
$
|
32,362
|
|||||||
Service
cost
|
734
|
636
|
630
|
554
|
710
|
542
|
|||||||||||||
Interest
cost
|
2,398
|
2,445
|
1,408
|
1,332
|
2,188
|
1,965
|
|||||||||||||
Amendments
|
—
|
—
|
218
|
118
|
(3,155
|
)
|
2
|
||||||||||||
Separation
programs
|
179
|
74
|
422
|
78
|
1
|
—
|
|||||||||||||
Plan
participant contributions
|
41
|
42
|
146
|
144
|
33
|
31
|
|||||||||||||
Benefits
paid
|
(2,856
|
)
|
(2,832
|
)
|
(1,355
|
)
|
(1,160
|
)
|
(1,576
|
)
|
(1,540
|
)
|
|||||||
Foreign
exchange translation
|
—
|
—
|
(2,936
|
)
|
1,944
|
110
|
86
|
||||||||||||
Divestiture
|
(400
|
)
|
—
|
(163
|
)
|
—
|
(20
|
)
|
—
|
||||||||||
Actuarial
(gain)/loss
|
722
|
2,249
|
2,878
|
1,652
|
1,868
|
5,667
|
|||||||||||||
Benefit
obligation at December 31
|
$
|
43,895
|
$
|
43,077
|
$
|
30,700
|
$
|
29,452
|
$
|
39,274
|
$
|
39,115
|
|||||||
Change
in Plan Assets
|
|||||||||||||||||||
Fair
value of plan assets at January 1
|
$
|
39,628
|
$
|
37,016
|
$
|
20,595
|
$
|
16,548
|
$
|
6,762
|
$
|
3,565
|
|||||||
Actual
return on plan assets
|
3,922
|
4,568
|
3,239
|
1,936
|
621
|
397
|
|||||||||||||
Company
contributions
|
1,432
|
872
|
1,355
|
1,775
|
200
|
2,800
|
|||||||||||||
Plan
participant contributions
|
41
|
42
|
150
|
144
|
—
|
—
|
|||||||||||||
Benefits
paid
|
(2,856
|
)
|
(2,832
|
)
|
(1,355
|
)
|
(1,160
|
)
|
(1,111
|
)
|
—
|
||||||||
Foreign
exchange translation
|
—
|
—
|
(1,924
|
)
|
1,321
|
—
|
—
|
||||||||||||
Divestiture
|
(309
|
)
|
—
|
(95
|
)
|
—
|
—
|
—
|
|||||||||||
Other
|
(1
|
)
|
(38
|
)
|
(38
|
)
|
31
|
25
|
—
|
||||||||||
Fair
value of plan assets at December 31
|
$
|
41,857
|
$
|
39,628
|
$
|
21,927
|
$
|
20,595
|
$
|
6,497
|
$
|
6,762
|
|||||||
Funded
status
|
$
|
(2,038
|
)
|
$
|
(3,449
|
)
|
$
|
(8,773
|
)
|
$
|
(8,857
|
)
|
$
|
(32,777
|
)
|
$
|
(32,353
|
)
|
|
Unamortized
prior service costs
|
2,635
|
3,146
|
912
|
853
|
(4,054
|
)
|
(1,128
|
)
|
|||||||||||
Unamortized
net (gains)/losses and other
|
4,864
|
4,838
|
8,609
|
8,794
|
17,009
|
16,054
|
|||||||||||||
Net
amount recognized
|
$
|
5,461
|
$
|
4,535
|
$
|
748
|
$
|
790
|
$
|
(19,822
|
)
|
$
|
(17,427
|
)
|
|||||
Amounts
Recognized on the Balance Sheet Consisting of
Assets/(Liabilities)
|
|||||||||||||||||||
Prepaid
assets
|
$
|
2,398
|
$
|
2,460
|
$
|
1,710
|
$
|
1,566
|
$
|
—
|
$
|
—
|
|||||||
