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Debt And Commitments (Tables)
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12 Months Ended |
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Dec. 31, 2012
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| Debt Instrument [Line Items] |
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| Schedule of debt outstanding [Table Text Block] |
The carrying value of our debt was as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | Interest Rates (a) | | | | | | Average Contractual (b) | | Average Effective (c) | Automotive Sector | December 31,
2012 | | December 31,
2011 | | December 31,
2012 | | December 31,
2011 | | December 31,
2012 | | December 31,
2011 | Debt payable within one year | | | | | | | | | | | | Short-term with non-affiliates | $ | 484 |
| | $ | 559 |
| | 1.5 | % | | 1.6 | % | | 1.5 | % | | 1.6 | % | Short-term with unconsolidated affiliates | — |
| | 18 |
| | | | | | | | | Long-term payable within one year | |
| | |
| | | | | | | | | U.S. Department of Energy ("DOE") Advanced Technology Vehicles Manufacturing ("ATVM") Incentive Program | 591 |
| | 240 |
| | | | | | | | | Other debt | 311 |
| | 216 |
| | | | | | | | | Total debt payable within one year | 1,386 |
| | 1,033 |
| | | | | | | | | Long-term debt payable after one year | |
| | |
| | | | | | | | | Public unsecured debt securities | 5,420 |
| | 5,260 |
| | | | | | | | | Unamortized discount | (100 | ) | | (77 | ) | | | | | | | | | Convertible notes | 908 |
| | 908 |
| | | | | | | | | Unamortized discount | (142 | ) | | (172 | ) | | | | | | | | | DOE ATVM Incentive Program | 5,014 |
| | 4,556 |
| | | | | | | | | EIB Credit Facilities | 729 |
| | 698 |
| | | | | | | | | Other debt | 1,048 |
| | 888 |
| | | | | | | | | Unamortized discount | (7 | ) | | — |
| | | | | | | | | Total long-term debt payable after one year | 12,870 |
| | 12,061 |
| | 4.6 | % | | 4.9 | % | | 5.1 | % | | 5.5 | % | Total Automotive sector | $ | 14,256 |
| | $ | 13,094 |
| | | | | | | | | Fair value of Automotive sector debt (d) | $ | 14,867 |
| | $ | 13,451 |
| | | | | | | | | Financial Services Sector | |
| | |
| | | | | | | | | Short-term debt | |
| | |
| | | | | | | | | Asset-backed commercial paper | $ | 5,752 |
| | $ | 6,835 |
| | | | | | | | | Other asset-backed short-term debt | 3,762 |
| | 2,987 |
| | | | | | | | | Floating rate demand notes | 4,890 |
| | 4,713 |
| | | | | | | | | Commercial paper | 1,686 |
| | 156 |
| | | | | | | | | Other short-term debt | 1,655 |
| | 1,905 |
| | | | | | | | | Total short-term debt | 17,745 |
| | 16,596 |
| | 1.1 | % | | 1.4 | % | | 1.1 | % | | 1.4 | % | Long-term debt | |
| | |
| | | | | | | | | Unsecured debt | |
| | |
| | | | | | | | | Notes payable within one year | 5,830 |
| | 6,144 |
| | | | | | | | | Notes payable after one year | 32,503 |
| | 26,167 |
| | | | | | | | | Asset-backed debt | |
| | |
| | | | | | | | | Notes payable within one year | 13,801 |
| | 16,538 |
| | | | | | | | | Notes payable after one year | 20,266 |
| | 20,621 |
| | | | | | | | | Unamortized discount | (134 | ) | | (152 | ) | | | | | | | | | Fair value adjustments (e) | 791 |
| | 681 |
| | | | | | | | | Total long-term debt | 73,057 |
| | 69,999 |
| | 3.8 | % | | 4.3 | % | | 4.1 | % | | 4.6 | % | Total Financial Services sector | $ | 90,802 |
| | $ | 86,595 |
| | | | | | | | | Fair value of Financial Services sector debt(d) | $ | 94,578 |
| | $ | 88,823 |
| | | | | | | | | Total Automotive and Financial Services sectors | $ | 105,058 |
| | $ | 99,689 |
| | | | | | | | | Intersector elimination (f) | — |
| | (201 | ) | | | | | | | | | Total Company | $ | 105,058 |
| | $ | 99,488 |
| | | | | | | | |
__________ | | (a) | Interest rates are presented for the fourth quarter of 2012 and the fourth quarter of 2011. |
| | (b) | Average contractual rates reflect the stated contractual interest rate with the exception of commercial paper, which is issued at a discount. |
| | (c) | Average effective rates reflect the average contractual interest rate plus amortization of discounts, premiums, and issuance fees. |
| | (d) | The fair value of debt includes $484 million and $326 million of Automotive sector short-term debt and $8.4 billion and $7 billion of Financial Services sector short-term debt at December 31, 2012 and 2011, 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. |
| | (e) | Adjustments related to designated fair value hedges of unsecured debt. |
