form11k.htm
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D. C. 20549
FORM
11-K
(Mark
One)
|
S
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ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For the
fiscal year ended December 31,
2007
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£
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TRANSITION
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For the
transition period from __________ to __________
Commission
File Number: 1-3950
FORD
MOTOR COMPANY SAVINGS AND STOCK
INVESTMENT
PLAN FOR SALARIED EMPLOYEES
(Full
title of the plan)
FORD
MOTOR COMPANY
One
American Road
Dearborn,
Michigan 48126
(Name of
the issuer of the securities held
pursuant
to the plan and the address of
its
principal executive office)
Required
Information
Financial Statements and
Schedules
Statements
of Net Assets Available for Benefits, as of December 31, 2007 and December 31,
2006.
Statement
of Changes in Net Assets Available for Benefits for the year ended December 31,
2007.
Schedule
I – Schedule of Assets Held at End of Year as of December 31, 2007.
EXHIBITS
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Designation
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Description
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Method of
Filing
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Exhibit
23
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Consent
of Plante & Moran, PLLC
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|
Filed
with this Report
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Signature
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Ford Motor
Company Savings and Stock Investment Plan for Salaried Employees Committee has
duly caused this Annual Report to be signed on its behalf by the undersigned
hereunto duly authorized.
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FORD
MOTOR COMPANY SAVINGS AND STOCK INVESTMENT PLAN FOR SALARIED
EMPLOYEES
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Date:
June 27, 2008
|
By:
|
/s/
Stephen V. O'Neill |
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Stephen
V. O'Neill, Acting Chair
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Ford
Motor Company Savings and Stock Investment Plan for Salaried Employees
Committee
|
EXHIBIT
INDEX
|
Designation
|
Description
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|
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|
|
|
Consent
of Plante & Moran, PLLC
|
Ford
Motor Company
Savings
and Stock Investment Plan
for
Salaried Employees
Financial
Report
December 31,
2007
|
|
Contents
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Report
Letter
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1
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| |
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Statement
of Net Assets Available for Benefits
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2
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| |
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Statement
of Changes in Net Assets Available for Benefits
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3
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| |
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Notes
to Financial Statements
|
4-15
|
| |
|
|
Schedule
of Assets Held at End of Year
|
Schedule
1
|
Report of
Independent Registered Public Accounting Firm
To the
Participants and Administrator
Ford
Motor Company Savings and Stock
Investment
Plan for Salaried Employees
We have
audited the accompanying statement of net assets available for benefits of the
Ford Motor Company Savings and Stock Investment Plan for Salaried Employees as
of December 31, 2007 and 2006 and the related statement of changes in net
assets available for benefits for the year ended December 31,
2007. These financial statements are the responsibility of the Plan’s
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require
that we plan and perform the audits to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our
opinion, the financial statements referred to above present fairly, in all
material respects, the net assets of the Plan as of December 31, 2007 and
2006, and the changes in net assets for the year ended December 31, 2007,
in conformity with accounting principles generally accepted in the United States
of America.
Our
audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedule of
assets held at end of year as of December 31, 2007 is presented for the
purpose of additional analysis and is not a required part of the basic financial
statements but is supplementary information required by the Department of
Labor’s Rules and Regulations for Reporting and Disclosure under the Employee
Retirement Income Security Act of 1974. The supplemental schedule is
the responsibility of the Plan's management. This supplemental
schedule has been subjected to the auditing procedures applied in the audits of
the basic financial statements and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements taken as a
whole.
