DEBT

Debt outstanding and interest rates were as follows (in millions):



							Interest Rates
	Debt						Average Contractual				Average Effective
	June 30, 2016			December 31, 2015			2016		2015		2016		2015
Short-term debt
Unsecured debt
Floating rate demand notes	$	6,051		$	5,926
Commercial paper	3,472			1,722
Other short-term debt	2,634			2,708
Asset-backed debt	669			1,855
Total short-term debt	12,826			12,211			1.7	%	1.6	%	1.7	%	1.6	%
Long-term debt
Unsecured debt
Notes payable within one year	10,395			10,254
Notes payable after one year	55,323			48,672
Asset-backed debt (a)
Notes payable within one year	19,349			18,855
Notes payable after one year	27,420			29,390
Unamortized discount	(15		)	(25		)
Unamortized issuance costs	(243		)	(214		)
Fair value adjustments (b)	1,294			458
Total long-term debt	113,523			107,390			2.4	%	2.3	%	2.5	%	2.4	%
Total debt	$	126,349		$	119,601		2.3	%	2.2	%	2.4	%	2.3	%

Fair value of debt (c)	$	128,262		$	120,546

__________


(a)	Asset-backed debt issued in securitizations is the obligation of the consolidated securitization entity that issued the debt and is payable only out of collections on the underlying securitized assets and related enhancements. This asset-backed debt is not the obligation of Ford Credit or our other subsidiaries.


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


(c)	The fair value of debt includes $12.2 billion and $10.4 billion of 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.