Finance

Ford to Record Pre-Tax Loss of $3 Billion in 2016

Ford to Record Pre-Tax Loss of $3 Billion in 2016

Including this loss, Ford expects its pension plans will be unfunded by $8.9 billion at year end 2016.

"We are very pleased with our overall record financial results in 2016 and yet another solid performance during the fourth quarter", Mike Marhenke, IAB president and CEO, said in a news release. All of the $3 billion loss would ultimately have been recognized in Ford's earnings over time, but because of its January 2016 shift to "mark-to-market" pension accounting, it now recognizes all such gains and losses in the same year they occur, rather than gradually "smoothing" them into its results.

In late 2015, the automaker changed how it values pensions and other retiree benefits by counting them in the year they were incurred instead of amortizing them over a number of years. Because the remeasurement loss is a special item, it will not impact our total Company adjusted pre-tax profit or adjusted earnings per share. Because of that change, Ford expects to lose $3 billion on pension plans and other retiree benefit plans in 2016. Last year, workers received an average pretax profit-sharing check of $6,900.

Ford plans to announce its fourth-quarter earnings next Thursday.

United Nations assures Gambian President Barrow of full support
By the text, the Council requests for the Secretary-General to update the body on the resolution's implementation within 10 days. West African nations had deployed troops to The Gambia, threatening to drive Mr Jammeh out of office by force.

Of this total, $0.9 billion is associated with pension plans in the United States, $1.9 billion with pension plans outside the United States, and $0.2 billion with OPEB plans globally.

The automaker previous year joined other companies including Verizon Communications and AT&T in shifting to "mark-to-market" pension accounting.

The penalty is in addition to a $9 million civil payment the company made in April to settle a federal Securities and Exchange Commission investigation that found some payments to the consultant weren't properly authorized or documented.


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