Document_and_Entity_Informatio
Document and Entity Information (USD $) | 9 Months Ended |
Dec. 31, 2014 | |
Document And Entity Information [Abstract] | |
Document Type | 10-Q |
Document Period End Date | 31-Dec-14 |
Amendment Flag | FALSE |
Entity Registrant Name | Toyota Motor Credit Corporation |
Entity Central Index Key | 834071 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Current Fiscal Year End Date | -28 |
Entity Filer Category | Non-accelerated Filer |
Entity Well Known Seasoned Issuer | Yes |
Entity Common Stock Shares Outstanding | 91,500 |
Entity Public Float | $0 |
Document Fiscal Year Focus | 2015 |
Document Fiscal Period Focus | Q3 |
Consolidated_Statement_of_Inco
Consolidated Statement of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Financing revenues: | ||||
Operating lease | $1,581 | $1,290 | $4,481 | $3,754 |
Retail | 430 | 475 | 1,347 | 1,436 |
Dealer | 101 | 111 | 301 | 326 |
Total financing revenues | 2,112 | 1,876 | 6,129 | 5,516 |
Depreciation on operating leases | 1,248 | 1,033 | 3,544 | 2,950 |
Interest expense | 161 | 386 | 506 | 1,236 |
Net financing revenues | 703 | 457 | 2,079 | 1,330 |
Insurance earned premiums and contract revenues | 159 | 141 | 472 | 423 |
Investment and other income, net | 62 | 68 | 157 | 88 |
Net financing revenues and other revenues | 924 | 666 | 2,708 | 1,841 |
Expenses: | ||||
Provision for credit losses | 103 | 63 | 220 | 102 |
Operating and administrative | 266 | 240 | 752 | 700 |
Insurance losses and loss adjustment expenses | 63 | 57 | 200 | 196 |
Total expenses | 432 | 360 | 1,172 | 998 |
Income before income taxes | 492 | 306 | 1,536 | 843 |
Provision for income taxes | 185 | 113 | 574 | 315 |
Net income | $307 | $193 | $962 | $528 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $307 | $193 | $962 | $528 |
Other comprehensive (loss) income, net of tax: | ||||
Net unrealized gains (losses) on available-for-sale marketable securities, net of tax | 5 | 2 | 41 | -36 |
Reclassification adjustment for net (gains) losses on available-for-sale marketable securities included in investment and other income, net of tax | -7 | -7 | -35 | 18 |
Other comprehensive (loss) income | -2 | -5 | 6 | -18 |
Comprehensive income | $305 | $188 | $968 | $510 |
Consolidated_Statement_of_Comp1
Consolidated Statement of Comprehensive Income (Parentheticals) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net unrealized gains (losses) on available-for-sale marketable securities, net of tax (provision) benefit | ($3) | ($1) | ($25) | $20 |
Reclassification adjustment for net (gains) losses on available-for-sale marketable securities included in investment and other income, net of tax provision (benefit) | $4 | $4 | $20 | ($11) |
Consolidated_Balance_Sheet
Consolidated Balance Sheet (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $3,556 | $3,815 |
Restricted cash and cash equivalents | 621 | 1,721 |
Investments in marketable securities | 4,571 | 5,389 |
Finance receivables, net | 66,548 | 65,176 |
Investments in operating leases, net | 29,730 | 24,769 |
Other assets | 1,822 | 1,870 |
Total assets | 106,848 | 102,740 |
LIABILITIES AND SHAREHOLDER'S EQUITY | ||
Debt | 87,954 | 85,367 |
Deferred income taxes | 7,340 | 6,747 |
Other liabilities | 3,283 | 2,888 |
Total liabilities | 98,577 | 95,002 |
Commitments and contingencies (See Note 12) | ||
Shareholder's equity: | ||
Capital stock, no par value (100,000 shares authorized; 91,500 issued and outstanding) at December 31, 2014 and March 31, 2014 | 915 | 915 |
Additional paid-in capital | 2 | 2 |
Accumulated other comprehensive income | 206 | 200 |
Retained earnings | 7,148 | 6,621 |
Total shareholder's equity | 8,271 | 7,738 |
Total liabilities and shareholder's equity | $106,848 | $102,740 |
Consolidated_Balance_Sheet_Sup
Consolidated Balance Sheet (Supplemental) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Variable Interest Entities Assets Liabilities | The following table presents the assets and liabilities of our consolidated variable interest entities (See Note 10). | |
ASSETS | ||
Finance receivables, net | $66,548 | $65,176 |
Investments in operating leases, net | 29,730 | 24,769 |
Other Assets | 1,822 | 1,870 |
Total assets | 106,848 | 102,740 |
LIABILITIES | ||
Debt | 87,954 | 85,367 |
Other liabilities | 3,283 | 2,888 |
Total liabilities | 98,577 | 95,002 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
ASSETS | ||
Finance receivables, net | 9,616 | 9,501 |
Investments in operating leases, net | 1,329 | 156 |
Other Assets | 12 | 7 |
Total assets | 10,957 | 9,664 |
LIABILITIES | ||
Debt | 9,335 | 8,158 |
Other liabilities | 2 | 2 |
Total liabilities | $9,337 | $8,160 |
Consolidated_Balance_Sheet_Par
Consolidated Balance Sheet (Parentheticals) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share | ||
Common Stock, Shares Authorized | 100,000 | 100,000 |
Common Stock, Shares, Issued | 91,500 | 91,500 |
Common Stock, Shares, Outstanding | 91,500 | 91,500 |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholder's Equity (USD $) | Total | Capital stock | Additional paid-in capital | Accumulated other comprehensive income | Retained earnings |
In Millions | |||||
Balance at Mar. 31, 2013 | $7,557 | $915 | $2 | $211 | $6,429 |
Net income | 528 | 528 | |||
Other comprehensive income (loss), net of tax | -18 | -18 | |||
Dividends | -665 | -665 | |||
Balance at Dec. 31, 2013 | 7,402 | 915 | 2 | 193 | 6,292 |
Balance at Mar. 31, 2014 | 7,738 | 915 | 2 | 200 | 6,621 |
Net income | 962 | 962 | |||
Other comprehensive income (loss), net of tax | 6 | 6 | |||
Dividends | -435 | -435 | |||
Balance at Dec. 31, 2014 | $8,271 | $915 | $2 | $206 | $7,148 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (USD $) | 9 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income | $962 | $528 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 3,570 | 2,974 | |
Recognition of deferred income | -1,136 | -943 | |
Provision for credit losses | 220 | 102 | |
Amortization of deferred costs | 462 | 422 | |
Foreign currency and other adjustments to the carrying value of debt, net | -1,350 | -243 | |
Net realized (gain) loss from sales and other-than-temporary impairment on securities | -55 | 29 | |
Net change in: | |||
Restricted cash | 23 | 11 | |
Derivative assets | -4 | 9 | |
Other assets (Note 8) and accrued income | -298 | -73 | |
Deferred income taxes | 588 | 334 | |
Derivative liabilities | 20 | -4 | |
Other liabilities | 358 | 344 | |
Net cash provided by operating activities | 3,360 | 3,490 | |
Cash flows from investing activities: | |||
Purchases of investments in marketable securities | -2,808 | -2,679 | |
Proceeds from sales of investments in marketable securities | 557 | 411 | |
Proceeds from maturities of investments in marketable securities | 3,132 | 3,159 | |
Acquisition of finance receivables | -19,766 | -19,924 | |
Collection of finance receivables | 18,423 | 17,846 | |
Net change in wholesale and certain working capital receivables | -35 | -1,481 | |
Acquisition of investments in operating leases | -12,690 | -10,803 | |
Disposals of investments in operating leases | 4,707 | 5,179 | |
Net change in financing support provided to affiliates | 351 | -379 | [1] |
Cash un-restricted to acquire finance receivables and investment in operating leases | 1,077 | 0 | |
Other, net | -36 | -23 | |
Net cash used in investing activities | -7,088 | -8,694 | |
Cash flows from financing activities: | |||
Proceeds from issuance of debt | 15,756 | 14,025 | |
Payments on debt | -11,633 | -12,380 | |
Net change in commercial paper | -225 | 2,425 | |
Net change in financing support provided by affiliates | 6 | -24 | [1] |
Dividend paid to TFSA | -435 | -665 | |
Net cash provided by financing activities | 3,469 | 3,381 | |
Net decrease in cash and cash equivalents | -259 | -1,823 | |
Cash and cash equivalents at the beginning of the period | 3,815 | 4,723 | |
Cash and cash equivalents at the end of the period | 3,556 | 2,900 | |
Supplemental disclosures: | |||
Interest paid | 810 | 876 | |
Income taxes paid (received), net | $153 | ($39) | |
[1] | Prior period amounts have been reclassified to conform to the current period presentation |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2014 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 – Interim Financial Data |
Basis of Presentation | |
The information furnished in these unaudited interim financial statements for the three and nine months ended December 31, 2014 and 2013 has been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). In the opinion of management, the unaudited financial information reflects all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. The results of operations for the three and nine months ended December 31, 2014 do not necessarily indicate the results which may be expected for the full fiscal year ending March 31, 2015 (“fiscal 2015”). | |
These financial statements should be read in conjunction with the Consolidated Financial Statements, significant accounting policies, and other notes to the Consolidated Financial Statements included in Toyota Motor Credit Corporation's Annual Report on Form 10-K (“Form 10-K”) for the fiscal year ended March 31, 2014 (“fiscal 2014”), which was filed with the Securities and Exchange Commission (“SEC”) on May 29, 2014. References herein to “TMCC” denote Toyota Motor Credit Corporation, and references herein to “we”, “our”, and “us” denote Toyota Motor Credit Corporation and its consolidated subsidiaries. | |
Certain prior period amounts have been reclassified to conform to the current period presentation. Related party transactions presented in the Consolidated Financial Statements are disclosed in Note 14 – Related Party Transactions of the Notes to Consolidated Financial Statements. | |
New Accounting Guidance | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued new guidance on the recognition of revenue from contracts with customers. This comprehensive standard will supersede virtually all existing revenue recognition guidance. This accounting guidance is effective for us on April 1, 2017. We are currently evaluating the impact of this guidance on our consolidated financial statements. | |
Recently Adopted Accounting Guidance | |
In April 2014, we adopted new FASB accounting guidance that requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The adoption of this guidance did not have a material impact on our consolidated financial statements. | |
In April 2014, we adopted new FASB accounting guidance related to the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements. Pursuant to the new guidance, an entity is required to measure these obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. Additionally, the guidance requires disclosure of the nature and amount of the obligation as well as other information about those obligations within the footnotes to its financial statements. The adoption of this guidance did not have a material impact on our consolidated financial statements. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Fair Value Measurements [Abstract] | ||||||||||||||||||||||||||||
Fair Value Measurements | Note 2 – Fair Value Measurements | |||||||||||||||||||||||||||
Recurring Fair Value Measurements | ||||||||||||||||||||||||||||
The following tables summarize our financial assets and financial liabilities measured at fair value on a recurring basis as of December 31, 2014 and March 31, 2014, by level within the fair value hierarchy. Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | ||||||||||||||||||||||||||||
Derivative assets were reduced by a counterparty credit valuation adjustment of $1 million as of March 31, 2014. Derivative liabilities were reduced by a non-performance credit valuation adjustment of less than $1 million as of December 31, 2014 and March 31, 2014. | ||||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||
Fair value measurements on a recurring basis | ||||||||||||||||||||||||||||
Counterparty | ||||||||||||||||||||||||||||
netting & | Fair | |||||||||||||||||||||||||||
(Dollars in millions) | Level 1 | Level 2 | Level 3 | collateral | value | |||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||||
Money market instruments | $ | 586 | $ | 1,019 | $ | - | $ | - | $ | 1,605 | ||||||||||||||||||
U.S. government and agency obligations | 100 | - | - | - | 100 | |||||||||||||||||||||||
Certificates of deposit | - | 1,310 | - | - | 1,310 | |||||||||||||||||||||||
Cash equivalents total | 686 | 2,329 | - | - | 3,015 | |||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Debt instruments: | ||||||||||||||||||||||||||||
U.S. government and agency obligations | 1,926 | 82 | 2 | - | 2,010 | |||||||||||||||||||||||
Municipal debt securities | - | 12 | - | - | 12 | |||||||||||||||||||||||
Corporate debt securities | - | 170 | 14 | - | 184 | |||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
U.S. government agency | - | 55 | - | - | 55 | |||||||||||||||||||||||
Non-agency residential | - | - | 4 | - | 4 | |||||||||||||||||||||||
Non-agency commercial | - | - | 45 | - | 45 | |||||||||||||||||||||||
Asset-backed securities | - | - | 25 | - | 25 | |||||||||||||||||||||||
Equity instruments: | ||||||||||||||||||||||||||||
Fixed income mutual funds: | ||||||||||||||||||||||||||||
Short-term floating NAV fund II | - | 190 | - | - | 190 | |||||||||||||||||||||||
Short-term sector fund | - | 37 | - | - | 37 | |||||||||||||||||||||||
U.S. government sector fund | - | 289 | - | - | 289 | |||||||||||||||||||||||
Municipal sector fund | - | 19 | - | - | 19 | |||||||||||||||||||||||
Investment grade corporate sector fund | - | 265 | - | - | 265 | |||||||||||||||||||||||
High-yield sector fund | - | 36 | - | - | 36 | |||||||||||||||||||||||
Real return sector fund | - | 227 | - | - | 227 | |||||||||||||||||||||||
Mortgage sector fund | - | 448 | - | - | 448 | |||||||||||||||||||||||
Asset-backed securities sector fund | - | 43 | - | - | 43 | |||||||||||||||||||||||
Emerging market sector fund | - | 55 | - | - | 55 | |||||||||||||||||||||||
International sector fund | - | 151 | - | - | 151 | |||||||||||||||||||||||
Equity mutual fund | 476 | - | - | - | 476 | |||||||||||||||||||||||
Available-for-sale securities total | 2,402 | 2,079 | 90 | - | 4,571 | |||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||
Foreign currency swaps | - | 209 | 33 | - | 242 | |||||||||||||||||||||||
Interest rate swaps | - | 401 | 1 | - | 402 | |||||||||||||||||||||||
Counterparty netting and collateral | - | - | - | -591 | -591 | |||||||||||||||||||||||
Derivative assets total | - | 610 | 34 | -591 | 53 | |||||||||||||||||||||||
Assets at fair value | 3,088 | 5,018 | 124 | -591 | 7,639 | |||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||
Foreign currency swaps | - | -802 | - | - | -802 | |||||||||||||||||||||||
Interest rate swaps | - | -324 | - | - | -324 | |||||||||||||||||||||||
Counterparty netting and collateral | - | - | - | 1,100 | 1,100 | |||||||||||||||||||||||
Liabilities at fair value | - | -1,126 | - | 1,100 | -26 | |||||||||||||||||||||||
Net assets at fair value | $ | 3,088 | $ | 3,892 | $ | 124 | $ | 509 | $ | 7,613 | ||||||||||||||||||
Note 2 – Fair Value Measurements (Continued) | ||||||||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||||||
Fair value measurements on a recurring basis | ||||||||||||||||||||||||||||
Counterparty | ||||||||||||||||||||||||||||
netting & | Fair | |||||||||||||||||||||||||||
(Dollars in millions) | Level 1 | Level 2 | Level 3 | collateral | value | |||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||||
Money market instruments | $ | 730 | $ | 694 | $ | - | $ | - | $ | 1,424 | ||||||||||||||||||
Certificates of deposit | - | 1,437 | - | - | 1,437 | |||||||||||||||||||||||
Commercial paper | - | 708 | - | - | 708 | |||||||||||||||||||||||
Cash equivalents total | 730 | 2,839 | - | - | 3,569 | |||||||||||||||||||||||
Restricted Cash Equivalents-money market instruments | 1,077 | - | - | - | 1,077 | |||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Debt instruments: | ||||||||||||||||||||||||||||
U.S. government and agency obligations | 398 | 252 | 2 | - | 652 | |||||||||||||||||||||||
Municipal debt securities | - | 11 | - | - | 11 | |||||||||||||||||||||||
Certificates of deposit | - | 1,599 | - | - | 1,599 | |||||||||||||||||||||||
Commercial paper | - | 507 | - | - | 507 | |||||||||||||||||||||||
Corporate debt securities | - | 157 | 12 | - | 169 | |||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
U.S. government agency | - | 60 | - | - | 60 | |||||||||||||||||||||||
Non-agency residential | - | - | 5 | - | 5 | |||||||||||||||||||||||
Non-agency commercial | - | - | 43 | - | 43 | |||||||||||||||||||||||
Asset-backed securities | - | - | 27 | - | 27 | |||||||||||||||||||||||
Equity instruments: | ||||||||||||||||||||||||||||
Fixed income mutual funds: | ||||||||||||||||||||||||||||
Short-term sector fund | - | 44 | - | - | 44 | |||||||||||||||||||||||
U.S. government sector fund | - | 327 | - | - | 327 | |||||||||||||||||||||||
Municipal sector fund | - | 22 | - | - | 22 | |||||||||||||||||||||||
Investment grade corporate sector fund | - | 316 | - | - | 316 | |||||||||||||||||||||||
High-yield sector fund | - | 45 | - | - | 45 | |||||||||||||||||||||||
Real return sector fund | - | 274 | - | - | 274 | |||||||||||||||||||||||
Mortgage sector fund | - | 520 | - | - | 520 | |||||||||||||||||||||||
Asset-backed securities sector fund | - | 50 | - | - | 50 | |||||||||||||||||||||||
Emerging market sector fund | - | 66 | - | - | 66 | |||||||||||||||||||||||
International sector fund | - | 171 | - | - | 171 | |||||||||||||||||||||||
Equity mutual fund | 481 | - | - | - | 481 | |||||||||||||||||||||||
Available-for-sale securities total | 879 | 4,421 | 89 | - | 5,389 | |||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||
Foreign currency swaps | - | 804 | 70 | - | 874 | |||||||||||||||||||||||
Interest rate swaps | - | 358 | 3 | - | 361 | |||||||||||||||||||||||
Counterparty netting and collateral | - | - | - | -1,186 | -1,186 | |||||||||||||||||||||||
Derivative assets total | - | 1,162 | 73 | -1,186 | 49 | |||||||||||||||||||||||
Assets at fair value | 2,686 | 8,422 | 162 | -1,186 | 10,084 | |||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||
Foreign currency swaps | - | -252 | - | - | -252 | |||||||||||||||||||||||
Interest rate swaps | - | -553 | - | - | -553 | |||||||||||||||||||||||
Counterparty netting and collateral | - | - | - | 799 | 799 | |||||||||||||||||||||||
Liabilities at fair value | - | -805 | - | 799 | -6 | |||||||||||||||||||||||
Net assets at fair value | $ | 2,686 | $ | 7,617 | $ | 162 | $ | -387 | $ | 10,078 | ||||||||||||||||||
Note 2 – Fair Value Measurements (Continued) | ||||||||||||||||||||||||||||
Transfers between levels of the fair value hierarchy are recognized at the end of their respective reporting periods. During the three and nine months ended December 31, 2014 and 2013, certain corporate debt securities were transferred from Level 2 to Level 3 due to reduced transparency of inputs for determination of fair value for these instruments. Additionally, during the nine months ended December 31, 2013, there was a $2 million transfer from the corporate debt securities asset class to the U.S. government and agency obligations asset class within the Level 3 debt instruments due to a reclassification of an existing debt instrument. | ||||||||||||||||||||||||||||
The following tables summarize the reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs for the three and nine months ended December 31, 2014 and 2013: | ||||||||||||||||||||||||||||
Three Months Ended December 31, 2014 | ||||||||||||||||||||||||||||
Fair value measurements using significant unobservable inputs (Level 3) | ||||||||||||||||||||||||||||
Total net | ||||||||||||||||||||||||||||
assets | ||||||||||||||||||||||||||||
Available-for-sale securities | Derivative instruments, net | (liabilities) | ||||||||||||||||||||||||||
U.S. | Total | Total | ||||||||||||||||||||||||||
government | Corporate | Mortgage- | Asset- | available- | Interest | Foreign | derivative | |||||||||||||||||||||
and agency | debt | backed | backed | for-sale | rate | currency | assets | |||||||||||||||||||||
(Dollars in millions) | obligations | securities | securities | securities | securities | swaps | swaps | (liabilities) | ||||||||||||||||||||
Fair value, October 1, 2014 | $ | 2 | $ | 12 | $ | 50 | $ | 30 | $ | 94 | $ | 2 | $ | 53 | $ | 55 | $ | 149 | ||||||||||
Total gains (losses) | ||||||||||||||||||||||||||||
Included in earnings | - | - | - | - | - | -1 | -16 | -17 | -17 | |||||||||||||||||||
Included in other comprehensive income | - | - | - | - | - | - | - | - | - | |||||||||||||||||||
Purchases, issuances, sales, and | ||||||||||||||||||||||||||||
settlements | ||||||||||||||||||||||||||||
Purchases | - | - | - | 1 | 1 | - | - | - | 1 | |||||||||||||||||||
Issuances | - | - | - | - | - | - | - | - | - | |||||||||||||||||||
Sales | - | - | - | -5 | -5 | - | - | - | -5 | |||||||||||||||||||
Settlements | - | - | -1 | -1 | -2 | - | -4 | -4 | -6 | |||||||||||||||||||
Transfers in to Level 3 | - | 2 | - | - | 2 | - | - | - | 2 | |||||||||||||||||||
Transfers out of Level 3 | - | - | - | - | - | - | - | - | - | |||||||||||||||||||
Fair value, December 31, 2014 | $ | 2 | $ | 14 | $ | 49 | $ | 25 | $ | 90 | $ | 1 | $ | 33 | $ | 34 | $ | 124 | ||||||||||
The amount of total (losses) | ||||||||||||||||||||||||||||
included in earnings attributable to | ||||||||||||||||||||||||||||
assets held at the reporting date | $ | -1 | $ | -16 | $ | -17 | $ | -17 | ||||||||||||||||||||
Note 2 – Fair Value Measurements (Continued) | ||||||||||||||||||||||||||||
Three Months Ended December 31, 2013 | ||||||||||||||||||||||||||||
Fair value measurements using significant unobservable inputs (Level 3) | ||||||||||||||||||||||||||||
Total net | ||||||||||||||||||||||||||||
assets | ||||||||||||||||||||||||||||
Available-for-sale securities | Derivative instruments, net | (liabilities) | ||||||||||||||||||||||||||
U.S. | Total | Total | ||||||||||||||||||||||||||
government | Corporate | Mortgage- | Asset- | available- | Interest | Foreign | derivative | |||||||||||||||||||||
and agency | debt | backed | backed | for-sale | rate | currency | Embedded | assets | ||||||||||||||||||||
(Dollars in millions) | obligations | securities | securities | securities | securities | swaps | swaps | derivatives | (liabilities) | |||||||||||||||||||
Fair value, October 1, 2013 | $ | 2 | $ | 2 | $ | 54 | $ | 19 | $ | 77 | $ | 13 | $ | 50 | $ | -9 | $ | 54 | $ | 131 | ||||||||
Total gains (losses) | ||||||||||||||||||||||||||||
Included in earnings | - | - | - | - | - | 3 | 8 | 9 | 20 | 20 | ||||||||||||||||||
Included in other comprehensive income | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||
Purchases, issuances, sales, and settlements | ||||||||||||||||||||||||||||
Purchases | - | - | 3 | 5 | 8 | - | - | - | - | 8 | ||||||||||||||||||
Issuances | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||
Sales | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||
Settlements | - | - | -2 | -1 | -3 | -13 | -5 | - | -18 | -21 | ||||||||||||||||||
Transfers in to Level 3 | - | 7 | - | - | 7 | - | - | - | - | 7 | ||||||||||||||||||
Transfers out of Level 3 | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||
Fair value, December 31, 2013 | $ | 2 | $ | 9 | $ | 55 | $ | 23 | $ | 89 | $ | 3 | $ | 53 | $ | - | $ | 56 | $ | 145 | ||||||||
The amount of total gains included in | ||||||||||||||||||||||||||||
earnings attributable to assets | ||||||||||||||||||||||||||||
held at the reporting date | $ | - | $ | 8 | $ | - | $ | 8 | $ | 8 | ||||||||||||||||||
Nine Months Ended December 31, 2014 | ||||||||||||||||||||||||||||
Fair value measurements using significant unobservable inputs (Level 3) | ||||||||||||||||||||||||||||
Total net | ||||||||||||||||||||||||||||
assets | ||||||||||||||||||||||||||||
Available-for-sale securities | Derivative instruments, net | (liabilities) | ||||||||||||||||||||||||||
U.S. | Total | Total | ||||||||||||||||||||||||||
government | Corporate | Mortgage- | Asset- | available- | Interest | Foreign | derivative | |||||||||||||||||||||
and agency | debt | backed | backed | for-sale | rate | currency | assets | |||||||||||||||||||||
(Dollars in millions) | obligations | securities | securities | securities | securities | swaps | swaps | (liabilities) | ||||||||||||||||||||
Fair value, April 1, 2014 | $ | 2 | $ | 12 | $ | 48 | $ | 27 | $ | 89 | $ | 3 | $ | 70 | $ | 73 | $ | 162 | ||||||||||
Total (losses) gains | ||||||||||||||||||||||||||||
Included in earnings | - | - | - | - | - | -1 | -28 | -29 | -29 | |||||||||||||||||||
Included in other comprehensive income | - | - | 1 | - | 1 | - | - | - | 1 | |||||||||||||||||||
Purchases, issuances, sales, and settlements | ||||||||||||||||||||||||||||
Purchases | - | 3 | 12 | 7 | 22 | - | - | - | 22 | |||||||||||||||||||
Issuances | - | - | - | - | - | - | - | - | - | |||||||||||||||||||
Sales | - | -3 | -7 | -5 | -15 | - | - | - | -15 | |||||||||||||||||||
Settlements | - | - | -5 | -4 | -9 | -1 | -9 | -10 | -19 | |||||||||||||||||||
Transfers in to Level 3 | - | 2 | - | - | 2 | - | - | - | 2 | |||||||||||||||||||
Transfers out of Level 3 | - | - | - | - | - | - | - | - | - | |||||||||||||||||||
Fair value, December 31, 2014 | $ | 2 | $ | 14 | $ | 49 | $ | 25 | $ | 90 | $ | 1 | $ | 33 | $ | 34 | $ | 124 | ||||||||||
The amount of total losses included in | ||||||||||||||||||||||||||||
earnings attributable to assets held | ||||||||||||||||||||||||||||
at the reporting date | $ | -1 | $ | -28 | $ | -29 | $ | -29 | ||||||||||||||||||||
Note 2 – Fair Value Measurements (Continued) | ||||||||||||||||||||||||||||
Nine Months Ended December 31, 2013 | ||||||||||||||||||||||||||||
Fair value measurements using significant unobservable inputs (Level 3) | ||||||||||||||||||||||||||||
Total net | ||||||||||||||||||||||||||||
assets | ||||||||||||||||||||||||||||
Available-for-sale securities | Derivative instruments, net | (liabilities) | ||||||||||||||||||||||||||
U.S. | Total | Total | ||||||||||||||||||||||||||
government | Corporate | Mortgage- | Asset- | available- | Interest | Foreign | derivative | |||||||||||||||||||||
and agency | debt | backed | backed | for-sale | rate | currency | Embedded | assets | ||||||||||||||||||||
(Dollars in millions) | obligations | securities | securities | securities | securities | swaps | swaps | derivatives | (liabilities) | |||||||||||||||||||
Fair value, April 1, 2013 | $ | - | $ | 4 | $ | 56 | $ | 13 | $ | 73 | $ | 12 | $ | 55 | $ | -12 | $ | 55 | $ | 128 | ||||||||
Total gains (losses) | ||||||||||||||||||||||||||||
Included in earnings | - | - | - | - | - | 5 | 15 | 12 | 32 | 32 | ||||||||||||||||||
Included in other comprehensive income | - | - | -3 | - | -3 | - | - | - | - | -3 | ||||||||||||||||||
Purchases, issuances, sales, and settlements | ||||||||||||||||||||||||||||
Purchases | - | - | 5 | 12 | 17 | - | - | - | - | 17 | ||||||||||||||||||
Issuances | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||
Sales | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||
Settlements | - | - | -3 | -2 | -5 | -14 | -17 | - | -31 | -36 | ||||||||||||||||||
Transfers in to Level 3 | 2 | 7 | - | - | 9 | - | - | - | - | 9 | ||||||||||||||||||
Transfers out of Level 3 | - | -2 | - | - | -2 | - | - | - | - | -2 | ||||||||||||||||||
Fair value, December 31, 2013 | $ | 2 | $ | 9 | $ | 55 | $ | 23 | $ | 89 | $ | 3 | $ | 53 | $ | - | $ | 56 | $ | 145 | ||||||||
The amount of total (losses)/gains | ||||||||||||||||||||||||||||
included in earnings attributable to | ||||||||||||||||||||||||||||
assets held at the reporting date | $ | -2 | $ | 17 | $ | - | $ | 15 | $ | 15 | ||||||||||||||||||
Nonrecurring Fair Value Measurements | ||||||||||||||||||||||||||||
Nonrecurring fair value measurements consist of Level 3 net finance receivables that are not measured at fair value on a recurring basis, but are subject to fair value adjustments utilizing the fair value of the underlying collateral when there is evidence of impairment. For these assets, we record the fair value on a nonrecurring basis and disclose changes in fair value during the reporting period. These nonrecurring fair value measurements were not significant as of December 31, 2014 and March 31, 2014. | ||||||||||||||||||||||||||||
Note 2 – Fair Value Measurements (Continued) | ||||||||||||||||||||||||||||
Level 3 Fair Value Measurements | ||||||||||||||||||||||||||||
The fair value measurements of Level 3 financial assets and liabilities subject to recurring and nonrecurring fair value measurement, and the corresponding change in the fair value measurements of these assets and liabilities, were not significant to our Consolidated Balance Sheet or Consolidated Statement of Income as of and for the three months and nine months ended December 31, 2014 and as of and for the year ended March 31, 2014. | ||||||||||||||||||||||||||||
