Toyota Motor Credit (TM/28) 10-Q3 Nov 222023 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Oct. 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Sep. 30, 2022
Amendment Flag	false
Entity Registrant Name	TOYOTA MOTOR CREDIT CORPORATION
Entity Central Index Key	0000834071
Current Fiscal Year End Date	--03-31
Trading Symbol	TM/28
Entity Filer Category	Non-accelerated Filer
Entity Common Stock Shares Outstanding		91,500
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	1-9961
Entity Tax Identification Number	95-3775816
Entity Address, Address Line One	6565 Headquarters Drive
Entity Address, City or Town	Plano
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75024
City Area Code	469
Local Phone Number	486-9300
Entity Incorporation, State or Country Code	CA
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Medium-Term Notes, Series BStated Maturity Date January 11, 2028
Security Exchange Name	NYSE
Entity Interactive Data Current	Yes

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Consolidated Statements of Income - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Financing revenues:
Operating lease	$ 1,817	$ 2,128	$ 3,717	$ 4,248
Retail	900	821	1,745	1,612
Dealer	107	83	193	171
Total financing revenues	2,824	3,032	5,655	6,031
Depreciation on operating leases	1,305	1,499	2,714	2,940
Interest expense	705	423	1,268	709
Net financing revenues	814	1,110	1,673	2,382
Voluntary protection contract revenues and insurance earned premiums	263	254	522	503
Investment and other (loss) income, net	(138)	7	(444)	163
Net financing revenues and other revenues	939	1,371	1,751	3,048
Expenses:
Provision for credit losses	213	68	291	65
Operating and administrative	444	385	850	769
Voluntary protection contract expenses and insurance losses	114	99	221	207
Total expenses	771	552	1,362	1,041
Income before income taxes	168	819	389	2,007
Provision for income taxes	49	197	100	464
Net income	$ 119	$ 622	$ 289	$ 1,543

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 119	$ 622	$ 289	$ 1,543
Other comprehensive income, net of tax
Net unrealized (losses) gains on available-for-sale marketable securities [net of tax benefit (provision) of $7, ($1), $14 and $2, respectively]	(25)	(2)	(51)	7
Reclassification adjustment for net losses on available-for-sale marketable securities included in investment and other income, net [net of tax provision of $0, $0, $0 and $0, respectively]	2	0	2	0
Other comprehensive (loss) income	(23)	(2)	(49)	7
Comprehensive income	$ 96	$ 620	$ 240	$ 1,550

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net unrealized gains on available-for-sale marketable securities, tax benefit (provision)	$ (7)	$ (1)	$ (14)	$ (2)
Reclassification adjustment for net losses available-for-sale marketable securities included in investment and other income, tax provision (benefit)	$ 0	$ 0	$ 0	$ 0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
ASSETS
Cash and cash equivalents	$ 6,311	$ 7,670
Restricted cash and cash equivalents	1,855	2,065
Investments in marketable securities	4,388	4,953
Finance receivables, net of allowance for credit losses of $1,366 and $1,246	86,890	82,432
Investments in operating leases, net	32,114	35,455
Other assets	2,794	2,466
Total assets	134,352	135,041
LIABILITIES AND SHAREHOLDER'S EQUITY
Debt	108,873	109,152
Deferred income taxes	1,277	1,564
Other liabilities	5,861	6,224
Total liabilities	116,011	116,940
Commitments and contingencies (Refer to Note 9)
Shareholder's equity:
Capital stock, no par value (100,000 shares authorized; 91,500 issued and outstanding) at September 30, 2022 and March 31, 2022	915	915
Additional paid-in capital	2	2
Accumulated other comprehensive loss	(70)	(21)
Retained earnings	17,494	17,205
Total shareholder's equity	18,341	18,101
Total liabilities and shareholder's equity	$ 134,352	$ 135,041

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
Statement Of Financial Position [Abstract]
Finance receivables, allowance for credit losses	$ 1,366	$ 1,246
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 Balance Sheets (Su

Consolidated Balance Sheets (Supplemental) - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
ASSETS
Notes Receivable Net	$ 86,890	$ 82,432
Investments in operating leases, net	32,114	35,455
Other assets	2,794	2,466
Total assets	134,352	135,041
LIABILITIES
Debt	108,873	109,152
Other liabilities	5,861	6,224
Total liabilities	116,011	116,940
Variable Interest Entity, Primary Beneficiary
ASSETS
Notes Receivable Net	24,529	20,932
Investments in operating leases, net	12,227	11,886
Other assets	77	66
Total assets	36,833	32,884
LIABILITIES
Debt	29,947	26,864
Other liabilities	23	10
Total liabilities	$ 29,970	$ 26,874

Consolidated Statements of Shar

Consolidated Statements of Shareholder's Equity - USD ($) $ in Millions	Total	Capital stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Retained earnings
Balance at Mar. 31, 2021	$ 15,595	$ 915	$ 2	$ 8	$ 14,670
Net income	1,543	0	0	0	1,543
Other comprehensive (loss) income	7	0	0	7	0
Balance at Sep. 30, 2021	17,145	915	2	15	16,213
Balance at Jun. 30, 2021	16,525	915	2	17	15,591
Net income	622	0	0	0	622
Other comprehensive (loss) income	(2)	0	0	(2)	0
Balance at Sep. 30, 2021	17,145	915	2	15	16,213
Balance at Mar. 31, 2022	18,101	915	2	(21)	17,205
Net income	289	0	0	0	289
Other comprehensive (loss) income	(49)	0	0	(49)	0
Balance at Sep. 30, 2022	18,341	915	2	(70)	17,494
Balance at Jun. 30, 2022	18,245	915	2	(47)	17,375
Net income	119	0	0	0	119
Other comprehensive (loss) income	(23)	0	0	(23)	0
Balance at Sep. 30, 2022	$ 18,341	$ 915	$ 2	$ (70)	$ 17,494

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income	$ 289	$ 1,543
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,756	3,001
Recognition of deferred income	(982)	(1,251)
Provision for credit losses	291	65
Amortization of deferred costs	529	484
Foreign currency and other adjustments to the carrying value of financial instruments, net	(729)	(150)
Net losses (gains) from investments in marketable securities	592	(87)
Net change in:
Derivative assets	(14)	(20)
Other assets and accrued interest	(154)	(209)
Deferred income taxes	(273)	(363)
Derivative liabilities	20	17
Other liabilities	(388)	67
Net cash provided by operating activities	1,937	3,097
Cash flows from investing activities:
Purchase of investments in marketable securities	(1,154)	(1,049)
Proceeds from sales of investments in marketable securities	1,036	852
Proceeds from maturities of investments in marketable securities	27	268
Acquisition of finance receivables	(21,248)	(20,758)
Collection of finance receivables	17,313	16,887
Net change in wholesale and certain working capital receivables	(952)	3,539
Acquisition of investments in operating leases	(4,765)	(9,606)
Disposals of investments in operating leases	5,934	6,693
Long term loans to affiliates	(300)	(100)
Payments on long term loans from affiliates	100	100
Net change in financing support provided to affiliates	26
Other, net	(40)	(29)
Net cash used in investing activities	(4,023)	(3,203)
Cash flows from financing activities:
Proceeds from issuance of debt	18,694	21,677
Payments on debt	(18,068)	(20,138)
Net change in commercial paper and other short-term financing	(162)	596
Net change in financing support provided by affiliates	53	6
Net cash provided by financing activities	517	2,141
Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents	(1,569)	2,035
Cash and cash equivalents and restricted cash and cash equivalents at the beginning of the period	9,735	10,152
Cash and cash equivalents and restricted cash and cash equivalents at the end of the period	8,166	12,187
Supplemental disclosures:
Interest paid, net	802	876
Income taxes paid, net	$ 973	$ 904

Interim Financial Data

Interim Financial Data	6 Months Ended
Interim Financial Data	Sep. 30, 2022
Accounting Policies [Abstract]
Interim Financial Data	ote 1 – Interim Financial Data Basis of Presentation The information furnished in these unaudited interim consolidated financial statements as of and for the three and six months ended September 30, 2022 and 2021 has been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). In the opinion of management, the unaudited consolidated 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 six months ended September 30, 2022, do not necessarily indicate the results which may be expected for the full fiscal year ending March 31, 2023 (“fiscal 2023”). These financial statements should be read in conjunction with the Consolidated Financial Statements and Notes to 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, 2022 (“fiscal 2022”), which was filed with the Securities and Exchange Commission on June 3, 2022. 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. Other Matters In fiscal 2021, we announced the restructuring of our customer service operations to better serve our customers by relocating and streamlining the customer service operation and investing in new technology. The restructuring is in progress, and we plan to complete the process of moving our three regional CSCs to be co-located with the regional DSCs to become regional experience centers by the end of fiscal 2023. Costs associated with this restructure are not expected to be significant. In fiscal 2022, TMCC announced, in furtherance of its private label financial services initiative for third party automotive and mobility companies, that we entered into a nonbinding letter of intent with Great American Outdoors Group LLC, the parent company of Bass Pro Shops, Cabela’s and the White River Marine Group (“Bass Pro Shops”) to provide private label financial services for Bass Pro Shop’s boats, all-terrain vehicle products, and other mobility products. The Company began to provide inventory financing for Bass Pro Shops, its affiliates, and authorized independent dealers in fiscal 2023, with additional private label services, including consumer financing and voluntary protection products and services, to be added over time. We are leveraging our existing processes and personnel to originate and service the new assets, and we expect to make certain technology investments to support the Bass Pro Shops program. We did not acquire any existing Bass Pro Shops assets or liabilities pursuant to the agreement, and we do not expect launch costs to be significant. Recently Adopted Accounting Guidance On April 1, 2022 , we adopted ASU 2021-05, Lessors-Certain Leases with Variable Lease Payments (Topic 842) , which requires a lessor to classify and account for a lease with variable lease payments that do not depend on a reference index or rate as an operating lease if certain criteria are met. The adoption of this guidance did not have a material impact on our consolidated financial statements and related disclosures. Accounting Guidance Issued But Not Yet Adopted In March 2022, the FASB issued ASU 2022-02, Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures , which eliminates the accounting guidance for Troubled Debt Restructurings by creditors that have adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326 ): Measurement of Credit Losses on Financial Instruments , while enhancing disclosure requirements for certain loan refinancing and restructurings made to borrowers experiencing financial difficulty. Additionally, the ASU adds the requirement to disclose current period gross write-offs by year of origination for financing receivables. This ASU is effective for us on April 1, 2023, with early application permitted. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

Investments in Marketable Secur

Investments in Marketable Securities	6 Months Ended
Investments in Marketable Securities	Sep. 30, 2022
Marketable Securities [Abstract]
Investments in Marketable Securities	Note 2 – Investments in Marketable Securities Investments in marketable securities consist of debt securities and equity investments. We classify all of our debt securities as available-for-sale (“AFS”). Except when the fair value option is elected, AFS debt securities are recorded at fair value with unrealized gains or losses included in accumulated other comprehensive income (“AOCI”), net of applicable taxes. Realized gains and losses from sales of AFS debt securities are determined using the specific identification method or first in first out method and are included in Investment and other (loss) income, net in our Consolidated Statements of Income. We elected the fair value option for certain debt securities held within one of our affiliate investment portfolios for operational ease given the size and composition of this portfolio. All debt securities within this specific portfolio are recorded at fair value with changes in fair value included in Investment and other (loss) income, net in our Consolidated Statements of Income. As of September 30, 2022 and March 31, 2022, we held AFS debt securities for which the fair value option was elected of $ 617 million and $ 674 million, respectively. The difference between the aggregate fair value and the aggregate unpaid principal balance of AFS debt securities for which the fair value option was elected was an unrealized loss of $ 98 million and $ 41 million as of September 30, 2022 and March 31, 2022, respectively. All equity investments are recorded at fair value with changes in fair value included in Investment and other (loss) income, net in our Consolidated Statements of Income. Realized gains and losses from sales of equity investments are determined using the first in first out method and are included in Investment and other (loss) income, net in our Consolidated Statements of Income. Investments in marketable securities consisted of the following: September 30, 2022 Amortized Unrealized Unrealized Fair cost gains losses value Available-for-sale debt securities: U.S. government and agency obligations $ 642 $ - $ ( 78 ) $ 564 Foreign government and agency obligations 17 - ( 5 ) 12 Municipal debt securities 9 1 ( 1 ) 9 Corporate debt securities 513 1 ( 85 ) 429 Mortgage-backed securities: U.S. government agency 51 - ( 4 ) 47 Non-agency residential 10 - ( 1 ) 9 Non-agency commercial 87 1 ( 8 ) 80 Asset-backed securities 75 - ( 8 ) 67 Total available-for-sale debt securities $ 1,404 $ 3 $ ( 190 ) $ 1,217 Equity investments 3,171 Total investments in marketable securities $ 4,388 Note 2 – Investments in Marketable Securities (Continued) March 31, 2022 Amortized Unrealized Unrealized Fair cost gains losses value Available-for-sale debt securities: U.S. government and agency obligations $ 538 $ - $ ( 29 ) $ 509 Foreign government and agency obligations 26 - ( 3 ) 23 Municipal debt securities 9 1 - 10 Corporate debt securities 598 4 ( 34 ) 568 Mortgage-backed securities: U.S. government agency 20 - - 20 Non-agency residential 11 - ( 1 ) 10 Non-agency commercial 88 1 ( 3 ) 86 Asset-backed securities 82 - ( 4 ) 78 Total available-for-sale debt securities $ 1,372 $ 6 $ ( 74 ) $ 1,304 Equity investments 3,649 Total investments in marketable securities $ 4,953 A portion of our equity investments are investments in funds that are privately placed and managed by an open-end investment management company (the “Trust”). If we elect to redeem shares, the Trust will normally redeem all shares for cash, but 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 during any 90 -day period. We also invest in actively traded open-end mutual funds. Redemptions are subject to normal terms and conditions as described in each fund’s prospectus. For the three and six months ended September 30, 2022 , respectively, we had no non-cash investing activities related to in-kind redemptions. For the three months ended September 30, 2021, we had no non-cash investing activities related to in-kind redemptions. For the six months ended September 30, 2021, non-cash investing activities related to in-kind redemptions and subsequent purchases amounted to $ 1.1 billion. Unrealized Losses on Securities The following table presents the aggregate fair value and unrealized losses on AFS debt securities in a continuous unrealized loss position: September 30, 2022 Less than 12 months 12 months or longer Total Available-for-sale debt securities: Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses U.S. government and agency obligations $ 429 $ ( 51 ) $ 116 $ ( 27 ) $ 545 $ ( 78 ) Foreign government and agency obligations 5 ( 2 ) 7 ( 3 ) 12 ( 5 ) Municipal debt securities 2 ( 1 ) - - 2 ( 1 ) Corporate debt securities 270 ( 61 ) 147 ( 24 ) 417 ( 85 ) Mortgage-backed securities U.S. Government agency 45 ( 4 ) 1 - 46 ( 4 ) Non-agency residential 5 - 4 ( 1 ) 9 ( 1 ) Non-agency commercial 55 ( 6 ) 19 ( 2 ) 74 ( 8 ) Asset-backed securities 39 ( 3 ) 28 ( 5 ) 67 ( 8 ) Total available-for-sale debt securities $ 850 $ ( 128 ) $ 322 $ ( 62 ) $ 1,172 $ ( 190 ) The aggregate unrealized losses on AFS debt securities in a continuous unrealized loss position for twelve months or longer were not significant as of March 31, 2022 . Note 2 – Investments in Marketable Securities (Continued) An allowance for credit losses is established when it is determined that a credit loss has occurred. As of September 30, 2022 and March 31, 2022, management determined that credit losses did not exist for securities in an unrealized loss position. This analysis considered a variety of factors including, but not limited to, performance indicators of the issuer, default rates, industry analyst reports, credit ratings, and other relevant information, which indicated that contractual cash flows are expected to occur. Gains and Losses on Securities The following table represents gains and losses on our investments in marketable securities presented in our Consolidated Statements of Income: Three months ended Six months ended September 30, September 30, 2022 2021 2022 2021 Available-for-sale debt securities: Unrealized (losses) gains on securities for which the $ ( 22 ) $ ( 2 ) $ ( 57 ) $ 7 Realized losses on sales $ ( 11 ) $ - $ ( 25 ) $ - Equity investments: Unrealized (losses) gains $ ( 188 ) $ ( 26 ) $ ( 495 ) $ 58 Realized (losses) gains on sales $ ( 5 ) $ - $ ( 15 ) $ 22 Contractual Maturities The amortized cost and fair value by contractual maturities of available-for-sale debt securities 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. September 30, 2022 Amortized c ost Fair value Available-for-sale debt securities: Due within 1 year $ 77 $ 76 Due after 1 year through 5 years 351 326 Due after 5 years through 10 years 358 308 Due after 10 years 395 304 Mortgage-backed and asset-backed securities 1 223 203 Total $ 1,404 $ 1,217 1 Mortgage-backed and asset-backed securities are shown separately from other maturity groupings as these securities have multiple maturity dates.

