Ford 2014 Annual Report Download - page 149

Download and view the complete annual report

Please find page 149 of the 2014 Ford annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 200

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196
  • 197
  • 198
  • 199
  • 200

FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
NOTE 13. DEBT AND COMMITMENTS (Continued)
The carrying value of debt was $119.2 billion and $114.7 billion at December 31, 2014 and 2013, respectively. The
carrying value of Automotive sector and Financial Services sector debt at December 31 was as follows (in millions):
Interest Rates
Average Contractual (a) Average Effective (b)
Automotive Sector 2014 2013 2014 2013 2014 2013
Debt payable within one year
Short-term $ 373 $562 1.9% 1.5% 1.9% 1.5%
Long-term payable within one year
U.S. Department of Energy (“DOE”) Advanced Technology
Vehicles Manufacturing (“ATVM”) Incentive Program 591 591
European Investment Bank (“EIB”) loans 1,187 —
Other debt 350 104
Total debt payable within one year 2,501 1,257
Long-term debt payable after one year
Public unsecured debt securities 6,634 6,799
Unamortized (discount)/premium (144)(148)
Convertible notes — 908
Unamortized (discount)/premium — (110)
DOE ATVM Incentive Program 3,833 4,424
EIB loans — 1,295
Other debt 1,000 1,258
Total long-term debt payable after one year 11,323 14,426 4.6% 4.4% 4.6% 4.7%
Total Automotive sector $ 13,824 $15,683
Fair value of Automotive sector debt (c) $ 15,553 $17,301
Financial Services Sector
Short-term debt
Unsecured debt $ 9,761 $9,667
Asset-backed debt 1,377 5,327
Total short-term debt 11,138 14,994 1.9% 1.5% 1.9% 1.5%
Long-term debt
Unsecured debt
Notes payable within one year 8,795 4,475
Notes payable after one year 43,087 38,914
Asset-backed debt
Notes payable within one year 16,738 17,337
Notes payable after one year 25,216 23,273
Unamortized (discount)/premium (55)(91)
Fair value adjustments (d) 428 103
Total long-term debt 94,209 84,011 2.8% 3.1% 2.9% 3.3%
Total Financial Services sector $ 105,347 $99,005
Fair value of Financial Services sector debt (c) $ 107,758 $ 102,399
__________
(a) Average contractual rates reflect the stated contractual interest rate.
(b) Average effective rates reflect the average contractual interest rate plus amortization of discounts, premiums, and issuance fees.
(c) The fair value of debt includes $131 million and $377 million of Automotive sector short-term debt and $9.8 billion and $9.7 billion of Financial
Services sector short-term debt at December 31, 2014 and 2013, respectively, carried at cost which approximates fair value. All debt is categorized
within Level 2 of the fair value hierarchy.
(d) Adjustments related to designated fair value hedges of unsecured debt.
FS-43