2023 Outlook and Advancing The Ford Plan: Electrification
Cash Flow And Balance Sheet (SB)
Ford
Fourth Quarter
Company Adj. EBIT excl. Ford Credit
Capital spending
Depreciation and tooling amortization
Net Spending
Receivables
Inventory
2021
2022
EA
$
1.0
$
2.4
SA
(1.8)
(2.0)
2021
Full Year
5.3
2022
Balance Sheet
2021
2022
Dec. 31
Dec. 31
7.8
SA
(6.2)
(6.5)
1.3
(0.5)
0.5
1.3
5.1
5.2
Company Excl. Ford Credit
(0.7)
(1.1)
(1.3)
Cash and marketable securities
36.5
$
32.3
E
(0.3)
(0.2)
(1.0)
Liquidity
52.4
48.0
1.4
1.6
(1.8)
(2.5)
Debt
Trade payables
(0.8)
(2.1)
0.3
3.7
Cash Net of Debt
(20.4)
16.1
(19.9)
12.3
Changes in Working Capital
$
1.1
$
(0.8)
$
(1.7)
0.2
Ford Credit distributions
1.0
7.5
2.1
Pension Funded Status
Interest on debt and cash taxes
(0.8)
(0.5)
(2.3)
(1.7)
All Other and timing differences (a)
0.5
2.1
(3.1)
1.9
Funded Plans
Unfunded Plans
EA
5.8
EA
(6.1)
Company Adjusted FCF
$
2.3
2.4
4.6
9.1
Total Global Pension
(0.3)
Global Redesign (incl. Separations)
(0.3)
(0.3)
(1.9)
(0.4)
Changes in debt
(5.4)
(0.5)
(3.7)
(0.4)
Total Funded Status OPEB
$
(6.0)
EA
$
4.1
(4.3)
(0.2)
$
(4.5)
Funded pension contributions
(0.2)
(0.1)
(0.8)
(0.6)
Shareholder distributions
(0.4)
(1.1)
(0.4)
(2.5)
All Other (b)
9.0
(0.2)
7.9
(9.5)
Change in Cash
$
5.0
$
0.2
$
5.7
(4.3)
Q4 Adjusted FCF Of $2.4B, Driven By Automotive EBIT
a. Includes differences between accrual-based EBIT and associated cash flows (e.g., pension and OPEB income or expense; compensation payments; marketing incentive and warranty payments to dealers)
b. Includes a $10.6B gain in full year 2021 and a $7.4B loss in full year 2022 on our Rivian investment
SECRET
20
20View entire presentation