8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: January 7, 2016
(Date of earliest event reported)
FORD MOTOR COMPANY
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
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1-3950 | 38-0549190 |
(Commission File Number) | (IRS Employer Identification No.) |
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One American Road, Dearborn, Michigan | 48126 |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code 313-322-3000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item 8.01. Other Events.
On January 7, 2016, Ford Motor Company announced a change to our method for reporting certain components of our defined benefit pension and other postretirement employee benefit (“OPEB”) plans. Our press release dated January 7, 2016 is attached as Exhibit 99.1 and is incorporated by reference herein.
Under the new method, which we adopted on December 31, 2015, we will immediately recognize pension and OPEB remeasurement gains and losses in income in the year incurred (generally in the fourth quarter) rather than amortizing them over many years. Historically, we recognized remeasurement gains and losses as a component of Accumulated Other Comprehensive Income/(Loss) and amortized them as a component of net periodic benefit cost, subject to a corridor, over the remaining service period of our active employees. The remeasurement will be recognized centrally each year instead of in Ford’s Automotive business units and will be reported as a special item since it is not reflective of the underlying operating results of Ford’s automotive business. The change to immediate recognition will have no effect on cash, pension funding requirements, or employees’ pension or OPEB benefits.
In addition, we will now use fair value to calculate the expected return on plan assets. We previously used a market-related value of plan assets that recognized changes in fair value over time to calculate the expected return on plan assets.
With this change, Ford’s 2015 pre-tax profit, excluding special items, is expected to increase by about $1.5 billion and is now expected to be $10 billion to $11 billion.
We have applied this change retrospectively and have revised prior period results; Exhibit 99.2 hereto, which is incorporated by reference herein, contains revised financial information for 2013, 2014, and the first nine months of 2015.
Item 9.01. Financial Statements and Exhibits.
EXHIBITS*
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Designation | Description | Method of Filing |
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Exhibit 99.1 | News release dated January 7, 2016 | Filed with this Report |
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Exhibit 99.2 | Revised financial information for 2013, 2014, and the first nine months of 2015 | Filed with this Report
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* | | Any reference in the attached exhibit(s) to our corporate website(s) and/or other social media sites or platforms, and the contents thereof, is provided for convenience only; such websites or platforms and the contents thereof are not incorporated by reference into this Report nor deemed filed with the Securities and Exchange Commission.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | FORD MOTOR COMPANY |
| | (Registrant) |
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Date: January 7, 2016 | By: | /s/ Corey M. MacGillivray |
| | Corey M. MacGillivray
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| | Assistant Secretary |
EXHIBIT INDEX
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Designation | Description |
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Exhibit 99.1 | News release dated January 7, 2016 |
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Exhibit 99.2 | Revised financial information for 2013, 2014, and the first nine months of 2015 |
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