SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 11-K
(Mark One)
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
X SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
- --------
For the fiscal year ended December 31, 1996
OR
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
- --------
For the transition period from to
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Commission file number 1-3950
FORD MOTOR COMPANY SAVINGS AND STOCK
INVESTMENT PLAN FOR SALARIED EMPLOYEES
(Full title of the plan)
FORD MOTOR COMPANY
The American Road
Dearborn, Michigan 48121
(Name of issuer of the securities held
pursuant to the plan and the address of
its principal executive office)
<PAGE>
-2-
Required Information
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Financial Statements and Schedules
- ----------------------------------
Statement of Net Assets Available for Plan Benefits, as of December 31,
1996 and 1995.
Statement of Changes in Net Assets Available for Plan Benefits for the Year
Ended December 31, 1996.
Schedule I - Schedule of Assets Held for Investment Purposes as of December
31, 1996.
Schedule II - Reportable Transactions for the Year Ended December 31, 1996.
Exhibit
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Designation Description Method of Filing
- ----------- ----------- ----------------
Exhibit 23 Consent of Coopers Filed with this Report.
& Lybrand L.L.P.
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 by the undersigned
thereunto duly authorized.
SAVINGS AND STOCK INVESTMENT PLAN
FOR SALARIED EMPLOYEES
By: /s/Glen Anderson
----------------------------------
Glen Anderson, Chairman
Savings and Stock Investment
Plan for Salaried Employees Committee
June 27, 1997
<PAGE>
-3-
EXHIBIT INDEX
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Sequential
Page Number
Designation Description at Which Found
- ----------- ----------- --------------
Exhibit 23 Consent of Coopers & Lybrand L.L.P.
<PAGE>
Ford Motor Company Savings and Stock Investment Plan for Salaried Employees
Index of Financial Statements and Supplemental Schedules
Pages
Report of Independent Accountants.............................................2
Financial Statements:
Statement of Net Assets Available for Plan Benefits
as of December 31, 1996 and 1995....................................3
Statement of Changes in Net Assets Available for Plan
Benefits for the Year Ended December 31, 1996.......................4
Notes to Financial Statements.........................................5-12
Supplemental Schedules:
Item 27a - Schedule of Assets Held for Investment Purposes as of
December 31,1996...............................................13-14
Item 27d - Reportable Transactions for the Year Ended
December 31, 1996..................................................15
<PAGE>
Report of Independent Accountants
To the Board of Directors of
Ford Motor Company:
We have audited the accompanying statement of net assets available for plan
benefits of the Ford Motor Company Savings and Stock Investment Plan for
Salaried Employees as of December 31, 1996 and 1995, and the related statement
of changes in net assets available for plan benefits for the year ended December
31, 1996. These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. 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 available for benefits of the Plan as of
December 31, 1996 and 1995, and the changes in net assets available for benefits
for the year ended December 31, 1996, in conformity with generally accepted
accounting principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of the Ford
Motor Company Savings and Stock Investment Plan for Salaried Employees as of
December 31, 1996, are presented for the purpose of additional analysis and are
not a required part of the basic financial statements but are 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 schedules have been subjected to the auditing procedures
applied in the audits of the basic financial statements and, in our opinion, are
fairly stated, in all material respects, in relation to the basic financial
statements taken as a whole.
/s/Coopers & Lybrand L.L.P.
Detroit, Michigan
June 6, 1997
<PAGE>
Ford Motor Company Savings and Stock Investment Plan for Salaried Employees
Statement of Net Assets Available for Plan Benefits
as of December 31, 1996 and 1995
ASSETS 1996 1995
---------------- -----------------
Investments, at fair value $ 6,882,843,309 $ 5,318,806,208
Loan funds receivable 144,371,616 125,636,605
Deposits with insurance companies
under group contracts 445,766,681 591,574,100
--------------- ---------------
Total assets $ 7,472,981,606 $ 6,036,016,913
=============== ===============
LIABILITIES AND PLAN EQUITY
Employee stock ownership plan,
loan payable $143,567,834 -
Employee stock ownership plan,
interest payable 1,013,776 -
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Total liabilities $ 144,581,610 -
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Net assets available
for plan benefits $ 7,328,399,996 $ 6,036,016,913
=============== ===============
The accompanying notes are an integral part of the financial statements.
