Toyota Motor Credit (TM/28) 10-K 3 Jun 21 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Mar. 31, 2021	Apr. 30, 2021	Sep. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Period End Date	Mar. 31, 2021
Amendment Flag	false
Entity Registrant Name	TOYOTA MOTOR CREDIT CORPORATION
Entity Central Index Key	0000834071
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Current Fiscal Year End Date	--03-31
Trading Symbol	TM/28
Entity Filer Category	Non-accelerated Filer
Entity Well Known Seasoned Issuer	Yes
Entity Common Stock Shares Outstanding		91,500
Entity Public Float			$ 0
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
ICFR Auditor Attestation Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity File Number	1-9961
Entity Tax Identification Number	95-3775816
Entity Address, Address Line One	6565 Headquarters Drive
Entity Address, City or Town	Plano
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75024
City Area Code	469
Local Phone Number	486-9300
Entity Incorporation, State or Country Code	CA
Document Annual Report	true
Document Transition Report	false
Title of 12(b) Security	Medium-Term Notes, Series BStated Maturity Date January 11, 2028
Security Exchange Name	NYSE
Entity Interactive Data Current	Yes
Documents Incorporated by Reference	None

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Financing revenues:
Operating lease	$ 2,116	$ 2,122	$ 2,114	$ 2,129	$ 2,182	$ 2,212	$ 2,197	$ 2,184	$ 8,481	$ 8,775	$ 8,694
Retail	761	749	723	672	670	661	638	589	2,905	2,558	2,235
Dealer	101	103	98	111	152	171	183	190	413	696	711
Total financing revenues	2,978	2,974	2,935	2,912	3,004	3,044	3,018	2,963	11,799	12,029	11,640
Depreciation on operating leases	1,448	1,450	1,349	1,685	1,900	1,712	1,583	1,625	5,932	6,820	6,909
Interest expense	768	491	495	548	769	755	613	697	2,302	2,834	2,747
Net financing revenues	762	1,033	1,091	679	335	577	822	641	3,565	2,375	1,984
Voluntary protection contract revenues and insurance earned premiums	242	241	238	235	241	231	232	229	956	933	904
Investment and other income, net	(35)	179	90	176	50	57	97	118	410	322	292
Net financing revenues and other revenues	969	1,453	1,419	1,090	626	865	1,151	988	4,931	3,630	3,180
Expenses:
Provision for credit losses	60	118	65	183	326	128	61	75	426	590	372
Operating and administrative	399	354	389	345	460	406	358	337	1,487	1,561	1,385
Voluntary protection contract expenses and insurance losses	104	98	92	75	111	116	115	113	369	455	446
Total expenses	563	570	546	603	897	650	534	525	2,282	2,606	2,203
Income before income taxes	406	883	873	487	(271)	215	617	463	2,649	1,024	977
Provision for income taxes	86	215	218	113	(185)	34	158	104	632	111	182
Net income	$ 320	$ 668	$ 655	$ 374	$ (86)	$ 181	$ 459	$ 359	$ 2,017	$ 913	$ 795

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 2,017	$ 913	$ 795
Other comprehensive income, net of tax
Net unrealized gains on available-for-sale marketable securities [net of tax provision of ($2), ($4) and ($5), respectively]	9	13	11
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 $5, $0 and ($3), respectively]	(16)	(1)	9
Other comprehensive (loss) income	(7)	12	20
Comprehensive income	$ 2,010	$ 925	$ 815

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net unrealized gains (losses) on available-for-sale marketable securities, tax provision	$ (2)	$ (4)	$ (5)
Reclassification adjustment for net losses (gains) on available-for-sale marketable securities included in investment and other income, tax provision (benefit)	$ 5	$ 0	$ (3)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
ASSETS
Cash and cash equivalents	$ 8,195	$ 6,790
Restricted cash and cash equivalents	1,957	1,739
Investments in marketable securities	4,820	3,820
Finance receivables, net of allowance for credit losses of $1,178 and $727	79,192	73,996
Investments in operating leases, net	37,091	36,387
Other assets	2,473	2,823
Total assets	133,728	125,555
LIABILITIES AND SHAREHOLDER’S EQUITY
Debt	109,725	97,740
Deferred income taxes	2,860	5,458
Other liabilities	5,548	7,854
Total liabilities	118,133	111,052
Commitments and contingencies (Refer to Note 9)
Shareholder’s equity:
Capital stock, no par value (100,000 shares authorized; 91,500 issued and outstanding) at March 31, 2021 and 2020	915	915
Additional paid-in capital	2	2
Accumulated other comprehensive income	8	15
Retained earnings	14,670	13,571
Total shareholder's equity	15,595	14,503
Total liabilities and shareholder's equity	$ 133,728	$ 125,555

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Statement Of Financial Position [Abstract]
Finance receivables, allowance for credit losses	$ 1,178	$ 727
Common Stock, Par or Stated Value Per Share
Common Stock, Shares Authorized	100,000	100,000
Common Stock, Shares, Issued	91,500	91,500
Common Stock, Shares, Outstanding	91,500	91,500

Consolidated Balance Sheets (Su

Consolidated Balance Sheets (Supplemental) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
ASSETS
Finance receivables, net	$ 79,192	$ 73,996
Investments in operating leases, net	37,091	36,387
Other assets	2,473	2,823
Total assets	133,728	125,555
LIABILITIES
Debt	109,725	97,740
Other liabilities	5,548	7,854
Total liabilities	118,133	111,052
Variable Interest Entity, Primary Beneficiary
ASSETS
Finance receivables, net	21,745	12,375
Investments in operating leases, net	6,599	5,586
Other assets	89	131
Total assets	28,433	18,092
LIABILITIES
Debt	24,212	14,568
Other liabilities	14	12
Total liabilities	$ 24,226	$ 14,580

Consolidated Statements of Shar

Consolidated Statements of Shareholder's Equity - USD ($) $ in Millions	Total	Cumulative Effect Period of Adoption Adjustment	Capital stock	Additional paid-in capital	Accumulated other comprehensive (loss) income	Accumulated other comprehensive (loss) incomeCumulative Effect Period of Adoption Adjustment	Retained earnings	Retained earningsCumulative Effect Period of Adoption Adjustment
Balance at Mar. 31, 2018	$ 12,880		$ 915	$ 2	$ (29)		$ 11,992
Balance (ASU 2014-09) at Mar. 31, 2018		$ (110)				$ 12		$ (122)
Net income	795		0	0	0		795
Other comprehensive income (loss), net of tax	20		0	0	20		0
Dividends, net of tax	(7)		0	0	0		(7)
Balance at Mar. 31, 2019	13,578		915	2	3		12,658
Net income	913		0	0	0		913
Other comprehensive income (loss), net of tax	12		0	0	12		0
Balance at Mar. 31, 2020	14,503		915	2	15		13,571
Balance (ASU 2016-13) at Mar. 31, 2020		$ (218)						$ (218)
Net income	2,017		0	0	0		2,017
Other comprehensive income (loss), net of tax	(7)		0	0	(7)		0
Dividends, net of tax	(700)		0	0	0		(700)
Balance at Mar. 31, 2021	$ 15,595		$ 915	$ 2	$ 8		$ 14,670

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income	$ 2,017	$ 913	$ 795
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,049	6,930	7,023
Recognition of deferred income	(2,496)	(2,485)	(2,346)
Provision for credit losses	426	590	372
Amortization of deferred costs	789	707	617
Foreign currency and other adjustments to the carrying value of debt, net	1,401	(515)	(938)
Net gains from investments in marketable securities	(149)	(47)	(2)
Net change in:
Derivative assets	(3)	10	0
Other assets and accrued interest	142	(482)	(86)
Deferred income taxes	(2,521)	2	156
Derivative liabilities	(44)	19	20
Other liabilities	632	122	324
Net cash provided by operating activities	6,243	5,764	5,935
Cash flows from investing activities:
Purchase of investments in marketable securities	(2,215)	(2,392)	(1,251)
Proceeds from sales of investments in marketable securities	422	345	1,740
Proceeds from maturities of investments in marketable securities	932	1,200	2,457
Acquisition of finance receivables	(38,702)	(29,375)	(24,686)
Collection of finance receivables	28,009	25,668	24,082
Net change in wholesale and certain working capital receivables	4,793	(2)	(89)
Acquisition of investments in operating leases	(16,778)	(15,350)	(16,068)
Disposals of investments in operating leases	11,821	11,775	11,395
Long term loans to affiliates	(200)	(600)	(569)
Payments on long term loans from affiliates	506	25	36
Other, net	(79)	(51)	(63)
Net cash used in investing activities	(11,491)	(8,757)	(3,016)
Cash flows from financing activities:
Proceeds from issuance of debt	50,281	26,847	21,153
Payments on debt	(30,648)	(23,375)	(23,624)
Net change in commercial paper and other short-term financing	(9,049)	1,861	(2,022)
Loan from affiliate	0	3,000	0
Payment on loan from affiliate	(3,000)	0	0
Net change in financing support provided by affiliates	(13)	16	(2)
Dividend paid	(700)	(10)	0
Net cash provided by (used in) financing activities	6,871	8,339	(4,495)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents	1,623	5,346	(1,576)
Cash and cash equivalents and restricted cash and cash equivalents at the beginning of the period	8,529	3,183	4,759
Cash and cash equivalents and restricted cash and cash equivalents at the end of the period	10,152	8,529	3,183
Supplemental disclosures:
Interest paid, net	2,445	2,568	2,239
Income taxes paid, net	$ 2,463	$ 269	$ 42

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	12 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Note 1 – Basis of Presentation and Significant Accounting Policies Nature of Operations Toyota Motor Credit Corporation (“TMCC”) is a wholly-owned subsidiary of Toyota Financial Services International Corporation (“TFSIC”), a California corporation, which is a wholly-owned subsidiary of Toyota Financial Services Corporation (“TFSC”), a Japanese corporation. TFSC, in turn, is a wholly-owned subsidiary of Toyota Motor Corporation (“TMC”), a Japanese corporation. TFSC manages TMC’s worldwide financial services operations. References herein to the “Company”, “we”, “our”, and “us” denote TMCC and its consolidated subsidiaries. TMCC is marketed under the brands of Toyota Financial Services, Lexus Financial Services, and Mazda Financial Services. We provide a variety of finance and voluntary vehicle and payment protection products and services to authorized Toyota and Lexus dealers or dealer groups, private label dealers or dealer groups, and, to a lesser extent, other domestic and import franchise dealers (collectively referred to as “dealers”) and their customers in the United States of America (excluding Hawaii) (the “U.S.”) and Puerto Rico. Our business is substantially dependent upon the sale of Toyota, Lexus, and private label vehicles. Our products and services fall primarily into the following categories: • Finance Operations - We acquire retail installment sales contracts from dealers in the U.S. and Puerto Rico (“retail contracts”) and leasing contracts accounted for as operating leases (“lease contracts”) from dealers in the U.S. We collectively refer to our retail and lease contracts as the “consumer portfolio.” We also provide dealer financing, including wholesale financing, working capital loans, revolving lines of credit and real estate financing to dealers in the U.S. and Puerto Rico. We collectively refer to our dealer financing portfolio as the “dealer portfolio.” • Voluntary Protection Operations - Through Toyota Motor Insurance Services, Inc., a wholly-owned subsidiary, and its insurance company subsidiaries (collectively referred to as “TMIS”), we provide marketing, underwriting, and claims administration for voluntary vehicle and payment protection products sold by dealers in the U.S. Our voluntary vehicle and payment protection products include vehicle service, guaranteed auto protection, prepaid maintenance, excess wear and use, tire and wheel protection, key replacement protection, and used vehicle limited warranty contracts (“voluntary protection products”). TMIS also provides coverage and related administrative services to certain of our affiliates in the U.S. Our finance operations are located in the U.S. and Puerto Rico with earning assets principally sourced through Toyota, Lexus, and private label dealers. As of March 31, 2021, approximately 22 percent of retail and lease contracts were concentrated in California, 11 percent in Texas, 7 percent in New York, and 5 percent in New Jersey. Our voluntary protection operations are located in the U.S. As of March 31, 2021, approximately 24 percent of voluntary protection contracts were concentrated in California, 6 percent in New York, and 5 percent in Maryland, Virginia, and Arizona, respectively. Any material adverse changes to the economies or applicable laws in these states could have an adverse effect on our financial condition and results of operations. Note 1 – Basis of Presentation and Significant Accounting Policies (Continued) Other Matters In fiscal 2020, we announced the restructuring of our field operations to better serve our dealer partners by streamlining our field office structure and investing in new technology. This restructuring is complete, and our field operations now consist of three DSCs located in Chandler, Arizona (serving the West region), Plano, Texas (serving the Central region), and Alpharetta, Georgia (serving the East region) On April 1, 2020, TMCC began providing private label financial services to third-party automotive and mobility companies commencing with the provision of services to Mazda Motor of America, Inc. (“Mazda”). We currently offer exclusive private label automotive retail, lease, and dealer financing products and services marketed under the brand Mazda Financial Services to Mazda customers and dealers in the United States. On August 1, 2020, we launched a full suite of voluntary protection products under the name of Mazda Protection Products (MPP). The agreement with Mazda is for an initial term of approximately five years. We are currently leveraging our existing processes and personnel to originate and service the new assets, however, we will continue to evaluate the private label financial services business, which may include partnering with or transitioning the business to our affiliates, some of which are not consolidated with TMCC. We have also made certain technology investments to support the Mazda program and future private label customers. We did not acquire any existing Mazda assets or liabilities pursuant to the agreement and our launch costs were not significant in fiscal year 2021. On March 24, 2021, we announced that we will restructure our customer service operations over the next two years to better serve our customers by relocating and streamlining the customer service operation, moving our three regional CSCs to be co-located with regional DSCs, and investing in new technology. Costs associated with this restructure are not expected to be significant. Note 1 – Basis of Presentation and Significant Accounting Policies (Continued) Basis of Presentation and Principles of Consolidation Our accounting and financial reporting policies conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”). Related party transactions presented in the Consolidated Financial Statements are disclosed in Note 12 – Related Party Transactions. The consolidated financial statements include the accounts of TMCC, its wholly-owned subsidiaries and all variable interest entities (“VIE”) of which we are the primary beneficiary. All intercompany transactions and balances have been eliminated. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Because of inherent uncertainty involved in making estimates, actual results could differ from those estimates and assumptions. The accounting estimates that are most important to our business are the accumulated depreciation related to our investments in operating leases and the allowance for credit losses. Significant Accounting Policies Our significant accounting policies are found in the respective Note for which the policy is applicable. Note 1 – Basis of Presentation and Significant Accounting Policies (Continued) Recently Adopted Accounting Guidance On April 1, 2020, we adopted the following new accounting standards: Financial Instruments – Credit Losses We adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Refer to Note 2 – Investments in Marketable Securities, Note 3 – Finance Receivables, Net, and Note 4 – Allowance for Credit Losses for additional information. In conjunction with the adoption of ASU 2016-13, we updated our depreciation policy for operating leases so that the useful life of the vehicles incorporates our historical experience on early terminations due to customer defaults. As a result, we changed the presentation for reporting early termination expenses related to customer defaults on investments in operating leases. We now present the effects of operating lease early terminations as part of accumulated depreciation within Investments in operating leases, net in the Consolidated Balance Sheets and Depreciation on operating leases in the Consolidated Statements of Income. The comparative period’s information continues to be reported under the relevant accounting presentation in effect for that period. Refer to Note 5 – Investments in Operating Leases, Net for additional information. Other Recently Adopted Standards We adopted ASU 2018-13, Fair Value Measurement (Topic 820), We adopted ASU 2018-15, Intangibles – Goodwill and Other-Internal-Use Software, We adopted ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. We adopted ASU 2018-17, Consolidation (Topic 810) Note 1 – Basis of Presentation and Significant Accounting Policies (Continued) Accounting Guidance Issued But Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs

Cash and Cash Equivalents and I

Cash and Cash Equivalents and Investments in Marketable Securities	12 Months Ended
	Mar. 31, 2021
Marketable Securities [Abstract]
Cash and Cash Equivalents and Investments in Marketable Securities	Note 2 – Cash and Cash Equivalents and Investments in Marketable Securities Cash and cash equivalents Cash and cash equivalents represent highly liquid investments with maturities of three months or less from the date of acquisition and may include money market instruments, commercial paper, certificates of deposit, U.S. government and agency obligations, or similar instruments. Restricted cash and cash equivalents Restricted cash and cash equivalents include customer collections on securitized receivables to be distributed to investors as payments on the related secured notes and loans payable, which are primarily related to securitization trusts. Restricted cash equivalents may also contain proceeds from certain debt issuances for which the use of the cash is restricted. Investments in marketable securities Investments in marketable securities consist of debt securities and equity investments. Debt securities are designated as available-for-sale (“AFS”) and are recorded at fair value with unrealized gains or losses included in accumulated other comprehensive income (“AOCI”), net of applicable taxes. We adopted ASU 2016-13 on April 1, 2020, on a modified retrospective basis, as further described in Note 1 – Basis of Presentation and Significant Accounting Policies. Under the new guidance, once it is determined that a credit loss has occurred, an allowance for credit losses is established. Prior to the adoption of this standard, when a decline in fair value of a debt security was determined to be other-than-temporary, an impairment charge for the credit component was recorded in Investment and other income, net and a new cost basis in the investment was established. As of March 31, 2021, management determined that credit losses did not exist for securities in an unrealized loss position. This analysis considered a variety of factors including, but not limited to, performance indicators of the issuer, default rates, industry analyst reports, credit ratings, and other relevant information, which indicated that contractual cash flows are expected to occur. All equity investments are recorded at fair value with changes in fair value included in Investment and other income, net in our Consolidated Statements of Income. Realized gains and losses from sales of equity investments are determined using the first in first out method and are included in Investment and other income, net within our Consolidated Statements of Income. Note 2 – Cash and Cash Equivalents and Investments in Marketable Securities (Continued) Investments in marketable securities consisted of the following: March 31, 2021 Amortized Unrealized Unrealized Fair cost gains losses value Available-for-sale debt securities: U.S. government and agency obligations $ 217 $ 4 $ (10 ) $ 211 Municipal debt securities 8 2 - 10 Commercial paper 196 - - 196 Corporate debt securities 177 12 (2 ) 187 Mortgage-backed securities: U.S. government agency 31 1 - 32 Non-agency residential 1 - - 1 Non-agency commercial 47 2 (2 ) 47 Asset-backed securities 49 3 - 52 Total available-for-sale debt securities $ 726 $ 24 $ (14 ) $ 736 Equity investments 4,084 Total investments in marketable securities $ 4,820 March 31, 2020 Amortized Unrealized Unrealized Fair cost gains losses value Available-for-sale debt securities: U.S. government and agency obligations $ 160 $ 16 $ - $ 176 Municipal debt securities 9 2 - 11 Certificates of deposit 250 - (1 ) 249 Commercial paper 604 - (3 ) 601 Corporate debt securities 188 10 (1 ) 197 Mortgage-backed securities: U.S. government agency 47 2 - 49 Non-agency residential 1 - - 1 Non-agency commercial 47 - (2 ) 45 Asset-backed securities 75 - (3 ) 72 Total available-for-sale debt securities $ 1,381 $ 30 $ (10 ) $ 1,401 Equity investments 2,419 Total investments in marketable securities $ 3,820 A portion of our equity investments are investments in funds that are privately placed and managed by an open-end investment management company (the “Trust”). If we elect to redeem shares, the Trust will normally redeem all shares for cash, but may, in unusual circumstances, redeem amounts exceeding the lesser of $250 thousand or 1 percent of the Trust’s asset value by payment in kind of securities held by the respective fund during any 90-day period. We also invest in actively traded open-end mutual funds. Redemptions are subject to normal terms and conditions as described in each fund’s prospectus. Unrealized Losses on Securities Available-for-sale debt securities in a continuous loss position for less than twelve months and greater than twelve months were not significant as of March 31, 2021 and 2020. Note 2 – Cash and Cash Equivalents and Investments in Marketable Securities (Continued) Gains and Losses on Securities The following table represents gains and losses on our investments in marketable securities presented in our Consolidated Statements of Income: Years ended March 31, 2021 2020 2019 Available-for-sale debt securities: Realized gains (losses) $ 20 $ 9 $ (12 ) Other-than-temporary impairment $ (8 ) $ - Equity investments: Unrealized gains recognized $ 114 $ 41 $ 14 Realized gains on sales $ 15 $ 5 $ - Contractual Maturities The amortized cost and fair value by contractual maturities of available-for-sale debt securities are summarized in the following table. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations. March 31, 2021 Amortized Fair value Available-for-sale debt securities: Due within 1 year $ 232 $ 232 Due after 1 year through 5 years 133 139 Due after 5 years through 10 years 153 156 Due after 10 years 80 77 Mortgage-backed and asset-backed securities 1 128 132 Total $ 726 $ 736 1 Mortgage-backed and asset-backed securities are shown separately from other maturity groupings as these securities have multiple maturity dates.

Finance Receivables, Net

Finance Receivables, Net	12 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Finance Receivables, Net	Note 3 – Finance Receivables, Net Finance receivables, net consists of retail loan and dealer products portfolio segments, and includes deferred origination costs, deferred income, and allowance for credit losses. Finance receivables, net also includes securitized retail receivables, which represent retail receivables that have been sold for legal purposes to securitization trusts but continue to be included in our consolidated financial statements, as discussed further in Note 8 – Variable Interest Entities. Cash flows from these securitized retail receivables are available only for the repayment of debt issued by these trusts and other obligations arising from the securitization transactions. They are not available for payment of our other obligations or to satisfy claims of our other creditors. Finance receivables are classified as held-for-investment if the Company has the intent and ability to hold the receivables for the foreseeable future or until maturity or payoff. As of March 31, 2021 and 2020, all finance receivables were classified as held-for-investment. Revenues associated with retail and dealer financing are recognized to approximate a constant effective yield over the contract term. Incremental direct fees and costs incurred in connection with the acquisition of retail contracts and dealer financing receivables, including incentive and rate participation payments made to dealers, are capitalized and amortized to approximate a constant effective yield over the term of the related contracts. Payments received on subvention and other consumer incentives are deferred and recognized to approximate a constant effective yield over the term of the related contracts. Upon adoption of ASU 2016-13, we elected the accounting policy to present accrued interest related to finance receivables within Other assets in the Consolidated Balance Sheets. As of March 31, 2021, accrued interest related to finance receivables is $187 million and is included in Other assets. The comparative period’s information continues to be reported within Finance receivables, net. Upon adoption of ASU 2016-13, we no longer reverse accrued interest receivables from interest income for our dealer products portfolio when an account is deemed to be uncollectible. For both retail loan and dealer products portfolio segments, accrued interest, deferred income, and deferred origination costs, if any, are written off within Provision for credit losses at the earlier of when an account is deemed to be uncollectible or when an account is greater than 120 days past due. Note 3 – Finance Receivables, Net (Continued) Finance receivables, net consisted of the following: March 31, March 31, 2021 2020 Retail receivables 1 $ 66,991 $ 57,088 Dealer financing 13,642 17,873 80,633 74,961 Deferred origination costs 1,145 890 Deferred income (1,408 ) (1,128 ) Allowance for credit losses Retail and securitized retail receivables (1,075 ) (486 ) Dealer financing (103 ) (241 ) Total allowance for credit losses (1,178 ) (727 ) Finance receivables, net $ 79,192 $ 73,996 1 Contractual maturities on retail receivables and dealer financing are as follows: Contractual maturities Years ending March 31, Retail receivables Dealer financing 2022 $ 15,797 $ 8,155 2023 15,321 1,727 2024 13,510 984 2025 10,960 588 2026 7,551 778 Thereafter 3,852 1,410 Total $ 66,991 $ 13,642 A portion of our finance receivables has historically settled prior to contractual maturity. Contractual maturities shown above should not be considered indicative of future cash collections. Note 3 – Finance Receivables, Net (Continued) Credit Quality Indicators We are exposed to credit risk on our finance receivables. Credit risk is the risk of loss arising from the failure of customers or dealers to meet the terms of their contracts with us or otherwise fail to perform as agreed. Retail Loan Portfolio Segment The retail loan portfolio segment consists of one class of finance receivables. While we use various credit quality metrics to develop our allowance for credit losses on the retail loan portfolio segment, we primarily utilize the aging of the individual accounts to monitor the credit quality of these finance receivables. Based on our experience, the payment status of borrowers is the strongest indicator of the credit quality of the underlying receivables. Payment status also impacts charge-offs. Individual borrower accounts within the retail loan portfolio segment are segregated into aging categories based on the number of days outstanding. The aging for each class of finance receivables is updated monthly. The following table presents the amortized cost basis of our retail loan portfolio by credit quality indicator based on number of days outstanding by origination year at March 31, 2021: Amortized Cost Basis by Origination Fiscal Year 2021 2020 2019 2018 2017 2016 and Prior Total Aging of finance receivables: Current $ 32,026 $ 16,047 $ 8,972 $ 5,977 $ 2,435 $ 496 $ 65,953 30-59 days past due 147 145 114 83 46 27 562 60-89 days past due 37 39 28 21 11 8 144 90 days or greater past due 18 18 13 9 5 6 69 Total $ 32,228 $ 16,249 $ 9,127 $ 6,090 $ 2,497 $ 537 $ 66,728 The amortized cost of retail loan portfolio excludes accrued interest of $160 million at March 31, 2021. The table includes contracts greater than 120 days past due, which are recorded at the fair value of collateral less estimated costs to sell, and contracts in bankruptcy. The following table presents our retail loan portfolio by credit quality indicator at March 31, 2020: Retail loan March 31, 2020 Aging of finance receivables: Current $ 56,064 30-59 days past due 717 60-89 days past due 203 90 days or greater past due 104 Total $ 57,088 Note 3 – Finance Receivables, Net (Continued) Dealer Products Portfolio Segment The dealer products portfolio segment consists of three classes of finance receivables: wholesale, real estate and working capital. All loans outstanding for an individual dealer or dealer group, which includes affiliated entities, are aggregated and evaluated collectively by dealer or dealer group. This reflects the interconnected nature of financing provided to our individual dealer and dealer group customers, and their affiliated entities. When assessing the credit quality of the finance receivables within the dealer products portfolio segment, we segregate the finance receivables account balances into four categories representing distinct credit quality indicators based on internal risk assessments. The internal risk assessments for all finance receivables within the dealer products portfolio segment are updated on a monthly basis. The four credit quality indicators are: • Performing – Account not classified as either Credit Watch, At Risk or Default; • Credit Watch – Account designated for elevated attention; • At Risk – Account where there is an increased likelihood that default may exist based on qualitative and quantitative factors; and • Default – Account is not currently meeting contractual obligations or we have temporarily waived certain contractual requirements The following table presents the amortized cost basis of our dealer products portfolio by credit quality indicator based on internal risk assessments by origination year at March 31, 2021: Amortized Cost Basis by Origination Fiscal Year 2021 2020 2019 2018 2017 2016 and Prior Revolving loans Total Wholesale Performing $ - $ - $ - $ - $ - $ - $ 5,893 $ 5,893 Credit Watch - - - - - - 218 218 At Risk - - - - - - 35 35 Default - - - - - - 11 11 Wholesale total $ - $ - $ - $ - $ - $ - $ 6,157 $ 6,157 Real estate Performing $ 1,874 $ 320 $ 596 $ 356 $ 312 $ 1,493 $ - $ 4,951 Credit Watch 8 49 3 20 9 99 - 188 At Risk 13 - - - 12 17 - 42 Default - - - 13 9 - - 22 Real estate total $ 1,895 $ 369 $ 599 $ 389 $ 342 $ 1,609 $ - $ 5,203 Working Capital Performing $ 503 $ 334 $ 200 $ 41 $ 106 $ 176 $ 878 $ 2,238 Credit Watch 1 - 6 1 - 19 9 36 At Risk 1 - - - 7 - - 8 Default - - - - - - - - Working capital total $ 505 $ 334 $ 206 $ 42 $ 113 $ 195 $ 887 $ 2,282 Total $ 2,400 $ 703 $ 805 $ 431 $ 455 $ 1,804 $ 7,044 $ 13,642 The amortized cost of the dealer products portfolio excludes accrued interest of $27 million at March 31, 2021. As of March 31, 2021, the amount of line-of-credit arrangements that are converted to term loans in each reporting period was insignificant. Note 3 – Finance Receivables, Net (Continued) The following table presents our dealer products portfolio by credit quality indicator at: March 31, 2020 Wholesale Real estate Working capital Total Credit quality indicators: Performing $ 8,750 $ 3,974 $ 3,132 $ 15,856 Credit Watch 962 576 195 1,733 At Risk 92 55 92 239 Default 22 23 - 45 Total $ 9,826 $ 4,628 $ 3,419 $ 17,873 Past Due Finance Receivables by Class Substantially all finance receivables do not involve recourse to the dealer in the event of customer default. Finance receivables include contracts greater than 120 days past due, which are recorded at the fair value of collateral less estimated costs to sell, and contracts in bankruptcy. Contracts for which vehicles have been repossessed are excluded. For all finance receivables, we define “past due” as any payment, including principal and interest, that is at least 30 days past the contractual due date. For any customer who is granted a payment extension under an extension program, the aging of the receivable is adjusted for the number of days of the extension granted. The following table presents the aging of the amortized cost basis of our finance receivables by class: March 31, 2021 30 - 59 Days past due 60 - 89 Days past due 90 Days or greater past due Total Past due Current Total Finance receivables 90 Days or greater past due and accruing Retail loan $ 562 $ 144 $ 69 $ 775 $ 65,953 $ 66,728 $ 39 Wholesale - - - - 6,157 6,157 - Real estate - - - - 5,203 5,203 - Working capital - - - - 2,282 2,282 - Total $ 562 $ 144 $ 69 $ 775 $ 79,595 $ 80,370 $ 39 Finance receivables excludes accrued interest of $187 million as of March 31, 2021. The following table presents the aging of finance receivables by class: March 31, 2020 30 - 59 Days past due 60 - 89 Days past due 90 Days or greater past due Total Past due Current Total Finance receivables 90 greater p due and accruing Retail loan $ 717 $ 203 $ 104 $ 1,024 $ 56,064 $ 57,088 $ 66 Wholesale - - - - 9,826 9,826 - Real estate - - 1 1 4,627 4,628 - Working capital - - - - 3,419 3,419 - Total $ 717 $ 203 $ 105 $ 1,025 $ 73,936 $ 74,961 $ 66 Note 3 – Finance Receivables, Net (Continued) Troubled Debt Restructuring A troubled debt restructuring occurs when a finance receivable is modified through a concession to a borrower experiencing financial difficulty. A finance receivable modified under a troubled debt restructuring is considered to be impaired. In addition, troubled debt restructurings include finance receivables for which the customer has filed for bankruptcy protection. For such finance receivables, we no longer have the ability to modify the terms of the agreement without the approval of the bankruptcy court and the court may impose term modifications that we are obligated to accept. For accounts not under bankruptcy protection, the amount of finance receivables modified as a troubled debt restructuring during fiscal 2021 and 2020 was not significant for each class of finance receivables. Troubled debt restructurings for accounts not under bankruptcy protection within the retail loan class of finance receivables are comprised exclusively of contract term extensions that reduce the monthly payment due from the customer. For the three classes of finance receivables within the dealer products portfolio segment, troubled debt restructurings include contract term extensions, interest rate adjustments, waivers of loan covenants, or any combination of the three. Troubled debt restructurings of accounts not under bankruptcy protection did not include forgiveness of principal or interest rate adjustments during fiscal 2021 and 2020. We consider finance receivables under bankruptcy protection within the retail loan class to be troubled debt restructurings as of the date we receive notice of a customer filing for bankruptcy protection, regardless of the ultimate outcome of the bankruptcy proceedings. The bankruptcy court may impose modifications as part of the proceedings, including interest rate adjustments and forgiveness of principal. For fiscal 2021 and 2020, the financial impact of troubled debt restructurings related to finance receivables under bankruptcy protection was not significant to our Consolidated Statements of Income and Consolidated Balance Sheets. For a limited time during fiscal 2021 we offered several programs to provide relief to customers during the COVID-19 pandemic. These programs, which were broadly available to our customers, included retail loan payment extensions and lease payment deferrals. We concluded that these programs did not meet troubled debt restructuring criteria due to the short-term nature of the modifications with no change in the contractual interest rate. To provide relief for our dealers we offered certain temporary interest reductions, interest payment deferrals, and interest waivers on dealer floorplan financing, and principal payment deferrals on dealer floorplan financing, dealer real estate and working capital loans. We also concluded that these programs did not meet troubled debt restructuring criteria as the finance receivables from the dealers were current.

