Ford 2009 Annual Report Download - page 50

Management’s Discussion and Analysis of Financial Condition and Results of Operations
48 Ford Motor Company | 2009 Annual Report
funding future purchases or originations and gives Ford Credit flexibility to shift capacity to alternate markets and asset
classes.
Cash, Cash Equivalents, and Marketable Securities. At December 31, 2009, Ford Credit's cash, cash equivalents, and
marketable securities (excluding marketable securities related to insurance activities) totaled $17.3 billion, compared with
$23.6 billion at year-end 2008. In the normal course of Ford Credit's funding activities, it may generate more proceeds
than are required for Ford Credit's immediate funding needs. These excess amounts are maintained primarily as highly
liquid investments, which provide liquidity for Ford Credit's short-term funding needs and give it flexibility in the use of Ford
Credit's other funding programs.
Credit Facilities and Committed Liquidity Programs. See Note 19 of the Notes to the Financial Statements for more
information regarding credit facilities and committed liquidity programs for Ford Credit. While there is a risk of non-renewal
of some of Ford Credit's committed liquidity programs, which could lead to a reduction in the size of these programs and/or
higher costs, Ford Credit's capacity in excess of eligible receivables would enable it to absorb some reductions. Ford
Credit's ability to obtain funding under these programs is subject to having a sufficient amount of assets eligible for these
programs as well as its ability to obtain interest rate hedging arrangements for certain securitization transactions.
Balance Sheet Liquidity Profile. Ford Credit defines its balance sheet liquidity profile as the cumulative maturities of its
finance receivables, investment in operating leases, and cash less the cumulative debt maturities over upcoming annual
periods. The following table shows Ford Credit's balance sheet liquidity profile for the periods presented as of
December 31, 2009 (in billions):
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(a) Finance receivables net of unearned income.
(b) Investment in operating leases net of accumulated depreciation.
(c) Cash includes cash, cash equivalents, and marketable securities (excludes marketable securities related to insurance activities) at
December 31, 2009.
Ford Credit's balance sheet is inherently liquid because of the short-term nature of its finance receivables, investment in
operating leases and cash. Maturities of investment in operating leases consist primarily of rental payments attributable to
depreciation over the remaining life of the lease and the expected residual value at lease termination. The 2010 finance
receivables maturities in the table above include all of the wholesale receivables maturities that are otherwise extending
beyond 2010. The table above also reflects the following adjustments to debt maturities to match all of the asset-backed
debt maturities with the underlying asset maturities:
• The 2010 maturities include all of the wholesale securitization transactions that otherwise extend beyond 2010; and
• Retail securitization transactions under certain committed liquidity programs are treated as amortizing on
January 1, 2010 instead of amortizing after the contractual maturity of those committed liquidity programs that
otherwise extend beyond January 1, 2010.