Ford 2009 Annual Report Download - page 128

Notes to the Financial Statements
126 Ford Motor Company | 2009 Annual Report
NOTE 18. RETIREMENT BENEFITS (Continued)
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NOTE 19. DEBT AND COMMITMENTS
Our debt consists of short-term and long-term unsecured debt securities, convertible debt securities, and unsecured
and secured borrowings from banks and other lenders. Debt issuances are placed directly by us or through securities
dealers or underwriters and are held by institutional and retail investors. In addition, Ford Credit sponsors securitization
programs that provide short-term and long-term asset-backed financing through institutional investors in the U.S. and
international capital markets.
Debt is recorded on our balance sheet at par value adjusted for unamortized discount or premium (in addition to
adjustments related to debt in designated fair value hedge relationships; see Note 26 for policy detail). Discounts,
premiums, and costs directly related to the issuance of debt generally are capitalized and amortized over the life of the
debt and are recorded in Interest expense using the interest method. Gains and losses on the extinguishment of debt are
recorded in Automotive interest income and other non-operating income/(expense), net and Financial Services other
income/(loss), net.
Although we have not elected to mark any of our debt to fair value through earnings, we estimate its fair value for
disclosures. The fair value of debt is estimated based on quoted market prices, current market rates for similar debt with
approximately the same remaining maturities, or discounted cash flow models utilizing current market rates.