Finance Receivables, Net

Finance Receivables, Net	6 Months Ended
Finance Receivables, Net	Sep. 30, 2022
Receivables [Abstract]
Finance Receivables, Net	Note 3 – Finance Receivables, Net Finance receivables, net consists of the retail loan and dealer products portfolio segments, and includes deferred origination costs, deferred income, and allowance for credit losses. Finance receivables, net also includes securitized retail receivables, which represent retail receivables that have been sold for legal purposes to securitization trusts but continue to be included in our consolidated financial statements, as discussed further in Note 8 – Variable Interest Entities . Cash flows from these securitized retail 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. Finance receivables, net consisted of the following: September 30, March 31, 2022 2022 Retail receivables 1 $ 76,918 $ 73,152 Dealer financing 11,065 10,298 87,983 83,450 Deferred origination costs 1,358 1,330 Deferred income ( 1,085 ) ( 1,102 ) Allowance for credit losses Retail receivables ( 1,321 ) ( 1,195 ) Dealer financing ( 45 ) ( 51 ) Total allowance for credit losses ( 1,366 ) ( 1,246 ) Finance receivables, net $ 86,890 $ 82,432 1 Includes securitized retail receivables of $ 24.7 billion and $ 21.2 billion as of September 30, 2022 and March 31, 2022 , respectively. Accrued interest related to finance receivables is presented in Other assets on the Consolidated Balance Sheets and was $ 241 million and $ 214 million at September 30, 2022 and March 31, 2022, respectively. Note 3 – Finance Receivables, Net (Continued) 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 Portfolio Segment The retail loan portfolio segment consists of one class of finance receivables. While we use various credit quality metrics to develop our allowance for credit losses on the retail loan portfolio segment, 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 within the retail loan portfolio segment are segregated into aging categories based on the number of days past due. The aging of finance receivables is updated monthly. The following tables present the amortized cost basis of our retail loan portfolio by origination fiscal year by credit quality indicator based on number of days past due: Amortized Cost Basis by Origination Fiscal Year at September 30, 2022 2023 2022 2021 2020 2019 2018 and Prior Total Aging of finance receivables: Current $ 18,374 $ 27,031 $ 17,651 $ 7,349 $ 3,326 $ 1,834 $ 75,565 30-59 days past due 103 406 317 142 84 69 1,121 60-89 days past due 27 124 95 42 26 21 335 90 days or greater past due 12 67 46 19 12 14 170 Total $ 18,516 $ 27,628 $ 18,109 $ 7,552 $ 3,448 $ 1,938 $ 77,191 Amortized Cost Basis by Origination Fiscal Year at March 31, 2022 2022 2021 2020 2019 2018 2017 and Prior Total Aging of finance receivables: Current $ 32,382 $ 21,917 $ 9,624 $ 4,774 $ 2,674 $ 718 $ 72,089 30-59 days past due 275 304 153 101 63 36 932 60-89 days past due 68 82 40 25 16 11 242 90 days or greater past due 33 39 17 13 8 7 117 Total $ 32,758 $ 22,342 $ 9,834 $ 4,913 $ 2,761 $ 772 $ 73,380 The amortized cost of retail loan portfolio excludes accrued interest of $ 208 million and $ 192 million at September 30, 2022 and March 31, 2022, respectively. The previous tables include contracts greater than 120 days past due, which are recorded at the fair value of collateral less estimated costs to sell, and contracts in bankruptcy. Note 3 – Finance Receivables, Net (Continued) Dealer Products Portfolio Segment The dealer products portfolio segment consists of three classes of finance receivables: wholesale, real estate and working capital. All loans outstanding for an individual dealer or dealer 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; and • Default – Account is not currently meeting contractual obligations or we have temporarily waived certain contractual requirements. The following tables present the amortized cost basis of our dealer products portfolio by credit quality indicator based on internal risk assessments by origination fiscal year: Amortized Cost Basis by Origination Fiscal Year at September 30, 2022 2023 2022 2021 2020 2019 2018 and Prior Revolving loans Total Wholesale Performing $ - $ - $ - $ - $ - $ - $ 3,444 $ 3,444 Credit Watch - - - - - - 16 16 At Risk - - - - - - - - Default - - - - - - - - Wholesale total $ - $ - $ - $ - $ - $ - $ 3,460 $ 3,460 Real estate Performing $ 558 $ 1,424 $ 1,149 $ 158 $ 335 $ 1,140 $ 138 $ 4,902 Credit Watch 5 - - - - - - 5 At Risk - - - - - - - - Default - - - - - - - - Real estate total $ 563 $ 1,424 $ 1,149 $ 158 $ 335 $ 1,140 $ 138 $ 4,907 Working Capital Performing $ 279 $ 520 $ 283 $ 155 $ 131 $ 136 $ 1,194 $ 2,698 Credit Watch - - - - - - - - At Risk - - - - - - - - Default - - - - - - - - Working capital total $ 279 $ 520 $ 283 $ 155 $ 131 $ 136 $ 1,194 $ 2,698 Total $ 842 $ 1,944 $ 1,432 $ 313 $ 466 $ 1,276 $ 4,792 $ 11,065 Note 3 – Finance Receivables, Net (Continued) Amortized Cost Basis by Origination Fiscal Year at March 31, 2022 2022 2021 2020 2019 2018 2017 and Prior Revolving loans Total Wholesale Performing $ - $ - $ - $ - $ - $ - $ 2,927 $ 2,927 Credit Watch - - - - - - 16 16 At Risk - - - - - - - - Default - - - - - - - - Wholesale total $ - $ - $ - $ - $ - $ - $ 2,943 $ 2,943 Real estate Performing $ 1,614 $ 1,245 $ 264 $ 384 $ 260 $ 1,245 $ - $ 5,012 Credit Watch 2 - - - - 5 - 7 At Risk - - - - - - - - Default - - - - - - - - Real estate total $ 1,616 $ 1,245 $ 264 $ 384 $ 260 $ 1,250 $ - $ 5,019 Working Capital Performing $ 662 $ 321 $ 209 $ 158 $ 37 $ 173 $ 774 $ 2,334 Credit Watch 1 1 - - - - - 2 At Risk - - - - - - - - Default - - - - - - - - Working capital total $ 663 $ 322 $ 209 $ 158 $ 37 $ 173 $ 774 $ 2,336 Total $ 2,279 $ 1,567 $ 473 $ 542 $ 297 $ 1,423 $ 3,717 $ 10,298 The amortized cost of the dealer products portfolio excludes accrued interest of $ 33 million and $ 22 million at September 30, 2022 and March 31, 2022, respectively. As of September 30, 2022 and March 31, 2022, the amount of line-of-credit arrangements that are converted to term loans in each reporting period was insignificant, respectively. Note 3 – Finance Receivables, Net (Continued) Past Due Finance Receivables by Class Substantially all finance receivables do not involve recourse to the dealer in the event of customer default. Finance receivables include contracts greater than 120 days past due, which are recorded at the fair value of collateral less estimated costs to sell, and contracts in bankruptcy. Contracts for which vehicles have been repossessed are excluded. For all finance receivables, we define “past due” as any payment, including principal and interest, that is at least 30 days past the contractual due date. For any customer who is granted a payment extension under an extension program, the aging of the receivable is adjusted for the number of days of the extension granted. The following tables summarize the aging of the amortized cost basis of our finance receivables by class: September 30, 2022 30 - 59 Days 60 - 89 Days 90 Days or Total Past Current Total Finance 90 Days or p ast Retail loan $ 1,121 $ 335 $ 170 $ 1,626 $ 75,565 $ 77,191 $ 111 Wholesale - - - - 3,460 3,460 - Real estate - - - - 4,907 4,907 - Working capital - - - - 2,698 2,698 - Total $ 1,121 $ 335 $ 170 $ 1,626 $ 86,630 $ 88,256 $ 111 March 31, 2022 30 - 59 Days 60 - 89 Days 90 Days or Total Past Current Total Finance 90 Days or p ast Retail loan $ 932 $ 242 $ 117 $ 1,291 $ 72,089 $ 73,380 $ 65 Wholesale - - - - 2,943 2,943 - Real estate - - - - 5,019 5,019 - Working capital - - - - 2,336 2,336 - Total $ 932 $ 242 $ 117 $ 1,291 $ 82,387 $ 83,678 $ 65 Note 3 – 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 six months ended September 30, 2022 and 2021 was not significant for each class of finance receivables. Troubled debt restructurings for accounts not under bankruptcy protection within the retail loan class of finance receivables are comprised exclusively of contract term extensions that reduce the monthly payment due from the customer. 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 or interest rate adjustments during the three and six months ended September 30, 2022 and 2021. We consider finance receivables under bankruptcy protection within the retail loan class 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 six months ended September 30, 2022 and 2021 , the financial impact of troubled debt restructurings related to finance receivables under bankruptcy protection was not significant to our Consolidated Statements of Income and Consolidated Balance Sheets.

Allowance for Credit Losses

Allowance for Credit Losses	6 Months Ended
Allowance for Credit Losses	Sep. 30, 2022
Loans And Leases Receivable Disclosure [Abstract]
Allowance for Credit Losses	Note 4 – Allowance for Credit Losses The following tables provide information related to our allowance for credit losses for finance receivables and certain off-balance sheet lending commitments by portfolio segment: Three months ended September 30, 2022 Retail loan Dealer p roducts Total Beginning balance, July 1, 2022 $ 1,209 $ 65 $ 1,274 Charge-offs ( 106 ) - ( 106 ) Recoveries 14 - 14 Provision for credit losses 204 9 213 Ending balance, September 30, 2022 ¹ $ 1,321 $ 74 $ 1,395 Six months ended September 30, 2022 Retail loan Dealer products Total Beginning balance, April 1, 2022 $ 1,195 $ 77 $ 1,272 Charge-offs ( 197 ) - ( 197 ) Recoveries 29 - 29 Provision for credit losses 294 ( 3 ) 291 Ending balance, September 30, 2022 ¹ $ 1,321 $ 74 $ 1,395 1 Ending balance includes $ 29 million of allowance for credit losses related to off-balance sheet commitments in the dealer products portfolio which is included in Other liabilities on the Consolidated Balance Sheet. Three months ended September 30, 2021 Retail loan Dealer p roducts Total Beginning balance, July 1, 2021 $ 1,052 $ 144 $ 1,196 Charge-offs ( 55 ) - ( 55 ) Recoveries 15 - 15 Provision for credit losses 123 ( 55 ) 68 Ending balance, September 30, 2021 ¹ $ 1,135 $ 89 $ 1,224 Six months ended September 30, 2021 Retail loan Dealer products Total Beginning balance, April 1, 2021 $ 1,075 $ 140 $ 1,215 Charge-offs ( 88 ) - ( 88 ) Recoveries 32 - 32 Provision for credit losses 116 ( 51 ) 65 Ending balance, September 30, 2021 ¹ $ 1,135 $ 89 $ 1,224 1 Ending balance includes $ 34 million of allowance for credit losses related to off-balance sheet commitments in the dealer products portfolio which is included in Other liabilities on the Consolidated Balance Sheet. Note 4 – Allowance for Credit Losses (Continued) We have elected to exclude accrued interest from the measurement of expected credit losses as we apply policies and procedures that result in the timely write-offs of accrued interest. Accrued interest is written off within allowance for credit losses at the earlier of when an account is deemed to be uncollectible or when an account is greater than 120 days past due. Finance receivables for the dealer products portfolio segment as of September 30, 2022, includes $ 976 million in finance receivables that are guaranteed by Toyota Motor North America, Inc. (“TMNA”), and $ 186 million in finance receivables that are guaranteed by third-party private Toyota distributors. Finance receivables for the dealer products portfolio segment as of September 30, 2021, includes $ 1.0 billion in finance receivables that are guaranteed by TMNA, and $ 178 million in finance receivables that are guaranteed by third-party private Toyota distributors. These finance receivables are related to certain Toyota and Lexus dealers and other third parties to whom we provided financing at the request of TMNA and third-party private Toyota distributors.

Investments in Operating Leases

Investments in Operating Leases, Net	6 Months Ended
Investments in Operating Leases, Net	Sep. 30, 2022
Leases Operating [Abstract]
Investments in Operating Leases, Net	Note 5 – Investments in Operating Leases, Net Investments in operating leases, net consists of vehicle lease contracts acquired from dealers, and includes deferred origination fees and costs, deferred income, and accumulated depreciation. 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 as discussed further in Note 8 - Variable Interest Entities . 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: September 30, March 31, 2022 2022 Investments in operating leases 1 $ 41,659 $ 45,728 Deferred origination (fees) and costs, net ( 39 ) ( 46 ) Deferred income ( 908 ) ( 1,272 ) Accumulated depreciation ( 8,598 ) ( 8,955 ) Investments in operating leases, net $ 32,114 $ 35,455 1 Includes securitized investments in operating leases of $ 16.7 billion and $ 16.2 billion as of September 30, 2022 and March 31, 2022 , respectively.

Derivatives, Hedging Activities

Derivatives, Hedging Activities and Interest Expense	6 Months Ended
Derivatives, Hedging Activities and Interest Expense	Sep. 30, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives, Hedging Activities and Interest Expense	Note 6 – Derivatives, Hedging Activities and Interest Expense Derivative Instruments Our liabilities consist mainly of fixed and variable rate debt, denominated in U.S. dollars and various other 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 economically 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 the fair value of assets and liabilities caused by market movements. All of our derivative activities are authorized and monitored by our management and our Asset-Liability Committee which provides a framework for financial controls and governance to manage market risk. All derivative instruments are recorded on the balance sheet at fair value, taking into consideration the effects of legally enforceable master netting agreements that allow us to net settle asset and liability positions and offset cash collateral with the same counterparty on a net basis. Changes in the fair value of our derivative instruments are recorded in Interest expense in our Consolidated Statements of Income. The derivative instruments are included as a component of Other assets or Other liabilities on our Consolidated Balance Sheets. Offsetting of Derivatives Accounting guidance permits the net presentation on our Consolidated Balance Sheets of derivative receivables and derivative payables with the same counterparty and the related cash collateral when a legally enforceable master netting agreement exists, or when the derivative receivables and derivative payables meet all the conditions for the right of setoff to exist. When we meet this condition, we elect to present such balances on a net basis. Over-the-Counter (“OTC”) Derivatives Our International Swaps and Derivatives Association (“ISDA”) Master Agreements are our master netting agreements which permit multiple transactions to be cancelled and settled with a single net balance paid to either party for our OTC derivatives. The master netting agreements also contain reciprocal collateral agreements which require the transfer of cash collateral to the party in a net asset position across all transactions. Our collateral agreements with substantially all our counterparties include a zero threshold, full collateralization arrangement. Although we have daily valuation and collateral exchange arrangements with all of our counterparties, due to the time required to move collateral, there may be a delay of up to one day between the exchange of collateral and the valuation of our derivatives. We would not be required to post additional collateral to the counterparties with whom we were in a net liability position at September 30, 2022 , if our credit ratings were to decline, since we fully collateralize without regard to credit ratings with these counterparties. In addition, as our collateral agreements include legal right of offset provisions, collateral amounts are netted against derivative assets or derivative liabilities, and the net amount is included in Other assets or Other liabilities on our Consolidated Balance Sheets. Centrally Cleared Derivatives For our centrally cleared derivatives, variation margin payments are legally characterized as settlement payments and accounted for with corresponding derivative positions as one unit of account as opposed to collateral. Initial margin payments are separately recorded in Other assets on our Consolidated Balance Sheets. We perform valuation and margin exchange on a daily basis. Similar to the OTC swaps, there may be a delay of up to one day between the exchange of margin payments and the valuation of our derivatives. Note 6 – Derivatives, Hedging Activities and Interest Expense (Continued) Derivative Activity Impact on Consolidated Financial Statements The following tables show the financial statement line item and amount of our derivative assets and liabilities that are reported on our Consolidated Balance Sheets: September 30, 2022 March 31, 2022 Fair Fair Notional value Notional value Other assets: Interest rate swaps $ 62,895 $ 2,174 $ 64,327 $ 1,425 Foreign currency swaps 129 20 1,594 55 Total $ 63,024 $ 2,194 $ 65,921 $ 1,480 Counterparty netting ( 1,162 ) ( 761 ) Collateral held ( 957 ) ( 658 ) Carrying value of derivative contracts – Other assets $ 75 $ 61 Other liabilities: Interest rate swaps $ 32,692 $ 1,452 $ 19,903 $ 822 Foreign currency swaps 7,629 1,819 8,102 717 Total $ 40,321 $ 3,271 $ 28,005 $ 1,539 Counterparty netting ( 1,162 ) ( 761 ) Collateral posted ( 2,064 ) ( 753 ) Carrying value of derivative contracts – Other liabilities $ 45 $ 25 As of September 30, 2022 and March 31, 2022, excess collateral and variation margin held, which we did not use to offset derivative assets and was recorded in Other liabilities on our Consolidated Balance Sheets, was not significant. As of September 30, 2022 and March 31, 2022, we posted initial margin and excess collateral of $ 202 million and $ 132 million, respectively, which we did not use to offset derivative liabilities and was recorded in Other assets on our Consolidated Balance Sheets. Note 6 – 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, as reported in our Consolidated Statements of Income: Three months ended Six months ended September 30, September 30, 2022 2021 2022 2021 Interest expense on debt $ 623 $ 382 $ 1,069 $ 771 Interest (income) expense on derivatives ( 120 ) 48 ( 182 ) 114 Interest expense on debt and derivatives 503 430 887 885 Gains on debt denominated in ( 590 ) ( 287 ) ( 1,181 ) ( 277 ) Losses on foreign currency swaps 743 333 1,456 358 Losses (gains) on U.S. dollar interest rate swaps 49 ( 53 ) 106 ( 257 ) Total interest expense $ 705 $ 423 $ 1,268 $ 709 Interest expense on debt and derivatives represents net interest settlements and changes in accruals. Gains and losses on derivatives and debt denominated in foreign currencies exclude net interest settlements and changes in accruals. Cash flows associated with derivatives are reported in Net cash provided by operating activities in our Consolidated Statements of Cash Flows.

