The carrying value of Automotive sector and Financial Services sector debt was as follows (in millions):



Automotive Sector	September 30, 2015			December 31, 2014
Debt payable within one year
Short-term	$	709		$	373
Long-term payable within one year
U.S. Department of Energy (“DOE”) Advanced Technology Vehicles Manufacturing (“ATVM”) Incentive Program	591			591
European Investment Bank (“EIB”) loans	—			1,187
Other debt	290			350
Total debt payable within one year	1,590			2,501
Long-term debt payable after one year
Public unsecured debt securities	6,594			6,634
DOE ATVM Incentive Program	3,390			3,833
Other debt	1,675			1,000
Unamortized (discount)/premium	(451		)	(144		)
Total long-term debt payable after one year	11,208			11,323
Total Automotive sector	$	12,798		$	13,824

Fair value of Automotive sector debt (a)	$	14,048		$	15,553

Financial Services Sector
Short-term debt
Unsecured debt	$	9,624		$	9,761
Asset-backed debt	1,877			1,377
Total short-term debt	11,501			11,138
Long-term debt
Unsecured debt
Notes payable within one year	7,885			8,795
Notes payable after one year	47,531			43,087
Asset-backed debt
Notes payable within one year	18,462			16,738
Notes payable after one year	27,553			25,216
Unamortized (discount)/premium	(40		)	(55		)
Fair value adjustments (b)	735			428
Total long-term debt	102,126			94,209
Total Financial Services sector	$	113,627		$	105,347

Fair value of Financial Services sector debt (a)	$	114,712		$	107,758

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(a)	The fair value of debt includes $518 million and $131 million of Automotive sector short-term debt and $9.6 billion and $9.8 billion of Financial Services sector short-term debt at September 30, 2015 and December 31, 2014, respectively, carried at cost, which approximates fair value. All debt is categorized within Level 2 of the fair value hierarchy.


(b)	Adjustments related to designated fair value hedges of unsecured debt.