Ford 2011 Annual Report Download - page 63

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Management’s Discussion and Analysis of Financial Condition and Results of Operations
Ford Motor Company | 2011 Annual Report 61
Funding Portfolio. The chart below details the trends in the funding of Ford Credit's managed receivables:
__________
(a) The Ford Interest Advantage program consists of Ford Credit's floating rate demand notes.
(b) Obligations issued in securitization transactions that are payable only out of collections on the underlying securitized assets and
related enhancements.
(c) Excludes marketable securities related to insurance activities.
At year-end 2011, managed receivables were $85 billion. Ford Credit ended the year with $12.1 billion in cash, and
securitized funding was 55% of managed receivables.
Ford Credit is projecting 2012 year-end managed receivables in the range of $85 billion to $95 billion and securitized
funding is expected to represent about 49% to 54% of total managed receivables. The lower end of this range reflects, in
part, FUEL notes converting to unsecured debt. It is Ford Credit's expectation that the securitized funding as a percent of
managed receivables will decline going forward.
Funding Plan. The following table illustrates Ford Credit's planned issuances for full-year 2012 and its public and
private term funding issuances in 2011, 2010, and 2009 (in billions):
Public Transactions (a)
Unsecured
Securitization transactions (b)
Total public term funding
Private Transactions (c)
Term Funding Plan
2012
Forecast
$ 8 - 11
10 - 12
$ 18 - 23
$ 10 - 13
2011
$8
11
$19
$16
2010
$6
11
$17
$8
2009
$5
15
$20
$11
__________
(a) Includes Rule 144A offerings.
(b) Includes FUEL notes in 2011.
(c) Includes private term debt, securitizations, other structured financings, and other term funding; excludes sales to FCAR.
In 2011, Ford Credit completed $35 billion of term funding. About $19 billion of this was public funding in the
United States, Canada and Europe, including over $8 billion of unsecured debt. Ford Credit also completed about
$16 billion of funding through its private securitization channels across all of its major asset classes and regions.