Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2016 | Jan. 31, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2016 | |
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 | 2,017 | |
Document Fiscal Period Focus | Q3 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing revenues: | ||||
Operating lease | $ 1,946 | $ 1,795 | $ 5,762 | $ 5,280 |
Retail | 468 | 484 | 1,383 | 1,406 |
Dealer | 123 | 97 | 346 | 298 |
Total financing revenues | 2,537 | 2,376 | 7,491 | 6,984 |
Depreciation on operating leases | 1,722 | 1,503 | 4,994 | 4,309 |
Interest expense | 701 | 277 | 1,305 | 988 |
Net financing revenues | 114 | 596 | 1,192 | 1,687 |
Insurance earned premiums and contract revenues | 202 | 181 | 594 | 533 |
Gain on sale of commercial finance business | 0 | 197 | 0 | 197 |
Investment and other income, net | 52 | 67 | 133 | 129 |
Realized gains (losses), net on investments in marketable securities | 157 | 0 | 240 | (10) |
Net financing revenues and other revenues | 525 | 1,041 | 2,159 | 2,536 |
Expenses: | ||||
Provision for credit losses | 183 | 128 | 396 | 278 |
Operating and administrative | 325 | 288 | 921 | 845 |
Insurance losses and loss adjustment expenses | 92 | 73 | 272 | 230 |
Total expenses | 600 | 489 | 1,589 | 1,353 |
(Loss) income before income taxes | (75) | 552 | 570 | 1,183 |
(Benefit) provision for income taxes | (29) | 210 | 212 | 441 |
Net (loss) income | $ (46) | $ 342 | $ 358 | $ 742 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (46) | $ 342 | $ 358 | $ 742 |
Other comprehensive (loss) income, net of tax: | ||||
Net unrealized losses on available-for-sale marketable securities [net of tax benefit of $40, $13, $8 and $54, respectively] | (66) | (23) | (14) | (91) |
Reclassification adjustment for net (gains) losses on available-for-sale marketable securities included in investment and other income, net [net of tax provision (benefit) of $60, $0, $92 and ($4), respectively] | (97) | 0 | (148) | 6 |
Other comprehensive (loss) income | (163) | (23) | (162) | (85) |
Comprehensive (loss) income | $ (209) | $ 319 | $ 196 | $ 657 |
Consolidated Statement of Comp4
Consolidated Statement of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net unrealized losses on available-for-sale marketable securities, tax benefit | $ 40 | $ 13 | $ 8 | $ 54 |
Reclassification adjustment for net (gains) losses on available-for-sale marketable securities included in investment and other income, net, tax provision (benefit) | $ 60 | $ 0 | $ 92 | $ (4) |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Millions | Dec. 31, 2016 | Mar. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 2,685 | $ 2,701 |
Restricted cash and cash equivalents | 893 | 1,010 |
Investments in marketable securities | 5,739 | 6,540 |
Finance receivables, net | 68,018 | 65,636 |
Investments in operating leases, net | 38,097 | 36,488 |
Other assets | 2,209 | 2,217 |
Total assets | 117,641 | 114,592 |
LIABILITIES AND SHAREHOLDER’S EQUITY | ||
Debt | 96,198 | 93,594 |
Deferred income taxes | 8,065 | 8,016 |
Other liabilities | 3,785 | 3,585 |
Total liabilities | 108,048 | 105,195 |
Commitments and contingencies (See Note 12) | ||
Shareholder’s equity: | ||
Capital stock, no par value (100,000 shares authorized; 91,500 issued and outstanding) at December 31, 2016 and March 31, 2016 | 915 | 915 |
Additional paid-in capital | 2 | 2 |
Accumulated other comprehensive income | 3 | 165 |
Retained earnings | 8,673 | 8,315 |
Total shareholder's equity | 9,593 | 9,397 |
Total liabilities and shareholder's equity | $ 117,641 | $ 114,592 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - $ / shares | Dec. 31, 2016 | Mar. 31, 2016 |
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 | Dec. 31, 2016 | Mar. 31, 2016 |
ASSETS | ||
Finance receivables, net | $ 68,018 | $ 65,636 |
Investments in operating leases, net | 38,097 | 36,488 |
Other assets | 2,209 | 2,217 |
Total assets | 117,641 | 114,592 |
LIABILITIES | ||
Debt | 96,198 | 93,594 |
Other liabilities | 3,785 | 3,585 |
Total liabilities | 108,048 | 105,195 |
Variable Interest Entity, Primary Beneficiary | ||
ASSETS | ||
Finance receivables, net | 12,879 | 14,130 |
Investments in operating leases, net | 2,811 | 2,504 |
Other assets | 68 | 84 |
Total assets | 15,758 | 16,718 |
LIABILITIES | ||
Debt | 12,990 | 14,123 |
Other liabilities | 5 | 5 |
Total liabilities | $ 12,995 | $ 14,128 |
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, 2015 | $ 8,520 | $ 915 | $ 2 | $ 220 | $ 7,383 |
Net (loss) income | 742 | 742 | |||
Other comprehensive loss, net of tax | (85) | (85) | |||
Balance at Dec. 31, 2015 | 9,177 | 915 | 2 | 135 | 8,125 |
Balance at Mar. 31, 2016 | 9,397 | 915 | 2 | 165 | 8,315 |
Net (loss) income | 358 | 358 | |||
Other comprehensive loss, net of tax | (162) | (162) | |||
Balance at Dec. 31, 2016 | $ 9,593 | $ 915 | $ 2 | $ 3 | $ 8,673 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 358 | $ 742 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 5,040 | 4,347 |
Recognition of deferred income | (1,328) | (1,277) |
Provision for credit losses | 396 | 278 |
Amortization of deferred costs | 471 | 462 |
Foreign currency and other adjustments to the carrying value of debt, net | (1,065) | 40 |
Net realized (gains) losses from sales and other-than-temporary impairment on available-for-sale securities | (240) | 10 |
Gain on sale of commercial finance business | 0 | (197) |
Net change in: | ||
Restricted cash and cash equivalents | 117 | (69) |
Derivative assets | 17 | 0 |
Other assets (Note 8) and accrued interest | (220) | 66 |
Deferred income taxes | 149 | 380 |
Derivative liabilities | (6) | (15) |
Other liabilities | 220 | 410 |
Net cash provided by operating activities | 3,909 | 5,177 |
Cash flows from investing activities: | ||
Purchase of investments in marketable securities | (2,837) | (5,894) |
Proceeds from sales of investments in marketable securities | 832 | 641 |
Proceeds from maturities of investments in marketable securities | 2,770 | 3,987 |
Acquisition of finance receivables | (19,519) | (19,665) |
Collection of finance receivables | 18,151 | 18,381 |
Net change in wholesale and certain working capital receivables | (1,171) | 248 |
Acquisition of investments in operating leases | (13,825) | (14,978) |
Disposals of investments in operating leases | 7,786 | 5,921 |
Proceeds from sale of commercial finance business | 0 | 2,285 |
Net change in financing support provided to affiliates | 288 | 58 |
Other, net | (63) | (34) |
Net cash used in investing activities | (7,588) | (9,050) |
Cash flows from financing activities: | ||
Proceeds from issuance of debt | 18,790 | 19,562 |
Payments on debt | (17,509) | (14,958) |
Net change in commercial paper | 2,388 | (159) |
Net change in financing support provided by affiliates | (6) | (20) |
Net cash provided by financing activities | 3,663 | 4,425 |
Net (decrease) increase in cash and cash equivalents | (16) | 552 |
Cash and cash equivalents at the beginning of the period | 2,701 | 2,407 |
Cash and cash equivalents at the end of the period | 2,685 | 2,959 |
Supplemental disclosures: | ||
Interest paid, net | 1,031 | 905 |
Income taxes paid (received), net | $ 42 | $ (189) |
Interim Financial Data
Interim Financial Data | 9 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Interim Financial Data | Note 1 – Interim Financial Data Basis of Presentation The information furnished in these unaudited interim consolidated financial statements for the three and nine months ended December 31, 2016 and 2015 has been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). In the opinion of management, the unaudited consolidated financial information reflects all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. The results of operations for the three and nine months ended December 31, 2016 do not necessarily indicate the results which may be expected for the full fiscal year ending March 31, 2017 (“fiscal 2017”). These financial statements should be read in conjunction with the Consolidated Financial Statements, significant accounting policies, and other Notes to Consolidated Financial Statements included in Toyota Motor Credit Corporation’s Annual Report on Form 10-K (“Form 10-K”) for the fiscal year ended March 31, 2016 (“fiscal 2016”), which was filed with the Securities and Exchange Commission on June 2, 2016. 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 current period presentation. Related party transactions are disclosed in Note 14 – Related Party Transactions. On July 1, 2016, our parent company, Toyota Financial Services Americas Corporation, was renamed to Toyota Financial Services International Corporation. 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. The FASB also subsequently issued guidance amending and clarifying various aspects of the new revenue recognition standard. We plan to adopt the new revenue guidance effective April 1, 2018 by recognizing the cumulative effect of implementing the new standard as an adjustment to the current period opening balance of shareholder’s equity. We do not expect the adoption of this standard to have a material impact on our operating lease, retail and dealer financing revenues as the majority of those revenues are outside the scope of the standard. However, certain products within our insurance operations fall within the scope of this guidance. We are currently evaluating the potential impact of this guidance on our consolidated financial statements and disclosures. In May 2015, the FASB issued new guidance that requires additional disclosures related to short-duration insurance contracts. This accounting guidance is effective for us for the annual period beginning April 1, 2016 and for interim periods within annual periods beginning April 1, 2017. The adoption of this guidance is limited to disclosure and will not have an impact on our consolidated financial statements. In January 2016, the FASB issued new guidance that addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments and will require entities to measure equity investments at fair value and recognize any changes in fair value in earnings. This accounting guidance will be effective for us on April 1, 2018. We are currently evaluating the potential impact of this guidance on our consolidated financial statements. In February 2016, the FASB issued new guidance that introduces a lessee model that brings most leases on the balance sheet and aligns many of the underlying principles of the new lessor model with those in the new revenue recognition standard. The new leasing standard represents a wholesale change to lease accounting for lessees. This accounting guidance will be effective for us on April 1, 2019. We are currently evaluating the potential impact of this guidance on our consolidated financial statements. In March 2016, the FASB issued new guidance which clarifies that a change in the counterparty to a designated derivative hedging instrument does not, in and of itself, require de-designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. This accounting guidance will be effective for us on April 1, 2017. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In March 2016, the FASB issued new guidance which clarifies whether an embedded contingent put or call option is clearly and closely related to the debt host when bifurcating an embedded derivative. This accounting guidance will be effective for us on April 1, 2017. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In June 2016, the FASB issued new guidance that introduces a new impairment model based on expected losses rather than incurred losses for certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. This accounting guidance will be effective for us on April 1, 2020. We are currently evaluating the potential impact of this guidance on our consolidated financial statements. In August 2016, the FASB issued new guidance that is intended to reduce diversity in practice in the classification of certain items in the statement of cash flows. This accounting guidance will be effective for us on April 1, 2018. We are currently evaluating the potential impact of this guidance on our consolidated financial statements. In October 2016, the FASB issued new guidance that further amends the analysis a reporting entity must perform to determine whether it should consolidate certain legal entities. The guidance specifically addresses interests held through related parties that are under common control. This accounting guidance will be effective for us on April 1, 2017. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. Note 1 – Interim Financial Data (Continued) In November 2016, the FASB issued new guidance that clarifies how restricted cash and cash equivalents should be classified and presented in the statement of cash flows and requires new disclosures related to restricted cash and cash equivalents. This guidance was intended to reduce diversity in practice in the classification of restricted cash and cash equivalents on the statement of cash flows. This accounting guidance will be effective for us on April 1, 2018 at which time we will no longer report the change in restricted cash and cash equivalents in the operating section in our Consolidated Statement of Cash Flows, and cash and cash equivalents at the beginning and end of the period will include restricted cash and cash equivalents. These changes will be applied using a retrospective transition method to each period presented. Recently Adopted Accounting Guidance In April 2016, we adopted new FASB accounting guidance that amends the analysis a reporting entity must perform to determine whether it should consolidate certain legal entities. The adoption of this guidance did not have a material impact on our consolidated financial statements. In April 2016, we adopted new FASB accounting 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. As a result of adopting this guidance, we have reclassified our debt issuance costs from Other assets to Debt on our Consolidated Balance Sheet and conformed applicable footnote disclosures for all periods presented. These amounts are not material to our consolidated financial statements. In April 2016, we adopted new FASB accounting guidance to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. While similar guidance existed previously under US GAAP for cloud service providers, this update provides explicit guidance for a customer's accounting. The adoption of this guidance did not have a material impact on our consolidated financial statements. In April 2016, we adopted new FASB accounting 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. Note 2 – Fair Value Measurements has been updated, for all periods presented, to reflect the adoption of this guidance which did not have a material impact on our consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Dec. 31, 2016 | |
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 except for certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and are excluded from the leveling information provided in the table below. Fair value amounts presented below are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheet. December 31, 2016 Counterparty netting & Fair Level 1 Level 2 Level 3 collateral value Cash equivalents: Money market instruments $ 276 $ 958 $ - $ - $ 1,234 Certificates of deposit - 1,155 - - 1,155 Commercial paper - 15 - - 15 Corporate debt securities 1 - - - 1 Cash equivalents total 277 2,128 - - 2,405 Available-for-sale securities: Debt instruments: U.S. government and agency obligations 2,672 41 2 - 2,715 Municipal debt securities - 10 - - 10 Certificates of deposit 205 200 - - 405 Corporate debt securities 247 130 8 - 385 Mortgage-backed securities: U.S. government agency - 47 - - 47 Non-agency residential - - 2 - 2 Non-agency commercial - - 34 - 34 Asset-backed securities - - 30 - 30 Equity instruments: Fixed income mutual funds: Fixed income mutual funds measured at net asset value - - - - 1,723 Total return bond funds 388 - - - 388 Available-for-sale securities total 3,512 428 76 - 5,739 Derivative assets: Foreign currency swaps - 57 - - 57 Interest rate swaps - 507 1 - 508 Interest rate floors - 2 - - 2 Counterparty netting and collateral - - - (516 ) (516 ) Derivative assets total - 566 1 (516 ) 51 Assets at fair value 3,789 3,122 77 (516 ) 8,195 Derivative liabilities: Foreign currency swaps - (1,361 ) (69 ) - (1,430 ) Interest rate swaps - (293 ) (12 ) - (305 ) Counterparty netting and collateral - - - 1,734 1,734 Liabilities at fair value - (1,654 ) (81 ) 1,734 (1 ) Net assets at fair value $ 3,789 $ 1,468 $ (4 ) $ 1,218 $ 8,194 Note 2 – Fair Value Measurements (Continued) March 31, 2016 Counterparty netting & Fair Level 1 Level 2 Level 3 collateral value Cash equivalents: Money market instruments $ 360 $ 1,209 $ - $ - $ 1,569 U.S. government and agency obligations 450 105 - - 555 Certificates of deposit - 500 - - 500 Cash equivalents total 810 1,814 - - 2,624 Available-for-sale securities: Debt instruments: U.S. government and agency obligations 2,777 56 2 - 2,835 Municipal debt securities - 11 - - 11 Certificates of deposit 300 200 - - 500 Commercial paper - 50 - - 50 Corporate debt securities 228 252 7 - 487 Mortgage-backed securities: U.S. government agency - 59 - - 59 Non-agency residential - - 3 - 3 Non-agency commercial - - 42 - 42 Asset-backed securities - - 37 - 37 Equity instruments: Fixed income mutual funds: Fixed income mutual funds measured at net asset value - - - - 1,747 Total return bond funds 380 - - - 380 Equity mutual fund 389 - - - 389 Available-for-sale securities total 4,074 628 91 - 6,540 Derivative assets: Foreign currency swaps - 329 - - 329 Interest rate swaps - 601 39 - 640 Interest rate floors - 4 - - 4 Counterparty netting and collateral - - - (905 ) (905 ) Derivative assets total - 934 39 (905 ) 68 Assets at fair value 4,884 3,376 130 (905 ) 9,232 Derivative liabilities: Foreign currency swaps - (821 ) (14 ) - (835 ) Interest rate swaps - (475 ) - - (475 ) Counterparty netting and collateral - - - 1,303 1,303 Liabilities at fair value - (1,296 ) (14 ) 1,303 (7 ) Net assets at fair value $ 4,884 $ 2,080 $ 116 $ 398 $ 9,225 Note 2 – Fair Value Measurements (Continued) Transfers between levels of the fair value hierarchy are recognized at the end of their respective reporting periods. Transfers between levels of the fair value hierarchy during the three and nine months ended December 31, 2016 and 2015 resulted from changes in the transparency of inputs and were not significant. The following tables summarize the rollforward of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs: Three Months Ended December 31, 2016 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, October 1, 2016 $ 2 $ 8 $ 41 $ 34 $ 85 $ 33 $ (49 ) $ (16 ) $ 69 Total gains (losses) Included in earnings - - - - - (47 ) (17 ) (64 ) (64 ) Included in other comprehensive income - - (1 ) 1 - - - - - Purchases, issuances, sales, and settlements Purchases - - - - - - - - - Issuances - - - - - - - - - Sales - - - - - - - - - Settlements - - (4 ) (5 ) (9 ) 3 (3 ) - (9 ) Transfers in to Level 3 - - - - - - - - - Transfers out of Level 3 - - - - - - - - - Fair value, December 31, 2016 $ 2 $ 8 $ 36 $ 30 $ 76 $ (11 ) $ (69 ) $ (80 ) $ (4 ) The amount of total gains (losses) included in earnings attributable to assets held at the reporting date $ (47 ) $ (17 ) (64 ) (64 ) Three Months Ended December 31, 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, October 1, 2015 $ 2 $ 8 $ 45 $ 36 $ 91 $ (1 ) $ 10 $ 9 $ 100 Total gains (losses) Included in earnings - - - - - (3 ) (9 ) (12 ) (12 ) Included in other comprehensive income - - - (1 ) (1 ) - - - (1 ) Purchases, issuances, sales, and settlements Purchases - - 1 4 5 - - - 5 Issuances - - - - - - - - - Sales - - - - - - - - - Settlements - - (1 ) (3 ) (4 ) 2 (4 ) (2 ) (6 ) Transfers in to Level 3 - - - - - - - - - Transfers out of Level 3 - - - - - - - - - Fair value, December 31, 2015 $ 2 $ 8 $ 45 $ 36 $ 91 $ (2 ) $ (3 ) $ (5 ) $ 86 The amount of total gains (losses) included in earnings attributable to assets held at the reporting date $ (3 ) $ (9 ) $ (12 ) $ (12 ) Note 2 – Fair Value Measurements (Continued) Nine Months Ended December 31, 2016 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, 2016 $ 2 $ 7 $ 45 $ 37 $ 91 $ 39 $ (14 ) $ 25 $ 116 Total gains (losses) Included in earnings - - - - - (27 ) (49 ) (76 ) (76 ) Included in other comprehensive income - 1 - 1 2 - - - 2 Purchases, issuances, sales, and settlements Purchases - - - 3 3 - - - 3 Issuances - - - - - - - - - Sales - - - - - - - - - Settlements - - (9 ) (11 ) (20 ) (23 ) (6 ) (29 ) (49 ) Transfers in to Level 3 - - - - - - - - - Transfers out of Level 3 - - - - - - - - - Fair value, December 31, 2016 $ 2 $ 8 $ 36 $ 30 $ 76 $ (11 ) $ (69 ) $ (80 ) $ (4 ) The amount of total gains (losses) included in earnings attributable to assets held at the reporting date $ (27 ) $ (49 ) $ (76 ) $ (76 ) Nine Months Ended December 31, 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 - - - - - (4 ) (2 ) (6 ) (6 ) Included in other comprehensive income - - (1 ) (1 ) (2 ) - - - (2 ) Purchases, issuances, sales, and settlements Purchases - - 1 4 5 - - - 5 Issuances - - - - - - - - - Sales - (2 ) - (1 ) (3 ) - - - (3 ) Settlements - - (3 ) (5 ) (8 ) 1 (8 ) (7 ) (15 ) Transfers in to Level 3 - - - - - - - - - Transfers out of Level 3 - (4 ) - - (4 ) - - - (4 ) Fair value, December 31, 2015 $ 2 $ 8 $ 45 $ 36 $ 91 $ (2 ) $ (3 ) $ (5 ) $ 86 The amount of total gains (losses) included in earnings attributable to assets held at the reporting date $ (4 ) $ (2 ) $ (6 ) $ (6 ) 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 December 31, 2016 and March 31, 2016. Level 3 Fair Value Measurements The Level 3 financial assets and liabilities recorded at fair value which are subject to recurring and nonrecurring fair value measurement, and the corresponding 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 nine months ended December 31, 2016 and as of and for the year ended March 31, 2016. 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 on our Consolidated Balance Sheet: December 31, 2016 Carrying Total Fair value Level 1 Level 2 Level 3 Value Financial assets Finance receivables, net Retail loan $ 50,902 $ - $ - $ 50,761 $ 50,761 Wholesale 10,221 - - 10,268 10,268 Real estate 4,624 - - 4,400 4,400 Working capital 2,125 - - 2,129 2,129 Financial liabilities Commercial paper $ 29,023 $ - $ 29,023 $ - $ 29,023 Unsecured notes and loans payable 54,185 - 53,054 2,166 55,220 Secured notes and loans payable 12,990 - - 13,001 13,001 March 31, 2016 Carrying Total Fair value Level 1 Level 2 Level 3 Value Financial assets Finance receivables, net Retail loan $ 49,865 $ - $ - $ 49,551 $ 49,551 Wholesale 9,160 - - 9,207 9,207 Real estate 4,590 - - 4,277 4,277 Working capital 1,888 - - 1,894 1,894 Financial liabilities Commercial paper $ 26,608 $ - $ 26,608 $ - $ 26,608 Unsecured notes and loans payable 52,863 - 52,913 1,387 54,300 Secured notes and loans payable 14,123 - - 14,125 14,125 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. Finance receivables, net, excludes related party transactions, for which the fair value approximates the carrying value, of $141 million and $128 million at December 31, 2016 and March 31, 2016, respectively. The carrying value of unsecured notes and loans payable represents the sum of unsecured notes and loans payable and carrying value adjustment as described in Note 9 – Debt. |