/s/ Plante & Moran, PLLC
Southfield,
Michigan
June 25,
2008
Ford
Motor Company Savings and Stock Investment Plan for Salaried
Employees
Statement
of Net Assets Available for Benefits
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|
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December 31
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2007
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2006
|
|
|
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Assets
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|
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|
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|
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Participant-directed
Investments:
|
|
|
|
|
|
|
Investment
in Ford Defined Contribution Plans Master Trust (Note
3)
|
|
$ |
7,130,692,441 |
|
|
$ |
8,043,470,420 |
|
|
Participant
loans
|
|
|
79,321,678 |
|
|
|
92,988,736 |
|
| |
|
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|
|
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|
|
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Net
Assets Reflecting All Investments at Fair Value
|
|
|
7,210,014,119 |
|
|
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8,136,459,156 |
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|
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|
|
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Adjustment
from Fair Value to Contract Value for Fully Benefit-Responsive
Investment Contracts
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|
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2,562,876 |
|
|
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20,376,579 |
|
|
|
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|
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Net
Assets Available for Benefits
|
|
$ |
7,212,576,995 |
|
|
$ |
8,156,835,735 |
|
See Notes to Financial Statements
Ford
Motor Company Savings and Stock Investment Plan for Salaried
Employees
Statement
of Changes in Net Assets Available for Benefits
Year
Ended December 31, 2007
|
Additions
|
|
|
|
|
Employee
contributions
|
|
$ |
258,244,705 |
|
|
Employer
contributions
|
|
|
36,147,034 |
|
|
|
|
|
|
|
|
Total
contributions
|
|
|
294,391,739 |
|
|
|
|
|
|
|
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Net
investment gain from interest in Ford Defined Contribution
Plans
|
|
|
|
|
|
Master
Trust (Note 3)
|
|
|
376,792,505 |
|
|
Interest
on participant loans
|
|
|
5,809,564 |
|
|
|
|
|
|
|
|
Total
additions
|
|
|
676,993,808 |
|
|
|
|
|
|
|
|
Deductions
|
|
|
|
|
|
Withdrawal
of participants' accounts
|
|
|
(1,620,278,661 |
) |
|
Administrative
expenses
|
|
|
(973,887 |
) |
|
|
|
|
|
|
|
Total
deductions
|
|
|
(1,621,252,548 |
) |
|
|
|
|
|
|
|
Net
Decrease in Net Assets Available for Benefits
|
|
|
(944,258,740 |
) |
|
|
|
|
|
|
|
Net
Assets Available for Benefits
|
|
|
|
|
|
Beginning
of year
|
|
|
8,156,835,735 |
|
|
|
|
|
|
|
|
End
of year
|
|
$ |
7,212,576,995 |
|
See Notes
to Financial Statements.
Ford
Motor Company Savings and Stock Investment Plan for Salaried
Employees
Notes
to Financial Statements
December 31,
2007 and 2006
Note
1 - Description of the Plan
The
following description of the Ford Motor Company Savings and Stock Investment
Plan for Salaried Employees (the “Plan”) provides only general
information. Participants should refer to the provisions of the Plan,
which are governed in all respects by the detailed terms and conditions
contained in the plan document. The Plan was established effective
February 1, 1956.
Type and Purpose of the Plan -
The Plan is a defined contribution plan established to encourage and facilitate
systematic savings and investment by eligible salaried employees of Ford Motor
Company (the “Company”) and to provide them with an opportunity to become
stockholders of the Company. The Plan includes provisions for voting
shares of Company stock. It is subject to certain provisions of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
applicable to defined contribution pension plans.
Eligibility - With certain
exceptions, regular full-time salaried employees are eligible to participate in
the Plan on the first day of the second month following the original date of
hire. Participants are eligible for any applicable company matching
contributions twelve months following their original date of
hire. Certain other part-time and temporary employees also may be
eligible to participate in the Plan. Participation in the Plan is
voluntary.
Contributions - Participants
can contribute to the Plan on both a pre-tax and after-tax basis, subject to
federal tax law and plan limits. Participants may also elect to
contribute all, or a portion, of their distributions under the Company’s
Performance Bonus Plan and the Ford Financial Variable Incentive Plan. A
contribution in an amount corresponding to each election is made by the Company
to the Plan on the participant’s behalf. Subject to limits under the
Internal Revenue Code of 1986, as amended (the "Code"), pre-tax contributions
are excluded from the participant’s federal and most state and local taxable
income. Effective July 1, 2005, the Company suspended matching contributions.
Effective June 1, 2007, the Company reinstated matching contributions at a rate
of $0.60 for each dollar contributed up to 5 percent of participants’ base
salary deferred.
Subject
to company approval, participants may elect to roll over amounts from other
qualifying plans or arrangements in accordance with the Code. For the
year ended December 31, 2007, transfers from other qualifying plans or
arrangements totaled approximately $4,940,000, which are included in employee
contributions in the statement of changes in net assets available for
benefits.
Ford
Motor Company Savings and Stock Investment Plan for Salaried
Employees
Notes
to Financial Statements
December 31,
2007 and 2006
Note
1 - Description of the Plan (Continued)
Activity
for participants in the Ford Stock Fund who have elected to receive dividends
paid in the form of cash instead of purchasing additional shares is reported in
the statement of changes in net assets available for benefits. No
dividends were made by the Company during the plan year ended December 31,
2007.