<PAGE>
<TABLE>
<CAPTION>
Ford Motor Company Savings and Stock Investment Plan for Salaried Employees
Statement of Changes in Net Assets Available for Plan Benefits
for the year ended December 31, 1996
Stable
Ford Value Interest Common
Stock Income Income Stock Income International
Fund Fund Fund Fund Funds Funds
------------- ------------ ------------- ------------ ----------- --------------
<S> <C> <C> <C> <C> <C> <C>
Interest and dividend income $ 163,707,276 $ 35,048,785 $ 37,538,192 $ 740 $ 2,290,532 $ 3,598,534
Net appreciation (depreciation)
in fair value of investments 385,044,383 (194,952) 160,618,017 1,374,398 4,738,663
Loan repayment (principal) 9,614,859 41,849,540 2,142,777 389,655 477,327
Loan repayment (interest) 2,378,027 6,787,038 520,922 82,910 83,892
Employee contributions 35,947,174 6,261,072 8,348,837 920,322 955,575
Company contributions on behalf
of employees 116,616,363 26,684,046 39,314,476 5,335,960 6,808,637
Company matching 157,946,184
Transfer in (out) from Ford
Credit plan 152,285,870 23,258,299 19,338,703 7,938,416 2,705,308
Withdrawl of participants' (200,226,002) (32,491,907) (61,017,431) (39,567,500) (3,354,018) (1,436,607)
accounts
Net transfers between funds (472,981,980) (171,622,596) 219,025,524 (110,721,405) 15,604,213 69,855,989
Loan funds transferred (out) in (29,811,908) (18,863,527) (10,387,833) (1,308,166) (840,720)
Interest expense (16,788,353)
------------- ------------- -------------- ------------- ------------- ---------------
Net increase (decrease) in plan
equity for the year 303,731,893 (145,807,419) 277,408,205 50,269,031 29,274,222 86,946,598
Net assets available for plan
benefits, beginning of year 3,614,606,487 591,574,100 516,679,431 889,644,400 60,553,452 18,995,766
------------- ------------- -------------- ------------- ------------- ---------------
Net assets available for plan
benefits, end of year $3,918,338,380 $ 445,766,681 $ 794,087,636 $ 939,913,431 $ 89,827,674 $ 105,942,364
============== ============= ============= ============= ============= ==============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Ford Motor Company Savings and Stock Investment Plan for Salaried Employees
Statement of Changes in Net Assets Available for Plan Benefits
for the year ended December 31, 1996, Continued
Growth
Asset and
Allocation Growth Income Loan
Fund Fund Funds Fund Total
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Interest and dividend income $ 1,753,049 $ 47,517,829 $ 11,615,398 $303,070,335
Net appreciation (depreciation)
in fair value of investments 762,800 17,024,140 23,071,248 592,438,697
Loan repayment (principal) 104,964 3,214,039 845,772 $(58,638,933) -
Loan repayment (interest) 26,218 631,075 187,210 10,697,292
Employee contributions 338,866 6,060,417 2,127,295 60,959,558
Company contributions on behalf
of employees 2,107,847 43,600,406 12,781,668 253,249,403
Company matching 157,946,184
Transfer in (out) from Ford
Credit plan 544,887 52,346,366 20,621,043 8,110,134 287,149,026
Withdrawl of participants' (627,244) (10,551,109) (5,353,162) (1,714,079) (356,339,059)
accounts
Net transfers between funds 12,576,828 263,527,188 174,736,239 -
Loan funds transferred (out) in (308,249) (7,411,499) (2,045,987) 70,977,889 -
Interest expense (16,788,353)
------------ ------------ ------------ ------------- --------------
Net increase (decrease) in plan
equity for the year 17,279,966 415,958,852 238,586,724 18,735,011 1,292,383,083
Net assets available for plan
benefits, beginning of year 7,998,674 158,208,652 52,119,346 125,636,605 6,036,016,913
----------- ------------- ----------- ------------ --------------
Net assets available for plan
benefits, end of year $25,278,640 $574,167,504 $290,706,070 $144,371,616 $7,328,399,996
=========== ============ ============ ============ ==============
</TABLE>
The accompanying notes are an integral part of the financial statements.