Allowance for Credit Losses

Allowance for Credit Losses	12 Months Ended
	Mar. 31, 2021
Loans And Leases Receivable Disclosure [Abstract]
Allowance for Credit Losses	Note 4 – Allowance for Credit Losses Upon adoption of ASU 2016-13 on April 1, 2020, the incurred loss impairment method was replaced with a new impairment model that reflects lifetime expected losses. Management develops and documents the allowance for credit losses on finance receivables based on two portfolio segments. The determination of portfolio segments is based primarily on the qualitative consideration of the nature of our business operations and the characteristics of the underlying finance receivables, as follows: • Retail Loan Portfolio Segment – The retail loan portfolio segment consists of retail contracts acquired from dealers in the U.S. and Puerto Rico. Under a retail contract, we are granted a security interest in the underlying collateral which consists primarily of Toyota, Lexus, and private label vehicles. Based on the common risk characteristics associated with the finance receivables, the retail loan portfolio segment is considered a single class of finance receivable. • Dealer Products Portfolio Segment – The dealer products portfolio segment consists of wholesale financing, working capital loans, revolving lines of credit and real estate loans to dealers in the U.S. and Puerto Rico. Wholesale financing is primarily collateralized by new or used vehicle inventory with the outstanding balance fluctuating based on the level of inventory. Working capital loans and revolving lines of credit are granted for working capital purposes and are secured by dealership assets. Real estate loans are collateralized by the underlying real estate, are underwritten primarily on a loan-to-value basis and are typically for a fixed term. Based on the risk characteristics associated with the underlying finance receivables, the dealer products portfolio segment consists of three classes of finance receivables: wholesale, working capital (including revolving lines of credit), and real estate. Management’s estimate of lifetime expected credit losses is based on an evaluation of relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the future collectability of the finance receivables. Management’s evaluation takes into consideration the risks in the retail loan portfolio and dealer products portfolio, past loss experience, delinquency trends, underwriting and collection practices, changes in portfolio composition, economic forecasts and other relevant factors. Prior to April 1, 2020, and the adoption of ASU 2016-13, allowance for credit losses were reported under the incurred loss impairment method. Comparative period’s information continues to be reported under the relevant accounting guidance in effect for that period in accordance with accounting policies described in Note 5 – Allowance for Credit Losses in our fiscal 2020 Form 10-K. Methodology Used to Develop the Allowance for Credit Losses The allowance for credit losses is measured on a collective basis when loans have similar risk characteristics. Loans that do not share similar risk characteristics are evaluated on an individual basis. We generally use a discounted cash flow approach for determining allowance for credit losses for finance receivables modified as a troubled debt restructuring that are granted with interest rate concessions, and a non-discounted cash flow approach for other loans. We measure expected losses of all components of finance receivables on an amortized cost basis, excluding accrued interest, and including off-balance-sheet lending commitments that are not unconditionally cancellable by TMCC. Estimated expected credit losses for off-balance-sheet lending commitments within our dealer products portfolio are included in Other liabilities in the Consolidated Balance Sheets. We have elected to exclude accrued interest from the measurement of expected credit losses as we apply policies and procedures that result in the timely write-offs of accrued interest. Note 4 – Allowance for Credit Losses (Continued) Retail Loan Portfolio Segment The level of credit risk in our retail loan portfolio segment is influenced by various factors such as economic conditions, the used vehicle market, credit quality, contract structure, and collection strategies and practices. The allowance for credit losses is measured on a collective basis when loans have similar risk characteristics such as loan-to-value ratio, book payment-to-income ratio, FICO score at origination, collateral type, contract term, and other relevant factors. We use statistical models to estimate lifetime expected credit losses of our retail loan portfolio segment by applying probability of default and loss given default to the exposure at default on a loan level basis. Probability of default models are developed from internal risk scoring models which consider variables such as delinquency status, historical default frequency, and other credit quality indicators such as loan-to-value ratio, book payment-to-income ratio, FICO score at origination, collateral type (new or used, Lexus, Toyota, or private label), and contract term. Loss given default models forecast the extent of losses given that a default has occurred and considers variables such as collateral, trends in recoveries, historical loss severity, and other contract structure variables. Exposure at default represents the expected outstanding principal balance, including the effects of expected prepayment when applicable. The lifetime expected credit losses incorporate the probability-weighted forward-looking macroeconomic forecasts for baseline, favorable, and adverse scenarios. The loan lifetime is regarded by management as the reasonable and supportable period. We use macroeconomic forecasts from a third party and update such forecasts quarterly. On an ongoing basis, we review our models, including macroeconomic factors, the selection of macroeconomic scenarios and their weighting to ensure they reflect the risk of the portfolio. If management does not believe the models reflect lifetime expected credit losses, a qualitative adjustment is made to reflect management judgment regarding observable changes in recent or expected economic trends and conditions, portfolio composition, and other relevant factors. While management uses the best information available to make such evaluations, future adjustments to the allowance for credit losses may be necessary if conditions differ substantially from the assumptions used in making the evaluations. Dealer Products Portfolio Segment The level of credit risk in our dealer products portfolio segment is influenced primarily by the financial strength of dealers within our portfolio, dealer concentration, collateral quality, and other economic factors. The financial strength of dealers within our portfolio is influenced by, among other factors, general economic conditions, the overall demand for new and used vehicles and the financial condition of automotive manufacturers. The allowance for credit losses is established for both outstanding dealer finance receivables and certain unfunded off-balance sheet lending commitments. The allowance for credit losses is measured on a collective basis when loans have similar risk characteristics such as dealer group internal risk rating and loan-to-value ratios. We measure lifetime expected credit losses of our dealer products portfolio segment by applying probability of default and loss given default to the exposure at default on a loan level basis. Probability of default is primarily established based on internal risk assessments. The probability of default model also considers qualitative factors related to macroeconomic outlooks. Loss given default is established based on the nature and market value of the collateral, loan-to-value ratios and other credit quality indicators. Exposure at default represents the expected outstanding principal balance. The lifetime of the loan or lending commitment is regarded by management as the reasonable and supportable period. On an ongoing basis, we review our models, including macroeconomic outlooks, to ensure they reflect the risk of the portfolio. If management does not believe the models reflect lifetime expected credit losses, a qualitative adjustment is made to reflect management judgment regarding observable changes in recent or expected economic trends and conditions, portfolio composition, and other relevant factors. While management uses the best information available to make such evaluations, future adjustments to the allowance for credit losses may be necessary if conditions differ substantially from the assumptions used in making the evaluations. Note 4 – Allowance for Credit Losses (Continued) The following tables provide information related to our allowance for credit losses for finance receivables and certain off-balance sheet lending commitments by portfolio segment: Year ended March 31, 2021 Retail loan Dealer p Total Beginning balance, April 1, 2020 $ 486 $ 241 $ 727 Adoption of ASU 2016-13 1 281 11 292 Charge-offs (287 ) - (287 ) Recoveries 48 9 57 Provision for credit losses 547 (121 ) 426 Ending balance, March 31, 2021 2 $ 1,075 $ 140 $ 1,215 1 Cumulative pre-tax adjustments recorded to retained earnings as of April 1, 2020. See Note 1 – Basis of Presentation and Significant Accounting Policies for additional information. 2 Ending balance includes $37 million of allowance for credit losses related to off-balance sheet commitments in the dealer products portfolio which is included in Other liabilities in the Consolidated Balance Sheet Finance receivables for the dealer products portfolio segment as of March 31, 2021 includes $1,028 million in finance receivables that are guaranteed by Toyota Motor North America, Inc. (“TMNA”), and $162 million in finance receivables that are guaranteed by third-party private Toyota distributors. These finance receivables are related to certain Toyota and Lexus dealers and other third parties to whom we provided financing at the request of TMNA and third-party private Toyota distributors. During fiscal 2021, the allowance for credit losses increased $488 million, reflecting an increase to the allowance for credit losses of $292 million related to the adoption of ASU 2016-13 in fiscal 2021, and an increase of $196 million primarily due to an increase in the size of the portfolio and the increase in expected credit losses for the retail loan portfolio driven by economic conditions caused by the COVID-19 pandemic and the restrictions designed to slow the spread of COVID-19, including stay-at-home orders, increased unemployment, and decreased consumer spending. In addition to the initial adoption impact, ASU 2016-13 has led to an increase in the provision of credit losses with the growth of our retail loan portfolio as this standard replaces the incurred loss impairment model with a model that reflects expected credit losses over the expected life of the finance receivables and certain off-balance sheet lending commitment. The additional amount of provision for credit losses on our retail portfolio were partially offset by lower provision for credit losses on our dealer portfolio as a result of improved dealer financial performance. Year ended March 31, 2020 1 Allowance for Credit Losses for Finance Receivables: Retail loan Dealer p Total Beginning balance, April 1, 2019 $ 304 $ 195 $ 499 Charge-offs (358 ) (12 ) (370 ) Recoveries 50 - 50 Provision for credit losses 490 58 548 Ending balance, March 31, 2020 $ 486 $ 241 $ 727 1 The omparative period’s information continues to be reported under the relevant accounting presentation in effect for that period. Finance receivables for the dealer products portfolio segment as of March 31, 2020 includes $1,047 million in finance receivables that are guaranteed by TMNA, 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 TMNA and third-party private Toyota distributors.

Investments in Operating Leases

Investments in Operating Leases, Net	12 Months Ended
	Mar. 31, 2021
Leases Operating [Abstract]
Investments in Operating Leases, Net	Note 5 – Investments in Operating Leases, Net Investments in operating leases, net consists of vehicle lease contracts acquired from dealers, and includes deferred origination fees and costs, deferred income, and accumulated depreciation. Generally, lessees have the ability to extend their lease term in six month increments up to a total of 12 months from the original lease maturity date. A lease can be terminated at any time by satisfying the obligations under the lease contract. Early termination programs may be occasionally offered to eligible lessees. At the end of the lease, the customer has the option to buy the leased vehicle or return the vehicle to the dealer. Securitized investments in operating leases represent beneficial interests in a pool of certain vehicle leases that have been sold for legal purposes to securitization trusts but continue to be included in our consolidated financial statements as discussed further in Note 8 - Variable Interest Entities. Cash flows from these securitized investments in operating leases are available only for the repayment of debt issued by these trusts and other obligations arising from the securitization transactions. They are not available for payment of our other obligations or to satisfy claims of our other creditors. Operating lease revenues are recognized on a straight-line basis over the term of the lease. We have made an accounting policy election to exclude from the consideration in the contract, and from variable payments not included in the consideration in the contract, sales and other taxes assessed by a governmental authority that are both imposed on and concurrent with a specific lease revenue-producing transaction and collected from customers. Deferred fees and costs include incentive payments made to dealers and acquisition fees collected from customers. Deferred income includes payments received on affiliate sponsored subvention and other incentive programs. Both deferred fees and costs and deferred income are capitalized or deferred and amortized on a straight-line basis over the contract term. The accrual of revenue on investments in operating leases is discontinued at the time an account is determined to be uncollectible and subsequent revenue is recognized only to the extent a payment is received. Operating leases may be restored to accrual status when future payments are reasonably assured. Vehicle Lease Residual Values Contractual residual values of vehicle lease contracts are estimated at lease inception by examining external industry data, the anticipated Toyota, Lexus, and private label product pipeline and our own experience. Factors considered in this evaluation include macroeconomic forecasts, new vehicle pricing, new vehicle incentive programs, new vehicle sales, vehicle features and specifications, the mix and level of used vehicle supply, the level of current used vehicle values, and fuel prices. We are exposed to a risk of loss to the extent the customer returns the vehicle and the value of the vehicle is lower than the residual value estimated at inception of the lease or if the number of returned vehicles is higher than anticipated. Depreciation on operating leases is recognized using the straight-line method over the lease term. The depreciable basis is the original acquisition cost of the vehicle less the estimated residual value of the vehicle at the end of the lease term. On a quarterly basis, we review the estimated end-of-term market values and return rates of leased vehicles to assess the appropriateness of the carrying values at lease-end. Factors affecting the estimated end-of-term market value are similar to those considered in the evaluation of residual values at lease inception discussed above. Adjustments to depreciation expense to reflect revised estimates of expected market values at lease termination and revised return rates are recorded prospectively on a straight-line basis over the remaining lease term. We use various channels to sell vehicles returned at lease-end. Upon disposition, the difference between the net book value of the lease and the proceeds received from the disposition of the asset, including any insurance proceeds is recorded as an adjustment to depreciation on operating leases. We evaluate our investment in operating leases portfolio for potential impairment when we determine a triggering event has occurred. When a triggering event has occurred, we perform a test of recoverability by comparing the expected undiscounted future cash flows (including expected residual values) over the remaining lease terms to the carrying value of the asset group. If the test of recoverability identifies a possible impairment, the asset group’s fair value is measured in accordance with the fair value measurement framework. An impairment charge would be recognized for the amount by which the carrying value of the asset group exceeds its estimated fair value and would be recorded in our Consolidated Statements of Income. As of March 31, 2021 and 2020, there was no impairment in our investment in operating leases portfolio. Note 5 – Investments in Operating Leases, Net (Continued) In conjunction with the adoption of ASU 2016-13 on April 1, 2020, we updated our depreciation policy for operating leases so that the useful life of the vehicles incorporates our historical experience on early terminations due to customer defaults. As a result, we changed the presentation for reporting early termination expenses related to customer defaults on investments in operating leases. Previously, we presented the early termination expenses reserve on operating leases as part of the allowance for credit losses which reduced Investments in operating leases, net in the Consolidated Balance Sheets, and as part of Provision for credit losses in the Consolidated Statements of Income. We now consider the effects of operating lease early terminations when determining depreciation estimates, which are included as part of accumulated depreciation within Investments in operating leases, net in the Consolidated Balance Sheets and Depreciation on operating leases in the Consolidated Statements of Income. As of April 1, 2020, the change in presentation increased accumulated depreciation and decreased allowance for credit losses by $90 million. The comparative period’s information continues to be reported under the relevant accounting presentation in effect for that period. Investments in operating leases, net consisted of the following: March 31, March 31, 2021 2020 Investments in operating leases 1 $ 48,337 $ 48,638 Deferred origination (fees) and costs, net (101 ) (223 ) Deferred income (1,759 ) (1,962 ) Accumulated depreciation (9,386 ) (9,976 ) Allowance for credit losses - (90 ) Investments in operating leases, net $ 37,091 $ 36,387 1 Future minimum rentals on investments in operating leases are as follows: Years ending March 31, Future minimum rentals on operating leases 2022 $ 5,969 2023 3,807 2024 1,505 2025 101 2026 7 Thereafter - Total $ 11,389 A portion of our operating lease contracts has historically terminated prior to maturity. Future minimum rentals shown above should not be considered indicative of future cash collections.

Derivatives, Hedging Activities

Derivatives, Hedging Activities and Interest Expense	12 Months Ended
	Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives, Hedging Activities and Interest Expense	Note 6 – Derivatives, Hedging Activities and Interest Expense Derivative Instruments Our liabilities consist mainly of fixed and variable rate debt, denominated in U.S. dollars and various other currencies, which we issue in the global capital markets, while our assets consist primarily of U.S. dollar denominated, fixed rate receivables. We enter into interest rate swaps, and foreign currency swaps to economically hedge the interest rate and foreign currency risks that result from the different characteristics of our assets and liabilities. Our use of derivative transactions is intended to reduce long-term fluctuations in the fair value of assets and liabilities caused by market movements. All of our derivative activities are authorized and monitored by our management and our Asset-Liability Committee which provides a framework for financial controls and governance to manage market risk. We categorize derivatives as those designated for hedge accounting (“hedge accounting derivatives”) and those that are not designated for hedge accounting (“non-hedge accounting derivatives”). At the inception of a derivative contract, we may elect to designate a derivative as a hedge accounting derivative if certain criteria are met. We had no hedge accounting derivatives as of March 31, 2021 and 2020, respectively. All derivative instruments are recorded on the balance sheet at fair value, taking into consideration the effects of legally enforceable master netting agreements that allow us to net settle asset and liability positions and offset cash collateral with the same counterparty on a net basis. Changes in the fair value of our derivative instruments are recorded in Interest expense in our Consolidated Statements of Income. The derivative instruments are included as a component of Other assets or Other liabilities in our Consolidated Balance Sheets. Offsetting of Derivatives Accounting guidance permits the net presentation on our Consolidated Balance Sheets of derivative receivables and derivative payables with the same counterparty and the related cash collateral when a legally enforceable master netting agreement exists. When we meet this condition, we elect to present such balances on a net basis. Our International Swaps and Derivatives Association Master Agreements are our master netting agreements which permit multiple transactions to be cancelled and settled with a single net balance paid to either party. The master netting agreements also contain reciprocal collateral agreements which require the transfer of cash collateral to the party in a net asset position across all transactions. Our collateral agreements with substantially all our counterparties include a zero threshold, full collateralization arrangement. Although we have daily valuation and collateral exchange arrangements with all of our counterparties, due to the time required to move collateral, there may be a delay of up to one day between the exchange of collateral and the valuation of our derivatives. We would not be required to post additional collateral to the counterparties with whom we were in a net liability position at March 31, 2021, if our credit ratings were to decline, since we fully collateralize without regard to credit ratings with these counterparties. In addition, as our collateral agreements include legal right of offset provisions, collateral amounts are netted against derivative assets or derivative liabilities, the net amount of which is included in Other assets or Other liabilities in our Consolidated Balance Sheets. Note 6 – Derivatives, Hedging Activities and Interest Expense (Continued) Derivative Activity Impact on Consolidated Financial Statements The following tables show the financial statement line item and amount of our derivative assets and liabilities that are reported in our Consolidated Balance Sheets: March 31, 2021 March 31, 2020 Fair Fair Notional value Notional value Other assets: Interest rate swaps $ 44,125 $ 1,026 $ 30,362 $ 1,410 Foreign currency swaps 7,274 330 488 27 Total $ 51,399 $ 1,356 $ 30,850 $ 1,437 Counterparty netting (840 ) (966 ) Collateral held (462 ) (420 ) Carrying value of derivative contracts – Other assets $ 54 $ 51 Other liabilities: Interest rate swaps $ 55,062 $ 1,142 $ 69,079 $ 1,826 Foreign currency swaps 4,321 243 13,181 1,290 Total $ 59,383 $ 1,385 $ 82,260 $ 3,116 Counterparty netting (840 ) (966 ) Collateral posted (544 ) (2,105 ) Carrying value of derivative contracts – Other liabilities $ 1 $ 45 As of March 31, 2021 and 2020, we held excess collateral of $29 million and $10 million, respectively, which we did not use to offset derivative assets and was recorded in Other liabilities in our Consolidated Balance Sheets. As of March 31, 2021 and 2020, we posted excess collateral of $10 million and $1 million, respectively, which we did not use to offset derivative liabilities and was recorded in Other assets in our Consolidated Balance Sheets. Note 6 – Derivatives, Hedging Activities and Interest Expense (Continued) The following table summarizes the components of interest expense, including the location and amount of gains and losses on derivative instruments and related hedged items, as reported in our Consolidated Statements of Income: Years Ended March 31, 2021 2020 2019 Interest expense on debt $ 1,954 $ 2,488 $ 2,559 Interest expense (income) on derivatives 420 180 (53 ) Interest expense on debt and derivatives 2,374 2,668 2,506 Losses (gains) on debt denominated in foreign currencies 1,402 (703 ) (1,078 ) (Gains) losses on foreign currency swaps (1,351 ) 650 1,015 (Gains) losses on U.S. dollar interest rate swaps (123 ) 219 304 Total interest expense $ 2,302 $ 2,834 $ 2,747 Interest expense on debt and derivatives represents net interest settlements and changes in accruals. Gains and losses on derivatives and debt denominated in foreign currencies exclude net interest settlements and changes in accruals. Cash flows associated with derivatives are reported in Net cash provided by operating activities in our Consolidated Statements of Cash Flows.

