Ford Earnings 2019-09-30
F 10Q Quarterly Report
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 Co mpany
(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
Copy History
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
PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements.
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(in millions)
Copy History
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.
Item 1. Financial Statements (continued)
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
(in millions, except per share amounts)
Copy History
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)
Copy History
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.
Item 1. Financial Statements (continued)
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in millions)
Copy History
December 31,
September 30,
(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
Copy History
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,
September 30,
(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.
Item 1. Financial Statements (Continued)
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EQUITY
(in millions, unaudited)
Copy History
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)
—