Note 9 – Debt

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

					Weighted average
					contractual interest rates
	March 31,		March 31,		March 31,			March 31,
	2017		2016		2017			2016
Commercial paper	$	26,632	$	26,608		1.11	%		0.60	%
Unsecured notes and loans payable		57,282		52,863		1.91	%		1.76	%
Secured notes and loans payable		14,319		14,123		1.32	%		0.91	%
Total debt	$	98,233	$	93,594		1.60	%		1.30	%

The carrying value of our debt includes unamortized premiums, discounts and debt issuance costs of $307 million and $280 million as of March 31, 2017 and 2016, respectively. The face value of commercial paper, unsecured notes and loans payable and secured notes and loans payable was $26.7 billion, $57.4 billion and $14.3 billion, respectively, as of March 31, 2017 and $26.6 billion, $53.0 billion and $14.1 billion, respectively, as of March 31, 2016.

As of March 31, 2017, our commercial paper had a weighted average remaining maturity of 97 days, while our unsecured and secured 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.

Our unsecured notes and loans payable consist of both fixed and variable rate debt with contractual interest rates ranging from 0 percent to 5.8 percent at March 31, 2017 and 0 percent to 9.4 percent at March 31, 2016. 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 various foreign currencies, and include the impact of translation adjustments. At March 31, 2017 and 2016, the carrying values of these foreign currency denominated unsecured notes and loans payable were $13.3 billion and $13.1 billion, respectively. Concurrent with the issuance of these foreign currency unsecured notes and loans payable, we entered into currency swaps in the same notional amount to convert non-U.S. currency payments to U.S. dollar denominated payments.

Unsecured notes and loans payable include a carrying value adjustment, which 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 decreased to $102 million at March 31, 2017 from $122 million at March 31, 2016 primarily as a result of a weaker U.S. dollar relative to certain other currencies in which our hedged debt is denominated.

Our secured notes and loans payable are denominated in U.S. dollars and consist of both fixed and variable rate debt with contractual interest rates ranging from 0.8 percent to 2.1 percent at March 31, 2017 and 0.5 percent to 1.7 percent at March 31, 2016. Secured notes and loans payable are issued using 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.

Note 9 – Debt (Continued)

Scheduled maturities of our debt portfolio are summarized below. Actual repayment of secured debt will vary based on the repayment activity on the related pledged assets.

	Future
Years ending March 31,	debt maturities
2018	$	49,824
2019		16,037
2020		9,027
2021		6,613
2022		10,229
Thereafter		6,708
Unamortized discounts, costs and carrying value adjustment		(205	)
Total debt	$	98,233