Debt and Credit Facilities

Debt and Credit Facilities	12 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt and Credit Facilities	Note 7 – Debt and Credit Facilities Debt and the related weighted average contractual interest rates are summarized as follows: March 31, 2021 March 31, 2020 Face value Carrying value Weighted average contractual interest rates Face value Carrying value Weighted average contractual interest rates Unsecured notes and loans payable $ 85,759 $ 85,513 1.31 % $ 83,477 $ 83,172 2.07 % Secured notes and loans payable 24,256 24,212 1.29 % 14,597 14,568 2.13 % Total debt $ 110,015 $ 109,725 1.31 % $ 98,074 $ 97,740 2.08 % The carrying value of our debt includes unamortized premiums, discounts, debt issuance costs and the effects of foreign currency translation adjustments. Debt issuance costs are deferred and amortized to interest expense on an effective yield basis over the contractual term of the debt. Weighted average contractual interest rates are calculated based on original notional or par value before consideration of premium or discount and approximate the effective interest rates. Debt is callable at par value. Scheduled maturities of our debt portfolio are summarized below. Actual repayment of secured debt will vary based on the repayment activity on the related pledged assets. Future Years ending March 31, debt maturities 2022 $ 52,106 2023 23,564 2024 11,196 2025 6,245 2026 9,327 Thereafter 1 7,577 Unamortized premiums, discounts and debt issuance costs (290 ) Total debt $ 109,725 1 Unsecured and secured notes and loans payable mature on various dates through fiscal 2049. Unsecured Notes and Loans Payable Our unsecured notes and loans payable consist of commercial paper and fixed and variable rate debt. Short-term funding needs are met through the issuance of commercial paper in the U.S. Amounts outstanding under our commercial paper programs were $17.0 billion and $27.0 billion as of March 31, 2021 and 2020, respectively. Upon issuance of fixed rate debt, we generally elect to enter into pay-float swaps to convert fixed rate payments on debt to floating rate payments. Certain unsecured notes and loans payable are denominated in various foreign currencies. The debt is translated into U.S. dollars using the applicable exchange rate at the transaction date and retranslated at each balance sheet date using the exchange rate in effect at that date. Concurrent with the issuance of these foreign currency unsecured notes and loans payable, we enter into currency swaps in the same notional amount to convert non-U.S. currency payments to U.S. dollar denominated payments. Gains and losses related to foreign currency transactions are included in Interest expense in our Consolidated Statements of Income. Certain of our unsecured notes and loans payable contain covenants and conditions customary in transactions of this nature, including negative pledge provisions, cross-default provisions and limitations on certain consolidations, mergers and sales of assets. We are currently in compliance with these covenants and conditions. Note 7 – Debt and Credit Facilities (Continued) Secured Notes and Loans Payable Our secured notes and loans payable are denominated in U.S. dollars and consist of both fixed and variable rate debt. Secured notes and loans payable are issued using on-balance sheet securitization trusts, as further discussed in Note 8 – Variable Interest Entities. These notes are repayable only from collections on the underlying securitized retail finance receivables and the beneficial interests in investments in operating leases and from related credit enhancements. Some of our secured notes are backed by a revolving pool of finance receivables and cash collateral, with the ability to repay the notes in full after the revolving period ends, after which an amortization period begins. Credit Facilities and Letters of Credit For additional liquidity purposes, we maintain credit facilities as described below: 364 Day Credit Agreement, Three Year Credit Agreement and Five Year Credit Agreement In November 2020, TMCC, Toyota Credit de Puerto Rico Corp. (“TCPR”), a wholly-owned subsidiary, and other Toyota affiliates re-entered into a $5.0 billion 364 day syndicated bank credit facility expiring in fiscal 2022. In November 2019, TMCC, TCPR and other Toyota affiliates re-entered into a $5.0 billion three year syndicated bank credit facility and a $5.0 billion five year syndicated bank credit facility, expiring in fiscal 2023 and 2025, 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 March 31, 2021 and 2020. We are currently in compliance with the covenants and conditions of the credit agreements described above. Committed Revolving Asset-backed Facility In July 2020, we entered into a 364 day revolving securitization facility with certain bank-sponsored asset-backed conduits and other financial institutions. Under the terms and subject to the conditions of this facility, the committed lenders under the facility have committed to make advances up to a facility limit of $6.5 billion backed by eligible retail finance receivables transferred by us to a special-purpose entity acting as borrower. This revolving facility allows us to obtain term funding and, with the consent of the committed lenders, may be renewed on an annual basis. Any utilized portion of the facility that is not renewed is repaid as the underlying assets amortize. As of March 31, 2021, $3.2 billion of this facility was utilized. We may obtain additional funding as we pay down the outstanding debt in conjunction with the amortization of transferred receivables, subject to having a sufficient amount of eligible receivables. Our utilization and renewal strategies are driven by economic considerations as well as our funding and liquidity needs. Other Unsecured Credit Agreements TMCC has entered into additional unsecured credit facilities with various banks. As of March 31, 2021, TMCC had committed bank credit facilities totaling $4.4 billion, of which $2.3 billion, $1.8 billion, and $300 million mature in fiscal 2022, 2023, and 2024, 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 March 31, 2021 and 2020. We are currently in compliance with the covenants and conditions of the credit agreements described above. TMCC is party to a $5.0 billion three year revolving credit facility with Toyota Motor Sales, U.S.A., Inc. (“TMS”). This credit facility was drawn upon in fiscal 2020 for a principal amount of $3.0 billion with an interest rate of 1.86%, and on July 30, 2020, we voluntarily repaid the draw and accrued interest in full. The amount was recorded in Other liabilities on our Consolidated Balance Sheet and funds were used for general corporate purposes. In April 2021, as the existing credit facility was set to expire, TMCC re-entered into a $5.0 billion three year revolving credit facility with TMS expiring in fiscal 2025. Note 7 – Debt and Credit Facilities (Continued) From time to time, we may borrow from affiliates based upon a number of business factors such as funds availability, cash flow timing, relative cost of funds, and market access capabilities. Amounts borrowed from affiliates are recorded in Other liabilities on our Consolidated Balance Sheets.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Mar. 31, 2021
Variable Interest Entities [Abstract]
Variable Interest Entities	Note 8 – Variable Interest Entities A VIE is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support or (ii) has equity investors who lack the characteristics of a controlling financial interest. The primary beneficiary of a VIE is the party with both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb the losses or the right to receive benefits that could potentially be significant to the VIE. To assess whether we have the power to direct the activities of a VIE that most significantly impact its economic performance, we consider all the facts and circumstances including our role in establishing the VIE and our ongoing rights and responsibilities. This assessment includes identifying the activities that most significantly impact the VIE’s economic performance and identifying which party, if any, has power over those activities. In general, the party that makes the most significant decisions affecting the VIE is determined to have the power to direct the activities of the VIE. To assess whether we have the obligation to absorb the losses or the right to receive benefits that could potentially be significant to the VIE, we consider all of our economic interests, including debt and equity interests, servicing rights and fee arrangements, and any other variable interests in the VIE. If we determine that we are the party with the power to make the most significant decisions affecting the VIE, and we have an obligation to absorb the losses or the right to receive benefits that could potentially be significant to the VIE, then we consolidate the VIE. We perform ongoing reassessments, usually quarterly, of whether we are the primary beneficiary of a VIE. The reassessment process considers whether we have acquired or divested the power to direct the most significant activities of the VIE through changes in governing documents or other circumstances. We also reconsider whether entities previously determined not to be VIEs have become VIEs, based on new events, and therefore could be subject to the VIE consolidation framework. Consolidated Variable Interest Entities We use one or more special purpose entities that are considered VIEs to issue asset-backed securities to third-party bank-sponsored asset-backed securitization vehicles and to investors in securitization transactions. The securities issued by these VIEs are backed by the cash flows related to retail finance receivables and beneficial interests in investments in operating leases (“Securitized Assets”). We hold variable interests in the VIEs that could potentially be significant to the VIEs. We determined that we are the primary beneficiary of the securitization trusts because (i) our servicing responsibilities for the Securitized Assets give us the power to direct the activities that most significantly impact the performance of the VIEs, and (ii) our variable interests in the VIEs give us the obligation to absorb losses and the right to receive residual returns that could potentially be significant. The following tables show the assets and liabilities related to our VIE securitization transactions that were included in our Consolidated Balance Sheets: March 31, 2021 VIE Assets VIE Liabilities Net Restricted cash securitized assets Other assets Debt Other liabilities Retail finance receivables $ 1,521 $ 21,745 $ 46 $ 19,665 $ 13 Investments in operating leases 436 6,599 43 4,547 1 Total $ 1,957 $ 28,344 $ 89 $ 24,212 $ 14 March 31, 2020 VIE Assets VIE Liabilities Net Restricted cash securitized assets Other assets Debt Other liabilities Retail finance receivables $ 694 $ 12,375 $ 5 $ 10,933 $ 10 Investments in operating leases 302 5,586 126 3,635 2 Total $ 996 $ 17,961 $ 131 $ 14,568 $ 12 Note 8 – Variable Interest Entities (Continued) Restricted cash, including cash equivalents, shown in the previous table represents collections from the underlying Net securitized assets shown in the previous table and certain reserve deposits held by TMCC for the VIEs and is included as part of Restricted cash and cash equivalents on our Consolidated Balance Sheets. Net securitized assets shown in the previous table are presented net of deferred fees and costs, deferred income, accumulated depreciation, and 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 $1,409 million and $1,182 million of securities retained by TMCC at March 31, 2021 and 2020, respectively. Other liabilities represent accrued interest on the debt of the consolidated VIEs. In conjunction with the adoption of ASU 2016-13, we have changed the presentation of accrued interest related to finance receivables in the Consolidated Balance Sheets from Finance receivables, net to Other assets. As a result, Other assets as of March 31, 2021 include accrued interest related to securitized retail finance receivables. The comparative period’s information continues to be reported under the relevant accounting presentation in effect for that period. The assets of the VIEs and the Restricted cash and cash equivalents held by TMCC serve as the sole source of repayment for the asset-backed securities issued by these entities. Investors in the notes issued by the VIEs do not have recourse to us or our other assets, with the exception of customary representation and warranty repurchase provisions and indemnities. As the primary beneficiary of these entities, we are exposed to credit, residual value, interest rate, and prepayment risk from the Securitized Assets in the VIEs. However, our exposure to these risks did not change as a result of the transfer of the assets to the VIEs. We may also be exposed to interest rate risk arising from the secured notes issued by the VIEs. In addition, we entered into interest rate swaps with certain special purpose entities that issue variable rate debt. Under the terms of these swaps, the special purpose entities are obligated to pay TMCC a fixed rate of interest on certain payment dates in exchange for receiving a floating rate of interest on notional amounts equal to the outstanding balance of the secured debt. This arrangement enables the special purpose entities to mitigate the interest rate risk inherent in issuing variable rate debt that is secured by fixed rate Securitized Assets. The transfers of the Securitized Assets to the special purpose entities in our securitizations are considered to be sales for legal purposes. However, the Securitized Assets and the related debt remain on our Consolidated Balance Sheets. We recognize financing revenue on the Securitized Assets and interest expense on the secured debt issued by the special purpose entities. We also maintain an allowance for credit losses on the securitized retail finance receivables using a methodology consistent with that used for our non-securitized asset portfolio. The interest rate swaps between TMCC and the special purpose entities are considered intercompany transactions and therefore are eliminated in our consolidated financial statements. Non-consolidated Variable Interest Entities We provide lending to Toyota and Lexus dealers through the Toyota Dealer Investment Group’s Dealer Capital Program (“TDIG Program”) operated by our affiliate TMNA, which has an equity interest in these dealerships. Dealers participating in this program have been determined to be VIEs. We do not consolidate the dealerships in this program as we are not the primary beneficiary and any exposure to loss is limited to the amount of the credit facility. Amounts due from these dealers under the TDIG Program that are classified as Finance receivables, net in our Consolidated Balance Sheets at March 31, 2021 and 2020 and revenues earned from these dealers during fiscal 2021, 2020 and 2019 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 and revenues earned under these relationships as of March 31, 2021 and 2020 were not significant.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9 – Commitments and Contingencies Commitments and Guarantees We have entered into certain commitments and guarantees for which the maximum unfunded amounts are summarized in the table below: March 31, March 31, 2021 2020 Commitments: Credit facilities commitments with dealers $ 2,338 $ 1,226 Commitments under operating lease agreements 141 139 Total commitments 2,479 1,365 Guarantees of affiliate pollution control and solid waste disposal bonds 100 100 Total commitments and guarantees $ 2,579 $ 1,465 Wholesale financing is not considered to be a contractual commitment as the arrangements are not binding arrangements under which TMCC is required to perform. Commitments We provide fixed and variable rate working capital loans, revolving lines of credit, and real estate financing to dealers and various multi-franchise organizations referred to as dealer groups for facilities construction and refurbishment, working capital requirements, real estate purchases, business acquisitions and other general business purposes. These loans are typically secured with liens on real estate, vehicle inventory, and/or other dealership assets, as appropriate, and may be guaranteed by individual or corporate guarantees of affiliated dealers, dealer groups, or dealer principals. Although the loans are typically collateralized or guaranteed, the value of the underlying collateral or guarantees may not be sufficient to cover our exposure under such agreements. Our pricing reflects market conditions, the competitive environment, the level of support dealers provide our retail, lease and voluntary protection business and the credit worthiness of each dealer. Amounts drawn under these facilities are reviewed for collectability on a quarterly basis, in conjunction with our evaluation of the allowance for credit losses. We have also extended credit facilities to affiliates as described in Note 12 – Related Party Transactions. Lease Commitments Our operating lease portfolio consists of real estate leases. Total operating lease expense, including payments to affiliates, was $36 million for fiscal 2021, $36 million for fiscal 2020, and $30 million fiscal 2019. We have a lease agreement through August 2032 with TMNA for our headquarters facility in Plano, Texas. Commitments under operating lease agreements in the table above include $93 million and $102 million for facilities leases with affiliates at March 31, 2021 and 2020, respectively. Lease terms may contain renewal and extension options or early termination features. Generally, these options do not impact the lease term because TMCC is not reasonably certain that it will exercise the options. These lease agreements do not impose restrictions on our ability to pay dividends, engage in debt or equity financing transactions or enter into further lease agreements, nor do they have residual value guarantees. We exclude from our Consolidated Balance Sheets leases with a term equal to one year or less and do not separate non-lease components from our real estate leases. Note 9 – Commitments and Contingencies (Continued) Our commitments under operating lease agreements are summarized below: March 31, Years ending March 31, 2021 2022 $ 26 2023 18 2024 16 2025 13 2026 12 Thereafter 56 Total $ 141 Present value discount (16 ) Total operating lease liability $ 125 Operating lease liabilities and right-of-use (“ROU”) assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. As the interest rate implicit in the lease contract is typically not readily determinable, we utilize our incremental borrowing rate at the lease commencement date for the duration of the lease term. The following table provides additional information related to operating lease agreements for which we are the lessee: March 31, 2021 ROU assets $ 111 Weighted average remaining lease term (in years) 8.56 Weighted average discount rate 2.77% Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities - operating cash flows $ 22 Supplemental non-cash information ROU assets obtained in exchange for operating lease obligations $ 15 Note 9 – Commitments and Contingencies (Continued) Guarantees and Other Contingencies TMCC has guaranteed bond obligations totaling $100 million in principal that were issued by Putnam County, West Virginia and Gibson County, Indiana to finance the construction of pollution control facilities at manufacturing plants of certain TMCC affiliates. The bonds mature in the following fiscal years ending March 31: 2028 - $20 million; 2029 - $50 million; 2030 - $10 million; 2031 - $10 million; and 2032 - $10 million. TMCC would be required to perform under the guarantees in the event of non-payment on the bonds and other related obligations. TMCC is entitled to reimbursement by the applicable affiliates for any amounts paid. TMCC receives a nominal annual fee for guaranteeing such payments. TMCC has not been required to perform under any of these affiliate bond guarantees as of March 31, 2021 and 2020. Indemnification In the ordinary course of business, we enter into agreements containing indemnification provisions standard in the industry related to several types of transactions, including, but not limited to, debt funding, derivatives, securitization transactions, and our vendor, supplier and service agreements. Performance under these indemnities would generally occur upon a breach of the representations, warranties, covenants or other commitments made or given in the agreement, or as a result of a third-party claim. In addition, we have agreed in certain debt and derivative issuances, and subject to certain exceptions, to gross-up payments due to third parties in the event that withholding tax is imposed on such payments. In addition, certain of our funding arrangements may require us to pay lenders for increased costs due to certain changes in laws or regulations. Due to the difficulty in predicting events which could cause a breach of the indemnification provisions or trigger a gross-up or other payment obligation, we are not able to estimate our maximum exposure to future payments that could result from claims made under such provisions. We have not made any material payments in the past as a result of these provisions, and as of March 31, 2021, we determined that it is not probable that we will be required to make any material payments in the future. As of March 31, 2021 and 2020, no amounts have been recorded under these indemnification provisions. Litigation and Governmental Proceedings Various legal actions, governmental proceedings and other claims are pending or may be instituted or asserted in the future against us with respect to matters arising in the ordinary course of business. Certain of these actions are or purport to be class action suits, seeking sizeable damages and/or changes in our business operations, policies and practices. Certain of these actions are similar to suits that have been filed against other financial institutions and captive finance companies. In addition, we are subject to governmental and regulatory examinations, information-gathering requests, and investigations from time to time at the state and federal levels. It is inherently difficult to predict the course of such legal actions and governmental inquiries. We perform periodic reviews of pending claims and actions to determine the probability of adverse verdicts and resulting amounts of liability. We establish accruals for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. When we are able, we also determine estimates of reasonably probable loss or range of loss, whether in excess of any related accrued liability or where there is no accrued liability. Given the inherent uncertainty associated with legal matters, the actual costs of resolving legal claims and associated costs of defense may be substantially higher or lower than the amounts for which accruals have been established. Based on available information and established accruals, we do not believe it is reasonably probable that the results of these proceedings, either individually or in the aggregate, will have a material adverse effect on our consolidated financial condition or results of operations. On November 24, 2020, the Consumer Financial Protection Bureau (“CFPB”) issued a civil investigative demand to the Company seeking, among other things, certain information relating to the Company’s vehicle and payment protection products and credit reporting policies and procedures and reporting records. We are cooperating with the inquiry and cannot predict the eventual scope, duration or outcome at this time. As a result, we are unable to estimate the amount or range of any potential loss arising from this investigation.

Pension and Other Benefits Plan

Pension and Other Benefits Plans	12 Months Ended
	Mar. 31, 2021
General Discussion Of Pension And Other Postretirement Benefits [Abstract]
Pension and Other Benefits	Note 10 – Pension and Other Benefit Plans We are a participating employer in certain retirement and post-retirement medical care, life insurance, and other benefits sponsored by TMNA, an affiliate. Costs of each plan are generally allocated to TMCC based on relative benefit costs associated with participating or eligible employees at TMCC as compared to the plan as a whole. Defined Benefit Plan Prior to January 1, 2015, our employees were generally eligible to participate in the Toyota Motor Sales, U.S.A., Inc. Pension Plan (the “Pension Plan”) the Benefits payable under this non-contributory defined benefit pension plan are based, generally, upon the employees' years of credited service (up to a maximum of 25 years), the highest average annual compensation (as defined in the plan) for any 60 consecutive month period out of the last 120 months of employment (the “Applicable Years”), and one-half of eligible bonus/gift payments for the Applicable Years (recalculated to determine the annual average of such amount), reduced by a percentage of the estimated amount of social security benefits. Costs allocated to TMCC for our employees in the Pension Plan and certain other non-qualified plans were not significant for fiscal 2021, 2020 and 2019. Defined Contribution Plan Employees meeting certain eligibility requirements, as defined in the plan documents, may participate in the Toyota Motor North America, Inc. Retirement TMCC employer contributions to the savings plan were not significant for fiscal 2021, 2020 and 2019. Other Post-Retirement Benefit Plans Employees are generally eligible to participate in other post-retirement benefits sponsored by TMNA which provide certain medical care and life insurance benefits to eligible retired employees. Generally, in order to be eligible for these benefits, the employee must be age 55 or older with 10 or more years of service. Other post-retirement benefit costs allocated to TMCC were not significant for fiscal 2021, 2020 and 2019.

