Ford 2009 Annual Report Download - page 109

Notes to the Financial Statements
Ford Motor Company | 2009 Annual Report 107
NOTE 13. VARIABLE INTEREST ENTITIES (Continued)
The financial performance of the consolidated VIEs reflected on our statement of operations is as follows (in millions):
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     
VIEs of which we are not the primary beneficiary:
In 2005, as part of the transaction to sell our interest in The Hertz Corporation ("Hertz"), we provided cash-
collateralized letters of credit to support the payment obligations of Hertz Vehicle Financing LLC, a VIE which is wholly
owned by Hertz and of which we are not the primary beneficiary. The carrying value of our obligation related to these
letters of credit, which will expire no later than December 21, 2011, was approximately $9 million at December 31, 2009.
For additional discussion of these letters of credit, see Note 31.
We also have investments in unconsolidated subsidiaries determined to be VIEs of which we are not the primary
beneficiary. These investments, described below, are accounted for as equity method investments and are included in
Equity in net assets of affiliated companies.
AAT is a 50/50 joint venture with Mazda in Thailand. AAT is engaged in the manufacture of automobiles on behalf of
Ford and Mazda for the Thai domestic market and for export markets through Ford and Mazda. Ford and Mazda share
equally the risks and rewards of the joint venture.
Trust II was formed in 2002. We own 100% of Trust II's common stock which is equal to 5% of Trust II's total equity.
Our maximum exposure to VIEs of which we are not the primary beneficiary at December 31 is as follows (in millions):
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     
*XDUDQWHHVRIIEDODQFHVKHHW
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    
7RWDOPD[LPXPH[SRVXUH
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     
This includes a guarantee of a line of credit on behalf of AAT for plant expansion.