<PAGE>
Ford Motor Company Savings and Stock Investment Plan for Salaried Employees
Notes to Financial Statements
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. The Plan was established effective February 1, 1956. The
provisions of the Plan are governed in all respects by the detailed terms
and conditions contained in the plan agreement. Participants should refer
to the plan agreement for a complete description of the Plan's
provisions.
a. 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 ("ERISA") applicable
to defined contribution pension plans.
b. Eligibility: With certain exceptions, regular full-time salaried
employees are eligible to participate in the Plan twelve months after
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.
c. Contributions: The Plan has both a Pre-Tax Program and an After-Tax
Program. Under the Plan and subject to limits required to be imposed
by the Internal Revenue Code, participants may elect a reduction in
base salary up to 15 percent. Participants may also elect reductions
in their distributions under the Company's Profit Sharing Plan and
Flexible Compensation Account program, with a contribution in an
amount corresponding to each reduction made by the Company on their
behalf to the Plan. Such contributions are excluded from the
participants' taxable income and are classified as Company
contributions on behalf of employees. Subject to limitations imposed
by the Internal Revenue Code, participants may also contribute up to
10 percent of their base monthly salaries to the Plan on an after-tax
basis. These after-tax contributions are classified as employee
contributions. The investment programs are the same for all savings
contributions.
Effective January 1, 1994, the Company began matching at the rate of
$.60 for each dollar of contributions up to 10 percent of
participants' base salaries. All Company matching contributions are
invested in the Ford Stock Fund. Contributions to the Pre-Tax Program
from the Profit Sharing Plan and Flexible Compensation Account Program
are not eligible for the Company match.
<PAGE>
1. Description of the Plan, continued:
d. Participant Accounts: Each participant's account is credited with the
participant's contributions and allocations of (a) the Company's
contribution and (b) plan earnings. Allocations are based on
participant earnings or account balances, as defined. Plan
administrative expenses are paid by the Company and not charged to
participants' accounts. The benefit to which a participant is entitled
is the benefit that can be provided from the participant's vested
account.
e. Vesting and Distributions: Pre-Tax Program assets, After-Tax Program
assets and assets resulting from Company matching contributions
(Ford Stock Fund) are accounted for separately.
Company matching contributions vest five years after the original date
of hire. At that time, all assets attributable to Company matching
contributions held in participants' accounts and all future
contributions vest when made.
Pre-Tax Program assets may not be withdrawn by participants until the
termination of their employment or until they reach age 59-1/2, except
in the case of personal financial hardship.
f. Investment Programs and Participation: Participant contributions
are invested in accordance with the participant's election in one or
more of several investment programs. The types of investment
programs, and the number of participants in each program at
December 31, 1996, are as follows:
Participants
Ford Stock 58,713
Stable Value Income Fund 21,321
Interest Income Fund 28,845
Common Stock Fund 22,661
Other 88,908
Participants may elect to contribute to the Stable Value Income Fund
which invests in contracts with an insurance company or other
organization. The insurance company or other organization agrees to
repay the principal and a stipulated rate of interest over a specified
time period. Contributions to the Stable Value Income Fund in 1995
were placed with the John Hancock Mutual Life Insurance Company at an
annual effective interest rate of 8.07 percent and mature on June 30,
1998. Contributions to the Stable Value Income Fund in 1994 were
placed with the Prudential Insurance Company of America at an annual
effective interest rate of 4.94 percent and mature on June 30, 1997.
Effective June 30, 1996, assets in the Stable Value Income Fund for
1993 were transferred to other investment programs including the
Interest Income Fund based on participants' elections. The Stable
Value Income Fund was eliminated as an investment option for
participant contributions effective January 1, 1996. Upon maturity of
the underlying investment contracts, participants must transfer their
assets to other investment programs.
