The carrying value of Automotive sector and Financial Services sector debt was as follows (in millions):



Automotive Sector	June 30, 2015			December 31, 2014
Debt payable within one year
Short-term	$	458		$	373
Long-term payable within one year
U.S. Department of Energy (“DOE”) Advanced Technology Vehicles Manufacturing (“ATVM”) Incentive Program	591			591
European Investment Bank (“EIB”) loans	709			1,187
Other debt	430			350
Total debt payable within one year	2,188			2,501
Long-term debt payable after one year
Public unsecured debt securities	6,594			6,634
DOE ATVM Incentive Program	3,538			3,833
Other debt	1,914			1,000
Unamortized (discount)/premium	(521		)	(144		)
Total long-term debt payable after one year	11,525			11,323
Total Automotive sector	$	13,713		$	13,824

Fair value of Automotive sector debt (a)	$	15,163		$	15,553

Financial Services Sector
Short-term debt
Unsecured debt	$	9,679		$	9,761
Asset-backed debt	1,583			1,377
Total short-term debt	11,262			11,138
Long-term debt
Unsecured debt
Notes payable within one year	8,535			8,795
Notes payable after one year	44,734			43,087
Asset-backed debt
Notes payable within one year	17,354			16,738
Notes payable after one year	27,591			25,216
Unamortized (discount)/premium	(44		)	(55		)
Fair value adjustments (b)	381			428
Total long-term debt	98,551			94,209
Total Financial Services sector	$	109,813		$	105,347

Fair value of Financial Services sector debt (a)	$	111,662		$	107,758

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(a)	The fair value of debt includes $272 million and $131 million of Automotive sector short-term debt and $9.7 billion and $9.8 billion of Financial Services sector short-term debt at June 30, 2015 and December 31, 2014, respectively, carried at cost, which approximates fair value. All debt is categorized within Level 2 of the fair value hierarchy.


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