Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 30, 2015 | Oct. 31, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Entity Registrant Name | Toyota Motor Credit Corporation | |
Entity Central Index Key | 834,071 | |
Current Fiscal Year End Date | --03-31 | |
Trading Symbol | TMCC | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock Shares Outstanding | 91,500 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net unrealized (losses) gains on available-for-sale marketable securities, tax benefit (provision) | $ 20 | $ 5 | $ 41 | $ (22) |
Reclassification adjustment for net losses (gains) on available-for-sale marketable securities included in investment and other income, tax (benefit) provision | $ (8) | $ 11 | $ (4) | $ 16 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Financing revenues: | ||||
Operating lease | $ 1,789 | $ 1,497 | $ 3,485 | $ 2,900 |
Retail | 465 | 461 | 922 | 917 |
Dealer | 99 | 99 | 201 | 200 |
Total financing revenues | 2,353 | 2,057 | 4,608 | 4,017 |
Depreciation on operating leases | 1,446 | 1,196 | 2,806 | 2,296 |
Interest expense | 203 | 215 | 711 | 345 |
Net financing revenues | 704 | 646 | 1,091 | 1,376 |
Insurance earned premiums and contract revenues | 178 | 160 | 352 | 313 |
Investment and other income, net | 14 | 60 | 52 | 95 |
Net financing revenues and other revenues | 896 | 866 | 1,495 | 1,784 |
Expenses: | ||||
Provision for credit losses | 105 | 79 | 150 | 117 |
Operating and administrative | 287 | 253 | 557 | 486 |
Insurance losses and loss adjustment expenses | 78 | 67 | 157 | 137 |
Total expenses | 470 | 399 | 864 | 740 |
Income before income taxes | 426 | 467 | 631 | 1,044 |
Provision for income taxes | 161 | 176 | 231 | 389 |
Net income | $ 265 | $ 291 | $ 400 | $ 655 |
Consolidated Statement of Comp4
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 265 | $ 291 | $ 400 | $ 655 |
Other comprehensive (loss) income, net of tax: | ||||
Net unrealized (losses) gains on available-for-sale marketable securities net of tax | (32) | (6) | (68) | 36 |
Reclassification adjustment for net losses (gains) on available-for-sale marketable securities included in investment and other income, net of tax | 13 | (21) | 6 | (28) |
Other comprehensive (loss) income | (19) | (27) | (62) | 8 |
Comprehensive income | $ 246 | $ 264 | $ 338 | $ 663 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Sep. 30, 2015 | Mar. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 4,958 | $ 2,407 |
Restricted cash and cash equivalents | 826 | 784 |
Investments in marketable securities | 6,410 | 7,131 |
Finance receivables, net | 65,022 | 65,893 |
Investments in operating leases, net | 33,741 | 31,128 |
Other assets | 4,234 | 2,282 |
Total assets | 115,191 | 109,625 |
LIABILITIES AND SHAREHOLDER'S EQUITY | ||
Debt | 95,097 | 90,231 |
Deferred income taxes | 7,733 | 7,519 |
Other liabilities | 3,503 | 3,355 |
Total liabilities | $ 106,333 | $ 101,105 |
Commitments and contingencies (See Note 12) | ||
Shareholder’s equity: | ||
Capital stock, no par value (100,000 shares authorized; 91,500 issued and outstanding) at September 30, 2015 and March 31, 2015 | $ 915 | $ 915 |
Additional paid-in capital | 2 | 2 |
Accumulated other comprehensive income | 158 | 220 |
Retained earnings | 7,783 | 7,383 |
Total shareholder's equity | 8,858 | 8,520 |
Total liabilities and shareholder's equity | $ 115,191 | $ 109,625 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - $ / shares | Sep. 30, 2015 | Mar. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share | ||
Common Stock, Shares Authorized | 100,000 | 100,000 |
Common Stock, Shares, Issued | 91,500 | 91,500 |
Common Stock, Shares, Outstanding | 91,500 | 91,500 |
Consolidated Balance Sheet (Sup
Consolidated Balance Sheet (Supplemental) - USD ($) $ in Millions | Sep. 30, 2015 | Mar. 31, 2015 |
ASSETS | ||
Finance receivables, net | $ 65,022 | $ 65,893 |
Investments in operating leases, net | 33,741 | 31,128 |
Other assets | 4,234 | 2,282 |
Total assets | 115,191 | 109,625 |
LIABILITIES | ||
Debt | 95,097 | 90,231 |
Other liabilities | 3,503 | 3,355 |
Total liabilities | 106,333 | 101,105 |
Variable Interest Entity, Primary Beneficiary | ||
ASSETS | ||
Finance receivables, net | 14,659 | 11,509 |
Investments in operating leases, net | 903 | 1,193 |
Other assets | 30 | 15 |
Total assets | 15,592 | 12,717 |
LIABILITIES | ||
Debt | 13,264 | 10,837 |
Other liabilities | 3 | 3 |
Total liabilities | $ 13,267 | $ 10,840 |
Consolidated Statement of Share
Consolidated Statement of Shareholder's Equity - USD ($) $ in Millions | Total | Capital stock | Additional paid-in capital | Accumulated other comprehensive income | Retained earnings |
Balance at Mar. 31, 2014 | $ 7,738 | $ 915 | $ 2 | $ 200 | $ 6,621 |
Net income | 655 | 655 | |||
Other comprehensive income (loss), net of tax | 8 | 8 | |||
Dividend | (435) | (435) | |||
Balance at Sep. 30, 2014 | 7,966 | 915 | 2 | 208 | 6,841 |
Balance at Mar. 31, 2015 | 8,520 | 915 | 2 | 220 | 7,383 |
Net income | 400 | 400 | |||
Other comprehensive income (loss), net of tax | (62) | (62) | |||
Balance at Sep. 30, 2015 | $ 8,858 | $ 915 | $ 2 | $ 158 | $ 7,783 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 6 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | ||
Cash flows from operating activities: | |||
Net income | $ 400 | $ 655 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 2,833 | 2,313 | |
Recognition of deferred income | (841) | (733) | |
Provision for credit losses | 150 | 117 | |
Amortization of deferred costs | 326 | 307 | |
Foreign currency and other adjustments to the carrying value of debt, net | 191 | (828) | |
Net realized gains from sales and other-than-temporary impairment on securities | 10 | (44) | |
Net change in: | |||
Restricted cash | (42) | 110 | |
Derivative assets | 2 | 0 | |
Other assets (Note 8) and accrued income | 65 | (259) | |
Deferred income taxes | 252 | 399 | |
Derivative liabilities | (35) | 16 | |
Other liabilities | 182 | 208 | |
Net cash provided by operating activities | 3,493 | 2,261 | |
Cash flows from investing activities: | |||
Purchase of investments in marketable securities | (2,674) | (2,427) | |
Proceeds from sales of investments in marketable securities | 356 | 463 | |
Proceeds from maturities of investments in marketable securities | 2,921 | 2,339 | |
Acquisition of finance receivables | (13,722) | (13,775) | |
Collection of finance receivables | 12,411 | 12,446 | |
Net change in wholesale and certain working capital receivables | 1,057 | 1,000 | |
Acquisition of investments in operating leases | (10,079) | (8,800) | |
Disposals of investments in operating leases | 3,978 | 3,198 | |
Net change in financing support provided to affiliates | 177 | 836 | [1] |
Cash equivalents (restricted) un-restricted to acquire finance receivables and investment in operating leases, net | 0 | 1,077 | |
Other, net | (17) | (18) | |
Net cash used in investing activities | (5,592) | (3,661) | |
Cash flows from financing activities: | |||
Proceeds from issuance of debt | 15,301 | 10,718 | |
Payments on debt | (11,204) | (6,940) | |
Net change in commercial paper | 552 | (572) | |
Net change in financing support provided by affiliates | 1 | 11 | [1] |
Dividend paid to TFSA | 0 | (435) | |
Net cash provided by financing activities | 4,650 | 2,782 | |
Net increase in cash and cash equivalents | 2,551 | 1,382 | |
Cash and cash equivalents at the beginning of the period | 2,407 | 3,815 | |
Cash and cash equivalents at the end of the period | 4,958 | 5,197 | |
Supplemental disclosures: | |||
Interest paid | 573 | 529 | |
Income taxes (received) paid, net | $ (190) | $ 164 | |
[1] | Certain prior period amounts have been reclassified to conform to the current period presentation. |
Interim Financial Data
Interim Financial Data | 6 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Interim Financial Data | Note 1 – Interim Financial Data Basis of Presentation The information furnished in these unaudited interim financial statements for the three and six months ended September 30, 2015 and 2014 has been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). In the opinion of management, the unaudited financial information reflects all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. The results of operations for the three and six months ended September 30, 2015 do not necessarily indicate the results which may be expected for the full fiscal year ending March 31, 2016 (“fiscal 2016”). These financial statements should be read in conjunction with the Consolidated Financial Statements, significant accounting policies, and other notes to the Consolidated Financial Statements included in Toyota Motor Credit Corporation’s Annual Report on Form 10-K (“Form 10-K”) for the fiscal year ended March 31, 2015 (“fiscal 2015”), which was filed with the Securities and Exchange Commission on June 2, 2015. References herein to “TMCC” denote Toyota Motor Credit Corporation, and references herein to “we”, “our”, and “us” denote Toyota Motor Credit Corporation and its consolidated subsidiaries. Certain prior period amounts have been reclassified to conform to the current period presentation. Related party transactions presented in the Consolidated Financial Statements are disclosed in Note 14 – Related Party Transactions of the Notes to Consolidated Financial Statements. Assets Held-for-Sale As of August 31, 2015, we reclassified certain assets and liabilities related to our industrial equipment retail, lease and dealer portfolios (hereinafter the “commercial finance business” or “disposal group”) to held-for-sale as all of the following criteria were met: management, having the authority to approve the action, committed to a plan to sell the disposal group; the disposal group was available for immediate sale in its present condition subject only to terms that are usual and customary; we located a buyer; the sale of the disposal group was determined to be probable, and transfer of the disposal group was expected to qualify for recognition as a completed sale within one year; the disposal group was actively marketed for sale at a price that was reasonable in relation to its current fair value; and actions required to complete the plan indicate that it was unlikely significant changes to the plan would be made or that the plan would be withdrawn. We initially measure a long-lived asset or disposal group that is classified as held-for-sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held-for-sale criteria are met. Conversely, gains are not recognized on the sale of a long-lived asset or disposal group until the date of sale. We assess the fair value of a long-lived asset or disposal group, less any costs to sell, each reporting period it remains classified as held-for-sale. We report any subsequent changes as an adjustment to the carrying value of the asset or disposal group, as long as the new carrying value does not exceed the carrying value of the asset at the time it was initially classified as held-for-sale. Cash flows associated with the assets held-for-sale are reflected as investing activities within the Consolidated Statement of Cash Flows. See Note 8 – Other Assets and Other Liabilities of the Notes to Consolidated Financial Statements for additional detail. Note 1 – Interim Financial Data (Continued) New Accounting Guidance In May 2014, the Financial Accounting Standards Board ("FASB") issued new guidance on the recognition of revenue from contracts with customers. This comprehensive standard will supersede virtually all existing revenue recognition guidance. This standard applies to all contracts with customers except leases, insurance contracts, financial instruments, guarantees, and certain nonmonetary exchanges. In August 2015, the FASB issued a one-year deferral of the effective date, with early adoption as of the original effective date permitted. We expect to adopt the new guidance on its deferred effective date, which is April 1, 2018 for TMCC. We are currently evaluating the potential impact of this guidance on our consolidated financial statements. In February 2015, the FASB issued new guidance that amends the analysis a reporting entity must perform to determine whether it should consolidate certain legal entities. This accounting guidance is effective for us on April 1, 2016. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In April 2015, the FASB issued new guidance that requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. In August 2015, the FASB issued an additional update which clarifies that debt issuance costs for line of credit agreements may continue to be deferred and amortized. This accounting guidance will be effective for us on April 1, 2016. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In April 2015, the FASB issued new guidance to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. While similar guidance exists under current US GAAP for cloud service providers, this update provides explicit guidance for a customer's accounting. This accounting guidance will be effective for us on April 1, 2016. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In May 2015, the FASB issued new guidance that removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. This accounting guidance is limited to footnote disclosure and will be effective for us on April 1, 2016. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In May 2015, the FASB issued new guidance that requires additional disclosures related to short-duration insurance contracts. This accounting guidance will be effective for us for the annual period beginning April 1, 2016 and for interim periods within annual periods beginning April 1, 2017. We are currently evaluating the potential impact of this guidance on our consolidated financial statements. Recently Adopted Accounting Guidance In April 2015, new FASB accounting guidance became effective that amends the requirements for the reporting of discontinued operations and requires certain additional disclosures. Under the new guidance, only disposals that represent a strategic shift and that have (or will have) a major effect on an entity’s operations and financial results should be presented as discontinued operations. This guidance was adopted by us in August 2015 when we reclassified certain assets and liabilities related to our commercial finance business as held-for-sale. As the sale of our commercial finance business did not represent a strategic shift that will have a major effect on our operations and financial results, it did not meet the criteria to be presented as a discontinued operation. Our adoption of this guidance did not have a material impact on our consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 2 – Fair Value Measurements Recurring Fair Value Measurements Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following tables summarize our financial assets and financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy. As of September 30, 2015 Counterparty netting & Fair Level 1 Level 2 Level 3 collateral value Cash equivalents: Money market instruments $ 800 $ 957 $ - $ - $ 1,757 Certificates of deposit - 2,750 - - 2,750 Commercial paper - 20 - - 20 Corporate debt securities - 39 - - 39 Cash equivalents total 800 3,766 - - 4,566 Available-for-sale securities: Debt instruments: U.S. government and agency obligations 3,284 72 2 - 3,358 Municipal debt securities - 11 - - 11 Certificates of deposit 400 - - - 400 Commercial paper - 124 - - 124 Corporate debt securities 10 213 8 - 231 Mortgage-backed securities: U.S. government agency - 52 - - 52 Non-agency residential - - 4 - 4 Non-agency commercial - - 41 - 41 Asset-backed securities - - 36 - 36 Equity instruments: Fixed income mutual funds: Short-term floating NAV fund II - 53 - - 53 U.S. government sector fund - 324 - - 324 Municipal sector fund - 20 - - 20 Investment grade corporate sector fund - 264 - - 264 High-yield sector fund - 101 - - 101 Real return sector fund - 225 - - 225 Mortgage sector fund - 430 - - 430 Asset-backed securities sector fund - 73 - - 73 Emerging market sector fund - 119 - - 119 International sector fund - 150 - - 150 Equity mutual fund 394 - - - 394 Available-for-sale securities total 4,088 2,231 91 - 6,410 Derivative assets: Foreign currency swaps - 191 10 - 201 Interest rate swaps - 554 1 - 555 Counterparty netting and collateral - - - (705 ) (705 ) Derivative assets total - 745 11 (705 ) 51 Assets at fair value 4,888 6,742 102 (705 ) 11,027 Derivative liabilities: Foreign currency swaps - (1,721 ) - - (1,721 ) Interest rate swaps - (512 ) (2 ) - (514 ) Counterparty netting and collateral - - - 2,180 2,180 Liabilities at fair value - (2,233 ) (2 ) 2,180 (55 ) Net assets at fair value $ 4,888 $ 4,509 $ 100 $ 1,475 $ 10,972 Note 2 – Fair Value Measurements (Continued) Derivative assets were reduced by a counterparty credit valuation adjustment of $2 million and $1 million as of September 30, 2015 and March 31, 2015, respectively. Derivative liabilities were reduced by a non-performance credit valuation adjustment of less than $1 million as of March 31, 2015. As of March 31, 2015 Counterparty netting & Fair Level 1 Level 2 Level 3 collateral value Cash equivalents: Money market instruments $ 249 $ 820 $ - $ - $ 1,069 U.S. government and agency obligations 40 - - - 40 Certificates of deposit - 1,105 - - 1,105 Cash equivalents total 289 1,925 - - 2,214 Available-for-sale securities: Debt instruments: U.S. government and agency obligations 4,215 142 2 - 4,359 Municipal debt securities - 12 - - 12 Certificates of deposit - 175 - - 175 Commercial paper 37 - - - 37 Corporate debt securities - 131 14 - 145 Mortgage-backed securities: U.S. government agency - 59 - - 59 Non-agency residential - - 4 - 4 Non-agency commercial - - 44 - 44 Asset-backed securities - - 39 - 39 Equity instruments: Fixed income mutual funds: Short-term floating NAV fund II - 148 - - 148 Short-term sector fund - 37 - - 37 U.S. government sector fund - 335 - - 335 Municipal sector fund - 20 - - 20 Investment grade corporate sector fund - 268 - - 268 High-yield sector fund - 55 - - 55 Real return sector fund - 232 - - 232 Mortgage sector fund - 399 - - 399 Asset-backed securities sector fund - 72 - - 72 Emerging market sector fund - 71 - - 71 International sector fund - 160 - - 160 Equity mutual fund 460 - - - 460 Available-for-sale securities total 4,712 2,316 103 - 7,131 Derivative assets: Foreign currency swaps - 210 7 - 217 Interest rate swaps - 470 1 - 471 Counterparty netting and collateral - - - (635 ) (635 ) Derivative assets total - 680 8 (635 ) 53 Assets at fair value 5,001 4,921 111 (635 ) 9,398 Derivative liabilities: Foreign currency swaps - (1,888 ) - - (1,888 ) Interest rate swaps - (386 ) - - (386 ) Counterparty netting and collateral - - - 2,184 2,184 Liabilities at fair value - (2,274 ) - 2,184 (90 ) Net assets at fair value $ 5,001 $ 2,647 $ 111 $ 1,549 $ 9,308 Note 2 – Fair Value Measurements (Continued) Transfers between levels of the fair value hierarchy are recognized at the end of their respective reporting periods. During the six months ended September 30, 2015, $37 million was transferred from Level 1 to Level 2 and $4 million was transferred from Level 3 to Level 2 due to changes in the transparency of inputs for determination of fair value for these instruments. During the three months ended September 30, 2015, and the three and six months ended September 30, 2014, there were no transfers between levels. The following tables summarize the reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs: Three Months Ended September 30, 2015 Total net assets Available-for-sale securities Derivative instruments, net (liabilities) U.S. Total Total government Corporate Mortgage- Asset- available- Interest Foreign derivative and agency debt backed backed for-sale rate currency assets obligations securities securities securities securities swaps swaps (liabilities) Fair value, July 1, 2015 $ 2 $ 8 $ 46 $ 37 $ 93 $ 1 $ 30 $ 31 $ 124 Total gains (losses) Included in earnings - - - - - (1 ) (20 ) (21 ) (21 ) Included in other comprehensive income - - - - - - - - - Purchases, issuances, sales, and settlements Purchases - - - - - - - - - Issuances - - - - - - - - - Sales - - - - - - - - - Settlements - - (1 ) (1 ) (2 ) (1 ) - (1 ) (3 ) Transfers in to Level 3 - - - - - - - - - Transfers out of Level 3 - - - - - - - - - Fair value, September 30, 2015 $ 2 $ 8 $ 45 $ 36 $ 91 $ (1 ) $ 10 $ 9 $ 100 The amount of total (losses) included in earnings attributable to assets held at the reporting date $ (1 ) $ (20 ) (21 ) (21 ) Three Months Ended September 30, 2014 Total net assets Available-for-sale securities Derivative instruments, net (liabilities) U.S. Total Total government Corporate Mortgage- Asset- available- Interest Foreign derivative and agency debt backed backed for-sale rate currency assets (Dollars in millions) obligations securities securities securities securities swaps swaps (liabilities) Fair value, July 1, 2014 $ 2 $ 12 $ 45 $ 29 $ 88 $ 3 $ 78 $ 81 $ 169 Total gains (losses) Included in earnings - - - - - (1 ) (25 ) (26 ) (26 ) Included in other comprehensive income - - - - - - - - - Purchases, issuances, sales, and settlements Purchases - 3 11 3 17 - - - 17 Issuances - - - - - - - - - Sales - (3 ) (5 ) - (8 ) - - - (8 ) Settlements - - (1 ) (2 ) (3 ) - - - (3 ) Transfers in to Level 3 - - - - - - - - - Transfers out of Level 3 - - - - - - - - - Fair value, September 30, 2014 $ 2 $ 12 $ 50 $ 30 $ 94 $ 2 $ 53 $ 55 $ 149 The amount of total (losses) included in earnings attributable to assets held at the reporting date $ (1 ) $ (25 ) $ (26 ) $ (26 ) Note 2 – Fair Value Measurements (Continued) Six Months Ended September 30, 2015 Total net assets Available-for-sale securities Derivative instruments, net (liabilities) U.S. Total Total government Corporate Mortgage- Asset- available- Interest Foreign derivative and agency debt backed backed for-sale rate currency assets obligations securities securities securities securities swaps swaps (liabilities) Fair value, April 1, 2015 $ 2 $ 14 $ 48 $ 39 $ 103 $ 1 $ 7 $ 8 $ 111 Total gains (losses) Included in earnings - - - - - (1 ) 7 6 6 Included in other comprehensive income - - (1 ) - (1 ) - - - (1 ) Purchases, issuances, sales, and settlements - - Purchases - - - - - - - - - Issuances - - - - - - - - - Sales - (2 ) - (1 ) (3 ) - - - (3 ) Settlements - - (2 ) (2 ) (4 ) (1 ) (4 ) (5 ) (9 ) Transfers in to Level 3 - - - - - - - - - Transfers out of Level 3 - (4 ) - - (4 ) - - - (4 ) Fair value, September 30, 2015 $ 2 $ 8 $ 45 $ 36 $ 91 $ (1 ) $ 10 $ 9 $ 100 The amount of total (losses) gains included in earnings attributable to assets held at the reporting date $ (1 ) $ 7 $ 6 $ 6 Six Months Ended September 30, 2014 Total net assets Available-for-sale securities Derivative instruments, net (liabilities) U.S. Total Total government Corporate Mortgage- Asset- available- Interest Foreign derivative and agency debt backed backed for-sale rate currency assets (Dollars in millions) obligations securities securities securities securities swaps swaps (liabilities) Fair value, April 1, 2014 $ 2 $ 12 $ 48 $ 27 $ 89 $ 3 $ 70 $ 73 $ 162 Total gains (losses) Included in earnings - - - - - - (12 ) (12 ) (12 ) Included in other comprehensive income - - 1 - 1 - - - 1 Purchases, issuances, sales, and settlements Purchases - 3 12 6 21 - - - 21 Issuances - - - - - - - - - Sales - (3 ) (7 ) - (10 ) - - - (10 ) Settlements - - (4 ) (3 ) (7 ) (1 ) (5 ) (6 ) (13 ) Transfers in to Level 3 - - - - - - - - - Transfers out of Level 3 - - - - - - - - - Fair value, September 30, 2014 $ 2 $ 12 $ 50 $ 30 $ 94 $ 2 $ 53 $ 55 $ 149 The amount of total (losses) included in earnings attributable to assets held at the reporting date $ - $ (12 ) $ (12 ) $ (12 ) Note 2 – Fair Value Measurements (Continued) Nonrecurring Fair Value Measurements Nonrecurring fair value measurements include Level 3 net finance receivables that are not measured at fair value on a recurring basis, but are subject to fair value adjustments utilizing the fair value of the underlying collateral when there is evidence of impairment. We did not have any significant nonrecurring fair value items as of September 30, 2015 and March 31, 2015. Level 3 Fair Value Measurements The fair value measurements of Level 3 financial assets and liabilities subject to recurring and nonrecurring fair value measurement, and the corresponding change in the fair value measurements of these assets and liabilities, were not significant to our Consolidated Balance Sheet or Consolidated Statement of Income as of and for the three and six months ended September 30, 2015 and as of and for the year ended March 31, 2015. Note 2 – Fair Value Measurements (Continued) Financial Instruments The following tables provide information about assets and liabilities not carried at fair value on a recurring basis in our Consolidated Balance Sheet: As of September 30, 2015 Carrying Total Fair value Level 1 Level 2 Level 3 Value Financial assets Finance receivables, net Retail loan $ 50,942 $ - $ - $ 50,776 $ 50,776 Wholesale 7,715 - - 7,766 7,766 Real estate 4,513 - - 4,342 4,342 Working capital 1,715 - - 1,682 1,682 Other assets Finance receivables, held-for-sale $ 755 $ - $ - $ 756 $ 756 Financial liabilities Commercial paper $ 27,558 $ - $ 27,558 $ - $ 27,558 Unsecured notes and loans payable 54,275 - 54,138 1,353 55,491 Secured notes and loans payable 13,264 - - 13,246 13,246 As of March 31, 2015 Carrying Total Fair value Level 1 Level 2 Level 3 Value Financial assets Finance receivables, net Retail loan $ 49,734 $ - $ - $ 49,887 $ 49,887 Commercial 217 - - 223 223 Wholesale 9,123 - - 9,176 9,176 Real estate 4,602 - - 4,564 4,564 Working capital 1,815 - - 1,804 1,804 Financial liabilities Commercial paper $ 27,006 $ - $ 27,006 $ - $ 27,006 Unsecured notes and loans payable 52,388 - 53,174 634 53,808 Secured notes and loans payable 10,837 - - 10,832 10,832 As of August 31, 2015, certain assets related to our commercial finance business were reclassified as held-for-sale. The carrying value of each class of finance receivables includes accrued interest and deferred fees and costs, net of deferred income and the allowance for credit losses. The finance receivables, net amount excludes related party transactions, for which the fair value approximates the carrying value, of $112 million and $94 million at September 30, 2015 and March 31, 2015, respectively and direct finance leases of $25 million and $308 million at September 30, 2015 and March 31, 2015, respectively. The other assets which are finance receivables held-for-sale in the table above excludes related party transactions of $47 million, for which the fair value approximates the carrying value, and direct finance leases of $304 million at September 30, 2015. The carrying value of unsecured notes and loans payable represents the sum of unsecured notes and loans payable and carrying value adjustment as described in Note 9 - Debt. |
