Ford 2009 Annual Report Download - page 149

Notes to the Financial Statements
Ford Motor Company | 2009 Annual Report 147
NOTE 24. HELD-FOR-SALE OPERATIONS, DISCONTINUED OPERATIONS, OTHER DISPOSITIONS, AND
ACQUISITIONS (Continued)
The assets and liabilities of Volvo classified as held for sale at December 31 are as follows:
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   
Jaguar Land Rover. In 2008, we sold our Jaguar Land Rover operations. We recorded a pre-tax impairment charge
of $421 million reported in Automotive cost of sales and a pre-tax loss of $136 million reported in Automotive interest
income and other non-operating income/(expense), net.
As part of this transaction, we continue to supply Jaguar Land Rover with powertrains, stampings, and other vehicle
components. We also provide transitional support, including engineering, information technology, accounting and other
services. Ford Credit provided financing for Jaguar Land Rover dealers and customers during a transition period, which
varied by market, for up to 12 months.
Automotive Components Holdings, LLC ("ACH") – Milan. In 2008, we classified the ACH Milan plant, which produces
fuel tanks and bumper fascias, as held for sale. At that time, a pre-tax impairment charge of $18 million was recorded,
which represented the excess of net book value of the held-for-sale assets over the expected proceeds. During the third
quarter of 2008, deteriorating domestic economic and industry conditions significantly reduced the probability of this sale,
and the Milan plant was subsequently reclassified as held and used. The pre-tax impairment charge continues to be
reported in Automotive cost of sales.
ACH – Converca. In 2007, we completed the sale of the ACH Converca plant to the Linamar Corporation. The
Converca plant, which produced power transfer units, was a component of ACH in Mexico. As a result of the transaction,
ACH reported a pre-tax gain on the sale of $3 million (net of transaction costs and liabilities assumed), reported in
Automotive interest income and other non-operating income/(expense), net.
Aston Martin. In 2007, Ford and our subsidiary (at that time), Jaguar Cars Limited, completed the sale of our 100%
interest in Aston Martin. As a result of the sale, we recognized a pre-tax gain of $181 million (net of transaction costs and
working capital adjustments) reported in Automotive interest income and other non-operating income/(expense), net.
European dealerships. In 2007, Ford and our subsidiary, FIECO Holdings GmbH, completed the sale of its interest in
three European dealerships to MVC Automotive Group B.V. As a result of the transaction, we recognized a pre-tax loss
on the sale of $14 million (net of transaction costs and recognition of foreign currency translation adjustments) reported in
Automotive interest income and other non-operating income/(expense), net.