EX-99.2 4 exhibit992dated01-24x2018.htm EXHIBIT 99.2 Exhibit


FORD MOTOR CREDIT COMPANY LLC AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENT
(in millions)

 
For the Years Ended December 31,
 
2015
 
2016
 
2017
 
(unaudited)
Financing revenue
 
 
 
 
 
Operating leases
$
4,865

 
$
5,555

 
$
5,552

Retail financing
2,819

 
3,070

 
3,451

Dealer financing
1,539

 
1,760

 
1,903

Other
57

 
38

 
70

Total financing revenue
9,280

 
10,423

 
10,976

Depreciation on vehicles subject to operating leases
(3,640
)
 
(4,329
)
 
(4,135
)
Interest expense
(2,416
)
 
(2,755
)
 
(3,175
)
Net financing margin
3,224

 
3,339

 
3,666

Other revenue
 
 
 

 
 

Insurance premiums earned
133

 
156

 
158

Fee based revenue and other
—

 
—

 
243

Total financing margin and other revenue
3,357

 
3,495

 
4,067

Expenses
 
 
 

 
 

Operating expenses
1,139

 
1,274

 
1,295

Provision for credit losses
347

 
547

 
588

Insurance expenses
69

 
125

 
124

Total expenses
1,555

 
1,946

 
2,007

 
 
 
 
 
 
Other income, net
284

 
330

 
250

 
 
 
 
 
 
Income before income taxes
2,086

 
1,879

 
2,310

Provision for / (Benefit from) income taxes
723

 
506

 
(697
)
Net income
$
1,363

 
$
1,373

 
$
3,007





FORD MOTOR CREDIT COMPANY LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in millions)

 
December 31,
2016
 
December 31,
2017
 
(unaudited)
ASSETS
 
 
 
Cash and cash equivalents
$
8,077

 
$
9,558

Marketable securities
3,280

 
2,881

Finance receivables, net
102,981

 
116,003

Net investment in operating leases
27,209

 
26,661

Notes and accounts receivable from affiliated companies
811

 
1,076

Derivative financial instruments
909

 
935

Other assets
2,822

 
3,329

Total assets
$
146,089

 
$
160,443

 
 
 
 
LIABILITIES
 
 
 
Accounts payable
 
 
 
Customer deposits, dealer reserves, and other
$
1,065

 
$
1,171

Affiliated companies
336

 
592

Total accounts payable
1,401

 
1,763

Debt
126,492

 
137,828

Deferred income taxes
3,230

 
2,386

Derivative financial instruments
166

 
310

Other liabilities and deferred income
1,997

 
2,272

Total liabilities
133,286

 
144,559

 
 
 
 
SHAREHOLDER’S INTEREST
 
 
 
Shareholder’s interest
5,227

 
5,227

Accumulated other comprehensive income / (loss)
(890
)
 
(419
)
Retained earnings
8,466

 
11,076

Total shareholder’s interest attributable to Ford Motor Credit Company
12,803

 
15,884

Shareholder’s interest attributable to noncontrolling interests
—

 
—

Total shareholder’s interest
12,803

 
15,884

Total liabilities and shareholder’s interest
$
146,089

 
$
160,443





FORD MOTOR CREDIT COMPANY LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(in millions)

 
For the Years Ended December 31,
 
2015
 
2016
 
2017
 
(unaudited)
Cash flows from operating activities
 
 
 
 
 
Net income
$
1,363

 
$
1,373

 
$
3,007

Adjustments to reconcile net income to net cash provided by operations
 
 
 
 
 
Provision for credit losses
347

 
547

 
588

Depreciation and amortization
4,465

 
5,121

 
4,928

Amortization of upfront interest supplements
(1,078
)
 
(1,341
)
 
(1,686
)
Net change in deferred income taxes
1,042

 
340

 
(923
)
Net change in other assets
129

 
(413
)
 
(606
)
Net change in other liabilities
(348
)
 
462

 
480

All other operating activities
(210
)
 
142

 
(123
)
Net cash provided by / (used in) operating activities
$
5,710

 
$
6,231

 
$
5,665

 
 
 
 
 
 
Cash flows from investing activities
 
 
 
 
 
Purchases of finance receivables
(39,512
)
 
(37,494
)
 
(43,232
)
Principal collections of finance receivables
31,560

 
30,924

 
37,277

Purchases of operating lease vehicles
(14,355
)
 
(14,441
)
 
(12,780
)
Proceeds from termination of operating lease vehicles
6,570

 
7,920

 
8,538

Net change in wholesale receivables and other short-duration receivables
(5,126
)
 
(1,499
)
 
(874
)
Purchases of marketable securities
(12,199
)
 
(7,289
)
 
(5,899
)
Proceeds from sales and maturities of marketable securities
12,704

 
6,756

 
6,316

Settlements of derivatives
210

 
215

 
(117
)
All other investing activities
20

 
(164
)
 
(34
)
Net cash provided by / (used in) investing activities
(20,128
)
 
(15,072
)
 
(10,805
)
 
 
 
 
 
 
Cash flows from financing activities
 
 
 
 
 
Proceeds from issuances of long-term debt
48,124

 
42,971

 
44,994

Principal payments on long-term debt
(31,474
)
 
(38,000
)
 
(39,372
)
Change in short-term debt, net
1,229

 
3,403

 
1,195

Cash distributions to parent
(250
)
 
—

 
(406
)
All other financing activities
(101
)
 
(103
)
 
(105
)
Net cash provided by / (used in) financing activities
17,528

 
8,271

 
6,306

 
 
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents
(403
)
 
(239
)
 
315

 
 
 
 
 
 
Net increase / (decrease) in cash and cash equivalents
$
2,707

 
$
(809
)
 
$
1,481

 
 
 
 
 
 
Cash and cash equivalents at January 1
$
6,179

 
$
8,886

 
$
8,077

Net increase / (decrease) in cash and cash equivalents
2,707

 
(809
)
 
1,481

Cash and cash equivalents at December 31
$
8,886

 
$
8,077

 
$
9,558