Investments in Marketable Secur
Investments in Marketable Securities | 6 Months Ended |
Sep. 30, 2015 | |
Marketable Securities [Abstract] | |
Investments in Marketable Securities | Note 3 – Investments in Marketable Securities We classify all of our investments in marketable securities as available-for-sale. The amortized cost and estimated fair value of investments in marketable securities and related unrealized gains and losses were as follows: September 30, 2015 Amortized Unrealized Unrealized Fair cost gains losses value Available-for-sale securities: Debt instruments: U.S. government and agency obligations $ 3,354 $ 4 $ - $ 3,358 Municipal debt securities 10 1 - 11 Certificates of deposit 400 - - 400 Commercial paper 124 - - 124 Corporate debt securities 231 3 (3 ) 231 Mortgage-backed securities: U.S. government agency 51 1 - 52 Non-agency residential 3 1 - 4 Non-agency commercial 41 1 (1 ) 41 Asset-backed securities 36 - - 36 Equity instruments: Fixed income mutual funds: Short-term floating NAV fund II 53 - - 53 U.S. government sector fund 317 7 - 324 Municipal sector fund 19 1 - 20 Investment grade corporate sector fund 253 11 - 264 High-yield sector fund 97 4 - 101 Real return sector fund 225 - - 225 Mortgage sector fund 420 10 - 430 Asset-backed securities sector fund 64 9 - 73 Emerging market sector fund 119 - - 119 International sector fund 161 - (11 ) 150 Equity mutual fund 175 219 - 394 Total investments in marketable securities $ 6,153 $ 272 $ (15 ) $ 6,410 Note 3 – Investments in Marketable Securities (Continued) March 31, 2015 Amortized Unrealized Unrealized Fair cost gains losses value Available-for-sale securities: Debt instruments: U.S. government and agency obligations $ 4,357 $ 3 $ (1 ) $ 4,359 Municipal debt securities 10 2 - 12 Certificates of deposit 175 - - 175 Commercial paper 37 - - 37 Corporate debt securities 138 7 - 145 Mortgage-backed securities: U.S. government agency 57 2 - 59 Non-agency residential 3 1 - 4 Non-agency commercial 43 1 - 44 Asset-backed securities 39 - - 39 Equity instruments: Fixed income mutual funds: Short-term floating NAV fund II 148 - - 148 Short-term sector fund 35 2 - 37 U.S. government sector fund 311 24 - 335 Municipal sector fund 19 1 - 20 Investment grade corporate sector fund 256 15 (3 ) 268 High-yield sector fund 50 6 (1 ) 55 Real return sector fund 235 - (3 ) 232 Mortgage sector fund 390 9 - 399 Asset-backed securities sector fund 63 9 - 72 Emerging market sector fund 73 - (2 ) 71 International sector fund 146 14 - 160 Equity mutual fund 190 270 - 460 Total investments in marketable securities $ 6,775 $ 366 $ (10 ) $ 7,131 The fixed income mutual funds 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. Note 3 – Investments in Marketable Securities (Continued) Unrealized Losses on Securities Investments in marketable securities in a consecutive loss position for less than twelve months and for greater than twelve months were not significant at September 30, 2015 and March 31, 2015. Realized Gains and Losses on Securities The following table represents realized gains and losses by transaction type for the following: Three Months Ended Six Months Ended September 30, September 30, 2015 2014 2015 2014 Available-for-sale securities: Realized gains on sales $ 14 $ 32 $ 26 $ 44 Realized losses on sales $ - $ - $ (1 ) $ - Other-than-temporary impairment $ (35 ) $ - $ (35 ) $ - Other-than-temporary impairment write-downs were not significant during the three and six months ended September 30, 2014. Contractual Maturities The amortized cost, fair value, and contractual maturities of available-for-sale debt instruments are summarized in the following table. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations. September 30, 2015 Amortized Fair Value Available-for-sale debt instruments: Due within 1 year $ 3,367 $ 3,367 Due after 1 year through 5 years 591 594 Due after 5 years through 10 years 76 76 Due after 10 years 85 87 Mortgage-backed and asset-backed securities 1 131 133 Total $ 4,250 $ 4,257 1 Mortgage-backed and asset-backed securities are shown separately from other maturity groupings as these securities do not have a single maturity date. |
Finance Receivables, Net
Finance Receivables, Net | 6 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Finance Receivables, Net | Note 4 – Finance Receivables, Net Finance receivables, net consist of retail and dealer accounts including accrued interest and deferred fees and costs, net of the allowance for credit losses and deferred income. Securitized receivables represent retail loan receivables that have been sold for legal purposes to securitization trusts but continue to be included in our consolidated financial statements, as discussed further in Note 10 – Variable Interest Entities. Cash flows from these securitized receivables are available only for the repayment of debt issued by these trusts and other obligations arising from the securitization transactions. They are not available for payment of our other obligations or to satisfy claims of our other creditors. Finance receivables, net consisted of the following: September 30, 2015 March 31, 2015 Retail receivables $ 36,612 $ 39,141 Securitized retail receivables 14,871 11,682 Dealer financing 14,170 15,744 65,653 66,567 Deferred origination (fees) and costs, net 667 646 Deferred income (921 ) (911 ) Allowance for credit losses Retail and securitized retail receivables (263 ) (301 ) Dealer financing (114 ) (108 ) Total allowance for credit losses (377 ) (409 ) Finance receivables, net $ 65,022 $ 65,893 As of August 31, 2015, certain finance receivables, net related to our commercial finance business were reclassified as held-for-sale. See Note 8 – Other Assets and Other Liabilities of the Notes to Consolidated Financial Statements for additional detail. Finance receivables, net and retail receivables presented in the previous table includes direct finance lease receivables, net of $25 million and $308 million at September 30, 2015 and March 31, 2015, respectively. Credit Quality Indicators We are exposed to credit risk on our finance receivables. Credit risk is the risk of loss arising from the failure of customers or dealers to meet the terms of their contracts with us or otherwise fail to perform as agreed. As of August 31, 2015, certain assets within the commercial and dealer products portfolio segments related to our commercial finance business were reclassified as held-for-sale. See Note 8 – Other Assets and Other Liabilities of the Notes to Consolidated Financial Statements for additional detail. Retail Loan and Commercial Portfolio Segments Retail loan and commercial portfolio segments each consist of one class of finance receivables. While we use various credit quality metrics to develop our allowance for credit losses on the retail loan and commercial portfolio segments, we primarily utilize the aging of the individual accounts to monitor the credit quality of these finance receivables. Based on our experience, the payment status of borrowers is the strongest indicator of the credit quality of the underlying receivables. Payment status also impacts charge-offs. Individual borrower accounts for each class of finance receivables within the retail loan and commercial portfolio segments are segregated into aging categories based on the number of days outstanding. The aging for each class of finance receivables is updated monthly. Note 4 – Finance Receivables, Net (Continued) Dealer Products Portfolio Segment For the three classes of finance receivables within the dealer products portfolio segment (wholesale, real estate and working capital), all loans outstanding for an individual dealer or 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 · Default – Account is not currently meeting contractual obligations or we have temporarily waived certain contractual requirements The tables below present each credit quality indicator by class of finance receivable: Retail Loan Commercial September 30, 2015 March 31, 2015 September 30, 2015 March 31, 2015 Aging of finance receivables: Current $ 50,621 $ 49,684 $ - $ 511 30-59 days past due 631 467 - 8 60-89 days past due 154 100 - 2 90 days or greater past due 77 51 - - Total $ 51,483 $ 50,302 $ - $ 521 Wholesale Real Estate Working Capital September 30, 2015 March 31, 2015 September 30, 2015 March 31, 2015 September 30, 2015 March 31, 2015 Credit quality indicators: Performing $ 6,913 $ 7,993 $ 3,861 $ 3,782 $ 1,564 $ 1,643 Credit Watch 794 1,137 676 842 166 176 At Risk 67 60 31 37 30 32 Default 18 36 45 4 5 2 Total $ 7,792 $ 9,226 $ 4,613 $ 4,665 $ 1,765 $ 1,853 Note 4 – Finance Receivables, Net (Continued) Impaired Finance Receivables The following table summarizes the information related to our impaired loans by class of finance receivables: Impaired Individually Evaluated Finance Receivables Unpaid Principal Balance Allowance September 30, March 31, September 30, March 31, September 30, March 31, 2015 2015 2015 2015 2015 2015 Impaired account balances individually evaluated for impairment with an allowance: Wholesale $ 76 $ 76 $ 76 $ 76 $ 11 $ 14 Real estate 86 52 86 52 13 10 Working capital 33 34 33 34 30 31 Total $ 195 $ 162 $ 195 $ 162 $ 54 $ 55 Impaired account balances individually evaluated for impairment without an allowance: Wholesale $ 108 $ 105 $ 108 $ 105 Real estate 90 91 90 91 Working capital 4 2 4 2 Total $ 202 $ 198 $ 202 $ 198 Impaired account balances aggregated and evaluated for impairment: Retail loan $ 245 $ 264 $ 241 $ 261 Commercial - - - - Total $ 245 $ 264 $ 241 $ 261 Total impaired account balances: Retail loan $ 245 $ 264 $ 241 $ 261 Commercial - - - - Wholesale 184 181 184 181 Real estate 176 143 176 143 Working capital 37 36 37 36 Total $ 642 $ 624 $ 638 $ 621 As of September 30, 2015 and March 31, 2015, the impaired finance receivables balance for accounts in the dealer products portfolio segment that were on nonaccrual status was $195 million and $172 million, respectively, and there were no charge-offs against the allowance for credit losses for these finance receivables. Therefore, the impaired finance receivables balance is equal to the unpaid principal balance. As of September 30, 2015 and March 31, 2015, impaired finance receivables in the retail portfolio segment recorded at the fair value of the collateral less estimated selling costs were insignificant and therefore excluded from the table above. Note 4 – Finance Receivables, Net (Continued) The following table summarizes the average impaired loans by class of finance receivables as of the balance sheet date and the interest income recognized on these loans: Average Impaired Finance Interest Income Recognized Three Months Ended September 30, Six Months Ended September 30, Three Months Ended September 30, Six Months Ended September 30, 2015 2014 2015 2014 2015 2014 2015 2014 Impaired account balances individually evaluated for impairment with an allowance: Wholesale $ 88 $ 20 $ 84 $ 17 $ 1 $ - $ 1 $ - Real estate 88 20 76 23 - - 1 - Working capital 35 23 35 23 1 1 1 1 Total $ 211 $ 63 $ 195 $ 63 $ 2 $ 1 $ 3 $ 1 Impaired account balances individually evaluated for impairment without an allowance: Wholesale $ 104 $ 51 $ 105 $ 51 $ 1 $ - $ 1 $ - Real estate 85 96 87 94 1 1 2 2 Working capital 4 3 3 3 - - - - Total $ 193 $ 150 $ 195 $ 148 $ 2 $ 1 $ 3 $ 2 Impaired account balances aggregated and evaluated for impairment: Retail loan $ 252 $ 302 $ 256 $ 309 $ 4 $ 6 $ 9 $ 12 Commercial - 1 - 1 - - - - Total $ 252 $ 303 $ 256 $ 310 $ 4 $ 6 $ 9 $ 12 Total impaired account balances: Retail loan $ 252 $ 302 $ 256 $ 309 $ 4 $ 6 $ 9 $ 12 Commercial - 1 - 1 - - - - Wholesale 192 71 189 68 2 - 2 - Real estate 173 116 163 117 1 1 3 2 Working capital 39 26 38 26 1 1 1 1 Total $ 656 $ 516 $ 646 $ 521 $ 8 $ 8 $ 15 $ 15 The primary source of interest income recognized on the loans in the table above is from performing troubled debt restructurings. In addition, interest income recognized using a cash-basis method of accounting during the three and six months ended September 30, 2015 and 2014 was not significant. Note 4 – Finance Receivables, Net (Continued) Troubled Debt Restructuring For accounts not under bankruptcy protection, the amount of finance receivables modified as a troubled debt restructuring during the three and six months ended September 30, 2015 and 2014 was not significant for each class of finance receivables. Troubled debt restructurings for non-bankrupt accounts within the retail loan class of finance receivables are comprised exclusively of contract term extensions that reduce the monthly payment due from the customer. Troubled debt restructurings for accounts within the commercial portfolio class of finance receivables consist of contract term extensions, interest rate adjustments, or a combination of the two. For the three classes of finance receivables within the dealer products portfolio segment, troubled debt restructurings include contract term extensions, interest rate adjustments, waivers of loan covenants, or any combination of the three. Troubled debt restructurings of accounts not under bankruptcy protection did not include forgiveness of principal or interest rate adjustments during the three and six months ended September 30, 2015 and 2014. As of August 31, 2015, troubled debt restructurings related to our commercial finance business were reclassified as held-for-sale. We consider finance receivables under bankruptcy protection within the retail loan and commercial classes to be troubled debt restructurings as of the date we receive notice of a customer filing for bankruptcy protection, regardless of the ultimate outcome of the bankruptcy proceedings. The bankruptcy court may impose modifications as part of the proceedings, including interest rate adjustments and forgiveness of principal. For the three and six months ended September 30, 2015 and 2014, the financial impact of troubled debt restructurings related to accounts under bankruptcy protection was not significant to our Consolidated Statement of Income and Consolidated Balance Sheet. Payment Defaults Finance receivables modified as troubled debt restructurings for which there was a subsequent payment default during the three and six months ended September 30, 2015 and 2014, and for which the modification occurred within twelve months of the payment default, were not significant for all classes of such receivables. |
Investments in Operating Leases
Investments in Operating Leases, Net | 6 Months Ended |
Sep. 30, 2015 | |
Leases Operating [Abstract] | |
Investments in Operating Leases, Net | Note 5 – Investments in Operating Leases, Net Investments in operating leases, net consist of vehicle and equipment leases, net of deferred fees and costs, deferred income, accumulated depreciation and the allowance for credit losses. Securitized investments in operating leases represent beneficial interests in a pool of certain vehicle leases that have been sold for legal purposes to securitization trusts but continue to be included in our consolidated financial statements as discussed further in Note 10 - Variable Interest Entities. Cash flows from these securitized investments in operating leases are available only for the repayment of debt issued by these trusts and other obligations arising from the securitization transactions. They are not available for payment of our other obligations or to satisfy claims of our other creditors. Investments in operating leases, net consisted of the following: September 30, 2015 March 31, 2015 Investments in operating leases $ 40,897 $ 37,555 Securitized investments in operating leases 1,242 1,571 42,139 39,126 Deferred origination (fees) and costs, net (191 ) (169 ) Deferred income (1,080 ) (968 ) Accumulated depreciation (7,031 ) (6,785 ) Allowance for credit losses (96 ) (76 ) Investments in operating leases, net $ 33,741 $ 31,128 As of August 31, 2015, investments in operating leases related to our commercial finance business were reclassified as held-for-sale. See Note 8 – Other Assets and Other Liabilities of the Notes to Consolidated Financial Statements for additional detail. |
Allowance for Credit Losses
Allowance for Credit Losses | 6 Months Ended |
Sep. 30, 2015 | |
Loans And Leases Receivable Disclosure [Abstract] | |
Allowance for Credit Losses | Note 6 – Allowance for Credit Losses The following table provides information related to our allowance for credit losses on finance receivables and investments in operating leases: Three Months Ended Six Months Ended September 30, September 30, 2015 2014 2015 2014 Allowance for credit losses at beginning of period $ 467 $ 447 $ 485 $ 454 Provision for credit losses 105 79 150 117 Transferred to held-for-sale (7 ) - (7 ) - Charge-offs, net of recoveries (92 ) (81 ) (155 ) (126 ) Allowance for credit losses at end of period $ 473 $ 445 $ 473 $ 445 Charge-offs are shown net of recoveries of $18 million and $38 million for the three and six months ended September 30, 2015, respectively, and recoveries of $20 million and $42 million for the three and six months ended September 30, 2014. Allowance for Credit Losses and Finance Receivables by Portfolio Segment The following tables provide information related to our allowance for credit losses and finance receivables by portfolio segment: Three Months Ended September 30, 2015 Retail Loan Commercial Dealer Total Allowance for Credit Losses for Finance Receivables: Beginning balance, July 1, 2015 $ 279 $ 1 $ 115 $ 395 Charge-offs (82 ) - - (82 ) Recoveries 12 - - 12 Provisions 54 1 3 58 Transferred to held-for-sale - (2 ) (4 ) (6 ) Ending balance, September 30, 2015 $ 263 $ - $ 114 $ 377 Six Months Ended September 30, 2015 Beginning balance, April 1, 2015 $ 299 $ 2 $ 108 $ 409 Charge-offs (142 ) (1 ) - (143 ) Recoveries 27 - - 27 Provisions 79 1 10 90 Transferred to held-for-sale - (2 ) (4 ) (6 ) Ending balance, September 30, 2015 $ 263 $ - $ 114 $ 377 Ending balance: Individually evaluated for impairment $ - $ - $ 54 $ 54 Ending balance: Collectively evaluated for impairment $ 263 $ - $ 60 $ 323 Finance Receivables: Ending balance, September 30, 2015 $ 51,483 $ - $ 14,170 $ 65,653 Ending balance: Individually evaluated for impairment $ - $ - $ 397 $ 397 Ending balance: Collectively evaluated for impairment $ 51,483 $ - $ 13,773 $ 65,256 Note 6 – Allowance for Credit Losses (Continued) The ending balance of finance receivables collectively evaluated for impairment includes approximately $245 million of finance receivables within the retail loan segment that are specifically identified as impaired. These amounts are aggregated with their respective portfolio segments when determining the allowance for credit losses as of September 30, 2015, as they are deemed to be insignificant for individual evaluation and we have determined that the allowance for credit losses would not be materially different if the amounts had been individually evaluated for impairment. The ending balance of finance receivables for the dealer products portfolio segment collectively evaluated for impairment as of September 30, 2015 includes $992 million in receivables, which are guaranteed by Toyota Motor Sales, U.S.A., Inc. (“TMS”) and $138 million in receivables, which are guaranteed by third party private Toyota distributors. These receivables are related to certain Toyota and Lexus dealers and other third parties to whom we provided financing at the request of TMS or such private distributors. Three Months Ended September 30, 2014 Retail Loan Commercial Dealer Total Allowance for Credit Losses for Finance Receivables: Beginning balance, July 1, 2014 $ 291 $ 2 $ 88 $ 381 Charge-offs (76 ) (1 ) - (77 ) Recoveries 15 - - 15 Provisions 69 - (7 ) 62 Ending balance, September 30, 2014 $ 299 $ 1 $ 81 $ 381 Six Months Ended September 30, 2014 Beginning balance, April 1, 2014 $ 296 $ 2 $ 88 $ 386 Charge-offs (128 ) (1 ) - (129 ) Recoveries 31 - - 31 Provisions 100 - (7 ) 93 Ending balance, September 30, 2014 $ 299 $ 1 $ 81 $ 381 Ending balance: Individually evaluated for impairment $ - $ - $ 26 $ 26 Ending balance: Collectively evaluated for impairment $ 299 $ 1 $ 55 $ 355 Finance Receivables: Ending balance, September 30, 2014 $ 50,726 $ 481 $ 14,953 $ 66,160 Ending balance: Individually evaluated for impairment $ - $ - $ 206 $ 206 Ending balance: Collectively evaluated for impairment $ 50,726 $ 481 $ 14,747 $ 65,954 The ending balance of finance receivables collectively evaluated for impairment includes approximately $292 million and $1 million of finance receivables within the retail loan and commercial portfolio segments, respectively, that are specifically identified as impaired. These amounts are aggregated with their respective portfolio segments when determining the allowance for credit losses as of September 30, 2014, as they are deemed to be insignificant for individual evaluation and we have determined that the allowance for credit losses would not be materially different if the amounts had been individually evaluated for impairment. The ending balance of finance receivables for the dealer products portfolio segment collectively evaluated for impairment as of September 30, 2014 includes $866 million in receivables, which are guaranteed by TMS and $152 million in receivables, which are guaranteed by third party private Toyota distributors. These receivables are related to certain Toyota and Lexus dealers and other third parties to whom we provided financing at the request of TMS or such private distributors. Note 6 – Allowance for Credit Losses (Continued) Past Due Finance Receivables and Investments in Operating Leases The following table shows aggregate balances of finance receivables and investments in operating leases 60 or more days past due: September 30, 2015 March 31, 2015 Aggregate balances 60 or more days past due Finance receivables $ 231 $ 153 Investments in operating leases 81 52 Total $ 312 $ 205 Substantially all finance and operating lease receivables do not involve recourse to the dealer in the event of customer default. Finance and operating lease receivables 60 or more days past due include accounts in bankruptcy and accounts greater than 120 days past due, which are recorded at the fair value of collateral less estimated costs to sell. Accounts for which vehicles have been repossessed are excluded. Past Due Finance Receivables by Class The following tables summarize the aging of finance receivables by class: As of September 30, 2015 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Greater Past Due Total Due Current Total Receivables 90 Days or Greater Due and Accruing Retail loan $ 631 $ 154 $ 77 $ 862 $ 50,621 $ 51,483 $ 53 Wholesale - - - - 7,792 7,792 - Real estate - - - - 4,613 4,613 - Working capital - - - - 1,765 1,765 - Total $ 631 $ 154 $ 77 $ 862 $ 64,791 $ 65,653 $ 53 As of March 31, 2015 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Greater Past Due Total Due Current Total Receivables 90 Greater Due and Accruing Retail loan $ 467 $ 100 $ 51 $ 618 $ 49,684 $ 50,302 $ 32 Commercial 8 2 - 10 511 521 - Wholesale - - - - 9,226 9,226 - Real estate - - - - 4,665 4,665 - Working capital - - - - 1,853 1,853 - Total $ 475 $ 102 $ 51 $ 628 $ 65,939 $ 66,567 $ 32 As of August 31, 2015, certain finance receivables related to our commercial finance business were reclassified as held-for-sale. See Note 8 – Other Assets and Other Liabilities of the Notes to Consolidated Financial Statements for additional detail. |
Derivatives, Hedging Activities