Debt and Credit Facilities

Debt and Credit Facilities	6 Months Ended
Debt and Credit Facilities	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt and Credit Facilities	Note 7 – Debt and Credit Facilities Debt and the related weighted average contractual interest rates are summarized as follows: September 30, 2022 March 31, 2022 Face value Carrying value Weighted average Face value Carrying value Weighted average Unsecured notes and loans payable $ 79,252 $ 78,926 2.42 % $ 82,542 $ 82,288 1.30 % Secured notes and loans payable 29,996 29,947 2.36 % 26,907 26,864 1.01 % Total debt $ 109,248 $ 108,873 2.40 % $ 109,449 $ 109,152 1.23 % The carrying value of our debt includes unamortized premiums, discounts, debt issuance costs and the effects of foreign currency translation adjustments. Weighted average contractual interest rates are calculated based on original notional or par value before consideration of premium or discount and approximate the effective interest rates. Debt is callable at par value. Unsecured Notes and Loans Payable Our unsecured notes and loans payable consist of commercial paper and fixed and variable rate debt. Short-term funding needs are met through the issuance of commercial paper in the U.S. Amounts outstanding under our commercial paper programs were $ 17.4 billion and $ 16.9 billion as of September 30, 2022 and March 31, 2022, respectively. Upon issuance of fixed rate debt, we generally elect to enter into pay-float swaps to convert fixed rate payments on debt to floating rate payments. Certain unsecured notes and loans payable are denominated in various foreign currencies. The debt is translated into U.S. dollars using the applicable exchange rate at the transaction date and retranslated at each balance sheet date using the exchange rate in effect at that date. Concurrent with the issuance of these foreign currency unsecured notes and loans payable, we enter into currency swaps in the same notional amount to convert non-U.S. currency payments to U.S. dollar denominated payments. Gains and losses related to foreign currency transactions are included in Interest expense in our Consolidated Statements of Income. Certain of our unsecured notes and loans payable contain covenants and conditions customary in transactions of this nature, including negative pledge provisions, cross-default provisions and limitations on certain consolidations, mergers and sales of assets. We are currently in compliance with these covenants and conditions. Secured Notes and Loans Payable Our secured notes and loans payable are denominated in U.S. dollars and consist of both fixed and variable rate debt. Secured notes and loans payable are issued using on-balance sheet securitization trusts, as further discussed in Note 8 – 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. Some of our secured notes are backed by a revolving pool of finance receivables and cash collateral, with the ability to repay the notes in full after the revolving period ends, after which an amortization period begins. Note 7 – Debt and Credit Facilities (Continued) Credit Facilities and Letters of Credit For additional liquidity purposes, we maintain credit facilities, which may be used for general corporate purposes, as described below: 364-Day Credit Agreement, Three-Year Credit Agreement and Five-Year Credit Agreement TMCC, Toyota Credit de Puerto Rico Corp. (“TCPR”), and other Toyota affiliates are party to 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 2023, 2025, and 2027, 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 were no t drawn upon and had no outstanding balances as of September 30, 2022 and March 31, 2022. We are currently in compliance with the covenants and conditions of the credit agreements described above. Committed Revolving Asset-backed Facility We are party to a 364-day revolving securitization facility with certain bank-sponsored asset-backed conduits and other financial institutions expiring in fiscal 2024. Under the terms and subject to the conditions of this facility, the committed lenders under the facility have committed to make advances up to a facility limit of $ 8.0 billion backed by eligible retail finance receivables transferred by us to a special-purpose entity acting as borrower. We utilized $ 2.4 billion and $ 3.2 billion of this facility as of September 30, 2022 and March 31, 2022, respectively. Other Unsecured Credit Agreements TMCC is party to additional unsecured credit facilities with various banks. As of September 30, 2022, TMCC had committed bank credit facilities totaling $ 4.6 billion , of which $ 1.9 billion , $ 425 million , $ 1.9 billion , and $ 375 million mature in fiscal 2023, 2024, 2025, and 2026 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 no t drawn upon and had no outstanding balances as of September 30, 2022 and March 31, 2022. We are currently in compliance with the covenants and conditions of the credit agreements described above. TMCC is party to a $ 5.0 billion three-year revolving credit facility with Toyota Motor Sales U.S.A., Inc. expiring in fiscal 2025. This credit facility was no t drawn upon and had no outstanding balance as of September 30, 2022 and March 31, 2022. From time to time, we may borrow from affiliates based upon a number of business factors such as funds availability, cash flow timing, relative cost of funds, and market access capabilities. Amounts borrowed from affiliates are recorded in Other liabilities on our Consolidated Balance Sheets.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
Variable Interest Entities	Sep. 30, 2022
Variable Interest Entities [Abstract]
Variable Interest Entities	Note 8 – 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 on our Consolidated Balance Sheets: September 30, 2022 VIE Assets VIE Liabilities Net Restricted securitized Other Debt Other Retail finance receivables $ 1,248 $ 24,529 $ 63 $ 21,316 $ 17 Investments in operating leases 607 12,227 14 8,631 6 Total $ 1,855 $ 36,756 $ 77 $ 29,947 $ 23 March 31, 2022 VIE Assets VIE Liabilities Net Restricted securitized Other Debt Other Retail finance receivables $ 1,284 $ 20,932 $ 51 $ 18,562 $ 8 Investments in operating leases 645 11,886 15 8,302 2 Total $ 1,929 $ 32,818 $ 66 $ 26,864 $ 10 Restricted Cash, including cash equivalents, shown in the previous tables represent collections from the underlying Net securitized assets and certain reserve deposits held by TMCC for the VIEs and is included as part of Restricted cash and cash equivalents on our Consolidated Balance Sheets. Net securitized assets shown in the previous tables are presented net of deferred fees and costs, deferred income, accumulated depreciation and allowance for credit losses. Other assets represent accrued interests related to securitized retail finance receivables and 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 $ 1.6 billion and $ 1.7 billion of securities retained by TMCC at September 30, 2022 and March 31, 2022, respectively. Other liabilities represent accrued interest on the debt of the consolidated VIEs. The assets of the VIEs and the restricted cash and cash equivalents 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 in 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. Note 8 – Variable Interest Entities (Continued) 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 Sheets. 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 retail finance receivables 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 and Lexus dealers through the Toyota Dealer Investment Group’s Dealer Capital Program (“TDIG Program”) operated by our affiliate TMNA, which has an equity interest 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. Amounts due from these dealers under the TDIG Program that are classified as Finance receivables, net in our Consolidated Balance Sheets at September 30, 2022 and March 31, 2022 and revenues earned from these dealers for the three and six months ended September 30, 2022 and 2021 were not significant. We also have other lending relationships which have been determined to be VIEs, but these relationships are not consolidated as we are not the primary beneficiary. Amounts due from these lending relationships at September 30, 2022 and March 31, 2022 and revenues earned under these relationships for the three and six months ended September 30, 2022 and 2021 were not significant.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Sep. 30, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9 – 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: September 30, March 31, 2022 2022 Commitments: Credit facilities commitments with dealers $ 3,212 $ 3,289 Commitments under operating lease agreements 113 119 Total commitments 3,325 3,408 Guarantees of affiliate pollution control and solid waste disposal bonds 100 100 Total commitments and guarantees $ 3,425 $ 3,508 Wholesale financing is not considered to be a contractual commitment as the arrangements are not binding arrangements under which TMCC is required to perform. Commitments We provide fixed and variable rate working capital loans, revolving lines of credit, and real estate financing to dealers and various multi-franchise organizations referred to as dealer groups for facilities construction and refurbishment, working capital requirements, real estate purchases, business acquisitions and other general business purposes. These loans are typically secured with liens on real estate, vehicle inventory, and/or other dealership assets, as appropriate, and may be guaranteed by individual or corporate guarantees of affiliated dealers, dealer groups, or dealer principals. 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 pricing reflects market conditions, the competitive environment, the level of support dealers provide our retail, lease and voluntary protection business 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. In addition to the total commitments and guarantees in the previous table, we also have extended credit facilities to affiliates as described in Note 12 – Related Party Transactions in our fiscal 2022 Form 10-K. Lease Commitments Our operating lease portfolio consists of real estate leases. Total operating lease expense, including payments to affiliates, was $ 15 million and $ 7 million for the first half and second quarter of fiscal 2023, as compared to $ 17 million and $ 8 million for the same periods in fiscal 2022 . We have a lease agreement through August 2032 with TMNA for our headquarters facility in Plano, Texas. Commitments under operating lease agreements in the previous table include $ 81 million and $ 84 million for facilities leases with affiliates at September 30, 2022 and March 31, 2022, respectively. Lease terms may contain renewal and extension options or early termination features. Generally, these options do not impact the lease term because TMCC is not reasonably certain that it will exercise the options. These lease agreements do not impose restrictions on our ability to pay dividends, engage in debt or equity financing transactions or enter into further lease agreements, nor do they have residual value guarantees. We exclude from our Consolidated Balance Sheets leases with a term equal to one year or less and do not separate non-lease components from our real estate leases. Note 9 – Commitments and Contingencies (Continued) Our commitments under operating lease agreements are summarized below: September 30, Years ending March 31, 2022 2023 $ 9 2024 17 2025 15 2026 14 2027 13 Thereafter 45 Total $ 113 Present value discount ( 12 ) Total operating lease liability $ 101 Operating lease liabilities and right-of-use (“ROU”) assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. As the interest rate implicit in the lease contract is typically not readily determinable, we utilize our incremental borrowing rate at the lease commencement date for the duration of the lease term. The following table provides additional information related to operating lease agreements for which we are the lessee: September 30, 2022 ROU assets $ 91 Weighted average remaining lease term (in years) 7.7 Weighted average discount rate 2.68 % 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 applicable affiliates for any amounts paid. TMCC receives a nominal annual fee for guaranteeing such payments. TMCC has not been required to perform under any of these affiliate bond guarantees as of September 30, 2022 and March 31, 2022. Note 9 – Commitments and Contingencies (Continued) 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, supplier and service agreements. Performance under these indemnities would generally occur upon a breach of the representations, warranties, covenants or other commitments made or given in the agreement, or as a result of 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 September 30, 2022, we determined that it is not probable that we will be required to make any material payments in the future. As of September 30, 2022 and March 31, 2022 , no amounts have been recorded under these indemnification provisions. L itigation 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. In addition, we are subject to governmental and regulatory examinations, information-gathering requests, and investigations from time to time at the state and federal levels. It is inherently difficult to predict the course of such legal actions and governmental inquiries. 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 probable 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 probable 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. On November 24, 2020, the Consumer Financial Protection Bureau (“CFPB”) issued a civil investigative demand to the Company seeking, among other things, certain information relating to the Company’s vehicle and payment protection products and credit reporting policies and procedures and reporting records. We are cooperating with the inquiry and cannot predict the eventual scope, duration or outcome at this time. As a result, we are unable to estimate the amount or range of any potential loss arising from this investigation.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 1 0 – Income Taxes Our provision for income taxes was $ 49 million and $ 100 million for the three and six months ended September 30, 2022, respectively, compared to $ 197 million and $ 464 million for the same periods in fiscal 2022. Our effective tax rate was 29 percent and 26 percent for the three and six months ended September 30, 2022, respectively, compared to 24 percent and 23 percent for the same periods in fiscal 2022. The decrease in the provision for income taxes for the three and six months ended September 30, 2022, compared to the same periods in fiscal 2022, was primarily due to the decrease in income before income taxes. The higher effective tax rate for the three and six months ended September 30, 2022, compared to the same periods in fiscal 2022, was primarily attributable to the decrease in federal plug-in vehicle credits and the increase in unrecognized state tax benefits in the current period. In August 2022, the Inflation Reduction Act ("the Act") was signed into law. The Act modifies climate and clean energy corporate tax provisions, including amendments to the federal tax credit for plug-in vehicles available under current tax law. The Act also includes a 15 percent corporate alternative minimum tax based on modified financial statement net income, applying to tax years beginning after December 31, 2022, which we expect to be applicable in fiscal 2024. As additional guidance related to the Act is issued, we will evaluate any impact to our consolidated financial statements. We do not expect the Act to have a material impact on our results of operations for fiscal 2023. Tax-related Contingencies As of September 30, 2022, we remain under IRS examination for fiscal 2018 through fiscal 2023. We periodically review our uncertain tax positions. Our assessment is based on many factors including any ongoing IRS audits. For the three months ended September 30, 2022, our assessment did not result in a material change in unrecognized tax benefits. Our deferred tax assets include the deferred deduction of allowance for credit losses and residual value loss estimates, mark-to-market adjustment of investment in marketable securities, and other deferred costs. The total deferred tax liability, net of these deferred tax assets, was $ 1.3 billion and $ 1.6 billion at September 30, 2022 and March 31, 2022 , respectively. Although realization of the deferred tax assets 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.

Related Party Transactions

Related Party Transactions	6 Months Ended
Related Party Transactions	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Note 1 1 – Related Party Transactions As of September 30, 2022, there were no material changes to our related party agreements or relationships as described in our fiscal 2022 Form 10-K. The tables below show the financial statement line items and amounts included in our Consolidated Statements of Income and in our Consolidated Balance Sheets under various related party agreements or relationships: Three months ended Six months ended September 30, September 30, 2022 2021 2022 2021 Net financing revenues: Manufacturer's subvention and other revenues $ 316 $ 457 $ 655 $ 936 Depreciation on operating leases $ 34 $ ( 25 ) $ 56 $ ( 53 ) Interest expense: Credit support fees, interest and other expenses $ 24 $ 27 $ 47 $ 51 Voluntary protection contract revenues Voluntary protection contract revenues $ 39 $ 43 $ 79 $ 85 Investment and other income, net: Interest and other income $ 3 $ 2 $ ( 3 ) $ 5 Expenses: Operating and administrative $ 16 $ 22 $ 37 $ 43 Note 11 – Related Party Transactions (Continued) September 30, March 31, 2022 2022 Assets: Cash and cash equivalents Commercial paper $ - $ 100 Finance receivables, net Accounts receivable $ 27 $ 90 Deferred retail subvention income $ ( 858 ) $ ( 875 ) Investments in operating leases, net Investments in operating leases, net $ ( 252 ) $ ( 212 ) Deferred lease subvention income $ ( 624 ) $ ( 923 ) Other assets Notes receivable $ 948 $ 789 Other receivables, net $ 82 $ 80 Liabilities: Other liabilities Unearned voluntary protection contract revenues $ 377 $ 374 Other payables, net $ 528 $ 394 Notes payable $ 61 $ 8 TMCC receives subvention payments from TMNA which results in a gross monthly subvention receivable. As of September 30, 2022 and March 31, 2022, the subvention receivable from TMNA was $ 98 million and $ 66 million, respectively. We have a master netting agreement with TMNA which allows us to net settle payments for shared services and subvention transactions. Under this agreement, as of September 30, 2022 and March 31, 2022 , respectively, we had a net amount payable to TMNA which is recorded in Other payables, net in Other liabilities.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 1 2 – Fair Value Measurements Recurring Fair Value Measurements 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. The following tables summarize our financial assets and financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy except for certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and are excluded from the leveling information provided in the tables below. Fair value amounts presented below are intended to permit reconciliation of the fair value hierarchy to the amounts presented in our Consolidated Balance Sheets. September 30, 2022 Counterparty netting & Fair Level 1 Level 2 Level 3 collateral value Investments in marketable securities: Available-for-sale debt securities: U.S. government and agency obligations $ 560 $ 4 $ - $ - $ 564 Foreign government and agency obligations - 12 - - 12 Municipal debt securities - 9 - - 9 Corporate debt securities - 429 - - 429 Mortgage-backed securities: U.S. government agency - 47 - - 47 Non-agency residential - 6 3 - 9 Non-agency commercial - 75 5 - 80 Asset-backed securities - 65 2 - 67 Available-for-sale debt securities total 560 647 10 - 1,217 Equity investments: Fixed income mutual funds: Fixed income mutual funds measured at 1,021 Total return bond funds 1,411 - - - 1,411 Equity mutual funds 739 - - - 739 Equity investments total 2,150 - - - 3,171 Investments in marketable securities total 2,710 647 10 - 4,388 Derivative assets: Interest rate swaps - 2,174 - - 2,174 Foreign currency swaps - 20 - - 20 Counterparty netting and collateral - - - ( 2,119 ) ( 2,119 ) Derivative assets total - 2,194 - ( 2,119 ) 75 Assets at fair value 2,710 2,841 10 ( 2,119 ) 4,463 Derivative liabilities: Interest rate swaps - ( 1,452 ) - - ( 1,452 ) Foreign currency swaps - ( 1,819 ) - - ( 1,819 ) Counterparty netting and collateral - - - 3,226 3,226 Liabilities at fair value - ( 3,271 ) - 3,226 ( 45 ) Net assets at fair value $ 2,710 $ ( 430 ) $ 10 $ 1,107 $ 4,418 Note 12 – Fair Value Measurements (Continued) March 31, 2022 Counterparty netting & Fair Level 1 Level 2 Level 3 collateral value Investments in marketable securities: Available-for-sale debt securities: U.S. government and agency obligations $ 504 $ 5 $ - $ - $ 509 Foreign government and agency obligations - 23 - - 23 Municipal debt securities - 10 - - 10 Corporate debt securities - 568 - - 568 Mortgage-backed securities: U.S. government agency - 20 - - 20 Non-agency residential - 7 3 - 10 Non-agency commercial - 78 8 - 86 Asset-backed securities - 75 3 - 78 Available-for-sale debt securities total 504 786 14 - 1,304 Equity investments: Fixed income mutual funds: Fixed income mutual funds measured at 1,137 Total return bond funds 1,576 - - - 1,576 Equity mutual funds 936 - - - 936 Equity investments total 2,512 - - - 3,649 Investments in marketable securities total 3,016 786 14 - 4,953 Derivative assets: Interest rate swaps - 1,425 - - 1,425 Foreign currency swaps - 55 - - 55 Counterparty netting and collateral - - - ( 1,419 ) ( 1,419 ) Derivative assets total - 1,480 - ( 1,419 ) 61 Assets at fair value 3,016 2,266 14 ( 1,419 ) 5,014 Derivative liabilities: Interest rate swaps - ( 822 ) - - ( 822 ) Foreign currency swaps - ( 717 ) - - ( 717 ) Counterparty netting and collateral - - - 1,514 1,514 Liabilities at fair value - ( 1,539 ) - 1,514 ( 25 ) Net assets at fair value $ 3,016 $ 727 $ 14 $ 95 $ 4,989 Level 3 Fair Value Measurements The Level 3 financial assets and liabilities recorded at fair value which are subject to recurring and nonrecurring fair value measurement, and the corresponding activity and change in the fair value measurements of these assets and liabilities, were not significant to our Consolidated Balance Sheets as of September 30, 2022 and March 31, 2022, or Consolidated Statements of Income for the three and six months ended September 30, 2022 and 2021. Nonrecurring Fair Value Measurements Nonrecurring fair value measurements include 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. We did not have any significant nonrecurring fair value items as of September 30, 2022 and March 31, 2022. Note 12 – Fair Value Measurements (Continued) Financial Instruments The following tables provide information about assets and liabilities not carried at fair value on a recurring basis on our Consolidated Balance Sheets: September 30, 2022 Carrying Total Fair value Level 1 Level 2 Level 3 value Financial assets Finance receivables Retail loan $ 76,073 $ - $ - $ 74,924 $ 74,924 Wholesale 3,465 - - 3,442 3,442 Real estate 4,899 - - 4,788 4,788 Working capital 2,661 - - 2,566 2,566 Financial liabilities Unsecured notes and loans payable $ 78,926 $ - $ 75,908 $ - $ 75,908 Secured notes and loans payable 29,947 - - 29,113 29,113 March 31, 2022 Carrying Total Fair value Level 1 Level 2 Level 3 value Financial assets Finance receivables Retail loan $ 72,369 $ - $ - $ 73,385 $ 73,385 Wholesale 2,940 - - 2,931 2,931 Real estate 4,985 - - 4,961 4,961 Working capital 2,256 - - 2,171 2,171 Financial liabilities Unsecured notes and loans payable $ 82,288 $ - $ 80,980 $ - $ 80,980 Secured notes and loans payable $ 26,864 $ - $ - $ 26,500 $ 26,500 Accrued interest related to finance receivables is in Other assets in the Consolidated Balance Sheets; however, TMCC measures the fair value of each class of finance receivables using scheduled principal and interest payments. Therefore, accrued interest has been included in the carrying value of each class of finance receivables in the previous tables, along with the finance receivables, deferred origination costs, deferred income, and allowance for credit losses. Finance receivables in the previous tables excludes related party transactions, for which the fair value approximates the carrying value, of $ 27 million and $ 90 million at September 30, 2022 and March 31, 2022, respectively. Fair values of related party finance receivables, net are classified as Level 3 within the fair value hierarchy. For Cash and cash equivalents and Restricted cash and cash equivalents on our Consolidated Balance Sheets, the fair value approximates the carrying value and these instruments are classified as Level 1 within the fair value hierarchy.

