Ford 2014 Annual Report Download - page 78
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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)
Funding Portfolio. The chart below details the trends in the funding of Ford Credit’s managed receivables:
At year-end 2014, managed receivables were $113 billion, and Ford Credit ended the year with about $9 billion in
cash. Securitized funding was 38% of managed receivables, down from 44% at year-end 2013, reflecting a greater mix of
unsecured debt.
Ford Credit is projecting 2015 year-end managed receivables of $123 billion to $128 billion and securitized funding as
a percentage of managed receivables in the range of 36% to 38%. Ford Credit expects this percentage will continue to
decline over time.
Public Term Funding Plan. The following table shows Ford Credit’s planned issuances for full-year 2015, and its global
public term funding issuances in 2014, 2013, and 2012 (in billions), excluding short-term funding programs:
Public Term Funding Plan
2015
Forecast 2014 2013 2012
Unsecured $ 12-15 $ 13 $ 11 $ 9
Securitizations (a) 13-16 15 14 14
Total $ 25-31 $ 28 $ 25 $ 23
__________
(a) Includes Rule 144A offerings.
In 2014, Ford Credit completed $28 billion of public term funding in the United States, Canada, Europe, Brazil, Mexico,
and China, including about $13 billion of unsecured debt.
For 2015, Ford Credit projects full-year public term funding in the range of $25 billion to $31 billion. Through
February 12, 2015, Ford Credit has completed $6.3 billion of public term funding in the United States and Europe.
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