Ford Motor Co 8-K, filed Jun 28, 2021
Ford Motor Co (F)
8-K
2021-06-28
For: 2021-06-25
View Original
Added on
April 08, 2026
About this 8-K
Ford Motor Co filed this 8-K on June 28, 2021, reporting on events of June 25, 2021.
Items reported
- Item 2.05: Exit or restructuring costs
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: June 25, 2021
(Date of earliest event reported)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation)
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Registrant’s telephone number, including area code 313 -322-3000
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(17 CFR 240.14d-2(b))
(17 CFR 240.13e-4(c))
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Emerging growth company ☐
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Item 2.05. Costs Associated With Exit or Disposal Activities.
Ford Motor Company’s (“Ford”) wholly owned subsidiary, Ford Motor Credit Company LLC (“Ford Credit”), announced today the June 25, 2021 plan of its subsidiaries in Brazil and Argentina to cease originating receivables by the end of 2021 and begin the process of selling or otherwise winding down their operations in those markets. Affected employees were notified today.
In connection with this announcement, Ford currently expects to record pre-tax charges of up to $375 million. The charges will primarily be non-cash, including up to $365 million of foreign currency translation losses (to be treated as a special item) expected to be recognized upon the sale, transfer, or substantially complete liquidation of Ford Credit’s subsidiaries in Brazil and Argentina. Although the timing for the completion of these actions has yet to be determined, Ford expects most of these losses to be recognized in 2021. About $10 million will be paid in cash for employee separations, with the majority paid in 2021.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| FORD MOTOR COMPANY | ||||||||
| (Registrant) | ||||||||
| Date: June 28, 2021 | By: | /s/ David J. Witten | ||||||
| David J. Witten | ||||||||
| Assistant Secretary | ||||||||