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



							Interest Rates
	Debt						Average Contractual				Average Effective
	December 31, 2018			March 31, 2019			2018		2019		2018		2019
Short-term debt
Unsecured debt
Floating rate demand notes	$	5,880		$	6,170
Commercial paper	3,749			3,713
Other short-term debt	4,213			3,760
Asset-backed debt	943			983
Total short-term debt	14,785			14,626			3.5	%	3.4	%	3.5	%	3.4	%
Long-term debt
Unsecured debt
Notes payable within one year	14,373			13,814
Notes payable after one year	52,409			55,849
Asset-backed debt (a)
Notes payable within one year	22,130			23,502
Notes payable after one year	36,844			35,306
Unamortized discount	2			1
Unamortized issuance costs	(211		)	(221		)
Fair value adjustments (b)	(186		)	73
Total long-term debt	125,361			128,324			2.8	%	3.0	%	2.8	%	3.0	%
Total debt	$	140,146		$	142,950		2.8	%	3.0	%	2.9	%	3.1	%

Fair value of debt (c)	$	138,888		$	142,595

__________


(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)	These adjustments relate to designated fair value hedges. The carrying value of hedged debt was $38.0 billion and $38.1 billion at December 31, 2018 and March 31, 2019, respectively.


(c)	The fair value of debt includes $13.8 billion and $13.6 billion of short-term debt at December 31, 2018 and March 31, 2019, respectively, carried at cost, which approximates fair value. All other debt is categorized within Level 2 of the fair value hierarchy.