UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549


FORM 8-K


CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934


Date of Report: April 27, 2017
(Date of earliest event reported)


FORD MOTOR COMPANY
(Exact name of registrant as specified in its charter)


Delaware
(State or other jurisdiction of incorporation)

1-3950
38-0549190
(Commission File Number)
(IRS Employer Identification No.)
 
 
One American Road, Dearborn, Michigan
48126
(Address of principal executive offices)
(Zip Code)


Registrant’s telephone number, including area code 313-322-3000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


[ ]    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ]    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o







Item 2.02. Results of Operations and Financial Condition.

Ford Motor Company (“Ford” or “Company”) hereby incorporates by reference its news release dated April 27, 2017 which is furnished as Exhibit 99 hereto.

Beginning at 9:00 a.m. on April 27, 2017, Ford President and Chief Executive Officer Mark Fields and Executive Vice President and Chief Financial Officer Bob Shanks will host a conference call to discuss Ford’s first quarter 2017 financial results. Investors may access the presentation by dialing 1-877-870-8664 (or 1-970-297-2423 from outside the United States). The passcode for the call is a verbal response of “Ford Earnings.”

The presentation (listen-only) and supporting materials will be available at www.shareholder.ford.com. Representatives of the investment community and the news media will have the opportunity to ask questions on the call.

Investors also may access replays of the presentation beginning after 1:00 p.m. the day of the event through May 4, 2017 by dialing 1-855-859-2056 (or 1-404-537-3406 from outside the United States). The passcode for replays is 95413407.

All times referenced above are in Eastern Daylight Time.

Item 9.01. Financial Statements and Exhibits.

EXHIBITS*

Designation
Description
Method of Filing
 
 
 
Exhibit 99
News release dated April 27, 2017
Furnished with this Report

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
 
FORD MOTOR COMPANY
 
 
(Registrant)
 
 
 
Date: April 27, 2017
By:
/s/ Corey M. MacGillivray
 
 
Corey M. MacGillivray
 
 
Assistant Secretary

*
 
Any reference in the attached exhibit(s) to Ford's corporate website(s) and/or other social media sites or platforms, and the contents thereof, is provided for convenience only; such websites or platforms and the contents thereof are not incorporated by reference into this Report nor deemed filed with the Securities and Exchange Commission.






EXHIBIT INDEX



Designation
Description
 
 
Exhibit 99
News release dated April 27, 2017
 
 






Ford Motor Company 1Q April 27, 2017 *See endnote on page 4. For news releases, related materials and high-resolution photos and video, visit www.media.ford.com. Follow at www.facebook.com/ford, www.twitter.com/fordir or www.youtube.com/fordvideo1 │ NEWS www.facebook.com/ford www.twitter.com/ford 1Q 2017 B/(W) 1Q 2016 EXECUTING STRATEGIC PRIORITIES HIGHLIGHTS 1Q 2017* Ford Delivers First Quarter Revenue of $39.1B; $1.6B Net Income; $2.2B Adjusted Pre-Tax Profit 2 0 17 F I R S T Q U A R T E R F I N A N C I A L R E S U LT S “This quarter was an investment in Ford's future. From announcing exciting vehicles like the all-new Expedition and Lincoln Navigator, to initiatives such as our investment in Argo AI, we are fortifying our core business, while also investing in emerging opportunities that will deliver profitable growth.” Mark Fields, President & CEO Revenue Net Income Adjusted Pre-Tax Profit EPS Adjusted EPS Auto Segment Auto Segment Operating (GAAP) (GAAP) (Non-GAAP) (GAAP) (Non-GAAP) Operating Margin (GAAP) Cash Flow (GAAP) $39.1B $1.6B $2.2B $0.40 $0.39 5.4% $2.0B $1.4B $(0.9)B $(1.6)B $(0.21) $(0.29) (4.4) ppts $(0.7)B  First quarter total company revenue was $39.1B, up 4 percent year over year, driven by favorable mix  EPS was $0.40 and adjusted EPS was $0.39  Lower profit year over year driven by higher cost, lower volume and unfavorable exchange; higher cost due to warranty, investments in new products and emerging opportunities for future growth, and rising commodity costs  Average transaction prices in the U.S. were up $1,971 year over year, nearly four times more than the industry average of $506, driven by F-150, Super Duty and Lincoln  Automotive results were driven by North America; Europe and Asia Pacific were also profitable. Ford Credit pre-tax profit was $481M  For 2017: Continue to expect total company adjusted pre-tax profit to be about $9B, also a platform from which to build stronger results for 2018, led by gains in the core business  Expect full-year cost efficiencies of nearly $3B to mostly offset costs outside of investments in emerging opportunities  Trucks: New F-150 going on sale this fall; Ranger to North America in 2019  Utilities: All-new Expedition going on sale this fall; Bronco returning globally in 2020  Performance: Mustang best-selling sports car on the planet “Ford’s balance sheet remains strong – ready and able to support our plans for growth and to protect against adverse changes in the business cycle. We’re also pleased to have rewarded shareholders with distributions in the quarter of $800 million, including a supplemental dividend.” Bob Shanks Executive Vice President & CFO  Introduced all-new Lincoln Navigator; on sale this fall  Announced plans to manufacture all-new Lincoln SUV in China  Russia financial results improved year over year; ASEAN profitable and improved  Announced 13 new electric vehicles globally in the next five years  Unveiled the industry’s first pursuit-rated hybrid police car  Announced investment in Argo AI to develop virtual driver system


