Debt and Commitments

3 Months Ended

Mar. 31, 2012

The carrying value of our debt was as follows (in millions):



	March 31, 2012			December 31, 2011
Automotive Sector	March 31, 2012			December 31, 2011
Debt payable within one year
Short-term with non-affiliates (a)	$	565		$	559
Short-term with unconsolidated affiliates	—			18
Long-term payable within one year
U.S. Department of Energy ("DOE") loans	395			240
Other debt	182			216
Total debt payable within one year	1,142			1,033
Long-term debt payable after one year
Public unsecured debt securities	5,419			5,260
Unamortized discount	(75		)	(77		)
Convertible notes	908			908
Unamortized discount	(165		)	(172		)
DOE loans	4,866			4,556
EIB loan	720			698
Other debt	876			888
Total long-term debt payable after one year	12,549			12,061
Total Automotive sector	$	13,691		$	13,094
Fair value of Automotive sector debt (c)	$	13,751		$	13,451
Financial Services Sector
Short-term debt
Asset-backed commercial paper	$	6,670		$	6,835
Other asset-backed short-term debt	1,485			2,987
Floating rate demand notes	4,935			4,713
Other short-term debt	1,940			2,061
Total short-term debt	15,030			16,596
Long-term debt
Unsecured debt
Notes payable within one year	4,670			6,144
Notes payable after one year	26,440			26,167
Asset-backed debt
Notes payable within one year	17,082			16,538
Notes payable after one year	23,136			20,621
Unamortized discount	(123		)	(152		)
Fair value adjustments (b)	564			681
Total long-term debt	71,769			69,999
Total Financial Services sector	$	86,799		$	86,595
Fair value of Financial Services sector debt (c)	$	89,747		$	88,823
Total Automotive and Financial Services sectors	$	100,490		$	99,689
Intersector elimination (d)	—			(201		)
Total Company	$	100,490		$	99,488

__________


(a)	Includes Export-Import Bank of the United States secured loan of $250 million at March 31, 2012 and December 31, 2011.


(b)	Adjustments related to designated fair value hedges of unsecured debt.


(c)	The fair value of debt includes $315 million and $326 million of Automotive sector short-term debt and $7.1 billion and $7 billion of Financial Services sector short-term debt at March 31, 2012 and December 31, 2011, respectively, carried at cost which approximates fair value. All debt is categorized within Level 2 of the fair value hierarchy. See Note 3 for additional information.


(d)	Debt related to Ford's acquisition of Ford Credit debt securities.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details