<PAGE>
1. Description of the Plan, continued:
f. Investment Programs and Participation, continued: Details of
investments held as of December 31, 1996 are set forth in
Supplemental Schedule Item 27a - Schedule of Assets Held for
Investment Purposes.
g. Transfer of Assets: The Plan permits the transfer of assets among
investment programs, with certain restrictions related to
transfers to/from the Stable Value Income Fund.
h. Loans: The Plan permits loans to participants from their Pre-Tax
Program accounts with certain restrictions related to loans from the
Stable Value Income Fund. Monthly loan interest rates are based on the
prime rate published in The Wall Street Journal.
i. Mergers: Effective January 1, 1996, the Ford Credit Savings Plan,
a benefit plan for a subsidiary of the Company, was merged into the
Plan. As a result, net assets of $287,149,026 were transferred into
the Plan.
2. Summary of Significant Accounting Policies:
a. Basis of Accounting: The financial statements of the Plan are prepared
under the accrual method of accounting.
b. Investments: The investment in the Ford Stock Fund and the investments
in all other funds except the Stable Value Income Fund are valued on
the basis of established year-end market prices. Investments in the
Stable Value Income Fund, primarily fixed rate insurance contracts,
are stated at contract value, which approximates fair value.
c. Contributions: Contributions to the Plan from employees and from the
Company and participating subsidiaries (as defined in the Plan) are
recorded in the period that payroll deductions are made from plan
participants.
d. Payment of Benefits: Benefits are recorded when paid.
e. Use of Estimates in the Preparation of Financial Statements: The
preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets 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.
<PAGE>
2. Summary of Significant Accounting Policies, continued:
f. Risks and Uncertainties: The Plan's invested assets ultimately consist
of stocks, bonds, fixed income securities, and other investment
securities. 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 plan
benefits and the statement of changes in net assets available for plan
benefits.
g. Other: Purchases and sales of investments are reflected on a
trade-date basis. Realized gains and losses on sales of investments
are determined using specific identification.
Dividend income is recorded on the ex-dividend date. Income from other
investments is recorded as earned on an accrual basis.
The Plan presents in the statement of changes in net assets available
for plan benefits the net appreciation (depreciation) in the fair
value of its investments which consists of the Plan's realized gains
or losses and the unrealized appreciation (depreciation) on those
investments.
The Ford Stock Fund, the Stable Value Income Fund, the Interest Income
Fund and the Common Stock Fund, which each represent five percent or
more of plan net assets at December 31, 1996 are presented separately
in the statement of changes in net assets available for plan benefits.
Other funds, which each represent less than five percent of plan net
assets, are combined based on investment objectives into the Income
Funds, the International Funds, the Asset Allocation Funds, the Growth
Funds and the Growth and Income Funds.
Certain amounts in the previously issued 1995 financial statements
have been reclassified to conform with the current year presentation.
3. 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. For the
year ended December 31, 1996, participant forfeitures amounted to
approximately $270,000, of which approximately $30,000 was used to pay
plan administrative expenses.
<PAGE>
4.Employee Stock Ownership Plan:
Effective January 1, 1989, the Company, by action of the Board of
Directors, established within the Plan an Employee Stock Ownership Plan
("ESOP"). All shares of Company stock in the Plan at any time, including
all shares allocated to participants' accounts and shares held in an ESOP
suspense account, and forfeited shares are included in the ESOP, along
with other assets attributable to post-1988 contributions to the Plan.
The Plan obtained loans from the Company to purchase shares of Company
stock for quarterly distribution. Loans totaling $250,755,942 and
$20,968,951 were obtained in January 1996 and July 1996, respectively.
The January 1996 loan is payable in 8 equal quarterly installments of
$34,129,280 beginning March 1, 1996. The loan obtained in July 1996 is
payable in 6 equal quarterly installments of $3,707,258 beginning
September 3, 1996.