Participant Accounts - A
participant’s account balance is comprised of employee contributions, company
contributions, if any, and investment income earned from the individual
investment options selected by the participant. Certain investment
options will charge a fee on short-term transfers, which is paid from the
participant’s account. The benefit to which a participant is entitled
is determined from the participant’s vested account balance.
Vesting and Distribution -
Participants are fully vested in account balances related to their pre-tax and
after-tax contributions and earnings thereon. Pre-tax assets,
after-tax assets, and assets resulting from company matching contributions are
accounted for separately.
Company
matching contributions vest three years after the original date of
hire. At that time, all assets attributable to company matching
contributions held in participants’ accounts become vested, and all future
contributions vest when they are made. In-service withdrawals of
vested company matching contributions are permissible for participants who are
at least 59-1/2 years of age. Withdrawal of such contributions for
participants less than 59-1/2 years of age is limited to those contributions
that have been in the Plan for two years following the end of the year in which
the contributions were made.
Pre-tax
assets may not be withdrawn by participants until the termination of their
employment or until they reach 59-1/2 years of age, except in the case of
personal financial hardship.
Unmatched
after-tax assets can be withdrawn at any time without restriction. Withdrawal of
matched after-tax assets that have been in the Plan for less than two years will
result in a suspension from making contributions to the Plan for a period of 12
months.
Master Trust Investment Options and
Participation - Participant contributions and company matching
contributions are invested in accordance with the participant’s election in one
or more investments, which are held in the Ford Defined Contribution Plans
Master Trust (the “Master Trust”) (see Note 3). If the participant
does not select an investment option for company matching contributions, they
will be invested in the plan
default investment option. The Plan default investment was the
Interest Income Fund in 2007. Effective March 19, 2008, the Plan
default investment was changed to a target-date retirement fund.
Ford
Motor Company Savings and Stock Investment Plan for Salaried
Employees
Notes
to Financial Statements
December 31,
2007 and 2006
Note
1 - Description of the Plan (Continued)
Participants
may transfer vested and unvested company matching contributions into other
available Master Trust investment options, subject to exchange restrictions
imposed by the various investment options.
Transfer of Assets - The Plan
permits the transfer of assets among investment options held by the Master
Trust, subject to certain trading restrictions imposed on some of the investment
options.
Participant Loans - The Plan
permits loans to participants from both their pre-tax and after-tax
accounts. Monthly loan interest rates are based on the prime rate
published in The Wall Street Journal on the last business day of the prior
month.
A
participant is eligible to take out one loan per calendar year and to have only
four loans outstanding at any one time. Regular loans may be for a
minimum of one year, but not exceeding five years. Home loans may be
for a period of ten years. Loans that are considered to be in default
by the Plan are reclassified as withdrawals.
Forfeitures and Plan Administration
Expenses - The Plan permits the Company to use assets forfeited by
participants to pay plan administrative expenses and, to the extent not used to
pay such expenses, to reduce the Company’s future contributions to the
Plan. To the extent that forfeited assets are not available to pay
certain administrative expenses, the Company pays such expenses
directly.
Related-Party Transactions -
Certain Master Trust investment options are mutual funds and other investment
products managed by Fidelity Management and Research Company, which is a wholly
owned subsidiary of FMR Corp. Fidelity Management Trust Company, also
a wholly owned subsidiary of FMR Corp., is the trustee as defined by the
Plan. Fidelity Investments Institutional Operations Company, Inc.,
also a wholly owned subsidiary of FMR Corp., is the third-party administrator
for the Plan. Additionally, Barclays Global Investors and Comerica
Bank are paid investment management fees by the Company on behalf of the
Plan. Fees paid to these entities for trustee, administrative, and
other fees qualify as related party transactions.
Ford
Motor Company Savings and Stock Investment Plan for Salaried
Employees
Notes
to Financial Statements
December 31,
2007 and 2006
Note
2 - Summary of Significant Accounting Policies
Basis of Accounting - The
financial statements of the Plan are prepared under the accrual method of
accounting.
