Ford 2009 Annual Report Download - page 105
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Please find page 105 of the 2009 Ford annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.Notes to the Financial Statements
Ford Motor Company | 2009 Annual Report 103
NOTE 10. INVENTORIES
All inventories are stated at the lower of cost or market. Cost for a substantial portion of U.S. inventories is determined
on a last-in, first-out ("LIFO") basis. LIFO was used for approximately 28% and 24% of inventories at December 31, 2009
and 2008, respectively. Cost of other inventories is determined on a first-in, first-out ("FIFO") basis.
Inventories at December 31 were as follows (in millions):
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At December 31, 2009, inventory quantities were reduced, resulting in a liquidation of LIFO inventory quantities carried
at lower costs prevailing in prior years as compared with the cost of 2009 purchases, the effect of which decreased
Automotive cost of sales by about $33 million.
NOTE 11. EQUITY IN NET ASSETS OF AFFILIATED COMPANIES
We use the equity method of accounting for our investments in entities over which we do not have control or of which we
are not the primary beneficiary, but over whose operating and financial policies we are able to exercise significant influence.
Ownership Percentages and Investment Balances
The following table reflects our ownership percentages at December 31, 2009, and balances of equity method
investments at December 31, 2009 and 2008 (in millions, except percentages):
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