Investments in Marketable Secur
Investments in Marketable Securities | 9 Months Ended |
Dec. 31, 2016 | |
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: December 31, 2016 Amortized Unrealized Unrealized Fair cost gains losses value Available-for-sale securities: Debt instruments: U.S. government and agency obligations $ 2,721 $ 1 $ (7 ) $ 2,715 Municipal debt securities 9 1 - 10 Certificates of deposit 405 - - 405 Corporate debt securities 384 2 (1 ) 385 Mortgage-backed securities: U.S. government agency 47 1 (1 ) 47 Non-agency residential 2 - - 2 Non-agency commercial 34 1 (1 ) 34 Asset-backed securities 30 - - 30 Equity instruments: Fixed income mutual funds: Short-term floating NAV fund II 39 - - 39 U.S. government sector fund 396 - (17 ) 379 Municipal sector fund 21 - (1 ) 20 Investment grade corporate sector fund 254 8 (5 ) 257 High-yield sector fund 83 5 - 88 Real return sector fund 147 5 - 152 Mortgage sector fund 393 - (6 ) 387 Asset-backed securities sector fund 141 8 (1 ) 148 Emerging market sector fund 106 8 - 114 International sector fund 136 3 - 139 Total return bond funds 386 3 (1 ) 388 Total investments in marketable securities $ 5,734 $ 46 $ (41 ) $ 5,739 Note 3 – Investments in Marketable Securities (Continued) March 31, 2016 Amortized Unrealized Unrealized Fair cost gains losses value Available-for-sale securities: Debt instruments: U.S. government and agency obligations $ 2,833 $ 3 $ (1 ) $ 2,835 Municipal debt securities 10 1 - 11 Certificates of deposit 500 - - 500 Commercial paper 50 - - 50 Corporate debt securities 482 7 (2 ) 487 Mortgage-backed securities: U.S. government agency 57 2 - 59 Non-agency residential 2 1 - 3 Non-agency commercial 42 1 (1 ) 42 Asset-backed securities 38 - (1 ) 37 Equity instruments: Fixed income mutual funds: Short-term floating NAV fund II 178 - - 178 U.S. government sector fund 353 6 (1 ) 358 Municipal sector fund 19 - - 19 Investment grade corporate sector fund 243 8 (5 ) 246 High-yield sector fund 67 - (1 ) 66 Real return sector fund 201 11 - 212 Mortgage sector fund 297 5 - 302 Asset-backed securities sector fund 117 8 (1 ) 124 Emerging market sector fund 101 1 - 102 International sector fund 145 - (5 ) 140 Total return bond funds 376 4 - 380 Equity mutual fund 162 227 - 389 Total investments in marketable securities $ 6,273 $ 285 $ (18 ) $ 6,540 The Fixed income mutual funds, exclusive of the Total return bond 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. The Total return bond funds are investments in actively traded open-end mutual funds. Redemptions are subject to normal terms and conditions as described in each fund’s prospectus. Note 3 – Investments in Marketable Securities (Continued) Unrealized Losses on Securities Investments in marketable securities in a continuous loss position for less than twelve months and for greater than twelve months were not significant as of December 31, 2016 and March 31, 2016. Realized Gains and Losses on Securities The following table represents realized gains and losses on our available-for-sale securities presented in our Consolidated Statement of Income: Three Months Ended Nine Months Ended December 31, December 31, 2016 2015 2016 2015 Available-for-sale securities: Realized gains on sales $ 158 $ 16 $ 251 $ 42 Realized losses on sales $ (1 ) $ (1 ) $ (1 ) $ (2 ) Other-than-temporary impairment $ - $ (15 ) $ (10 ) $ (50 ) 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. December 31, 2016 Amortized Fair Value Available-for-sale debt instruments: Due within 1 year $ 2,563 $ 2,563 Due after 1 year through 5 years 742 741 Due after 5 years through 10 years 132 131 Due after 10 years 82 80 Mortgage-backed and asset-backed securities 1 113 113 Total $ 3,632 $ 3,628 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 | 9 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Finance Receivables, Net | Note 4 – Finance Receivables, Net Finance receivables, net consist of retail receivables and dealer financing, which includes accrued interest and deferred fees and costs, net of the allowance for credit losses and deferred income. Finance receivables, net include securitized retail receivables, which represent retail receivables that have been sold for legal purposes to securitization trusts but continue to be included in our consolidated financial statements, as discussed further in Note 10 – Variable Interest Entities. Cash flows from these securitized retail receivables are available only for the repayment of debt issued by these trusts and other obligations arising from the securitization transactions. They are not available for payment of our other obligations or to satisfy claims of our other creditors. Finance receivables, net consisted of the following: December 31, March 31, 2016 2016 Retail receivables $ 38,483 $ 36,020 Securitized retail receivables 13,087 14,343 Dealer financing 17,219 15,899 68,789 66,262 Deferred origination (fees) and costs, net 652 663 Deferred income (1,002 ) (868 ) Allowance for credit losses Retail and securitized retail receivables (314 ) (289 ) Dealer financing (107 ) (132 ) Total allowance for credit losses (421 ) (421 ) Finance receivables, net $ 68,018 $ 65,636 Credit Quality Indicators We are exposed to credit risk on our finance receivables. Credit risk is the risk of loss arising from the failure of customers or dealers to meet the terms of their contracts with us or otherwise fail to perform as agreed. Retail Loan Portfolio Segment The retail loan portfolio segment consists of one class of finance receivables. While we use various credit quality metrics to develop our allowance for credit losses on the retail loan portfolio segment, we primarily utilize the aging of the individual accounts to monitor the credit quality of these finance receivables. Based on our experience, the payment status of borrowers is the strongest indicator of the credit quality of the underlying receivables. Payment status also impacts charge-offs. Individual borrower accounts within the retail loan segment 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 receivables: Retail Loan December 31, March 31, 2016 2016 Aging of finance receivables: Current $ 50,431 $ 49,590 30-59 days past due 850 584 60-89 days past due 204 129 90 days or greater past due 85 60 Total $ 51,570 $ 50,363 Wholesale Real Estate Working Capital December 31, March 31, December 31, March 31, December 31, March 31, 2016 2016 2016 2016 2016 2016 Credit quality indicators: Performing $ 9,100 $ 8,099 $ 3,981 $ 3,822 $ 1,952 $ 1,686 Credit Watch 1,140 1,041 660 763 181 229 At Risk 90 113 85 109 11 17 Default 9 9 10 10 - 1 Total $ 10,339 $ 9,262 $ 4,736 $ 4,704 $ 2,144 $ 1,933 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 December 31, March 31, December 31, March 31, December 31, March 31, 2016 2016 2016 2016 2016 2016 Impaired account balances individually evaluated for impairment with an allowance: Wholesale $ 79 $ 98 $ 79 $ 98 $ 5 $ 9 Real estate 95 119 95 119 12 15 Working capital 32 37 32 37 9 30 Total $ 206 $ 254 $ 206 $ 254 $ 26 $ 54 Impaired account balances individually evaluated for impairment without an allowance: Wholesale $ 126 $ 185 $ 126 $ 185 Real estate 106 98 106 98 Working capital - 3 - 3 Total $ 232 $ 286 $ 232 $ 286 Impaired account balances aggregated and evaluated for impairment: Retail loan $ 219 $ 226 $ 216 $ 223 Total $ 219 $ 226 $ 216 $ 223 Total impaired account balances: Retail loan $ 219 $ 226 $ 216 $ 223 Wholesale 205 283 205 283 Real estate 201 217 201 217 Working capital 32 40 32 40 Total $ 657 $ 766 $ 654 $ 763 As of December 31, 2016 and March 31, 2016, the impaired finance receivables balance for accounts in the dealer products portfolio segment that were on nonaccrual status was $235 million and $299 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 December 31, 2016 and March 31, 2016, impaired finance receivables in the retail portfolio segment recorded at the fair value of the collateral less estimated selling costs were not significant and therefore excluded from the table above. Refer to Note 6 – Allowance for Credit Losses for detail about the impaired account balances which are aggregated and evaluated for impairment when determining the allowance for credit losses. 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 December 31, Nine Months Ended December 31, Three Months Ended December 31, Nine Months Ended December 31, 2016 2015 2016 2015 2016 2015 2016 2015 Impaired account balances individually evaluated for impairment with an allowance: Wholesale $ 78 $ 77 $ 73 $ 83 $ - $ - $ 1 $ 1 Real estate 89 103 97 87 1 1 2 2 Working capital 33 34 34 35 - - 1 1 Total $ 200 $ 214 $ 204 $ 205 $ 1 $ 1 $ 4 $ 4 Impaired account balances individually evaluated for impairment without an allowance: Wholesale $ 125 $ 136 $ 158 $ 119 $ 1 $ 1 $ 3 $ 2 Real estate 112 94 107 90 1 1 4 3 Working capital - 5 1 4 - - - - Total $ 237 $ 235 $ 266 $ 213 $ 2 $ 2 $ 7 $ 5 Impaired account balances aggregated and evaluated for impairment: Retail loan $ 221 $ 241 $ 223 $ 251 $ 4 $ 4 $ 12 $ 13 Total $ 221 $ 241 $ 223 $ 251 $ 4 $ 4 $ 12 $ 13 Total impaired account balances: Retail loan $ 221 $ 241 $ 223 $ 251 $ 4 $ 4 $ 12 $ 13 Wholesale 203 213 231 202 1 1 4 3 Real estate 201 197 204 177 2 2 6 5 Working capital 33 39 35 39 - - 1 1 Total $ 658 $ 690 $ 693 $ 669 $ 7 $ 7 $ 23 $ 22 The primary source of interest income recognized on the loans in the table above is from performing troubled debt restructurings. In addition, interest income recognized using a cash-basis method of accounting during the three and nine months ended December 31, 2016 and 2015 was not significant. Average impaired finance receivables and interest income recognized during the three and nine months ended December 31, 2015 related to our commercial finance business were not significant. As discussed in our Form 10-K for fiscal 2016, we sold our commercial finance business on October 1, 2015. Note 4 – Finance Receivables, Net (Continued) Troubled Debt Restructuring For accounts not under bankruptcy protection, the amount of finance receivables modified as a troubled debt restructuring during the three and nine months ended December 31, 2016 and 2015 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. 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 nine months ended December 31, 2016 and 2015. We consider finance receivables under bankruptcy protection within the retail loan class to be troubled debt restructurings as of the date we receive notice of a customer filing for bankruptcy protection, regardless of the ultimate outcome of the bankruptcy proceedings. The bankruptcy court may impose modifications as part of the proceedings, including interest rate adjustments and forgiveness of principal. For the three and nine months ended December 31, 2016 and 2015, the financial impact of troubled debt restructurings related to finance receivables under bankruptcy protection was not significant to our Consolidated Statement of Income and Consolidated Balance Sheet. Payment Defaults Finance receivables modified as troubled debt restructurings for which there was a subsequent payment default during the three and nine months ended December 31, 2016 and 2015, 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 | 9 Months Ended |
Dec. 31, 2016 | |
Leases Operating [Abstract] | |
Investments in Operating Leases, Net | Note 5 – Investments in Operating Leases, Net Investments in operating leases, net consist of 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: December 31, March 31, 2016 2016 Investments in operating leases $ 44,032 $ 42,220 Securitized investments in operating leases 3,769 3,364 47,801 45,584 Deferred origination (fees) and costs, net (203 ) (190 ) Deferred income (1,166 ) (1,080 ) Accumulated depreciation (8,190 ) (7,712 ) Allowance for credit losses (145 ) (114 ) Investments in operating leases, net $ 38,097 $ 36,488 |
Allowance for Credit Losses
Allowance for Credit Losses | 9 Months Ended |
Dec. 31, 2016 | |
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 Nine Months Ended December 31, December 31, 2016 2015 2016 2015 Allowance for credit losses at beginning of period $ 526 $ 473 $ 535 $ 485 Provision for credit losses 183 128 396 278 Transferred to held-for-sale 1 - - - (7 ) Charge-offs, net of recoveries (143 ) (115 ) (365 ) (270 ) Allowance for credit losses at end of period $ 566 $ 486 $ 566 $ 486 1 Charge-offs are shown net of recoveries of $19 million and $59 million for the three and nine months ended December 31, 2016, respectively, and recoveries of $15 million and $54 million for the three and nine months ended December 31, 2015, respectively. Note 6 – Allowance for Credit Losses (Continued) 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 December 31, 2016 Retail Loan Dealer Total Allowance for Credit Losses for Finance Receivables: Beginning balance, October 1, 2016 $ 295 $ 94 $ 389 Charge-offs (113 ) - (113 ) Recoveries 12 - 12 Provisions 120 13 133 Ending balance, December 31, 2016 $ 314 $ 107 $ 421 Nine Months Ended December 31, 2016 Retail Loan Dealer Total Beginning balance, April 1, 2016 $ 289 $ 132 $ 421 Charge-offs (294 ) - (294 ) Recoveries 38 - 38 Provisions 281 (25 ) 256 Ending balance, December 31, 2016 $ 314 $ 107 $ 421 Ending balance: Individually evaluated for impairment $ - $ 26 $ 26 Ending balance: Collectively evaluated for impairment $ 314 $ 81 $ 395 Finance Receivables: Ending balance, December 31, 2016 $ 51,570 $ 17,219 $ 68,789 Ending balance: Individually evaluated for impairment $ - $ 438 $ 438 Ending balance: Collectively evaluated for impairment $ 51,570 $ 16,781 $ 68,351 The ending balance of finance receivables collectively evaluated for impairment in the above table includes approximately $219 million of finance receivables within the retail loan portfolio segment that are specifically identified as impaired. These amounts are aggregated within their respective portfolio segment when determining the allowance for credit losses as of December 31, 2016, as they are deemed to be insignificant for individual evaluation, and we have determined that the allowance for credit losses is not significant and 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 December 31, 2016 includes $1,071 million in finance receivables that are guaranteed by Toyota Motor Sales, U.S.A., Inc. (“TMS”), and $173 million in finance receivables that are guaranteed by third party private Toyota distributors. These finance receivables are related to certain Toyota and Lexus dealers and other third parties to whom we provided financing at the request of TMS and third party private Toyota distributors. Note 6 – Allowance for Credit Losses (Continued) Three Months Ended December 31, 2015 Retail Loan Commercial Dealer Total Allowance for Credit Losses for Finance Receivables: Beginning balance, October 1, 2015 $ 263 $ - $ 114 $ 377 Charge-offs (95 ) - - (95 ) Recoveries 10 - - 10 Provisions 80 - 9 89 Ending balance, December 31, 2015 $ 258 $ - $ 123 $ 381 Nine Months Ended December 31, 2015 Retail Loan Commercial Dealer Total Beginning balance, April 1, 2015 $ 299 $ 2 $ 108 $ 409 Charge-offs (237 ) (1 ) - (238 ) Recoveries 37 - - 37 Provisions 159 1 19 179 Transferred to held-for-sale - (2 ) (4 ) (6 ) Ending balance, December 31, 2015 $ 258 $ - $ 123 $ 381 Ending balance: Individually evaluated for impairment $ - $ - $ 59 $ 59 Ending balance: Collectively evaluated for impairment $ 258 $ - $ 64 $ 322 Finance Receivables: Ending balance, December 31, 2015 $ 51,207 $ - $ 15,176 $ 66,383 Ending balance: Individually evaluated for impairment $ - $ - $ 502 $ 502 Ending balance: Collectively evaluated for impairment $ 51,207 $ - $ 14,674 $ 65,881 Included in the tables above are the allowance for credit losses and finance receivables from our commercial portfolio segment related to the commercial finance business that was sold on October 1, 2015. The ending balance of finance receivables collectively evaluated for impairment in the above table includes approximately $237 million of finance receivables within the retail loan portfolio segment that are specifically identified as impaired. These amounts are aggregated within their respective portfolio segments when determining the allowance for credit losses as of December 31, 2015, as they are deemed to be insignificant for individual evaluation and we have determined that the allowance for credit losses is not significant and 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 December 31, 2015 includes $979 million in finance receivables that are guaranteed by TMS, and $140 million in finance receivables that are guaranteed by third party private Toyota distributors. These finance receivables are related to certain Toyota and Lexus dealers and other third parties to whom we provided financing at the request of TMS and third party private Toyota 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: December 31, March 31, 2016 2016 Aggregate balances 60 or more days past due Finance receivables $ 289 $ 189 Investments in operating leases 118 80 Total $ 407 $ 269 Substantially all finance receivables and investments in operating leases do not involve recourse to the dealer in the event of customer default. Finance receivables and investments in operating leases 60 or more days past due include contracts in bankruptcy and contracts greater than 120 days past due, which are recorded at the fair value of collateral less estimated costs to sell. Contracts 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: December 31, 2016 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 $ 850 $ 204 $ 85 $ 1,139 $ 50,431 $ 51,570 $ 63 Wholesale - - - - 10,339 10,339 - Real estate - - - - 4,736 4,736 - Working capital - - - - 2,144 2,144 - Total $ 850 $ 204 $ 85 $ 1,139 $ 67,650 $ 68,789 $ 63 March 31, 2016 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 $ 584 $ 129 $ 60 $ 773 $ 49,590 $ 50,363 $ 35 Wholesale - - - - 9,262 9,262 - Real estate - - - - 4,704 4,704 - Working capital - - - - 1,933 1,933 - Total $ 584 $ 129 $ 60 $ 773 $ 65,489 $ 66,262 $ 35 |
Derivatives, Hedging Activities
Derivatives, Hedging Activities and Interest Expense | 9 Months Ended |
Dec. 31, 2016 | |
