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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 June 30, 2020

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
6.000% Notes due December 1, 2059
 
FPRC
 
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 July 24, 2020, Ford had outstanding 3,907,536,920 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 June 30, 2020
 
Table of Contents
 
Page
 
Part I - Financial Information
 
 
Item 1
Financial Statements
 
 
Consolidated Statements of Cash Flows
 
 
Consolidated Income Statements
 
 
Consolidated Statements of Comprehensive Income
 
 
Consolidated Balance Sheets
 
 
Consolidated Statements of Equity
 
 
Notes to the Financial Statements
 
Item 2
Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
 
Recent Developments
 
 
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 Measures That Supplement GAAP Measures
 
 
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 6
Exhibits
 
 
Signature
 


i


PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements.
FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
 
For the periods ended June 30,
 
2019
 
2020
 
First Half
 
(unaudited)
Cash flows from operating activities
 
 
 
Net income/(loss)
$
1,333

 
$
(875
)
Depreciation and tooling amortization
4,988

 
4,802

Other amortization
(587
)
 
(590
)
Held-for-sale impairment charges

 
18

Provision for credit and insurance losses
166

 
779

Pension and other post-retirement employee benefits (“OPEB”) expense/(income)
123

 
(454
)
Equity investment dividends received in excess of (earnings)/losses
21

 
169

Foreign currency adjustments
(92
)
 
113

Net (gain)/loss on changes in investments in affiliates
(2
)
 
(3,480
)
Stock compensation
169

 
107

Provision for deferred income taxes
200

 
655

Decrease/(Increase) in finance receivables (wholesale and other)
715

 
9,772

Decrease/(Increase) in accounts receivable and other assets
(962
)
 
220

Decrease/(Increase) in inventory
(1,180
)
 
66

Increase/(Decrease) in accounts payable and accrued and other liabilities
4,929

 
(2,485
)
Other
186

 
(175
)
Net cash provided by/(used in) operating activities
10,007

 
8,642

 
 
 
 
Cash flows from investing activities
 
 
 
Capital spending
(3,553
)
 
(2,955
)
Acquisitions of finance receivables and operating leases
(26,202
)
 
(27,113
)
Collections of finance receivables and operating leases
24,974

 
22,923

Proceeds from sale of business (Note 17)

 
1,340

Purchases of marketable securities and other investments
(7,670
)
 
(19,624
)
Sales and maturities of marketable securities and other investments
8,540

 
10,804

Settlements of derivatives
83

 
73

Other
4

 
337

Net cash provided by/(used in) investing activities
(3,824
)
 
(14,215
)
 
 
 
 
Cash flows from financing activities
 
 
 
Cash payments for dividends and dividend equivalents
(1,196
)
 
(596
)
Purchases of common stock

 

Net changes in short-term debt
71

 
(789
)
Proceeds from issuance of long-term debt
26,233

 
44,303

Principal payments on long-term debt
(25,767
)
 
(23,345
)
Other
(149
)
 
(182
)
Net cash provided by/(used in) financing activities
(808
)
 
19,391

 
 
 
 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
24

 
(378
)
 
 
 
 
Net increase/(decrease) in cash, cash equivalents, and restricted cash
$
5,399

 
$
13,440

 
 
 
 
Cash, cash equivalents, and restricted cash at beginning of period (Note 7)
$
16,907

 
$
17,741

Net increase/(decrease) in cash, cash equivalents, and restricted cash
5,399

 
13,440

Cash, cash equivalents, and restricted cash at end of period (Note 7)
$
22,306

 
$
31,181


The accompanying notes are part of the consolidated financial statements.

1

Item 1. Financial Statements (continued)

FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(in millions, except per share amounts)
 
For the periods ended June 30,
 
2019
 
2020
 
2019
 
2020
 
Second Quarter
 
First Half
 
(unaudited)
Revenues
 
 
 
 
 
 
 
Automotive
$
35,758

 
$
16,622

 
$
72,997

 
$
47,962

Ford Credit
3,089

 
2,739

 
6,186

 
5,706

Mobility
6

 
10

 
12

 
23

Total revenues (Note 3)
38,853

 
19,371


79,195


53,691

 
 
 
 
 
 
 
 
Costs and expenses
 
 
 
 
 
 
 