Investments - The mutual funds
are recorded at fair value based on the net asset value of the shares
held. The investment in the Ford Stock Fund and the investments in
all other funds, except the Interest Income Fund, are valued on the basis of
quoted year-end market prices. The Interest Income Fund, which
invests in fully-benefit responsive guaranteed and synthetic investment
contracts, is stated at contract value. Contract value represents
investments at cost, plus accrued interest income, less amounts withdrawn to pay
benefits. The fair value of these investment contracts is based on
discounting related cash flows utilizing current yields of similar investments
with comparable durations. The common and commingled institution pool
investments are stated at the aggregate market value of the individual
collective pools included in each respective fund, based on the fair value of
the underlying assets. Participant loans are valued at cost, which approximates
fair value.
The fair
value of the Plan's interest in the Master Trust is based on the beginning of
the year value of the Plan's interest in the trust, plus actual contributions
and allocated investment income, less actual distributions and allocated
administrative expense (see Note 3). The average S&P and Moody’s
credit quality ratings for the underlying investments of the Interest Income
Fund were the equivalent of AA-/Aa3 or higher during 2007.
Purchases
and sales of investments by the Master Trust are reflected on a trade-date
basis. Dividend income is recorded on the ex-dividend
date. Income from other investments of the Master Trust is recorded
as earned on an accrual basis.
Investment Contracts - The
Master Trust, through its investment in the Interest Income Fund, invests in
synthetic investment contracts (synthetic GICs). A synthetic GIC is a
wrap contract paired with an underlying investment or investments, usually a
portfolio, owned by the Master Trust, of high-quality, short to
intermediate-term fixed income securities and money market
account. The Master Trust purchases a wrap contract from financial
services institutions.
Ford
Motor Company Savings and Stock Investment Plan for Salaried
Employees
Notes
to Financial Statements
December 31,
2007 and 2006
Note
2 - Summary of Significant Accounting Policies (Continued)
A
synthetic GIC contract credits a stated interest rate for a specified period of
time. Investment gains and losses are amortized over the expected
duration through the calculation of the interest rate applicable to the Master
Trust on a prospective basis. Synthetic GICs provide for a variable
crediting rate, which resets annually, and the issuer of the wrap contract
provides assurance that future adjustments to the crediting rate cannot result
in a crediting rate less than zero. The crediting rate is primarily
based on the current yield-to-maturity of the covered investments, plus or minus
amortization of the difference between the market value and contract value of
the covered investments over the duration of the covered investments at the time
of computation.
The
crediting rate is most impacted by the change in the annual effective yield to
maturity of the underlying securities, but is also affected by the differential
between the contract value and the market value of the covered
investments. This difference is amortized over the duration of the
covered investments. Depending on the change in duration from reset
period to reset period, the magnitude of the impact to the crediting rate of the
contract to market difference is heightened or lessened. The
crediting rate can be adjusted periodically and is usually adjusted annually,
but in no event is the crediting rate less than 0 percent.
Certain
events limit the ability of the Master Trust to transact at contract value with
the insurance company and the financial institution issuer. Such
events include the following: (i) amendments to the plan documents (including
complete or partial plan termination or merger with another plan); (ii) changes
to the Plan’s prohibition on competing investment options or deletion of equity
wash provisions; (iii) bankruptcy of the plan sponsor or other plan sponsor
events (e.g. divestitures or spin-offs of a subsidiary) which cause a
significant withdrawal from the Plan; or (iv) the failure of the Master Trust to
qualify for exemption from federal income taxes or any required exemption of
prohibited transaction under ERISA. Except as otherwise provided
herein, the plan administrator does not believe that the occurrence of any such
event, which would limit the Master Trust’s ability to transact at contract
value, is probable. The plan administrator is presently determining
whether a partial plan termination occurred in 2007; however, in such event, the
Master Trust’s ability to transact at contract value has not been, nor should
be, limited.
