Company Quick10K Filing
Ford
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 4,013 $40,933
10-Q 2019-10-24 Quarter: 2019-09-30
10-Q 2019-07-25 Quarter: 2019-06-30
10-Q 2019-04-26 Quarter: 2019-03-31
10-K 2019-02-21 Annual: 2018-12-31
10-Q 2018-10-25 Quarter: 2018-09-30
10-Q 2018-07-26 Quarter: 2018-06-30
10-Q 2018-04-26 Quarter: 2018-03-31
10-K 2018-02-08 Annual: 2017-12-31
10-Q 2017-10-26 Quarter: 2017-09-30
10-Q 2017-07-26 Quarter: 2017-06-30
10-Q 2017-04-27 Quarter: 2017-03-31
10-K 2017-02-09 Annual: 2016-12-31
10-Q 2016-10-27 Quarter: 2016-09-30
10-Q 2016-07-28 Quarter: 2016-06-30
10-Q 2016-04-28 Quarter: 2016-03-31
10-K 2016-02-11 Annual: 2015-12-31
10-Q 2015-10-27 Quarter: 2015-09-30
10-Q 2015-07-28 Quarter: 2015-06-30
10-Q 2015-04-28 Quarter: 2015-03-31
10-K 2015-02-13 Annual: 2014-12-31
10-Q 2014-10-31 Quarter: 2014-09-30
10-Q 2014-07-31 Quarter: 2014-06-30
10-Q 2014-05-01 Quarter: 2014-03-31
10-K 2014-02-18 Annual: 2013-12-31
10-Q 2013-10-31 Quarter: 2013-09-30
10-Q 2013-07-31 Quarter: 2013-06-30
10-Q 2013-05-01 Quarter: 2013-03-31
10-K 2013-02-19 Annual: 2012-12-31
10-Q 2012-11-02 Quarter: 2012-09-30
10-Q 2012-08-03 Quarter: 2012-06-30
10-Q 2012-05-04 Quarter: 2012-03-31
10-K 2012-02-21 Annual: 2011-12-31
10-Q 2011-11-04 Quarter: 2011-09-30
10-Q 2011-08-05 Quarter: 2011-06-30
10-Q 2011-05-10 Quarter: 2011-03-31
10-K 2011-02-28 Annual: 2010-12-31
10-Q 2010-11-08 Quarter: 2010-09-30
10-Q 2010-08-06 Quarter: 2010-06-30
10-Q 2010-05-07 Quarter: 2010-03-31
10-K 2010-02-25 Annual: 2009-12-31
8-K 2020-01-06 Other Events, Exhibits
8-K 2019-12-11 Other Events, Exhibits
8-K 2019-12-09 Regulation FD, Exhibits
8-K 2019-10-29 Regulation FD, Exhibits
8-K 2019-10-23 Earnings, Regulation FD, Exhibits
8-K 2019-10-02 Other Events, Exhibits
8-K 2019-09-30 Impairments, Regulation FD, Exhibits
8-K 2019-07-24 Earnings, Regulation FD, Exhibits
8-K 2019-07-12 Other Events, Exhibits
8-K 2019-07-10 Officers, Exhibits
8-K 2019-07-03 Other Events, Exhibits
8-K 2019-06-07 Regulation FD
8-K 2019-06-05 Exit Costs
8-K 2019-06-01 Officers, Exhibits
8-K 2019-05-28 Other Events, Exhibits
8-K 2019-05-09 Shareholder Vote
8-K 2019-04-25 Earnings, Regulation FD, Exhibits
8-K 2019-04-23 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-04-17 Regulation FD, Exhibits
8-K 2019-04-04 Other Events, Exhibits
8-K 2019-03-22 Exit Costs
8-K 2019-02-15 Exit Costs
8-K 2019-01-23 Earnings, Regulation FD, Exhibits
8-K 2019-01-16 Earnings, Regulation FD, Exhibits
8-K 2019-01-15 Regulation FD, Exhibits
8-K 2019-01-03 Other Events, Exhibits
8-K 2018-12-03 Other Events, Exhibits
8-K 2018-11-15 Regulation FD, Exhibits
8-K 2018-11-14 Regulation FD, Exhibits
8-K 2018-11-01 Other Events, Exhibits
8-K 2018-10-24 Earnings, Regulation FD, Exhibits
8-K 2018-10-02 Other Events, Exhibits
8-K 2018-09-14 Regulation FD, Exhibits
8-K 2018-09-13 Enter Agreement, Shareholder Rights, Exhibits
8-K 2018-09-06 Regulation FD
8-K 2018-09-04 Other Events, Exhibits
8-K 2018-08-08 Regulation FD, Exhibits
8-K 2018-08-01 Other Events, Exhibits
8-K 2018-07-25 Earnings, Regulation FD, Exhibits
8-K 2018-07-03 Other Events, Exhibits
8-K 2018-06-01 Other Events, Exhibits
8-K 2018-05-16 Regulation FD, Exhibits
8-K 2018-05-15 Officers, Shareholder Vote
8-K 2018-05-09 Regulation FD, Exhibits
8-K 2018-05-01 Other Events, Exhibits
8-K 2018-04-26 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-04-25 Earnings, Regulation FD, Exhibits
8-K 2018-04-03 Other Events, Exhibits
8-K 2018-03-01 Other Events, Exhibits
8-K 2018-02-22 Officers, Other Events, Exhibits
8-K 2018-02-08 Other Events, Exhibits
8-K 2018-02-07 Officers, Exhibits
8-K 2018-02-01 Other Events, Exhibits
8-K 2018-01-24 Earnings, Regulation FD, Exhibits
8-K 2018-01-16 Earnings, Regulation FD, Exhibits
8-K 2018-01-03 Other Events, Exhibits
F 2019-09-30
Part I. Financial Information
Item 1. Financial Statements.
Note 1. Presentation
Note 2. New Accounting Standards
Note 3. Revenue
Note 4. Other Income/(Loss)
Note 5. Income Taxes
Note 6. Capital Stock and Earnings per Share
Note 7. Cash, Cash Equivalents, and Marketable Securities
Note 8. Ford Credit Finance Receivables
Note 9. Ford Credit Allowance for Credit Losses
Note 10. Inventories
Note 11. Net Investment in Operating Leases
Note 12. Other Investments
Note 13. Goodwill
Note 14. Other Liabilities and Deferred Revenue
Note 15. Retirement Benefits
Note 16. Lease Commitments
Note 17. Debt
Note 18. Derivative Financial Instruments and Hedging Activities
Note 19. Employee Separation Actions and Exit and Disposal Activities
Note 20. Redeemable Noncontrolling Interest
Note 21. Held-For-Sale Operations
Note 22. Accumulated Other Comprehensive Income/(Loss)
Note 23. Commitments and Contingencies
Note 24. Segment Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
EX-31.1 f09302019exhibit311.htm
EX-31.2 f09302019exhibit312.htm
EX-32.1 f09302019exhibit321.htm
EX-32.2 f09302019exhibit322.htm

