Ford 2012 Annual Report Download - page 36
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34 Ford Motor Company | 2012 Annual Report
Management's Discussion and Analysis of Financial Condition and Results of Operations
Ford Credit's receivables, including finance receivables and operating leases at December 31 were as follows (in
billions):
2012 2011 2010
Receivables
Finance receivables - North America segment
Consumer
Retail installment and direct financing leases $ 39.5 $38.4 $39.1
Non-Consumer
Wholesale 18.1 15.5 13.3
Dealer loan 1.4 1.1 1.1
Other 1.1 1.0 0.8
Total North America segment - finance receivables (a) 60.1 56.0 54.3
Finance receivables - International segment
Consumer
Retail installment and direct financing leases 9.0 9.1 10.6
Non-Consumer
Wholesale 7.4 8.5 8.7
Dealer loan 0.1 — —
Other 0.4 0.4 0.4
Total International segment - finance receivables (a) 16.9 18.0 19.7
Unearned interest supplements (1.5)(1.6) (1.9)
Allowance for credit losses (0.4)(0.5) (0.8)
Finance receivables, net 75.1 71.9 71.3
Net investment in operating leases (a) 14.7 11.1 10.0
Total receivables (b) $ 89.8 $83.0 $81.3
Memo:
Total managed receivables (c) $ 91.3 $84.6 $83.2
__________
(a) At December 31, 2012, 2011 and 2010, includes consumer receivables before allowance for credit losses of $29.3 billion, $36 billion, and
$35.8 billion, respectively, and non-consumer receivables before allowance for credit losses of $21.6 billion, $19.8 billion, and $18.7 billion,
respectively, that have been sold for legal purposes in securitization transactions but continue to be reported in Ford Credit's consolidated financial
statements. In addition, at December 31, 2012, 2011, and 2010, includes net investment in operating leases before allowance for credit losses of
$6.3 billion, $6.4 billion, and $6.2 billion, respectively, that have been included in securitization transactions but continue to be reported in Ford
Credit's financial statements. The receivables are available only for payment of the debt and other obligations issued or arising in the securitization
transactions; they are not available to pay Ford Credit's other obligations or the claims of its other creditors. Ford Credit holds the right to the
excess cash flows not needed to pay the debt and other obligations issued or arising in each of these securitization transactions. See Note 17 of
the Notes to the Financial Statements for more information regarding securitization transactions.
(b) Includes allowance for credit losses of $408 million, $534 million, and $854 million at December 31, 2012, 2011 and 2010, respectively.
(c) Excludes unearned interest supplements related to finance receivables.
Receivables at December 31, 2012 increased from year-end 2011, primarily driven by increases in wholesale
receivables and net investment in operating leases.