Derivatives, Hedging Activities and Interest Expense | 6 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives, Hedging Activities and Interest Expense | Note 7 – Derivatives, Hedging Activities and Interest Expense Derivative Instruments Our liabilities consist mainly of fixed and floating rate debt, denominated in various currencies, which we issue in the global capital markets, while our assets consist primarily of U.S. dollar denominated, fixed rate receivables. We enter into interest rate swaps and foreign currency swaps to hedge the interest rate and foreign currency risks that result from the different characteristics of our assets and liabilities. Our use of derivative transactions is intended to reduce long-term fluctuations in cash flows and fair value adjustments of assets and liabilities caused by market movements. All of our derivative activities are authorized and monitored by our management and our Asset Liability Committee which provides a framework for financial controls and governance to manage market risk. Credit Risk Related Contingent Features Our derivative contracts are governed by International Swaps and Derivatives Association (“ISDA”) Master Agreements. Substantially all of these ISDA Master Agreements contain reciprocal ratings triggers providing either party with an option to terminate the agreement at market value in the event of a ratings downgrade of the other party below a specified threshold. As of September 30, 2015, we have daily valuation and collateral exchange arrangements with all of our counterparties. Our collateral agreements with substantially all our counterparties include a zero threshold, full collateralization arrangement. However, 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. The aggregate fair value of derivative instruments that contain credit risk related contingent features that were in a net liability position at September 30, 2015 was $55 million, excluding adjustments made for our own non-performance risk. However, we would not be required to post additional collateral to the counterparties with whom we were in a net liability position at September 30, 2015 if our credit ratings were to decline, since we fully collateralize without regard to credit ratings with these counterparties. Note 7 – Derivatives, Hedging Activities and Interest Expense (Continued) Derivative Activity Impact on Financial Statements The following tables show the financial statement line item and amount of our derivative assets and liabilities that are reported in the Consolidated Balance Sheet: As of September 30, 2015 Hedge accounting Non-hedge derivatives accounting Total Fair Fair Fair Notional value Notional value Notional value Other assets Interest rate swaps $ - $ - $ 26,650 $ 555 $ 26,650 $ 555 Foreign currency swaps 271 21 1,399 180 1,670 201 Total $ 271 $ 21 $ 28,049 $ 735 $ 28,320 $ 756 Counterparty netting and collateral held (705 ) Carrying value of derivative contracts – Other assets $ 51 Other liabilities Interest rate swaps $ - $ - $ 68,128 $ 514 $ 68,128 $ 514 Interest rate caps - - 30 - 30 - Foreign currency swaps 251 58 13,830 1,663 14,081 1,721 Total $ 251 $ 58 $ 81,988 $ 2,177 $ 82,239 $ 2,235 Counterparty netting and collateral held (2,180 ) Carrying value of derivative contracts – Other liabilities $ 55 As of September 30, 2015, we held collateral of $121 million, which offset derivative assets, and posted collateral of $1,596 million, which offset derivative liabilities. We also posted excess collateral of $11 million, which we did not use to offset derivative liabilities. Note 7 – Derivatives, Hedging Activities and Interest Expense (Continued) As of March 31, 2015 Hedge accounting Non-hedge derivatives accounting Total Fair Fair Fair Notional value Notional value Notional value Other Assets Interest rate swaps $ 190 $ 4 $ 26,549 $ 467 $ 26,739 $ 471 Foreign currency swaps 271 24 913 193 1,184 217 Total $ 461 $ 28 $ 27,462 $ 660 $ 27,923 $ 688 Counterparty netting and collateral held (635 ) Carrying value of derivative contracts – Other assets $ 53 Other liabilities Interest rate swaps $ - $ - $ 64,852 $ 386 $ 64,852 $ 386 Interest rate caps - - 50 - 50 - Foreign currency swaps 251 43 12,971 1,845 13,222 1,888 Total $ 251 $ 43 $ 77,873 $ 2,231 $ 78,124 $ 2,274 Counterparty netting and collateral held (2,184 ) Carrying value of derivative contracts – Other liabilities $ 90 As of March 31, 2015, we held collateral of $145 million which offset derivative assets, and posted collateral of $1,694 million which offset derivative liabilities. We also held excess collateral of $10 million which we did not use to offset derivative assets, and we posted excess collateral of $2 million which we did not use to offset derivative liabilities. Note 7 – Derivatives, Hedging Activities and Interest Expense (Continued) 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 Statement of Income: Three Months Ended Six Months Ended September 30, September 30, 2015 2014 2015 2014 Interest expense on debt $ 307 $ 298 $ 630 $ 619 Interest income on hedge accounting derivatives (4 ) (10 ) (8 ) (25 ) Interest income on non-hedge accounting foreign currency swaps (21 ) (37 ) (55 ) (92 ) Interest expense on non-hedge accounting interest rate swaps 31 27 58 64 Interest expense on debt and derivatives, net 313 278 625 566 Loss on hedge accounting derivatives: Interest rate swaps - 5 - 10 Foreign currency swaps 2 64 17 63 Loss on hedge accounting derivatives 2 69 17 73 Less hedged item: change in fair value of fixed rate debt (3 ) (69 ) (18 ) (73 ) Ineffectiveness related to hedge accounting derivatives (1 ) - (1 ) - (Gain) loss from foreign currency transactions and non-hedge accounting derivatives: (Gain) loss on non-hedge accounting foreign currency transactions (200 ) (867 ) 154 (787 ) Loss (gain) on non-hedge accounting foreign currency swaps 141 866 (93 ) 711 (Gain) loss on non-hedge accounting interest rate swaps (50 ) (62 ) 26 (145 ) Total interest expense $ 203 $ 215 $ 711 $ 345 Interest expense on debt and derivatives represents net interest settlements and changes in accruals. Gains and losses from hedge accounting derivatives and foreign currency transactions exclude net interest settlements and changes in accruals. The relative fair value allocation of derivative credit value adjustments for counterparty and non-performance credit risk within interest expense is not significant for the three and six months ended September 30, 2015 and 2014 as we fully collateralize our derivatives without regard to credit ratings. |
Other Assets and Other Liabilit
Other Assets and Other Liabilities | 6 Months Ended |
Sep. 30, 2015 | |
Other Assets And Other Liabilities [Abstract] | |
Other Assets and Other Liabilities | Note 8 – Other Assets and Other Liabilities Other assets and other liabilities consisted of the following: September 30, 2015 March 31, 2015 Other assets: Notes receivable from affiliates $ 1,007 $ 1,184 Used vehicles held for sale 225 188 Deferred charges 121 122 Income taxes receivable 5 174 Derivative assets 51 53 Assets held-for-sale 2,127 - Other assets 698 561 Total other assets $ 4,234 $ 2,282 Other liabilities: Unearned insurance premiums and contract revenues $ 1,921 $ 1,825 Derivative liabilities 55 90 Accounts payable and accrued expenses 899 855 Deferred income 441 405 Liabilities held-for-sale 13 - Other liabilities 174 180 Total other liabilities $ 3,503 $ 3,355 In December 2014, we entered into an agreement for the sale of certain assets and liabilities relating to the commercial finance business to Toyota Industries Commercial Finance, Inc. (“TICF”), a newly-formed subsidiary of Toyota Industries Corporation, which forms part of the group of companies known as the Toyota Group and is a related party to TMCC. In August 2015, a closing date was determined and several closing conditions were resolved such that we determined all six held-for-sale criteria had been satisfied, which resulted in the reclassification of the assets and liabilities relating to our commercial finance business to held-for-sale as of August 31, 2015. The reclassification occurred at carrying value, as the fair value exceeded carrying value as of August 31, 2015. See Note 1 – Interim Financial Data of the Notes to the Consolidated Financial Statements for additional detail. The assets held-for-sale in the table above include approximately $1.1 billion of finance receivables, net and $1.0 billion of investments in operating leases, net as of September 30, 2015. The major components of finance receivables which are included in assets held-for-sale are $546 million of commercial loan receivables, $490 million of wholesale receivables, $53 million of real estate receivables, and $16 million of working capital receivables. Finance receivables held-for-sale within the dealer products portfolio segment are primarily classified as performing. The past-due portion of finance receivables held-for-sale within the commercial portfolio segment is not significant as of September 30, 2015. |
Debt
Debt | 6 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Note 9 – Debt Debt and the related weighted average contractual interest rates are summarized as follows: Weighted average contractual interest rates September 30, March 31, September 30, March 31, 2015 2015 2015 2015 Commercial paper $ 27,558 $ 27,006 0.29 % 0.21 % Unsecured notes and loans payable 54,215 52,307 1.84 % 1.86 % Secured notes and loans payable 13,264 10,837 0.67 % 0.60 % Carrying value adjustment 60 81 Total debt $ 95,097 $ 90,231 1.23 % 1.22 % The commercial paper balance includes unamortized premiums and discounts. As of September 30, 2015, our commercial paper had a weighted average remaining maturity of 74 days, while our notes and loans payable mature on various dates through fiscal 2047. Weighted average contractual interest rates are calculated based on original notional or par value before consideration of premium or discount. The carrying value of our unsecured notes and loans payable at September 30, 2015 included $18.7 billion of unsecured floating rate debt with contractual interest rates ranging from 0 percent to 3.4 percent and $35.5 billion of unsecured fixed rate debt with contractual interest rates ranging from 0.8 percent to 9.4 percent. The carrying value of our unsecured notes and loans payable at March 31, 2015 included $17.4 billion of unsecured floating rate debt with contractual interest rates ranging from 0 percent to 3.3 percent and $35.0 billion of unsecured fixed rate debt with contractual interest rates ranging from 0.8 percent to 9.4 percent. Upon issuance of fixed rate notes, we generally elect to enter into interest rate swaps to convert fixed rate payments on notes to floating rate payments. Included in unsecured notes and loans payable are notes and loans denominated in various foreign currencies, unamortized premiums and discounts and the effects of foreign currency transaction gains and losses on non-hedged or de-designated foreign currency denominated notes and loans payable. At September 30, 2015 and March 31, 2015, the carrying values of these foreign currency denominated notes payable were $13.9 billion and $12.4 billion, respectively. Concurrent with the issuance of these foreign currency unsecured notes, we entered into currency swaps in the same notional amount to convert non-U.S. currency payments to U.S. dollar denominated payments. Our secured notes and loans payable are denominated in U.S. dollars and consist of both fixed and variable rate debt with interest rates ranging from 0.4 percent to 1.7 percent at September 30, 2015 and 0.4 percent to 1.5 percent at March 31, 2015. Secured notes and loans are issued by on-balance sheet securitization trusts, as further discussed in Note 10 – Variable Interest Entities. These notes are repayable only from collections on the underlying securitized retail finance receivables and the beneficial interests in investments in operating leases and from related credit enhancements. The carrying value adjustment on debt represents the effects of fair value adjustments to debt in hedging relationships, accrued redemption premiums, and the unamortized fair value adjustments on the hedged item for terminated fair value hedge accounting relationships. The carrying value adjustment on debt decreased by $21 million at September 30, 2015 compared to March 31, 2015 primarily as a result of a stronger U.S. dollar relative to certain other currencies in which our hedged debt is denominated. |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Sep. 30, 2015 | |
Variable Interest Entity Consolidated Carrying Amount Assets And Liabilities [Abstract] | |
Variable Interest Entities | Note 10 – Variable Interest Entities Consolidated Variable Interest Entities We use one or more special purpose entities that are considered Variable Interest Entities (“VIEs”) to issue asset-backed securities to third party bank-sponsored asset-backed securitization vehicles and to investors in securitization transactions. The securities issued by these VIEs are backed by the cash flows related to retail finance receivables and beneficial interests in investments in operating leases (“Securitized Assets”). We hold variable interests in the VIEs that could potentially be significant to the VIEs. We determined that we are the primary beneficiary of the securitization trusts because (i) our servicing responsibilities for the Securitized Assets give us the power to direct the activities that most significantly impact the performance of the VIEs, and (ii) our variable interests in the VIEs give us the obligation to absorb losses and the right to receive residual returns that could potentially be significant. The following tables show the assets and liabilities related to our VIE securitization transactions that were included in our financial statements: September 30, 2015 VIE Assets VIE Liabilities Gross Net Restricted Cash Securitized Assets Securitized Assets Other Assets Debt Other Liabilities Retail finance receivables $ 771 $ 14,871 $ 14,659 $ 5 $ 12,656 $ 3 Investments in operating leases 54 1,242 903 25 608 - Total $ 825 $ 16,113 $ 15,562 $ 30 $ 13,264 $ 3 March 31, 2015 VIE Assets VIE Liabilities Gross Net Restricted Cash Securitized Assets Securitized Assets Other Assets Debt Other Liabilities Retail finance receivables $ 730 $ 11,682 $ 11,509 $ 4 $ 9,980 $ 3 Investment in operating leases 54 1,571 1,193 11 857 - Total $ 784 $ 13,253 $ 12,702 $ 15 $ 10,837 $ 3 Restricted cash shown in the table above represents collections from the underlying Securitized Assets and certain reserve deposits held by TMCC for the VIEs and is included as part of the Restricted Cash and Cash Equivalents on our Consolidated Balance Sheet. Gross Securitized Assets represent finance receivables and beneficial interests in investments in operating leases securitized for the asset-backed securities issued. Net Securitized Assets are presented net of deferred fees and costs, deferred income, accumulated depreciation and the allowance for credit losses. Other Assets represent used vehicles held-for-sale that were repossessed by or returned to TMCC for the benefit of the VIEs. The related debt of these consolidated VIEs is presented net of $1,522 million and $1,275 million of securities retained by TMCC at September 30, 2015 and March 31, 2015, respectively. Other Liabilities represents accrued interest on the debt of the consolidated VIEs. The assets of the VIEs and the restricted cash held by TMCC serve as the sole source of repayment for the asset-backed securities issued by these entities. Investors in the notes issued by the VIEs do not have recourse to us or our other assets, with the exception of customary representation and warranty repurchase provisions and indemnities. As the primary beneficiary of these entities, we are exposed to credit, residual value, interest rate, and prepayment risk from the Securitized Assets 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. Note 10 – Variable Interest Entities (Continued) This arrangement enables the special purpose entities to mitigate the interest rate risk inherent in issuing variable rate debt that is secured by fixed rate Securitized Assets. The transfers of the Securitized Assets to the special purpose entities in our securitizations are considered to be sales for legal purposes. However, the Securitized Assets and the related debt remain on our Consolidated Balance Sheet. We recognize financing revenue on the Securitized Assets and interest expense on the secured debt issued by the special purpose entities. We also maintain an allowance for credit losses on the Securitized Assets to cover estimated probable credit losses using a methodology consistent with that used for our non-securitized asset portfolio. The interest rate swaps between TMCC and the special purpose entities are considered intercompany transactions and therefore are eliminated in our consolidated financial statements. Non-consolidated Variable Interest Entities We provide lending to Toyota dealers through the Toyota Dealer Investment Group’s Dealer Capital Program (“TDIG Program”) operated by our affiliate TMS, which has an equity position in these dealerships. Dealers participating in this program have been determined to be VIEs. We do not consolidate the dealerships in this program as we are not the primary beneficiary and any exposure to loss is limited to the amount of the credit facility. At September 30, 2015 and March 31, 2015, amounts due from these dealers under the TDIG Program that are classified as finance receivables, net in the Consolidated Balance Sheet and revenues received during the three and six months ended September 30, 2015 and 2014 were not significant. We also have other lending relationships, which have been determined to be VIEs, but these relationships are not consolidated as we are not the primary beneficiary. Amounts due under these relationships were not significant. |
Liquidity Facilities and Letter
Liquidity Facilities and Letters of Credit | 6 Months Ended |
Sep. 30, 2015 | |
Line Of Credit Facility [Abstract] | |
Liquidity Facilities and Letters of Credit | Note 11 – Liquidity Facilities and Letters of Credit For additional liquidity purposes, we maintain syndicated bank credit facilities with certain banks. 364 Day Credit Agreement, Three Year Credit Agreement and Five Year Credit Agreement In November 2014, TMCC, Toyota Credit de Puerto Rico Corp. (“TCPR”) and other Toyota affiliates entered into a $5.0 billion 364 day syndicated bank credit facility, a $5.0 billion three year syndicated bank credit facility and a $5.0 billion five year syndicated bank credit facility, expiring in fiscal 2016, 2018, and 2020, respectively. The ability to make draws is subject to covenants and conditions customary in transactions of this nature, including negative pledge provisions, cross-default provisions and limitations on certain consolidations, mergers and sales of assets. These agreements may be used for general corporate purposes and none were drawn upon as of September 30, 2015 and March 31, 2015. We are in compliance with the covenants and conditions of the credit agreements described above. Other Unsecured Credit Agreements TMCC has entered into additional unsecured credit facilities with various banks. As of September 30, 2015, TMCC had committed bank credit facilities totaling $5.5 billion of which $1.9 billion, $850 million, $1.9 billion, $450 million and $375 million mature in fiscal 2016, 2017, 2018, 2019 and 2020, respectively. These credit agreements contain covenants and conditions customary in transactions of this nature, including negative pledge provisions, cross-default provisions and limitations on certain consolidations, mergers and sales of assets. These credit facilities were not drawn upon as of September 30, 2015 and March 31, 2015. We are in compliance with the covenants and conditions of the credit agreements described above. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Sep. 30, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12 – Commitments and Contingencies Commitments and Guarantees We have entered into certain commitments and guarantees for which the maximum unfunded amounts are summarized in the table below: September 30, 2015 March 31, 2015 Commitments: Credit facilities commitments with vehicle and industrial equipment dealers $ 1,311 $ 1,137 Minimum lease commitments 60 60 Total commitments 1,371 1,197 Guarantees of affiliate pollution control and solid waste disposal bonds 100 100 Total commitments and guarantees $ 1,471 $ 1,297 Wholesale financing demand note facilities are not considered to be contractual commitments as they are not binding arrangements under which TMCC is required to perform. We are party to a 15-year lease agreement, which expires in 2018, with TMS for our headquarters location in the TMS headquarters complex in Torrance, California. Minimum lease commitments include $20 million and $23 million for facilities leases with affiliates at September 30, 2015 and March 31, 2015, respectively. At September 30, 2015, minimum future commitments under lease agreements to which we are a lessee, including those under the TMS lease, are as follows: Future Years ending March 31, lease 2016 $ 10 2017 21 2018 16 2019 8 2020 3 Thereafter 2 Total $ 60 Commitments We provide fixed and variable rate credit facilities to vehicle and industrial equipment dealers. These credit facilities are typically used for facilities refurbishment, real estate purchases, and working capital requirements. These loans are generally collateralized with liens on real estate, vehicle inventory, and/or other dealership assets, as appropriate. We obtain a personal guarantee from the vehicle or industrial equipment dealer or a corporate guarantee from the dealership when deemed prudent. Although the loans are typically collateralized or guaranteed, the value of the underlying collateral or guarantees may not be sufficient to cover our exposure under such agreements. Our credit facility pricing reflects market conditions, the competitive environment, the level of dealer support required for the facility, and the credit worthiness of each dealer. Amounts drawn under these facilities are reviewed for collectability on a quarterly basis, in conjunction with our evaluation of the allowance for credit losses. We also provide financing to various multi-franchise dealer organizations, often as part of a lending consortium, for wholesale, working capital, real estate, and business acquisitions. On April 28, 2014, the Company announced that our corporate headquarters will move from Torrance, California to Plano, Texas beginning in 2017 as part of TMC’s planned consolidation of its three North American headquarters for manufacturing, sales and marketing to a single new headquarters facility. To date, the Company has not incurred any significant costs related to employees, lease termination or other related relocation expenses as a result of this planned headquarters move. These moving costs are currently estimated to be approximately $80 million and will be expensed as incurred over the next several years. Note 12 – Commitments and Contingencies (Continued) Guarantees and Other Contingencies TMCC has guaranteed bond obligations totaling $100 million in principal that were issued by Putnam County, West Virginia and Gibson County, Indiana to finance the construction of pollution control facilities at manufacturing plants of certain TMCC affiliates. The bonds mature in the following fiscal years ending March 31: 2028 - $20 million; 2029 - $50 million; 2030 - $10 million; 2031 - $10 million; and 2032 - $10 million. TMCC would be required to perform under the guarantees in the event of non-payment on the bonds and other related obligations. TMCC is entitled to reimbursement by the affiliates for any amounts paid. TMCC receives an annual fee of $78 thousand for guaranteeing such payments. TMCC has not been required to perform under any of these affiliate bond guarantees as of September 30, 2015 and March 31, 2015. Indemnification In the ordinary course of business, we enter into agreements containing indemnification provisions standard in the industry related to several types of transactions, including, but not limited to, debt funding, derivatives, securitization transactions, and our vendor and supplier agreements. Performance under these indemnities would occur upon a breach of the representations, warranties or covenants made or given, or a third party claim. In addition, we have agreed in certain debt and derivative issuances, and subject to certain exceptions, to gross-up payments due to third parties in the event that withholding tax is imposed on such payments. In addition, certain of our funding arrangements may require us to pay lenders for increased costs due to certain changes in laws or regulations. Due to the difficulty in predicting events which could cause a breach of the indemnification provisions or trigger a gross-up or other payment obligation, we are not able to estimate our maximum exposure to future payments that could result from claims made under such provisions. We have not made any material payments in the past as a result of these provisions, and as of September 30, 2015, we determined that it is not probable that we will be required to make any material payments in the future. As of September 30, 2015 and March 31, 2015, 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. We perform periodic reviews of pending claims and actions to determine the probability of adverse verdicts and resulting amounts of liability. We establish accruals for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. When we are able, we also determine estimates of reasonably possible loss or range of loss, whether in excess of any related accrued liability or where there is no accrued liability. Given the inherent uncertainty associated with legal matters, the actual costs of resolving legal claims and associated costs of defense may be substantially higher or lower than the amounts for which accruals have been established. Based on available information and established accruals, we do not believe it is reasonably possible that the results of these proceedings, either individually or in the aggregate, will have a material adverse effect on our consolidated financial condition or results of operations. As previously disclosed, we continue to engage in communications with the Consumer Financial Protection Bureau and the U.S. Department of Justice (together, the “Agencies”) regarding our purchases of auto finance contracts from dealers and related discretionary dealer compensation practices. As of September 30, 2015, we have recorded as a loss contingency an amount that was not material to our consolidated financial condition or results of operations. Based on the current state of discussions with the Agencies, we believe the range of reasonably possible losses in excess of the amount accrued is not material. We are continuing discussions with the Agencies and intend to achieve a voluntary resolution to these matters. However, if such resolution does not occur, we may be subject to an enforcement action. In addition, we have received a request for documents and information from the New York State Department of Financial Services relating to our lending practices (including fair lending), and we are fully cooperating with this request. We cannot predict the outcome of this request given its preliminary status. |
