Press release
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january 19, 2022 - Ford
Ford provides update on certain special items for fy2021 results
DEARBORN, Mich., Jan. 18, 2022 – #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:
• 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.
• An annual revaluation of Ford’s global pension and other post-retirement employee benefits – resulting in a noncash, 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.
• 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,
• 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 about184,000 people worldwide. More information about the company, its products and #ford Motor Credit Company is available at #corporate.ford.com.
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