$F
FORD MOTOR CO

2021 Q1 Form 10-Q Financial Statement

#000003799621000026 Filed on April 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $36.23B $34.32B
YoY Change 5.56% -14.93%
Cost Of Revenue $29.30B $30.52B
YoY Change -4.01% -10.08%
Gross Profit $6.931B $3.798B
YoY Change 82.49% -40.66%
Gross Profit Margin 19.13% 11.07%
Selling, General & Admin $2.843B $2.432B
YoY Change 16.9% -14.46%
% of Gross Profit 41.02% 64.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.103B $2.444B
YoY Change -13.95% 0.62%
% of Gross Profit 30.34% 64.35%
Operating Expenses $2.843B $2.432B
YoY Change 16.9% -14.46%
Operating Profit $2.464B -$1.558B
YoY Change -258.15% -229.62%
Interest Expense $740.0M -$146.0M
YoY Change -606.85% -542.42%
% of Operating Profit 30.03%
Other Income/Expense, Net $1.872B $680.0M
YoY Change 175.29% 8.28%
Pretax Income $3.942B -$1.146B
YoY Change -443.98% -171.18%
Income Tax $680.0M $847.0M
% Of Pretax Income 17.25%
Net Earnings $3.262B -$1.993B
YoY Change -263.67% -268.47%
Net Earnings / Revenue 9.0% -5.81%
Basic Earnings Per Share $0.82 -$0.50
Diluted Earnings Per Share $0.81 -$0.50
COMMON SHARES
Basic Shares Outstanding 3.980B shares 3.963B shares
Diluted Shares Outstanding 4.016B shares 3.963B shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $46.11B $46.37B
YoY Change -0.57% 22.9%
Cash & Equivalents $21.83B $25.97B
Short-Term Investments $24.28B $20.40B
Other Short-Term Assets $3.636B $4.380B
YoY Change -16.99% 11.68%
Inventory $12.74B $11.31B
Prepaid Expenses
Receivables $10.45B $9.234B
Other Receivables $40.66B $54.89B
Total Short-Term Assets $113.9B $124.3B
YoY Change -8.32% 2.54%
LONG-TERM ASSETS
Property, Plant & Equipment $36.36B $35.29B
YoY Change 3.02% -2.35%
Goodwill $566.0M $278.0M
YoY Change 103.6% 5.3%
Intangibles
YoY Change
Long-Term Investments $4.694B $2.512B
YoY Change 86.86% -3.57%
Other Assets $13.35B $11.73B
YoY Change 13.81% 26.75%
Total Long-Term Assets $146.9B $139.9B
YoY Change 5.01% -1.56%
TOTAL ASSETS
Total Short-Term Assets $113.9B $124.3B
Total Long-Term Assets $146.9B $139.9B
Total Assets $260.8B $264.2B
YoY Change -1.26% 0.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.49B $18.44B
YoY Change 27.4% -20.95%
Accrued Expenses $3.595B $3.301B
YoY Change 8.91% -0.09%
Deferred Revenue
YoY Change
Short-Term Debt $12.16B $12.99B
YoY Change -6.4% -17.96%
Long-Term Debt Due $37.31B $39.92B
YoY Change -6.54% 3.12%
Total Short-Term Liabilities $94.25B $94.49B
YoY Change -0.26% -4.78%
LONG-TERM LIABILITIES
Long-Term Debt $103.2B $114.4B
YoY Change -9.8% 11.5%
Other Long-Term Liabilities $28.71B $25.11B
YoY Change 14.35% 3.67%
Total Long-Term Liabilities $28.71B $25.11B
YoY Change 14.35% 3.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $94.25B $94.49B
Total Long-Term Liabilities $28.71B $25.11B
Total Liabilities $226.8B $234.5B
YoY Change -3.24% 3.41%
SHAREHOLDERS EQUITY
Retained Earnings $21.50B $20.12B
YoY Change 6.88% -11.3%
Common Stock $22.24B $22.15B
YoY Change 0.41% 0.56%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.585B $1.607B
YoY Change -1.37% 15.28%
Treasury Stock Shares
Shareholders Equity $33.83B $29.65B
YoY Change
Total Liabilities & Shareholders Equity $260.8B $264.2B
YoY Change -1.26% 0.33%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $3.262B -$1.993B
YoY Change -263.67% -268.47%
Depreciation, Depletion And Amortization $2.103B $2.444B
YoY Change -13.95% 0.62%
Cash From Operating Activities $4.492B -$473.0M
YoY Change -1049.68% -113.35%
INVESTING ACTIVITIES
Capital Expenditures -$1.368B -$1.780B
YoY Change -23.15% 9.0%
Acquisitions
YoY Change
Other Investing Activities $47.00M $84.00M
YoY Change -44.05% -255.56%
Cash From Investing Activities -$491.0M -$3.114B
YoY Change -84.23% 133.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $0.00
YoY Change
Debt Paid & Issued, Net $14.89B $12.95B
YoY Change 15.01% -2.48%
Cash From Financing Activities -$7.793B $12.45B
YoY Change -162.57% 564.92%
NET CHANGE
Cash From Operating Activities $4.492B -$473.0M
Cash From Investing Activities -$491.0M -$3.114B
Cash From Financing Activities -$7.793B $12.45B
Net Change In Cash -$3.885B $8.419B
YoY Change -146.15% 104.74%
FREE CASH FLOW
Cash From Operating Activities $4.492B -$473.0M
Capital Expenditures -$1.368B -$1.780B
Free Cash Flow $5.860B $1.307B
YoY Change 348.36% -74.75%