Financial Instruments | ||||||||||||||||||||||||||||
The following tables provide information about assets and liabilities not carried at fair value on a recurring basis in our Consolidated Balance Sheet: | ||||||||||||||||||||||||||||
Fair value measurement hierarchy | ||||||||||||||||||||||||||||
Carrying | Total Fair | |||||||||||||||||||||||||||
(Dollars in millions) | value | Level 1 | Level 2 | Level 3 | Value | |||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||
Finance receivables, net | ||||||||||||||||||||||||||||
Retail loan | $ | 50,064 | $ | - | $ | - | $ | 50,195 | $ | 50,195 | ||||||||||||||||||
Commercial | 207 | - | - | 198 | 198 | |||||||||||||||||||||||
Wholesale | 9,388 | - | - | 9,420 | 9,420 | |||||||||||||||||||||||
Real estate | 4,638 | - | - | 4,553 | 4,553 | |||||||||||||||||||||||
Working capital | 1,855 | - | - | 1,817 | 1,817 | |||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||
Commercial paper | $ | 27,485 | $ | - | $ | 27,485 | $ | - | $ | 27,485 | ||||||||||||||||||
Unsecured notes and loans payable | 51,134 | - | 51,550 | 697 | 52,247 | |||||||||||||||||||||||
Secured notes and loans payable | 9,335 | - | - | 9,322 | 9,322 | |||||||||||||||||||||||
Note 2 - Fair Value Measurements (Continued) | ||||||||||||||||||||||||||||
Fair value measurement hierarchy | ||||||||||||||||||||||||||||
Carrying | Total Fair | |||||||||||||||||||||||||||
(Dollars in millions) | value | Level 1 | Level 2 | Level 3 | Value | |||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||
Finance receivables, net | ||||||||||||||||||||||||||||
Retail loan | $ | 48,892 | $ | - | $ | - | $ | 49,392 | $ | 49,392 | ||||||||||||||||||
Commercial | 174 | - | - | 160 | 160 | |||||||||||||||||||||||
Wholesale | 9,344 | - | - | 9,391 | 9,391 | |||||||||||||||||||||||
Real estate | 4,601 | - | - | 4,552 | 4,552 | |||||||||||||||||||||||
Working capital | 1,802 | - | - | 1,807 | 1,807 | |||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||
Commercial paper | $ | 27,709 | $ | - | $ | 27,709 | $ | - | $ | 27,709 | ||||||||||||||||||
Unsecured notes and loans payable | 49,500 | - | 49,697 | 736 | 50,433 | |||||||||||||||||||||||
Secured notes and loans payable | 8,158 | - | - | 8,165 | 8,165 | |||||||||||||||||||||||
The carrying value of each class of finance receivables is presented including accrued interest and deferred fees and costs, net of deferred income and the allowance for credit losses. The amount excludes related party receivables of $97 million and $89 million at December 31, 2014 and March 31, 2014 and direct finance leases of $299 million and $274 million at December 31, 2014 and March 31, 2014, respectively. | ||||||||||||||||||||||||||||
The carrying value of unsecured notes and loans payable represents the sum of unsecured notes and loans payable and carrying value adjustment as described in Note 9 - Debt. |
Investments_in_Marketable_Secu
Investments in Marketable Securities | 3 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Investments in Marketable Securities [Abstract] | |||||||||||||||
Investments in Marketable Securities | Note 3 – Investments in Marketable Securities | ||||||||||||||
We classify all of our investments in marketable securities as available-for-sale. The amortized cost and estimated fair value of investments in marketable securities and related unrealized gains and losses were as follows: | |||||||||||||||
31-Dec-14 | |||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||
(Dollars in millions) | cost | gains | losses | value | |||||||||||
Available-for-sale securities: | |||||||||||||||
Debt instruments: | |||||||||||||||
U.S. government and agency obligations | $ | 2,010 | $ | 1 | $ | -1 | $ | 2,010 | |||||||
Municipal debt securities | 10 | 2 | - | 12 | |||||||||||
Corporate debt securities | 179 | 6 | -1 | 184 | |||||||||||
Mortgage-backed securities: | |||||||||||||||
U.S. government agency | 53 | 2 | - | 55 | |||||||||||
Non-agency residential | 3 | 1 | - | 4 | |||||||||||
Non-agency commercial | 45 | 1 | -1 | 45 | |||||||||||
Asset-backed securities | 25 | - | - | 25 | |||||||||||
Equity instruments: | |||||||||||||||
Fixed income mutual funds: | |||||||||||||||
Short-term floating NAV fund II | 190 | - | - | 190 | |||||||||||
Short-term sector fund | 35 | 2 | - | 37 | |||||||||||
U.S. government sector fund | 275 | 14 | - | 289 | |||||||||||
Municipal sector fund | 18 | 1 | - | 19 | |||||||||||
Investment grade corporate sector fund | 255 | 14 | -4 | 265 | |||||||||||
High-yield sector fund | 32 | 5 | -1 | 36 | |||||||||||
Real return sector fund | 235 | - | -8 | 227 | |||||||||||
Mortgage sector fund | 441 | 7 | - | 448 | |||||||||||
Asset-backed securities sector fund | 35 | 8 | - | 43 | |||||||||||
Emerging market sector fund | 57 | - | -2 | 55 | |||||||||||
International sector fund | 142 | 9 | - | 151 | |||||||||||
Equity mutual fund | 196 | 280 | - | 476 | |||||||||||
Total investments in marketable securities | $ | 4,236 | $ | 353 | $ | -18 | $ | 4,571 | |||||||
Note 3 – Investments in Marketable Securities (Continued) | |||||||||||||||
31-Mar-14 | |||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||
(Dollars in millions) | cost | gains | losses | value | |||||||||||
Available-for-sale securities: | |||||||||||||||
Debt instruments: | |||||||||||||||
U.S. government and agency obligations | $ | 652 | $ | 1 | $ | -1 | $ | 652 | |||||||
Municipal debt securities | 10 | 1 | - | 11 | |||||||||||
Certificates of deposit | 1,599 | - | - | 1,599 | |||||||||||
Commercial paper | 507 | - | - | 507 | |||||||||||
Corporate debt securities | 164 | 6 | -1 | 169 | |||||||||||
Mortgage-backed securities: | |||||||||||||||
U.S. government agency | 60 | 1 | -1 | 60 | |||||||||||
Non-agency residential | 4 | 1 | - | 5 | |||||||||||
Non-agency commercial | 44 | 1 | -2 | 43 | |||||||||||
Asset-backed securities | 27 | - | - | 27 | |||||||||||
Equity instruments: | |||||||||||||||
Fixed income mutual funds: | |||||||||||||||
Short-term sector fund | 41 | 3 | - | 44 | |||||||||||
U.S. government sector fund | 329 | - | -2 | 327 | |||||||||||
Municipal sector fund | 21 | 1 | - | 22 | |||||||||||
Investment grade corporate sector fund | 283 | 33 | - | 316 | |||||||||||
High-yield sector fund | 38 | 7 | - | 45 | |||||||||||
Real return sector fund | 275 | - | -1 | 274 | |||||||||||
Mortgage sector fund | 519 | 1 | - | 520 | |||||||||||
Asset-backed securities sector fund | 40 | 10 | - | 50 | |||||||||||
Emerging market sector fund | 65 | 1 | - | 66 | |||||||||||
International sector fund | 170 | 2 | -1 | 171 | |||||||||||
Equity mutual fund | 217 | 264 | - | 481 | |||||||||||
Total investments in marketable securities | $ | 5,065 | $ | 333 | $ | -9 | $ | 5,389 | |||||||
The fixed income mutual funds are investments in funds that are privately placed and managed by an open-end investment management company (the “Trust”). Although the Trust will normally redeem all shares for cash, it may, in unusual circumstances, redeem amounts exceeding the lesser of $250 thousand or 1 percent of the Trust's asset value by payment in kind of securities held by the respective fund.Note 3 – Investments in Marketable Securities (Continued) | |||||||||||||||
Unrealized Losses on Securities | |||||||||||||||
Investments in marketable securities at a consecutive loss position for less than twelve months and for greater than twelve months were not significant at December 31, 2014 and March 31, 2014. | |||||||||||||||
Realized Gains and Losses on Securities | |||||||||||||||
The following table represents realized gains and losses by transaction type for the following: | |||||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Available-for-sale securities: | |||||||||||||||
Realized gains on sales | $ | 11 | $ | 12 | $ | 55 | $ | 28 | |||||||
Realized losses on sales | $ | - | $ | - | $ | - | $ | -3 | |||||||
Other-than-temporary impairment | $ | - | $ | -1 | $ | - | $ | -54 | |||||||
Other-than-temporary impairment write-downs were not significant during the three and nine months ended December 31, 2014. Substantially all of the other-than-temporary impairment write-downs of $1 million and $54 million during the three and nine months ended December 31, 2013, respectively, were related to fixed income mutual funds. | |||||||||||||||
Contractual Maturities | |||||||||||||||
The fair value and contractual maturities of available-for-sale debt instruments at December 31, 2014 are summarized in the following table. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations. | |||||||||||||||
31-Dec-14 | |||||||||||||||
(Dollars in millions) | Amortized Cost | Fair Value | |||||||||||||
Available-for-sale debt instruments: | |||||||||||||||
Due within 1 year | $ | 1,929 | $ | 1,927 | |||||||||||
Due after 1 year through 5 years | 135 | 136 | |||||||||||||
Due after 5 years through 10 years | 81 | 83 | |||||||||||||
Due after 10 years | 54 | 60 | |||||||||||||
Mortgage-backed and asset-backed securities1 | 126 | 129 | |||||||||||||
Total | $ | 2,325 | $ | 2,335 | |||||||||||
1Mortgage-backed and asset-backed securities are shown separately because these securities do not have a single maturity date. | |||||||||||||||
Securities on Deposit | |||||||||||||||
In accordance with statutory requirements, we had on deposit with state insurance authorities U.S. debt securities with amortized cost and fair value of $6 million at both December 31, 2014 and March 31, 2014. |
Finance_Receivables_Net
Finance Receivables, Net | 3 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Finance Receivables, Net [Abstract] | |||||||||||||||||||||||||
Finance Receivables, Net | Note 4 – Finance Receivables, Net | ||||||||||||||||||||||||
Finance receivables, net consist of retail and dealer accounts including accrued interest and deferred fees and costs, net of the allowance for credit losses and deferred income. Securitized receivables represent retail loan receivables that have been sold for legal purposes to securitization trusts but continue to be included in our consolidated financial statements. Cash flows from these securitized receivables are available only for the repayment of debt issued by these trusts and other obligations arising from the securitization transactions. They are not available for payment of our other obligations or to satisfy claims of our other creditors. | |||||||||||||||||||||||||
(Dollars in millions) | 31-Dec-14 | 31-Mar-14 | |||||||||||||||||||||||
Retail receivables | $ | 41,383 | $ | 40,216 | |||||||||||||||||||||
Securitized retail receivables | 9,757 | 9,633 | |||||||||||||||||||||||
Dealer financing | 16,060 | 15,925 | |||||||||||||||||||||||
67,200 | 65,774 | ||||||||||||||||||||||||
Deferred origination (fees) and costs, net | 645 | 651 | |||||||||||||||||||||||
Deferred income | -920 | -863 | |||||||||||||||||||||||
Allowance for credit losses | |||||||||||||||||||||||||
Retail and securitized retail receivables | -298 | -298 | |||||||||||||||||||||||
Dealer financing | -79 | -88 | |||||||||||||||||||||||
Total allowance for credit losses | -377 | -386 | |||||||||||||||||||||||
Finance receivables, net | $ | 66,548 | $ | 65,176 | |||||||||||||||||||||
Finance receivables, net and retail receivables presented in the previous table includes direct finance leases, net of $299 million and $274 million at December 31, 2014 and March 31, 2014, respectively. | |||||||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||
We are exposed to credit risk on our finance receivables. Credit risk is the risk of loss arising from the failure of customers or dealers to meet the terms of their contracts with us or otherwise fail to perform as agreed. | |||||||||||||||||||||||||
Retail Loan and Commercial Portfolio Segments | |||||||||||||||||||||||||
Retail loan and commercial portfolio segments each consist of one class of finance receivables. While we use various credit quality metrics to develop our allowance for credit losses on the retail loan and commercial portfolio segments, we primarily utilize the aging of the individual accounts to monitor the credit quality of these finance receivables. Based on our experience, the payment status of borrowers is the strongest indicator of the credit quality of the underlying receivables. Payment status also impacts charge-offs. | |||||||||||||||||||||||||
Individual borrower accounts for each class of finance receivables within the retail loan and commercial portfolio segments are segregated into one of four aging categories based on the number of days outstanding. The aging for each class of finance receivables is updated quarterly. | |||||||||||||||||||||||||
Note 4 – Finance Receivables, Net (Continued) | |||||||||||||||||||||||||
Dealer Products Portfolio Segment | |||||||||||||||||||||||||
For the three classes of finance receivables within the dealer products portfolio segment (wholesale, real estate and working capital), all loans outstanding for an individual dealer or dealership group, which includes affiliated entities, are aggregated and evaluated collectively by dealer or dealer group. This reflects the interconnected nature of financing provided to our individual dealer and dealer group customers, and their affiliated entities. | |||||||||||||||||||||||||
When assessing the credit quality of the finance receivables within the dealer products portfolio segment, we segregate the finance receivables account balances into four categories representing distinct credit quality indicators based on internal risk assessments. The internal risk assessments for all finance receivables within the dealer products portfolio segment are updated on a monthly basis. | |||||||||||||||||||||||||
The four credit quality indicators are: | |||||||||||||||||||||||||
Performing – Account not classified as either Credit Watch, At Risk or Default | |||||||||||||||||||||||||
Credit Watch – Account designated for elevated attention | |||||||||||||||||||||||||
At Risk – Account where there is an increased likelihood that default may exist based on qualitative and quantitative factors | |||||||||||||||||||||||||
Default – Account is not currently meeting contractual obligations or we have temporarily waived certain contractual requirements | |||||||||||||||||||||||||
The tables below present each credit quality indicator by class of finance receivables as of December 31, 2014 and March 31, 2014: | |||||||||||||||||||||||||
Retail Loan | Commercial | ||||||||||||||||||||||||
(Dollars in millions) | 31-Dec-14 | 31-Mar-14 | 31-Dec-14 | 31-Mar-14 | |||||||||||||||||||||
Aging of finance receivables: | |||||||||||||||||||||||||
Current | $ | 49,779 | $ | 48,828 | $ | 494 | $ | 432 | |||||||||||||||||
30-59 days past due | 668 | 459 | 8 | 6 | |||||||||||||||||||||
60-89 days past due | 144 | 90 | 1 | 1 | |||||||||||||||||||||
90 days or greater past due | 46 | 33 | - | - | |||||||||||||||||||||
Total | $ | 50,637 | $ | 49,410 | $ | 503 | $ | 439 | |||||||||||||||||
Wholesale | Real Estate | Working Capital | |||||||||||||||||||||||
(Dollars in millions) | 31-Dec-14 | 31-Mar-14 | 31-Dec-14 | 31-Mar-14 | 31-Dec-14 | 31-Mar-14 | |||||||||||||||||||
Credit quality indicators: | |||||||||||||||||||||||||
Performing | $ | 8,372 | $ | 8,129 | $ | 3,970 | $ | 3,791 | $ | 1,712 | $ | 1,642 | |||||||||||||
Credit Watch | 1,094 | 1,282 | 722 | 855 | 149 | 158 | |||||||||||||||||||
At Risk | 15 | 24 | - | 12 | 22 | 25 | |||||||||||||||||||
Default | - | 1 | 4 | - | - | 6 | |||||||||||||||||||
Total | $ | 9,481 | $ | 9,436 | $ | 4,696 | $ | 4,658 | $ | 1,883 | $ | 1,831 | |||||||||||||
Note 4 – Finance Receivables, Net (Continued) | |||||||||||||||||||||||||
Impaired Finance Receivables | |||||||||||||||||||||||||
The following table summarizes the information related to our impaired loans by class of finance receivables as of December 31, 2014 and March 31, 2014: | |||||||||||||||||||||||||
Impaired | Individually Evaluated | ||||||||||||||||||||||||
Finance Receivables | Unpaid Principal Balance | Allowance | |||||||||||||||||||||||
December 31, | March 31, | December 31, | March 31, | December 31, | March 31, | ||||||||||||||||||||
(Dollars in millions) | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | |||||||||||||||||||
Impaired account balances individually evaluated for impairment with an allowance: | |||||||||||||||||||||||||
Wholesale | $ | 15 | $ | 13 | $ | 15 | $ | 13 | $ | 2 | $ | 1 | |||||||||||||
Real estate | 14 | 27 | 14 | 27 | 4 | 8 | |||||||||||||||||||
Working capital | 22 | 23 | 22 | 23 | 22 | 22 | |||||||||||||||||||
Total | $ | 51 | $ | 63 | $ | 51 | $ | 63 | $ | 28 | $ | 31 | |||||||||||||
Impaired account balances individually evaluated for impairment without an allowance: | |||||||||||||||||||||||||
Wholesale | $ | 72 | $ | 51 | $ | 72 | $ | 51 | |||||||||||||||||
Real estate | 83 | 90 | 83 | 90 | |||||||||||||||||||||
Working capital | 3 | 4 | 3 | 4 | |||||||||||||||||||||
Total | $ | 158 | $ | 145 | $ | 158 | $ | 145 | |||||||||||||||||
Impaired account balances aggregated and evaluated for impairment: | |||||||||||||||||||||||||
Retail loan | $ | 277 | $ | 322 | $ | 273 | $ | 318 | |||||||||||||||||
Commercial | 1 | 1 | 1 | 1 | |||||||||||||||||||||
Total | $ | 278 | $ | 323 | $ | 274 | $ | 319 | |||||||||||||||||
Total impaired account balances: | |||||||||||||||||||||||||
Retail loan | $ | 277 | $ | 322 | $ | 273 | $ | 318 | |||||||||||||||||
Commercial | 1 | 1 | 1 | 1 | |||||||||||||||||||||
Wholesale | 87 | 64 | 87 | 64 | |||||||||||||||||||||
Real estate | 97 | 117 | 97 | 117 | |||||||||||||||||||||
Working capital | 25 | 27 | 25 | 27 | |||||||||||||||||||||
Total | $ | 487 | $ | 531 | $ | 483 | $ | 527 | |||||||||||||||||
As of December 31, 2014 and March 31, 2014, the impaired finance receivables balance for accounts in the dealer products portfolio segment that were on nonaccrual status was $43 million and $54 million, respectively, and there were no charge-offs against the allowance for credit losses. Therefore, the impaired finance receivables balance is equal to the unpaid principal balance. | |||||||||||||||||||||||||
Note 4 – Finance Receivables, Net (Continued) | |||||||||||||||||||||||||
The following table summarizes the average impaired finance receivables as of the balance sheet date and the interest income recognized on these loans during the three and nine months ended December 31, 2014 and 2013: | |||||||||||||||||||||||||
Average Impaired Finance Receivables | Interest Income Recognized | ||||||||||||||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Impaired account balances individually evaluated for impairment with an allowance: | |||||||||||||||||||||||||
Wholesale | $ | 17 | $ | 15 | $ | 17 | $ | 17 | $ | - | $ | - | $ | - | $ | - | |||||||||
Real estate | 14 | 31 | 20 | 33 | - | - | - | 1 | |||||||||||||||||
Working capital | 23 | 23 | 23 | 24 | - | - | 1 | 1 | |||||||||||||||||
Total | $ | 54 | $ | 69 | $ | 60 | $ | 74 | $ | - | $ | - | $ | 1 | $ | 2 | |||||||||
Impaired account balances individually evaluated for impairment without an allowance: | |||||||||||||||||||||||||
Wholesale | $ | 62 | $ | 61 | $ | 56 | $ | 61 | $ | - | $ | 1 | $ | 1 | $ | 1 | |||||||||
Real estate | 89 | 92 | 91 | 93 | 1 | 1 | 2 | 3 | |||||||||||||||||
Working capital | 3 | 4 | 3 | 5 | - | - | - | - | |||||||||||||||||
Total | $ | 154 | $ | 157 | $ | 150 | $ | 159 | $ | 1 | $ | 2 | $ | 3 | $ | 4 | |||||||||
Impaired account balances aggregated and evaluated for impairment: | |||||||||||||||||||||||||
Retail loan | $ | 284 | $ | 355 | $ | 301 | $ | 379 | $ | 5 | $ | 7 | $ | 17 | $ | 22 | |||||||||
Commercial | 1 | 1 | 1 | 1 | - | - | - | - | |||||||||||||||||
Total | $ | 285 | $ | 356 | $ | 302 | $ | 380 | $ | 5 | $ | 7 | $ | 17 | $ | 22 | |||||||||
Total impaired account balances: | |||||||||||||||||||||||||
Retail loan | $ | 284 | $ | 355 | $ | 301 | $ | 379 | $ | 5 | $ | 7 | $ | 17 | $ | 22 | |||||||||
Commercial | 1 | 1 | 1 | 1 | - | - | - | - | |||||||||||||||||
Wholesale | 79 | 76 | 73 | 78 | - | 1 | 1 | 1 | |||||||||||||||||
Real estate | 103 | 123 | 111 | 126 | 1 | 1 | 2 | 4 | |||||||||||||||||
Working capital | 26 | 27 | 26 | 29 | - | - | 1 | 1 | |||||||||||||||||
Total | $ | 493 | $ | 582 | $ | 512 | $ | 613 | $ | 6 | $ | 9 | $ | 21 | $ | 28 | |||||||||
The primary source of interest income recognized on the loans in the table above is from performing troubled debt restructurings. In addition, interest income recognized using a cash-basis method of accounting during the three and nine months ended December 31, 2014 and 2013 was not significant. | |||||||||||||||||||||||||
Note 4 – Finance Receivables, Net (Continued) | |||||||||||||||||||||||||
Troubled Debt Restructuring | |||||||||||||||||||||||||
For accounts not under bankruptcy protection, the amount of finance receivables modified as a troubled debt restructuring during the three and nine months ended December 31, 2014 and 2013 is not significant for each class of finance receivables. Troubled debt restructurings for non-bankrupt accounts within the retail loan class of finance receivables are comprised exclusively of contract term extensions that reduce the monthly payment due from the customer. Troubled debt restructurings for accounts within the commercial class of finance receivables consist of contract term extensions, interest rate adjustments, or a combination of the two. For the three classes of finance receivables within the dealer products portfolio segment, troubled debt restructurings include contract term extensions, interest rate adjustments, waivers of loan covenants, or any combination of the three. Troubled debt restructurings of accounts not under bankruptcy protection did not include forgiveness of principal during the three and nine months ended December 31, 2014 and 2013. | |||||||||||||||||||||||||
We consider finance receivables under bankruptcy protection within the retail loan and commercial classes to be troubled debt restructurings as of the date we receive notice of a customer filing for bankruptcy protection regardless of the ultimate outcome of the bankruptcy proceedings. The bankruptcy court may impose modifications as part of the proceedings, including interest rate adjustments and forgiveness of principal. For the three and nine months ended December 31, 2014 and 2013, the financial impact of troubled debt restructurings related to accounts under bankruptcy protection was not significant to our Consolidated Statement of Income and Consolidated Balance Sheet. | |||||||||||||||||||||||||
Payment Defaults | |||||||||||||||||||||||||
Finance receivables modified as troubled debt restructurings for which there was a subsequent payment default during the three and nine months ended December 31, 2014 and 2013, and for which the modification occurred within twelve months of the payment default, were not significant for all classes of such receivables. |
Investments_in_Operating_Lease
Investments in Operating Leases, Net | 3 Months Ended | |||||
Dec. 31, 2014 | ||||||
Investments in Operating Leases, Net [Abstract] | ||||||
Investments in Operating Leases, Net | Note 5 – Investments in Operating Leases, Net | |||||
Investments in operating leases, net consist of vehicle and equipment leases, net of deferred fees and costs, deferred income, accumulated depreciation and the allowance for credit losses. Securitized investments in operating leases represent beneficial interests in a pool of certain vehicle leases that have been sold for legal purposes to securitization trusts but continue to be included in our consolidated financial statements. Cash flows from these securitized investments in operating leases are available only for the repayment of debt issued by these trusts and other obligations arising from the securitization transactions. They are not available for payment of our other obligations or to satisfy claims of our other creditors. | ||||||
Investments in operating leases, net consisted of the following: | ||||||
(Dollars in millions) | 31-Dec-14 | 31-Mar-14 | ||||
Investments in operating leases | $ | 35,666 | $ | 31,023 | ||
Securitized investments in operating leases | 1,708 | 248 | ||||
37,374 | 31,271 | |||||
Deferred origination (fees) and costs, net | -176 | -146 | ||||
Deferred income | -971 | -826 | ||||
Accumulated depreciation | -6,424 | -5,462 | ||||
Allowance for credit losses | -73 | -68 | ||||
Investments in operating leases, net | $ | 29,730 | $ | 24,769 |
Allowance_for_Credit_Losses
Allowance for Credit Losses | 3 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Allowance for Credit Losses [Abstract] | ||||||||||||||
Allowance for Credit Losses | Note 6 – Allowance for Credit Losses | |||||||||||||
The following table provides information related to our allowance for credit losses on finance receivables and investments in operating leases: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Allowance for credit losses at beginning of period | $ | 445 | $ | 467 | $ | 454 | $ | 527 | ||||||
Provision for credit losses | 103 | 63 | 220 | 102 | ||||||||||
Charge-offs, net of recoveries | -98 | -74 | -224 | -173 | ||||||||||
Allowance for credit losses at end of period | $ | 450 | $ | 456 | $ | 450 | $ | 456 | ||||||
Charge-offs are shown net of recoveries of $21 million and $63 million for the three and nine months ended December 31, 2014, respectively, and recoveries of $19 million and $64 million for the three and nine months ended December 31, 2013, respectively. | ||||||||||||||
Allowance for Credit Losses and Finance Receivables by Portfolio Segment | ||||||||||||||
The following tables provide information related to our allowance for credit losses and finance receivables by portfolio segment for the three and nine months ended December 31, 2014 and 2013: | ||||||||||||||
For the Three and Nine Months Ended December 31, 2014 | ||||||||||||||
(Dollars in millions) | Retail Loan | Commercial | Dealer Products | Total | ||||||||||
Allowance for Credit Losses for Finance Receivables: | ||||||||||||||
Beginning balance, October 1, 2014 | $ | 299 | $ | 1 | $ | 81 | $ | 381 | ||||||
Charge-offs | -89 | - | -1 | -90 | ||||||||||
Recoveries | 14 | 1 | 1 | 16 | ||||||||||
Provisions | 72 | - | -2 | 70 | ||||||||||
Ending balance, December 31, 2014 | $ | 296 | $ | 2 | $ | 79 | $ | 377 | ||||||
Beginning balance, April 1, 2014 | $ | 296 | $ | 2 | $ | 88 | $ | 386 | ||||||
Charge-offs | -217 | -1 | -1 | $ | -219 | |||||||||
Recoveries | 45 | 1 | 1 | 47 | ||||||||||
Provisions | 172 | - | -9 | 163 | ||||||||||
Ending balance, December 31, 2014 | $ | 296 | $ | 2 | $ | 79 | $ | 377 | ||||||
Ending balance: Individually evaluated for impairment | $ | - | $ | - | $ | 28 | $ | 28 | ||||||
Ending balance: Collectively evaluated for impairment | $ | 296 | $ | 2 | $ | 51 | $ | 349 | ||||||
Gross Finance Receivables: | ||||||||||||||
Ending balance, December 31, 2014 | $ | 50,637 | $ | 503 | $ | 16,060 | $ | 67,200 | ||||||
Ending balance: Individually evaluated for impairment | $ | - | $ | - | $ | 209 | $ | 209 | ||||||
Ending balance: Collectively evaluated for impairment | $ | 50,637 | $ | 503 | $ | 15,851 | $ | 66,991 | ||||||
Note 6 – Allowance for Credit Losses (Continued) | ||||||||||||||
The ending balance of gross finance receivables collectively evaluated for impairment includes approximately $277 million and $1 million of finance receivables within the retail loan and commercial portfolio segments, respectively, that are specifically identified as impaired. These amounts are aggregated with their respective portfolio segments when determining the allowance for credit losses as of December 31, 2014, as they are deemed to be insignificant for individual evaluation and we have determined that the allowance for credit losses would not be materially different if the amounts had been individually evaluated for impairment. The ending balance of gross finance receivables for the dealer products portfolio segment collectively evaluated for impairment as of December 31, 2014 includes $913 million in receivables which are guaranteed by Toyota Motor Sales, U.S.A., Inc. (“TMS”) and $131 million in receivables which are guaranteed by third party private Toyota distributors. These receivables are related to certain Toyota and Lexus dealers and other third parties to which we provided financing at the request of TMS or such private distributors.Note 6 – Allowance for Credit Losses (Continued) | ||||||||||||||
For the Three and Nine Months Ended December 31, 2013 | ||||||||||||||
(Dollars in millions) | Retail Loan | Commercial | Dealer Products | Total | ||||||||||
Allowance for Credit Losses for Finance Receivables: | ||||||||||||||
Beginning balance, October 1, 2013 | $ | 290 | $ | 4 | $ | 102 | $ | 396 | ||||||
