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



							Interest Rates
	Debt						Average Contractual				Average Effective
	December 31, 2016			September 30, 2017			2016		2017		2016		2017
Short-term debt
Unsecured debt
Floating rate demand notes	$	5,986		$	5,718
Commercial paper	4,507			5,627
Other short-term debt	3,803			5,196
Asset-backed debt	1,063			1,151
Total short-term debt	15,359			17,692			2.3	%	2.6	%	2.3	%	2.6	%
Long-term debt
Unsecured debt
Notes payable within one year	12,369			13,487
Notes payable after one year	49,308			53,858
Asset-backed debt (a)
Notes payable within one year	19,286			16,496
Notes payable after one year	30,112			30,909
Unamortized discount	(8		)	(1		)
Unamortized issuance costs	(212		)	(223		)
Fair value adjustments (b)	278			162
Total long-term debt	111,133			114,688			2.4	%	2.5	%	2.5	%	2.5	%
Total debt	$	126,492		$	132,380		2.4	%	2.5	%	2.4	%	2.5	%

Fair value of debt (c)	$	128,001		$	134,141

__________


(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 $16.5 billion of short-term debt at December 31, 2016 and September 30, 2017, respectively, carried at cost, which approximates fair value. All other debt is categorized within Level 2 of the fair value hierarchy.