Income Taxes
Income Taxes | 6 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 13 – Income Taxes Our effective tax rate was 37 percent for the first half of fiscal 2016 and fiscal 2015, respectively and 38 percent for the second quarter of fiscal 2016 and fiscal 2015, respectively. Our provision for income taxes for the three and six months ended September 30, 2015 was $161 million and $231 million, respectively, compared to $176 million and $389 million for the same periods in fiscal 2015. The decrease in the provision is consistent with the decrease in our income before tax for the first half and second quarter of fiscal 2016 compared to the same periods in fiscal 2015. Tax-related Contingencies As of September 30, 2015, we remain under IRS examination for fiscal 2016 and 2015. The IRS examination for fiscal 2014 was concluded in the second quarter of fiscal 2016. We periodically review our uncertain tax positions. Our assessment is based on many factors including the ongoing IRS audits. For the quarter ended September 30, 2015, our assessment did not result in a material change in unrecognized tax benefits. Our deferred tax assets were $2.1 billion and $2.2 billion at September 30, 2015 and March 31, 2015, and were primarily due to the deferred deduction of allowance for credit losses and cumulative federal tax loss carryforwards that expire in varying amounts beginning in fiscal 2029 through fiscal 2036. The total deferred tax liability at September 30, 2015, net of these deferred tax assets, was $7.7 billion compared with $7.5 billion at March 31, 2015. Realization with respect to the federal tax loss carryforwards is dependent on sufficient income prior to expiration of the loss carryforwards. Although realization is not assured, management believes it is more likely than not that the deferred tax assets will be realized. The amount of the deferred tax assets considered realizable could be reduced if management’s estimates change. In October 2015, TMCC sold its commercial finance business to TICF. Pursuant to an agreement with TICF, TMCC will recognize a taxable gain that will result in a federal and state income tax liability in the third quarter of fiscal 2016. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 14 – Related Party Transactions As of September 30, 2015, there were no material changes to our related party agreements or relationships as described in our fiscal 2015 Form 10-K. The tables below summarize amounts included in our Consolidated Statement of Income and in our Consolidated Balance Sheet under various related party agreements or relationships: Three Months Ended Six Months Ended September 30, September 30, 2015 2014 2015 2014 Net financing revenues: Manufacturers’ subvention support and other revenues $ 330 $ 296 $ 647 $ 569 Origination costs paid to affiliates $ (1 ) $ - $ (1 ) $ - Credit support fees incurred $ (23 ) $ (22 ) $ (45 ) $ (43 ) Interest and other expenses paid to affiliates $ - $ - $ (2 ) $ (1 ) Insurance earned premiums and contract revenues: Affiliate insurance premiums and contract revenues $ 33 $ 33 $ 65 $ 65 Investments and other income, net: Interest earned on notes receivable from affiliates $ 2 $ 1 $ 3 $ 2 Expenses: Shared services charges and other expenses $ 13 $ 16 $ 27 $ 32 Employee benefits expense $ 8 $ 7 $ 16 $ 13 Note 14 – Related Party Transactions (Continued) September 30, 2015 March 31, 2015 Assets: Investments in marketable securities Investments in affiliates’ commercial paper $ 20 $ 37 Finance receivables, net Accounts receivable from affiliates $ 102 $ 83 Direct finance lease receivables from affiliates $ - $ 6 Notes receivable under home loan programs $ 10 $ 11 Deferred retail origination costs paid to affiliates $ 1 $ 1 Deferred retail subvention income from affiliates $ (837 ) $ (802 ) Investments in operating leases, net Leases to affiliates $ 2 $ 7 Deferred lease origination costs paid to affiliates $ 1 $ 1 Deferred lease subvention income from affiliates $ (1,058 ) $ (950 ) Other assets Notes receivable from affiliates $ 1,007 $ 1,184 Other receivables from affiliates $ 10 $ 6 Subvention support receivable from affiliates $ 175 $ 126 Assets held-for-sale $ 57 $ - Liabilities: Other liabilities Unearned affiliate insurance premiums and contract revenues $ 260 $ 252 Accounts payable to affiliates $ 80 $ 136 Notes payable to affiliates $ 25 $ 24 Shareholder’s Equity: Stock-based compensation $ 2 $ 2 In August 2015, certain assets and liabilities related to the commercial finance business were reclassified to held-for-sale. In September 2015, TMCC entered into a promissory note with Toyota Financial Services Securities USA Corporation, an affiliate, under which TMCC can borrow up to $15 million. As of September 30, 2015, no amounts have been borrowed on this promissory note. |
Segment Information
Segment Information | 6 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | Note 15 – Segment Information Financial information for our reportable operating segments is summarized as follows (dollars in millions): Three Months Ended September 30, 2015 Finance Insurance Intercompany operations operations eliminations Total Total financing revenues $ 2,353 $ - $ - $ 2,353 Insurance earned premiums and contract revenues - 178 - 178 Investment and other income, net 22 (8 ) - 14 Total gross revenues 2,375 170 - 2,545 Less: Depreciation on operating leases 1,446 - - 1,446 Interest expense 203 - - 203 Provision for credit losses 105 - - 105 Operating and administrative expenses 225 62 - 287 Insurance losses and loss adjustment expenses - 78 - 78 Provision for income taxes 150 11 - 161 Net income $ 246 $ 19 $ - $ 265 Six Months Ended September 30, 2015 Finance Insurance Intercompany operations operations eliminations Total Total financing revenues $ 4,608 $ - $ - $ 4,608 Insurance earned premiums and contract revenues - 352 - 352 Investment and other income, net 43 9 - 52 Total gross revenues 4,651 361 - 5,012 Less: Depreciation on operating leases 2,806 - - 2,806 Interest expense 711 - - 711 Provision for credit losses 150 - - 150 Operating and administrative expenses 434 123 - 557 Insurance losses and loss adjustment expenses - 157 - 157 Provision for income taxes 201 30 - 231 Net income $ 349 $ 51 $ - $ 400 Total assets at September 30, 2015 $ 112,166 $ 4,046 $ (1,021 ) $ 115,191 Note 15 – Segment Information (Continued) Three Months Ended September 30, 2014 Finance Insurance Intercompany operations operations eliminations Total Total financing revenues $ 2,057 $ - $ - $ 2,057 Insurance earned premiums and contract revenues - 160 - 160 Investment and other income, net 27 33 - 60 Total gross revenues 2,084 193 - 2,277 Less: Depreciation on operating leases 1,196 - - 1,196 Interest expense 215 - - 215 Provision for credit losses 79 - - 79 Operating and administrative expenses 200 53 - 253 Insurance losses and loss adjustment expenses - 67 - 67 Provision for income taxes 149 27 - 176 Net income $ 245 $ 46 $ - $ 291 Six Months Ended September 30, 2014 Finance Insurance Intercompany operations operations eliminations Total Total financing revenues $ 4,017 $ - $ - $ 4,017 Insurance earned premiums and contract revenues - 313 - 313 Investment and other income, net 47 48 - 95 Total gross revenues 4,064 361 - 4,425 Less: Depreciation on operating leases 2,296 - - 2,296 Interest expense 345 - - 345 Provision for credit losses 117 - - 117 Operating and administrative expenses 380 106 - 486 Insurance losses and loss adjustment expenses - 137 - 137 Provision for income taxes 345 44 - 389 Net income $ 581 $ 74 $ - $ 655 Total assets at September 30, 2014 $ 103,307 $ 3,602 $ (894 ) $ 106,015 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 16 – Subsequent Events On October 1, 2015, we completed the sale of our commercial finance business to TICF for cash proceeds of $2.3 billion, which is subject to post-closing purchase price adjustments. The transaction resulted in a gain of approximately $197 million, which will be reflected in our results of operations in the third quarter of fiscal 2016. As part of this transaction, we entered into an Expense Reimbursement Agreement with TICF relating to certain expenses incurred by TMCC and a Transition Services Agreement relating to certain post-close services to be provided by TMCC to TICF. See Note 8 – Other Assets and Other Liabilities of the Notes to Consolidated Financial Statements for additional information. |
Interim Financial Data (Policie
Interim Financial Data (Policies) | 6 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The information furnished in these unaudited interim financial statements for the three and six months ended September 30, 2015 and 2014 has been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). In the opinion of management, the unaudited financial information reflects all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. The results of operations for the three and six months ended September 30, 2015 do not necessarily indicate the results which may be expected for the full fiscal year ending March 31, 2016 (“fiscal 2016”). These financial statements should be read in conjunction with the Consolidated Financial Statements, significant accounting policies, and other notes to the Consolidated Financial Statements included in Toyota Motor Credit Corporation’s Annual Report on Form 10-K (“Form 10-K”) for the fiscal year ended March 31, 2015 (“fiscal 2015”), which was filed with the Securities and Exchange Commission on June 2, 2015. References herein to “TMCC” denote Toyota Motor Credit Corporation, and references herein to “we”, “our”, and “us” denote Toyota Motor Credit Corporation and its consolidated subsidiaries. Certain prior period amounts have been reclassified to conform to the current period presentation. Related party transactions presented in the Consolidated Financial Statements are disclosed in Note 14 – Related Party Transactions of the Notes to Consolidated Financial Statements. |
Assets Held-for-Sale | Assets Held-for-Sale As of August 31, 2015, we reclassified certain assets and liabilities related to our industrial equipment retail, lease and dealer portfolios (hereinafter the “commercial finance business” or “disposal group”) to held-for-sale as all of the following criteria were met: management, having the authority to approve the action, committed to a plan to sell the disposal group; the disposal group was available for immediate sale in its present condition subject only to terms that are usual and customary; we located a buyer; the sale of the disposal group was determined to be probable, and transfer of the disposal group was expected to qualify for recognition as a completed sale within one year; the disposal group was actively marketed for sale at a price that was reasonable in relation to its current fair value; and actions required to complete the plan indicate that it was unlikely significant changes to the plan would be made or that the plan would be withdrawn. We initially measure a long-lived asset or disposal group that is classified as held-for-sale at the lower of its carrying value or fair value less any costs to sell. Any loss resulting from this measurement is recognized in the period in which the held-for-sale criteria are met. Conversely, gains are not recognized on the sale of a long-lived asset or disposal group until the date of sale. We assess the fair value of a long-lived asset or disposal group, less any costs to sell, each reporting period it remains classified as held-for-sale. We report any subsequent changes as an adjustment to the carrying value of the asset or disposal group, as long as the new carrying value does not exceed the carrying value of the asset at the time it was initially classified as held-for-sale. Cash flows associated with the assets held-for-sale are reflected as investing activities within the Consolidated Statement of Cash Flows. See Note 8 – Other Assets and Other Liabilities of the Notes to Consolidated Financial Statements for additional detail. |
New Accounting Guidance | New Accounting Guidance In May 2014, the Financial Accounting Standards Board ("FASB") issued new guidance on the recognition of revenue from contracts with customers. This comprehensive standard will supersede virtually all existing revenue recognition guidance. This standard applies to all contracts with customers except leases, insurance contracts, financial instruments, guarantees, and certain nonmonetary exchanges. In August 2015, the FASB issued a one-year deferral of the effective date, with early adoption as of the original effective date permitted. We expect to adopt the new guidance on its deferred effective date, which is April 1, 2018 for TMCC. We are currently evaluating the potential impact of this guidance on our consolidated financial statements. In February 2015, the FASB issued new guidance that amends the analysis a reporting entity must perform to determine whether it should consolidate certain legal entities. This accounting guidance is effective for us on April 1, 2016. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In April 2015, the FASB issued new guidance that requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. In August 2015, the FASB issued an additional update which clarifies that debt issuance costs for line of credit agreements may continue to be deferred and amortized. This accounting guidance will be effective for us on April 1, 2016. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In April 2015, the FASB issued new guidance to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. While similar guidance exists under current US GAAP for cloud service providers, this update provides explicit guidance for a customer's accounting. This accounting guidance will be effective for us on April 1, 2016. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In May 2015, the FASB issued new guidance that removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. This accounting guidance is limited to footnote disclosure and will be effective for us on April 1, 2016. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In May 2015, the FASB issued new guidance that requires additional disclosures related to short-duration insurance contracts. This accounting guidance will be effective for us for the annual period beginning April 1, 2016 and for interim periods within annual periods beginning April 1, 2017. We are currently evaluating the potential impact of this guidance on our consolidated financial statements. |
Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance In April 2015, new FASB accounting guidance became effective that amends the requirements for the reporting of discontinued operations and requires certain additional disclosures. Under the new guidance, only disposals that represent a strategic shift and that have (or will have) a major effect on an entity’s operations and financial results should be presented as discontinued operations. This guidance was adopted by us in August 2015 when we reclassified certain assets and liabilities related to our commercial finance business as held-for-sale. As the sale of our commercial finance business did not represent a strategic shift that will have a major effect on our operations and financial results, it did not meet the criteria to be presented as a discontinued operation. Our adoption of this guidance did not have a material impact on our consolidated financial statements. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Sep. 30, 2015 | |
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. As of September 30, 2015 Counterparty netting & Fair Level 1 Level 2 Level 3 collateral value Cash equivalents: Money market instruments $ 800 $ 957 $ - $ - $ 1,757 Certificates of deposit - 2,750 - - 2,750 Commercial paper - 20 - - 20 Corporate debt securities - 39 - - 39 Cash equivalents total 800 3,766 - - 4,566 Available-for-sale securities: Debt instruments: U.S. government and agency obligations 3,284 72 2 - 3,358 Municipal debt securities - 11 - - 11 Certificates of deposit 400 - - - 400 Commercial paper - 124 - - 124 Corporate debt securities 10 213 8 - 231 Mortgage-backed securities: U.S. government agency - 52 - - 52 Non-agency residential - - 4 - 4 Non-agency commercial - - 41 - 41 Asset-backed securities - - 36 - 36 Equity instruments: Fixed income mutual funds: Short-term floating NAV fund II - 53 - - 53 U.S. government sector fund - 324 - - 324 Municipal sector fund - 20 - - 20 Investment grade corporate sector fund - 264 - - 264 High-yield sector fund - 101 - - 101 Real return sector fund - 225 - - 225 Mortgage sector fund - 430 - - 430 Asset-backed securities sector fund - 73 - - 73 Emerging market sector fund - 119 - - 119 International sector fund - 150 - - 150 Equity mutual fund 394 - - - 394 Available-for-sale securities total 4,088 2,231 91 - 6,410 Derivative assets: Foreign currency swaps - 191 10 - 201 Interest rate swaps - 554 1 - 555 Counterparty netting and collateral - - - (705 ) (705 ) Derivative assets total - 745 11 (705 ) 51 Assets at fair value 4,888 6,742 102 (705 ) 11,027 Derivative liabilities: Foreign currency swaps - (1,721 ) - - (1,721 ) Interest rate swaps - (512 ) (2 ) - (514 ) Counterparty netting and collateral - - - 2,180 2,180 Liabilities at fair value - (2,233 ) (2 ) 2,180 (55 ) Net assets at fair value $ 4,888 $ 4,509 $ 100 $ 1,475 $ 10,972 As of March 31, 2015 Counterparty netting & Fair Level 1 Level 2 Level 3 collateral value Cash equivalents: Money market instruments $ 249 $ 820 $ - $ - $ 1,069 U.S. government and agency obligations 40 - - - 40 Certificates of deposit - 1,105 - - 1,105 Cash equivalents total 289 1,925 - - 2,214 Available-for-sale securities: Debt instruments: U.S. government and agency obligations 4,215 142 2 - 4,359 Municipal debt securities - 12 - - 12 Certificates of deposit - 175 - - 175 Commercial paper 37 - - - 37 Corporate debt securities - 131 14 - 145 Mortgage-backed securities: U.S. government agency - 59 - - 59 Non-agency residential - - 4 - 4 Non-agency commercial - - 44 - 44 Asset-backed securities - - 39 - 39 Equity instruments: Fixed income mutual funds: Short-term floating NAV fund II - 148 - - 148 Short-term sector fund - 37 - - 37 U.S. government sector fund - 335 - - 335 Municipal sector fund - 20 - - 20 Investment grade corporate sector fund - 268 - - 268 High-yield sector fund - 55 - - 55 Real return sector fund - 232 - - 232 Mortgage sector fund - 399 - - 399 Asset-backed securities sector fund - 72 - - 72 Emerging market sector fund - 71 - - 71 International sector fund - 160 - - 160 Equity mutual fund 460 - - - 460 Available-for-sale securities total 4,712 2,316 103 - 7,131 Derivative assets: Foreign currency swaps - 210 7 - 217 Interest rate swaps - 470 1 - 471 Counterparty netting and collateral - - - (635 ) (635 ) Derivative assets total - 680 8 (635 ) 53 Assets at fair value 5,001 4,921 111 (635 ) 9,398 Derivative liabilities: Foreign currency swaps - (1,888 ) - - (1,888 ) Interest rate swaps - (386 ) - - (386 ) Counterparty netting and collateral - - - 2,184 2,184 Liabilities at fair value - (2,274 ) - 2,184 (90 ) Net assets at fair value $ 5,001 $ 2,647 $ 111 $ 1,549 $ 9,308 |
Assets and Liabilities Measured on Recurring Basis Using Significant Unobservable Inputs | The following tables summarize the reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs: Three Months Ended September 30, 2015 Total net assets Available-for-sale securities Derivative instruments, net (liabilities) U.S. Total Total government Corporate Mortgage- Asset- available- Interest Foreign derivative and agency debt backed backed for-sale rate currency assets obligations securities securities securities securities swaps swaps (liabilities) Fair value, July 1, 2015 $ 2 $ 8 $ 46 $ 37 $ 93 $ 1 $ 30 $ 31 $ 124 Total gains (losses) Included in earnings - - - - - (1 ) (20 ) (21 ) (21 ) Included in other comprehensive income - - - - - - - - - Purchases, issuances, sales, and settlements Purchases - - - - - - - - - Issuances - - - - - - - - - Sales - - - - - - - - - Settlements - - (1 ) (1 ) (2 ) (1 ) - (1 ) (3 ) Transfers in to Level 3 - - - - - - - - - Transfers out of Level 3 - - - - - - - - - Fair value, September 30, 2015 $ 2 $ 8 $ 45 $ 36 $ 91 $ (1 ) $ 10 $ 9 $ 100 The amount of total (losses) included in earnings attributable to assets held at the reporting date $ (1 ) $ (20 ) (21 ) (21 ) Three Months Ended September 30, 2014 Total net assets Available-for-sale securities Derivative instruments, net (liabilities) U.S. Total Total government Corporate Mortgage- Asset- available- Interest Foreign derivative and agency debt backed backed for-sale rate currency assets (Dollars in millions) obligations securities securities securities securities swaps swaps (liabilities) Fair value, July 1, 2014 $ 2 $ 12 $ 45 $ 29 $ 88 $ 3 $ 78 $ 81 $ 169 Total gains (losses) Included in earnings - - - - - (1 ) (25 ) (26 ) (26 ) Included in other comprehensive income - - - - - - - - - Purchases, issuances, sales, and settlements Purchases - 3 11 3 17 - - - 17 Issuances - - - - - - - - - Sales - (3 ) (5 ) - (8 ) - - - (8 ) Settlements - - (1 ) (2 ) (3 ) - - - (3 ) Transfers in to Level 3 - - - - - - - - - Transfers out of Level 3 - - - - - - - - - Fair value, September 30, 2014 $ 2 $ 12 $ 50 $ 30 $ 94 $ 2 $ 53 $ 55 $ 149 The amount of total (losses) included in earnings attributable to assets held at the reporting date $ (1 ) $ (25 ) $ (26 ) $ (26 ) Six Months Ended September 30, 2015 Total net assets Available-for-sale securities Derivative instruments, net (liabilities) U.S. Total Total government Corporate Mortgage- Asset- available- Interest Foreign derivative and agency debt backed backed for-sale rate currency assets obligations securities securities securities securities swaps swaps (liabilities) Fair value, April 1, 2015 $ 2 $ 14 $ 48 $ 39 $ 103 $ 1 $ 7 $ 8 $ 111 Total gains (losses) Included in earnings - - - - - (1 ) 7 6 6 Included in other comprehensive income - - (1 ) - (1 ) - - - (1 ) Purchases, issuances, sales, and settlements - - Purchases - - - - - - - - - Issuances - - - - - - - - - Sales - (2 ) - (1 ) (3 ) - - - (3 ) Settlements - - (2 ) (2 ) (4 ) (1 ) (4 ) (5 ) (9 ) Transfers in to Level 3 - - - - - - - - - Transfers out of Level 3 - (4 ) - - (4 ) - - - (4 ) Fair value, September 30, 2015 $ 2 $ 8 $ 45 $ 36 $ 91 $ (1 ) $ 10 $ 9 $ 100 The amount of total (losses) gains included in earnings attributable to assets held at the reporting date $ (1 ) $ 7 $ 6 $ 6 Six Months Ended September 30, 2014 Total net assets Available-for-sale securities Derivative instruments, net (liabilities) U.S. Total Total government Corporate Mortgage- Asset- available- Interest Foreign derivative and agency debt backed backed for-sale rate currency assets (Dollars in millions) obligations securities securities securities securities swaps swaps (liabilities) Fair value, April 1, 2014 $ 2 $ 12 $ 48 $ 27 $ 89 $ 3 $ 70 $ 73 $ 162 Total gains (losses) Included in earnings - - - - - - (12 ) (12 ) (12 ) Included in other comprehensive income - - 1 - 1 - - - 1 Purchases, issuances, sales, and settlements Purchases - 3 12 6 21 - - - 21 Issuances - - - - - - - - - Sales - (3 ) (7 ) - (10 ) - - - (10 ) Settlements - - (4 ) (3 ) (7 ) (1 ) (5 ) (6 ) (13 ) Transfers in to Level 3 - - - - - - - - - Transfers out of Level 3 - - - - - - - - - Fair value, September 30, 2014 $ 2 $ 12 $ 50 $ 30 $ 94 $ 2 $ 53 $ 55 $ 149 The amount of total (losses) included in earnings attributable to assets held at the reporting date $ - $ (12 ) $ (12 ) $ (12 ) |
