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44 Ford Motor Company | 2013 Annual Report
Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
Public Term Funding Plan. The following table illustrates Ford Credit’s planned issuances for full-year 2014, and its
public term funding issuances in 2013, 2012, and 2011 (in billions), excluding short-term funding programs:
Public Term Funding Plan
2014
Forecast 2013 2012 2011
Unsecured $ 9-12 $ 11 $ 9$8
Securitizations (a) 12-15 14 14 11
Total $ 21-27 $ 25 $ 23 $ 19
__________
(a) Includes Rule 144A offerings.
In 2013, Ford Credit completed $25 billion of public term funding in the United States, Canada, and Europe, including
about $11 billion of unsecured debt and $14 billion of securitizations.
For 2014, Ford Credit projects full-year public term funding in the range of $21 billion to $27 billion, including $9 billion
to $12 billion of unsecured debt and $12 billion to $15 billion of public securitizations. Through February 17, 2014,
Ford Credit has completed $1.6 billion of public term funding, consisting of a securitization transaction in the
United States.
Liquidity. The following table illustrates Ford Credit’s liquidity programs and utilization (in billions):
December 31,
2013
December 31,
2012
December 31,
2011
Liquidity Sources (a)
Cash (b) $ 10.8 $10.9 $12.1
Unsecured credit facilities 1.6 0.9 0.7
FCAR bank lines 3.5 6.3 7.9
Conduit / Bank Asset-Backed Securitizations (“ABS”) 29.4 24.3 24.0
Total liquidity sources $ 45.3 $42.4 $44.7
Utilization of Liquidity
Securitization cash (c) $ (4.4) $ (3.0) $ (3.7)
Unsecured credit facilities (0.4)(0.1) (0.2)
FCAR bank lines (3.3)(5.8) (6.8)
Conduit / Bank ABS (14.7)(12.3) (14.5)
Total utilization of liquidity (22.8)(21.2) (25.2)
Gross liquidity 22.5 21.2 19.5
Capacity in excess of eligible receivables (1.1)(1.5) (2.4)
Liquidity available for use $ 21.4 $19.7 $17.1
__________
(a) FCAR and conduits subject to availability of sufficient assets and ability to obtain derivatives to manage interest rate risk; FCAR commercial paper
must be supported by bank lines equal to at least 100% of the principal amount; conduits include committed securitization programs.
(b) Cash, cash equivalents, and marketable securities (excludes marketable securities related to insurance activities).
(c) Securitization cash is to be used only to support on-balance sheet securitization transactions.
At December 31, 2013, Ford Credit had $45.3 billion of committed capacity and cash diversified across a variety of
markets and platforms. The utilization of its liquidity totaled $22.8 billion at year-end 2013, compared with $21.2 billion at
year-end 2012. The increase of $1.6 billion reflects higher securitization cash and usage of its unsecured credit facilities.
Ford Credit ended 2013 with gross liquidity of $22.5 billion. Capacity in excess of eligible receivables was $1.1 billion.
This provides a funding source for future originations and flexibility to transfer capacity among markets and asset classes
where most needed. Total liquidity available for use continues to remain strong at $21.4 billion at year-end 2013,
$1.7 billion higher than year-end 2012. Ford Credit is focused on maintaining liquidity levels that meet its business and
funding requirements through economic cycles.