DEBT

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



Automotive	June 30, 2016			December 31, 2015
Debt payable within one year
Short-term	$	1,126		$	818
Long-term payable within one year
U.S. Department of Energy (“DOE”) Advanced Technology Vehicles Manufacturing (“ATVM”) Incentive Program	591			591
Other debt	752			370
Unamortized (discount)/premium	(52		)	—
Total debt payable within one year	2,417			1,779
Long-term debt payable after one year
Public unsecured debt securities	6,594			6,594
DOE ATVM Incentive Program	2,947			3,242
Other debt	1,530			1,696
Adjustments
Unamortized (discount)/premium	(358		)	(412		)
Unamortized issuance costs	(59		)	(60		)
Total long-term debt payable after one year	10,654			11,060
Total Automotive	$	13,071		$	12,839

Fair value of Automotive debt (a)	$	15,151		$	14,199

Financial Services
Debt payable within one year
Short-term	$	12,734		$	12,123
Long-term payable within one year
Unsecured debt	10,382			10,241
Asset-backed debt	19,349			18,855
Adjustments
Unamortized (discount)/premium	(3		)	(5		)
Unamortized issuance costs	(18		)	(18		)
Total debt payable within one year	42,444			41,196
Long-term debt payable after one year
Unsecured debt	55,927			49,193
Asset-backed debt	27,420			29,390
Adjustments
Unamortized (discount)/premium	(15		)	(24		)
Unamortized issuance costs	(227		)	(198		)
Fair value adjustments (b)	1,294			458
Total long-term debt payable after one year	84,399			78,819
Total Financial Services	$	126,843		$	120,015

Fair value of Financial Services debt (a)	$	128,982		$	121,170

__________


(a)	The fair value of debt includes $869 million and $560 million of Automotive short-term debt and $12.1 billion and $10.3 billion of Financial Services short-term debt at June 30, 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.