Toyota Motor Credit (TM/28) 10-K 2 Jun 23 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Mar. 31, 2023	Apr. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Period End Date	Mar. 31, 2023
Amendment Flag	false
Entity Registrant Name	TOYOTA MOTOR CREDIT CORPORATION
Entity Central Index Key	0000834071
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--03-31
Trading Symbol	TM/28
Entity Filer Category	Non-accelerated Filer
Entity Well Known Seasoned Issuer	Yes
Entity Common Stock Shares Outstanding		91,500
Entity Public Float	$ 0
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
ICFR Auditor Attestation Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
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 Annual 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
Auditor Firm ID	238
Auditor Location	Dallas, Texas
Auditor Name	PricewaterhouseCoopers LLP
Documents Incorporated by Reference	None

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Financing revenues:
Operating lease	$ 7,063	$ 8,337	$ 8,481
Retail	3,737	3,254	2,905
Dealer	493	329	413
Total financing revenues	11,293	11,920	11,799
Depreciation on operating leases	5,122	5,846	5,932
Interest expense	3,054	1,401	2,302
Net financing revenues	3,117	4,673	3,565
Voluntary protection contract revenues and insurance earned premiums	1,053	1,015	956
Investment and other income (loss), net	97	(26)	410
Net financing revenues and other revenues	4,267	5,662	4,931
Expenses:
Provision for credit losses	713	236	426
Operating and administrative	1,776	1,697	1,487
Voluntary protection contract expenses and insurance losses	470	405	369
Total expenses	2,959	2,338	2,282
Income before income taxes	1,308	3,324	2,649
Provision for income taxes	329	789	632
Net income	$ 979	$ 2,535	$ 2,017

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 979	$ 2,535	$ 2,017
Other comprehensive income, net of tax
Net unrealized (losses) gains on available-for-sale marketable securities [net of tax benefit (provision) of $10, $8 and ($2), respectively]	(37)	(28)	9
Reclassification adjustment for net losses (gains) on available-for-sale marketable securities included in investment and other income, net [net of tax provision of $0, $0 and $5, respectively]	1	(1)	(16)
Other comprehensive loss	(36)	(29)	(7)
Comprehensive income	$ 943	$ 2,506	$ 2,010

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net unrealized (losses) gains on available-for-sale marketable securities, tax provision	$ 10	$ 8	$ (2)
Reclassification adjustment for net (gains) losses on available-for-sale marketable securities included in investment and other income, tax provision (benefit)	$ 0	$ 0	$ 5

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
ASSETS
Cash and cash equivalents	$ 6,398	$ 7,670
Restricted cash and cash equivalents	2,090	2,065
Investments in marketable securities	5,037	4,953
Finance receivables, net of allowance for credit losses of $1,489 and $1,246, respectively	90,280	82,432
Investments in operating leases, net	29,869	35,455
Other assets	3,921	2,466
Total assets	137,595	135,041
LIABILITIES AND SHAREHOLDER'S EQUITY
Debt	111,685	109,152
Deferred income taxes	3,727	1,564
Other liabilities	5,674	6,224
Total liabilities	121,086	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 March 31, 2023 and 2022	915	915
Additional paid-in capital	2	2
Accumulated other comprehensive loss	(57)	(21)
Retained earnings	15,649	17,205
Total shareholder's equity	16,509	18,101
Total liabilities and shareholder's equity	$ 137,595	$ 135,041

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Statement of Financial Position [Abstract]
Finance receivables, allowance for credit losses	$ 1,489	$ 1,246
Common Stock, Par or Stated Value Per Share	$ 0	$ 0
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	Mar. 31, 2023	Mar. 31, 2022
ASSETS
Finance receivables, net	$ 90,280	$ 82,432
Investments in operating leases, net	29,869	35,455
Other assets	3,921	2,466
Total assets	137,595	135,041
LIABILITIES
Debt	111,685	109,152
Other liabilities	5,674	6,224
Total liabilities	121,086	116,940
Variable Interest Entity, Primary Beneficiary
ASSETS
Finance receivables, net	28,764	20,932
Investments in operating leases, net	11,063	11,886
Other assets	108	66
Total assets	39,935	32,884
LIABILITIES
Debt	32,736	26,864
Other liabilities	51	10
Total liabilities	$ 32,787	$ 26,874

Consolidated Statements of Shar

Consolidated Statements of Shareholder's Equity - USD ($) $ in Millions	Total	Cumulative Effect Period of Adoption Adjustment	Capital stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Retained earnings	Retained earnings Cumulative Effect Period of Adoption Adjustment
Balance at Mar. 31, 2020	$ 14,503		$ 915	$ 2	$ 15	$ 13,571
Balance (ASU 2016-13 [Member]) at Mar. 31, 2020		$ (218)					$ (218)
Net income	2,017		0	0	0	2,017
Other comprehensive loss, net of tax	(7)		0	0	(7)	0
Dividends	(700)		0	0	0	(700)
Balance at Mar. 31, 2021	15,595		915	2	8	14,670
Net income	2,535		0	0	0	2,535
Other comprehensive loss, net of tax	(29)		0	0	(29)	0
Balance at Mar. 31, 2022	18,101		915	2	(21)	17,205
Net income	979		0	0	0	979
Other comprehensive loss, net of tax	(36)		0	0	(36)	0
Dividends	(2,535)		0	0	0	(2,535)
Balance at Mar. 31, 2023	$ 16,509		$ 915	$ 2	$ (57)	$ 15,649

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 979	$ 2,535	$ 2,017
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,205	5,963	6,049
Recognition of deferred income and fees	(1,797)	(2,396)	(2,496)
Provision for credit losses	713	236	426
Amortization of deferred costs	1,029	1,019	789
Foreign currency and other adjustments to the carrying value of financial instruments, net	206	(230)	1,401
Net losses (gains) from investments in marketable securities	375	181	(149)
Net change in:
Derivative assets	10	(7)	(3)
Other assets and accrued interest	(1,040)	(465)	142
Deferred income taxes	2,173	(1,288)	(2,521)
Derivative liabilities	(8)	24	(44)
Other liabilities	(505)	652	632
Net cash provided by operating activities	7,340	6,224	6,243
Cash flows from investing activities:
Purchase of investments in marketable securities	(2,467)	(2,468)	(2,215)
Proceeds from sales of investments in marketable securities	1,902	1,769	422
Proceeds from maturities of investments in marketable securities	59	338	932
Acquisition of finance receivables	(40,932)	(41,057)	(38,702)
Collection of finance receivables	34,018	34,335	28,009
Net change in wholesale and certain working capital receivables	(1,812)	3,339	4,793
Acquisition of investments in operating leases	(9,617)	(15,064)	(16,778)
Disposals of investments in operating leases	11,001	12,510	11,821
Long term loans to affiliates	(760)	(200)	(200)
Payments on long term loans from affiliates	340	300	506
Net change in financing support provided to affiliates	(36)	(26)	0
Other, net	(83)	(71)	(79)
Net cash used in investing activities	(8,387)	(6,295)	(11,491)
Cash flows from financing activities:
Proceeds from issuance of debt	38,797	37,266	50,281
Payments on debt	(35,374)	(38,156)	(30,648)
Net change in commercial paper and other short-term financing	(1,088)	555	(9,049)
Payment on loan from affiliate	0	0	(3,000)
Net change in financing support provided by affiliates	0	(11)	(13)
Dividend paid	(2,535)	0	(700)
Net cash (used in) provided by financing activities	(200)	(346)	6,871
Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents	(1,247)	(417)	1,623
Cash and cash equivalents and restricted cash and cash equivalents at the beginning of the period	9,735	10,152	8,529
Cash and cash equivalents and restricted cash and cash equivalents at the end of the period	8,488	9,735	10,152
Supplemental disclosures:
Interest paid, net	2,375	1,649	2,445
Income taxes (received) paid, net	$ (462)	$ 1,797	$ 2,463

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	12 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	No te 1 – Basis of Presentation and Significant Accounting Policies Nat ure of Operations Toyota Motor Credit Corporation (“TMCC”) is a wholly-owned subsidiary of Toyota Financial Services International Corporation (“TFSIC”), a California corporation, which is a wholly-owned subsidiary of Toyota Financial Services Corporation (“TFSC”), a Japanese corporation. TFSC, in turn, is a wholly-owned subsidiary of Toyota Motor Corporation (“TMC”), a Japanese corporation. TFSC manages TMC’s worldwide financial services operations. References herein to the “Company”, “we”, “our”, and “us” denote TMCC and its consolidated subsidiaries. TMCC is marketed under the brands of Toyota Financial Services, Lexus Financial Services, and Mazda Financial Services. We provide a variety of finance and voluntary vehicle and payment protection products and services to authorized Toyota and Lexus dealers or dealer groups, private label dealers or dealer groups, and, to a lesser extent, other domestic and import franchise dealers (collectively referred to as “dealers”) and their customers in the United States of America (the “U.S.”) and Puerto Rico. Our business is substantially dependent upon the sale of Toyota, Lexus, and private label vehicles. Our products and services fall primarily into the following categories: • Finance Operations - We acquire retail installment sales contracts from dealers in the U.S. and Puerto Rico (“retail contracts”) and leasing contracts accounted for as operating leases (“lease contracts”) from dealers in the U.S. We collectively refer to our retail and lease contracts as the “consumer portfolio.” We also provide dealer financing, including wholesale financing, working capital loans, revolving lines of credit and real estate financing to dealers in the U.S. and Puerto Rico. We collectively refer to our dealer financing portfolio as the “dealer portfolio.” • Voluntary Protection Operations - Through Toyota Motor Insurance Services, Inc., a wholly-owned subsidiary, and its insurance company subsidiaries (collectively referred to as “TMIS”), we provide marketing, underwriting, and claims administration for voluntary vehicle and payment protection products sold by dealers in the U.S. Our voluntary vehicle and payment protection products include vehicle service, guaranteed auto protection, prepaid maintenance, excess wear and use, tire and wheel protection, key replacement protection, and used vehicle limited warranty contracts (“voluntary protection products”). TMIS also provides coverage and related administrative services to certain of our affiliates in the U.S. Our finance operations are located in the U.S. and Puerto Rico with earning assets principally sourced through Toyota, Lexus, and private label dealers. As of March 31, 2023, approximately 21 percent of retail and lease contracts were concentrated in California, 13 percent in Texas, 7 percent in New York, and 5 percent in New Jersey. Our voluntary protection operations are located in the U.S. As of March 31, 2023, approximately 25 percent of voluntary protection contracts were concentrated in California, 6 percent in New York, and 5 percent in Maryland. Any material adverse changes to the economies or applicable laws in these states could have an adverse effect on our financial condition and results of operations. Note 1 – Basis of Presentation and Significant Accounting Policies (Continued) 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 substantially complete, and our field operations now include three regional Experience Centers located in Chandler, Arizona (serving the West region), Plano, Texas (serving the Central region) and Alpharetta, Georgia (serving the East region). 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. Note 1 – Basis of Presentation and Significant Accounting Policies (Continued) Basis of Presentation and Principles of Consolidation Our accounting and financial reporting policies conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain prior period amounts have been reclassified to conform to current period presentation. Related party transactions presented in the Consolidated Financial Statements are disclosed in Note 12 – Related Party Transactions . The consolidated financial statements include the accounts of TMCC, its wholly-owned subsidiaries and all variable interest entities (“VIE”) of which we are the primary beneficiary. All intercompany transactions and balances have been eliminated. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Because of inherent uncertainty involved in making estimates, actual results could differ from those estimates and assumptions. The accounting estimates that are most important to our business are the accumulated depreciation related to our investments in operating leases and the allowance for credit losses. Significant Accounting Policies Our significant accounting policies are found in the respective Note for which the policy is applicable. Recently Adopted Accounting Guidance In fiscal 2021, we adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), along with the subsequently issued guidance amending and clarifying various aspects of ASU 2016-13, using the modified retrospective method as required. In accordance with that method, the comparative period’s information continues to be reported under the relevant accounting guidance in effect for that period. Upon adoption of ASU 2016-13, the incurred loss impairment method was replaced with a new impairment model that reflects lifetime expected losses for our finance receivables. The adoption of ASU 2016-13 resulted in a cumulative-effect adjustment to decrease opening retained earnings by approximately $ 218 million, net of taxes, resulting from a pretax increase to our allowance for credit losses on finance receivables of approximately $ 292 million. Additionally, we have changed the presentation of accrued interest related to finance receivables in the Consolidated Balance Sheets from Finance receivables, net to Other assets. As of April 1, 2020 , we have reclassified accrued interest of $ 190 million from Finance receivables, net to Other assets. The adoption of this new guidance did no t result in a material impact to our available-for-sale debt securities portfolio. 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. The adoption of this guidance will not have a material impact on our consolidated financial statements and related disclosures.