Segment Information

Segment Information	6 Months Ended
Segment Information	Sep. 30, 2022
Segment Reporting [Abstract]
Segment Information	Note 1 3 – Segment Information Financial information for our reportable operating segments, which includes allocated corporate expenses, is summarized as follows: Three months ended September 30, 2022 Finance Voluntary protection Intercompany operations operations eliminations Total Total financing revenues $ 2,824 $ - $ - $ 2,824 Depreciation on operating leases 1,305 - - 1,305 Interest expense 705 - - 705 Net financing revenues 814 - - 814 Voluntary protection contract revenues - 263 - 263 Investment and other income (loss), net 55 ( 193 ) - ( 138 ) Net financing and other revenues 869 70 - 939 Expenses: Provision for credit losses 213 - - 213 Operating and administrative expenses 339 105 - 444 Voluntary protection contract expenses and insurance losses - 114 - 114 Total expenses 552 219 - 771 Income (loss) before income taxes 317 ( 149 ) - 168 Provision (benefit) for income taxes 86 ( 37 ) - 49 Net income (loss) $ 231 $ ( 112 ) $ - $ 119 Six months ended September 30, 2022 Finance Voluntary protection Intercompany operations operations eliminations Total Total financing revenues $ 5,655 $ - $ - $ 5,655 Depreciation on operating leases 2,714 - - 2,714 Interest expense 1,268 - - 1,268 Net financing revenues 1,673 - - 1,673 Voluntary protection contract revenues - 522 - 522 Investment and other income (loss), net 88 ( 532 ) - ( 444 ) Net financing and other revenues 1,761 ( 10 ) - 1,751 Expenses: Provision for credit losses 291 - - 291 Operating and administrative 638 212 - 850 Voluntary protection contract expenses and insurance losses - 221 - 221 Total expenses 929 433 - 1,362 Income (loss) before income taxes 832 ( 443 ) - 389 Provision (benefit) for income taxes 211 ( 111 ) - 100 Net income (loss) $ 621 $ ( 332 ) $ - $ 289 Total assets at September 30, 2022 $ 128,403 $ 6,077 $ ( 128 ) $ 134,352 Note 13 – Segment Information (Continued) Three months ended September 30, 2021 Finance Voluntary protection Intercompany operations operations eliminations Total Total financing revenues $ 3,032 $ - $ - $ 3,032 Depreciation on operating leases 1,499 - - 1,499 Interest expense 423 - - 423 Net financing revenues 1,110 - - 1,110 Voluntary protection contract revenues - 254 - 254 Investment and other income (loss), net 9 ( 2 ) - 7 Net financing and other revenues 1,119 252 - 1,371 Expenses: Provision for credit losses 68 - - 68 Operating and administrative expenses 287 98 - 385 Voluntary protection contract expenses and insurance losses - 99 - 99 Total expenses 355 197 - 552 Income before income taxes 764 55 - 819 Provision for income taxes 185 12 - 197 Net income $ 579 $ 43 $ - $ 622 Six months ended September 30, 2021 Finance Voluntary protection Intercompany operations operations eliminations Total Total financing revenues $ 6,031 $ - $ - $ 6,031 Depreciation on operating leases 2,940 - - 2,940 Interest expense 709 - - 709 Net financing revenues 2,382 - - 2,382 Voluntary protection contract revenues - 503 - 503 Investment and other income, net 28 135 - 163 Net financing and other revenues 2,410 638 - 3,048 Expenses: Provision for credit losses 65 - - 65 Operating and administrative 579 190 - 769 Voluntary protection contract expenses and insurance losses - 207 - 207 Total expenses 644 397 - 1,041 Income before income taxes 1,766 241 - 2,007 Provision for income taxes 406 58 - 464 Net income $ 1,360 $ 183 $ - $ 1,543 Total assets at September 30, 2021 $ 130,544 $ 6,571 $ ( 138 ) $ 136,977 Note 13 – Segment Information (Continued) Voluntary protection operations – Contract revenues For the three and six months ended September 30, 2022 and 2021, approximately 83 percent and 82 percent, respectively, of voluntary protection contract revenues in the Voluntary protection operations segment were accounted for under the guidance for revenue from contracts with customers. The Voluntary protection operations segment defers contractually determined incentives paid to dealers as contract costs for selling voluntary protection products. These costs are recorded in Other assets on our Consolidated Balance Sheets and are amortized to Operating and administrative expenses in the Consolidated Statements of Income using a methodology consistent with the recognition of revenue. The amount of capitalized dealer incentives and the related amortization was not significant to our consolidated financial statements as of and for the three and six months ended September 30, 2022 and 2021 . We had $ 2.5 billion and $ 2.7 billion of unearned voluntary protection contract revenues from contracts with customers included in Other liabilities on our Consolidated Balance Sheets as of March 31, 2021 and March 31, 2022, respectively. We recognized $ 200 million and $ 400 million of these balances in voluntary protection contract revenues in our Consolidated Statements of Income during the three and six months ended September 30, 2022, respectively, compared to $ 182 million and $ 374 million recognized during the same periods in fiscal 2022. As of September 30, 2022, we had unearned voluntary protection contract revenues of $ 2.8 billion included in Other liabilities on our Consolidated Balance Sheets, and with respect to this balance we expect to recognize revenue of $ 414 million during fiscal 2023 , and $ 2.4 billion thereafter . At September 30, 2021 , we had unearned voluntary protection contract revenues of $ 2.6 billion associated with outstanding contracts.

Interim Financial Data (Policie

Interim Financial Data (Policies)	6 Months Ended
Interim Financial Data (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The information furnished in these unaudited interim consolidated financial statements as of and for the three and six months ended September 30, 2022 and 2021 has been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). In the opinion of management, the unaudited consolidated 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 six months ended September 30, 2022, do not necessarily indicate the results which may be expected for the full fiscal year ending March 31, 2023 (“fiscal 2023”). These financial statements should be read in conjunction with the Consolidated Financial Statements and Notes to 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, 2022 (“fiscal 2022”), which was filed with the Securities and Exchange Commission on June 3, 2022. 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. Other Matters In fiscal 2021, we announced the restructuring of our customer service operations to better serve our customers by relocating and streamlining the customer service operation and investing in new technology. The restructuring is in progress, and we plan to complete the process of moving our three regional CSCs to be co-located with the regional DSCs to become regional experience centers by the end of fiscal 2023. Costs associated with this restructure are not expected to be significant. In fiscal 2022, TMCC announced, in furtherance of its private label financial services initiative for third party automotive and mobility companies, that we entered into a nonbinding letter of intent with Great American Outdoors Group LLC, the parent company of Bass Pro Shops, Cabela’s and the White River Marine Group (“Bass Pro Shops”) to provide private label financial services for Bass Pro Shop’s boats, all-terrain vehicle products, and other mobility products. The Company began to provide inventory financing for Bass Pro Shops, its affiliates, and authorized independent dealers in fiscal 2023, with additional private label services, including consumer financing and voluntary protection products and services, to be added over time. We are leveraging our existing processes and personnel to originate and service the new assets, and we expect to make certain technology investments to support the Bass Pro Shops program. We did not acquire any existing Bass Pro Shops assets or liabilities pursuant to the agreement, and we do not expect launch costs to be significant.
Recently Adopted Accounting Guidance	Recently Adopted Accounting Guidance On April 1, 2022 , we adopted ASU 2021-05, Lessors-Certain Leases with Variable Lease Payments (Topic 842) , which requires a lessor to classify and account for a lease with variable lease payments that do not depend on a reference index or rate as an operating lease if certain criteria are met. The adoption of this guidance did not have a material impact on our consolidated financial statements and related disclosures.
Accounting Guidance Issued But Not Yet Adopted	Accounting Guidance Issued But Not Yet Adopted In March 2022, the FASB issued ASU 2022-02, Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures , which eliminates the accounting guidance for Troubled Debt Restructurings by creditors that have adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326 ): Measurement of Credit Losses on Financial Instruments , while enhancing disclosure requirements for certain loan refinancing and restructurings made to borrowers experiencing financial difficulty. Additionally, the ASU adds the requirement to disclose current period gross write-offs by year of origination for financing receivables. This ASU is effective for us on April 1, 2023, with early application permitted. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.
Investments in Marketable Securities	Investments in marketable securities consist of debt securities and equity investments. We classify all of our debt securities as available-for-sale (“AFS”). Except when the fair value option is elected, AFS debt securities are recorded at fair value with unrealized gains or losses included in accumulated other comprehensive income (“AOCI”), net of applicable taxes. Realized gains and losses from sales of AFS debt securities are determined using the specific identification method or first in first out method and are included in Investment and other (loss) income, net in our Consolidated Statements of Income. We elected the fair value option for certain debt securities held within one of our affiliate investment portfolios for operational ease given the size and composition of this portfolio. All debt securities within this specific portfolio are recorded at fair value with changes in fair value included in Investment and other (loss) income, net in our Consolidated Statements of Income.
Finance Receivables, Net	Finance receivables, net consists of the retail loan and dealer products portfolio segments, and includes deferred origination costs, deferred income, and allowance for credit losses. Finance receivables, net also includes securitized retail receivables, which represent retail receivables that have been sold for legal purposes to securitization trusts but continue to be included in our consolidated financial statements, as discussed further in Note 8 – Variable Interest Entities . Cash flows from these securitized retail 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.
Investments in Operating Leases, Net	Investments in operating leases, net consists of vehicle lease contracts acquired from dealers, and includes deferred origination fees and costs, deferred income, and accumulated depreciation. 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 as discussed further in Note 8 - Variable Interest Entities . 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.
Derivative Instruments	Derivative Instruments Our liabilities consist mainly of fixed and variable rate debt, denominated in U.S. dollars and various other 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 economically 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 the fair value of assets and liabilities caused by market movements. All of our derivative activities are authorized and monitored by our management and our Asset-Liability Committee which provides a framework for financial controls and governance to manage market risk. All derivative instruments are recorded on the balance sheet at fair value, taking into consideration the effects of legally enforceable master netting agreements that allow us to net settle asset and liability positions and offset cash collateral with the same counterparty on a net basis. Changes in the fair value of our derivative instruments are recorded in Interest expense in our Consolidated Statements of Income. The derivative instruments are included as a component of Other assets or Other liabilities on our Consolidated Balance Sheets.
Offsetting of Derivatives	Offsetting of Derivatives Accounting guidance permits the net presentation on our Consolidated Balance Sheets of derivative receivables and derivative payables with the same counterparty and the related cash collateral when a legally enforceable master netting agreement exists, or when the derivative receivables and derivative payables meet all the conditions for the right of setoff to exist. When we meet this condition, we elect to present such balances on a net basis. Over-the-Counter (“OTC”) Derivatives Our International Swaps and Derivatives Association (“ISDA”) Master Agreements are our master netting agreements which permit multiple transactions to be cancelled and settled with a single net balance paid to either party for our OTC derivatives. The master netting agreements also contain reciprocal collateral agreements which require the transfer of cash collateral to the party in a net asset position across all transactions. Our collateral agreements with substantially all our counterparties include a zero threshold, full collateralization arrangement. Although we have daily valuation and collateral exchange arrangements with all of our counterparties, due to the time required to move collateral, there may be a delay of up to one day between the exchange of collateral and the valuation of our derivatives. We would not be required to post additional collateral to the counterparties with whom we were in a net liability position at September 30, 2022 , if our credit ratings were to decline, since we fully collateralize without regard to credit ratings with these counterparties. In addition, as our collateral agreements include legal right of offset provisions, collateral amounts are netted against derivative assets or derivative liabilities, and the net amount is included in Other assets or Other liabilities on our Consolidated Balance Sheets.
Centrally Cleared Derivatives	Centrally Cleared Derivatives For our centrally cleared derivatives, variation margin payments are legally characterized as settlement payments and accounted for with corresponding derivative positions as one unit of account as opposed to collateral. Initial margin payments are separately recorded in Other assets on our Consolidated Balance Sheets. We perform valuation and margin exchange on a daily basis. Similar to the OTC swaps, there may be a delay of up to one day between the exchange of margin payments and the valuation of our derivatives.
Consolidated 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.
Revenue Recognition	Voluntary protection operations – Contract revenues The Voluntary protection operations segment defers contractually determined incentives paid to dealers as contract costs for selling voluntary protection products. These costs are recorded in Other assets on our Consolidated Balance Sheets and are amortized to Operating and administrative expenses in the Consolidated Statements of Income using a methodology consistent with the recognition of revenue. The amount of capitalized dealer incentives and the related amortization was not significant to our consolidated financial statements as of and for the three and six months ended September 30, 2022 and 2021 .

Investments in Marketable Sec_2

Investments in Marketable Securities (Tables)	6 Months Ended
Investments in Marketable Securities (Tables)	Sep. 30, 2022
Marketable Securities [Abstract]
Summary of Investments in Marketable Securities	Investments in marketable securities consisted of the following: September 30, 2022 Amortized Unrealized Unrealized Fair cost gains losses value Available-for-sale debt securities: U.S. government and agency obligations $ 642 $ - $ ( 78 ) $ 564 Foreign government and agency obligations 17 - ( 5 ) 12 Municipal debt securities 9 1 ( 1 ) 9 Corporate debt securities 513 1 ( 85 ) 429 Mortgage-backed securities: U.S. government agency 51 - ( 4 ) 47 Non-agency residential 10 - ( 1 ) 9 Non-agency commercial 87 1 ( 8 ) 80 Asset-backed securities 75 - ( 8 ) 67 Total available-for-sale debt securities $ 1,404 $ 3 $ ( 190 ) $ 1,217 Equity investments 3,171 Total investments in marketable securities $ 4,388 March 31, 2022 Amortized Unrealized Unrealized Fair cost gains losses value Available-for-sale debt securities: U.S. government and agency obligations $ 538 $ - $ ( 29 ) $ 509 Foreign government and agency obligations 26 - ( 3 ) 23 Municipal debt securities 9 1 - 10 Corporate debt securities 598 4 ( 34 ) 568 Mortgage-backed securities: U.S. government agency 20 - - 20 Non-agency residential 11 - ( 1 ) 10 Non-agency commercial 88 1 ( 3 ) 86 Asset-backed securities 82 - ( 4 ) 78 Total available-for-sale debt securities $ 1,372 $ 6 $ ( 74 ) $ 1,304 Equity investments 3,649 Total investments in marketable securities $ 4,953
Schedule of Continuous Unrealized Losses on Available-For-Sale Debt Securities	The following table presents the aggregate fair value and unrealized losses on AFS debt securities in a continuous unrealized loss position: September 30, 2022 Less than 12 months 12 months or longer Total Available-for-sale debt securities: Fair value Unrealized losses Fair value Unrealized losses Fair value Unrealized losses U.S. government and agency obligations $ 429 $ ( 51 ) $ 116 $ ( 27 ) $ 545 $ ( 78 ) Foreign government and agency obligations 5 ( 2 ) 7 ( 3 ) 12 ( 5 ) Municipal debt securities 2 ( 1 ) - - 2 ( 1 ) Corporate debt securities 270 ( 61 ) 147 ( 24 ) 417 ( 85 ) Mortgage-backed securities U.S. Government agency 45 ( 4 ) 1 - 46 ( 4 ) Non-agency residential 5 - 4 ( 1 ) 9 ( 1 ) Non-agency commercial 55 ( 6 ) 19 ( 2 ) 74 ( 8 ) Asset-backed securities 39 ( 3 ) 28 ( 5 ) 67 ( 8 ) Total available-for-sale debt securities $ 850 $ ( 128 ) $ 322 $ ( 62 ) $ 1,172 $ ( 190 ) The aggregate unrealized losses on AFS debt securities in a continuous unrealized loss position for twelve months or longer were not significant as of March 31, 2022 .
Schedule of Gains and Losses on Investments in Marketable Securities Presented in Our Consolidated Statement of Income	The following table represents gains and losses on our investments in marketable securities presented in our Consolidated Statements of Income: Three months ended Six months ended September 30, September 30, 2022 2021 2022 2021 Available-for-sale debt securities: Unrealized (losses) gains on securities for which the $ ( 22 ) $ ( 2 ) $ ( 57 ) $ 7 Realized losses on sales $ ( 11 ) $ - $ ( 25 ) $ - Equity investments: Unrealized (losses) gains $ ( 188 ) $ ( 26 ) $ ( 495 ) $ 58 Realized (losses) gains on sales $ ( 5 ) $ - $ ( 15 ) $ 22
Summary of Contractual Maturities of Available-For-Sale Debt Securities	The amortized cost and fair value by contractual maturities of available-for-sale debt securities 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. September 30, 2022 Amortized c ost Fair value Available-for-sale debt securities: Due within 1 year $ 77 $ 76 Due after 1 year through 5 years 351 326 Due after 5 years through 10 years 358 308 Due after 10 years 395 304 Mortgage-backed and asset-backed securities 1 223 203 Total $ 1,404 $ 1,217 1 Mortgage-backed and asset-backed securities are shown separately from other maturity groupings as these securities have multiple maturity dates.

