Ford 2002 Annual Report Download - page 79

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75
NOTES TO FINANCIAL STATEMENTS
NOTE 12. DEBT AND COMMITMENTS
Automotive and Financial Services debt as of December 31 was as follows (in millions):
Automotive Financial Services
Weighted Weighted
Average Rate a/ Amount Average Rate a/ Amount
2002 2001 2002 2001 2002 2001 2002 2001
Debt payable within one year
Short-term $ 438 $ 263 $ 1,083 $ 1,531
Commercial paper --9,663 16,683
Other short-term --7,534 6,291
Total short-term debt 6.8% 12.3% 438 263 4.3% 4.4% 18,280 24,505
Long-term payable within one year 119 39 23,249 21,498
Total debt payable within one year 557 302 41,529 46,003
Long-term debt
Senior indebtedness
Notes and bank debt 7.6% 7.6% 13,607 13,467 4.8% 5.8% 105,774 105,999
Unamortized discount --(88) (61)
Total senior indebtedness 13,607 13,467 105,686 105,938
Subordinated indebtedness --9.4% 8.8% 843 1,093
Total long-term debt 13,607 13,467 106,529 107,031
Total debt $ 14,164 $13,769 $ 148,058 $ 153,034
Fair value b/ $12,522 $ 13,029 $ 151,580 $ 157,261
Maturity
Average
2003 2004 2005 2006 2007 Thereafter Years
Long-term debt maturities
Automotive $ 119 $ 203 $ 250 $ 353 $ 126 $ 12,675 27
Financial Services 23,249 30,164 26,038 14,095 9,284 26,948 3
a/ Includes the effect of interest rate swaps.
b/ Based on quoted market prices or current rates for similar debt with the same remaining maturities.
SUPPORT FACILITIES
At December 31, 2002, the Automotive sector had $7.8 billion of contractually committed credit agreements with various
banks; eighty-eight percent of the total facilities are committed through June 30, 2007. We also have the ability to transfer,
on a non-guaranteed basis, $7.2 billion of these credit lines to Ford Credit or FCE Bank plc. Approximately $100 million of
these facilities were in use at December 31, 2002.
At December 31, 2002, various subsidiaries of the Financial Services sector, including Hertz, had an additional $15.3 billion
of contractually committed support facilities; 56% of which are available through June 30, 2007 and $0.9 billion were in use.
In addition, banks provide $13.6 billion and $1.1 billion of facilities to support asset-backed commercial paper programs
that provide funding to Ford Credit and Hertz, respectively.
Ford Credit also has entered into agreements with several bank-sponsored, commercial paper issuers under which
such issuers are contractually committed to purchase from Ford Credit, at Ford Credit’s option, up to an aggregate
of $12.6 billion of receivables. These agreements expire between March 31, 2003 and October 31, 2003. As of
December 31, 2002, approximately $5.2 billion of these commitments have been utilized.
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