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, interest rate floors, interest rate caps 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 the fair value of assets and liabilities caused by market movements. All of our derivative activities are authorized and monitored by our management and our Asset Liability Committee which provides a framework for financial controls and governance to manage market risk. Credit Risk Related Contingent Features Our derivative contracts are governed by International Swaps and Derivatives Association (“ISDA”) Master Agreements. Substantially all of these ISDA Master Agreements contain reciprocal ratings triggers providing either party with an option to terminate the agreement at market value in the event of a ratings downgrade of the other party below a specified threshold. As of December 31, 2016, we have daily valuation and collateral exchange arrangements with all of our counterparties. Our collateral agreements with substantially all of 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. We would not be required to post additional collateral to the counterparties with whom we were in a net liability position at December 31, 2016 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: December 31, 2016 Hedge accounting Non-hedge derivatives accounting Total Fair Fair Fair Notional value Notional value Notional value Other assets: Interest rate swaps $ - $ - $ 59,033 $ 508 $ 59,033 $ 508 Interest rate floors - - 1,673 2 1,673 2 Foreign currency swaps 271 19 763 38 1,034 57 Total $ 271 $ 19 $ 61,469 $ 548 $ 61,740 $ 567 Counterparty netting and collateral held (516 ) Carrying value of derivative contracts – Other assets $ 51 Other liabilities: Interest rate swaps $ - $ - $ 45,235 $ 305 $ 45,235 $ 305 Interest rate caps - - 30 - 30 - Foreign currency swaps 93 4 13,900 1,426 13,993 1,430 Total $ 93 $ 4 $ 59,165 $ 1,731 $ 59,258 $ 1,735 Counterparty netting and collateral posted (1,734 ) Carrying value of derivative contracts – Other liabilities $ 1 As of December 31, 2016, we held collateral of $111 million, which offset derivative assets, and posted collateral of $1,329 million, which offset derivative liabilities. We also held excess collateral of $4 million, which we did not use to offset derivative assets, and we posted excess collateral of $33 million which we did not use to offset derivative liabilities. Note 7 – Derivatives, Hedging Activities and Interest Expense (Continued) March 31, 2016 Hedge accounting Non-hedge derivatives accounting Total Fair Fair Fair Notional value Notional value Notional value Other assets: Interest rate swaps $ - $ - $ 29,469 $ 640 $ 29,469 $ 640 Interest rate floors - - 1,679 4 1,679 4 Foreign currency swaps 364 39 4,337 290 4,701 329 Total $ 364 $ 39 $ 35,485 $ 934 $ 35,849 $ 973 Counterparty netting and collateral held (905 ) Carrying value of derivative contracts – Other assets $ 68 Other liabilities: Interest rate swaps $ - $ - $ 68,383 $ 475 $ 68,383 $ 475 Interest rate caps - - 30 - 30 - Foreign currency swaps - - 9,340 835 9,340 835 Total $ - $ - $ 77,753 $ 1,310 $ 77,753 $ 1,310 Counterparty netting and collateral posted (1,303 ) Carrying value of derivative contracts – Other liabilities $ 7 As of March 31, 2016, we held collateral of $320 million which offset derivative assets, and posted collateral of $718 million which offset derivative liabilities. We also held excess collateral of $2 million which we did not use to offset derivative assets, and we posted excess collateral of $22 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 Nine Months Ended December 31, December 31, 2016 2015 2016 2015 Interest expense on debt $ 397 $ 334 $ 1,133 $ 964 Interest expense (income) on derivatives 2 1 (5 ) (4 ) Interest expense on debt and derivatives, net 399 335 1,128 960 Loss on hedge accounting derivatives: Foreign currency swaps 62 6 25 23 Loss on hedge accounting derivatives 62 6 25 23 Less hedged item: change in fair value of fixed rate debt denominated in a foreign currency (62 ) (7 ) (25 ) (25 ) Ineffectiveness related to hedge accounting derivatives - (1 ) - (2 ) (Gain) loss on debt denominated in foreign currencies and U.S. dollar non-hedge accounting derivatives: Gain on non-hedge accounting debt denominated in foreign currencies (907 ) (222 ) (969 ) (68 ) Loss on non-hedge accounting foreign currency swaps 1,127 263 1,159 170 Loss (gain) on U.S. dollar non-hedge accounting interest rate swaps 82 (98 ) (13 ) (72 ) Total interest expense $ 701 $ 277 $ 1,305 $ 988 Interest expense on debt and derivatives represents net interest settlements and changes in accruals. Gains and losses on hedge accounting derivatives and debt dominated in foreign currencies exclude net interest settlements and changes in accruals. Cash flows associated with hedge accounting, non-hedge accounting, and de-designated derivatives are reported in Net cash provided by operating activities in our Consolidated Statement of Cash Flows. The relative fair value allocation of derivative credit value adjustments for counterparty and non-performance credit risk within interest expense was not significant for the three and nine months ended December 31, 2016 and 2015 as we are fully collateralized on substantially all of our derivatives without regard to credit ratings. |
Other Assets and Other Liabilit
Other Assets and Other Liabilities | 9 Months Ended |
Dec. 31, 2016 | |
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: December 31, March 31, 2016 2016 Other assets: Notes receivable from affiliates $ 889 $ 1,177 Used vehicles held for sale 344 319 Income taxes receivable 10 31 Derivative assets 51 68 Other assets 915 622 Total other assets $ 2,209 $ 2,217 Other liabilities: Unearned insurance premiums and contract revenues $ 2,124 $ 1,985 Accounts payable and accrued expenses 1,043 939 Deferred income 468 462 Other liabilities 150 199 Total other liabilities $ 3,785 $ 3,585 |
Debt
Debt | 9 Months Ended |
Dec. 31, 2016 | |
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 December 31, March 31, December 31, March 31, 2016 2016 2016 2016 Commercial paper $ 29,023 $ 26,608 0.99 % 0.60 % Unsecured notes and loans payable 54,101 52,741 1.88 % 1.76 % Secured notes and loans payable 12,990 14,123 1.21 % 0.91 % Carrying value adjustment 84 122 Total debt $ 96,198 $ 93,594 1.52 % 1.30 % Included in the carrying value of our debt are unamortized premiums, discounts and debt issuance costs of $309 million and $280 million as of December 31, 2016 and March 31, 2016, respectively. The face value of commercial paper, unsecured notes and loans payable and secured notes and loans payable was $29.1 billion, $54.3 billion, and $13.0 billion, respectively, as of December 31, 2016, and $26.6 billion, $53.0 billion and $14.1 billion, respectively, as of March 31, 2016. As of December 31, 2016, our commercial paper had a weighted average remaining maturity of 107 days, while our unsecured and secured 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. Our unsecured notes and loans payable consist of both fixed and variable rate debt with contractual interest rates ranging from 0 percent to 9.4 percent at December 31, 2016 and March 31, 2016. 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. Our unsecured notes and loans payable contain covenants and conditions customary in transactions of this nature, including negative pledge provisions, cross-default provisions and limitations on certain consolidations, mergers and sales of assets. We are currently in compliance with these covenants and conditions. Certain unsecured notes and loans payable are denominated in various foreign currencies, and include the impact of translation adjustments. At December 31, 2016 and March 31, 2016, the carrying values of these foreign currency denominated notes and loans payable were $13.4 billion and $13.1 billion, respectively. Concurrent with the issuance of these foreign currency unsecured notes and loans payable, we entered into foreign 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 contractual interest rates ranging from 0.7 percent to 1.7 percent at December 31, 2016 and 0.5 percent to 1.7 percent at March 31, 2016. Secured notes and loans payable are issued using 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 $38 million at December 31, 2016 compared to March 31, 2016 primarily as a result of changes in U.S. dollar rates relative to certain other currencies in which our hedged debt is denominated. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Dec. 31, 2016 | |
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: December 31, 2016 VIE Assets VIE Liabilities Gross Net Restricted Cash Securitized Assets Securitized Assets Other Assets Debt Other Liabilities Retail finance receivables $ 726 $ 13,087 $ 12,879 $ 9 $ 11,092 $ 4 Investments in operating leases 146 3,769 2,811 59 1,898 1 Total $ 872 $ 16,856 $ 15,690 $ 68 $ 12,990 $ 5 March 31, 2016 VIE Assets VIE Liabilities Gross Net Restricted Cash Securitized Assets Securitized Assets Other Assets Debt Other Liabilities Retail finance receivables $ 853 $ 14,343 $ 14,130 $ 6 $ 12,434 $ 4 Investments in operating leases 136 3,364 2,504 78 1,689 1 Total $ 989 $ 17,707 $ 16,634 $ 84 $ 14,123 $ 5 Restricted Cash shown in the table above represents collections from the underlying Gross 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 $1,360 million and $1,264 million of securities retained by TMCC at December 31, 2016 and March 31, 2016, 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. Note 10 – Variable Interest Entities (Continued) In addition, we entered into interest rate swaps with certain special purpose entities that issue variable rate debt. Under the terms of these swaps, the special purpose entities are obligated to pay TMCC a fixed rate of interest on certain payment dates in exchange for receiving a floating rate of interest on notional amounts equal to the outstanding balance of the secured debt. This arrangement enables the special purpose entities to mitigate the interest rate risk inherent in issuing variable rate debt that is secured by fixed rate Securitized Assets. The transfers of the Securitized Assets to the special purpose entities in our securitizations are considered to be sales for legal purposes. However, the Securitized Assets and the related secured 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 and Lexus dealers through the Toyota Dealer Investment Group’s Dealer Capital Program (“TDIG Program”) operated by our affiliate TMS, which has an equity interest in these dealerships. Dealers participating in this program have been determined to be VIEs. We do not consolidate the dealerships in this program as we are not the primary beneficiary and any exposure to loss is limited to the amount of the credit facility. Amounts due from these dealers under the TDIG Program that are classified as Finance receivables, net in the Consolidated Balance Sheet as of December 31, 2016 and March 31, 2016 and revenues received from these dealers during the three and nine months ended December 31, 2016 and 2015 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 as of December 31, 2016 and March 31, 2016 were not significant. |
Liquidity Facilities and Letter
Liquidity Facilities and Letters of Credit | 9 Months Ended |
Dec. 31, 2016 | |
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 2016, 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 2018, 2020, and 2022, respectively. The ability to make draws is subject to covenants and conditions customary in transactions of this nature, including negative pledge provisions, cross-default provisions and limitations on certain consolidations, mergers and sales of assets. These agreements may be used for general corporate purposes and none were drawn upon as of December 31, 2016 and March 31, 2016. We are currently in compliance with the covenants and conditions of the credit agreements described above. Other Unsecured Credit Agreements TMCC has entered into additional unsecured bank credit facilities with various banks. As of December 31, 2016, TMCC had committed bank credit facilities totaling $5.4 billion of which $200 million, $2.4 billion, $150 million, and $2.6 billion mature in fiscal 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 December 31, 2016 and March 31, 2016. We are currently in compliance with the covenants and conditions of the credit agreements described above. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2016 | |
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: December 31, March 31, 2016 2016 Commitments: Credit facilities commitments with dealers $ 1,173 $ 1,168 Minimum lease commitments 64 55 Total commitments 1,237 1,223 Guarantees of affiliate pollution control and solid waste disposal bonds 100 100 Total commitments and guarantees $ 1,337 $ 1,323 Wholesale financing is not considered to be a contractual commitment as the arrangements 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 in the table above include $12 million and $16 million for facilities leases with affiliates at December 31, 2016 and March 31, 2016, respectively. At December 31, 2016, 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 2017 $ 6 2018 21 2019 13 2020 8 2021 5 Thereafter 11 Total $ 64 Note 12 – Commitments and Contingencies (Continued) Commitments We provide fixed and variable rate working capital loans, revolving lines of credit, and real estate financing to dealers and various multi-franchise organizations referred to as dealer groups for facilities construction and refurbishment, working capital requirements, real estate purchases, business acquisitions and other general business purposes. These loans are typically secured with liens on real estate, vehicle inventory, and/or other dealership assets, as appropriate, and may be guaranteed by individual or corporate guarantees of affiliated dealers, dealer groups, or dealer principals. Although the loans are typically collateralized or guaranteed, the value of the underlying collateral or guarantees may not be sufficient to cover our exposure under such agreements. Our pricing reflects market conditions, the competitive environment, the level of support dealers provide our retail, lease and insurance business and the credit worthiness of each dealer. Amounts drawn under these facilities are reviewed for collectability on a quarterly basis, in conjunction with our evaluation of the allowance for credit losses. On April 28, 2014, the Company announced that our corporate headquarters will move from Torrance, California to Plano, Texas as part of TMC’s planned consolidation of its three North American headquarters for manufacturing, sales and marketing to a single new headquarters facility. Relocation costs for employees and other relocation expenses are currently estimated to be approximately $118 million and are being expensed as incurred over the next few years. To date, the Company has incurred $48 million in relocation expenses. The relocation costs incurred during the three months and nine months ended December 31, 2016 were $13 million and $29 million, respectively. We have not incurred any significant lease termination costs as a result of our planned relocation. Guarantees and Other Contingencies TMCC has guaranteed bond obligations totaling $100 million in principal that were issued by Putnam County, West Virginia and Gibson County, Indiana to finance the construction of pollution control facilities at manufacturing plants of certain TMCC affiliates. The bonds mature in the following fiscal years ending March 31: 2028 - $20 million; 2029 - $50 million; 2030 - $10 million; 2031 - $10 million; and 2032 - $10 million. TMCC would be required to perform under the guarantees in the event of non-payment on the bonds and other related obligations. TMCC is entitled to reimbursement by the affiliates for any amounts paid. TMCC receives an annual fee of $78 thousand for guaranteeing such payments. TMCC has not been required to perform under any of these affiliate bond guarantees as of December 31, 2016 and March 31, 2016. Indemnification In the ordinary course of business, we enter into agreements containing indemnification provisions standard in the industry related to several types of transactions, including, but not limited to, debt funding, derivatives, securitization transactions, and our vendor and supplier agreements. Performance under these indemnities would occur upon a breach of the representations, warranties or covenants made or given, or a third party claim. In addition, we have agreed in certain debt and derivative issuances, and subject to certain exceptions, to gross-up payments due to third parties in the event that withholding tax is imposed on such payments. In addition, certain of our funding arrangements may require us to pay lenders for increased costs due to certain changes in laws or regulations. Due to the difficulty in predicting events which could cause a breach of the indemnification provisions or trigger a gross-up or other payment obligation, we are not able to estimate our maximum exposure to future payments that could result from claims made under such provisions. We have not made any material payments in the past as a result of these provisions, and as of December 31, 2016, we determined that it is not probable that we will be required to make any material payments in the future. As of December 31, 2016 and March 31, 2016, no amounts have been recorded under these indemnification provisions. Note 12 – Commitments and Contingencies (Continued) Litigation and Governmental Proceedings Various legal actions, governmental proceedings and other claims are pending or may be instituted or asserted in the future against us with respect to matters arising in the ordinary course of business. Certain of these actions are or purport to be class action suits, seeking sizeable damages and/or changes in our business operations, policies and practices. Certain of these actions are similar to suits that have been filed against other financial institutions and captive finance companies. We perform periodic reviews of pending claims and actions to determine the probability of adverse verdicts and resulting amounts of liability. We establish accruals for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. When we are able, we also determine estimates of reasonably possible loss or range of loss, whether in excess of any related accrued liability or where there is no accrued liability. Given the inherent uncertainty associated with legal matters, the actual costs of resolving legal claims and associated costs of defense may be substantially higher or lower than the amounts for which accruals have been established. Based on available information and established accruals, we do not believe it is reasonably possible that the results of these proceedings, either individually or in the aggregate, will have a material adverse effect on our consolidated financial condition or results of operations. 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 a request for documents and information pursuant to a civil investigative demand from the Commonwealth of Massachusetts Office of the Attorney General relating to our financing of guaranteed auto protection insurance products on retail contracts. We are cooperating with these requests, but are unable to predict their outcome given their preliminary status. |
Income Taxes
Income Taxes | 9 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 13 – Income Taxes Our effective tax rate was 39 percent and 37 percent for the three and nine months ended December 31, 2016, respectively, compared to 38 percent and 37 percent for the same periods in fiscal 2016, respectively. Our provision for income taxes was $212 million for the first nine months of fiscal 2017, compared to $441 million for the same period in fiscal 2016. Our benefit for income taxes was $29 million for the third quarter of fiscal 2017 compared to a provision for income taxes of $210 million for the same period in fiscal 2016. The decrease in the provision for income taxes for the three and nine months ended December 31, 2016 is consistent with the decrease in our income before tax compared to the same periods in fiscal 2016. Tax-related Contingencies As of December 31, 2016, we remain under IRS examination for fiscal 2016 and 2017. The IRS examination for fiscal 2015 was concluded in the second quarter of fiscal 2017. We periodically review our uncertain tax positions. Our assessment is based on many factors including any ongoing IRS audits. For the quarter ended December 31, 2016, our assessment did not result in a material change in unrecognized tax benefits. Our deferred tax assets were $1.1 billion and $1.9 billion at December 31, 2016 and March 31, 2016, and were primarily due to the deferred deduction of allowance for credit and residual value losses and federal tax loss carryforwards that expire in fiscal 2035. The total deferred tax liability, net of these deferred tax assets, was $8.1 billion and $8.0 billion at December 31, 2016 and March 31, 2016, respectively. 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. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 14 – Related Party Transactions As of December 31, 2016, there were no material changes to our related party agreements or relationships as described in our fiscal 2016 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 Nine Months Ended December 31, December 31, 2016 2015 2016 2015 Net financing revenues: Manufacturers’ subvention support and other revenues $ 349 $ 335 $ 1,020 $ 982 Origination costs paid to affiliates $ - $ - $ (1 ) $ (1 ) Credit support fees incurred $ (22 ) $ (24 ) $ (68 ) $ (69 ) Interest and other expenses paid to affiliates $ - $ (1 ) $ (1 ) $ (3 ) Insurance earned premiums and contract revenues: Affiliate insurance premiums and contract revenues $ 36 $ 33 $ 105 $ 98 Investments and other income, net: Gain on sale of commercial finance business $ - $ 197 $ - $ 197 Interest earned on notes receivable from affiliates $ 1 $ 1 $ 5 $ 4 Other income from affiliates $ - $ - $ 1 $ - Expenses: Shared services charges and other expenses $ 12 $ 7 $ 34 $ 34 Employee benefits expense $ 6 $ 8 $ 18 $ 24 Insurance losses and loss adjustment expenses $ - $ 1 $ 1 $ 1 Note 14 – Related Party Transactions (Continued) December 31, March 31, 2016 2016 Assets: Cash and cash equivalents Investments in affiliates' commercial paper $ 15 $ - Finance receivables, net Accounts receivable from affiliates $ 137 $ 119 Notes receivable under home loan programs $ 4 $ 9 Deferred retail origination costs paid to affiliates $ 2 $ 1 Deferred retail subvention income from affiliates $ (944 ) $ (794 ) Investments in operating leases, net Leases to affiliates $ 3 $ 2 Deferred lease origination costs paid to affiliates $ 1 $ 1 Deferred lease subvention income from affiliates $ (1,134 ) $ (1,057 ) Other assets Notes receivable from affiliates $ 889 $ 1,177 Other receivables from affiliates, net $ 204 $ 7 Liabilities: Other liabilities Unearned affiliate insurance premiums and contract revenues $ 325 $ 278 Other payables to affiliates, net $ 51 $ 82 Notes payable to affiliates $ 13 $ 20 Shareholder’s Equity: Stock-based compensation $ 2 $ 2 TMCC receives subvention payments from TMS which results in a gross monthly subvention receivable. As of December 31, 2016 and March 31, 2016, the subvention receivable from TMS was $172 million and $127 million, respectively. The subvention receivable is recorded in other receivables from affiliates, net in Other assets as of December 31, 2016. We have a settlement arrangement with TMS which allows us to net settle payments for shared services and subvention transactions. Under this arrangement, we had a net payable to TMS which resulted in the subvention receivable being recorded in other payables to affiliates, net as of March 31, 2016. |