Income Taxes

Income Taxes	12 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 11 – Income Taxes We use the liability method of accounting for income taxes under which deferred tax assets and liabilities are adjusted to reflect changes in tax rates and laws in the period such changes are enacted resulting in adjustments to the current fiscal year’s provision for income taxes. TMCC files a consolidated federal income tax return with TFSIC and its subsidiaries. Current and deferred federal income taxes are allocated to TMCC as if it were a separate taxpayer. TMCC’s net operating losses and tax credits are utilized when those losses and credits are used by TFSIC and its subsidiaries including TMCC in the consolidated federal income tax return. TMCC files either separate or consolidated/combined state income tax returns with TMNA, TFSIC, or subsidiaries of TMCC. State income tax expense is generally recognized as if TMCC and its subsidiaries filed their tax returns on a stand-alone basis. In those states where TMCC and its subsidiaries join in the filing of consolidated or combined income tax returns, TMCC and its subsidiaries are allocated their share of the total income tax expense based on combined allocation/apportionment factors and separate company income or loss. Based on the federal and state tax sharing agreements, TFSIC and TMCC and its subsidiaries pay for their share of the income tax expense and are reimbursed for the benefit of any of their tax losses and credits utilized in the federal and state income tax returns. The provision for income taxes consisted of the following: Years ended March 31, 2021 2020 2019 Current Federal $ 2,756 $ (19 ) $ (55 ) State 386 120 76 Foreign 11 8 4 Total 3,153 109 25 Deferred Federal (2,243 ) 145 207 State (276 ) (141 ) (49 ) Foreign (2 ) (2 ) (1 ) Total (2,521 ) 2 157 Provision for income taxes $ 632 $ 111 $ 182 A reconciliation between the U.S. federal statutory tax rate and the effective tax rate is as follows: Years ended March 31, 2021 2020 2019 Provision for income taxes at U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % State and local taxes (net of federal tax benefit) 3.9 % 4.0 % 4.6 % Effect of state tax law changes (0.2 )% (3.9 )% (1.3 )% Federal tax credits (0.5 )% (3.7 )% (1.0 )% Tax rate differential from tax loss carryback - (5.6 )% (2.8 )% Adjustment for prior year provision to return differences (0.2 )% (1.0 )% (1.4 )% Other, net (0.1 )% - (0.5 )% Effective tax rate 23.9 % 10.8 % 18.6 % The amounts in Federal tax credits include tax benefits from alternative fuel vehicle credits and foreign tax credits for fiscal 2021 and 2020, and plug-in vehicle credits and research and development credits for fiscal 2021, 2020, and 2019. Note 11 – Income Taxes (Continued) Our net deferred income tax liability consisted of the following deferred tax liabilities and assets: March 31, 2021 2020 Liabilities: Lease transactions $ 2,765 $ 5,180 State taxes, net of federal tax benefit 377 629 Voluntary protection dealer commissions 290 254 Mark-to-market of investments in marketable securities and derivatives 34 14 Other 82 83 Deferred tax liabilities $ 3,548 $ 6,160 Assets: Provision for credit and residual value losses 421 370 Deferred costs and fees 187 188 Net operating loss and tax credit carryforwards 29 100 Lease obligations 27 25 Other 33 32 Deferred tax assets 697 715 Valuation allowance (9 ) (13 ) Net deferred tax assets $ 688 $ 702 Net deferred income tax liability 1 $ 2,860 $ 5,458 1 We have no deferred tax assets related to cumulative federal net operating loss carry forwards at March 31, 2021 or March 31, 2020. We have deferred tax assets related to cumulative state net operating loss carry forwards of $25 million and $37 million at March 31, 2021 and March 31, 2020, respectively. State net operating loss carryforwards will expire beginning in fiscal 2023. We have no deferred tax assets related to federal tax credits for alternative fuel vehicles and plug-in vehicles and research and development at March 31, 2021. This is compared to deferred tax assets related to federal tax credits for alternative fuel vehicles and plug-in vehicles, and research and development of $52 million and $10 million at March 31, 2020, respectively. We have deferred tax assets related to federal tax credit for foreign tax of $3 million and $1 million at March 31, 2021 and March 31, 2020, respectively. The federal tax credit carryforwards will expire beginning in fiscal 2028. The deferred tax assets related to foreign tax credit and state tax net operating loss carryforwards are reduced by a valuation allowance of $9 million and $13 million at March 31, 2021 and March 31, 2020, respectively. The determination of the valuation allowance is based on management’s estimate of future taxable income during the respective carryforward periods. Apart from the valuation allowance, we believe that the remaining deferred tax assets will be realized in full. The amount of the deferred tax assets considered realizable could be reduced if management’s estimates change. Note 11 – Income Taxes (Continued) We have made an assertion of permanent reinvestment of earnings from our foreign subsidiary; as a result, other than the deemed repatriation tax that is provided pursuant to the Tax Cuts and Jobs Act of 2017, state and local taxes have not been provided for unremitted earnings of our foreign subsidiary. At March 31, 2021 and 2020, these unremitted earnings totaled $251 million and $243 million, respectively. Determination of the amount of the deferred state and local tax liability is not practicable, and accordingly no estimate of the unrecorded deferred state and local tax liability is provided. Although we do not foresee any events causing repatriation of earnings, possible examples may include but are not limited to parent company capital needs or exiting the business in the foreign country. We had an income tax payable of $35 million The guidance for the accounting and reporting for income taxes requires us to assess tax positions in cases where the interpretation of the tax law may be uncertain. The change in unrecognized tax benefits are as follows: March 31, 2021 2020 2019 Balance at beginning of the year $ 19 $ 7 $ 6 Increases related to positions taken during the current year 1 12 1 Increases recorded in current year related to positions taken during prior years 2 - - Expirations due to lapse of statute (7 ) - - Balance at end of year $ 15 $ 19 $ 7 At March 31, 2021, 2020 and 2019 approximately $14 million, $17 million and $6 million of the respective unrecognized tax benefits would, if recognized, have an effect on the effective tax rate. The remaining amounts in the respective unrecognized tax benefits at March 31, 2021, 2020 and 2019 are related to timing matters. During fiscal 2021, $3 million of the net decrease in unrecognized tax benefits had an effect on the effective tax rate. We do not have any positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within 12 months. We accrue interest, if applicable, related to uncertain income tax positions in interest expense. Statutory penalties, if applicable, accrued with respect to uncertain income tax positions are recognized as an addition to the income tax liability. For each of fiscal 2021, 2020, and 2019, accrued interest was not significant and no penalties were accrued. Tax-related Contingencies As of March 31, 2021, we remained under IRS examination for fiscal 2021, fiscal 2020, fiscal 2019, and fiscal 2018.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Note 12 – Related Party Transactions The tables below show the financial statement line items and amounts included in our Consolidated Statements of Income and in our Consolidated Balance Sheets under various related party agreements or relationships: Years ended March 31, 2021 2020 2019 Net financing revenues: Manufacturer's subvention and other revenues $ 1,997 $ 2,065 $ 1,930 Depreciation on operating leases $ (113 ) $ (59 ) $ (24 ) Interest expense: Credit support fees, interest and other expenses $ 117 $ 96 $ 96 Voluntary protection contract revenues and insurance earned premiums: Voluntary protection contract revenues and insurance earned premiums $ 173 $ 181 $ 181 Investment and other income, net: Interest and other income $ 18 $ 26 $ 16 Expenses: Operating and administrative expenses $ 91 $ 102 $ 95 Voluntary protection contract expenses and insurance losses 1 $ - $ - $ (3 ) 1 Amount includes the transfer of voluntary protection contract expenses under a reinsurance contract. Note 12 – Related Party Transactions (Continued) March 31, March 31, 2021 2020 Assets: Cash and cash equivalents Commercial paper $ 6 $ 276 Investments in marketable securities Commercial paper $ 196 $ 601 Finance receivables, net Accounts receivable $ 140 $ 112 Deferred retail subvention income $ (1,156 ) $ (1,065 ) Investments in operating leases, net Investments in operating leases, net $ (236 ) $ (100 ) Deferred lease subvention income $ (1,528 ) $ (1,941 ) Other assets Notes receivable $ 869 $ 1,175 Other receivables, net $ 83 $ 97 Liabilities: Other liabilities Unearned voluntary protection contract revenues and insurance earned premiums $ 352 $ 344 Other payables, net $ 306 $ 220 Notes payable $ 19 $ 3,032 TMCC receives subvention payments from TMNA which results in a gross monthly subvention receivable. As of March 31, 2021 and 2020, the subvention receivable from TMNA was $184 million and $113 million, respectively. We have a master netting agreement with TMNA which allows us to net settle payments for shared services and subvention transactions. Under this agreement, as of March 31, 2021 and March 31, 2020, respectively, we had a net amount payable to TMNA which is recorded in Other payables, net in Other liabilities. Our Board of Directors declared and paid cash dividends of $700 million to TFSIC during fiscal 2021. Note 12 – Related Party Transactions (Continued) Financing Support Arrangements with Affiliates TMCC is party to a credit support agreement with TFSC (the “TMCC Credit Support Agreement”). The TMCC Credit Support Agreement requires TFSC to maintain certain ownership, net worth maintenance, and debt service provisions with respect to TMCC, but is not a guarantee by TFSC of any securities or obligations of TMCC. In conjunction with this credit support agreement, TMCC has agreed to pay TFSC a semi-annual fee based on a fixed rate applied to the weighted average outstanding amount of securities entitled to credit support. TCPR is the beneficiary of a credit support agreement with TFSC containing provisions similar to the TMCC Credit Support Agreement described above. In addition, TMCC receives support from and provides financing support to TFSC and other affiliates in the form of promissory notes and various loan and credit facility agreements. As of March 31, 2021 and 2020, total financing support available from affiliates totaled approximately $8.6 billion and $8.4 billion, respectively. As of March 31, 2021 and 2020, total financing support available to affiliates totaled approximately $7.1 billion and $6.8 billion, respectively. The amounts outstanding under these agreements are recorded in Other assets and Other liabilities in our Consolidated Balance Sheets at March 31, 2021 and 2020. In April 2021, TMCC increased financing support available to Toyota Finance New Zealand Limited to $250 million. In fiscal 2020, we drew upon our revolving credit facility with TMS for a principal amount of $3.0 billion with an interest rate of 1.86%, and on July 30, 2020, we voluntarily repaid the draw and accrued interest in full. The amount was recorded in Other liabilities on our Consolidated Balance Sheet and funds were used for general corporate purposes. In April 2021, as the existing credit facility was set to expire, TMCC re-entered into a $5.0 billion three year revolving credit facility with TMS expiring in fiscal 2025. Other Financing Support Provided to Affiliates TMCC provides wholesale financing, real estate and working capital loans to certain dealerships that were consolidated with another affiliate under the accounting guidance for variable interest entities. TMCC also pays these dealers origination fees. These costs represent direct costs incurred in connection with the acquisition of retail and lease contracts, including subvention and other cash incentive programs. TMCC has guaranteed the payments of principal and interest with respect to the bonds of manufacturing facilities of certain affiliates. The nature, business purpose, and amounts of these guarantees are described in Note 9 – Commitments and Contingencies. TMCC and TFSB are parties to a master participation agreement pursuant to which TMCC agreed to purchase no more than $60 million per year of residential mortgage loans originated by TFSB that meet specified credit underwriting guidelines. At March 31, 2021 and 2020, we had $15 million and $22 million, respectively, in loan participations outstanding that had been purchased by TMCC under this agreement. Note 12 – Related Party Transactions (Continued) Shared Service Arrangements with Affiliates TMCC is subject to the following shared service agreements: • TMCC incurs costs under various shared service agreements with TMNA and other affiliates. Services provided by affiliates under the shared service agreements include certain technological and administrative services, such as information systems support, facilities, insurance coverage, human resources and other corporate services. TMCC may also participate and incur costs in shared marketing efforts with TMNA. • TMCC provides various services to its subsidiaries and affiliates, including certain administrative and corporate services, operational support, information systems support, facilities, treasury, and vendor management services. • TMCC provides various services to TFSB, including marketing, administrative, systems, and operational support in exchange for TFSB making available certain financial products and services to TMCC’s customers and dealers meeting TFSB’s credit standards. TMCC is party to a master netting agreement with TFSB, which allows TMCC to net settle payments for shared services between TMCC and TFSB. • TMCC is a party to expense reimbursement agreements with TFSB and TFSC related to costs incurred by TMCC or these affiliates on behalf of the other party in connection with TMCC’s provision of services to these affiliates or the provision by these affiliates of certain financial products and services to our customers and dealers in support of TMCC’s customer loyalty strategy and programs, and other brand and sales support. Note 12 – Related Party Transactions (Continued) Operational Support Arrangements with Affiliates • TMCC and TCPR provide various wholesale financing to dealers, which result in us having payables to TMNA and Toyota de Puerto Rico Corp. • TMCC is party to a lease agreement with TMNA for our headquarters facility in Plano, Texas, expiring in 2032, our CSC located in Cedar Rapids, Iowa, expiring in 2029, and our Dallas Data Center expiring in 2026. The lease commitments are described in Note 9 – Commitments and Contingencies. • Subvention receivable represents amounts due from TMNA and other affiliates in support of retail and lease subvention and other cash incentive programs offered by TMCC. Deferred subvention income represents the unearned portion of amounts received from these transactions, and manufacturers’ subvention and other revenues primarily represent the earned portion of such amounts. • Investment in operating leases includes contractual residual value support received from affiliates which are recognized as an offset to depreciation expense over the life of the contract. • TMCC is a participating employer in certain retirement, post-retirement medical care and life insurance benefits sponsored by TMNA. Refer to Note 10 – Pension and Other Benefit Plans for additional information. • TMCC is party to agreements with TMNA and other affiliates relating to the team member vehicle benefit program, which allows team members to lease Toyota and Lexus vehicles on terms exclusive to the benefit program. TMNA serves as the chief administrator of the program. TMCC acquires and services team member leases after origination. A portion of the vehicles used for the team member vehicle benefit program are acquired from TMNA. TMCC receives a per vehicle contribution from participating affiliates to assist with the costs of its contribution to the benefit program, and TMCC pays a per vehicle participation fee to TMNA to participate in the benefit program. • Affiliate voluntary protection contract revenues and insurance earned premiums primarily represent revenues from TMIS for coverage and related administrative services provided to TMNA and other affiliates. This includes contractual indemnity coverage for limited warranties on certified Toyota and Lexus pre-owned vehicles and related administrative services for TMNA’s certified pre-owned vehicle program and umbrella liability policy. TMIS also provides umbrella liability insurance to TMNA and other affiliates covering certain dollar value layers of risk above various primary or self-insured retentions. On all layers in which TMIS has provided coverage, 99 percent of the risk has been ceded to a reinsurer.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 13 – Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to determine fair value of our assets and liabilities, we use quoted prices for identical or similar instruments, otherwise we utilize valuation models with observable or calculated inputs. The use of observable quotes for identical or similar instruments and the use of unobservable inputs is reflected in the fair value hierarchy assessment disclosed in the tables within this Note as Level 1, 2 and 3 defined below. The availability of observable inputs can vary based upon the financial instrument and other factors, such as instrument type, market liquidity and other specific characteristics particular to the financial instrument. To the extent that a valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires additional judgment by management. We use prices and inputs that are current as of the measurement date, including during periods of market disruption. In periods of market disruption, the availability of prices and inputs may be reduced for certain financial instruments. This condition could result in a financial instrument being reclassified from Level 1 to Level 2 or from Level 2 to Level 3. Level 1: Quoted (unadjusted) prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Quoted prices in active markets for similar assets and liabilities, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3: Unobservable inputs that are supported by little or no market activity and may require significant judgment in order to determine the fair value of the assets and liabilities. Valuation Adjustments We may make valuation adjustments to ensure that financial instruments are recorded at fair value. These adjustments include amounts to reflect counterparty credit quality, our own creditworthiness, as well as constraints due to market illiquidity or unobservable parameters. Recurring Fair Value Measurements Cash and cash equivalents and Restricted cash and cash equivalents The fair value of cash equivalents and restricted cash equivalents approximates the carrying value and these instruments are classified as Level 1 within the fair value hierarchy. Investments in marketable securities We estimate the value of our AFS debt securities using observed transaction prices, independent third-party pricing valuation vendors, and internal valuation models. We may hold investments in actively traded open-end and private placement equity investments. Where the equity investments produce a daily net asset value that is quoted in an active market, we use this value to determine the fair value of the equity investment and classify the investment as Level 1 within the fair value hierarchy. The fair value of equity investments that produce a daily net asset value that is not quoted in an active market is estimated using the net asset value per share (or its equivalent) as practical expedient and are excluded from leveling within the fair value hierarchy. In addition, we may hold individual securities where valuation methodologies and inputs to valuation models depend on the security type, thus they may be classified differently within the leveling hierarchy. Where possible, quoted prices in active markets for identical or similar securities are used to determine the fair value of the investment securities; those securities are classified as Level 1 or 2, respectively. Where quoted prices in active markets are not available, we use various valuation models for each asset class that are consistent with what market participants use. The inputs and assumptions to the models are derived from market observable sources including: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and other market-related data. These investments are generally classified as Level 2 within the fair value hierarchy, however, depending on the significance of the unobservable inputs they may also be classified as Level 3. Note 13 – Fair Value Measurements (Continued) Derivatives We estimate the fair value of our derivatives using industry standard valuation models that require observable market inputs, including market prices, interest rates, foreign exchange rates, volatilities, counterparty credit risk, our own non-performance risk and the contractual terms of the derivative instruments. We consider counterparty credit risk and our own non-performance risk through credit valuation adjustments. For derivatives that trade in liquid markets, model inputs can generally be verified and do not require significant management judgment. These derivative instruments are classified as Level 2 within the fair value hierarchy. Certain other derivative transactions trade in less liquid markets with limited pricing information. For such derivatives, key inputs to the valuation process include quotes from counterparties and other market data used to corroborate and adjust values where appropriate. Other market data includes values obtained from a market participant that serves as a third-party valuation vendor. These derivative instruments are classified as Level 3 within the fair value hierarchy. Nonrecurring Fair Value Measurements Nonrecurring fair value measurements include Level 3 net finance receivables that are not measured at fair value on a recurring basis but are subject to fair value adjustments utilizing the fair value of the underlying collateral when there is evidence of impairment. Nonrecurring fair value items as of March 31, 2021 and 2020 were not significant. Retail finance receivables greater than 120 days past due are measured at fair value based on the fair value of the underlying collateral less costs to sell. The fair value of collateral is based on the current average selling prices for like vehicles at wholesale used vehicle auctions. Note 13 – Fair Value Measurements (Continued) Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following tables summarize our financial assets and financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy except for certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and are excluded from the leveling information provided in the tables below. Fair value amounts presented below are intended to permit reconciliation of the fair value hierarchy to the amounts presented in our Consolidated Balance Sheets. March 31, 2021 Counterparty netting & Fair Level 1 Level 2 Level 3 collateral value Investments in marketable securities: Available-for-sale debt securities: U.S. government and agency obligations $ 209 $ 2 $ - $ - $ 211 Municipal debt securities - 10 - - 10 Commercial paper 20 176 - - 196 Corporate debt securities - 187 - - 187 Mortgage-backed securities: U.S. government agency - 32 - - 32 Non-agency residential - - 1 - 1 Non-agency commercial - 5 42 - 47 Asset-backed securities - 19 33 - 52 Available-for-sale debt securities total 229 431 76 - 736 Equity investments: Fixed income mutual funds: Fixed income mutual funds measured at net asset value 772 Total return bond funds 2,429 - - - 2,429 Equity mutual funds 883 - - - 883 Equity investments total 3,312 - - - 4,084 Investments in marketable securities total 3,541 431 76 - 4,820 Derivative assets: Interest rate swaps - 1,026 - - 1,026 Foreign currency swaps - 330 - - 330 Counterparty netting and collateral - - - (1,302 ) (1,302 ) Derivative assets total - 1,356 - (1,302 ) 54 Assets at fair value 3,541 1,787 76 (1,302 ) 4,874 Derivative liabilities: Interest rate swaps - (1,142 ) - - (1,142 ) Foreign currency swaps - (243 ) - - (243 ) Counterparty netting and collateral - - - 1,384 1,384 Liabilities at fair value - (1,385 ) - 1,384 (1 ) Net assets at fair value $ 3,541 $ 402 $ 76 $ 82 $ 4,873 Note 13 – Fair Value Measurements (Continued) March 31, 2020 Counterparty netting & Fair Level 1 Level 2 Level 3 collateral value Investments in marketable securities: Available-for-sale debt securities: U.S. government and agency obligations $ 174 $ 2 $ - $ - $ 176 Municipal debt securities - 11 - - 11 Certificates of deposit - 249 - - 249 Commercial paper - 601 - - 601 Corporate debt securities - 197 - - 197 Mortgage-backed securities: U.S. government agency - 49 - - 49 Non-agency residential - - 1 - 1 Non-agency commercial - - 45 - 45 Asset-backed securities - - 72 - 72 Available-for-sale debt securities total 174 1,109 118 - 1,401 Equity investments: Fixed income mutual funds: Fixed income mutual funds measured at net asset value 746 Total return bond funds 1,673 - - - 1,673 Equity investments total 1,673 - - - 2,419 Investments in marketable securities total 1,847 1,109 118 - 3,820 Derivative assets: Interest rate swaps - 1,410 - - 1,410 Foreign currency swaps - 27 - - 27 Counterparty netting and collateral - - - (1,386 ) (1,386 ) Derivative assets total - 1,437 - (1,386 ) 51 Assets at fair value 1,847 2,546 118 (1,386 ) 3,871 Derivative liabilities: Interest rate swaps - (1,826 ) - - (1,826 ) Foreign currency swaps - (1,290 ) - - (1,290 ) Counterparty netting and collateral - - - 3,071 3,071 Liabilities at fair value - (3,116 ) - 3,071 (45 ) Net assets at fair value $ 1,847 $ (570 ) $ 118 $ 1,685 $ 3,826 Level 3 Fair Value Measurements The Level 3 financial assets and liabilities recorded at fair value which are subject to recurring and nonrecurring fair value measurement, and the corresponding activity and change in the fair value measurements of these assets and liabilities, were not significant to our Consolidated Balance Sheets as of March 31, 2021 and 2020, or Consolidated Statements of Income for the years ended March 31, 2021 and 2020. Note 13 – Fair Value Measurements (Continued) Financial Instruments Not Carried at Fair Value Finance receivables Our finance receivables consist of retail loans and dealer financing loans, which are comprised of wholesale, real estate and working capital financing. Retail finance receivables are primarily valued using a securitization model that incorporates expected cash flows. Cash flows expected to be collected are estimated using contractual principal and interest payments adjusted for specific factors, such as prepayments, extensions, default rates, loss severity, credit scores, and collateral type. The securitization model utilizes quoted secondary market rates if available, or estimated market rates that incorporate management's best estimate of investor assumptions about the portfolio. The dealer financing portfolio is valued using a discounted cash flow model. Discount rates are derived based on market rates for equivalent portfolio bond ratings. As these valuations utilize unobservable inputs, our finance receivables are classified as Level 3 within the fair value hierarchy. Unsecured notes and loans payable The fair value of commercial paper is assumed to approximate the carrying value due to its short duration and generally negligible credit risk. We validate this assumption by recalculating the fair value of our commercial paper using quoted market rates. Commercial paper is classified as Level 2 within the fair value hierarchy. Other unsecured notes and loans payable are primarily valued using current market rates and credit spreads for debt with similar maturities. Our valuation models utilize observable inputs such as standard industry curves; therefore, we classify these unsecured notes and loans payables as Level 2 within the fair value hierarchy. When observable inputs are not available for all assumptions, we estimate the fair value using internal assumptions such as volatility and expected credit losses. As these valuations utilize unobservable inputs, we classify these unsecured notes and loans payable as Level 3 within the fair value hierarchy. Secured notes and loans payable Fair value is estimated based on current market rates and credit spreads for debt with similar maturities. We also use internal assumptions, including prepayment speeds and expected credit losses on the underlying securitized assets, to estimate the timing of cash flows to be paid on these instruments. As these valuations utilize unobservable inputs, our secured notes and loans payables are classified as Level 3 within the fair value hierarchy. Other liabilities Our Other liabilities include notes payable to related parties. As these notes are short term in nature, the carrying value is deemed to approximate fair value and they are classified as Level 3 within the fair value hierarchy. Note 13 – Fair Value Measurements (Continued) Financial Instruments The following tables provide information about assets and liabilities not carried at fair value on a recurring basis on our Consolidated Balance Sheets: March 31, 2021 Carrying Total Fair value Level 1 Level 2 Level 3 value Financial assets Finance receivables Retail loan $ 65,808 $ - $ - $ 69,007 $ 69,007 Wholesale 6,132 - - 6,158 6,158 Real estate 5,142 - - 5,224 5,224 Working capital 2,154 - - 2,171 2,171 Financial liabilities Unsecured notes and loans payable $ 85,513 $ - $ 86,205 $ 555 $ 86,760 Secured notes and loans payable 24,212 - - 24,478 24,478 March 31, 2020 Carrying Total Fair value Level 1 Level 2 Level 3 value Financial assets Finance receivables, net Retail loan $ 56,360 $ - $ - $ 57,303 $ 57,303 Wholesale 9,672 - - 9,637 9,637 Real estate 4,544 - - 4,140 4,140 Working capital 3,308 - - 2,811 2,811 Financial liabilities Unsecured notes and loans payable $ 83,172 $ - $ 82,429 $ 560 $ 82,989 Secured notes and loans payable 14,568 - - 14,608 14,608 In conjunction with the adoption of ASU 2016-13, we have changed the presentation of accrued interest related to finance receivables in the Consolidated Balance Sheet from Finance receivables, net to Other assets; however, TMCC measures the fair value of each class of finance receivables using scheduled principal and interest payments. Therefore, accrued interest has been included in the carrying value of each class of finance receivables in the tables above, along with finance receivables, deferred origination costs, deferred income, and allowance for credit losses. Finance receivables in the table above excludes related party transactions, for which the fair value approximates the carrying value, of $140 million and $109 million at March 31, 2021 and 2020, respectively. Fair values of related party finance receivables, net are classified as Level 3 within the fair value hierarchy. For Cash and cash equivalents and Restricted cash and cash equivalents on our Consolidated Balance Sheets, the fair value approximates the carrying value and these instruments are classified as Level 1 within the fair value hierarchy.

Segment Information

Segment Information	12 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Information	Note 14 – Segment Information Our reportable segments are Finance operations and Voluntary protection operations. Finance operations include retail, leasing, and dealer financing provided to authorized dealers and their customers in the U.S. and Puerto Rico. Voluntary protection operations are performed by TMIS and its subsidiaries. Financial information for our reportable operating segments, which includes allocated corporate expenses, is summarized as follows: Year ended March 31, 2021 Finance Voluntary protection Intercompany operations operations eliminations Total Total financing revenues $ 11,799 $ - $ - $ 11,799 Depreciation on operating leases 5,932 - - 5,932 Interest expense 2,302 - - 2,302 Net financing revenues 3,565 - - 3,565 Voluntary protection contract revenues and insurance earned premiums - 956 - 956 Investment and other income, net 93 317 - 410 Net financing and other revenues 3,658 1,273 - 4,931 Expenses: Provision for credit losses 426 - - 426 Operating and administrative expenses 1,124 363 - 1,487 Voluntary protection contract expenses and insurance losses - 369 - 369 Total expenses 1,550 732 - 2,282 Income before income taxes 2,108 541 - 2,649 Provision for income taxes 502 130 - 632 Net income $ 1,606 $ 411 $ - $ 2,017 Total assets $ 127,726 $ 6,149 $ (147 ) $ 133,728 Note 14 – Segment Information (Continued) Year ended March 31, 2020 Finance Voluntary protection Intercompany operations operations eliminations Total Total financing revenues $ 12,029 $ - $ - $ 12,029 Depreciation on operating leases 6,820 - - 6,820 Interest expense 2,854 - (20 ) 2,834 Net financing revenues 2,355 - 20 2,375 Voluntary protection contract revenues and insurance earned premiums - 933 - 933 Investment and other income, net 155 187 (20 ) 322 Net financing and other revenues 2,510 1,120 - 3,630 Expenses: Provision for credit losses 590 - - 590 Operating and administrative expenses 1,197 364 - 1,561 Voluntary protection contract expenses and insurance losses - 455 - 455 Total expenses 1,787 819 - 2,606 Income before income taxes 723 301 - 1,024 Provision for income taxes 39 72 - 111 Net income $ 684 $ 229 $ - $ 913 Total assets $ 121,180 $ 5,520 $ (1,145 ) $ 125,555 Year ended March 31, 2019 Finance Voluntary protection Intercompany operations operations eliminations Total Total financing revenues $ 11,640 $ - $ - $ 11,640 Depreciation on operating leases 6,909 - - 6,909 Interest expense 2,769 - (22 ) 2,747 Net financing revenues 1,962 - 22 1,984 Voluntary protection contract revenues and insurance earned premiums - 904 - 904 Investment and other income, net 188 126 (22 ) 292 Net financing and other revenues 2,150 1,030 - 3,180 Expenses: Provision for credit losses 372 - - 372 Operating and administrative expenses 1,038 347 - 1,385 Voluntary protection contract expenses and insurance losses - 446 - 446 Total expenses 1,410 793 - 2,203 Income before income taxes 740 237 - 977 Provision for income taxes 147 35 - 182 Net income $ 593 $ 202 $ - $ 795 Total assets $ 112,615 $ 5,066 $ (1,165 ) $ 116,516 Note 14 – Segment Information (Continued) Voluntary protection operations The voluntary protection operations segment offers vehicle and payment protection products on Toyota, Lexus and other domestic and import vehicles that are primarily sold by dealers along with the sale of a vehicle. Voluntary protection contract revenues We receive the contractually determined dealer cost at the inception of the contract. Revenue is then deferred and recognized over the term of the contract according to earnings factors established by management that are based upon historical loss experience. Contracts sold range in term from 3 to 120 months and are typically cancellable at any time. The effect of subsequent cancellations is recorded as an offset to unearned voluntary protection contract revenues in Other liabilities on our Consolidated Balance Sheets. For the years ended March 31, 2021 and 2020, respectively, approximately 83 percent and 84 percent of voluntary protection contract revenues in the Voluntary protection operations segment were accounted for under ASU 2014-09. The Voluntary protection operations segment defers contractually determined incentives paid to dealers as contract costs for selling voluntary protection products. These costs are recorded in Other assets on our Consolidated Balance Sheets and are amortized to Operating and administrative expenses on the Consolidated Statements of Income using a methodology consistent with the recognition of revenue. The amount of capitalized dealer incentives and the related amortization was not significant to our consolidated financial statements as of and for the years ended March 31, 2021 and 2020. We had $2.4 billion and $2.5 billion of unearned voluntary protection contract revenues from contracts with customers included in Other liabilities on our Consolidated Balance Sheets as of March 31, 2020 and March 31, 2021, respectively. We recognized $696 million of the unearned amounts in voluntary protection contract revenues in our Consolidated Statements of Income during fiscal 2021. We expect to recognize as revenue approximately $710 million in fiscal 2022 and $1.8 billion thereafter Insurance earned premiums Revenues from providing coverage under various insurance contracts are recognized over the term of the coverage in relation to the timing and level of anticipated claims. Revenues from insurance policies, net of premiums ceded to reinsurers, are earned over the terms of the respective policies in proportion to the estimated loss development. Management relies on historical loss experience as a basis for establishing earnings factors used to recognize revenue over the term of the contract or policy. Voluntary protection contract expenses and insurance losses Voluntary protection contract expenses and insurance losses include amounts paid and accrued for loss events that are known and have been recorded as claims, estimates of losses incurred but not reported based on actuarial estimates and historical loss development patterns, and loss adjustment expenses that are expected to be incurred in connection with settling and paying these claims. Accruals for unpaid losses, losses incurred but not reported, and loss adjustment expenses are included in Other liabilities in our Consolidated Balance Sheets. These accruals arising from contracts entered into by TMIS are not significant as of March 31, 2021 and 2020. Estimated liabilities are reviewed regularly, and we recognize any adjustments in the periods in which they are determined. If anticipated losses, loss adjustment expenses, and unamortized acquisition and maintenance costs exceed the recorded unearned premium, a premium deficiency is recognized by first charging any unamortized acquisition costs to expense and then by recording a liability for any excess deficiency. Risk Transfer Our voluntary protection operations transfer certain risks to protect us against the impact of unpredictable high severity losses. The amounts recoverable from reinsurers and other companies that assume liabilities relating to our Voluntary protection operations are determined in a manner consistent with the related reinsurance or risk transfer contract. Amounts recoverable from reinsurers and other companies on unpaid losses are recorded as a receivable but are not collectible until the losses are paid. Revenues related to risks transferred are recognized on the same basis as the related revenues from the underlying contracts. Covered losses are recorded as a reduction to Voluntary protection contract expenses and insurance losses.

Selected Quarterly Financial Da

Selected Quarterly Financial Data	12 Months Ended
	Mar. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data	Note 15 – Selected Quarterly Financial Data Unaudited First Second Third Fourth quarter quarter quarter quarter Year ended March 31, 2021: Financing revenues: Operating lease $ 2,129 $ 2,114 $ 2,122 $ 2,116 Retail 672 723 749 761 Dealer 111 98 103 101 Total financing revenues 2,912 2,935 2,974 2,978 Depreciation on operating leases 1,685 1,349 1,450 1,448 Interest expense 548 495 491 768 Net financing revenues 679 1,091 1,033 762 Voluntary protection contract revenues and insurance earned premiums 235 238 241 242 Investment and other income, net 176 90 179 (35 ) Net financing revenues and other revenues 1,090 1,419 1,453 969 Expenses: Provision for credit losses 183 65 118 60 Operating and administrative 345 389 354 399 Voluntary protection contract expenses and insurance losses 75 92 98 104 Total expenses 603 546 570 563 Income before income taxes 487 873 883 406 Provision for income taxes 113 218 215 86 Net income $ 374 $ 655 $ 668 $ 320 Note 15 – Selected Quarterly Financial Data (Continued) Unaudited First Second Third Fourth quarter quarter quarter quarter Year ended March 31, 2020: Financing revenues: Operating lease $ 2,184 $ 2,197 $ 2,212 $ 2,182 Retail 589 638 661 670 Dealer 190 183 171 152 Total financing revenues 2,963 3,018 3,044 3,004 Depreciation on operating leases 1,625 1,583 1,712 1,900 Interest expense 697 613 755 769 Net financing revenues 641 822 577 335 Voluntary protection contract revenues and insurance earned premiums 229 232 231 241 Investment and other income, net 118 97 57 50 Net financing revenues and other revenues 988 1,151 865 626 Expenses: Provision for credit losses 75 61 128 326 Operating and administrative 337 358 406 460 Voluntary protection contract expenses and insurance losses 113 115 116 111 Total expenses 525 534 650 897 Income (loss) before income taxes 463 617 215 (271 ) Provision (benefit) for income taxes 104 158 34 (185 ) Net income (loss) $ 359 $ 459 $ 181 $ (86 )