The Company shares are held in a suspense account within the Plan until
quarterly loan payments are made. A percentage of shares equivalent to
the percentage of principal and interest paid down by the quarterly
payment are released for distribution when each quarterly dividend
payment is made. The trustee purchases additional shares to the extent
that shares released from the suspense account are not adequate to
satisfy the requirement for dividend shares allocated to participants'
accounts. The Plan held 4,803,833 unallocated ESOP shares as of December
31, 1996. There were no unallocated ESOP shares as of December 31, 1995.
Cash dividends earned on Company stock held in the Plan generally are
used to make quarterly loan payments. If cash is not available to make
the full payment, the trustee may sell shares held in the suspense
account or the Company, at its option, may elect to make additional
contributions to the Plan. If cash exceeds the loan payment amounts, the
cash is used to reduce the Company's contribution for additional share
requirements.
The following highlights certain ESOP activity:
1996
Loan
Activity
--------------
Shares purchased with loan cash 9,390,376
Cost of shares purchased with loan cash $ 271,724,893
Loan principal paid 128,157,059
Loan interest paid and accrued 16,788,353
<PAGE>
Notes to Financial Statements, Continued
5. Asset Value Per Fund Unit:
The number of units and the asset value per unit of the Plan's
investments at December 31, 1996 are as follows:
Asset
Number Value
of Units Per Unit
----------- ---------
Stable Value Income Fund:
John Hancock Mutual Life Insurance Company 317,425,651 $ 1.00
The Prudential Insurance Company of America 128,341,030 1.00
Interest Income Fund 794,087,636 1.00
T. Rowe Price Spectrum Growth Fund 597,389 15.13
Scudder International Fund 99,494 47.56
Vanguard Life Strategy Conservative Fund 74,664 12.14
T. Rowe Price Spectrum Income Fund 684,527 11.20
Scudder International Bond Fund 175,046 11.20
Vanguard Life Strategy Moderate Fund 164,358 12.97
T. Rowe Price New Horizons Fund 3,323,210 21.77
Scudder Global Fund 170,540 28.80
Vanguard Life Strategy Growth Fund 197,312 13.68
T. Rowe Price International Stock Fund 2,206,772 13.80
Scudder International Discovery Fund 178,551 19.95
Vanguard Index Trust 500 Fund 1,331,753 69.16
T. Rowe Price International Discovery Fund 106,345 16.22
Scudder Income Fund 185,646 13.15
Vanguard Index Trust Value Fund 302,878 17.02
T. Rowe Price New Asia Fund 1,183,155 9.26
Scudder Growth and Income Fund 470,450 23.23
Vanguard Index Trust Growth Fund 780,931 16.91
T. Rowe Price High Yield Fund 949,730 8.34
Scudder Greater Europe Growth Fund 528,033 18.08
Vanguard Explorer Fund 100,951 53.83
T. Rowe Price New Era Fund 235,533 26.06
Scudder Japan Fund 287,655 8.33
Vanguard Trustees International Fund 75,012 27.54
<PAGE>
Notes to Financial Statements, Continued
5. Asset Value Per Fund Unit:
Asset
Number Value
of Units Per Unit
---------- --------
T. Rowe Price Latin America Fund 707,885 $8.26
Wells Fargo Bond Fund 3,382,785 12.81
Ford Stock Fund 379,316,397 10.33
Comerica Common Stock Fund 23,971,268 39.21
Fidelity Fund 470,887 24.70
Fidelity Puritan Fund 940,421 17.24
Fidelity Trend Fund 12,638 56.81
Fidelity Magellan Fund 1,341,875 80.65
Fidelity Contra Fund 3,680,904 42.15
Fidelity Equity Income Fund 722,457 42.83
Fidelity Growth Company Fund 2,024,635 40.46
Fidelity Investment Grade Bond Fund 1,839,116 7.12
Fidelity Growth and Income Portfolio 3,174,187 30.73
Fidelity Value Fund 710,003 51.54
Fidelity Government Securities Fund 702,214 9.69
Fidelity Retirement Growth Fund 558,934 17.29
Fidelity Overseas Fund 441,723 30.84