 
Ford Motor Company 1Q April 27, 2017 A U T O M O T I V E S E G M E N T R E S U LT S North America South America Europe Middle East & Africa Asia Pacific F O R D C R E D I T R E S U LT S Ford Credit Wholesales Revenue Market Share Operating Margin Pre-Tax Results 2  Higher revenue driven by mix; wholesales lower year over year due to market share and lower dealer stock build  Market share decrease driven by lower fleet sales, as expected. U.S. retail share was up, reflecting higher share in trucks, utilities and Lincoln  For 2017: Continue to expect North America operating margin and profit to be strong, but lower than 2016, due to headwinds on commodities and increased investment in emerging opportunities, offset partially by net efficiencies across all other remaining cost categories 1Q 2017 771K $24.0B 14.1% 8.3% $2.0B B/(W) 1Q 2016 (43)K $0.1B (0.5) ppts (4.6) ppts $(1.1)B  All key metrics improved for the second consecutive quarter  Wholesales were up 11 percent; revenue up 29 percent  Market share also improved due to performance of Ka and Ranger  For 2017: Continue to expect South America’s loss to improve as a result of improving market factors as the economy begins to recover. 1Q 2017 70K $1.1B 9.0% (22.5)% $(244)M B/(W) 1Q 2016 7K $0.3B 0.6 ppts 7.9 ppts $12M  Region saw double-digit growth and continued profitability in the quarter  Market share higher due to performance of Kuga and commercial vehicles  For 2017: Continue to expect Europe to remain profitable, although below 2016 levels, due to weaker sterling, higher cost associated with launch of Fiesta and EcoSport, and continued investment for future growth 1Q 2017 449K $7.6B 8.1% 2.3% $176M B/(W) 1Q 2016 50K $0.7B 0.2 ppts (4.0) ppts $(258)M  Key metrics driven by unfavorable dealer stock changes, lower market share and lower industry volume in the Middle East  SAAR down 12 percent in markets where we participate  For 2017: Continue to expect results in the region to improve compared to 2016 due to lower cost and favorable exchange, with lower volume a partial offset 1Q 2017 30K $0.6B 3.8% (12.4)% $(80)M B/(W) 1Q 2016 (16)K $(0.3)B (0.8) ppts (10.9) ppts $(66)M  Results in China drove the year over year changes in key metrics, except for revenue; lower volume due to sales being pulled ahead to fourth quarter of last year as tax incentive was set to expire  Results in all major markets outside of China improved  For 2017: Continue to expect profits to improve from 2016 due to higher volume. Net pricing will be lower due to negative industry pricing in China, while exchange expected to be unfavorable due to weaker RMB 1Q 2017 383K $3.2B 3.4% 3.9% $124M B/(W) 1Q 2016 (15)K $0.5B (0.4) ppts (4.3) ppts $(96)M Wholesales Revenue (GAAP) Market Share Operating Margin (GAAP) Pre-Tax Profit (GAAP) 1Q 2017 1,703K $36.5B 7.1% 5.4% $2.0B B/(W) 1Q 2016 (17)K $1.3B (0.3) ppts (4.4) ppts $(1.5)B  Receivables grew year over year, while pre-tax profit was lower, as expected  All key metrics in line with expectations  For 2017: On track to deliver full-year pre-tax profit of about $1.5B Pre-Tax Results 1Q 2017 $481M B/(W) 1Q 2016 $(33)M