Accrued
liabilities
|
(1,568
|
)
|
(2,643
|
)
|
(6,009
|
)
|
(5,364
|
)
|
(19,822
|
)
|
(17,427
|
)
|
|||||||
Intangible
assets
|
2,133
|
2,517
|
657
|
526
|
—
|
—
|
|||||||||||||
Accumulated
other comprehensive income
|
2,498
|
2,201
|
4,390
|
4,062
|
—
|
—
|
|||||||||||||
Net
amount recognized
|
$
|
5,461
|
$
|
4,535
|
$
|
748
|
$
|
790
|
$
|
(19,822
|
)
|
$
|
(17,427
|
)
|
|||||
Pension
Plans in Which Accumulated Benefit Obligation Exceeds Plan Assets
at
December 31
|
|||||||||||||||||||
Accumulated
benefit obligation
|
$
|
24,344
|
$
|
23,583
|
$
|
17,217
|
$
|
18,580
|
|||||||||||
Fair
value of plan assets
|
22,807
|
20,940
|
11,454
|
13,145
|
|||||||||||||||
Accumulated
Benefit Obligation at December 31
|
$
|
42,280
|
$
|
41,096
|
$
|
26,060
|
$
|
25,866
|
|||||||||||
Weighted
Average Assumptions at December 31
|
|||||||||||||||||||
Discount
rate
|
5.61
|
%
|
5.75
|
%
|
4.58
|
%
|
5.18
|
%
|
5.73
|
%
|
5.75
|
%
|
|||||||
Expected
return on assets
|
8.50
|
%
|
8.75
|
%
|
7.78
|
%
|
7.76
|
%
|
8.28
|
%
|
7.93
|
%
|
|||||||
Average
rate of increase in compensation
|
4.00
|
%
|
4.50
|
%
|
3.44
|
%
|
4.00
|
%
|
4.00
|
%
|
4.50
|
%
|
|||||||
Initial
health care cost trend rate
|
—
|
—
|
—
|
—
|
7
|
%
|
9
|
%
|
|||||||||||
Ultimate
health care cost trend rate
|
—
|
—
|
—
|
—
|
5
|
%
|
5
|
%
|
|||||||||||
Year
ultimate trend rate is reached
|
—
|
—
|
—
|
—
|
2011
|
2011
|
|||||||||||||
Assumptions
Used to Determine Net Benefit Cost for the Year Ending December
31
|
|||||||||||||||||||
Discount
rate
|
5.75
|
%
|
6.25
|
%
|
5.18
|
%
|
5.61
|
%
|
5.75
|
%
|
6.25
|
%
|
|||||||
Expected
return on assets
|
8.75
|
%
|
8.75
|
%
|
7.76
|
%
|
8.38
|
%
|
7.93
|
%
|
6.20
|
%
|
|||||||
Average
rate of increase in compensation
|
4.50
|
%
|
4.50
|
%
|
4.00
|
%
|
3.98
|
%
|
4.50
|
%
|
4.50
|
%
|
|||||||
Weighted
Average Asset Allocation at December 31*
|
|||||||||||||||||||
Equity
securities
|
72.8
|
%
|
72.7
|
%
|
65.3
|
%
|
62.4
|
%
|
66.2
|
%
|
54.3
|
%
|
|||||||
Debt
securities
|
26.7
|
%
|
26.7
|
%
|
33.7
|
%
|
36.4
|
%
|
33.8
|
%
|
45.7
|
%
|
|||||||
Real
estate
|
0.0
|
%
|
0.0
|
%
|
0.7
|
%
|
0.9
|
%
|
0.0
|
%
|
0.0
|
%
|
|||||||
Other
assets
|
0.5
|
%
|
0.6
|
%
|
0.3
|
%
|
0.3
|
%
|
0.0
|
%
|
0.0
|
%
|
|||||||
|
Pension
Benefits
|
||||||||||||
|
U.S.
Plans
|
Non-U.S.