Fidelity Europe Fund 216,537 26.61
Fidelity Pacific Basin Fund 203,960 14.70
Fidelity Real Estate Investment Portfolio 513,774 18.03
Fidelity Balanced Fund 113,024 14.08
Fidelity International Growth/Income Fund 120,814 19.55
Fidelity Capital Appreciation Fund 238,697 17.64
Fidelity Canada Fund 24,021 17.62
Fidelity Utilities Fund 350,708 16.91
Fidelity Asset Manager Fund 566,113 16.47
Fidelity Worldwide Fund 616,623 15.39
Fidelity Stock Selector Fund 791,638 23.85
Fidelity Asset Manager Growth Fund 455,929 16.35
Fidelity Asset Manager Income Fund 237,980 11.61
Fidelity Dividend Growth Fund 2,357,572 20.09
Fidelity New Markets Income Fund 457,551 12.96
Fidelity Global Balanced Fund 27,352 13.36
Fidelity Small Capital Stock Fund 694,141 13.56
Fidelity Global Bond Fund 69,563 9.72
<PAGE>
Notes to Financial Statements, Continued
6..Tax Status:
The Internal Revenue Service has determined and informed the Company by
letter dated December 13, 1995, that the Plan and the related trust are
designed in accordance with applicable sections of the Internal Revenue
Code (the "Code"). The Plan has since been amended, however, the Plan
sponsor 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.
7..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) continuance of vesting of such securities and cash
attributable to Company matching contributions or earnings thereon. There
are currently no plans to terminate the Plan.
8..Other:
Differences between the data shown on pages 3 and 4 of this report and
the 1996 Form 5500 filed with the Department of Labor are principally
attributable to adjustments made by the plan administrator to conform the
financial statements to the accrual basis of accounting.
9..Subsequent Events:
Effective January 2, 1997, the Jaguar Cars 401(k) Savings Plan, a benefit
plan for a subsidiary of the Company, was merged into the Plan. As a
result, net asset of approximately $2 million were transferred into the
Plan.
Effective February 28, 1997, net assets of approximately $68 million were
transferred into the Plan from the USL Capital Corporation Retirement
Plan, a benefit plan for a former subsidiary of the Company.
<PAGE>
<TABLE>
<CAPTION>
Ford Motor Company Savings and Stock Investment Plan for Salaried Employees
Item 27a - Schedule of Assets Held for Investment Purposes
as of December 31, 1996
(c)
(b) Description of Investment,
Identity of Issuer Including Maturity Date, (e)
Lessor, Borrower Rate of Interest, Collateral, (d) Current
(a) or Similar Party Par or Maturity Value Cost Value
- --- --------------------- ----------------------------------------------- -------------- -------------
<S> <C> <C> <C> <C>
The Prudential Insurance
Company of America 6/30/97 Maturity, 4.94% interest rate $ 128,341,030 $ 128,341,030
John Hancock Mutual
Life Insurance Company 6/30/98 Maturity, 8.07% interest rate 317,425,651 317,425,651
Fidelity Investments Interest Income Fund, 794,087,636 shares 794,087,636 794,087,636
Fidelity Investments T. Rowe Price Spectrum Growth Fund, 597,389 shares 8,958,436 9,038,503
Fidelity Investments Scudder International Fund, 99,494 shares 4,557,603 4,731,929
Fidelity Investments Vanguard Life StrategyConservative Fund, 74,664 shares 904,431 906,416
Fidelity Investments T. Rowe Price Spectrum IncomeFund, 684,527 shares 7,661,300 7,666,708
Fidelity Investments Scudder International Bond Fund,175,046 shares 1,963,917 1,960,511
Fidelity Investments Vanguard Life Strategy ModerateFund, 164,538 shares 2,048,111 2,131,720
Fidelity Investments T. Rowe Price New Horizons Fund,3,323,210 shares 74,441,620 72,346,284
Fidelity Investments Scudder Global Fund, 170,540shares 4,819,342 4,911,550