Charge-offs | -74 | - | - | -74 | ||||||||||
Recoveries | 14 | - | - | 14 | ||||||||||
Provisions | 59 | -2 | -6 | 51 | ||||||||||
Ending balance, December 31, 2013 | $ | 289 | $ | 2 | $ | 96 | $ | 387 | ||||||
Beginning balance, April 1, 2013 | $ | 333 | $ | 5 | $ | 107 | $ | 445 | ||||||
Charge-offs | -190 | -1 | - | -191 | ||||||||||
Recoveries | 49 | - | - | 49 | ||||||||||
Provisions | 97 | -2 | -11 | 84 | ||||||||||
Ending balance, December 31, 2013 | $ | 289 | $ | 2 | $ | 96 | $ | 387 | ||||||
Ending balance: Individually evaluated for | ||||||||||||||
impairment | $ | - | $ | - | $ | 30 | $ | 30 | ||||||
Ending balance: Collectively evaluated for | ||||||||||||||
impairment | $ | 289 | $ | 2 | $ | 66 | $ | 357 | ||||||
Gross Finance Receivables: | ||||||||||||||
Ending balance, December 31, 2013 | $ | 49,719 | $ | 422 | $ | 16,590 | $ | 66,731 | ||||||
Ending balance: Individually evaluated for | ||||||||||||||
impairment | $ | - | $ | - | $ | 232 | $ | 232 | ||||||
Ending balance: Collectively evaluated for | ||||||||||||||
impairment | $ | 49,719 | $ | 422 | $ | 16,358 | $ | 66,499 | ||||||
The ending balance of gross finance receivables collectively evaluated for impairment includes approximately $345 million and $1 million of finance receivables within the retail loan and commercial portfolio segments, respectively, that are specifically identified as impaired. These amounts are aggregated with their respective portfolio segments when determining the allowance for credit losses as of December 31, 2013, as they are deemed to be not significant for individual evaluation. We have determined that the allowance for credit losses would not be materially different if the amounts had been individually evaluated for impairment. The ending balance of gross finance receivables for the dealer products portfolio segment collectively evaluated for impairment as of December 31, 2013 includes $853 million in receivables which are guaranteed by Toyota Motor Sales, U.S.A., Inc. (“TMS”) and $147 million in receivables which are guaranteed by third party private Toyota distributors. These receivables are related to certain Toyota and Lexus dealers and other third parties to which we provided financing at the request of TMS or such private distributors. | ||||||||||||||
Note 6 – Allowance for Credit Losses (Continued) | ||||||||||||||
Past Due Finance Receivables and Investments in Operating Leases | ||||||||||||||
(Dollars in millions) | 31-Dec-14 | 31-Mar-14 | ||||||||||||
Aggregate balances 60 or more days past due | ||||||||||||||
Finance receivables | $ | 191 | $ | 125 | ||||||||||
Investments in operating leases | 67 | 36 | ||||||||||||
Total | $ | 258 | $ | 161 | ||||||||||
Substantially all finance and operating lease receivables do not involve recourse to the dealer in the event of customer default. Finance and operating lease receivables 60 or more days past due include accounts in bankruptcy and exclude accounts for which vehicles have been repossessed. | ||||||||||||||
Past Due Finance Receivables by Class | ||||||||||||||
The following tables summarize the aging of finance receivables by class as of December 31, 2014 and March 31, 2014: | ||||||||||||||
(Dollars in millions) | 30 - 59 Days Past Due | 60 - 89 Days Past Due | 90 Days or Greater Past Due | Total Past Due | Current | Total Finance Receivables | ||||||||
As of December 31, 2014 | ||||||||||||||
Retail loan | $ | 668 | $ | 144 | $ | 46 | $ | 858 | $ | 49,779 | $ | 50,637 | ||
Commercial | 8 | 1 | - | 9 | 494 | 503 | ||||||||
Wholesale | - | - | - | - | 9,481 | 9,481 | ||||||||
Real estate | - | - | - | - | 4,696 | 4,696 | ||||||||
Working capital | - | - | - | - | 1,883 | 1,883 | ||||||||
Total | $ | 676 | $ | 145 | $ | 46 | $ | 867 | $ | 66,333 | $ | 67,200 | ||
(Dollars in millions) | 30 - 59 Days Past Due | 60 - 89 Days Past Due | 90 Days or Greater Past Due | Total Past Due | Current | Total Finance Receivables | ||||||||
As of March 31, 2014 | ||||||||||||||
Retail loan | $ | 459 | $ | 90 | $ | 33 | $ | 582 | $ | 48,828 | $ | 49,410 | ||
Commercial | 6 | 1 | - | 7 | 432 | 439 | ||||||||
Wholesale | - | - | - | - | 9,436 | 9,436 | ||||||||
Real estate | 4 | 1 | - | 5 | 4,653 | 4,658 | ||||||||
Working capital | - | - | - | - | 1,831 | 1,831 | ||||||||
Total | $ | 469 | $ | 92 | $ | 33 | $ | 594 | $ | 65,180 | $ | 65,774 |
Derivatives_Hedging_Activities
Derivatives, Hedging Activities, and Interest Expense | 3 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Derivatives, Hedging Activities and Interest Expense [Abstract] | |||||||||||||||||||||||||
Derivatives, Hedging Activities and Interest Expense | Note 7 – Derivatives, Hedging Activities and Interest Expense | ||||||||||||||||||||||||
Derivative Instruments | |||||||||||||||||||||||||
Our liabilities consist mainly of fixed and floating rate debt, denominated in various currencies, which we issue in the global capital markets, while our assets consist primarily of U.S. dollar denominated, fixed rate receivables. We enter into interest rate swaps and foreign currency swaps to hedge the interest rate and foreign currency risks that result from the different characteristics of our assets and liabilities. Our use of derivative transactions is intended to reduce long-term fluctuations in cash flows and fair value adjustments of assets and liabilities caused by market movements. All of our derivative activities are authorized and monitored by our management and the Asset Liability Committee which provides a framework for financial controls and governance to manage market risk. | |||||||||||||||||||||||||
Credit Risk Related Contingent Features | |||||||||||||||||||||||||
Our derivative contracts are governed by International Swaps and Derivatives Association (“ISDA”) Master Agreements. Substantially all of these ISDA Master Agreements contain reciprocal ratings triggers providing either party with an option to terminate the agreement at market value in the event of a ratings downgrade of the other party below a specified threshold. As of December 31, 2014, we have daily valuation and collateral exchange arrangements with all of our counterparties. Our collateral agreements with substantially all our counterparties include a zero threshold, full collateralization arrangement. | |||||||||||||||||||||||||
The aggregate fair value of derivative instruments that contain credit risk related contingent features that were in a net liability position at December 31, 2014 was $26 million, excluding adjustments made for our own non-performance risk. We would not be required to post additional collateral to the counterparties with which we were in a net liability position at December 31, 2014, if our credit ratings were to decline, since we fully collateralize without regard to credit ratings with these counterparties. In order to settle all derivative instruments that were in a net liability position at December 31, 2014, excluding adjustments made for our own non-performance risk, we would be required to pay $26 million. | |||||||||||||||||||||||||
Note 7 – Derivatives, Hedging Activities and Interest Expense (Continued) | |||||||||||||||||||||||||
Derivative Activity Impact on Financial Statements | |||||||||||||||||||||||||
The following tables show the financial statement line item and amount of our derivative assets and liabilities that are reported in the Consolidated Balance Sheet at December 31, 2014 and March 31, 2014. | |||||||||||||||||||||||||
Hedge accounting | Non-hedge | Total | |||||||||||||||||||||||
As of December 31, 2014 | derivatives | accounting derivatives | |||||||||||||||||||||||
Notional | Fair | Notional | Fair | Notional | Fair | ||||||||||||||||||||
(Dollars in millions) | value | value | value | ||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||
Interest rate swaps | $ | 465 | $ | 11 | $ | 34,256 | $ | 391 | $ | 34,721 | $ | 402 | |||||||||||||
Foreign currency swaps | 271 | 28 | 1,435 | 214 | 1,706 | 242 | |||||||||||||||||||
Total | $ | 736 | $ | 39 | $ | 35,691 | $ | 605 | $ | 36,427 | $ | 644 | |||||||||||||
Counterparty netting and collateral | -591 | ||||||||||||||||||||||||
Carrying value of derivative contracts – Other assets | $ | 53 | |||||||||||||||||||||||
Other liabilities | |||||||||||||||||||||||||
Interest rate swaps | $ | - | $ | - | $ | 56,343 | $ | 324 | $ | 56,343 | $ | 324 | |||||||||||||
Interest rate caps | - | - | 50 | - | 50 | - | |||||||||||||||||||
Foreign currency swaps | 251 | 33 | 10,391 | 769 | 10,642 | 802 | |||||||||||||||||||
Total | $ | 251 | $ | 33 | $ | 66,784 | $ | 1,093 | $ | 67,035 | $ | 1,126 | |||||||||||||
Counterparty netting and collateral | -1,100 | ||||||||||||||||||||||||
Carrying value of derivative contracts – Other liabilities | $ | 26 | |||||||||||||||||||||||
As of December 31, 2014, we held collateral of $242 million which offset derivative assets, and posted collateral of $751 million which offset derivative liabilities. We also held excess collateral of $12 million which we did not use to offset derivative assets, and we posted excess collateral of $2 million which we did not use to offset derivative liabilities. | |||||||||||||||||||||||||
Note 7 – Derivatives, Hedging Activities and Interest Expense (Continued) | |||||||||||||||||||||||||
Hedge accounting | Non-hedge | Total | |||||||||||||||||||||||
As of March 31, 2014 | derivatives | accounting derivatives | |||||||||||||||||||||||
Notional | Fair | Notional | Fair | Notional | Fair | ||||||||||||||||||||
(Dollars in millions) | value | value | value | ||||||||||||||||||||||
Other Assets | |||||||||||||||||||||||||
Interest rate swaps | $ | 465 | $ | 25 | $ | 25,942 | $ | 336 | $ | 26,407 | $ | 361 | |||||||||||||
Foreign currency swaps | 852 | 342 | 7,374 | 532 | 8,226 | 874 | |||||||||||||||||||
Total | $ | 1,317 | $ | 367 | $ | 33,316 | $ | 868 | $ | 34,633 | $ | 1,235 | |||||||||||||
Counterparty netting and collateral held | -1,186 | ||||||||||||||||||||||||
Carrying value of derivative contracts – Other assets | $ | 49 | |||||||||||||||||||||||
Other liabilities | |||||||||||||||||||||||||
Interest rate swaps | $ | - | $ | - | $ | 57,689 | $ | 553 | $ | 57,689 | $ | 553 | |||||||||||||
Interest rate caps | - | - | 50 | - | 50 | - | |||||||||||||||||||
Foreign currency swaps | 157 | 14 | 3,822 | 238 | 3,979 | 252 | |||||||||||||||||||
Total | $ | 157 | $ | 14 | $ | 61,561 | $ | 791 | $ | 61,718 | $ | 805 | |||||||||||||
Counterparty netting and collateral held | -799 | ||||||||||||||||||||||||
Carrying value of derivative contracts – Other liabilities | $ | 6 | |||||||||||||||||||||||
As of March 31, 2014, we held collateral of $718 million which offset derivative assets, and posted collateral of $331 million which offset derivative liabilities. We also held excess collateral of $5 million which we did not use to offset derivative assets, and we posted excess collateral of $3 million which we did not use to offset derivative liabilities. | |||||||||||||||||||||||||
Note 7 – Derivatives, Hedging Activities and Interest Expense (Continued) | |||||||||||||||||||||||||
The following table summarizes the components of interest expense, including the location and amount of gains and losses on derivative instruments and related hedged items, for the three and nine months ended December 31, 2014 and 2013 as reported in our Consolidated Statement of Income: | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Interest expense on debt | $ | 304 | $ | 325 | $ | 923 | $ | 963 | |||||||||||||||||
Interest expense on hedge accounting derivatives | -10 | -18 | -35 | -67 | |||||||||||||||||||||
Interest expense on non-hedge accounting foreign currency | |||||||||||||||||||||||||
swaps | -37 | -54 | -129 | -159 | |||||||||||||||||||||
Interest expense on non-hedge accounting interest rate swaps | 30 | 39 | 94 | 166 | |||||||||||||||||||||
Interest expense on debt and derivatives, net | 287 | 292 | 853 | 903 | |||||||||||||||||||||
Loss on hedge accounting derivatives: | |||||||||||||||||||||||||
Interest rate swaps | 5 | 5 | 15 | 15 | |||||||||||||||||||||
Foreign currency swaps | 50 | 32 | 113 | 16 | |||||||||||||||||||||
Loss on hedge accounting derivatives | 55 | 37 | 128 | 31 | |||||||||||||||||||||
Less hedged item: change in fair value of fixed rate debt | -56 | -38 | -129 | -34 | |||||||||||||||||||||
Ineffectiveness related to hedge accounting derivatives | -1 | -1 | -1 | -3 | |||||||||||||||||||||
(Gain) loss from foreign currency transactions and non-hedge | |||||||||||||||||||||||||
accounting derivatives: | |||||||||||||||||||||||||
Gain on non-hedge accounting foreign currency transactions | -567 | -87 | -1,354 | -185 | |||||||||||||||||||||
Loss on non-hedge accounting foreign currency swaps | 542 | 153 | 1,253 | 384 | |||||||||||||||||||||
(Gain) loss on non-hedge accounting interest rate swaps | -100 | 29 | -245 | 137 | |||||||||||||||||||||
Total interest expense | $ | 161 | $ | 386 | $ | 506 | $ | 1,236 | |||||||||||||||||
Interest expense on debt and derivatives represents net interest settlements and changes in accruals. Gains and losses from hedge accounting derivatives and foreign currency transactions exclude net interest settlements and changes in accruals. | |||||||||||||||||||||||||
The relative fair value allocation of derivative credit value adjustments within interest expense is not significant for the three and nine months ended December 31, 2014 and 2013 as we fully collateralize our derivatives without regard to credit ratings. |
Other_Assets_and_Other_Liabili
Other Assets and Other Liabilities | 3 Months Ended | |||||
Dec. 31, 2014 | ||||||
Other Assets And Other Liabilties [Abstract] | ||||||
Other Assets and Other Liabilties Disclosure | Note 8 – Other Assets and Other Liabilities | |||||
Other assets and other liabilities consisted of the following: | ||||||
(Dollars in millions) | 31-Dec-14 | 31-Mar-14 | ||||
Other assets: | ||||||
Notes receivable from affiliates | $ | 821 | $ | 1,172 | ||
Used vehicles held for sale | 177 | 139 | ||||
Deferred charges | 111 | 116 | ||||
Income taxes receivable | 169 | - | ||||
Derivative assets | 53 | 49 | ||||
Other assets | 491 | 394 | ||||
Total other assets | $ | 1,822 | $ | 1,870 | ||
Other liabilities: | ||||||
Unearned insurance premiums and contract revenues | $ | 1,791 | $ | 1,665 | ||
Derivative liabilities | 26 | 6 | ||||
Accounts payable and accrued expenses | 951 | 746 | ||||
Deferred income | 391 | 332 | ||||
Other liabilities | 124 | 139 | ||||
Total other liabilities | $ | 3,283 | $ | 2,888 | ||
Included in total other assets is a non-cash movement related to used vehicles held for sale that was excluded from operating activities and investing activities in the consolidated statement of cash flows. The amount of the non-cash movement was $44 million and $71 million for the nine months ended December 31, 2014 and 2013, respectively. | ||||||
Debt
Debt | 3 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debt [Abstract] | |||||||||||||
Debt | 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 | 1.9 | % | 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. |
Variable_Interest_Entities
Variable Interest Entities | 3 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Variable Interest Entities [Abstract] | |||||||||||||||||||
Variable Interest Entities | Note 10 – Variable Interest Entities | ||||||||||||||||||
Consolidated Variable Interest Entities | |||||||||||||||||||
We use one or more special purpose entities that are considered Variable Interest Entities (“VIEs”) to issue asset-backed securities to third party bank-sponsored asset-backed securitization vehicles and to investors in securitization transactions. The securities issued by these VIEs are backed by the cash flows related to retail finance receivables and beneficial interests in investments in operating leases (“Securitized Assets”). We hold variable interests in the VIEs that could potentially be significant to the VIEs. We determined that we are the primary beneficiary of the securitization trusts because (i) our servicing responsibilities for the Securitized Assets give us the power to direct the activities that most significantly impact the performance of the VIEs, and (ii) our variable interests in the VIEs give us the obligation to absorb losses and the right to receive residual returns that could potentially be significant. | |||||||||||||||||||
The following tables show the assets and liabilities related to our VIE securitization transactions that were included in our financial statements as of December 31, 2014 and March 31, 2014: | |||||||||||||||||||
31-Dec-14 | |||||||||||||||||||
VIE Assets | VIE Liabilities | ||||||||||||||||||
Gross | Net | ||||||||||||||||||
(Dollars in millions) | Restricted Cash | Securitized Assets | Securitized Assets | Other Assets | Debt | Other Liabilities | |||||||||||||
Retail finance receivables | $ | 574 | $ | 9,757 | $ | 9,616 | $ | 3 | $ | 8,362 | $ | 2 | |||||||
Investments in operating leases | 47 | 1,708 | 1,329 | 9 | 973 | - | |||||||||||||
Total | $ | 621 | $ | 11,465 | $ | 10,945 | $ | 12 | $ | 9,335 | $ | 2 | |||||||
31-Mar-14 | |||||||||||||||||||
VIE Assets | VIE Liabilities | ||||||||||||||||||
Gross | Net | ||||||||||||||||||
(Dollars in millions) | Restricted Cash | Securitized Assets | Securitized Assets | Other Assets | Debt | Other Liabilities | |||||||||||||
Retail finance receivables | $ | 624 | $ | 9,633 | $ | 9,501 | $ | 3 | $ | 8,146 | $ | 2 | |||||||
Investment in operating leases | 20 | 248 | 156 | 4 | 12 | - | |||||||||||||
Total | $ | 644 | $ | 9,881 | $ | 9,657 | $ | 7 | $ | 8,158 | $ | 2 | |||||||
Restricted cash shown in the table above represents collections from the underlying Securitized Assets and certain reserve deposits held by TMCC for the VIEs and is included as part of the Restricted Cash and Cash Equivalents on our Consolidated Balance Sheet. Gross Securitized Assets represent finance receivables and beneficial interests in investments in operating leases securitized for the asset-backed securities issued. Net Securitized Assets are presented net of deferred fees and costs, deferred income, accumulated depreciation and the allowance for credit losses. Other Assets represent used vehicles held for sale that were repossessed by or returned to TMCC for the benefit of the VIEs. The related debt of these consolidated VIEs is presented net of $991 million and $1,169 million of securities retained by TMCC at December 31, 2014 and March 31, 2014, respectively. Other Liabilities represents accrued interest on the debt of the consolidated VIEs. | |||||||||||||||||||
Note 10 – Variable Interest Entities (Continued) | |||||||||||||||||||
The assets of the VIEs and the restricted cash held by TMCC serve as the sole source of repayment for the asset-backed securities issued by these entities. Investors in the notes issued by the VIEs do not have recourse to us or our other assets, with the exception of customary representation and warranty repurchase provisions and indemnities. | |||||||||||||||||||
As the primary beneficiary of these entities, we are exposed to credit, residual value, interest rate, and prepayment risk from the Securitized Assets on the VIEs. However, our exposure to these risks did not change as a result of the transfer of the assets to the VIEs. We may also be exposed to interest rate risk arising from the secured notes issued by the VIEs. | |||||||||||||||||||
In addition, we entered into interest rate swaps with certain special purpose entities that issue variable rate debt. Under the terms of these swaps, the special purpose entities are obligated to pay TMCC a fixed rate of interest on certain payment dates in exchange for receiving a floating rate of interest on notional amounts equal to the outstanding balance of the secured debt. This arrangement enables the special purpose entities to mitigate the interest rate risk inherent in issuing variable rate debt that is secured by fixed rate Securitized Assets. | |||||||||||||||||||
The transfers of the Securitized Assets to the special purpose entities in our securitizations are considered to be sales for legal purposes. However, the Securitized Assets and the related debt remain on our Consolidated Balance Sheet. We recognize financing revenue on the Securitized Assets and interest expense on the secured debt issued by the special purpose entities. We also maintain an allowance for credit losses on the Securitized Assets to cover estimated probable credit losses using a methodology consistent with that used for our non-securitized asset portfolio. The interest rate swaps between TMCC and the special purpose entities are considered intercompany transactions and therefore are eliminated in our consolidated financial statements. | |||||||||||||||||||
Non-consolidated Variable Interest Entities | |||||||||||||||||||
We provide lending to Toyota dealers through the Toyota Dealer Investment Group's Dealer Capital Program (“TDIG Program”) operated by our affiliate TMS, which has an equity position in these dealerships. Dealers participating in this program have been determined to be VIEs. We do not consolidate the dealerships in this program as we are not the primary beneficiary and any exposure to loss is limited to the amount of the credit facility. At December 31, 2014 and March 31, 2014, amounts due from these dealers that are classified as finance receivables, net in the Consolidated Balance Sheet and revenues received during the three and nine months ended December 31, 2014 and 2013 from these dealers under the TDIG Program were not significant. | |||||||||||||||||||
We also have other non-dealer relationships which have been determined to be VIEs, but these relationships are not consolidated as we are not the primary beneficiary. Amounts due under these relationships were not significant. | |||||||||||||||||||
Liquidity_Facilities_and_Lette
Liquidity Facilities and Letters of Credit | 3 Months Ended |
Dec. 31, 2014 | |
Liquidity Facilities and Letters of Credit [Abstract] | |
Liquidity Facilities and Letters of Credit | Note 11 – Liquidity Facilities and Letters of Credit |
For additional liquidity purposes, we maintain syndicated bank credit facilities with certain banks. | |
364 Day Credit Agreement, Three Year Credit Agreement and Five Year Credit Agreement | |
In November 2014, TMCC, TCPR and other Toyota affiliates entered into a $5.0 billion 364 day syndicated bank credit facility, a $5.0 billion three year syndicated bank credit facility and a $5.0 billion five year syndicated bank credit facility, expiring in fiscal 2016, 2018, and 2020, respectively. | |
The ability to make draws is subject to 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. These agreements may be used for general corporate purposes and none were drawn upon as of December 31, 2014. We are in compliance with the covenants and conditions of the credit agreements described above. | |
Other Unsecured Credit Agreements | |
TMCC has entered into additional unsecured credit facilities with various banks. As of December 31, 2014, TMCC had committed bank credit facilities totaling $6.1 billion of which $789 million, $3.2 billion, $1.9 billion, and $175 million mature in fiscal 2015, 2016, 2018 and 2020, respectively. | |
These credit agreements 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. These credit facilities were not drawn upon as of December 31, 2014 and March 31, 2014. We are in compliance with the covenants and conditions of the credit agreements described above. | |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Commitments and Contingencies [Abstract] | ||||||||
Commitments and Contingencies | Note 12 – Commitments and Contingencies | |||||||
Commitments and Guarantees | ||||||||
We have entered into certain commitments and guarantees for which the maximum unfunded amounts are summarized in the table below: | ||||||||
(Dollars in millions) | 31-Dec-14 | 31-Mar-14 | ||||||
Commitments: | ||||||||
Credit facilities commitments with | ||||||||
vehicle and industrial equipment dealers | $ | 1,185 | $ | 1,295 | ||||
Minimum lease commitments | 53 | 62 | ||||||
Total commitments | 1,238 | 1,357 | ||||||
Guarantees and other contingencies: | ||||||||
Guarantees of affiliate pollution control and solid waste | ||||||||
disposal bonds | 100 | 100 | ||||||
Total commitments and guarantees | $ | 1,338 | $ | 1,457 | ||||
Wholesale financing demand note facilities are not considered to be contractual commitments as they are not binding arrangements under which TMCC is required to perform. | ||||||||
We are party to a 15-year lease agreement, which expires in 2018, with TMS for our headquarters location in the TMS headquarters complex in Torrance, California. Minimum lease commitments include $25 million and $30 million for facilities leases with affiliates at December 31, 2014 and March 31, 2014, respectively. At December 31, 2014, minimum future commitments under lease agreements to which we are a lessee, including those under the TMS lease, are as follows (dollars in millions): | ||||||||
Future minimum | ||||||||
Years ending March 31, | lease payments | |||||||
2015 | $ | 5 | ||||||
2016 | 19 | |||||||
2017 | 15 | |||||||
2018 | 9 | |||||||
2019 | 4 | |||||||
Thereafter | 1 | |||||||
Total | $ | 53 | ||||||
Note 12 – Commitments and Contingencies (Continued) | ||||||||
Commitments | ||||||||
We provide fixed and variable rate credit facilities to vehicle and industrial equipment dealers. These credit facilities are typically used for facilities refurbishment, real estate purchases, and working capital requirements. These loans are generally collateralized with liens on real estate, vehicle inventory, and/or other dealership assets, as appropriate. We obtain a personal guarantee from the vehicle or industrial equipment dealer or a corporate guarantee from the dealership when deemed prudent. Although the loans are typically collateralized or guaranteed, the value of the underlying collateral or guarantees may not be sufficient to cover our exposure under such agreements. Our credit facility pricing reflects market conditions, the competitive environment, the level of dealer support required for the facility, and the credit worthiness of each dealer. Amounts drawn under these facilities are reviewed for collectability on a quarterly basis, in conjunction with our evaluation of the allowance for credit losses. We also provide financing to various multi-franchise dealer organizations, often as part of a lending consortium, for wholesale, working capital, real estate, and business acquisitions. | ||||||||
Guarantees and Other Contingencies | ||||||||
TMCC has guaranteed bond obligations totaling $100 million in principal that were issued by Putnam County, West Virginia and Gibson County, Indiana to finance the construction of pollution control facilities at manufacturing plants of certain TMCC affiliates. The bonds mature in the following fiscal years ending March 31: 2028 - $20 million; 2029 - $50 million; 2030 - $10 million; 2031 - $10 million; and 2032 - $10 million. TMCC would be required to perform under the guarantees in the event of non-payment on the bonds and other related obligations. TMCC is entitled to reimbursement by the affiliates for any amounts paid. TMCC receives an annual fee of $78 thousand for guaranteeing such payments. TMCC has not been required to perform under any of these affiliate bond guarantees as of December 31, 2014 and March 31, 2014. | ||||||||
Indemnification | ||||||||
In the ordinary course of business, we enter into agreements containing indemnification provisions standard in the industry related to several types of transactions, including, but not limited to, debt funding, derivatives, securitization transactions, and our vendor and supplier agreements. Performance under these indemnities would occur upon a breach of the representations, warranties or covenants made or given, or a third party claim. In addition, we have agreed in certain debt and derivative issuances, and subject to certain exceptions, to gross-up payments due to third parties in the event that withholding tax is imposed on such payments. In addition, certain of our funding arrangements may require us to pay lenders for increased costs due to certain changes in laws or regulations. Due to the difficulty in predicting events which could cause a breach of the indemnification provisions or trigger a gross-up or other payment obligation, we are not able to estimate our maximum exposure to future payments that could result from claims made under such provisions. We have not made any material payments in the past as a result of these provisions, and as of December 31, 2014, we determined that it is not probable that we will be required to make any material payments in the future. As of December 31, 2014 and March 31, 2014, no amounts have been recorded under these indemnification provisions. | ||||||||