Ford Earnings 2019-09-30

F 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
GM 53,091 233,737 186,648 145,128 0 9,153 23,754 32,910 0% 1.4 4%
HMC 47,790 20,419,122 11,853,332 5,842,206 0 246,260 246,260 -1,768,130 0% -7.2 1%
F 40,933 262,184 226,048 158,654 23,733 2,214 2,892 18,627 15% 6.4 1%
TSLA 39,915 31,873 24,722 24,941 4,453 -606 1,091 46,626 18% 42.7 -2%
FCAU 22,360 96,873 0 0 0 0 22,360 0%
RACE 18,471 4,852 0 0 0 0 18,471 0%
WBC 6,785 4,013 2,594 3,672 1,095 357 579 6,912 30% 11.9 9%
OSK 5,836 5,446 2,850 8,243 1,495 581 898 6,509 18% 7.2 11%
NAV 2,946 7,294 10,954 11,788 2,071 323 884 6,178 18% 7.0 4%
FSS 1,644 1,096 516 1,147 300 104 174 1,815 26% 10.4 10%

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM 10-Q

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2019

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

Ford Motor Company
(Exact name of Registrant as specified in its charter)
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)

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

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading symbol(s)
 
Name of each exchange on which registered
Common Stock, par value $.01 per share
 
F
 
New York Stock Exchange
6.200% Notes due June 1, 2059
 
FPRB
 
New York Stock Exchange


Indicate by check mark if the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes     No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes     No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  
Large Accelerated Filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company 

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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

As of October 18, 2019, Ford had outstanding 3,894,044,919 shares of Common Stock and 70,852,076 shares of Class B Stock.