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation Our accounting and financial reporting policies conform to accounting principles generally accepted in the United States of America (“U.S. GAAP”). Related party transactions presented in the Consolidated Financial Statements are disclosed in Note 12 – Related Party Transactions. The consolidated financial statements include the accounts of TMCC, its wholly-owned subsidiaries and all variable interest entities (“VIE”) of which we are the primary beneficiary. All intercompany transactions and balances have been eliminated.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Because of inherent uncertainty involved in making estimates, actual results could differ from those estimates and assumptions. The accounting estimates that are most important to our business are the accumulated depreciation related to our investments in operating leases and the allowance for credit losses.
Recently Adopted Accounting Guidance	Recently Adopted Accounting Guidance On April 1, 2020, we adopted the following new accounting standards: Financial Instruments – Credit Losses We adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Refer to Note 2 – Investments in Marketable Securities, Note 3 – Finance Receivables, Net, and Note 4 – Allowance for Credit Losses for additional information. In conjunction with the adoption of ASU 2016-13, we updated our depreciation policy for operating leases so that the useful life of the vehicles incorporates our historical experience on early terminations due to customer defaults. As a result, we changed the presentation for reporting early termination expenses related to customer defaults on investments in operating leases. We now present the effects of operating lease early terminations as part of accumulated depreciation within Investments in operating leases, net in the Consolidated Balance Sheets and Depreciation on operating leases in the Consolidated Statements of Income. The comparative period’s information continues to be reported under the relevant accounting presentation in effect for that period. Refer to Note 5 – Investments in Operating Leases, Net for additional information.
Other Recently Adopted Standards	Other Recently Adopted Standards We adopted ASU 2018-13, Fair Value Measurement (Topic 820), We adopted ASU 2018-15, Intangibles – Goodwill and Other-Internal-Use Software, We adopted ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. We adopted ASU 2018-17, Consolidation (Topic 810)
Accounting Guidance Issued But Not Yet Adopted	Accounting Guidance Issued But Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs
Cash and Cash Equivalents	Cash and cash equivalents Cash and cash equivalents represent highly liquid investments with maturities of three months or less from the date of acquisition and may include money market instruments, commercial paper, certificates of deposit, U.S. government and agency obligations, or similar instruments.
Restricted Cash and Cash Equivalents	Restricted cash and cash equivalents Restricted cash and cash equivalents include customer collections on securitized receivables to be distributed to investors as payments on the related secured notes and loans payable, which are primarily related to securitization trusts. Restricted cash equivalents may also contain proceeds from certain debt issuances for which the use of the cash is restricted.
Investments in Marketable Securities	Investments in marketable securities Investments in marketable securities consist of debt securities and equity investments. Debt securities are designated as available-for-sale (“AFS”) and are recorded at fair value with unrealized gains or losses included in accumulated other comprehensive income (“AOCI”), net of applicable taxes. We adopted ASU 2016-13 on April 1, 2020, on a modified retrospective basis, as further described in Note 1 – Basis of Presentation and Significant Accounting Policies. Under the new guidance, once it is determined that a credit loss has occurred, an allowance for credit losses is established. Prior to the adoption of this standard, when a decline in fair value of a debt security was determined to be other-than-temporary, an impairment charge for the credit component was recorded in Investment and other income, net and a new cost basis in the investment was established. As of March 31, 2021, management determined that credit losses did not exist for securities in an unrealized loss position. This analysis considered a variety of factors including, but not limited to, performance indicators of the issuer, default rates, industry analyst reports, credit ratings, and other relevant information, which indicated that contractual cash flows are expected to occur. All equity investments are recorded at fair value with changes in fair value included in Investment and other income, net in our Consolidated Statements of Income. Realized gains and losses from sales of equity investments are determined using the first in first out method and are included in Investment and other income, net within our Consolidated Statements of Income.
Finance Receivables, Net	Finance receivables, net consists of retail loan and dealer products portfolio segments, and includes deferred origination costs, deferred income, and allowance for credit losses. Finance receivables, net also includes securitized retail receivables, which represent retail receivables that have been sold for legal purposes to securitization trusts but continue to be included in our consolidated financial statements, as discussed further in Note 8 – Variable Interest Entities. Cash flows from these securitized retail receivables are available only for the repayment of debt issued by these trusts and other obligations arising from the securitization transactions. They are not available for payment of our other obligations or to satisfy claims of our other creditors. Finance receivables are classified as held-for-investment if the Company has the intent and ability to hold the receivables for the foreseeable future or until maturity or payoff. As of March 31, 2021 and 2020, all finance receivables were classified as held-for-investment. Revenues associated with retail and dealer financing are recognized to approximate a constant effective yield over the contract term. Incremental direct fees and costs incurred in connection with the acquisition of retail contracts and dealer financing receivables, including incentive and rate participation payments made to dealers, are capitalized and amortized to approximate a constant effective yield over the term of the related contracts. Payments received on subvention and other consumer incentives are deferred and recognized to approximate a constant effective yield over the term of the related contracts. Upon adoption of ASU 2016-13, we elected the accounting policy to present accrued interest related to finance receivables within Other assets in the Consolidated Balance Sheets. As of March 31, 2021, accrued interest related to finance receivables is $187 million and is included in Other assets. The comparative period’s information continues to be reported within Finance receivables, net. Upon adoption of ASU 2016-13, we no longer reverse accrued interest receivables from interest income for our dealer products portfolio when an account is deemed to be uncollectible. For both retail loan and dealer products portfolio segments, accrued interest, deferred income, and deferred origination costs, if any, are written off within Provision for credit losses at the earlier of when an account is deemed to be uncollectible or when an account is greater than 120 days past due.
Allowance for Credit Losses	Upon adoption of ASU 2016-13 on April 1, 2020, the incurred loss impairment method was replaced with a new impairment model that reflects lifetime expected losses. Management develops and documents the allowance for credit losses on finance receivables based on two portfolio segments. The determination of portfolio segments is based primarily on the qualitative consideration of the nature of our business operations and the characteristics of the underlying finance receivables, as follows: • Retail Loan Portfolio Segment – The retail loan portfolio segment consists of retail contracts acquired from dealers in the U.S. and Puerto Rico. Under a retail contract, we are granted a security interest in the underlying collateral which consists primarily of Toyota, Lexus, and private label vehicles. Based on the common risk characteristics associated with the finance receivables, the retail loan portfolio segment is considered a single class of finance receivable. • Dealer Products Portfolio Segment – The dealer products portfolio segment consists of wholesale financing, working capital loans, revolving lines of credit and real estate loans to dealers in the U.S. and Puerto Rico. Wholesale financing is primarily collateralized by new or used vehicle inventory with the outstanding balance fluctuating based on the level of inventory. Working capital loans and revolving lines of credit are granted for working capital purposes and are secured by dealership assets. Real estate loans are collateralized by the underlying real estate, are underwritten primarily on a loan-to-value basis and are typically for a fixed term. Based on the risk characteristics associated with the underlying finance receivables, the dealer products portfolio segment consists of three classes of finance receivables: wholesale, working capital (including revolving lines of credit), and real estate. Management’s estimate of lifetime expected credit losses is based on an evaluation of relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the future collectability of the finance receivables. Management’s evaluation takes into consideration the risks in the retail loan portfolio and dealer products portfolio, past loss experience, delinquency trends, underwriting and collection practices, changes in portfolio composition, economic forecasts and other relevant factors. Prior to April 1, 2020, and the adoption of ASU 2016-13, allowance for credit losses were reported under the incurred loss impairment method. Comparative period’s information continues to be reported under the relevant accounting guidance in effect for that period in accordance with accounting policies described in Note 5 – Allowance for Credit Losses in our fiscal 2020 Form 10-K. Methodology Used to Develop the Allowance for Credit Losses The allowance for credit losses is measured on a collective basis when loans have similar risk characteristics. Loans that do not share similar risk characteristics are evaluated on an individual basis. We generally use a discounted cash flow approach for determining allowance for credit losses for finance receivables modified as a troubled debt restructuring that are granted with interest rate concessions, and a non-discounted cash flow approach for other loans. We measure expected losses of all components of finance receivables on an amortized cost basis, excluding accrued interest, and including off-balance-sheet lending commitments that are not unconditionally cancellable by TMCC. Estimated expected credit losses for off-balance-sheet lending commitments within our dealer products portfolio are included in Other liabilities in the Consolidated Balance Sheets. We have elected to exclude accrued interest from the measurement of expected credit losses as we apply policies and procedures that result in the timely write-offs of accrued interest. Note 4 – Allowance for Credit Losses (Continued) Retail Loan Portfolio Segment The level of credit risk in our retail loan portfolio segment is influenced by various factors such as economic conditions, the used vehicle market, credit quality, contract structure, and collection strategies and practices. The allowance for credit losses is measured on a collective basis when loans have similar risk characteristics such as loan-to-value ratio, book payment-to-income ratio, FICO score at origination, collateral type, contract term, and other relevant factors. We use statistical models to estimate lifetime expected credit losses of our retail loan portfolio segment by applying probability of default and loss given default to the exposure at default on a loan level basis. Probability of default models are developed from internal risk scoring models which consider variables such as delinquency status, historical default frequency, and other credit quality indicators such as loan-to-value ratio, book payment-to-income ratio, FICO score at origination, collateral type (new or used, Lexus, Toyota, or private label), and contract term. Loss given default models forecast the extent of losses given that a default has occurred and considers variables such as collateral, trends in recoveries, historical loss severity, and other contract structure variables. Exposure at default represents the expected outstanding principal balance, including the effects of expected prepayment when applicable. The lifetime expected credit losses incorporate the probability-weighted forward-looking macroeconomic forecasts for baseline, favorable, and adverse scenarios. The loan lifetime is regarded by management as the reasonable and supportable period. We use macroeconomic forecasts from a third party and update such forecasts quarterly. On an ongoing basis, we review our models, including macroeconomic factors, the selection of macroeconomic scenarios and their weighting to ensure they reflect the risk of the portfolio. If management does not believe the models reflect lifetime expected credit losses, a qualitative adjustment is made to reflect management judgment regarding observable changes in recent or expected economic trends and conditions, portfolio composition, and other relevant factors. While management uses the best information available to make such evaluations, future adjustments to the allowance for credit losses may be necessary if conditions differ substantially from the assumptions used in making the evaluations.
Investments in Operating Leases, Net	Investments in operating leases, net consists of vehicle lease contracts acquired from dealers, and includes deferred origination fees and costs, deferred income, and accumulated depreciation. Generally, lessees have the ability to extend their lease term in six month increments up to a total of 12 months from the original lease maturity date. A lease can be terminated at any time by satisfying the obligations under the lease contract. Early termination programs may be occasionally offered to eligible lessees. At the end of the lease, the customer has the option to buy the leased vehicle or return the vehicle to the dealer. Securitized investments in operating leases represent beneficial interests in a pool of certain vehicle leases that have been sold for legal purposes to securitization trusts but continue to be included in our consolidated financial statements as discussed further in Note 8 - Variable Interest Entities. Cash flows from these securitized investments in operating leases are available only for the repayment of debt issued by these trusts and other obligations arising from the securitization transactions. They are not available for payment of our other obligations or to satisfy claims of our other creditors. Operating lease revenues are recognized on a straight-line basis over the term of the lease. We have made an accounting policy election to exclude from the consideration in the contract, and from variable payments not included in the consideration in the contract, sales and other taxes assessed by a governmental authority that are both imposed on and concurrent with a specific lease revenue-producing transaction and collected from customers. Deferred fees and costs include incentive payments made to dealers and acquisition fees collected from customers. Deferred income includes payments received on affiliate sponsored subvention and other incentive programs. Both deferred fees and costs and deferred income are capitalized or deferred and amortized on a straight-line basis over the contract term. The accrual of revenue on investments in operating leases is discontinued at the time an account is determined to be uncollectible and subsequent revenue is recognized only to the extent a payment is received. Operating leases may be restored to accrual status when future payments are reasonably assured. Vehicle Lease Residual Values Contractual residual values of vehicle lease contracts are estimated at lease inception by examining external industry data, the anticipated Toyota, Lexus, and private label product pipeline and our own experience. Factors considered in this evaluation include macroeconomic forecasts, new vehicle pricing, new vehicle incentive programs, new vehicle sales, vehicle features and specifications, the mix and level of used vehicle supply, the level of current used vehicle values, and fuel prices. We are exposed to a risk of loss to the extent the customer returns the vehicle and the value of the vehicle is lower than the residual value estimated at inception of the lease or if the number of returned vehicles is higher than anticipated. Depreciation on operating leases is recognized using the straight-line method over the lease term. The depreciable basis is the original acquisition cost of the vehicle less the estimated residual value of the vehicle at the end of the lease term. On a quarterly basis, we review the estimated end-of-term market values and return rates of leased vehicles to assess the appropriateness of the carrying values at lease-end. Factors affecting the estimated end-of-term market value are similar to those considered in the evaluation of residual values at lease inception discussed above. Adjustments to depreciation expense to reflect revised estimates of expected market values at lease termination and revised return rates are recorded prospectively on a straight-line basis over the remaining lease term. We use various channels to sell vehicles returned at lease-end. Upon disposition, the difference between the net book value of the lease and the proceeds received from the disposition of the asset, including any insurance proceeds is recorded as an adjustment to depreciation on operating leases. Note 5 – Investments in Operating Leases, Net (Continued) In conjunction with the adoption of ASU 2016-13 on April 1, 2020, we updated our depreciation policy for operating leases so that the useful life of the vehicles incorporates our historical experience on early terminations due to customer defaults. As a result, we changed the presentation for reporting early termination expenses related to customer defaults on investments in operating leases. Previously, we presented the early termination expenses reserve on operating leases as part of the allowance for credit losses which reduced Investments in operating leases, net in the Consolidated Balance Sheets, and as part of Provision for credit losses in the Consolidated Statements of Income. We now consider the effects of operating lease early terminations when determining depreciation estimates, which are included as part of accumulated depreciation within Investments in operating leases, net in the Consolidated Balance Sheets and Depreciation on operating leases in the Consolidated Statements of Income. As of April 1, 2020, the change in presentation increased accumulated depreciation and decreased allowance for credit losses by $90 million. The comparative period’s information continues to be reported under the relevant accounting presentation in effect for that period.
Derivative Instruments	Derivative Instruments Our liabilities consist mainly of fixed and variable rate debt, denominated in U.S. dollars and various other currencies, which we issue in the global capital markets, while our assets consist primarily of U.S. dollar denominated, fixed rate receivables. We enter into interest rate swaps, and foreign currency swaps to economically hedge the interest rate and foreign currency risks that result from the different characteristics of our assets and liabilities. Our use of derivative transactions is intended to reduce long-term fluctuations in the fair value of assets and liabilities caused by market movements. All of our derivative activities are authorized and monitored by our management and our Asset-Liability Committee which provides a framework for financial controls and governance to manage market risk. We categorize derivatives as those designated for hedge accounting (“hedge accounting derivatives”) and those that are not designated for hedge accounting (“non-hedge accounting derivatives”). At the inception of a derivative contract, we may elect to designate a derivative as a hedge accounting derivative if certain criteria are met. We had no hedge accounting derivatives as of March 31, 2021 and 2020, respectively. All derivative instruments are recorded on the balance sheet at fair value, taking into consideration the effects of legally enforceable master netting agreements that allow us to net settle asset and liability positions and offset cash collateral with the same counterparty on a net basis. Changes in the fair value of our derivative instruments are recorded in Interest expense in our Consolidated Statements of Income. The derivative instruments are included as a component of Other assets or Other liabilities in our Consolidated Balance Sheets.
Offsetting of Derivatives	Offsetting of Derivatives Accounting guidance permits the net presentation on our Consolidated Balance Sheets of derivative receivables and derivative payables with the same counterparty and the related cash collateral when a legally enforceable master netting agreement exists. When we meet this condition, we elect to present such balances on a net basis. Our International Swaps and Derivatives Association Master Agreements are our master netting agreements which permit multiple transactions to be cancelled and settled with a single net balance paid to either party. The master netting agreements also contain reciprocal collateral agreements which require the transfer of cash collateral to the party in a net asset position across all transactions. Our collateral agreements with substantially all our counterparties include a zero threshold, full collateralization arrangement. Although we have daily valuation and collateral exchange arrangements with all of our counterparties, due to the time required to move collateral, there may be a delay of up to one day between the exchange of collateral and the valuation of our derivatives. We would not be required to post additional collateral to the counterparties with whom we were in a net liability position at March 31, 2021, if our credit ratings were to decline, since we fully collateralize without regard to credit ratings with these counterparties. In addition, as our collateral agreements include legal right of offset provisions, collateral amounts are netted against derivative assets or derivative liabilities, the net amount of which is included in Other assets or Other liabilities in our Consolidated Balance Sheets.
Debt Issuance Costs	Debt issuance costs are deferred and amortized to interest expense on an effective yield basis over the contractual term of the debt.
Foreign Currency Transactions	Upon issuance of fixed rate debt, we generally elect to enter into pay-float swaps to convert fixed rate payments on debt to floating rate payments. Certain unsecured notes and loans payable are denominated in various foreign currencies. The debt is translated into U.S. dollars using the applicable exchange rate at the transaction date and retranslated at each balance sheet date using the exchange rate in effect at that date. Concurrent with the issuance of these foreign currency unsecured notes and loans payable, we enter into currency swaps in the same notional amount to convert non-U.S. currency payments to U.S. dollar denominated payments. Gains and losses related to foreign currency transactions are included in Interest expense in our Consolidated Statements of Income.
Secured Notes and Loans Payable	Secured Notes and Loans Payable Our secured notes and loans payable are denominated in U.S. dollars and consist of both fixed and variable rate debt. Secured notes and loans payable are issued using on-balance sheet securitization trusts, as further discussed in Note 8 – Variable Interest Entities. These notes are repayable only from collections on the underlying securitized retail finance receivables and the beneficial interests in investments in operating leases and from related credit enhancements. Some of our secured notes are backed by a revolving pool of finance receivables and cash collateral, with the ability to repay the notes in full after the revolving period ends, after which an amortization period begins.
Variable Interest Entities	A VIE is an entity that either (i) has insufficient equity to permit the entity to finance its activities without additional subordinated financial support or (ii) has equity investors who lack the characteristics of a controlling financial interest. The primary beneficiary of a VIE is the party with both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb the losses or the right to receive benefits that could potentially be significant to the VIE. To assess whether we have the power to direct the activities of a VIE that most significantly impact its economic performance, we consider all the facts and circumstances including our role in establishing the VIE and our ongoing rights and responsibilities. This assessment includes identifying the activities that most significantly impact the VIE’s economic performance and identifying which party, if any, has power over those activities. In general, the party that makes the most significant decisions affecting the VIE is determined to have the power to direct the activities of the VIE. To assess whether we have the obligation to absorb the losses or the right to receive benefits that could potentially be significant to the VIE, we consider all of our economic interests, including debt and equity interests, servicing rights and fee arrangements, and any other variable interests in the VIE. If we determine that we are the party with the power to make the most significant decisions affecting the VIE, and we have an obligation to absorb the losses or the right to receive benefits that could potentially be significant to the VIE, then we consolidate the VIE. We perform ongoing reassessments, usually quarterly, of whether we are the primary beneficiary of a VIE. The reassessment process considers whether we have acquired or divested the power to direct the most significant activities of the VIE through changes in governing documents or other circumstances. We also reconsider whether entities previously determined not to be VIEs have become VIEs, based on new events, and therefore could be subject to the VIE consolidation framework.
Income Taxes	We use the liability method of accounting for income taxes under which deferred tax assets and liabilities are adjusted to reflect changes in tax rates and laws in the period such changes are enacted resulting in adjustments to the current fiscal year’s provision for income taxes. TMCC files a consolidated federal income tax return with TFSIC and its subsidiaries. Current and deferred federal income taxes are allocated to TMCC as if it were a separate taxpayer. TMCC’s net operating losses and tax credits are utilized when those losses and credits are used by TFSIC and its subsidiaries including TMCC in the consolidated federal income tax return. TMCC files either separate or consolidated/combined state income tax returns with TMNA, TFSIC, or subsidiaries of TMCC. State income tax expense is generally recognized as if TMCC and its subsidiaries filed their tax returns on a stand-alone basis. In those states where TMCC and its subsidiaries join in the filing of consolidated or combined income tax returns, TMCC and its subsidiaries are allocated their share of the total income tax expense based on combined allocation/apportionment factors and separate company income or loss. Based on the federal and state tax sharing agreements, TFSIC and TMCC and its subsidiaries pay for their share of the income tax expense and are reimbursed for the benefit of any of their tax losses and credits utilized in the federal and state income tax returns.
Fair Value Measurement	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to determine fair value of our assets and liabilities, we use quoted prices for identical or similar instruments, otherwise we utilize valuation models with observable or calculated inputs. The use of observable quotes for identical or similar instruments and the use of unobservable inputs is reflected in the fair value hierarchy assessment disclosed in the tables within this Note as Level 1, 2 and 3 defined below. The availability of observable inputs can vary based upon the financial instrument and other factors, such as instrument type, market liquidity and other specific characteristics particular to the financial instrument. To the extent that a valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires additional judgment by management. We use prices and inputs that are current as of the measurement date, including during periods of market disruption. In periods of market disruption, the availability of prices and inputs may be reduced for certain financial instruments. This condition could result in a financial instrument being reclassified from Level 1 to Level 2 or from Level 2 to Level 3. Level 1: Quoted (unadjusted) prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Quoted prices in active markets for similar assets and liabilities, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability. Level 3: Unobservable inputs that are supported by little or no market activity and may require significant judgment in order to determine the fair value of the assets and liabilities. Valuation Adjustments We may make valuation adjustments to ensure that financial instruments are recorded at fair value. These adjustments include amounts to reflect counterparty credit quality, our own creditworthiness, as well as constraints due to market illiquidity or unobservable parameters. Recurring Fair Value Measurements Cash and cash equivalents and Restricted cash and cash equivalents The fair value of cash equivalents and restricted cash equivalents approximates the carrying value and these instruments are classified as Level 1 within the fair value hierarchy. Investments in marketable securities We estimate the value of our AFS debt securities using observed transaction prices, independent third-party pricing valuation vendors, and internal valuation models. We may hold investments in actively traded open-end and private placement equity investments. Where the equity investments produce a daily net asset value that is quoted in an active market, we use this value to determine the fair value of the equity investment and classify the investment as Level 1 within the fair value hierarchy. The fair value of equity investments that produce a daily net asset value that is not quoted in an active market is estimated using the net asset value per share (or its equivalent) as practical expedient and are excluded from leveling within the fair value hierarchy. In addition, we may hold individual securities where valuation methodologies and inputs to valuation models depend on the security type, thus they may be classified differently within the leveling hierarchy. Where possible, quoted prices in active markets for identical or similar securities are used to determine the fair value of the investment securities; those securities are classified as Level 1 or 2, respectively. Where quoted prices in active markets are not available, we use various valuation models for each asset class that are consistent with what market participants use. The inputs and assumptions to the models are derived from market observable sources including: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, benchmark securities, bids, offers, and other market-related data. These investments are generally classified as Level 2 within the fair value hierarchy, however, depending on the significance of the unobservable inputs they may also be classified as Level 3.
Fair Value Transfer	Derivatives We estimate the fair value of our derivatives using industry standard valuation models that require observable market inputs, including market prices, interest rates, foreign exchange rates, volatilities, counterparty credit risk, our own non-performance risk and the contractual terms of the derivative instruments. We consider counterparty credit risk and our own non-performance risk through credit valuation adjustments. For derivatives that trade in liquid markets, model inputs can generally be verified and do not require significant management judgment. These derivative instruments are classified as Level 2 within the fair value hierarchy. Certain other derivative transactions trade in less liquid markets with limited pricing information. For such derivatives, key inputs to the valuation process include quotes from counterparties and other market data used to corroborate and adjust values where appropriate. Other market data includes values obtained from a market participant that serves as a third-party valuation vendor. These derivative instruments are classified as Level 3 within the fair value hierarchy. Nonrecurring Fair Value Measurements Nonrecurring fair value measurements include Level 3 net finance receivables that are not measured at fair value on a recurring basis but are subject to fair value adjustments utilizing the fair value of the underlying collateral when there is evidence of impairment. Nonrecurring fair value items as of March 31, 2021 and 2020 were not significant. Retail finance receivables greater than 120 days past due are measured at fair value based on the fair value of the underlying collateral less costs to sell. The fair value of collateral is based on the current average selling prices for like vehicles at wholesale used vehicle auctions. Level 3 Fair Value Measurements The Level 3 financial assets and liabilities recorded at fair value which are subject to recurring and nonrecurring fair value measurement, and the corresponding activity and change in the fair value measurements of these assets and liabilities, were not significant to our Consolidated Balance Sheets as of March 31, 2021 and 2020, or Consolidated Statements of Income for the years ended March 31, 2021 and 2020.
Financial Instruments Not Carried at Fair Value	Financial Instruments Not Carried at Fair Value Finance receivables Our finance receivables consist of retail loans and dealer financing loans, which are comprised of wholesale, real estate and working capital financing. Retail finance receivables are primarily valued using a securitization model that incorporates expected cash flows. Cash flows expected to be collected are estimated using contractual principal and interest payments adjusted for specific factors, such as prepayments, extensions, default rates, loss severity, credit scores, and collateral type. The securitization model utilizes quoted secondary market rates if available, or estimated market rates that incorporate management's best estimate of investor assumptions about the portfolio. The dealer financing portfolio is valued using a discounted cash flow model. Discount rates are derived based on market rates for equivalent portfolio bond ratings. As these valuations utilize unobservable inputs, our finance receivables are classified as Level 3 within the fair value hierarchy. Unsecured notes and loans payable The fair value of commercial paper is assumed to approximate the carrying value due to its short duration and generally negligible credit risk. We validate this assumption by recalculating the fair value of our commercial paper using quoted market rates. Commercial paper is classified as Level 2 within the fair value hierarchy. Other unsecured notes and loans payable are primarily valued using current market rates and credit spreads for debt with similar maturities. Our valuation models utilize observable inputs such as standard industry curves; therefore, we classify these unsecured notes and loans payables as Level 2 within the fair value hierarchy. When observable inputs are not available for all assumptions, we estimate the fair value using internal assumptions such as volatility and expected credit losses. As these valuations utilize unobservable inputs, we classify these unsecured notes and loans payable as Level 3 within the fair value hierarchy. Secured notes and loans payable Fair value is estimated based on current market rates and credit spreads for debt with similar maturities. We also use internal assumptions, including prepayment speeds and expected credit losses on the underlying securitized assets, to estimate the timing of cash flows to be paid on these instruments. As these valuations utilize unobservable inputs, our secured notes and loans payables are classified as Level 3 within the fair value hierarchy. Other liabilities Our Other liabilities include notes payable to related parties. As these notes are short term in nature, the carrying value is deemed to approximate fair value and they are classified as Level 3 within the fair value hierarchy.
Credit Loss Financial Instrument	In conjunction with the adoption of ASU 2016-13, we have changed the presentation of accrued interest related to finance receivables in the Consolidated Balance Sheet from Finance receivables, net to Other assets; however, TMCC measures the fair value of each class of finance receivables using scheduled principal and interest payments.  Therefore, accrued interest has been included in the carrying value of each class of finance receivables in the tables above, along with finance receivables, deferred origination costs, deferred income, and allowance for credit losses.
Revenue Recognition	Voluntary protection contract revenues We receive the contractually determined dealer cost at the inception of the contract. Revenue is then deferred and recognized over the term of the contract according to earnings factors established by management that are based upon historical loss experience. Contracts sold range in term from 3 to 120 months and are typically cancellable at any time. The effect of subsequent cancellations is recorded as an offset to unearned voluntary protection contract revenues in Other liabilities on our Consolidated Balance Sheets. For the years ended March 31, 2021 and 2020, respectively, approximately 83 percent and 84 percent of voluntary protection contract revenues in the Voluntary protection operations segment were accounted for under ASU 2014-09. The Voluntary protection operations segment defers contractually determined incentives paid to dealers as contract costs for selling voluntary protection products. These costs are recorded in Other assets on our Consolidated Balance Sheets and are amortized to Operating and administrative expenses on the Consolidated Statements of Income using a methodology consistent with the recognition of revenue. The amount of capitalized dealer incentives and the related amortization was not significant to our consolidated financial statements as of and for the years ended March 31, 2021 and 2020.
Insurance Losses and Loss Adjustment Expenses	Insurance earned premiums Revenues from providing coverage under various insurance contracts are recognized over the term of the coverage in relation to the timing and level of anticipated claims. Revenues from insurance policies, net of premiums ceded to reinsurers, are earned over the terms of the respective policies in proportion to the estimated loss development. Management relies on historical loss experience as a basis for establishing earnings factors used to recognize revenue over the term of the contract or policy. Voluntary protection contract expenses and insurance losses Voluntary protection contract expenses and insurance losses include amounts paid and accrued for loss events that are known and have been recorded as claims, estimates of losses incurred but not reported based on actuarial estimates and historical loss development patterns, and loss adjustment expenses that are expected to be incurred in connection with settling and paying these claims. Accruals for unpaid losses, losses incurred but not reported, and loss adjustment expenses are included in Other liabilities in our Consolidated Balance Sheets. These accruals arising from contracts entered into by TMIS are not significant as of March 31, 2021 and 2020. Estimated liabilities are reviewed regularly, and we recognize any adjustments in the periods in which they are determined. If anticipated losses, loss adjustment expenses, and unamortized acquisition and maintenance costs exceed the recorded unearned premium, a premium deficiency is recognized by first charging any unamortized acquisition costs to expense and then by recording a liability for any excess deficiency.
Risk Transfer	Risk Transfer Our voluntary protection operations transfer certain risks to protect us against the impact of unpredictable high severity losses. The amounts recoverable from reinsurers and other companies that assume liabilities relating to our Voluntary protection operations are determined in a manner consistent with the related reinsurance or risk transfer contract. Amounts recoverable from reinsurers and other companies on unpaid losses are recorded as a receivable but are not collectible until the losses are paid. Revenues related to risks transferred are recognized on the same basis as the related revenues from the underlying contracts. Covered losses are recorded as a reduction to Voluntary protection contract expenses and insurance losses.