| | (f) | Debt related to Ford's acquisition of Ford Credit debt securities. |
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| Schedule of Maturities of Long-term Debt [Table Text Block] |
Debt maturities at December 31, 2012 were as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2013 | | 2014 | | 2015 | | 2016 | | 2017 | | Thereafter | | Total Debt Maturities | Automotive Sector | | | | | | | | | | | | | | Public unsecured debt securities | $ | — |
| | $ | — |
| | $ | 160 |
| | $ | — |
| | $ | — |
| | $ | 5,260 |
| | $ | 5,420 |
| Unamortized discount (a) | — |
| | — |
| | — |
| | — |
| | — |
| | (100 | ) | | (100 | ) | Convertible notes | — |
| | — |
| | — |
| | 883 |
| | — |
| | 25 |
| | 908 |
| Unamortized discount (a) | — |
| | — |
| | — |
| | (137 | ) | | — |
| | (5 | ) | | (142 | ) | DOE ATVM Incentive Program | 591 |
| | 591 |
| | 591 |
| | 591 |
| | 591 |
| | 2,650 |
| | 5,605 |
| Short-term and other debt (b) | 795 |
| | 100 |
| | 1,145 |
| | 139 |
| | 108 |
| | 285 |
| | 2,572 |
| Unamortized discount (a) | (4 | ) | | (2 | ) | | (1 | ) | | — |
| | — |
| | — |
| | (7 | ) | Total Automotive debt | 1,382 |
| | 689 |
| | 1,895 |
| | 1,476 |
| | 699 |
| | 8,115 |
| | 14,256 |
| | | | | | | | | | | | | | | Financial Services Sector | |
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| | |
| | |
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| | |
| | |
| Unsecured debt | 14,061 |
| | 4,019 |
| | 8,906 |
| | 4,898 |
| | 6,459 |
| | 8,221 |
| | 46,564 |
| Asset-backed debt | 23,315 |
| | 12,356 |
| | 5,005 |
| | 1,319 |
| | 1,586 |
| | — |
| | 43,581 |
| Unamortized (discount)/premium (a) | (1 | ) | | (76 | ) | | (19 | ) | | (15 | ) | | (15 | ) | | (8 | ) | | (134 | ) | Fair value adjustments (a) (c) | 33 |
| | 25 |
| | 84 |
| | 43 |
| | 148 |
| | 458 |
| | 791 |
| Total Financial Services debt | 37,408 |
| | 16,324 |
| | 13,976 |
| | 6,245 |
| | 8,178 |
| | 8,671 |
| | 90,802 |
| | | | | | | | | | | | | | | Total Company | $ | 38,790 |
| | $ | 17,013 |
| | $ | 15,871 |
| | $ | 7,721 |
| | $ | 8,877 |
| | $ | 16,786 |
| | $ | 105,058 |
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__________ | | (a) | Based on contractual payment date of related debt. |
| | (b) | Primarily non-U.S. affiliate debt and includes the EIB secured loan. |
| | (c) | Adjustments related to designated fair value hedges of unsecured debt. |
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| Schedule of Liability and Equity Components of Convertible Notes [Table Text Block] |
Liability, equity, and if-converted components of our Convertible Notes are summarized as follows (in millions): | | | | | | | | | | | | | | | | | | Total Effective Interest Rate | | December 31,
2012 | | December 31,
2011 | | December 31,
2012 | | December 31,
2011 | Liability component | | | | | | | | 4.25% Debentures due November 15, 2016 | $ | 768 |
| | $ | 768 |
| | 9.2% | | 9.2% | 4.25% Debentures due November 15, 2016 (underwriter option) | 115 |
| | 115 |
| | 8.6% | | 8.6% | Subtotal Convertible Debt due November 15, 2016 | 883 |
| | 883 |
| | | | | 4.25% Debentures due December 15, 2036 | 25 |
| | 25 |
| | 10.5% | | 10.5% | Unamortized discount | (142 | ) | | (172 | ) | | | | | Net carrying amount | $ | 766 |
| | $ | 736 |
| | | | | | | | | | | | | Equity component of outstanding debt (a) | $ | (225 | ) | | $ | (225 | ) | | | | | Share value in excess of principal value, if converted (b) | $ | 384 |
| | $ | 143 |
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__________ | | (a) | Recorded in Capital in excess of par value of stock. |
| | (b) | Based on share price of $12.95 and $10.76 as of December 31, 2012 and 2011, respectively. |
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| Schedule of Interest Cost on Convertible Notes [Table Text Block] |
We recognized interest cost on our Convertible Notes as follows (in millions): | | | | | | | | | | | | | | 2012 | | 2011 | | 2010 | Contractual interest coupon | $ | 38 |
| | $ | 38 |
| | $ | 138 |
| Amortization of discount | 30 |
| | 27 |
| | 87 |
| Total interest cost on Convertible Notes | $ | 68 |
| | $ | 65 |
| | $ | 225 |
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| Assets And Liabilities Related To Secured Debt Arrangements Disclosure Text Block |
The following table shows the assets and liabilities related to our asset-backed debt arrangements that are included in our financial statements for the years ended December 31 (in billions): | | | | | | | | | | | | | | 2012 | | Cash and Cash Equivalents | | Finance Receivables, Net and Net Investment in Operating Leases | | Related Debt | VIEs (a) | | | | | | Finance receivables | $ | 2.5 |