Exhibit Index begins on page
 


 


FORD MOTOR COMPANY
QUARTERLY REPORT ON FORM 10-Q
For the Quarter Ended September 30, 2019
 
Table of Contents
 
Page
 
Part I - Financial Information
 
 
Item 1
Financial Statements
 
 
Consolidated Statement of Cash Flows
 
 
Consolidated Income Statement
 
 
Consolidated Statement of Comprehensive Income
 
 
Consolidated Balance Sheet
 
 
Consolidated Statement of Equity
 
 
Notes to the Financial Statements
 
Item 2
Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
 
Results of Operations
 
 
Automotive Segment
 
 
Mobility Segment
 
 
Ford Credit Segment
 
 
Corporate Other
 
 
Interest on Debt
 
 
Taxes
 
 
Liquidity and Capital Resources
 
 
Credit Ratings
 
 
Outlook
 
 
Cautionary Note on Forward-Looking Statements
 
 
Non-GAAP Financial Measure Reconciliations
 
 
Supplemental Information
 
 
Critical Accounting Estimates
 
 
Accounting Standards Issued But Not Yet Adopted
 
Item 3
Quantitative and Qualitative Disclosures About Market Risk
 
Item 4
Controls and Procedures
 
 
 
 
 
 
Part II - Other Information
 
 
Item 1
Legal Proceedings
 
Item 1A
Risk Factors
 
Item 2
Unregistered Sales of Equity Securities and Use of Proceeds
 
Item 6
Exhibits
 
 
Signature
 


i


PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements.
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(in millions)
 
For the periods ended September 30,
 
2018
 
2019
 
First Nine Months
 
(unaudited)
Cash flows from operating activities
 
 
 
Net income
$
3,807

 
$
1,756

Depreciation and tooling amortization
6,930

 
7,310

Other amortization
(626
)
 
(891
)
Held-for-sale impairment charges

 
799

Provision for credit and insurance losses
367

 
292

Pension and other post-retirement employee benefits (“OPEB”) expense/(income)
(387
)
 
401

Equity investment (earnings)/losses in excess of dividends received
15

 
73

Foreign currency adjustments
476

 
49

Net (gain)/loss on changes in investments in affiliates
(44
)
 
(46
)
Stock compensation
199

 
238

Provision for deferred income taxes
(82
)
 
(403
)
Decrease/(Increase) in finance receivables (wholesale and other)
746

 
2,792

Decrease/(Increase) in accounts receivable and other assets
(2,126
)
 
(1,023
)
Decrease/(Increase) in inventory
(2,360
)
 
(1,790
)
Increase/(Decrease) in accounts payable and accrued and other liabilities
6,786

 
5,226

Other
(36
)
 
(44
)
Net cash provided by/(used in) operating activities
13,665

 
14,739

 
 
 
 
Cash flows from investing activities
 
 
 
Capital spending
(5,669
)
 
(5,358
)
Acquisitions of finance receivables and operating leases
(48,227
)
 
(41,142
)
Collections of finance receivables and operating leases
38,418

 
37,854

Purchases of marketable securities and other investments
(14,547
)
 
(12,367
)
Sales and maturities of marketable securities and other investments
17,341

 
12,532

Settlements of derivatives
290

 
163

Other
(201
)
 
(53
)
Net cash provided by/(used in) investing activities
(12,595
)
 
(8,371
)
 
 
 
 
Cash flows from financing activities
 
 
 
Cash payments for dividends and dividend equivalents
(2,308
)
 
(1,794
)
Purchases of common stock
(164
)
 
(237
)
Net changes in short-term debt
(1,268
)
 
(1,094
)
Proceeds from issuance of long-term debt
37,211

 
35,705

Principal payments on long-term debt
(33,935
)
 
