A sticking point in the talks is retiree costs, including pensions and health care.

Away from those cities, retiree costs may be easier to manage.

Rising health costs have prompted G.M. to start tapping a special fund it has set aside for retiree medical costs.

For most companies, the bulk of the cost goes to catch up for prior years when retiree medical costs were written off on a pay-as-you-go basis.

But even this may be a low estimate, TFP&C said, because many employers do not break out their retiree costs.

On Wall Street, its success is defined by huge profits and driven by low retiree costs and close relationships with parts suppliers.

By contrast, Toyota's retiree cost per vehicle was only $186, according to Morgan Stanley.

The size of Ford's charge is further evidence of how expensive health-care and retiree costs have become for American employers.

The unfinanced pension liability refers to the amount the company has failed to set aside to cover future retiree costs.

"It's like saying that future retiree costs aren't costs if we say they aren't," he said.