Ford Motor Co. said it will take a one-time pretax charge of$800 million because the inability to exchange U.S. dollars forVenezuelan bolivars has restricted operations in the South Americancountry.
Ford's US$500 million cash balance in its Venezuelan operationswill no longer be included in the company's automotive gross cash,the company said today in a filing. The automaker said it willcount cash and income from Venezuelan operations only when theparent company is paid for parts sold to the unit or it paysdividends to the parent.
The second-largest U.S. automaker said the charge will reduceits fourth quarter net income by about $700 million, but it doesn'taffect the full-year pretax profit forecast of about $6billion.
Continue Reading for Free
Register and gain access to:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world cas studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
