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120 Ford Motor Company | 2012 Annual Report
FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
NOTE 17. DEBT AND COMMITMENTS (Continued)
The carrying value of our debt was as follows (in millions):
120
Interest Rates (a)
Average Contractual (b) Average Effective (c)
Automotive Sector December 31,
2012
December 31,
2011
December 31,
2012
December 31,
2011
December 31,
2012
December 31,
2011
Debt payable within one year
Short-term with non-affiliates $ 484 $ 559 1.5% 1.6% 1.5% 1.6%
Short-term with unconsolidated affiliates — 18
Long-term payable within one year
U.S. Department of Energy ("DOE")
Advanced Technology Vehicles
Manufacturing ("ATVM") Incentive
Program 591 240
Other debt 311 216
Total debt payable within one year 1,386 1,033
Long-term debt payable after one year
Public unsecured debt securities 5,420 5,260
Unamortized discount (100)(77)
Convertible notes 908 908
Unamortized discount (142)(172)
DOE ATVM Incentive Program 5,014 4,556
EIB Credit Facilities 729 698
Other debt 1,048 888
Unamortized discount (7) —
Total long-term debt payable after one
year 12,870 12,061 4.6% 4.9% 5.1% 5.5%
Total Automotive sector $ 14,256 $ 13,094
Fair value of Automotive sector debt (d) $ 14,867 $ 13,451
Financial Services Sector
Short-term debt
Asset-backed commercial paper $ 5,752 $6,835
Other asset-backed short-term debt 3,762 2,987
Floating rate demand notes 4,890 4,713
Commercial paper 1,686 156
Other short-term debt 1,655 1,905
Total short-term debt 17,745 16,596 1.1% 1.4% 1.1% 1.4%
Long-term debt
Unsecured debt
Notes payable within one year 5,830 6,144
Notes payable after one year 32,503 26,167
Asset-backed debt
Notes payable within one year 13,801 16,538
Notes payable after one year 20,266 20,621
Unamortized discount (134)(152)
Fair value adjustments (e) 791 681
Total long-term debt 73,057 69,999 3.8% 4.3% 4.1% 4.6%
Total Financial Services sector $ 90,802 $ 86,595
Fair value of Financial Services sector debt
(d) $ 94,578 $ 88,823
Total Automotive and Financial
Services sectors $ 105,058 $ 99,689
Intersector elimination (f) — (201)
Total Company $ 105,058 $ 99,488
__________
(a) Interest rates are presented for the fourth quarter of 2012 and the fourth quarter of 2011.
(b) Average contractual rates reflect the stated contractual interest rate with the exception of commercial paper, which is issued at a discount.
(c) Average effective rates reflect the average contractual interest rate plus amortization of discounts, premiums, and issuance fees.
(d) The fair value of debt includes $484 million and $326 million of Automotive sector short-term debt and $8.4 billion and $7 billion of Financial
Services sector short-term debt at December 31, 2012 and 2011, respectively, carried at cost which approximates fair value. All debt is categorized
within Level 2 of the fair value hierarchy. See Note 4 for additional information.
(e) Adjustments related to designated fair value hedges of unsecured debt.
(f) Debt related to Ford's acquisition of Ford Credit debt securities.