DEBT AND COMMITMENTS

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



							Interest Rates
	Debt						Average Contractual				Average Effective
	December 31, 2017			March 31, 2018			2017		2018		2017		2018
Short-term debt
Unsecured debt
Floating rate demand notes	$	5,660		$	5,735
Commercial paper	4,889			4,758
Other short-term debt	5,890			5,034
Asset-backed debt	786			1,138
Total short-term debt	17,225			16,665			3.0	%	2.9	%	3.0	%	2.9	%
Long-term debt
Unsecured debt
Notes payable within one year	13,298			14,195
Notes payable after one year	55,687			56,504
Asset-backed debt (a)
Notes payable within one year	17,817			18,461
Notes payable after one year	34,051			36,744
Unamortized discount	(1		)	1
Unamortized issuance costs	(228		)	(236		)
Fair value adjustments (b)	(21		)	(360		)
Total long-term debt	120,603			125,309			2.5	%	2.6	%	2.6	%	2.6	%
Total debt	$	137,828		$	141,974		2.6	%	2.6	%	2.6	%	2.7	%

Fair value of debt (c)	$	139,677		$	142,952

__________


(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 $16.4 billion and $15.5 billion of short-term debt at December 31, 2017 and March 31, 2018, respectively, carried at cost, which approximates fair value. All other debt is categorized within Level 2 of the fair value hierarchy.