Cash and Cash Equivalents and I

Cash and Cash Equivalents and Investments in Marketable Securities	12 Months Ended
	Mar. 31, 2023
Marketable Securities [Abstract]
Cash and Cash Equivalents and Investments in Marketable Securities	No te 2 – Cash and Cash Equivalents and Investments in Marketable Securities Cash and cash equivalents Cash and cash equivalents represent highly liquid investments with maturities of three months or less from the date of acquisition and may include money market instruments, commercial paper, certificates of deposit, U.S. government and agency obligations, or similar instruments. Restricted cash and cash equivalents Restricted cash and cash equivalents include customer collections on securitized receivables to be distributed to investors as payments on the related secured notes and loans payable, which are primarily related to securitization trusts. Restricted cash equivalents may also contain proceeds from certain debt issuances for which the use of the cash is restricted. 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. Interest income is recognized on an accrual basis and determined using the effective interest method. Realized gains and losses from sales of AFS debt securities are determined using the specific identification method or first in first out method. Dividend income, interest income, and realized gains and losses from the sales of AFS debt securities 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. AFS debt securities for which the fair value option is elected are not subject to credit loss impairment. As of March 31, 2023 and 2022, we held AFS debt securities for which the fair value option was elected of $ 770 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 $ 57 million and $ 41 million as of March 31, 2023 and 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. Note 2 – Cash and Cash Equivalents and Investments in Marketable Securities (Continued) Investments in marketable securities consisted of the following: March 31, 2023 Amortized Unrealized Unrealized Fair cost gains losses value Available-for-sale debt securities: U.S. government and agency obligations $ 796 $ 7 $ ( 59 ) $ 744 Foreign government and agency obligations 14 - ( 2 ) 12 Municipal debt securities 8 1 ( 1 ) 8 Corporate debt securities 487 2 ( 59 ) 430 Mortgage-backed securities: U.S. government agency 76 - ( 3 ) 73 Non-agency residential 10 - ( 1 ) 9 Non-agency commercial 66 - ( 8 ) 58 Asset-backed securities 127 - ( 7 ) 120 Total available-for-sale debt securities $ 1,584 $ 10 $ ( 140 ) $ 1,454 Equity investments 3,583 Total investments in marketable securities $ 5,037 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. We had no non-cash investing activities related to in-kind redemption in fiscal 2023. Non-cash investing activities related to in-kind redemptions and subsequent purchases amounted to $ 1.1 billion in fiscal 2022. Note 2 – Cash and Cash Equivalents and Investments in Marketable Securities (Continued) 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: March 31, 2023 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 $ 90 $ ( 3 ) $ 304 $ ( 56 ) $ 394 $ ( 59 ) Foreign government and agency obligations - - 11 ( 2 ) 11 ( 2 ) Municipal debt securities - - 2 ( 1 ) 2 ( 1 ) Corporate debt securities 46 ( 2 ) 352 ( 57 ) 398 ( 59 ) Mortgage-backed securities U.S. Government agency 38 ( 1 ) 17 ( 2 ) 55 ( 3 ) Non-agency residential - - 8 ( 1 ) 8 ( 1 ) Non-agency commercial - - 57 ( 8 ) 57 ( 8 ) Asset-backed securities 47 ( 1 ) 59 ( 6 ) 106 ( 7 ) Total available-for-sale debt securities $ 221 $ ( 7 ) $ 810 $ ( 133 ) $ 1,031 $ ( 140 ) 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 . An allowance for credit losses is established when it is determined that a credit loss has occurred. As of March 31, 2023 and 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: Years ended March 31, 2023 2022 2021 Available-for-sale debt securities: Unrealized losses on securities for which the 1 $ ( 17 ) $ ( 41 ) Realized (losses) gains on sales $ ( 38 ) $ ( 4 ) $ 20 Equity investments: Unrealized (losses) gains $ ( 297 ) $ ( 158 ) $ 114 Realized (losses) gains on sales $ ( 23 ) $ 22 $ 15 1. Starting in fiscal 2022, we elected the fair value option for certain debt securities. Note 2 – Cash and Cash Equivalents and Investments in Marketable Securities (Continued) 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. March 31, 2023 Amortized c ost Fair value Available-for-sale debt securities: Due within 1 year $ 71 $ 69 Due after 1 year through 5 years 323 305 Due after 5 years through 10 years 495 473 Due after 10 years 416 347 Mortgage-backed and asset-backed securities 1 279 260 Total $ 1,584 $ 1,454 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	12 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Finance Receivables, Net	No te 3 – Finance Receivables, Net Finance receivables, net consists of 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 are classified as held-for-investment if the Company has the intent and ability to hold the receivables for the foreseeable future or until maturity or payoff. As of March 31, 2023 and 2022, all finance receivables were classified as held-for-investment. Revenues associated with retail and dealer financing are recognized to approximate a constant effective yield over the contract term. Incremental direct fees and costs incurred in connection with the acquisition of retail contracts and dealer financing receivables, including incentive and rate participation payments made to dealers, are capitalized and amortized to approximate a constant effective yield over the term of the related contracts. Payments received on subvention and other consumer incentives are deferred and recognized to approximate a constant effective yield over the term of the related contracts. For both retail loan and dealer products portfolio segments, accrued interest, deferred income, and deferred origination costs, if any, are written off within Provision 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, net consisted of the following: March 31, March 31, 2023 2022 Retail receivables 1 $ 79,515 $ 73,152 Dealer financing 12,123 10,298 91,638 83,450 Deferred origination costs 1,315 1,330 Deferred income ( 1,184 ) ( 1,102 ) Allowance for credit losses Retail receivables ( 1,430 ) ( 1,195 ) Dealer financing ( 59 ) ( 51 ) Total allowance for credit losses ( 1,489 ) ( 1,246 ) Finance receivables, net $ 90,280 $ 82,432 1. Includes securitized retail receivables of $ 29.0 billion and $ 21.2 billion as of March 31, 2023 and 2022 , respectively . Accrued interest related to finance receivables are presented within Other assets on the Consolidated Balance Sheet and was $ 284 million and $ 214 million at March 31, 2023 and 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 March 31, 2023 2023 2022 2021 2020 2019 2018 and Prior Total Aging of finance receivables: Current $ 32,377 $ 22,585 $ 14,278 $ 5,555 $ 2,178 $ 846 $ 77,819 30-59 days past due 306 439 285 125 71 44 1,270 60-89 days past due 90 135 82 35 21 15 378 90 days or greater past due 47 63 33 16 9 11 179 Total $ 32,820 $ 23,222 $ 14,678 $ 5,731 $ 2,279 $ 916 $ 79,646 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 $ 235 million and $ 192 million at March 31, 2023 and 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 (includes both working capital and revolving lines of credit). 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 March 31, 2023 2023 2022 2021 2020 2019 2018 and Prior Revolving loans Total Wholesale Performing $ - $ - $ - $ - $ - $ - $ 3,859 $ 3,859 Credit Watch - - - - - - 54 54 At Risk - - - - - - 51 51 Default - - - - - - - - Wholesale total $ - $ - $ - $ - $ - $ - $ 3,964 $ 3,964 Real estate Performing $ 1,378 $ 1,024 $ 1,057 $ 133 $ 300 $ 850 $ 209 $ 4,951 Credit Watch 5 - 2 - - - - 7 At Risk 8 7 - - - 2 - 17 Default - - - - - - - - Real estate total $ 1,391 $ 1,031 $ 1,059 $ 133 $ 300 $ 852 $ 209 $ 4,975 Working Capital Performing $ 789 $ 317 $ 182 $ 131 $ 124 $ 88 $ 1,552 $ 3,183 Credit Watch - - - - - - - - At Risk - 1 - - - - - 1 Default - - - - - - - - Working capital total $ 789 $ 318 $ 182 $ 131 $ 124 $ 88 $ 1,552 $ 3,184 Total $ 2,180 $ 1,349 $ 1,241 $ 264 $ 424 $ 940 $ 5,725 $ 12,123 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 $ 49 million and $ 22 million at March 31, 2023 and 2022, respectively. As of March 31, 2023 and 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 presents the aging of the amortized cost basis of our finance receivables by class: March 31, 2023 30 - 59 Days 60 - 89 Days 90 Days or Total Past Current Total Finance 90 Days or ast due and Retail loan $ 1,270 $ 378 $ 179 $ 1,827 $ 77,819 $ 79,646 $ 111 Wholesale - - - - 3,964 3,964 - Real estate - - - - 4,975 4,975 - Working capital - - - - 3,184 3,184 - Total $ 1,270 $ 378 $ 179 $ 1,827 $ 89,942 $ 91,769 $ 111 March 31, 2022 30 - 59 Days 60 - 89 Days 90 Days or Total Past Current Total Finance 90 Days or ast due and 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 A troubled debt restructuring occurs when a finance receivable is modified through a concession to a borrower experiencing financial difficulty. A finance receivable modified under a troubled debt restructuring is considered to be impaired. In addition, troubled debt restructurings include finance receivables for which the customer has filed for bankruptcy protection. For such finance receivables, we no longer have the ability to modify the terms of the agreement without the approval of the bankruptcy court and the court may impose term modifications that we are obligated to accept. For accounts not under bankruptcy protection, the amount of finance receivables modified as a troubled debt restructuring during fiscal 2023 and 2022 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 fiscal 2023 and 2022. 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 fiscal 2023 and 2022 , 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	12 Months Ended
	Mar. 31, 2023
Loans and Leases Receivable Disclosure [Abstract]
Allowance for Credit Losses	No te 4 – Allowance for Credit Losses Upon adoption of ASU 2016-13 in fiscal 2021, the incurred loss impairment method was replaced with a new impairment model that reflects lifetime expected losses. Management develops and documents the allowance for credit losses on finance receivables based on two portfolio segments. The determination of portfolio segments is based primarily on the qualitative consideration of the nature of our business operations and the characteristics of the underlying finance receivables, as follows: • Retail Loan Portfolio Segment – The retail loan portfolio segment consists of retail contracts acquired from dealers in the U.S. and Puerto Rico. Under a retail contract, we are granted a security interest in the underlying collateral which consists primarily of Toyota, Lexus, and private label vehicles. Based on the common risk characteristics associated with the finance receivables, the retail loan portfolio segment is considered a single class of finance receivable. • Dealer Products Portfolio Segment – The dealer products portfolio segment consists of wholesale financing, real estate loans, working capital loans, and revolving lines of credit to dealers in the U.S. and Puerto Rico. Wholesale financing is primarily collateralized by new or used vehicle inventory with the outstanding balance fluctuating based on the level of inventory. Working capital loans and revolving lines of credit are granted for working capital purposes and are secured by dealership assets. Real estate loans are collateralized by the underlying real estate, are underwritten primarily on a loan-to-value basis and are typically for a fixed term. Based on the risk characteristics associated with the underlying finance receivables, the dealer products portfolio segment consists of three classes of finance receivables: wholesale, working capital (includes both working capital and revolving lines of credit), and real estate. Management’s estimate of lifetime expected credit losses is based on an evaluation of relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the future collectability of the finance receivables. Management’s evaluation takes into consideration the risks in the retail loan portfolio and dealer products portfolio, past loss experience, delinquency trends, underwriting and collection practices, changes in portfolio composition, economic forecasts and other relevant factors. Methodology Used to Develop the Allowance for Credit Losses The allowance for credit losses is measured on a collective basis when loans have similar risk characteristics. Loans that do not share similar risk characteristics are evaluated on an individual basis. We generally use a discounted cash flow approach for determining allowance for credit losses for finance receivables modified as a troubled debt restructuring that are granted with interest rate concessions, and a non-discounted cash flow approach for other loans. We measure expected losses of all components of finance receivables on an amortized cost basis, excluding accrued interest, and including off-balance-sheet lending commitments that are not unconditionally cancellable by TMCC. Estimated expected credit losses for off-balance-sheet lending commitments within our dealer products portfolio are included in Other liabilities on the Consolidated Balance Sheets. 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. Retail Loan Portfolio Segment The level of credit risk in our retail loan portfolio segment is influenced by various factors such as economic conditions, the used vehicle market, credit quality, contract structure, and collection strategies and practices. The allowance for credit losses is measured on a collective basis when loans have similar risk characteristics such as loan-to-value ratio, book payment-to-income ratio, FICO score at origination, collateral type, contract term, and other relevant factors. We use statistical models to estimate lifetime expected credit losses of our retail loan portfolio segment by applying probability of default and loss given default to the exposure at default on a loan level basis. Probability of default models are developed from internal risk scoring models which consider variables such as delinquency status, historical default frequency, and other credit quality indicators such as loan-to-value ratio, book payment-to-income ratio, FICO score at origination, collateral type (new or used, Lexus, Toyota, or private label), and contract term. Note 4 – Allowance for Credit Losses (Continued) Loss given default models forecast the extent of losses given that a default has occurred and considers variables such as collateral, trends in recoveries, historical loss severity, and other contract structure variables. Exposure at default represents the expected outstanding principal balance, including the effects of expected prepayment when applicable. The lifetime expected credit losses incorporate the probability-weighted forward-looking macroeconomic forecasts for baseline, favorable, and adverse scenarios. The loan lifetime is regarded by management as the reasonable and supportable period. We use macroeconomic forecasts from a third party and update such forecasts quarterly. On an ongoing basis, we review our models, including macroeconomic factors, the selection of macroeconomic scenarios and their weighting to ensure they reflect the risk of the portfolio. If management does not believe the models reflect lifetime expected credit losses, a qualitative adjustment is made to reflect management judgment regarding observable changes in recent or expected economic trends and conditions, portfolio composition, and other relevant factors. While management uses the best information available to make such evaluations, future adjustments to the allowance for credit losses may be necessary if conditions differ substantially from the assumptions used in making the evaluations. Dealer Products Portfolio Segment The level of credit risk in our dealer products portfolio segment is influenced primarily by the financial strength of dealers within our portfolio, dealer concentration, collateral quality, and other economic factors. The financial strength of dealers within our portfolio is influenced by, among other factors, general economic conditions, the overall demand for new and used vehicles and the financial condition of automotive manufacturers. The allowance for credit losses is established for both outstanding dealer finance receivables and certain unfunded off-balance sheet lending commitments. The allowance for credit losses is measured on a collective basis when loans have similar risk characteristics such as dealer group internal risk rating and loan-to-value ratios. We measure lifetime expected credit losses of our dealer products portfolio segment by applying probability of default and loss given default to the exposure at default on a loan level basis. Probability of default is primarily established based on internal risk assessments. The probability of default model also considers qualitative factors related to macroeconomic outlooks. Loss given default is established based on the nature and market value of the collateral, loan-to-value ratios and other credit quality indicators. Exposure at default represents the expected outstanding principal balance. The lifetime of the loan or lending commitment is regarded by management as the reasonable and supportable period. On an ongoing basis, we review our models, including macroeconomic outlooks, to ensure they reflect the risk of the portfolio. If management does not believe the models reflect lifetime expected credit losses, a qualitative adjustment is made to reflect management judgment regarding observable changes in recent or expected economic trends and conditions, portfolio composition, and other relevant factors. While management uses the best information available to make such evaluations, future adjustments to the allowance for credit losses may be necessary if conditions differ substantially from the assumptions used in making the evaluations. Accounting for the Allowance for Credit Losses Increases to the allowance for credit losses are accompanied by corresponding charges to the Provision for credit losses in our Consolidated Statements of Income. The uncollectible portion of finance receivables is charged to the 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. In the event we repossess the collateral, the receivable is charged-off and we record the collateral at its estimated fair value less costs to sell and report it in Other assets on our Consolidated Balance Sheets. Recoveries of finance receivables previously charged off as uncollectible are credited to the allowance for credit losses. Note 4 – Allowance for Credit Losses (Continued) 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: Year ended March 31, 2023 Retail loan Dealer products Total Beginning balance, April 1, 2022 $ 1,195 $ 77 $ 1,272 Charge-offs ( 535 ) - ( 535 ) Recoveries 63 - 63 Provision for credit losses 707 6 713 Ending balance, March 31, 2023 ¹ $ 1,430 $ 83 $ 1,513 1 Ending balance includes $ 24 million of allowance for credit losses recorded in Other liabilities on the Consolidated Balance Sheet which is related to off-balance sheet commitments in the dealer products portfolio. Year ended March 31, 2022 Retail loan Dealer products Total Beginning balance, April 1, 2021 $ 1,075 $ 140 $ 1,215 Charge-offs ( 237 ) - ( 237 ) Recoveries 58 - 58 Provision for credit losses 299 ( 63 ) 236 Ending balance, March 31, 2022 ¹ $ 1,195 $ 77 $ 1,272 1 Ending balance includes $ 26 million of allowance for credit losses recorded in Other liabilities on the Consolidated Balance Sheet which is related to off-balance sheet commitments in the dealer products portfolio. Finance receivables for the dealer products portfolio segment as of March 31, 2023 includes $ 1.0 billion in finance receivables that are guaranteed by Toyota Motor North America, Inc. (“TMNA”), and $ 199 million in finance receivables that are guaranteed by third-party private Toyota distributors. Finance receivables for the dealer products portfolio segment as of March 31, 2022 includes $ 929 million in finance receivables that are guaranteed by TMNA, and $ 187 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	12 Months Ended
	Mar. 31, 2023
Leases, Operating [Abstract]
Investments in Operating Leases, Net	No te 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. Generally, lessees have the ability to extend their lease term in six month increments up to a total of 12 months from the original lease maturity date. A lease can be terminated at any time by satisfying the obligations under the lease contract. Early termination programs may be occasionally offered to eligible lessees. At the end of the lease, the customer has the option to buy the leased vehicle or return the vehicle to the dealer. 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. Operating lease revenues are recognized on a straight-line basis over the term of the lease. We have made an accounting policy election to exclude from the consideration in the contract, and from variable payments not included in the consideration in the contract, sales and other taxes assessed by a governmental authority that are both imposed on and concurrent with a specific lease revenue-producing transaction and collected from customers. Deferred fees and costs include incentive payments made to dealers and acquisition fees collected from customers. Deferred income includes payments received on affiliate sponsored subvention and other incentive programs. Both deferred fees and costs and deferred income are capitalized or deferred and amortized on a straight-line basis over the contract term. The accrual of revenue on investments in operating leases is discontinued at the time an account is determined to be uncollectible and subsequent revenue is recognized only to the extent a payment is received. Operating leases may be restored to accrual status when future payments are reasonably assured. Vehicle Lease Residual Values Contractual residual values of vehicle lease contracts are estimated at lease inception by examining external industry data, the anticipated Toyota, Lexus, and private label product pipeline and our own experience. Factors considered in this evaluation include macroeconomic forecasts, new vehicle pricing, new vehicle incentive programs, new vehicle sales, vehicle features and specifications, the mix and level of used vehicle supply, the level of current used vehicle values, and fuel prices. We are exposed to a risk of loss to the extent the customer returns the vehicle and the value of the vehicle is lower than the residual value estimated at inception of the lease or if the number of returned vehicles is higher than anticipated. Depreciation on operating leases is recognized using the straight-line method over the lease term. The depreciable basis is the original acquisition cost of the vehicle less the estimated residual value of the vehicle at the end of the lease term. On a quarterly basis, we review the estimated end-of-term market values and return rates of leased vehicles to assess the appropriateness of the carrying values at lease-end. Factors affecting the estimated end-of-term market value are similar to those considered in the evaluation of residual values at lease inception discussed above. Adjustments to depreciation expense to reflect revised estimates of expected market values at lease termination and revised return rates are recorded prospectively on a straight-line basis over the remaining lease term. We use various channels to sell vehicles returned at lease-end. Upon disposition, the difference between the net book value of the lease and the proceeds received from the disposition of the asset, including any insurance proceeds is recorded as an adjustment to depreciation on operating leases. We evaluate our investment in operating leases portfolio for potential impairment when we determine a triggering event has occurred. When a triggering event has occurred, we perform a test of recoverability by comparing the expected undiscounted future cash flows (including expected residual values) over the remaining lease terms to the carrying value of the asset group. If the test of recoverability identifies a possible impairment, the asset group’s fair value is measured in accordance with the fair value measurement framework. An impairment charge would be recognized for the amount by which the carrying value of the asset group exceeds its estimated fair value and would be recorded in our Consolidated Statements of Income. As of March 31, 2023 and 2022 , there was no impairment in our investment in operating leases portfolio. Note 5 – Investments in Operating Leases, Net (Continued) Our depreciation policy for operating leases incorporates our historical experience on early terminations due to customer defaults into the useful live of the vehicles. We consider the effects of operating lease early terminations when determining depreciation estimates, which are included as part of accumulated depreciation within Investments in operating leases, net on the Consolidated Balance Sheets and Depreciation on operating leases in the Consolidated Statements of Income. Investments in operating leases, net consisted of the following: March 31, March 31, 2023 2022 Investments in operating leases 1 $ 38,811 $ 45,682 Deferred income ( 694 ) ( 1,272 ) Accumulated depreciation ( 8,248 ) ( 8,955 ) Investments in operating leases, net $ 29,869 $ 35,455 1. Includes securitized investments in operating leases of $ 15.3 billion and $ 16.2 billion as of March 31, 2023 and 2022 , respectively. The following table presents f uture minimum lease payments due to us as lessor under investments in operating leases after March 31, 2023: Years ending March 31, Future minimum lease payments on operating leases 2024 $ 4,755 2025 2,439 2026 821 2027 57 2028 5 Thereafter - Total $ 8,077 A portion of our operating lease contracts has historically terminated prior to maturity. Future minimum lease payments shown above should not be considered indicative of future cash collections.

Derivatives, Hedging Activities

Derivatives, Hedging Activities and Interest Expense	12 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives, Hedging Activities and Interest Expense	No te 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 derivatives are categorized as not designated for hedge accounting, and 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 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 March 31, 2023, 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: March 31, 2023 March 31, 2022 Fair Fair Notional value Notional value Other assets: Interest rate swaps $ 56,799 $ 1,888 $ 64,327 $ 1,425 Foreign currency swaps 1,237 49 1,594 55 Total $ 58,036 $ 1,937 $ 65,921 $ 1,480 Counterparty netting ( 659 ) ( 761 ) Collateral held ( 1,227 ) ( 658 ) Carrying value of derivative contracts – Other assets $ 51 $ 61 Other liabilities: Interest rate swaps $ 46,082 $ 468 $ 19,903 $ 822 Foreign currency swaps 6,447 1,002 8,102 717 Total $ 52,529 $ 1,470 $ 28,005 $ 1,539 Counterparty netting ( 659 ) ( 761 ) Collateral posted ( 794 ) ( 753 ) Carrying value of derivative contracts – Other liabilities $ 17 $ 25 As of March 31, 2023 and 2022, we held excess collateral and variation margin of $ 23 million and $ 2 million, respectively, which we did not use to offset derivative assets and was recorded in Other liabilities on our Consolidated Balance Sheets. As of March 31, 2023 and 2022, we posted initial margin, excess collateral, and variation margin of $ 265 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. 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: Years Ended March 31, 2023 2022 2021 Interest expense on debt $ 2,919 $ 1,498 $ 1,954 Interest (income) expense on derivatives ( 569 ) 107 420 Interest expense on debt and derivatives 2,350 1,605 2,374 (Gains) losses on debt denominated in ( 614 ) ( 438 ) 1,402 Losses (gains) on foreign currency swaps 805 818 ( 1,351 ) Losses (gains) on U.S. dollar interest rate swaps 513 ( 584 ) ( 123 ) Total interest expense $ 3,054 $ 1,401 $ 2,302 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	12 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt and Credit Facilities	No te 7 – Debt and Credit Facilities Debt and the related weighted average contractual interest rates are summarized as follows: March 31, 2023 March 31, 2022 Face value Carrying value Weighted average Face value Carrying value Weighted average Unsecured notes and loans payable $ 79,393 $ 78,949 3.48 % $ 82,542 $ 82,288 1.30 % Secured notes and loans payable 32,777 32,736 3.76 % 26,907 26,864 1.01 % Total debt $ 112,170 $ 111,685 3.56 % $ 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. Debt issuance costs are deferred and amortized to interest expense on an effective yield basis over the contractual term of the debt. 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. Scheduled maturities of our debt portfolio are summarized below. Actual repayment of secured debt will vary based on the repayment activity on the related pledged assets. Future Years ending March 31, debt maturities 2024 $ 49,501 2025 22,224 2026 16,694 2027 8,293 2028 8,307 Thereafter 1 7,151 Unamortized premiums, discounts and debt issuance costs ( 485 ) Total debt $ 111,685 1. Unsecured and secured notes and loans payable mature on various dates through fiscal 2049. 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 $ 16.7 billion and $ 16.9 billion as of March 31, 2023 and 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. The resulting transaction gains and losses are included in Interest expense in our Consolidated Statements of Income. 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. Note 7 – Debt and Credit Facilities (Continued) 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. 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”), a wholly-owned subsidiary, 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 2024, 2026, and 2028, 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 not drawn upon and had no outstanding balances as of March 31, 2023 and 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 $ 5.5 billion and $ 3.2 billion of this facility as of March 31, 2023 and 2022, respectively. Other Unsecured Credit Agreements TMCC is party to additional unsecured credit facilities with various banks. As of March 31, 2023, TMCC had committed bank credit facilities totaling $ 4.6 billion , of which $ 2.3 billion , $ 180 million , and $ 2.1 billion mature in fiscal 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 March 31, 2023 and 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. (“TMS”), expiring in fiscal 2026 . This credit facility was not drawn upon and had no outstanding balance as of March 31, 2023 and 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	12 Months Ended
	Mar. 31, 2023
Variable Interest Entities [Abstract]
Variable Interest Entities	No te 8 – Variable Interest Entities A VIE is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support or (ii) has equity investors who lack the characteristics of a controlling financial interest. The primary beneficiary of a VIE is the party with both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb the losses or the right to receive benefits that could potentially be significant to the VIE. To assess whether we have the power to direct the activities of a VIE that most significantly impact its economic performance, we consider all the facts and circumstances including our role in establishing the VIE and our ongoing rights and responsibilities. This assessment includes identifying the activities that most significantly impact the VIE’s economic performance and identifying which party, if any, has power over those activities. In general, the party that makes the most significant decisions affecting the VIE is determined to have the power to direct the activities of the VIE. To assess whether we have the obligation to absorb the losses or the right to receive benefits that could potentially be significant to the VIE, we consider all of our economic interests, including debt and equity interests, servicing rights and fee arrangements, and any other variable interests in the VIE. If we determine that we are the party with the power to make the most significant decisions affecting the VIE, and we have an obligation to absorb the losses or the right to receive benefits that could potentially be significant to the VIE, then we consolidate the VIE. We perform ongoing reassessments, usually quarterly, of whether we are the primary beneficiary of a VIE. The reassessment process considers whether we have acquired or divested the power to direct the most significant activities of the VIE through changes in governing documents or other circumstances. We also reconsider whether entities previously determined not to be VIEs have become VIEs, based on new events, and therefore could be subject to the VIE consolidation framework. Consolidated Variable Interest Entities We use one or more special purpose entities that are considered 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: March 31, 2023 VIE Assets VIE Liabilities Net Restricted securitized Other Debt Other Retail finance receivables $ 1,434 $ 28,764 $ 85 $ 25,155 $ 41 Investments in operating leases 656 11,063 23 7,581 10 Total $ 2,090 $ 39,827 $ 108 $ 32,736 $ 51 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 Note 8 – Variable Interest Entities (Continued) Restricted cash, including restricted 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 $ 1.5 billion and $ 1.7 billion of securities retained by TMCC at March 31, 2023 and 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. 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. 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 on our Consolidated Balance Sheets at March 31, 2023 and 2022, and revenues earned from these dealers during fiscal 2023, 2022, and 2021 were not significant.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	No te 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: March 31, March 31, 2023 2022 Commitments: Credit facilities commitments with dealers $ 3,153 $ 3,289 Commitments under operating lease agreements 106 119 Total commitments 3,259 3,408 Guarantees of affiliate pollution control and solid waste disposal bonds 100 100 Total commitments and guarantees $ 3,359 $ 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 for our retail, lease and voluntary protection business and the creditworthiness 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 have also extended credit facilities to affiliates as described in Note 12 – Related Party Transactions . Lease Commitments Our operating lease portfolio consists of real estate leases. Total operating lease expense, including payments to affiliates, was $ 32 million for fiscal 2023, $ 32 million for fiscal 2022, and $ 36 million for fiscal 2021 . 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 $ 76 million and $ 84 million for facilities leases with affiliates at March 31, 2023 and 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: March 31, Years ending March 31, 2023 2024 $ 18 2025 15 2026 14 2027 13 2028 13 Thereafter 33 Total $ 106 Present value discount ( 11 ) Total operating lease liability $ 95 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: March 31, 2023 ROU assets $ 83 Weighted average remaining lease term (in years) 7.6 Weighted average discount rate 2.86 % 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 March 31, 2023 and 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 March 31, 2023, we determined that it is not probable that we will be required to make any material payments in the future. As of March 31, 2023 and 2022 , no amounts have been recorded under these indemnification provisions. Litigation and Governmental Proceedings Various legal actions, governmental proceedings and other claims are pending or may be instituted or asserted in the future against us with respect to matters arising in the ordinary course of business. Certain of these actions are or purport to be class action suits, seeking sizeable damages and/or changes in our business operations, policies and practices. Certain of these actions are similar to suits that have been filed against other financial institutions and captive finance companies. 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 reasonable possibility of 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.

