Ford reports $204 million derivatives charge

Foreign exchange and commodity contracts fall in value

Ford Motor Co. reported a $204 million charge to income related to derivatives in the first quarter.

Interest rate contracts hedging debt fell in value $339 million, roughly balancing the $329 million fair value increase in the underlying bonds over the three months to March 31.

The automaker also incurred fair value losses on non-hedging derivatives: $46 million related to commodity instruments, $17 million to interest rate instruments, and $116 million to foreign exchange contracts.

In the

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