Plans
|
Health
Care and Life Insurance
|
||||||||||
|
Benefit
Payments
|
Benefit
Payments
|
Benefit
Payments
|
Subsidy
Receipts
|
|||||||||
2006
|
$
|
2,870
|
$
|
1,370
|
$
|
1,750
|
$
|
(80
|
)
|
||||
2007
|
2,940
|
1,230
|
1,850
|
(90
|
)
|
||||||||
2008
|
3,010
|
1,250
|
1,950
|
(100
|
)
|
||||||||
2009
|
3,050
|
1,290
|
2,040
|
(110
|
)
|
||||||||
2010
|
3,070
|
1,330
|
2,120
|
(110
|
)
|
||||||||
2011
- 2015
|
15,410
|
7,340
|
11,630
|
(680
|
)
|
Automotive
Sector
|
||||||||||||||||
Ford
Asia
|
||||||||||||||||
Ford
|
Pacific
&
|
|||||||||||||||
The
|
Europe
|
Africa/
|
||||||||||||||
Americas
|
and
PAG
|
Mazda
|
Other
|
Total
|
||||||||||||
(in
millions)
|
||||||||||||||||
2005
|
||||||||||||||||
Revenues
|
||||||||||||||||
External
customer
|
$
|
85,000
|
$
|
60,258
|
$
|
8,245
|
$
|
—
|
$
|
153,503
|
||||||
Intersegment
|
3,398
|
2,154
|
131
|
—
|
5,683
|
|||||||||||
Income
|
||||||||||||||||
Income/(loss)
before income taxes
|
(2,111
|
)
|
(2,026
|
)
|
297
|
(55
|
)
|
(3,895
|
)
|
|||||||
Other
disclosures
|
||||||||||||||||
Depreciation
and amortization
|
3,833
|
4,054
|
295
|
—
|
8,182
|
|||||||||||
Automotive
interest income
|
46
|
—
|
—
|
1,141
|
1,187
|
|||||||||||
Interest
expense
|
—
|
—
|
—
|
1,220
|
1,220
|
|||||||||||
Cash
out flow for capital expenditures
|
3,867
|
2,730
|
221
|
305
|
7,123
|
|||||||||||
Unconsolidated
affiliates
|
||||||||||||||||
Equity
in net income/(loss)
|
92
|
—
|
193
|
—
|
285
|
|||||||||||
Total
assets at year end
|
113,829
|
|||||||||||||||
2004
|
||||||||||||||||
Revenues
|
||||||||||||||||
External
customer
|
$
|
86,009
|
$
|
54,163
|
$
|
6,956
|
$
|
—
|
$
|
147,128
|
||||||
Intersegment
|
3,588
|
2,630
|
113
|
—
|
6,331
|
|||||||||||
Income
|
||||||||||||||||
Income/(loss)
before income taxes
|
824
|
(785
|
)
|
82
|
(276
|
)
|
(155
|
)
|
||||||||
Other
disclosures
|
||||||||||||||||
Depreciation
and amortization
|
3,568
|
2,634
|
221
|
—
|
6,423
|
|||||||||||
Automotive
interest income
|
132
|
—
|
—
|
981
|
1,113
|
|||||||||||
Interest
expense
|
—
|
—
|
—
|
1,221
|
1,221
|
|||||||||||
Cash
out flow for capital expenditures
|
3,396
|
2,803
|
293
|
(212
|
)
|
6,280
|
||||||||||
Unconsolidated
affiliates
|
||||||||||||||||
Equity
in net income/(loss)
|
75
|
6
|
174
|
—
|
255
|
|||||||||||
Total
assets at year end
|
113,051
|
|||||||||||||||
2003
|
||||||||||||||||
Revenues
|
||||||||||||||||
External
customer
|
$
|
85,467
|
$
|
46,947
|
$
|
5,839
|
$
|
—
|
$
|
138,253
|
||||||
Intersegment
|
3,628
|
1,568
|
120
|
—
|
5,316
|
|||||||||||
Income
|
||||||||||||||||
Income/(loss)
before income taxes
|
67
|
(1,449
|
)
|
46
|
(572
|
)
|
(1,908
|
)
|
||||||||
Other
disclosures
|
||||||||||||||||
Depreciation
and amortization
|
3,344
|
1,924
|
214
|
—
|
5,482
|
|||||||||||
Automotive
interest income
|
