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68 FORD MOTOR COMPANY
SECTOR BALANCE SHEET
2003 2002
ASSETS
Automotive
Cash and cash equivalents $ 5,427 $ 5,157
Marketable securities (Note 4) 10,749 17,464
Loaned securities (Note 4) 5,667 -
Total cash, marketable and loaned securities 21,843 22,621
Receivables, less allowances of $384 and $374 2,721 2,047
Inventories (Note 5) 9,181 6,977
Deferred income taxes 3,225 3,462
Other current assets 6,839 4,547
Current receivable from Financial Services -1,062
Total current assets 43,809 40,716
Equity in net assets of affiliated companies 1,930 2,470
Net property (Note 6) 41,993 36,352
Deferred income taxes 12,092 11,694
Goodwill (Note 7) 5,378 4,719
Other intangible assets (Note 7) 876 812
Assets of discontinued/held-for-sale operations 68 246
Other assets 14,495 10,781
Total Automotive assets 120,641 107,790
Financial Services
Cash and cash equivalents 16,343 7,064
Investments in securities (Note 4) 1,123 807
Finance receivables, net (Note 8) 110,893 97,007
Net investment in operating leases (Note 9) 31,859 39,727
Retained interest in sold receivables (Note 8) 13,017 17,618
Goodwill (Note 7) 769 749
Other intangible assets (Note 7) 239 248
Assets of discontinued/held-for-sale operations 388 2,783
Other assets 17,292 16,626
Receivable from Automotive (Note 1) 3,356 4,803
Total Financial Services assets 195,279 187,432
Total assets $ 315,920 $ 295,222
LIABILITIES AND STOCKHOLDERS’ EQUITY
Automotive
Trade payables $ 15,289 $ 14,579
Other payables 2,942 2,471
Accrued liabilities (Note 11) 32,171 27,615
Debt payable within one year (Note 12) 1,806 551
Current payable to Financial Services (Note 1) 124 -
Total current liabilities 52,332 45,216
Senior debt (Note 12) 13,832 13,607
Subordinated debt (Note 12) 5,155 -
Total long-term debt 18,987 13,607
Other liabilities (Note 11) 45,104 46,887
Deferred income taxes 2,352 303
Liabilities of discontinued/held-for-sale operations 94 213
Payable to Financial Services (Note 1) 3,232 4,803
Total Automotive liabilities 122,101 111,029
Financial Services
Payables 2,189 1,886
Debt (Note 12) 159,011 148,054
Deferred income taxes 11,061 11,629
Other liabilities and deferred income 9,211 9,441
Liabilities of discontinued/held-for-sale operations 37 861
Payable to Automotive -1,062
Total Financial Services liabilities 181,509 172,933
Company-obligated mandatorily redeemable preferred securities of subsidiary
trusts holding solely junior subordinated debentures of the Company (Note 13) -5,670
Minority interests 659 -
Stockholders’ equity
Capital stock (Note 14)
Common Stock, par value $0.01 per share (1,837 million shares issued) 18 18
Class B Stock, par value $0.01 per share (71 million shares issued) 11
Capital in excess of par value of stock 5,374 5,420
Accumulated other comprehensive income/(loss) (414) (6,531)
Treasury stock (1,749) (1,977)
Earnings retained for use in business 8,421 8,659
Total stockholders’ equity 11,651 5,590
Total liabilities and stockholders’ equity $ 315,920 $ 295,222
The accompanying notes are part of the financial statements.
FORD MOTOR COMPANY AND SUBSIDIARIES
As of December 31, 2003 and 2002
(in millions)
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