Ford
Motor Company Savings and Stock Investment Plan for Salaried
Employees
Notes
to Financial Statements
December 31,
2007 and 2006
Note
2 - Summary of Significant Accounting Policies (Continued)
The
synthetic investment contracts generally impose conditions on both the Master
Trust and the issuer. If an event of default occurs and is not cured,
the non-defaulting party may terminate the contract. The following
may cause the Master Trust to be in default: a breach of material obligation
under the contract; a material misrepresentation; or a material amendment to the
plan agreement. The issuer may be in default if it breaches a
material obligation under the investment contract; makes a material
misrepresentation; has a decline in its long-term credit rating below a
threshold set forth in the contract; is acquired or reorganized and the
successor issuer does not satisfy the investment or credit guidelines applicable
to issuers. If, in the event of default of an issuer, the Master
Trust were unable to obtain a replacement investment contract, withdrawing plans
may experience losses if the value of the Master Trust’s assets no longer
covered by the contract is below contract value. The Master Trust may
seek to add additional issuers over time to diversify the Master Trust’s
exposure to such risk, but there is no assurance the Master Trust may be able to
do so. The combination of the default of an issuer and an inability
to obtain a replacement agreement could render the Master Trust unable to
achieve its objective of maintaining a stable contract value. The
terms of an investment contract generally provide for settlement of payments
only upon termination of the contract or total liquidation of the covered
investments. Generally, payments will be made pro-rata, based on the
percentage of investments covered by each issuer. Contract
termination occurs whenever the contract value or market value of the covered
investments reaches zero or upon certain events of default.
If the
contract terminates due to issuer default (other than a default occurring
because of a decline in its rating), the issuer will generally be required to
pay to the Master Trust the excess, if any, of contract value over market value
on the date of termination. If a synthetic GIC terminates due to a
decline in the ratings of the issuer, the issuer may be required to pay to the
Master Trust the cost of acquiring a replacement contract (i.e.
replacement cost) within the meaning of the contract. If the contract
terminates when the market value equals zero, the issuer will pay the excess of
contract value over market value to the Master Trust to the extent necessary for
the Master Trust to satisfy outstanding contract value withdrawal
requests. Contract termination also may occur by either party upon
election and notice.
Ford
Motor Company Savings and Stock Investment Plan for Salaried
Employees
Notes
to Financial Statements
December 31,
2007 and 2006
Note
2 - Summary of Significant Accounting Policies (Continued)
Since
synthetic GICs are fully benefit-responsive, contract value is the relevant
measurement attribute for that portion of the net assets available for benefits
attributable to the synthetic GICs. Contract value represents
contributions made under the contract, plus earnings, less participant
withdrawals and administrative expenses. Participants may ordinarily
direct the withdrawal or transfer of all or a portion of their investment at
contract value.
|
|
|
2007
|
|
|
2006
|
|
|
Average
yield for synthetic GICs:
|
|
|
|
|
|
|
|
Based
on actual earnings
|
|
|
4.93 |
% |
|
|
5.15 |
% |
|
Based
on interest rate credited to participants
|
|
|
4.22 |
% |
|
|
3.73 |
% |
Contributions - Contributions
to the Plan from participants and, when applicable, from the Company and
participating subsidiaries (as defined in the Plan) are recorded in the period
that payroll deductions are made from plan participants.
Payment of Benefits - Benefits
are recorded when paid.
Use of Estimates - The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires plan management to
make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of additions and deductions
during the reporting period. Actual results could differ from those
estimates.
Risks and Uncertainties - The
Master Trust’s invested assets consist of company stock, equity and fixed income
mutual funds, equity and fixed income commingled institutional pools, and
synthetic GIC investments. Investment securities are exposed to
various risks, such as interest rate, market, and credit.
Due to
the level of risk associated with certain investment securities and the level of
uncertainty related to changes in the value of investment securities, it is at
least reasonably possible that changes in risks in the near term could
materially affect participants’ account balances and the amounts reported in the
financial statements.
Ford
Motor Company Savings and Stock Investment Plan for Salaried
Employees
Notes
to Financial Statements
December 31,
2007 and 2006
Note
2 - Summary of Significant Accounting Policies (Continued)
Basis of Accounting - The
Financial Accounting Standards Board Staff Position AAG INV-1 and SOP 94-4-1,
Reporting of Fully
Benefit-Responsive Investment Contracts Held by Certain Investment Companies
Subject to the AICPA Investment Company Guide and Defined-Contribution Health
and Welfare and Pension Plans, requires the Statement of Net Assets
Available for Benefits to present the fair value of the investment contracts as
well as the adjustment of the fully benefit-responsive investment contracts from
fair value to contract value. The related activity is presented at contract
value in the Statement of Changes in Net Assets Available for
Benefits.
New Accounting
Pronouncement - In
September 2006, the Financial Accounting Standards Board (FASB) issued Statement
of Financial Accounting Standards No. 157, Fair Value Measurements
("SFAS 157"). SFAS 157 defines fair value, establishes a framework
for measuring fair value in accordance with generally accepted accounting
principles, and expands disclosures about fair value
measurements. The provisions of SFAS 157 are effective for the fiscal
year beginning after November 15, 2007. The Company is currently
evaluating the impact, if any, of the provisions of SFAS 157 on the Plan's
financial statements.
