Note 9 – Debt

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

					Weighted average
						contractual interest rates
	December 31,		March 31,			December 31,		March 31,
(Dollars in millions)	2014		2014			2014		2014
Commercial paper	$	27,485	$	27,709		0.19	%	0.18	%
Unsecured notes and loans payable		51,029		49,075		1.90	%	1.99	%
Secured notes and loans payable		9,335		8,158		0.57	%	0.54	%
Carrying value adjustment		105		425
Total debt	$	87,954	$	85,367		1.22	%	1.26	%

The commercial paper balance includes unamortized premiums and discounts. As of December 31, 2014, our commercial paper had a weighted average remaining maturity of 80 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 December 31, 2014 included $17.6 billion of unsecured floating rate debt with contractual interest rates ranging from 0 percent to 3.3 percent and $33.6 billion of unsecured fixed rate debt with contractual interest rates ranging from 0.5 percent to 9.4 percent. The carrying value of our unsecured notes and loans payable at March 31, 2014 included $17.6 billion of unsecured floating rate debt with contractual interest rates ranging from 0 percent to 3.3 percent and $31.9 billion of unsecured fixed rate debt with contractual interest rates ranging from 0.5 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.

Included in unsecured notes and loans payable are notes and loans denominated in various foreign currencies, unamortized premiums and discounts and the effects of foreign currency transaction gains and losses on non-hedged or de-designated foreign currency denominated notes and loans payable. At December 31, 2014 and March 31, 2014, the carrying values of these foreign currency denominated notes payable were $11.3 billion and $12.6 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 0.4 percent to 1.5 percent at December 31, 2014 and 0.4 percent to 1.6 percent at March 31, 2014. 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.