119
|
—
|
—
|
751
|
870
|
|||||||||||
Interest
expense
|
—
|
—
|
—
|
1,323
|
1,323
|
|||||||||||
Cash
out flow for capital expenditures
|
4,191
|
2,980
|
176
|
—
|
7,347
|
|||||||||||
Unconsolidated
affiliates
|
||||||||||||||||
Equity
in net income/(loss)
|
(73
|
)
|
17
|
130
|
—
|
74
|
||||||||||
Total
assets at year end
|
111,230
|
Financial
Services Sector (a)
|
Total
Company
|
|||||||||||||||||||||
Ford
|
||||||||||||||||||||||
Credit
|
Hertz
|
Other
|
Elims
|
Total
|
Elims
(b)
|
Total
|
||||||||||||||||
(in
millions)
|
||||||||||||||||||||||
2005
|
||||||||||||||||||||||
Revenues
|
||||||||||||||||||||||
External
customer
|
$
|
16,047
|
$
|
7,403
|
$
|
136
|
$
|
—
|
$
|
23,586
|
$
|
—
|
$
|
177,089
|
||||||||
Intersegment
|
597
|
20
|
55
|
(47
|
)
|
625
|
(6,308
|
)
|
—
|
|||||||||||||
Income
|
||||||||||||||||||||||
Income/(loss)
before income taxes
|
3,861
|
1,980
|
50
|
—
|
5,891
|
—
|
1,996
|
|||||||||||||||
Other
disclosures
|
||||||||||||||||||||||
Depreciation
and amortization
|
4,507
|
1,316
|
37
|
—
|
5,860
|
—
|
14,042
|
|||||||||||||||
Automotive
interest income
|
1,187
|
|||||||||||||||||||||
Interest
expense
|
5,842
|
511
|
70
|
—
|
6,423
|
—
|
7,643
|
|||||||||||||||
Cash
out flow for capital expenditures
|
48
|
335
|
11
|
—
|
394
|
—
|
7,517
|
|||||||||||||||
Unconsolidated
affiliates
|
||||||||||||||||||||||
Equity
in net income/(loss)
|
11
|
—
|
—
|
—
|
11
|
—
|
296
|
|||||||||||||||
Total
assets at year end
|
162,155
|
—
|
39
|
—
|
162,194
|
(83
|
)
|
275,940
|
||||||||||||||
2004
|
||||||||||||||||||||||
Revenues
|
||||||||||||||||||||||
External
customer
|
$
|
17,404
|
$
|
6,681
|
$
|
433
|
$
|
—
|
$
|
24,518
|
$
|
—
|
$
|
171,646
|
||||||||
Intersegment
|
478
|
19
|
13
|
(13
|
)
|
497
|
(6,828
|
)
|
—
|
|||||||||||||
Income
|
||||||||||||||||||||||
Income/(loss)
before income taxes
|
4,431
|
493
|
84
|
—
|
5,008
|
—
|
4,853
|
|||||||||||||||
Other
disclosures
|
||||||||||||||||||||||
Depreciation
and amortization
|
4,981
|
1,612
|
35
|
—
|
6,628
|
—
|
13,051
|
|||||||||||||||
Automotive
interest income
|
1,113
|
|||||||||||||||||||||
Interest
expense
|
5,333
|
408
|
109
|
—
|
5,850
|
—
|
7,071
|
|||||||||||||||
Cash
out flow for capital expenditures
|
62
|
325
|
71
|
—
|
458
|
—
|
6,738
|
|||||||||||||||
Unconsolidated
affiliates
|
||||||||||||||||||||||
Equity
in net income/(loss)
|
(2
|
)
|
—
|
—
|
—
|
(2
|
)
|
—
|
253
|
|||||||||||||
Total
assets at year end
|
172,621
|
14,417
|
2,062
|
—
|
189,100
|
(2,753
|
)
|
299,398
|
||||||||||||||
2003
|
||||||||||||||||||||||
Revenues
|
||||||||||||||||||||||
External
customer
|
$
|
19,774
|
$
|
5,926
|
$
|
378
|
$
|
—
|
$
|
26,078
|
$
|
—
|
$
|
164,331
|
||||||||
Intersegment
|
316
|
26
|
48
|
(51
|
)
|
339
|
(5,655
|
)
|
—
|
|||||||||||||
Income
|
||||||||||||||||||||||
