From the Highlights:
Profit-sharing improved
Over time, Ford changed the way
it reported its profi ts. This diminished
our ability to truly share in the upside.
Our new plan will now use the same
profit figures that the company reports
to its shareholders thereby restoring
our ability to share in the company’s
success. Specific gains:
• Plan covers all North American
profits, not just those from the U.S.
Th e formula generates a fund
based on $1 per worker for every
$1 million in North American
pre-tax, pre-interest profit.
• The proposed profit share
defiition excludes so called
“special items” as well as net
interest expense. Between 2003
and 2010, “special items” reduced
the profit share fund by approxi
mately $17 billion, and net interest
expense reduced the UAW profit
share fund by $4.5 billion.
• The new plan eliminates technicalities
that could have deprived
members of profit sharing in
profitable years. These technicalities
could have eliminated all payouts
in 2010 if it had not been for the
strong intervention of the UAW.
Notice it says it excludes special interest items, meaning those items WILL NOT lower our profit sharing.