Fidelity Investments Vanguard Life Strategy Growth Fund, 197,312 shares 2,582,412 2,699,223
Fidelity Investments T. Rowe Price International StockFund, 2,206,772 shares 28,778,696 30,453,457
Fidelity Investments Scudder International DiscoveryFund, 178,551 shares 3,531,014 3,562,084
Fidelity Investments Vanguard Index Trust 500 Fund, 1,331,753 shares 82,445,871 92,104,054
Fidelity Investments T. Rowe Price International Discovery Fund, 106,345 shares 1,689,795 1,724,923
Fidelity Investments Scudder Income Fund, 185,646shares 2,482,821 2,441,250
Fidelity Investments Vanguard Index Trust Value Fund,302,878 shares 4,781,269 5,154,986
Fidelity Investments T. Rowe Price New Asia Fund, 1,183,155 shares 10,488,763 10,956,011
Fidelity Investments Scudder Growth and Income Fund, 470,450 shares 10,363,533 10,928,550
Fidelity Investments Vanguard Index Trust Growth Fund, 780,931 shares 12,306,966 13,205,545
Fidelity Investments T. Rowe Price High Yield Fund, 949,730 shares 7,793,907 7,920,746
Fidelity Investments Scudder Greater Europe Growth Fund, 528,033 shares 8,896,743 9,546,845
Fidelity Investments Vanguard Explorer Fund, 100,951 shares 5,473,591 5,434,216
Fidelity Investments T. Rowe Price New Era Fund, 235,533 shares 6,125,659 6,137,990
Fidelity Investments Scudder Japan Fund, 287,655 shares 2,665,666 2,396,166
Fidelity Investments Vanguard Trustees International Fund, 75,011 shares 2,323,786 2,065,817
Fidelity Investments T. Rowe Price Latin America Fund, 707,885 shares 5,632,224 5,847,130
Wells Fargo Institutional
Trust Company Bond Fund, 3,382,785 shares 37,531,739 43,333,480
Ford Motor Company Ford Stock Fund, 379,316,397 shares 2,572,598,800 3,918,338,380
Comerica Bank, N. A. Common Stock Fund, 23,971,268 shares 439,677,576 939,913,431
Fidelity Investments Fidelity Fund, 470,887 shares 11,211,908 11,630,900
Fidelity Investments Fidelity Puritan Fund, 940,421 shares 16,118,228 16,212,850
Fidelity Investments Fidelity Trend Fund, 12,638 shares 715,419 717,965
Fidelity Investments Fidelity Magellan Fund, 1,341,875 shares 109,416,093 108,222,216
Fidelity Investments Fidelity Contra Fund, 3,680,904 shares 145,990,039 155,150,091
Fidelity Investments Fidelity Equity Income Fund, 722,457 shares 29,098,617 30,942,846
Fidelity Investments Fidelity Growth Company Fund, 2,024,635 shares 75,307,157 81,916,747
Fidelity Investments Fidelity Investment Grade Bond Fund, 1,839,116 shares 13,332,998 13,094,506
Fidelity Investments Fidelity Growth and Income Portfolio, 3,174,187 shares 90,836,702 97,542,767
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Ford Motor Company Savings and Stock Investment Plan for
Salaried Employees Item 27a - Schedule of Assets Held for
Investment Purposes, Continued
(c)
(b) Description of Investment,
Identity of Issuer, Including Maturity Date, (e)
Lessor, Borrower Rate of Interest, Collateral, (d) Current
(a) or Similar Party Par or Maturity Value Cost Value
- --- -------------------- -------------------------------------------- ------------- ------------
<S> <C> <C> <C> <C>
Fidelity Investments Fidelity Value Fund, 710,003 shares $ 37,289,560 $ 36,593,575
Fidelity Investments Fidelity Government Securities Fund, 702,214 shares 6,919,369 6,804,457
Fidelity Investments Fidelity Retirement Growth Fund, 558,934 shares 10,391,169 9,663,971
Fidelity Investments Fidelity Overseas Fund, 441,723 shares 13,184,752 13,622,743
Fidelity Investments Fidelity Europe Fund, 216,537 shares 5,516,849 5,762,053
Fidelity Investments Fidelity Pacific Basin Fund, 203,960 shares 3,121,665 2,998,217
Fidelity Investments Fidelity Real Estate Investment Portfolio Fund,513,774 shares 8,138,184 9,263,352
Fidelity Investments Fidelity Balanced Fund,113,024 shares 1,523,109 1,591,379