Cash and Cash Equivalents and_2

Cash and Cash Equivalents and Investments in Marketable Securities (Tables)	12 Months Ended
	Mar. 31, 2021
Marketable Securities [Abstract]
Summary of Investments in Marketable Securities	Investments in marketable securities consisted of the following: March 31, 2021 Amortized Unrealized Unrealized Fair cost gains losses value Available-for-sale debt securities: U.S. government and agency obligations $ 217 $ 4 $ (10 ) $ 211 Municipal debt securities 8 2 - 10 Commercial paper 196 - - 196 Corporate debt securities 177 12 (2 ) 187 Mortgage-backed securities: U.S. government agency 31 1 - 32 Non-agency residential 1 - - 1 Non-agency commercial 47 2 (2 ) 47 Asset-backed securities 49 3 - 52 Total available-for-sale debt securities $ 726 $ 24 $ (14 ) $ 736 Equity investments 4,084 Total investments in marketable securities $ 4,820 March 31, 2020 Amortized Unrealized Unrealized Fair cost gains losses value Available-for-sale debt securities: U.S. government and agency obligations $ 160 $ 16 $ - $ 176 Municipal debt securities 9 2 - 11 Certificates of deposit 250 - (1 ) 249 Commercial paper 604 - (3 ) 601 Corporate debt securities 188 10 (1 ) 197 Mortgage-backed securities: U.S. government agency 47 2 - 49 Non-agency residential 1 - - 1 Non-agency commercial 47 - (2 ) 45 Asset-backed securities 75 - (3 ) 72 Total available-for-sale debt securities $ 1,381 $ 30 $ (10 ) $ 1,401 Equity investments 2,419 Total investments in marketable securities $ 3,820
Schedule of Gains and Losses on Investments in Marketable Securities Presented in Our Consolidated Statement of Income	The following table represents gains and losses on our investments in marketable securities presented in our Consolidated Statements of Income: Years ended March 31, 2021 2020 2019 Available-for-sale debt securities: Realized gains (losses) $ 20 $ 9 $ (12 ) Other-than-temporary impairment $ (8 ) $ - Equity investments: Unrealized gains recognized $ 114 $ 41 $ 14 Realized gains on sales $ 15 $ 5 $ -
Summary of Contractual Maturities of Available-For-Sale Debt Securities	The amortized cost and fair value by contractual maturities of available-for-sale debt securities are summarized in the following table. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations. March 31, 2021 Amortized Fair value Available-for-sale debt securities: Due within 1 year $ 232 $ 232 Due after 1 year through 5 years 133 139 Due after 5 years through 10 years 153 156 Due after 10 years 80 77 Mortgage-backed and asset-backed securities 1 128 132 Total $ 726 $ 736 1 Mortgage-backed and asset-backed securities are shown separately from other maturity groupings as these securities have multiple maturity dates.

Finance Receivables, Net (Table

Finance Receivables, Net (Tables)	12 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Net Financing Receivables	Finance receivables, net consisted of the following: March 31, March 31, 2021 2020 Retail receivables 1 $ 66,991 $ 57,088 Dealer financing 13,642 17,873 80,633 74,961 Deferred origination costs 1,145 890 Deferred income (1,408 ) (1,128 ) Allowance for credit losses Retail and securitized retail receivables (1,075 ) (486 ) Dealer financing (103 ) (241 ) Total allowance for credit losses (1,178 ) (727 ) Finance receivables, net $ 79,192 $ 73,996 1
Contractual Maturities on Retail Receivables and Dealer Financing	Contractual maturities on retail receivables and dealer financing are as follows: Contractual maturities Years ending March 31, Retail receivables Dealer financing 2022 $ 15,797 $ 8,155 2023 15,321 1,727 2024 13,510 984 2025 10,960 588 2026 7,551 778 Thereafter 3,852 1,410 Total $ 66,991 $ 13,642
Schedule of Amortized Cost Basis of Retail Loan Portfolio and Dealer Products Portfolio by Credit Quality Indicator	The following table presents the amortized cost basis of our retail loan portfolio by credit quality indicator based on number of days outstanding by origination year at March 31, 2021: Amortized Cost Basis by Origination Fiscal Year 2021 2020 2019 2018 2017 2016 and Prior Total Aging of finance receivables: Current $ 32,026 $ 16,047 $ 8,972 $ 5,977 $ 2,435 $ 496 $ 65,953 30-59 days past due 147 145 114 83 46 27 562 60-89 days past due 37 39 28 21 11 8 144 90 days or greater past due 18 18 13 9 5 6 69 Total $ 32,228 $ 16,249 $ 9,127 $ 6,090 $ 2,497 $ 537 $ 66,728 The following table presents the amortized cost basis of our dealer products portfolio by credit quality indicator based on internal risk assessments by origination year at March 31, 2021: Amortized Cost Basis by Origination Fiscal Year 2021 2020 2019 2018 2017 2016 and Prior Revolving loans Total Wholesale Performing $ - $ - $ - $ - $ - $ - $ 5,893 $ 5,893 Credit Watch - - - - - - 218 218 At Risk - - - - - - 35 35 Default - - - - - - 11 11 Wholesale total $ - $ - $ - $ - $ - $ - $ 6,157 $ 6,157 Real estate Performing $ 1,874 $ 320 $ 596 $ 356 $ 312 $ 1,493 $ - $ 4,951 Credit Watch 8 49 3 20 9 99 - 188 At Risk 13 - - - 12 17 - 42 Default - - - 13 9 - - 22 Real estate total $ 1,895 $ 369 $ 599 $ 389 $ 342 $ 1,609 $ - $ 5,203 Working Capital Performing $ 503 $ 334 $ 200 $ 41 $ 106 $ 176 $ 878 $ 2,238 Credit Watch 1 - 6 1 - 19 9 36 At Risk 1 - - - 7 - - 8 Default - - - - - - - - Working capital total $ 505 $ 334 $ 206 $ 42 $ 113 $ 195 $ 887 $ 2,282 Total $ 2,400 $ 703 $ 805 $ 431 $ 455 $ 1,804 $ 7,044 $ 13,642
Schedule of Retail Loan Portfolio and Dealer Products Portfolio by Credit Quality Indicator	The following table presents our retail loan portfolio by credit quality indicator at March 31, 2020: Retail loan March 31, 2020 Aging of finance receivables: Current $ 56,064 30-59 days past due 717 60-89 days past due 203 90 days or greater past due 104 Total $ 57,088 The following table presents our dealer products portfolio by credit quality indicator at: March 31, 2020 Wholesale Real estate Working capital Total Credit quality indicators: Performing $ 8,750 $ 3,974 $ 3,132 $ 15,856 Credit Watch 962 576 195 1,733 At Risk 92 55 92 239 Default 22 23 - 45 Total $ 9,826 $ 4,628 $ 3,419 $ 17,873
Aging of Amortized Cost Basis of Finance Receivables by Class	The following table presents the aging of the amortized cost basis of our finance receivables by class: March 31, 2021 30 - 59 Days past due 60 - 89 Days past due 90 Days or greater past due Total Past due Current Total Finance receivables 90 Days or greater past due and accruing Retail loan $ 562 $ 144 $ 69 $ 775 $ 65,953 $ 66,728 $ 39 Wholesale - - - - 6,157 6,157 - Real estate - - - - 5,203 5,203 - Working capital - - - - 2,282 2,282 - Total $ 562 $ 144 $ 69 $ 775 $ 79,595 $ 80,370 $ 39 Finance receivables excludes accrued interest of $187 million as of March 31, 2021. The following table presents the aging of finance receivables by class: March 31, 2020 30 - 59 Days past due 60 - 89 Days past due 90 Days or greater past due Total Past due Current Total Finance receivables 90 greater p due and accruing Retail loan $ 717 $ 203 $ 104 $ 1,024 $ 56,064 $ 57,088 $ 66 Wholesale - - - - 9,826 9,826 - Real estate - - 1 1 4,627 4,628 - Working capital - - - - 3,419 3,419 - Total $ 717 $ 203 $ 105 $ 1,025 $ 73,936 $ 74,961 $ 66

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	12 Months Ended
	Mar. 31, 2021
Loans And Leases Receivable Disclosure [Abstract]
Allowance for Credit Losses and Finance Receivables by Portfolio Segment	The following tables provide information related to our allowance for credit losses for finance receivables and certain off-balance sheet lending commitments by portfolio segment: Year ended March 31, 2021 Retail loan Dealer p Total Beginning balance, April 1, 2020 $ 486 $ 241 $ 727 Adoption of ASU 2016-13 1 281 11 292 Charge-offs (287 ) - (287 ) Recoveries 48 9 57 Provision for credit losses 547 (121 ) 426 Ending balance, March 31, 2021 2 $ 1,075 $ 140 $ 1,215 1 Cumulative pre-tax adjustments recorded to retained earnings as of April 1, 2020. See Note 1 – Basis of Presentation and Significant Accounting Policies for additional information. 2 Ending balance includes $37 million of allowance for credit losses related to off-balance sheet commitments in the dealer products portfolio which is included in Other liabilities in the Consolidated Balance Sheet Year ended March 31, 2020 1 Allowance for Credit Losses for Finance Receivables: Retail loan Dealer p Total Beginning balance, April 1, 2019 $ 304 $ 195 $ 499 Charge-offs (358 ) (12 ) (370 ) Recoveries 50 - 50 Provision for credit losses 490 58 548 Ending balance, March 31, 2020 $ 486 $ 241 $ 727 1 The omparative period’s information continues to be reported under the relevant accounting presentation in effect for that period. Finance receivables for the dealer products portfolio segment as of March 31, 2020 includes $1,047 million in finance receivables that are guaranteed by TMNA, 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 TMNA and third-party private Toyota distributors.

Investments in Operating Leas_2

Investments in Operating Leases, Net (Tables)	12 Months Ended
	Mar. 31, 2021
Leases Operating [Abstract]
Investments in Operating Leases, Net	Investments in operating leases, net consisted of the following: March 31, March 31, 2021 2020 Investments in operating leases 1 $ 48,337 $ 48,638 Deferred origination (fees) and costs, net (101 ) (223 ) Deferred income (1,759 ) (1,962 ) Accumulated depreciation (9,386 ) (9,976 ) Allowance for credit losses - (90 ) Investments in operating leases, net $ 37,091 $ 36,387 1
Future Minimum Rentals on Investments in Operating Leases	Future minimum rentals on investments in operating leases are as follows: Years ending March 31, Future minimum rentals on operating leases 2022 $ 5,969 2023 3,807 2024 1,505 2025 101 2026 7 Thereafter - Total $ 11,389

Derivatives, Hedging Activiti_2

Derivatives, Hedging Activities and Interest Expense (Tables)	12 Months Ended
	Mar. 31, 2021
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 our Consolidated Balance Sheets: March 31, 2021 March 31, 2020 Fair Fair Notional value Notional value Other assets: Interest rate swaps $ 44,125 $ 1,026 $ 30,362 $ 1,410 Foreign currency swaps 7,274 330 488 27 Total $ 51,399 $ 1,356 $ 30,850 $ 1,437 Counterparty netting (840 ) (966 ) Collateral held (462 ) (420 ) Carrying value of derivative contracts – Other assets $ 54 $ 51 Other liabilities: Interest rate swaps $ 55,062 $ 1,142 $ 69,079 $ 1,826 Foreign currency swaps 4,321 243 13,181 1,290 Total $ 59,383 $ 1,385 $ 82,260 $ 3,116 Counterparty netting (840 ) (966 ) Collateral posted (544 ) (2,105 ) Carrying value of derivative contracts – Other liabilities $ 1 $ 45
Components of Interest Expense	The following table summarizes the components of interest expense, including the location and amount of gains and losses on derivative instruments and related hedged items, as reported in our Consolidated Statements of Income: Years Ended March 31, 2021 2020 2019 Interest expense on debt $ 1,954 $ 2,488 $ 2,559 Interest expense (income) on derivatives 420 180 (53 ) Interest expense on debt and derivatives 2,374 2,668 2,506 Losses (gains) on debt denominated in foreign currencies 1,402 (703 ) (1,078 ) (Gains) losses on foreign currency swaps (1,351 ) 650 1,015 (Gains) losses on U.S. dollar interest rate swaps (123 ) 219 304 Total interest expense $ 2,302 $ 2,834 $ 2,747

Debt and Credit Facilities (Tab

Debt and Credit Facilities (Tables)	12 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt and Related Weighted Average Contractual Interest Rates	Debt and the related weighted average contractual interest rates are summarized as follows: March 31, 2021 March 31, 2020 Face value Carrying value Weighted average contractual interest rates Face value Carrying value Weighted average contractual interest rates Unsecured notes and loans payable $ 85,759 $ 85,513 1.31 % $ 83,477 $ 83,172 2.07 % Secured notes and loans payable 24,256 24,212 1.29 % 14,597 14,568 2.13 % Total debt $ 110,015 $ 109,725 1.31 % $ 98,074 $ 97,740 2.08 %
Schedule of Maturities of Long-term Debt	Debt is callable at par value. Scheduled maturities of our debt portfolio are summarized below. Actual repayment of secured debt will vary based on the repayment activity on the related pledged assets. Future Years ending March 31, debt maturities 2022 $ 52,106 2023 23,564 2024 11,196 2025 6,245 2026 9,327 Thereafter 1 7,577 Unamortized premiums, discounts and debt issuance costs (290 ) Total debt $ 109,725 1 Unsecured and secured notes and loans payable mature on various dates through fiscal 2049.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Mar. 31, 2021
Variable Interest Entities [Abstract]
Schedule of Assets and Liabilities related to Variable Interest Entities Securitization Transactions	The following tables show the assets and liabilities related to our VIE securitization transactions that were included in our Consolidated Balance Sheets: March 31, 2021 VIE Assets VIE Liabilities Net Restricted cash securitized assets Other assets Debt Other liabilities Retail finance receivables $ 1,521 $ 21,745 $ 46 $ 19,665 $ 13 Investments in operating leases 436 6,599 43 4,547 1 Total $ 1,957 $ 28,344 $ 89 $ 24,212 $ 14 March 31, 2020 VIE Assets VIE Liabilities Net Restricted cash securitized assets Other assets Debt Other liabilities Retail finance receivables $ 694 $ 12,375 $ 5 $ 10,933 $ 10 Investments in operating leases 302 5,586 126 3,635 2 Total $ 996 $ 17,961 $ 131 $ 14,568 $ 12

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Guarantees	We have entered into certain commitments and guarantees for which the maximum unfunded amounts are summarized in the table below: March 31, March 31, 2021 2020 Commitments: Credit facilities commitments with dealers $ 2,338 $ 1,226 Commitments under operating lease agreements 141 139 Total commitments 2,479 1,365 Guarantees of affiliate pollution control and solid waste disposal bonds 100 100 Total commitments and guarantees $ 2,579 $ 1,465
Summary of Commitments under Operating Lease Agreements	Our commitments under operating lease agreements are summarized below: March 31, Years ending March 31, 2021 2022 $ 26 2023 18 2024 16 2025 13 2026 12 Thereafter 56 Total $ 141 Present value discount (16 ) Total operating lease liability $ 125
Summary of Additional Information Related to Operating Lease Agreements	The following table provides additional information related to operating lease agreements for which we are the lessee: March 31, 2021 ROU assets $ 111 Weighted average remaining lease term (in years) 8.56 Weighted average discount rate 2.77% Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities - operating cash flows $ 22 Supplemental non-cash information ROU assets obtained in exchange for operating lease obligations $ 15

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Provision for Income Taxes	The provision for income taxes consisted of the following: Years ended March 31, 2021 2020 2019 Current Federal $ 2,756 $ (19 ) $ (55 ) State 386 120 76 Foreign 11 8 4 Total 3,153 109 25 Deferred Federal (2,243 ) 145 207 State (276 ) (141 ) (49 ) Foreign (2 ) (2 ) (1 ) Total (2,521 ) 2 157 Provision for income taxes $ 632 $ 111 $ 182
Reconciliation Between U.S. Federal Statutory Tax Rate and Effective Tax Rate	A reconciliation between the U.S. federal statutory tax rate and the effective tax rate is as follows: Years ended March 31, 2021 2020 2019 Provision for income taxes at U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % State and local taxes (net of federal tax benefit) 3.9 % 4.0 % 4.6 % Effect of state tax law changes (0.2 )% (3.9 )% (1.3 )% Federal tax credits (0.5 )% (3.7 )% (1.0 )% Tax rate differential from tax loss carryback - (5.6 )% (2.8 )% Adjustment for prior year provision to return differences (0.2 )% (1.0 )% (1.4 )% Other, net (0.1 )% - (0.5 )% Effective tax rate 23.9 % 10.8 % 18.6 %
Deferred Tax Liabilities and Assets	Our net deferred income tax liability consisted of the following deferred tax liabilities and assets: March 31, 2021 2020 Liabilities: Lease transactions $ 2,765 $ 5,180 State taxes, net of federal tax benefit 377 629 Voluntary protection dealer commissions 290 254 Mark-to-market of investments in marketable securities and derivatives 34 14 Other 82 83 Deferred tax liabilities $ 3,548 $ 6,160 Assets: Provision for credit and residual value losses 421 370 Deferred costs and fees 187 188 Net operating loss and tax credit carryforwards 29 100 Lease obligations 27 25 Other 33 32 Deferred tax assets 697 715 Valuation allowance (9 ) (13 ) Net deferred tax assets $ 688 $ 702 Net deferred income tax liability 1 $ 2,860 $ 5,458 1
Change in Unrecognized Tax Benefits	The change in unrecognized tax benefits are as follows: March 31, 2021 2020 2019 Balance at beginning of the year $ 19 $ 7 $ 6 Increases related to positions taken during the current year 1 12 1 Increases recorded in current year related to positions taken during prior years 2 - - Expirations due to lapse of statute (7 ) - - Balance at end of year $ 15 $ 19 $ 7

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions Included in Consolidated Statements of Income	The tables below show the financial statement line items and amounts included in our Consolidated Statements of Income and in our Consolidated Balance Sheets under various related party agreements or relationships: Years ended March 31, 2021 2020 2019 Net financing revenues: Manufacturer's subvention and other revenues $ 1,997 $ 2,065 $ 1,930 Depreciation on operating leases $ (113 ) $ (59 ) $ (24 ) Interest expense: Credit support fees, interest and other expenses $ 117 $ 96 $ 96 Voluntary protection contract revenues and insurance earned premiums: Voluntary protection contract revenues and insurance earned premiums $ 173 $ 181 $ 181 Investment and other income, net: Interest and other income $ 18 $ 26 $ 16 Expenses: Operating and administrative expenses $ 91 $ 102 $ 95 Voluntary protection contract expenses and insurance losses 1 $ - $ - $ (3 ) 1 Amount includes the transfer of voluntary protection contract expenses under a reinsurance contract.
Related Party Transactions Included in Consolidated Balance Sheets	The tables below show the financial statement line items and amounts included in our Consolidated Statements of Income and in our Consolidated Balance Sheets under various related party agreements or relationships: March 31, March 31, 2021 2020 Assets: Cash and cash equivalents Commercial paper $ 6 $ 276 Investments in marketable securities Commercial paper $ 196 $ 601 Finance receivables, net Accounts receivable $ 140 $ 112 Deferred retail subvention income $ (1,156 ) $ (1,065 ) Investments in operating leases, net Investments in operating leases, net $ (236 ) $ (100 ) Deferred lease subvention income $ (1,528 ) $ (1,941 ) Other assets Notes receivable $ 869 $ 1,175 Other receivables, net $ 83 $ 97 Liabilities: Other liabilities Unearned voluntary protection contract revenues and insurance earned premiums $ 352 $ 344 Other payables, net $ 306 $ 220 Notes payable $ 19 $ 3,032

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables summarize our financial assets and financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy except for certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and are excluded from the leveling information provided in the tables below. Fair value amounts presented below are intended to permit reconciliation of the fair value hierarchy to the amounts presented in our Consolidated Balance Sheets. March 31, 2021 Counterparty netting & Fair Level 1 Level 2 Level 3 collateral value Investments in marketable securities: Available-for-sale debt securities: U.S. government and agency obligations $ 209 $ 2 $ - $ - $ 211 Municipal debt securities - 10 - - 10 Commercial paper 20 176 - - 196 Corporate debt securities - 187 - - 187 Mortgage-backed securities: U.S. government agency - 32 - - 32 Non-agency residential - - 1 - 1 Non-agency commercial - 5 42 - 47 Asset-backed securities - 19 33 - 52 Available-for-sale debt securities total 229 431 76 - 736 Equity investments: Fixed income mutual funds: Fixed income mutual funds measured at net asset value 772 Total return bond funds 2,429 - - - 2,429 Equity mutual funds 883 - - - 883 Equity investments total 3,312 - - - 4,084 Investments in marketable securities total 3,541 431 76 - 4,820 Derivative assets: Interest rate swaps - 1,026 - - 1,026 Foreign currency swaps - 330 - - 330 Counterparty netting and collateral - - - (1,302 ) (1,302 ) Derivative assets total - 1,356 - (1,302 ) 54 Assets at fair value 3,541 1,787 76 (1,302 ) 4,874 Derivative liabilities: Interest rate swaps - (1,142 ) - - (1,142 ) Foreign currency swaps - (243 ) - - (243 ) Counterparty netting and collateral - - - 1,384 1,384 Liabilities at fair value - (1,385 ) - 1,384 (1 ) Net assets at fair value $ 3,541 $ 402 $ 76 $ 82 $ 4,873 March 31, 2020 Counterparty netting & Fair Level 1 Level 2 Level 3 collateral value Investments in marketable securities: Available-for-sale debt securities: U.S. government and agency obligations $ 174 $ 2 $ - $ - $ 176 Municipal debt securities - 11 - - 11 Certificates of deposit - 249 - - 249 Commercial paper - 601 - - 601 Corporate debt securities - 197 - - 197 Mortgage-backed securities: U.S. government agency - 49 - - 49 Non-agency residential - - 1 - 1 Non-agency commercial - - 45 - 45 Asset-backed securities - - 72 - 72 Available-for-sale debt securities total 174 1,109 118 - 1,401 Equity investments: Fixed income mutual funds: Fixed income mutual funds measured at net asset value 746 Total return bond funds 1,673 - - - 1,673 Equity investments total 1,673 - - - 2,419 Investments in marketable securities total 1,847 1,109 118 - 3,820 Derivative assets: Interest rate swaps - 1,410 - - 1,410 Foreign currency swaps - 27 - - 27 Counterparty netting and collateral - - - (1,386 ) (1,386 ) Derivative assets total - 1,437 - (1,386 ) 51 Assets at fair value 1,847 2,546 118 (1,386 ) 3,871 Derivative liabilities: Interest rate swaps - (1,826 ) - - (1,826 ) Foreign currency swaps - (1,290 ) - - (1,290 ) Counterparty netting and collateral - - - 3,071 3,071 Liabilities at fair value - (3,116 ) - 3,071 (45 ) Net assets at fair value $ 1,847 $ (570 ) $ 118 $ 1,685 $ 3,826
Financial Assets and Liabilities Not Carried at Fair Value on Recurring Basis on Consolidated Balance Sheets	The following tables provide information about assets and liabilities not carried at fair value on a recurring basis on our Consolidated Balance Sheets: March 31, 2021 Carrying Total Fair value Level 1 Level 2 Level 3 value Financial assets Finance receivables Retail loan $ 65,808 $ - $ - $ 69,007 $ 69,007 Wholesale 6,132 - - 6,158 6,158 Real estate 5,142 - - 5,224 5,224 Working capital 2,154 - - 2,171 2,171 Financial liabilities Unsecured notes and loans payable $ 85,513 $ - $ 86,205 $ 555 $ 86,760 Secured notes and loans payable 24,212 - - 24,478 24,478 March 31, 2020 Carrying Total Fair value Level 1 Level 2 Level 3 value Financial assets Finance receivables, net Retail loan $ 56,360 $ - $ - $ 57,303 $ 57,303 Wholesale 9,672 - - 9,637 9,637 Real estate 4,544 - - 4,140 4,140 Working capital 3,308 - - 2,811 2,811 Financial liabilities Unsecured notes and loans payable $ 83,172 $ - $ 82,429 $ 560 $ 82,989 Secured notes and loans payable 14,568 - - 14,608 14,608

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Financial information for our reportable operating segments, which includes allocated corporate expenses, is summarized as follows: Year ended March 31, 2021 Finance Voluntary protection Intercompany operations operations eliminations Total Total financing revenues $ 11,799 $ - $ - $ 11,799 Depreciation on operating leases 5,932 - - 5,932 Interest expense 2,302 - - 2,302 Net financing revenues 3,565 - - 3,565 Voluntary protection contract revenues and insurance earned premiums - 956 - 956 Investment and other income, net 93 317 - 410 Net financing and other revenues 3,658 1,273 - 4,931 Expenses: Provision for credit losses 426 - - 426 Operating and administrative expenses 1,124 363 - 1,487 Voluntary protection contract expenses and insurance losses - 369 - 369 Total expenses 1,550 732 - 2,282 Income before income taxes 2,108 541 - 2,649 Provision for income taxes 502 130 - 632 Net income $ 1,606 $ 411 $ - $ 2,017 Total assets $ 127,726 $ 6,149 $ (147 ) $ 133,728 Year ended March 31, 2020 Finance Voluntary protection Intercompany operations operations eliminations Total Total financing revenues $ 12,029 $ - $ - $ 12,029 Depreciation on operating leases 6,820 - - 6,820 Interest expense 2,854 - (20 ) 2,834 Net financing revenues 2,355 - 20 2,375 Voluntary protection contract revenues and insurance earned premiums - 933 - 933 Investment and other income, net 155 187 (20 ) 322 Net financing and other revenues 2,510 1,120 - 3,630 Expenses: Provision for credit losses 590 - - 590 Operating and administrative expenses 1,197 364 - 1,561 Voluntary protection contract expenses and insurance losses - 455 - 455 Total expenses 1,787 819 - 2,606 Income before income taxes 723 301 - 1,024 Provision for income taxes 39 72 - 111 Net income $ 684 $ 229 $ - $ 913 Total assets $ 121,180 $ 5,520 $ (1,145 ) $ 125,555 Year ended March 31, 2019 Finance Voluntary protection Intercompany operations operations eliminations Total Total financing revenues $ 11,640 $ - $ - $ 11,640 Depreciation on operating leases 6,909 - - 6,909 Interest expense 2,769 - (22 ) 2,747 Net financing revenues 1,962 - 22 1,984 Voluntary protection contract revenues and insurance earned premiums - 904 - 904 Investment and other income, net 188 126 (22 ) 292 Net financing and other revenues 2,150 1,030 - 3,180 Expenses: Provision for credit losses 372 - - 372 Operating and administrative expenses 1,038 347 - 1,385 Voluntary protection contract expenses and insurance losses - 446 - 446 Total expenses 1,410 793 - 2,203 Income before income taxes 740 237 - 977 Provision for income taxes 147 35 - 182 Net income $ 593 $ 202 $ - $ 795 Total assets $ 112,615 $ 5,066 $ (1,165 ) $ 116,516

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Tables)	12 Months Ended
	Mar. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data	Unaudited First Second Third Fourth quarter quarter quarter quarter Year ended March 31, 2021: Financing revenues: Operating lease $ 2,129 $ 2,114 $ 2,122 $ 2,116 Retail 672 723 749 761 Dealer 111 98 103 101 Total financing revenues 2,912 2,935 2,974 2,978 Depreciation on operating leases 1,685 1,349 1,450 1,448 Interest expense 548 495 491 768 Net financing revenues 679 1,091 1,033 762 Voluntary protection contract revenues and insurance earned premiums 235 238 241 242 Investment and other income, net 176 90 179 (35 ) Net financing revenues and other revenues 1,090 1,419 1,453 969 Expenses: Provision for credit losses 183 65 118 60 Operating and administrative 345 389 354 399 Voluntary protection contract expenses and insurance losses 75 92 98 104 Total expenses 603 546 570 563 Income before income taxes 487 873 883 406 Provision for income taxes 113 218 215 86 Net income $ 374 $ 655 $ 668 $ 320 Unaudited First Second Third Fourth quarter quarter quarter quarter Year ended March 31, 2020: Financing revenues: Operating lease $ 2,184 $ 2,197 $ 2,212 $ 2,182 Retail 589 638 661 670 Dealer 190 183 171 152 Total financing revenues 2,963 3,018 3,044 3,004 Depreciation on operating leases 1,625 1,583 1,712 1,900 Interest expense 697 613 755 769 Net financing revenues 641 822 577 335 Voluntary protection contract revenues and insurance earned premiums 229 232 231 241 Investment and other income, net 118 97 57 50 Net financing revenues and other revenues 988 1,151 865 626 Expenses: Provision for credit losses 75 61 128 326 Operating and administrative 337 358 406 460 Voluntary protection contract expenses and insurance losses 113 115 116 111 Total expenses 525 534 650 897 Income (loss) before income taxes 463 617 215 (271 ) Provision (benefit) for income taxes 104 158 34 (185 ) Net income (loss) $ 359 $ 459 $ 181 $ (86 )

