Ford 2004 Annual Report Download - page 92

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9 0
NOTES TO THE FINANCIAL STATEMENTS
NOTE 24. GEOGRAPHIC INFORMATION
NOTE 25. SUMMARY QUARTERLY FINANCIAL DATA (UNAUDITED)
Certain amounts for prior periods were reclassified to conform with current period presentation. Reclassifications include the
presentation of discontinued operations and Interest income and other non-operating income/(expense), net.
NOTE 26. COMMITMENTS AND CONTINGENCIES
Lease Commitments
We lease land, buildings and equipment under agreements that expire in various years. Minimum rental commitments under
non-cancelable operating leases were as follows (in millions):
Rental expense was $1.7 billion in 2004, $1.6 billion in 2003 and $1.3 billion in 2002.
Guarantees
The fair values of guarantees and indemnifications issued during 2004 and 2003 are recorded in the financial statements and
are de minimis. At December 31, 2004, the following guarantees were issued and outstanding:
(in millions) United All Total
States Europe Other Company
2004
External revenues $ 100,208 $ 46,101 $ 25,343 $ 171,652
Net property 18,309 20,400 5,842 44,551
2003
External revenues $ 103,482 $ 39,310 $ 21,546 $ 164,338
Net property 18,692 19,100 5,714 43,506
2002
External revenues $ 108,163 $ 35,190 $ 18,905 $ 162,258
Net property 18,006 14,980 4,840 37,826
2004 2003
(in millions, except
per share amounts)
First Second Third Fourth First Second Third Fourth
Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter
Automotive sector
Sales $ 38,802 $ 36,662 $ 32,799 $ 38,871 $ 34,109 $ 34,101 $ 30,243 $ 39,807
Operating income/(loss) 2,003 206 (716) (1,670) 831 (45) (653) (1,689)
Financial Services sector
Revenues 5,923 6,212 6,324 6,059 6,691 6,538 6,597 6,252
Income/(loss) before
income taxes 1,043 1,528 1,391 1,046 654 713 1,023 857
Total Company
Income/(loss) from
continuing operations 1,958 1,153 459 64 894 432 236 (660)
Net income/(loss) 1,952 1,165 266 104 896 417 (25) (793)
Common and Class B per share
from continuing operations
Basic $ 1.07 $ 0.63 $ 0.25 $ 0.04 $ 0.49 $ 0.24 $ 0.13 $ (0.36)
Diluted 0.95 0.56 0.24 0.03 0.45 0.23 0.13 (0.36)
2005 2006 2007 2008 2009 Thereafter
Automotive sector $ 472 $ 338 $ 281 $ 165 $ 136 $ 357
Financial Services sector 391 327 264 183 135 567