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



							Interest Rates
	Debt						Average Contractual				Average Effective
	December 31, 2016			June 30, 2017			2016		2017		2016		2017
Short-term debt
Unsecured debt
Floating rate demand notes	$	5,986		$	5,899
Commercial paper	4,507			5,230
Other short-term debt	3,803			3,603
Asset-backed debt	1,063			743
Total short-term debt	15,359			15,475			2.3	%	2.5	%	2.3	%	2.5	%
Long-term debt
Unsecured debt
Notes payable within one year	12,369			14,409
Notes payable after one year	49,308			51,974
Asset-backed debt (a)
Notes payable within one year	19,286			18,018
Notes payable after one year	30,112			29,409
Unamortized discount	(8		)	(5		)
Unamortized issuance costs	(212		)	(221		)
Fair value adjustments (b)	278			209
Total long-term debt	111,133			113,793			2.4	%	2.5	%	2.5	%	2.5	%
Total debt	$	126,492		$	129,268		2.4	%	2.5	%	2.4	%	2.5	%

Fair value of debt (c)	$	128,001		$	131,151

__________


(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 $14.3 billion and $14.7 billion of short-term debt at December 31, 2016 and June 30, 2017, respectively, carried at cost, which approximates fair value. All other debt is categorized within Level 2 of the fair value hierarchy.