Finance Receivables, Net (Table

Finance Receivables, Net (Tables)	6 Months Ended
Finance Receivables, Net (Tables)	Sep. 30, 2022
Receivables [Abstract]
Net Financing Receivables	Finance receivables, net consisted of the following: September 30, March 31, 2022 2022 Retail receivables 1 $ 76,918 $ 73,152 Dealer financing 11,065 10,298 87,983 83,450 Deferred origination costs 1,358 1,330 Deferred income ( 1,085 ) ( 1,102 ) Allowance for credit losses Retail receivables ( 1,321 ) ( 1,195 ) Dealer financing ( 45 ) ( 51 ) Total allowance for credit losses ( 1,366 ) ( 1,246 ) Finance receivables, net $ 86,890 $ 82,432 1 Includes securitized retail receivables of $ 24.7 billion and $ 21.2 billion as of September 30, 2022 and March 31, 2022 , respectively.
Schedule of Amortized Cost Basis of Retail Loan Portfolio and Dealer Products Portfolio by Credit Quality Indicator	The following tables present the amortized cost basis of our retail loan portfolio by origination fiscal year by credit quality indicator based on number of days past due: Amortized Cost Basis by Origination Fiscal Year at September 30, 2022 2023 2022 2021 2020 2019 2018 and Prior Total Aging of finance receivables: Current $ 18,374 $ 27,031 $ 17,651 $ 7,349 $ 3,326 $ 1,834 $ 75,565 30-59 days past due 103 406 317 142 84 69 1,121 60-89 days past due 27 124 95 42 26 21 335 90 days or greater past due 12 67 46 19 12 14 170 Total $ 18,516 $ 27,628 $ 18,109 $ 7,552 $ 3,448 $ 1,938 $ 77,191 Amortized Cost Basis by Origination Fiscal Year at March 31, 2022 2022 2021 2020 2019 2018 2017 and Prior Total Aging of finance receivables: Current $ 32,382 $ 21,917 $ 9,624 $ 4,774 $ 2,674 $ 718 $ 72,089 30-59 days past due 275 304 153 101 63 36 932 60-89 days past due 68 82 40 25 16 11 242 90 days or greater past due 33 39 17 13 8 7 117 Total $ 32,758 $ 22,342 $ 9,834 $ 4,913 $ 2,761 $ 772 $ 73,380 The following tables present the amortized cost basis of our dealer products portfolio by credit quality indicator based on internal risk assessments by origination fiscal year: Amortized Cost Basis by Origination Fiscal Year at September 30, 2022 2023 2022 2021 2020 2019 2018 and Prior Revolving loans Total Wholesale Performing $ - $ - $ - $ - $ - $ - $ 3,444 $ 3,444 Credit Watch - - - - - - 16 16 At Risk - - - - - - - - Default - - - - - - - - Wholesale total $ - $ - $ - $ - $ - $ - $ 3,460 $ 3,460 Real estate Performing $ 558 $ 1,424 $ 1,149 $ 158 $ 335 $ 1,140 $ 138 $ 4,902 Credit Watch 5 - - - - - - 5 At Risk - - - - - - - - Default - - - - - - - - Real estate total $ 563 $ 1,424 $ 1,149 $ 158 $ 335 $ 1,140 $ 138 $ 4,907 Working Capital Performing $ 279 $ 520 $ 283 $ 155 $ 131 $ 136 $ 1,194 $ 2,698 Credit Watch - - - - - - - - At Risk - - - - - - - - Default - - - - - - - - Working capital total $ 279 $ 520 $ 283 $ 155 $ 131 $ 136 $ 1,194 $ 2,698 Total $ 842 $ 1,944 $ 1,432 $ 313 $ 466 $ 1,276 $ 4,792 $ 11,065 Amortized Cost Basis by Origination Fiscal Year at March 31, 2022 2022 2021 2020 2019 2018 2017 and Prior Revolving loans Total Wholesale Performing $ - $ - $ - $ - $ - $ - $ 2,927 $ 2,927 Credit Watch - - - - - - 16 16 At Risk - - - - - - - - Default - - - - - - - - Wholesale total $ - $ - $ - $ - $ - $ - $ 2,943 $ 2,943 Real estate Performing $ 1,614 $ 1,245 $ 264 $ 384 $ 260 $ 1,245 $ - $ 5,012 Credit Watch 2 - - - - 5 - 7 At Risk - - - - - - - - Default - - - - - - - - Real estate total $ 1,616 $ 1,245 $ 264 $ 384 $ 260 $ 1,250 $ - $ 5,019 Working Capital Performing $ 662 $ 321 $ 209 $ 158 $ 37 $ 173 $ 774 $ 2,334 Credit Watch 1 1 - - - - - 2 At Risk - - - - - - - - Default - - - - - - - - Working capital total $ 663 $ 322 $ 209 $ 158 $ 37 $ 173 $ 774 $ 2,336 Total $ 2,279 $ 1,567 $ 473 $ 542 $ 297 $ 1,423 $ 3,717 $ 10,298
Aging of Amortized Cost Basis of Finance Receivables by Class	The following tables summarize the aging of the amortized cost basis of our finance receivables by class: September 30, 2022 30 - 59 Days 60 - 89 Days 90 Days or Total Past Current Total Finance 90 Days or p ast Retail loan $ 1,121 $ 335 $ 170 $ 1,626 $ 75,565 $ 77,191 $ 111 Wholesale - - - - 3,460 3,460 - Real estate - - - - 4,907 4,907 - Working capital - - - - 2,698 2,698 - Total $ 1,121 $ 335 $ 170 $ 1,626 $ 86,630 $ 88,256 $ 111 March 31, 2022 30 - 59 Days 60 - 89 Days 90 Days or Total Past Current Total Finance 90 Days or p ast Retail loan $ 932 $ 242 $ 117 $ 1,291 $ 72,089 $ 73,380 $ 65 Wholesale - - - - 2,943 2,943 - Real estate - - - - 5,019 5,019 - Working capital - - - - 2,336 2,336 - Total $ 932 $ 242 $ 117 $ 1,291 $ 82,387 $ 83,678 $ 65

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	6 Months Ended
Allowance for Credit Losses (Tables)	Sep. 30, 2022
Loans And Leases Receivable Disclosure [Abstract]
Allowance for Credit Losses and Finance Receivables by Portfolio Segment	The following tables provide information related to our allowance for credit losses for finance receivables and certain off-balance sheet lending commitments by portfolio segment: Three months ended September 30, 2022 Retail loan Dealer p roducts Total Beginning balance, July 1, 2022 $ 1,209 $ 65 $ 1,274 Charge-offs ( 106 ) - ( 106 ) Recoveries 14 - 14 Provision for credit losses 204 9 213 Ending balance, September 30, 2022 ¹ $ 1,321 $ 74 $ 1,395 Six months ended September 30, 2022 Retail loan Dealer products Total Beginning balance, April 1, 2022 $ 1,195 $ 77 $ 1,272 Charge-offs ( 197 ) - ( 197 ) Recoveries 29 - 29 Provision for credit losses 294 ( 3 ) 291 Ending balance, September 30, 2022 ¹ $ 1,321 $ 74 $ 1,395 1 Ending balance includes $ 29 million of allowance for credit losses related to off-balance sheet commitments in the dealer products portfolio which is included in Other liabilities on the Consolidated Balance Sheet. Three months ended September 30, 2021 Retail loan Dealer p roducts Total Beginning balance, July 1, 2021 $ 1,052 $ 144 $ 1,196 Charge-offs ( 55 ) - ( 55 ) Recoveries 15 - 15 Provision for credit losses 123 ( 55 ) 68 Ending balance, September 30, 2021 ¹ $ 1,135 $ 89 $ 1,224 Six months ended September 30, 2021 Retail loan Dealer products Total Beginning balance, April 1, 2021 $ 1,075 $ 140 $ 1,215 Charge-offs ( 88 ) - ( 88 ) Recoveries 32 - 32 Provision for credit losses 116 ( 51 ) 65 Ending balance, September 30, 2021 ¹ $ 1,135 $ 89 $ 1,224 1 Ending balance includes $ 34 million of allowance for credit losses related to off-balance sheet commitments in the dealer products portfolio which is included in Other liabilities on the Consolidated Balance Sheet.

Investments in Operating Leas_2

Investments in Operating Leases, Net (Tables)	6 Months Ended
Investments in Operating Leases, Net (Tables)	Sep. 30, 2022
Leases Operating [Abstract]
Investments in Operating Leases, Net	Investments in operating leases, net consisted of the following: September 30, March 31, 2022 2022 Investments in operating leases 1 $ 41,659 $ 45,728 Deferred origination (fees) and costs, net ( 39 ) ( 46 ) Deferred income ( 908 ) ( 1,272 ) Accumulated depreciation ( 8,598 ) ( 8,955 ) Investments in operating leases, net $ 32,114 $ 35,455 1 Includes securitized investments in operating leases of $ 16.7 billion and $ 16.2 billion as of September 30, 2022 and March 31, 2022 , respectively.

Derivatives, Hedging Activiti_2

Derivatives, Hedging Activities and Interest Expense (Tables)	6 Months Ended
	Sep. 30, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Activity Impact on Consolidated Balance Sheet	The following tables show the financial statement line item and amount of our derivative assets and liabilities that are reported on our Consolidated Balance Sheets: September 30, 2022 March 31, 2022 Fair Fair Notional value Notional value Other assets: Interest rate swaps $ 62,895 $ 2,174 $ 64,327 $ 1,425 Foreign currency swaps 129 20 1,594 55 Total $ 63,024 $ 2,194 $ 65,921 $ 1,480 Counterparty netting ( 1,162 ) ( 761 ) Collateral held ( 957 ) ( 658 ) Carrying value of derivative contracts – Other assets $ 75 $ 61 Other liabilities: Interest rate swaps $ 32,692 $ 1,452 $ 19,903 $ 822 Foreign currency swaps 7,629 1,819 8,102 717 Total $ 40,321 $ 3,271 $ 28,005 $ 1,539 Counterparty netting ( 1,162 ) ( 761 ) Collateral posted ( 2,064 ) ( 753 ) Carrying value of derivative contracts – Other liabilities $ 45 $ 25
Components of Interest Expense	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, as reported in our Consolidated Statements of Income: Three months ended Six months ended September 30, September 30, 2022 2021 2022 2021 Interest expense on debt $ 623 $ 382 $ 1,069 $ 771 Interest (income) expense on derivatives ( 120 ) 48 ( 182 ) 114 Interest expense on debt and derivatives 503 430 887 885 Gains on debt denominated in ( 590 ) ( 287 ) ( 1,181 ) ( 277 ) Losses on foreign currency swaps 743 333 1,456 358 Losses (gains) on U.S. dollar interest rate swaps 49 ( 53 ) 106 ( 257 ) Total interest expense $ 705 $ 423 $ 1,268 $ 709

Debt and Credit Facilities (Tab

Debt and Credit Facilities (Tables)	6 Months Ended
Debt and Credit Facilities (Tables)	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt and Related Weighted Average Contractual Interest Rates	Debt and the related weighted average contractual interest rates are summarized as follows: September 30, 2022 March 31, 2022 Face value Carrying value Weighted average Face value Carrying value Weighted average Unsecured notes and loans payable $ 79,252 $ 78,926 2.42 % $ 82,542 $ 82,288 1.30 % Secured notes and loans payable 29,996 29,947 2.36 % 26,907 26,864 1.01 % Total debt $ 109,248 $ 108,873 2.40 % $ 109,449 $ 109,152 1.23 %

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
Variable Interest Entities (Tables)	Sep. 30, 2022
Variable Interest Entities [Abstract]
Schedule of Assets and Liabilities related to Variable Interest Entities Securitization Transactions	The following tables show the assets and liabilities related to our VIE securitization transactions that were included on our Consolidated Balance Sheets: September 30, 2022 VIE Assets VIE Liabilities Net Restricted securitized Other Debt Other Retail finance receivables $ 1,248 $ 24,529 $ 63 $ 21,316 $ 17 Investments in operating leases 607 12,227 14 8,631 6 Total $ 1,855 $ 36,756 $ 77 $ 29,947 $ 23 March 31, 2022 VIE Assets VIE Liabilities Net Restricted securitized Other Debt Other Retail finance receivables $ 1,284 $ 20,932 $ 51 $ 18,562 $ 8 Investments in operating leases 645 11,886 15 8,302 2 Total $ 1,929 $ 32,818 $ 66 $ 26,864 $ 10

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
Commitments and Contingencies (Tables)	Sep. 30, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Guarantees	We have entered into certain commitments and guarantees for which the maximum unfunded amounts are summarized in the table below: September 30, March 31, 2022 2022 Commitments: Credit facilities commitments with dealers $ 3,212 $ 3,289 Commitments under operating lease agreements 113 119 Total commitments 3,325 3,408 Guarantees of affiliate pollution control and solid waste disposal bonds 100 100 Total commitments and guarantees $ 3,425 $ 3,508
Summary of Commitments under Operating Lease Agreements	Our commitments under operating lease agreements are summarized below: September 30, Years ending March 31, 2022 2023 $ 9 2024 17 2025 15 2026 14 2027 13 Thereafter 45 Total $ 113 Present value discount ( 12 ) Total operating lease liability $ 101
Summary of Additional Information Related to Operating Lease Agreements	The following table provides additional information related to operating lease agreements for which we are the lessee: September 30, 2022 ROU assets $ 91 Weighted average remaining lease term (in years) 7.7 Weighted average discount rate 2.68 %

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
Related Party Transactions (Tables)	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions Included in Consolidated Statements of Income	The tables below show the financial statement line items and amounts included in our Consolidated Statements of Income and in our Consolidated Balance Sheets under various related party agreements or relationships: Three months ended Six months ended September 30, September 30, 2022 2021 2022 2021 Net financing revenues: Manufacturer's subvention and other revenues $ 316 $ 457 $ 655 $ 936 Depreciation on operating leases $ 34 $ ( 25 ) $ 56 $ ( 53 ) Interest expense: Credit support fees, interest and other expenses $ 24 $ 27 $ 47 $ 51 Voluntary protection contract revenues Voluntary protection contract revenues $ 39 $ 43 $ 79 $ 85 Investment and other income, net: Interest and other income $ 3 $ 2 $ ( 3 ) $ 5 Expenses: Operating and administrative $ 16 $ 22 $ 37 $ 43
Related Party Transactions Included in Consolidated Balance Sheets	The tables below show the financial statement line items and amounts included in our Consolidated Statements of Income and in our Consolidated Balance Sheets under various related party agreements or relationships: September 30, March 31, 2022 2022 Assets: Cash and cash equivalents Commercial paper $ - $ 100 Finance receivables, net Accounts receivable $ 27 $ 90 Deferred retail subvention income $ ( 858 ) $ ( 875 ) Investments in operating leases, net Investments in operating leases, net $ ( 252 ) $ ( 212 ) Deferred lease subvention income $ ( 624 ) $ ( 923 ) Other assets Notes receivable $ 948 $ 789 Other receivables, net $ 82 $ 80 Liabilities: Other liabilities Unearned voluntary protection contract revenues $ 377 $ 374 Other payables, net $ 528 $ 394 Notes payable $ 61 $ 8

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables summarize our financial assets and financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy except for certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and are excluded from the leveling information provided in the tables below. Fair value amounts presented below are intended to permit reconciliation of the fair value hierarchy to the amounts presented in our Consolidated Balance Sheets. September 30, 2022 Counterparty netting & Fair Level 1 Level 2 Level 3 collateral value Investments in marketable securities: Available-for-sale debt securities: U.S. government and agency obligations $ 560 $ 4 $ - $ - $ 564 Foreign government and agency obligations - 12 - - 12 Municipal debt securities - 9 - - 9 Corporate debt securities - 429 - - 429 Mortgage-backed securities: U.S. government agency - 47 - - 47 Non-agency residential - 6 3 - 9 Non-agency commercial - 75 5 - 80 Asset-backed securities - 65 2 - 67 Available-for-sale debt securities total 560 647 10 - 1,217 Equity investments: Fixed income mutual funds: Fixed income mutual funds measured at 1,021 Total return bond funds 1,411 - - - 1,411 Equity mutual funds 739 - - - 739 Equity investments total 2,150 - - - 3,171 Investments in marketable securities total 2,710 647 10 - 4,388 Derivative assets: Interest rate swaps - 2,174 - - 2,174 Foreign currency swaps - 20 - - 20 Counterparty netting and collateral - - - ( 2,119 ) ( 2,119 ) Derivative assets total - 2,194 - ( 2,119 ) 75 Assets at fair value 2,710 2,841 10 ( 2,119 ) 4,463 Derivative liabilities: Interest rate swaps - ( 1,452 ) - - ( 1,452 ) Foreign currency swaps - ( 1,819 ) - - ( 1,819 ) Counterparty netting and collateral - - - 3,226 3,226 Liabilities at fair value - ( 3,271 ) - 3,226 ( 45 ) Net assets at fair value $ 2,710 $ ( 430 ) $ 10 $ 1,107 $ 4,418 March 31, 2022 Counterparty netting & Fair Level 1 Level 2 Level 3 collateral value Investments in marketable securities: Available-for-sale debt securities: U.S. government and agency obligations $ 504 $ 5 $ - $ - $ 509 Foreign government and agency obligations - 23 - - 23 Municipal debt securities - 10 - - 10 Corporate debt securities - 568 - - 568 Mortgage-backed securities: U.S. government agency - 20 - - 20 Non-agency residential - 7 3 - 10 Non-agency commercial - 78 8 - 86 Asset-backed securities - 75 3 - 78 Available-for-sale debt securities total 504 786 14 - 1,304 Equity investments: Fixed income mutual funds: Fixed income mutual funds measured at 1,137 Total return bond funds 1,576 - - - 1,576 Equity mutual funds 936 - - - 936 Equity investments total 2,512 - - - 3,649 Investments in marketable securities total 3,016 786 14 - 4,953 Derivative assets: Interest rate swaps - 1,425 - - 1,425 Foreign currency swaps - 55 - - 55 Counterparty netting and collateral - - - ( 1,419 ) ( 1,419 ) Derivative assets total - 1,480 - ( 1,419 ) 61 Assets at fair value 3,016 2,266 14 ( 1,419 ) 5,014 Derivative liabilities: Interest rate swaps - ( 822 ) - - ( 822 ) Foreign currency swaps - ( 717 ) - - ( 717 ) Counterparty netting and collateral - - - 1,514 1,514 Liabilities at fair value - ( 1,539 ) - 1,514 ( 25 ) Net assets at fair value $ 3,016 $ 727 $ 14 $ 95 $ 4,989
Financial Assets and Liabilities Not Carried at Fair Value on Recurring Basis on Consolidated Balance Sheets	The following tables provide information about assets and liabilities not carried at fair value on a recurring basis on our Consolidated Balance Sheets: September 30, 2022 Carrying Total Fair value Level 1 Level 2 Level 3 value Financial assets Finance receivables Retail loan $ 76,073 $ - $ - $ 74,924 $ 74,924 Wholesale 3,465 - - 3,442 3,442 Real estate 4,899 - - 4,788 4,788 Working capital 2,661 - - 2,566 2,566 Financial liabilities Unsecured notes and loans payable $ 78,926 $ - $ 75,908 $ - $ 75,908 Secured notes and loans payable 29,947 - - 29,113 29,113 March 31, 2022 Carrying Total Fair value Level 1 Level 2 Level 3 value Financial assets Finance receivables Retail loan $ 72,369 $ - $ - $ 73,385 $ 73,385 Wholesale 2,940 - - 2,931 2,931 Real estate 4,985 - - 4,961 4,961 Working capital 2,256 - - 2,171 2,171 Financial liabilities Unsecured notes and loans payable $ 82,288 $ - $ 80,980 $ - $ 80,980 Secured notes and loans payable $ 26,864 $ - $ - $ 26,500 $ 26,500