 
Ford Motor Company 1Q April 27, 2017 3 Statements included or incorporated by reference herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts, and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including, without limitation:  Decline in industry sales volume, particularly in the United States, Europe, or China, due to financial crisis, recession, geopolitical events, or other factors;  Lower-than-anticipated market acceptance of Ford’s new or existing products or services, or failure to achieve expected growth;  Market shift away from sales of larger, more profitable vehicles beyond Ford’s current planning assumption, particularly in the United States;  Continued or increased price competition resulting from industry excess capacity, currency fluctuations, or other factors;  Fluctuations in foreign currency exchange rates, commodity prices, and interest rates;  Adverse effects resulting from economic, geopolitical, protectionist trade policies, or other events;  Work stoppages at Ford or supplier facilities or other limitations on production (whether as a result of labor disputes, natural or man-made disasters, tight credit markets or other financial distress, production constraints or difficulties, or other factors);  Single-source supply of components or materials;  Labor or other constraints on Ford’s ability to maintain competitive cost structure;  Substantial pension and other postretirement liabilities impairing liquidity or financial condition;  Worse-than-assumed economic and demographic experience for pension and other postretirement benefit plans (e.g., discount rates or investment returns);  Restriction on use of tax attributes from tax law “ownership change;”  The discovery of defects in vehicles resulting in delays in new model launches, recall campaigns, or increased warranty costs;  Increased safety, emissions, fuel economy, or other regulations resulting in higher costs, cash expenditures, and/or sales restrictions;  Unusual or significant litigation, governmental investigations, or adverse publicity arising out of alleged defects in products, perceived environmental impacts, or otherwise;  Adverse effects on results from a decrease in or cessation or claw back of government incentives related to investments;  Cybersecurity risks to operational systems, security systems, or infrastructure owned by Ford, Ford Credit, or a third party vendor or supplier;  Failure of financial institutions to fulfill commitments under committed credit and liquidity facilities;  Inability of Ford Credit to access debt, securitization, or derivative markets around the world at competitive rates or in sufficient amounts, due to credit rating downgrades, market volatility, market disruption, regulatory requirements, or other factors;  Higher-than-expected credit losses, lower-than-anticipated residual values, or higher-than-expected return volumes for leased vehicles;  Increased competition from banks, financial institutions, or other third parties seeking to increase their share of financing Ford vehicles; and  New or increased credit regulations, consumer or data protection regulations, or other regulations resulting in higher costs and/or additional financing restrictions. We cannot be certain that any expectation, forecast, or assumption made in preparing forward-looking statements will prove accurate, or that any projection will be realized. It is to be expected that there may be differences between projected and actual results. Our forward-looking statements speak only as of the date of their initial issuance, and we do not undertake any obligation to update or revise publicly any forward-looking statement, whether as a result of new information, future events, or otherwise. For additional discussion, see "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2016, as updated by subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. R I S K F A C T O R S