Segment Information
Segment Information | 9 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Note 15 – Segment Information Financial information for our reportable operating segments is summarized as follows: Three Months Ended December 31, 2016 Finance Insurance Intercompany operations operations eliminations Total Total financing revenues $ 2,537 $ - $ - $ 2,537 Insurance earned premiums and contract revenues - 202 - 202 Investment and other income, net 20 32 - 52 Realized gains (losses), net on investments in marketable securities 155 2 - 157 Total gross revenues 2,712 236 - 2,948 Less: Depreciation on operating leases 1,722 - - 1,722 Interest expense 701 - - 701 Provision for credit losses 183 - - 183 Operating and administrative expenses 250 75 - 325 Insurance losses and loss adjustment expenses - 92 - 92 (Benefit) provision for income taxes (55 ) 26 - (29 ) Net (loss) income $ (89 ) $ 43 $ - $ (46 ) Nine Months Ended December 31, 2016 Finance Insurance Intercompany operations operations eliminations Total Total financing revenues $ 7,491 $ - $ - $ 7,491 Insurance earned premiums and contract revenues - 594 - 594 Investment and other income, net 68 65 - 133 Realized gains (losses), net on investments in marketable securities 241 (1 ) - 240 Total gross revenues 7,800 658 - 8,458 Less: Depreciation on operating leases 4,994 - - 4,994 Interest expense 1,305 - - 1,305 Provision for credit losses 396 - - 396 Operating and administrative expenses 702 219 - 921 Insurance losses and loss adjustment expenses - 272 - 272 Provision for income taxes 150 62 - 212 Net income $ 253 $ 105 $ - $ 358 Total assets at December 31, 2016 $ 114,292 $ 4,421 $ (1,072 ) $ 117,641 Note 15 – Segment Information (Continued) Three Months Ended December 31, 2015 Finance Insurance Intercompany operations operations eliminations Total Total financing revenues $ 2,376 $ - $ - $ 2,376 Insurance earned premiums and contract revenues - 181 - 181 Investment and other income, net 17 50 - 67 Realized gains (losses), net on investments in marketable securities 10 (10 ) - - Gain on sale of commercial finance business 197 - - 197 Total gross revenues 2,600 221 - 2,821 Less: Depreciation on operating leases 1,503 - - 1,503 Interest expense 277 - - 277 Provision for credit losses 128 - - 128 Operating and administrative expenses 223 65 - 288 Insurance losses and loss adjustment expenses - 73 - 73 Provision for income taxes 179 31 - 210 Net income $ 290 $ 52 $ - $ 342 Nine Months Ended December 31, 2015 Finance Insurance Intercompany operations operations eliminations Total Total financing revenues $ 6,984 $ - $ - $ 6,984 Insurance earned premiums and contract revenues - 533 - 533 Investment and other income, net 40 89 - 129 Realized gains (losses), net on investments in marketable securities 30 (40 ) - (10 ) Gain on sale of commercial finance business 197 - - 197 Total gross revenues 7,251 582 - 7,833 Less: Depreciation on operating leases 4,309 - - 4,309 Interest expense 988 - - 988 Provision for credit losses 278 - - 278 Operating and administrative expenses 657 188 - 845 Insurance losses and loss adjustment expenses - 230 - 230 Provision for income taxes 380 61 - 441 Net income $ 639 $ 103 $ - $ 742 Total assets at December 31, 2015 $ 112,238 $ 4,085 $ (984 ) $ 115,339 |
Interim Financial Data (Policie
Interim Financial Data (Policies) | 9 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The information furnished in these unaudited interim consolidated financial statements for the three and nine months ended December 31, 2016 and 2015 has been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). In the opinion of management, the unaudited consolidated financial information reflects all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. The results of operations for the three and nine months ended December 31, 2016 do not necessarily indicate the results which may be expected for the full fiscal year ending March 31, 2017 (“fiscal 2017”). These financial statements should be read in conjunction with the Consolidated Financial Statements, significant accounting policies, and other Notes to Consolidated Financial Statements included in Toyota Motor Credit Corporation’s Annual Report on Form 10-K (“Form 10-K”) for the fiscal year ended March 31, 2016 (“fiscal 2016”), which was filed with the Securities and Exchange Commission on June 2, 2016. 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 current period presentation. Related party transactions are disclosed in Note 14 – Related Party Transactions. On July 1, 2016, our parent company, Toyota Financial Services Americas Corporation, was renamed to Toyota Financial Services International Corporation. |
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. The FASB also subsequently issued guidance amending and clarifying various aspects of the new revenue recognition standard. We plan to adopt the new revenue guidance effective April 1, 2018 by recognizing the cumulative effect of implementing the new standard as an adjustment to the current period opening balance of shareholder’s equity. We do not expect the adoption of this standard to have a material impact on our operating lease, retail and dealer financing revenues as the majority of those revenues are outside the scope of the standard. However, certain products within our insurance operations fall within the scope of this guidance. We are currently evaluating the potential impact of this guidance on our consolidated financial statements and disclosures. In May 2015, the FASB issued new guidance that requires additional disclosures related to short-duration insurance contracts. This accounting guidance is effective for us for the annual period beginning April 1, 2016 and for interim periods within annual periods beginning April 1, 2017. The adoption of this guidance is limited to disclosure and will not have an impact on our consolidated financial statements. In January 2016, the FASB issued new guidance that addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments and will require entities to measure equity investments at fair value and recognize any changes in fair value in earnings. This accounting guidance will be effective for us on April 1, 2018. We are currently evaluating the potential impact of this guidance on our consolidated financial statements. In February 2016, the FASB issued new guidance that introduces a lessee model that brings most leases on the balance sheet and aligns many of the underlying principles of the new lessor model with those in the new revenue recognition standard. The new leasing standard represents a wholesale change to lease accounting for lessees. This accounting guidance will be effective for us on April 1, 2019. We are currently evaluating the potential impact of this guidance on our consolidated financial statements. In March 2016, the FASB issued new guidance which clarifies that a change in the counterparty to a designated derivative hedging instrument does not, in and of itself, require de-designation of that hedging relationship provided that all other hedge accounting criteria continue to be met. This accounting guidance will be effective for us on April 1, 2017. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In March 2016, the FASB issued new guidance which clarifies whether an embedded contingent put or call option is clearly and closely related to the debt host when bifurcating an embedded derivative. This accounting guidance will be effective for us on April 1, 2017. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. In June 2016, the FASB issued new guidance that introduces a new impairment model based on expected losses rather than incurred losses for certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. This accounting guidance will be effective for us on April 1, 2020. We are currently evaluating the potential impact of this guidance on our consolidated financial statements. In August 2016, the FASB issued new guidance that is intended to reduce diversity in practice in the classification of certain items in the statement of cash flows. This accounting guidance will be effective for us on April 1, 2018. We are currently evaluating the potential impact of this guidance on our consolidated financial statements. In October 2016, the FASB issued new guidance that further amends the analysis a reporting entity must perform to determine whether it should consolidate certain legal entities. The guidance specifically addresses interests held through related parties that are under common control. This accounting guidance will be effective for us on April 1, 2017. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. Note 1 – Interim Financial Data (Continued) In November 2016, the FASB issued new guidance that clarifies how restricted cash and cash equivalents should be classified and presented in the statement of cash flows and requires new disclosures related to restricted cash and cash equivalents. This guidance was intended to reduce diversity in practice in the classification of restricted cash and cash equivalents on the statement of cash flows. This accounting guidance will be effective for us on April 1, 2018 at which time we will no longer report the change in restricted cash and cash equivalents in the operating section in our Consolidated Statement of Cash Flows, and cash and cash equivalents at the beginning and end of the period will include restricted cash and cash equivalents. These changes will be applied using a retrospective transition method to each period presented. |
Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance In April 2016, we adopted new FASB accounting guidance that amends the analysis a reporting entity must perform to determine whether it should consolidate certain legal entities. The adoption of this guidance did not have a material impact on our consolidated financial statements. In April 2016, we adopted new FASB accounting 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. As a result of adopting this guidance, we have reclassified our debt issuance costs from Other assets to Debt on our Consolidated Balance Sheet and conformed applicable footnote disclosures for all periods presented. These amounts are not material to our consolidated financial statements. In April 2016, we adopted new FASB accounting guidance to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement. While similar guidance existed previously under US GAAP for cloud service providers, this update provides explicit guidance for a customer's accounting. The adoption of this guidance did not have a material impact on our consolidated financial statements. In April 2016, we adopted new FASB accounting 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. Note 2 – Fair Value Measurements has been updated, for all periods presented, to reflect the adoption of this guidance which did not have a material impact on our consolidated financial statements. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables summarize our financial assets and financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy except for certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and are excluded from the leveling information provided in the table below. Fair value amounts presented below are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheet. December 31, 2016 Counterparty netting & Fair Level 1 Level 2 Level 3 collateral value Cash equivalents: Money market instruments $ 276 $ 958 $ - $ - $ 1,234 Certificates of deposit - 1,155 - - 1,155 Commercial paper - 15 - - 15 Corporate debt securities 1 - - - 1 Cash equivalents total 277 2,128 - - 2,405 Available-for-sale securities: Debt instruments: U.S. government and agency obligations 2,672 41 2 - 2,715 Municipal debt securities - 10 - - 10 Certificates of deposit 205 200 - - 405 Corporate debt securities 247 130 8 - 385 Mortgage-backed securities: U.S. government agency - 47 - - 47 Non-agency residential - - 2 - 2 Non-agency commercial - - 34 - 34 Asset-backed securities - - 30 - 30 Equity instruments: Fixed income mutual funds: Fixed income mutual funds measured at net asset value - - - - 1,723 Total return bond funds 388 - - - 388 Available-for-sale securities total 3,512 428 76 - 5,739 Derivative assets: Foreign currency swaps - 57 - - 57 Interest rate swaps - 507 1 - 508 Interest rate floors - 2 - - 2 Counterparty netting and collateral - - - (516 ) (516 ) Derivative assets total - 566 1 (516 ) 51 Assets at fair value 3,789 3,122 77 (516 ) 8,195 Derivative liabilities: Foreign currency swaps - (1,361 ) (69 ) - (1,430 ) Interest rate swaps - (293 ) (12 ) - (305 ) Counterparty netting and collateral - - - 1,734 1,734 Liabilities at fair value - (1,654 ) (81 ) 1,734 (1 ) Net assets at fair value $ 3,789 $ 1,468 $ (4 ) $ 1,218 $ 8,194 March 31, 2016 Counterparty netting & Fair Level 1 Level 2 Level 3 collateral value Cash equivalents: Money market instruments $ 360 $ 1,209 $ - $ - $ 1,569 U.S. government and agency obligations 450 105 - - 555 Certificates of deposit - 500 - - 500 Cash equivalents total 810 1,814 - - 2,624 Available-for-sale securities: Debt instruments: U.S. government and agency obligations 2,777 56 2 - 2,835 Municipal debt securities - 11 - - 11 Certificates of deposit 300 200 - - 500 Commercial paper - 50 - - 50 Corporate debt securities 228 252 7 - 487 Mortgage-backed securities: U.S. government agency - 59 - - 59 Non-agency residential - - 3 - 3 Non-agency commercial - - 42 - 42 Asset-backed securities - - 37 - 37 Equity instruments: Fixed income mutual funds: Fixed income mutual funds measured at net asset value - - - - 1,747 Total return bond funds 380 - - - 380 Equity mutual fund 389 - - - 389 Available-for-sale securities total 4,074 628 91 - 6,540 Derivative assets: Foreign currency swaps - 329 - - 329 Interest rate swaps - 601 39 - 640 Interest rate floors - 4 - - 4 Counterparty netting and collateral - - - (905 ) (905 ) Derivative assets total - 934 39 (905 ) 68 Assets at fair value 4,884 3,376 130 (905 ) 9,232 Derivative liabilities: Foreign currency swaps - (821 ) (14 ) - (835 ) Interest rate swaps - (475 ) - - (475 ) Counterparty netting and collateral - - - 1,303 1,303 Liabilities at fair value - (1,296 ) (14 ) 1,303 (7 ) Net assets at fair value $ 4,884 $ 2,080 $ 116 $ 398 $ 9,225 |
Assets and Liabilities Measured on Recurring Basis Using Significant Unobservable Inputs | The following tables summarize the rollforward of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs: Three Months Ended December 31, 2016 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, October 1, 2016 $ 2 $ 8 $ 41 $ 34 $ 85 $ 33 $ (49 ) $ (16 ) $ 69 Total gains (losses) Included in earnings - - - - - (47 ) (17 ) (64 ) (64 ) Included in other comprehensive income - - (1 ) 1 - - - - - Purchases, issuances, sales, and settlements Purchases - - - - - - - - - Issuances - - - - - - - - - Sales - - - - - - - - - Settlements - - (4 ) (5 ) (9 ) 3 (3 ) - (9 ) Transfers in to Level 3 - - - - - - - - - Transfers out of Level 3 - - - - - - - - - Fair value, December 31, 2016 $ 2 $ 8 $ 36 $ 30 $ 76 $ (11 ) $ (69 ) $ (80 ) $ (4 ) The amount of total gains (losses) included in earnings attributable to assets held at the reporting date $ (47 ) $ (17 ) (64 ) (64 ) Three Months Ended December 31, 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, October 1, 2015 $ 2 $ 8 $ 45 $ 36 $ 91 $ (1 ) $ 10 $ 9 $ 100 Total gains (losses) Included in earnings - - - - - (3 ) (9 ) (12 ) (12 ) Included in other comprehensive income - - - (1 ) (1 ) - - - (1 ) Purchases, issuances, sales, and settlements Purchases - - 1 4 5 - - - 5 Issuances - - - - - - - - - Sales - - - - - - - - - Settlements - - (1 ) (3 ) (4 ) 2 (4 ) (2 ) (6 ) Transfers in to Level 3 - - - - - - - - - Transfers out of Level 3 - - - - - - - - - Fair value, December 31, 2015 $ 2 $ 8 $ 45 $ 36 $ 91 $ (2 ) $ (3 ) $ (5 ) $ 86 The amount of total gains (losses) included in earnings attributable to assets held at the reporting date $ (3 ) $ (9 ) $ (12 ) $ (12 ) Nine Months Ended December 31, 2016 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, 2016 $ 2 $ 7 $ 45 $ 37 $ 91 $ 39 $ (14 ) $ 25 $ 116 Total gains (losses) Included in earnings - - - - - (27 ) (49 ) (76 ) (76 ) Included in other comprehensive income - 1 - 1 2 - - - 2 Purchases, issuances, sales, and settlements Purchases - - - 3 3 - - - 3 Issuances - - - - - - - - - Sales - - - - - - - - - Settlements - - (9 ) (11 ) (20 ) (23 ) (6 ) (29 ) (49 ) Transfers in to Level 3 - - - - - - - - - Transfers out of Level 3 - - - - - - - - - Fair value, December 31, 2016 $ 2 $ 8 $ 36 $ 30 $ 76 $ (11 ) $ (69 ) $ (80 ) $ (4 ) The amount of total gains (losses) included in earnings attributable to assets held at the reporting date $ (27 ) $ (49 ) $ (76 ) $ (76 ) Nine Months Ended December 31, 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 - - - - - (4 ) (2 ) (6 ) (6 ) Included in other comprehensive income - - (1 ) (1 ) (2 ) - - - (2 ) Purchases, issuances, sales, and settlements Purchases - - 1 4 5 - - - 5 Issuances - - - - - - - - - Sales - (2 ) - (1 ) (3 ) - - - (3 ) Settlements - - (3 ) (5 ) (8 ) 1 (8 ) (7 ) (15 ) Transfers in to Level 3 - - - - - - - - - Transfers out of Level 3 - (4 ) - - (4 ) - - - (4 ) Fair value, December 31, 2015 $ 2 $ 8 $ 45 $ 36 $ 91 $ (2 ) $ (3 ) $ (5 ) $ 86 The amount of total gains (losses) included in earnings attributable to assets held at the reporting date $ (4 ) $ (2 ) $ (6 ) $ (6 ) |
Financial Assets and Liabilities Not Carried at Fair Value on Recurring Basis on Consolidated Balance Sheet | The following tables provide information about assets and liabilities not carried at fair value on a recurring basis on our Consolidated Balance Sheet: December 31, 2016 Carrying Total Fair value Level 1 Level 2 Level 3 Value Financial assets Finance receivables, net Retail loan $ 50,902 $ - $ - $ 50,761 $ 50,761 Wholesale 10,221 - - 10,268 10,268 Real estate 4,624 - - 4,400 4,400 Working capital 2,125 - - 2,129 2,129 Financial liabilities Commercial paper $ 29,023 $ - $ 29,023 $ - $ 29,023 Unsecured notes and loans payable 54,185 - 53,054 2,166 55,220 Secured notes and loans payable 12,990 - - 13,001 13,001 March 31, 2016 Carrying Total Fair value Level 1 Level 2 Level 3 Value Financial assets Finance receivables, net Retail loan $ 49,865 $ - $ - $ 49,551 $ 49,551 Wholesale 9,160 - - 9,207 9,207 Real estate 4,590 - - 4,277 4,277 Working capital 1,888 - - 1,894 1,894 Financial liabilities Commercial paper $ 26,608 $ - $ 26,608 $ - $ 26,608 Unsecured notes and loans payable 52,863 - 52,913 1,387 54,300 Secured notes and loans payable 14,123 - - 14,125 14,125 |
Investments in Marketable Sec27
Investments in Marketable Securities (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
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: December 31, 2016 Amortized Unrealized Unrealized Fair cost gains losses value Available-for-sale securities: Debt instruments: U.S. government and agency obligations $ 2,721 $ 1 $ (7 ) $ 2,715 Municipal debt securities 9 1 - 10 Certificates of deposit 405 - - 405 Corporate debt securities 384 2 (1 ) 385 Mortgage-backed securities: U.S. government agency 47 1 (1 ) 47 Non-agency residential 2 - - 2 Non-agency commercial 34 1 (1 ) 34 Asset-backed securities 30 - - 30 Equity instruments: Fixed income mutual funds: Short-term floating NAV fund II 39 - - 39 U.S. government sector fund 396 - (17 ) 379 Municipal sector fund 21 - (1 ) 20 Investment grade corporate sector fund 254 8 (5 ) 257 High-yield sector fund 83 5 - 88 Real return sector fund 147 5 - 152 Mortgage sector fund 393 - (6 ) 387 Asset-backed securities sector fund 141 8 (1 ) 148 Emerging market sector fund 106 8 - 114 International sector fund 136 3 - 139 Total return bond funds 386 3 (1 ) 388 Total investments in marketable securities $ 5,734 $ 46 $ (41 ) $ 5,739 Note 3 – Investments in Marketable Securities (Continued) March 31, 2016 Amortized Unrealized Unrealized Fair cost gains losses value Available-for-sale securities: Debt instruments: U.S. government and agency obligations $ 2,833 $ 3 $ (1 ) $ 2,835 Municipal debt securities 10 1 - 11 Certificates of deposit 500 - - 500 Commercial paper 50 - - 50 Corporate debt securities 482 7 (2 ) 487 Mortgage-backed securities: U.S. government agency 57 2 - 59 Non-agency residential 2 1 - 3 Non-agency commercial 42 1 (1 ) 42 Asset-backed securities 38 - (1 ) 37 Equity instruments: Fixed income mutual funds: Short-term floating NAV fund II 178 - - 178 U.S. government sector fund 353 6 (1 ) 358 Municipal sector fund 19 - - 19 Investment grade corporate sector fund 243 8 (5 ) 246 High-yield sector fund 67 - (1 ) 66 Real return sector fund 201 11 - 212 Mortgage sector fund 297 5 - 302 Asset-backed securities sector fund 117 8 (1 ) 124 Emerging market sector fund 101 1 - 102 International sector fund 145 - (5 ) 140 Total return bond funds 376 4 - 380 Equity mutual fund 162 227 - 389 Total investments in marketable securities $ 6,273 $ 285 $ (18 ) $ 6,540 |
