Ford 2011 Annual Report Download - page 53

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Management’s Discussion and Analysis of Financial Condition and Results of Operations
Ford Motor Company | 2011 Annual Report 51
Ford Credit's receivables, including finance receivables and operating leases, at December 31 were as follows (in
billions):
Receivables
Finance receivables - North America Segment
Consumer
Retail installment and direct financing leases
Non-Consumer
Wholesale
Dealer Loan and other
Total North America Segment - finance receivables (a)
Finance receivables - International Segment
Consumer
Retail installment and direct financing leases
Non-Consumer
Wholesale
Dealer Loan and other
Total International Segment - finance receivables (a)
Unearned interest supplements
Allowance for credit losses
Finance receivables, net
Net investment in operating leases (a)
Total receivables (b)
Memo:
Total managed receivables (c)
2011
$38.4
15.5
2.1
56.0
9.1
8.5
0.4
18.0
(1.6)
(0.5)
71.9
11.1
$83.0
$84.6
2010
$39.1
13.3
1.9
54.3
10.6
8.7
0.4
19.7
(1.9)
(0.8)
71.3
10.0
$81.3
$83.2
2009
$42.3
13.3
1.9
57.5
14.0
9.1
0.5
23.6
(1.9)
(1.3)
77.9
14.6
$92.5
$94.5
__________
(a) At December 31, 2011 and 2010, includes consumer receivables before allowance for credit losses of $36 billion and $35.8 billion, respectively, and
non-consumer receivables before allowance for credit losses of $19.8 billion and $18.7 billion, respectively, that have been sold for legal purposes
in securitization transactions but continue to be reported in Ford Credit's consolidated financial statements. In addition, at December 31, 2011 and
2010, includes net investment in operating leases before allowance for credit losses of $6.4 billion and $6.2 billion, respectively, that have been
included in securitization transactions but continue to be reported in Ford Credit's financial statements. The receivables are available only for
payment of the debt and other obligations issued or arising in the securitization transactions; they are not available to pay Ford Credit's other
obligations or the claims of its other creditors. Ford Credit holds the right to the excess cash flows not needed to pay the debt and other obligations
issued or arising in each of these securitization transactions. See Note 18 of the Notes to the Financial statements for more information regarding
securitization transactions.
(b) Includes allowance for credit losses of $534 million and $854 million at December 31, 2011 and 2010, respectively.
(c) Excludes unearned interest supplements related to finance receivables.
Receivables at December 31, 2011 increased from year-end 2010, primarily due to higher Ford and Lincoln
receivables, partially offset by the discontinuation of financing for Jaguar, Land Rover, Mazda, Volvo, and Mercury and
changes in currency exchange rates. At December 31, 2011, Jaguar, Land Rover, Mazda, and Volvo receivables
represented about 2% of Ford Credit's managed receivables. In addition, the Mercury financing portfolio represented
about 1% of Ford Credit's managed receivables at December 31, 2011. These percentages will decline over time.