 
Ford Motor Company 1Q April 27, 2017 4 Ford Motor Company [NYSE:F] releases its 2017 first quarter financial results at 7:00 a.m. EDT today. Following the release, Mark Fields, Ford president and chief executive officer, and Bob Shanks, Ford executive vice president and chief financial officer, will host a conference call at 9 a.m. EDT to discuss the results. The presentation (listen-only) and supporting materials will be available at www.shareholder.ford.com. Representatives of the investment community and the news media will have the opportunity to ask questions on the call. Access Information - Thursday, April 27, 2017 Ford Earnings Call: 9 a.m. EDT Toll-Free: 1.877.870.8664 International: 1.970.297.2423 Passcode: Ford Earnings REPLAY (Available after 1:00 p.m. EDT the day of the event through Thursday, May 4, 2017) www.shareholder.ford.com Toll-Free: 1.855.859.2056 International: 1.404.537.3406 Passcode: 95413407 About Ford Motor Company Ford Motor Company is a global automotive and mobility company based in Dearborn, Michigan. With about 202,000 employees and 62 plants worldwide, the company’s core business includes designing, manufacturing, marketing and servicing a full line of Ford cars, trucks and SUVs, as well as Lincoln luxury vehicles. To expand its business model, Ford is aggressively pursuing emerging opportunities with investments in electrification, autonomy and mobility. Ford provides financial services through Ford Motor Credit Company. For more information regarding Ford and its products and services, please visit www.corporate.ford.com. * The following applies to the information throughout this release:  See tables at the end of this release for the nature and amount of special items, and reconciliations of the non-GAAP financial measures designated as “adjusted” to the most comparable financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”).  Wholesale unit sales and production volumes include Ford brand and Jiangling Motors Corporation (“JMC”) brand vehicles produced and sold in China by our unconsolidated affiliates; revenue does not includes these sales. See materials supporting the April 27, 2017 conference call at www.shareholder.ford.com for further discussion of wholesale unit volumes.  Automotive segment operating margin is defined as Automotive segment pre-tax profit divided by Automotive segment revenue.  References to records related to Automotive segment pre-tax profit, Automotive segment operating cash flow, Automotive segment operating margin and Automotive business unit results are since at least 2000. Contact(s): Media Inquiries: Equity Investment Fixed Income Shareholder Brad Carroll Community: Dawn Dombroski Investment Community: Karen Rocoff Inquiries: 1.800.555.5259 or 1.313.390.5565 1.313.845.2868 1.313.621.0965 1.313.845.8540 bcarro37@ford.com fordir@ford.com fixedinc@ford.com stockinf@ford.com C O N F E R E N C E C A L L D E TA I L S


 
Ford Motor Company 1Q April 27, 2017 5 C O N S O L I D AT E D I N C O M E S T AT E M E N T FORD MOTOR COMPANY AND SUBSIDIARIES CONSOLIDATED INCOME STATEMENT (in millions, except per share amounts) For the periods ended March 31, 2016 2017 First Quarter (unaudited) Revenues Automotive $ 35,257 $ 36,475 Financial Services 2,461 2,669 Other — 2 Total revenues 37,718 39,146 Costs and expenses Cost of sales 30,517 32,708 Selling, administrative, and other expenses 2,690 2,764 Financial Services interest, operating, and other expenses 2,060 2,232 Total costs and expenses 35,267 37,704 Interest expense on Automotive debt 200 279 Non-Financial Services other income/(loss), net 768 712 Financial Services other income/(loss), net 91 22 Equity in net income of affiliated companies 541 346 Income before income taxes 3,651 2,243 Provision for/(Benefit from) income taxes 1,196 649 Net income 2,455 1,594 Less: Income/(Loss) attributable to noncontrolling interests 3 7 Net income attributable to Ford Motor Company $ 2,452 $ 1,587 EARNINGS PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK Basic income $ 0.62 $ 0.40 Diluted income 0.61 0.40 Cash dividends declared 0.40 0.20


 
Ford Motor Company 1Q April 27, 2017 6 C O N S O L I D AT E D B A L A N C E S H E E T December 31, 2016 March 31, 2017 (unaudited) ASSETS Cash and cash equivalents $ 15,905 $ 17,823 Marketable securities 22,922 22,166 Financial Services finance receivables, net 46,266 48,605 Trade and other receivables, less allowances of $392 and $401 11,102 10,685 Inventories 8,898 10,535 Other assets 3,368 3,414 Total current assets 108,461 113,228 Financial Services finance receivables, net 49,924 50,694 Net investment in operating leases 28,829 27,914 Net property 32,072 32,668 Equity in net assets of affiliated companies 3,304 3,642 Deferred income taxes 9,705 10,055 Other assets 5,656 5,893 Total assets $ 237,951 $ 244,094 LIABILITIES Payables $ 21,296 $ 23,257 Other liabilities and deferred revenue 19,316 18,790 Automotive debt payable within one year 2,685 3,100 Financial Services debt payable within one year 46,984 46,157 Total current liabilities 90,281 91,304 Other liabilities and deferred revenue 24,395 24,583 Automotive long-term debt 13,222 13,110 Financial Services long-term debt 80,079 83,610 Deferred income taxes 691 749 Total liabilities 208,668 213,356 Redeemable noncontrolling interest 96 97 EQUITY Common Stock, par value $.01 per share (3,984 million shares issued of 6 billion authorized) 40 40 Class B Stock, par value $.01 per share (71 million shares issued of 530 million authorized) 1 1 Capital in excess of par value of stock 21,630 21,637 Retained earnings 15,634 16,992 Accumulated other comprehensive income/(loss) (7,013 ) (6,929 ) Treasury stock (1,122 ) (1,122 ) Total equity attributable to Ford Motor Company 29,170 30,619 Equity attributable to noncontrolling interests 17 22 Total equity 29,187 30,641 Total liabilities and equity $ 237,951 $ 244,094 FORD MOTOR COMPANY AND SUBSIDIARIES CONS LIDATED BALANCE SHEET (in millions)


