Ford 2013 Annual Report Download - page 115

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Ford Motor Company | 2013 Annual Report 113
FORD MOTOR COMPANY AND SUBSIDIARIES
NOTES TO THE FINANCIAL STATEMENTS
NOTE 15. DEBT AND COMMITMENTS
Our debt consists of short-term and long-term secured and unsecured debt securities, convertible debt securities, and
unsecured and secured borrowings from banks and other lenders. Debt issuances are placed directly by us or through
securities dealers or underwriters and are held by institutional and retail investors. In addition, Ford Credit sponsors
securitization programs that provide short-term and long-term asset-backed financing through institutional investors in the
U.S. and international capital markets.
Debt is recorded on our balance sheet at par value adjusted for unamortized discount or premium and adjustments
related to designated fair value hedges (see Note 16 for policy detail). Discounts, premiums, and costs directly related to
the issuance of debt are amortized over the life of the debt or to the put date and are recorded in Interest expense using
the effective interest method. Gains and losses on the extinguishment of debt are recorded in Automotive interest income
and other income/(expense), net and Financial Services other income/(loss), net.
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