| | $ | 47.5 |
| | $ | 36.0 |
| Net investment in operating leases | 0.4 |
| | 6.3 |
| | 4.2 |
| Total | $ | 2.9 |
| | $ | 53.8 |
| | $ | 40.2 |
| Non-VIE | |
| | |
| | |
| Finance receivables (b) | $ | 0.1 |
| | $ | 3.5 |
| | $ | 3.3 |
| Total securitization transactions | |
| | |
| | |
| Finance receivables | $ | 2.6 |
| | $ | 51.0 |
| | $ | 39.3 |
| Net investment in operating leases | 0.4 |
| | 6.3 |
| | 4.2 |
| Total | $ | 3.0 |
| | $ | 57.3 |
| | $ | 43.5 |
| | | | | | | | 2011 | | Cash and Cash Equivalents | | Finance Receivables, Net and Net Investment in Operating Leases | | Related Debt | VIEs (a) | |
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| | |
| Finance receivables | $ | 3.0 |
| | $ | 49.8 |
| | $ | 37.2 |
| Net investment in operating leases | 0.4 |
| | 6.4 |
| | 4.2 |
| Total | $ | 3.4 |
| | $ | 56.2 |
| | $ | 41.4 |
| Non-VIE | |
| | |
| | |
| Finance receivables (b) | $ | 0.3 |
| | $ | 6.2 |
| | $ | 5.6 |
| Total securitization transactions | |
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| | |
| Finance receivables | $ | 3.3 |
| | $ | 56.0 |
| | $ | 42.8 |
| Net investment in operating leases | 0.4 |
| | 6.4 |
| | 4.2 |
| Total | $ | 3.7 |
| | $ | 62.4 |
| | $ | 47.0 |
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__________ | | (a) | Includes assets to be used to settle liabilities of the consolidated VIEs. See Note 12 for additional information on Financial Services sector VIEs. |
| | (b) | Certain debt issued by the VIEs to affiliated companies served as collateral for accessing the ECB open market operations program. This external funding of $145 million and $246 million at December 31, 2012 and 2011, respectively was not reflected as a liability of the VIEs and is reflected as a non-VIE liability above. The finance receivables backing this external funding are reflected in VIE finance receivables. |
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Public Unsecured Debt Securities [Member]
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| Debt Instrument [Line Items] |
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| Schedule of debt outstanding [Table Text Block] |
Our public unsecured debt securities outstanding were as follows (in millions): | | | | | | | | | | Aggregate Principal Amount Outstanding | Title of Security | December 31,
2012 | | December 31,
2011 | 4 7/8% Debentures due March 26, 2015 | $ | 160 |
| | $ | — |
| 6 1/2% Debentures due August 1, 2018 | 361 |
| | 361 |
| 8 7/8% Debentures due January 15, 2022 | 86 |
| | 86 |
| 6.55% Debentures due October 3, 2022 (a) | 15 |
| | 15 |
| 7 1/8% Debentures due November 15, 2025 | 209 |
| | 209 |
| 7 1/2% Debentures due August 1, 2026 | 193 |
| | 193 |
| 6 5/8% Debentures due February 15, 2028 | 104 |
| | 104 |
| 6 5/8% Debentures due October 1, 2028 (b) | 638 |
| | 638 |
| 6 3/8% Debentures due February 1, 2029 (b) | 260 |
| | 260 |
| 5.95% Debentures due September 3, 2029 (a) | 8 |
| | 8 |
| 6.15% Debentures due June 3, 2030 (a) | 10 |
| | 10 |
| 7.45% GLOBLS due July 16, 2031 (b) | 1,794 |
| | 1,794 |
| 8.900% Debentures due January 15, 2032 | 151 |
| | 151 |
| 9.95% Debentures due February 15, 2032 | 4 |
| | 4 |
| 5.75% Debentures due April 2, 2035 (a) | 40 |
| | 40 |
| 7.50% Debentures due June 10, 2043 (c) | 593 |
| | 593 |
| 7.75% Debentures due June 15, 2043 | 73 |
| | 73 |
| 7.40% Debentures due November 1, 2046 | 398 |
| | 398 |
| 9.980% Debentures due February 15, 2047 | 181 |
| | 181 |
| 7.70% Debentures due May 15, 2097 | 142 |
| | 142 |
| Total public unsecured debt securities (d) | $ | 5,420 |
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| $ | 5,260 |
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__________ | | (a) | Unregistered industrial revenue bonds. |
| | (b) | Listed on the Luxembourg Exchange and on the Singapore Exchange. |
| | (c) | Listed on the New York Stock Exchange; this debt was redeemed as of February 4, 2013. |
| | (d) | Excludes 9.215% Debentures due September 15, 2021 with an outstanding balance at December 31, 2012 of $180 million. The proceeds from these securities were on-lent by Ford to Ford Holdings to fund Financial Services activity and are reported as Financial Services debt. |
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