 
Ford Motor Company 1Q April 27, 2017 7 C O N S O L I D AT E D S T AT E M E N T O F C A S H F L O W S For the periods ended March 31, 2016 2017 First Quarter (unaudited) Cash flows from operating activities Net cash provided by/(used in) operating activities $ 4,149 $ 4,336 Cash flows from investing activities Capital spending (1,511 ) (1,706 ) Acquisitions of finance receivables and operating leases (12,677 ) (13,467 ) Collections of finance receivables and operating leases 9,674 10,695 Purchases of equity and debt securities (8,231 ) (8,878 ) Sales and maturities of equity and debt securities 5,679 9,551 Settlements of derivatives 104 156 Other (13 ) 10 Net cash provided by/(used in) investing activities (6,975 ) (3,639 ) Cash flows from financing activities Cash dividends (1,588 ) (795 ) Purchases of Common Stock (145 ) — Net changes in short-term debt (121 ) 658 Proceeds from issuance of other debt 15,623 13,253 Principal payments on other debt (9,431 ) (11,911 ) Other (59 ) (85 ) Net cash provided by/(used in) financing activities 4,279 1,120 Effect of exchange rate changes on cash and cash equivalents 192 101 Net increase/(decrease) in cash and cash equivalents $ 1,645 $ 1,918 Cash and cash equivalents at January 1 $ 14,272 $ 15,905 Net increase/(decrease) in cash and cash equivalents 1,645 1,918 Cash and cash equivalents at March 31 $ 15,917 $ 17,823 FORD MOTOR COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED ST TEMENT OF CASH FLOWS (in millions)


 
Ford Motor Company 1Q April 27, 2017 8 S U P P L E M E N TA L F I N A N C I A L I N F O R M AT I O N The tables below provide supplemental consolidating financial information. The data is presented by our reportable segments, Automotive and Financial Services. All Other, Special Items, and Adjustments include our operating segments that did not meet the quantitative threshold to qualify as a reportable segment, special items, eliminations of intersegment transactions, and deferred tax netting. Selected Income Statement Information. The following table provides supplemental income statement information, by segment (in millions): For the period ended March 31, 2017 Automotive Financial Services All Other, Special Items, & Adjustments Consolidated R venu $ 36,475 $ 2,669 $ 2 $ 39,146 Total costs and expenses 35,480 2,232 (8 ) 37,704 I t rest expens on Automotive debt — — 279 279 Other income/(loss), net 630 22 82 734 Equity in net income of affiliated companies 340 7 (1 ) 346 Income/(loss) before income taxes 1,965 466 (188 ) 2,243 Provision for/(Benefit from) income taxes 560 148 (59 ) 649 Net income/(loss) $ 1,405 $ 318 $ (129 ) $ 1,594