Facts In Submission

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<div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Allowance for Credit Losses</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The allowance for credit losses represents an estimate of the lifetime expected credit losses inherent in finance receivables as of the balance sheet date.</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Adjustments to the allowance for credit losses are made by recording charges to</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Ford Credit interest, operating, and other expenses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> on our consolidated income statements. The uncollectible portion of a finance receivable is charged to the allowance for credit losses at the earlier of when an account is deemed to be uncollectible or when an account is 120 days delinquent, taking into consideration the financial condition of the customer or borrower, the value of the collateral, recourse to guarantors, and other factors</span><span style="color:#0070c0;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">.</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NOTE 8. FORD CREDIT FINANCE RECEIVABLES AND ALLOWANCE FOR CREDIT LOSSES </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">(Continued)</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Charge-offs on finance receivables include uncollected amounts related to principal, interest, late fees, and other allowable charges. Recoveries on finance receivables previously charged off as uncollectible are credited to the allowance for credit losses. In the event Ford Credit repossesses the collateral, the receivable is charged off and the collateral is recorded at its estimated fair value less costs to sell and reported in </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Other assets</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> on our consolidated balance sheets.</span></div>
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CY2021Q1 us-gaap Deferred Compensation Liability Classified Noncurrent
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CY2021Q1 us-gaap Other Sundry Liabilities Noncurrent
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CY2020Q4 us-gaap Other Liabilities Noncurrent
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CY2021Q1 us-gaap Other Liabilities Noncurrent
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CY2021Q1 f Defined Benefit Plan Net Assets For Plan Benefits Current And Noncurrent
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CY2021Q1 us-gaap Derivative Gain Loss On Derivative Net
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CY2021Q1 us-gaap Derivative Notional Amount
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CY2021Q1 us-gaap Derivative Assets Current
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CY2021Q1 us-gaap Derivative Assets Noncurrent
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CY2021Q1 us-gaap Derivative Liabilities Noncurrent
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CY2020Q4 us-gaap Derivative Assets
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CY2020Q4 us-gaap Derivative Liabilities
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CY2020Q4 us-gaap Derivative Liability Not Offset Policy Election Deduction
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CY2021Q1 us-gaap Derivative Liability Not Offset Policy Election Deduction
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CY2021Q1 us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
Financial Guarantees. Financial guarantees and indemnifications are recorded at fair value at their inception. Subsequent to initial recognition, the guarantee liability is adjusted at each reporting period to reflect the current estimate of expected payments resulting from possible default events over the remaining life of the guarantee. Non-Financial Guarantees. Non-financial guarantees and indemnifications are recorded at fair value at their inception. We regularly review our performance risk under these arrangements, and in the event it becomes probable we will be required to perform under a guarantee or indemnity, the amount of probable payment is recorded. <div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Warranty and Field Service Actions</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We accrue the estimated cost of both base warranty coverages and field service actions at the time of sale. We establish our estimate of base warranty obligations using a patterned estimation model, using historical information regarding the nature, frequency, and average cost of claims for each vehicle line by model year. We establish our estimates of field service action obligations using a patterned estimation model, using historical information regarding the nature, frequency, severity, and average cost of claims for each model year. In addition, from time to time, we issue extended warranties at our expense, the estimated cost of which is accrued at the time of issuance. Warranty and field service action obligations are reported in </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Other liabilities and deferred revenue</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. We reevaluate the adequacy of our accruals on a regular basis.</span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We recognize the benefit from a recovery of the costs associated with our warranty and field service actions when specifics of the recovery have been agreed with our supplier and the amount of recovery is virtually certain. Recoveries are reported in </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Trade and other receivables, net </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> Other assets.</span></div>
CY2019Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
5702000000 USD
CY2020Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
8172000000 USD
CY2020Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1075000000 USD
CY2021Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1086000000 USD
CY2020Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
805000000 USD
CY2021Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1000000000 USD
CY2020Q1 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
521000000 USD
CY2021Q1 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-141000000 USD
CY2020Q1 us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-164000000 USD
CY2021Q1 us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-40000000 USD
CY2020Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
5789000000 USD
CY2021Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
7905000000 USD
CY2020Q1 us-gaap Revenues
Revenues
34320000000 USD
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1146000000 USD
CY2020Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-41000000 USD
CY2020Q1 us-gaap Assets
Assets
264150000000 USD
CY2021Q1 us-gaap Revenues
Revenues
36228000000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
3942000000 USD
CY2021Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
79000000 USD
CY2021Q1 us-gaap Assets
Assets
260819000000 USD

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