Income/(loss)
before income taxes
|
2,956
|
228
|
63
|
—
|
3,247
|
—
|
1,339
|
|||||||||||||||
Other
disclosures
|
||||||||||||||||||||||
Depreciation
and amortization
|
7,076
|
1,658
|
48
|
—
|
8,782
|
—
|
14,264
|
|||||||||||||||
Automotive
interest income
|
870
|
|||||||||||||||||||||
Interest
expense
|
5,831
|
373
|
116
|
—
|
6,320
|
—
|
7,643
|
|||||||||||||||
Cash
out flow for capital expenditures
|
30
|
254
|
95
|
—
|
379
|
—
|
7,726
|
|||||||||||||||
Unconsolidated
affiliates
|
||||||||||||||||||||||
Equity
in net income/(loss)
|
12
|
—
|
(3
|
)
|
—
|
9
|
—
|
83
|
||||||||||||||
Total
assets at year end
|
179,135
|
12,920
|
3,427
|
—
|
195,482
|
(3,356
|
)
|
303,356
|
|
2005
|
2004
|
2003
|
||||||||||||||||
|
Net
Sales and Revenues
|
Long
Lived Assets
|
Net
Sales and Revenues
|
Long
Lived Assets
|
Net
Sales and Revenues
|
Long
Lived Assets
|
|||||||||||||
North
America
|
|||||||||||||||||||
United
States
|
$
|
96,764
|
$
|
37,830
|
$
|
100,208
|
$
|
35,354
|
$
|
103,482
|
$
|
38,017
|
|||||||
Canada
|
7,945
|
8,062
|
7,093
|
6,900
|
6,833
|
5,711
|
|||||||||||||
Mexico
|
3,399
|
1,073
|
2,913
|
807
|
2,707
|
719
|
|||||||||||||
Total North America
|
108,108
|
46,965
|
110,214
|
43,061
|
113,022
|
44,447
|
|||||||||||||
Europe
|
|||||||||||||||||||
Germany
|
7,701
|
4,518
|
7,380
|
6,187
|
6,212
|
6,312
|
|||||||||||||
Sweden
|
4,412
|
3,399
|
4,059
|
3,715
|
3,360
|
3,326
|
|||||||||||||
United Kingdom
|
15,287
|
6,537
|
14,189
|
9,075
|
12,312
|
7,858
|
|||||||||||||
Other
|
23,221
|
3,172
|
20,473
|
3,715
|
17,426
|
3,798
|
|||||||||||||
Total Europe
|
50,621
|
17,626
|
46,101
|
22,692
|
39,310
|
21,294
|
|||||||||||||
All
Other
|
18,360
|
3,215
|
15,331
|
3,124
|
11,999
|
2,816
|
|||||||||||||
Total
|
$
|
177,089
|
$
|
67,806
|
$
|
171,646
|
$
|
68,877
|
$
|
164,331
|
$
|
68,557
|
2005
|
2004
|
||||||||||||||||||||||||
First
|
Second
|
Third
|
Fourth
|
First
|
Second
|
Third
|
Fourth
|
||||||||||||||||||
Quarter
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
||||||||||||||||||
(In
millions, except per share amounts)
|
|||||||||||||||||||||||||
Automotive
Sector
|
|||||||||||||||||||||||||
Sales
|
$
|
39,332
|
$
|
38,685
|
$
|
34,675
|
$
|
40,811
|
$
|
38,800
|
$
|
36,661
|
$
|
32,797
|
$
|
38,870
|
|||||||||
Operating
income/(loss)
|
665
|
(1,104
|
)
|
(1,668
|
)
|
(2,102
|
)
|
2,004
|
205
|
(716
|
)
|
(1,670
|
)
|
||||||||||||
Financial
Services Sector
|
|||||||||||||||||||||||||
Revenues
|
5,804
|
5,863
|
6,181
|
5,738
|
5,923
|
6,212
|
6,324
|
6,059
|
|||||||||||||||||
Income/(loss)
before income taxes
|
1,076
|
1,297
|
1,222
|
2,296
|
1,043
|
1,528
|
1,391
|
1,046
|
|||||||||||||||||
Total
Company
|
|||||||||||||||||||||||||
Income/(loss)
before cumulative effects of changes in accounting
principles
|
1,212
|
946
|
(284