 
Ford Motor Company 1Q April 27, 2017 9 S U P P L E M E N TA L F I N A N C I A L I N F O R M AT I O N Selected Balance Sheet Information. The following tables provide supplemental balance sheet information, by segment, (in millions): March 31, 2017 Assets Automotive Financial Services All Other, Special Items, & Adjustments Consolidated Cash and cash equivalents $ 9,549 $ 8,268 $ 6 $ 17,823 Marketable securities 18,479 3,687 — 22,166 Financial Services finance receivables, net — 48,605 — 48,605 Trade and other receivables, less allowances 4,618 6,067 — 10,685 Inventories 10,535 — — 10,535 Other assets 2,483 931 — 3,414 Receivable from other segments 13 1,855 (1,868 ) — Total current assets 45,677 69,413 (1,862 ) 113,228 Financial Services finance receivables, net — 50,694 — 50,694 Net investment in operating leases 1,486 26,428 — 27,914 Net property 32,504 161 3 32,668 Equity in net assets of affiliated companies 3,463 165 14 3,642 Deferred income taxes 13,639 206 (3,790 ) 10,055 Other assets 4,323 1,517 53 5,893 Receivable from other segments — 1,064 (1,064 ) — Total assets $ 101,092 $ 149,648 $ (6,646 ) $ 244,094 Liabilities Automotive Financial Services All Other, Special Items, & Adjustments Consolidated Payables $ 22,146 $ 1,110 $ 1 $ 23,257 Other liabilities and deferred revenue 17,802 976 12 18,790 Automotive debt payable within one year 3,100 — — 3,100 Financial Services debt payable within one year — 46,157 — 46,157 Payable to other segments 1,852 — (1,852 ) — Total current liabilities 44,900 48,243 (1,839 ) 91,304 Other liabilities and deferred revenue 23,493 1,087 3 24,583 Automotive long-term debt 13,110 — — 13,110 Financial Services long-term debt — 83,610 — 83,610 Deferred income taxes 183 4,356 (3,790 ) 749 Payable to other segments 1,064 — (1,064 ) — Total liabilities $ 82,750 $ 137,296 $ (6,690 ) $ 213,356


 
Ford Motor Company 1Q April 27, 2017 10 S U P P L E M E N TA L F I N A N C I A L I N F O R M AT I O N Selected Cash Flow Information. The following tables provide supplemental cash flow information, by segment, (in millions): * We measure and evaluate our Automotive segment operating cash flow on a different basis than Net cash provided by/(used in) operating activities in our consolidated statement of cash flows. Automotive segment operating cash flow includes additional elements management considers to be related to our Automotive operating activities, primarily capital spending and non-designated derivatives, and excludes outflows for funded pension contributions, separation payments, and other items that are considered operating cash flows under U.S. GAAP. The table above quantifies the reconciling adjustments to Net cash provided by/(used in) operating activities for the period ended March 31, 2017. For the period ended March 31, 2017 Cash flows from operating activities Automotive Financial Services All Other, Special Items, & Adjustments Consolidated Net cash provided by/(used in) operating activities $ 3,262 $ 1,084 $ (10 ) $ 4,336 Reconciling Adjustments to Automotive Segment Operating Cash Flows* Aut moti e apital spending (1,696 ) Net cash flows from non-designated derivatives 134 Funded pension contributions 236 Separation payments 28 Other 52 Automotive Segment Operating Cash Flows $ 2,016 _________ For the period ended March 31, 2017 Cash flows from investing activities Automotive Financial Services All Other, Special Items, & Adjustments Consolidated Capital spending $ (1,696 ) $ (10 ) $ — $ (1,706 ) Acquisitions of finance receivables and operating leases — (13,467 ) — (13,467 ) Collections of finance receivables and operating leases — 10,695 — 10,695 Purchases of equity and debt securities (6,994 ) (1,883 ) (1 ) (8,878 ) Sales and maturities of equity and debt securities 8,072 1,479 — 9,551 Settlements of derivatives 134 22 — 156 Other (4 ) 20 (6 ) 10 Investing activity (to)/from other segments (24 ) (3 ) 27 — Net cash provided by/(used in) investing activities $ (512 ) $ (3,147 ) $ 20 $ (3,639 ) Cash flows from financing activities Automotive Finan ial Services ll t r, Special Items, & Adjustments Consolidated Cash dividends $ (7 5 $ — $ — $ (795 ) Purchases of Common Stock — — — — Net changes in short-term debt ( 1 ) 709 — 658 Proceeds from issuance of other debt 10 13,243 — 13,253 Princip l paym ts on other debt (180 ) (11,731 ) — (11,911 ) Other (50 ) (35 ) — (85 ) Financing activity to/(from) other segments — 12 (12 ) — Net cash provided by/(used in) financing activities $ (1,066 ) $ 2,198 $ (12 ) $ 1,120 Effect of exchange rate changes on cash and cash equivalents $ 45 $ 56 $ — $ 101


