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Ford Motor Co's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:
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Ford Credit's third quarter 2020 EBT of $1,123 million was $387 million higher than a year ago, primarily reflecting favorable auction performance on off-lease vehicles, a higher gain in market valuation adjustments to derivatives, and lower operating costs, partially offset by unfavorable volume resulting from lower receivables.
The EBIT improvement reflects aggressive pricing to mitigate high inflation and currency weakening as well as cost reduction efforts.
The corporate credit facility is unsecured and free of material adverse change conditions to borrowing, restrictive financial covenants (for example, interest or fixed-charge coverage ratio, debt-to-equity ratio, and minimum net worth requirements), and credit rating triggers that could limit our ability to obtain funding or trigger early repayment.
The following table summarizes certain of the credit ratings and outlook presently assigned by these four NRSROs: NRSRO RATINGS Ford Ford Credit NRSROs IssuerDefault / Corporate / Issuer Rating Long-Term Senior Unsecured Outlook / Trend Long-Term Senior Unsecured Short-TermUnsecured Outlook / Trend Minimum Long-Term Investment Grade Rating DBRS BB (high) BB (high) Negative BB (high) R-4 Negative BBB (low) Fitch BB+ BB+ Negative BB+ B Negative BBB- Moody's N/A Ba2 Negative Ba2 NP Negative Baa3 S&P BB+ BB+ Negative BB+ B Negative BBB- 59 OUTLOOK We provided 2020 Company guidance in our earnings release furnished on Form 8-K dated October 28, 2020.
Net Income Reconciliation to Adjusted EBIT ($M) Earnings per Share Reconciliation to Adjusted Earnings per Share 64 Effective Tax Rate Reconciliation to Adjusted Effective Tax Rate __________ (a)Includes $(1,028) million year to date for the establishment of a valuation allowance on U.S. tax credits.
The improved EBIT primarily reflects...Read more
The year-over-year increases of $1,960...Read more
70 CRITICAL ACCOUNTING ESTIMATES As...Read more
ACCOUNTING STANDARDS ISSUED BUT NOT...Read more
2020 Guidance Total Company Adjusted...Read more
At September 30, 2020, Ford...Read more
At September 30, 2020, we...Read more
Net income/(loss) margin was 6.4%...Read more
Our third quarter 2020 Automotive...Read more
Company Adjusted EBIT Margin (Most...Read more
51 Our third quarter 2020...Read more
Company adjusted EBIT margin was...Read more
Higher receivables and inventory balances...Read more
Our Company adjusted free cash...Read more
Third quarter 2020 revenue was...Read more
Our International Market Group's third...Read more
Third quarter 2020 all other...Read more
This improvement is more than...Read more
In our International Markets Group,...Read more
Structural costs include the following...Read more
Europe's third quarter 2020 EBIT...Read more
Pre-tax special items consist of...Read more
Further, the terms of the...Read more
For additional information on our...Read more
In Europe, third quarter 2020...Read more
The calendarization of the funding...Read more
At September 30, 2020, we...Read more
In the third quarter of...Read more
Third quarter 2020 revenue decreased...Read more
Third quarter 2020 interest expense...Read more
Our third quarter and first...Read more
South America In South America,...Read more
The non-GAAP measures listed below...Read more
This measure is useful to...Read more
Third quarter 2020 revenue decreased...Read more
The terms and conditions of...Read more
The lower EBIT was mainly...Read more
The measure is useful to...Read more
We believe that these non-GAAP...Read more
Moreover, new restrictions, such as...Read more
The measure contains elements management...Read more
(b)Includes asset-backed capacity in excess...Read more
Ford Credit's funding plan is...Read more
Operating items include: Company adjusted...Read more
Key elements of Ford Credit's...Read more
As a result, our cash...Read more
Includes debt issued in securitizations...Read more
The tables below and on...Read more
39 North America In North...Read more
As of September 30, 2020,...Read more
On July 27, 2020, we...Read more
ASU Effective Date (a) 2019-12...Read more
The measure provides an ongoing...Read more
A financial institution offers a...Read more
This positive maturity profile is...Read more
This was South America's fourth...Read more
pension/OPEB) pre-tax (3.3) 2.3 Adjusted...Read more
Our actual results could differ...Read more
Throughout, we demonstrated discipline in...Read more
When we provide guidance for...Read more
Financing margin yield equals revenue,...Read more
FSM designs and builds mobility...Read more
For analysis purposes, management splits...Read more
The detail for this change...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
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Ford Motor Co provided additional information to their SEC Filing as exhibits
Ticker: F
CIK: 37996
Form Type: 10-Q Quarterly Report
Accession Number: 0000037996-20-000071
Submitted to the SEC: Wed Oct 28 2020 6:34:06 PM EST
Accepted by the SEC: Thu Oct 29 2020
Period: Wednesday, September 30, 2020
Industry: Motor Vehicles And Passenger Car Bodies