Note 12 – Commitments and Contingencies (Continued) | ||||||||
Litigation and Governmental Proceedings | ||||||||
Various legal actions, governmental proceedings and other claims are pending or may be instituted or asserted in the future against us with respect to matters arising in the ordinary course of business. Certain of these actions are or purport to be class action suits, seeking sizeable damages and/or changes in our business operations, policies and practices. Certain of these actions are similar to suits that have been filed against other financial institutions and captive finance companies. We perform periodic reviews of pending claims and actions to determine the probability of adverse verdicts and resulting amounts of liability. We establish accruals for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. When we are able, we also determine estimates of reasonably possible loss or range of loss, whether in excess of any related accrued liability or where there is no accrued liability. Given the inherent uncertainty associated with legal matters, the actual costs of resolving legal claims and associated costs of defense may be substantially higher or lower than the amounts for which accruals have been established. Based on available information and established accruals, we do not believe it is reasonably possible that the results of these proceedings, either individually or in the aggregate, will have a material adverse effect on our consolidated financial condition or results of operations. | ||||||||
As previously disclosed, we continue to engage in communications with the Consumer Financial Protection Bureau and the U.S. Department of Justice (together, the “Agencies”) regarding our purchases of auto finance contracts from dealers and related discretionary dealer compensation practices. At December 31, 2014 we recorded as a loss contingency an amount that was not material to our consolidated financial condition or results of operations for the nine months ended December 31, 2014. At this time, given the current state of discussions with the Agencies, we are unable to estimate the amount or range of any additional potential loss, and it is possible that our ultimate liability may exceed the amount of such accrual, and that such amount may be material. We intend to continue discussions with the Agencies to achieve a mutually satisfactory resolution to these matters, but if such resolution does not occur, we may be subject to an enforcement action. In addition, we have received a request for documents and information from the New York State Department of Financial Services relating to our fair lending practices, and we are cooperating with this request. We cannot predict the outcome of this request given its preliminary status. |
Income_Tax_Provision
Income Tax Provision | 3 Months Ended |
Dec. 31, 2014 | |
Income Tax Provision [Abstract] | |
Income Tax Provision | Note 13 – Income Taxes |
Our effective tax rate was 38 percent and 37 percent for the three and nine months ended December 31, 2014 and 37 percent for the three and nine months ended December 31, 2013, respectively. Our provision for income taxes for the three and nine months ended December 31, 2014 was $185 million and $574 million, respectively, compared to $113 million and $315 million for the same periods in fiscal 2014. The increase in the provision is consistent with the increase in our income before tax for the three and nine months ended December 31, 2014 compared to the same periods in fiscal 2014. | |
Tax-related Contingencies | |
As of December 31, 2014, we remain under IRS examination for fiscal 2015 and 2014. The IRS examination for fiscal 2013 and 2012 were concluded in the first quarter of fiscal 2015. | |
We periodically review our uncertain tax positions. Our assessment is based on many factors including the ongoing IRS audits. For the quarter ended December 31, 2014, our assessment did not result in a material change in unrecognized tax benefits. | |
Our deferred tax assets were $2.0 billion and $1.3 billion at December 31, 2014 and March 31, 2014, respectively, and were primarily due to the deferred deduction of allowance for credit losses and cumulative federal tax loss carryforwards that expire in varying amounts through fiscal 2034. On December 19, 2014 the Tax Increase Prevention Act of 2014 was enacted which extended bonus depreciation. The impact of this Act is reflected in our federal tax loss carryforwards. The total deferred tax liability at December 31, 2014, net of these deferred tax assets, was $7.3 billion compared with $6.7 billion at March 31, 2014. Realization with respect to the federal tax loss carryforwards is dependent on generating sufficient income prior to expiration of the loss carryforwards. Although realization is not assured, management believes it is more likely than not that the deferred tax assets will be realized. The amount of the deferred tax assets considered realizable could be reduced if management's estimates change. | |
On August 1, 2014, the New Jersey Tax Court issued its opinion in a case involving TMCC which was favorable to TMCC. While it is possible that the State of New Jersey may appeal this decision, the FIN 48 liability and related accrued interest were released in the second quarter. This decision did not have a significant impact on the effective tax rate or on our Consolidated Statement of Income and our Consolidated Balance Sheet. | |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||
Related Party Transactions | Note 14 – Related Party Transactions | |||||||||||||
As of December 31, 2014, there were no material changes to our related party agreements or relationships as described in our fiscal 2014 Form 10-K. The following tables summarize amounts included in our Consolidated Statement of Income and Consolidated Balance Sheet under various related party agreements or relationships: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Net financing revenues: | ||||||||||||||
Manufacturers’ subvention support and other revenues | $ | 315 | $ | 251 | $ | 884 | $ | 733 | ||||||
Credit support fees incurred | $ | -23 | $ | -21 | $ | -66 | $ | -61 | ||||||
Interest expense on loans payable to affiliates | $ | -1 | $ | -1 | $ | -2 | $ | -2 | ||||||
Insurance earned premiums and contract revenues: | ||||||||||||||
Affiliate insurance premiums and contract revenues | $ | 32 | $ | 33 | $ | 97 | $ | 99 | ||||||
Investments and other income, net: | ||||||||||||||
Interest earned on notes receivable from affiliates | $ | 1 | $ | 1 | $ | 3 | $ | 4 | ||||||
Expenses: | ||||||||||||||
Shared services charges and other expenses | $ | 16 | $ | 15 | $ | 48 | $ | 45 | ||||||
Employee benefits expense | $ | 5 | $ | 9 | $ | 18 | $ | 27 | ||||||
(Dollars in millions) | 31-Dec-14 | 31-Mar-14 | ||||||||||||
Assets: | ||||||||||||||
Finance receivables, net | ||||||||||||||
Accounts receivable from affiliates | $ | 85 | $ | 74 | ||||||||||
Direct finance receivables from affiliates | $ | 6 | $ | 6 | ||||||||||
Notes receivable under home loan programs | $ | 12 | $ | 15 | ||||||||||
Deferred retail origination costs paid to affiliates | $ | 1 | $ | 1 | ||||||||||
Deferred retail subvention income from affiliates | $ | -819 | $ | -768 | ||||||||||
Investments in operating leases, net | ||||||||||||||
Leases to affiliates | $ | 7 | $ | 7 | ||||||||||
Deferred lease subvention income from affiliates | $ | -954 | $ | -806 | ||||||||||
Other assets | ||||||||||||||
Notes receivable from affiliates | $ | 821 | $ | 1,172 | ||||||||||
Other receivables from affiliates | $ | 5 | $ | 2 | ||||||||||
Subvention support receivable from affiliates | $ | 119 | $ | 159 | ||||||||||
Liabilities: | ||||||||||||||
Other liabilities | ||||||||||||||
Unearned affiliate insurance premiums and contract revenues | $ | 252 | $ | 244 | ||||||||||
Accounts payable to affiliates | $ | 116 | $ | 216 | ||||||||||
Notes payable to affiliates | $ | 28 | $ | 22 | ||||||||||
Shareholder’s Equity: | ||||||||||||||
Dividends paid | $ | 435 | $ | 665 | ||||||||||
Stock-based compensation | $ | 2 | $ | 2 | ||||||||||
In December 2014, TMCC entered into an agreement for the sale of certain assets relating to its commercial finance business to a newly-formed subsidiary of Toyota Industries Corporation, which forms part of the group of companies known as the Toyota Group. The closing date of the transaction has not yet been determined and the assets to be sold are not available for immediate sale in their present condition, as the transaction is subject to several closing conditions that have not yet been satisfied. The assets expected to be sold represent approximately $964 million of finance receivables, net and $905 million of investments in operating leases, net as of December 31, 2014. | ||||||||||||||
Segment_Information
Segment Information | 3 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Information [Abstract] | |||||||||||||
Segment Information | Note 15 – Segment Information | ||||||||||||
Financial information for our reportable operating segments for the three and nine months ended December 31, 2014 is summarized as follows (dollars in millions): | |||||||||||||
Finance | Insurance | Intercompany | |||||||||||
Fiscal 2015: | operations | operations | eliminations | Total | |||||||||
Three Months Ended December 31, 2014 | |||||||||||||
Total financing revenues | $ | 2,112 | $ | - | $ | - | $ | 2,112 | |||||
Insurance earned premiums and contract revenues | - | 159 | - | 159 | |||||||||
Investment and other income, net | 20 | 42 | - | 62 | |||||||||
Total gross revenues | 2,132 | 201 | - | 2,333 | |||||||||
Less: | |||||||||||||
Depreciation on operating leases | 1,248 | - | - | 1,248 | |||||||||
Interest expense | 161 | - | - | 161 | |||||||||
Provision for credit losses | 103 | - | - | 103 | |||||||||
Operating and administrative expenses | 209 | 57 | - | 266 | |||||||||
Insurance losses and loss adjustment expenses | - | 63 | - | 63 | |||||||||
Provision for income taxes | 155 | 30 | - | 185 | |||||||||
Net income | $ | 256 | $ | 51 | $ | - | $ | 307 | |||||
Nine Months Ended December 31, 2014 | |||||||||||||
Total financing revenues | $ | 6,129 | $ | - | $ | - | $ | 6,129 | |||||
Insurance earned premiums and contract revenues | - | 472 | - | 472 | |||||||||
Investment and other income, net | 67 | 90 | - | 157 | |||||||||
Total gross revenues | 6,196 | 562 | - | 6,758 | |||||||||
Less: | |||||||||||||
Depreciation on operating leases | 3,544 | - | - | 3,544 | |||||||||
Interest expense | 506 | - | - | 506 | |||||||||
Provision for credit losses | 220 | - | - | 220 | |||||||||
Operating and administrative expenses | 589 | 163 | - | 752 | |||||||||
Insurance losses and loss adjustment expenses | - | 200 | - | 200 | |||||||||
Provision for income taxes | 500 | 74 | - | 574 | |||||||||
Net income | $ | 837 | $ | 125 | $ | - | $ | 962 | |||||
Total assets at December 31, 2014 | $ | 104,068 | $ | 3,683 | $ | -903 | $ | 106,848 | |||||
Note 15 – Segment Information (Continued) | |||||||||||||
Financial information for our reportable operating segments for the three and nine months ended December 31, 2013 is summarized as follows (dollars in millions): | |||||||||||||
Finance | Insurance | Intercompany | |||||||||||
Fiscal 2014: | operations | operations | eliminations | Total | |||||||||
Three Months Ended December 31, 2013 | |||||||||||||
Total financing revenues | $ | 1,869 | $ | - | $ | 7 | $ | 1,876 | |||||
Insurance earned premiums and contract revenues | - | 148 | -7 | 141 | |||||||||
Investment and other income, net | 22 | 46 | - | 68 | |||||||||
Total gross revenues | 1,891 | 194 | - | 2,085 | |||||||||
Less: | |||||||||||||
Depreciation on operating leases | 1,033 | - | - | 1,033 | |||||||||
Interest expense | 386 | - | - | 386 | |||||||||
Provision for credit losses | 63 | - | - | 63 | |||||||||
Operating and administrative expenses | 190 | 50 | - | 240 | |||||||||
Insurance losses and loss adjustment expenses | - | 57 | - | 57 | |||||||||
Provision for income taxes | 82 | 31 | - | 113 | |||||||||
Net income | $ | 137 | $ | 56 | $ | - | $ | 193 | |||||
Nine Months Ended December 31, 2013 | |||||||||||||
Total financing revenues | $ | 5,495 | $ | - | $ | 21 | $ | 5,516 | |||||
Insurance earned premiums and contract revenues | - | 444 | -21 | 423 | |||||||||
Investment and other income, net | 56 | 32 | - | 88 | |||||||||
Total gross revenues | 5,551 | 476 | - | 6,027 | |||||||||
Less: | |||||||||||||
Depreciation on operating leases | 2,950 | - | - | 2,950 | |||||||||
Interest expense | 1,236 | - | - | 1,236 | |||||||||
Provision for credit losses | 102 | - | - | 102 | |||||||||
Operating and administrative expenses | 553 | 147 | - | 700 | |||||||||
Insurance losses and loss adjustment expenses | - | 196 | - | 196 | |||||||||
Provision for income taxes | 267 | 48 | - | 315 | |||||||||
Net income | $ | 443 | $ | 85 | $ | - | $ | 528 | |||||
Total assets at December 31, 2013 | $ | 96,665 | $ | 3,651 | $ | -665 | $ | 99,651 | |||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 2014 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Note 1 – Interim Financial Data |
Basis of Presentation | |
The information furnished in these unaudited interim financial statements for the three and nine months ended December 31, 2014 and 2013 has been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). In the opinion of management, the unaudited financial information reflects all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. The results of operations for the three and nine months ended December 31, 2014 do not necessarily indicate the results which may be expected for the full fiscal year ending March 31, 2015 (“fiscal 2015”). | |
These financial statements should be read in conjunction with the Consolidated Financial Statements, significant accounting policies, and other notes to the Consolidated Financial Statements included in Toyota Motor Credit Corporation's Annual Report on Form 10-K (“Form 10-K”) for the fiscal year ended March 31, 2014 (“fiscal 2014”), which was filed with the Securities and Exchange Commission (“SEC”) on May 29, 2014. References herein to “TMCC” denote Toyota Motor Credit Corporation, and references herein to “we”, “our”, and “us” denote Toyota Motor Credit Corporation and its consolidated subsidiaries. | |
Certain prior period amounts have been reclassified to conform to the current period presentation. Related party transactions presented in the Consolidated Financial Statements are disclosed in Note 14 – Related Party Transactions of the Notes to Consolidated Financial Statements. | |
New Accounting Guidance | New Accounting Guidance |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued new guidance on the recognition of revenue from contracts with customers. This comprehensive standard will supersede virtually all existing revenue recognition guidance. This accounting guidance is effective for us on April 1, 2017. We are currently evaluating the impact of this guidance on our consolidated financial statements. | |
Recently Adopted Accounting Guidance | |
In April 2014, we adopted new FASB accounting guidance that requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The adoption of this guidance did not have a material impact on our consolidated financial statements. | |
In April 2014, we adopted new FASB accounting guidance related to the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements. Pursuant to the new guidance, an entity is required to measure these obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. Additionally, the guidance requires disclosure of the nature and amount of the obligation as well as other information about those obligations within the footnotes to its financial statements. The adoption of this guidance did not have a material impact on our consolidated financial statements. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Fair Value Measurements [Abstract] | ||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ||||||||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||
Fair value measurements on a recurring basis | ||||||||||||||||||||||||||||
Counterparty | ||||||||||||||||||||||||||||
netting & | Fair | |||||||||||||||||||||||||||
(Dollars in millions) | Level 1 | Level 2 | Level 3 | collateral | value | |||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||||
Money market instruments | $ | 586 | $ | 1,019 | $ | - | $ | - | $ | 1,605 | ||||||||||||||||||
U.S. government and agency obligations | 100 | - | - | - | 100 | |||||||||||||||||||||||
Certificates of deposit | - | 1,310 | - | - | 1,310 | |||||||||||||||||||||||
Cash equivalents total | 686 | 2,329 | - | - | 3,015 | |||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Debt instruments: | ||||||||||||||||||||||||||||
U.S. government and agency obligations | 1,926 | 82 | 2 | - | 2,010 | |||||||||||||||||||||||
Municipal debt securities | - | 12 | - | - | 12 | |||||||||||||||||||||||
Corporate debt securities | - | 170 | 14 | - | 184 | |||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
U.S. government agency | - | 55 | - | - | 55 | |||||||||||||||||||||||
Non-agency residential | - | - | 4 | - | 4 | |||||||||||||||||||||||
Non-agency commercial | - | - | 45 | - | 45 | |||||||||||||||||||||||
Asset-backed securities | - | - | 25 | - | 25 | |||||||||||||||||||||||
Equity instruments: | ||||||||||||||||||||||||||||
Fixed income mutual funds: | ||||||||||||||||||||||||||||
Short-term floating NAV fund II | - | 190 | - | - | 190 | |||||||||||||||||||||||
Short-term sector fund | - | 37 | - | - | 37 | |||||||||||||||||||||||
U.S. government sector fund | - | 289 | - | - | 289 | |||||||||||||||||||||||
Municipal sector fund | - | 19 | - | - | 19 | |||||||||||||||||||||||
Investment grade corporate sector fund | - | 265 | - | - | 265 | |||||||||||||||||||||||
High-yield sector fund | - | 36 | - | - | 36 | |||||||||||||||||||||||
Real return sector fund | - | 227 | - | - | 227 | |||||||||||||||||||||||
Mortgage sector fund | - | 448 | - | - | 448 | |||||||||||||||||||||||
Asset-backed securities sector fund | - | 43 | - | - | 43 | |||||||||||||||||||||||
Emerging market sector fund | - | 55 | - | - | 55 | |||||||||||||||||||||||
International sector fund | - | 151 | - | - | 151 | |||||||||||||||||||||||
Equity mutual fund | 476 | - | - | - | 476 | |||||||||||||||||||||||
Available-for-sale securities total | 2,402 | 2,079 | 90 | - | 4,571 | |||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||
Foreign currency swaps | - | 209 | 33 | - | 242 | |||||||||||||||||||||||
Interest rate swaps | - | 401 | 1 | - | 402 | |||||||||||||||||||||||
Counterparty netting and collateral | - | - | - | -591 | -591 | |||||||||||||||||||||||
Derivative assets total | - | 610 | 34 | -591 | 53 | |||||||||||||||||||||||
Assets at fair value | 3,088 | 5,018 | 124 | -591 | 7,639 | |||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||
Foreign currency swaps | - | -802 | - | - | -802 | |||||||||||||||||||||||
Interest rate swaps | - | -324 | - | - | -324 | |||||||||||||||||||||||
Counterparty netting and collateral | - | - | - | 1,100 | 1,100 | |||||||||||||||||||||||
Liabilities at fair value | - | -1,126 | - | 1,100 | -26 | |||||||||||||||||||||||
Net assets at fair value | $ | 3,088 | $ | 3,892 | $ | 124 | $ | 509 | $ | 7,613 | ||||||||||||||||||
Note 2 – Fair Value Measurements (Continued) | ||||||||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||||||
Fair value measurements on a recurring basis | ||||||||||||||||||||||||||||
Counterparty | ||||||||||||||||||||||||||||
netting & | Fair | |||||||||||||||||||||||||||
(Dollars in millions) | Level 1 | Level 2 | Level 3 | collateral | value | |||||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||||||||||
Money market instruments | $ | 730 | $ | 694 | $ | - | $ | - | $ | 1,424 | ||||||||||||||||||
Certificates of deposit | - | 1,437 | - | - | 1,437 | |||||||||||||||||||||||
Commercial paper | - | 708 | - | - | 708 | |||||||||||||||||||||||
Cash equivalents total | 730 | 2,839 | - | - | 3,569 | |||||||||||||||||||||||
Restricted Cash Equivalents-money market instruments | 1,077 | - | - | - | 1,077 | |||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||||
Debt instruments: | ||||||||||||||||||||||||||||
U.S. government and agency obligations | 398 | 252 | 2 | - | 652 | |||||||||||||||||||||||
Municipal debt securities | - | 11 | - | - | 11 | |||||||||||||||||||||||
Certificates of deposit | - | 1,599 | - | - | 1,599 | |||||||||||||||||||||||
Commercial paper | - | 507 | - | - | 507 | |||||||||||||||||||||||
Corporate debt securities | - | 157 | 12 | - | 169 | |||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||
U.S. government agency | - | 60 | - | - | 60 | |||||||||||||||||||||||
Non-agency residential | - | - | 5 | - | 5 | |||||||||||||||||||||||
Non-agency commercial | - | - | 43 | - | 43 | |||||||||||||||||||||||
Asset-backed securities | - | - | 27 | - | 27 | |||||||||||||||||||||||
Equity instruments: | ||||||||||||||||||||||||||||
Fixed income mutual funds: | ||||||||||||||||||||||||||||
Short-term sector fund | - | 44 | - | - | 44 | |||||||||||||||||||||||
U.S. government sector fund | - | 327 | - | - | 327 | |||||||||||||||||||||||
Municipal sector fund | - | 22 | - | - | 22 | |||||||||||||||||||||||
Investment grade corporate sector fund | - | 316 | - | - | 316 | |||||||||||||||||||||||
High-yield sector fund | - | 45 | - | - | 45 | |||||||||||||||||||||||
Real return sector fund | - | 274 | - | - | 274 | |||||||||||||||||||||||
Mortgage sector fund | - | 520 | - | - | 520 | |||||||||||||||||||||||
Asset-backed securities sector fund | - | 50 | - | - | 50 | |||||||||||||||||||||||
Emerging market sector fund | - | 66 | - | - | 66 | |||||||||||||||||||||||
International sector fund | - | 171 | - | - | 171 | |||||||||||||||||||||||
Equity mutual fund | 481 | - | - | - | 481 | |||||||||||||||||||||||
Available-for-sale securities total | 879 | 4,421 | 89 | - | 5,389 | |||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||
Foreign currency swaps | - | 804 | 70 | - | 874 | |||||||||||||||||||||||
Interest rate swaps | - | 358 | 3 | - | 361 | |||||||||||||||||||||||
Counterparty netting and collateral | - | - | - | -1,186 | -1,186 | |||||||||||||||||||||||
Derivative assets total | - | 1,162 | 73 | -1,186 | 49 | |||||||||||||||||||||||
Assets at fair value | 2,686 | 8,422 | 162 | -1,186 | 10,084 | |||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||
Foreign currency swaps | - | -252 | - | - | -252 | |||||||||||||||||||||||
Interest rate swaps | - | -553 | - | - | -553 | |||||||||||||||||||||||
Counterparty netting and collateral | - | - | - | 799 | 799 | |||||||||||||||||||||||
Liabilities at fair value | - | -805 | - | 799 | -6 | |||||||||||||||||||||||
Net assets at fair value | $ | 2,686 | $ | 7,617 | $ | 162 | $ | -387 | $ | 10,078 | ||||||||||||||||||
Assets and Liabilities Measured on Recurring Basis Using Significant Unobservable Inputs | Fair value measurements using significant unobservable inputs (Level 3) | |||||||||||||||||||||||||||
Total net | ||||||||||||||||||||||||||||
assets | ||||||||||||||||||||||||||||
Available-for-sale securities | Derivative instruments, net | (liabilities) | ||||||||||||||||||||||||||
U.S. | Total | Total | ||||||||||||||||||||||||||
government | Corporate | Mortgage- | Asset- | available- | Interest | Foreign | derivative | |||||||||||||||||||||
and agency | debt | backed | backed | for-sale | rate | currency | assets | |||||||||||||||||||||
(Dollars in millions) | obligations | securities | securities | securities | securities | swaps | swaps | (liabilities) | ||||||||||||||||||||
Fair value, October 1, 2014 | $ | 2 | $ | 12 | $ | 50 | $ | 30 | $ | 94 | $ | 2 | $ | 53 | $ | 55 | $ | 149 | ||||||||||
Total gains (losses) | ||||||||||||||||||||||||||||
Included in earnings | - | - | - | - | - | -1 | -16 | -17 | -17 | |||||||||||||||||||
Included in other comprehensive income | - | - | - | - | - | - | - | - | - | |||||||||||||||||||
Purchases, issuances, sales, and | ||||||||||||||||||||||||||||
settlements | ||||||||||||||||||||||||||||
Purchases | - | - | - | 1 | 1 | - | - | - | 1 | |||||||||||||||||||
Issuances | - | - | - | - | - | - | - | - | - | |||||||||||||||||||
Sales | - | - | - | -5 | -5 | - | - | - | -5 | |||||||||||||||||||
Settlements | - | - | -1 | -1 | -2 | - | -4 | -4 | -6 | |||||||||||||||||||
Transfers in to Level 3 | - | 2 | - | - | 2 | - | - | - | 2 | |||||||||||||||||||
Transfers out of Level 3 | - | - | - | - | - | - | - | - | - | |||||||||||||||||||
Fair value, December 31, 2014 | $ | 2 | $ | 14 | $ | 49 | $ | 25 | $ | 90 | $ | 1 | $ | 33 | $ | 34 | $ | 124 | ||||||||||
The amount of total (losses) | ||||||||||||||||||||||||||||
included in earnings attributable to | ||||||||||||||||||||||||||||
assets held at the reporting date | $ | -1 | $ | -16 | $ | -17 | $ | -17 | ||||||||||||||||||||
Note 2 – Fair Value Measurements (Continued) | ||||||||||||||||||||||||||||
Three Months Ended December 31, 2013 | ||||||||||||||||||||||||||||
Fair value measurements using significant unobservable inputs (Level 3) | ||||||||||||||||||||||||||||
Total net | ||||||||||||||||||||||||||||
assets | ||||||||||||||||||||||||||||
Available-for-sale securities | Derivative instruments, net | (liabilities) | ||||||||||||||||||||||||||
U.S. | Total | Total | ||||||||||||||||||||||||||
government | Corporate | Mortgage- | Asset- | available- | Interest | Foreign | derivative | |||||||||||||||||||||
and agency | debt | backed | backed | for-sale | rate | currency | Embedded | assets | ||||||||||||||||||||
(Dollars in millions) | obligations | securities | securities | securities | securities | swaps | swaps | derivatives | (liabilities) | |||||||||||||||||||
Fair value, October 1, 2013 | $ | 2 | $ | 2 | $ | 54 | $ | 19 | $ | 77 | $ | 13 | $ | 50 | $ | -9 | $ | 54 | $ | 131 | ||||||||
Total gains (losses) | ||||||||||||||||||||||||||||
Included in earnings | - | - | - | - | - | 3 | 8 | 9 | 20 | 20 | ||||||||||||||||||
Included in other comprehensive income | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||
Purchases, issuances, sales, and settlements | ||||||||||||||||||||||||||||
Purchases | - | - | 3 | 5 | 8 | - | - | - | - | 8 | ||||||||||||||||||
Issuances | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||
Sales | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||
Settlements | - | - | -2 | -1 | -3 | -13 | -5 | - | -18 | -21 | ||||||||||||||||||
Transfers in to Level 3 | - | 7 | - | - | 7 | - | - | - | - | 7 | ||||||||||||||||||
Transfers out of Level 3 | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||
Fair value, December 31, 2013 | $ | 2 | $ | 9 | $ | 55 | $ | 23 | $ | 89 | $ | 3 | $ | 53 | $ | - | $ | 56 | $ | 145 | ||||||||
The amount of total gains included in | ||||||||||||||||||||||||||||
earnings attributable to assets | ||||||||||||||||||||||||||||
held at the reporting date | $ | - | $ | 8 | $ | - | $ | 8 | $ | 8 | ||||||||||||||||||
Nine Months Ended December 31, 2014 | ||||||||||||||||||||||||||||
Fair value measurements using significant unobservable inputs (Level 3) | ||||||||||||||||||||||||||||
Total net | ||||||||||||||||||||||||||||
assets | ||||||||||||||||||||||||||||
Available-for-sale securities | Derivative instruments, net | (liabilities) | ||||||||||||||||||||||||||
U.S. | Total | Total | ||||||||||||||||||||||||||
government | Corporate | Mortgage- | Asset- | available- | Interest | Foreign | derivative | |||||||||||||||||||||
and agency | debt | backed | backed | for-sale | rate | currency | assets | |||||||||||||||||||||
(Dollars in millions) | obligations | securities | securities | securities | securities | swaps | swaps | (liabilities) | ||||||||||||||||||||
Fair value, April 1, 2014 | $ | 2 | $ | 12 | $ | 48 | $ | 27 | $ | 89 | $ | 3 | $ | 70 | $ | 73 | $ | 162 | ||||||||||
Total (losses) gains | ||||||||||||||||||||||||||||
Included in earnings | - | - | - | - | - | -1 | -28 | -29 | -29 | |||||||||||||||||||
Included in other comprehensive income | - | - | 1 | - | 1 | - | - | - | 1 | |||||||||||||||||||
Purchases, issuances, sales, and settlements | ||||||||||||||||||||||||||||
Purchases | - | 3 | 12 | 7 | 22 | - | - | - | 22 | |||||||||||||||||||
Issuances | - | - | - | - | - | - | - | - | - | |||||||||||||||||||
Sales | - | -3 | -7 | -5 | -15 | - | - | - | -15 | |||||||||||||||||||
Settlements | - | - | -5 | -4 | -9 | -1 | -9 | -10 | -19 | |||||||||||||||||||
Transfers in to Level 3 | - | 2 | - | - | 2 | - | - | - | 2 | |||||||||||||||||||
Transfers out of Level 3 | - | - | - | - | - | - | - | - | - | |||||||||||||||||||
Fair value, December 31, 2014 | $ | 2 | $ | 14 | $ | 49 | $ | 25 | $ | 90 | $ | 1 | $ | 33 | $ | 34 | $ | 124 | ||||||||||