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
Segment Information (Tables)	Sep. 30, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Financial information for our reportable operating segments, which includes allocated corporate expenses, is summarized as follows: Three months ended September 30, 2022 Finance Voluntary protection Intercompany operations operations eliminations Total Total financing revenues $ 2,824 $ - $ - $ 2,824 Depreciation on operating leases 1,305 - - 1,305 Interest expense 705 - - 705 Net financing revenues 814 - - 814 Voluntary protection contract revenues - 263 - 263 Investment and other income (loss), net 55 ( 193 ) - ( 138 ) Net financing and other revenues 869 70 - 939 Expenses: Provision for credit losses 213 - - 213 Operating and administrative expenses 339 105 - 444 Voluntary protection contract expenses and insurance losses - 114 - 114 Total expenses 552 219 - 771 Income (loss) before income taxes 317 ( 149 ) - 168 Provision (benefit) for income taxes 86 ( 37 ) - 49 Net income (loss) $ 231 $ ( 112 ) $ - $ 119 Six months ended September 30, 2022 Finance Voluntary protection Intercompany operations operations eliminations Total Total financing revenues $ 5,655 $ - $ - $ 5,655 Depreciation on operating leases 2,714 - - 2,714 Interest expense 1,268 - - 1,268 Net financing revenues 1,673 - - 1,673 Voluntary protection contract revenues - 522 - 522 Investment and other income (loss), net 88 ( 532 ) - ( 444 ) Net financing and other revenues 1,761 ( 10 ) - 1,751 Expenses: Provision for credit losses 291 - - 291 Operating and administrative 638 212 - 850 Voluntary protection contract expenses and insurance losses - 221 - 221 Total expenses 929 433 - 1,362 Income (loss) before income taxes 832 ( 443 ) - 389 Provision (benefit) for income taxes 211 ( 111 ) - 100 Net income (loss) $ 621 $ ( 332 ) $ - $ 289 Total assets at September 30, 2022 $ 128,403 $ 6,077 $ ( 128 ) $ 134,352 Note 13 – Segment Information (Continued) Three months ended September 30, 2021 Finance Voluntary protection Intercompany operations operations eliminations Total Total financing revenues $ 3,032 $ - $ - $ 3,032 Depreciation on operating leases 1,499 - - 1,499 Interest expense 423 - - 423 Net financing revenues 1,110 - - 1,110 Voluntary protection contract revenues - 254 - 254 Investment and other income (loss), net 9 ( 2 ) - 7 Net financing and other revenues 1,119 252 - 1,371 Expenses: Provision for credit losses 68 - - 68 Operating and administrative expenses 287 98 - 385 Voluntary protection contract expenses and insurance losses - 99 - 99 Total expenses 355 197 - 552 Income before income taxes 764 55 - 819 Provision for income taxes 185 12 - 197 Net income $ 579 $ 43 $ - $ 622 Six months ended September 30, 2021 Finance Voluntary protection Intercompany operations operations eliminations Total Total financing revenues $ 6,031 $ - $ - $ 6,031 Depreciation on operating leases 2,940 - - 2,940 Interest expense 709 - - 709 Net financing revenues 2,382 - - 2,382 Voluntary protection contract revenues - 503 - 503 Investment and other income, net 28 135 - 163 Net financing and other revenues 2,410 638 - 3,048 Expenses: Provision for credit losses 65 - - 65 Operating and administrative 579 190 - 769 Voluntary protection contract expenses and insurance losses - 207 - 207 Total expenses 644 397 - 1,041 Income before income taxes 1,766 241 - 2,007 Provision for income taxes 406 58 - 464 Net income $ 1,360 $ 183 $ - $ 1,543 Total assets at September 30, 2021 $ 130,544 $ 6,571 $ ( 138 ) $ 136,977

Interim Financial Data - Additi

Interim Financial Data - Additional Information (Details) - ASU 2021-05 [Member]	Apr. 01, 2022
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adoption date	Apr. 01, 2022
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, immaterial effect [true false]	true

Investments in Marketable Sec_3

Investments in Marketable Securities - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
Marketable Securities [Abstract]
Fair value option elected	$ 617,000,000		$ 617,000,000		$ 674,000,000
Available-for-sale debt securities unrealized loss			$ 98,000,000		$ 41,000,000
Private placement share redemption percentage	1%		1%
Private placement share redemption amount	$ 250,000		$ 250,000
Share redemption period			90 days
Non-cash investing activities related to in-kind transactions	$ 0	$ 0	$ 0	$ 1,100,000,000

Investments in Marketable Sec_4

Investments in Marketable Securities - Summary of Investments in Marketable Securities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	$ 1,404	$ 1,372
Available-for-sale debt securities, Unrealized gains	3	6
Available-for-sale debt securities, Unrealized losses	(190)	(74)
Available-for-sale debt securities, Fair value	1,217	1,304
Equity investments, Fair value	3,171	3,649
Investments in marketable securities total	4,388	4,953
U.S. government and agency obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	642	538
Available-for-sale debt securities, Unrealized gains	0	0
Available-for-sale debt securities, Unrealized losses	(78)	(29)
Available-for-sale debt securities, Fair value	564	509
Foreign government and agency obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	17	26
Available-for-sale debt securities, Unrealized gains	0	0
Available-for-sale debt securities, Unrealized losses	(5)	(3)
Available-for-sale debt securities, Fair value	12	23
Municipal debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	9	9
Available-for-sale debt securities, Unrealized gains	1	1
Available-for-sale debt securities, Unrealized losses	(1)	0
Available-for-sale debt securities, Fair value	9	10
Corporate debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	513	598
Available-for-sale debt securities, Unrealized gains	1	4
Available-for-sale debt securities, Unrealized losses	(85)	(34)
Available-for-sale debt securities, Fair value	429	568
U.S. government agency mortgage-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	51	20
Available-for-sale debt securities, Unrealized gains	0	0
Available-for-sale debt securities, Unrealized losses	(4)	0
Available-for-sale debt securities, Fair value	47	20
Non-agency residential mortgage-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	10	11
Available-for-sale debt securities, Unrealized gains	0	0
Available-for-sale debt securities, Unrealized losses	(1)	(1)
Available-for-sale debt securities, Fair value	9	10
Non-agency commercial mortgage-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	87	88
Available-for-sale debt securities, Unrealized gains	1	1
Available-for-sale debt securities, Unrealized losses	(8)	(3)
Available-for-sale debt securities, Fair value	80	86
Asset-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	75	82
Available-for-sale debt securities, Unrealized gains	0	0
Available-for-sale debt securities, Unrealized losses	(8)	(4)
Available-for-sale debt securities, Fair value	$ 67	$ 78

Investments in Marketable Sec_5

Investments in Marketable Securities - Schedule of Continuous Unrealized Losses on Available-For-Sale Debt Securities (Details) $ in Millions	Sep. 30, 2022 USD ($)
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale debt securities, Less than 12 months, Fair value	$ 850
Available-for-sale debt securities, 12 months or longer, Fair value	322
Available-for-sale debt securities, Total, Fair value	1,172
Available-for-sale debt securities, Less than 12 months, Unrealized losses	(128)
Available-for-sale debt securities, 12 months or longer, Unrealized losses	(62)
Available-for-sale debt securities, Total, Unrealized losses	(190)
U.S. government and agency obligations [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale debt securities, Less than 12 months, Fair value	429
Available-for-sale debt securities, 12 months or longer, Fair value	116
Available-for-sale debt securities, Total, Fair value	545
Available-for-sale debt securities, Less than 12 months, Unrealized losses	(51)
Available-for-sale debt securities, 12 months or longer, Unrealized losses	(27)
Available-for-sale debt securities, Total, Unrealized losses	(78)
Foreign government and agency obligations [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale debt securities, Less than 12 months, Fair value	5
Available-for-sale debt securities, 12 months or longer, Fair value	7
Available-for-sale debt securities, Total, Fair value	12
Available-for-sale debt securities, Less than 12 months, Unrealized losses	(2)
Available-for-sale debt securities, 12 months or longer, Unrealized losses	(3)
Available-for-sale debt securities, Total, Unrealized losses	(5)
Municipal debt securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale debt securities, Less than 12 months, Fair value	2
Available-for-sale debt securities, 12 months or longer, Fair value	0
Available-for-sale debt securities, Total, Fair value	2
Available-for-sale debt securities, Less than 12 months, Unrealized losses	(1)
Available-for-sale debt securities, 12 months or longer, Unrealized losses	0
Available-for-sale debt securities, Total, Unrealized losses	(1)
Corporate debt securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale debt securities, Less than 12 months, Fair value	270
Available-for-sale debt securities, 12 months or longer, Fair value	147
Available-for-sale debt securities, Total, Fair value	417
Available-for-sale debt securities, Less than 12 months, Unrealized losses	(61)
Available-for-sale debt securities, 12 months or longer, Unrealized losses	(24)
Available-for-sale debt securities, Total, Unrealized losses	(85)
U.S. government agency mortgage-backed securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale debt securities, Less than 12 months, Fair value	45
Available-for-sale debt securities, 12 months or longer, Fair value	1
Available-for-sale debt securities, Total, Fair value	46
Available-for-sale debt securities, Less than 12 months, Unrealized losses	(4)
Available-for-sale debt securities, 12 months or longer, Unrealized losses	0
Available-for-sale debt securities, Total, Unrealized losses	(4)
Non-agency residential mortgage-backed securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale debt securities, Less than 12 months, Fair value	5
Available-for-sale debt securities, 12 months or longer, Fair value	4
Available-for-sale debt securities, Total, Fair value	9
Available-for-sale debt securities, Less than 12 months, Unrealized losses	0
Available-for-sale debt securities, 12 months or longer, Unrealized losses	(1)
Available-for-sale debt securities, Total, Unrealized losses	(1)
Non-agency commercial mortgage-backed securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale debt securities, Less than 12 months, Fair value	55
Available-for-sale debt securities, 12 months or longer, Fair value	19
Available-for-sale debt securities, Total, Fair value	74
Available-for-sale debt securities, Less than 12 months, Unrealized losses	(6)
Available-for-sale debt securities, 12 months or longer, Unrealized losses	(2)
Available-for-sale debt securities, Total, Unrealized losses	(8)
Asset-backed securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale debt securities, Less than 12 months, Fair value	39
Available-for-sale debt securities, 12 months or longer, Fair value	28
Available-for-sale debt securities, Total, Fair value	67
Available-for-sale debt securities, Less than 12 months, Unrealized losses	(3)
Available-for-sale debt securities, 12 months or longer, Unrealized losses	(5)
Available-for-sale debt securities, Total, Unrealized losses	$ (8)

Investments in Marketable Sec_6

Investments in Marketable Securities - Schedule of Gains and Losses on Investments in Marketable Securities Presented in Our Consolidated Statement of Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Available-for-sale debt securities:
Unrealized (losses) gains on securities for which the fair value option was elected	$ (22)	$ (2)	$ (57)	$ 7
Realized losses on sales	(11)		(25)
Equity investments:
Unrealized (losses) gains	(188)	$ (26)	(495)	58
Realized (losses) gains on sales	$ (5)		$ (15)	$ 22

Investments in Marketable Sec_7

Investments in Marketable Securities - Summary of Contractual Maturities of Available-for-Sale Debt Securities (Details) - USD ($) $ in Millions		Sep. 30, 2022	Mar. 31, 2022
Available-for-sale debt securities, Amortized cost
Due within 1 Year, Amortized cost		$ 77
Due after 1 Year through 5 Years, Amortized cost		351
Due after 5 Years through 10 Years, Amortized cost		358
Due after 10 Years, Amortized cost		395
Mortgage-backed and asset-backed securities, Amortized cost	[1]	223
Available-for-sale debt securities, Amortized cost		$ 1,404	$ 1,372
Debt Securities, Available-for-sale, Maturity Allocation [Extensible List]		us-gaap:DebtSecuritiesMaturityAllocationContractualMaturityMember
Available-for-sale debt securities, Fair value
Due within 1 Year, Fair value		$ 76
Due after 1 Year through 5 Years, Fair value		326
Due after 5 Years through 10 Years, Fair value		308
Due after 10 Years, Fair value		304
Mortgage-backed and asset-backed securities, Fair value	[1]	203
Total, Fair value		$ 1,217	$ 1,304
Debt Securities, Available-for-sale, Maturity Allocation [Extensible List]		us-gaap:DebtSecuritiesMaturityAllocationContractualMaturityMember

[1] Mortgage-backed and asset-backed securities are shown separately from other maturity groupings as these securities have multiple maturity dates.

Finance Receivables, Net - Net

Finance Receivables, Net - Net Financing Receivables (Details) - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	$ 88,256	$ 83,678
Allowance for credit losses	(1,366)	(1,246)
Finance receivables, net	86,890	82,432
Finance Receivables, Net [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	87,983	83,450
Deferred origination costs	1,358	1,330
Deferred income	(1,085)	(1,102)
Allowance for credit losses	(1,366)	(1,246)
Finance receivables, net	86,890	82,432
Finance Receivables, Net [Member] \| Retail receivables [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	76,918	73,152
Allowance for credit losses	(1,321)	(1,195)
Finance Receivables, Net [Member] \| Dealer financing [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	11,065	10,298
Allowance for credit losses	$ (45)	$ (51)

Finance Receivables, Net - Ne_2

Finance Receivables, Net - Net Financing Receivables (Parenthetical) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	$ 88,256	$ 83,678
Finance Receivables, Net [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	87,983	83,450
Finance Receivables, Net [Member] \| Securitized retail receivables [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	$ 24,700	$ 21,200

Finance Receivables, Net - Addi

Finance Receivables, Net - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable accrued interest before allowance for credit loss	$ 241	$ 214
Retail Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable accrued interest before allowance for credit loss	208	192
Dealer Products [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable accrued interest before allowance for credit loss	$ 33	$ 22