Schedule of Realized Gains and Losses on Sales from AFS Presented in Our Consolidated Statement of Income | The following table represents realized gains and losses on our available-for-sale securities presented in our Consolidated Statement of Income: Three Months Ended Nine Months Ended December 31, December 31, 2016 2015 2016 2015 Available-for-sale securities: Realized gains on sales $ 158 $ 16 $ 251 $ 42 Realized losses on sales $ (1 ) $ (1 ) $ (1 ) $ (2 ) Other-than-temporary impairment $ - $ (15 ) $ (10 ) $ (50 ) |
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. December 31, 2016 Amortized Fair Value Available-for-sale debt instruments: Due within 1 year $ 2,563 $ 2,563 Due after 1 year through 5 years 742 741 Due after 5 years through 10 years 132 131 Due after 10 years 82 80 Mortgage-backed and asset-backed securities 1 113 113 Total $ 3,632 $ 3,628 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) | 9 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Net Financing Receivables | Finance receivables, net consisted of the following: December 31, March 31, 2016 2016 Retail receivables $ 38,483 $ 36,020 Securitized retail receivables 13,087 14,343 Dealer financing 17,219 15,899 68,789 66,262 Deferred origination (fees) and costs, net 652 663 Deferred income (1,002 ) (868 ) Allowance for credit losses Retail and securitized retail receivables (314 ) (289 ) Dealer financing (107 ) (132 ) Total allowance for credit losses (421 ) (421 ) Finance receivables, net $ 68,018 $ 65,636 |
Finance Receivable Credit Quality Indicators | The tables below present each credit quality indicator by class of finance receivables: Retail Loan December 31, March 31, 2016 2016 Aging of finance receivables: Current $ 50,431 $ 49,590 30-59 days past due 850 584 60-89 days past due 204 129 90 days or greater past due 85 60 Total $ 51,570 $ 50,363 Wholesale Real Estate Working Capital December 31, March 31, December 31, March 31, December 31, March 31, 2016 2016 2016 2016 2016 2016 Credit quality indicators: Performing $ 9,100 $ 8,099 $ 3,981 $ 3,822 $ 1,952 $ 1,686 Credit Watch 1,140 1,041 660 763 181 229 At Risk 90 113 85 109 11 17 Default 9 9 10 10 - 1 Total $ 10,339 $ 9,262 $ 4,736 $ 4,704 $ 2,144 $ 1,933 |
Summary of 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 December 31, March 31, December 31, March 31, December 31, March 31, 2016 2016 2016 2016 2016 2016 Impaired account balances individually evaluated for impairment with an allowance: Wholesale $ 79 $ 98 $ 79 $ 98 $ 5 $ 9 Real estate 95 119 95 119 12 15 Working capital 32 37 32 37 9 30 Total $ 206 $ 254 $ 206 $ 254 $ 26 $ 54 Impaired account balances individually evaluated for impairment without an allowance: Wholesale $ 126 $ 185 $ 126 $ 185 Real estate 106 98 106 98 Working capital - 3 - 3 Total $ 232 $ 286 $ 232 $ 286 Impaired account balances aggregated and evaluated for impairment: Retail loan $ 219 $ 226 $ 216 $ 223 Total $ 219 $ 226 $ 216 $ 223 Total impaired account balances: Retail loan $ 219 $ 226 $ 216 $ 223 Wholesale 205 283 205 283 Real estate 201 217 201 217 Working capital 32 40 32 40 Total $ 657 $ 766 $ 654 $ 763 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 December 31, Nine Months Ended December 31, Three Months Ended December 31, Nine Months Ended December 31, 2016 2015 2016 2015 2016 2015 2016 2015 Impaired account balances individually evaluated for impairment with an allowance: Wholesale $ 78 $ 77 $ 73 $ 83 $ - $ - $ 1 $ 1 Real estate 89 103 97 87 1 1 2 2 Working capital 33 34 34 35 - - 1 1 Total $ 200 $ 214 $ 204 $ 205 $ 1 $ 1 $ 4 $ 4 Impaired account balances individually evaluated for impairment without an allowance: Wholesale $ 125 $ 136 $ 158 $ 119 $ 1 $ 1 $ 3 $ 2 Real estate 112 94 107 90 1 1 4 3 Working capital - 5 1 4 - - - - Total $ 237 $ 235 $ 266 $ 213 $ 2 $ 2 $ 7 $ 5 Impaired account balances aggregated and evaluated for impairment: Retail loan $ 221 $ 241 $ 223 $ 251 $ 4 $ 4 $ 12 $ 13 Total $ 221 $ 241 $ 223 $ 251 $ 4 $ 4 $ 12 $ 13 Total impaired account balances: Retail loan $ 221 $ 241 $ 223 $ 251 $ 4 $ 4 $ 12 $ 13 Wholesale 203 213 231 202 1 1 4 3 Real estate 201 197 204 177 2 2 6 5 Working capital 33 39 35 39 - - 1 1 Total $ 658 $ 690 $ 693 $ 669 $ 7 $ 7 $ 23 $ 22 |
Investments in Operating Leas29
Investments in Operating Leases, Net (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Leases Operating [Abstract] | |
Investments in Operating Leases, Net | Investments in operating leases, net consisted of the following: December 31, March 31, 2016 2016 Investments in operating leases $ 44,032 $ 42,220 Securitized investments in operating leases 3,769 3,364 47,801 45,584 Deferred origination (fees) and costs, net (203 ) (190 ) Deferred income (1,166 ) (1,080 ) Accumulated depreciation (8,190 ) (7,712 ) Allowance for credit losses (145 ) (114 ) Investments in operating leases, net $ 38,097 $ 36,488 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
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 Nine Months Ended December 31, December 31, 2016 2015 2016 2015 Allowance for credit losses at beginning of period $ 526 $ 473 $ 535 $ 485 Provision for credit losses 183 128 396 278 Transferred to held-for-sale 1 - - - (7 ) Charge-offs, net of recoveries (143 ) (115 ) (365 ) (270 ) Allowance for credit losses at end of period $ 566 $ 486 $ 566 $ 486 1 |
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 December 31, 2016 Retail Loan Dealer Total Allowance for Credit Losses for Finance Receivables: Beginning balance, October 1, 2016 $ 295 $ 94 $ 389 Charge-offs (113 ) - (113 ) Recoveries 12 - 12 Provisions 120 13 133 Ending balance, December 31, 2016 $ 314 $ 107 $ 421 Nine Months Ended December 31, 2016 Retail Loan Dealer Total Beginning balance, April 1, 2016 $ 289 $ 132 $ 421 Charge-offs (294 ) - (294 ) Recoveries 38 - 38 Provisions 281 (25 ) 256 Ending balance, December 31, 2016 $ 314 $ 107 $ 421 Ending balance: Individually evaluated for impairment $ - $ 26 $ 26 Ending balance: Collectively evaluated for impairment $ 314 $ 81 $ 395 Finance Receivables: Ending balance, December 31, 2016 $ 51,570 $ 17,219 $ 68,789 Ending balance: Individually evaluated for impairment $ - $ 438 $ 438 Ending balance: Collectively evaluated for impairment $ 51,570 $ 16,781 $ 68,351 Three Months Ended December 31, 2015 Retail Loan Commercial Dealer Total Allowance for Credit Losses for Finance Receivables: Beginning balance, October 1, 2015 $ 263 $ - $ 114 $ 377 Charge-offs (95 ) - - (95 ) Recoveries 10 - - 10 Provisions 80 - 9 89 Ending balance, December 31, 2015 $ 258 $ - $ 123 $ 381 Nine Months Ended December 31, 2015 Retail Loan Commercial Dealer Total Beginning balance, April 1, 2015 $ 299 $ 2 $ 108 $ 409 Charge-offs (237 ) (1 ) - (238 ) Recoveries 37 - - 37 Provisions 159 1 19 179 Transferred to held-for-sale - (2 ) (4 ) (6 ) Ending balance, December 31, 2015 $ 258 $ - $ 123 $ 381 Ending balance: Individually evaluated for impairment $ - $ - $ 59 $ 59 Ending balance: Collectively evaluated for impairment $ 258 $ - $ 64 $ 322 Finance Receivables: Ending balance, December 31, 2015 $ 51,207 $ - $ 15,176 $ 66,383 Ending balance: Individually evaluated for impairment $ - $ - $ 502 $ 502 Ending balance: Collectively evaluated for impairment $ 51,207 $ - $ 14,674 $ 65,881 |
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: December 31, March 31, 2016 2016 Aggregate balances 60 or more days past due Finance receivables $ 289 $ 189 Investments in operating leases 118 80 Total $ 407 $ 269 |
Past Due Finance Receivables by Class | The following tables summarize the aging of finance receivables by class: December 31, 2016 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 $ 850 $ 204 $ 85 $ 1,139 $ 50,431 $ 51,570 $ 63 Wholesale - - - - 10,339 10,339 - Real estate - - - - 4,736 4,736 - Working capital - - - - 2,144 2,144 - Total $ 850 $ 204 $ 85 $ 1,139 $ 67,650 $ 68,789 $ 63 March 31, 2016 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 $ 584 $ 129 $ 60 $ 773 $ 49,590 $ 50,363 $ 35 Wholesale - - - - 9,262 9,262 - Real estate - - - - 4,704 4,704 - Working capital - - - - 1,933 1,933 - Total $ 584 $ 129 $ 60 $ 773 $ 65,489 $ 66,262 $ 35 |
Derivatives, Hedging Activiti31
Derivatives, Hedging Activities and Interest Expense (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
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: December 31, 2016 Hedge accounting Non-hedge derivatives accounting Total Fair Fair Fair Notional value Notional value Notional value Other assets: Interest rate swaps $ - $ - $ 59,033 $ 508 $ 59,033 $ 508 Interest rate floors - - 1,673 2 1,673 2 Foreign currency swaps 271 19 763 38 1,034 57 Total $ 271 $ 19 $ 61,469 $ 548 $ 61,740 $ 567 Counterparty netting and collateral held (516 ) Carrying value of derivative contracts – Other assets $ 51 Other liabilities: Interest rate swaps $ - $ - $ 45,235 $ 305 $ 45,235 $ 305 Interest rate caps - - 30 - 30 - Foreign currency swaps 93 4 13,900 1,426 13,993 1,430 Total $ 93 $ 4 $ 59,165 $ 1,731 $ 59,258 $ 1,735 Counterparty netting and collateral posted (1,734 ) Carrying value of derivative contracts – Other liabilities $ 1 Note 7 – Derivatives, Hedging Activities and Interest Expense (Continued) March 31, 2016 Hedge accounting Non-hedge derivatives accounting Total Fair Fair Fair Notional value Notional value Notional value Other assets: Interest rate swaps $ - $ - $ 29,469 $ 640 $ 29,469 $ 640 Interest rate floors - - 1,679 4 1,679 4 Foreign currency swaps 364 39 4,337 290 4,701 329 Total $ 364 $ 39 $ 35,485 $ 934 $ 35,849 $ 973 Counterparty netting and collateral held (905 ) Carrying value of derivative contracts – Other assets $ 68 Other liabilities: Interest rate swaps $ - $ - $ 68,383 $ 475 $ 68,383 $ 475 Interest rate caps - - 30 - 30 - Foreign currency swaps - - 9,340 835 9,340 835 Total $ - $ - $ 77,753 $ 1,310 $ 77,753 $ 1,310 Counterparty netting and collateral posted (1,303 ) Carrying value of derivative contracts – Other liabilities $ 7 |
Components of Interest Expense | The following table summarizes the components of interest expense, including the location and amount of gains and losses on derivative instruments and related hedged items, as reported in our Consolidated Statement of Income: Three Months Ended Nine Months Ended December 31, December 31, 2016 2015 2016 2015 Interest expense on debt $ 397 $ 334 $ 1,133 $ 964 Interest expense (income) on derivatives 2 1 (5 ) (4 ) Interest expense on debt and derivatives, net 399 335 1,128 960 Loss on hedge accounting derivatives: Foreign currency swaps 62 6 25 23 Loss on hedge accounting derivatives 62 6 25 23 Less hedged item: change in fair value of fixed rate debt denominated in a foreign currency (62 ) (7 ) (25 ) (25 ) Ineffectiveness related to hedge accounting derivatives - (1 ) - (2 ) (Gain) loss on debt denominated in foreign currencies and U.S. dollar non-hedge accounting derivatives: Gain on non-hedge accounting debt denominated in foreign currencies (907 ) (222 ) (969 ) (68 ) Loss on non-hedge accounting foreign currency swaps 1,127 263 1,159 170 Loss (gain) on U.S. dollar non-hedge accounting interest rate swaps 82 (98 ) (13 ) (72 ) Total interest expense $ 701 $ 277 $ 1,305 $ 988 |
Other Assets and Other Liabil32
Other Assets and Other Liabilities (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Other Assets And Other Liabilities [Abstract] | |
Other Assets and Other Liabilities | Other assets and other liabilities consisted of the following: December 31, March 31, 2016 2016 Other assets: Notes receivable from affiliates $ 889 $ 1,177 Used vehicles held for sale 344 319 Income taxes receivable 10 31 Derivative assets 51 68 Other assets 915 622 Total other assets $ 2,209 $ 2,217 Other liabilities: Unearned insurance premiums and contract revenues $ 2,124 $ 1,985 Accounts payable and accrued expenses 1,043 939 Deferred income 468 462 Other liabilities 150 199 Total other liabilities $ 3,785 $ 3,585 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
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 December 31, March 31, December 31, March 31, 2016 2016 2016 2016 Commercial paper $ 29,023 $ 26,608 0.99 % 0.60 % Unsecured notes and loans payable 54,101 52,741 1.88 % 1.76 % Secured notes and loans payable 12,990 14,123 1.21 % 0.91 % Carrying value adjustment 84 122 Total debt $ 96,198 $ 93,594 1.52 % 1.30 % |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
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: December 31, 2016 VIE Assets VIE Liabilities Gross Net Restricted Cash Securitized Assets Securitized Assets Other Assets Debt Other Liabilities Retail finance receivables $ 726 $ 13,087 $ 12,879 $ 9 $ 11,092 $ 4 Investments in operating leases 146 3,769 2,811 59 1,898 1 Total $ 872 $ 16,856 $ 15,690 $ 68 $ 12,990 $ 5 March 31, 2016 VIE Assets VIE Liabilities Gross Net Restricted Cash Securitized Assets Securitized Assets Other Assets Debt Other Liabilities Retail finance receivables $ 853 $ 14,343 $ 14,130 $ 6 $ 12,434 $ 4 Investments in operating leases 136 3,364 2,504 78 1,689 1 Total $ 989 $ 17,707 $ 16,634 $ 84 $ 14,123 $ 5 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
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: December 31, March 31, 2016 2016 Commitments: Credit facilities commitments with dealers $ 1,173 $ 1,168 Minimum lease commitments 64 55 Total commitments 1,237 1,223 Guarantees of affiliate pollution control and solid waste disposal bonds 100 100 Total commitments and guarantees $ 1,337 $ 1,323 |
Future Minimum Lease Payments under Non-cancelable Operating Leases | At December 31, 2016, 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 2017 $ 6 2018 21 2019 13 2020 8 2021 5 Thereafter 11 Total $ 64 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Included in Consolidated Statement of Income | 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 Nine Months Ended December 31, December 31, 2016 2015 2016 2015 Net financing revenues: Manufacturers’ subvention support and other revenues $ 349 $ 335 $ 1,020 $ 982 Origination costs paid to affiliates $ - $ - $ (1 ) $ (1 ) Credit support fees incurred $ (22 ) $ (24 ) $ (68 ) $ (69 ) Interest and other expenses paid to affiliates $ - $ (1 ) $ (1 ) $ (3 ) Insurance earned premiums and contract revenues: Affiliate insurance premiums and contract revenues $ 36 $ 33 $ 105 $ 98 Investments and other income, net: Gain on sale of commercial finance business $ - $ 197 $ - $ 197 Interest earned on notes receivable from affiliates $ 1 $ 1 $ 5 $ 4 Other income from affiliates $ - $ - $ 1 $ - Expenses: Shared services charges and other expenses $ 12 $ 7 $ 34 $ 34 Employee benefits expense $ 6 $ 8 $ 18 $ 24 Insurance losses and loss adjustment expenses $ - $ 1 $ 1 $ 1 |
Related Party Transactions Included in Consolidated Balance Sheet | 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: December 31, March 31, 2016 2016 Assets: Cash and cash equivalents Investments in affiliates' commercial paper $ 15 $ - Finance receivables, net Accounts receivable from affiliates $ 137 $ 119 Notes receivable under home loan programs $ 4 $ 9 Deferred retail origination costs paid to affiliates $ 2 $ 1 Deferred retail subvention income from affiliates $ (944 ) $ (794 ) Investments in operating leases, net Leases to affiliates $ 3 $ 2 Deferred lease origination costs paid to affiliates $ 1 $ 1 Deferred lease subvention income from affiliates $ (1,134 ) $ (1,057 ) Other assets Notes receivable from affiliates $ 889 $ 1,177 Other receivables from affiliates, net $ 204 $ 7 Liabilities: Other liabilities Unearned affiliate insurance premiums and contract revenues $ 325 $ 278 Other payables to affiliates, net $ 51 $ 82 Notes payable to affiliates $ 13 $ 20 Shareholder’s Equity: Stock-based compensation $ 2 $ 2 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Financial information for our reportable operating segments is summarized as follows: Three Months Ended December 31, 2016 Finance Insurance Intercompany operations operations eliminations Total Total financing revenues $ 2,537 $ - $ - $ 2,537 Insurance earned premiums and contract revenues - 202 - 202 Investment and other income, net 20 32 - 52 Realized gains (losses), net on investments in marketable securities 155 2 - 157 Total gross revenues 2,712 236 - 2,948 Less: Depreciation on operating leases 1,722 - - 1,722 Interest expense 701 - - 701 Provision for credit losses 183 - - 183 Operating and administrative expenses 250 75 - 325 Insurance losses and loss adjustment expenses - 92 - 92 (Benefit) provision for income taxes (55 ) 26 - (29 ) Net (loss) income $ (89 ) $ 43 $ - $ (46 ) Nine Months Ended December 31, 2016 Finance Insurance Intercompany operations operations eliminations Total Total financing revenues $ 7,491 $ - $ - $ 7,491 Insurance earned premiums and contract revenues - 594 - 594 Investment and other income, net 68 65 - 133 Realized gains (losses), net on investments in marketable securities 241 (1 ) - 240 Total gross revenues 7,800 658 - 8,458 Less: Depreciation on operating leases 4,994 - - 4,994 Interest expense 1,305 - - 1,305 Provision for credit losses 396 - - 396 Operating and administrative expenses 702 219 - 921 Insurance losses and loss adjustment expenses - 272 - 272 Provision for income taxes 150 62 - 212 Net income $ 253 $ 105 $ - $ 358 Total assets at December 31, 2016 $ 114,292 $ 4,421 $ (1,072 ) $ 117,641 Note 15 – Segment Information (Continued) Three Months Ended December 31, 2015 Finance Insurance Intercompany operations operations eliminations Total Total financing revenues $ 2,376 $ - $ - $ 2,376 Insurance earned premiums and contract revenues - 181 - 181 Investment and other income, net 17 50 - 67 Realized gains (losses), net on investments in marketable securities 10 (10 ) - - Gain on sale of commercial finance business 197 - - 197 Total gross revenues 2,600 221 - 2,821 Less: Depreciation on operating leases 1,503 - - 1,503 Interest expense 277 - - 277 Provision for credit losses 128 - - 128 Operating and administrative expenses 223 65 - 288 Insurance losses and loss adjustment expenses - 73 - 73 Provision for income taxes 179 31 - 210 Net income $ 290 $ 52 $ - $ 342 Nine Months Ended December 31, 2015 Finance Insurance Intercompany operations operations eliminations Total Total financing revenues $ 6,984 $ - $ - $ 6,984 Insurance earned premiums and contract revenues - 533 - 533 Investment and other income, net 40 89 - 129 Realized gains (losses), net on investments in marketable securities 30 (40 ) - (10 ) Gain on sale of commercial finance business 197 - - 197 Total gross revenues 7,251 582 - 7,833 Less: Depreciation on operating leases 4,309 - - 4,309 Interest expense 988 - - 988 Provision for credit losses 278 - - 278 Operating and administrative expenses 657 188 - 845 Insurance losses and loss adjustment expenses - 230 - 230 Provision for income taxes 380 61 - 441 Net income $ 639 $ 103 $ - $ 742 Total assets at December 31, 2015 $ 112,238 $ 4,085 $ (984 ) $ 115,339 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Mar. 31, 2016 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Debt instruments | $ 3,628 | |
Available-for-sale securities total | 5,739 | $ 6,540 |
Derivative assets | 51 | 68 |
Counterparty netting and collateral | (111) | (320) |
Counterparty netting and collateral | 1,329 | 718 |
Corporate debt securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Debt instruments | 385 | 487 |
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 | 2,715 | 2,835 |
Municipal debt securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Debt instruments | 10 | 11 |
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 | 47 | 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 | 2 | 3 |
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 | 34 | 42 |
Asset-backed securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Debt instruments | 30 | 37 |
Fixed income total return bond funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 388 | 380 |
Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 2,405 | 2,624 |
Available-for-sale securities total | 5,739 | 6,540 |
Derivative assets | 51 | 68 |
Counterparty netting and collateral | (516) | (905) |
Assets at fair value | 8,195 | 9,232 |
Counterparty netting and collateral | 1,734 | 1,303 |
Liabilities at fair value | (1) | (7) |
Net assets at fair value | 8,194 | 9,225 |
Derivative asset liability collateral obligation right to return reclaim cash offset | 1,218 | 398 |
Recurring [Member] | Money market instruments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,234 | 1,569 |