Financial Assets and Liabilities Not Carried at Fair Value on Recurring Basis in Consolidated Balance Sheet | The following tables provide information about assets and liabilities not carried at fair value on a recurring basis in our Consolidated Balance Sheet: As of September 30, 2015 Carrying Total Fair value Level 1 Level 2 Level 3 Value Financial assets Finance receivables, net Retail loan $ 50,942 $ - $ - $ 50,776 $ 50,776 Wholesale 7,715 - - 7,766 7,766 Real estate 4,513 - - 4,342 4,342 Working capital 1,715 - - 1,682 1,682 Other assets Finance receivables, held-for-sale $ 755 $ - $ - $ 756 $ 756 Financial liabilities Commercial paper $ 27,558 $ - $ 27,558 $ - $ 27,558 Unsecured notes and loans payable 54,275 - 54,138 1,353 55,491 Secured notes and loans payable 13,264 - - 13,246 13,246 As of March 31, 2015 Carrying Total Fair value Level 1 Level 2 Level 3 Value Financial assets Finance receivables, net Retail loan $ 49,734 $ - $ - $ 49,887 $ 49,887 Commercial 217 - - 223 223 Wholesale 9,123 - - 9,176 9,176 Real estate 4,602 - - 4,564 4,564 Working capital 1,815 - - 1,804 1,804 Financial liabilities Commercial paper $ 27,006 $ - $ 27,006 $ - $ 27,006 Unsecured notes and loans payable 52,388 - 53,174 634 53,808 Secured notes and loans payable 10,837 - - 10,832 10,832 |
Investments in Marketable Sec28
Investments in Marketable Securities (Tables) | 6 Months Ended |
Sep. 30, 2015 | |
Marketable Securities [Abstract] | |
Summary of Investments in Marketable Securities | The amortized cost and estimated fair value of investments in marketable securities and related unrealized gains and losses were as follows: September 30, 2015 Amortized Unrealized Unrealized Fair cost gains losses value Available-for-sale securities: Debt instruments: U.S. government and agency obligations $ 3,354 $ 4 $ - $ 3,358 Municipal debt securities 10 1 - 11 Certificates of deposit 400 - - 400 Commercial paper 124 - - 124 Corporate debt securities 231 3 (3 ) 231 Mortgage-backed securities: U.S. government agency 51 1 - 52 Non-agency residential 3 1 - 4 Non-agency commercial 41 1 (1 ) 41 Asset-backed securities 36 - - 36 Equity instruments: Fixed income mutual funds: Short-term floating NAV fund II 53 - - 53 U.S. government sector fund 317 7 - 324 Municipal sector fund 19 1 - 20 Investment grade corporate sector fund 253 11 - 264 High-yield sector fund 97 4 - 101 Real return sector fund 225 - - 225 Mortgage sector fund 420 10 - 430 Asset-backed securities sector fund 64 9 - 73 Emerging market sector fund 119 - - 119 International sector fund 161 - (11 ) 150 Equity mutual fund 175 219 - 394 Total investments in marketable securities $ 6,153 $ 272 $ (15 ) $ 6,410 Note 3 – Investments in Marketable Securities (Continued) March 31, 2015 Amortized Unrealized Unrealized Fair cost gains losses value Available-for-sale securities: Debt instruments: U.S. government and agency obligations $ 4,357 $ 3 $ (1 ) $ 4,359 Municipal debt securities 10 2 - 12 Certificates of deposit 175 - - 175 Commercial paper 37 - - 37 Corporate debt securities 138 7 - 145 Mortgage-backed securities: U.S. government agency 57 2 - 59 Non-agency residential 3 1 - 4 Non-agency commercial 43 1 - 44 Asset-backed securities 39 - - 39 Equity instruments: Fixed income mutual funds: Short-term floating NAV fund II 148 - - 148 Short-term sector fund 35 2 - 37 U.S. government sector fund 311 24 - 335 Municipal sector fund 19 1 - 20 Investment grade corporate sector fund 256 15 (3 ) 268 High-yield sector fund 50 6 (1 ) 55 Real return sector fund 235 - (3 ) 232 Mortgage sector fund 390 9 - 399 Asset-backed securities sector fund 63 9 - 72 Emerging market sector fund 73 - (2 ) 71 International sector fund 146 14 - 160 Equity mutual fund 190 270 - 460 Total investments in marketable securities $ 6,775 $ 366 $ (10 ) $ 7,131 |
Schedule of Realized Gains and Losses on Sales from AFS | The following table represents realized gains and losses by transaction type for the following: Three Months Ended Six Months Ended September 30, September 30, 2015 2014 2015 2014 Available-for-sale securities: Realized gains on sales $ 14 $ 32 $ 26 $ 44 Realized losses on sales $ - $ - $ (1 ) $ - Other-than-temporary impairment $ (35 ) $ - $ (35 ) $ - |
Summary of Contractual Maturities of Available-for-Sale Securities | The amortized cost, fair value, and contractual maturities of available-for-sale debt instruments are summarized in the following table. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations. September 30, 2015 Amortized Fair Value Available-for-sale debt instruments: Due within 1 year $ 3,367 $ 3,367 Due after 1 year through 5 years 591 594 Due after 5 years through 10 years 76 76 Due after 10 years 85 87 Mortgage-backed and asset-backed securities 1 131 133 Total $ 4,250 $ 4,257 1 Mortgage-backed and asset-backed securities are shown separately from other maturity groupings as these securities do not have a single maturity date. |
Finance Receivables, Net (Table
Finance Receivables, Net (Tables) | 6 Months Ended |
Sep. 30, 2015 | |
Receivables [Abstract] | |
Net Financing Receivables | Finance receivables, net consisted of the following: September 30, 2015 March 31, 2015 Retail receivables $ 36,612 $ 39,141 Securitized retail receivables 14,871 11,682 Dealer financing 14,170 15,744 65,653 66,567 Deferred origination (fees) and costs, net 667 646 Deferred income (921 ) (911 ) Allowance for credit losses Retail and securitized retail receivables (263 ) (301 ) Dealer financing (114 ) (108 ) Total allowance for credit losses (377 ) (409 ) Finance receivables, net $ 65,022 $ 65,893 |
Finance Receivable Credit Quality Indicators | The tables below present each credit quality indicator by class of finance receivable: Retail Loan Commercial September 30, 2015 March 31, 2015 September 30, 2015 March 31, 2015 Aging of finance receivables: Current $ 50,621 $ 49,684 $ - $ 511 30-59 days past due 631 467 - 8 60-89 days past due 154 100 - 2 90 days or greater past due 77 51 - - Total $ 51,483 $ 50,302 $ - $ 521 Wholesale Real Estate Working Capital September 30, 2015 March 31, 2015 September 30, 2015 March 31, 2015 September 30, 2015 March 31, 2015 Credit quality indicators: Performing $ 6,913 $ 7,993 $ 3,861 $ 3,782 $ 1,564 $ 1,643 Credit Watch 794 1,137 676 842 166 176 At Risk 67 60 31 37 30 32 Default 18 36 45 4 5 2 Total $ 7,792 $ 9,226 $ 4,613 $ 4,665 $ 1,765 $ 1,853 |
Summary of Investment in Impaired Loans by Class of Finance Receivable | Impaired Finance Receivables The following table summarizes the information related to our impaired loans by class of finance receivables: Impaired Individually Evaluated Finance Receivables Unpaid Principal Balance Allowance September 30, March 31, September 30, March 31, September 30, March 31, 2015 2015 2015 2015 2015 2015 Impaired account balances individually evaluated for impairment with an allowance: Wholesale $ 76 $ 76 $ 76 $ 76 $ 11 $ 14 Real estate 86 52 86 52 13 10 Working capital 33 34 33 34 30 31 Total $ 195 $ 162 $ 195 $ 162 $ 54 $ 55 Impaired account balances individually evaluated for impairment without an allowance: Wholesale $ 108 $ 105 $ 108 $ 105 Real estate 90 91 90 91 Working capital 4 2 4 2 Total $ 202 $ 198 $ 202 $ 198 Impaired account balances aggregated and evaluated for impairment: Retail loan $ 245 $ 264 $ 241 $ 261 Commercial - - - - Total $ 245 $ 264 $ 241 $ 261 Total impaired account balances: Retail loan $ 245 $ 264 $ 241 $ 261 Commercial - - - - Wholesale 184 181 184 181 Real estate 176 143 176 143 Working capital 37 36 37 36 Total $ 642 $ 624 $ 638 $ 621 Average Impaired Finance Interest Income Recognized Three Months Ended September 30, Six Months Ended September 30, Three Months Ended September 30, Six Months Ended September 30, 2015 2014 2015 2014 2015 2014 2015 2014 Impaired account balances individually evaluated for impairment with an allowance: Wholesale $ 88 $ 20 $ 84 $ 17 $ 1 $ - $ 1 $ - Real estate 88 20 76 23 - - 1 - Working capital 35 23 35 23 1 1 1 1 Total $ 211 $ 63 $ 195 $ 63 $ 2 $ 1 $ 3 $ 1 Impaired account balances individually evaluated for impairment without an allowance: Wholesale $ 104 $ 51 $ 105 $ 51 $ 1 $ - $ 1 $ - Real estate 85 96 87 94 1 1 2 2 Working capital 4 3 3 3 - - - - Total $ 193 $ 150 $ 195 $ 148 $ 2 $ 1 $ 3 $ 2 Impaired account balances aggregated and evaluated for impairment: Retail loan $ 252 $ 302 $ 256 $ 309 $ 4 $ 6 $ 9 $ 12 Commercial - 1 - 1 - - - - Total $ 252 $ 303 $ 256 $ 310 $ 4 $ 6 $ 9 $ 12 Total impaired account balances: Retail loan $ 252 $ 302 $ 256 $ 309 $ 4 $ 6 $ 9 $ 12 Commercial - 1 - 1 - - - - Wholesale 192 71 189 68 2 - 2 - Real estate 173 116 163 117 1 1 3 2 Working capital 39 26 38 26 1 1 1 1 Total $ 656 $ 516 $ 646 $ 521 $ 8 $ 8 $ 15 $ 15 |
Investments in Operating Leas30
Investments in Operating Leases, Net (Tables) | 6 Months Ended |
Sep. 30, 2015 | |
Leases Operating [Abstract] | |
Investments in Operating Leases, Net | Investments in operating leases, net consisted of the following: September 30, 2015 March 31, 2015 Investments in operating leases $ 40,897 $ 37,555 Securitized investments in operating leases 1,242 1,571 42,139 39,126 Deferred origination (fees) and costs, net (191 ) (169 ) Deferred income (1,080 ) (968 ) Accumulated depreciation (7,031 ) (6,785 ) Allowance for credit losses (96 ) (76 ) Investments in operating leases, net $ 33,741 $ 31,128 As of August 31, 2015, investments in operating leases related to our commercial finance business were reclassified as held-for-sale. See Note 8 – Other Assets and Other Liabilities of the Notes to Consolidated Financial Statements for additional detail. |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 6 Months Ended |
Sep. 30, 2015 | |
Loans And Leases Receivable Disclosure [Abstract] | |
Allowance for Credit Losses on Finance Receivables and Investments in Operating Leases | The following table provides information related to our allowance for credit losses on finance receivables and investments in operating leases: Three Months Ended Six Months Ended September 30, September 30, 2015 2014 2015 2014 Allowance for credit losses at beginning of period $ 467 $ 447 $ 485 $ 454 Provision for credit losses 105 79 150 117 Transferred to held-for-sale (7 ) - (7 ) - Charge-offs, net of recoveries (92 ) (81 ) (155 ) (126 ) Allowance for credit losses at end of period $ 473 $ 445 $ 473 $ 445 |
Allowance for Credit Losses and Finance Receivables by Portfolio Segment | The following tables provide information related to our allowance for credit losses and finance receivables by portfolio segment: Three Months Ended September 30, 2015 Retail Loan Commercial Dealer Total Allowance for Credit Losses for Finance Receivables: Beginning balance, July 1, 2015 $ 279 $ 1 $ 115 $ 395 Charge-offs (82 ) - - (82 ) Recoveries 12 - - 12 Provisions 54 1 3 58 Transferred to held-for-sale - (2 ) (4 ) (6 ) Ending balance, September 30, 2015 $ 263 $ - $ 114 $ 377 Six Months Ended September 30, 2015 Beginning balance, April 1, 2015 $ 299 $ 2 $ 108 $ 409 Charge-offs (142 ) (1 ) - (143 ) Recoveries 27 - - 27 Provisions 79 1 10 90 Transferred to held-for-sale - (2 ) (4 ) (6 ) Ending balance, September 30, 2015 $ 263 $ - $ 114 $ 377 Ending balance: Individually evaluated for impairment $ - $ - $ 54 $ 54 Ending balance: Collectively evaluated for impairment $ 263 $ - $ 60 $ 323 Finance Receivables: Ending balance, September 30, 2015 $ 51,483 $ - $ 14,170 $ 65,653 Ending balance: Individually evaluated for impairment $ - $ - $ 397 $ 397 Ending balance: Collectively evaluated for impairment $ 51,483 $ - $ 13,773 $ 65,256 Three Months Ended September 30, 2014 Retail Loan Commercial Dealer Total Allowance for Credit Losses for Finance Receivables: Beginning balance, July 1, 2014 $ 291 $ 2 $ 88 $ 381 Charge-offs (76 ) (1 ) - (77 ) Recoveries 15 - - 15 Provisions 69 - (7 ) 62 Ending balance, September 30, 2014 $ 299 $ 1 $ 81 $ 381 Six Months Ended September 30, 2014 Beginning balance, April 1, 2014 $ 296 $ 2 $ 88 $ 386 Charge-offs (128 ) (1 ) - (129 ) Recoveries 31 - - 31 Provisions 100 - (7 ) 93 Ending balance, September 30, 2014 $ 299 $ 1 $ 81 $ 381 Ending balance: Individually evaluated for impairment $ - $ - $ 26 $ 26 Ending balance: Collectively evaluated for impairment $ 299 $ 1 $ 55 $ 355 Finance Receivables: Ending balance, September 30, 2014 $ 50,726 $ 481 $ 14,953 $ 66,160 Ending balance: Individually evaluated for impairment $ - $ - $ 206 $ 206 Ending balance: Collectively evaluated for impairment $ 50,726 $ 481 $ 14,747 $ 65,954 |
Past Due Finance Receivables and Investments in Operating Leases | The following table shows aggregate balances of finance receivables and investments in operating leases 60 or more days past due: September 30, 2015 March 31, 2015 Aggregate balances 60 or more days past due Finance receivables $ 231 $ 153 Investments in operating leases 81 52 Total $ 312 $ 205 |
Past Due Finance Receivables by Class | The following tables summarize the aging of finance receivables by class: As of September 30, 2015 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Greater Past Due Total Due Current Total Receivables 90 Days or Greater Due and Accruing Retail loan $ 631 $ 154 $ 77 $ 862 $ 50,621 $ 51,483 $ 53 Wholesale - - - - 7,792 7,792 - Real estate - - - - 4,613 4,613 - Working capital - - - - 1,765 1,765 - Total $ 631 $ 154 $ 77 $ 862 $ 64,791 $ 65,653 $ 53 As of March 31, 2015 30 - 59 Days Past Due 60 - 89 Days Past Due 90 Greater Past Due Total Due Current Total Receivables 90 Greater Due and Accruing Retail loan $ 467 $ 100 $ 51 $ 618 $ 49,684 $ 50,302 $ 32 Commercial 8 2 - 10 511 521 - Wholesale - - - - 9,226 9,226 - Real estate - - - - 4,665 4,665 - Working capital - - - - 1,853 1,853 - Total $ 475 $ 102 $ 51 $ 628 $ 65,939 $ 66,567 $ 32 |
Derivatives, Hedging Activiti32
Derivatives, Hedging Activities and Interest Expense (Tables) | 6 Months Ended |
Sep. 30, 2015 | |
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 in the Consolidated Balance Sheet: As of September 30, 2015 Hedge accounting Non-hedge derivatives accounting Total Fair Fair Fair Notional value Notional value Notional value Other assets Interest rate swaps $ - $ - $ 26,650 $ 555 $ 26,650 $ 555 Foreign currency swaps 271 21 1,399 180 1,670 201 Total $ 271 $ 21 $ 28,049 $ 735 $ 28,320 $ 756 Counterparty netting and collateral held (705 ) Carrying value of derivative contracts – Other assets $ 51 Other liabilities Interest rate swaps $ - $ - $ 68,128 $ 514 $ 68,128 $ 514 Interest rate caps - - 30 - 30 - Foreign currency swaps 251 58 13,830 1,663 14,081 1,721 Total $ 251 $ 58 $ 81,988 $ 2,177 $ 82,239 $ 2,235 Counterparty netting and collateral held (2,180 ) Carrying value of derivative contracts – Other liabilities $ 55 Note 7 – Derivatives, Hedging Activities and Interest Expense (Continued) As of March 31, 2015 Hedge accounting Non-hedge derivatives accounting Total Fair Fair Fair Notional value Notional value Notional value Other Assets Interest rate swaps $ 190 $ 4 $ 26,549 $ 467 $ 26,739 $ 471 Foreign currency swaps 271 24 913 193 1,184 217 Total $ 461 $ 28 $ 27,462 $ 660 $ 27,923 $ 688 Counterparty netting and collateral held (635 ) Carrying value of derivative contracts – Other assets $ 53 Other liabilities Interest rate swaps $ - $ - $ 64,852 $ 386 $ 64,852 $ 386 Interest rate caps - - 50 - 50 - Foreign currency swaps 251 43 12,971 1,845 13,222 1,888 Total $ 251 $ 43 $ 77,873 $ 2,231 $ 78,124 $ 2,274 Counterparty netting and collateral held (2,184 ) Carrying value of derivative contracts – Other liabilities $ 90 |
Derivative Activity Impact on Consolidated Statement of Income | 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 Statement of Income: Three Months Ended Six Months Ended September 30, September 30, 2015 2014 2015 2014 Interest expense on debt $ 307 $ 298 $ 630 $ 619 Interest income on hedge accounting derivatives (4 ) (10 ) (8 ) (25 ) Interest income on non-hedge accounting foreign currency swaps (21 ) (37 ) (55 ) (92 ) Interest expense on non-hedge accounting interest rate swaps 31 27 58 64 Interest expense on debt and derivatives, net 313 278 625 566 Loss on hedge accounting derivatives: Interest rate swaps - 5 - 10 Foreign currency swaps 2 64 17 63 Loss on hedge accounting derivatives 2 69 17 73 Less hedged item: change in fair value of fixed rate debt (3 ) (69 ) (18 ) (73 ) Ineffectiveness related to hedge accounting derivatives (1 ) - (1 ) - (Gain) loss from foreign currency transactions and non-hedge accounting derivatives: (Gain) loss on non-hedge accounting foreign currency transactions (200 ) (867 ) 154 (787 ) Loss (gain) on non-hedge accounting foreign currency swaps 141 866 (93 ) 711 (Gain) loss on non-hedge accounting interest rate swaps (50 ) (62 ) 26 (145 ) Total interest expense $ 203 $ 215 $ 711 $ 345 |
Other Assets and Other Liabil33
Other Assets and Other Liabilities (Tables) | 6 Months Ended |
Sep. 30, 2015 | |
Other Assets And Other Liabilities [Abstract] | |
Other Assets and Other Liabilities | Other assets and other liabilities consisted of the following: September 30, 2015 March 31, 2015 Other assets: Notes receivable from affiliates $ 1,007 $ 1,184 Used vehicles held for sale 225 188 Deferred charges 121 122 Income taxes receivable 5 174 Derivative assets 51 53 Assets held-for-sale 2,127 - Other assets 698 561 Total other assets $ 4,234 $ 2,282 Other liabilities: Unearned insurance premiums and contract revenues $ 1,921 $ 1,825 Derivative liabilities 55 90 Accounts payable and accrued expenses 899 855 Deferred income 441 405 Liabilities held-for-sale 13 - Other liabilities 174 180 Total other liabilities $ 3,503 $ 3,355 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt and Related Weighted Average Contractual Interest Rates | Debt and the related weighted average contractual interest rates are summarized as follows: Weighted average contractual interest rates September 30, March 31, September 30, March 31, 2015 2015 2015 2015 Commercial paper $ 27,558 $ 27,006 0.29 % 0.21 % Unsecured notes and loans payable 54,215 52,307 1.84 % 1.86 % Secured notes and loans payable 13,264 10,837 0.67 % 0.60 % Carrying value adjustment 60 81 Total debt $ 95,097 $ 90,231 1.23 % 1.22 % |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Sep. 30, 2015 | |
Variable Interest Entity Consolidated Carrying Amount Assets And Liabilities [Abstract] | |
Schedule of Variable Interest Entities, Securitization Transactions Assets and Liabilities | The following tables show the assets and liabilities related to our VIE securitization transactions that were included in our financial statements: September 30, 2015 VIE Assets VIE Liabilities Gross Net Restricted Cash Securitized Assets Securitized Assets Other Assets Debt Other Liabilities Retail finance receivables $ 771 $ 14,871 $ 14,659 $ 5 $ 12,656 $ 3 Investments in operating leases 54 1,242 903 25 608 - Total $ 825 $ 16,113 $ 15,562 $ 30 $ 13,264 $ 3 March 31, 2015 VIE Assets VIE Liabilities Gross Net Restricted Cash Securitized Assets Securitized Assets Other Assets Debt Other Liabilities Retail finance receivables $ 730 $ 11,682 $ 11,509 $ 4 $ 9,980 $ 3 Investment in operating leases 54 1,571 1,193 11 857 - Total $ 784 $ 13,253 $ 12,702 $ 15 $ 10,837 $ 3 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Sep. 30, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Guarantees | We have entered into certain commitments and guarantees for which the maximum unfunded amounts are summarized in the table below: September 30, 2015 March 31, 2015 Commitments: Credit facilities commitments with vehicle and industrial equipment dealers $ 1,311 $ 1,137 Minimum lease commitments 60 60 Total commitments 1,371 1,197 Guarantees of affiliate pollution control and solid waste disposal bonds 100 100 Total commitments and guarantees $ 1,471 $ 1,297 |
Future Minimum Lease Payments under Non-cancelable Operating Leases | At September 30, 2015, minimum future commitments under lease agreements to which we are a lessee, including those under the TMS lease, are as follows: Future Years ending March 31, lease 2016 $ 10 2017 21 2018 16 2019 8 2020 3 Thereafter 2 Total $ 60 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Included in Consolidated Statement of Income | Three Months Ended Six Months Ended September 30, September 30, 2015 2014 2015 2014 Net financing revenues: Manufacturers’ subvention support and other revenues $ 330 $ 296 $ 647 $ 569 Origination costs paid to affiliates $ (1 ) $ - $ (1 ) $ - Credit support fees incurred $ (23 ) $ (22 ) $ (45 ) $ (43 ) Interest and other expenses paid to affiliates $ - $ - $ (2 ) $ (1 ) Insurance earned premiums and contract revenues: Affiliate insurance premiums and contract revenues $ 33 $ 33 $ 65 $ 65 Investments and other income, net: Interest earned on notes receivable from affiliates $ 2 $ 1 $ 3 $ 2 Expenses: Shared services charges and other expenses $ 13 $ 16 $ 27 $ 32 Employee benefits expense $ 8 $ 7 $ 16 $ 13 |
Related Party Transactions Included in Consolidated Balance Sheet | September 30, 2015 March 31, 2015 Assets: Investments in marketable securities Investments in affiliates’ commercial paper $ 20 $ 37 Finance receivables, net Accounts receivable from affiliates $ 102 $ 83 Direct finance lease receivables from affiliates $ - $ 6 Notes receivable under home loan programs $ 10 $ 11 Deferred retail origination costs paid to affiliates $ 1 $ 1 Deferred retail subvention income from affiliates $ (837 ) $ (802 ) Investments in operating leases, net Leases to affiliates $ 2 $ 7 Deferred lease origination costs paid to affiliates $ 1 $ 1 Deferred lease subvention income from affiliates $ (1,058 ) $ (950 ) Other assets Notes receivable from affiliates $ 1,007 $ 1,184 Other receivables from affiliates $ 10 $ 6 Subvention support receivable from affiliates $ 175 $ 126 Assets held-for-sale $ 57 $ - Liabilities: Other liabilities Unearned affiliate insurance premiums and contract revenues $ 260 $ 252 Accounts payable to affiliates $ 80 $ 136 Notes payable to affiliates $ 25 $ 24 Shareholder’s Equity: Stock-based compensation $ 2 $ 2 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Sep. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Financial information for our reportable operating segments is summarized as follows (dollars in millions): Three Months Ended September 30, 2015 Finance Insurance Intercompany operations operations eliminations Total Total financing revenues $ 2,353 $ - $ - $ 2,353 Insurance earned premiums and contract revenues - 178 - 178 Investment and other income, net 22 (8 ) - 14 Total gross revenues 2,375 170 - 2,545 Less: Depreciation on operating leases 1,446 - - 1,446 Interest expense 203 - - 203 Provision for credit losses 105 - - 105 Operating and administrative expenses 225 62 - 287 Insurance losses and loss adjustment expenses - 78 - 78 Provision for income taxes 150 11 - 161 Net income $ 246 $ 19 $ - $ 265 Six Months Ended September 30, 2015 Finance Insurance Intercompany operations operations eliminations Total Total financing revenues $ 4,608 $ - $ - $ 4,608 Insurance earned premiums and contract revenues - 352 - 352 Investment and other income, net 43 9 - 52 Total gross revenues 4,651 361 - 5,012 Less: Depreciation on operating leases 2,806 - - 2,806 Interest expense 711 - - 711 Provision for credit losses 150 - - 150 Operating and administrative expenses 434 123 - 557 Insurance losses and loss adjustment expenses - 157 - 157 Provision for income taxes 201 30 - 231 Net income $ 349 $ 51 $ - $ 400 Total assets at September 30, 2015 $ 112,166 $ 4,046 $ (1,021 ) $ 115,191 Note 15 – Segment Information (Continued) Three Months Ended September 30, 2014 Finance Insurance Intercompany operations operations eliminations Total Total financing revenues $ 2,057 $ - $ - $ 2,057 Insurance earned premiums and contract revenues - 160 - 160 Investment and other income, net 27 33 - 60 Total gross revenues 2,084 193 - 2,277 Less: Depreciation on operating leases 1,196 - - 1,196 Interest expense 215 - - 215 Provision for credit losses 79 - - 79 Operating and administrative expenses 200 53 - 253 Insurance losses and loss adjustment expenses - 67 - 67 Provision for income taxes 149 27 - 176 Net income $ 245 $ 46 $ - $ 291 Six Months Ended September 30, 2014 Finance Insurance Intercompany operations operations eliminations Total Total financing revenues $ 4,017 $ - $ - $ 4,017 Insurance earned premiums and contract revenues - 313 - 313 Investment and other income, net 47 48 - 95 Total gross revenues 4,064 361 - 4,425 Less: Depreciation on operating leases 2,296 - - 2,296 Interest expense 345 - - 345 Provision for credit losses 117 - - 117 Operating and administrative expenses 380 106 - 486 Insurance losses and loss adjustment expenses - 137 - 137 Provision for income taxes 345 44 - 389 Net income $ 581 $ 74 $ - $ 655 Total assets at September 30, 2014 $ 103,307 $ 3,602 $ (894 ) $ 106,015 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value On a Recurring Basis (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Mar. 31, 2015 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Debt instruments | $ 4,257 | |
Available-for-sale securities total | 6,410 | $ 7,131 |
Derivative assets | 51 | 53 |
Counterparty netting and collateral | (121) | (145) |
Derivative liabilities | (55) | (90) |
Corporate debt securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Debt instruments | 231 | 145 |
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 instruments | 3,358 | 4,359 |
Municipal debt securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Debt instruments | 11 | 12 |
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 instruments | 52 | 59 |
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 instruments | 4 | 4 |
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 instruments | 41 | 44 |
Asset-backed securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Debt instruments | 36 | 39 |
Fixed income short-term floating NAV fund II [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 53 | 148 |
Fixed income U.S. government sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 324 | 335 |
