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Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Ford Motor Co.
Ford Motor Co's Definitive Proxy Statement (Form DEF 14A) filed after their 2023 10-K Annual Report includes:
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The detail for the changes is shown below (in billions): CRITICAL ACCOUNTING ESTIMATES We consider an accounting estimate to be critical if: (1) the accounting estimate requires us to make assumptions about matters that were highly uncertain at the time the accounting estimate was made, and (2) changes in the estimate that are reasonably likely to occur from period to period, or use of different estimates that we reasonably could have used in the current period, would have a material impact on our financial condition or results of operations.
Events that trigger a test for recoverability include material adverse changes in projected revenues or expenses, present cash flow losses combined with a history of cash flow losses and a forecast that demonstrates significant continuing losses, significant negative industry or economic trends (including a substantial shift in consumer preference), a current expectation that a long-lived asset group will be disposed of significantly before the end of its useful life, a significant adverse change in the manner in which an asset group is used or in its physical condition, or when there is a change in the asset grouping.
For example, the suspension of production at most of our assembly plants and lower industry volumes due to COVID-19 in early 2020 resulted in an initial deterioration of our cash flow, while the subsequent resumption of manufacturing operations and return to pre-COVID-19 production levels at most of our assembly plants resulted in a subsequent improvement of our cash flow.
The table below estimates the effect on 2023 OPEB expense of higher/lower assumptions for these factors (in millions): Worldwide OPEBBasis Point Change(Increase)/Decrease 2022 YE ObligationIncrease/(Decrease) 2023 ExpenseFactorDiscount rate - obligation+/- 100 bps$415/$(495)N/AInterest rate - service cost and interest cost+/- 25N/A$5/$(5) Worldwide OPEB Basis Point Change (Increase)/Decrease 2022 YE Obligation Increase/(Decrease) 2023 Expense Factor Discount rate - obligation +/- 100 bps $415/$(495) N/A Interest rate - service cost and interest cost +/- 25 N/A $5/$(5) Income Taxes Nature of Estimates Required.
The estimation of our defined benefit pension and OPEB plan obligations and expenses requires that we make use of estimates of the present value of the projected future payments to all participants, taking into consideration the likelihood of potential future events, such as demographic experience and health care cost increases.
Our actual results could differ...Read more
Specifically, we include in cost...Read more
The corporate credit facility is...Read more
Revenue related to extended service...Read more
The EBIT improvement was driven...Read more
PlansNon-U.S. PlansInterest rate - service...Read more
Ford Credit holds the right...Read more
Effective Tax Rate Reconciliation to...Read more
We previously announced our plan...Read more
Company adjusted EBIT margin was...Read more
Allowance for Credit Losses The...Read more
These macroeconomic assumptions include, but...Read more
Any future changes to our...Read more
As a result, our cash...Read more
The EBIT decrease was driven...Read more
The EBIT improvement was driven...Read more
The table below estimates the...Read more
Full year 2021 revenue increased...Read more
Company Adjusted EBIT Margin (Most...Read more
Our discount rate assumptions are...Read more
Headwinds: An expected mild U.S....Read more
However, the ultimate realization of...Read more
Projections of future taxable income...Read more
Assumptions are set at each...Read more
For 2023, the expected long-term...Read more
As a result, we analyze...Read more
Changes in estimates used in...Read more
In total, higher rates and...Read more
Interest on Debt Our full...Read more
North America's 2021 EBIT increased...Read more
Net Income/(Loss) Reconciliation to Adjusted...Read more
The EBIT improvement was driven...Read more
Over the long term, intense...Read more
Our finished product inventory at...Read more
Our full year 2022 interest...Read more
North America's 2022 EBIT was...Read more
South America's 2022 EBIT was...Read more
Our International Market Group's 2022...Read more
In such circumstances we also...Read more
The improvement was driven by...Read more
Our full year 2021 Automotive...Read more
Net income/(loss) margin was negative...Read more
Structural costs include the following...Read more
Company adjusted EBIT margin was...Read more
Company adjusted free cash flow...Read more
Ford Credit's 2021 EBT increased...Read more
In most markets, exchange rates...Read more
Moreover, we may be subject...Read more
Moreover, Ford Credit may be...Read more
Ford Credit's material cash requirements...Read more
The weighted average discount rate...Read more
Our full year 2022 Automotive...Read more
In addition, investing in new,...Read more
Accordingly, the eventual implications of...Read more
In these instances, near term...Read more
The growth rate is the...Read more
As of December 31, 2022,...Read more
The year-over-year increase of $19.2...Read more
Our Automotive segment's material and...Read more
In China, 2021 wholesales increased...Read more
For full-year 2023, we expect...Read more
In some cases, spot prices...Read more
Full year 2022 revenue increased...Read more
Full year 2021 Automotive revenue...Read more
Full year 2021 revenue increased...Read more
Key elements of Ford Credit's...Read more
The non-GAAP measures listed below...Read more
If necessary and available, tax...Read more
We also expect adjusted free...Read more
This measure is useful to...Read more
Because credit losses can vary...Read more
Full year 2021 revenue improved...Read more
The EBIT improvement was driven...Read more
Full year 2021 revenue declined...Read more
We make these estimates and...Read more
Net income/(loss) margin was 13.2%...Read more
For example, in North America,...Read more
Although headline inflation in the...Read more
We employ a broad de-risking...Read more
Full year 2022 revenue at...Read more
Proceeds from the sale of...Read more
If Ford Credit believes that...Read more
Further, actions taken by Russia...Read more
Ford Credit's U.S. 36-month auction...Read more
The measure contains elements management...Read more
The year-over-year decrease was driven...Read more
For example, structural costs are...Read more
We believe that these non-GAAP...Read more
LIQUIDITY AND CAPITAL RESOURCES At...Read more
Despite Ford Credit's diverse sources...Read more
Conversely, our cash flow improves...Read more
Changes in assumptions affect Ford...Read more
In 2022, we sold approximately...Read more
The EBIT increase was driven...Read more
Accordingly, in the second half...Read more
At December 31, 2022, we...Read more
Includes debt issued in securitizations...Read more
In general, larger vehicles tend...Read more
China's 2022 EBIT loss was...Read more
On February 2, 2023, we...Read more
As of December 31, 2022,...Read more
Vehicles sold to daily rental...Read more
Annual production volumes are heavily...Read more
The measure provides an ongoing...Read more
Financial institutions participate in a...Read more
Interest rates have increased significantly...Read more
Ford Credit's U.S. 36-month auction...Read more
This positive maturity profile is...Read more
The terms and conditions of...Read more
Such actions could have a...Read more
This assessment, which is completed...Read more
See Note 10 of the...Read more
When we provide guidance for...Read more
Operating items include: Company adjusted...Read more
The $926 million EBIT loss...Read more
We also have varying degrees...Read more
We measure the fair value...Read more
For analysis purposes, management splits...Read more
Our strategy is to reduce...Read more
Non-operating items include: global redesign...Read more
The net impact on us...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Ford Motor Co provided additional information to their SEC Filing as exhibits
Ticker: F
CIK: 37996
Form Type: 10-K Annual Report
Accession Number: 0000037996-23-000012
Submitted to the SEC: Thu Feb 02 2023 7:39:34 PM EST
Accepted by the SEC: Fri Feb 03 2023
Period: Saturday, December 31, 2022
Industry: Motor Vehicles And Passenger Car Bodies