The amount of total losses included in | ||||||||||||||||||||||||||||
earnings attributable to assets held | ||||||||||||||||||||||||||||
at the reporting date | $ | -1 | $ | -28 | $ | -29 | $ | -29 | ||||||||||||||||||||
Note 2 – Fair Value Measurements (Continued) | ||||||||||||||||||||||||||||
Nine Months Ended December 31, 2013 | ||||||||||||||||||||||||||||
Fair value measurements using significant unobservable inputs (Level 3) | ||||||||||||||||||||||||||||
Total net | ||||||||||||||||||||||||||||
assets | ||||||||||||||||||||||||||||
Available-for-sale securities | Derivative instruments, net | (liabilities) | ||||||||||||||||||||||||||
U.S. | Total | Total | ||||||||||||||||||||||||||
government | Corporate | Mortgage- | Asset- | available- | Interest | Foreign | derivative | |||||||||||||||||||||
and agency | debt | backed | backed | for-sale | rate | currency | Embedded | assets | ||||||||||||||||||||
(Dollars in millions) | obligations | securities | securities | securities | securities | swaps | swaps | derivatives | (liabilities) | |||||||||||||||||||
Fair value, April 1, 2013 | $ | - | $ | 4 | $ | 56 | $ | 13 | $ | 73 | $ | 12 | $ | 55 | $ | -12 | $ | 55 | $ | 128 | ||||||||
Total gains (losses) | ||||||||||||||||||||||||||||
Included in earnings | - | - | - | - | - | 5 | 15 | 12 | 32 | 32 | ||||||||||||||||||
Included in other comprehensive income | - | - | -3 | - | -3 | - | - | - | - | -3 | ||||||||||||||||||
Purchases, issuances, sales, and settlements | ||||||||||||||||||||||||||||
Purchases | - | - | 5 | 12 | 17 | - | - | - | - | 17 | ||||||||||||||||||
Issuances | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||
Sales | - | - | - | - | - | - | - | - | - | - | ||||||||||||||||||
Settlements | - | - | -3 | -2 | -5 | -14 | -17 | - | -31 | -36 | ||||||||||||||||||
Transfers in to Level 3 | 2 | 7 | - | - | 9 | - | - | - | - | 9 | ||||||||||||||||||
Transfers out of Level 3 | - | -2 | - | - | -2 | - | - | - | - | -2 | ||||||||||||||||||
Fair value, December 31, 2013 | $ | 2 | $ | 9 | $ | 55 | $ | 23 | $ | 89 | $ | 3 | $ | 53 | $ | - | $ | 56 | $ | 145 | ||||||||
The amount of total (losses)/gains | ||||||||||||||||||||||||||||
included in earnings attributable to | ||||||||||||||||||||||||||||
assets held at the reporting date | $ | -2 | $ | 17 | $ | - | $ | 15 | $ | 15 | ||||||||||||||||||
Carrying Value of Certain Financial Instruments | Fair value measurement hierarchy | |||||||||||||||||||||||||||
Carrying | Total Fair | |||||||||||||||||||||||||||
(Dollars in millions) | value | Level 1 | Level 2 | Level 3 | Value | |||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||
Finance receivables, net | ||||||||||||||||||||||||||||
Retail loan | $ | 50,064 | $ | - | $ | - | $ | 50,195 | $ | 50,195 | ||||||||||||||||||
Commercial | 207 | - | - | 198 | 198 | |||||||||||||||||||||||
Wholesale | 9,388 | - | - | 9,420 | 9,420 | |||||||||||||||||||||||
Real estate | 4,638 | - | - | 4,553 | 4,553 | |||||||||||||||||||||||
Working capital | 1,855 | - | - | 1,817 | 1,817 | |||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||
Commercial paper | $ | 27,485 | $ | - | $ | 27,485 | $ | - | $ | 27,485 | ||||||||||||||||||
Unsecured notes and loans payable | 51,134 | - | 51,550 | 697 | 52,247 | |||||||||||||||||||||||
Secured notes and loans payable | 9,335 | - | - | 9,322 | 9,322 | |||||||||||||||||||||||
Note 2 - Fair Value Measurements (Continued) | ||||||||||||||||||||||||||||
Fair value measurement hierarchy | ||||||||||||||||||||||||||||
Carrying | Total Fair | |||||||||||||||||||||||||||
(Dollars in millions) | value | Level 1 | Level 2 | Level 3 | Value | |||||||||||||||||||||||
As of March 31, 2014 | ||||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||||
Finance receivables, net | ||||||||||||||||||||||||||||
Retail loan | $ | 48,892 | $ | - | $ | - | $ | 49,392 | $ | 49,392 | ||||||||||||||||||
Commercial | 174 | - | - | 160 | 160 | |||||||||||||||||||||||
Wholesale | 9,344 | - | - | 9,391 | 9,391 | |||||||||||||||||||||||
Real estate | 4,601 | - | - | 4,552 | 4,552 | |||||||||||||||||||||||
Working capital | 1,802 | - | - | 1,807 | 1,807 | |||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||||
Commercial paper | $ | 27,709 | $ | - | $ | 27,709 | $ | - | $ | 27,709 | ||||||||||||||||||
Unsecured notes and loans payable | 49,500 | - | 49,697 | 736 | 50,433 | |||||||||||||||||||||||
Secured notes and loans payable | 8,158 | - | - | 8,165 | 8,165 |
Investments_in_Marketable_Secu1
Investments in Marketable Securities (Tables) | 3 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
Investments in Marketable Securities [Abstract] | |||||||||||||||
Summary of Investments in Marketable Securities | 31-Dec-14 | ||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||
(Dollars in millions) | cost | gains | losses | value | |||||||||||
Available-for-sale securities: | |||||||||||||||
Debt instruments: | |||||||||||||||
U.S. government and agency obligations | $ | 2,010 | $ | 1 | $ | -1 | $ | 2,010 | |||||||
Municipal debt securities | 10 | 2 | - | 12 | |||||||||||
Corporate debt securities | 179 | 6 | -1 | 184 | |||||||||||
Mortgage-backed securities: | |||||||||||||||
U.S. government agency | 53 | 2 | - | 55 | |||||||||||
Non-agency residential | 3 | 1 | - | 4 | |||||||||||
Non-agency commercial | 45 | 1 | -1 | 45 | |||||||||||
Asset-backed securities | 25 | - | - | 25 | |||||||||||
Equity instruments: | |||||||||||||||
Fixed income mutual funds: | |||||||||||||||
Short-term floating NAV fund II | 190 | - | - | 190 | |||||||||||
Short-term sector fund | 35 | 2 | - | 37 | |||||||||||
U.S. government sector fund | 275 | 14 | - | 289 | |||||||||||
Municipal sector fund | 18 | 1 | - | 19 | |||||||||||
Investment grade corporate sector fund | 255 | 14 | -4 | 265 | |||||||||||
High-yield sector fund | 32 | 5 | -1 | 36 | |||||||||||
Real return sector fund | 235 | - | -8 | 227 | |||||||||||
Mortgage sector fund | 441 | 7 | - | 448 | |||||||||||
Asset-backed securities sector fund | 35 | 8 | - | 43 | |||||||||||
Emerging market sector fund | 57 | - | -2 | 55 | |||||||||||
International sector fund | 142 | 9 | - | 151 | |||||||||||
Equity mutual fund | 196 | 280 | - | 476 | |||||||||||
Total investments in marketable securities | $ | 4,236 | $ | 353 | $ | -18 | $ | 4,571 | |||||||
Note 3 – Investments in Marketable Securities (Continued) | |||||||||||||||
31-Mar-14 | |||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||
(Dollars in millions) | cost | gains | losses | value | |||||||||||
Available-for-sale securities: | |||||||||||||||
Debt instruments: | |||||||||||||||
U.S. government and agency obligations | $ | 652 | $ | 1 | $ | -1 | $ | 652 | |||||||
Municipal debt securities | 10 | 1 | - | 11 | |||||||||||
Certificates of deposit | 1,599 | - | - | 1,599 | |||||||||||
Commercial paper | 507 | - | - | 507 | |||||||||||
Corporate debt securities | 164 | 6 | -1 | 169 | |||||||||||
Mortgage-backed securities: | |||||||||||||||
U.S. government agency | 60 | 1 | -1 | 60 | |||||||||||
Non-agency residential | 4 | 1 | - | 5 | |||||||||||
Non-agency commercial | 44 | 1 | -2 | 43 | |||||||||||
Asset-backed securities | 27 | - | - | 27 | |||||||||||
Equity instruments: | |||||||||||||||
Fixed income mutual funds: | |||||||||||||||
Short-term sector fund | 41 | 3 | - | 44 | |||||||||||
U.S. government sector fund | 329 | - | -2 | 327 | |||||||||||
Municipal sector fund | 21 | 1 | - | 22 | |||||||||||
Investment grade corporate sector fund | 283 | 33 | - | 316 | |||||||||||
High-yield sector fund | 38 | 7 | - | 45 | |||||||||||
Real return sector fund | 275 | - | -1 | 274 | |||||||||||
Mortgage sector fund | 519 | 1 | - | 520 | |||||||||||
Asset-backed securities sector fund | 40 | 10 | - | 50 | |||||||||||
Emerging market sector fund | 65 | 1 | - | 66 | |||||||||||
International sector fund | 170 | 2 | -1 | 171 | |||||||||||
Equity mutual fund | 217 | 264 | - | 481 | |||||||||||
Total investments in marketable securities | $ | 5,065 | $ | 333 | $ | -9 | $ | 5,389 | |||||||
Schedule of realized gains and losses on sales from AFS | Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||
Available-for-sale securities: | |||||||||||||||
Realized gains on sales | $ | 11 | $ | 12 | $ | 55 | $ | 28 | |||||||
Realized losses on sales | $ | - | $ | - | $ | - | $ | -3 | |||||||
Other-than-temporary impairment | $ | - | $ | -1 | $ | - | $ | -54 | |||||||
Summary of Contractual Maturities of Available-for-Sale Securities | 31-Dec-14 | ||||||||||||||
(Dollars in millions) | Amortized Cost | Fair Value | |||||||||||||
Available-for-sale debt instruments: | |||||||||||||||
Due within 1 year | $ | 1,929 | $ | 1,927 | |||||||||||
Due after 1 year through 5 years | 135 | 136 | |||||||||||||
Due after 5 years through 10 years | 81 | 83 | |||||||||||||
Due after 10 years | 54 | 60 | |||||||||||||
Mortgage-backed and asset-backed securities1 | 126 | 129 | |||||||||||||
Total | $ | 2,325 | $ | 2,335 | |||||||||||
1Mortgage-backed and asset-backed securities are shown separately because these securities do not have a single maturity date. |
Finance_Receivables_Net_Tables
Finance Receivables, Net (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Finance Receivables, Net [Abstract] | |||||||||||||||||||||||||
Net Financing Receivables | (Dollars in millions) | 31-Dec-14 | 31-Mar-14 | ||||||||||||||||||||||
Retail receivables | $ | 41,383 | $ | 40,216 | |||||||||||||||||||||
Securitized retail receivables | 9,757 | 9,633 | |||||||||||||||||||||||
Dealer financing | 16,060 | 15,925 | |||||||||||||||||||||||
67,200 | 65,774 | ||||||||||||||||||||||||
Deferred origination (fees) and costs, net | 645 | 651 | |||||||||||||||||||||||
Deferred income | -920 | -863 | |||||||||||||||||||||||
Allowance for credit losses | |||||||||||||||||||||||||
Retail and securitized retail receivables | -298 | -298 | |||||||||||||||||||||||
Dealer financing | -79 | -88 | |||||||||||||||||||||||
Total allowance for credit losses | -377 | -386 | |||||||||||||||||||||||
Finance receivables, net | $ | 66,548 | $ | 65,176 | |||||||||||||||||||||
Finance Receivable Credit Quality Indicators | Retail Loan | Commercial | |||||||||||||||||||||||
(Dollars in millions) | 31-Dec-14 | 31-Mar-14 | 31-Dec-14 | 31-Mar-14 | |||||||||||||||||||||
Aging of finance receivables: | |||||||||||||||||||||||||
Current | $ | 49,779 | $ | 48,828 | $ | 494 | $ | 432 | |||||||||||||||||
30-59 days past due | 668 | 459 | 8 | 6 | |||||||||||||||||||||
60-89 days past due | 144 | 90 | 1 | 1 | |||||||||||||||||||||
90 days or greater past due | 46 | 33 | - | - | |||||||||||||||||||||
Total | $ | 50,637 | $ | 49,410 | $ | 503 | $ | 439 | |||||||||||||||||
Wholesale | Real Estate | Working Capital | |||||||||||||||||||||||
(Dollars in millions) | 31-Dec-14 | 31-Mar-14 | 31-Dec-14 | 31-Mar-14 | 31-Dec-14 | 31-Mar-14 | |||||||||||||||||||
Credit quality indicators: | |||||||||||||||||||||||||
Performing | $ | 8,372 | $ | 8,129 | $ | 3,970 | $ | 3,791 | $ | 1,712 | $ | 1,642 | |||||||||||||
Credit Watch | 1,094 | 1,282 | 722 | 855 | 149 | 158 | |||||||||||||||||||
At Risk | 15 | 24 | - | 12 | 22 | 25 | |||||||||||||||||||
Default | - | 1 | 4 | - | - | 6 | |||||||||||||||||||
Total | $ | 9,481 | $ | 9,436 | $ | 4,696 | $ | 4,658 | $ | 1,883 | $ | 1,831 | |||||||||||||
Summary of Investment in Impaired Loans by Class of Finance Receivable | Note 4 – Finance Receivables, Net (Continued) | ||||||||||||||||||||||||
Impaired Finance Receivables | |||||||||||||||||||||||||
The following table summarizes the information related to our impaired loans by class of finance receivables as of December 31, 2014 and March 31, 2014: | |||||||||||||||||||||||||
Impaired | Individually Evaluated | ||||||||||||||||||||||||
Finance Receivables | Unpaid Principal Balance | Allowance | |||||||||||||||||||||||
December 31, | March 31, | December 31, | March 31, | December 31, | March 31, | ||||||||||||||||||||
(Dollars in millions) | 2014 | 2014 | 2014 | 2014 | 2014 | 2014 | |||||||||||||||||||
Impaired account balances individually evaluated for impairment with an allowance: | |||||||||||||||||||||||||
Wholesale | $ | 15 | $ | 13 | $ | 15 | $ | 13 | $ | 2 | $ | 1 | |||||||||||||
Real estate | 14 | 27 | 14 | 27 | 4 | 8 | |||||||||||||||||||
Working capital | 22 | 23 | 22 | 23 | 22 | 22 | |||||||||||||||||||
Total | $ | 51 | $ | 63 | $ | 51 | $ | 63 | $ | 28 | $ | 31 | |||||||||||||
Impaired account balances individually evaluated for impairment without an allowance: | |||||||||||||||||||||||||
Wholesale | $ | 72 | $ | 51 | $ | 72 | $ | 51 | |||||||||||||||||
Real estate | 83 | 90 | 83 | 90 | |||||||||||||||||||||
Working capital | 3 | 4 | 3 | 4 | |||||||||||||||||||||
Total | $ | 158 | $ | 145 | $ | 158 | $ | 145 | |||||||||||||||||
Impaired account balances aggregated and evaluated for impairment: | |||||||||||||||||||||||||
Retail loan | $ | 277 | $ | 322 | $ | 273 | $ | 318 | |||||||||||||||||
Commercial | 1 | 1 | 1 | 1 | |||||||||||||||||||||
Total | $ | 278 | $ | 323 | $ | 274 | $ | 319 | |||||||||||||||||
Total impaired account balances: | |||||||||||||||||||||||||
Retail loan | $ | 277 | $ | 322 | $ | 273 | $ | 318 | |||||||||||||||||
Commercial | 1 | 1 | 1 | 1 | |||||||||||||||||||||
Wholesale | 87 | 64 | 87 | 64 | |||||||||||||||||||||
Real estate | 97 | 117 | 97 | 117 | |||||||||||||||||||||
Working capital | 25 | 27 | 25 | 27 | |||||||||||||||||||||
Total | $ | 487 | $ | 531 | $ | 483 | $ | 527 | |||||||||||||||||
Average Impaired Finance Receivables | Interest Income Recognized | ||||||||||||||||||||||||
Three Months Ended December 31, | Nine Months Ended December 31, | Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Impaired account balances individually evaluated for impairment with an allowance: | |||||||||||||||||||||||||
Wholesale | $ | 17 | $ | 15 | $ | 17 | $ | 17 | $ | - | $ | - | $ | - | $ | - | |||||||||
Real estate | 14 | 31 | 20 | 33 | - | - | - | 1 | |||||||||||||||||
Working capital | 23 | 23 | 23 | 24 | - | - | 1 | 1 | |||||||||||||||||
Total | $ | 54 | $ | 69 | $ | 60 | $ | 74 | $ | - | $ | - | $ | 1 | $ | 2 | |||||||||
Impaired account balances individually evaluated for impairment without an allowance: | |||||||||||||||||||||||||
Wholesale | $ | 62 | $ | 61 | $ | 56 | $ | 61 | $ | - | $ | 1 | $ | 1 | $ | 1 | |||||||||
Real estate | 89 | 92 | 91 | 93 | 1 | 1 | 2 | 3 | |||||||||||||||||
Working capital | 3 | 4 | 3 | 5 | - | - | - | - | |||||||||||||||||
Total | $ | 154 | $ | 157 | $ | 150 | $ | 159 | $ | 1 | $ | 2 | $ | 3 | $ | 4 | |||||||||
Impaired account balances aggregated and evaluated for impairment: | |||||||||||||||||||||||||
Retail loan | $ | 284 | $ | 355 | $ | 301 | $ | 379 | $ | 5 | $ | 7 | $ | 17 | $ | 22 | |||||||||
Commercial | 1 | 1 | 1 | 1 | - | - | - | - | |||||||||||||||||
Total | $ | 285 | $ | 356 | $ | 302 | $ | 380 | $ | 5 | $ | 7 | $ | 17 | $ | 22 | |||||||||
Total impaired account balances: | |||||||||||||||||||||||||
Retail loan | $ | 284 | $ | 355 | $ | 301 | $ | 379 | $ | 5 | $ | 7 | $ | 17 | $ | 22 | |||||||||
Commercial | 1 | 1 | 1 | 1 | - | - | - | - | |||||||||||||||||
Wholesale | 79 | 76 | 73 | 78 | - | 1 | 1 | 1 | |||||||||||||||||
Real estate | 103 | 123 | 111 | 126 | 1 | 1 | 2 | 4 | |||||||||||||||||
Working capital | 26 | 27 | 26 | 29 | - | - | 1 | 1 | |||||||||||||||||
Total | $ | 493 | $ | 582 | $ | 512 | $ | 613 | $ | 6 | $ | 9 | $ | 21 | $ | 28 |
Investments_in_Operating_Lease1
Investments in Operating Leases, Net (Tables) | 3 Months Ended | |||||
Dec. 31, 2014 | ||||||
Investments in Operating Leases, Net [Abstract] | ||||||
Investments in Operating Leases, Net | Investments in operating leases, net consisted of the following: | |||||
(Dollars in millions) | 31-Dec-14 | 31-Mar-14 | ||||
Investments in operating leases | $ | 35,666 | $ | 31,023 | ||
Securitized investments in operating leases | 1,708 | 248 | ||||
37,374 | 31,271 | |||||
Deferred origination (fees) and costs, net | -176 | -146 | ||||
Deferred income | -971 | -826 | ||||
Accumulated depreciation | -6,424 | -5,462 | ||||
Allowance for credit losses | -73 | -68 | ||||
Investments in operating leases, net | $ | 29,730 | $ | 24,769 |
Allowance_for_Credit_Losses_Ta
Allowance for Credit Losses (Tables) | 3 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Allowance for Credit Losses [Abstract] | ||||||||||||||
Allowance for Credit Losses on Finance Receivables and Investments in Operating Leases | Three Months Ended | Nine Months Ended | ||||||||||||
December 31, | December 31, | |||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Allowance for credit losses at beginning of period | $ | 445 | $ | 467 | $ | 454 | $ | 527 | ||||||
Provision for credit losses | 103 | 63 | 220 | 102 | ||||||||||
Charge-offs, net of recoveries | -98 | -74 | -224 | -173 | ||||||||||
Allowance for credit losses at end of period | $ | 450 | $ | 456 | $ | 450 | $ | 456 | ||||||
Allowance for Credit Losses and Finance Receivables by Portfolio Segment | (Dollars in millions) | Retail Loan | Commercial | Dealer Products | Total | |||||||||
Allowance for Credit Losses for Finance Receivables: | ||||||||||||||
Beginning balance, October 1, 2014 | $ | 299 | $ | 1 | $ | 81 | $ | 381 | ||||||
Charge-offs | -89 | - | -1 | -90 | ||||||||||
Recoveries | 14 | 1 | 1 | 16 | ||||||||||
Provisions | 72 | - | -2 | 70 | ||||||||||
Ending balance, December 31, 2014 | $ | 296 | $ | 2 | $ | 79 | $ | 377 | ||||||
Beginning balance, April 1, 2014 | $ | 296 | $ | 2 | $ | 88 | $ | 386 | ||||||
Charge-offs | -217 | -1 | -1 | $ | -219 | |||||||||
Recoveries | 45 | 1 | 1 | 47 | ||||||||||
Provisions | 172 | - | -9 | 163 | ||||||||||
Ending balance, December 31, 2014 | $ | 296 | $ | 2 | $ | 79 | $ | 377 | ||||||
Ending balance: Individually evaluated for impairment | $ | - | $ | - | $ | 28 | $ | 28 | ||||||
Ending balance: Collectively evaluated for impairment | $ | 296 | $ | 2 | $ | 51 | $ | 349 | ||||||
Gross Finance Receivables: | ||||||||||||||
Ending balance, December 31, 2014 | $ | 50,637 | $ | 503 | $ | 16,060 | $ | 67,200 | ||||||
Ending balance: Individually evaluated for impairment | $ | - | $ | - | $ | 209 | $ | 209 | ||||||
Ending balance: Collectively evaluated for impairment | $ | 50,637 | $ | 503 | $ | 15,851 | $ | 66,991 | ||||||
(Dollars in millions) | Retail Loan | Commercial | Dealer Products | Total | ||||||||||
Allowance for Credit Losses for Finance Receivables: | ||||||||||||||
Beginning balance, October 1, 2013 | $ | 290 | $ | 4 | $ | 102 | $ | 396 | ||||||
Charge-offs | -74 | - | - | -74 | ||||||||||
Recoveries | 14 | - | - | 14 | ||||||||||
Provisions | 59 | -2 | -6 | 51 | ||||||||||
Ending balance, December 31, 2013 | $ | 289 | $ | 2 | $ | 96 | $ | 387 | ||||||
Beginning balance, April 1, 2013 | $ | 333 | $ | 5 | $ | 107 | $ | 445 | ||||||
Charge-offs | -190 | -1 | - | -191 | ||||||||||
Recoveries | 49 | - | - | 49 | ||||||||||
Provisions | 97 | -2 | -11 | 84 | ||||||||||
Ending balance, December 31, 2013 | $ | 289 | $ | 2 | $ | 96 | $ | 387 | ||||||
Ending balance: Individually evaluated for | ||||||||||||||
impairment | $ | - | $ | - | $ | 30 | $ | 30 | ||||||
Ending balance: Collectively evaluated for | ||||||||||||||
impairment | $ | 289 | $ | 2 | $ | 66 | $ | 357 | ||||||
Gross Finance Receivables: | ||||||||||||||
Ending balance, December 31, 2013 | $ | 49,719 | $ | 422 | $ | 16,590 | $ | 66,731 | ||||||
Ending balance: Individually evaluated for | ||||||||||||||
impairment | $ | - | $ | - | $ | 232 | $ | 232 | ||||||
Ending balance: Collectively evaluated for | ||||||||||||||
impairment | $ | 49,719 | $ | 422 | $ | 16,358 | $ | 66,499 | ||||||
Past Due Finance Receivables and Investments in Operating Leases | (Dollars in millions) | 31-Dec-14 | 31-Mar-14 | |||||||||||
Aggregate balances 60 or more days past due | ||||||||||||||
Finance receivables | $ | 191 | $ | 125 | ||||||||||
Investments in operating leases | 67 | 36 | ||||||||||||
Total | $ | 258 | $ | 161 | ||||||||||
Past Due Finance Receivables by Class | (Dollars in millions) | 30 - 59 Days Past Due | 60 - 89 Days Past Due | 90 Days or Greater Past Due | Total Past Due | Current | Total Finance Receivables | |||||||
As of December 31, 2014 | ||||||||||||||
Retail loan | $ | 668 | $ | 144 | $ | 46 | $ | 858 | $ | 49,779 | $ | 50,637 | ||
Commercial | 8 | 1 | - | 9 | 494 | 503 | ||||||||
Wholesale | - | - | - | - | 9,481 | 9,481 | ||||||||
Real estate | - | - | - | - | 4,696 | 4,696 | ||||||||
Working capital | - | - | - | - | 1,883 | 1,883 | ||||||||
Total | $ | 676 | $ | 145 | $ | 46 | $ | 867 | $ | 66,333 | $ | 67,200 | ||
(Dollars in millions) | 30 - 59 Days Past Due | 60 - 89 Days Past Due | 90 Days or Greater Past Due | Total Past Due | Current | Total Finance Receivables | ||||||||
As of March 31, 2014 | ||||||||||||||
Retail loan | $ | 459 | $ | 90 | $ | 33 | $ | 582 | $ | 48,828 | $ | 49,410 | ||
Commercial | 6 | 1 | - | 7 | 432 | 439 | ||||||||
Wholesale | - | - | - | - | 9,436 | 9,436 | ||||||||
Real estate | 4 | 1 | - | 5 | 4,653 | 4,658 | ||||||||
Working capital | - | - | - | - | 1,831 | 1,831 | ||||||||
Total | $ | 469 | $ | 92 | $ | 33 | $ | 594 | $ | 65,180 | $ | 65,774 |
Derivatives_Hedging_Activities1
Derivatives, Hedging Activities and Interest Expense (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Derivatives, Hedging Activities and Interest Expense [Abstract] | |||||||||||||||||||||||||
Derivative Activity Impact on Consolidated Balance Sheet | |||||||||||||||||||||||||
Hedge accounting | Non-hedge | Total | |||||||||||||||||||||||
As of December 31, 2014 | derivatives | accounting derivatives | |||||||||||||||||||||||
Notional | Fair | Notional | Fair | Notional | Fair | ||||||||||||||||||||
(Dollars in millions) | value | value | value | ||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||
Interest rate swaps | $ | 465 | $ | 11 | $ | 34,256 | $ | 391 | $ | 34,721 | $ | 402 | |||||||||||||
Foreign currency swaps | 271 | 28 | 1,435 | 214 | 1,706 | 242 | |||||||||||||||||||
Total | $ | 736 | $ | 39 | $ | 35,691 | $ | 605 | $ | 36,427 | $ | 644 | |||||||||||||
Counterparty netting and collateral | -591 | ||||||||||||||||||||||||
Carrying value of derivative contracts – Other assets | $ | 53 | |||||||||||||||||||||||
Other liabilities | |||||||||||||||||||||||||
Interest rate swaps | $ | - | $ | - | $ | 56,343 | $ | 324 | $ | 56,343 | $ | 324 | |||||||||||||
Interest rate caps | - | - | 50 | - | 50 | - | |||||||||||||||||||
Foreign currency swaps | 251 | 33 | 10,391 | 769 | 10,642 | 802 | |||||||||||||||||||
Total | $ | 251 | $ | 33 | $ | 66,784 | $ | 1,093 | $ | 67,035 | $ | 1,126 | |||||||||||||
Counterparty netting and collateral | -1,100 | ||||||||||||||||||||||||
Carrying value of derivative contracts – Other liabilities | $ | 26 | |||||||||||||||||||||||
Note 7 – Derivatives, Hedging Activities and Interest Expense (Continued) | |||||||||||||||||||||||||
Hedge accounting | Non-hedge | Total | |||||||||||||||||||||||
As of March 31, 2014 | derivatives | accounting derivatives | |||||||||||||||||||||||
Notional | Fair | Notional | Fair | Notional | Fair | ||||||||||||||||||||
(Dollars in millions) | value | value | value | ||||||||||||||||||||||
Other Assets | |||||||||||||||||||||||||
Interest rate swaps | $ | 465 | $ | 25 | $ | 25,942 | $ | 336 | $ | 26,407 | $ | 361 | |||||||||||||
Foreign currency swaps | 852 | 342 | 7,374 | 532 | 8,226 | 874 | |||||||||||||||||||
Total | $ | 1,317 | $ | 367 | $ | 33,316 | $ | 868 | $ | 34,633 | $ | 1,235 | |||||||||||||
Counterparty netting and collateral held | -1,186 | ||||||||||||||||||||||||
Carrying value of derivative contracts – Other assets | $ | 49 | |||||||||||||||||||||||
Other liabilities | |||||||||||||||||||||||||
Interest rate swaps | $ | - | $ | - | $ | 57,689 | $ | 553 | $ | 57,689 | $ | 553 | |||||||||||||
Interest rate caps | - | - | 50 | - | 50 | - | |||||||||||||||||||
Foreign currency swaps | 157 | 14 | 3,822 | 238 | 3,979 | 252 | |||||||||||||||||||
Total | $ | 157 | $ | 14 | $ | 61,561 | $ | 791 | $ | 61,718 | $ | 805 | |||||||||||||
Counterparty netting and collateral held | -799 | ||||||||||||||||||||||||
Carrying value of derivative contracts – Other liabilities | $ | 6 | |||||||||||||||||||||||
Derivative Activity Impact on Consolidated Statement of Income | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Interest expense on debt | $ | 304 | $ | 325 | $ | 923 | $ | 963 | |||||||||||||||||
Interest expense on hedge accounting derivatives | -10 | -18 | -35 | -67 | |||||||||||||||||||||
Interest expense on non-hedge accounting foreign currency | |||||||||||||||||||||||||
swaps | -37 | -54 | -129 | -159 | |||||||||||||||||||||
Interest expense on non-hedge accounting interest rate swaps | 30 | 39 | 94 | 166 | |||||||||||||||||||||
Interest expense on debt and derivatives, net | 287 | 292 | 853 | 903 | |||||||||||||||||||||
Loss on hedge accounting derivatives: | |||||||||||||||||||||||||
Interest rate swaps | 5 | 5 | 15 | 15 | |||||||||||||||||||||
Foreign currency swaps | 50 | 32 | 113 | 16 | |||||||||||||||||||||
Loss on hedge accounting derivatives | 55 | 37 | 128 | 31 | |||||||||||||||||||||
Less hedged item: change in fair value of fixed rate debt | -56 | -38 | -129 | -34 | |||||||||||||||||||||
Ineffectiveness related to hedge accounting derivatives | -1 | -1 | -1 | -3 | |||||||||||||||||||||
(Gain) loss from foreign currency transactions and non-hedge | |||||||||||||||||||||||||
accounting derivatives: | |||||||||||||||||||||||||
Gain on non-hedge accounting foreign currency transactions | -567 | -87 | -1,354 | -185 | |||||||||||||||||||||
Loss on non-hedge accounting foreign currency swaps | 542 | 153 | 1,253 | 384 | |||||||||||||||||||||
(Gain) loss on non-hedge accounting interest rate swaps | -100 | 29 | -245 | 137 | |||||||||||||||||||||
Total interest expense | $ | 161 | $ | 386 | $ | 506 | $ | 1,236 | |||||||||||||||||
Other_Assets_and_Other_Liabili1
Other Assets and Other Liabilities (Tables) | 3 Months Ended | |||||
Dec. 31, 2014 | ||||||
Other Assets And Other Liabilties [Abstract] | ||||||
Other Assets and Other Liabilities | Note 8 – Other Assets and Other Liabilities | |||||
Other assets and other liabilities consisted of the following: | ||||||
(Dollars in millions) | 31-Dec-14 | 31-Mar-14 | ||||
Other assets: | ||||||
Notes receivable from affiliates | $ | 821 | $ | 1,172 | ||
Used vehicles held for sale | 177 | 139 | ||||
Deferred charges | 111 | 116 | ||||
Income taxes receivable | 169 | - | ||||
Derivative assets | 53 | 49 | ||||
Other assets | 491 | 394 | ||||
Total other assets | $ | 1,822 | $ | 1,870 | ||
Other liabilities: | ||||||
Unearned insurance premiums and contract revenues | $ | 1,791 | $ | 1,665 | ||
Derivative liabilities | 26 | 6 | ||||
Accounts payable and accrued expenses | 951 | 746 | ||||
Deferred income | 391 | 332 | ||||
Other liabilities | 124 | 139 | ||||
Total other liabilities | $ | 3,283 | $ | 2,888 |
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debt [Abstract] | |||||||||||||
Debt and Related Weighted Average Contractual Interest Rates | 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 | 1.9 | % | 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 | % | |||||
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 3 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Variable Interest Entities [Abstract] | |||||||||||||||||||
Schedule of Variable Interest Entities, Securitization Transactions Assets and Liabilities | 31-Dec-14 | ||||||||||||||||||
VIE Assets | VIE Liabilities | ||||||||||||||||||
Gross | Net | ||||||||||||||||||
(Dollars in millions) | Restricted Cash | Securitized Assets | Securitized Assets | Other Assets | Debt | Other Liabilities | |||||||||||||
Retail finance receivables | $ | 574 | $ | 9,757 | $ | 9,616 | $ | 3 | $ | 8,362 | $ | 2 | |||||||
Investments in operating leases | 47 | 1,708 | 1,329 | 9 | 973 | - | |||||||||||||
Total | $ | 621 | $ | 11,465 | $ | 10,945 | $ | 12 | $ | 9,335 | $ | 2 | |||||||
31-Mar-14 | |||||||||||||||||||
VIE Assets | VIE Liabilities | ||||||||||||||||||
Gross | Net | ||||||||||||||||||
(Dollars in millions) | Restricted Cash | Securitized Assets | Securitized Assets | Other Assets | Debt | Other Liabilities | |||||||||||||
Retail finance receivables | $ | 624 | $ | 9,633 | $ | 9,501 | $ | 3 | $ | 8,146 | $ | 2 | |||||||
Investment in operating leases | 20 | 248 | 156 | 4 | 12 | - | |||||||||||||
Total | $ | 644 | $ | 9,881 | $ | 9,657 | $ | 7 | $ | 8,158 | $ | 2 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Commitments and Contingencies [Abstract] | ||||||||
Commitments and Guarantees | (Dollars in millions) | 31-Dec-14 | 31-Mar-14 | |||||
Commitments: | ||||||||
Credit facilities commitments with | ||||||||
vehicle and industrial equipment dealers | $ | 1,185 | $ | 1,295 | ||||
Minimum lease commitments | 53 | 62 | ||||||
Total commitments | 1,238 | 1,357 | ||||||
Guarantees and other contingencies: | ||||||||