Pension and Other Benefits Plan

Pension and Other Benefits Plans	12 Months Ended
	Mar. 31, 2023
Retirement Benefits, Description [Abstract]
Pension and Other Benefits	No te 10 – Pension and Other Benefit Plans We are a participating employer in certain retirement and post-retirement medical care, life insurance, and other benefits sponsored by TMNA, an affiliate. Costs of each plan are generally allocated to TMCC based on relative benefit costs associated with participating or eligible employees at TMCC as compared to the plan as a whole. Defined Benefit Plan Prior to January 1, 2015, our employees were generally eligible to participate in the Toyota Motor Sales, U.S.A., Inc. Pension Plan (the “Pension Plan”) commencing on the first day of the month following hire and were vested after 5 years of continuous employment. Effective January 1, 2015, the Pension Plan was closed to employees first employed or reemployed on or after such date. Benefits payable under this non-contributory defined benefit pension plan are based, generally, upon the employees' years of credited service (up to a maximum of 25 years), the highest average annual compensation (as defined in the plan) for any 60 consecutive month period out of the last 120 months of employment (the “Applicable Years”), and one-half of eligible bonus/gift payments for the Applicable Years (recalculated to determine the annual average of such amount), reduced by a percentage of the estimated amount of social security benefits. Costs allocated to TMCC for our employees in the Pension Plan and certain other non-qualified plans were not significant for fiscal 2023, 2022, and 2021. Defined Contribution Plan Employees meeting certain eligibility requirements, as defined in the plan documents, may participate in the Toyota Motor North America, Inc. Retirement Savings Plan. Under this plan, eligible employees may elect to contribute between 1 percent and 30 percent of their eligible pre-tax compensation, subject to federal tax regulation limits. We match 66.67 percent of the first 6 percent that a participant contributes, up to 4 percent of eligible compensation. Participants are always 100 % vested in their contributions to the Retirement Savings Plan. Employer contributions vest on a 4 -year graded schedule at 25 percent per year. Generally, contributions are funded through bi-weekly payments to the plan’s administrator. Certain employees hired on or after January 1, 2015, may be eligible to receive an additional Company contribution to the plan calculated based on their age and compensation. TMCC employer contributions to the savings plan were not significant for fiscal 2023, 2022, and 2021. Other Post-Retirement Benefit Plans Employees are generally eligible to participate in other post-retirement benefits sponsored by TMNA which provide certain medical care and life insurance benefits to eligible retired employees. Generally, in order to be eligible for these benefits, the employee must be age 55 or older with 10 or more years of service. Other post-retirement benefit costs allocated to TMCC were not significant for fiscal 2023, 2022, and 2021 .

Income Taxes

Income Taxes	12 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	No te 11 – Income Taxes We use the liability method of accounting for income taxes under which deferred tax assets and liabilities are adjusted to reflect changes in tax rates and laws in the period such changes are enacted resulting in adjustments to the current fiscal year’s provision for income taxes. TMCC files a consolidated federal income tax return with TFSIC and its subsidiaries. Current and deferred federal income taxes are allocated to TMCC as if it were a separate taxpayer. TMCC’s net operating losses and tax credits are utilized when those losses and credits are used by TFSIC and its subsidiaries including TMCC in the consolidated federal income tax return. TMCC files either separate or consolidated/combined state income tax returns with TMNA, TFSIC, or subsidiaries of TMCC. State income tax expense is generally recognized as if TMCC and its subsidiaries filed their tax returns on a stand-alone basis. In those states where TMCC and its subsidiaries join in the filing of consolidated or combined income tax returns, TMCC and its subsidiaries are allocated their share of the total income tax expense based on combined allocation/apportionment factors and separate company income or loss. Based on the federal and state tax sharing agreements, TFSIC and TMCC and its subsidiaries pay for their share of the income tax expense and are reimbursed for the benefit of any of their tax losses and credits utilized in the federal and state income tax returns. The provision for income taxes consisted of the following: Years ended March 31, 2023 2022 2021 Current Federal $ ( 1,859 ) $ 1,774 $ 2,756 State ( 1 ) 281 386 Foreign 16 22 11 Total ( 1,844 ) 2,077 3,153 Deferred Federal 2,100 ( 1,166 ) ( 2,243 ) State 78 ( 123 ) ( 276 ) Foreign ( 5 ) 1 ( 2 ) Total 2,173 ( 1,288 ) ( 2,521 ) Provision for income taxes $ 329 $ 789 $ 632 A reconciliation between the U.S. federal statutory tax rate and the effective tax rate is as follows: Years ended March 31, 2023 2022 2021 Provision for income taxes at U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % State and local taxes (net of federal tax benefit) 4.2 % 3.7 % 3.9 % Changes in unrecognized tax benefits 1.3 % - - Federal tax credits 1 ( 1.0 )% ( 1.0 )% ( 0.5 )% Other, net ( 0.3 )% - ( 0.5 )% Effective tax rate 25.2 % 23.7 % 23.9 % 1. The amounts in Federal tax credits include tax benefits from foreign tax credits, plug-in vehicle credits, and research and development credits for fiscal 2023, 2022, and 2021. The amounts in Federal tax credits also include credits for qualified commercial clean vehicles for fiscal 2023 and alternative fuel vehicle credits for fiscal 2022 and 2021. Note 11 – Income Taxes (Continued) Our net deferred income tax liability consisted of the following deferred tax liabilities and assets: March 31, 2023 2022 Liabilities: Lease transactions $ 4,786 $ 1,504 Voluntary protection dealer commissions 403 348 State taxes, net of federal tax benefit 356 275 Mark-to-market of investments in marketable securities and derivatives - 24 Other 72 82 Deferred tax liabilities $ 5,617 $ 2,233 Assets: Net operating loss and tax credit carryforwards 1,007 14 Provision for credit and residual value losses 478 394 Deferred costs and fees 197 179 Mark-to-market of investments in marketable securities and derivatives 150 - Accrued expenses 23 45 Lease obligations 20 23 Other 17 14 Deferred tax assets 1,892 669 Valuation allowance ( 2 ) - Net deferred tax assets $ 1,890 $ 669 Net deferred income tax liability 1 $ 3,727 $ 1,564 1. Balance includes deferred tax assets of $ 16 million and $ 6 million at March 31, 2023 and 2022 , respectively, attributable to unrealized losses included in accumulated other comprehensive loss. The change in this balance is not included in the total deferred tax expense. We have deferred tax assets related to cumulative federal net operating loss carry forwards of $ 955 million at March 31, 2023 and none at March 31, 2022, respectively. We have deferred tax assets related to cumulative state net operating loss carry forwards of $ 37 million and $ 13 million at March 31, 2023 and 2022, respectively. State net operating loss carryforwards will expire beginning in fiscal 2024 . We have deferred tax assets related to federal tax credits for plug-in vehicles and qualified commercial clean vehicles of $ 11 million and federal tax credit for research and development of $ 4 million at March 31, 2023 . We had no deferred tax assets related to federal tax credits for vehicles or research and development at March 31, 2022. The deferred tax assets related to federal tax credit for foreign tax were not significant as of March 31, 2023 and 2022 , respectively. The federal tax credit carryforwards will expire beginning in fiscal 2032 . The valuation allowance on deferred tax assets was not significant as of March 31, 2023 and 2022, respectively. The determination of the valuation allowance is based on management’s estimate of future taxable income during the respective carryforward periods. Apart from the valuation allowance, we believe that the remaining deferred tax assets will be realized in full. The amount of the deferred tax assets considered realizable could be reduced if management’s estimates change. Note 11 – Income Taxes (Continued) We have made an assertion of permanent reinvestment of earnings from our foreign subsidiary; as a result, other than the deemed repatriation tax that is provided pursuant to the Tax Cuts and Jobs Act of 2017, state and local taxes have not been provided for unremitted earnings of our foreign subsidiary. At March 31, 2023 and 2022, these unremitted earnings totaled $ 307 million and $ 288 million, respectively. Determination of the amount of the deferred state and local tax liability is not practicable, and accordingly no estimate of the unrecorded deferred state and local tax liability is provided. Although we do not foresee any events causing repatriation of earnings, possible examples may include but are not limited to parent company capital needs or exiting the business in the foreign country. We had an income tax receivable of $ 28 million and an income tax payable of $ 52 million for our share of the income tax in those states where we filed consolidated or combined returns with TMNA and its subsidiaries at March 31, 2023 and 2022, respectively. Additionally, our federal and state income tax payable or receivable from TMCC affiliated companies, including TFSIC, TFSB, and Toyota Financial Services Securities USA Corporation, was not significant for both March 31, 2023 and 2022. The guidance for the accounting and reporting for income taxes requires us to assess tax positions in cases where the interpretation of the tax law may be uncertain. The change in unrecognized tax benefits are as follows: March 31, 2023 2022 2021 Balance at beginning of the year $ 22 $ 15 $ 19 Increases related to positions taken during the current year 2 1 1 Increases recorded in current year related to positions taken 19 6 2 Expirations due to lapse of statute - - ( 7 ) Balance at end of year $ 43 $ 22 $ 15 At March 31, 2023, 2022 and 2021 approximately $ 43 million , $ 22 million and $ 14 million of the respective unrecognized tax benefits would, if recognized, have an effect on the effective tax rate. The remaining amounts in the respective unrecognized tax benefits at March 31, 2023, 2022, and 2021 are related to timing matters. During fiscal 2023 , $ 21 million of the net increase in unrecognized tax benefits had an effect on the effective tax rate. We do not have any positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within 12 months. We accrue interest, if applicable, related to uncertain income tax positions in interest expense. Statutory penalties, if applicable, accrued with respect to uncertain income tax positions are recognized as an addition to the income tax liability. For each of fiscal 2023, 2022, and 2021, accrued interest was not significant and no penalties were accrued. 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. The Act does not have a material impact on our results of operations for fiscal 2023. Tax-related Contingencies As of March 31, 2023, we remained under IRS examination for fiscal 2018 through fiscal 2023 .

Related Party Transactions

Related Party Transactions	12 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Note 12 – Rel ated Party Transactions The tables below show the financial statement line items and amounts included in our Consolidated Statements of Income and on our Consolidated Balance Sheets under various related party agreements or relationships : Years ended March 31, 2023 2022 2021 Net financing revenues: Manufacturer's subvention and other revenues $ 1,243 $ 1,746 $ 1,997 Depreciation on operating leases $ 106 $ ( 75 ) $ ( 113 ) Interest expense: Credit support fees, interest and other expenses $ 96 $ 99 $ 117 Voluntary protection contract revenues Voluntary protection contract revenues $ 156 $ 168 $ 173 Investment and other income, net: Interest and other income $ 35 $ 3 $ 18 Expenses: Operating and administrative $ 107 $ 82 $ 91 Note 12 – Related Party Transactions (Continued) March 31, March 31, 2023 2022 Assets: Cash and cash equivalents Commercial paper $ 35 $ 100 Finance receivables, net Accounts receivable $ 47 $ 90 Deferred retail subvention income $ ( 922 ) $ ( 875 ) Investments in operating leases, net Investments in operating leases, net $ ( 250 ) $ ( 212 ) Deferred lease subvention income $ ( 410 ) $ ( 923 ) Other assets Notes receivable $ 1,237 $ 789 Other receivables, net $ 89 $ 80 Liabilities: Other liabilities Unearned voluntary protection contract revenues $ 399 $ 374 Other payables, net $ 432 $ 394 Notes payable $ 8 $ 8 TMCC receives subvention payments from TMNA which result in a gross monthly subvention receivable. As of March 31, 2023 and 2022, the subvention receivable from TMNA was $ 79 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 March 31, 2023 and 2022, respectively, we had a net amount payable to TMNA which is recorded in Other payables, net in Other liabilities. Our Board of Directors declared and paid cash dividends of approximately $ 2.5 billion to TFSIC during fiscal 2023. Note 12 – Related Party Transactions (Continued) Financing Support Arrangements with Affiliates TMCC is party to a credit support agreement with TFSC (the “TMCC Credit Support Agreement”). The TMCC Credit Support Agreement requires TFSC to maintain certain ownership, net worth maintenance, and debt service provisions with respect to TMCC, but is not a guarantee by TFSC of any securities or obligations of TMCC. In conjunction with this credit support agreement, TMCC has agreed to pay TFSC a semi-annual fee based on a fixed rate applied to the weighted average outstanding amount of securities entitled to credit support. TCPR is the beneficiary of a credit support agreement with TFSC containing provisions similar to the TMCC Credit Support Agreement described above. In addition, TMCC receives support from and provides financing support to TFSC and other affiliates in the form of promissory notes and various loan and credit facility agreements. As of March 31, 2023 and 2022 , total financing support available from affiliates totaled approximately $ 8.4 billion and $ 8.5 billion, respectively. These amounts include a $ 5.0 billion three-year revolving credit facility with TMS which currently expires in fiscal 2026. As of March 31, 2023 and 2022 , total financing support available to affiliates totaled approximately $ 7.8 billion and $ 8.0 billion, respectively. The amounts outstanding under these agreements are recorded in Other assets and Other liabilities on our Consolidated Balance Sheets at March 31, 2023 and 2022. In April 2023, TMCC entered into a one-year revolving credit agreement with TMS, pursuant to which TMS is entitled to borrow a maximum amount of $ 500 million. Other Financing Support Provided to Affiliates TMCC provides wholesale financing, real estate and working capital loans to certain dealerships that were consolidated with another affiliate under the accounting guidance for variable interest entities. TMCC also pays these dealers origination fees. These costs represent direct costs incurred in connection with the acquisition of retail and lease contracts, including subvention and other cash incentive programs. TMCC has guaranteed the payments of principal and interest with respect to the bonds of manufacturing facilities of certain affiliates. The nature, business purpose, and amounts of these guarantees are described in Note 9 – Commitments and Contingencies . TMCC and TFSB are parties to a master participation agreement pursuant to which TMCC agreed to purchase no more than $ 60 million per year of residential mortgage loans originated by TFSB that meet specified credit underwriting guidelines. At March 31, 2023 and 2022 , we had $ 8 million, respectively, in loan participations outstanding that had been purchased by TMCC under this agreement. Note 12 – Related Party Transactions (Continued) Shared Service Arrangements with Affiliates TMCC is subject to the following shared service agreements: • TMCC incurs costs under various shared service agreements with TMNA and other affiliates. Services provided by affiliates under the shared service agreements include certain technological and administrative services, such as information systems support, facilities, insurance coverage, human resources and other corporate services. TMCC may also participate and incur costs in shared marketing efforts with TMNA. • TMCC provides various services to its subsidiaries and affiliates, including certain administrative and corporate services, operational support, information systems support, facilities, treasury, and vendor management services. • TMCC provides various services to TFSB, including marketing, administrative, systems, and operational support in exchange for TFSB making available certain financial products and services to TMCC’s customers and dealers meeting TFSB’s credit standards. TMCC is party to a master netting agreement with TFSB, which allows TMCC to net settle payments for shared services between TMCC and TFSB. • TMCC is a party to expense reimbursement agreements with TFSB and TFSC related to costs incurred by TMCC or these affiliates on behalf of the other party in connection with TMCC’s provision of services to these affiliates or the provision by these affiliates of certain financial products and services to our customers and dealers in support of TMCC’s customer loyalty strategy and programs, and other brand and sales support. • TMCC receives support from and provides support to TFSC and other affiliates in the form of promissory notes and various loan and credit facility agreements, including a revolving credit facility with TMS, which may be used for general corporate purposes. • TMCC and TFSB are parties to a services agreement, entered into July 2021, wherein TMCC will subservice loans on behalf of TFSB. Note 12 – Related Party Transactions (Continued) Operational Support Arrangements with Affiliates • TMCC and TCPR provide various wholesale financing to dealers, which result in us having payables to TMNA and Toyota de Puerto Rico Corp. • TMCC is party to a lease agreement with TMNA for our headquarters facility in Plano, Texas, expiring in 2032 , a customer service center located in Cedar Rapids, Iowa, expiring in 2029 , and our Dallas Data Center expiring in 2026 . The lease commitments are described in Note 9 – Commitments and Contingencies . • Subvention receivable represents amounts due from TMNA and other affiliates in support of retail and lease subvention and other cash incentive programs offered by TMCC. Deferred subvention income represents the unearned portion of amounts received from these transactions, and manufacturers’ subvention and other revenues primarily represent the earned portion of such amounts. • Investment in operating leases includes contractual residual value support received from affiliates which are recognized as an offset to depreciation expense over the life of the contract. • TMCC is a participating employer in certain retirement, post-retirement medical care and life insurance benefits sponsored by TMNA. Refer to Note 10 – Pension and Other Benefit Plans for additional information. • TMCC is party to agreements with TMNA and other affiliates relating to the team member vehicle benefit program, which allows team members to lease Toyota and Lexus vehicles on terms exclusive to the benefit program. TMNA serves as the chief administrator of the program. TMCC acquires and services team member leases after origination. A portion of the vehicles used for the team member vehicle benefit program are acquired from TMNA. TMCC receives a per vehicle contribution from participating affiliates to assist with the costs of its contribution to the benefit program, and TMCC pays a per vehicle participation fee to TMNA to participate in the benefit program. • Affiliate voluntary protection contract revenues and insurance earned premiums primarily represent revenues from TMIS for coverage and related administrative services provided to TMNA and other affiliates. This includes contractual indemnity coverage for limited warranties on certified Toyota and Lexus pre-owned vehicles and related administrative services for TMNA’s certified pre-owned vehicle program and umbrella liability policy. TMIS also provides umbrella liability insurance to TMNA and other affiliates covering certain dollar value layers of risk above various primary or self-insured retentions. On all layers in which TMIS has provided coverage, 99 percent of the risk has been ceded to a reinsurer.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 13 – Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to determine the fair value of our assets and liabilities, we use quoted prices for identical or similar instruments, otherwise we utilize valuation models with observable or calculated inputs. The use of observable quotes for identical or similar instruments and the use of unobservable inputs is reflected in the fair value hierarchy assessment disclosed in the tables within this Note as Level 1, 2 and 3 defined below. The availability of observable inputs can vary based upon the financial instrument and other factors, such as instrument type, market liquidity and other specific characteristics particular to the financial instrument. To the extent that a valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires additional judgment by management. We use prices and inputs that are current as of the measurement date, including during periods of market disruption. In periods of market disruption, the availability of prices and inputs may be reduced for certain financial instruments. This condition could result in a financial instrument being reclassified from Level 1 to Level 2 or from Level 2 to Level 3. Level 1: Quoted (unadjusted) prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Quoted prices in active markets for similar assets and liabilities, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3: Unobservable inputs that are supported by little or no market activity and may require significant judgment in order to determine the fair value of the assets and liabilities. Valuation Adjustments We may make valuation adjustments to ensure that financial instruments are recorded at fair value. These adjustments include amounts to reflect counterparty credit quality, our own creditworthiness, as well as constraints due to market illiquidity or unobservable parameters. Recurring Fair Value Measurements Cash and cash equivalents and Restricted cash and cash equivalents The fair value of cash equivalents and restricted cash equivalents approximates the carrying value and these instruments are classified as Level 1 within the fair value hierarchy. Investments in marketable securities We estimate the value of our AFS debt securities, including those for which the fair value option was elected, using observed transaction prices, independent third-party pricing valuation vendors, and internal valuation models. We may hold investments in actively traded open-end and private placement equity investments. Where the equity investments produce a daily net asset value that is quoted in an active market, we use this value to determine the fair value of the equity investment and classify the investment as Level 1 within the fair value hierarchy. The fair value of equity investments that produce a daily net asset value that is not quoted in an active market is estimated using the net asset value per share (or its equivalent) as a practical expedient and are excluded from leveling within the fair value hierarchy. In addition, we may hold individual securities where valuation methodologies and inputs to valuation models depend on the security type, thus they may be classified differently within the leveling hierarchy. Where possible, quoted prices in active markets for identical or similar securities are used to determine the fair value of the investment securities; those securities are classified as Level 1 or 2, respectively. Where quoted prices in active markets are not available, we use various valuation models for each asset class that are consistent with what market participants use. The inputs and assumptions to the models are derived from market observable sources including: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and other market-related data. These investments are generally classified as Level 2 within the fair value hierarchy, however, depending on the significance of the unobservable inputs they may also be classified as Level 3. Note 13 – Fair Value Measurements (Continued) Derivatives We estimate the fair value of our derivatives using industry standard valuation models that require observable market inputs, including market prices, interest rates, foreign exchange rates, volatilities, counterparty credit risk, our own non-performance risk and the contractual terms of the derivative instruments. We consider counterparty credit risk and our own non-performance risk through credit valuation adjustments. For derivatives that trade in liquid markets, model inputs can generally be verified and do not require significant management judgment. These derivative instruments are classified as Level 2 within the fair value hierarchy. Certain other derivative transactions trade in less liquid markets with limited pricing information. For such derivatives, key inputs to the valuation process include quotes from counterparties and other market data used to corroborate and adjust values where appropriate. Other market data includes values obtained from a market participant that serves as a third-party valuation vendor. These derivative instruments are classified as Level 3 within the fair value hierarchy. 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. Nonrecurring fair value items as of March 31, 2023 and 2022 were not significant. Retail finance receivables greater than 120 days past due are measured at fair value based on the fair value of the underlying collateral less costs to sell. The fair value of collateral is based on the current average selling prices for like vehicles at wholesale used vehicle auctions. Note 13 – Fair Value Measurements (Continued) 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 on our Consolidated Balance Sheets. March 31, 2023 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 $ 740 $ 4 $ - $ - $ 744 Foreign government and agency obligations - 12 - - 12 Municipal debt securities - 8 - - 8 Corporate debt securities - 430 - - 430 Mortgage-backed securities: U.S. government agency - 73 - - 73 Non-agency residential - 6 3 - 9 Non-agency commercial - 53 5 - 58 Asset-backed securities - 80 40 - 120 Available-for-sale debt securities total 740 666 48 - 1,454 Equity investments: Fixed income mutual funds: Fixed income mutual funds measured at 1,081 Total return bond funds 1,631 - - - 1,631 Equity mutual funds 871 - - - 871 Equity investments total 2,502 - - - 3,583 Investments in marketable securities total 3,242 666 48 - 5,037 Derivative assets: Interest rate swaps - 1,888 - - 1,888 Foreign currency swaps - 49 - - 49 Counterparty netting and collateral - - - ( 1,886 ) ( 1,886 ) Derivative assets total - 1,937 - ( 1,886 ) 51 Assets at fair value 3,242 2,603 48 ( 1,886 ) 5,088 Derivative liabilities: Interest rate swaps - ( 468 ) - - ( 468 ) Foreign currency swaps - ( 1,002 ) - - ( 1,002 ) Counterparty netting and collateral - - - 1,453 1,453 Liabilities at fair value - ( 1,470 ) - 1,453 ( 17 ) Net assets at fair value $ 3,242 $ 1,133 $ 48 $ ( 433 ) $ 5,071 Note 13 – 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 March 31, 2023 and 2022, or Consolidated Statements of Income for the years ended March 31, 2023 and 2022 . Note 13 – Fair Value Measurements (Continued) Financial Instruments Not Carried at Fair Value Finance receivables Our finance receivables consist of retail loans and dealer financing loans, which are comprised of wholesale, real estate and working capital financing. Retail finance receivables are primarily valued using a securitization model that incorporates expected cash flows. Cash flows expected to be collected are estimated using contractual principal and interest payments adjusted for specific factors, such as prepayments, extensions, default rates, loss severity, credit scores, and collateral type. The securitization model utilizes quoted secondary market rates if available, or estimated market rates that incorporate management's best estimate of investor assumptions about the portfolio. The dealer financing portfolio is valued using a discounted cash flow model. Discount rates are derived based on market rates for equivalent portfolio bond ratings. As these valuations utilize unobservable inputs, our finance receivables are classified as Level 3 within the fair value hierarchy. Unsecured notes and loans payable The fair value of commercial paper is assumed to approximate the carrying value due to its short duration and generally negligible credit risk. We validate this assumption by recalculating the fair value of our commercial paper using quoted market rates. Commercial paper is classified as Level 2 within the fair value hierarchy. Other unsecured notes and loans payable are primarily valued using current market rates and credit spreads for debt with similar maturities. Our valuation models utilize observable inputs such as standard industry curves; therefore, we classify these unsecured notes and loans payables as Level 2 within the fair value hierarchy. When observable inputs are not available for all assumptions, we estimate the fair value using internal assumptions such as volatility and expected credit losses. As these valuations utilize unobservable inputs, we classify these unsecured notes and loans payable as Level 3 within the fair value hierarchy. Secured notes and loans payable Fair value is estimated based on current market rates and credit spreads for debt with similar maturities. We also use internal assumptions, including prepayment speeds and expected credit losses on the underlying securitized assets, to estimate the timing of cash flows to be paid on these instruments. As these valuations utilize unobservable inputs, our secured notes and loans payables are classified as Level 3 within the fair value hierarchy. Note 13 – Fair Value Measurements (Continued) The following tables provide information about assets and liabilities not carried at fair value on a recurring basis on our Consolidated Balance Sheets: March 31, 2023 Carrying Total Fair value Level 1 Level 2 Level 3 value Financial assets Finance receivables Retail loan $ 78,445 $ - $ - $ 77,649 $ 77,649 Wholesale 3,972 - - 3,968 3,968 Real estate 4,981 - - 4,990 4,990 Working capital 3,113 - - 3,058 3,058 Financial liabilities Unsecured notes and loans payable $ 78,949 $ - $ 76,401 $ - $ 76,401 Secured notes and loans payable 32,736 - - 32,173 32,173 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 on 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 finance receivables, deferred origination costs, deferred income, and allowance for credit losses. Finance receivables in the previous tables exclude related party transactions which are classified as Level 3 within the fair value hierarchy. The previous tables also exclude related party notes receivables and notes payables recorded in Other assets and Other liabilities on the Consolidated Balance Sheets which are classified as Level 3 within the fair value hierarchy. Refer to Note 12 - Related Party Transactions for additional information.

