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Notes to the Financial Statements
144 Ford Motor Company | 2011 Annual Report
NOTE 18. DEBT AND COMMITMENTS (Continued)
The carrying value of our debt at December 31 was as follows (in millions):
Automotive Sector
Debt payable within one year
Short-term with non-affiliates (d)
Short-term with unconsolidated affiliates
Long-term payable within one year
Secured term loan
Secured revolving loan
U.S. Department of Energy ("DOE") loans
Other debt
Total debt payable within one year
Long-term debt payable after one year
Public unsecured debt securities
Unamortized discount
Convertible notes
Unamortized discount
Subordinated convertible debentures
Secured term loan
DOE loans
EIB loan
Other debt
Total long-term debt payable after one year
Total Automotive sector
Fair value of debt
Financial Services Sector
Short-term debt
Asset-backed commercial paper
Other asset-backed short-term debt
Ford Interest Advantage (e)
Other short-term debt
Total short-term debt
Long-term debt
Unsecured debt
Notes payable within one year
Notes payable after one year
Asset-backed debt
Notes payable within one year
Notes payable after one year
Unamortized discount
Fair value adjustments (f)
Total long-term debt
Total Financial Services sector
Fair value of debt
Total Automotive and Financial Services sectors
Intersector elimination (g)
Total Company
2011
$559
18
—
—
240
216
1,033
5,260
(77)
908
(172)
—
—
4,556
698
888
12,061
$13,094
$13,451
$6,835
2,987
4,713
2,061
16,596
6,144
26,167
16,538
20,621
(152)
681
69,999
$86,595
$88,823
$99,689
(201)
$99,488
2010
$478
382
140
838
—
211
2,049
5,260
(81)
908
(199)
2,985
3,946
2,752
699
758
17,028
$19,077
$19,260
$6,634
1,447
4,525
801
13,407
9,524
26,390
16,684
19,208
(403)
302
71,705
$85,112
$88,569
$ 104,189
(201)
$ 103,988
Interest Rates (a)
Average Contractual (b)
2011
1.6%
4.9%
1.4%
4.3%
2010
2.5%
4.1%
1.4%
4.6%
Average Effective (c)
2011
1.6%
5.5%
1.4%
4.6%
2010
2.5%
5.3%
1.4%
5.0%
__________
(a) Interest rates are presented for the fourth quarter of 2011 and the fourth quarter of 2010.
(b) Average contractual rates reflect the stated contractual interest rate; excludes amortization of discounts, premiums, and issuance fees.
(c) Average effective rates reflect the average contractual interest rate plus amortization of discounts, premiums, and issuance fees.
(d) Includes Export-Import Bank of the United States secured loan of $250 million at December 31, 2011 and 2010.
(e) The Ford Interest Advantage program consists of Ford Credit's floating-rate demand notes.
(f) Adjustments related to designated fair value hedges of unsecured debt.
(g) Debt related to Ford's acquisition of Ford Credit debt securities.