form11-k.htm
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D. C. 20549
FORM
11-K
(Mark
One)
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[X]
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ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE
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SECURITIES
EXCHANGE ACT OF 1934
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For
the fiscal year ended December 31, 2006
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[ ]
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TRANSITION
REPORT PURSUANT TO SECTION 15(d) OF THE
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SECURITIES
EXCHANGE ACT OF 1934
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For
the transition period
from to
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Commission
File Number: 1-3950
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FORD
MOTOR COMPANY TAX-EFFICIENT
SAVINGS
PLAN FOR HOURLY 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, 2006 and December 31, 2005.
Statement
of Changes in Net Assets
Available for Benefits for the year ended December 31, 2006.
Schedule
I – Schedule of Assets Held at
End of Year as of December 31, 2006.
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 Tax-Efficient Savings
Plan for Hourly 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 TAX-EFFICIENT SAVINGS
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PLAN
FOR HOURLY EMPLOYEES |
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Date:
June 27, 2007
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By:
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/s/Mickey
Bartlett
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Mickey
Bartlett, Chair
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Ford
Motor Company Tax-Efficient Savings Plan
for
Hourly Employees Committee
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EXHIBIT
INDEX
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Designation
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Description
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Exhibit
23
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Consent
of Plante & Moran, PLLC
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Ford
Motor Company
Tax-Efficient
Savings Plan for
Hourly
Employees
Financial
Report
December 31,
2006
Ford
Motor Company
Tax-Efficient
Savings Plan for Hourly Employees
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Contents
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Report
Letter
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1
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Statement
of Net Assets Available for Benefits
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2
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Statement
of Changes in Net Assets Available for Benefits
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3
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Notes
to Financial Statements
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4-13
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Schedule
of Assets Held at End of Year
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Schedule
1
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Report
of
Independent Registered Public Accounting Firm
To
the
Participants and Administrator of
the
Ford
Motor Company Tax-Efficient
Savings
Plan for Hourly Employees
We
have
audited the accompanying statements of net assets available for benefits of
the
Ford Motor Company Tax-Efficient Savings Plan for Hourly Employees as of
December 31, 2006 and 2005 and the related statement of changes in net assets
available for benefits for the year ended December 31, 2006. 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 audit 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, 2006 and 2005,
and the changes in net assets for the year ended December 31, 2006 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, 2006 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. This 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
22,
2007
Ford
Motor Company
Tax-Efficient
Savings Plan for Hourly Employees
Statement
of Net Assets Available for Benefits
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December
31
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2006
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2005
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Assets
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Participant-directed
Investments:
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Investment
in Ford Defined Contribution Plans Master Trust (Note 3)
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$ |
3,775,576,491
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$ |
3,688,200,857
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Participant
loans
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222,179,784
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233,707,387
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Total
Investments
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3,997,756,275
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3,921,908,244
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Contributions
receivable
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3,309,640
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-
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Net
Assets Reflecting All Investments at Fair Value
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4,001,065,915
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3,921,908,244
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Adjustment
from Fair Value to Contract Value for Fully Benefit-Responsive Investment
Contracts
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13,099,673
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(4,458,738 |
) |
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Net
Assets Available for Benefits
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$ |
4,014,165,588
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$ |
3,917,449,506
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See
Notes
to Financial Statements
Ford
Motor Company
Tax-Efficient
Savings Plan for Hourly Employees
Statement
of Changes in Net Assets Available for Benefits
Year
Ended December 31, 2006
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Additions
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Employee
contributions
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$ |
250,744,323
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Net
investment gain from interest in Ford Defined Contribution Plans
Master
Trust (Note 3)
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282,177,615
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Interest
on participant loans
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11,482,338
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Total
additions
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544,404,276
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Deductions
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Withdrawal
of participants' accounts
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$ |
(441,817,104 |
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Ford
Stock dividend payments to participants
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(5,110,522 |
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Administrative
expenses
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(760,568 |
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Total
deductions
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(447,688,194 |
) |
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Net
Increase in Net Assets Available for Benefits
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96,716,082
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Net
Assets Available for Benefits
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Beginning
of year
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3,917,449,506
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End
of year
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$ |
4,014,165,588
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See Notes
to Financial
Statements
Ford
Motor Company
Tax-Efficient
Savings Plan for Hourly Employees
Notes
to Financial Statements
December
31, 2006 and 2005
Note
1 - Description of the Plan
The
following description of the Ford Motor CompanyTax-Efficient Savings Plan for
Hourly Employees (the “Plan”) provides only general information. The
Plan was established effective January 1, 1985. Participants should
refer to the provisions of the Plan that are governed in all respects by the
detailed terms and conditions contained in the Tax Efficient Savings Agreement
and Plan in Volume III of the agreement between the UAW and the Ford Motor
Company (the “Company”) dated September 15, 2003.
