Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt outstanding and interest rates at December 31 were as follows (in millions):



							Interest Rates
	Debt						Average Contractual				Average Effective
	2015			2016			2015		2016		2015		2016
Short-term debt
Unsecured debt
Floating rate demand notes	$	5,926		$	5,986
Commercial paper	1,722			4,507
Other short-term debt	2,708			3,803
Asset-backed debt	1,855			1,063
Total short-term debt	12,211			15,359			1.6	%	2.3	%	1.6	%	2.3	%
Long-term debt
Unsecured debt
Notes payable within one year	10,254			12,369
Notes payable after one year	48,672			49,308
Asset-backed debt
Notes payable within one year	18,855			19,286
Notes payable after one year	29,390			30,112
Unamortized discount	(25		)	(8		)
Unamortized issuance costs	(214		)	(212		)
Fair value adjustments	458			278
Total long-term debt	107,390			111,133			2.3	%	2.4	%	2.4	%	2.5	%
Total debt	$	119,601		$	126,492		2.2	%	2.4	%	2.3	%	2.4	%

Fair value of debt	$	120,546		$	128,001
Interest rate characteristics of debt payable after one year
Fixed interest rate	54,396			56,684
Variable interest rate (generally based on LIBOR or other short-term rates)	23,666			22,736
Total payable after one year	$	78,062		$	79,420

Debt with affiliated companies included in the above table at December 31 was as follows (in millions):



	2015		2016
Other short-term debt	$	88	$	29
Notes payable within one year	13		—
Notes payable after one year	83		—
Total debt with affiliated companies	$	184	$	29

Debt maturities at December 31, 2016 were as follows (in millions):

__________


(a)	Includes $15,359 million for short-term and $31,655 million for long-term debt.


(b)	Includes $9,828 million of unsecured debt maturing between 2022 and 2026 with the remaining balance maturing by 2048.