Cost of sales
33,657

 
17,932

 
67,599

 
48,454

Selling, administrative, and other expenses
2,725

 
1,965

 
5,568

 
4,397

Ford Credit interest, operating, and other expenses
2,381

 
2,233

 
4,736

 
5,157

Total costs and expenses
38,763

 
22,130

 
77,903

 
58,008

Operating income/(loss)
90

 
(2,759
)
 
1,292

 
(4,317
)
 
 
 
 
 
 
 
 
Interest expense on Automotive debt
230

 
439

 
461

 
653

Interest expense on Other debt
14

 
11

 
28

 
24

 
 
 
 
 
 
 
 
Other income/(loss), net (Note 4)
272

 
4,318

 
900

 
4,998

Equity in net income/(loss) of affiliated companies
87

 
(25
)
 
112

 
(66
)
Income/(Loss) before income taxes
205

 
1,084


1,815


(62
)
Provision for/(Benefit from) income taxes
55


(34
)

482


813

Net income/(loss)
150

 
1,118

 
1,333

 
(875
)
Less: Income/(Loss) attributable to noncontrolling interests
2


1


39


1

Net income/(loss) attributable to Ford Motor Company
$
148


$
1,117


$
1,294


$
(876
)
 
 
 
 
 
 
 
 
EARNINGS PER SHARE ATTRIBUTABLE TO FORD MOTOR COMPANY COMMON AND CLASS B STOCK (Note 6)
Basic income/(loss)
$
0.04

 
$
0.28

 
$
0.33

 
$
(0.22
)
Diluted income/(loss)
0.04

 
0.28

 
0.32

 
(0.22
)
 
 
 
 
 
 
 
 
Weighted-average shares used in computation of earnings per share
 
 
 
 
 
 
 
Basic shares
3,984

3,975

3,979

3,969
Diluted shares
4,013
 
3,992
 
4,005
 
3,969

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
 
For the periods ended June 30,
 
2019
 
2020
 
2019
 
2020
 
Second Quarter
 
First Half
 
(unaudited)
Net income/(loss)
$
150

 
$
1,118

 
$
1,333

 
$
(875
)
Other comprehensive income/(loss), net of tax (Note 18)
 
 
 
 
 
 
 
Foreign currency translation
(127
)
 
(102
)
 
116

 
(1,555
)
Marketable securities
59

 
99

 
122

 
113

Derivative instruments
117

 
(24
)
 
(329
)
 
668

Pension and other postretirement benefits
16

 
17

 
21

 
31

Total other comprehensive income/(loss), net of tax
65

 
(10
)
 
(70
)
 
(743
)
Comprehensive income/(loss)
215

 
1,108

 
1,263

 
(1,618
)
Less: Comprehensive income/(loss) attributable to noncontrolling interests
2

 
1

 
39

 
1

Comprehensive income/(loss) attributable to Ford Motor Company
$
213

 
$
1,107

 
$
1,224

 
$
(1,619
)

The accompanying notes are part of the consolidated financial statements.

2

Item 1. Financial Statements (continued)

FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions)
 
December 31,
2019
 
June 30,
2020
 
(unaudited)
ASSETS
 
 
 
Cash and cash equivalents (Note 7)
$
17,504

 
$
30,989

Marketable securities (Note 7)
17,147

 
26,141

Ford Credit finance receivables, net of allowance for credit losses of $162 and $396 (Note 8)
53,651

 
42,720

Trade and other receivables, less allowances of $63 and $75
9,237

 
9,107

Inventories (Note 9)
10,786

 
10,220

Assets held for sale (Note 17)
2,383

 
720

Other assets
3,339

 
4,214

Total current assets
114,047

 
124,111

 
 
 
 
Ford Credit finance receivables, net of allowance for credit losses of $351 and $889 (Note 8)
53,703

 
53,987

Net investment in operating leases
29,230

 
27,716

Net property
36,469

 
35,276

Equity in net assets of affiliated companies
2,519

 
4,651

Deferred income taxes
11,863

 
11,066

Other assets
10,706

 
12,559

Total assets
$
258,537

 
$
269,366

 
 
 
 
LIABILITIES
 
 
 
