Ford 2009 Annual Report Download - page 29

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Management’s Discussion and Analysis of Financial Condition and Results of Operations
Ford Motor Company | 2009 Annual Report 27
Volvo Segment. The improvement in earnings is more than explained by favorable cost changes, held-for-sale
cessation of depreciation, favorable changes in currency exchange rates, and lower costs associated with personnel-
reduction actions, offset partially by a held-for-sale impairment and unfavorable volume and mix. The favorable cost
changes primarily reflect lower structural costs (including lower manufacturing and engineering, advertising and sales
promotions, and overhead costs) and lower net product costs.
Other Automotive. The improvement in results is more than explained by net gains resulting from debt reduction
actions and higher returns on the assets held in the TAA.
Mazda Segment. In the fourth quarter of 2008, we sold a significant portion of our investment in Mazda. Our remaining
ownership interest is treated as a marketable security, with mark-to-market adjustments reported in Other Automotive.
Jaguar Land Rover and Aston Martin Segment. During the second quarter of 2008, we sold our Jaguar Land Rover
operations. During the second quarter of 2007, we sold our Aston Martin operations.