Note
3 - The Master Trust
The
Company established the Master Trust pursuant to a trust agreement between the
Company and Fidelity Management Trust Company, as trustee of the funds, in order
to permit the commingling of trust assets of several employee benefit plans for
investment and administrative purposes. The assets of the Master
Trust are held by Fidelity Management Trust Company.
Employee
benefit plans participating in the Master Trust as of December 31, 2007 and
2006 include the following defined contribution plans:
|
|
·
|
Ford
Motor Company Savings and Stock Investment Plan for Salaried
Employees
|
|
|
·
|
Ford
Motor Company Tax-Efficient Savings Plan for Hourly
Employees
|
All
transfers to, withdrawals from, or other transactions regarding the Master Trust
shall be conducted in such a way that the proportionate interest in the Master
Trust of each plan and the fair market value of that interest may be determined
at any time.
Ford
Motor Company Savings and Stock Investment Plan for Salaried
Employees
Notes
to Financial Statements
December 31,
2007 and 2006
Note
3 - The Master Trust (Continued)
The
interest of each such plan shall be debited or credited (as the case may be) (i)
for the entire amount of every contribution received on behalf of such plan
(including participant contributions), every distribution, or other expense
attributable solely to such plan, and every other transaction relating only to
such plan; and (ii) for its proportionate share of every item of collected or
accrued income, gain or loss, and general expense, and of any other transactions
attributable to the Master Trust or that investment option as a
whole.
A summary
of the net assets of the Master Trust as of December 31, 2007 and 2006 is
as follows:
|
|
|
2007
|
|
|
2006
|
|
|
|
|
|
|
|
|
|
|
Investments
- fair value:
|
|
|
|
|
|
|
|
Ford
Stock Fund
|
|
$ |
1,854,290,127 |
|
|
$ |
2,313,226,756 |
|
|
Mutual
funds
|
|
|
4,734,768,356 |
|
|
|
5,284,358,257 |
|
|
Common
and commingled institutional pools
|
|
|
1,506,984,056 |
|
|
|
1,521,490,902 |
|
|
Interest
Income Fund, at contract value
|
|
|
2,573,968,656 |
|
|
|
2,754,509,710 |
|
|
Payables
and unsettled trades
|
|
|
1,847,043 |
|
|
|
(1,199,765 |
) |
|
|
|
|
|
|
|
|
|
|
|
Total
master trust net assets
|
|
$ |
10,671,858,238 |
|
|
$ |
11,872,385,860 |
|
During
the year ended December 31, 2007, the Master Trust investment gain was
comprised of the following:
|
Net
appreciation (depreciation):
|
|
|
|
|
Mutual
funds
|
|
$ |
3,437,691 |
|
|
Common
and commingled institutional pools
|
|
|
159,644,219 |
|
|
Ford
Stock Fund
|
|
|
(178,910,641 |
) |
|
|
|
|
|
|
|
Total
net depreciation
|
|
|
(15,828,731 |
) |
|
|
|
|
|
|
|
Interest
and dividend income
|
|
|
506,235,715 |
|
|
|
|
|
|
|
|
Total
master trust investment gain
|
|
$ |
490,406,984 |
|
Ford
Motor Company Savings and Stock Investment Plan for Salaried
Employees
Notes
to Financial Statements
December 31,
2007 and 2006
Note
3 - The Master Trust (Continued)
The Ford
Stock Fund is a unitized account that is comprised exclusively of Ford Motor
Company common stock, except a small portion of the fund that is invested in
cash or a cash equivalent or other short term investments to provide liquidity
for daily activity.
The Ford
Stock Fund consists of assets from the following sources: employee contributions
(including rollovers), employee loan repayments, exchanges into the fund from
other investment options, Company matching contributions (vested and unvested),
earnings and dividends. All participant assets are
self-directed.
The
Plan's interest in the Master Trust represented approximately 67 percent and 68
percent of the total assets in the Master Trust at December 31, 2007 and
2006, respectively.