Segment Information

Segment Information	12 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	Note 14 – Segm ent Information Our reportable segments are Finance operations and Voluntary protection operations. Finance operations include retail, leasing, and dealer financing provided to authorized dealers and their customers in the U.S. and Puerto Rico. Voluntary protection operations are performed by TMIS and its subsidiaries. Financial information for our reportable operating segments, which includes allocated corporate expenses, is summarized as follows: Year ended March 31, 2023 Finance Voluntary protection Intercompany operations operations eliminations Total Total financing revenues $ 11,293 $ - $ - $ 11,293 Depreciation on operating leases 5,122 - - 5,122 Interest expense 3,054 - - 3,054 Net financing revenues 3,117 - - 3,117 Voluntary protection contract revenues - 1,053 - 1,053 Investment and other income (loss), net 314 ( 217 ) - 97 Net financing and other revenues 3,431 836 - 4,267 Expenses: Provision for credit losses 713 - - 713 Operating and administrative 1,331 445 - 1,776 Voluntary protection contract expenses and insurance losses - 470 - 470 Total expenses 2,044 915 - 2,959 Income (loss) before income taxes 1,387 ( 79 ) - 1,308 Provision (benefit) for income taxes 346 ( 17 ) - 329 Net income (loss) $ 1,041 $ ( 62 ) $ - $ 979 Total assets $ 131,093 $ 6,638 $ ( 136 ) $ 137,595 Note 14 – Segment Information (Continued) Year ended March 31, 2022 Finance Voluntary protection Intercompany operations operations eliminations Total Total financing revenues $ 11,920 $ - $ - $ 11,920 Depreciation on operating leases 5,846 - - 5,846 Interest expense 1,401 - - 1,401 Net financing revenues 4,673 - - 4,673 Voluntary protection contract revenues - 1,015 - 1,015 Investment and other income (loss), net 45 ( 71 ) - ( 26 ) Net financing and other revenues 4,718 944 - 5,662 Expenses: Provision for credit losses 236 - - 236 Operating and administrative 1,311 386 - 1,697 Voluntary protection contract expenses and insurance losses - 405 - 405 Total expenses 1,547 791 - 2,338 Income before income taxes 3,171 153 - 3,324 Provision for income taxes 755 34 - 789 Net income $ 2,416 $ 119 $ - $ 2,535 Total assets $ 128,684 $ 6,510 $ ( 153 ) $ 135,041 Year ended March 31, 2021 Finance Voluntary protection Intercompany operations operations eliminations Total Total financing revenues $ 11,799 $ - $ - $ 11,799 Depreciation on operating leases 5,932 - - 5,932 Interest expense 2,302 - - 2,302 Net financing revenues 3,565 - - 3,565 Voluntary protection contract revenues - 956 - 956 Investment and other income, net 93 317 - 410 Net financing and other revenues 3,658 1,273 - 4,931 Expenses: Provision for credit losses 426 - - 426 Operating and administrative 1,124 363 - 1,487 Voluntary protection contract expenses and insurance losses - 369 - 369 Total expenses 1,550 732 - 2,282 Income before income taxes 2,108 541 - 2,649 Provision for income taxes 502 130 - 632 Net income $ 1,606 $ 411 $ - $ 2,017 Total assets $ 127,726 $ 6,149 $ ( 147 ) $ 133,728 Note 14 – Segment Information (Continued) Voluntary protection operations The voluntary protection operations segment offers vehicle and payment protection products on Toyota, Lexus and other domestic and import vehicles that are primarily sold by dealers along with the sale of a vehicle. Voluntary protection contract revenues We receive the contractually determined dealer cost at the inception of the contract. Revenue is then deferred and recognized over the term of the contract according to earnings factors established by management that are based upon historical loss experience. Contracts sold range in term from 3 to 120 months and are typically cancellable at any time. The effect of subsequent cancellations is recorded as an offset to unearned voluntary protection contract revenues in Other liabilities on our Consolidated Balance Sheets. For the years ended March 31, 2023 and 2022, respectively, approximately 83 percent and 82 percent 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 years ended March 31, 2023 and 2022 . We had $ 2.7 billion and $ 2.5 billion and of unearned voluntary protection contract revenues from contracts with customers included in Other liabilities on our Consolidated Balance Sheets as of March 31, 2022 and March 31, 2021, respectively. We recognized $ 800 million of the unearned amounts in voluntary protection contract revenues in our Consolidated Statements of Income during fiscal 2023, compared to $ 704 million during fiscal 2022. As of March 31, 2023, we had unearned voluntary protection contract revenues of $ 2.9 billion included in Other liabilities on our Consolidated Balance Sheet, and with respect to this balance, we expect to recognize revenue of approximately $ 827 million in fiscal 2024 and $ 2.1 billion thereafter . Insurance earned premiums Revenues from providing coverage under various insurance contracts are recognized over the term of the coverage in relation to the timing and level of anticipated claims. Revenues from insurance policies, net of premiums ceded to reinsurers, are earned over the terms of the respective policies in proportion to the estimated loss development. Management relies on historical loss experience as a basis for establishing earnings factors used to recognize revenue over the term of the contract or policy. Voluntary protection contract expenses and insurance losses Voluntary protection contract expenses and insurance losses include amounts paid and accrued for loss events that are known and have been recorded as claims, estimates of losses incurred but not reported based on actuarial estimates and historical loss development patterns, and loss adjustment expenses that are expected to be incurred in connection with settling and paying these claims. Accruals for unpaid losses, losses incurred but not reported, and loss adjustment expenses are included in Other liabilities on our Consolidated Balance Sheets. These accruals arising from contracts entered into by TMIS are not significant as of March 31, 2023 and 2022. Estimated liabilities are reviewed regularly, and we recognize any adjustments in the periods in which they are determined. If anticipated losses, loss adjustment expenses, and unamortized acquisition and maintenance costs exceed the recorded unearned premium, a premium deficiency is recognized by first charging any unamortized acquisition costs to expense and then by recording a liability for any excess deficiency. Note 14 – Segment Information (Continued) Risk Transfer Our voluntary protection operations transfer certain risks to protect us against the impact of unpredictable high severity losses. The amounts recoverable from reinsurers and other companies that assume liabilities relating to our Voluntary protection operations are determined in a manner consistent with the related reinsurance or risk transfer contract. Amounts recoverable from reinsurers and other companies on unpaid losses are recorded as receivables but are not collectible until the losses are paid. Revenues related to risks transferred are recognized on the same basis as the related revenues from the underlying contracts. Covered losses are recorded as a reduction to Voluntary protection contract expenses and insurance losses.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation Our accounting and financial reporting policies conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain prior period amounts have been reclassified to conform to current period presentation. Related party transactions presented in the Consolidated Financial Statements are disclosed in Note 12 – Related Party Transactions . The consolidated financial statements include the accounts of TMCC, its wholly-owned subsidiaries and all variable interest entities (“VIE”) of which we are the primary beneficiary. All intercompany transactions and balances have been eliminated.
Nature of Operations	Nat ure of Operations Toyota Motor Credit Corporation (“TMCC”) is a wholly-owned subsidiary of Toyota Financial Services International Corporation (“TFSIC”), a California corporation, which is a wholly-owned subsidiary of Toyota Financial Services Corporation (“TFSC”), a Japanese corporation. TFSC, in turn, is a wholly-owned subsidiary of Toyota Motor Corporation (“TMC”), a Japanese corporation. TFSC manages TMC’s worldwide financial services operations. References herein to the “Company”, “we”, “our”, and “us” denote TMCC and its consolidated subsidiaries. TMCC is marketed under the brands of Toyota Financial Services, Lexus Financial Services, and Mazda Financial Services. We provide a variety of finance and voluntary vehicle and payment protection products and services to authorized Toyota and Lexus dealers or dealer groups, private label dealers or dealer groups, and, to a lesser extent, other domestic and import franchise dealers (collectively referred to as “dealers”) and their customers in the United States of America (the “U.S.”) and Puerto Rico. Our business is substantially dependent upon the sale of Toyota, Lexus, and private label vehicles. Our products and services fall primarily into the following categories: • Finance Operations - We acquire retail installment sales contracts from dealers in the U.S. and Puerto Rico (“retail contracts”) and leasing contracts accounted for as operating leases (“lease contracts”) from dealers in the U.S. We collectively refer to our retail and lease contracts as the “consumer portfolio.” We also provide dealer financing, including wholesale financing, working capital loans, revolving lines of credit and real estate financing to dealers in the U.S. and Puerto Rico. We collectively refer to our dealer financing portfolio as the “dealer portfolio.” • Voluntary Protection Operations - Through Toyota Motor Insurance Services, Inc., a wholly-owned subsidiary, and its insurance company subsidiaries (collectively referred to as “TMIS”), we provide marketing, underwriting, and claims administration for voluntary vehicle and payment protection products sold by dealers in the U.S. Our voluntary vehicle and payment protection products include vehicle service, guaranteed auto protection, prepaid maintenance, excess wear and use, tire and wheel protection, key replacement protection, and used vehicle limited warranty contracts (“voluntary protection products”). TMIS also provides coverage and related administrative services to certain of our affiliates in the U.S. Our finance operations are located in the U.S. and Puerto Rico with earning assets principally sourced through Toyota, Lexus, and private label dealers. As of March 31, 2023, approximately 21 percent of retail and lease contracts were concentrated in California, 13 percent in Texas, 7 percent in New York, and 5 percent in New Jersey. Our voluntary protection operations are located in the U.S. As of March 31, 2023, approximately 25 percent of voluntary protection contracts were concentrated in California, 6 percent in New York, and 5 percent in Maryland. Any material adverse changes to the economies or applicable laws in these states could have an adverse effect on our financial condition and results of operations. Note 1 – Basis of Presentation and Significant Accounting Policies (Continued) 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 substantially complete, and our field operations now include three regional Experience Centers located in Chandler, Arizona (serving the West region), Plano, Texas (serving the Central region) and Alpharetta, Georgia (serving the East region). 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.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Because of inherent uncertainty involved in making estimates, actual results could differ from those estimates and assumptions. The accounting estimates that are most important to our business are the accumulated depreciation related to our investments in operating leases and the allowance for credit losses.
Recently Adopted Accounting Guidance	Recently Adopted Accounting Guidance In fiscal 2021, we adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), along with the subsequently issued guidance amending and clarifying various aspects of ASU 2016-13, using the modified retrospective method as required. In accordance with that method, the comparative period’s information continues to be reported under the relevant accounting guidance in effect for that period. Upon adoption of ASU 2016-13, the incurred loss impairment method was replaced with a new impairment model that reflects lifetime expected losses for our finance receivables. The adoption of ASU 2016-13 resulted in a cumulative-effect adjustment to decrease opening retained earnings by approximately $ 218 million, net of taxes, resulting from a pretax increase to our allowance for credit losses on finance receivables of approximately $ 292 million. Additionally, we have changed the presentation of accrued interest related to finance receivables in the Consolidated Balance Sheets from Finance receivables, net to Other assets. As of April 1, 2020 , we have reclassified accrued interest of $ 190 million from Finance receivables, net to Other assets. The adoption of this new guidance did no t result in a material impact to our available-for-sale debt securities portfolio. 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. The adoption of this guidance will not have a material impact on our consolidated financial statements and related disclosures.
Cash and Cash Equivalents	Cash and cash equivalents Cash and cash equivalents represent highly liquid investments with maturities of three months or less from the date of acquisition and may include money market instruments, commercial paper, certificates of deposit, U.S. government and agency obligations, or similar instruments.
Restricted Cash and Cash Equivalents	Restricted cash and cash equivalents Restricted cash and cash equivalents include customer collections on securitized receivables to be distributed to investors as payments on the related secured notes and loans payable, which are primarily related to securitization trusts. Restricted cash equivalents may also contain proceeds from certain debt issuances for which the use of the cash is restricted.
Investments in Marketable Securities	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. Interest income is recognized on an accrual basis and determined using the effective interest method. Realized gains and losses from sales of AFS debt securities are determined using the specific identification method or first in first out method. Dividend income, interest income, and realized gains and losses from the sales of AFS debt securities 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. AFS debt securities for which the fair value option is elected are not subject to credit loss impairment. As of March 31, 2023 and 2022, we held AFS debt securities for which the fair value option was elected of $ 770 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 $ 57 million and $ 41 million as of March 31, 2023 and 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.
Finance Receivables, Net	Finance receivables, net consists of 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 are classified as held-for-investment if the Company has the intent and ability to hold the receivables for the foreseeable future or until maturity or payoff. As of March 31, 2023 and 2022, all finance receivables were classified as held-for-investment. Revenues associated with retail and dealer financing are recognized to approximate a constant effective yield over the contract term. Incremental direct fees and costs incurred in connection with the acquisition of retail contracts and dealer financing receivables, including incentive and rate participation payments made to dealers, are capitalized and amortized to approximate a constant effective yield over the term of the related contracts. Payments received on subvention and other consumer incentives are deferred and recognized to approximate a constant effective yield over the term of the related contracts. For both retail loan and dealer products portfolio segments, accrued interest, deferred income, and deferred origination costs, if any, are written off within Provision 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. 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. Dealer Products Portfolio Segment The dealer products portfolio segment consists of three classes of finance receivables: wholesale, real estate, and working capital (includes both working capital and revolving lines of credit). 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 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. Troubled Debt Restructuring A troubled debt restructuring occurs when a finance receivable is modified through a concession to a borrower experiencing financial difficulty. A finance receivable modified under a troubled debt restructuring is considered to be impaired. In addition, troubled debt restructurings include finance receivables for which the customer has filed for bankruptcy protection. For such finance receivables, we no longer have the ability to modify the terms of the agreement without the approval of the bankruptcy court and the court may impose term modifications that we are obligated to accept. For accounts not under bankruptcy protection, the amount of finance receivables modified as a troubled debt restructuring during fiscal 2023 and 2022 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 fiscal 2023 and 2022. 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 fiscal 2023 and 2022 , 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	Upon adoption of ASU 2016-13 in fiscal 2021, the incurred loss impairment method was replaced with a new impairment model that reflects lifetime expected losses. Management develops and documents the allowance for credit losses on finance receivables based on two portfolio segments. The determination of portfolio segments is based primarily on the qualitative consideration of the nature of our business operations and the characteristics of the underlying finance receivables, as follows: • Retail Loan Portfolio Segment – The retail loan portfolio segment consists of retail contracts acquired from dealers in the U.S. and Puerto Rico. Under a retail contract, we are granted a security interest in the underlying collateral which consists primarily of Toyota, Lexus, and private label vehicles. Based on the common risk characteristics associated with the finance receivables, the retail loan portfolio segment is considered a single class of finance receivable. • Dealer Products Portfolio Segment – The dealer products portfolio segment consists of wholesale financing, real estate loans, working capital loans, and revolving lines of credit to dealers in the U.S. and Puerto Rico. Wholesale financing is primarily collateralized by new or used vehicle inventory with the outstanding balance fluctuating based on the level of inventory. Working capital loans and revolving lines of credit are granted for working capital purposes and are secured by dealership assets. Real estate loans are collateralized by the underlying real estate, are underwritten primarily on a loan-to-value basis and are typically for a fixed term. Based on the risk characteristics associated with the underlying finance receivables, the dealer products portfolio segment consists of three classes of finance receivables: wholesale, working capital (includes both working capital and revolving lines of credit), and real estate. Management’s estimate of lifetime expected credit losses is based on an evaluation of relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the future collectability of the finance receivables. Management’s evaluation takes into consideration the risks in the retail loan portfolio and dealer products portfolio, past loss experience, delinquency trends, underwriting and collection practices, changes in portfolio composition, economic forecasts and other relevant factors. Methodology Used to Develop the Allowance for Credit Losses The allowance for credit losses is measured on a collective basis when loans have similar risk characteristics. Loans that do not share similar risk characteristics are evaluated on an individual basis. We generally use a discounted cash flow approach for determining allowance for credit losses for finance receivables modified as a troubled debt restructuring that are granted with interest rate concessions, and a non-discounted cash flow approach for other loans. We measure expected losses of all components of finance receivables on an amortized cost basis, excluding accrued interest, and including off-balance-sheet lending commitments that are not unconditionally cancellable by TMCC. Estimated expected credit losses for off-balance-sheet lending commitments within our dealer products portfolio are included in Other liabilities on the Consolidated Balance Sheets. 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. Retail Loan Portfolio Segment The level of credit risk in our retail loan portfolio segment is influenced by various factors such as economic conditions, the used vehicle market, credit quality, contract structure, and collection strategies and practices. The allowance for credit losses is measured on a collective basis when loans have similar risk characteristics such as loan-to-value ratio, book payment-to-income ratio, FICO score at origination, collateral type, contract term, and other relevant factors. We use statistical models to estimate lifetime expected credit losses of our retail loan portfolio segment by applying probability of default and loss given default to the exposure at default on a loan level basis. Probability of default models are developed from internal risk scoring models which consider variables such as delinquency status, historical default frequency, and other credit quality indicators such as loan-to-value ratio, book payment-to-income ratio, FICO score at origination, collateral type (new or used, Lexus, Toyota, or private label), and contract term. Note 4 – Allowance for Credit Losses (Continued) Loss given default models forecast the extent of losses given that a default has occurred and considers variables such as collateral, trends in recoveries, historical loss severity, and other contract structure variables. Exposure at default represents the expected outstanding principal balance, including the effects of expected prepayment when applicable. The lifetime expected credit losses incorporate the probability-weighted forward-looking macroeconomic forecasts for baseline, favorable, and adverse scenarios. The loan lifetime is regarded by management as the reasonable and supportable period. We use macroeconomic forecasts from a third party and update such forecasts quarterly. On an ongoing basis, we review our models, including macroeconomic factors, the selection of macroeconomic scenarios and their weighting to ensure they reflect the risk of the portfolio. If management does not believe the models reflect lifetime expected credit losses, a qualitative adjustment is made to reflect management judgment regarding observable changes in recent or expected economic trends and conditions, portfolio composition, and other relevant factors. While management uses the best information available to make such evaluations, future adjustments to the allowance for credit losses may be necessary if conditions differ substantially from the assumptions used in making the evaluations. Dealer Products Portfolio Segment The level of credit risk in our dealer products portfolio segment is influenced primarily by the financial strength of dealers within our portfolio, dealer concentration, collateral quality, and other economic factors. The financial strength of dealers within our portfolio is influenced by, among other factors, general economic conditions, the overall demand for new and used vehicles and the financial condition of automotive manufacturers. The allowance for credit losses is established for both outstanding dealer finance receivables and certain unfunded off-balance sheet lending commitments. The allowance for credit losses is measured on a collective basis when loans have similar risk characteristics such as dealer group internal risk rating and loan-to-value ratios. We measure lifetime expected credit losses of our dealer products portfolio segment by applying probability of default and loss given default to the exposure at default on a loan level basis. Probability of default is primarily established based on internal risk assessments. The probability of default model also considers qualitative factors related to macroeconomic outlooks. Loss given default is established based on the nature and market value of the collateral, loan-to-value ratios and other credit quality indicators. Exposure at default represents the expected outstanding principal balance. The lifetime of the loan or lending commitment is regarded by management as the reasonable and supportable period. On an ongoing basis, we review our models, including macroeconomic outlooks, to ensure they reflect the risk of the portfolio. If management does not believe the models reflect lifetime expected credit losses, a qualitative adjustment is made to reflect management judgment regarding observable changes in recent or expected economic trends and conditions, portfolio composition, and other relevant factors. While management uses the best information available to make such evaluations, future adjustments to the allowance for credit losses may be necessary if conditions differ substantially from the assumptions used in making the evaluations. Accounting for the Allowance for Credit Losses Increases to the allowance for credit losses are accompanied by corresponding charges to the Provision for credit losses in our Consolidated Statements of Income. The uncollectible portion of finance receivables is charged to the 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. In the event we repossess the collateral, the receivable is charged-off and we record the collateral at its estimated fair value less costs to sell and report it in Other assets on our Consolidated Balance Sheets. Recoveries of finance receivables previously charged off as uncollectible are credited to the allowance for credit losses.
