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114 Ford Motor Company | 2013 Annual Report
FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
NOTE 15. DEBT AND COMMITMENTS (Continued)
The carrying value of Total Company debt was $114.7 billion and $105.1 billion at December 31, 2013 and 2012,
respectively. The following table details the carrying value of our debt by Automotive sector and Financial Services sector
(in millions):
Interest Rates
Average Contractual (a) Average Effective (b)
Automotive Sector December 31,
2013
December 31,
2012
December 31,
2013
December 31,
2012
December 31,
2013
December 31,
2012
Debt payable within one year
Short-term $ 562 $ 484 1.5% 1.5% 1.5% 1.5%
Long-term payable within one year
U.S. Department of Energy (“DOE”)
Advanced Technology Vehicles
Manufacturing (“ATVM”) Incentive 591 591
Other debt 104 311
Total debt payable within one year 1,257 1,386
Long-term debt payable after one year
Public unsecured debt securities (c) 6,799 5,420
Unamortized (discount)/premium (148)(100)
Convertible notes 908 908
Unamortized (discount)/premium (110)(142)
DOE ATVM Incentive Program 4,424 5,014
EIB Credit Facilities (d) 1,295 729
Other debt 1,255 1,048
Unamortized (discount)/premium 3 (7)
Total long-term debt payable after one
year 14,426 12,870 4.4% 4.6% 4.7% 5.1%
Total Automotive sector $ 15,683 $ 14,256
Fair value of Automotive sector debt (e) $ 17,301 $ 14,867
Financial Services Sector
Short-term debt
Asset-backed commercial paper $ 3,364 $5,752
Other asset-backed short-term debt 1,963 3,762
Floating rate demand notes 5,319 4,890
Commercial paper 2,003 1,686
Other short-term debt 2,345 1,655
Total short-term debt 14,994 17,745 1.5% 1.1% 1.5% 1.1%
Long-term debt
Unsecured debt
Notes payable within one year 4,475 5,830
Notes payable after one year 38,914 32,503
Asset-backed debt
Notes payable within one year 17,337 13,801
Notes payable after one year 23,273 20,266
Unamortized (discount)/premium (91) (134)
Fair value adjustments (f) 103 791
Total long-term debt 84,011 73,057 3.1% 3.8% 3.3% 4.1%
Total Financial Services sector $ 99,005 $ 90,802
Fair value of Financial Services sector
debt (e) $ 102,399 $ 94,578
__________
(a) Average contractual rates reflect the stated contractual interest rate with the exception of commercial paper, which is issued at a discount.
(b) Average effective rates reflect the average contractual interest rate plus amortization of discounts, premiums, and issuance fees.
(c) Public unsecured debt securities at December 31, 2013 increased by about $1.4 billion from December 31, 2012, primarily reflecting the issuance
of $2 billion of 4.75% Notes due January 15, 2043, offset partially by the redemption of about $600 million of 7.5% Notes due June 10, 2043.
(d) Includes debt of Ford Romania which was consolidated on January 1, 2013. See Note 23 for additional information.
(e) The fair value of debt includes $377 million and $484 million of Automotive sector short-term debt and $9.7 billion and $8.4 billion of Financial
Services sector short-term debt at December 31, 2013 and 2012, 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.
(f) Adjustments related to designated fair value hedges of unsecured debt.