Type
and Purpose of the Plan - The Plan is a defined contribution plan
established to encourage and facilitate systematic savings and investment by
eligible hourly employees of 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
and Vesting - Hourly employees are eligible to participate in the Plan
three months after their original date of hire. Certain other
part-time and temporary employees may also be eligible to participate in the
Plan. Participation in the Plan is voluntary. Employees
are immediately 100 percent vested in the Plan.
Contributions
- Participants can contribute to the Plan on both a pretax and after-tax basis,
subject to federal tax law limits. Participants may also elect to
contribute all, or a portion of their distributions under the Company’s Profit
Sharing Plan to the Plan on a pretax basis. Pretax contributions are
excluded from participant’s federal and most state and local taxable
income.
Subject
to Ford Motor Company approval, participants may elect to roll over amounts
from
other qualifying plans or arrangements in accordance with the Internal Revenue
Code of 1986, as amended (the "Code"). For the year ended
December 31, 2006, transfers from other qualifying plans or arrangements
amounted to approximately $1,366,000 which are included in employee
contributions in the statement of changes in net assets available for
benefits.
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.
Ford
Motor Company
Tax-Efficient
Savings Plan for Hourly Employees
Notes
to Financial Statements
December
31, 2006 and 2005
Note
1 - Description of the Plan (Continued)
Participant
Accounts - A participant’s account balance is comprised of their
contributions 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.
Distributions
- Plan 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. After-tax assets can be withdrawn at any
time without restriction.
Master
Trust Investment Options and Participation - Participant 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).
Transfers
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 pretax
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 are for
a period of ten years.
Participant
loans are included in the statements of net assets available for benefits.
Loans
that are considered to be in default by the Plan are reclassified as
withdrawals.
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 World
Asset Management 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
Tax-Efficient
Savings Plan for Hourly Employees
Notes
to Financial Statements
December
31, 2006 and 2005
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 and common/collective trust funds are at net asset value
of
the shares/units 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 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 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 (Note
3) Participant loans are valued at cost, which approximates fair
value. The average S&P and Moody’s credit quality ratings for the
underlying investments of the Interest Income Fund were the equivalent of AA-
or
higher during 2006. The Common Stock Index Fund and the U.S. Extended
Market Index Fund are stated at the aggregate market value of the individual
collective pools included in each respective fund.
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. The
Master Trust purchases a wrap contract from financial services
institutions. 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 the 0 percent.
Ford
Motor Company
Tax-Efficient
Savings Plan for Hourly Employees
Notes
to Financial Statements
December
31, 2006 and 2005
Note
2 - Summary of Significant Accounting Policies (Continued)
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 trust to
qualify for exemption from federal income taxes or any required prohibited
transaction exemption under ERISA. 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 with participants, is
probable.
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 if 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
Tax-Efficient
Savings Plan for Hourly Employees
Notes
to Financial Statements
December
31, 2006 and 2005
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.
|
Average
yield for synthetic GICs
|
|
2006
|
|
|
2005
|
|
|
Based
on actual earnings
|
|
|
5.15 |
% |
|
|
4.89 |
% |
|
Based
on interest rate credited to participants
|
|
|
3.73 |
% |
|
|
3.57 |
% |
Contributions
- Contributions to the Plan from participants 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 stable value
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 would materially
affect participants’ account balances and the amounts reported in the statement
of net assets available for benefits and the statement of changes in net assets
available for benefits.
Ford
Motor Company
Tax-Efficient
Savings Plan for Hourly Employees
Notes
to Financial Statements
December
31, 2006 and 2005
Note
2 - Summary of Significant Accounting Policies (Continued)
Change
in Presentation -
In
December 2005, the Financial Accounting Standards Board ("FASB") issued FASB
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 ("FSP"). This FSP requires
investments in benefit-responsive investment contracts be presented at both
fair
value and contract value on the statement of net assets. The result
of the implementation of the FSP to the Plan was to decrease interest in the
Master Trust investments and to increase the adjustment from fair value to
contract value by $13,099,673 as of December 31, 2006 and to increase
investments and to decrease the adjustment from fair value to contract value
by
$4,458,738 as of December 31, 2005. There was no impact to total net
assets as of December 31, 2005.
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, 2006 and
2005 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. 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 Trust or that investment
option as a whole.
