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Management’s Discussion and Analysis of Financial Condition and Results of Operations
36 Ford Motor Company | 2011 Annual Report
The following table details Automotive sector special items in each category:
Personnel and Dealer-Related Items
Automotive Sector
Personnel-reduction actions
Mercury discontinuation/Other dealer actions
Job Security Benefits/Other
Retiree health care and related charges
Total Personnel and Dealer-Related Items
Other Items
Automotive Sector
Belgium pension settlement
Debt reduction actions
Sale of Volvo and related charges (a)
Gain on sale of Ford Russia operations
Other (including foreign currency translation impact)
Return on assets held in Temporary Asset Account ("TAA")
Total Other Items - Automotive sector
Total Automotive sector
Financial Services Sector
DFO Partnership impairment
Gain on purchase of Ford Holdings debt securities
Total Other Items - Financial Services sector
Total Special Items
2011
(Mils.)
$(269)
(151)
93
—
(327)
(109)
(60)
8
401
5
—
245
$(82)
—
—
$—
$(82)
2010
(Mils.)
$(145)
(339)
36
—
(448)
—
(853)
179
—
(29)
—
(703)
$(1,151)
—
—
$—
$(1,151)
2009
(Mils.)
$ (663)
(140)
40
(768)
(1,531)
—
4,663
(226)
—
(374)
110
4,173
$ 2,642
(132)
51
$(81)
$ 2,561
__________
(a) Beginning in 2010, because Volvo's results were no longer indicative of our ongoing operations, we categorized Volvo's revenue and corresponding
wholesales, costs, and expenses as special items. On August 2, 2010, we completed the sale of Volvo and related assets. Gains or losses and
other costs related to the sale also are included in "Sale of Volvo and related charges."
Not shown in the table above are tax benefits of $14.2 billion, $134 million and $132 million for 2011, 2010, and 2009,
respectively, that we consider to be special items. These primarily consist of the 2011 release of almost all of the
valuation allowance against our net deferred tax assets, tax effects of the pre-tax special items listed above, and the
impact of changes in tax laws on deferred tax balances.
Discussion of Automotive and Financial Services sector results of operations below is on a pre-tax basis, and total
Automotive sector results and total Financial Services sector results exclude special items unless otherwise specifically
noted.