(34,847
)
Other
(184
)
 
(173
)
Net cash provided by/(used in) financing activities
(648
)
 
(2,440
)
 
 
 
 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
(305
)
 
(154
)
 
 
 
 
Net increase/(decrease) in cash, cash equivalents, and restricted cash
$
117

 
$
3,774

 
 
 
 
Cash, cash equivalents, and restricted cash at beginning of period (Note 7)
$
18,638

 
$
16,907

Net increase/(decrease) in cash, cash equivalents, and restricted cash
117

 
3,774

Cash, cash equivalents, and restricted cash at end of period (Note 7)
$
18,755

 
$
20,681


The accompanying notes are part of the consolidated financial statements.

1

Item 1. Financial Statements (continued)

FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
(in millions, except per share amounts)
 
For the periods ended September 30,
 
2018
 
2019
 
2018
 
2019
 
Third Quarter
 
First Nine Months
 
(unaudited)
Revenues
 
 
 
 
 
 
 
Automotive
$
34,660

 
$
33,931

 
$
109,577

 
$
106,928

Ford Credit
2,998

 
3,045

 
8,950

 
9,231

Mobility
8

 
14

 
18

 
26

Total revenues (Note 3)
37,666

 
36,990


118,545


116,185

 
 
 
 
 
 
 
 
Costs and expenses
 
 
 
 
 
 
 
Cost of sales
31,568

 
32,282

 
100,515

 
99,881

Selling, administrative, and other expenses
2,882

 
2,601

 
8,407

 
8,169

Ford Credit interest, operating, and other expenses
2,352

 
2,368

 
7,052

 
7,104

Total costs and expenses
36,802

 
37,251

 
115,974

 
115,154

Operating income/(loss)
864

 
(261
)
 
2,571

 
1,031

 
 
 
 
 
 
 
 
Interest expense on Automotive debt
328

 
262

 
890

 
723

Interest expense on Other debt
15

 
14

 
43

 
42

 
 
 
 
 
 
 
 
Other income/(loss), net (Note 4)
605

 
534

 
2,472

 
1,434

Equity in net income of affiliated companies
(32
)
 
(16
)
 
252

 
96

Income/(Loss) before income taxes
1,094

 
(19
)

4,362


1,796

Provision for/(Benefit from) income taxes
101


(442
)

555


40

Net income
993

 
423

 
3,807

 
1,756

Less: Income/(Loss) attributable to noncontrolling interests
2


(2
)

14


37

Net income attributable to Ford Motor Company
$
991


$
425


$
3,793


$
1,719

 
 
 
 
 
 
 
 
EARNINGS PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK (Note 6)
Basic income
$
0.25

 
$
0.11

 
$
0.95

 
$
0.43

Diluted income
0.25

 
0.11

 
0.95

 
0.43

 
 
 
 
 
 
 
 
Weighted-average shares used in computation of earnings per share
 
 
 
 
 
 
 
Basic shares
3,976

3,970

3,976

3,976
Diluted shares
4,000
 
4,007
 
3,999
 
4,006

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(in millions)
 
For the periods ended September 30,
 
2018
 
2019
 
2018
 
2019
 
Third Quarter
 
First Nine Months
 
(unaudited)
Net income
$
993

 
$
423

 
$
3,807

 
$
1,756

Other comprehensive income/(loss), net of tax (Note 22)
 
 
 
 
 
 
 
Foreign currency translation
(134
)
 
(360
)
 
(434
)
 
(244
)
Marketable securities
(2
)
 
8

 
(57
)
 
130

Derivative instruments
(103
)
 
(69
)
 
(18
)
 
(398
)
Pension and other postretirement benefits
13

 
15

 
38

 
36

Total other comprehensive income/(loss), net of tax
(226
)
 
(406
)
 
(471
)
 
(476
)
Comprehensive income
767

 
17

 
3,336

 
1,280

Less: Comprehensive income/(loss) attributable to noncontrolling interests
1

 
(2
)
 
13

 
37

Comprehensive income attributable to Ford Motor Company
$
766

 
$
19

 
$
3,323

 
$
1,243


The accompanying notes are part of the consolidated financial statements.