Fixed income municipal sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 20 | 20 |
Investment Grade Corporate Sector Fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 264 | 268 |
Fixed income high-yield sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 101 | 55 |
Fixed income real return sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 225 | 232 |
Fixed income mortgage sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 430 | 399 |
Fixed income asset-backed securities sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 73 | 72 |
Fixed income emerging market sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 119 | 71 |
Fixed income international sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 150 | 160 |
Fixed income short-term sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 37 | |
Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 4,566 | 2,214 |
Available-for-sale securities total | 6,410 | 7,131 |
Derivative assets | 51 | 53 |
Assets at fair value | 11,027 | 9,398 |
Liabilities at fair value | (55) | (90) |
Net assets at fair value | 10,972 | 9,308 |
Recurring [Member] | Money market instruments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,757 | 1,069 |
Recurring [Member] | Certificates of deposit [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 2,750 | 1,105 |
Available-for-sale securities, Debt instruments | 400 | 175 |
Recurring [Member] | Commercial paper [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 20 | |
Available-for-sale securities, Debt instruments | 124 | 37 |
Recurring [Member] | U.S. government and agency obligations [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 40 | |
Recurring [Member] | Corporate debt securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 39 | |
Available-for-sale securities, Debt instruments | 231 | 145 |
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 instruments | 3,358 | 4,359 |
Recurring [Member] | Municipal debt securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Debt instruments | 11 | 12 |
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 instruments | 52 | 59 |
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 instruments | 4 | 4 |
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 instruments | 41 | 44 |
Recurring [Member] | Asset-backed securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Debt instruments | 36 | 39 |
Recurring [Member] | Fixed income short-term floating NAV fund II [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 53 | 148 |
Recurring [Member] | Fixed income U.S. government sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 324 | 335 |
Recurring [Member] | Fixed income municipal sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 20 | 20 |
Recurring [Member] | Investment Grade Corporate Sector Fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 264 | 268 |
Recurring [Member] | Fixed income high-yield sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 101 | 55 |
Recurring [Member] | Fixed income real return sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 225 | 232 |
Recurring [Member] | Fixed income mortgage sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 430 | 399 |
Recurring [Member] | Fixed income asset-backed securities sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 73 | 72 |
Recurring [Member] | Fixed income emerging market sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 119 | 71 |
Recurring [Member] | Fixed income international sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 150 | 160 |
Recurring [Member] | Equity mutual fund - S&P 500 index [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 394 | 460 |
Recurring [Member] | Fixed income short-term sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 37 | |
Recurring [Member] | Foreign currency swaps [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets | 201 | 217 |
Derivative liabilities | (1,721) | (1,888) |
Recurring [Member] | Interest rate swap [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets | 555 | 471 |
Derivative liabilities | (514) | (386) |
Recurring [Member] | Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 800 | 289 |
Available-for-sale securities total | 4,088 | 4,712 |
Derivative assets | 0 | 0 |
Assets at fair value | 4,888 | 5,001 |
Derivative liabilities | 0 | 0 |
Liabilities at fair value | 0 | 0 |
Net assets at fair value | 4,888 | 5,001 |
Recurring [Member] | Level 1 [Member] | Money market instruments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 800 | 249 |
Recurring [Member] | Level 1 [Member] | Certificates of deposit [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Available-for-sale securities, Debt instruments | 400 | 0 |
Recurring [Member] | Level 1 [Member] | Commercial paper [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Debt instruments | 0 | 37 |
Recurring [Member] | Level 1 [Member] | U.S. government and agency obligations [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 40 | |
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 instruments | 10 | 0 |
Recurring [Member] | Level 1 [Member] | U.S. government and agency obligations [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Debt instruments | 3,284 | 4,215 |
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 instruments | 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 instruments | 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 instruments | 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 instruments | 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 instruments | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Fixed income short-term floating NAV fund II [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Fixed income U.S. government sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Fixed income municipal sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Investment Grade Corporate Sector Fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Fixed income high-yield sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Fixed income real return sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Fixed income mortgage sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Fixed income asset-backed securities sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Fixed income emerging market sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Fixed income international sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Equity mutual fund - S&P 500 index [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 394 | 460 |
Recurring [Member] | Level 1 [Member] | Fixed income short-term sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 0 | |
Recurring [Member] | Level 1 [Member] | Foreign currency swaps [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Interest rate swap [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | 0 |
Recurring [Member] | Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 3,766 | 1,925 |
Available-for-sale securities total | 2,231 | 2,316 |
Derivative assets | 745 | 680 |
Assets at fair value | 6,742 | 4,921 |
Derivative liabilities | 0 | 0 |
Liabilities at fair value | (2,233) | (2,274) |
Net assets at fair value | 4,509 | 2,647 |
Recurring [Member] | Level 2 [Member] | Money market instruments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 957 | 820 |
Recurring [Member] | Level 2 [Member] | Certificates of deposit [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 2,750 | 1,105 |
Available-for-sale securities, Debt instruments | 0 | 175 |
Recurring [Member] | Level 2 [Member] | Commercial paper [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 20 | |
Available-for-sale securities, Debt instruments | 124 | 0 |
Recurring [Member] | Level 2 [Member] | U.S. government and agency obligations [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Recurring [Member] | Level 2 [Member] | Corporate debt securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 39 | |
Available-for-sale securities, Debt instruments | 213 | 131 |
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 instruments | 72 | 142 |
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 instruments | 11 | 12 |
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 instruments | 52 | 59 |
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 instruments | 0 | 0 |
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 instruments | 0 | 0 |
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 instruments | 0 | 0 |
Recurring [Member] | Level 2 [Member] | Fixed income short-term floating NAV fund II [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 53 | 148 |
Recurring [Member] | Level 2 [Member] | Fixed income U.S. government sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 324 | 335 |
Recurring [Member] | Level 2 [Member] | Fixed income municipal sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 20 | 20 |
Recurring [Member] | Level 2 [Member] | Investment Grade Corporate Sector Fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 264 | 268 |
Recurring [Member] | Level 2 [Member] | Fixed income high-yield sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 101 | 55 |
Recurring [Member] | Level 2 [Member] | Fixed income real return sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 225 | 232 |
Recurring [Member] | Level 2 [Member] | Fixed income mortgage sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 430 | 399 |
Recurring [Member] | Level 2 [Member] | Fixed income asset-backed securities sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 73 | 72 |
Recurring [Member] | Level 2 [Member] | Fixed income emerging market sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 119 | 71 |
Recurring [Member] | Level 2 [Member] | Fixed income international sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 150 | 160 |
Recurring [Member] | Level 2 [Member] | Equity mutual fund - S&P 500 index [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 0 | 0 |
Recurring [Member] | Level 2 [Member] | Fixed income short-term sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 37 | |
Recurring [Member] | Level 2 [Member] | Foreign currency swaps [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets | 191 | 210 |
Derivative liabilities | (1,721) | (1,888) |
Recurring [Member] | Level 2 [Member] | Interest rate swap [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets | 554 | 470 |
Derivative liabilities | (512) | (386) |
Recurring [Member] | Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Available-for-sale securities total | 91 | 103 |
Derivative assets | 11 | 8 |
Assets at fair value | 102 | 111 |
Derivative liabilities | 0 | 0 |
Liabilities at fair value | (2) | 0 |
Net assets at fair value | 100 | 111 |
Recurring [Member] | Level 3 [Member] | Money market instruments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Certificates of deposit [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Available-for-sale securities, Debt instruments | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Commercial paper [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Debt instruments | 0 | 0 |
Recurring [Member] | Level 3 [Member] | U.S. government and agency obligations [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Recurring [Member] | 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 instruments | 8 | 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 instruments | 2 | 2 |
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 instruments | 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 instruments | 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 instruments | 4 | 4 |
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 instruments | 41 | 44 |
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 instruments | 36 | 39 |
Recurring [Member] | Level 3 [Member] | Fixed income short-term floating NAV fund II [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Fixed income U.S. government sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Fixed income municipal sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Investment Grade Corporate Sector Fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Fixed income high-yield sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Fixed income real return sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Fixed income mortgage sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Fixed income asset-backed securities sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Fixed income emerging market sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Fixed income international sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Equity mutual fund - S&P 500 index [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Fixed income short-term sector fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 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 | 10 | 7 |
Derivative liabilities | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Interest rate swap [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets | 1 | 1 |
Derivative liabilities | (2) | 0 |
Recurring [Member] | Counterparty Netting & Collateral [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets | (705) | (635) |
Counterparty netting and collateral | (705) | (635) |
Assets at fair value | (705) | (635) |
Derivative liabilities | 2,180 | 2,184 |
Liabilities at fair value | 2,180 | 2,184 |
Net assets at fair value | $ 1,475 | $ 1,549 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Mar. 31, 2015 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Derivative asset counterparty credit valuation adjustment | $ 2,000,000 | $ 1,000,000 | |||
Fair value, amount transferred from level 1 to level 2 | $ 37,000,000 | 37,000,000 | |||
Fair value, amount transferred from level 3 to level 2 | 4,000,000 | 4,000,000 | |||
Fair value, transfer between levels | 0 | $ 0 | $ 0 | ||
Finance receivables from related party | 112,000,000 | 112,000,000 | 94,000,000 | ||
Receivables from direct finance leases | 25,000,000 | 25,000,000 | 308,000,000 | ||
Other Assets [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Finance receivables from related party | 47,000,000 | 47,000,000 | |||
Receivables from direct finance leases | $ 304,000,000 | $ 304,000,000 | |||
Maximum [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Derivative liability non-performance credit valuation adjustment | $ 1,000,000 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis Using Significant Unobservable Inputs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Fair value | $ 124 | $ 169 | $ 111 | $ 162 |
Total gains (losses) included in earnings | (21) | (26) | 6 | (12) |
Total gains (losses) included in other comprehensive income | (1) | 1 | ||
Purchases | 0 | 17 | 0 | 21 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | (8) | (3) | (10) |
Settlements | (3) | (3) | (9) | (13) |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | (4) | 0 |
Fair value | 100 | 149 | 100 | 149 |
The amount of total (losses) included in earnings attributable to assets held at the reporting date | (21) | (26) | 6 | (12) |
Available-for-sale securities [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Fair value | 93 | 88 | 103 | 89 |
Total gains (losses) included in other comprehensive income | (1) | 1 | ||
Purchases | 0 | 17 | 0 | 21 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | (8) | (3) | (10) |
Settlements | (2) | (3) | (4) | (7) |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | (4) | 0 |
Fair value | 91 | 94 | 91 | 94 |
Available-for-sale securities [Member] | U.S. government and agency obligations [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Fair value | 2 | 2 | 2 | 2 |
Purchases | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 | 0 |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair value | 2 | 2 | 2 | 2 |
Available-for-sale securities [Member] | Corporate debt securities [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Fair value | 8 | 12 | 14 | 12 |
Purchases | 0 | 3 | 0 | 3 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | (3) | (2) | (3) |
Settlements | 0 | 0 | 0 | 0 |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | (4) | 0 |
Fair value | 8 | 12 | 8 | 12 |
Available-for-sale securities [Member] | Mortgage-backed securities [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Fair value | 46 | 45 | 48 | 48 |
Total gains (losses) included in other comprehensive income | (1) | 1 | ||
Purchases | 0 | 11 | 0 | 12 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | (5) | 0 | (7) |
Settlements | (1) | (1) | (2) | (4) |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair value | 45 | 50 | 45 | 50 |
Available-for-sale securities [Member] | Asset-backed securities [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Fair value | 37 | 29 | 39 | 27 |
Purchases | 0 | 3 | 0 | 6 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | (1) | 0 |
Settlements | (1) | (2) | (2) | (3) |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair value | 36 | 30 | 36 | 30 |
Derivative | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Fair value | 31 | 81 | 8 | 73 |
Total gains (losses) included in earnings | (21) | (26) | 6 | (12) |
Purchases | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | (1) | 0 | (5) | (6) |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair value | 9 | 55 | 9 | 55 |
The amount of total (losses) included in earnings attributable to assets held at the reporting date | (21) | (26) | 6 | (12) |
Derivative | Interest rate swap [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Fair value | 1 | 3 | 1 | 3 |
Total gains (losses) included in earnings | (1) | (1) | (1) | |
Purchases | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | (1) | 0 | (1) | (1) |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair value | (1) | 2 | (1) | 2 |
The amount of total (losses) included in earnings attributable to assets held at the reporting date | (1) | (1) | (1) | 0 |
Derivative | Foreign currency swaps [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Fair value | 30 | 78 | 7 | 70 |
Total gains (losses) included in earnings | (20) | (25) | 7 | (12) |
Purchases | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | (4) | (5) |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair value | 10 | 53 | 10 | 53 |
The amount of total (losses) included in earnings attributable to assets held at the reporting date | $ (20) | $ (25) | $ 7 | $ (12) |
Fair Value Measurements - Fin42
Fair Value Measurements - Financial Assets and Liabilities Not Carried at Fair Value on Recurring Basis in Consolidated Balance Sheet (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Mar. 31, 2015 |
Financial assets | ||
Finance receivables, held-for-sale | $ 2,127 | $ 0 |
Carrying value [Member] | ||
Financial assets | ||
Finance receivables, held-for-sale | 755 | |
Financial liabilities | ||
Commercial paper | 27,558 | 27,006 |
Unsecured notes and loans payable | 54,275 | 52,388 |
Secured notes and loans payable | 13,264 | 10,837 |
Fair value [Member] | ||
Financial assets | ||
Finance receivables, held-for-sale | 756 | |
Financial liabilities | ||
Commercial paper | 27,558 | 27,006 |
Unsecured notes and loans payable | 55,491 | 53,808 |
Secured notes and loans payable | 13,246 | 10,832 |
Fair value [Member] | Level 1 [Member] | ||
Financial assets | ||
Finance receivables, held-for-sale | 0 | |
Financial liabilities | ||
Commercial paper | 0 | 0 |
Unsecured notes and loans payable | 0 | 0 |
Secured notes and loans payable | 0 | 0 |
Fair value [Member] | Level 2 [Member] | ||
Financial assets | ||
Finance receivables, held-for-sale | 0 | |
Financial liabilities | ||
Commercial paper | 27,558 | 27,006 |
Unsecured notes and loans payable | 54,138 | 53,174 |
Secured notes and loans payable | 0 | 0 |
Fair value [Member] | Level 3 [Member] | ||
Financial assets | ||
Finance receivables, held-for-sale | 756 | |
Financial liabilities | ||
Commercial paper | 0 | 0 |
Unsecured notes and loans payable | 1,353 | 634 |
Secured notes and loans payable | 13,246 | 10,832 |
Retail Loan [Member] | Carrying value [Member] | ||
Financial assets | ||
Finance receivables, net | 50,942 | 49,734 |
Retail Loan [Member] | Fair value [Member] | ||
Financial assets | ||
Finance receivables, net | 50,776 | 49,887 |
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 | 50,776 | 49,887 |
Commercial Finance [Member] | Carrying value [Member] | ||
Financial assets | ||
Finance receivables, net | 217 | |
Commercial Finance [Member] | Fair value [Member] | ||
Financial assets | ||
Finance receivables, net | 223 | |
Commercial Finance [Member] | Fair value [Member] | Level 1 [Member] | ||
Financial assets | ||
Finance receivables, net | 0 | |
Commercial Finance [Member] | Fair value [Member] | Level 2 [Member] | ||
Financial assets | ||
Finance receivables, net | 0 | |
Commercial Finance [Member] | Fair value [Member] | Level 3 [Member] | ||
Financial assets | ||
Finance receivables, net | 223 | |
Wholesale [Member] | Carrying value [Member] | ||
Financial assets | ||
Finance receivables, net | 7,715 | 9,123 |
Wholesale [Member] | Fair value [Member] | ||
Financial assets | ||
Finance receivables, net | 7,766 | 9,176 |
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 | 7,766 | 9,176 |
Real estate [Member] | Carrying value [Member] | ||
Financial assets | ||
Finance receivables, net | 4,513 | 4,602 |
Real estate [Member] | Fair value [Member] | ||
Financial assets | ||
Finance receivables, net | 4,342 | 4,564 |
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 | 4,342 | 4,564 |
Working capital [Member] | Carrying value [Member] | ||
Financial assets | ||
Finance receivables, net | 1,715 | 1,815 |
Working capital [Member] | Fair value [Member] | ||
Financial assets | ||
Finance receivables, net | 1,682 | 1,804 |
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 | $ 1,682 | $ 1,804 |
Investments in Marketable Sec43
Investments in Marketable Securities - Summary of Investments in Marketable Securities (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Mar. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 6,153 | $ 6,775 |
Available-for-sale securities, Debt instruments, Amortized cost | 4,250 | |
Available-for-sale securities, Debt instruments, Fair value | 4,257 | |
Unrealized gains | 272 | 366 |
Unrealized losses | (15) | (10) |
Fair value | 6,410 | 7,131 |
U.S. government and agency obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Debt instruments, Amortized cost | 3,354 | 4,357 |
Unrealized gains | 4 | 3 |
Unrealized losses | 0 | (1) |
Available-for-sale securities, Debt instruments, Fair value | 3,358 | 4,359 |
Municipal debt securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Debt instruments, Amortized cost | 10 | 10 |
Unrealized gains | 1 | 2 |
Unrealized losses | 0 | 0 |
Available-for-sale securities, Debt instruments, Fair value | 11 | 12 |
Certificates of deposit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Debt instruments, Amortized cost | 400 | 175 |
Unrealized gains | 0 | 0 |
Unrealized losses | 0 | 0 |
Available-for-sale securities, Debt instruments, Fair value | 400 | 175 |
Commercial paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Debt instruments, Amortized cost | 124 | 37 |
Unrealized gains | 0 | 0 |
Unrealized losses | 0 | 0 |
Available-for-sale securities, Debt instruments, Fair value | 124 | 37 |
Corporate debt securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Debt instruments, Amortized cost | 231 | 138 |
Unrealized gains | 3 | 7 |
Unrealized losses | (3) | 0 |
Available-for-sale securities, Debt instruments, Fair value | 231 | 145 |
U.S. government agency mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Debt instruments, Amortized cost | 51 | 57 |
Unrealized gains | 1 | 2 |
Unrealized losses | 0 | 0 |
Available-for-sale securities, Debt instruments, Fair value | 52 | 59 |
Non-agency residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Debt instruments, Amortized cost | 3 | 3 |
Unrealized gains | 1 | 1 |
Unrealized losses | 0 | 0 |
Available-for-sale securities, Debt instruments, Fair value | 4 | 4 |
Non-agency commercial mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Debt instruments, Amortized cost | 41 | 43 |
Unrealized gains | 1 | 1 |
Unrealized losses | (1) | 0 |
Available-for-sale securities, Debt instruments, Fair value | 41 | 44 |
Asset-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Debt instruments, Amortized cost | 36 | 39 |
Unrealized gains | 0 | 0 |
Unrealized losses | 0 | 0 |
Available-for-sale securities, Debt instruments, Fair value | 36 | 39 |
Fixed income short-term floating NAV fund II [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity instrument, Amortized cost | 53 | 148 |
Unrealized gains | 0 | 0 |
Unrealized losses | 0 | 0 |
Equity instrument, Fair value | 53 | 148 |
Fixed income short-term sector fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity instrument, Amortized cost | 35 | |
Unrealized gains | 2 | |
Unrealized losses | 0 | |
Equity instrument, Fair value | 37 | |
Fixed income U.S. government sector fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity instrument, Amortized cost | 317 | 311 |
Unrealized gains | 7 | 24 |
Unrealized losses | 0 | 0 |
Equity instrument, Fair value | 324 | 335 |
Fixed income municipal sector fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity instrument, Amortized cost | 19 | 19 |
Unrealized gains | 1 | 1 |
