DEBT

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



Automotive Sector	March 31, 2016			December 31, 2015
Debt payable within one year
Short-term	$	977		$	818
Long-term payable within one year
U.S. Department of Energy (“DOE”) Advanced Technology Vehicles Manufacturing (“ATVM”) Incentive Program	591			591
Other debt	373			370
Total debt payable within one year	1,941			1,779
Long-term debt payable after one year
Public unsecured debt securities	6,594			6,594
DOE ATVM Incentive Program	3,095			3,242
Other debt	1,868			1,696
Adjustments
Unamortized (discount)/premium	(417		)	(412		)
Unamortized issuance costs	(59		)	(60		)
Total long-term debt payable after one year	11,081			11,060
Total Automotive sector	$	13,022		$	12,839

Fair value of Automotive sector debt (a)	$	14,669		$	14,199

Financial Services Sector
Short-term debt
Unsecured debt	$	10,850		$	10,268
Asset-backed debt	1,064			1,855
Total short-term debt	11,914			12,123
Long-term debt
Unsecured debt
Notes payable within one year	13,655			10,241
Notes payable after one year	52,756			49,193
Asset-backed debt
Notes payable within one year	20,231			18,855
Notes payable after one year	28,638			29,390
Adjustments
Unamortized (discount)/premium	(27		)	(29		)
Unamortized issuance costs	(240		)	(216		)
Fair value adjustments (b)	1,046			458
Total long-term debt	116,059			107,892
Total Financial Services sector	$	127,973		$	120,015

Fair value of Financial Services sector debt (a)	$	129,429		$	121,170

__________


(a)	The fair value of debt includes $676 million and $560 million of Automotive sector short-term debt and $10.8 billion and $10.3 billion of Financial Services sector short-term debt at March 31, 2016 and December 31, 2015, respectively, carried at cost, which approximates fair value. All other debt is categorized within Level 2 of the fair value hierarchy.


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