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. Generally, lessees have the ability to extend their lease term in six month increments up to a total of 12 months from the original lease maturity date. A lease can be terminated at any time by satisfying the obligations under the lease contract. Early termination programs may be occasionally offered to eligible lessees. At the end of the lease, the customer has the option to buy the leased vehicle or return the vehicle to the dealer. 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. Operating lease revenues are recognized on a straight-line basis over the term of the lease. We have made an accounting policy election to exclude from the consideration in the contract, and from variable payments not included in the consideration in the contract, sales and other taxes assessed by a governmental authority that are both imposed on and concurrent with a specific lease revenue-producing transaction and collected from customers. Deferred fees and costs include incentive payments made to dealers and acquisition fees collected from customers. Deferred income includes payments received on affiliate sponsored subvention and other incentive programs. Both deferred fees and costs and deferred income are capitalized or deferred and amortized on a straight-line basis over the contract term. The accrual of revenue on investments in operating leases is discontinued at the time an account is determined to be uncollectible and subsequent revenue is recognized only to the extent a payment is received. Operating leases may be restored to accrual status when future payments are reasonably assured. Vehicle Lease Residual Values Contractual residual values of vehicle lease contracts are estimated at lease inception by examining external industry data, the anticipated Toyota, Lexus, and private label product pipeline and our own experience. Factors considered in this evaluation include macroeconomic forecasts, new vehicle pricing, new vehicle incentive programs, new vehicle sales, vehicle features and specifications, the mix and level of used vehicle supply, the level of current used vehicle values, and fuel prices. We are exposed to a risk of loss to the extent the customer returns the vehicle and the value of the vehicle is lower than the residual value estimated at inception of the lease or if the number of returned vehicles is higher than anticipated. Depreciation on operating leases is recognized using the straight-line method over the lease term. The depreciable basis is the original acquisition cost of the vehicle less the estimated residual value of the vehicle at the end of the lease term. On a quarterly basis, we review the estimated end-of-term market values and return rates of leased vehicles to assess the appropriateness of the carrying values at lease-end. Factors affecting the estimated end-of-term market value are similar to those considered in the evaluation of residual values at lease inception discussed above. Adjustments to depreciation expense to reflect revised estimates of expected market values at lease termination and revised return rates are recorded prospectively on a straight-line basis over the remaining lease term. We use various channels to sell vehicles returned at lease-end. Upon disposition, the difference between the net book value of the lease and the proceeds received from the disposition of the asset, including any insurance proceeds is recorded as an adjustment to depreciation on operating leases. We evaluate our investment in operating leases portfolio for potential impairment when we determine a triggering event has occurred. When a triggering event has occurred, we perform a test of recoverability by comparing the expected undiscounted future cash flows (including expected residual values) over the remaining lease terms to the carrying value of the asset group. If the test of recoverability identifies a possible impairment, the asset group’s fair value is measured in accordance with the fair value measurement framework. An impairment charge would be recognized for the amount by which the carrying value of the asset group exceeds its estimated fair value and would be recorded in our Consolidated Statements of Income. As of March 31, 2023 and 2022 , there was no impairment in our investment in operating leases portfolio. Note 5 – Investments in Operating Leases, Net (Continued) Our depreciation policy for operating leases incorporates our historical experience on early terminations due to customer defaults into the useful live of the vehicles. We consider the effects of operating lease early terminations when determining depreciation estimates, which are included as part of accumulated depreciation within Investments in operating leases, net on the Consolidated Balance Sheets and Depreciation on operating leases in the Consolidated Statements of Income.
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 derivatives are categorized as not designated for hedge accounting, and 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 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 March 31, 2023, 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.
Debt Issuance Costs	Debt issuance costs are deferred and amortized to interest expense on an effective yield basis over the contractual term of the debt.
Foreign Currency Transactions	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. The resulting transaction gains and losses are included in Interest expense in our Consolidated Statements of Income. 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.
Secured Notes and Loans Payable	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.
Variable Interest Entities	A VIE is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support or (ii) has equity investors who lack the characteristics of a controlling financial interest. The primary beneficiary of a VIE is the party with both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb the losses or the right to receive benefits that could potentially be significant to the VIE. To assess whether we have the power to direct the activities of a VIE that most significantly impact its economic performance, we consider all the facts and circumstances including our role in establishing the VIE and our ongoing rights and responsibilities. This assessment includes identifying the activities that most significantly impact the VIE’s economic performance and identifying which party, if any, has power over those activities. In general, the party that makes the most significant decisions affecting the VIE is determined to have the power to direct the activities of the VIE. To assess whether we have the obligation to absorb the losses or the right to receive benefits that could potentially be significant to the VIE, we consider all of our economic interests, including debt and equity interests, servicing rights and fee arrangements, and any other variable interests in the VIE. If we determine that we are the party with the power to make the most significant decisions affecting the VIE, and we have an obligation to absorb the losses or the right to receive benefits that could potentially be significant to the VIE, then we consolidate the VIE. We perform ongoing reassessments, usually quarterly, of whether we are the primary beneficiary of a VIE. The reassessment process considers whether we have acquired or divested the power to direct the most significant activities of the VIE through changes in governing documents or other circumstances. We also reconsider whether entities previously determined not to be VIEs have become VIEs, based on new events, and therefore could be subject to the VIE consolidation framework. We use one or more special purpose entities that are considered 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. Restricted cash, including restricted 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 $ 1.5 billion and $ 1.7 billion of securities retained by TMCC at March 31, 2023 and 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. 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.
Income Taxes	We use the liability method of accounting for income taxes under which deferred tax assets and liabilities are adjusted to reflect changes in tax rates and laws in the period such changes are enacted resulting in adjustments to the current fiscal year’s provision for income taxes. TMCC files a consolidated federal income tax return with TFSIC and its subsidiaries. Current and deferred federal income taxes are allocated to TMCC as if it were a separate taxpayer. TMCC’s net operating losses and tax credits are utilized when those losses and credits are used by TFSIC and its subsidiaries including TMCC in the consolidated federal income tax return. TMCC files either separate or consolidated/combined state income tax returns with TMNA, TFSIC, or subsidiaries of TMCC. State income tax expense is generally recognized as if TMCC and its subsidiaries filed their tax returns on a stand-alone basis. In those states where TMCC and its subsidiaries join in the filing of consolidated or combined income tax returns, TMCC and its subsidiaries are allocated their share of the total income tax expense based on combined allocation/apportionment factors and separate company income or loss. Based on the federal and state tax sharing agreements, TFSIC and TMCC and its subsidiaries pay for their share of the income tax expense and are reimbursed for the benefit of any of their tax losses and credits utilized in the federal and state income tax returns.
Fair Value Measurement	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to determine the fair value of our assets and liabilities, we use quoted prices for identical or similar instruments, otherwise we utilize valuation models with observable or calculated inputs. The use of observable quotes for identical or similar instruments and the use of unobservable inputs is reflected in the fair value hierarchy assessment disclosed in the tables within this Note as Level 1, 2 and 3 defined below. The availability of observable inputs can vary based upon the financial instrument and other factors, such as instrument type, market liquidity and other specific characteristics particular to the financial instrument. To the extent that a valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires additional judgment by management. We use prices and inputs that are current as of the measurement date, including during periods of market disruption. In periods of market disruption, the availability of prices and inputs may be reduced for certain financial instruments. This condition could result in a financial instrument being reclassified from Level 1 to Level 2 or from Level 2 to Level 3. Level 1: Quoted (unadjusted) prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Quoted prices in active markets for similar assets and liabilities, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3: Unobservable inputs that are supported by little or no market activity and may require significant judgment in order to determine the fair value of the assets and liabilities. Valuation Adjustments We may make valuation adjustments to ensure that financial instruments are recorded at fair value. These adjustments include amounts to reflect counterparty credit quality, our own creditworthiness, as well as constraints due to market illiquidity or unobservable parameters. Recurring Fair Value Measurements Cash and cash equivalents and Restricted cash and cash equivalents The fair value of cash equivalents and restricted cash equivalents approximates the carrying value and these instruments are classified as Level 1 within the fair value hierarchy. Investments in marketable securities We estimate the value of our AFS debt securities, including those for which the fair value option was elected, using observed transaction prices, independent third-party pricing valuation vendors, and internal valuation models. We may hold investments in actively traded open-end and private placement equity investments. Where the equity investments produce a daily net asset value that is quoted in an active market, we use this value to determine the fair value of the equity investment and classify the investment as Level 1 within the fair value hierarchy. The fair value of equity investments that produce a daily net asset value that is not quoted in an active market is estimated using the net asset value per share (or its equivalent) as a practical expedient and are excluded from leveling within the fair value hierarchy. In addition, we may hold individual securities where valuation methodologies and inputs to valuation models depend on the security type, thus they may be classified differently within the leveling hierarchy. Where possible, quoted prices in active markets for identical or similar securities are used to determine the fair value of the investment securities; those securities are classified as Level 1 or 2, respectively. Where quoted prices in active markets are not available, we use various valuation models for each asset class that are consistent with what market participants use. The inputs and assumptions to the models are derived from market observable sources including: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and other market-related data. These investments are generally classified as Level 2 within the fair value hierarchy, however, depending on the significance of the unobservable inputs they may also be classified as Level 3. Note 13 – Fair Value Measurements (Continued) Derivatives We estimate the fair value of our derivatives using industry standard valuation models that require observable market inputs, including market prices, interest rates, foreign exchange rates, volatilities, counterparty credit risk, our own non-performance risk and the contractual terms of the derivative instruments. We consider counterparty credit risk and our own non-performance risk through credit valuation adjustments. For derivatives that trade in liquid markets, model inputs can generally be verified and do not require significant management judgment. These derivative instruments are classified as Level 2 within the fair value hierarchy. Certain other derivative transactions trade in less liquid markets with limited pricing information. For such derivatives, key inputs to the valuation process include quotes from counterparties and other market data used to corroborate and adjust values where appropriate. Other market data includes values obtained from a market participant that serves as a third-party valuation vendor. These derivative instruments are classified as Level 3 within the fair value hierarchy. 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. Nonrecurring fair value items as of March 31, 2023 and 2022 were not significant. Retail finance receivables greater than 120 days past due are measured at fair value based on the fair value of the underlying collateral less costs to sell. The fair value of collateral is based on the current average selling prices for like vehicles at wholesale used vehicle auctions. Note 13 – Fair Value Measurements (Continued) 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 on our Consolidated Balance Sheets.
Fair Value Transfer	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 March 31, 2023 and 2022, or Consolidated Statements of Income for the years ended March 31, 2023 and 2022 .
Financial Instruments Not Carried at Fair Value	Financial Instruments Not Carried at Fair Value Finance receivables Our finance receivables consist of retail loans and dealer financing loans, which are comprised of wholesale, real estate and working capital financing. Retail finance receivables are primarily valued using a securitization model that incorporates expected cash flows. Cash flows expected to be collected are estimated using contractual principal and interest payments adjusted for specific factors, such as prepayments, extensions, default rates, loss severity, credit scores, and collateral type. The securitization model utilizes quoted secondary market rates if available, or estimated market rates that incorporate management's best estimate of investor assumptions about the portfolio. The dealer financing portfolio is valued using a discounted cash flow model. Discount rates are derived based on market rates for equivalent portfolio bond ratings. As these valuations utilize unobservable inputs, our finance receivables are classified as Level 3 within the fair value hierarchy. Unsecured notes and loans payable The fair value of commercial paper is assumed to approximate the carrying value due to its short duration and generally negligible credit risk. We validate this assumption by recalculating the fair value of our commercial paper using quoted market rates. Commercial paper is classified as Level 2 within the fair value hierarchy. Other unsecured notes and loans payable are primarily valued using current market rates and credit spreads for debt with similar maturities. Our valuation models utilize observable inputs such as standard industry curves; therefore, we classify these unsecured notes and loans payables as Level 2 within the fair value hierarchy. When observable inputs are not available for all assumptions, we estimate the fair value using internal assumptions such as volatility and expected credit losses. As these valuations utilize unobservable inputs, we classify these unsecured notes and loans payable as Level 3 within the fair value hierarchy. Secured notes and loans payable Fair value is estimated based on current market rates and credit spreads for debt with similar maturities. We also use internal assumptions, including prepayment speeds and expected credit losses on the underlying securitized assets, to estimate the timing of cash flows to be paid on these instruments. As these valuations utilize unobservable inputs, our secured notes and loans payables are classified as Level 3 within the fair value hierarchy.
Credit Loss Financial Instrument	Accrued interest related to finance receivables is in Other assets on 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 finance receivables, deferred origination costs, deferred income, and allowance for credit losses.
Revenue Recognition	Voluntary protection contract revenues We receive the contractually determined dealer cost at the inception of the contract. Revenue is then deferred and recognized over the term of the contract according to earnings factors established by management that are based upon historical loss experience. Contracts sold range in term from 3 to 120 months and are typically cancellable at any time. The effect of subsequent cancellations is recorded as an offset to unearned voluntary protection contract revenues in Other liabilities on our Consolidated Balance Sheets. For the years ended March 31, 2023 and 2022, respectively, approximately 83 percent and 82 percent 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 years ended March 31, 2023 and 2022 .
Insurance Losses and Loss Adjustment Expenses	Insurance earned premiums Revenues from providing coverage under various insurance contracts are recognized over the term of the coverage in relation to the timing and level of anticipated claims. Revenues from insurance policies, net of premiums ceded to reinsurers, are earned over the terms of the respective policies in proportion to the estimated loss development. Management relies on historical loss experience as a basis for establishing earnings factors used to recognize revenue over the term of the contract or policy. Voluntary protection contract expenses and insurance losses Voluntary protection contract expenses and insurance losses include amounts paid and accrued for loss events that are known and have been recorded as claims, estimates of losses incurred but not reported based on actuarial estimates and historical loss development patterns, and loss adjustment expenses that are expected to be incurred in connection with settling and paying these claims. Accruals for unpaid losses, losses incurred but not reported, and loss adjustment expenses are included in Other liabilities on our Consolidated Balance Sheets. These accruals arising from contracts entered into by TMIS are not significant as of March 31, 2023 and 2022. Estimated liabilities are reviewed regularly, and we recognize any adjustments in the periods in which they are determined. If anticipated losses, loss adjustment expenses, and unamortized acquisition and maintenance costs exceed the recorded unearned premium, a premium deficiency is recognized by first charging any unamortized acquisition costs to expense and then by recording a liability for any excess deficiency. Note 14 – Segment Information (Continued)
Risk Transfer	Risk Transfer Our voluntary protection operations transfer certain risks to protect us against the impact of unpredictable high severity losses. The amounts recoverable from reinsurers and other companies that assume liabilities relating to our Voluntary protection operations are determined in a manner consistent with the related reinsurance or risk transfer contract. Amounts recoverable from reinsurers and other companies on unpaid losses are recorded as receivables but are not collectible until the losses are paid. Revenues related to risks transferred are recognized on the same basis as the related revenues from the underlying contracts. Covered losses are recorded as a reduction to Voluntary protection contract expenses and insurance losses.