Unrealized losses | 0 | 0 |
Equity instrument, Fair value | 20 | 20 |
Investment Grade Corporate Sector Fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity instrument, Amortized cost | 253 | 256 |
Unrealized gains | 11 | 15 |
Unrealized losses | 0 | (3) |
Equity instrument, Fair value | 264 | 268 |
Fixed income high-yield sector fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity instrument, Amortized cost | 97 | 50 |
Unrealized gains | 4 | 6 |
Unrealized losses | 0 | (1) |
Equity instrument, Fair value | 101 | 55 |
Fixed income real return sector fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity instrument, Amortized cost | 225 | 235 |
Unrealized gains | 0 | 0 |
Unrealized losses | 0 | (3) |
Equity instrument, Fair value | 225 | 232 |
Fixed income mortgage sector fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity instrument, Amortized cost | 420 | 390 |
Unrealized gains | 10 | 9 |
Unrealized losses | 0 | 0 |
Equity instrument, Fair value | 430 | 399 |
Fixed income asset-backed securities sector fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity instrument, Amortized cost | 64 | 63 |
Unrealized gains | 9 | 9 |
Unrealized losses | 0 | 0 |
Equity instrument, Fair value | 73 | 72 |
Fixed income emerging market sector fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity instrument, Amortized cost | 119 | 73 |
Unrealized gains | 0 | 0 |
Unrealized losses | 0 | (2) |
Equity instrument, Fair value | 119 | 71 |
Fixed income international sector fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity instrument, Amortized cost | 161 | 146 |
Unrealized gains | 0 | 14 |
Unrealized losses | (11) | 0 |
Equity instrument, Fair value | 150 | 160 |
Equity mutual fund - S&P 500 index [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity instrument, Amortized cost | 175 | 190 |
Unrealized gains | 219 | 270 |
Unrealized losses | 0 | 0 |
Equity instrument, Fair value | $ 394 | $ 460 |
Investments in Marketable Sec44
Investments in Marketable Securities - Additional Information (Details) $ in Thousands | 6 Months Ended |
Sep. 30, 2015USD ($) | |
Marketable Securities [Abstract] | |
Private placement share redemption percentage | 1.00% |
Private placement share redemption amount | $ 250 |
Share redemption period | 90 days |
Investments in Marketable Sec45
Investments in Marketable Securities - Schedule of Realized Gains and Losses on Sales from AFS (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Available-for-sale securities: | ||||
Realized gains on sales | $ 14 | $ 32 | $ 26 | $ 44 |
Realized losses on sales | 0 | 0 | (1) | 0 |
Other-than-temporary impairment | $ (35) | $ 0 | $ (35) | $ 0 |
Investments in Marketable Sec46
Investments in Marketable Securities - Summary of Contractual Maturities of Available-for-Sale Securities (Details) $ in Millions | Sep. 30, 2015USD ($) | |
Marketable Securities [Abstract] | ||
Due within 1 Year, Amount | $ 3,367 | |
Due after 1 Year through 5 Years, Amount | 594 | |
Due after 5 Years through 10 Years, Amount | 76 | |
Due after 10 Years, Amount | 87 | |
Mortgage-backed and asset-backed securities, fair value | 133 | [1] |
Total, fair value | 4,257 | |
Due within 1 Year, Amortized Cost | 3,367 | |
Due after 1 Year through 5 Years, Amortized Cost | 591 | |
Due after 5 Years through 10 Years, Amortized Cost | 76 | |
Due after 10 Years, Amortized Cost | 85 | |
Mortgage-backed and asset-backed securities, amortized cost | 131 | [1] |
Available-for-sale securities, Debt instruments, Amortized cost | $ 4,250 | |
[1] | Mortgage-backed and asset-backed securities are shown separately from other maturity groupings as these securities do not have a single maturity date. |
Finance Receivables, Net (Net F
Finance Receivables, Net (Net Financing Receivables) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross finance receivables | $ 65,653 | $ 66,567 | ||||
Finance receivables, net | 65,022 | 65,893 | ||||
Finance Receivables, Net [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross finance receivables | 65,653 | 66,567 | $ 66,160 | |||
Deferred origination (fees) and costs, net | 667 | 646 | ||||
Deferred income | (921) | (911) | ||||
Allowance for credit losses | (377) | $ (395) | (409) | $ (381) | $ (381) | $ (386) |
Finance receivables, net | 65,022 | 65,893 | ||||
Finance Receivables, Net [Member] | Retail receivables [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross finance receivables | 36,612 | 39,141 | ||||
Finance Receivables, Net [Member] | Securitized retail receivables [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross finance receivables | 14,871 | 11,682 | ||||
Finance Receivables, Net [Member] | Dealer financing [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross finance receivables | 14,170 | 15,744 | ||||
Allowance for credit losses | (114) | (108) | ||||
Finance Receivables, Net [Member] | Retail and securitized retail receivables [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | $ (263) | $ (301) |
Finance Receivables, Net - Addi
Finance Receivables, Net - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Mar. 31, 2015 |
Receivables [Abstract] | ||
Receivables from direct finance leases | $ 25 | $ 308 |
Dealer products portfolio segment accounts on nonaccrual status | $ 195 | $ 172 |
Finance Receivables, Net (Finan
Finance Receivables, Net (Finance Receivable Credit Quality Indicators) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Mar. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Current | $ 64,791 | $ 65,939 |
Financing receivables, past due | 862 | 628 |
Total Finance Receivables | 65,653 | 66,567 |
Retail Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 50,621 | 49,684 |
Financing receivables, past due | 862 | 618 |
Total Finance Receivables | 51,483 | 50,302 |
Commercial Finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 0 | 511 |
Financing receivables, past due | 10 | |
Total Finance Receivables | 0 | 521 |
Wholesale [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 7,792 | 9,226 |
Financing receivables, past due | 0 | 0 |
Total Finance Receivables | 7,792 | 9,226 |
Wholesale [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 6,913 | 7,993 |
Wholesale [Member] | Credit Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 794 | 1,137 |
Wholesale [Member] | At Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 67 | 60 |
Wholesale [Member] | Default [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 18 | 36 |
Real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 4,613 | 4,665 |
Financing receivables, past due | 0 | 0 |
Total Finance Receivables | 4,613 | 4,665 |
Real estate [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 3,861 | 3,782 |
Real estate [Member] | Credit Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 676 | 842 |
Real estate [Member] | At Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 31 | 37 |
Real estate [Member] | Default [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 45 | 4 |
Working capital [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 1,765 | 1,853 |
Financing receivables, past due | 0 | 0 |
Total Finance Receivables | 1,765 | 1,853 |
Working capital [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 1,564 | 1,643 |
Working capital [Member] | Credit Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 166 | 176 |
Working capital [Member] | At Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 30 | 32 |
Working capital [Member] | Default [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 5 | 2 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables, past due | 631 | 475 |
30-59 Days Past Due [Member] | Retail Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables, past due | 631 | 467 |
30-59 Days Past Due [Member] | Commercial Finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables, past due | 0 | 8 |
30-59 Days Past Due [Member] | Wholesale [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables, past due | 0 | 0 |
30-59 Days Past Due [Member] | Real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables, past due | 0 | 0 |
30-59 Days Past Due [Member] | Working capital [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables, past due | 0 | 0 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables, past due | 154 | 102 |
60-89 Days Past Due [Member] | Retail Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables, past due | 154 | 100 |
60-89 Days Past Due [Member] | Commercial Finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables, past due | 0 | 2 |
60-89 Days Past Due [Member] | Wholesale [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables, past due | 0 | 0 |
60-89 Days Past Due [Member] | Real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables, past due | 0 | 0 |
60-89 Days Past Due [Member] | Working capital [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables, past due | 0 | 0 |
90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables, past due | 77 | 51 |
90 Days or Greater Past Due [Member] | Retail Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables, past due | 77 | 51 |
90 Days or Greater Past Due [Member] | Commercial Finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables, past due | 0 | 0 |
90 Days or Greater Past Due [Member] | Wholesale [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables, past due | 0 | 0 |
90 Days or Greater Past Due [Member] | Real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables, past due | 0 | 0 |
90 Days or Greater Past Due [Member] | Working capital [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables, past due | $ 0 | $ 0 |
Finance Receivables, Net (Summa
Finance Receivables, Net (Summary of Investment in Impaired Loans by Class of Finance Receivable) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Mar. 31, 2015 | |
Impaired Finance Receivables | |||||
Impaired Finance Receivables Individually Evaluated with Related Allowance | $ 195 | $ 195 | $ 162 | ||
Impaired Finance Receivables Individually Evaluated with No Related Allowance | 202 | 202 | 198 | ||
Impaired Finance Receivables Aggregated And Evaluated For Impairment | 245 | 245 | 264 | ||
Impaired Finance Receivables | 642 | 642 | 624 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance Individually Evaluated with Related Allowance | 195 | 195 | 162 | ||
Unpaid Principal Balance Individually Evaluated with No Related Allowance | 202 | 202 | 198 | ||
Unpaid Principal Balance Aggregated And Evaluated For Impairment | 241 | 241 | 261 | ||
Unpaid Principal Balance | 638 | 638 | 621 | ||
Individually Evaluated Allowance | 54 | 54 | 55 | ||
Average Impaired Finance Receivables | |||||
Average Impaired Finance Receivables Individually Evaluated For Impairment with An Allowance | 211 | $ 63 | 195 | $ 63 | |
Average Impaired Finance Receivables Individually Evaluated For Impairment Without An Allowance | 193 | 150 | 195 | 148 | |
Average Impaired Finance Receivables Account Balances Aggregated And Evaluated For Impairment | 252 | 303 | 256 | 310 | |
Average Impaired Finance Receivables | 656 | 516 | 646 | 521 | |
Interest Income Recognized | |||||
Interest Income Recognized Individually Evaluated with Related Allowance | 2 | 1 | 3 | 1 | |
Interest Income Recognized Individually Evaluated with No Related Allowance | 2 | 1 | 3 | 2 | |
Interest Income Recognized Aggregated And Evaluated For Impairment | 4 | 6 | 9 | 12 | |
Interest Income Recognized | 8 | 8 | 15 | 15 | |
Wholesale [Member] | |||||
Impaired Finance Receivables | |||||
Impaired Finance Receivables Individually Evaluated with Related Allowance | 76 | 76 | 76 | ||
Impaired Finance Receivables Individually Evaluated with No Related Allowance | 108 | 108 | 105 | ||
Impaired Finance Receivables | 184 | 184 | 181 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance Individually Evaluated with Related Allowance | 76 | 76 | 76 | ||
Unpaid Principal Balance Individually Evaluated with No Related Allowance | 108 | 108 | 105 | ||
Unpaid Principal Balance | 184 | 184 | 181 | ||
Individually Evaluated Allowance | 11 | 11 | 14 | ||
Average Impaired Finance Receivables | |||||
Average Impaired Finance Receivables Individually Evaluated For Impairment with An Allowance | 88 | 20 | 84 | 17 | |
Average Impaired Finance Receivables Individually Evaluated For Impairment Without An Allowance | 104 | 51 | 105 | 51 | |
Average Impaired Finance Receivables | 192 | 71 | 189 | 68 | |
Interest Income Recognized | |||||
Interest Income Recognized Individually Evaluated with Related Allowance | 1 | 0 | 1 | 0 | |
Interest Income Recognized Individually Evaluated with No Related Allowance | 1 | 0 | 1 | 0 | |
Interest Income Recognized | 2 | 0 | 2 | 0 | |
Real estate [Member] | |||||
Impaired Finance Receivables | |||||
Impaired Finance Receivables Individually Evaluated with Related Allowance | 86 | 86 | 52 | ||
Impaired Finance Receivables Individually Evaluated with No Related Allowance | 90 | 90 | 91 | ||
Impaired Finance Receivables | 176 | 176 | 143 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance Individually Evaluated with Related Allowance | 86 | 86 | 52 | ||
Unpaid Principal Balance Individually Evaluated with No Related Allowance | 90 | 90 | 91 | ||
Unpaid Principal Balance | 176 | 176 | 143 | ||
Individually Evaluated Allowance | 13 | 13 | 10 | ||
Average Impaired Finance Receivables | |||||
Average Impaired Finance Receivables Individually Evaluated For Impairment with An Allowance | 88 | 20 | 76 | 23 | |
Average Impaired Finance Receivables Individually Evaluated For Impairment Without An Allowance | 85 | 96 | 87 | 94 | |
Average Impaired Finance Receivables | 173 | 116 | 163 | 117 | |
Interest Income Recognized | |||||
Interest Income Recognized Individually Evaluated with Related Allowance | 0 | 0 | 1 | 0 | |
Interest Income Recognized Individually Evaluated with No Related Allowance | 1 | 1 | 2 | 2 | |
Interest Income Recognized | 1 | 1 | 3 | 2 | |
Working capital [Member] | |||||
Impaired Finance Receivables | |||||
Impaired Finance Receivables Individually Evaluated with Related Allowance | 33 | 33 | 34 | ||
Impaired Finance Receivables Individually Evaluated with No Related Allowance | 4 | 4 | 2 | ||
Impaired Finance Receivables | 37 | 37 | 36 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance Individually Evaluated with Related Allowance | 33 | 33 | 34 | ||
Unpaid Principal Balance Individually Evaluated with No Related Allowance | 4 | 4 | 2 | ||
Unpaid Principal Balance | 37 | 37 | 36 | ||
Individually Evaluated Allowance | 30 | 30 | 31 | ||
Average Impaired Finance Receivables | |||||
Average Impaired Finance Receivables Individually Evaluated For Impairment with An Allowance | 35 | 23 | 35 | 23 | |
Average Impaired Finance Receivables Individually Evaluated For Impairment Without An Allowance | 4 | 3 | 3 | 3 | |
Average Impaired Finance Receivables | 39 | 26 | 38 | 26 | |
Interest Income Recognized | |||||
Interest Income Recognized Individually Evaluated with Related Allowance | 1 | 1 | 1 | 1 | |
Interest Income Recognized Individually Evaluated with No Related Allowance | 0 | 0 | 0 | 0 | |
Interest Income Recognized | 1 | 1 | 1 | 1 | |
Retail Loan [Member] | |||||
Impaired Finance Receivables | |||||
Impaired Finance Receivables Aggregated And Evaluated For Impairment | 245 | 245 | 264 | ||
Impaired Finance Receivables | 245 | 245 | 264 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance Aggregated And Evaluated For Impairment | 241 | 241 | 261 | ||
Unpaid Principal Balance | 241 | 241 | 261 | ||
Average Impaired Finance Receivables | |||||
Average Impaired Finance Receivables Account Balances Aggregated And Evaluated For Impairment | 252 | 302 | 256 | 309 | |
Average Impaired Finance Receivables | 252 | 302 | 256 | 309 | |
Interest Income Recognized | |||||
Interest Income Recognized Aggregated And Evaluated For Impairment | 4 | 6 | 9 | 12 | |
Interest Income Recognized | 4 | 6 | 9 | 12 | |
Commercial Finance [Member] | |||||
Impaired Finance Receivables | |||||
Impaired Finance Receivables Aggregated And Evaluated For Impairment | 0 | 0 | 0 | ||
Impaired Finance Receivables | 0 | 0 | 0 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance Aggregated And Evaluated For Impairment | 0 | 0 | 0 | ||
Unpaid Principal Balance | 0 | 0 | $ 0 | ||
Average Impaired Finance Receivables | |||||
Average Impaired Finance Receivables Account Balances Aggregated And Evaluated For Impairment | 0 | 1 | 0 | 1 | |
Average Impaired Finance Receivables | 0 | 1 | 0 | 1 | |
Interest Income Recognized | |||||
Interest Income Recognized Aggregated And Evaluated For Impairment | 0 | 0 | 0 | 0 | |
Interest Income Recognized | $ 0 | $ 0 | $ 0 | $ 0 |
Investments in Operating Leas51
Investments in Operating Leases, Net (Investments in Operating Leases, Net) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Mar. 31, 2015 |
Property Subject To Or Available For Operating Lease [Line Items] | ||
Investments in operating leases, net | $ 33,741 | $ 31,128 |
Investments in operating leases [Member] | ||
Property Subject To Or Available For Operating Lease [Line Items] | ||
Investments in operating leases | 40,897 | 37,555 |
Securitized investments in operating leases [Member] | ||
Property Subject To Or Available For Operating Lease [Line Items] | ||
Investments in operating leases | 1,242 | 1,571 |
Investments In Operating Leases, Net [Member] | ||
Property Subject To Or Available For Operating Lease [Line Items] | ||
Investments in operating leases | 42,139 | 39,126 |
Deferred origination (fees) and costs, net | (191) | (169) |
Deferred income | (1,080) | (968) |
Accumulated depreciation | (7,031) | (6,785) |
Allowance for credit losses | $ (96) | $ (76) |
Allowance for Credit Losses - A
Allowance for Credit Losses - Allowance for Credit Losses on Finance Receivables and Investments in Operating Leases (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Allowance for Credit Losses on Finance Receivables and Investments in Operating Leases | ||||
Allowance for credit losses at beginning of period | $ 467 | $ 447 | $ 485 | $ 454 |
Provision for credit losses | 105 | 79 | 150 | 117 |
Transferred to held-for-sale | (7) | 0 | (7) | 0 |
Charge-offs, net of recoveries | (92) | (81) | (155) | (126) |
Allowance for credit losses at end of period | $ 473 | $ 445 | $ 473 | $ 445 |
Allowance for Credit Losses -53
Allowance for Credit Losses - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Mar. 31, 2015 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Recoveries from credit loss charge-offs | $ 18 | $ 20 | $ 38 | $ 42 | |
Impaired finance receivables aggregated and collectively evaluated for impairment | 245 | 245 | $ 264 | ||
Retail Loan [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Impaired finance receivables aggregated and collectively evaluated for impairment | 245 | 245 | $ 264 | ||
Finance Receivables, Net [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Ending balance: Collectively evaluated for impairment | 65,256 | 65,954 | 65,256 | 65,954 | |
Finance Receivables, Net [Member] | Retail and Commercial Loan [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Impaired finance receivables aggregated and collectively evaluated for impairment | 245 | 245 | |||
Finance Receivables, Net [Member] | Dealer Products [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Ending balance: Collectively evaluated for impairment | 13,773 | 14,747 | 13,773 | 14,747 | |
Finance Receivables, Net [Member] | Retail Loan [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Impaired finance receivables aggregated and collectively evaluated for impairment | 292 | 292 | |||
Ending balance: Collectively evaluated for impairment | 51,483 | 50,726 | 51,483 | 50,726 | |
Finance Receivables, Net [Member] | Commercial Portfolio Segment | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Impaired finance receivables aggregated and collectively evaluated for impairment | 1 | 1 | |||
Ending balance: Collectively evaluated for impairment | 0 | 481 | 0 | 481 | |
Finance Receivables, Net [Member] | TMS [Member] | Financial Guarantee [Member] | Dealer Products [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Ending balance: Collectively evaluated for impairment | 992 | 866 | 992 | 866 | |
Finance Receivables, Net [Member] | Private Toyota Distributors [Member] | Financial Guarantee [Member] | Dealer Products [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Ending balance: Collectively evaluated for impairment | $ 138 | $ 152 | $ 138 | $ 152 |
Allowance for Credit Losses -54
Allowance for Credit Losses - Allowance for Credit Losses and Recorded Investment in Finance Receivables by Portfolio Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Mar. 31, 2015 | |
Allowance for Credit Losses for Finance Receivables: | |||||
Provisions | $ 105 | $ 79 | $ 150 | $ 117 | |
Transferred to held-for-sale | (7) | 0 | (7) | 0 | |
Finance Receivables: | |||||
Total Finance Receivables | 65,653 | 65,653 | $ 66,567 | ||
Retail Loan [Member] | |||||
Finance Receivables: | |||||
Total Finance Receivables | 51,483 | 51,483 | 50,302 | ||
Finance Receivables, Net [Member] | |||||
Allowance for Credit Losses for Finance Receivables: | |||||
Allowance for credit losses at beginning of period | 395 | 381 | 409 | 386 | |
Charge-offs | (82) | (77) | (143) | (129) | |
Recoveries | 12 | 15 | 27 | 31 | |
Provisions | 58 | 62 | 90 | 93 | |
Transferred to held-for-sale | (6) | (6) | |||
Allowance for credit losses at end of period | 377 | 381 | 377 | 381 | |
Ending balance: Individually evaluated for impairment | 54 | 26 | 54 | 26 | |
Ending balance: Collectively evaluated for impairment | 323 | 355 | 323 | 355 | |
Finance Receivables: | |||||
Total Finance Receivables | 65,653 | 66,160 | 65,653 | 66,160 | $ 66,567 |
Ending balance: Individually evaluated for impairment | 397 | 206 | 397 | 206 | |
Ending balance: Collectively evaluated for impairment | 65,256 | 65,954 | 65,256 | 65,954 | |
Finance Receivables, Net [Member] | Retail Loan [Member] | |||||
Allowance for Credit Losses for Finance Receivables: | |||||
Allowance for credit losses at beginning of period | 279 | 291 | 299 | 296 | |
Charge-offs | (82) | (76) | (142) | (128) | |
Recoveries | 12 | 15 | 27 | 31 | |
Provisions | 54 | 69 | 79 | 100 | |
Transferred to held-for-sale | 0 | 0 | |||
Allowance for credit losses at end of period | 263 | 299 | 263 | 299 | |
Ending balance: Individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: Collectively evaluated for impairment | 263 | 299 | 263 | 299 | |
Finance Receivables: | |||||
Total Finance Receivables | 51,483 | 50,726 | 51,483 | 50,726 | |
Ending balance: Individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: Collectively evaluated for impairment | 51,483 | 50,726 | 51,483 | 50,726 | |
Finance Receivables, Net [Member] | Commercial Portfolio Segment | |||||
Allowance for Credit Losses for Finance Receivables: | |||||
Allowance for credit losses at beginning of period | 1 | 2 | 2 | 2 | |
Charge-offs | 0 | (1) | (1) | (1) | |
Recoveries | 0 | 0 | 0 | 0 | |
Provisions | 1 | 0 | 1 | 0 | |
Transferred to held-for-sale | (2) | (2) | |||
Allowance for credit losses at end of period | 0 | 1 | 0 | 1 | |
Ending balance: Individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: Collectively evaluated for impairment | 0 | 1 | 0 | 1 | |
Finance Receivables: | |||||
Total Finance Receivables | 0 | 481 | 0 | 481 | |
Ending balance: Individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Ending balance: Collectively evaluated for impairment | 0 | 481 | 0 | 481 | |
Finance Receivables, Net [Member] | Dealer Products [Member] | |||||
Allowance for Credit Losses for Finance Receivables: | |||||
Allowance for credit losses at beginning of period | 115 | 88 | 108 | 88 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provisions | 3 | (7) | 10 | (7) | |
Transferred to held-for-sale | (4) | (4) | |||
Allowance for credit losses at end of period | 114 | 81 | 114 | 81 | |
Ending balance: Individually evaluated for impairment | 54 | 26 | 54 | 26 | |
Ending balance: Collectively evaluated for impairment | 60 | 55 | 60 | 55 | |
Finance Receivables: | |||||
Total Finance Receivables | 14,170 | 14,953 | 14,170 | 14,953 | |
Ending balance: Individually evaluated for impairment | 397 | 206 | 397 | 206 | |
Ending balance: Collectively evaluated for impairment | $ 13,773 | $ 14,747 | $ 13,773 | $ 14,747 |
Allowance for Credit Losses - P
Allowance for Credit Losses - Past Due Finance Receivables and Investments in Operating Leases (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Mar. 31, 2015 |
Past Due Finance Receivables and Investments in Operating Leases | ||
Finance receivables | $ 231 | $ 153 |
Investments in operating leases | 81 | 52 |
Total | $ 312 | $ 205 |
Allowance for Credit Losses -56
Allowance for Credit Losses - Aging of Finance Receivables by Class (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Mar. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 862 | $ 628 |
Current | 64,791 | 65,939 |
Total Finance Receivables | 65,653 | 66,567 |
90 Days or Greater Past Due and Accruing | 53 | 32 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 631 | 475 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 154 | 102 |
90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 77 | 51 |
Retail Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 862 | 618 |
Current | 50,621 | 49,684 |
Total Finance Receivables | 51,483 | 50,302 |
90 Days or Greater Past Due and Accruing | 53 | 32 |
