Note 9 – Debt

Debt and the related weighted average contractual interest rates are summarized as follows:

					Weighted average
					contractual interest rates
	June 30,		March 31,		June 30,			March 31,
	2016		2016		2016			2016
Commercial paper	$	27,435	$	26,608		0.69	%		0.60	%
Unsecured notes and loans payable		53,504		52,741		1.81	%		1.76	%
Secured notes and loans payable		14,119		14,123		0.94	%		0.91	%
Carrying value adjustment		148		122
Total debt	$	95,206	$	93,594		1.36	%		1.30	%

Included in the carrying value of our debt are unamortized premiums, discounts and debt issuance costs of $284 million and $280 million as of June 30, 2016 and March 31, 2016, respectively. The face value of commercial paper, unsecured notes and loans payable and secured notes and loans payable was $27.5 billion, $53.7 billion, and $14.1 billion, respectively, as of June 30, 2016, and $26.6 billion, $53.0 billion and $14.1 billion, respectively, as of March 31, 2016.

As of June 30, 2016, our commercial paper had a weighted average remaining maturity of 85 days, while our notes and loans payable mature on various dates through fiscal 2047. Weighted average contractual interest rates are calculated based on original notional or par value before consideration of premium or discount.

The carrying value of our unsecured notes and loans payable at June 30, 2016 included $16.3 billion of unsecured floating rate debt with contractual interest rates ranging from 0 percent to 3.1 percent and $37.4 billion of unsecured fixed rate debt with contractual interest rates ranging from 0.8 percent to 9.4 percent. The carrying value of our unsecured notes and loans payable at March 31, 2016 included $17.9 billion of unsecured floating rate debt with contractual interest rates ranging from 0 percent to 3.1 percent and $35 billion of unsecured fixed rate debt with contractual interest rates ranging from 0.8 percent to 9.4 percent. Upon issuance of fixed rate notes, we generally elect to enter into interest rate swaps to convert fixed rate payments on notes to floating rate payments.

Our unsecured notes and loans payable contain covenants and conditions customary in transactions of this nature, including negative pledge provisions, cross-default provisions and limitations on certain consolidations, mergers and sales of assets. We are currently in compliance with these covenants and conditions.

Certain unsecured notes and loans payable are denominated in foreign currencies, and include the effects of foreign currency transaction gains and losses on non-hedged or de-designated foreign currency denominated notes and loans payable. At June 30, 2016 and March 31, 2016, the carrying values of these foreign currency denominated notes payable were $12.9 billion and $13.1 billion, respectively. Concurrent with the issuance of these foreign currency unsecured notes, we entered into currency swaps in the same notional amount to convert non-U.S. currency payments to U.S. dollar denominated payments.

Our secured notes and loans payable are denominated in U.S. dollars and consist of both fixed and variable rate debt with interest rates ranging from 0.7 percent to 1.7 percent at June 30, 2016 and 0.5 percent to 1.7 percent at March 31, 2016. Secured notes and loans are issued by on-balance sheet securitization trusts, as further discussed in Note 10 – Variable Interest Entities. These notes are repayable only from collections on the underlying securitized retail finance receivables and the beneficial interests in investments in operating leases and from related credit enhancements.

The carrying value adjustment on debt represents the effects of fair value adjustments to debt in hedging relationships, accrued redemption premiums, and the unamortized fair value adjustments on the hedged item for terminated fair value hedge accounting relationships. The carrying value adjustment on debt increased by $26 million at June 30, 2016 compared to March 31, 2016 primarily as a result of a stronger U.S. dollar relative to certain other currencies in which our hedged debt is denominated.