Recurring [Member] | U.S. government and agency obligations [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 555 | |
Recurring [Member] | Certificates of deposit [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,155 | 500 |
Available-for-sale securities, Debt instruments | 405 | 500 |
Recurring [Member] | Commercial paper [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 15 | |
Available-for-sale securities, Debt instruments | 50 | |
Recurring [Member] | Corporate debt securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1 | |
Available-for-sale securities, Debt instruments | 385 | 487 |
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 | 2,715 | 2,835 |
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 | 10 | 11 |
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 | 47 | 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 | 2 | 3 |
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 | 34 | 42 |
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 | 30 | 37 |
Recurring [Member] | Fixed income total return bond funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 388 | 380 |
Recurring [Member] | Equity mutual fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 389 | |
Recurring [Member] | Foreign currency swaps [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets | 57 | 329 |
Derivative liabilities | (1,430) | (835) |
Recurring [Member] | Interest rate swap [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets | 508 | 640 |
Derivative liabilities | (305) | (475) |
Recurring [Member] | Interest rate floor [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets | 2 | 4 |
Recurring [Member] | Fixed income mutual funds measured at net asset value [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 1,723 | 1,747 |
Recurring [Member] | Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 277 | 810 |
Available-for-sale securities total | 3,512 | 4,074 |
Derivative assets | 0 | 0 |
Counterparty netting and collateral | 0 | 0 |
Assets at fair value | 3,789 | 4,884 |
Counterparty netting and collateral | 0 | 0 |
Liabilities at fair value | 0 | 0 |
Net assets at fair value | 3,789 | 4,884 |
Recurring [Member] | Level 1 [Member] | Money market instruments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 276 | 360 |
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 | 450 | |
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 | 205 | 300 |
Recurring [Member] | Level 1 [Member] | Commercial paper [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Available-for-sale securities, Debt instruments | 0 | |
Recurring [Member] | Level 1 [Member] | Corporate debt securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1 | |
Available-for-sale securities, Debt instruments | 247 | 228 |
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 | 2,672 | 2,777 |
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 total return bond funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 388 | 380 |
Recurring [Member] | Level 1 [Member] | Equity mutual fund [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 389 | |
Recurring [Member] | Level 1 [Member] | Foreign currency swaps [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Interest rate swap [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Interest rate floor [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Fixed income mutual funds measured at net asset value [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] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 2,128 | 1,814 |
Available-for-sale securities total | 428 | 628 |
Derivative assets | 566 | 934 |
Counterparty netting and collateral | 0 | 0 |
Assets at fair value | 3,122 | 3,376 |
Counterparty netting and collateral | 0 | 0 |
Liabilities at fair value | (1,654) | (1,296) |
Net assets at fair value | 1,468 | 2,080 |
Recurring [Member] | Level 2 [Member] | Money market instruments [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 958 | 1,209 |
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 | 105 | |
Recurring [Member] | Level 2 [Member] | Certificates of deposit [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 1,155 | 500 |
Available-for-sale securities, Debt instruments | 200 | 200 |
Recurring [Member] | Level 2 [Member] | Commercial paper [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 15 | |
Available-for-sale securities, Debt instruments | 50 | |
Recurring [Member] | Level 2 [Member] | Corporate debt securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Available-for-sale securities, Debt instruments | 130 | 252 |
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 | 41 | 56 |
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 | 10 | 11 |
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 | 47 | 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 total return bond funds [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] | Equity mutual 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 2 [Member] | Foreign currency swaps [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets | 57 | 329 |
Derivative liabilities | (1,361) | (821) |
Recurring [Member] | Level 2 [Member] | Interest rate swap [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets | 507 | 601 |
Derivative liabilities | (293) | (475) |
Recurring [Member] | Level 2 [Member] | Interest rate floor [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets | 2 | 4 |
Recurring [Member] | Level 2 [Member] | Fixed income mutual funds measured at net asset value [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] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Available-for-sale securities total | 76 | 91 |
Derivative assets | 1 | 39 |
Counterparty netting and collateral | 0 | 0 |
Assets at fair value | 77 | 130 |
Counterparty netting and collateral | 0 | 0 |
Liabilities at fair value | (81) | (14) |
Net assets at fair value | (4) | 116 |
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] | 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] | 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] | ||
Cash equivalents | 0 | |
Available-for-sale securities, Debt instruments | 0 | |
Recurring [Member] | Level 3 [Member] | Corporate debt securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | |
Available-for-sale securities, Debt instruments | 8 | 7 |
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 | 2 | 3 |
Recurring [Member] | Level 3 [Member] | Non-agency commercial mortgage-backed securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Debt instruments | 34 | 42 |
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 | 30 | 37 |
Recurring [Member] | Level 3 [Member] | Fixed income total return bond funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Equity mutual 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 | 0 | 0 |
Derivative liabilities | (69) | (14) |
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 | 39 |
Derivative liabilities | (12) | 0 |
Recurring [Member] | Level 3 [Member] | Interest rate floor [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Fixed income mutual funds measured at net asset value [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Available-for-sale securities, Equity instruments | $ 0 | $ 0 |
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 | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Fair value | $ 69 | $ 100 | $ 116 | $ 111 |
Total gains (losses) included in earnings | (64) | (12) | (76) | (6) |
Total gains (losses) included in other comprehensive income | 0 | (1) | 2 | (2) |
Purchases | 0 | 5 | 3 | 5 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | (3) |
Settlements | (9) | (6) | (49) | (15) |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | (4) |
Fair value | (4) | 86 | (4) | 86 |
The amount of total gains (losses) included in earnings attributable to assets held at the reporting date | (64) | (12) | (76) | (6) |
Available-for-sale securities [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Fair value | 85 | 91 | 91 | 103 |
Total gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Total gains (losses) included in other comprehensive income | 0 | (1) | 2 | (2) |
Purchases | 0 | 5 | 3 | 5 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | (3) |
Settlements | (9) | (4) | (20) | (8) |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | (4) |
Fair value | 76 | 91 | 76 | 91 |
The amount of total gains (losses) included in earnings attributable to assets held at the reporting date | 0 | 0 | 0 | 0 |
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 |
Total gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Total gains (losses) included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 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 |
The amount of total gains (losses) included in earnings attributable to assets held at the reporting date | 0 | 0 | 0 | 0 |
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 | 8 | 7 | 14 |
Total gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Total gains (losses) included in other comprehensive income | 0 | 0 | 1 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | (2) |
Settlements | 0 | 0 | 0 | 0 |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | (4) |
Fair value | 8 | 8 | 8 | 8 |
The amount of total gains (losses) included in earnings attributable to assets held at the reporting date | 0 | 0 | 0 | 0 |
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 | 41 | 45 | 45 | 48 |
Total gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Total gains (losses) included in other comprehensive income | (1) | 0 | 0 | (1) |
Purchases | 0 | 1 | 0 | 1 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | (4) | (1) | (9) | (3) |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair value | 36 | 45 | 36 | 45 |
The amount of total gains (losses) included in earnings attributable to assets held at the reporting date | 0 | 0 | 0 | 0 |
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 | 34 | 36 | 37 | 39 |
Total gains (losses) included in earnings | 0 | 0 | 0 | 0 |
Total gains (losses) included in other comprehensive income | 1 | (1) | 1 | (1) |
Purchases | 0 | 4 | 3 | 4 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | (1) |
Settlements | (5) | (3) | (11) | (5) |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair value | 30 | 36 | 30 | 36 |
The amount of total gains (losses) included in earnings attributable to assets held at the reporting date | 0 | 0 | 0 | 0 |
Derivative [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Fair value | (16) | 9 | 25 | 8 |
Total gains (losses) included in earnings | (64) | (12) | (76) | (6) |
Total gains (losses) included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | (2) | (29) | (7) |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair value | (80) | (5) | (80) | (5) |
The amount of total gains (losses) included in earnings attributable to assets held at the reporting date | (64) | (12) | (76) | (6) |
Derivative [Member] | Interest rate swap [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Fair value | 33 | (1) | 39 | 1 |
Total gains (losses) included in earnings | (47) | (3) | (27) | (4) |
Total gains (losses) included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 3 | 2 | (23) | 1 |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair value | (11) | (2) | (11) | (2) |
The amount of total gains (losses) included in earnings attributable to assets held at the reporting date | (47) | (3) | (27) | (4) |
Derivative [Member] | Foreign currency swaps [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||||
Fair value | (49) | 10 | (14) | 7 |
Total gains (losses) included in earnings | (17) | (9) | (49) | (2) |
Total gains (losses) included in other comprehensive income | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | (3) | (4) | (6) | (8) |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair value | (69) | (3) | (69) | (3) |
The amount of total gains (losses) included in earnings attributable to assets held at the reporting date | $ (17) | $ (9) | $ (49) | $ (2) |
Fair Value Measurements - Ass40
Fair Value Measurements - Assets and Liabilities Not Carried at Fair Value on Recurring Basis on Consolidated Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Mar. 31, 2016 |
Carrying value [Member] | ||
Financial liabilities | ||
Commercial paper | $ 29,023 | $ 26,608 |
Unsecured notes and loans payable | 54,185 | 52,863 |
Secured notes and loans payable | 12,990 | 14,123 |
Fair value [Member] | ||
Financial liabilities | ||
Commercial paper | 29,023 | 26,608 |
Unsecured notes and loans payable | 55,220 | 54,300 |
Secured notes and loans payable | 13,001 | 14,125 |
Fair value [Member] | Level 1 [Member] | ||
Financial liabilities | ||
Commercial paper | 0 | 0 |
Unsecured notes and loans payable | 0 | 0 |
Secured notes and loans payable | 0 | 0 |
Fair value [Member] | Level 2 [Member] | ||
Financial liabilities | ||
Commercial paper | 29,023 | 26,608 |
Unsecured notes and loans payable | 53,054 | 52,913 |
Secured notes and loans payable | 0 | 0 |
Fair value [Member] | Level 3 [Member] | ||
Financial liabilities | ||
Commercial paper | 0 | 0 |
Unsecured notes and loans payable | 2,166 | 1,387 |
Secured notes and loans payable | 13,001 | 14,125 |
Retail Loan [Member] | Carrying value [Member] | ||
Financial assets | ||
Finance receivables, net | 50,902 | 49,865 |
Retail Loan [Member] | Fair value [Member] | ||
Financial assets | ||
Finance receivables, net | 50,761 | 49,551 |
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 | 50,761 | 49,551 |
Wholesale [Member] | Carrying value [Member] | ||
Financial assets | ||
Finance receivables, net | 10,221 | 9,160 |
Wholesale [Member] | Fair value [Member] | ||
Financial assets | ||
Finance receivables, net | 10,268 | 9,207 |
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 | 10,268 | 9,207 |
Real estate [Member] | Carrying value [Member] | ||
Financial assets | ||
Finance receivables, net | 4,624 | 4,590 |
Real estate [Member] | Fair value [Member] | ||
Financial assets | ||
Finance receivables, net | 4,400 | 4,277 |
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 | 4,400 | 4,277 |
Working capital [Member] | Carrying value [Member] | ||
Financial assets | ||
Finance receivables, net | 2,125 | 1,888 |
Working capital [Member] | Fair value [Member] | ||
Financial assets | ||
Finance receivables, net | 2,129 | 1,894 |
Working capital [Member] | Fair value [Member] | Level 1 [Member] | ||
Financial assets | ||
Finance receivables, net | 0 | 0 |
Working capital [Member] | Fair value [Member] | Level 2 [Member] | ||
Financial assets | ||
Finance receivables, net | 0 | 0 |
Working capital [Member] | Fair value [Member] | Level 3 [Member] | ||
Financial assets | ||
Finance receivables, net | $ 2,129 | $ 1,894 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Mar. 31, 2016 |
Fair Value Disclosures [Abstract] | ||
Finance receivables from related party | $ 141 | $ 128 |
Investments in Marketable Sec42
Investments in Marketable Securities - Summary of Investments in Marketable Securities (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Mar. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Debt instruments, Amortized cost | $ 3,632 | |
Available-for-sale securities, Debt instruments, Fair value | 3,628 | |
Amortized cost | 5,734 | $ 6,273 |
Unrealized gains | 46 | 285 |
Unrealized losses | (41) | (18) |
Fair value | 5,739 | 6,540 |
U.S. government and agency obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Debt instruments, Amortized cost | 2,721 | 2,833 |
Unrealized gains | 1 | 3 |
Unrealized losses | (7) | (1) |
Available-for-sale securities, Debt instruments, Fair value | 2,715 | 2,835 |
Municipal debt securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Debt instruments, Amortized cost | 9 | 10 |
Unrealized gains | 1 | 1 |
Unrealized losses | 0 | 0 |
Available-for-sale securities, Debt instruments, Fair value | 10 | 11 |
Certificates of deposit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Debt instruments, Amortized cost | 405 | 500 |
Unrealized gains | 0 | 0 |
Unrealized losses | 0 | 0 |
Available-for-sale securities, Debt instruments, Fair value | 405 | 500 |
Corporate debt securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Debt instruments, Amortized cost | 384 | 482 |
Unrealized gains | 2 | 7 |
Unrealized losses | (1) | (2) |
Available-for-sale securities, Debt instruments, Fair value | 385 | 487 |
U.S. government agency mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Debt instruments, Amortized cost | 47 | 57 |
Unrealized gains | 1 | 2 |
Unrealized losses | (1) | 0 |
Available-for-sale securities, Debt instruments, Fair value | 47 | 59 |
Non-agency residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Debt instruments, Amortized cost | 2 | 2 |
Unrealized gains | 0 | 1 |
Unrealized losses | 0 | 0 |
Available-for-sale securities, Debt instruments, Fair value | 2 | 3 |
Non-agency commercial mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Debt instruments, Amortized cost | 34 | 42 |
Unrealized gains | 1 | 1 |
Unrealized losses | (1) | (1) |
Available-for-sale securities, Debt instruments, Fair value | 34 | 42 |
Asset-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Debt instruments, Amortized cost | 30 | 38 |
Unrealized gains | 0 | 0 |
Unrealized losses | 0 | (1) |
Available-for-sale securities, Debt instruments, Fair value | 30 | 37 |
Fixed income short-term floating NAV fund II [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity instrument, Amortized cost | 39 | 178 |
Unrealized gains | 0 | 0 |
Unrealized losses | 0 | 0 |
Equity instrument, Fair value | 39 | 178 |
Fixed income U.S. government sector fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity instrument, Amortized cost | 396 | 353 |
Unrealized gains | 0 | 6 |
Unrealized losses | (17) | (1) |
Equity instrument, Fair value | 379 | 358 |
Fixed income municipal sector fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity instrument, Amortized cost | 21 | 19 |
Unrealized gains | 0 | 0 |
Unrealized losses | (1) | 0 |
Equity instrument, Fair value | 20 | 19 |
Investment Grade Corporate Sector Fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity instrument, Amortized cost | 254 | 243 |
Unrealized gains | 8 | 8 |
Unrealized losses | (5) | (5) |
Equity instrument, Fair value | 257 | 246 |
Fixed income high-yield sector fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity instrument, Amortized cost | 83 | 67 |
Unrealized gains | 5 | 0 |
Unrealized losses | 0 | (1) |
Equity instrument, Fair value | 88 | 66 |
Fixed income real return sector fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity instrument, Amortized cost | 147 | 201 |
Unrealized gains | 5 | 11 |
Unrealized losses | 0 | 0 |
Equity instrument, Fair value | 152 | 212 |
Fixed income mortgage sector fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity instrument, Amortized cost | 393 | 297 |
Unrealized gains | 0 | 5 |
Unrealized losses | (6) | 0 |
Equity instrument, Fair value | 387 | 302 |
Fixed income asset-backed securities sector fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity instrument, Amortized cost | 141 | 117 |
Unrealized gains | 8 | 8 |
Unrealized losses | (1) | (1) |
Equity instrument, Fair value | 148 | 124 |
Fixed income emerging market sector fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity instrument, Amortized cost | 106 | 101 |
Unrealized gains | 8 | 1 |
Unrealized losses | 0 | 0 |
Equity instrument, Fair value | 114 | 102 |
Fixed income international sector fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity instrument, Amortized cost | 136 | 145 |
Unrealized gains | 3 | 0 |
Unrealized losses | 0 | (5) |
Equity instrument, Fair value | 139 | 140 |
Fixed income total return bond funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity instrument, Amortized cost | 386 | 376 |
Unrealized gains | 3 | 4 |
Unrealized losses | (1) | 0 |
Equity instrument, Fair value | $ 388 | 380 |
Commercial paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Debt instruments, Amortized cost | 50 | |
Unrealized gains | 0 | |
Unrealized losses | 0 | |
Available-for-sale securities, Debt instruments, Fair value | 50 | |
Equity mutual fund - S&P 500 index [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Equity instrument, Amortized cost | 162 | |
Unrealized gains | 227 | |
Unrealized losses | 0 | |
Equity instrument, Fair value | $ 389 |
Investments in Marketable Sec43
Investments in Marketable Securities - Additional Information (Details) | 9 Months Ended |
Dec. 31, 2016USD ($) | |
Marketable Securities [Abstract] | |
Private placement share redemption percentage | 1.00% |
Private placement share redemption amount | $ 250,000 |
Share redemption period | 90 days |
Investments in Marketable Sec44
Investments in Marketable Securities - Schedule of Realized Gains and Losses on Sales from AFS Presented in Our Consolidated Statement of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Available-for-sale securities: | ||||
Realized gains on sales | $ 158 | $ 16 | $ 251 | $ 42 |
Realized losses on sales | (1) | (1) | (1) | (2) |
Other-than-temporary impairment | $ 0 | $ (15) | $ (10) | $ (50) |
Investments in Marketable Sec45
Investments in Marketable Securities - Summary of Contractual Maturities of Available-for-Sale Securities (Details) $ in Millions | Dec. 31, 2016USD ($) | |