Finance Receivables, Net - Sche

Finance Receivables, Net - Schedule of Amortized Cost Basis of Retail Loan Portfolio and Dealer Products Portfolio by Credit Quality Indicator (Details) - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year	$ 842	$ 2,279
Year two, originated, fiscal year before current fiscal year	1,944	1,567
Year three, originated, two years before current fiscal year	1,432	473
Year four, originated, three years before current fiscal year	313	542
Year five, originated, four years before current fiscal year	466	297
Originated, more than five years before current fiscal year	1,276	1,423
Revolving loans	4,792	3,717
Total	11,065	10,298
Retail Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year	18,516	32,758
Year two, originated, fiscal year before current fiscal year	27,628	22,342
Year three, originated, two years before current fiscal year	18,109	9,834
Year four, originated, three years before current fiscal year	7,552	4,913
Year five, originated, four years before current fiscal year	3,448	2,761
Originated, more than five years before current fiscal year	1,938	772
Total	77,191	73,380
Current [Member] \| Retail Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year	18,374	32,382
Year two, originated, fiscal year before current fiscal year	27,031	21,917
Year three, originated, two years before current fiscal year	17,651	9,624
Year four, originated, three years before current fiscal year	7,349	4,774
Year five, originated, four years before current fiscal year	3,326	2,674
Originated, more than five years before current fiscal year	1,834	718
Total	75,565	72,089
30-59 Days Past Due [Member] \| Retail Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year	103	275
Year two, originated, fiscal year before current fiscal year	406	304
Year three, originated, two years before current fiscal year	317	153
Year four, originated, three years before current fiscal year	142	101
Year five, originated, four years before current fiscal year	84	63
Originated, more than five years before current fiscal year	69	36
Total	1,121	932
60-89 Days Past Due [Member] \| Retail Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year	27	68
Year two, originated, fiscal year before current fiscal year	124	82
Year three, originated, two years before current fiscal year	95	40
Year four, originated, three years before current fiscal year	42	25
Year five, originated, four years before current fiscal year	26	16
Originated, more than five years before current fiscal year	21	11
Total	335	242
90 Days or Greater Past Due [Member] \| Retail Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year	12	33
Year two, originated, fiscal year before current fiscal year	67	39
Year three, originated, two years before current fiscal year	46	17
Year four, originated, three years before current fiscal year	19	13
Year five, originated, four years before current fiscal year	12	8
Originated, more than five years before current fiscal year	14	7
Total	170	117
Wholesale [Member]
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year	0	0
Year two, originated, fiscal year before current fiscal year	0	0
Year three, originated, two years before current fiscal year	0	0
Year four, originated, three years before current fiscal year	0	0
Year five, originated, four years before current fiscal year	0	0
Originated, more than five years before current fiscal year	0	0
Revolving loans	3,460	2,943
Total	3,460	2,943
Wholesale [Member] \| Performing [Member]
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year	0	0
Year two, originated, fiscal year before current fiscal year	0	0
Year three, originated, two years before current fiscal year	0	0
Year four, originated, three years before current fiscal year	0	0
Year five, originated, four years before current fiscal year	0	0
Originated, more than five years before current fiscal year	0	0
Revolving loans	3,444	2,927
Total	3,444	2,927
Wholesale [Member] \| Credit Watch [Member]
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year	0	0
Year two, originated, fiscal year before current fiscal year	0	0
Year three, originated, two years before current fiscal year	0	0
Year four, originated, three years before current fiscal year	0	0
Year five, originated, four years before current fiscal year	0	0
Originated, more than five years before current fiscal year	0	0
Revolving loans	16	16
Total	16	16
Wholesale [Member] \| At Risk [Member]
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year	0	0
Year two, originated, fiscal year before current fiscal year	0	0
Year three, originated, two years before current fiscal year	0	0
Year four, originated, three years before current fiscal year	0	0
Year five, originated, four years before current fiscal year	0	0
Originated, more than five years before current fiscal year	0	0
Revolving loans	0	0
Total	0	0
Wholesale [Member] \| Default [Member]
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year	0	0
Year two, originated, fiscal year before current fiscal year	0	0
Year three, originated, two years before current fiscal year	0	0
Year four, originated, three years before current fiscal year	0	0
Year five, originated, four years before current fiscal year	0	0
Originated, more than five years before current fiscal year	0	0
Revolving loans	0	0
Total	0	0
Real estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year	563	1,616
Year two, originated, fiscal year before current fiscal year	1,424	1,245
Year three, originated, two years before current fiscal year	1,149	264
Year four, originated, three years before current fiscal year	158	384
Year five, originated, four years before current fiscal year	335	260
Originated, more than five years before current fiscal year	1,140	1,250
Revolving loans	138	0
Total	4,907	5,019
Real estate [Member] \| Performing [Member]
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year	558	1,614
Year two, originated, fiscal year before current fiscal year	1,424	1,245
Year three, originated, two years before current fiscal year	1,149	264
Year four, originated, three years before current fiscal year	158	384
Year five, originated, four years before current fiscal year	335	260
Originated, more than five years before current fiscal year	1,140	1,245
Revolving loans	138	0
Total	4,902	5,012
Real estate [Member] \| Credit Watch [Member]
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year	5	2
Year two, originated, fiscal year before current fiscal year	0	0
Year three, originated, two years before current fiscal year	0	0
Year four, originated, three years before current fiscal year	0	0
Year five, originated, four years before current fiscal year	0	0
Originated, more than five years before current fiscal year	0	5
Revolving loans	0	0
Total	5	7
Real estate [Member] \| At Risk [Member]
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year	0	0
Year two, originated, fiscal year before current fiscal year	0	0
Year three, originated, two years before current fiscal year	0	0
Year four, originated, three years before current fiscal year	0	0
Year five, originated, four years before current fiscal year	0	0
Originated, more than five years before current fiscal year	0	0
Revolving loans	0	0
Total	0	0
Real estate [Member] \| Default [Member]
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year	0	0
Year two, originated, fiscal year before current fiscal year	0	0
Year three, originated, two years before current fiscal year	0	0
Year four, originated, three years before current fiscal year	0	0
Year five, originated, four years before current fiscal year	0	0
Originated, more than five years before current fiscal year	0	0
Revolving loans	0	0
Total	0	0
Working capital [Member]
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year	279	663
Year two, originated, fiscal year before current fiscal year	520	322
Year three, originated, two years before current fiscal year	283	209
Year four, originated, three years before current fiscal year	155	158
Year five, originated, four years before current fiscal year	131	37
Originated, more than five years before current fiscal year	136	173
Revolving loans	1,194	774
Total	2,698	2,336
Working capital [Member] \| Performing [Member]
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year	279	662
Year two, originated, fiscal year before current fiscal year	520	321
Year three, originated, two years before current fiscal year	283	209
Year four, originated, three years before current fiscal year	155	158
Year five, originated, four years before current fiscal year	131	37
Originated, more than five years before current fiscal year	136	173
Revolving loans	1,194	774
Total	2,698	2,334
Working capital [Member] \| Credit Watch [Member]
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year	0	1
Year two, originated, fiscal year before current fiscal year	0	1
Year three, originated, two years before current fiscal year	0	0
Year four, originated, three years before current fiscal year	0	0
Year five, originated, four years before current fiscal year	0	0
Originated, more than five years before current fiscal year	0	0
Revolving loans	0	0
Total	0	2
Working capital [Member] \| At Risk [Member]
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year	0	0
Year two, originated, fiscal year before current fiscal year	0	0
Year three, originated, two years before current fiscal year	0	0
Year four, originated, three years before current fiscal year	0	0
Year five, originated, four years before current fiscal year	0	0
Originated, more than five years before current fiscal year	0	0
Revolving loans	0	0
Total	0	0
Working capital [Member] \| Default [Member]
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year	0	0
Year two, originated, fiscal year before current fiscal year	0	0
Year three, originated, two years before current fiscal year	0	0
Year four, originated, three years before current fiscal year	0	0
Year five, originated, four years before current fiscal year	0	0
Originated, more than five years before current fiscal year	0	0
Revolving loans	0	0
Total	$ 0	$ 0

Finance Receivables, Net - Agin

Finance Receivables, Net - Aging of Amortized Cost Basis of Finance Receivables by Class (Details) - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	$ 88,256	$ 83,678
90 Days or greater past due and accruing	111	65
30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	1,121	932
60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	335	242
90 Days or Greater Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	170	117
Total Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	1,626	1,291
Current [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	86,630	82,387
Retail Loan [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	77,191	73,380
90 Days or greater past due and accruing	111	65
Retail Loan [Member] \| 30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	1,121	932
Retail Loan [Member] \| 60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	335	242
Retail Loan [Member] \| 90 Days or Greater Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	170	117
Retail Loan [Member] \| Total Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	1,626	1,291
Retail Loan [Member] \| Current [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	75,565	72,089
Wholesale [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	3,460	2,943
90 Days or greater past due and accruing	0	0
Wholesale [Member] \| 30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	0	0
Wholesale [Member] \| 60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	0	0
Wholesale [Member] \| 90 Days or Greater Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	0	0
Wholesale [Member] \| Total Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	0	0
Wholesale [Member] \| Current [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	3,460	2,943
Real estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	4,907	5,019
90 Days or greater past due and accruing	0	0
Real estate [Member] \| 30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	0	0
Real estate [Member] \| 60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	0	0
Real estate [Member] \| 90 Days or Greater Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	0	0
Real estate [Member] \| Total Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	0	0
Real estate [Member] \| Current [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	4,907	5,019
Working capital [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	2,698	2,336
90 Days or greater past due and accruing	0	0
Working capital [Member] \| 30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	0	0
Working capital [Member] \| 60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	0	0
Working capital [Member] \| 90 Days or Greater Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	0	0
Working capital [Member] \| Total Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	0	0
Working capital [Member] \| Current [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	$ 2,698	$ 2,336

Allowance for Credit Losses - A

Allowance for Credit Losses - Allowance for Credit Losses and Finance Receivables by Portfolio Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Financing Receivable Allowance For Credit Losses [Abstract]
Provision for credit losses			$ 291	$ 65
Finance Receivables, Net [Member]
Financing Receivable Allowance For Credit Losses [Abstract]
Allowance for credit losses at beginning of period	$ 1,274	$ 1,196	1,272	1,215
Charge-offs	(106)	(55)	(197)	(88)
Recoveries	14	15	29	32
Provision for credit losses	213	68	291	65
Allowance for credit losses at end of period	1,395	1,224	1,395	1,224
Finance Receivables, Net [Member] \| Dealer products [Member]
Financing Receivable Allowance For Credit Losses [Abstract]
Allowance for credit losses at beginning of period	65	144	77	140
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Provision for credit losses	9	(55)	(3)	(51)
Allowance for credit losses at end of period	74	89	74	89
Finance Receivables, Net [Member] \| Retail loan [Member]
Financing Receivable Allowance For Credit Losses [Abstract]
Allowance for credit losses at beginning of period	1,209	1,052	1,195	1,075
Charge-offs	(106)	(55)	(197)	(88)
Recoveries	14	15	29	32
Provision for credit losses	204	123	294	116
Allowance for credit losses at end of period	$ 1,321	$ 1,135	$ 1,321	$ 1,135

Allowance for Credit Losses -_2

Allowance for Credit Losses - Allowance for Credit Losses and Finance Receivables by Portfolio Segment (Parenthetical) (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021
Finance Receivables, Net [Member] \| Dealer Products [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Allowance for credit losses related to off-balance sheet commitments	$ 29	$ 34

Allowance for Credit Losses -_3

Allowance for Credit Losses - Additional Information (Details) - Finance Receivables, Net [Member] - Financial Guarantee [Member] - Dealer Products [Member] - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021
TMNA [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Ending Balance: collectively evaluated for impairment	$ 976	$ 1,000
Private Toyota Distributors [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Ending Balance: collectively evaluated for impairment	$ 186	$ 178

Investments in Operating Leas_3

Investments in Operating Leases, Net - Investments in Operating Leases, Net (Details) - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
Property Subject To Or Available For Operating Lease [Line Items]
Investments in operating leases, net	$ 32,114	$ 35,455
Investments in operating leases [Member]
Property Subject To Or Available For Operating Lease [Line Items]
Investments in operating leases	41,659	45,728
Investments In Operating Leases, Net [Member]
Property Subject To Or Available For Operating Lease [Line Items]
Deferred origination (fees) and costs, net	(39)	(46)
Deferred income	(908)	(1,272)
Accumulated depreciation	$ (8,598)	$ (8,955)

Investments in Operating Leas_4

Investments in Operating Leases, Net - Investments in Operating Leases, Net (Parenthetical) (Details) - USD ($) $ in Billions	Sep. 30, 2022	Mar. 31, 2022
Securitized investments in operating leases [Member]
Property Subject To Or Available For Operating Lease [Line Items]
Investments in operating leases	$ 16.7	$ 16.2

Derivatives, Hedging Activiti_3

Derivatives, Hedging Activities and Interest Expense - Derivative Activity Impact on Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
Derivatives Fair Value [Line Items]
Derivative Asset Statement Of Financial Position	Other assets	Other assets
Derivative liability Statement Of Financial Position	Other liabilities	Other liabilities
Other assets [Member]
Derivatives Fair Value [Line Items]
Notional	$ 63,024	$ 65,921
Fair value	2,194	1,480
Counterparty netting	(1,162)	(761)
Collateral held	(957)	(658)
Other assets [Member] \| Interest rate swaps [Member]
Derivatives Fair Value [Line Items]
Notional	62,895	64,327
Fair value	2,174	1,425
Other assets [Member] \| Foreign currency swaps [Member]
Derivatives Fair Value [Line Items]
Notional	129	1,594
Fair value	20	55
Other liabilities [Member]
Derivatives Fair Value [Line Items]
Notional	40,321	28,005
Fair value	3,271	1,539
Counterparty netting	(1,162)	(761)
Collateral posted	(2,064)	(753)
Other liabilities [Member] \| Interest rate swaps [Member]
Derivatives Fair Value [Line Items]
Notional	32,692	19,903
Fair value	1,452	822
Other liabilities [Member] \| Foreign currency swaps [Member]
Derivatives Fair Value [Line Items]
Notional	7,629	8,102
Fair value	1,819	717
Carrying value [Member]
Derivatives Fair Value [Line Items]
Carrying value of derivative contracts – Other assets	75	61
Carrying value of derivative contracts – Other liabilities	$ 45	$ 25

Derivatives, Hedging Activiti_4

Derivatives, Hedging Activities and Interest Expense - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Initial margin and collateral posted in excess of the fair value of derivative liabilities	$ 202	$ 132

Derivatives, Hedging Activiti_5

Derivatives, Hedging Activities and Interest Expense - Components of Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments Gain Loss [Line Items]
Interest expense on debt	$ 623	$ 382	$ 1,069	$ 771
Interest (income) expense on derivatives	(120)	48	(182)	114
Interest expense on debt and derivatives	503	430	887	885
Gains on debt denominated in foreign currencies	(590)	(287)	(1,181)	(277)
Losses on foreign currency swaps	743	333	1,456	358
Total interest expense	705	423	1,268	709
Interest Expense
Derivative Instruments Gain Loss [Line Items]
Losses (gains) on U.S. dollar interest rate swaps	$ 49	$ (53)	$ 106	$ (257)

Debt and Credit Facilities - De

Debt and Credit Facilities - Debt and Related Weighted Average Contractual Interest Rates (Details) - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
Debt Instrument [Line Items]
Debt, Face value	$ 109,248	$ 109,449
Debt, Carrying value	$ 108,873	$ 109,152
Weighted average contractual interest rates	2.40%	1.23%
Unsecured notes and loans payable [Member]
Debt Instrument [Line Items]
Debt, Face value	$ 79,252	$ 82,542
Debt, Carrying value	$ 78,926	$ 82,288
Weighted average contractual interest rates	2.42%	1.30%
Secured notes and loans payable [Member]
Debt Instrument [Line Items]
Debt, Face value	$ 29,996	$ 26,907
Debt, Carrying value	$ 29,947	$ 26,864
Weighted average contractual interest rates	2.36%	1.01%

Debt and Credit Facilities - Ad

Debt and Credit Facilities - Additional Information (Details 1) - USD ($) $ in Billions	Sep. 30, 2022	Mar. 31, 2022
Debt Disclosure [Abstract]
Commercial paper outstanding	$ 17.4	$ 16.9

Debt and Credit Facilities - _2

Debt and Credit Facilities - Additional Information (Details) - USD ($)	Sep. 30, 2022	Mar. 31, 2022
364 Day Credit Agreement Expiring 2023 [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity	$ 5,000,000,000
Credit facilities amount outstanding	0	$ 0
Three Year Agreement Expiring 2025 [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity	5,000,000,000
Credit facilities amount outstanding	0	0
Five Year Agreement Expiring 2027 [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity	5,000,000,000
Credit facilities amount outstanding	0	0
Revolving Securitization Facility [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity	8,000,000,000
Credit facilities amount outstanding	2,400,000,000	3,200,000,000
Total Committed Bank Credit Facilities [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity	4,600,000,000
Credit facilities amount outstanding	0	0
Committed Bank Credit Facility Expiring 2023 [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity	1,900,000,000
Committed Bank Credit Facility Expiring 2024 [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity	425,000,000
Committed Bank Credit Facility Expiring 2025 [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity	1,900,000,000
Committed Bank Credit Facility Expiring 2026 [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity	375,000,000
Three Year Revolving Credit Facility Expiring 2025 [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity	5,000,000,000
Credit facilities amount outstanding	$ 0	$ 0

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Assets and Liabilities related to Variable Interest Entities Securitization Transactions (Details) - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
Variable Interest Entity [Line Items]
Restricted cash	$ 1,855	$ 2,065
Net securitized assets	86,890	82,432
Other assets	2,794	2,466
Debt	108,873	109,152
Other liabilities	5,861	6,224
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Restricted cash	1,855	1,929
Net securitized assets	24,529	20,932
Other assets	77	66
Debt	29,947	26,864
Other liabilities	23	10
Variable Interest Entity, Primary Beneficiary \| Other assets [Member]
Variable Interest Entity [Line Items]
Net securitized assets	36,756	32,818
Other assets	77	66
Variable Interest Entity, Primary Beneficiary \| Other liabilities [Member]
Variable Interest Entity [Line Items]
Debt	29,947	26,864
Other liabilities	23	10
Retail Finance Receivables [Member] \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Restricted cash	1,248	1,284
Retail Finance Receivables [Member] \| Variable Interest Entity, Primary Beneficiary \| Other assets [Member]
Variable Interest Entity [Line Items]
Net securitized assets	24,529	20,932
Other assets	63	51
Retail Finance Receivables [Member] \| Variable Interest Entity, Primary Beneficiary \| Other liabilities [Member]
Variable Interest Entity [Line Items]
Debt	21,316	18,562
Other liabilities	17	8
Investments In Operating Leases, Net [Member] \| Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Restricted cash	607	645
Investments In Operating Leases, Net [Member] \| Variable Interest Entity, Primary Beneficiary \| Other assets [Member]
Variable Interest Entity [Line Items]
Net securitized assets	12,227	11,886
Other assets	14	15
Investments In Operating Leases, Net [Member] \| Variable Interest Entity, Primary Beneficiary \| Other liabilities [Member]
Variable Interest Entity [Line Items]
Debt	8,631	8,302
Other liabilities	$ 6	$ 2

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
Variable Interest Entities [Abstract]
Securities retained by TMCC	$ 1.6	$ 1.7

Commitments and Contingencies -

Commitments and Contingencies - Commitments and Guarantees (Details) - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
Commitments:
Credit facilities commitments with dealers	$ 3,212	$ 3,289
Commitments under operating lease agreements	113	119
Total commitments	3,325	3,408
Total commitments and guarantees	3,425	3,508
Performance Guarantee [Member] \| Putnam and Gibson Counties [Member]
Commitments:
Guarantees of affiliate pollution control and solid waste disposal bonds	$ 100	$ 100