Fidelity Investments Fidelity International Growth and Income Fund, 120,814 shares 2,241,528 2,361,904
Fidelity Investments Fidelity Capital Appreciation Fund, 238,697 shares 4,239,358 4,210,618
Fidelity Investments Fidelity Canada Fund, 24,021 shares 479,967 423,256
Fidelity Investments Fidelity Utilities Fund, 350,708 shares 5,721,720 5,930,465
Fidelity Investments Fidelity Asset Manager Fund, 566,113 shares 9,144,920 9,323,888
Fidelity Investments Fidelity Worldwide Fund, 616,623 shares 8,916,039 9,489,829
Fidelity Investments Fidelity Stock Selection Fund, 791,638 shares 18,640,872 18,880,564
Fidelity Investments Fidelity Asset Manager Growth Fund, 455,929 shares 7,247,956 7,454,442
Fidelity Investments Fidelity Asset Manager Income Fund, 237,980 shares 2,765,646 2,762,952
Fidelity Investments Fidelity Dividend Growth Fund, 2,357,572 shares 42,904,244 47,363,618
Fidelity Investments Fidelity New Markets Income Fund, 457,551 shares 5,581,030 5,929,859
Fidelity Investments Fidelity Global Balanced Fund, 27,352 shares 352,049 365,417
Fidelity Investments Fidelity Small Capital Stock Fund, 694,141 shares 8,999,143 9,412,554
Fidelity Investments Fidelity Global Bond Fund, 69,563 shares 677,257 676,156
Plan participants Participant loans, interest rates varying from
5.0 to 12.5 percent - 144,371,616
</TABLE>
Note: The current values of each fund are based principally uponthe closing
- ---- prices of the underlying investments as reported in the New York Stock
Exchange Transactions listing as of the lasttrading day of 1996.
Current values also include interest and dividends receivable.
*Denotes related party.
<PAGE>
<TABLE>
<CAPTION>
Ford Motor Company Savings and Stock Investment Plan for Salaried Employees
Item 27d - Schedule of Reportable Transactions
for the year ended December 31, 1996
Current
Identity of Purchase Selling Lease Expense Cost Value Net Gain
Party Involved Description of Asset Price Price Rental Incurred of Asset of Asset or (Loss)
- -------------- ----------------------------- ----------- -------- ------ -------- -------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
REPORTING
CRITERION I: Single transaction in
excess of five percent
of current value of plan
assets.
None.
REPORTING
CRITERION II: Series of transactions in
other than securities in
excess of five percent of
current value of plan assets.
None.
REPORTING
CRITERION III: Series of transactions in
securities in excess of
five percent of current
value of plan assets.
Fidelity
Investments* Interest Income Fund:
259 Purchases $ 980,651,990 $980,651,990 $980,651,990
255 Sales $ 703,217,301 703,217,301 703,217,301 -
Fidelity
Investments* Common Stock Fund:
254 Purchases 124,612,243 124,612,243 124,612,243
255 Sales 234,953,695 147,251,791 234,953,695 $87,701,904
REPORTING
CRITERION IV: Single transactions with
a nonregulated entity in
excess of five percent of
current value of plan assets.
None.
</TABLE>
<PAGE>
Consent of Independent Accountants
Ford Motor Company
The American Road
Dearborn, Michigan
Re: Ford Motor Company Registration Statement
Nos. 33-64607, 33-54735, 33-54275, 33-50194,
33-36061, 33-14951, 2-95020 and 333-28181 on Form S-8
We consent to the incorporation by reference in the above Registration
Statements of our report dated June 6, 1997, to the Board of Directors of Ford
Motor Company with respect to the financial statements of the Ford Motor Company
Savings and Stock Investment Plan for Salaried Employees at December 31, 1996
and 1995, and for the year ended December 31, 1996, which is included in this
Annual Report on Form 11-K.
400 Renaissance Center
Detroit, Michigan 48243
June 24, 1997