|
)
|
401
|
1,952
|
1,165
|
266
|
104
|
||||||||||||||||
Net
income/(loss)
|
1,212
|
946
|
(284
|
)
|
150
|
1,952
|
1,165
|
266
|
104
|
||||||||||||||||
Common
and Class B per share from income/(loss) before cumulative effects
of
changes in accounting principles
|
|||||||||||||||||||||||||
Basic
|
$
|
0.66
|
$
|
0.51
|
$
|
(0.15
|
)
|
$
|
0.21
|
$
|
1.07
|
$
|
0.64
|
$
|
0.15
|
$
|
0.06
|
||||||||
Diluted
|
0.60
|
0.47
|
(0.15
|
)
|
0.21
|
0.94
|
0.57
|
0.15
|
0.06
|
|
2006
|
2007
|
2008
|
2009
|
2010
|
Thereafter
|
Total
|
|||||||||||||||
Automotive
Sector
|
$
|
483
|
$
|
411
|
$
|
257
|
$
|
202
|
$
|
127
|
$
|
278
|
$
|
1,758
|
||||||||
Financial
Services Sector
|
113
|
98
|
86
|
63
|
50
|
106
|
516
|
|
2005
|
2004
|
|||||
Beginning
balance
|
$
|
5,751
|
$
|
5,443
|
|||
Payments
made during the year
|
(3,986
|
)
|
(3,694
|
)
|
|||
Changes
in accrual related to warranties issued during the year
|
3,949
|
3,611
|
|||||
Changes
in accrual related to pre-existing warranties
|
593
|
161
|
|||||
Foreign
currency translation and other
|
(149
|
)
|
230
|
||||
Ending
balance
|
$
|
6,158
|
$
|
5,751
|
Description
|
Balance
at
Beginning
of
Period
|
Charged
to
Costs
and
Expenses
|
Deductions
|
Balance
at
End
of
Period
|
|||||||||
For
the Year Ended December 31, 2005
|
|||||||||||||
Allowances
Deducted from Assets
|
|||||||||||||
Allowance for Credit Losses
|
$
|
2,471
|
$
|
167
|
$
|
1,044
|
(a)
|
$
|
1,594
|
||||
Allowance for Doubtful Receivables
|
988
|
523
|
(b)
|
1,194
|
(c)
|
317
|
(d)
|
||||||
Inventories (primarily service part obsolescence)
|
376
|
52
|
(e)
|
—
|
428
|
||||||||
Allowance for Deferred Tax Assets
|
169
|
79
|
—
|
248
|
|||||||||
Total
Allowances Deducted from Assets
|
$
|
4,004
|
$
|
821
|
$
|
2,238
|
$
|
2,587
|
|||||
For
the Year Ended December 31, 2004
|
|||||||||||||
Allowances
Deducted from Assets
|
|||||||||||||
Allowance for Credit Losses
|
$
|
2,962
|
$
|
923
|
$
|
1,414
|
(a)
|
$
|
2,471
|
||||
Allowance for Doubtful Receivables
|
384
|
663
|
(b)
|
59
|
(c)
|
988
|
(d)
|
||||||
Inventories (primarily service part obsolescence)
|
368
|
8
|
(e)
|
—
|
376
|
||||||||
Allowance for Deferred Tax Assets
|
106
|
63
|
—
|
169
|
|||||||||
Total
Allowances Deducted from Assets
|
$
|
3,820
|
$
|
1,657
|
$
|
1,473
|
$
|
4,004
|
|||||
For
the Year Ended December 31, 2003
|
|||||||||||||
Allowances
Deducted from Assets
|
|||||||||||||
Allowance for Credit Losses
|
$
|
3,054
|
$
|
1,928
|
$
|
2,020
|
(a)
|
$
|
2,962
|
||||
Allowance for Doubtful Receivables
|
374
|
108
|
98
|
(c)
|
384
|
||||||||
Inventories (primarily service part obsolescence)
|
304
|
64
|
(e)
|
—
|
368
|
||||||||
Allowance for Deferred Tax Assets
|
50
|
56
|
—
|
106
|
|||||||||
Total
Allowances Deducted from Assets
|
$
|
3,782
|
$
|
2,156
|
$
|
2,118
|
$
|
3,820
|