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies - Additional Information (Details) - USD ($)	12 Months Ended
	Mar. 31, 2021	Apr. 01, 2020	Mar. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Restructuring and related activities, description	On March 24, 2021, we announced that we will restructure our customer service operations over the next two years to better serve our customers by relocating and streamlining the customer service operation, moving our three regional CSCs to be co-located with regional DSCs, and investing in new technology. Costs associated with this restructure are not expected to be significant.
Retained earnings	$ 14,670,000,000		$ 13,571,000,000
Allowance for credit losses	$ 1,178		$ 727
ASU 2016-13
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adoption date		Apr. 1, 2020
Change in accounting principle, accounting standards update, adopted [true false]		true
Change in accounting principle, accounting standards update, immaterial effect [true false]		false
ASU 2016-13 | Cumulative Effect Period of Adoption Adjustment
Summary Of Significant Accounting Policies [Line Items]
Retained earnings		$ 218,000,000
Allowance for credit losses		292,000,000
Accrued interest		$ 190,000,000
Accounting Standards Update 2018-13 [Member]
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adoption date	Apr. 1, 2020
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, immaterial effect [true false]	false
Accounting Standards Update 2018-15 [Member]
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adoption date	Apr. 1, 2020
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, immaterial effect [true false]	false
Accounting Standards Update 2019-04 [Member]
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adoption date	Apr. 1, 2020
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, immaterial effect [true false]	false
Accounting Standards Update 2018-17 [Member]
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adoption date	Apr. 1, 2020
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, immaterial effect [true false]	false
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | Finance Operations [Member] | California [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Percentage	22.00%
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | Finance Operations [Member] | Texas [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Percentage	11.00%
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | Finance Operations [Member] | New York [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Percentage	7.00%
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | Finance Operations [Member] | New Jersey [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Percentage	5.00%
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | Voluntary Protection Operations [Member] | California [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Percentage	24.00%
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | Voluntary Protection Operations [Member] | New York [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Percentage	6.00%
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | Voluntary Protection Operations [Member] | Maryland [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Percentage	5.00%
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | Voluntary Protection Operations [Member] | Arizona [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Percentage	5.00%
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | Voluntary Protection Operations [Member] | Virginia [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Percentage	5.00%

Cash and Cash Equivalents and_3

Cash and Cash Equivalents and Investments in Marketable Securities - Summary of Investments in Marketable Securities (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	$ 726	$ 1,381
Available-for-sale debt securities, Unrealized gains	24	30
Available-for-sale debt securities, Unrealized losses	(14)	(10)
Available-for-sale debt securities, Fair value	736	1,401
Equity investments, Fair value	4,084	2,419
Investments in marketable securities total	4,820	3,820
U.S. government and agency obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	217	160
Available-for-sale debt securities, Unrealized gains	4	16
Available-for-sale debt securities, Unrealized losses	(10)	0
Available-for-sale debt securities, Fair value	211	176
Municipal debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	8	9
Available-for-sale debt securities, Unrealized gains	2	2
Available-for-sale debt securities, Unrealized losses	0	0
Available-for-sale debt securities, Fair value	10	11
Commercial paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	196	604
Available-for-sale debt securities, Unrealized gains	0	0
Available-for-sale debt securities, Unrealized losses	0	(3)
Available-for-sale debt securities, Fair value	196	601
Corporate debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	177	188
Available-for-sale debt securities, Unrealized gains	12	10
Available-for-sale debt securities, Unrealized losses	(2)	(1)
Available-for-sale debt securities, Fair value	187	197
U.S. government agency mortgage-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	31	47
Available-for-sale debt securities, Unrealized gains	1	2
Available-for-sale debt securities, Unrealized losses	0	0
Available-for-sale debt securities, Fair value	32	49
Non-agency residential mortgage-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	1	1
Available-for-sale debt securities, Unrealized gains	0	0
Available-for-sale debt securities, Unrealized losses	0	0
Available-for-sale debt securities, Fair value	1	1
Non-agency commercial mortgage-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	47	47
Available-for-sale debt securities, Unrealized gains	2	0
Available-for-sale debt securities, Unrealized losses	(2)	(2)
Available-for-sale debt securities, Fair value	47	45
Asset-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	49	75
Available-for-sale debt securities, Unrealized gains	3	0
Available-for-sale debt securities, Unrealized losses	0	(3)
Available-for-sale debt securities, Fair value	$ 52	72
Certificates of deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost		250
Available-for-sale debt securities, Unrealized gains		0
Available-for-sale debt securities, Unrealized losses		(1)
Available-for-sale debt securities, Fair value		$ 249

Cash and Cash Equivalents and_4

Cash and Cash Equivalents and Investments in Marketable Securities - Additional Information (Details)	12 Months Ended
	Mar. 31, 2021USD ($)
Marketable Securities [Abstract]
Private placement share redemption percentage	1.00%
Private placement share redemption amount	$ 250,000
Share redemption period	90 days

Cash and Cash Equivalents and_5

Cash and Cash Equivalents and Investments in Marketable Securities - Schedule of Gains and Losses on Investments in Marketable Securities Presented in Our Consolidated Statement of Income (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Available-for-sale debt securities:
Realized gains (losses)	$ 20	$ 9	$ (12)
Other-than-temporary impairment		(8)	0
Equity investments:
Unrealized gains recognized	114	41	14
Realized gains on sales	$ 15	$ 5	$ 0

Cash and Cash Equivalents and_6

Cash and Cash Equivalents and Investments in Marketable Securities - Summary of Contractual Maturities of Available-for-Sale Debt Securities (Details) - USD ($) $ in Millions		Mar. 31, 2021	Mar. 31, 2020
Available-for-sale debt securities, Amortized cost
Due within 1 Year, Amortized cost		$ 232
Due after 1 Year through 5 Years, Amortized cost		133
Due after 5 Years through 10 Years, Amortized cost		153
Due after 10 Years, Amortized cost		80
Mortgage-backed and asset-backed securities, Amortized cost	[1]	128
Available-for-sale debt securities, Amortized cost		$ 726	$ 1,381
Debt Securities, Available-for-sale, Maturity Allocation [Extensible List]		us-gaap:DebtSecuritiesMaturityAllocationContractualMaturityMember
Available-for-sale debt securities, Fair value
Due within 1 Year, Fair value		$ 232
Due after 1 Year through 5 Years, Fair value		139
Due after 5 Years through 10 Years, Fair value		156
Due after 10 Years, Fair value		77
Mortgage-backed and asset-backed securities, Fair value	[1]	132
Total, Fair value		$ 736	$ 1,401
Debt Securities, Available-for-sale, Maturity Allocation [Extensible List]		us-gaap:DebtSecuritiesMaturityAllocationContractualMaturityMember
[1]	Mortgage-backed and asset-backed securities are shown separately from other maturity groupings as these securities have multiple maturity dates.

Finance Receivables, Net - Addi

Finance Receivables, Net - Additional Information (Details) $ in Millions	Mar. 31, 2021USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable accrued interest before allowance for credit loss	$ 187
Retail Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable accrued interest before allowance for credit loss	160
Dealer Products [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable accrued interest before allowance for credit loss	$ 27

Finance Receivables, Net - Net

Finance Receivables, Net - Net Financing Receivables (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	$ 80,370,000,000	$ 74,961,000,000
Allowance for credit losses	(1,178)	(727)
Finance receivables, net	79,192,000,000	73,996,000,000
Dealer financing [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables		17,873,000,000
Finance Receivables, Net [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	80,633,000,000	74,961,000,000
Deferred origination costs	1,145,000,000	890,000,000
Deferred income	(1,408,000,000)	(1,128,000,000)
Allowance for credit losses	(1,178,000,000)	(727,000,000)
Finance receivables, net	79,192,000,000	73,996,000,000
Finance Receivables, Net [Member] | Retail receivables [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	66,991,000,000	57,088,000,000
Finance Receivables, Net [Member] | Dealer financing [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	13,642,000,000	17,873,000,000
Allowance for credit losses	(103,000,000)	(241,000,000)
Finance Receivables, Net [Member] | Retail and securitized retail receivables [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ (1,075,000,000)	$ (486,000,000)

Finance Receivables, Net - Ne_2

Finance Receivables, Net - Net Financing Receivables (Parenthetical) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	$ 80,370	$ 74,961
Finance Receivables, Net [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	80,633	74,961
Finance Receivables, Net [Member] | Securitized retail receivables [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	$ 22,100	$ 12,700

Finance Receivables, Net - Cont

Finance Receivables, Net - Contractual Maturities on Retail Receivables and Dealer Financing (Details) $ in Millions	Mar. 31, 2021USD ($)
Retail receivables [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	$ 15,797
2023	15,321
2024	13,510
2025	10,960
2026	7,551
Thereafter	3,852
Total	66,991
Dealer financing [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
2022	8,155
2023	1,727
2024	984
2025	588
2026	778
Thereafter	1,410
Total	$ 13,642

Finance Receivables, Net - Sche

Finance Receivables, Net - Schedule of Amortized Cost Basis of Retail Loan Portfolio and Dealer Products Portfolio by Credit Quality Indicator (Details) $ in Millions	Mar. 31, 2021USD ($)
Financing Receivable, Recorded Investment [Line Items]
2021	$ 2,400
2020	703
2019	805
2018	431
2017	455
2016 and Prior	1,804
Revolving loans	7,044
Total	13,642
Retail Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	32,228
2020	16,249
2019	9,127
2018	6,090
2017	2,497
2016 and Prior	537
Total	66,728
Current [Member] | Retail Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	32,026
2020	16,047
2019	8,972
2018	5,977
2017	2,435
2016 and Prior	496
Total	65,953
30-59 Days Past Due [Member] | Retail Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	147
2020	145
2019	114
2018	83
2017	46
2016 and Prior	27
Total	562
60-89 Days Past Due [Member] | Retail Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	37
2020	39
2019	28
2018	21
2017	11
2016 and Prior	8
Total	144
90 Days or Greater Past Due [Member] | Retail Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	18
2020	18
2019	13
2018	9
2017	5
2016 and Prior	6
Total	69
Wholesale [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	0
2020	0
2019	0
2018	0
2017	0
2016 and Prior	0
Revolving loans	6,157
Total	6,157
Wholesale [Member] | Performing [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	0
2020	0
2019	0
2018	0
2017	0
2016 and Prior	0
Revolving loans	5,893
Total	5,893
Wholesale [Member] | Credit Watch [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	0
2020	0
2019	0
2018	0
2017	0
2016 and Prior	0
Revolving loans	218
Total	218
Wholesale [Member] | At Risk [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	0
2020	0
2019	0
2018	0
2017	0
2016 and Prior	0
Revolving loans	35
Total	35
Wholesale [Member] | Default [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	0
2020	0
2019	0
2018	0
2017	0
2016 and Prior	0
Revolving loans	11
Total	11
Real estate [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	1,895
2020	369
2019	599
2018	389
2017	342
2016 and Prior	1,609
Revolving loans	0
Total	5,203
Real estate [Member] | Performing [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	1,874
2020	320
2019	596
2018	356
2017	312
2016 and Prior	1,493
Revolving loans	0
Total	4,951
Real estate [Member] | Credit Watch [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	8
2020	49
2019	3
2018	20
2017	9
2016 and Prior	99
Revolving loans	0
Total	188
Real estate [Member] | At Risk [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	13
2020	0
2019	0
2018	0
2017	12
2016 and Prior	17
Revolving loans	0
Total	42
Real estate [Member] | Default [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	0
2020	0
2019	0
2018	13
2017	9
2016 and Prior	0
Revolving loans	0
Total	22
Working capital [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	505
2020	334
2019	206
2018	42
2017	113
2016 and Prior	195
Revolving loans	887
Total	2,282
Working capital [Member] | Performing [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	503
2020	334
2019	200
2018	41
2017	106
2016 and Prior	176
Revolving loans	878
Total	2,238
Working capital [Member] | Credit Watch [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	1
2020	0
2019	6
2018	1
2017	0
2016 and Prior	19
Revolving loans	9
Total	36
Working capital [Member] | At Risk [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	1
2020	0
2019	0
2018	0
2017	7
2016 and Prior	0
Revolving loans	0
Total	8
Working capital [Member] | Default [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	0
2020	0
2019	0
2018	0
2017	0
2016 and Prior	0
Revolving loans	0
Total	$ 0

Finance Receivables, Net - Sc_2

Finance Receivables, Net - Schedule of Retail Loan Portfolio and Dealer Products Portfolio by Credit Quality Indicator (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Financing Receivable, Recorded Investment [Line Items]
Current	$ 79,595	$ 73,936
Financing receivables, past due	775	1,025
Total Finance receivables	80,370	74,961
Dealer financing [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		17,873
Dealer financing [Member] | Performing [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		15,856
Dealer financing [Member] | Credit Watch [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		1,733
Dealer financing [Member] | At Risk [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		239
Dealer financing [Member] | Default [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		45
Retail Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Current	65,953	56,064
Financing receivables, past due	775	1,024
Total Finance receivables	66,728	57,088
Wholesale [Member]
Financing Receivable, Recorded Investment [Line Items]
Current	6,157	9,826
Financing receivables, past due	0	0
Total Finance receivables	6,157	9,826
Wholesale [Member] | Dealer financing [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		9,826
Wholesale [Member] | Dealer financing [Member] | Performing [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		8,750
Wholesale [Member] | Dealer financing [Member] | Credit Watch [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		962
Wholesale [Member] | Dealer financing [Member] | At Risk [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		92
Wholesale [Member] | Dealer financing [Member] | Default [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		22
Real estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Current	5,203	4,627
Financing receivables, past due	0	1
Total Finance receivables	5,203	4,628
Real estate [Member] | Dealer financing [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		4,628
Real estate [Member] | Dealer financing [Member] | Performing [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		3,974
Real estate [Member] | Dealer financing [Member] | Credit Watch [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		576
Real estate [Member] | Dealer financing [Member] | At Risk [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		55
Real estate [Member] | Dealer financing [Member] | Default [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		23
Working capital [Member]
Financing Receivable, Recorded Investment [Line Items]
Current	2,282	3,419
Financing receivables, past due	0	0
Total Finance receivables	2,282	3,419
Working capital [Member] | Dealer financing [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		3,419
Working capital [Member] | Dealer financing [Member] | Performing [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		3,132
Working capital [Member] | Dealer financing [Member] | Credit Watch [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		195
Working capital [Member] | Dealer financing [Member] | At Risk [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		92
Working capital [Member] | Dealer financing [Member] | Default [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		0
30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing receivables, past due	562	717
30-59 Days Past Due [Member] | Retail Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing receivables, past due	562	717
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	144	203
60-89 Days Past Due [Member] | Retail Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing receivables, past due	144	203
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	69	105
90 Days or Greater Past Due [Member] | Retail Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing receivables, past due	69	104
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	1
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 - Agin

Finance Receivables, Net - Aging of Amortized Cost Basis of Finance Receivables by Class (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	$ 775	$ 1,025
Current	79,595	73,936
Total Finance receivables	80,370	74,961
90 Days or greater past due and accruing	39	66
30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	562	717
60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	144	203
90 Days or Greater Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	69	105
Retail Loan [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	775	1,024
Current	65,953	56,064
Total Finance receivables	66,728	57,088
90 Days or greater past due and accruing	39	66
Retail Loan [Member] | 30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	562	717
Retail Loan [Member] | 60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	144	203
Retail Loan [Member] | 90 Days or Greater Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	69	104
Wholesale [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Current	6,157	9,826
Total Finance receivables	6,157	9,826
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	1
Current	5,203	4,627
Total Finance receivables	5,203	4,628
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	1
Working capital [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Current	2,282	3,419
Total Finance receivables	2,282	3,419
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

Allowance for Credit Losses - A

Allowance for Credit Losses - Allowance for Credit Losses and Finance Receivables by Portfolio Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Financing Receivable Allowance For Credit Losses [Line Items]
Provision for credit losses	$ 426	$ 590	$ 372
Finance Receivables, Net [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Allowance for credit losses at beginning of period	727	499
Charge-offs	(287)	(370)
Recoveries	57	50
Provision for credit losses	426	548
Allowance for credit losses at end of period	1,215	727	499
Finance Receivables, Net [Member] | ASU 2016-13 [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Adoption of ASU 2016-13 1	292
Finance Receivables, Net [Member] | Retail loan [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Allowance for credit losses at beginning of period	486	304
Charge-offs	(287)	(358)
Recoveries	48	50
Provision for credit losses	547	490
Allowance for credit losses at end of period	1,075	486	304
Finance Receivables, Net [Member] | Retail loan [Member] | ASU 2016-13 [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Adoption of ASU 2016-13 1	281
Finance Receivables, Net [Member] | Dealer products [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Allowance for credit losses at beginning of period	241	195
Charge-offs	0	(12)
Recoveries	9	0
Provision for credit losses	(121)	58
Allowance for credit losses at end of period	140	$ 241	$ 195
Finance Receivables, Net [Member] | Dealer products [Member] | ASU 2016-13 [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Adoption of ASU 2016-13 1	$ 11

Allowance for Credit Losses -_2

Allowance for Credit Losses - Allowance for Credit Losses and Finance Receivables by Portfolio Segment (Parenthetical) (Details) $ in Millions	Mar. 31, 2021USD ($)
Finance Receivables, Net [Member] | Dealer Products [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Allowance for credit losses related to off-balance sheet commitments	$ 37

Allowance for Credit Losses -_3

Allowance for Credit Losses - Additional Information (Details) - USD ($) $ in Millions	Apr. 01, 2020	Mar. 31, 2021	Mar. 31, 2020
ASU 2016-13 [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Increase in provision for credit losses	$ (90)
Finance Receivables, Net [Member] | Retail Loan [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Increase in provision for credit losses		$ 488
Finance Receivables, Net [Member] | Retail Loan [Member] | ASU 2016-13 [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Increase in provision for credit losses		292
Finance Receivables, Net [Member] | Retail Loan [Member] | COVID-19 [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Increase in provision for expected credit losses		196
Finance Receivables, Net [Member] | TMNA [Member] | Financial Guarantee [Member] | Dealer Products [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Ending Balance: collectively evaluated for impairment		1,028	$ 1,047
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		$ 162	$ 140

Investments in Operating Leas_3

Investments in Operating Leases, Net - Additional Information (Details) - USD ($)	Apr. 01, 2020	Mar. 31, 2021	Mar. 31, 2020
Property Subject To Or Available For Operating Lease [Line Items]
Operating lease, existence of option to extend		true
Operating lease, option to extend		Generally, lessees have the ability to extend their lease term in six month increments up to a total of 12 months from the original lease maturity date.
ASU 2016-13
Property Subject To Or Available For Operating Lease [Line Items]
Increased in accumulated depreciation	$ 90,000,000
Increase in provision for credit losses	$ (90,000,000)
Investments in operating leases [Member]
Property Subject To Or Available For Operating Lease [Line Items]
Impairment in investments in operating leases portfolio		$ 0	$ 0

Investments in Operating Leas_4

Investments in Operating Leases, Net - Investments in Operating Leases, Net (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Property Subject To Or Available For Operating Lease [Line Items]
Investments in operating leases, net	$ 37,091	$ 36,387
Investments in operating leases [Member]
Property Subject To Or Available For Operating Lease [Line Items]
Investments in operating leases	48,337	48,638
Investments In Operating Leases, Net [Member]
Property Subject To Or Available For Operating Lease [Line Items]
Deferred origination (fees) and costs, net	(101)	(223)
Deferred income	(1,759)	(1,962)
Accumulated depreciation	(9,386)	(9,976)
Allowance for credit losses	$ 0	$ (90)

Investments in Operating Leas_5

Investments in Operating Leases, Net - Investments in Operating Leases, Net (Parenthetical) (Details) - USD ($) $ in Billions	Mar. 31, 2021	Mar. 31, 2020
Securitized investments in operating leases [Member]
Property Subject To Or Available For Operating Lease [Line Items]
Investments in operating leases	$ 9.3	$ 7.9

Investments in Operating Leas_6

Investments in Operating Leases, Net - Future Minimum Rentals on Investments in Operating Leases (Details) $ in Millions	Mar. 31, 2021USD ($)
Future minimum rentals on operating leases
2022	$ 5,969
2023	3,807
2024	1,505
2025	101
2026	7
Thereafter	0
Total	$ 11,389

Derivatives, Hedging Activiti_3

Derivatives, Hedging Activities and Interest Expense - Additional Information (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative assets and liabilities used for hedge accounting	$ 0	$ 0
Collateral held in excess of the fair value of derivative assets	29,000,000	10,000,000
Collateral posted in excess of the fair value of derivative liabilities	$ 10,000,000	$ 1,000,000

Derivatives, Hedging Activiti_4

Derivatives, Hedging Activities and Interest Expense - Derivative Activity Impact on Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Other assets [Member]
Derivatives Fair Value [Line Items]
Notional	$ 51,399	$ 30,850
Fair value	1,356	1,437
Counterparty netting	(840)	(966)
Collateral held	(462)	(420)
Other assets [Member] | Interest rate swaps [Member]
Derivatives Fair Value [Line Items]
Notional	44,125	30,362
Fair value	1,026	1,410
Other assets [Member] | Foreign currency swaps [Member]
Derivatives Fair Value [Line Items]
Notional	7,274	488
Fair value	330	27
Other liabilities [Member]
Derivatives Fair Value [Line Items]
Notional	59,383	82,260
Fair value	1,385	3,116
Counterparty netting	(840)	(966)
Collateral posted	(544)	(2,105)
Other liabilities [Member] | Interest rate swaps [Member]
Derivatives Fair Value [Line Items]
Notional	55,062	69,079
Fair value	1,142	1,826
Other liabilities [Member] | Foreign currency swaps [Member]
Derivatives Fair Value [Line Items]
Notional	4,321	13,181
Fair value	243	1,290
Carrying value [Member] | Other assets [Member]
Derivatives Fair Value [Line Items]
Carrying value of derivative contracts – Other assets	54	51
Carrying value [Member] | Other liabilities [Member]
Derivatives Fair Value [Line Items]
Carrying value of derivative contracts – Other liabilities	$ 1	$ 45

Derivatives, Hedging Activiti_5

Derivatives, Hedging Activities and Interest Expense - Components of Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments Gain Loss [Line Items]
Interest expense on debt									$ 1,954	$ 2,488	$ 2,559
Interest expense (income) on derivatives									420	180	(53)
Interest expense on debt and derivatives									2,374	2,668	2,506
Losses (gains) on debt denominated in foreign currencies									1,402	(703)	(1,078)
(Gains) losses on foreign currency swaps									(1,351)	650	1,015
Total interest expense	$ 768	$ 491	$ 495	$ 548	$ 769	$ 755	$ 613	$ 697	2,302	2,834	2,747
Interest Expense
Derivative Instruments Gain Loss [Line Items]
(Gains) losses on U.S. dollar interest rate swaps									$ (123)	$ 219	$ 304

Debt and Credit Facilities - De

Debt and Credit Facilities - Debt and Related Weighted Average Contractual Interest Rates (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Debt Instrument [Line Items]
Debt, Face value	$ 110,015	$ 98,074
Debt, Carrying value	$ 109,725	$ 97,740
Weighted average contractual interest rates	1.31%	2.08%
Unsecured notes and loans payable [Member]
Debt Instrument [Line Items]
Debt, Face value	$ 85,759	$ 83,477
Debt, Carrying value	$ 85,513	$ 83,172
Weighted average contractual interest rates	1.31%	2.07%
Secured notes and loans payable [Member]
Debt Instrument [Line Items]
Debt, Face value	$ 24,256	$ 14,597
Debt, Carrying value	$ 24,212	$ 14,568
Weighted average contractual interest rates	1.29%	2.13%

Debt and Credit Facilities - Sc

Debt and Credit Facilities - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Scheduled maturities due in the fiscal years ending:
2022	$ 52,106
2023	23,564
2024	11,196
2025	6,245
2026	9,327
Thereafter	7,577
Unamortized premiums, discounts and debt issuance costs	(290)
Total debt	$ 109,725	$ 97,740

Debt and Credit Facilities - Ad

Debt and Credit Facilities - Additional Information (Details 1) - USD ($) $ in Billions	Mar. 31, 2021	Mar. 31, 2020
Debt Disclosure [Abstract]
Commercial paper outstanding	$ 17	$ 27

Debt and Credit Facilities - _2

Debt and Credit Facilities - Additional Information (Details) - USD ($)	1 Months Ended		12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Mar. 31, 2021	Apr. 30, 2021	Jul. 31, 2020	Mar. 31, 2020
364 Day Credit Agreement Expiring 2022 [Member]
Line Of Credit Facility [Line Items]
Initiation date	2020-11
Maximum borrowing capacity	$ 5,000,000,000
Credit facilities amount outstanding			$ 0			$ 0
Three Year Agreement Expiring 2023 [Member]
Line Of Credit Facility [Line Items]
Initiation date		2019-11
Maximum borrowing capacity		$ 5,000,000,000
Credit facilities amount outstanding			0			0
Five Year Agreement Expiring 2025 [Member]
Line Of Credit Facility [Line Items]
Initiation date		2019-11
Maximum borrowing capacity		$ 5,000,000,000
Credit facilities amount outstanding			0			0
Revolving Securitization Facility [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity					$ 6,500,000,000
Credit facilities amount outstanding			3,200,000,000
Total Committed Bank Credit Facilities [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity			4,400,000,000
Credit facilities amount outstanding			0			$ 0
Committed Bank Credit Facility Expiring 2022 [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity			2,300,000,000
Committed Bank Credit Facility Expiring 2023 [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity			1,800,000,000
Committed Bank Credit Facility Expiring 2024 [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity			300,000,000
Three Year Revolving Credit Facility [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity			5,000,000,000
Credit facility, repayment of principal and accrued interest			$ 3,000,000,000
Credit facilities interest rate			1.86%
Three Year Revolving Credit Facility Expiring 2025 [Member] | Subsequent Event [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity				$ 5,000,000,000

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Assets and Liabilities related to Variable Interest Entities Securitization Transactions (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Variable Interest Entity [Line Items]
Restricted cash	$ 1,957	$ 1,739
Net securitized assets	79,192	73,996
Other assets	2,473	2,823
Debt	109,725	97,740
Other liabilities	5,548	7,854
Other assets [Member]
Variable Interest Entity [Line Items]
Restricted cash	1,957	996
Net securitized assets	28,344	17,961
Other assets	89	131
Other liabilities [Member]
Variable Interest Entity [Line Items]
Debt	24,212	14,568
Other liabilities	14	12
Retail Finance Receivables [Member] | Other assets [Member]
Variable Interest Entity [Line Items]
Restricted cash	1,521	694
Net securitized assets	21,745	12,375
Other assets	46	5
Retail Finance Receivables [Member] | Other liabilities [Member]
Variable Interest Entity [Line Items]
Debt	19,665	10,933
Other liabilities	13	10
Investments In Operating Leases, Net [Member] | Other assets [Member]
Variable Interest Entity [Line Items]
Restricted cash	436	302
Net securitized assets	6,599	5,586
Other assets	43	126
Investments In Operating Leases, Net [Member] | Other liabilities [Member]
Variable Interest Entity [Line Items]
Debt	4,547	3,635
Other liabilities	$ 1	$ 2

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Variable Interest Entities [Abstract]
Securities retained by TMCC	$ 1,409	$ 1,182

Commitments and Contingencies -

Commitments and Contingencies - Commitments and Guarantees (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Commitments:
Credit facilities commitments with dealers	$ 2,338	$ 1,226
Commitments under operating lease agreements	141	139
Total commitments	2,479	1,365
Total commitments and guarantees	2,579	1,465
Performance Guarantee [Member] | Putnam and Gibson Counties [Member]
Commitments:
Guarantees of affiliate pollution control and solid waste disposal bonds	$ 100	$ 100

