Debt And Commitments (Tables)

The carrying value of debt was $119.2 billion and $114.7 billion at December 31, 2014 and 2013, respectively. The carrying value of Automotive sector and Financial Services sector debt at December 31 was as follows (in millions):



							Interest Rates
							Average Contractual (a)				Average Effective (b)
Automotive Sector	2014			2013			2014		2013		2014		2013
Debt payable within one year
Short-term	$	373		$	562		1.9	%	1.5	%	1.9	%	1.5	%
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	350			104
Total debt payable within one year	2,501			1,257
Long-term debt payable after one year
Public unsecured debt securities	6,634			6,799
Unamortized (discount)/premium	(144		)	(148		)
Convertible notes	—			908
Unamortized (discount)/premium	—			(110		)
DOE ATVM Incentive Program	3,833			4,424
EIB loans	—			1,295
Other debt	1,000			1,258
Total long-term debt payable after one year	11,323			14,426			4.6	%	4.4	%	4.6	%	4.7	%
Total Automotive sector	$	13,824		$	15,683

Fair value of Automotive sector debt (c)	$	15,553		$	17,301

Financial Services Sector
Short-term debt
Unsecured debt	$	9,761		$	9,667
Asset-backed debt	1,377			5,327
Total short-term debt	11,138			14,994			1.9	%	1.5	%	1.9	%	1.5	%
Long-term debt
Unsecured debt
Notes payable within one year	8,795			4,475
Notes payable after one year	43,087			38,914
Asset-backed debt
Notes payable within one year	16,738			17,337
Notes payable after one year	25,216			23,273
Unamortized (discount)/premium	(55		)	(91		)
Fair value adjustments (d)	428			103
Total long-term debt	94,209			84,011			2.8	%	3.1	%	2.9	%	3.3	%
Total Financial Services sector	$	105,347		$	99,005

Fair value of Financial Services sector debt (c)	$	107,758		$	102,399

__________


(a)	Average contractual rates reflect the stated contractual interest rate.


(b)	Average effective rates reflect the average contractual interest rate plus amortization of discounts, premiums, and issuance fees.


(c)	The fair value of debt includes $131 million and $377 million of Automotive sector short-term debt and $9.8 billion and $9.7 billion of Financial Services sector short-term debt at December 31, 2014 and 2013, respectively, carried at cost which approximates fair value. All debt is categorized within Level 2 of the fair value hierarchy.


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

Debt maturities at December 31, 2014 were as follows (in millions):



	2015		2016		2017		2018		2019		Thereafter		Premium/(Discount) and Fair Value Adjustments			Total Debt Maturities
Automotive Sector
Public unsecured debt securities	$	161	$	—	$	—	$	361	$	—	$	6,273	$	(144	)	$	6,651
DOE ATVM Incentive Program	591		591		591		591		591		1,469		—			4,424
Short-term and other debt (a)	1,749		280		141		148		113		318		—			2,749
Total	2,501		871		732		1,100		704		8,060		(144		)	13,824

Financial Services Sector
Unsecured debt	18,556		10,402		11,096		6,028		5,582		9,979		375			62,018
Asset-backed debt	18,115		13,115		7,678		1,063		2,760		600		(2		)	43,329
Total	36,671		23,517		18,774		7,091		8,342		10,579		373			105,347
Total Company	$	39,172	$	24,388	$	19,506	$	8,191	$	9,046	$	18,639	$	229		$	119,171

__________


(a)	Primarily non-U.S. affiliate debt and includes the EIB secured loans.

The assets and liabilities related to our asset-backed debt arrangements included on our financial statements at December 31 were as follows (in billions):



	2014		2013
ASSETS
Cash and cash equivalents	$	2.4	$	4.4
Finance receivables, net	46.1		51.4
Net investment in operating leases	9.6		8.1

LIABILITIES
Debt	43.3		45.9

Our public, unsecured debt securities outstanding at December 31 were as follows (in millions):



	Aggregate Principal Amount Outstanding
Title of Security	2014		2013
4 7/8% Debentures due March 26, 2015	$	161	$	165
6 1/2% Debentures due August 1, 2018	361		361
8 7/8% Debentures due January 15, 2022	86		86
7 1/8% Debentures due November 15, 2025	209		209
7 1/2% Debentures due August 1, 2026	193		193
6 5/8% Debentures due February 15, 2028	104		104
6 5/8% Debentures due October 1, 2028 (a)	638		638
6 3/8% Debentures due February 1, 2029 (a)	260		260
7.45% GLOBLS due July 16, 2031 (a)	1,794		1,794
8.900% Debentures due January 15, 2032	151		151
9.95% Debentures due February 15, 2032	4		4
5.75% Debentures due April 2, 2035 (b)	40		40
7.75% Debentures due June 15, 2043	73		73
7.40% Debentures due November 1, 2046	398		398
9.980% Debentures due February 15, 2047	181		181
7.70% Debentures due May 15, 2097	142		142
4.75% Notes due January 15, 2043	2,000		2,000
Total public unsecured debt securities (c)	$	6,795	$	6,799

__________


(a)	Listed on the Luxembourg Exchange and on the Singapore Exchange.


(b)	Unregistered industrial revenue bond.


(c)	Excludes 9.215% Debentures due September 15, 2021 with an outstanding balance at December 31, 2014 of $180 million. The proceeds from these securities were on-lent by Ford to Ford Holdings to fund Financial Services activity and are reported as Financial Services debt.