Cash and Cash Equivalents and_2

Cash and Cash Equivalents and Investments in Marketable Securities (Tables)	12 Months Ended
	Mar. 31, 2023
Marketable Securities [Abstract]
Summary of Investments in Marketable Securities	Investments in marketable securities consisted of the following: March 31, 2023 Amortized Unrealized Unrealized Fair cost gains losses value Available-for-sale debt securities: U.S. government and agency obligations $ 796 $ 7 $ ( 59 ) $ 744 Foreign government and agency obligations 14 - ( 2 ) 12 Municipal debt securities 8 1 ( 1 ) 8 Corporate debt securities 487 2 ( 59 ) 430 Mortgage-backed securities: U.S. government agency 76 - ( 3 ) 73 Non-agency residential 10 - ( 1 ) 9 Non-agency commercial 66 - ( 8 ) 58 Asset-backed securities 127 - ( 7 ) 120 Total available-for-sale debt securities $ 1,584 $ 10 $ ( 140 ) $ 1,454 Equity investments 3,583 Total investments in marketable securities $ 5,037 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: March 31, 2023 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 $ 90 $ ( 3 ) $ 304 $ ( 56 ) $ 394 $ ( 59 ) Foreign government and agency obligations - - 11 ( 2 ) 11 ( 2 ) Municipal debt securities - - 2 ( 1 ) 2 ( 1 ) Corporate debt securities 46 ( 2 ) 352 ( 57 ) 398 ( 59 ) Mortgage-backed securities U.S. Government agency 38 ( 1 ) 17 ( 2 ) 55 ( 3 ) Non-agency residential - - 8 ( 1 ) 8 ( 1 ) Non-agency commercial - - 57 ( 8 ) 57 ( 8 ) Asset-backed securities 47 ( 1 ) 59 ( 6 ) 106 ( 7 ) Total available-for-sale debt securities $ 221 $ ( 7 ) $ 810 $ ( 133 ) $ 1,031 $ ( 140 ) 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: Years ended March 31, 2023 2022 2021 Available-for-sale debt securities: Unrealized losses on securities for which the 1 $ ( 17 ) $ ( 41 ) Realized (losses) gains on sales $ ( 38 ) $ ( 4 ) $ 20 Equity investments: Unrealized (losses) gains $ ( 297 ) $ ( 158 ) $ 114 Realized (losses) gains on sales $ ( 23 ) $ 22 $ 15 1. Starting in fiscal 2022, we elected the fair value option for certain debt securities.
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. March 31, 2023 Amortized c ost Fair value Available-for-sale debt securities: Due within 1 year $ 71 $ 69 Due after 1 year through 5 years 323 305 Due after 5 years through 10 years 495 473 Due after 10 years 416 347 Mortgage-backed and asset-backed securities 1 279 260 Total $ 1,584 $ 1,454 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)	12 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Net Financing Receivables	Finance receivables, net consisted of the following: March 31, March 31, 2023 2022 Retail receivables 1 $ 79,515 $ 73,152 Dealer financing 12,123 10,298 91,638 83,450 Deferred origination costs 1,315 1,330 Deferred income ( 1,184 ) ( 1,102 ) Allowance for credit losses Retail receivables ( 1,430 ) ( 1,195 ) Dealer financing ( 59 ) ( 51 ) Total allowance for credit losses ( 1,489 ) ( 1,246 ) Finance receivables, net $ 90,280 $ 82,432 1. Includes securitized retail receivables of $ 29.0 billion and $ 21.2 billion as of March 31, 2023 and 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 March 31, 2023 2023 2022 2021 2020 2019 2018 and Prior Total Aging of finance receivables: Current $ 32,377 $ 22,585 $ 14,278 $ 5,555 $ 2,178 $ 846 $ 77,819 30-59 days past due 306 439 285 125 71 44 1,270 60-89 days past due 90 135 82 35 21 15 378 90 days or greater past due 47 63 33 16 9 11 179 Total $ 32,820 $ 23,222 $ 14,678 $ 5,731 $ 2,279 $ 916 $ 79,646 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 March 31, 2023 2023 2022 2021 2020 2019 2018 and Prior Revolving loans Total Wholesale Performing $ - $ - $ - $ - $ - $ - $ 3,859 $ 3,859 Credit Watch - - - - - - 54 54 At Risk - - - - - - 51 51 Default - - - - - - - - Wholesale total $ - $ - $ - $ - $ - $ - $ 3,964 $ 3,964 Real estate Performing $ 1,378 $ 1,024 $ 1,057 $ 133 $ 300 $ 850 $ 209 $ 4,951 Credit Watch 5 - 2 - - - - 7 At Risk 8 7 - - - 2 - 17 Default - - - - - - - - Real estate total $ 1,391 $ 1,031 $ 1,059 $ 133 $ 300 $ 852 $ 209 $ 4,975 Working Capital Performing $ 789 $ 317 $ 182 $ 131 $ 124 $ 88 $ 1,552 $ 3,183 Credit Watch - - - - - - - - At Risk - 1 - - - - - 1 Default - - - - - - - - Working capital total $ 789 $ 318 $ 182 $ 131 $ 124 $ 88 $ 1,552 $ 3,184 Total $ 2,180 $ 1,349 $ 1,241 $ 264 $ 424 $ 940 $ 5,725 $ 12,123
Aging of Amortized Cost Basis of Finance Receivables by Class	The following tables presents the aging of the amortized cost basis of our finance receivables by class: March 31, 2023 30 - 59 Days 60 - 89 Days 90 Days or Total Past Current Total Finance 90 Days or ast due and Retail loan $ 1,270 $ 378 $ 179 $ 1,827 $ 77,819 $ 79,646 $ 111 Wholesale - - - - 3,964 3,964 - Real estate - - - - 4,975 4,975 - Working capital - - - - 3,184 3,184 - Total $ 1,270 $ 378 $ 179 $ 1,827 $ 89,942 $ 91,769 $ 111 March 31, 2022 30 - 59 Days 60 - 89 Days 90 Days or Total Past Current Total Finance 90 Days or ast due and 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)	12 Months Ended
	Mar. 31, 2023
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: Year ended March 31, 2023 Retail loan Dealer products Total Beginning balance, April 1, 2022 $ 1,195 $ 77 $ 1,272 Charge-offs ( 535 ) - ( 535 ) Recoveries 63 - 63 Provision for credit losses 707 6 713 Ending balance, March 31, 2023 ¹ $ 1,430 $ 83 $ 1,513 1 Ending balance includes $ 24 million of allowance for credit losses recorded in Other liabilities on the Consolidated Balance Sheet which is related to off-balance sheet commitments in the dealer products portfolio. Year ended March 31, 2022 Retail loan Dealer products Total Beginning balance, April 1, 2021 $ 1,075 $ 140 $ 1,215 Charge-offs ( 237 ) - ( 237 ) Recoveries 58 - 58 Provision for credit losses 299 ( 63 ) 236 Ending balance, March 31, 2022 ¹ $ 1,195 $ 77 $ 1,272 1 Ending balance includes $ 26 million of allowance for credit losses recorded in Other liabilities on the Consolidated Balance Sheet which is related to off-balance sheet commitments in the dealer products portfolio.

Investments in Operating Leas_2

Investments in Operating Leases, Net (Tables)	12 Months Ended
	Mar. 31, 2023
Leases, Operating [Abstract]
Investments in Operating Leases, Net	Investments in operating leases, net consisted of the following: March 31, March 31, 2023 2022 Investments in operating leases 1 $ 38,811 $ 45,682 Deferred income ( 694 ) ( 1,272 ) Accumulated depreciation ( 8,248 ) ( 8,955 ) Investments in operating leases, net $ 29,869 $ 35,455 1. Includes securitized investments in operating leases of $ 15.3 billion and $ 16.2 billion as of March 31, 2023 and 2022 , respectively.
Future Minimum Lease Payments Due to Lessor Under Investments in Operating Leases	uture minimum lease payments due to us as lessor under investments in operating leases after March 31, 2023: Years ending March 31, Future minimum lease payments on operating leases 2024 $ 4,755 2025 2,439 2026 821 2027 57 2028 5 Thereafter - Total $ 8,077

Derivatives, Hedging Activiti_2

Derivatives, Hedging Activities and Interest Expense (Tables)	12 Months Ended
	Mar. 31, 2023
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: March 31, 2023 March 31, 2022 Fair Fair Notional value Notional value Other assets: Interest rate swaps $ 56,799 $ 1,888 $ 64,327 $ 1,425 Foreign currency swaps 1,237 49 1,594 55 Total $ 58,036 $ 1,937 $ 65,921 $ 1,480 Counterparty netting ( 659 ) ( 761 ) Collateral held ( 1,227 ) ( 658 ) Carrying value of derivative contracts – Other assets $ 51 $ 61 Other liabilities: Interest rate swaps $ 46,082 $ 468 $ 19,903 $ 822 Foreign currency swaps 6,447 1,002 8,102 717 Total $ 52,529 $ 1,470 $ 28,005 $ 1,539 Counterparty netting ( 659 ) ( 761 ) Collateral posted ( 794 ) ( 753 ) Carrying value of derivative contracts – Other liabilities $ 17 $ 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: Years Ended March 31, 2023 2022 2021 Interest expense on debt $ 2,919 $ 1,498 $ 1,954 Interest (income) expense on derivatives ( 569 ) 107 420 Interest expense on debt and derivatives 2,350 1,605 2,374 (Gains) losses on debt denominated in ( 614 ) ( 438 ) 1,402 Losses (gains) on foreign currency swaps 805 818 ( 1,351 ) Losses (gains) on U.S. dollar interest rate swaps 513 ( 584 ) ( 123 ) Total interest expense $ 3,054 $ 1,401 $ 2,302

Debt and Credit Facilities (Tab

Debt and Credit Facilities (Tables)	12 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt and Related Weighted Average Contractual Interest Rates	Debt and the related weighted average contractual interest rates are summarized as follows: March 31, 2023 March 31, 2022 Face value Carrying value Weighted average Face value Carrying value Weighted average Unsecured notes and loans payable $ 79,393 $ 78,949 3.48 % $ 82,542 $ 82,288 1.30 % Secured notes and loans payable 32,777 32,736 3.76 % 26,907 26,864 1.01 % Total debt $ 112,170 $ 111,685 3.56 % $ 109,449 $ 109,152 1.23 %
Schedule of Maturities of Long-term Debt	Debt is callable at par value. Scheduled maturities of our debt portfolio are summarized below. Actual repayment of secured debt will vary based on the repayment activity on the related pledged assets. Future Years ending March 31, debt maturities 2024 $ 49,501 2025 22,224 2026 16,694 2027 8,293 2028 8,307 Thereafter 1 7,151 Unamortized premiums, discounts and debt issuance costs ( 485 ) Total debt $ 111,685 1. Unsecured and secured notes and loans payable mature on various dates through fiscal 2049.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Mar. 31, 2023
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: March 31, 2023 VIE Assets VIE Liabilities Net Restricted securitized Other Debt Other Retail finance receivables $ 1,434 $ 28,764 $ 85 $ 25,155 $ 41 Investments in operating leases 656 11,063 23 7,581 10 Total $ 2,090 $ 39,827 $ 108 $ 32,736 $ 51 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)	12 Months Ended
	Mar. 31, 2023
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: March 31, March 31, 2023 2022 Commitments: Credit facilities commitments with dealers $ 3,153 $ 3,289 Commitments under operating lease agreements 106 119 Total commitments 3,259 3,408 Guarantees of affiliate pollution control and solid waste disposal bonds 100 100 Total commitments and guarantees $ 3,359 $ 3,508
Summary of Commitments under Operating Lease Agreements	Our commitments under operating lease agreements are summarized below: March 31, Years ending March 31, 2023 2024 $ 18 2025 15 2026 14 2027 13 2028 13 Thereafter 33 Total $ 106 Present value discount ( 11 ) Total operating lease liability $ 95
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: March 31, 2023 ROU assets $ 83 Weighted average remaining lease term (in years) 7.6 Weighted average discount rate 2.86 %

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Provision for Income Taxes	The provision for income taxes consisted of the following: Years ended March 31, 2023 2022 2021 Current Federal $ ( 1,859 ) $ 1,774 $ 2,756 State ( 1 ) 281 386 Foreign 16 22 11 Total ( 1,844 ) 2,077 3,153 Deferred Federal 2,100 ( 1,166 ) ( 2,243 ) State 78 ( 123 ) ( 276 ) Foreign ( 5 ) 1 ( 2 ) Total 2,173 ( 1,288 ) ( 2,521 ) Provision for income taxes $ 329 $ 789 $ 632
Reconciliation Between U.S. Federal Statutory Tax Rate and Effective Tax Rate	A reconciliation between the U.S. federal statutory tax rate and the effective tax rate is as follows: Years ended March 31, 2023 2022 2021 Provision for income taxes at U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % State and local taxes (net of federal tax benefit) 4.2 % 3.7 % 3.9 % Changes in unrecognized tax benefits 1.3 % - - Federal tax credits 1 ( 1.0 )% ( 1.0 )% ( 0.5 )% Other, net ( 0.3 )% - ( 0.5 )% Effective tax rate 25.2 % 23.7 % 23.9 % 1. The amounts in Federal tax credits include tax benefits from foreign tax credits, plug-in vehicle credits, and research and development credits for fiscal 2023, 2022, and 2021. The amounts in Federal tax credits also include credits for qualified commercial clean vehicles for fiscal 2023 and alternative fuel vehicle credits for fiscal 2022 and 2021.
Deferred Tax Liabilities and Assets	Our net deferred income tax liability consisted of the following deferred tax liabilities and assets: March 31, 2023 2022 Liabilities: Lease transactions $ 4,786 $ 1,504 Voluntary protection dealer commissions 403 348 State taxes, net of federal tax benefit 356 275 Mark-to-market of investments in marketable securities and derivatives - 24 Other 72 82 Deferred tax liabilities $ 5,617 $ 2,233 Assets: Net operating loss and tax credit carryforwards 1,007 14 Provision for credit and residual value losses 478 394 Deferred costs and fees 197 179 Mark-to-market of investments in marketable securities and derivatives 150 - Accrued expenses 23 45 Lease obligations 20 23 Other 17 14 Deferred tax assets 1,892 669 Valuation allowance ( 2 ) - Net deferred tax assets $ 1,890 $ 669 Net deferred income tax liability 1 $ 3,727 $ 1,564 Balance includes deferred tax assets of $ 16 million and $ 6 million at March 31, 2023 and 2022 , respectively, attributable to unrealized losses included in accumulated other comprehensive loss. The change in this balance is not included in the total deferred tax expense.
Change in Unrecognized Tax Benefits	The change in unrecognized tax benefits are as follows: March 31, 2023 2022 2021 Balance at beginning of the year $ 22 $ 15 $ 19 Increases related to positions taken during the current year 2 1 1 Increases recorded in current year related to positions taken 19 6 2 Expirations due to lapse of statute - - ( 7 ) Balance at end of year $ 43 $ 22 $ 15

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Mar. 31, 2023
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 on our Consolidated Balance Sheets under various related party agreements or relationships : Years ended March 31, 2023 2022 2021 Net financing revenues: Manufacturer's subvention and other revenues $ 1,243 $ 1,746 $ 1,997 Depreciation on operating leases $ 106 $ ( 75 ) $ ( 113 ) Interest expense: Credit support fees, interest and other expenses $ 96 $ 99 $ 117 Voluntary protection contract revenues Voluntary protection contract revenues $ 156 $ 168 $ 173 Investment and other income, net: Interest and other income $ 35 $ 3 $ 18 Expenses: Operating and administrative $ 107 $ 82 $ 91
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 on our Consolidated Balance Sheets under various related party agreements or relationships March 31, March 31, 2023 2022 Assets: Cash and cash equivalents Commercial paper $ 35 $ 100 Finance receivables, net Accounts receivable $ 47 $ 90 Deferred retail subvention income $ ( 922 ) $ ( 875 ) Investments in operating leases, net Investments in operating leases, net $ ( 250 ) $ ( 212 ) Deferred lease subvention income $ ( 410 ) $ ( 923 ) Other assets Notes receivable $ 1,237 $ 789 Other receivables, net $ 89 $ 80 Liabilities: Other liabilities Unearned voluntary protection contract revenues $ 399 $ 374 Other payables, net $ 432 $ 394 Notes payable $ 8 $ 8

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Mar. 31, 2023
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 on our Consolidated Balance Sheets. March 31, 2023 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 $ 740 $ 4 $ - $ - $ 744 Foreign government and agency obligations - 12 - - 12 Municipal debt securities - 8 - - 8 Corporate debt securities - 430 - - 430 Mortgage-backed securities: U.S. government agency - 73 - - 73 Non-agency residential - 6 3 - 9 Non-agency commercial - 53 5 - 58 Asset-backed securities - 80 40 - 120 Available-for-sale debt securities total 740 666 48 - 1,454 Equity investments: Fixed income mutual funds: Fixed income mutual funds measured at 1,081 Total return bond funds 1,631 - - - 1,631 Equity mutual funds 871 - - - 871 Equity investments total 2,502 - - - 3,583 Investments in marketable securities total 3,242 666 48 - 5,037 Derivative assets: Interest rate swaps - 1,888 - - 1,888 Foreign currency swaps - 49 - - 49 Counterparty netting and collateral - - - ( 1,886 ) ( 1,886 ) Derivative assets total - 1,937 - ( 1,886 ) 51 Assets at fair value 3,242 2,603 48 ( 1,886 ) 5,088 Derivative liabilities: Interest rate swaps - ( 468 ) - - ( 468 ) Foreign currency swaps - ( 1,002 ) - - ( 1,002 ) Counterparty netting and collateral - - - 1,453 1,453 Liabilities at fair value - ( 1,470 ) - 1,453 ( 17 ) Net assets at fair value $ 3,242 $ 1,133 $ 48 $ ( 433 ) $ 5,071 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: March 31, 2023 Carrying Total Fair value Level 1 Level 2 Level 3 value Financial assets Finance receivables Retail loan $ 78,445 $ - $ - $ 77,649 $ 77,649 Wholesale 3,972 - - 3,968 3,968 Real estate 4,981 - - 4,990 4,990 Working capital 3,113 - - 3,058 3,058 Financial liabilities Unsecured notes and loans payable $ 78,949 $ - $ 76,401 $ - $ 76,401 Secured notes and loans payable 32,736 - - 32,173 32,173 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)	12 Months Ended
	Mar. 31, 2023
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: Year ended March 31, 2023 Finance Voluntary protection Intercompany operations operations eliminations Total Total financing revenues $ 11,293 $ - $ - $ 11,293 Depreciation on operating leases 5,122 - - 5,122 Interest expense 3,054 - - 3,054 Net financing revenues 3,117 - - 3,117 Voluntary protection contract revenues - 1,053 - 1,053 Investment and other income (loss), net 314 ( 217 ) - 97 Net financing and other revenues 3,431 836 - 4,267 Expenses: Provision for credit losses 713 - - 713 Operating and administrative 1,331 445 - 1,776 Voluntary protection contract expenses and insurance losses - 470 - 470 Total expenses 2,044 915 - 2,959 Income (loss) before income taxes 1,387 ( 79 ) - 1,308 Provision (benefit) for income taxes 346 ( 17 ) - 329 Net income (loss) $ 1,041 $ ( 62 ) $ - $ 979 Total assets $ 131,093 $ 6,638 $ ( 136 ) $ 137,595 Note 14 – Segment Information (Continued) Year ended March 31, 2022 Finance Voluntary protection Intercompany operations operations eliminations Total Total financing revenues $ 11,920 $ - $ - $ 11,920 Depreciation on operating leases 5,846 - - 5,846 Interest expense 1,401 - - 1,401 Net financing revenues 4,673 - - 4,673 Voluntary protection contract revenues - 1,015 - 1,015 Investment and other income (loss), net 45 ( 71 ) - ( 26 ) Net financing and other revenues 4,718 944 - 5,662 Expenses: Provision for credit losses 236 - - 236 Operating and administrative 1,311 386 - 1,697 Voluntary protection contract expenses and insurance losses - 405 - 405 Total expenses 1,547 791 - 2,338 Income before income taxes 3,171 153 - 3,324 Provision for income taxes 755 34 - 789 Net income $ 2,416 $ 119 $ - $ 2,535 Total assets $ 128,684 $ 6,510 $ ( 153 ) $ 135,041 Year ended March 31, 2021 Finance Voluntary protection Intercompany operations operations eliminations Total Total financing revenues $ 11,799 $ - $ - $ 11,799 Depreciation on operating leases 5,932 - - 5,932 Interest expense 2,302 - - 2,302 Net financing revenues 3,565 - - 3,565 Voluntary protection contract revenues - 956 - 956 Investment and other income, net 93 317 - 410 Net financing and other revenues 3,658 1,273 - 4,931 Expenses: Provision for credit losses 426 - - 426 Operating and administrative 1,124 363 - 1,487 Voluntary protection contract expenses and insurance losses - 369 - 369 Total expenses 1,550 732 - 2,282 Income before income taxes 2,108 541 - 2,649 Provision for income taxes 502 130 - 632 Net income $ 1,606 $ 411 $ - $ 2,017 Total assets $ 127,726 $ 6,149 $ ( 147 ) $ 133,728