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details) - USD ($)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Commitments And Contingencies [Line Items]
Commitments under operating lease agreements	$ 125,000,000
Lease description	Lease terms may contain renewal and extension options or early termination features. Generally, these options do not impact the lease term because TMCC is not reasonably certain that it will exercise the options. These lease agreements do not impose restrictions on our ability to pay dividends, engage in debt or equity financing transactions or enter into further lease agreements, nor do they have residual value guarantees. We exclude from our Consolidated Balance Sheets leases with a term equal to one year or less and do not separate non-lease components from our real estate leases.
Indemnification provisions	$ 0	$ 0
Putnam and Gibson Counties [Member] | Performance Guarantee [Member]
Commitments And Contingencies [Line Items]
Guarantees of affiliate pollution control and solid waste disposal bonds	$ 100,000,000	100,000,000
TMNA [Member]
Commitments And Contingencies [Line Items]
Lease agreement expiration date	2032-08
Total operating lease expense, including payments to affiliates	$ 36,000,000	36,000,000	$ 30,000,000
TMCC-affiliated companies [Member]
Commitments And Contingencies [Line Items]
Commitments under operating lease agreements	93,000,000	$ 102,000,000
TMCC-affiliated companies [Member] | Putnam and Gibson Counties [Member] | Performance Guarantee [Member]
Commitments And Contingencies [Line Items]
Guarantees of affiliate pollution control and solid waste disposal bonds	100,000,000
TMCC-affiliated companies [Member] | Putnam and Gibson Counties [Member] | Performance Guarantee [Member] | 2028 [Member]
Commitments And Contingencies [Line Items]
Guarantees of affiliate pollution control and solid waste disposal bonds	20,000,000
TMCC-affiliated companies [Member] | Putnam and Gibson Counties [Member] | Performance Guarantee [Member] | 2029 [Member]
Commitments And Contingencies [Line Items]
Guarantees of affiliate pollution control and solid waste disposal bonds	50,000,000
TMCC-affiliated companies [Member] | Putnam and Gibson Counties [Member] | Performance Guarantee [Member] | 2030 [Member]
Commitments And Contingencies [Line Items]
Guarantees of affiliate pollution control and solid waste disposal bonds	10,000,000
TMCC-affiliated companies [Member] | Putnam and Gibson Counties [Member] | Performance Guarantee [Member] | 2031 [Member]
Commitments And Contingencies [Line Items]
Guarantees of affiliate pollution control and solid waste disposal bonds	10,000,000
TMCC-affiliated companies [Member] | Putnam and Gibson Counties [Member] | Performance Guarantee [Member] | 2032 [Member]
Commitments And Contingencies [Line Items]
Guarantees of affiliate pollution control and solid waste disposal bonds	$ 10,000,000

Commitments and Contingencies_3

Commitments and Contingencies - Summary of Commitments under Operating Lease Agreements (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Amounts due on operating lease liabilities
2022	$ 26
2023	18
2024	16
2025	13
2026	12
Thereafter	56
Total	141	$ 139
Present value discount	(16)
Total operating lease liability	$ 125
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other liabilities [Member]

Commitments and Contingencies_4

Commitments and Contingencies - Summary of Additional Information Related to Operating Lease Agreements (Details) $ in Millions	12 Months Ended
	Mar. 31, 2021USD ($)
Commitments And Contingencies Disclosure [Abstract]
ROU assets	$ 111
Weighted average remaining lease term (in years)	8 years 6 months 21 days
Weighted average discount rate	2.77%
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows	$ 22
ROU assets obtained in exchange for operating lease obligations	$ 15

Pension and Other Benefits Pl_2

Pension and Other Benefits Plans - Additional Information (Details) - TMNA [Member]	12 Months Ended
	Mar. 31, 2021
Defined Contribution Plan [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Vesting period	4 years
Annual minimum contribution percentage by employee	1.00%
Annual maximum contribution percentage by employee	30.00%
Employer matching contribution percentage	66.67%
Employer matching contribution of contribution percentage per employee	6.00%
Maximum annual employer contribution percentage per employee	4.00%
Employees contribution vested percentage	100.00%
Employer matching contribution, annual vesting percentage	25.00%
Defined Benefit Plan [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Vesting period	5 years
Maximum employee credited service years	25 years
Highest average compensation consecutive number of months	60 months
The last applicable months of employment	120 months
Other Post-employment Benefits [Member]
Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items]
Vesting period	10 years
Employee minimum age eligibility for post employment benefits	55 years

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Current
Federal									$ 2,756	$ (19)	$ (55)
State									386	120	76
Foreign									11	8	4
Total									3,153	109	25
Deferred
Federal									(2,243)	145	207
State									(276)	(141)	(49)
Foreign									(2)	(2)	(1)
Total									(2,521)	2	157
Provision for income taxes	$ 86	$ 215	$ 218	$ 113	$ (185)	$ 34	$ 158	$ 104	$ 632	$ 111	$ 182

Income Taxes - Reconciliation B

Income Taxes - Reconciliation Between U.S. Federal Statutory Tax Rate and Effective Tax Rate (Details)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Reconciliation Between U.S. Federal Statutory Tax Rate and Effective Tax Rate
Provision for income taxes at U.S. federal statutory tax rate	21.00%	21.00%	21.00%
State and local taxes (net of federal tax benefit)	3.90%	4.00%	4.60%
Effect of state tax law changes	(0.20%)	(3.90%)	(1.30%)
Federal tax credits	(0.50%)	(3.70%)	(1.00%)
Tax rate differential from tax loss carryback	0.00%	(5.60%)	(2.80%)
Adjustment for prior year provision to return differences	(0.20%)	(1.00%)	(1.40%)
Other, net	(0.10%)	0.00%	(0.50%)
Effective tax rate	23.90%	10.80%	18.60%

Income Taxes - Deferred Tax Lia

Income Taxes - Deferred Tax Liabilities and Assets (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Liabilities:
Lease transactions	$ 2,765	$ 5,180
State taxes, net of federal tax benefit	377	629
Voluntary protection dealer commissions	290	254
Mark-to-market of investments in marketable securities and derivatives	34	14
Other	82	83
Deferred tax liabilities	3,548	6,160
Assets:
Provision for credit and residual value losses	421	370
Deferred costs and fees	187	188
Net operating loss and tax credit carryforwards	29	100
Lease obligations	27	25
Other	33	32
Deferred tax assets	697	715
Valuation allowance	(9)	(13)
Net deferred tax assets	688	702
Net deferred income tax liability	$ 2,860	$ 5,458

Income Taxes - Deferred Tax L_2

Income Taxes - Deferred Tax Liabilities and Assets (Parenthetical) (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Unrealized gains or losses included in accumulated other comprehensive income or loss, deferred tax liabilities	$ 2	$ 4

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Line Items]
Federal tax credits for alternative fuel vehicles and plug-in vehicles	$ 0	$ 52,000,000
Tax credits for research and development	0	10,000,000
Tax credits for foreign tax	3,000,000	1,000,000
Valuation Allowance	9,000,000	13,000,000
Unremitted earnings in foreign subsidiary	251,000,000	243,000,000
Income tax payable	35,000,000	47,000,000
Unrecognized tax benefits would effect on effective tax rate	14,000,000	17,000,000	$ 6,000,000
Net decrease in unrecognized tax benefits	3,000,000
Income Tax Penalties Accrued	0	0	$ 0
Federal [Member]
Income Tax Disclosure [Line Items]
Operating loss carryforwards	$ 0	0
Tax credit carryforward, Expiration Date	Mar. 31, 2028
State [Member]
Income Tax Disclosure [Line Items]
Operating loss carryforwards	$ 25,000,000	$ 37,000,000
Expiration Dates	Mar. 31, 2023

Income Taxes - Change in Unreco

Income Taxes - Change in Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Balance at beginning of the year	$ 19	$ 7	$ 6
Increases related to positions taken during the current year	1	12	1
Increases recorded in current year related to positions taken during prior years	2	0	0
Expirations due to lapse of statute	(7)	0	0
Balance at end of year	$ 15	$ 19	$ 7

Related Party Transactions - Re

Related Party Transactions - Related Party Transactions Included in Consolidated Statements of Income (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Net financing revenues:
Depreciation on operating leases	$ (1,448)	$ (1,450)	$ (1,349)	$ (1,685)	$ (1,900)	$ (1,712)	$ (1,583)	$ (1,625)	$ (5,932)	$ (6,820)	$ (6,909)
Voluntary protection contract revenues and insurance earned premiums:
Voluntary protection contract revenues and insurance earned premiums	242	241	238	235	241	231	232	229	956	933	904
Expenses:
Operating and administrative expenses	399	354	389	345	460	406	358	337	1,487	1,561	1,385
Voluntary protection contract expenses and insurance losses	$ 104	$ 98	$ 92	$ 75	$ 111	$ 116	$ 115	$ 113	369	455	446
TMCC-affiliated companies [Member]
Net financing revenues:
Manufacturer's subvention and other revenues									1,997	2,065	1,930
Depreciation on operating leases									(113)	(59)	(24)
Interest expense:
Credit support fees, interest and other expenses									117	96	96
Voluntary protection contract revenues and insurance earned premiums:
Voluntary protection contract revenues and insurance earned premiums									173	181	181
Investment and other income, net:
Interest and other income									18	26	16
Expenses:
Operating and administrative expenses									91	102	95
Voluntary protection contract expenses and insurance losses									$ 0	$ 0	$ (3)

Related Party Transactions - _2

Related Party Transactions - Related Party Transactions Included in Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Cash and cash equivalents
Cash and cash equivalents	$ 8,195	$ 6,790
TMCC-affiliated companies [Member]
Investments in marketable securities
Commercial paper	196	601
Finance receivables, net
Accounts receivable	140	112
Deferred retail subvention income	(1,156)	(1,065)
Investments in operating leases, net
Investments in operating leases, net	(236)	(100)
Deferred lease subvention income	(1,528)	(1,941)
Other assets
Notes receivable	869	1,175
Other receivables, net	83	97
Other liabilities
Unearned voluntary protection contract revenues and insurance earned premiums	352	344
Other payables, net	306	220
Notes payable	19	3,032
Commercial paper [Member] | TMCC-affiliated companies [Member]
Cash and cash equivalents
Cash and cash equivalents	$ 6	$ 276

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	1 Months Ended		12 Months Ended
	Apr. 30, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Related Party Transaction [Line Items]
Subvention support receivable		$ 113,000,000	$ 184,000,000	$ 113,000,000
Three Year Revolving Credit Facility Expiring 2022 [Member]
Related Party Transaction [Line Items]
Maximum borrowing capacity			5,000,000,000
Three Year Revolving Credit Facility Expiring 2025 [Member] | Subsequent Event [Member]
Related Party Transaction [Line Items]
Maximum borrowing capacity	$ 5,000,000,000
Financing Support from Affiliates [Member]
Related Party Transaction [Line Items]
Maximum borrowing capacity		8,400,000,000	8,600,000,000	8,400,000,000
Financing Support to Affiliates [Member]
Related Party Transaction [Line Items]
Maximum borrowing capacity		6,800,000,000	7,100,000,000	6,800,000,000
Toyota Financial Services International Corporation [Member]
Related Party Transaction [Line Items]
Declared and paid cash dividends			700,000,000
Toyota Finance New Zealand Limited [Member] | Financing Support to Affiliates [Member] | Subsequent Event [Member]
Related Party Transaction [Line Items]
Increase in financing support available to affiliates	$ 250,000,000
Toyota Motor Sales, U.S.A., Inc. [Member] | Three Year Revolving Credit Facility Expiring 2022 [Member]
Related Party Transaction [Line Items]
Credit facilities amount outstanding		$ 3,000,000,000		3,000,000,000
Credit facility, interest rate		1.86%
Credit facility, maturity date		Jul. 30, 2020
Toyota Financial Savings Bank [Member] | Residential Mortgage [Member] | Other Financing Support Arrangements [Member]
Related Party Transaction [Line Items]
Annual maximum participation			60,000,000
Loans purchased			$ 15,000,000	$ 22,000,000
TMNA [Member] | Operational Support Arrangements [Member]
Related Party Transaction [Line Items]
Lease agreement expiration year			2032
TMNA [Member] | Operational Support Arrangements [Member] | Customer Service Center [Member]
Related Party Transaction [Line Items]
Lease agreement expiration year			2029
TMNA [Member] | Operational Support Arrangements [Member] | Dallas Data Center [Member]
Related Party Transaction [Line Items]
Lease agreement expiration year			2026
TMIS [Member] | Operational Support Arrangements [Member]
Related Party Transaction [Line Items]
Risk ceded to reinsurers			99.00%

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	$ 736	$ 1,401
Equity investments	4,084	2,419
Investments in marketable securities total	4,820	3,820
U.S. government and agency obligations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	211	176
Municipal debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	10	11
Corporate debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	187	197
U.S. government agency mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	32	49
Non-agency residential mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	1	1
Non-agency commercial mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	47	45
Asset-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	52	72
Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	736	1,401
Equity investments	4,084	2,419
Investments in marketable securities total	4,820	3,820
Derivative assets	54	51
Counterparty netting and collateral	(1,302)	(1,386)
Assets at fair value	4,874	3,871
Counterparty netting and collateral	1,384	3,071
Liabilities at fair value	(1)	(45)
Net assets at fair value	4,873	3,826
Recurring [Member] | Commercial paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	196	601
Recurring [Member] | Certificates of deposit [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities		249
Recurring [Member] | U.S. government and agency obligations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	211	176
Recurring [Member] | Municipal debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	10	11
Recurring [Member] | Corporate debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	187	197
Recurring [Member] | U.S. government agency mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	32	49
Recurring [Member] | Non-agency residential mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	1	1
Recurring [Member] | Non-agency commercial mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	47	45
Recurring [Member] | Asset-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	52	72
Recurring [Member] | Equity mutual funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	883
Recurring [Member] | Fixed income total return bond funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	2,429	1,673
Recurring [Member] | Counterparty Netting & Collateral [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Equity investments	0	0
Investments in marketable securities total	0	0
Derivative assets	(1,302)	(1,386)
Counterparty netting and collateral	(1,302)	(1,386)
Assets at fair value	(1,302)	(1,386)
Counterparty netting and collateral	1,384	3,071
Liabilities at fair value	1,384	3,071
Net assets at fair value	82	1,685
Recurring [Member] | Counterparty Netting & Collateral [Member] | Commercial paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] | Counterparty Netting & Collateral [Member] | Certificates of deposit [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities		0
Recurring [Member] | Counterparty Netting & Collateral [Member] | U.S. government and agency obligations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] | Counterparty Netting & Collateral [Member] | Municipal debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] | Counterparty Netting & Collateral [Member] | Corporate debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] | Counterparty Netting & Collateral [Member] | U.S. government agency mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] | Counterparty Netting & Collateral [Member] | Non-agency residential mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] | Counterparty Netting & Collateral [Member] | Non-agency commercial mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] | Counterparty Netting & Collateral [Member] | Asset-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] | Counterparty Netting & Collateral [Member] | Equity mutual funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	0
Recurring [Member] | Counterparty Netting & Collateral [Member] | Fixed income total return bond funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	0	0
Recurring [Member] | Foreign currency swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	330	27
Derivative liabilities	(243)	(1,290)
Recurring [Member] | Foreign currency swaps [Member] | Counterparty Netting & Collateral [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Recurring [Member] | Interest rate swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	1,026	1,410
Derivative liabilities	(1,142)	(1,826)
Recurring [Member] | Interest rate swaps [Member] | Counterparty Netting & Collateral [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Recurring [Member] | Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	229	174
Equity investments	3,312	1,673
Investments in marketable securities total	3,541	1,847
Derivative assets	0	0
Counterparty netting and collateral	0	0
Assets at fair value	3,541	1,847
Counterparty netting and collateral	0	0
Liabilities at fair value	0	0
Net assets at fair value	3,541	1,847
Recurring [Member] | Level 1 [Member] | Commercial paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	20	0
Recurring [Member] | Level 1 [Member] | Certificates of deposit [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities		0
Recurring [Member] | Level 1 [Member] | U.S. government and agency obligations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	209	174
Recurring [Member] | Level 1 [Member] | Municipal debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] | Level 1 [Member] | Corporate debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] | Level 1 [Member] | U.S. government agency mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] | Level 1 [Member] | Non-agency residential mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] | Level 1 [Member] | Non-agency commercial mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] | Level 1 [Member] | Asset-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] | Level 1 [Member] | Equity mutual funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	883
Recurring [Member] | Level 1 [Member] | Fixed income total return bond funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	2,429	1,673
Recurring [Member] | Level 1 [Member] | Foreign currency swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Recurring [Member] | Level 1 [Member] | Interest rate swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Recurring [Member] | Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	431	1,109
Equity investments	0	0
Investments in marketable securities total	431	1,109
Derivative assets	1,356	1,437
Counterparty netting and collateral	0	0
Assets at fair value	1,787	2,546
Counterparty netting and collateral	0	0
Liabilities at fair value	(1,385)	(3,116)
Net assets at fair value	402	(570)
Recurring [Member] | Level 2 [Member] | Commercial paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	176	601
Recurring [Member] | Level 2 [Member] | Certificates of deposit [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities		249
Recurring [Member] | Level 2 [Member] | U.S. government and agency obligations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	2	2
Recurring [Member] | Level 2 [Member] | Municipal debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	10	11
Recurring [Member] | Level 2 [Member] | Corporate debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	187	197
Recurring [Member] | Level 2 [Member] | U.S. government agency mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	32	49
Recurring [Member] | Level 2 [Member] | Non-agency residential mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	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 securities	5	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 securities	19	0
Recurring [Member] | Level 2 [Member] | Equity mutual funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	0
Recurring [Member] | Level 2 [Member] | Fixed income total return bond funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	0	0
Recurring [Member] | Level 2 [Member] | Foreign currency swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	330	27
Derivative liabilities	(243)	(1,290)
Recurring [Member] | Level 2 [Member] | Interest rate swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	1,026	1,410
Derivative liabilities	(1,142)	(1,826)
Recurring [Member] | Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	76	118
Equity investments	0	0
Investments in marketable securities total	76	118
Derivative assets	0	0
Counterparty netting and collateral	0	0
Assets at fair value	76	118
Counterparty netting and collateral	0	0
Liabilities at fair value	0	0
Net assets at fair value	76	118
Recurring [Member] | Level 3 [Member] | Commercial paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] | Level 3 [Member] | Certificates of deposit [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities		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]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] | Level 3 [Member] | Municipal debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] | Level 3 [Member] | Corporate debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] | Level 3 [Member] | U.S. government agency mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] | Level 3 [Member] | Non-agency residential mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	1	1
Recurring [Member] | Level 3 [Member] | Non-agency commercial mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	42	45
Recurring [Member] | Level 3 [Member] | Asset-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	33	72
Recurring [Member] | Level 3 [Member] | Equity mutual funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	0
Recurring [Member] | Level 3 [Member] | Fixed income total return bond funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	0	0
Recurring [Member] | Level 3 [Member] | Foreign currency swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Recurring [Member] | Level 3 [Member] | Interest rate swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Recurring [Member] | Fixed income mutual funds measured at net asset value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	772	746
Recurring [Member] | Fixed income mutual funds measured at net asset value [Member] | Counterparty Netting & Collateral [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	$ 0	$ 0

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Not Carried at Fair Value on Recurring Basis on Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Carrying value [Member] | Unsecured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	$ 85,513	$ 83,172
Carrying value [Member] | Secured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	24,212	14,568
Fair value [Member] | Unsecured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	86,760	82,989
Fair value [Member] | Secured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	24,478	14,608
Fair value [Member] | Level 1 [Member] | Unsecured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	0	0
Fair value [Member] | Level 1 [Member] | Secured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	0	0
Fair value [Member] | Level 2 [Member] | Unsecured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	86,205	82,429
Fair value [Member] | Level 2 [Member] | Secured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	0	0
Fair value [Member] | Level 3 [Member] | Unsecured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	555	560
Fair value [Member] | Level 3 [Member] | Secured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	24,478	14,608
Retail Loan [Member] | Carrying value [Member]
Financial assets
Finance receivables, net	65,808	56,360
Retail Loan [Member] | Fair value [Member]
Financial assets
Finance receivables, net	69,007	57,303
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	69,007	57,303
Wholesale [Member] | Carrying value [Member]
Financial assets
Finance receivables, net	6,132	9,672
Wholesale [Member] | Fair value [Member]
Financial assets
Finance receivables, net	6,158	9,637
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	6,158	9,637
Real estate [Member] | Carrying value [Member]
Financial assets
Finance receivables, net	5,142	4,544
Real estate [Member] | Fair value [Member]
Financial assets
Finance receivables, net	5,224	4,140
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	5,224	4,140
Working capital [Member] | Carrying value [Member]
Financial assets
Finance receivables, net	2,154	3,308
Working capital [Member] | Fair value [Member]
Financial assets
Finance receivables, net	2,171	2,811
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	$ 2,171	$ 2,811

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Finance receivables from related party	$ 140	$ 109

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information by Segment (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Total financing revenues	$ 2,978	$ 2,974	$ 2,935	$ 2,912	$ 3,004	$ 3,044	$ 3,018	$ 2,963	$ 11,799	$ 12,029	$ 11,640
Depreciation on operating leases	1,448	1,450	1,349	1,685	1,900	1,712	1,583	1,625	5,932	6,820	6,909
Interest expense	768	491	495	548	769	755	613	697	2,302	2,834	2,747
Net financing revenues	762	1,033	1,091	679	335	577	822	641	3,565	2,375	1,984
Voluntary protection contract revenues and insurance earned premiums	242	241	238	235	241	231	232	229	956	933	904
Investment and other income, net	(35)	179	90	176	50	57	97	118	410	322	292
Net financing revenues and other revenues	969	1,453	1,419	1,090	626	865	1,151	988	4,931	3,630	3,180
Expenses:
Provision for credit losses	60	118	65	183	326	128	61	75	426	590	372
Operating and administrative expenses	399	354	389	345	460	406	358	337	1,487	1,561	1,385
Voluntary protection contract expenses and insurance losses	104	98	92	75	111	116	115	113	369	455	446
Total expenses	563	570	546	603	897	650	534	525	2,282	2,606	2,203
Income before income taxes	406	883	873	487	(271)	215	617	463	2,649	1,024	977
Provision for income taxes	86	215	218	113	(185)	34	158	104	632	111	182
Net income	320	$ 668	$ 655	$ 374	(86)	$ 181	$ 459	$ 359	2,017	913	795
Total assets	133,728				125,555				133,728	125,555	116,516
Intercompany Eliminations [Member]
Segment Reporting Information [Line Items]
Total financing revenues									0	0	0
Depreciation on operating leases									0	0	0
Interest expense									0	(20)	(22)
Net financing revenues									0	20	22
Voluntary protection contract revenues and insurance earned premiums									0	0	0
Investment and other income, net									0	(20)	(22)
Net financing revenues and other revenues									0	0	0
Expenses:
Provision for credit losses									0	0	0
Operating and administrative expenses									0	0	0
Voluntary protection contract expenses and insurance losses									0	0	0
Total expenses									0	0	0
Income before income taxes									0	0	0
Provision for income taxes									0	0	0
Net income									0	0	0
Total assets	(147)				(1,145)				(147)	(1,145)	(1,165)
Finance Operations [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total financing revenues									11,799	12,029	11,640
Depreciation on operating leases									5,932	6,820	6,909
Interest expense									2,302	2,854	2,769
Net financing revenues									3,565	2,355	1,962
Voluntary protection contract revenues and insurance earned premiums									0	0	0
Investment and other income, net									93	155	188
Net financing revenues and other revenues									3,658	2,510	2,150
Expenses:
Provision for credit losses									426	590	372
Operating and administrative expenses									1,124	1,197	1,038
Voluntary protection contract expenses and insurance losses									0	0	0
Total expenses									1,550	1,787	1,410
Income before income taxes									2,108	723	740
Provision for income taxes									502	39	147
Net income									1,606	684	593
Total assets	127,726				121,180				127,726	121,180	112,615
Voluntary Protection Operations [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Total financing revenues									0	0	0
Depreciation on operating leases									0	0	0
Interest expense									0	0	0
Net financing revenues									0	0	0
Voluntary protection contract revenues and insurance earned premiums									956	933	904
Investment and other income, net									317	187	126
Net financing revenues and other revenues									1,273	1,120	1,030
Expenses:
Provision for credit losses									0	0	0
Operating and administrative expenses									363	364	347
Voluntary protection contract expenses and insurance losses									369	455	446
Total expenses									732	819	793
Income before income taxes									541	301	237
Provision for income taxes									130	72	35
Net income									411	229	202
Total assets	$ 6,149				$ 5,520				$ 6,149	$ 5,520	$ 5,066

Segment Information - Additiona

Segment Information - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Unearned amounts in voluntary protection contract revenues, recognized	$ 696
Other liabilities [Member]
Segment Reporting Information [Line Items]
Unearned voluntary protection contract revenues	$ 2,500	$ 2,400
Accounting Standards Update 2014-09 [Member]
Segment Reporting Information [Line Items]
Percentage of voluntary protection contract revenues	83.00%	84.00%
Minimum [Member]
Segment Reporting Information [Line Items]
Insurance Policy Term	3 months
Maximum [Member]
Segment Reporting Information [Line Items]
Insurance Policy Term	120 months

Segment Information - Additio_2

Segment Information - Additional Information (Details1) $ in Millions	Mar. 31, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01
Segment Reporting Information [Line Items]
Revenue, remaining performance obligation, amount	$ 710
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-04-01
Segment Reporting Information [Line Items]
Revenue, remaining performance obligation, amount	$ 1,800
Revenue, remaining performance obligation, expected timing of satisfaction, period

Selected Quarterly Financial _3

Selected Quarterly Financial Data - Selected Quarterly Financial Data (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Financing revenues:
Operating lease	$ 2,116	$ 2,122	$ 2,114	$ 2,129	$ 2,182	$ 2,212	$ 2,197	$ 2,184	$ 8,481	$ 8,775	$ 8,694
Retail	761	749	723	672	670	661	638	589	2,905	2,558	2,235
Dealer	101	103	98	111	152	171	183	190	413	696	711
Total financing revenues	2,978	2,974	2,935	2,912	3,004	3,044	3,018	2,963	11,799	12,029	11,640
Depreciation on operating leases	1,448	1,450	1,349	1,685	1,900	1,712	1,583	1,625	5,932	6,820	6,909
Interest expense	768	491	495	548	769	755	613	697	2,302	2,834	2,747
Net financing revenues	762	1,033	1,091	679	335	577	822	641	3,565	2,375	1,984
Voluntary protection contract revenues and insurance earned premiums	242	241	238	235	241	231	232	229	956	933	904
Investment and other income, net	(35)	179	90	176	50	57	97	118	410	322	292
Net financing revenues and other revenues	969	1,453	1,419	1,090	626	865	1,151	988	4,931	3,630	3,180
Expenses:
Provision for credit losses	60	118	65	183	326	128	61	75	426	590	372
Operating and administrative	399	354	389	345	460	406	358	337	1,487	1,561	1,385
Voluntary protection contract expenses and insurance losses	104	98	92	75	111	116	115	113	369	455	446
Total expenses	563	570	546	603	897	650	534	525	2,282	2,606	2,203
Income before income taxes	406	883	873	487	(271)	215	617	463	2,649	1,024	977
Provision for income taxes	86	215	218	113	(185)	34	158	104	632	111	182
Net income	$ 320	$ 668	$ 655	$ 374	$ (86)	$ 181	$ 459	$ 359	$ 2,017	$ 913	$ 795