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Management’s Discussion and Analysis of Financial Condition and Results of Operations
46 Ford Motor Company | 2009 Annual Report
Funding Portfolio. Ford Credit's outstanding debt and off-balance sheet securitization transactions were as follows on
the dates indicated (in billions, except for ratios):
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__________
(a) Obligations issued in securitization transactions that are payable only out of collections on the underlying securitized assets and related
enhancements.
(b) At December 31, 2009, Ford Credit did not have any asset-backed commercial paper sold to the CPFF. At December 31, 2008, includes asset-
backed commercial paper sold to the CPFF of $7 billion.
(c) The Ford Interest Advantage program consists of Ford Credit's floating rate demand notes.
At December 31, 2009, unsecured long-term debt (including notes payable within one year) was down about $12 billion
from year-end 2008, primarily reflecting about $18 billion of debt maturities and repurchases, offset partially by about
$6 billion of new unsecured public and private long-term debt issuance. Unsecured long-term debt maturities were as
follows: 2010 — $7 billion; 2011 — $11 billion; 2012 — $7 billion; and the remainder thereafter. At December 31, 2009,
asset-backed long-term debt (including notes payable within one year) was down about $13 billion from year-end 2008,
reflecting amortization of asset-backed debt in excess of asset-backed long-term debt issuance.
Funding Plan. The following table illustrates Ford Credit's public and private term funding issuances for 2008 and 2009
and its planned issuances for 2010 (in billions):
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* Includes private term debt, securitization transactions, and other term funding; excludes sales to Ford Credit's on-balance sheet asset-backed
commercial paper program.
In 2009, Ford Credit completed about $20 billion of public term funding transactions, including: about $12 billion of retail
asset-backed securitization transactions in the United States, Canada, and Europe; about $2 billion of wholesale asset-
backed securitization transactions in the United States; about $1 billion of lease asset-backed securitization transactions in
the United States; and about $5 billion of unsecured issuances. In 2009, Ford Credit completed about $11 billion of private
term funding transactions (excluding Ford Credit's on-balance sheet asset-backed commercial paper program) in several
markets, including about $4 billion in Canada. These private transactions included retail, lease, and wholesale asset-
backed securitization transactions.