Guarantees of affiliate pollution control and solid waste | ||||||||
disposal bonds | 100 | 100 | ||||||
Total commitments and guarantees | $ | 1,338 | $ | 1,457 | ||||
Future Minimum Lease Payments under Non-cancelable Operating Leases | Future minimum | |||||||
Years ending March 31, | lease payments | |||||||
2015 | $ | 5 | ||||||
2016 | 19 | |||||||
2017 | 15 | |||||||
2018 | 9 | |||||||
2019 | 4 | |||||||
Thereafter | 1 | |||||||
Total | $ | 53 |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 3 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||
Related Party Transactions Included in Consolidated Statement of Income | Three Months Ended | Nine Months Ended | ||||||||||||
December 31, | December 31, | |||||||||||||
(Dollars in millions) | 2014 | 2013 | 2014 | 2013 | ||||||||||
Net financing revenues: | ||||||||||||||
Manufacturers’ subvention support and other revenues | $ | 315 | $ | 251 | $ | 884 | $ | 733 | ||||||
Credit support fees incurred | $ | -23 | $ | -21 | $ | -66 | $ | -61 | ||||||
Interest expense on loans payable to affiliates | $ | -1 | $ | -1 | $ | -2 | $ | -2 | ||||||
Insurance earned premiums and contract revenues: | ||||||||||||||
Affiliate insurance premiums and contract revenues | $ | 32 | $ | 33 | $ | 97 | $ | 99 | ||||||
Investments and other income, net: | ||||||||||||||
Interest earned on notes receivable from affiliates | $ | 1 | $ | 1 | $ | 3 | $ | 4 | ||||||
Expenses: | ||||||||||||||
Shared services charges and other expenses | $ | 16 | $ | 15 | $ | 48 | $ | 45 | ||||||
Employee benefits expense | $ | 5 | $ | 9 | $ | 18 | $ | 27 | ||||||
Related Party Transactions Included in Consolidated Balance Sheet | (Dollars in millions) | 31-Dec-14 | 31-Mar-14 | |||||||||||
Assets: | ||||||||||||||
Finance receivables, net | ||||||||||||||
Accounts receivable from affiliates | $ | 85 | $ | 74 | ||||||||||
Direct finance receivables from affiliates | $ | 6 | $ | 6 | ||||||||||
Notes receivable under home loan programs | $ | 12 | $ | 15 | ||||||||||
Deferred retail origination costs paid to affiliates | $ | 1 | $ | 1 | ||||||||||
Deferred retail subvention income from affiliates | $ | -819 | $ | -768 | ||||||||||
Investments in operating leases, net | ||||||||||||||
Leases to affiliates | $ | 7 | $ | 7 | ||||||||||
Deferred lease subvention income from affiliates | $ | -954 | $ | -806 | ||||||||||
Other assets | ||||||||||||||
Notes receivable from affiliates | $ | 821 | $ | 1,172 | ||||||||||
Other receivables from affiliates | $ | 5 | $ | 2 | ||||||||||
Subvention support receivable from affiliates | $ | 119 | $ | 159 | ||||||||||
Liabilities: | ||||||||||||||
Other liabilities | ||||||||||||||
Unearned affiliate insurance premiums and contract revenues | $ | 252 | $ | 244 | ||||||||||
Accounts payable to affiliates | $ | 116 | $ | 216 | ||||||||||
Notes payable to affiliates | $ | 28 | $ | 22 | ||||||||||
Shareholder’s Equity: | ||||||||||||||
Dividends paid | $ | 435 | $ | 665 | ||||||||||
Stock-based compensation | $ | 2 | $ | 2 |
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Information [Abstract] | |||||||||||||
Schedule of Segment Reporting Information, by Segment | Finance | Insurance | Intercompany | ||||||||||
Fiscal 2015: | operations | operations | eliminations | Total | |||||||||
Three Months Ended December 31, 2014 | |||||||||||||
Total financing revenues | $ | 2,112 | $ | - | $ | - | $ | 2,112 | |||||
Insurance earned premiums and contract revenues | - | 159 | - | 159 | |||||||||
Investment and other income, net | 20 | 42 | - | 62 | |||||||||
Total gross revenues | 2,132 | 201 | - | 2,333 | |||||||||
Less: | |||||||||||||
Depreciation on operating leases | 1,248 | - | - | 1,248 | |||||||||
Interest expense | 161 | - | - | 161 | |||||||||
Provision for credit losses | 103 | - | - | 103 | |||||||||
Operating and administrative expenses | 209 | 57 | - | 266 | |||||||||
Insurance losses and loss adjustment expenses | - | 63 | - | 63 | |||||||||
Provision for income taxes | 155 | 30 | - | 185 | |||||||||
Net income | $ | 256 | $ | 51 | $ | - | $ | 307 | |||||
Nine Months Ended December 31, 2014 | |||||||||||||
Total financing revenues | $ | 6,129 | $ | - | $ | - | $ | 6,129 | |||||
Insurance earned premiums and contract revenues | - | 472 | - | 472 | |||||||||
Investment and other income, net | 67 | 90 | - | 157 | |||||||||
Total gross revenues | 6,196 | 562 | - | 6,758 | |||||||||
Less: | |||||||||||||
Depreciation on operating leases | 3,544 | - | - | 3,544 | |||||||||
Interest expense | 506 | - | - | 506 | |||||||||
Provision for credit losses | 220 | - | - | 220 | |||||||||
Operating and administrative expenses | 589 | 163 | - | 752 | |||||||||
Insurance losses and loss adjustment expenses | - | 200 | - | 200 | |||||||||
Provision for income taxes | 500 | 74 | - | 574 | |||||||||
Net income | $ | 837 | $ | 125 | $ | - | $ | 962 | |||||
Total assets at December 31, 2014 | $ | 104,068 | $ | 3,683 | $ | -903 | $ | 106,848 | |||||
Finance | Insurance | Intercompany | |||||||||||
Fiscal 2014: | operations | operations | eliminations | Total | |||||||||
Three Months Ended December 31, 2013 | |||||||||||||
Total financing revenues | $ | 1,869 | $ | - | $ | 7 | $ | 1,876 | |||||
Insurance earned premiums and contract revenues | - | 148 | -7 | 141 | |||||||||
Investment and other income, net | 22 | 46 | - | 68 | |||||||||
Total gross revenues | 1,891 | 194 | - | 2,085 | |||||||||
Less: | |||||||||||||
Depreciation on operating leases | 1,033 | - | - | 1,033 | |||||||||
Interest expense | 386 | - | - | 386 | |||||||||
Provision for credit losses | 63 | - | - | 63 | |||||||||
Operating and administrative expenses | 190 | 50 | - | 240 | |||||||||
Insurance losses and loss adjustment expenses | - | 57 | - | 57 | |||||||||
Provision for income taxes | 82 | 31 | - | 113 | |||||||||
Net income | $ | 137 | $ | 56 | $ | - | $ | 193 | |||||
Nine Months Ended December 31, 2013 | |||||||||||||
Total financing revenues | $ | 5,495 | $ | - | $ | 21 | $ | 5,516 | |||||
Insurance earned premiums and contract revenues | - | 444 | -21 | 423 | |||||||||
Investment and other income, net | 56 | 32 | - | 88 | |||||||||
Total gross revenues | 5,551 | 476 | - | 6,027 | |||||||||
Less: | |||||||||||||
Depreciation on operating leases | 2,950 | - | - | 2,950 | |||||||||
Interest expense | 1,236 | - | - | 1,236 | |||||||||
Provision for credit losses | 102 | - | - | 102 | |||||||||
Operating and administrative expenses | 553 | 147 | - | 700 | |||||||||
Insurance losses and loss adjustment expenses | - | 196 | - | 196 | |||||||||
Provision for income taxes | 267 | 48 | - | 315 | |||||||||
Net income | $ | 443 | $ | 85 | $ | - | $ | 528 | |||||
Total assets at December 31, 2013 | $ | 96,665 | $ | 3,651 | $ | -665 | $ | 99,651 | |||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Summary of Significant Accounting Policies [Abstract] | ||
Capital Stock Par Value |
Fair_Value_Measurements_Financ
Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value On a Recurring Basis) (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | $4,571 | $5,389 | |
Debt instruments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 2,335 | ||
Debt instruments [Member] | U.S. government and agency obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 2,010 | 652 | |
Debt instruments [Member] | Municipal debt securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 12 | 11 | |
Debt instruments [Member] | Certificates Of Deposit [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 1,599 | ||
Debt instruments [Member] | Commercial paper [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 507 | ||
Debt instruments [Member] | Corporate debt securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 184 | 169 | |
Debt instruments [Member] | U.S. government agency mortgage-backed securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 55 | 60 | |
Debt instruments [Member] | Non-agency residential mortgage-backed securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 4 | 5 | |
Debt instruments [Member] | Non-agency commercial mortgage-backed securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 45 | 43 | |
Debt instruments [Member] | Asset-backed securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 25 | 27 | |
Equity instruments [Member] | Fixed income short-term floating NAV fund II [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 190 | ||
Equity instruments [Member] | Fixed income short-term sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 37 | 44 | |
Equity instruments [Member] | Fixed income U.S. government sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 289 | 327 | |
Equity instruments [Member] | Fixed income municipal sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 19 | 22 | |
Equity instruments [Member] | Investment Grade Corporate Sector Fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 265 | 316 | |
Equity instruments [Member] | Fixed income high-yield sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 36 | 45 | |
Equity instruments [Member] | Fixed income real return sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 227 | 274 | |
Equity instruments [Member] | Fixed income mortgage sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 448 | 520 | |
Equity instruments [Member] | Fixed income asset-backed securities sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 43 | 50 | |
Equity instruments [Member] | Fixed income emerging market sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 55 | 66 | |
Equity instruments [Member] | Fixed income international sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 151 | 171 | |
Equity instruments [Member] | Equity mutual fund - S&P 500 index [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 476 | 481 | |
Level 3 [Member] | U.S. government and agency obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Reclassification from One Level 3 category to another | 2 | ||
Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 3,015 | 3,569 | |
Investments in marketable securities | 4,571 | 5,389 | |
Derivative assets | 53 | 49 | |
Total assets | 7,639 | 10,084 | |
Total liabilities | -26 | -6 | |
Total net assets | 7,613 | 10,078 | |
Recurring [Member] | Foreign currency swaps [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 242 | 874 | |
Derivative liabilities | -802 | -252 | |
Recurring [Member] | Interest rate swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 402 | 361 | |
Derivative liabilities | -324 | -553 | |
Recurring [Member] | Debt instruments [Member] | U.S. government and agency obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 2,010 | 652 | |
Recurring [Member] | Debt instruments [Member] | Municipal debt securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 12 | 11 | |
Recurring [Member] | Debt instruments [Member] | Certificates Of Deposit [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 1,599 | ||
Recurring [Member] | Debt instruments [Member] | Commercial paper [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 507 | ||
Recurring [Member] | Debt instruments [Member] | Corporate debt securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 184 | 169 | |
Recurring [Member] | Debt instruments [Member] | U.S. government agency mortgage-backed securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 55 | 60 | |
Recurring [Member] | Debt instruments [Member] | Non-agency residential mortgage-backed securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 4 | 5 | |
Recurring [Member] | Debt instruments [Member] | Non-agency commercial mortgage-backed securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 45 | 43 | |
Recurring [Member] | Debt instruments [Member] | Asset-backed securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 25 | 27 | |
Recurring [Member] | Equity instruments [Member] | Fixed income short-term floating NAV fund II [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 190 | ||
Recurring [Member] | Equity instruments [Member] | Fixed income short-term sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 37 | 44 | |
Recurring [Member] | Equity instruments [Member] | Fixed income U.S. government sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 289 | 327 | |
Recurring [Member] | Equity instruments [Member] | Fixed income municipal sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 19 | 22 | |
Recurring [Member] | Equity instruments [Member] | Investment Grade Corporate Sector Fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 265 | 316 | |
Recurring [Member] | Equity instruments [Member] | Fixed income high-yield sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 36 | 45 | |
Recurring [Member] | Equity instruments [Member] | Fixed income real return sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 227 | 274 | |
Recurring [Member] | Equity instruments [Member] | Fixed income mortgage sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 448 | 520 | |
Recurring [Member] | Equity instruments [Member] | Fixed income asset-backed securities sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 43 | 50 | |
Recurring [Member] | Equity instruments [Member] | Fixed income emerging market sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 55 | 66 | |
Recurring [Member] | Equity instruments [Member] | Fixed income international sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 151 | 171 | |
Recurring [Member] | Equity instruments [Member] | Equity mutual fund - S&P 500 index [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 476 | 481 | |
Recurring [Member] | Money market instruments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 1,605 | 1,424 | |
Restricted Cash Equivalents - money market instruments | 1,077 | ||
Recurring [Member] | Certificates of deposit [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 1,310 | 1,437 | |
Recurring [Member] | Commercial paper [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 708 | ||
Recurring [Member] | U.S. government and agency obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 100 | ||
Recurring [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 686 | 730 | |
Investments in marketable securities | 2,402 | 879 | |
Derivative assets | 0 | 0 | |
Total assets | 3,088 | 2,686 | |
Total liabilities | 0 | 0 | |
Total net assets | 3,088 | 2,686 | |
Recurring [Member] | Level 1 [Member] | Foreign currency swaps [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Interest rate swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Debt instruments [Member] | U.S. government and agency obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 1,926 | 398 | |
Recurring [Member] | Level 1 [Member] | Debt instruments [Member] | Municipal debt securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Debt instruments [Member] | Certificates Of Deposit [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | ||
Recurring [Member] | Level 1 [Member] | Debt instruments [Member] | Commercial paper [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | ||
Recurring [Member] | Level 1 [Member] | Debt instruments [Member] | Corporate debt securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Debt instruments [Member] | U.S. government agency mortgage-backed securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Debt instruments [Member] | Non-agency residential mortgage-backed securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Debt instruments [Member] | Non-agency commercial mortgage-backed securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Debt instruments [Member] | Asset-backed securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Equity instruments [Member] | Fixed income short-term floating NAV fund II [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | ||
Recurring [Member] | Level 1 [Member] | Equity instruments [Member] | Fixed income short-term sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Equity instruments [Member] | Fixed income U.S. government sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Equity instruments [Member] | Fixed income municipal sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Equity instruments [Member] | Investment Grade Corporate Sector Fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Equity instruments [Member] | Fixed income high-yield sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Equity instruments [Member] | Fixed income real return sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Equity instruments [Member] | Fixed income mortgage sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Equity instruments [Member] | Fixed income asset-backed securities sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Equity instruments [Member] | Fixed income emerging market sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Equity instruments [Member] | Fixed income international sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Equity instruments [Member] | Equity mutual fund - S&P 500 index [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 476 | 481 | |
Recurring [Member] | Level 1 [Member] | Money market instruments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 586 | 730 | |
Restricted Cash Equivalents - money market instruments | 1,077 | ||
Recurring [Member] | Level 1 [Member] | Certificates of deposit [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 0 | 0 | |
Recurring [Member] | Level 1 [Member] | Commercial paper [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 0 | ||
Recurring [Member] | Level 1 [Member] | U.S. government and agency obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 100 | ||
Recurring [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 2,329 | 2,839 | |
Investments in marketable securities | 2,079 | 4,421 | |
Derivative assets | 610 | 1,162 | |
Total assets | 5,018 | 8,422 | |
Total liabilities | -1,126 | -805 | |
Total net assets | 3,892 | 7,617 | |
Recurring [Member] | Level 2 [Member] | Foreign currency swaps [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 209 | 804 | |
Derivative liabilities | -802 | -252 | |
Recurring [Member] | Level 2 [Member] | Interest rate swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 401 | 358 | |
Derivative liabilities | -324 | -553 | |
Recurring [Member] | Level 2 [Member] | Debt instruments [Member] | U.S. government and agency obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 82 | 252 | |
Recurring [Member] | Level 2 [Member] | Debt instruments [Member] | Municipal debt securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 12 | 11 | |
Recurring [Member] | Level 2 [Member] | Debt instruments [Member] | Certificates Of Deposit [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 1,599 | ||
Recurring [Member] | Level 2 [Member] | Debt instruments [Member] | Commercial paper [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 507 | ||
Recurring [Member] | Level 2 [Member] | Debt instruments [Member] | Corporate debt securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 170 | 157 | |
Recurring [Member] | Level 2 [Member] | Debt instruments [Member] | U.S. government agency mortgage-backed securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 55 | 60 | |
Recurring [Member] | Level 2 [Member] | Debt instruments [Member] | Non-agency residential mortgage-backed securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 2 [Member] | Debt instruments [Member] | Non-agency commercial mortgage-backed securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 2 [Member] | Debt instruments [Member] | Asset-backed securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 2 [Member] | Equity instruments [Member] | Fixed income short-term floating NAV fund II [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 190 | ||
Recurring [Member] | Level 2 [Member] | Equity instruments [Member] | Fixed income short-term sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 37 | 44 | |
Recurring [Member] | Level 2 [Member] | Equity instruments [Member] | Fixed income U.S. government sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 289 | 327 | |
Recurring [Member] | Level 2 [Member] | Equity instruments [Member] | Fixed income municipal sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 19 | 22 | |
Recurring [Member] | Level 2 [Member] | Equity instruments [Member] | Investment Grade Corporate Sector Fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 265 | 316 | |
Recurring [Member] | Level 2 [Member] | Equity instruments [Member] | Fixed income high-yield sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 36 | 45 | |
Recurring [Member] | Level 2 [Member] | Equity instruments [Member] | Fixed income real return sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 227 | 274 | |
Recurring [Member] | Level 2 [Member] | Equity instruments [Member] | Fixed income mortgage sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 448 | 520 | |
Recurring [Member] | Level 2 [Member] | Equity instruments [Member] | Fixed income asset-backed securities sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 43 | 50 | |
Recurring [Member] | Level 2 [Member] | Equity instruments [Member] | Fixed income emerging market sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 55 | 66 | |
Recurring [Member] | Level 2 [Member] | Equity instruments [Member] | Fixed income international sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 151 | 171 | |
Recurring [Member] | Level 2 [Member] | Equity instruments [Member] | Equity mutual fund - S&P 500 index [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 2 [Member] | Money market instruments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 1,019 | 694 | |
Restricted Cash Equivalents - money market instruments | 0 | ||
Recurring [Member] | Level 2 [Member] | Certificates of deposit [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 1,310 | 1,437 | |
Recurring [Member] | Level 2 [Member] | Commercial paper [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 708 | ||
Recurring [Member] | Level 2 [Member] | U.S. government and agency obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 0 | ||
Recurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 0 | 0 | |
Investments in marketable securities | 90 | 89 | |
Derivative assets | 34 | 73 | |
Total assets | 124 | 162 | |
Total liabilities | 0 | 0 | |
Total net assets | 124 | 162 | |
Recurring [Member] | Level 3 [Member] | Foreign currency swaps [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 33 | 70 | |
Derivative liabilities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Interest rate swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 1 | 3 | |
Derivative liabilities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Debt instruments [Member] | U.S. government and agency obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 2 | 2 | |
Recurring [Member] | Level 3 [Member] | Debt instruments [Member] | Municipal debt securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Debt instruments [Member] | Certificates Of Deposit [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | ||
Recurring [Member] | Level 3 [Member] | Debt instruments [Member] | Commercial paper [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | ||
Recurring [Member] | Level 3 [Member] | Debt instruments [Member] | Corporate debt securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 14 | 12 | |
Recurring [Member] | Level 3 [Member] | Debt instruments [Member] | U.S. government agency mortgage-backed securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Debt instruments [Member] | Non-agency residential mortgage-backed securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 4 | 5 | |
Recurring [Member] | Level 3 [Member] | Debt instruments [Member] | Non-agency commercial mortgage-backed securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 45 | 43 | |
Recurring [Member] | Level 3 [Member] | Debt instruments [Member] | Asset-backed securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 25 | 27 | |
Recurring [Member] | Level 3 [Member] | Equity instruments [Member] | Fixed income short-term floating NAV fund II [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | ||
Recurring [Member] | Level 3 [Member] | Equity instruments [Member] | Fixed income short-term sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Equity instruments [Member] | Fixed income U.S. government sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Equity instruments [Member] | Fixed income municipal sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Equity instruments [Member] | Investment Grade Corporate Sector Fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Equity instruments [Member] | Fixed income high-yield sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Equity instruments [Member] | Fixed income real return sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Equity instruments [Member] | Fixed income mortgage sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Equity instruments [Member] | Fixed income asset-backed securities sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Equity instruments [Member] | Fixed income emerging market sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Equity instruments [Member] | Fixed income international sector fund [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Equity instruments [Member] | Equity mutual fund - S&P 500 index [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investments in marketable securities | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Money market instruments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 0 | 0 | |
Restricted Cash Equivalents - money market instruments | 0 | ||
Recurring [Member] | Level 3 [Member] | Certificates of deposit [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 0 | 0 | |
Recurring [Member] | Level 3 [Member] | Commercial paper [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 0 | ||
Recurring [Member] | Level 3 [Member] | U.S. government and agency obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash equivalents | 0 | ||
Recurring [Member] | Counterparty Netting & Collateral [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | -591 | -1,186 | |
Total assets | -591 | -1,186 | |
Derivative liabilities | 1,100 | 799 | |
Total liabilities | 1,100 | 799 | |
Total net assets | $509 | ($387) |
Fair_Value_Measurements_Using_
Fair Value Measurements (Using Significant Unobservable Inputs) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Fair value, | $149 | $131 | $162 | $128 |
Gains/(losses) included in earnings | -17 | 20 | -29 | 32 |
Gains/(losses) included in other comprehensive income | 0 | 0 | 1 | -3 |
Purchases | 1 | 8 | 22 | 17 |
Issuances | 0 | 0 | 0 | 0 |
Sales | -5 | 0 | -15 | 0 |
Settlements | -6 | -21 | -19 | -36 |
Transfers in to Level 3 | 2 | 7 | 2 | 9 |
Transfers out of Level 3 | 0 | 0 | 0 | -2 |
Fair value, | 124 | 145 | 124 | 145 |
The amount of total (losses)/gains included in earnings attributable to assets held at the reporting date | -17 | 8 | -29 | 15 |
Available-for-sale securities [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Fair value, | 94 | 77 | 89 | 73 |
Gains/(losses) included in earnings | 0 | 0 | 0 | 0 |
Gains/(losses) included in other comprehensive income | 0 | 0 | 1 | -3 |
Purchases | 1 | 8 | 22 | 17 |
Issuances | 0 | 0 | 0 | 0 |
Sales | -5 | 0 | -15 | 0 |
Settlements | -2 | -3 | -9 | -5 |
Transfers in to Level 3 | 2 | 7 | 2 | 9 |
Transfers out of Level 3 | 0 | 0 | 0 | -2 |
Fair value, | 90 | 89 | 90 | 89 |
U.S. government and agency obligations [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Fair value, | 2 | 2 | 2 | 0 |
Gains/(losses) included in earnings | 0 | 0 | 0 | |
Gains/(losses) included in other comprehensive income | 0 | 0 | 0 | |
Purchases | 0 | 0 | 0 | |
Issuances | 0 | 0 | 0 | |
Sales | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | |
Transfers in to Level 3 | 0 | 0 | 2 | |
Transfers out of Level 3 | 0 | 0 | 0 | |
Fair value, | 2 | 2 | 2 | 2 |
Corporate debt securities [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Fair value, | 12 | 2 | 12 | 4 |
Gains/(losses) included in earnings | 0 | 0 | 0 | |
Gains/(losses) included in other comprehensive income | 0 | 0 | 0 | |
Purchases | 0 | 3 | 0 | |
Issuances | 0 | 0 | 0 | |
Sales | 0 | -3 | 0 | |
Settlements | 0 | 0 | 0 | |
Transfers in to Level 3 | 2 | 7 | 2 | 7 |
Transfers out of Level 3 | 0 | 0 | -2 | |
Fair value, | 14 | 9 | 14 | 9 |
Mortgage-backed securities [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Fair value, | 50 | 54 | 48 | 56 |
Gains/(losses) included in earnings | 0 | 0 | 0 | |
Gains/(losses) included in other comprehensive income | 0 | 1 | -3 | |
Purchases | 3 | 12 | 5 | |
Issuances | 0 | 0 | 0 | |
Sales | 0 | -7 | 0 | |
Settlements | -1 | -2 | -5 | -3 |
Transfers in to Level 3 | 0 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | 0 | |