A summary
of the net assets of the Plan as of December 31, 2007 and 2006 is as
follows:
|
|
|
2007
|
|
|
2006
|
|
|
|
|
|
|
|
|
|
|
Investments
- fair value:
|
|
|
|
|
|
|
|
Ford
Stock Fund
|
|
$ |
1,096,708,497 |
|
|
$ |
1,421,516,383 |
|
|
Mutual
funds
|
|
|
3,438,799,408 |
|
|
|
3,862,693,485 |
|
|
Common
and commingled institutional pools
|
|
|
1,089,769,371 |
|
|
|
1,104,020,030 |
|
|
Interest
Income Fund, at contract value
|
|
|
1,506,739,761 |
|
|
|
1,676,432,941 |
|
|
Payables
and unsettled trades
|
|
|
1,238,280 |
|
|
|
(815,840 |
) |
|
|
|
|
|
|
|
|
|
|
|
Total
plan net assets
|
|
$ |
7,133,255,317 |
|
|
$ |
8,063,846,999 |
|
Ford
Motor Company Savings and Stock Investment Plan for Salaried
Employees
Notes
to Financial Statements
December 31,
2007 and 2006
Note
3 - The Master Trust (Continued)
During
the year ended December 31, 2007, the plan investment gain was comprised of
the following:
|
Net
appreciation (depreciation):
|
|
|
|
|
Mutual
funds
|
|
$ |
6,733,539 |
|
|
Common
and commingled institutional pools
|
|
|
115,373,300 |
|
|
Ford
Stock Fund
|
|
|
(101,492,814 |
) |
|
|
|
|
|
|
|
Total
net appreciation
|
|
|
20,614,025 |
|
|
|
|
|
|
|
|
Interest
and dividend income
|
|
|
356,178,480 |
|
|
|
|
|
|
|
|
Total
plan investment gain
|
|
$ |
376,792,505 |
|
Note
4 - Tax Status
The
Internal Revenue Service (IRS) has determined and informed the Company by letter
dated July 8, 2003, that the Plan is designed in accordance with applicable
sections of the Code. The Plan has since been amended and restated
through February 22, 2008. The Company believes that the Plan is
currently designed and being operated in compliance with the Code. Therefore, no
provision for income taxes has been included in the Plan’s financial
statements.
Note
5 - Administration of Plan Assets
The
Master Trust assets are held by the trustee of the Plan, Fidelity Management
Trust Company.
Certain
administrative functions are performed by officers or employees of the Company
or its subsidiaries. No such officer or employee receives
compensation from the Plan, nor does the Company allocate any costs to the
Plan.
Ford
Motor Company Savings and Stock Investment Plan for Salaried
Employees
Notes
to Financial Statements
December 31,
2007 and 2006
Note
6 - Plan Termination
The
Company, by action of the Board of Directors, may terminate the Plan at any
time. Termination of the Plan would not affect the rights of a
participant as to (a) the continuance of investment, distribution or withdrawal
of the securities, cash and cash value of the Ford Stock Fund units in the
account of the participant as of the effective date of such termination, or (b)
the continuance of vesting of such securities and cash attributable to Company
matching contributions or earnings thereon. Upon termination of the
Plan, participants would become fully vested. In the event of
termination all loans would become due immediately upon such termination. There
are currently no plans to terminate the Plan.
Note
7 - Reconciliation to Form 5500
The net
assets on the financial statements differ from the net assets on Form 5500 due
to the synthetic GICs held in the Master Trust being recorded at contract value
on the financial statements and at fair value on Form 5500. The net
assets on the financial statements were higher than those on Form 5500 at
December 31, 2007 and 2006 by $2,562,876 and $20,376,579,
respectively. Additionally, the investment income on Form 5500 for
the year ended December 31, 2007 is higher than the financial statements by
$17,813,703 and lower by $20,376,579 for the year ended December 31,
2006.
Ford
Motor Company Savings and Stock Investment Plan for Salaried
Employees
Schedule
of Assets Held at End of Year
Form
5500, Schedule H, Item 4i
EIN
38-0549190, Plan 010
December 31,
2007
|
(a)(b)
Identity of Issuer, Lessor,
Borrower, or Similar Party
|
|
|
(c)
Description of Investment, Including Maturity
Date, Rate of Interest, Collateral, Par, or Maturity
Value
|
|
|
(d)
Cost
|
|
|
(e)
Current Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| *
Participants |
|
|
Participant
loans bearing interest at rates ranging from 4.0
percent to 12.5 percent
|
|
|
-
|
|
|
$ |
79,321,678 |
|
* Denotes
party in interest