Ford
Motor Company
Tax-Efficient
Savings Plan for Hourly Employees
Notes
to Financial Statements
December
31, 2006 and 2005
Note
3 - The Master Trust (Continued)
A
summary
of the net assets of the Master Trust as of December 31, 2006 and 2005 is
as follows:
| |
|
2006
|
|
|
2005
|
|
| |
|
|
|
|
|
|
|
Investments
- fair value:
|
|
|
|
|
|
|
|
Ford
Stock Fund
|
|
$ |
2,313,226,756
|
|
|
$ |
2,656,849,064
|
|
|
Mutual
funds
|
|
|
5,284,358,257
|
|
|
|
4,681,525,641
|
|
|
Common
and commingled institutional pools
|
|
|
1,521,490,902
|
|
|
|
1,410,913,334
|
|
|
Interest
Income Fund, at contract value
|
|
|
2,754,509,710
|
|
|
|
3,046,311,471
|
|
|
Payables
and unsettled trades
|
|
|
(1,199,765 |
) |
|
|
(3,857,642 |
) |
| |
|
|
|
|
|
|
|
|
|
Total
Master Trust Net Assets
|
|
$ |
11,872,385,860
|
|
|
$ |
11,791,741,868
|
|
During
the year ended December 31, 2006, the Master Trust investment
gain was comprised of the following:
|
Net
appreciation (depreciation):
|
|
|
|
|
Mutual
funds
|
|
$ |
197,769,701
|
|
|
Common
and commingled institutional pools
|
|
|
254,974,430
|
|
|
Ford
Stock Fund
|
|
|
(68,579,782 |
) |
| |
|
|
|
|
|
Total
net appreciation
|
|
|
384,164,349
|
|
| |
|
|
|
|
|
Interest
and dividend income
|
|
|
629,936,021
|
|
| |
|
|
|
|
|
Total
Master Trust Investment Gain
|
|
$ |
1,014,100,370
|
|
Ford
Motor Company
Tax-Efficient
Savings Plan for Hourly Employees
Notes
to Financial Statements
December
31, 2006 and 2005
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 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, employer matching contributions (vested and unvested),
earnings, and dividends. All participant assets are
self-directed.
The
Plan’s interest in the Master Trust represented approximately 32 percent and 31
percent of the total assets in the Master Trust at December 31, 2006 and 2005,
respectively.
A
summary
of net assets of the Plan as of December 31, 2006 and 2005 is as
follows:
| |
|
2006
|
|
|
2005
|
|
| |
|
|
|
|
|
|
|
Investments
- fair value:
|
|
|
|
|
|
|
|
Ford
Stock Fund
|
|
$ |
891,710,373
|
|
|
$ |
964,425,255
|
|
|
Mutual
funds
|
|
|
1,405,450,294
|
|
|
|
1,216,797,148
|
|
|
Common
and commingled institutional pools
|
|
|
414,156,003
|
|
|
|
379,413,165
|
|
|
Interest
Income Fund, at contract value
|
|
|
1,077,743,419
|
|
|
|
1,124,302,422
|
|
|
Payables
and unsettled trades
|
|
|
(383,925 |
) |
|
|
(1,195,871 |
) |
| |
|
|
|
|
|
|
|
|
|
Total
Plan Net Assets
|
|
$ |
3,788,676,164
|
|
|
$ |
3,683,742,119
|
|
Ford
Motor Company
Tax-Efficient
Savings Plan for Hourly Employees
Notes
to Financial Statements
December
31, 2006 and 2005
Note
3 - The Master Trust (Continued)
During
the year ended December 31, 2006, the plan investment gain was comprised of
the following:
|
Net
appreciation (depreciation):
|
|
|
|
|
Mutual
funds
|
|
$ |
43,272,432
|
|
|
Common
and commingled institutional pools
|
|
|
68,596,332
|
|
|
Ford
Stock Fund
|
|
|
(25,993,584 |
) |
| |
|
|
|
|
|
Total
net appreciation
|
|
|
85,875,180
|
|
| |
|
|
|
|
|
Interest
and dividend income
|
|
|
196,302,435
|
|
| |
|
|
|
|
|
Total
Plan Investment Gain
|
|
$ |
282,177,615
|
|
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 April 18, 2007. 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.
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 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. In
the event of termination, all loans would become due immediately upon such
termination. There are currently no plans to terminate the
Plan.
Ford
Motor Company
Tax-Efficient
Savings Plan for Hourly Employees
Notes
to Financial Statements
December
31, 2006 and 2005
Note
7 – Reconciliation to Form 5500
The
net
assets on the financial statements differ from the net assets on the Form 5500
due to a Synthetic GIC held in the Master Trust being recorded at contract
value
on the financial statements and at fair value on the Form 5500. The
net assets on the financial statements were higher than on the Form 5500 at
December 31, 2006 by $13,099,673. Additionally, the investment income
on the Form 5500 for the year ended December 31, 2006 is lower than the
financial statements by $13,099,673.
Ford
Motor Company
Tax-Efficient
Savings Plan for Hourly Employees
Schedule
of Assets Held at End of Year
Form
5500, Schedule H, Item 4i
EIN
38-0549190, Plan 025
December 31,
2006
|
(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 11.0
percent
|
|
|
-
|
|
|
$ |
222,179,784
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
* Denotes
party in interest
|
|
|
|
|
|
|
|
|
|
|
14