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In my mind there were three things to focus in at:

1) Europe - this is what you we will hear about all day. Not terrific numbers. High end and projected beyond prior expectations.

2) US Margins - haven't had time to do the math.

3) Further debt reduction.

For #3 -I only had 10 minutes to look through the full financial release ( http://media.ford.com/images/10031/4Q2012_Financials.pdf ), but no mention of whacking the debt with some of the cash.

I can't remember - is this something they generally address later? I thought they had mentioned in earnings announcements previously?

MjH
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