 
Ford Motor Company 1Q April 27, 2017 11 N O N - G A A P F I N A N C I A L M E A S U R E S T H AT S U P P L E M E N T G A A P M E A S U R E S N E T I N C O M E R E C O N C I L I AT I O N T O A D J U S T E D P R E - TA X P R O F I T We use both GAAP and non-GAAP financial measures for operational and financial decision making, and to assess Company and segment business performance. The non-GAAP measures listed below are intended to be considered by users as supplemental information to their equivalent GAAP measures, to aid investors in better understanding our financial results. We believe that these non-GAAP measures provide useful perspective on underlying business results and trends, and a means to assess our period-over-period results. These non-GAAP measures should not be considered as a substitute for, or superior to measures of financial performance prepared in accordance with GAAP. These non- GAAP measures may not be the same as similarly titled measures used by other companies due to possible differences in method and in items or events being adjusted. Total Company Adjusted Pre-tax Profit (Most Comparable GAAP Measure: Net income attributable to Ford) – The non- GAAP measure is useful to management and investors because it allows users to evaluate our pre-tax results excluding pre-tax special items. Pre-tax special items consist of (i) pension and OPEB remeasurement gains and losses that are not reflective of our underlying business results, (ii) significant restructuring actions related to our efforts to match production capacity and cost structure to market demand and changing model mix, and (iii) other items that we do not necessarily consider to be indicative of earnings from ongoing operating activities. When we provide guidance for adjusted pre-tax profit, we do not provide guidance on a net income basis because the GAAP measure will include potentially significant special items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end, specifically pension and OPEB remeasurement gains and losses. Adjusted Earnings Per Share (Most Comparable GAAP Measure: Earnings Per Share) – Measure of Company’s diluted net earnings per share adjusted for impact of pre-tax special items (described above), and tax special items. The measure provides investors with useful information to evaluate performance of our business excluding items not indicative of underlying run rate of our business. When we provide guidance for adjusted earnings per share, we do not provide guidance on an earnings per share basis because the GAAP measure will include potentially significant special items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end, specifically pension and OPEB remeasurement gains and losses. The following tables provide reconciliations of non-GAAP measures to the most comparable GAAP measures. (Mils) Memo: 2016 2017 FY 2016 N t in ome / (Loss) attributable to Ford (GAAP) 2,452$ 1,587$ 4,596$ Inc / (Loss) attributable to non-controlling interests 3 7 11 N t in ome / (Loss) 2,455$ 1,594$ 4,607$ Le : (Provision for) / Benefit from income taxes (1,196) (649) (2,189) Income / (Loss) before income taxes 3,651$ 2,243$ 6,796$ Less: Special items pre-tax (186) 24 (3,579) Adjusted pre-tax profit (Non-GAAP) 3,837$ 2,219$ 10,375$ 1Q


 
Ford Motor Company 1Q April 27, 2017 12 T O TA L C O M PA N Y S P E C I A L I T E M S E A R N I N G S P E R S H A R E R E C O N C I L I AT I O N T O A D J U S T E D E A R N I N G S P E R S H A R E * Includes related tax effect on special items and tax special items (Mils) 2016 2017 Separation-related actions (174)$ (22)$ Other Items San Luis Potosi plant cancellation -$ 46$ Japan, Indonesia market closure (12) - Total other items (12)$ 46$ Total pre-tax special items (186)$ 24$ Tax special items (66)$ (15)$ Memo: Special items impact on earnings per share* (0.07)$ 0.01$ 1Q 1Q 2017 Diluted After-Tax Results (Mils) Diluted after-tax results (GAAP) 1,587$ Less: Impact of re-tax and tax special items 9 Adjusted net income – diluted (Non-GAAP) 1,578$ Basic and Diluted Shares (Mils) Basic shares (average shares outstanding) 3,976 Net dilutive options and unvested restricted stock units 23 Diluted shares 3,999 Earnings per share – diluted (GAAP) 0.40$ Less: Net impact of adjustments 0.01 Adjusted earnings per share – diluted (Non-GAAP) 0.39$


 


This regulatory filing also includes additional resources:
a1q17pressrelease.pdf
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