Legal Proceedings.
−Removed: PRODUCT LIABILITY MATTERS
−Removed: Plaintiffs in this product liability action pending in Georgia state court allege that the roof of a 2002 Ford F-250 involved in a rollover accident was defectively designed.
−Removed: During the first trial in 2018, the judge declared a mistrial, ruled that Ford’s attorneys had violated pre-trial rulings while presenting evidence, and sanctioned Ford by prohibiting Ford from introducing any evidence at the second trial to show that the roof design of the F-250 was not defective.
−Removed: During the second trial in August 2022, a jury found that Pep Boys (the party that sold the tires on the vehicle involved in the rollover accident) was responsible for 30% of the damages, and Ford, as a direct result of the sanctions order prohibiting Ford from presenting its defense, was responsible for 70% of the damages, resulting in $16.8 million in damages being apportioned to Ford.
−Removed: The jury subsequently awarded punitive damages against Ford in the amount of $1.7 billion.
−Removed: We have filed post-trial motions, and we are seeking a new trial.
−Removed: We believe the law supports our position that Ford is entitled to a new trial with the right to present evidence in its defense.
ENVIRONMENTAL MATTERS
−Removed: We have no legal proceedings arising under any federal, state, or local provisions that have been enacted or adopted regulating the discharge of materials into the environment or primarily for the purpose of protecting the environment, in which (i) a governmental authority is a party, and (ii) we believe there is the possibility of monetary sanctions (exclusive of interest and costs) in excess of $1 million.
+Added: Any legal proceeding arising under any federal, state, or local provisions that have been enacted or adopted regulating the discharge of materials into the environment or primarily for the purpose of protecting the environment, in which (i) a governmental authority is a party, and (ii) we believe there is the possibility of monetary sanctions (exclusive of interest and costs) in excess of $1,000,000 is described herein.
+Added: As previously reported on page 30 of our 2022 Form 10-K Report, on June 16, 2022, the New Jersey Department of Environmental Protection (“NJDEP”) filed a complaint in the Superior Court of New Jersey (Bergen County) seeking natural resource damages and other claims related to the Ringwood Mines/Landfill Site located in Ringwood, New Jersey.
+Added: On February 21, 2023, the court denied our motion to dismiss.
+Added: We continue to defend against the NJDEP’s allegations.
OTHER MATTERS
−Removed: Brazilian Tax Matters (as previously reported on page 30 of our 2021 Form 10-K Report, page 65 of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, and page 68 of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022).
+Added: Brazilian Tax Matters (as previously reported on page 31 of our 2022 Form 10-K Report).
One Brazilian state (São Paulo) and the Brazilian federal tax authority currently have outstanding substantial tax assessments against Ford Motor Company Brasil Ltda.
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Although the ultimate resolution of these matters may take many years, we consider our overall risk of loss to be remote.
−Removed: European Commission and U.K.
−Removed: Competition and Markets Authority Matter.
−Removed: On March 15, 2022, the European Commission (the “Commission”) and the U.K.
−Removed: Competition and Markets Authority (the “CMA”) conducted unannounced inspections at the premises of, and sent formal requests for information to, several companies and associations active in the automotive sector, including Ford.
−Removed: The inspections and requests for information concern possible collusion in relation to the collection, treatment, and recovery of end-of-life cars and vans (“ELVs”).
−Removed: We understand that the scope of the investigations includes determining whether manufacturers and importers of passenger cars and vans agreed to an approach to (i) the compensation of ELV collection, treatment, and recovery companies, and (ii) the use of data relating to the recyclability or recoverability of ELVs in marketing materials, and whether such conduct violates relevant competition laws.
−Removed: If a violation is found, a broad range of remedies is potentially available to the Commission and/or CMA, including imposing a fine and/or the prohibition or restriction of certain business practices.
−Removed: Given that this investigation is in its early stages, it is difficult to predict the outcome or what remedies, if any, may be imposed.
−Removed: We are cooperating with the Commission and the CMA as they complete their investigations.
Designation Description Method of Filing
+Added: Annual Performance Bonus Plan Metrics for 2023.
+Added: Filed with this Report.
+Added: Performance Stock Unit Award Metrics for 2023.
+Added: Filed with this Report.
Rule 15d-14(a) Certification of CEO.
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(principal accounting officer)
−Removed: October 26, 2022
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.