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Ford pays down debt, posts $1.7B Q3 earnings
Ford Motor Co. announced third-quarter earnings today of $1.7 billion and further debt reduction to take the company to a net cash balance of zero by the end of the year.

That means the automaker will have as much cash as debt — achieving that target a year ahead of schedule.

Ford is taking three separate debt-related actions: The first was a $2 billion mid-September paydown of a revolving line of credit.

On Friday, Ford will make a $3.6 billion cash payment to the health care trust fund, prepaying a bill not due until 2022 and completing the automaker's obligations to the fund that is now the responsibility of the United Auto Workers.

And Ford is making conversion offers on two convertible debt securities. The offers will close Nov. 23.

In all three cases, Ford is using cash to shed debt.

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