2

Item 1. Financial Statements (continued)

FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in millions)
 
December 31,
2018
 
September 30,
2019
 
(unaudited)
ASSETS
 
 
 
Cash and cash equivalents (Note 7)
$
16,718

 
$
20,523

Marketable securities (Note 7)
17,233

 
16,808

Ford Credit finance receivables, net (Note 8)
54,353

 
51,183

Trade and other receivables, less allowances of $94 and $60
11,195

 
10,621

Inventories (Note 10)
11,220

 
12,451

Assets of held-for-sale operations (Note 21)

 
812

Other assets
3,930

 
3,356

Total current assets
114,649

 
115,754

 
 
 
 
Ford Credit finance receivables, net (Note 8)
55,544

 
53,530

Net investment in operating leases (Note 11)
29,119

 
29,452

Net property
36,178

 
35,404

Equity in net assets of affiliated companies
2,709

 
2,623

Deferred income taxes
10,412

 
10,677

Other assets
7,929

 
10,717

Total assets
$
256,540

 
$
258,157

 
 
 
 
LIABILITIES
 
 
 
Payables
$
21,520

 
$
22,228

Other liabilities and deferred revenue (Note 14)
20,556

 
21,731

Automotive debt payable within one year (Note 17)
2,314

 
1,622

Ford Credit debt payable within one year (Note 17)
51,179

 
52,852

Other debt payable within one year (Note 17)

 
130

Liabilities of held-for-sale operations (Note 21)

 
524

Total current liabilities
95,569

 
99,087

 
 
 
 
Other liabilities and deferred revenue (Note 14)
23,588

 
23,729

Automotive long-term debt (Note 17)
11,233

 
12,615

Ford Credit long-term debt (Note 17)
88,887

 
86,422

Other long-term debt (Note 17)
600

 
470

Deferred income taxes
597

 
447

Total liabilities
220,474

 
222,770

 
 
 
 
Redeemable noncontrolling interest (Note 20)
100

 

 
 
 
 
EQUITY
 
 
 
Common Stock, par value $.01 per share (4,011 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
22,006

 
22,179

Retained earnings
22,668

 
22,590

Accumulated other comprehensive income/(loss) (Note 22)
(7,366
)
 
(7,842
)
Treasury stock
(1,417
)
 
(1,619
)
Total equity attributable to Ford Motor Company
35,932

 
35,349

Equity attributable to noncontrolling interests
34

 
38

Total equity
35,966

 
35,387

Total liabilities and equity
$
256,540

 
$
258,157

The following table includes assets to be used to settle liabilities of the consolidated variable interest entities (“VIEs”). These assets and liabilities are included in the consolidated balance sheet above.
 
December 31,
2018
 
September 30,
2019
 
(unaudited)
ASSETS
 
 
 
Cash and cash equivalents
$
2,728

 
$
2,660

Ford Credit finance receivables, net
58,662

 
56,546

Net investment in operating leases
16,332

 
12,671

Other assets
27

 
6

LIABILITIES
 
 
 
Other liabilities and deferred revenue
$
24

 
$
49

Debt
53,269

 
50,981


The accompanying notes are part of the consolidated financial statements.

3

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EQUITY
(in millions, unaudited)
 
Equity Attributable to Ford Motor Company
 
 
 
 
 
Capital Stock
 
Cap. In Excess of Par Value of Stock
 
Retained Earnings
 
Accumulated Other Comprehensive Income/(Loss) (Note 22)
 
Treasury Stock
 
Total
 
Equity Attributable to Non-controlling Interests
 
Total
Equity
Balance at December 31, 2017
$
41

 
$
21,843

 
$
21,906

 
$
(6,959
)
 
$
(1,253
)
 
$
35,578

 
$
28

 
$
35,606

Net income

 

 
1,736

 

 

 
1,736

 
9

 
1,745

Other comprehensive income/(loss), net

 

 

 
290

 

 
290

 
(1
)
 
289

Common stock issued (a)

 
(2
)
 

 

 

 
(2
)
 

 
(2
)
Treasury stock/other 

 

 

 

 
(89
)
 
(89
)
 

 
(89
)
Cash dividends declared ($0.28 per share) (b)