Fair value, | 49 | 55 | 49 | 55 |
Asset-backed securities [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Fair value, | 30 | 19 | 27 | 13 |
Gains/(losses) included in earnings | 0 | 0 | 0 | |
Gains/(losses) included in other comprehensive income | 0 | 0 | 0 | |
Purchases | 1 | 5 | 7 | 12 |
Issuances | 0 | 0 | 0 | |
Sales | -5 | 0 | -5 | 0 |
Settlements | -1 | -1 | -4 | -2 |
Transfers in to Level 3 | 0 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | 0 | |
Fair value, | 25 | 23 | 25 | 23 |
Derivative [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Fair value, | 55 | 54 | 73 | 55 |
Gains/(losses) included in earnings | -17 | 20 | -29 | 32 |
Gains/(losses) included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | -4 | -18 | -10 | -31 |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair value, | 34 | 56 | 34 | 56 |
The amount of total (losses)/gains included in earnings attributable to assets held at the reporting date | -17 | 8 | -29 | 15 |
Interest rate swap [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Fair value, | 2 | 13 | 3 | 12 |
Gains/(losses) included in earnings | -1 | 3 | -1 | 5 |
Gains/(losses) included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | -13 | -1 | -14 |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair value, | 1 | 3 | 1 | 3 |
The amount of total (losses)/gains included in earnings attributable to assets held at the reporting date | -1 | 0 | -1 | -2 |
Foreign currency swaps [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Fair value, | 53 | 50 | 70 | 55 |
Gains/(losses) included in earnings | -16 | 8 | -28 | 15 |
Gains/(losses) included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | -4 | -5 | -9 | -17 |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair value, | 33 | 53 | 33 | 53 |
The amount of total (losses)/gains included in earnings attributable to assets held at the reporting date | -16 | 8 | -28 | 17 |
Embedded derivative liabilities, net | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Fair value, | -9 | -12 | ||
Gains/(losses) included in earnings | 9 | 12 | ||
Gains/(losses) included in other comprehensive income | 0 | 0 | ||
Purchases | 0 | 0 | ||
Issuances | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfers in to Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Fair value, | 0 | 0 | ||
The amount of total (losses)/gains included in earnings attributable to assets held at the reporting date | $0 | $0 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narratives) (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
Fair Value Measurements [Abstract] | ||
Derivative asset counterparty credit valuation adjustment | $1 | |
Derivative liability non-performance credit valuation adjustment | $1 | $1 |
Financial_Instruments
Financial Instruments (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
Other Quantitative Information | ||
Finance receivables from related party | $97 | $89 |
Receivables from direct finance leases | 299 | 274 |
Carrying value [Member] | ||
Financial liabilities | ||
Commercial paper | 27,485 | 27,709 |
Unsecured notes and loans payable | 51,134 | 49,500 |
Secured notes and loans payable | 9,335 | 8,158 |
Carrying value [Member] | Retail Loan [Member] | ||
Financial assets | ||
Finance receivables, net | 50,064 | 48,892 |
Carrying value [Member] | Commercial Finance [Member] | ||
Financial assets | ||
Finance receivables, net | 207 | 174 |
Carrying value [Member] | Wholesale [Member] | ||
Financial assets | ||
Finance receivables, net | 9,388 | 9,344 |
Carrying value [Member] | Real estate [Member] | ||
Financial assets | ||
Finance receivables, net | 4,638 | 4,601 |
Carrying value [Member] | Working capital [Member] | ||
Financial assets | ||
Finance receivables, net | 1,855 | 1,802 |
Fair value [Member] | ||
Financial liabilities | ||
Commercial paper | 27,485 | 27,709 |
Unsecured notes and loans payable | 52,247 | 50,433 |
Secured notes and loans payable | 9,322 | 8,165 |
Fair value [Member] | Retail Loan [Member] | ||
Financial assets | ||
Finance receivables, net | 50,195 | 49,392 |
Fair value [Member] | Commercial Finance [Member] | ||
Financial assets | ||
Finance receivables, net | 198 | 160 |
Fair value [Member] | Wholesale [Member] | ||
Financial assets | ||
Finance receivables, net | 9,420 | 9,391 |
Fair value [Member] | Real estate [Member] | ||
Financial assets | ||
Finance receivables, net | 4,553 | 4,552 |
Fair value [Member] | Working capital [Member] | ||
Financial assets | ||
Finance receivables, net | 1,817 | 1,807 |
Fair value [Member] | Level 1 [Member] | ||
Financial liabilities | ||
Commercial paper | 0 | 0 |
Unsecured notes and loans payable | 0 | 0 |
Secured notes and loans payable | 0 | 0 |
Fair value [Member] | Level 1 [Member] | Retail Loan [Member] | ||
Financial assets | ||
Finance receivables, net | 0 | 0 |
Fair value [Member] | Level 1 [Member] | Commercial Finance [Member] | ||
Financial assets | ||
Finance receivables, net | 0 | 0 |
Fair value [Member] | Level 1 [Member] | Wholesale [Member] | ||
Financial assets | ||
Finance receivables, net | 0 | 0 |
Fair value [Member] | Level 1 [Member] | Real estate [Member] | ||
Financial assets | ||
Finance receivables, net | 0 | 0 |
Fair value [Member] | Level 1 [Member] | Working capital [Member] | ||
Financial assets | ||
Finance receivables, net | 0 | 0 |
Fair value [Member] | Level 2 [Member] | ||
Financial liabilities | ||
Commercial paper | 27,485 | 27,709 |
Unsecured notes and loans payable | 51,550 | 49,697 |
Secured notes and loans payable | 0 | 0 |
Fair value [Member] | Level 2 [Member] | Retail Loan [Member] | ||
Financial assets | ||
Finance receivables, net | 0 | 0 |
Fair value [Member] | Level 2 [Member] | Commercial Finance [Member] | ||
Financial assets | ||
Finance receivables, net | 0 | 0 |
Fair value [Member] | Level 2 [Member] | Wholesale [Member] | ||
Financial assets | ||
Finance receivables, net | 0 | 0 |
Fair value [Member] | Level 2 [Member] | Real estate [Member] | ||
Financial assets | ||
Finance receivables, net | 0 | 0 |
Fair value [Member] | Level 2 [Member] | Working capital [Member] | ||
Financial assets | ||
Finance receivables, net | 0 | 0 |
Fair value [Member] | Level 3 [Member] | ||
Financial liabilities | ||
Commercial paper | 0 | 0 |
Unsecured notes and loans payable | 697 | 736 |
Secured notes and loans payable | 9,322 | 8,165 |
Fair value [Member] | Level 3 [Member] | Retail Loan [Member] | ||
Financial assets | ||
Finance receivables, net | 50,195 | 49,392 |
Fair value [Member] | Level 3 [Member] | Commercial Finance [Member] | ||
Financial assets | ||
Finance receivables, net | 198 | 160 |
Fair value [Member] | Level 3 [Member] | Wholesale [Member] | ||
Financial assets | ||
Finance receivables, net | 9,420 | 9,391 |
Fair value [Member] | Level 3 [Member] | Real estate [Member] | ||
Financial assets | ||
Finance receivables, net | 4,553 | 4,552 |
Fair value [Member] | Level 3 [Member] | Working capital [Member] | ||
Financial assets | ||
Finance receivables, net | $1,817 | $1,807 |
Investments_in_Marketable_Secu2
Investments in Marketable Securities (AFS Securities) (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $4,236,000,000 | $5,065,000,000 |
Unrealized gains | 353,000,000 | 333,000,000 |
Unrealized losses | -18,000,000 | -9,000,000 |
Total, fair value | 4,571,000,000 | 5,389,000,000 |
Private placement share redemption percentage | 1.00% | |
Private placement share redemption amount | 250,000 | |
Debt instruments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 2,325,000,000 | |
Total, fair value | 2,335,000,000 | |
Debt instruments [Member] | U.S. government and agency obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 2,010,000,000 | 652,000,000 |
Unrealized gains | 1,000,000 | 1,000,000 |
Unrealized losses | -1,000,000 | -1,000,000 |
Total, fair value | 2,010,000,000 | 652,000,000 |
Debt instruments [Member] | Municipal debt securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 10,000,000 | 10,000,000 |
Unrealized gains | 2,000,000 | 1,000,000 |
Unrealized losses | 0 | 0 |
Total, fair value | 12,000,000 | 11,000,000 |
Debt instruments [Member] | Certificates Of Deposit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 1,599,000,000 | |
Unrealized gains | 0 | |
Unrealized losses | 0 | |
Total, fair value | 1,599,000,000 | |
Debt instruments [Member] | Commercial paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 507,000,000 | |
Unrealized gains | 0 | |
Unrealized losses | 0 | |
Total, fair value | 507,000,000 | |
Debt instruments [Member] | Corporate debt securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 179,000,000 | 164,000,000 |
Unrealized gains | 6,000,000 | 6,000,000 |
Unrealized losses | -1,000,000 | -1,000,000 |
Total, fair value | 184,000,000 | 169,000,000 |
Debt instruments [Member] | U.S. government agency mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 53,000,000 | 60,000,000 |
Unrealized gains | 2,000,000 | 1,000,000 |
Unrealized losses | 0 | -1,000,000 |
Total, fair value | 55,000,000 | 60,000,000 |
Debt instruments [Member] | Non-agency residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 3,000,000 | 4,000,000 |
Unrealized gains | 1,000,000 | 1,000,000 |
Unrealized losses | 0 | 0 |
Total, fair value | 4,000,000 | 5,000,000 |
Debt instruments [Member] | Non-agency commercial mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 45,000,000 | 44,000,000 |
Unrealized gains | 1,000,000 | 1,000,000 |
Unrealized losses | -1,000,000 | -2,000,000 |
Total, fair value | 45,000,000 | 43,000,000 |
Debt instruments [Member] | Asset-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 25,000,000 | 27,000,000 |
Unrealized gains | 0 | |
Unrealized losses | 0 | 0 |
Total, fair value | 25,000,000 | 27,000,000 |
Equity instruments [Member] | Fixed income short-term floating NAV fund II [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 190,000,000 | |
Unrealized gains | ||
Unrealized losses | 0 | |
Total, fair value | 190,000,000 | |
Equity instruments [Member] | Fixed income short-term sector fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 35,000,000 | 41,000,000 |
Unrealized gains | 2,000,000 | 3,000,000 |
Unrealized losses | 0 | 0 |
Total, fair value | 37,000,000 | 44,000,000 |
Equity instruments [Member] | Fixed income U.S. government sector fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 275,000,000 | 329,000,000 |
Unrealized gains | 14,000,000 | 0 |
Unrealized losses | 0 | -2,000,000 |
Total, fair value | 289,000,000 | 327,000,000 |
Equity instruments [Member] | Fixed income municipal sector fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 18,000,000 | 21,000,000 |
Unrealized gains | 1,000,000 | 1,000,000 |
Unrealized losses | 0 | 0 |
Total, fair value | 19,000,000 | 22,000,000 |
Equity instruments [Member] | Investment Grade Corporate Sector Fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 255,000,000 | 283,000,000 |
Unrealized gains | 14,000,000 | 33,000,000 |
Unrealized losses | -4,000,000 | 0 |
Total, fair value | 265,000,000 | 316,000,000 |
Equity instruments [Member] | Fixed income high-yield sector fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 32,000,000 | 38,000,000 |
Unrealized gains | 5,000,000 | 7,000,000 |
Unrealized losses | -1,000,000 | 0 |
Total, fair value | 36,000,000 | 45,000,000 |
Equity instruments [Member] | Fixed income real return sector fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 235,000,000 | 275,000,000 |
Unrealized gains | 0 | |
Unrealized losses | -8,000,000 | -1,000,000 |
Total, fair value | 227,000,000 | 274,000,000 |
Equity instruments [Member] | Fixed income mortgage sector fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 441,000,000 | 519,000,000 |
Unrealized gains | 7,000,000 | 1,000,000 |
Unrealized losses | 0 | 0 |
Total, fair value | 448,000,000 | 520,000,000 |
Equity instruments [Member] | Fixed income asset-backed securities sector fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 35,000,000 | 40,000,000 |
Unrealized gains | 8,000,000 | 10,000,000 |
Unrealized losses | 0 | 0 |
Total, fair value | 43,000,000 | 50,000,000 |
Equity instruments [Member] | Fixed income emerging market sector fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 57,000,000 | 65,000,000 |
Unrealized gains | 1,000,000 | |
Unrealized losses | -2,000,000 | 0 |
Total, fair value | 55,000,000 | 66,000,000 |
Equity instruments [Member] | Fixed income international sector fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 142,000,000 | 170,000,000 |
Unrealized gains | 9,000,000 | 2,000,000 |
Unrealized losses | 0 | -1,000,000 |
Total, fair value | 151,000,000 | 171,000,000 |
Equity instruments [Member] | Equity mutual fund - S&P 500 index [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 196,000,000 | 217,000,000 |
Unrealized gains | 280,000,000 | 264,000,000 |
Unrealized losses | 0 | 0 |
Total, fair value | $476,000,000 | $481,000,000 |
Investments_in_Marketable_Secu3
Investments in Marketable Securities (Realized and Unrealized Losses) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
OTTI losses recognized in income | ||||
Impairment write-downs | $0 | $1 | $0 | $54 |
Investments_in_Marketable_Secu4
Investments in Marketable Securities (Realized Gains and Losses On AFS) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Realized gains and losses on sales of available-for-sale securities | ||||
Realized gains on sales | $11 | $12 | $55 | $28 |
Realized losses on sales | 0 | 0 | 0 | -3 |
Other-than-temporary impairment | $0 | ($1) | $0 | ($54) |
Investments_in_Marketable_Secu5
Investments in Marketable Securities (Naratives) (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | |
In Millions, unless otherwise specified | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Due in 1 Year or Less, Amount | $1,927 | ||
Due after 1 Year through 5 Years, Amount | 136 | ||
Due after 5 Years through 10 Years, Amount | 83 | ||
Mortgage-backed and asset-backed securities, fair value | 129 | [1] | |
Due after 10 Years, Amount | 60 | ||
Total, fair value | 4,571 | 5,389 | |
Due in 1 Year or Less, Amortized Cost | 1,929 | ||
Due after 1 Year through 5 Years, Amortized Cost | 135 | ||
Due after 5 Years through 10 Years, Amortized Cost | 81 | ||
Due after 10 Years, Amortized Cost | 54 | ||
Mortgage-backed and asset-backed securities, amortized cost | 126 | [1] | |
Total, amortized cost | 4,236 | 5,065 | |
Debt securities on deposit with state insurance authorities | 6 | 6 | |
Debt securities with amortized cost on deposit with state insurance authorities | 6 | 6 | |
Debt instruments [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Total, fair value | 2,335 | ||
Total, amortized cost | 2,325 | ||
Debt instruments [Member] | U.S. government and agency obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Total, fair value | 2,010 | 652 | |
Total, amortized cost | 2,010 | 652 | |
Debt instruments [Member] | Municipal debt securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Total, fair value | 12 | 11 | |
Total, amortized cost | 10 | 10 | |
Debt instruments [Member] | Certificates of deposit [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Total, fair value | 1,599 | ||
Total, amortized cost | 1,599 | ||
Debt instruments [Member] | Commercial paper [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Total, fair value | 507 | ||
Total, amortized cost | 507 | ||
Debt instruments [Member] | Corporate debt securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Total, fair value | 184 | 169 | |
Total, amortized cost | 179 | 164 | |
Debt instruments [Member] | U.S. government agency mortgage-backed securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Total, fair value | 55 | 60 | |
Total, amortized cost | 53 | 60 | |
Debt instruments [Member] | Non-agency residential mortgage-backed securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Total, fair value | 4 | 5 | |
Total, amortized cost | 3 | 4 | |
Debt instruments [Member] | Non-agency commercial mortgage-backed securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Total, fair value | 45 | 43 | |
Total, amortized cost | 45 | 44 | |
Debt instruments [Member] | Asset-backed securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Total, fair value | 25 | 27 | |
Total, amortized cost | 25 | 27 | |
Equity instruments [Member] | Equity mutual funds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Total, fair value | 476 | 481 | |
Total, amortized cost | $196 | $217 | |
[1] | Mortgage-backed and asset-backed securities are shown separately because these securities do not have a single maturity date. |
Finance_Receivables_Net_Detail
Finance Receivables, Net (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross finance receivables | $67,200 | $65,774 | ||||
Allowance for credit losses | -450 | -445 | -454 | -456 | -467 | -527 |
Finance receivables, net | 66,548 | 65,176 | ||||
Finance Receivables, Net [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross finance receivables | 67,200 | 65,774 | 66,731 | |||
Deferred origination costs | 645 | 651 | ||||
Deferred income | -920 | -863 | ||||
Allowance for credit losses | -377 | -381 | -386 | -387 | -396 | -445 |
Finance receivables, net | 66,548 | 65,176 | ||||
Finance Receivables, Net [Member] | Retail receivables [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross finance receivables | 41,383 | 40,216 | ||||
Finance Receivables, Net [Member] | Securitized retail receivables [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross finance receivables | 9,757 | 9,633 | ||||
Finance Receivables, Net [Member] | Dealer financing [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross finance receivables | 16,060 | 15,925 | ||||
Allowance for credit losses | -79 | -88 | ||||
Finance Receivables, Net [Member] | Retail and securitized retail receivables [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | -298 | -298 | ||||
Investments In Operating Leases, Net [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | ($73) | ($68) |
Finance_Receivables_Net_Contra
Finance Receivables, Net (Contractrual Maturities) (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
Finance Receivables, Net [Abstract] | ||
Receivables from direct finance leases | $299 | $274 |
Dealer products portfolio segment accounts on nonaccrual status | $43 | $54 |
Finance_Receivables_Net_Credit
Finance Receivables, Net (Credit Quality Indicator) (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | $66,333 | $65,180 |
30-59 Days Past Due | 676 | 469 |
60-89 Days Past Due | 145 | 92 |
90 Days or Greater Past Due | 46 | 33 |
Total Finance Receivables | 67,200 | 65,774 |
Wholesale [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 9,481 | 9,436 |
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
90 Days or Greater Past Due | 0 | 0 |
Total Finance Receivables | 9,481 | 9,436 |
Wholesale [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 8,372 | 8,129 |
Wholesale [Member] | Credit Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 1,094 | 1,282 |
Wholesale [Member] | At Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 15 | 24 |
Wholesale [Member] | Default [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 0 | 1 |
Real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 4,696 | 4,653 |
30-59 Days Past Due | 0 | 4 |
60-89 Days Past Due | 0 | 1 |
90 Days or Greater Past Due | 0 | 0 |
Total Finance Receivables | 4,696 | 4,658 |
Real estate [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 3,970 | 3,791 |
Real estate [Member] | Credit Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 722 | 855 |
Real estate [Member] | At Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 0 | 12 |
Real estate [Member] | Default [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 4 | 0 |
Working capital [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 1,883 | 1,831 |
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
90 Days or Greater Past Due | 0 | 0 |
Total Finance Receivables | 1,883 | 1,831 |
Working capital [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 1,712 | 1,642 |
Working capital [Member] | Credit Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 149 | 158 |
Working capital [Member] | At Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 22 | 25 |
Working capital [Member] | Default [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 0 | 6 |
Retail Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 49,779 | 48,828 |
30-59 Days Past Due | 668 | 459 |
60-89 Days Past Due | 144 | 90 |
90 Days or Greater Past Due | 46 | 33 |
Total Finance Receivables | 50,637 | 49,410 |
Commercial Finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 494 | 432 |
30-59 Days Past Due | 8 | 6 |
60-89 Days Past Due | 1 | 1 |
90 Days or Greater Past Due | 0 | 0 |
Total Finance Receivables | $503 | $439 |
Finance_Receivables_Net_Impair
Finance Receivables, Net (Impaired Finance Receivables) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
Impaired Finance Receivables | |||||
Impaired Finance Receivables Individually Evaluated with Related Allowance | $51 | $51 | $63 | ||
Impaired Finance Receivables Individually Evaluated with No Related Allowance | 158 | 158 | 145 | ||
Impaired Finance Receivables Aggregated And Evaluated For Impairment | 278 | 278 | 323 | ||
Impaired Finance Receivables | 487 | 487 | 531 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance Individually Evaluated with Related Allowance | 51 | 51 | 63 | ||
Unpaid Principal Balance Individually Evaluated with No Related Allowance | 158 | 158 | 145 | ||
Unpaid Principal Balance Aggregated And Evaluated For Impairment | 274 | 274 | 319 | ||
Unpaid Principal Balance | 483 | 483 | 527 | ||
Individually Evaluated Allowance | 28 | 28 | 31 | ||
Average Impaired Finance Receivables | |||||
Average Impaired Finance Receivables Individually Evaluated For Impairment with An Allowance | 54 | 69 | 60 | 74 | |
Average Impaired Finance Receivables Individually Evaluated For Impairment Without An Allowance | 154 | 157 | 150 | 159 | |
Average Impaired Finance Receivables Account Balances Aggregated And Evaluated For Impairment | 285 | 356 | 302 | 380 | |
Average Impaired Finance Receivables | 493 | 582 | 512 | 613 | |
Interest Income Recognized | |||||
Interest Income Recognized Individually Evaluated with Related Allowance | 0 | 0 | 1 | 2 | |
Interest Income Recognized Individually Evaluated with No Related Allowance | 1 | 2 | 3 | 4 | |
Interest Income Recognized Aggregated And Evaluated For Impairment | 5 | 7 | 17 | 22 | |
Interest Income Recognized | 6 | 9 | 21 | 28 | |
Wholesale [Member] | |||||
Impaired Finance Receivables | |||||
Impaired Finance Receivables Individually Evaluated with Related Allowance | 15 | 15 | 13 | ||
Impaired Finance Receivables Individually Evaluated with No Related Allowance | 72 | 72 | 51 | ||
Impaired Finance Receivables | 87 | 87 | 64 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance Individually Evaluated with Related Allowance | 15 | 15 | 13 | ||
Unpaid Principal Balance Individually Evaluated with No Related Allowance | 72 | 72 | 51 | ||
Unpaid Principal Balance | 87 | 87 | 64 | ||
Individually Evaluated Allowance | 2 | 2 | 1 | ||
Average Impaired Finance Receivables | |||||
Average Impaired Finance Receivables Individually Evaluated For Impairment with An Allowance | 17 | 15 | 17 | 17 | |
Average Impaired Finance Receivables Individually Evaluated For Impairment Without An Allowance | 62 | 61 | 56 | 61 | |
Average Impaired Finance Receivables | 79 | 76 | 73 | 78 | |
Interest Income Recognized | |||||
Interest Income Recognized Individually Evaluated with Related Allowance | 0 | 0 | 0 | 0 | |
Interest Income Recognized Individually Evaluated with No Related Allowance | 0 | 1 | 1 | 1 | |
Interest Income Recognized | 0 | 1 | 1 | 1 | |
Real estate [Member] | |||||
Impaired Finance Receivables | |||||
Impaired Finance Receivables Individually Evaluated with Related Allowance | 14 | 14 | 27 | ||
Impaired Finance Receivables Individually Evaluated with No Related Allowance | 83 | 83 | 90 | ||
Impaired Finance Receivables | 97 | 97 | 117 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance Individually Evaluated with Related Allowance | 14 | 14 | 27 | ||
Unpaid Principal Balance Individually Evaluated with No Related Allowance | 83 | 83 | 90 | ||
Unpaid Principal Balance | 97 | 97 | 117 | ||
Individually Evaluated Allowance | 4 | 4 | 8 | ||
Average Impaired Finance Receivables | |||||
Average Impaired Finance Receivables Individually Evaluated For Impairment with An Allowance | 14 | 31 | 20 | 33 | |
Average Impaired Finance Receivables Individually Evaluated For Impairment Without An Allowance | 89 | 92 | 91 | 93 | |
Average Impaired Finance Receivables | 103 | 123 | 111 | 126 | |
Interest Income Recognized | |||||
Interest Income Recognized Individually Evaluated with Related Allowance | 0 | 0 | 0 | 1 | |
Interest Income Recognized Individually Evaluated with No Related Allowance | 1 | 1 | 2 | 3 | |
Interest Income Recognized | 1 | 1 | 2 | 4 | |
Working capital [Member] | |||||
Impaired Finance Receivables | |||||
Impaired Finance Receivables Individually Evaluated with Related Allowance | 22 | 22 | 23 | ||
Impaired Finance Receivables Individually Evaluated with No Related Allowance | 3 | 3 | 4 | ||
Impaired Finance Receivables | 25 | 25 | 27 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance Individually Evaluated with Related Allowance | 22 | 22 | 23 | ||
Unpaid Principal Balance Individually Evaluated with No Related Allowance | 3 | 3 | 4 | ||
Unpaid Principal Balance | 25 | 25 | 27 | ||
Individually Evaluated Allowance | 22 | 22 | 22 | ||
Average Impaired Finance Receivables | |||||
Average Impaired Finance Receivables Individually Evaluated For Impairment with An Allowance | 23 | 23 | 23 | 24 | |
Average Impaired Finance Receivables Individually Evaluated For Impairment Without An Allowance | 3 | 4 | 3 | 5 | |
Average Impaired Finance Receivables | 26 | 27 | 26 | 29 | |
Interest Income Recognized | |||||
Interest Income Recognized Individually Evaluated with Related Allowance | 0 | 0 | 1 | 1 | |
Interest Income Recognized Individually Evaluated with No Related Allowance | 0 | 0 | 0 | 0 | |
Interest Income Recognized | 0 | 0 | 1 | 1 | |
Retail Loan [Member] | |||||
Impaired Finance Receivables | |||||
Impaired Finance Receivables Aggregated And Evaluated For Impairment | 277 | 277 | 322 | ||
Impaired Finance Receivables | 277 | 277 | 322 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance Aggregated And Evaluated For Impairment | 273 | 273 | 318 | ||
Unpaid Principal Balance | 273 | 273 | 318 | ||
Average Impaired Finance Receivables | |||||
Average Impaired Finance Receivables Account Balances Aggregated And Evaluated For Impairment | 284 | 355 | 301 | 379 | |
Average Impaired Finance Receivables | 284 | 355 | 301 | 379 | |
Interest Income Recognized | |||||
Interest Income Recognized Aggregated And Evaluated For Impairment | 5 | 7 | 17 | 22 | |
Interest Income Recognized | 5 | 7 | 17 | 22 | |
Commercial Finance [Member] | |||||
Impaired Finance Receivables | |||||
Impaired Finance Receivables Aggregated And Evaluated For Impairment | 1 | 1 | 1 | ||
Impaired Finance Receivables | 1 | 1 | 1 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance Aggregated And Evaluated For Impairment | 1 | 1 | 1 | ||
Unpaid Principal Balance | 1 | 1 | 1 | ||
Average Impaired Finance Receivables | |||||
Average Impaired Finance Receivables Account Balances Aggregated And Evaluated For Impairment | 1 | 1 | 1 | 1 | |
Average Impaired Finance Receivables | 1 | 1 | 1 | 1 | |
Interest Income Recognized | |||||
Interest Income Recognized Aggregated And Evaluated For Impairment | 0 | 0 | 0 | 0 | |
Interest Income Recognized | $0 | $0 | $0 | $0 |
Investments_in_Operating_Lease2
Investments in Operating Leases, Net (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Allowance for credit losses | ($450) | ($445) | ($454) | ($456) | ($467) | ($527) |
Finance Receivables, Net [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Allowance for credit losses | -377 | -381 | -386 | -387 | -396 | -445 |
Investments In Operating Leases, Net [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Investments in operating leases | 37,374 | 31,271 | ||||
Deferred origination fees | -176 | -146 | ||||
Deferred income | -971 | -826 | ||||
Accumulated depreciation | -6,424 | -5,462 | ||||
Allowance for credit losses | -73 | -68 | ||||
Investments in operating leases, net | 29,730 | 24,769 | ||||
Investments In Operating Leases, Net [Member] | Securitized investments in operating leases [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Investments in operating leases | 1,708 | 248 | ||||
Investments In Operating Leases, Net [Member] | Investments in operating leases [Member] | ||||||
