Financing Our Plan and Improving Our Balance Sheet
To deliver on our new product plans, our sustainability efforts and our plans to remain profitable, we have to continue to improve our balance sheet. During 2010, we generated positive Automotive operating-related cash flow of $4.4 billion. This contributed to our ability to reduce Automotive debt by $14.5 billion in 2010, from a total of $33.6 billion at the end of 2009 to $19.1 billion at the end of 2010. This represents a 43 percent reduction in debt, which will lower our annualized interest expenses by more than $1 billion. Even with our substantial debt reduction actions in 2010, we were able to maintain a significant level of Automotive gross cash (i.e., cash and cash equivalents and marketable securities) and ended 2010 net cash positive, with Automotive gross cash exceeding total Automotive debt by $1.4 billion – an improvement of $10.1 billion from year-end 2009.
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