DEBT

Interest rates and debt outstanding were as follows (in millions):



							Interest Rates
	Debt						Average Contractual				Average Effective
	June 30, 2015			December 31, 2014			2015		2014		2015		2014
Short-term debt
Unsecured debt
Floating rate demand notes	$	5,651		$	5,559
Commercial paper	1,813			1,651
Other short-term debt	2,370			2,564
Asset-backed debt	1,583			1,377
Total short-term debt	11,417			11,151			1.7	%	1.9	%	1.8	%	1.9	%
Long-term debt
Unsecured debt
Notes payable within one year	8,581			9,102
Notes payable after one year	44,238			42,488
Asset-backed debt (a)
Notes payable within one year	17,354			16,722
Notes payable after one year	27,591			25,197
Unamortized discount	(41		)	(51		)
Fair value adjustments (b)	381			428
Total long-term debt	98,104			93,886			2.4	%	2.7	%	2.5	%	2.8	%
Total debt	$	109,521		$	105,037		2.3	%	2.6	%	2.4	%	2.7	%

Fair value of debt (c)	$	111,119		$	107,190

__________


(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 $9.8 billion and $9.8 billion of short-term debt at June 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.