Ford Provides Update on Certain Special Items for FY2021 Results
18 Janeiro 2022 - 6:05PM
Business Wire
Ford today outlined several large special items that it intends
to report in early February as part of the company’s fourth-quarter
and full-year 2021 financial results. Special items are included in
Ford’s reported GAAP net income and earnings per share, but are
excluded from its non-GAAP adjusted earnings before interest and
taxes and adjusted EPS.
On a preliminary basis, the special items are expected to
include:
1)
A fourth-quarter gain of $8.2 billion on
Ford’s equity investment in Rivian, following Rivian’s Nov. 10
initial public offering of common stock and a mark-to-market
revaluation of the holdings.
Additionally, Ford will reclassify its
~$900 million first-quarter 2021 non-cash gain on the Rivian
investment as a special item – a step Ford said in October it would
take after Rivian’s IPO.
The reclassification means the gain from
first-quarter 2021 will not be included in Ford’s full-year
adjusted EBIT or adjusted EPS. When Ford last provided full-year
adjusted EBIT guidance with its third-quarter results on Oct. 27,
the ~$900 million gain was included in the forecast range of $10.5
billion to $11.5 billion.
Going forward, mark-to-market revaluations
to account for changes in Rivian’s stock price could result in
related gains or losses each quarter reported as special items.
2)
An annual revaluation of Ford’s global
pension and other post-retirement employee benefits – resulting in
a non-cash, pre-tax accounting re-measurement gain of about $3.5
billion in the fourth quarter and about $3.9 billion for the full
year. Overall, the remeasurement gain is mostly attributable to
higher discount rates and asset returns.
3)
Recording about $1.7 billion in costs
associated with Ford repurchasing and redeeming more than $7.6
billion in high-cost debt in the fourth quarter. The repurchases
and redemptions were made to further strengthen the company’s
balance sheet and reduce ongoing interest expenses.
And,
4)
Reporting a $3.6 billion tax special item
– a non-cash benefit – primarily resulting from changes in Ford’s
global tax structure and its effect on deferred tax assets.
Additional details on Ford’s fourth-quarter and full-year 2021
special items will be available in a Form 8-K furnished today to
the U.S. Securities and Exchange Commission. Ford plans to issue
its fourth-quarter and full-year 2021 earnings release on Thursday,
Feb. 3.
About Ford Motor Company
Ford Motor Company (NYSE: F) is a global company based in
Dearborn, Michigan, that is committed to helping build a better
world, where every person is free to move and pursue their dreams.
The company’s Ford+ plan for growth and value creation combines
existing strengths, new capabilities and always-on relationships
with customers to enrich experiences for and deepen the loyalty of
those customers. Ford designs, manufactures, markets and services a
full line of connected, increasingly electrified passenger and
commercial vehicles: Ford trucks, utility vehicles, vans and cars,
and Lincoln luxury vehicles. The company is pursuing leadership
positions in electrification, connected vehicle services and
mobility solutions, including self-driving technology, and provides
financial services through Ford Motor Credit Company. Ford employs
about 184,000 people worldwide. More information about the company,
its products and Ford Motor Credit Company is available at
corporate.ford.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220118006131/en/
Contacts: Media T.R. Reid
1.313.319.6683 treid22@ford.com
Equity Investment Community Lynn Antipas Tyson 1.914.485.1150
ltyson4@ford.com
Fixed Income Investment
Community Karen Rocoff 1.313.621.0965
krocoff@ford.com
Shareholder Inquiries 1.800.555.5259 or 1.313.845.8540
stockinf@ford.com
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