Retail Loan [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 631 | 467 |
Retail Loan [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 154 | 100 |
Retail Loan [Member] | 90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 77 | 51 |
Commercial Finance [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10 | |
Current | 0 | 511 |
Total Finance Receivables | 0 | 521 |
90 Days or Greater Past Due and Accruing | 0 | |
Commercial Finance [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 8 |
Commercial Finance [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 2 |
Commercial Finance [Member] | 90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Wholesale [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 7,792 | 9,226 |
Total Finance Receivables | 7,792 | 9,226 |
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 Past Due | 0 | 0 |
Wholesale [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Wholesale [Member] | 90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 4,613 | 4,665 |
Total Finance Receivables | 4,613 | 4,665 |
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 Past Due | 0 | 0 |
Real estate [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Real estate [Member] | 90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Working capital [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 1,765 | 1,853 |
Total Finance Receivables | 1,765 | 1,853 |
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 Past Due | 0 | 0 |
Working capital [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Working capital [Member] | 90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 0 | $ 0 |
Derivatives, Hedging Activiti57
Derivatives, Hedging Activities and Interest Expense - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Mar. 31, 2015 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Aggregate fair value of derivative instruments in a net liability position | $ 55 | |
Collateral held | 121 | $ 145 |
Collateral posted in excess of the fair value of derivative liabilities | 11 | 2 |
Collateral posted | $ 1,596 | 1,694 |
Collateral held in excess of the fair value of derivative assets | $ 10 |
Derivatives, Hedging Activiti58
Derivatives, Hedging Activities and Interest Expense - Derivative Activity Impact on Consolidated Balance Sheet (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Mar. 31, 2015 |
Derivatives Fair Value [Line Items] | ||
Carrying value of derivative contracts – Other assets | $ 51 | $ 53 |
Carrying value of derivative contracts – Other liabilities | 55 | 90 |
Counterparty netting and collateral held | (121) | (145) |
Counterparty netting and collateral held | (1,596) | (1,694) |
Other Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 28,320 | 27,923 |
Fair value | 756 | 688 |
Counterparty netting and collateral held | (705) | (635) |
Other Assets [Member] | Interest rate swap [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 26,650 | 26,739 |
Fair value | 555 | 471 |
Other Assets [Member] | Foreign currency swaps [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 1,670 | 1,184 |
Fair value | 201 | 217 |
Other Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Notional | 82,239 | 78,124 |
Fair value | 2,235 | 2,274 |
Counterparty netting and collateral held | (2,180) | (2,184) |
Other Liabilities | Interest rate swap [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 68,128 | 64,852 |
Fair value | 514 | 386 |
Other Liabilities | Foreign currency swaps [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 14,081 | 13,222 |
Fair value | 1,721 | 1,888 |
Other Liabilities | Interest rate cap [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 30 | 50 |
Fair value | 0 | 0 |
Hedge accounting derivatives [Member] | Other Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 271 | 461 |
Fair value | 21 | 28 |
Hedge accounting derivatives [Member] | Other Assets [Member] | Interest rate swap [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 0 | 190 |
Fair value | 0 | 4 |
Hedge accounting derivatives [Member] | Other Assets [Member] | Foreign currency swaps [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 271 | 271 |
Fair value | 21 | 24 |
Hedge accounting derivatives [Member] | Other Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Notional | 251 | 251 |
Fair value | 58 | 43 |
Hedge accounting derivatives [Member] | Other Liabilities | Interest rate swap [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 0 | 0 |
Fair value | 0 | 0 |
Hedge accounting derivatives [Member] | Other Liabilities | Foreign currency swaps [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 251 | 251 |
Fair value | 58 | 43 |
Hedge accounting derivatives [Member] | Other Liabilities | Interest rate cap [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 0 | 0 |
Fair value | 0 | 0 |
Non-hedge accounting derivatives [Member] | Other Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 28,049 | 27,462 |
Fair value | 735 | 660 |
Non-hedge accounting derivatives [Member] | Other Assets [Member] | Interest rate swap [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 26,650 | 26,549 |
Fair value | 555 | 467 |
Non-hedge accounting derivatives [Member] | Other Assets [Member] | Foreign currency swaps [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 1,399 | 913 |
Fair value | 180 | 193 |
Non-hedge accounting derivatives [Member] | Other Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Notional | 81,988 | 77,873 |
Fair value | 2,177 | 2,231 |
Non-hedge accounting derivatives [Member] | Other Liabilities | Interest rate swap [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 68,128 | 64,852 |
Fair value | 514 | 386 |
Non-hedge accounting derivatives [Member] | Other Liabilities | Foreign currency swaps [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 13,830 | 12,971 |
Fair value | 1,663 | 1,845 |
Non-hedge accounting derivatives [Member] | Other Liabilities | Interest rate cap [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 30 | 50 |
Fair value | 0 | 0 |
Carrying value [Member] | Other Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Carrying value of derivative contracts – Other assets | 51 | 53 |
Carrying value [Member] | Other Liabilities | ||
Derivatives Fair Value [Line Items] | ||
Carrying value of derivative contracts – Other liabilities | $ 55 | $ 90 |
Derivatives, Hedging Activiti59
Derivatives, Hedging Activities and Interest Expense - Derivative Activity Impact on Consolidated Statement of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivative Instruments Gain Loss [Line Items] | ||||
Interest expense on debt | $ 307 | $ 298 | $ 630 | $ 619 |
Interest income on hedge accounting derivatives | (4) | (10) | (8) | (25) |
Interest income on non-hedge accounting foreign currency swaps | (21) | (37) | (55) | (92) |
Interest expense on non-hedge accounting interest rate swaps | 31 | 27 | 58 | 64 |
Interest expense on debt and derivatives, net | 313 | 278 | 625 | 566 |
Total interest expense | 203 | 215 | 711 | 345 |
Interest expense [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
(Gain) loss on non-hedge accounting foreign currency transactions | (200) | (867) | 154 | (787) |
Loss (gain) on non-hedge accounting foreign currency swaps | 141 | 866 | (93) | 711 |
(Gain) loss on non-hedge accounting interest rate swaps | (50) | (62) | 26 | (145) |
Hedge accounting derivatives [Member] | Interest expense [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Loss on hedge accounting derivatives | 2 | 69 | 17 | 73 |
Less hedged item: change in fair value of fixed rate debt | (3) | (69) | (18) | (73) |
Ineffectiveness related to hedge accounting derivatives | (1) | 0 | (1) | 0 |
Hedge accounting derivatives [Member] | Interest expense [Member] | Interest rate swap [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Loss on hedge accounting derivatives | 0 | 5 | 0 | 10 |
Hedge accounting derivatives [Member] | Interest expense [Member] | Foreign currency swaps [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Loss on hedge accounting derivatives | $ 2 | $ 64 | $ 17 | $ 63 |
Other Assets and Other Liabil60
Other Assets and Other Liabilities - Other Assets and Other Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Mar. 31, 2015 |
Other assets: | ||
Notes receivable from affiliates | $ 1,007 | $ 1,184 |
Used vehicles held for sale | 225 | 188 |
Deferred charges | 121 | 122 |
Income taxes receivable | 5 | 174 |
Derivative assets | 51 | 53 |
Finance receivables, held-for-sale | 2,127 | 0 |
Other assets | 698 | 561 |
Total other assets | 4,234 | 2,282 |
Other liabilities: | ||
Unearned insurance premiums and contract revenues | 1,921 | 1,825 |
Derivative liabilities | 55 | 90 |
Accounts payable and accrued expenses | 899 | 855 |
Deferred income | 441 | 405 |
Liabilities held-for-sale | 13 | 0 |
Other liabilities | 174 | 180 |
Total other liabilities | $ 3,503 | $ 3,355 |
Other Assets and Other Liabil61
Other Assets and Other Liabilities - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Mar. 31, 2015 |
Other Assets And Other Liabilities [Line Items] | ||
Finance receivables, net | $ 1,007 | $ 1,184 |
Investments in operating leases, net | 33,741 | 31,128 |
TMCC-affiliated companies [Member] | ||
Other Assets And Other Liabilities [Line Items] | ||
Investments in operating leases, net | 2 | $ 7 |
TMCC-affiliated companies [Member] | Other Arrangements with Affiliates [Member] | ||
Other Assets And Other Liabilities [Line Items] | ||
Finance receivables, net | 1,100 | |
Investments in operating leases, net | 1,000 | |
Wholesale [Member] | TMCC-affiliated companies [Member] | Other Arrangements with Affiliates [Member] | ||
Other Assets And Other Liabilities [Line Items] | ||
Finance receivables, net | 490 | |
Commercial Finance [Member] | TMCC-affiliated companies [Member] | Other Arrangements with Affiliates [Member] | ||
Other Assets And Other Liabilities [Line Items] | ||
Finance receivables, net | 546 | |
Real estate [Member] | TMCC-affiliated companies [Member] | Other Arrangements with Affiliates [Member] | ||
Other Assets And Other Liabilities [Line Items] | ||
Finance receivables, net | 53 | |
Working capital [Member] | TMCC-affiliated companies [Member] | Other Arrangements with Affiliates [Member] | ||
Other Assets And Other Liabilities [Line Items] | ||
Finance receivables, net | $ 16 |
Debt - Debt and Related Weighte
Debt - Debt and Related Weighted Average Contractual Interest Rates (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Mar. 31, 2015 |
Debt Instrument [Line Items] | ||
Debt | $ 95,097 | $ 90,231 |
Weighted average contractual interest rates | 1.23% | 1.22% |
Commercial paper [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 27,558 | $ 27,006 |
Weighted average contractual interest rates | 0.29% | 0.21% |
Unsecured notes and loans payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 54,215 | $ 52,307 |
Weighted average contractual interest rates | 1.84% | 1.86% |
Secured notes and loans payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 13,264 | $ 10,837 |
Weighted average contractual interest rates | 0.67% | 0.60% |
Carrying value adjustment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 60 | $ 81 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Mar. 31, 2015 | |
Debt Instrument [Line Items] | ||
Debt | $ 95,097 | $ 90,231 |
Increase (decrease) in carrying value adjustment on debt | $ (21) | |
Commercial paper [Member] | ||
Debt Instrument [Line Items] | ||
Commercial paper weighted average remaining maturity | As of September 30, 2015, our commercial paper had a weighted average remaining maturity of 74 days | |
Commercial paper average remaining maturity period | 74 days | |
Debt | $ 27,558 | 27,006 |
Secured notes and loans payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt maturity dates | As of September 30, 2015,our notes and loans payable mature on various dates through fiscal 2047. | |
Debt maturity year | 2,047 | |
Debt | $ 13,264 | $ 10,837 |
Secured notes and loans payable [Member] | Floating rate [Member] | ||
Debt Instrument [Line Items] | ||
Contractual interest rate, minimum | 0.40% | 0.40% |
Contractual interest rate, maximum | 1.70% | 1.50% |
Secured notes and loans payable [Member] | Fixed rate [Member] | ||
Debt Instrument [Line Items] | ||
Contractual interest rate, minimum | 0.40% | 0.40% |
Contractual interest rate, maximum | 1.70% | 1.50% |
Unsecured notes and loans payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 54,215 | $ 52,307 |
Debt denominated in foreign currency | 13,900 | 12,400 |
Unsecured notes and loans payable [Member] | Floating rate [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 18,700 | $ 17,400 |
Contractual interest rate, minimum | 0.00% | 0.00% |
Contractual interest rate, maximum | 3.40% | 3.30% |
Unsecured notes and loans payable [Member] | Fixed rate [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 35,500 | $ 35,000 |
Contractual interest rate, minimum | 0.80% | 0.80% |
Contractual interest rate, maximum | 9.40% | 9.40% |
Variable Interest Entities - Sc
Variable Interest Entities - Schedule of Variable Interest Entities, Securitization Transactions Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Mar. 31, 2015 |
Variable Interest Entity [Line Items] | ||
Restricted Cash | $ 826 | $ 784 |
Net Securitized Assets | 65,022 | 65,893 |
Other assets | 4,234 | 2,282 |
Debt | 95,097 | 90,231 |
Other liabilities | 3,503 | 3,355 |
Variable Interest Entities Securitized Assets [Member] | ||
Variable Interest Entity [Line Items] | ||
Restricted Cash | 825 | 784 |
Gross Securitized Assets | 16,113 | 13,253 |
Net Securitized Assets | 15,562 | 12,702 |
Other assets | 30 | 15 |
Related Liabilities [Member] | ||
Variable Interest Entity [Line Items] | ||
Debt | 13,264 | 10,837 |
Other liabilities | 3 | 3 |
Retail Finance Receivables [Member] | Variable Interest Entities Securitized Assets [Member] | ||
Variable Interest Entity [Line Items] | ||
Restricted Cash | 771 | 730 |
Gross Securitized Assets | 14,871 | 11,682 |
Net Securitized Assets | 14,659 | 11,509 |
Other assets | 5 | 4 |
Retail Finance Receivables [Member] | Related Liabilities [Member] | ||
Variable Interest Entity [Line Items] | ||
Debt | 12,656 | 9,980 |
Other liabilities | 3 | 3 |
Investments In Operating Leases, Net [Member] | Variable Interest Entities Securitized Assets [Member] | ||
Variable Interest Entity [Line Items] | ||
Restricted Cash | 54 | 54 |
Gross Securitized Assets | 1,242 | 1,571 |
Net Securitized Assets | 903 | 1,193 |
Other assets | 25 | 11 |
Investments In Operating Leases, Net [Member] | Related Liabilities [Member] | ||
Variable Interest Entity [Line Items] | ||
Debt | 608 | 857 |
Other liabilities | $ 0 | $ 0 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Mar. 31, 2015 |
Variable Interest Entity Consolidated Carrying Amount Assets And Liabilities [Abstract] | ||
Securities retained by TMCC | $ 1,522 | $ 1,275 |
Liquidity Facilities and Lett66
Liquidity Facilities and Letters of Credit - Additional Information (Details) - USD ($) | 1 Months Ended | ||
Nov. 30, 2014 | Sep. 30, 2015 | Mar. 31, 2015 | |
364 Day Credit Agreement Expiring 2016 [Member] | |||
Line Of Credit Facility [Line Items] | |||
Initiation Date | Nov. 30, 2014 | ||
Maximum Borrowing Capacity | $ 5,000,000,000 | $ 5,000,000,000 | |
Credit facilities amount outstanding | 0 | $ 0 | |
Three Year Agreement Expiring 2018 [Member] | |||
Line Of Credit Facility [Line Items] | |||
Initiation Date | Nov. 30, 2014 | ||
Maximum Borrowing Capacity | $ 5,000,000,000 | 5,000,000,000 | |
Credit facilities amount outstanding | 0 | 0 | |
Five Year Agreement Expiring 2020 [Member] | |||
Line Of Credit Facility [Line Items] | |||
Initiation Date | Nov. 30, 2014 | ||
Maximum Borrowing Capacity | $ 5,000,000,000 | 5,000,000,000 | |
Credit facilities amount outstanding | 0 | 0 | |
Total Committed Bank Credit Facilities [Member] | |||
Line Of Credit Facility [Line Items] | |||
Maximum Borrowing Capacity | 5,500,000,000 | ||
Committed Bank Credit Facility Expiring 2016 [Member] | |||
Line Of Credit Facility [Line Items] | |||
Maximum Borrowing Capacity | 1,900,000,000 | ||
Credit facilities amount outstanding | 0 | 0 | |
Committed Bank Credit Facility Expiring 2017 [Member] | |||
Line Of Credit Facility [Line Items] | |||
Maximum Borrowing Capacity | 850,000,000 | ||
Credit facilities amount outstanding | 0 | 0 | |
Committed Bank Credit Facility Expiring 2018 [Member] | |||
Line Of Credit Facility [Line Items] | |||
Maximum Borrowing Capacity | 1,900,000,000 | ||
Credit facilities amount outstanding | 0 | 0 | |
Committed Bank Credit Facility Expiring 2019 [Member] | |||
Line Of Credit Facility [Line Items] | |||
Maximum Borrowing Capacity | 450,000,000 | ||
Credit facilities amount outstanding | 0 | 0 | |
Committed Bank Credit Facility Expiring 2020 [Member] | |||
Line Of Credit Facility [Line Items] | |||
Maximum Borrowing Capacity | 375,000,000 | ||
Credit facilities amount outstanding | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Commitments and Guarantees (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Mar. 31, 2015 |
Commitments: | ||
Credit facilities commitments with vehicle and industrial equipment dealers | $ 1,311 | $ 1,137 |
Minimum lease commitments | 60 | 60 |
Total commitments | 1,371 | 1,197 |
Total commitments and guarantees | 1,471 | 1,297 |
Performance Guarantee [Member] | Putnam and Gibson Counties [Member] | ||
Commitments: | ||
Guarantees of affiliate pollution control and solid waste disposal bonds | $ 100 | $ 100 |
Commitments and Contingencies68
Commitments and Contingencies - Additional Information (Details) - USD ($) | 6 Months Ended | |
Sep. 30, 2015 | Mar. 31, 2015 | |
Commitments And Contingencies [Line Items] | ||
Minimum lease commitments | $ 60,000,000 | $ 60,000,000 |
Estimated moving costs | 80,000,000 | |
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 |
TMS [Member] | ||
Commitments And Contingencies [Line Items] | ||
15-year lease agreement between TMCC and TMS | 15 years | |
Expiration date of the 15-year lease agreement between TMCC and TMS | Mar. 31, 2018 | |
Minimum lease commitments | $ 20,000,000 | $ 23,000,000 |
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 | |
TMCC-affiliated companies [Member] | Putnam and Gibson Counties [Member] | Affiliate Pollution Control and Solid Waste Disposal Bonds [Member] | ||
Commitments And Contingencies [Line Items] | ||
Guaranty Fee | $ 78,000 |
Commitments and Contingencies69
Commitments and Contingencies - Future Minimum Lease Payments under Non-cancelable Operating Leases (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Mar. 31, 2015 |
Future minimum lease payments under non-cancelable operating leases | ||
2,016 | $ 10 | |
2,017 | 21 | |
2,018 | 16 | |
2,019 | 8 | |
2,020 | 3 | |
Thereafter | 2 | |
Total | $ 60 | $ 60 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Mar. 31, 2015 | |
Operating Loss Carryforwards [Line Items] | |||||
Effective tax rate | 38.00% | 38.00% | 37.00% | 37.00% | |
Provision for income taxes | $ 161 | $ 176 | $ 231 | $ 389 | |
Deferred tax assets | 2,100 | 2,100 | $ 2,200 | ||
Net deferred income tax liability | $ 7,700 | $ 7,700 | $ 7,500 | ||
Expiration Beginning Date [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Expiration Dates | Mar. 31, 2029 | ||||
Expiration Ending Date [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Expiration Dates | Mar. 31, 2036 |
Related Party Transactions - Re
Related Party Transactions - Related Party Transactions Included in Consolidated Statement of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Net financing revenues: | ||||
Manufacturers’ subvention support and other revenues | $ 330 | $ 296 | $ 647 | $ 569 |
Origination costs paid to affiliates | (1) | 0 | (1) | 0 |
Credit support fees incurred | (23) | (22) | (45) | (43) |
Interest and other expenses paid to affiliates | 0 | 0 | (2) | (1) |
Insurance earned premiums and contract revenues: | ||||
Affiliate insurance premiums and contract revenues | 178 | 160 | 352 | 313 |
Investments and other income, net: | ||||
Interest earned on notes receivable from affiliates | 2 | 1 | 3 | 2 |
TMCC-affiliated companies [Member] | ||||
Insurance earned premiums and contract revenues: | ||||
Affiliate insurance premiums and contract revenues | 33 | 33 | 65 | 65 |
Expenses: | ||||
Shared services charges and other expenses | 13 | 16 | 27 | 32 |
Employee benefits expense | $ 8 | $ 7 | $ 16 | $ 13 |
Related Party Transactions - 72
Related Party Transactions - Related Party Transactions Included in Consolidated Balance Sheet (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Mar. 31, 2015 | |
Investments in marketable securities | ||
Investments in affiliates’ commercial paper | $ 20 | $ 37 |
Finance receivables, net | ||
Accounts receivable from affiliates | 102 | 83 |
Direct finance lease receivables from affiliates | 0 | 6 |
Notes receivable under home loan programs | 10 | 11 |
Deferred retail origination costs paid to affiliates | 1 | 1 |
Deferred retail subvention income from affiliates | (837) | (802) |
Investments in operating leases, net | ||
Leases to affiliates | 33,741 | 31,128 |
Deferred lease origination costs paid to affiliates | 1 | 1 |
Deferred lease subvention income from affiliates | (1,058) | (950) |
Other assets: | ||
Notes receivable from affiliates | 1,007 | 1,184 |
Other receivables from affiliates | 10 | 6 |
Subvention support receivable from affiliates | 175 | 126 |
Assets held-for-sale | 2,127 | 0 |
Other liabilities: | ||
Unearned insurance premiums and contract revenues | 1,921 | 1,825 |
Accounts payable to affiliates | 80 | 136 |
Notes payable to affiliates | 25 | 24 |
TMCC-affiliated companies [Member] | ||
Investments in operating leases, net | ||
Leases to affiliates | 2 | 7 |
Other assets: | ||
Assets held-for-sale | 57 | 0 |
Other liabilities: | ||
Unearned insurance premiums and contract revenues | 260 | 252 |
Shareholder’s equity: | ||
Stock-based compensation | $ 2 | $ 2 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - TMCC-affiliated companies [Member] | Sep. 30, 2015USD ($) |
Related Party Transaction [Line Items] | |
Maximum Borrowing Capacity | $ 15,000,000 |
Promissory Note [Member] | |
Related Party Transaction [Line Items] | |
Credit facilities amount outstanding | $ 0 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Mar. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||
Total financing revenues | $ 2,353 | $ 2,057 | $ 4,608 | $ 4,017 | |
Insurance earned premiums and contract revenues | 178 | 160 | 352 | 313 | |
Investment and other income, net | 14 | 60 | 52 | 95 | |
Total gross revenues | 2,545 | 2,277 | 5,012 | 4,425 | |
Depreciation on operating leases | 1,446 | 1,196 | 2,806 | 2,296 | |
Interest expense | 203 | 215 | 711 | 345 | |
Provision for credit losses | 105 | 79 | 150 | 117 | |
Operating and administrative expenses | 287 | 253 | 557 | 486 | |
Insurance losses and loss adjustment expenses | 78 | 67 | 157 | 137 | |
Provision for income taxes | 161 | 176 | 231 | 389 | |
Net income | 265 | 291 | 400 | 655 | |
Total assets | 115,191 | 106,015 | 115,191 | 106,015 | $ 109,625 |
Intercompany Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total financing revenues | 0 | 0 | 0 | 0 | |
Insurance earned premiums and contract revenues | 0 | 0 | 0 | 0 | |
Investment and other income, net | 0 | 0 | 0 | 0 | |
Total gross revenues | 0 | 0 | 0 | 0 | |
Depreciation on operating leases | 0 | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | 0 | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Operating and administrative expenses | 0 | 0 | 0 | 0 | |
Insurance losses and loss adjustment expenses | 0 | 0 | 0 | 0 | |
Provision for income taxes | 0 | 0 | 0 | 0 | |
Net income | 0 | 0 | 0 | 0 | |
Total assets | (1,021) | (894) | (1,021) | (894) | |
Finance Operations [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total financing revenues | 2,353 | 2,057 | 4,608 | 4,017 | |
Insurance earned premiums and contract revenues | 0 | 0 | 0 | 0 | |
Investment and other income, net | 22 | 27 | 43 | 47 | |
Total gross revenues | 2,375 | 2,084 | 4,651 | 4,064 | |
Depreciation on operating leases | 1,446 | 1,196 | 2,806 | 2,296 | |
Interest expense | 203 | 215 | 711 | 345 | |
Provision for credit losses | 105 | 79 | 150 | 117 | |
Operating and administrative expenses | 225 | 200 | 434 | 380 | |
Insurance losses and loss adjustment expenses | 0 | 0 | 0 | 0 | |
Provision for income taxes | 150 | 149 | 201 | 345 | |
Net income | 246 | 245 | 349 | 581 | |
Total assets | 112,166 | 103,307 | 112,166 | 103,307 | |
Insurance Operations [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total financing revenues | 0 | 0 | 0 | 0 | |
Insurance earned premiums and contract revenues | 178 | 160 | 352 | 313 | |
Investment and other income, net | (8) | 33 | 9 | 48 | |
Total gross revenues | 170 | 193 | 361 | 361 | |
Depreciation on operating leases | 0 | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | 0 | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Operating and administrative expenses | 62 | 53 | 123 | 106 | |
Insurance losses and loss adjustment expenses | 78 | 67 | 157 | 137 | |
Provision for income taxes | 11 | 27 | 30 | 44 | |
Net income | 19 | 46 | 51 | 74 | |
Total assets | $ 4,046 | $ 3,602 | $ 4,046 | $ 3,602 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Events [Member] - TICF [Member] $ in Millions | Oct. 01, 2015USD ($) |
Subsequent Event [Line Items] | |
Cash proceeds from sale of business | $ 2,300 |
Gain on sale of business | $ 197 |