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Apr. 01, 2022	Mar. 31, 2022	Apr. 01, 2020
Summary Of Significant Accounting Policies [Line Items]
Retained earnings	$ 15,649		$ 17,205
Allowance for credit losses	$ 1,489		$ 1,246
ASU 2016-13 [Member]
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adoption date				Apr. 01, 2020
Change in accounting principle, accounting standards update, adopted [true false]				true
Change in accounting principle, accounting standards update, immaterial effect [true false]				false
ASU 2021-05 [Member]
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
Cumulative Effect Period of Adoption Adjustment | ASU 2016-13 [Member]
Summary Of Significant Accounting Policies [Line Items]
Retained earnings				$ 218
Allowance for credit losses				292
Interest Receivable				$ 190
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | Finance Operations [Member] | California [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Percentage	21%
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | Finance Operations [Member] | Texas [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Percentage	13%
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | Finance Operations [Member] | New York [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Percentage	7%
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | Finance Operations [Member] | New Jersey [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Percentage	5%
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | Voluntary Protection Operations [Member] | California [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Percentage	25%
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | Voluntary Protection Operations [Member] | New York [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Percentage	6%
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | Voluntary Protection Operations [Member] | Maryland [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Percentage	5%

Cash and Cash Equivalents and_3

Cash and Cash Equivalents and Investments in Marketable Securities - Additional Information (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Marketable Securities [Abstract]
Fair value option elected	$ 770,000,000	$ 674,000,000
Available-for-sale debt securities unrealized loss	57,000,000	41,000,000
Private placement share redemption amount	$ 250,000
Private placement share redemption percentage	1%
Share redemption period	90 days
Non-cash investing activities related to in-kind transactions	$ 0	$ 1,100,000,000

Cash and Cash Equivalents and_4

Cash and Cash Equivalents and Investments in Marketable Securities - Summary of Investments in Marketable Securities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	$ 1,584	$ 1,372
Available-for-sale debt securities, Unrealized gains	10	6
Available-for-sale debt securities, Unrealized losses	(140)	(74)
Available-for-sale debt securities, Fair value	1,454	1,304
Equity investments, Fair value	3,583	3,649
Investments in marketable securities total	5,037	4,953
U.S. government and agency obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	796	538
Available-for-sale debt securities, Unrealized gains	7	0
Available-for-sale debt securities, Unrealized losses	(59)	(29)
Available-for-sale debt securities, Fair value	744	509
Foreign government and agency obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	14	26
Available-for-sale debt securities, Unrealized gains	0	0
Available-for-sale debt securities, Unrealized losses	(2)	(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	8	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	8	10
Corporate debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	487	598
Available-for-sale debt securities, Unrealized gains	2	4
Available-for-sale debt securities, Unrealized losses	(59)	(34)
Available-for-sale debt securities, Fair value	430	568
U.S. government agency mortgage-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	76	20
Available-for-sale debt securities, Unrealized gains	0	0
Available-for-sale debt securities, Unrealized losses	(3)	0
Available-for-sale debt securities, Fair value	73	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	66	88
Available-for-sale debt securities, Unrealized gains	0	1
Available-for-sale debt securities, Unrealized losses	(8)	(3)
Available-for-sale debt securities, Fair value	58	86
Asset-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	127	82
Available-for-sale debt securities, Unrealized gains	0	0
Available-for-sale debt securities, Unrealized losses	(7)	(4)
Available-for-sale debt securities, Fair value	$ 120	$ 78

Cash and Cash Equivalents and_5

Cash and Cash Equivalents and Investments in Marketable Securities - Schedule of Continuous Unrealized Losses on Available-For-Sale Debt Securities (Details) $ in Millions	Mar. 31, 2023 USD ($)
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale debt securities, Less than 12 months, Fair value	$ 221
Available-for-sale debt securities, 12 months or longer, Fair value	810
Available-for-sale debt securities, Total, Fair value	1,031
Available-for-sale debt securities, Less than 12 months, Unrealized losses	(7)
Available-for-sale debt securities, 12 months or longer, Unrealized losses	(133)
Available-for-sale debt securities, Total, Unrealized losses	(140)
U.S. government and agency obligations [Member]
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale debt securities, Less than 12 months, Fair value	90
Available-for-sale debt securities, 12 months or longer, Fair value	304
Available-for-sale debt securities, Total, Fair value	394
Available-for-sale debt securities, Less than 12 months, Unrealized losses	(3)
Available-for-sale debt securities, 12 months or longer, Unrealized losses	(56)
Available-for-sale debt securities, Total, Unrealized losses	(59)
Foreign government and agency obligations [Member]
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale debt securities, Less than 12 months, Fair value	0
Available-for-sale debt securities, 12 months or longer, Fair value	11
Available-for-sale debt securities, Total, Fair value	11
Available-for-sale debt securities, Less than 12 months, Unrealized losses	0
Available-for-sale debt securities, 12 months or longer, Unrealized losses	(2)
Available-for-sale debt securities, Total, Unrealized losses	(2)
Municipal debt securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale debt securities, Less than 12 months, Fair value	0
Available-for-sale debt securities, 12 months or longer, Fair value	2
Available-for-sale debt securities, Total, Fair value	2
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)
Corporate debt securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale debt securities, Less than 12 months, Fair value	46
Available-for-sale debt securities, 12 months or longer, Fair value	352
Available-for-sale debt securities, Total, Fair value	398
Available-for-sale debt securities, Less than 12 months, Unrealized losses	(2)
Available-for-sale debt securities, 12 months or longer, Unrealized losses	(57)
Available-for-sale debt securities, Total, Unrealized losses	(59)
U.S. government agency mortgage-backed securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale debt securities, Less than 12 months, Fair value	38
Available-for-sale debt securities, 12 months or longer, Fair value	17
Available-for-sale debt securities, Total, Fair value	55
Available-for-sale debt securities, Less than 12 months, Unrealized losses	(1)
Available-for-sale debt securities, 12 months or longer, Unrealized losses	(2)
Available-for-sale debt securities, Total, Unrealized losses	(3)
Non-agency residential mortgage-backed securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale debt securities, Less than 12 months, Fair value	0
Available-for-sale debt securities, 12 months or longer, Fair value	8
Available-for-sale debt securities, Total, Fair value	8
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]
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale debt securities, Less than 12 months, Fair value	0
Available-for-sale debt securities, 12 months or longer, Fair value	57
Available-for-sale debt securities, Total, Fair value	57
Available-for-sale debt securities, Less than 12 months, Unrealized losses	0
Available-for-sale debt securities, 12 months or longer, Unrealized losses	(8)
Available-for-sale debt securities, Total, Unrealized losses	(8)
Asset-backed securities [Member]
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale debt securities, Less than 12 months, Fair value	47
Available-for-sale debt securities, 12 months or longer, Fair value	59
Available-for-sale debt securities, Total, Fair value	106
Available-for-sale debt securities, Less than 12 months, Unrealized losses	(1)
Available-for-sale debt securities, 12 months or longer, Unrealized losses	(6)
Available-for-sale debt securities, Total, Unrealized losses	$ (7)

Cash and Cash Equivalents and_6

Cash and Cash Equivalents and 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		12 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Available-for-sale debt securities:
Unrealized losses on securities for which the fair value option was elected	[1]	$ (17)	$ (41)
Realized (losses) gains on sales		(38)	(4)	$ 20
Equity investments:
Unrealized (losses) gains		(297)	(158)	114
Realized (losses) gains on sales		$ (23)	$ 22	$ 15
[1] Starting in fiscal 2022, we elected the fair value option for certain debt securities.

Cash and Cash Equivalents and_7

Cash and Cash Equivalents and Investments in Marketable Securities - Summary of Contractual Maturities of Available-for-Sale Debt Securities (Details) - USD ($) $ in Millions		Mar. 31, 2023	Mar. 31, 2022
Available-for-sale debt securities, Amortized cost
Due within 1 Year, Amortized cost		$ 71
Due after 1 Year through 5 Years, Amortized cost		323
Due after 5 Years through 10 Years, Amortized cost		495
Due after 10 Years, Amortized cost		416
Mortgage-backed and asset-backed securities, Amortized cost	[1]	279
Available-for-sale debt securities, Amortized cost		$ 1,584	$ 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		$ 69
Due after 1 Year through 5 Years, Fair value		305
Due after 5 Years through 10 Years, Fair value		473
Due after 10 Years, Fair value		347
Mortgage-backed and asset-backed securities, Fair value	[1]	260
Total, Fair value		$ 1,454	$ 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 - Addi

Finance Receivables, Net - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable accrued interest before allowance for credit loss	$ 284	$ 214
Retail Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable accrued interest before allowance for credit loss	235	192
Dealer Products [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable accrued interest before allowance for credit loss	$ 49	$ 22

Finance Receivables, Net - Net

Finance Receivables, Net - Net Financing Receivables (Details) - USD ($) $ in Millions		Mar. 31, 2023	Mar. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables		$ 91,769	$ 83,678
Allowance for credit losses		(1,489)	(1,246)
Finance receivables, net		90,280	82,432
Finance Receivables, Net [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables		91,638	83,450
Deferred origination costs		1,315	1,330
Deferred income		(1,184)	(1,102)
Allowance for credit losses		(1,489)	(1,246)
Finance receivables, net		90,280	82,432
Finance Receivables, Net [Member] | Retail receivables [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	[1]	79,515	73,152
Allowance for credit losses		(1,430)	(1,195)
Finance Receivables, Net [Member] | Dealer financing [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables		12,123	10,298
Allowance for credit losses		$ (59)	$ (51)
[1] Includes securitized retail receivables of $ 29.0 billion and $ 21.2 billion as of March 31, 2023 and 2022 , respectively

Finance Receivables, Net - Ne_2

Finance Receivables, Net - Net Financing Receivables (Parenthetical) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	$ 91,769	$ 83,678
Finance Receivables, Net [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	91,638	83,450
Finance Receivables, Net [Member] | Securitized retail receivables [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	$ 29,000	$ 21,200

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	Mar. 31, 2023	Mar. 31, 2022
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year	$ 2,180	$ 2,279
Year two, originated, fiscal year before current fiscal year	1,349	1,567
Year three, originated, two years before current fiscal year	1,241	473
Year four, originated, three years before current fiscal year	264	542
Year five, originated, four years before current fiscal year	424	297
Originated, more than five years before current fiscal year	940	1,423
Revolving loans	5,725	3,717
Total	12,123	10,298
Retail Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year	32,820	32,758
Year two, originated, fiscal year before current fiscal year	23,222	9,834
Year three, originated, two years before current fiscal year	14,678	4,913
Year four, originated, three years before current fiscal year	5,731	22,342
Year five, originated, four years before current fiscal year	2,279	2,761
Originated, more than five years before current fiscal year	916	772
Total	79,646	73,380
Current [Member] | Retail Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year	32,377	32,382
Year two, originated, fiscal year before current fiscal year	22,585	9,624
Year three, originated, two years before current fiscal year	14,278	4,774
Year four, originated, three years before current fiscal year	5,555	21,917
Year five, originated, four years before current fiscal year	2,178	2,674
Originated, more than five years before current fiscal year	846	718
Total	77,819	72,089
30-59 Days Past Due [Member] | Retail Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year	306	275
Year two, originated, fiscal year before current fiscal year	439	153
Year three, originated, two years before current fiscal year	285	101
Year four, originated, three years before current fiscal year	125	304
Year five, originated, four years before current fiscal year	71	63
Originated, more than five years before current fiscal year	44	36
Total	1,270	932
60-89 Days Past Due [Member] | Retail Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year	90	68
Year two, originated, fiscal year before current fiscal year	135	40
Year three, originated, two years before current fiscal year	82	25
Year four, originated, three years before current fiscal year	35	82
Year five, originated, four years before current fiscal year	21	16
Originated, more than five years before current fiscal year	15	11
Total	378	242
90 Days or Greater Past Due [Member] | Retail Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year	47	33
Year two, originated, fiscal year before current fiscal year	63	17
Year three, originated, two years before current fiscal year	33	13
Year four, originated, three years before current fiscal year	16	39
Year five, originated, four years before current fiscal year	9	8
Originated, more than five years before current fiscal year	11	7
Total	179	117
Wholesale [Member]
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year		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	3,964	2,943
Total	3,964	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	3,859	2,927
Total	3,859	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	0	16
Total	0	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	1	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	1,391	1,616
Year two, originated, fiscal year before current fiscal year	1,031	1,245
Year three, originated, two years before current fiscal year	1,059	264
Year four, originated, three years before current fiscal year	133	384
Year five, originated, four years before current fiscal year	300	260
Originated, more than five years before current fiscal year	852	1,250
Revolving loans	209	0
Total	4,975	5,019
Real estate [Member] | Performing [Member]
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year	1,378	1,614
Year two, originated, fiscal year before current fiscal year	1,024	1,245
Year three, originated, two years before current fiscal year	182	264
Year four, originated, three years before current fiscal year	131	384
Year five, originated, four years before current fiscal year	124	260
Originated, more than five years before current fiscal year	88	1,245
Revolving loans	1,552	0
Total	3,183	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	2	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	7	7
Real estate [Member] | At Risk [Member]
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year	8	0
Year two, originated, fiscal year before current fiscal year	7	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	51	0
Total	51	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	789	663
Year two, originated, fiscal year before current fiscal year	318	322
Year three, originated, two years before current fiscal year	182	209
Year four, originated, three years before current fiscal year	131	158
Year five, originated, four years before current fiscal year	124	37
Originated, more than five years before current fiscal year	88	173
Revolving loans	1,552	774
Total	3,184	2,336
Working capital [Member] | Performing [Member]
Financing Receivable, Recorded Investment [Line Items]
Year one, originated, current fiscal year	789	662
Year two, originated, fiscal year before current fiscal year	317	321
Year three, originated, two years before current fiscal year	1,057	209
Year four, originated, three years before current fiscal year	133	158
Year five, originated, four years before current fiscal year	300	37
Originated, more than five years before current fiscal year	850	173
Revolving loans	209	774
Total	4,951	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	54	0
Total	54	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	1	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	2	0
Revolving loans	0	0
Total	17	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	Mar. 31, 2023	Mar. 31, 2022
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	$ 91,769	$ 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	1,270	932
60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	378	242
90 Days or Greater Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	179	117
Total Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	1,827	1,291
Current [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	89,942	82,387
Retail Loan [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	79,646	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	1,270	932
Retail Loan [Member] | 60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	378	242
Retail Loan [Member] | 90 Days or Greater Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	179	117
Retail Loan [Member] | Total Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	1,827	1,291
Retail Loan [Member] | Current [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	77,819	72,089
Wholesale [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	3,964	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	3,964	2,943
Real estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	4,975	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	4,975	5,019
Working capital [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Finance receivables	3,184	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	$ 3,184	$ 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	12 Months Ended
	Mar. 31, 2023		Mar. 31, 2022		Mar. 31, 2021
Financing Receivable Allowance For Credit Losses [Abstract]
Provision for credit losses	$ 713		$ 236		$ 426
Finance Receivables, Net [Member]
Financing Receivable Allowance For Credit Losses [Abstract]
Allowance for credit losses at beginning of period	1,272	[1]	1,215
Charge-offs	(535)		(237)
Recoveries	63		58
Provision for credit losses	713		236
Allowance for credit losses at end of period	1,513	[2]	1,272	[1]	1,215
Finance Receivables, Net [Member] | Retail loan [Member]
Financing Receivable Allowance For Credit Losses [Abstract]
Allowance for credit losses at beginning of period	1,195	[1]	1,075
Charge-offs	(535)		(237)
Recoveries	63		58
Provision for credit losses	707		299
Allowance for credit losses at end of period	1,430	[2]	1,195	[1]	1,075
Finance Receivables, Net [Member] | Dealer products [Member]
Financing Receivable Allowance For Credit Losses [Abstract]
Allowance for credit losses at beginning of period	77	[1]	140
Charge-offs	0		0
Recoveries	0		0
Provision for credit losses	6		(63)
Allowance for credit losses at end of period	$ 83	[2]	$ 77	[1]	$ 140
[1] Ending balance includes $ 26 million of allowance for credit losses recorded in Other liabilities on the Consolidated Balance Sheet which is related to off-balance sheet commitments in the dealer products portfolio. Ending balance includes $ 24 million of allowance for credit losses recorded in Other liabilities on the Consolidated Balance Sheet which is related to off-balance sheet commitments in the dealer products portfolio.

Allowance for Credit Losses -_2

Allowance for Credit Losses - Allowance for Credit Losses and Finance Receivables by Portfolio Segment (Parenthetical) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
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	$ 24	$ 26

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	Mar. 31, 2023	Mar. 31, 2022
TMNA [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Ending Balance: collectively evaluated for impairment	$ 1,000	$ 929
Private Toyota Distributors [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Ending Balance: collectively evaluated for impairment	$ 199	$ 187

Investments in Operating Leas_3

Investments in Operating Leases, Net - Additional Information (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property Subject To Or Available For Operating Lease [Line Items]
Operating lease, existence of option to extend	true
Operating lease, option to extend	Generally, lessees have the ability to extend their lease term in six month increments up to a total of 12 months from the original lease maturity date.
Investments in operating leases [Member]
Property Subject To Or Available For Operating Lease [Line Items]
Impairment in investments in operating leases portfolio	$ 0	$ 0

Investments in Operating Leas_4

Investments in Operating Leases, Net - Investments in Operating Leases, Net (Details) - USD ($) $ in Millions		Mar. 31, 2023	Mar. 31, 2022
Property Subject To Or Available For Operating Lease [Line Items]
Investments in operating leases, net		$ 29,869	$ 35,455
Investments in operating leases [Member]
Property Subject To Or Available For Operating Lease [Line Items]
Investments in operating leases	[1]	38,811	45,682
Investments In Operating Leases, Net [Member]
Property Subject To Or Available For Operating Lease [Line Items]
Deferred income		(694)	(1,272)
Accumulated depreciation		$ (8,248)	$ (8,955)
[1] Includes securitized investments in operating leases of $ 15.3 billion and $ 16.2 billion as of March 31, 2023 and 2022 , respectively.

Investments in Operating Leas_5

Investments in Operating Leases, Net - Investments in Operating Leases, Net (Parenthetical) (Details) - USD ($) $ in Billions	Mar. 31, 2023	Mar. 31, 2022
Securitized investments in operating leases [Member]
Property Subject To Or Available For Operating Lease [Line Items]
Investments in operating leases	$ 15.3	$ 16.2

Investments in Operating Leas_6

Investments in Operating Leases, Net - Future Minimum Lease Payments Due to Lessor Under Investments in Operating Leases (Details) $ in Millions	Mar. 31, 2023 USD ($)
Future minimum lease payments on operating leases
2024	$ 4,755
2025	2,439
2026	821
2027	57
2028	5
Thereafter	0
Total	$ 8,077

Derivatives, Hedging Activiti_3

Derivatives, Hedging Activities and Interest Expense - Derivative Activity Impact on Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2023	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	$ 58,036	$ 65,921
Fair value	1,937	1,480
Counterparty netting	(659)	(761)
Collateral held	(1,227)	(658)
Other assets [Member] | Interest rate swaps [Member]
Derivatives Fair Value [Line Items]
Notional	56,799	64,327
Fair value	1,888	1,425
Other assets [Member] | Foreign currency swaps [Member]
Derivatives Fair Value [Line Items]
Notional	1,237	1,594
Fair value	49	55
Other liabilities [Member]
Derivatives Fair Value [Line Items]
Notional	52,529	28,005
Fair value	1,470	1,539
Counterparty netting	(659)	(761)
Collateral posted	(794)	(753)
Other liabilities [Member] | Interest rate swaps [Member]
Derivatives Fair Value [Line Items]
Notional	46,082	19,903
Fair value	468	822
Other liabilities [Member] | Foreign currency swaps [Member]
Derivatives Fair Value [Line Items]
Notional	6,447	8,102
Fair value	1,002	717
Carrying value [Member]
Derivatives Fair Value [Line Items]
Carrying value of derivative contracts – Other assets	51	61
Carrying value of derivative contracts – Other liabilities	$ 17	$ 25

Derivatives, Hedging Activiti_4

Derivatives, Hedging Activities and Interest Expense - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Collateral and variation margin held in excess of the fair value of derivative assets	$ 23	$ 2
Initial margin, collateral and variation margin posted in excess of the fair value of derivative liabilities	$ 265	$ 132

Derivatives, Hedging Activiti_5

Derivatives, Hedging Activities and Interest Expense - Components of Interest Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments Gain Loss [Line Items]
Interest expense on debt	$ 2,919	$ 1,498	$ 1,954
Interest (income) expense on derivatives	(569)	107	420
Interest expense on debt and derivatives	2,350	1,605	2,374
(Gains) losses on debt denominated in foreign currencies	(614)	(438)	1,402
Losses (gains) on foreign currency swaps	805	818	(1,351)
Total interest expense	3,054	1,401	2,302
Interest Expense
Derivative Instruments Gain Loss [Line Items]
Losses (gains) on U.S. dollar interest rate swaps	$ 513	$ (584)	$ (123)

Debt and Credit Facilities - De

Debt and Credit Facilities - Debt and Related Weighted Average Contractual Interest Rates (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Debt, Face value	$ 112,170	$ 109,449
Debt, Carrying value	$ 111,685	$ 109,152
Weighted average contractual interest rates	3.56%	1.23%
Unsecured notes and loans payable [Member]
Debt Instrument [Line Items]
Debt, Face value	$ 79,393	$ 82,542
Debt, Carrying value	$ 78,949	$ 82,288
Weighted average contractual interest rates	3.48%	1.30%
Secured notes and loans payable [Member]
Debt Instrument [Line Items]
Debt, Face value	$ 32,777	$ 26,907
Debt, Carrying value	$ 32,736	$ 26,864
Weighted average contractual interest rates	3.76%	1.01%

Debt and Credit Facilities - Sc

Debt and Credit Facilities - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Millions		Mar. 31, 2023	Mar. 31, 2022
Scheduled maturities due in the fiscal years ending:
2024		$ 49,501
2025		22,224
2026		16,694
2027		8,293
2028		8,307
Thereafter	[1]	7,151
Unamortized premiums, discounts and debt issuance costs		(485)
Total debt		$ 111,685	$ 109,152
[1] Unsecured and secured notes and loans payable mature on various dates through fiscal 2049.

