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F

Ford

$9.17 /

-0.04 (-0.43%)

16:37
01/22/20
01/22
16:37
01/22/20
16:37

Ford sees Q4 pre-tax remeasurement loss of approximately $2.2B

In a regulatory filing, the company said, "Ford Motor Company uses the mark-to-market method of accounting for pension and other postretirement employee benefits. Under this method, we recognize pension and OPEB remeasurement gains and losses in income when incurred rather than amortizing them over time as a component of net periodic benefit cost. The remeasurement gains and losses are reported as special items since we believe they are not reflective of our ongoing operating results. For the quarter ended December 31, 2019, we expect to record a pre-tax remeasurement loss of approximately $2.2 billion related to our pension and OPEB plans. This includes a $2.0 billion loss associated with pension plans outside the United States and a $600 million loss associated with OPEB plans globally, offset by a $400 million gain associated with pension plans in the United States. Overall, the remeasurement loss is driven by lower discount rates compared with year-end 2018, offset partially by asset returns in excess of our assumptions. On an after-tax basis, the remeasurement loss is expected to reduce our net income by about $1.7 billion. Because the remeasurement loss is a special item, it will not impact our total company adjusted EBIT or adjusted earnings per share. The remeasurement loss did not have an impact on our cash in 2019, and does not change our expectations for pension contributions in 2020. Including the impact of remeasurement gains and losses during 2019, we expect the underfunded status for our pension and OPEB plans to be about $6.8 billion and $6.1 billion, respectively, at year-end 2019, compared with $6.3 billion and $5.6 billion, respectively, at year-end 2018. The change to the underfunded status of our pension and OPEB plans primarily reflects the impact of lower discount rates on our unfunded plans."

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F Ford
$9.17 /

-0.04 (-0.43%)

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