Marketable Securities [Abstract] | ||
Due within 1 Year, Amount | $ 2,563 | |
Due after 1 Year through 5 Years, Amount | 741 | |
Due after 5 Years through 10 Years, Amount | 131 | |
Due after 10 Years, Amount | 80 | |
Mortgage-backed and asset-backed securities, fair value | 113 | [1] |
Total, fair value | 3,628 | |
Due within 1 Year, Amortized Cost | 2,563 | |
Due after 1 Year through 5 Years, Amortized Cost | 742 | |
Due after 5 Years through 10 Years, Amortized Cost | 132 | |
Due after 10 Years, Amortized Cost | 82 | |
Mortgage-backed and asset-backed securities, amortized cost | 113 | [1] |
Available-for-sale securities, Debt instruments, Amortized cost | $ 3,632 | |
[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 | Dec. 31, 2016 | Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Mar. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross finance receivables | $ 68,789 | $ 66,262 | ||||
Finance receivables, net | 68,018 | 65,636 | ||||
Finance Receivables, Net [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross finance receivables | 68,789 | 66,262 | $ 66,383 | |||
Deferred origination (fees) and costs, net | 652 | 663 | ||||
Deferred income | (1,002) | (868) | ||||
Allowance for credit losses | (421) | $ (389) | (421) | $ (381) | $ (377) | $ (409) |
Finance receivables, net | 68,018 | 65,636 | ||||
Finance Receivables, Net [Member] | Retail receivables [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross finance receivables | 38,483 | 36,020 | ||||
Finance Receivables, Net [Member] | Securitized retail receivables [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross finance receivables | 13,087 | 14,343 | ||||
Finance Receivables, Net [Member] | Dealer financing [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross finance receivables | 17,219 | 15,899 | ||||
Allowance for credit losses | (107) | (132) | ||||
Finance Receivables, Net [Member] | Retail and securitized retail receivables [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | $ (314) | $ (289) |
Finance Receivables, Net (Finan
Finance Receivables, Net (Finance Receivable Credit Quality Indicators) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Mar. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Current | $ 67,650 | $ 65,489 |
Financing receivables, past due | 1,139 | 773 |
Total Finance Receivables | 68,789 | 66,262 |
Retail Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 50,431 | 49,590 |
Financing receivables, past due | 1,139 | 773 |
Total Finance Receivables | 51,570 | 50,363 |
Wholesale [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 10,339 | 9,262 |
Financing receivables, past due | 0 | 0 |
Total Finance Receivables | 10,339 | 9,262 |
Wholesale [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 9,100 | 8,099 |
Wholesale [Member] | Credit Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 1,140 | 1,041 |
Wholesale [Member] | At Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 90 | 113 |
Wholesale [Member] | Default [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 9 | 9 |
Real estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 4,736 | 4,704 |
Financing receivables, past due | 0 | 0 |
Total Finance Receivables | 4,736 | 4,704 |
Real estate [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 3,981 | 3,822 |
Real estate [Member] | Credit Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 660 | 763 |
Real estate [Member] | At Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 85 | 109 |
Real estate [Member] | Default [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 10 | 10 |
Working capital [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Current | 2,144 | 1,933 |
Financing receivables, past due | 0 | 0 |
Total Finance Receivables | 2,144 | 1,933 |
Working capital [Member] | Performing [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 1,952 | 1,686 |
Working capital [Member] | Credit Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 181 | 229 |
Working capital [Member] | At Risk [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 11 | 17 |
Working capital [Member] | Default [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Finance Receivables | 0 | 1 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables, past due | 850 | 584 |
30-59 Days Past Due [Member] | Retail Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables, past due | 850 | 584 |
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 | 204 | 129 |
60-89 Days Past Due [Member] | Retail Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables, past due | 204 | 129 |
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 | 85 | 60 |
90 Days or Greater Past Due [Member] | Retail Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivables, past due | 85 | 60 |
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 Impaired Loans by Class of Finance Receivable) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2016 | |
Impaired Finance Receivables | |||||
Impaired Finance Receivables Individually Evaluated with Related Allowance | $ 206 | $ 206 | $ 254 | ||
Impaired Finance Receivables Individually Evaluated with No Related Allowance | 232 | 232 | 286 | ||
Impaired Finance Receivables Aggregated And Evaluated For Impairment | 219 | 219 | 226 | ||
Impaired Finance Receivables | 657 | 657 | 766 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance Individually Evaluated with Related Allowance | 206 | 206 | 254 | ||
Unpaid Principal Balance Individually Evaluated with No Related Allowance | 232 | 232 | 286 | ||
Unpaid Principal Balance Aggregated And Evaluated For Impairment | 216 | 216 | 223 | ||
Unpaid Principal Balance | 654 | 654 | 763 | ||
Individually Evaluated Allowance | 26 | 26 | 54 | ||
Average Impaired Finance Receivables | |||||
Average Impaired Finance Receivables Individually Evaluated For Impairment with An Allowance | 200 | $ 214 | 204 | $ 205 | |
Average Impaired Finance Receivables Individually Evaluated For Impairment Without An Allowance | 237 | 235 | 266 | 213 | |
Average Impaired Finance Receivables Account Balances Aggregated And Evaluated For Impairment | 221 | 241 | 223 | 251 | |
Average Impaired Finance Receivables | 658 | 690 | 693 | 669 | |
Interest Income Recognized | |||||
Interest Income Recognized Individually Evaluated with Related Allowance | 1 | 1 | 4 | 4 | |
Interest Income Recognized Individually Evaluated with No Related Allowance | 2 | 2 | 7 | 5 | |
Interest Income Recognized Aggregated And Evaluated For Impairment | 4 | 4 | 12 | 13 | |
Interest Income Recognized | 7 | 7 | 23 | 22 | |
Wholesale [Member] | |||||
Impaired Finance Receivables | |||||
Impaired Finance Receivables Individually Evaluated with Related Allowance | 79 | 79 | 98 | ||
Impaired Finance Receivables Individually Evaluated with No Related Allowance | 126 | 126 | 185 | ||
Impaired Finance Receivables | 205 | 205 | 283 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance Individually Evaluated with Related Allowance | 79 | 79 | 98 | ||
Unpaid Principal Balance Individually Evaluated with No Related Allowance | 126 | 126 | 185 | ||
Unpaid Principal Balance | 205 | 205 | 283 | ||
Individually Evaluated Allowance | 5 | 5 | 9 | ||
Average Impaired Finance Receivables | |||||
Average Impaired Finance Receivables Individually Evaluated For Impairment with An Allowance | 78 | 77 | 73 | 83 | |
Average Impaired Finance Receivables Individually Evaluated For Impairment Without An Allowance | 125 | 136 | 158 | 119 | |
Average Impaired Finance Receivables | 203 | 213 | 231 | 202 | |
Interest Income Recognized | |||||
Interest Income Recognized Individually Evaluated with Related Allowance | 0 | 0 | 1 | 1 | |
Interest Income Recognized Individually Evaluated with No Related Allowance | 1 | 1 | 3 | 2 | |
Interest Income Recognized | 1 | 1 | 4 | 3 | |
Real estate [Member] | |||||
Impaired Finance Receivables | |||||
Impaired Finance Receivables Individually Evaluated with Related Allowance | 95 | 95 | 119 | ||
Impaired Finance Receivables Individually Evaluated with No Related Allowance | 106 | 106 | 98 | ||
Impaired Finance Receivables | 201 | 201 | 217 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance Individually Evaluated with Related Allowance | 95 | 95 | 119 | ||
Unpaid Principal Balance Individually Evaluated with No Related Allowance | 106 | 106 | 98 | ||
Unpaid Principal Balance | 201 | 201 | 217 | ||
Individually Evaluated Allowance | 12 | 12 | 15 | ||
Average Impaired Finance Receivables | |||||
Average Impaired Finance Receivables Individually Evaluated For Impairment with An Allowance | 89 | 103 | 97 | 87 | |
Average Impaired Finance Receivables Individually Evaluated For Impairment Without An Allowance | 112 | 94 | 107 | 90 | |
Average Impaired Finance Receivables | 201 | 197 | 204 | 177 | |
Interest Income Recognized | |||||
Interest Income Recognized Individually Evaluated with Related Allowance | 1 | 1 | 2 | 2 | |
Interest Income Recognized Individually Evaluated with No Related Allowance | 1 | 1 | 4 | 3 | |
Interest Income Recognized | 2 | 2 | 6 | 5 | |
Working capital [Member] | |||||
Impaired Finance Receivables | |||||
Impaired Finance Receivables Individually Evaluated with Related Allowance | 32 | 32 | 37 | ||
Impaired Finance Receivables Individually Evaluated with No Related Allowance | 0 | 0 | 3 | ||
Impaired Finance Receivables | 32 | 32 | 40 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance Individually Evaluated with Related Allowance | 32 | 32 | 37 | ||
Unpaid Principal Balance Individually Evaluated with No Related Allowance | 0 | 0 | 3 | ||
Unpaid Principal Balance | 32 | 32 | 40 | ||
Individually Evaluated Allowance | 9 | 9 | 30 | ||
Average Impaired Finance Receivables | |||||
Average Impaired Finance Receivables Individually Evaluated For Impairment with An Allowance | 33 | 34 | 34 | 35 | |
Average Impaired Finance Receivables Individually Evaluated For Impairment Without An Allowance | 0 | 5 | 1 | 4 | |
Average Impaired Finance Receivables | 33 | 39 | 35 | 39 | |
Interest Income Recognized | |||||
Interest Income Recognized Individually Evaluated with Related Allowance | 0 | 0 | 1 | 1 | |
Interest Income Recognized Individually Evaluated with No Related Allowance | 0 | 0 | 0 | 0 | |
Interest Income Recognized | 0 | 0 | 1 | 1 | |
Retail Loan [Member] | |||||
Impaired Finance Receivables | |||||
Impaired Finance Receivables Aggregated And Evaluated For Impairment | 219 | 219 | 226 | ||
Impaired Finance Receivables | 219 | 219 | 226 | ||
Unpaid Principal Balance | |||||
Unpaid Principal Balance Aggregated And Evaluated For Impairment | 216 | 216 | 223 | ||
Unpaid Principal Balance | 216 | 216 | $ 223 | ||
Average Impaired Finance Receivables | |||||
Average Impaired Finance Receivables Account Balances Aggregated And Evaluated For Impairment | 221 | 241 | 223 | 251 | |
Average Impaired Finance Receivables | 221 | 241 | 223 | 251 | |
Interest Income Recognized | |||||
Interest Income Recognized Aggregated And Evaluated For Impairment | 4 | 4 | 12 | 13 | |
Interest Income Recognized | $ 4 | $ 4 | $ 12 | $ 13 |
Finance Receivables, Net - Addi
Finance Receivables, Net - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Mar. 31, 2016 |
Receivables [Abstract] | ||
Dealer products portfolio segment accounts on nonaccrual status | $ 235 | $ 299 |
Investments in Operating Leas50
Investments in Operating Leases, Net (Investments in Operating Leases, Net) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Mar. 31, 2016 |
Property Subject To Or Available For Operating Lease [Line Items] | ||
Investments in operating leases, net | $ 38,097 | $ 36,488 |
Investments in operating leases [Member] | ||
Property Subject To Or Available For Operating Lease [Line Items] | ||
Investments in operating leases | 44,032 | 42,220 |
Securitized investments in operating leases [Member] | ||
Property Subject To Or Available For Operating Lease [Line Items] | ||
Investments in operating leases | 3,769 | 3,364 |
Investments In Operating Leases, Net [Member] | ||
Property Subject To Or Available For Operating Lease [Line Items] | ||
Investments in operating leases | 47,801 | 45,584 |
Deferred origination (fees) and costs, net | (203) | (190) |
Deferred income | (1,166) | (1,080) |
Accumulated depreciation | (8,190) | (7,712) |
Allowance for credit losses | $ (145) | $ (114) |
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 | 9 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Allowance for Credit Losses on Finance Receivables and Investments in Operating Leases | |||||
Allowance for credit losses at beginning of period | $ 526 | $ 473 | $ 535 | $ 485 | |
Provision for credit losses | 183 | 128 | 396 | 278 | |
Transferred to held-for-sale | [1] | 0 | 0 | 0 | (7) |
Charge-offs, net of recoveries | (143) | (115) | (365) | (270) | |
Allowance for credit losses at end of period | $ 566 | $ 486 | $ 566 | $ 486 | |
[1] | Amount relates to the commercial finance business which was sold on October 1, 2015. |
Allowance for Credit Losses -52
Allowance for Credit Losses - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2016 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Recoveries from credit loss charge-offs | $ 19 | $ 15 | $ 59 | $ 54 | |
Impaired finance receivables aggregated and collectively evaluated for impairment | 219 | 219 | $ 226 | ||
Finance Receivables, Net [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Ending balance: Collectively evaluated for impairment | 68,351 | 65,881 | 68,351 | 65,881 | |
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 | 219 | 237 | 219 | 237 | |
Finance Receivables, Net [Member] | Dealer Products [Member] | |||||
Financing Receivable Allowance For Credit Losses [Line Items] | |||||
Ending balance: Collectively evaluated for impairment | 16,781 | 14,674 | 16,781 | 14,674 | |
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 | 1,071 | 979 | 1,071 | 979 | |
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 | $ 173 | $ 140 | $ 173 | $ 140 |
Allowance for Credit Losses -53
Allowance for Credit Losses - Allowance for Credit Losses and Recorded Investment in Finance Receivables by Portfolio Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2016 | ||
Allowance for Credit Losses for Finance Receivables: | ||||||
Provisions | $ 183 | $ 128 | $ 396 | $ 278 | ||
Transferred to held-for-sale | [1] | 0 | 0 | 0 | (7) | |
Finance Receivables: | ||||||
Total Finance Receivables | 68,789 | 68,789 | $ 66,262 | |||
Retail Loan [Member] | ||||||
Finance Receivables: | ||||||
Total Finance Receivables | 51,570 | 51,570 | 50,363 | |||
Finance Receivables, Net [Member] | ||||||
Allowance for Credit Losses for Finance Receivables: | ||||||
Allowance for credit losses at beginning of period | 389 | 377 | 421 | 409 | ||
Charge-offs | (113) | (95) | (294) | (238) | ||
Recoveries | 12 | 10 | 38 | 37 | ||
Provisions | 133 | 89 | 256 | 179 | ||
Transferred to held-for-sale | (6) | |||||
Allowance for credit losses at end of period | 421 | 381 | 421 | 381 | ||
Ending balance: Individually evaluated for impairment | 26 | 59 | 26 | 59 | ||
Ending balance: Collectively evaluated for impairment | 395 | 322 | 395 | 322 | ||
Finance Receivables: | ||||||
Total Finance Receivables | 68,789 | 66,383 | 68,789 | 66,383 | $ 66,262 | |
Ending balance: Individually evaluated for impairment | 438 | 502 | 438 | 502 | ||
Ending balance: Collectively evaluated for impairment | 68,351 | 65,881 | 68,351 | 65,881 | ||
Finance Receivables, Net [Member] | Retail Loan [Member] | ||||||
Allowance for Credit Losses for Finance Receivables: | ||||||
Allowance for credit losses at beginning of period | 295 | 263 | 289 | 299 | ||
Charge-offs | (113) | (95) | (294) | (237) | ||
Recoveries | 12 | 10 | 38 | 37 | ||
Provisions | 120 | 80 | 281 | 159 | ||
Transferred to held-for-sale | 0 | |||||
Allowance for credit losses at end of period | 314 | 258 | 314 | 258 | ||
Ending balance: Individually evaluated for impairment | 0 | 0 | 0 | 0 | ||
Ending balance: Collectively evaluated for impairment | 314 | 258 | 314 | 258 | ||
Finance Receivables: | ||||||
Total Finance Receivables | 51,570 | 51,207 | 51,570 | 51,207 | ||
Ending balance: Individually evaluated for impairment | 0 | 0 | 0 | 0 | ||
Ending balance: Collectively evaluated for impairment | 51,570 | 51,207 | 51,570 | 51,207 | ||
Finance Receivables, Net [Member] | Dealer Products [Member] | ||||||
Allowance for Credit Losses for Finance Receivables: | ||||||
Allowance for credit losses at beginning of period | 94 | 114 | 132 | 108 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Provisions | 13 | 9 | (25) | 19 | ||
Transferred to held-for-sale | (4) | |||||
Allowance for credit losses at end of period | 107 | 123 | 107 | 123 | ||
Ending balance: Individually evaluated for impairment | 26 | 59 | 26 | 59 | ||
Ending balance: Collectively evaluated for impairment | 81 | 64 | 81 | 64 | ||
Finance Receivables: | ||||||
Total Finance Receivables | 17,219 | 15,176 | 17,219 | 15,176 | ||
Ending balance: Individually evaluated for impairment | 438 | 502 | 438 | 502 | ||
Ending balance: Collectively evaluated for impairment | $ 16,781 | 14,674 | $ 16,781 | 14,674 | ||
Finance Receivables, Net [Member] | Commercial Portfolio Segment [Member] | ||||||
Allowance for Credit Losses for Finance Receivables: | ||||||
Allowance for credit losses at beginning of period | 0 | 2 | ||||
Charge-offs | 0 | (1) | ||||
Recoveries | 0 | 0 | ||||
Provisions | 0 | 1 | ||||
Transferred to held-for-sale | (2) | |||||
Allowance for credit losses at end of period | 0 | 0 | ||||
Ending balance: Individually evaluated for impairment | 0 | 0 | ||||
Ending balance: Collectively evaluated for impairment | 0 | 0 | ||||
Finance Receivables: | ||||||
Total Finance Receivables | 0 | 0 | ||||
Ending balance: Individually evaluated for impairment | 0 | 0 | ||||
Ending balance: Collectively evaluated for impairment | $ 0 | $ 0 | ||||
[1] | Amount relates to the commercial finance business which was sold on October 1, 2015. |
Allowance for Credit Losses - P
Allowance for Credit Losses - Past Due Finance Receivables and Investments in Operating Leases (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Mar. 31, 2016 |
Past Due Finance Receivables and Investments in Operating Leases | ||
Finance receivables | $ 289 | $ 189 |
Investments in operating leases | 118 | 80 |
Total | $ 407 | $ 269 |
Allowance for Credit Losses -55
Allowance for Credit Losses - Aging of Finance Receivables by Class (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Mar. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 1,139 | $ 773 |
Current | 67,650 | 65,489 |
Total Finance Receivables | 68,789 | 66,262 |
90 Days or Greater Past Due and Accruing | 63 | 35 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 850 | 584 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 204 | 129 |
90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 85 | 60 |
Retail Loan [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,139 | 773 |
Current | 50,431 | 49,590 |
Total Finance Receivables | 51,570 | 50,363 |
90 Days or Greater Past Due and Accruing | 63 | 35 |
Retail Loan [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 850 | 584 |
Retail Loan [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 204 | 129 |
Retail Loan [Member] | 90 Days or Greater Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 85 | 60 |
Wholesale [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Current | 10,339 | 9,262 |
Total Finance Receivables | 10,339 | 9,262 |
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 | 4,736 | 4,704 |
Total Finance Receivables | 4,736 | 4,704 |
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 | 2,144 | 1,933 |
Total Finance Receivables | 2,144 | 1,933 |
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 Activiti56
Derivatives, Hedging Activities and Interest Expense - Derivative Activity Impact on Consolidated Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Mar. 31, 2016 |
Derivatives Fair Value [Line Items] | ||
Carrying value of derivative contracts – Other assets | $ 51 | $ 68 |
Counterparty netting and collateral held | (111) | (320) |
Other assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 61,740 | 35,849 |
Fair value | 567 | 973 |
Counterparty netting and collateral held | (516) | (905) |
Other assets [Member] | Interest rate swap [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 59,033 | 29,469 |
Fair value | 508 | 640 |
Other assets [Member] | Interest rate floor [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 1,673 | 1,679 |
Fair value | 2 | 4 |
Other assets [Member] | Foreign currency swaps [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 1,034 | 4,701 |
Fair value | 57 | 329 |
Other liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 59,258 | 77,753 |
Fair value | 1,735 | 1,310 |
Counterparty netting and collateral posted | (1,734) | (1,303) |
Other liabilities [Member] | Interest rate swap [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 45,235 | 68,383 |
Fair value | 305 | 475 |
Other liabilities [Member] | Foreign currency swaps [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 13,993 | 9,340 |
Fair value | 1,430 | 835 |
Other liabilities [Member] | Interest rate cap [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 30 | 30 |
Fair value | 0 | 0 |
Hedge accounting derivatives [Member] | Other assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 271 | 364 |
Fair value | 19 | 39 |