Debt and Credit Facilities - Ad

Debt and Credit Facilities - Additional Information (Details 1) - USD ($) $ in Billions	Mar. 31, 2023	Mar. 31, 2022
Debt Disclosure [Abstract]
Commercial paper outstanding	$ 16.7	$ 16.9

Debt and Credit Facilities - _2

Debt and Credit Facilities - Additional Information (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Revolving Securitization Facility [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity	$ 8,000,000,000
Credit facilities amount outstanding	5,500,000,000	$ 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 2024 [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity	2,300,000,000
Committed Bank Credit Facility Expiring 2025 [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity	180,000,000
Committed Bank Credit Facility Expiring 2026 [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity	2,100,000,000
Three Year Revolving Credit Facility Expiring 2026 [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity	5,000,000,000
Credit facilities amount outstanding	0	0
Three Hundred Sixty Four Day Syndicated Bank Credit Facility Expiring 2024 [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity	5,000,000,000
Credit facilities amount outstanding	0	0
Three year syndicated bank credit facility expiring 2026 [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity	5,000,000,000
Credit facilities amount outstanding	0	0
Five Year Syndicated Bank Credit Facility Expiring 2028 [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	Mar. 31, 2023	Mar. 31, 2022
Variable Interest Entity [Line Items]
Restricted cash	$ 2,090	$ 2,065
Net securitized assets	90,280	82,432
Other assets	3,921	2,466
Debt	111,685	109,152
Other liabilities	5,674	6,224
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Restricted cash	2,090	1,929
Net securitized assets	28,764	20,932
Other assets	108	66
Debt	32,736	26,864
Other liabilities	51	10
Other assets [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Net securitized assets	39,827	32,818
Other assets	108	66
Other liabilities [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Debt	32,736	26,864
Other liabilities	51	10
Retail Finance Receivables [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Restricted cash	1,434	1,284
Retail Finance Receivables [Member] | Other assets [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Net securitized assets	28,764	20,932
Other assets	85	51
Retail Finance Receivables [Member] | Other liabilities [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Debt	25,155	18,562
Other liabilities	41	8
Investments In Operating Leases, Net [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Restricted cash	656	645
Investments In Operating Leases, Net [Member] | Other assets [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Net securitized assets	11,063	11,886
Other assets	23	15
Investments In Operating Leases, Net [Member] | Other liabilities [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Debt	7,581	8,302
Other liabilities	$ 10	$ 2

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Variable Interest Entities [Abstract]
Securities retained by TMCC	$ 1.5	$ 1.7

Commitments and Contingencies -

Commitments and Contingencies - Commitments and Guarantees (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Commitments:
Credit facilities commitments with dealers	$ 3,153	$ 3,289
Commitments under operating lease agreements	106	119
Total commitments	3,259	3,408
Total commitments and guarantees	3,359	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 ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Commitments And Contingencies [Line Items]
Commitments under operating lease agreements	$ 95,000,000
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
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
TMNA [Member]
Commitments And Contingencies [Line Items]
Lease agreement expiration date	2032-08
Total operating lease expense, including payments to affiliates	$ 32,000,000	32,000,000	$ 36,000,000
TMCC-affiliated companies [Member]
Commitments And Contingencies [Line Items]
Commitments under operating lease agreements	76,000,000	$ 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
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
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
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
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
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

Commitments and Contingencies_3

Commitments and Contingencies - Summary of Commitments under Operating Lease Agreements (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Amounts due on operating lease liabilities
2024	$ 18
2025	15
2026	14
2027	13
2028	13
Thereafter	33
Total	106	$ 119
Present value discount	(11)
Total operating lease liability	$ 95
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	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
ROU assets	$ 83
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets
Weighted average remaining lease term (in years)	7 years 7 months 6 days
Weighted average discount rate	2.86%

Pension and Other Benefits Pl_2

Pension and Other Benefits Plans - Additional Information (Details) - TMNA [Member]	12 Months Ended
	Mar. 31, 2023
Defined Contribution Plan [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Vesting period	4 years
Annual minimum contribution percentage by employee	1%
Annual maximum contribution percentage by employee	30%
Employer matching contribution percentage	66.67%
Employer matching contribution of contribution percentage per employee	6%
Maximum annual employer contribution percentage per employee	4%
Employees contribution vested percentage	100%
Employer matching contribution, annual vesting percentage	25%
Defined Benefit Plan [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Vesting period	5 years
Maximum employee credited service years	25 years
Highest average compensation consecutive number of months	60 months
The last applicable months of employment	120 months
Other Post-employment Benefits [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Vesting period	10 years
Employee minimum age eligibility for post employment benefits	55 years

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Current
Federal	$ (1,859)	$ 1,774	$ 2,756
State	(1)	281	386
Foreign	16	22	11
Total	(1,844)	2,077	3,153
Deferred
Federal	2,100	(1,166)	(2,243)
State	78	(123)	(276)
Foreign	(5)	1	(2)
Total	2,173	(1,288)	(2,521)
Provision for income taxes	$ 329	$ 789	$ 632

Income Taxes - Reconciliation B

Income Taxes - Reconciliation Between U.S. Federal Statutory Tax Rate and Effective Tax Rate (Details)		12 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Reconciliation Between U.S. Federal Statutory Tax Rate and Effective Tax Rate
Provision for income taxes at U.S. federal statutory tax rate		21%	21%	21%
State and local taxes (net of federal tax benefit)		4.20%	3.70%	3.90%
Changes in unrecognized tax benefits		1.30%	0%	0%
Federal tax credits	[1]	(1.00%)	(1.00%)	(0.50%)
Other, net		(0.30%)	0%	(0.50%)
Effective tax rate		25.20%	23.70%	23.90%
[1] The amounts in Federal tax credits include tax benefits from foreign tax credits, plug-in vehicle credits, and research and development credits for fiscal 2023, 2022, and 2021. The amounts in Federal tax credits also include credits for qualified commercial clean vehicles for fiscal 2023 and alternative fuel vehicle credits for fiscal 2022 and 2021.

Income Taxes - Deferred Tax Lia

Income Taxes - Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Millions		Mar. 31, 2023	Mar. 31, 2022
Liabilities:
Lease transactions		$ 4,786	$ 1,504
Voluntary protection dealer commissions		403	348
State taxes, net of federal tax benefit		356	275
Mark-to-market of investments in marketable securities and derivatives		0	24
Other		72	82
Deferred tax liabilities		5,617	2,233
Assets:
Net operating loss and tax credit carryforwards		1,007	14
Provision for credit and residual value losses		478	394
Deferred costs and fees		197	179
Mark-to-market of investments in marketable securities and derivatives		150	0
Accrued expenses		23	45
Lease obligations		20	23
Other		17	14
Deferred tax assets		1,892	669
Valuation allowance		(2)	0
Net deferred tax assets		1,890	669
Net deferred income tax liability	[1]	$ 3,727	$ 1,564
[1] Balance includes deferred tax assets of $ 16 million and $ 6 million at March 31, 2023 and 2022 , respectively, attributable to unrealized losses included in accumulated other comprehensive loss. The change in this balance is not included in the total deferred tax expense.

Income Taxes - Deferred Tax L_2

Income Taxes - Deferred Tax Liabilities and Assets (Parenthetical) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Unrealized gains or losses included in accumulated other comprehensive income or loss, deferred tax assets	$ 16	$ 6

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Line Items]
Deferred tax assets related to federal tax credits	$ 11,000,000	$ 0
Deferred tax assets research and development	4,000,000	0
Unremitted earnings in foreign subsidiary	307,000,000	288,000,000
Income tax receivable	28,000,000
Income tax payable		52,000,000
Unrecognized tax benefits would effect on effective tax rate	43,000,000	22,000,000	$ 14,000,000
Net increase in unrecognized tax benefits	21,000,000
Income Tax Penalties Accrued	$ 0	0	$ 0
Corporate alternative minimum tax	15%
Federal [Member]
Income Tax Disclosure [Line Items]
Operating loss carryforwards	$ 955,000,000	0
Tax credit carryforward, Expiration Date	Mar. 31, 2032
State [Member]
Income Tax Disclosure [Line Items]
Operating loss carryforwards	$ 37,000,000	$ 13,000,000
Expiration Dates	Mar. 31, 2024

Income Taxes - Change in Unreco

Income Taxes - Change in Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Balance at beginning of the year	$ 22	$ 15	$ 19
Increases related to positions taken during the current year	2	1	1
Increases recorded in current year related to positions taken during prior years	19	6	2
Expirations due to lapse of statute	0	0	(7)
Balance at end of year	$ 43	$ 22	$ 15

Related Party Transactions - Re

Related Party Transactions - Related Party Transactions Included in Consolidated Statements of Income (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Voluntary protection contract revenues and insurance earned premiums:
Voluntary protection contract revenues and insurance earned premiums	$ 1,053	$ 1,015	$ 956
Expenses:
Operating and administrative	1,776	1,697	1,487
TMCC-affiliated companies [Member]
Net financing revenues:
Manufacturer's subvention and other revenues	1,243	1,746	1,997
Depreciation on operating leases	106	(75)	(113)
Interest expense:
Credit support fees, interest and other expenses	96	99	117
Voluntary protection contract revenues and insurance earned premiums:
Voluntary protection contract revenues and insurance earned premiums	156	168	173
Investment and other income, net:
Interest and other income	35	3	18
Expenses:
Operating and administrative	$ 107	$ 82	$ 91

Related Party Transactions - _2

Related Party Transactions - Related Party Transactions Included in Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Cash and cash equivalents
Cash and cash equivalents	$ 6,398	$ 7,670
TMCC-affiliated companies [Member]
Finance receivables, net
Accounts receivable	47	90
Deferred retail subvention income	(922)	(875)
Investments in operating leases, net
Investments in operating leases, net	(250)	(212)
Deferred lease subvention income	(410)	(923)
Other assets
Notes receivable	1,237	789
Other receivables, net	89	80
Other liabilities
Unearned voluntary protection contract revenues and insurance earned premiums	399	374
Other payables, net	432	394
Notes payable	8	8
Commercial paper [Member] | TMCC-affiliated companies [Member]
Cash and cash equivalents
Cash and cash equivalents	$ 35	$ 100

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Apr. 30, 2023
Related Party Transaction [Line Items]
Subvention support receivable	$ 79	$ 66
Three Year Revolving Credit Facility Expiring 2026 [Member]
Related Party Transaction [Line Items]
Maximum borrowing capacity	5,000
Financing Support from Affiliates [Member]
Related Party Transaction [Line Items]
Maximum borrowing capacity	8,400	8,500
Financing Support from Affiliates [Member] | Three Year Revolving Credit Facility Expiring 2026 [Member]
Related Party Transaction [Line Items]
Maximum borrowing capacity	5,000	5,000
Financing Support to Affiliates [Member]
Related Party Transaction [Line Items]
Maximum borrowing capacity	7,800	8,000
Toyota Financial Services International Corporation [Member]
Related Party Transaction [Line Items]
Declared and paid cash dividends	2,500
Toyota Financial Savings Bank [Member] | Residential Mortgage [Member] | Other Financing Support Arrangements [Member]
Related Party Transaction [Line Items]
Annual maximum participation	60
Loans purchased	$ 8	$ 8
TMNA [Member] | Operational Support Arrangements [Member]
Related Party Transaction [Line Items]
Lease agreement expiration year	2032
TMNA [Member] | Operational Support Arrangements [Member] | Customer Service Center [Member]
Related Party Transaction [Line Items]
Lease agreement expiration year	2029
TMNA [Member] | Operational Support Arrangements [Member] | Dallas Data Center [Member]
Related Party Transaction [Line Items]
Lease agreement expiration year	2026
TMIS [Member] | Operational Support Arrangements [Member]
Related Party Transaction [Line Items]
Risk ceded to reinsurers	99%
TMS [Member] | Financing Support to Affiliates [Member] | Subsequent Event [Member]
Related Party Transaction [Line Items]
Maximum borrowing capacity			$ 500

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	$ 1,454	$ 1,304
Equity investments	3,583	3,649
Investments in marketable securities total	5,037	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	744	509
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
Municipal debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	8	10
Corporate debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	430	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	73	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	58	86
Asset-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	120	78
Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	1,454	1,304
Equity investments	3,583	3,649
Investments in marketable securities total	5,037	4,953
Derivative assets	51	61
Counterparty netting and collateral	(1,886)	(1,419)
Assets at fair value	5,088	5,014
Counterparty netting and collateral	1,453	1,514
Liabilities at fair value	(17)	(25)
Net assets at fair value	5,071	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	744	509
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] | Municipal debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	8	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	430	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	73	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	58	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	120	78
Recurring [Member] | Equity mutual funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	871	936
Recurring [Member] | Fixed income total return bond funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	1,631	1,576
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 total	0	0
Derivative assets	(1,886)	(1,419)
Counterparty netting and collateral	(1,886)	(1,419)
Assets at fair value	(1,886)	(1,419)
Counterparty netting and collateral	1,453	1,514
Liabilities at fair value	1,453	1,514
Net assets at fair value	433	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] | 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] | 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] | 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] | 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] | Foreign currency swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	49	55
Derivative liabilities	(1,002)	(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	1,888	1,425
Derivative liabilities	(468)	(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	740	504
Equity investments	2,502	2,512
Investments in marketable securities total	3,242	3,016
Derivative assets	0	0
Counterparty netting and collateral	0	0
Assets at fair value	3,242	3,016
Counterparty netting and collateral	0	0
Liabilities at fair value	0	0
Net assets at fair value	3,242	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	740	504
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] | 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] | Equity mutual funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	871	936
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	1,631	1,576
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	666	786
Equity investments	0	0
Investments in marketable securities total	666	786
Derivative assets	1,937	1,480
Counterparty netting and collateral	0	0
Assets at fair value	2,603	2,266
Counterparty netting and collateral		0
Liabilities at fair value	(1,470)	(1,539)
Net assets at fair value	1,133	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] | 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] | Municipal debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	8	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	430	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	73	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	53	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	80	75
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] | 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] | Foreign currency swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	49	55
Derivative liabilities	(1,002)	(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	1,888	1,425
Derivative liabilities	(468)	(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	48	14
Equity investments	0	0
Investments in marketable securities total	48	14
Derivative assets	0	0
Counterparty netting and collateral	0	0
Assets at fair value	48	14
Counterparty netting and collateral	0	0
Liabilities at fair value	0	0
Net assets at fair value	48	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] | 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] | 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	40	3
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] | 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] | 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	$ 1,081	$ 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	Mar. 31, 2023	Mar. 31, 2022
Carrying value [Member] | Unsecured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	$ 78,949	$ 82,288
Carrying value [Member] | Secured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	32,736	26,864
Fair value [Member] | Unsecured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	76,401	80,980
Fair value [Member] | Secured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	32,173	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	76,401	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	32,173	26,500
Retail Loan [Member] | Carrying value [Member]
Financial assets
Finance receivables, net	78,445	72,369
Retail Loan [Member] | Fair value [Member]
Financial assets
Finance receivables, net	77,649	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	77,649	73,385
Wholesale [Member] | Carrying value [Member]
Financial assets
Finance receivables, net	3,972	2,940
Wholesale [Member] | Fair value [Member]
Financial assets
Finance receivables, net	3,968	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	3,968	2,931
Real estate [Member] | Carrying value [Member]
Financial assets
Finance receivables, net	4,981	4,985
Real estate [Member] | Fair value [Member]
Financial assets
Finance receivables, net	4,990	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	4,990	4,961
Working capital [Member] | Carrying value [Member]
Financial assets
Finance receivables, net	3,113	2,256
Working capital [Member] | Fair value [Member]
Financial assets
Finance receivables, net	3,058	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	$ 3,058	$ 2,171

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Total financing revenues	$ 11,293	$ 11,920	$ 11,799
Depreciation on operating leases	5,122	5,846	5,932
Interest expense	3,054	1,401	2,302
Net financing revenues	3,117	4,673	3,565
Voluntary protection contract revenues and insurance earned premiums	1,053	1,015	956
Investment and other income (loss), net	97	(26)	410
Net financing revenues and other revenues	4,267	5,662	4,931
Expenses:
Provision for credit losses	713	236	426
Operating and administrative	1,776	1,697	1,487
Voluntary protection contract expenses and insurance losses	470	405	369
Total expenses	2,959	2,338	2,282
Income before income taxes	1,308	3,324	2,649
Provision (benefit) for income taxes	329	789	632
Net income	979	2,535	2,017
Total assets	137,595	135,041	133,728
Intercompany Eliminations [Member]
Segment Reporting Information [Line Items]
Total financing revenues	0	0	0
Depreciation on operating leases	0	0	0
Interest expense	0	0	0
Net financing revenues	0	0	0
Voluntary protection contract revenues and insurance earned premiums	0	0	0
Investment and other income (loss), net	0	0	0
Net financing revenues and other revenues	0	0	0
Expenses:
Provision for credit losses	0	0	0
Operating and administrative	0	0	0
Voluntary protection contract expenses and insurance losses	0	0	0
Total expenses	0	0	0
Income before income taxes	0	0	0
Provision (benefit) for income taxes	0	0	0
Net income	0	0	0
Total assets	(136)	(153)	(147)
Finance Operations [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total financing revenues	11,293	11,920	11,799
Depreciation on operating leases	5,122	5,846	5,932
Interest expense	3,054	1,401	2,302
Net financing revenues	3,117	4,673	3,565
Voluntary protection contract revenues and insurance earned premiums		0	0
Investment and other income (loss), net	314	45	93
Net financing revenues and other revenues	3,431	4,718	3,658
Expenses:
Provision for credit losses	713	236	426
Operating and administrative	1,331	1,311	1,124
Voluntary protection contract expenses and insurance losses		0	0
Total expenses	2,044	1,547	1,550
Income before income taxes	1,387	3,171	2,108
Provision (benefit) for income taxes	346	755	502
Net income	1,041	2,416	1,606
Total assets	131,093	128,684	127,726
Voluntary Protection Operations [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total financing revenues	0	0	0
Depreciation on operating leases	0	0	0
Interest expense	0	0	0
Net financing revenues	0	0	0
Voluntary protection contract revenues and insurance earned premiums	1,053	1,015	956
Investment and other income (loss), net	(217)	(71)	317
Net financing revenues and other revenues	836	944	1,273
Expenses:
Provision for credit losses	0	0	0
Operating and administrative	445	386	363
Voluntary protection contract expenses and insurance losses	470	405	369
Total expenses	915	791	732
Income before income taxes	(79)	153	541
Provision (benefit) for income taxes	(17)	34	130
Net income	(62)	119	411
Total assets	$ 6,638	$ 6,510	$ 6,149

Segment Information - Additiona

Segment Information - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Unearned amounts in voluntary protection contract revenues, recognized	$ 800	$ 704
Other liabilities [Member]
Segment Reporting Information [Line Items]
Unearned voluntary protection contract revenues	$ 2,900	$ 2,700	$ 2,500
Accounting Standards Update 2014-09 [Member]
Segment Reporting Information [Line Items]
Percentage of voluntary protection contract revenues	83%	82%
Minimum [Member]
Segment Reporting Information [Line Items]
Insurance Policy Term	3 months
Maximum [Member]
Segment Reporting Information [Line Items]
Insurance Policy Term	120 months

Segment Information - Additio_2

Segment Information - Additional Information (Details1) $ in Millions	Mar. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01
Segment Reporting Information [Line Items]
Revenue, remaining performance obligation, amount	$ 827
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-04-01
Segment Reporting Information [Line Items]
Revenue, remaining performance obligation, amount	$ 2,100
Revenue, remaining performance obligation, expected timing of satisfaction, period