Property Subject to or Available for Operating Lease [Line Items] | ||||||
Investments in operating leases | $35,666 | $31,023 |
Allowance_for_Credit_Losses_De
Allowance for Credit Losses (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Allowance for Credit Losses on Finance Receivables and Investments in Operating Leases | ||||
Allowance for credit losses at | $445 | $467 | $454 | $527 |
Provision for credit losses | 103 | 63 | 220 | 102 |
Charge-offs, net of recoveries | -98 | -74 | -224 | -173 |
Allowance for credit losses at | 450 | 456 | 450 | 456 |
Recoveries from credit loss charge-offs | $21 | $19 | $63 | $64 |
Allowance_for_Credit_Losses_an
Allowance for Credit Losses and Recorded Investment in Finance Receivables by Portfolio Segment (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
Allowance for Credit Losses for Finance Receivables: | |||||
Allowance for credit losses at | $445 | $467 | $454 | $527 | |
Provision for credit losses | 103 | 63 | 220 | 102 | |
Allowance for credit losses at | 450 | 456 | 450 | 456 | |
Gross Finance Receivables: | |||||
Finance receivables | 67,200 | 67,200 | 65,774 | ||
Finance Receivables, Net [Member] | |||||
Allowance for Credit Losses for Finance Receivables: | |||||
Allowance for credit losses at | 381 | 396 | 386 | 445 | |
Charge-offs | -90 | -74 | -219 | -191 | |
Recoveries | 16 | 14 | 47 | 49 | |
Provision for credit losses | 70 | 51 | 163 | 84 | |
Allowance for credit losses at | 377 | 387 | 377 | 387 | |
Ending Balance: Individually Evaluated for Impairment | 28 | 30 | 28 | 30 | |
Ending Balance: Collectively Evaluated for Impairment | 349 | 357 | 349 | 357 | |
Gross Finance Receivables: | |||||
Finance receivables | 67,200 | 66,731 | 67,200 | 66,731 | 65,774 |
Ending Balance: Individually Evaluated for Impairment | 209 | 232 | 209 | 232 | |
Ending Balance: Collectively Evaluated for Impairment | 66,991 | 66,499 | 66,991 | 66,499 | |
Finance Receivables, Net [Member] | Retail Loan [Member] | |||||
Allowance for Credit Losses for Finance Receivables: | |||||
Allowance for credit losses at | 299 | 290 | 296 | 333 | |
Charge-offs | -89 | -74 | -217 | -190 | |
Recoveries | 14 | 14 | 45 | 49 | |
Provision for credit losses | 72 | 59 | 172 | 97 | |
Allowance for credit losses at | 296 | 289 | 296 | 289 | |
Ending Balance: Individually Evaluated for Impairment | 0 | 0 | 0 | 0 | |
Ending Balance: Collectively Evaluated for Impairment | 296 | 289 | 296 | 289 | |
Gross Finance Receivables: | |||||
Finance receivables | 50,637 | 49,719 | 50,637 | 49,719 | |
Ending Balance: Individually Evaluated for Impairment | 0 | 0 | 0 | 0 | |
Ending Balance: Collectively Evaluated for Impairment | 50,637 | 49,719 | 50,637 | 49,719 | |
Gross Finance Receivables | 277 | 345 | 277 | 345 | |
Finance Receivables, Net [Member] | Commercial [Member] | |||||
Allowance for Credit Losses for Finance Receivables: | |||||
Allowance for credit losses at | 1 | 4 | 2 | 5 | |
Charge-offs | 0 | 0 | -1 | -1 | |
Recoveries | 1 | 0 | 1 | 0 | |
Provision for credit losses | 0 | -2 | 0 | -2 | |
Allowance for credit losses at | 2 | 2 | 2 | 2 | |
Ending Balance: Individually Evaluated for Impairment | 0 | 0 | 0 | 0 | |
Ending Balance: Collectively Evaluated for Impairment | 2 | 2 | 2 | 2 | |
Gross Finance Receivables: | |||||
Finance receivables | 503 | 422 | 503 | 422 | |
Ending Balance: Individually Evaluated for Impairment | 0 | 0 | 0 | 0 | |
Ending Balance: Collectively Evaluated for Impairment | 503 | 422 | 503 | 422 | |
Gross Finance Receivables | 1 | 1 | 1 | 1 | |
Finance Receivables, Net [Member] | Dealer Products [Member] | |||||
Allowance for Credit Losses for Finance Receivables: | |||||
Allowance for credit losses at | 81 | 102 | 88 | 107 | |
Charge-offs | -1 | 0 | -1 | 0 | |
Recoveries | 1 | 0 | 1 | 0 | |
Provision for credit losses | -2 | -6 | -9 | -11 | |
Allowance for credit losses at | 79 | 96 | 79 | 96 | |
Ending Balance: Individually Evaluated for Impairment | 28 | 30 | 28 | 30 | |
Ending Balance: Collectively Evaluated for Impairment | 51 | 66 | 51 | 66 | |
Gross Finance Receivables: | |||||
Finance receivables | 16,060 | 16,590 | 16,060 | 16,590 | |
Ending Balance: Individually Evaluated for Impairment | 209 | 232 | 209 | 232 | |
Ending Balance: Collectively Evaluated for Impairment | 15,851 | 16,358 | 15,851 | 16,358 | |
Finance Receivables, Net [Member] | Dealer Products [Member] | TMS [Member] | Financial Guarantee [Member] | |||||
Gross Finance Receivables: | |||||
Ending Balance: Collectively Evaluated for Impairment | 913 | 853 | 913 | 853 | |
Finance Receivables, Net [Member] | Dealer Products [Member] | Private Toyota Distributors [Member] | Financial Guarantee [Member] | |||||
Gross Finance Receivables: | |||||
Ending Balance: Collectively Evaluated for Impairment | 131 | 147 | 131 | 147 | |
Investments In Operating Leases, Net [Member] | |||||
Allowance for Credit Losses for Finance Receivables: | |||||
Allowance for credit losses at | 68 | ||||
Allowance for credit losses at | $73 | $73 | $68 |
Allowance_for_Credit_Losses_Pa
Allowance for Credit Losses (Past Dues) (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
Past Due Finance Receivables and Investments in Operating Leases | ||
Finance receivables | $191 | $125 |
Operating leases | 67 | 36 |
Total | 258 | 161 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 676 | 469 |
60-89 Days Past Due | 145 | 92 |
90 Days or Greater Past Due | 46 | 33 |
Total Past Due | 867 | 594 |
Current | 66,333 | 65,180 |
Total Finance Receivables | 67,200 | 65,774 |
Retail Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 668 | 459 |
60-89 Days Past Due | 144 | 90 |
90 Days or Greater Past Due | 46 | 33 |
Total Past Due | 858 | 582 |
Current | 49,779 | 48,828 |
Total Finance Receivables | 50,637 | 49,410 |
Commercial Finance [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 8 | 6 |
60-89 Days Past Due | 1 | 1 |
90 Days or Greater Past Due | 0 | 0 |
Total Past Due | 9 | 7 |
Current | 494 | 432 |
Total Finance Receivables | 503 | 439 |
Wholesale [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
90 Days or Greater Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 9,481 | 9,436 |
Total Finance Receivables | 9,481 | 9,436 |
Real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 0 | 4 |
60-89 Days Past Due | 0 | 1 |
90 Days or Greater Past Due | 0 | 0 |
Total Past Due | 0 | 5 |
Current | 4,696 | 4,653 |
Total Finance Receivables | 4,696 | 4,658 |
Working capital [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
90 Days or Greater Past Due | 0 | 0 |
Total Past Due | 0 | 0 |
Current | 1,883 | 1,831 |
Total Finance Receivables | $1,883 | $1,831 |
Derivatives_Hedging_Activities2
Derivatives, Hedging Activities and Interest Expense (Effect of Derivative Instruments on Balance Sheet) (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
Other assets: | ||
Carrying value of derivative contracts - Other assets | $53 | $49 |
Collateral held | 242 | 718 |
Collateral posted in excess of the fair value of derivative liabilities | 2 | 3 |
Other liabilities: | ||
Carrying value of derivative contracts - Other liabilities | 26 | 6 |
Collateral posted | 751 | 331 |
Collateral held in excess of the fair value of derivative assets | 12 | 5 |
Other assets [Member] | ||
Other assets: | ||
Notional | 36,427 | 34,633 |
Fair value | 644 | 1,235 |
Counterparty netting and collateral | -591 | -1,186 |
Carrying value of derivative contracts - Other assets | 53 | 49 |
Other assets [Member] | Interest rate swap [Member] | ||
Other assets: | ||
Notional | 34,721 | 26,407 |
Fair value | 402 | 361 |
Other assets [Member] | Foreign currency swaps [Member] | ||
Other assets: | ||
Notional | 1,706 | 8,226 |
Fair value | 242 | 874 |
Other liabilities [Member] | ||
Other liabilities: | ||
Notional | 67,035 | 61,718 |
Fair value | 1,126 | 805 |
Counterparty netting and collateral | -1,100 | -799 |
Carrying value of derivative contracts - Other liabilities | 26 | 6 |
Other liabilities [Member] | Interest rate swap [Member] | ||
Other liabilities: | ||
Notional | 56,343 | 57,689 |
Fair value | 324 | 553 |
Other liabilities [Member] | Interest rate cap [Member] | ||
Other liabilities: | ||
Notional | 50 | 50 |
Fair value | 0 | 0 |
Other liabilities [Member] | Foreign currency swaps [Member] | ||
Other liabilities: | ||
Notional | 10,642 | 3,979 |
Fair value | 802 | 252 |
Hedge accounting derivatives [Member] | Other assets [Member] | ||
Other assets: | ||
Notional | 736 | 1,317 |
Fair value | 39 | 367 |
Hedge accounting derivatives [Member] | Other assets [Member] | Interest rate swap [Member] | ||
Other assets: | ||
Notional | 465 | 465 |
Fair value | 11 | 25 |
Hedge accounting derivatives [Member] | Other assets [Member] | Foreign currency swaps [Member] | ||
Other assets: | ||
Notional | 271 | 852 |
Fair value | 28 | 342 |
Hedge accounting derivatives [Member] | Other liabilities [Member] | ||
Other liabilities: | ||
Notional | 251 | 157 |
Fair value | 33 | 14 |
Hedge accounting derivatives [Member] | Other liabilities [Member] | Interest rate swap [Member] | ||
Other liabilities: | ||
Notional | 0 | 0 |
Fair value | 0 | 0 |
Hedge accounting derivatives [Member] | Other liabilities [Member] | Interest rate cap [Member] | ||
Other liabilities: | ||
Notional | 0 | 0 |
Fair value | 0 | 0 |
Hedge accounting derivatives [Member] | Other liabilities [Member] | Foreign currency swaps [Member] | ||
Other liabilities: | ||
Notional | 251 | 157 |
Fair value | 33 | 14 |
Non-hedge accounting derivatives [Member] | Other assets [Member] | ||
Other assets: | ||
Notional | 35,691 | 33,316 |
Fair value | 605 | 868 |
Non-hedge accounting derivatives [Member] | Other assets [Member] | Interest rate swap [Member] | ||
Other assets: | ||
Notional | 34,256 | 25,942 |
Fair value | 391 | 336 |
Non-hedge accounting derivatives [Member] | Other assets [Member] | Foreign currency swaps [Member] | ||
Other assets: | ||
Notional | 1,435 | 7,374 |
Fair value | 214 | 532 |
Non-hedge accounting derivatives [Member] | Other liabilities [Member] | ||
Other liabilities: | ||
Notional | 66,784 | 61,561 |
Fair value | 1,093 | 791 |
Non-hedge accounting derivatives [Member] | Other liabilities [Member] | Interest rate swap [Member] | ||
Other liabilities: | ||
Notional | 56,343 | 57,689 |
Fair value | 324 | 553 |
Non-hedge accounting derivatives [Member] | Other liabilities [Member] | Interest rate cap [Member] | ||
Other liabilities: | ||
Notional | 50 | 50 |
Fair value | 0 | 0 |
Non-hedge accounting derivatives [Member] | Other liabilities [Member] | Foreign currency swaps [Member] | ||
Other liabilities: | ||
Notional | 10,391 | 3,822 |
Fair value | $769 | $238 |
Derivatives_Hedging_Activities3
Derivatives, Hedging Activities and Interest Expense (Effect of Derivative Instruments on Income Statement) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Derivatives, Hedging Activities and Interest Expense [Abstract] | ||||
Interest expense on debt | $304 | $325 | $923 | $963 |
Interest expense on hedge accounting derivatives | -10 | -18 | -35 | -67 |
Interest expense on non-hedge accounting foreign currency swaps | -37 | -54 | -129 | -159 |
Interest expense on non-hedge accounting interest rate swaps | 30 | 39 | 94 | 166 |
Interest expense on debt and derivatives | 287 | 292 | 853 | 903 |
Derivative Instruments, Loss (Gain) [Line Items] | ||||
Total interest expense | 161 | 386 | 506 | 1,236 |
Interest expense [Member] | ||||
Derivative Instruments, Loss (Gain) [Line Items] | ||||
Loss on hedge accounting derivatives | 55 | 37 | 128 | 31 |
Less hedged item: change in fair value of fixed rate debt | -56 | -38 | -129 | -34 |
Ineffectiveness related to hedge accounting derivatives | -1 | -1 | -1 | -3 |
Gain on non-hedge accounting foreign currency transactions | -567 | -87 | -1,354 | -185 |
Total interest expense | 161 | 386 | 506 | 1,236 |
Interest expense [Member] | Interest rate swap [Member] | ||||
Derivative Instruments, Loss (Gain) [Line Items] | ||||
Loss on hedge accounting derivatives | 5 | 5 | 15 | 15 |
(Gain) loss on non-hedge accounting interest rate swaps | -100 | 29 | -245 | 137 |
Interest expense [Member] | Foreign currency swaps [Member] | ||||
Derivative Instruments, Loss (Gain) [Line Items] | ||||
Loss on hedge accounting derivatives | 50 | 32 | 113 | 16 |
Loss (gain) on non-hedge accounting foreign currency swaps | $542 | $153 | $1,253 | $384 |
Derivatives_Hedging_Activities4
Derivatives, Hedging Activities and Interest Expense (Narratives) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Derivative, Credit Risk Related Contingent Features [Line Items] | |
Aggregate fair value of derivative instruments in a net liability position | $26 |
Settlement of derivative instruments in a net liability position | $26 |
Other_Assets_and_Other_Liabili2
Other Assets and Other Liabilities (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | |||
Other assets: | |||
Notes receivable from alliliates | $821 | $1,172 | |
Used vehicle held for sale | 177 | 139 | |
Deferred charges | 111 | 116 | |
Income taxes receivable | 169 | 0 | |
Derivative assets | 53 | 49 | |
Other assets | 491 | 394 | |
Total other assets | 1,822 | 1,870 | |
Other liabilities: | |||
Unearned insurance premiums and contract revenues | 1,791 | 1,665 | |
Derivative liabilities | 26 | 6 | |
Accounts payable and accrued expenses | 951 | 746 | |
Deferred income | 391 | 332 | |
Other liabilities | 124 | 139 | |
Total other liabilities | 3,283 | 2,888 | |
Non cash activities for used vehicles held for sale | $44 | $71 |
Debt_Details
Debt (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Mar. 31, 2014 | |
Debt Instrument [Line Items] | ||
Debt | $87,954,000,000 | $85,367,000,000 |
Weighted average contractual interest rate | 1.22% | 1.26% |
Commercial paper [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 27,485,000,000 | 27,709,000,000 |
Weighted average contractual interest rate | 0.19% | 0.18% |
Commercial paper average remaining maturity | As of December 31, 2014, our commercial paper had a weighted average remaining maturity of 80 days. | |
Unsecured notes and loans payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 51,029,000,000 | 49,075,000,000 |
Weighted average contractual interest rate | 1.90% | 1.99% |
Debt denominated in foreign currency | 11,300,000,000 | 12,600,000,000 |
Unsecured notes and loans payable [Member] | Floating rate [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 17,600,000,000 | 17,600,000,000 |
Contractual interest rate, minimum | 0.00% | 0.00% |
Contractual interest rate, maximum | 3.30% | 3.30% |
Unsecured notes and loans payable [Member] | Fixed rate [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 33,600,000,000 | 31,900,000,000 |
Contractual interest rate, minimum | 0.50% | 0.50% |
Contractual interest rate, maximum | 9.40% | 9.40% |
Secured notes and loans payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt | 9,335,000,000 | 8,158,000,000 |
Weighted average contractual interest rate | 0.57% | 0.54% |
Debt maturity dates | As of December 31, 2014, our notes and loans payable mature on various dates through fiscal 2047. | |
Secured notes and loans payable [Member] | Floating rate [Member] | ||
Debt Instrument [Line Items] | ||
Contractual interest rate, minimum | 0.40% | 0.40% |
Contractual interest rate, maximum | 1.50% | 1.60% |
Secured notes and loans payable [Member] | Fixed rate [Member] | ||
Debt Instrument [Line Items] | ||
Contractual interest rate, minimum | 0.40% | 0.40% |
Contractual interest rate, maximum | 1.50% | 1.60% |
Carrying value adjustment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $105,000,000 | $425,000,000 |
Debt_Maturities_Details
Debt (Maturities) (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
Debt [Abstract] | ||
Total debt | $87,954 | $85,367 |
Variable_Interest_Entities_Det
Variable Interest Entities (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
Variable Interest Entity [Line Items] | ||
Securities retained by TMCC | $991 | $1,169 |
Variable Interest Entities Securitized Assets [Member] | ||
Variable Interest Entity [Line Items] | ||
Restricted Cash | 621 | 644 |
Gross Securitized Assets | 11,465 | 9,881 |
Net Securitized Assets | 10,945 | 9,657 |
Other assets | 12 | 7 |
Variable Interest Entities Securitized Assets [Member] | Retail Finance Receivables [Member] | ||
Variable Interest Entity [Line Items] | ||
Restricted Cash | 574 | 624 |
Gross Securitized Assets | 9,757 | 9,633 |
Net Securitized Assets | 9,616 | 9,501 |
Other assets | 3 | 3 |
Variable Interest Entities Securitized Assets [Member] | Investments In Operating Leases, Net [Member] | ||
Variable Interest Entity [Line Items] | ||
Restricted Cash | 47 | 20 |
Gross Securitized Assets | 1,708 | 248 |
Net Securitized Assets | 1,329 | 156 |
Other assets | 9 | 4 |
Related Liabilities [Member] | ||
Variable Interest Entity [Line Items] | ||
Debt | 9,335 | 8,158 |
Other Liabilities | 2 | 2 |
Related Liabilities [Member] | Retail Finance Receivables [Member] | ||
Variable Interest Entity [Line Items] | ||
Debt | 8,362 | 8,146 |
Other Liabilities | 2 | 2 |
Related Liabilities [Member] | Investments In Operating Leases, Net [Member] | ||
Variable Interest Entity [Line Items] | ||
Debt | 973 | 12 |
Other Liabilities | $0 | $0 |
Liquidity_Facilities_and_Lette1
Liquidity Facilities and Letters of Credit (Details) (USD $) | 1 Months Ended | ||
In Millions, unless otherwise specified | Nov. 30, 2014 | Dec. 31, 2014 | Mar. 31, 2014 |
364 Day Credit Agreement Expiring 2015 [Member] | |||
Line of Credit Facility [Line Items] | |||
Initiation Date | 30-Nov-14 | ||
Three Year Agreement Expiring 2017 [Member] | |||
Line of Credit Facility [Line Items] | |||
Initiation Date | 30-Nov-14 | ||
Five Year Agreement Expiring 2019 [Member] | |||
Line of Credit Facility [Line Items] | |||
Initiation Date | 30-Nov-14 | ||
Total Commited Bank Credit Facilities [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum Borrowing Capacity | $6,100 | ||
Committed Bank Credit Facility Expiring 2015 [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum Borrowing Capacity | 789 | ||
Credit facilities amount outstanding | 0 | 0 | |
Committed Bank Credit Facility Expiring 2016 [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum Borrowing Capacity | 3,200 | ||
Credit facilities amount outstanding | 0 | 0 | |
Committed Bank Credit Facility Expiring 2018 [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum Borrowing Capacity | 1,900 | ||
Credit facilities amount outstanding | 0 | 0 | |
Committed Bank Credit Facility Expiring 2020 [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum Borrowing Capacity | 175 | ||
Credit facilities amount outstanding | 0 | 0 | |
364 Day Credit Agreement Expiring 2016 [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum Borrowing Capacity | 5,000 | 5,000 | |
Credit facilities amount outstanding | 0 | ||
Three Year Agreement Expiring 2018 [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum Borrowing Capacity | 5,000 | 5,000 | |
Credit facilities amount outstanding | 0 | ||
Five Year Agreement Expiring 2020 [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum Borrowing Capacity | 5,000 | 5,000 | |
Credit facilities amount outstanding | $0 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | |
Dec. 31, 2014 | Mar. 31, 2014 | |
Commitment: | ||
Credit facilities commitments with vehicle and industrial equipment dealers | $1,185,000,000 | $1,295,000,000 |
Minimum lease commitments | 53,000,000 | 62,000,000 |
Total commitments | 1,238,000,000 | 1,357,000,000 |
Guarantor Obligations [Line Items] | ||
Guarantees of affiliate pollution control and solid waste disposal bonds | 100,000,000 | 100,000,000 |
Minimum lease commitments | 53,000,000 | 62,000,000 |
Total commitments and guarantees | 1,338,000,000 | 1,457,000,000 |
Future minimum lease payments under non-cancelable operating leases | ||
2015 | 5,000,000 | |
2016 | 19,000,000 | |
2017 | 15,000,000 | |
2018 | 9,000,000 | |
2019 | 4,000,000 | |
Thereafter | 1,000,000 | |
Total | 53,000,000 | 62,000,000 |
TMS [Member] | ||
Commitment: | ||
Minimum lease commitments | 25,000,000 | 30,000,000 |
Guarantor Obligations [Line Items] | ||
15-year lease agreement between TMCC and TMS | 15 years | |
Minimum lease commitments | 25,000,000 | 30,000,000 |
Expiration date of the 15-year lease agreement between TMCC and TMS | 31-Mar-18 | |
Future minimum lease payments under non-cancelable operating leases | ||
Total | 25,000,000 | 30,000,000 |
2028 [Member] | TMCC Affiliates [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantees of affiliate pollution control and solid waste disposal bonds | 20,000,000 | |
2029 [Member] | TMCC Affiliates [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantees of affiliate pollution control and solid waste disposal bonds | 50,000,000 | |
2030 [Member] | TMCC Affiliates [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantees of affiliate pollution control and solid waste disposal bonds | 10,000,000 | |
2031 [Member] | TMCC Affiliates [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantees of affiliate pollution control and solid waste disposal bonds | 10,000,000 | |
2032 [Member] | TMCC Affiliates [Member] | ||
Guarantor Obligations [Line Items] | ||
Guarantees of affiliate pollution control and solid waste disposal bonds | 10,000,000 | |
Affiliate Pollution Control and Solid Waste Disposal Bonds [Member] | ||
Guarantor Obligations [Line Items] | ||
Guaranty Fee | $78,000 |
Income_Tax_Provision_Component
Income Tax Provision (Components of Income Tax Expense and Effective Income Tax Rate Reconciliation ) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred | ||||
Total Deferred | $588 | $334 | ||
Provision for income taxes | $185 | $113 | $574 | $315 |
Reconciliation Between U.S. Federal Statutory Tax Rate and Effective Tax Rate | ||||
Effective tax rate | 38.00% | 37.00% | 37.00% | 37.00% |
Income_Tax_Provision_Deferred_
Income Tax Provision (Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Deferred Tax Assets Liabilities, Net [Line Items] | ||
Net deferred income tax liability | $7,340,000,000 | $6,747,000,000 |
Tax Assets | ||
Deferred tax assets | 2,000,000,000 | 1,300,000,000 |
Net deferred income tax liability | $7,340,000,000 | $6,747,000,000 |
Income_Tax_Provision_Narrative
Income Tax Provision (Narratives) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
Operating Loss Carryforwards [Line Items] | ||||
Expiration Dates | 31-Mar-34 | |||
Income Taxes Receivable | $169 | $169 | $0 | |
Net Taxes paid | $153 | ($39) |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
Net financing revenues: | |||||
Manufacturer's subvention support and other revenues | $315 | $251 | $884 | $733 | |
Credit support fees incurred | -23 | -21 | -66 | -61 | |
Interest expense on loans payable to affiliates | -1 | -1 | -2 | -2 | |
Insurance earned premiums and contract revenues: | |||||
Affiliate insurance premiums and contract revenues | 32 | 33 | 97 | 99 | |
Investments and other income, net: | |||||
Interest earned on notes receivable from affiliates | 1 | 1 | 3 | 4 | |
Expenses: | |||||
Shared services charges and other expenses | 16 | 15 | 48 | 45 | |
Employee benefits expense | 5 | 9 | 18 | 27 | |
Finance receivables, net | |||||
Accounts receivable from affiliates | 85 | 85 | 74 | ||
Direct finance receivables from affiliates | 6 | 6 | 6 | ||
Notes receivable under home loan programs | 12 | 12 | 15 | ||
Deferred retail origination costs paid to affiliates | 1 | 1 | 1 | ||
Deferred retail subvention income from affiliates | -819 | -819 | -768 | ||
Investments in operating leases, net | |||||
Leases to affiliates | 7 | 7 | 7 | ||
Deferred lease subvention income from affiliates | -954 | -954 | -806 | ||
Other assets | |||||
Notes receivable from alliliates | 821 | 821 | 1,172 | ||
Other receivables from affiliates | 5 | 5 | 2 | ||
Subvention support receivable from affiliates | 119 | 119 | 159 | ||
Other liabilities | |||||
Unearned affiliates insurance premiums and contract revenues | 252 | 252 | 244 | ||
Accounts payable to affiliates | 116 | 116 | 216 | ||
Notes payable to affiliate | 28 | 28 | 22 | ||
Shareholder's Equity: | |||||
Dividends paid | 435 | 665 | |||
Stock-based compensation | $2 | $2 |
Related_Party_Transactions_Fin
Related Party Transactions (Financing Support) (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Millions, unless otherwise specified | ||
Related Party Transaction [Line Items] | ||
Finance receivables, net | $66,548 | $65,176 |
TICO [Member] | ||
Related Party Transaction [Line Items] | ||
Finance receivables, net | 964 | |
Investments in operating leases, net | $905 |
Related_Party_Transactions_Nar
Related Party Transactions (Narratives) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
Related Party Transaction [Line Items] | |||||
Credit Support Fees | $23 | $21 | $66 | $61 | |
Notes Payable | 28 | 28 | 22 | ||
Notes Receivable | 821 | 821 | 1,172 | ||
Accounts Receivable | 85 | 85 | 74 | ||
Accounts Payable | 116 | 116 | 216 | ||
Subvention Revenues | 315 | 251 | 884 | 733 | |
Stock-based Compensation Expense | 2 | 2 | |||
Operating Leases to Affiliates | 7 | 7 | 7 | ||
Employee benefits expense | $5 | $9 | $18 | $27 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
Segment Reporting Information [Line Items] | |||||
Total financing revenues | $2,112 | $1,876 | $6,129 | $5,516 | |
Insurance earned premiums and contract revenues | 159 | 141 | 472 | 423 | |
Investment and other income, net | 62 | 68 | 157 | 88 | |
Total gross revenues | 2,333 | 2,085 | 6,758 | 6,027 | |
Depreciation on operating leases | 1,248 | 1,033 | 3,544 | 2,950 | |
Interest expense | 161 | 386 | 506 | 1,236 | |
Provision for credit losses | 103 | 63 | 220 | 102 | |
Operating and administrative expenses | 266 | 240 | 752 | 700 | |
Insurance losses and loss adjustment expenses | 63 | 57 | 200 | 196 | |
Provision for income taxes | 185 | 113 | 574 | 315 | |
Net income | 307 | 193 | 962 | 528 | |
Total assets | 106,848 | 99,651 | 106,848 | 99,651 | 102,740 |
Intercompany Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total financing revenues | 0 | 7 | 0 | 21 | |
Insurance earned premiums and contract revenues | 0 | -7 | 0 | -21 | |
Investment and other income, net | 0 | 0 | 0 | 0 | |
Total gross revenues | 0 | 0 | 0 | 0 | |
Depreciation on operating leases | 0 | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | 0 | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Operating and administrative expenses | 0 | 0 | 0 | 0 | |
Insurance losses and loss adjustment expenses | 0 | 0 | 0 | 0 | |
Provision for income taxes | 0 | 0 | 0 | 0 | |
Net income | 0 | 0 | 0 | 0 | |
Total assets | -903 | -665 | -903 | -665 | |
Finance Operations [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total financing revenues | 2,112 | 1,869 | 6,129 | 5,495 | |
Insurance earned premiums and contract revenues | 0 | 0 | 0 | 0 | |
Investment and other income, net | 20 | 22 | 67 | 56 | |
Total gross revenues | 2,132 | 1,891 | 6,196 | 5,551 | |
Depreciation on operating leases | 1,248 | 1,033 | 3,544 | 2,950 | |
Interest expense | 161 | 386 | 506 | 1,236 | |
Provision for credit losses | 103 | 63 | 220 | 102 | |
Operating and administrative expenses | 209 | 190 | 589 | 553 | |
Insurance losses and loss adjustment expenses | 0 | 0 | 0 | 0 | |
Provision for income taxes | 155 | 82 | 500 | 267 | |
Net income | 256 | 137 | 837 | 443 | |
Total assets | 104,068 | 96,665 | 104,068 | 96,665 | |
Insurance Operations [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total financing revenues | 0 | 0 | 0 | 0 | |
Insurance earned premiums and contract revenues | 159 | 148 | 472 | 444 | |
Investment and other income, net | 42 | 46 | 90 | 32 | |
Total gross revenues | 201 | 194 | 562 | 476 | |
Depreciation on operating leases | 0 | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | 0 | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Operating and administrative expenses | 57 | 50 | 163 | 147 | |
Insurance losses and loss adjustment expenses | 63 | 57 | 200 | 196 | |
Provision for income taxes | 30 | 31 | 74 | 48 | |
Net income | 51 | 56 | 125 | 85 | |
Total assets | $3,683 | $3,651 | $3,683 | $3,651 |
Pension_and_Other_Benefits_Det
Pension and Other Benefits (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | ||||
Employee benefits expense | $5 | $9 | $18 | $27 |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Selected Quarterly Financial Data (Unaudited) [Abstract] | ||||
Total financing revenues | $2,112 | $1,876 | $6,129 | $5,516 |
Depreciation on operating leases | 1,248 | 1,033 | 3,544 | 2,950 |
Interest expense | 161 | 386 | 506 | 1,236 |
Net financing revenues | 703 | 457 | 2,079 | 1,330 |
Provision for credit losses | 103 | 63 | 220 | 102 |
Income before income taxes | 492 | 306 | 1,536 | 843 |
Provision for income taxes | 185 | 113 | 574 | 315 |
Net income | $307 | $193 | $962 | $528 |