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
Commitments And Contingencies [Line Items]
Operating Lease Liability	$ 101,000,000		$ 101,000,000
Lease description			Lease terms may contain renewal and extension options or early termination features. Generally, these options do not impact the lease term because TMCC is not reasonably certain that it will exercise the options. These lease agreements do not impose restrictions on our ability to pay dividends, engage in debt or equity financing transactions or enter into further lease agreements, nor do they have residual value guarantees. We exclude from our Consolidated Balance Sheets leases with a term equal to one year or less and do not separate non-lease components from our real estate leases.
Indemnification provisions	0		$ 0		$ 0
Putnam and Gibson Counties [Member] \| Performance Guarantee [Member]
Commitments And Contingencies [Line Items]
Guarantees of affiliate pollution control and solid waste disposal bonds	100,000,000		$ 100,000,000		100,000,000
TMNA [Member]
Commitments And Contingencies [Line Items]
Lease agreement expiration date			2032-08
Total operating lease expense, including payments to affiliates	7,000,000	$ 8,000,000	$ 15,000,000	$ 17,000,000
TMCC-affiliated companies [Member]
Commitments And Contingencies [Line Items]
Operating Lease Liability	81,000,000		81,000,000		$ 84,000,000
TMCC-affiliated companies [Member] \| Putnam and Gibson Counties [Member] \| Performance Guarantee [Member]
Commitments And Contingencies [Line Items]
Guarantees of affiliate pollution control and solid waste disposal bonds	100,000,000		100,000,000
TMCC-affiliated companies [Member] \| Putnam and Gibson Counties [Member] \| Performance Guarantee [Member] \| 2028 [Member]
Commitments And Contingencies [Line Items]
Guarantees of affiliate pollution control and solid waste disposal bonds	20,000,000		20,000,000
TMCC-affiliated companies [Member] \| Putnam and Gibson Counties [Member] \| Performance Guarantee [Member] \| 2029 [Member]
Commitments And Contingencies [Line Items]
Guarantees of affiliate pollution control and solid waste disposal bonds	50,000,000		50,000,000
TMCC-affiliated companies [Member] \| Putnam and Gibson Counties [Member] \| Performance Guarantee [Member] \| 2030 [Member]
Commitments And Contingencies [Line Items]
Guarantees of affiliate pollution control and solid waste disposal bonds	10,000,000		10,000,000
TMCC-affiliated companies [Member] \| Putnam and Gibson Counties [Member] \| Performance Guarantee [Member] \| 2031 [Member]
Commitments And Contingencies [Line Items]
Guarantees of affiliate pollution control and solid waste disposal bonds	10,000,000		10,000,000
TMCC-affiliated companies [Member] \| Putnam and Gibson Counties [Member] \| Performance Guarantee [Member] \| 2032 [Member]
Commitments And Contingencies [Line Items]
Guarantees of affiliate pollution control and solid waste disposal bonds	$ 10,000,000		$ 10,000,000

Commitments and Contingencies_3

Commitments and Contingencies - Summary of Commitments under Operating Lease Agreements (Details) - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
Amounts due on operating lease liabilities
2023	$ 9
2024	17
2025	15
2026	14
2027	13
Thereafter	45
Total	113	$ 119
Present value discount	(12)
Total operating lease liability	$ 101
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities

Commitments and Contingencies_4

Commitments and Contingencies - Summary of Additional Information Related to Operating Lease Agreements (Details) $ in Millions	Sep. 30, 2022 USD ($)
Commitments And Contingencies Disclosure [Abstract]
ROU assets	$ 91
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets
Weighted average remaining lease term (in years)	7 years 8 months 12 days
Weighted average discount rate	2.68%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes		$ 49	$ 197	$ 100	$ 464
Effective tax rate		29%	24%	26%	23%
Net deferred income tax liability		$ 1,300		$ 1,300		$ 1,600
Corporate alternative minimum tax	15%

Related Party Transactions - Re

Related Party Transactions - Related Party Transactions Included in Consolidated Statements of Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Voluntary protection contract revenues and insurance earned premiums:
Voluntary protection contract revenues and insurance earned premiums	$ 263	$ 254	$ 522	$ 503
Expenses:
Operating and administrative	444	385	850	769
TMCC-affiliated companies [Member]
Net financing revenues:
Manufacturer's subvention and other revenues	316	457	655	936
Depreciation on operating leases	34	(25)	56	(53)
Interest expense:
Credit support fees, interest and other expenses	24	27	47	51
Voluntary protection contract revenues and insurance earned premiums:
Voluntary protection contract revenues and insurance earned premiums	39	43	79	85
Investment and other income, net:
Interest and other income	3	2	(3)	5
Expenses:
Operating and administrative	$ 16	$ 22	$ 37	$ 43

Related Party Transactions - _2

Related Party Transactions - Related Party Transactions Included in Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
Cash and cash equivalents
Cash and cash equivalents	$ 6,311	$ 7,670
TMCC-affiliated companies [Member]
Finance receivables, net
Accounts receivable	27	90
Deferred retail subvention income	(858)	(875)
Investments in operating leases, net
Investments in operating leases, net	(252)	(212)
Deferred lease subvention income	(624)	(923)
Other assets
Notes receivable	948	789
Other receivables, net	82	80
Other liabilities
Unearned voluntary protection contract revenues and insurance earned premiums	377	374
Other payables, net	528	394
Notes payable	61	8
Commercial paper [Member] \| TMCC-affiliated companies [Member]
Cash and cash equivalents
Cash and cash equivalents	$ 0	$ 100

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2022	Mar. 31, 2022
Related Party Transactions [Abstract]
Subvention support receivable	$ 98	$ 66

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	$ 1,217	$ 1,304
Equity investments	3,171	3,649
Investments in marketable securities	4,388	4,953
U.S. government and agency obligations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	564	509
Municipal debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	9	10
Corporate debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	429	568
U.S. government agency mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	47	20
Non-agency residential mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	9	10
Non-agency commercial mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	80	86
Asset-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	67	78
Foreign government and agency obligations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	12	23
Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	1,217	1,304
Equity investments	3,171	3,649
Investments in marketable securities	4,388	4,953
Derivative assets	75	61
Counterparty netting and collateral	(2,119)	(1,419)
Assets at fair value	4,463	5,014
Counterparty netting and collateral	3,226	1,514
Liabilities at fair value	(45)	(25)
Net assets at fair value	4,418	4,989
Recurring [Member] \| U.S. government and agency obligations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	564	509
Recurring [Member] \| Municipal debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	9	10
Recurring [Member] \| Corporate debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	429	568
Recurring [Member] \| U.S. government agency mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	47	20
Recurring [Member] \| Non-agency residential mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	9	10
Recurring [Member] \| Non-agency commercial mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	80	86
Recurring [Member] \| Asset-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	67	78
Recurring [Member] \| Fixed income total return bond funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	1,411	1,576
Recurring [Member] \| Equity mutual funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	739	936
Recurring [Member] \| Foreign government and agency obligations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	12	23
Recurring [Member] \| Counterparty Netting & Collateral [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Equity investments	0	0
Investments in marketable securities	0	0
Derivative assets	(2,119)	(1,419)
Counterparty netting and collateral	(2,119)	(1,419)
Assets at fair value	(2,119)	(1,419)
Counterparty netting and collateral	3,226	1,514
Liabilities at fair value	3,226	1,514
Net assets at fair value	1,107	95
Recurring [Member] \| Counterparty Netting & Collateral [Member] \| U.S. government and agency obligations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Counterparty Netting & Collateral [Member] \| Municipal debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Counterparty Netting & Collateral [Member] \| Corporate debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Counterparty Netting & Collateral [Member] \| U.S. government agency mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Counterparty Netting & Collateral [Member] \| Non-agency residential mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Counterparty Netting & Collateral [Member] \| Non-agency commercial mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Counterparty Netting & Collateral [Member] \| Asset-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Counterparty Netting & Collateral [Member] \| Fixed income total return bond funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	0	0
Recurring [Member] \| Counterparty Netting & Collateral [Member] \| Equity mutual funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	0	0
Recurring [Member] \| Counterparty Netting & Collateral [Member] \| Foreign government and agency obligations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Foreign currency swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	20	55
Derivative liabilities	(1,819)	(717)
Recurring [Member] \| Foreign currency swaps [Member] \| Counterparty Netting & Collateral [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Recurring [Member] \| Interest rate swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	2,174	1,425
Derivative liabilities	(1,452)	(822)
Recurring [Member] \| Interest rate swaps [Member] \| Counterparty Netting & Collateral [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]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	560	504
Equity investments	2,150	2,512
Investments in marketable securities	2,710	3,016
Derivative assets	0	0
Counterparty netting and collateral	0	0
Assets at fair value	2,710	3,016
Counterparty netting and collateral	0	0
Liabilities at fair value	0	0
Net assets at fair value	2,710	3,016
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]
Available-for-sale securities, Debt securities	560	504
Recurring [Member] \| Level 1 [Member] \| Municipal debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Level 1 [Member] \| Corporate debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Level 1 [Member] \| U.S. government agency mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Level 1 [Member] \| Non-agency residential mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Level 1 [Member] \| Non-agency commercial mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Level 1 [Member] \| Asset-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Level 1 [Member] \| Fixed income total return bond funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	1,411	1,576
Recurring [Member] \| Level 1 [Member] \| Equity mutual funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	739	936
Recurring [Member] \| Level 1 [Member] \| Foreign government and agency obligations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
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 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 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	647	786
Equity investments	0	0
Investments in marketable securities	647	786
Derivative assets	2,194	1,480
Counterparty netting and collateral	0	0
Assets at fair value	2,841	2,266
Counterparty netting and collateral	0	0
Liabilities at fair value	(3,271)	(1,539)
Net assets at fair value	430	727
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]
Available-for-sale securities, Debt securities	4	5
Recurring [Member] \| Level 2 [Member] \| Municipal debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	9	10
Recurring [Member] \| Level 2 [Member] \| Corporate debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	429	568
Recurring [Member] \| Level 2 [Member] \| U.S. government agency mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	47	20
Recurring [Member] \| Level 2 [Member] \| Non-agency residential mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	6	7
Recurring [Member] \| Level 2 [Member] \| Non-agency commercial mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	75	78
Recurring [Member] \| Level 2 [Member] \| Asset-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	65	75
Recurring [Member] \| Level 2 [Member] \| Fixed income total return bond funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	0	0
Recurring [Member] \| Level 2 [Member] \| Equity mutual funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	0	0
Recurring [Member] \| Level 2 [Member] \| Foreign government and agency obligations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	12	23
Recurring [Member] \| Level 2 [Member] \| Foreign currency swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	20	55
Derivative liabilities	(1,819)	(717)
Recurring [Member] \| Level 2 [Member] \| Interest rate swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	2,174	1,425
Derivative liabilities	(1,452)	(822)
Recurring [Member] \| Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	10	14
Equity investments	0	0
Investments in marketable securities	10	14
Derivative assets	0	0
Counterparty netting and collateral	0	0
Assets at fair value	10	14
Counterparty netting and collateral	0	0
Liabilities at fair value	0	0
Net assets at fair value	10	14
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]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Level 3 [Member] \| Municipal debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Level 3 [Member] \| Corporate debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Level 3 [Member] \| U.S. government agency mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Level 3 [Member] \| Non-agency residential mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	3	3
Recurring [Member] \| Level 3 [Member] \| Non-agency commercial mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	5	8
Recurring [Member] \| Level 3 [Member] \| Asset-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	2	3
Recurring [Member] \| Level 3 [Member] \| Fixed income total return bond funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	0	0
Recurring [Member] \| Level 3 [Member] \| Equity mutual funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	0	0
Recurring [Member] \| Level 3 [Member] \| Foreign government and agency obligations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Level 3 [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 3 [Member] \| Interest rate 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] \| Fixed income mutual funds measured at net asset value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	$ 1,021	$ 1,137

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Not Carried at Fair Value on Recurring Basis on Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
Fair value [Member] \| Unsecured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	$ 75,908	$ 80,980
Fair value [Member] \| Secured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	29,113	26,500
Fair value [Member] \| Level 1 [Member] \| Unsecured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	0	0
Fair value [Member] \| Level 1 [Member] \| Secured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	0	0
Fair value [Member] \| Level 2 [Member] \| Unsecured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	75,908	80,980
Fair value [Member] \| Level 2 [Member] \| Secured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	0	0
Fair value [Member] \| Level 3 [Member] \| Unsecured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	0	0
Fair value [Member] \| Level 3 [Member] \| Secured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	29,113	26,500
Carrying value [Member] \| Unsecured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	78,926	82,288
Carrying value [Member] \| Secured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	29,947	26,864
Retail Loan [Member] \| Fair value [Member]
Financial assets
Finance receivables, net	74,924	73,385
Retail Loan [Member] \| Fair value [Member] \| Level 1 [Member]
Financial assets
Finance receivables, net	0	0
Retail Loan [Member] \| Fair value [Member] \| Level 2 [Member]
Financial assets
Finance receivables, net	0	0
Retail Loan [Member] \| Fair value [Member] \| Level 3 [Member]
Financial assets
Finance receivables, net	74,924	73,385
Retail Loan [Member] \| Carrying value [Member]
Financial assets
Finance receivables, net	76,073	72,369
Wholesale [Member] \| Fair value [Member]
Financial assets
Finance receivables, net	3,442	2,931
Wholesale [Member] \| Fair value [Member] \| Level 1 [Member]
Financial assets
Finance receivables, net	0	0
Wholesale [Member] \| Fair value [Member] \| Level 2 [Member]
Financial assets
Finance receivables, net	0	0
Wholesale [Member] \| Fair value [Member] \| Level 3 [Member]
Financial assets
Finance receivables, net	3,442	2,931
Wholesale [Member] \| Carrying value [Member]
Financial assets
Finance receivables, net	3,465	2,940
Real estate [Member] \| Fair value [Member]
Financial assets
Finance receivables, net	4,788	4,961
Real estate [Member] \| Fair value [Member] \| Level 1 [Member]
Financial assets
Finance receivables, net	0	0
Real estate [Member] \| Fair value [Member] \| Level 2 [Member]
Financial assets
Finance receivables, net	0	0
Real estate [Member] \| Fair value [Member] \| Level 3 [Member]
Financial assets
Finance receivables, net	4,788	4,961
Real estate [Member] \| Carrying value [Member]
Financial assets
Finance receivables, net	4,899	4,985
Working capital [Member] \| Fair value [Member]
Financial assets
Finance receivables, net	2,566	2,171
Working capital [Member] \| Fair value [Member] \| Level 1 [Member]
Financial assets
Finance receivables, net	0	0
Working capital [Member] \| Fair value [Member] \| Level 2 [Member]
Financial assets
Finance receivables, net	0	0
Working capital [Member] \| Fair value [Member] \| Level 3 [Member]
Financial assets
Finance receivables, net	2,566	2,171
Working capital [Member] \| Carrying value [Member]
Financial assets
Finance receivables, net	$ 2,661	$ 2,256

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2022	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Finance receivables from related party	$ 27	$ 90

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
Segment Reporting Information [Line Items]
Total financing revenues	$ 2,824	$ 3,032	$ 5,655	$ 6,031
Depreciation on operating leases	1,305	1,499	2,714	2,940
Interest expense	705	423	1,268	709
Net financing revenues	814	1,110	1,673	2,382
Voluntary protection contract revenues and insurance earned premiums	263	254	522	503
Investment and other income (loss), net	(138)	7	(444)	163
Net financing revenues and other revenues	939	1,371	1,751	3,048
Expenses:
Provision for credit losses	213	68	291	65
Operating and administrative	444	385	850	769
Voluntary protection contract expenses and insurance losses	114	99	221	207
Total expenses	771	552	1,362	1,041
Income before income taxes	168	819	389	2,007
Provision (benefit) for income taxes	49	197	100	464
Net income	119	622	289	1,543
Total assets	134,352	136,977	134,352	136,977	$ 135,041
Intercompany Eliminations [Member]
Segment Reporting Information [Line Items]
Total financing revenues	0	0	0	0
Depreciation on operating leases	0	0	0	0
Interest expense	0	0	0	0
Net financing revenues	0	0	0	0
Voluntary protection contract revenues and insurance earned premiums	0	0	0	0
Investment and other income (loss), net	0	0	0	0
Net financing revenues and other revenues	0	0	0	0
Expenses:
Provision for credit losses	0	0	0	0
Operating and administrative	0	0	0	0
Voluntary protection contract expenses and insurance losses	0	0	0	0
Total expenses	0	0	0	0
Income before income taxes	0	0	0	0
Provision (benefit) for income taxes	0	0	0	0
Net income	0	0	0	0
Total assets	(128)	(138)	(128)	(138)
Finance Operations [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Total financing revenues	2,824	3,032	5,655	6,031
Depreciation on operating leases	1,305	1,499	2,714	2,940
Interest expense	705	423	1,268	709
Net financing revenues	814	1,110	1,673	2,382
Voluntary protection contract revenues and insurance earned premiums	0	0	0	0
Investment and other income (loss), net	55	9	88	28
Net financing revenues and other revenues	869	1,119	1,761	2,410
Expenses:
Provision for credit losses	213	68	291	65
Operating and administrative	339	287	638	579
Voluntary protection contract expenses and insurance losses	0	0	0	0
Total expenses	552	355	929	644
Income before income taxes	317	764	832	1,766
Provision (benefit) for income taxes	86	185	211	406
Net income	231	579	621	1,360
Total assets	128,403	130,544	128,403	130,544
Voluntary Protection Operations [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Total financing revenues	0	0	0	0
Depreciation on operating leases	0	0	0	0
Interest expense	0	0	0	0
Net financing revenues	0	0	0	0
Voluntary protection contract revenues and insurance earned premiums	263	254	522	503
Investment and other income (loss), net	(193)	(2)	(532)	135
Net financing revenues and other revenues	70	252	(10)	638
Expenses:
Provision for credit losses	0	0	0	0
Operating and administrative	105	98	212	190
Voluntary protection contract expenses and insurance losses	114	99	221	207
Total expenses	219	197	433	397
Income before income taxes	(149)	55	(443)	241
Provision (benefit) for income taxes	(37)	12	(111)	58
Net income	(112)	43	(332)	183
Total assets	$ 6,077	$ 6,571	$ 6,077	$ 6,571

Segment Information - Additiona

Segment Information - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Unearned voluntary protection contract revenues		$ 2,600		$ 2,600
Unearned amounts in voluntary protection contract revenues, recognized	$ 200	$ 182	$ 400	$ 374
Other liabilities [Member]
Segment Reporting Information [Line Items]
Unearned voluntary protection contract revenues	$ 2,800		$ 2,800		$ 2,700	$ 2,500
Accounting Standards Update 2014-09 [Member]
Segment Reporting Information [Line Items]
Percentage of voluntary protection contract revenues	83%	82%	83%	82%

Segment Information - Additio_2

Segment Information - Additional Information (Details1) $ in Millions	Sep. 30, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-10-01
Segment Reporting Information [Line Items]
Revenue, remaining performance obligation, amount	$ 414
Revenue, remaining performance obligation, expected timing of satisfaction, period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01
Segment Reporting Information [Line Items]
Revenue, remaining performance obligation, amount	$ 2,400
Revenue, remaining performance obligation, expected timing of satisfaction, period