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Ford Motor | 8-K: Ford Motor Uses Mark-to-Market Method to Account for Pensions and Other Post-Retirement Employee Benefits

SEC announcement ·  Jan 25 05:21
Summary by Futu AI
Ford Motor Company has disclosed an expected pre-tax remeasurement loss of approximately $1.7 billion in its fourth quarter 2023 results due to its pension and other postretirement employee benefits (OPEB) plans. The loss includes $0.5 billion from U.S. pension plans, $0.9 billion from non-U.S. pension plans, and $0.3 billion from global OPEB plans. This loss is primarily attributed to lower discount rates and is partially offset by asset gains. The after-tax impact is estimated to reduce net income by about $1.3 billion, although it will not affect the company's adjusted EBIT or adjusted earnings per share. Ford's pension plans remain fully funded, but the underfunded status of its pension and OPEB plans is projected to be $2.3 billion and $4.7 billion, respectively, by the end of 2023. This report was officially filed with the SEC on January 24, 2024, by David J. Witten of Ford Motor Company.
Ford Motor Company has disclosed an expected pre-tax remeasurement loss of approximately $1.7 billion in its fourth quarter 2023 results due to its pension and other postretirement employee benefits (OPEB) plans. The loss includes $0.5 billion from U.S. pension plans, $0.9 billion from non-U.S. pension plans, and $0.3 billion from global OPEB plans. This loss is primarily attributed to lower discount rates and is partially offset by asset gains. The after-tax impact is estimated to reduce net income by about $1.3 billion, although it will not affect the company's adjusted EBIT or adjusted earnings per share. Ford's pension plans remain fully funded, but the underfunded status of its pension and OPEB plans is projected to be $2.3 billion and $4.7 billion, respectively, by the end of 2023. This report was officially filed with the SEC on January 24, 2024, by David J. Witten of Ford Motor Company.
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