Hedge accounting derivatives [Member] | Other assets [Member] | Interest rate swap [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 0 | 0 |
Fair value | 0 | 0 |
Hedge accounting derivatives [Member] | Other assets [Member] | Interest rate floor [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 0 | 0 |
Fair value | 0 | 0 |
Hedge accounting derivatives [Member] | Other assets [Member] | Foreign currency swaps [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 271 | 364 |
Fair value | 19 | 39 |
Hedge accounting derivatives [Member] | Other liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 93 | 0 |
Fair value | 4 | 0 |
Hedge accounting derivatives [Member] | Other liabilities [Member] | Interest rate swap [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 0 | 0 |
Fair value | 0 | 0 |
Hedge accounting derivatives [Member] | Other liabilities [Member] | Foreign currency swaps [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 93 | 0 |
Fair value | 4 | 0 |
Hedge accounting derivatives [Member] | Other liabilities [Member] | 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 | 61,469 | 35,485 |
Fair value | 548 | 934 |
Non-hedge accounting derivatives [Member] | Other assets [Member] | Interest rate swap [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 59,033 | 29,469 |
Fair value | 508 | 640 |
Non-hedge accounting derivatives [Member] | Other assets [Member] | Interest rate floor [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 1,673 | 1,679 |
Fair value | 2 | 4 |
Non-hedge accounting derivatives [Member] | Other assets [Member] | Foreign currency swaps [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 763 | 4,337 |
Fair value | 38 | 290 |
Non-hedge accounting derivatives [Member] | Other liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 59,165 | 77,753 |
Fair value | 1,731 | 1,310 |
Non-hedge accounting derivatives [Member] | Other liabilities [Member] | Interest rate swap [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 45,235 | 68,383 |
Fair value | 305 | 475 |
Non-hedge accounting derivatives [Member] | Other liabilities [Member] | Foreign currency swaps [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 13,900 | 9,340 |
Fair value | 1,426 | 835 |
Non-hedge accounting derivatives [Member] | Other liabilities [Member] | Interest rate cap [Member] | ||
Derivatives Fair Value [Line Items] | ||
Notional | 30 | 30 |
Fair value | 0 | 0 |
Carrying value [Member] | Other assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Carrying value of derivative contracts – Other assets | 51 | 68 |
Carrying value [Member] | Other liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Carrying value of derivative contracts – Other liabilities | $ 1 | $ 7 |
Derivatives, Hedging Activiti57
Derivatives, Hedging Activities and Interest Expense - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Mar. 31, 2016 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Collateral held | $ 111 | $ 320 |
Collateral held in excess of the fair value of derivative assets | 4 | 2 |
Counterparty netting and collateral | 1,329 | 718 |
Collateral posted in excess of the fair value of derivative liabilities | $ 33 | $ 22 |
Derivatives, Hedging Activiti58
Derivatives, Hedging Activities and Interest Expense - Components of Interest Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments Gain Loss [Line Items] | ||||
Interest expense on debt | $ 397 | $ 334 | $ 1,133 | $ 964 |
Interest expense (income) on derivatives | 2 | 1 | (5) | (4) |
Interest expense on debt and derivatives, net | 399 | 335 | 1,128 | 960 |
Total interest expense | 701 | 277 | 1,305 | 988 |
Interest expense [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Gain on non-hedge accounting debt denominated in foreign currencies | (907) | (222) | (969) | (68) |
Loss on non-hedge accounting foreign currency swaps | 1,127 | 263 | 1,159 | 170 |
Loss (gain) on U.S. dollar non-hedge accounting interest rate swaps | 82 | (98) | (13) | (72) |
Hedge accounting derivatives [Member] | Interest expense [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Loss on hedge accounting derivatives | 62 | 6 | 25 | 23 |
Less hedged item: change in fair value of fixed rate debt denominated in a foreign currency | (62) | (7) | (25) | (25) |
Ineffectiveness related to hedge accounting derivatives | 0 | (1) | 0 | (2) |
Hedge accounting derivatives [Member] | Interest expense [Member] | Foreign currency swaps [Member] | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Loss on hedge accounting derivatives | $ 62 | $ 6 | $ 25 | $ 23 |
Other Assets and Other Liabil59
Other Assets and Other Liabilities - Other Assets and Other Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Mar. 31, 2016 |
Other assets: | ||
Notes receivable from affiliates | $ 889 | $ 1,177 |
Used vehicles held for sale | 344 | 319 |
Income taxes receivable | 10 | 31 |
Derivative assets | 51 | 68 |
Other assets | 915 | 622 |
Total other assets | 2,209 | 2,217 |
Other liabilities: | ||
Unearned insurance premiums and contract revenues | 2,124 | 1,985 |
Accounts payable and accrued expenses | 1,043 | 939 |
Deferred income | 468 | 462 |
Other liabilities | 150 | 199 |
Total other liabilities | $ 3,785 | $ 3,585 |
Debt - Debt and Related Weighte
Debt - Debt and Related Weighted Average Contractual Interest Rates (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Mar. 31, 2016 |
Debt Instrument [Line Items] | ||
Debt | $ 96,198 | $ 93,594 |
Weighted average contractual interest rates | 1.52% | 1.30% |
Commercial paper [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 29,023 | $ 26,608 |
Weighted average contractual interest rates | 0.99% | 0.60% |
Unsecured notes and loans payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 54,101 | $ 52,741 |
Weighted average contractual interest rates | 1.88% | 1.76% |
Secured notes and loans payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 12,990 | $ 14,123 |
Weighted average contractual interest rates | 1.21% | 0.91% |
Carrying value adjustment [Member] | ||
Debt Instrument [Line Items] | ||
Debt | $ 84 | $ 122 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Dec. 31, 2016 | Mar. 31, 2016 | |
Debt Instrument [Line Items] | ||
Debt instrument, unamortized premiums, discounts and debt issuance costs | $ 309 | $ 280 |
Increase (decrease) in carrying value adjustment on debt | (38) | |
Commercial paper [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 29,100 | 26,600 |
Commercial paper average remaining maturity period | 107 days | |
Unsecured notes and loans payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 54,300 | 53,000 |
Debt maturity year | 2,047 | |
Debt denominated in foreign currency | $ 13,400 | $ 13,100 |
Unsecured notes and loans payable [Member] | Floating and Fixed Rate [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Contractual interest rate | 0.00% | 0.00% |
Unsecured notes and loans payable [Member] | Floating and Fixed Rate [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Contractual interest rate | 9.40% | 9.40% |
Secured notes and loans payable [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | $ 13,000 | $ 14,100 |
Debt maturity year | 2,047 | |
Secured notes and loans payable [Member] | Floating and Fixed Rate [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Contractual interest rate | 0.70% | 0.50% |
Secured notes and loans payable [Member] | Floating and Fixed Rate [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Contractual interest rate | 1.70% | 1.70% |
Variable Interest Entities - Sc
Variable Interest Entities - Schedule of Variable Interest Entities, Securitization Transactions Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Mar. 31, 2016 |
Variable Interest Entity [Line Items] | ||
Restricted Cash | $ 893 | $ 1,010 |
Net Securitized Assets | 68,018 | 65,636 |
Other Assets | 2,209 | 2,217 |
Debt | 96,198 | 93,594 |
Other liabilities | 3,785 | 3,585 |
Variable Interest Entities Assets [Member] | ||
Variable Interest Entity [Line Items] | ||
Restricted Cash | 872 | 989 |
Gross Securitized Assets | 16,856 | 17,707 |
Net Securitized Assets | 15,690 | 16,634 |
Other Assets | 68 | 84 |
Variable Interest Entities Liabilities [Member] | ||
Variable Interest Entity [Line Items] | ||
Debt | 12,990 | 14,123 |
Other liabilities | 5 | 5 |
Retail Finance Receivables [Member] | Variable Interest Entities Assets [Member] | ||
Variable Interest Entity [Line Items] | ||
Restricted Cash | 726 | 853 |
Gross Securitized Assets | 13,087 | 14,343 |
Net Securitized Assets | 12,879 | 14,130 |
Other Assets | 9 | 6 |
Retail Finance Receivables [Member] | Variable Interest Entities Liabilities [Member] | ||
Variable Interest Entity [Line Items] | ||
Debt | 11,092 | 12,434 |
Other liabilities | 4 | 4 |
Investments In Operating Leases, Net [Member] | Variable Interest Entities Assets [Member] | ||
Variable Interest Entity [Line Items] | ||
Restricted Cash | 146 | 136 |
Gross Securitized Assets | 3,769 | 3,364 |
Net Securitized Assets | 2,811 | 2,504 |
Other Assets | 59 | 78 |
Investments In Operating Leases, Net [Member] | Variable Interest Entities Liabilities [Member] | ||
Variable Interest Entity [Line Items] | ||
Debt | 1,898 | 1,689 |
Other liabilities | $ 1 | $ 1 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Mar. 31, 2016 |
Variable Interest Entity Consolidated Carrying Amount Assets And Liabilities [Abstract] | ||
Securities retained by TMCC | $ 1,360 | $ 1,264 |
Liquidity Facilities and Lett64
Liquidity Facilities and Letters of Credit - Additional Information (Details) - USD ($) | 1 Months Ended | ||
Nov. 30, 2016 | Dec. 31, 2016 | Mar. 31, 2016 | |
364 Day Credit Agreement Expiring 2018 [Member] | |||
Line Of Credit Facility [Line Items] | |||
Initiation date | Nov. 30, 2016 | ||
Maximum borrowing capacity | $ 5,000,000,000 | ||
Credit facilities amount outstanding | $ 0 | $ 0 | |
Three Year Agreement Expiring 2020 [Member] | |||
Line Of Credit Facility [Line Items] | |||
Initiation date | Nov. 30, 2016 | ||
Maximum borrowing capacity | $ 5,000,000,000 | ||
Credit facilities amount outstanding | 0 | 0 | |
Five Year Agreement Expiring 2022 [Member] | |||
Line Of Credit Facility [Line Items] | |||
Initiation date | Nov. 30, 2016 | ||
Maximum borrowing capacity | $ 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 | 5,400,000,000 | ||
Committed Bank Credit Facility Expiring 2017 [Member] | |||
Line Of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 200,000,000 | ||
Credit facilities amount outstanding | 0 | 0 | |
Committed Bank Credit Facility Expiring 2018 [Member] | |||
Line Of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 2,400,000,000 | ||
Credit facilities amount outstanding | 0 | 0 | |
Committed Bank Credit Facility Expiring 2019 [Member] | |||
Line Of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 150,000,000 | ||
Credit facilities amount outstanding | 0 | 0 | |
Committed Bank Credit Facility Expiring 2020 [Member] | |||
Line Of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 2,600,000,000 | ||
Credit facilities amount outstanding | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Commitments and Guarantees (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Mar. 31, 2016 |
Commitments: | ||
Credit facilities commitments with dealers | $ 1,173 | $ 1,168 |
Minimum lease commitments | 64 | 55 |
Total commitments | 1,237 | 1,223 |
Total commitments and guarantees | 1,337 | 1,323 |
Performance Guarantee [Member] | Putnam and Gibson Counties [Member] | ||
Commitments: | ||
Guarantees of affiliate pollution control and solid waste disposal bonds | $ 100 | $ 100 |
Commitments and Contingencies66
Commitments and Contingencies - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Commitments And Contingencies [Line Items] | ||||
Minimum lease commitments | $ 64,000,000 | $ 64,000,000 | $ 55,000,000 | |
Indemnification provisions | 0 | 0 | 0 | |
Putnam and Gibson Counties [Member] | Performance Guarantee [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Guarantees of affiliate pollution control and solid waste disposal bonds | 100,000,000 | 100,000,000 | 100,000,000 | |
Facility Relocation [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Relocation costs for employees and other relocation expenses | 118,000,000 | 118,000,000 | ||
Relocation costs for employees and other relocation expenses incurred to date | 48,000,000 | 48,000,000 | ||
Relocation costs incurred during the period | 13,000,000 | $ 29,000,000 | ||
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 | |||
TMCC-affiliated companies [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Minimum lease commitments | 12,000,000 | $ 12,000,000 | $ 16,000,000 | |
TMCC-affiliated companies [Member] | Putnam and Gibson Counties [Member] | Performance Guarantee [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Guarantees of affiliate pollution control and solid waste disposal bonds | 100,000,000 | 100,000,000 | ||
TMCC-affiliated companies [Member] | Putnam and Gibson Counties [Member] | Performance Guarantee [Member] | 2028 [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Guarantees of affiliate pollution control and solid waste disposal bonds | 20,000,000 | 20,000,000 | ||
TMCC-affiliated companies [Member] | Putnam and Gibson Counties [Member] | Performance Guarantee [Member] | 2029 [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Guarantees of affiliate pollution control and solid waste disposal bonds | 50,000,000 | 50,000,000 | ||
TMCC-affiliated companies [Member] | Putnam and Gibson Counties [Member] | Performance Guarantee [Member] | 2030 [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Guarantees of affiliate pollution control and solid waste disposal bonds | 10,000,000 | 10,000,000 | ||
TMCC-affiliated companies [Member] | Putnam and Gibson Counties [Member] | Performance Guarantee [Member] | 2031 [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Guarantees of affiliate pollution control and solid waste disposal bonds | 10,000,000 | 10,000,000 | ||
TMCC-affiliated companies [Member] | Putnam and Gibson Counties [Member] | Performance Guarantee [Member] | 2032 [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Guarantees of affiliate pollution control and solid waste disposal bonds | $ 10,000,000 | $ 10,000,000 | ||
TMCC-affiliated companies [Member] | Putnam and Gibson Counties [Member] | Affiliate Pollution Control and Solid Waste Disposal Bonds [Member] | Scenario, Forecast [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Guaranty Fee | $ 78,000 |
Commitments and Contingencies67
Commitments and Contingencies - Future Minimum Lease Payments under Non-cancelable Operating Leases (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Mar. 31, 2016 |
Future minimum lease payments under non-cancelable operating leases | ||
2,017 | $ 6 | |
2,018 | 21 | |
2,019 | 13 | |
2,020 | 8 | |
2,021 | 5 | |
Thereafter | 11 | |
Total | $ 64 | $ 55 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2016 | |
Income Tax Disclosure [Line Items] | |||||
Effective tax rate | 39.00% | 38.00% | 37.00% | 37.00% | |
(Benefit) provision for income taxes | $ (29) | $ 210 | $ 212 | $ 441 | |
Deferred tax assets | 1,100 | 1,100 | $ 1,900 | ||
Net deferred income tax liability | $ 8,065 | $ 8,065 | $ 8,016 | ||
Federal [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Expiration Dates | Mar. 31, 2035 |
Related Party Transactions - Re
Related Party Transactions - Related Party Transactions Included in Consolidated Statement of Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net financing revenues: | ||||
Manufacturers’ subvention support and other revenues | $ 349 | $ 335 | $ 1,020 | $ 982 |
Origination costs paid to affiliates | 0 | 0 | (1) | (1) |
Credit support fees incurred | (22) | (24) | (68) | (69) |
Interest and other expenses paid to affiliates | 0 | (1) | (1) | (3) |
Insurance earned premiums and contract revenues: | ||||
Affiliate insurance premiums and contract revenues | 202 | 181 | 594 | 533 |
Investments and other income, net: | ||||
Gain on sale of commercial finance business | 0 | 197 | 0 | 197 |
Interest earned on notes receivable from affiliates | 1 | 1 | 5 | 4 |
Other income from affiliates | 0 | 0 | 1 | 0 |
Expenses: | ||||
Insurance losses and loss adjustment expenses | 92 | 73 | 272 | 230 |
TMCC-affiliated companies [Member] | ||||
Insurance earned premiums and contract revenues: | ||||
Affiliate insurance premiums and contract revenues | 36 | 33 | 105 | 98 |
Investments and other income, net: | ||||
Gain on sale of commercial finance business | 0 | 197 | 0 | 197 |
Expenses: | ||||
Shared services charges and other expenses | 12 | 7 | 34 | 34 |
Employee benefits expense | 6 | 8 | 18 | 24 |
Insurance losses and loss adjustment expenses | $ 0 | $ 1 | $ 1 | $ 1 |
Related Party Transactions - 70
Related Party Transactions - Related Party Transactions Included in Consolidated Balance Sheet (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Mar. 31, 2016 | |
Finance receivables, net | ||
Accounts receivable from affiliates | $ 137 | $ 119 |
Notes receivable under home loan programs | 4 | 9 |
Deferred retail origination costs paid to affiliates | 2 | 1 |
Deferred retail subvention income from affiliates | (944) | (794) |
Investments in operating leases, net | ||
Leases to affiliates | 38,097 | 36,488 |
Deferred lease origination costs paid to affiliates | 1 | 1 |
Deferred lease subvention income from affiliates | (1,134) | (1,057) |
Other assets | ||
Notes receivable from affiliates | 889 | 1,177 |
Other receivables from affiliates, net | 204 | 7 |
Other liabilities | ||
Unearned insurance premiums and contract revenues | 2,124 | 1,985 |
Other payables to affiliates, net | 51 | 82 |
Notes payable to affiliates | 13 | 20 |
TMCC-affiliated companies [Member] | ||
Investments in operating leases, net | ||
Leases to affiliates | 3 | 2 |
Other liabilities | ||
Unearned insurance premiums and contract revenues | 325 | 278 |
Shareholder’s equity: | ||
Stock-based compensation | 2 | 2 |
TMCC-affiliated companies [Member] | Commercial paper [Member] | ||
Cash and cash equivalents | ||
Investments in affiliates' commercial paper | $ 15 | $ 0 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Mar. 31, 2016 |
TMS [Member] | ||
Related Party Transaction [Line Items] | ||
Subvention support receivable from affiliates | $ 172 | $ 127 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Total financing revenues | $ 2,537 | $ 2,376 | $ 7,491 | $ 6,984 | |
Insurance earned premiums and contract revenues | 202 | 181 | 594 | 533 | |
Investment and other income, net | 52 | 67 | 133 | 129 | |
Realized gains (losses), net on investments in marketable securities | 157 | 0 | 240 | (10) | |
Gain on sale of commercial finance business | 0 | 197 | 0 | 197 | |
Total gross revenues | 2,948 | 2,821 | 8,458 | 7,833 | |
Depreciation on operating leases | 1,722 | 1,503 | 4,994 | 4,309 | |
Interest expense | 701 | 277 | 1,305 | 988 | |
Provision for credit losses | 183 | 128 | 396 | 278 | |
Operating and administrative expenses | 325 | 288 | 921 | 845 | |
Insurance losses and loss adjustment expenses | 92 | 73 | 272 | 230 | |
(Benefit) provision for income taxes | (29) | 210 | 212 | 441 | |
Net (loss) income | (46) | 342 | 358 | 742 | |
Total assets | 117,641 | 115,339 | 117,641 | 115,339 | $ 114,592 |
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 | |
Realized gains (losses), net on investments in marketable securities | 0 | 0 | 0 | 0 | |
Gain on sale of commercial finance business | 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 | |
(Benefit) provision for income taxes | 0 | 0 | 0 | 0 | |
Net (loss) income | 0 | 0 | 0 | 0 | |
Total assets | (1,072) | (984) | (1,072) | (984) | |
Finance Operations [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total financing revenues | 2,537 | 2,376 | 7,491 | 6,984 | |
Insurance earned premiums and contract revenues | 0 | 0 | 0 | 0 | |
Investment and other income, net | 20 | 17 | 68 | 40 | |
Realized gains (losses), net on investments in marketable securities | 155 | 10 | 241 | 30 | |
Gain on sale of commercial finance business | 197 | 197 | |||
Total gross revenues | 2,712 | 2,600 | 7,800 | 7,251 | |
Depreciation on operating leases | 1,722 | 1,503 | 4,994 | 4,309 | |
Interest expense | 701 | 277 | 1,305 | 988 | |
Provision for credit losses | 183 | 128 | 396 | 278 | |
Operating and administrative expenses | 250 | 223 | 702 | 657 | |
Insurance losses and loss adjustment expenses | 0 | 0 | 0 | 0 | |
(Benefit) provision for income taxes | (55) | 179 | 150 | 380 | |
Net (loss) income | (89) | 290 | 253 | 639 | |
Total assets | 114,292 | 112,238 | 114,292 | 112,238 | |
Insurance Operations [Member] | Operating Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total financing revenues | 0 | 0 | 0 | 0 | |
Insurance earned premiums and contract revenues | 202 | 181 | 594 | 533 | |
Investment and other income, net | 32 | 50 | 65 | 89 | |
Realized gains (losses), net on investments in marketable securities | 2 | (10) | (1) | (40) | |
Gain on sale of commercial finance business | 0 | 0 | |||
Total gross revenues | 236 | 221 | 658 | 582 | |
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 | 75 | 65 | 219 | 188 | |
Insurance losses and loss adjustment expenses | 92 | 73 | 272 | 230 | |
(Benefit) provision for income taxes | 26 | 31 | 62 | 61 | |
Net (loss) income | 43 | 52 | 105 | 103 | |
Total assets | $ 4,421 | $ 4,085 | $ 4,421 | $ 4,085 |