Payables
$
20,673

 
$
16,360

Other liabilities and deferred revenue (Note 12)
22,987

 
20,792

Automotive debt payable within one year (Note 14)
1,445

 
2,084

Ford Credit debt payable within one year (Note 14)
52,371

 
53,260

Other debt payable within one year (Note 14)
130

 

Liabilities held for sale (Note 17)
526

 
284

Total current liabilities
98,132

 
92,780

 
 
 
 
Other liabilities and deferred revenue (Note 12)
25,324

 
25,391

Automotive long-term debt (Note 14)
13,233

 
37,409

Ford Credit long-term debt (Note 14)
87,658

 
82,007

Other long-term debt (Note 14)
470

 
470

Deferred income taxes
490

 
454

Total liabilities
225,307

 
238,511

 
 
 
 
EQUITY
 
 
 
Common Stock, par value $.01 per share (4,025 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
22,165

 
22,210

Retained earnings
20,320

 
18,645

Accumulated other comprehensive income/(loss) (Note 18)
(7,728
)
 
(8,471
)
Treasury stock
(1,613
)
 
(1,601
)
Total equity attributable to Ford Motor Company
33,185

 
30,824

Equity attributable to noncontrolling interests
45

 
31

Total equity
33,230

 
30,855

Total liabilities and equity
$
258,537

 
$
269,366

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 sheets above.
 
December 31,
2019
 
June 30,
2020
 
(unaudited)
ASSETS
 
 
 
Cash and cash equivalents
$
3,202

 
$
3,204

Ford Credit finance receivables, net
58,478

 
49,806

Net investment in operating leases
14,883

 
14,462

Other assets
12

 
1

LIABILITIES
 
 
 
Other liabilities and deferred revenue
$
19

 
$
94

Debt
50,865

 
45,908


The accompanying notes are part of the consolidated financial statements.

3

Item 1. Financial Statements (Continued)

FORD MOTOR COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS 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 18)
 
Treasury Stock
 
Total
 
Equity Attributable to Non-controlling Interests
 
Total
Equity
Balance at December 31, 2018
$
41

 
$
22,006

 
$
22,668

 
$
(7,366
)
 
$
(1,417
)
 
$
35,932

 
$
34

 
$
35,966

Adoption of accounting standards

 

 
13

 

 

 
13

 

 
13

Net income

 

 
1,146

 

 

 
1,146

 
37

 
1,183

Other comprehensive income/(loss), net

 

 

 
(135
)
 

 
(135
)
 

 
(135
)
Common stock issued (a)

 
20

 

 

 

 
20

 

 
20

Treasury stock/other 

 

 

 

 
23

 
23

 
(35
)
 
(12
)
Dividends and dividend equivalents declared ($0.15 per share) (b)

 

 
(601
)
 

 

 
(601
)
 

 
(601
)
Balance at March 31, 2019
$
41

 
$
22,026

 
$
23,226

 
$
(7,501
)
 
$
(1,394
)
 
$
36,398

 
$
36

 
$
36,434

Net income

 

 
148

 

 

 
148

 
2

 
150

Other comprehensive income/(loss), net

 

 

 
65

 

 
65

 

 
65

Common stock issued (a)

 
85

 

 

 

 
85

 

 
85

Treasury stock/other 

 

 

 

 
6

 
6

 
1

 
7

Dividends and dividend equivalents declared ($0.15 per share) (b)

 

 
(605
)
 

 

 
(605
)
 

 
(605
)
Balance at June 30, 2019
$
41

 
$
22,111

 
$
22,769

 
$
(7,436
)
 
$
(1,388
)
 
$
36,097

 
$
39

 
$
36,136

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity Attributable to Ford Motor Company
 
 
 
 
 
Capital Stock
 
Cap. In Excess of Par Value of Stock
 
Retained Earnings
 
Accumulated Other Comprehensive Income/(Loss) (Note 18)
 
Treasury Stock
 
Total
 
Equity Attributable to Non-controlling Interests
 
Total
Equity
Balance at December 31, 2019
$
41

 
$
22,165

 
$
20,320

 
$
(7,728
)
 
$
(1,613
)
 
$
33,185

 
$
45

 
$
33,230

Adoption of accounting standards

 

 
(202
)
 

 

 
(202
)
 

 
(202
)
Net income/(loss)

 

 
(1,993
)