American Honda Finance 10-Q 9 Nov 23 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Sep. 30, 2023	Oct. 31, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-36111
Entity Registrant Name	AMERICAN HONDA FINANCE CORPORATION
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	95-3472715
Entity Address, Address Line One	1919 Torrance Blvd.
Entity Address, City or Town	Torrance
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90501
City Area Code	310
Local Phone Number	972-2288
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		13,660,000
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000864270
Current Fiscal Year End Date	--03-31
0.750% Medium-Term Notes, Series A Due January 17, 2024
Entity Information [Line Items]
Title of 12(b) Security	0.750% Medium-Term Notes, Series ADue January 17, 2024
Trading Symbol	HMC/24
Security Exchange Name	NYSE
1.950% Medium-Term Notes, Series A Due October 18, 2024
Entity Information [Line Items]
Title of 12(b) Security	1.950% Medium-Term Notes, Series ADue October 18, 2024
Trading Symbol	HMC/24D
Security Exchange Name	NYSE
0.750% Medium-Term Notes, Series A Due November 25, 2026
Entity Information [Line Items]
Title of 12(b) Security	0.750% Medium-Term Notes, Series ADue November 25, 2026
Trading Symbol	HMC/26A
Security Exchange Name	NYSE
0.300% Medium-Term Notes, Series A Due July 7, 2028
Entity Information [Line Items]
Title of 12(b) Security	0.300% Medium-Term Notes, Series ADue July 7, 2028
Trading Symbol	HMC/28A
Security Exchange Name	NYSE
1.500% Medium-Term Notes, Series A Due October 19, 2027
Entity Information [Line Items]
Title of 12(b) Security	1.500% Medium-Term Notes, Series ADue October 19, 2027
Trading Symbol	HMC/27A
Security Exchange Name	NYSE
3.750% Medium-Term Notes, Series A Due October 25, 2027
Entity Information [Line Items]
Title of 12(b) Security	3.750% Medium-Term Notes, Series ADue October 25, 2027
Trading Symbol	HMC/27B
Security Exchange Name	NYSE
5.600% Medium-Term Notes, Series A Due September 6, 2030
Entity Information [Line Items]
Title of 12(b) Security	5.600% Medium-Term Notes, Series ADue September 6, 2030
Trading Symbol	HMC/30A
Security Exchange Name	NYSE

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2023	Mar. 31, 2023
Assets
Cash and cash equivalents	$ 993	$ 1,544
Finance receivables, net of allowance for credit losses of $332 and $253	42,704	37,585
Investment in operating leases, net	27,179	27,778
Income taxes receivable	65	28
Other assets	982	757
Derivative instruments	1,157	1,133
Total assets	73,181	68,891
Liabilities and Equity
Debt	44,551	40,334
Income taxes payable	147	211
Deferred income taxes	6,070	6,287
Derivative instruments	2,011	1,736
Total liabilities	54,217	49,866
Commitments and contingencies (Note 8)
Shareholder’s equity:
Common stock, $100 par value. Authorized 15,000,000 shares; issued and outstanding 13,660,000 shares as of September 30, 2023 and March 31, 2023	1,366	1,366
Retained earnings	16,628	16,688
Accumulated other comprehensive loss	(140)	(135)
Total shareholder’s equity	17,854	17,919
Noncontrolling interest in subsidiary	1,110	1,106
Total equity	18,964	19,025
Total liabilities and equity	73,181	68,891
Variable Interest Entity, Primary Beneficiary
Assets
Finance receivables, net of allowance for credit losses of $332 and $253	8,634	7,216
Investment in operating leases, net	0	168
Other assets	616	433
Total assets	9,250	7,817
Liabilities and Equity
Debt	8,193	6,927
Due to Parent and affiliated companies and Other liabilities	12	7
Total liabilities	8,205	6,934
Affiliated Entity
Assets
Due from Parent and affiliated companies	101	66
Liabilities and Equity
Due to Parent and affiliated companies and Other liabilities	117	161
Nonrelated Party
Liabilities and Equity
Due to Parent and affiliated companies and Other liabilities	$ 1,321	$ 1,137

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Mar. 31, 2023
Statement of Financial Position [Abstract]
Finance receivables, allowance for credit losses	$ 332	$ 253
Common stock, par value (in dollars per share)	$ 100	$ 100
Common stock, shares authorized (in shares)	15,000,000	15,000,000
Common stock, shares issued (in shares)	13,660,000	13,660,000
Common stock, shares outstanding (in shares)	13,660,000	13,660,000

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Retail	$ 498	$ 356	$ 934	$ 718
Dealer	52	24	102	41
Operating leases	1,530	1,687	3,067	3,455
Total revenues	2,080	2,067	4,103	4,214
Leased vehicle expenses	1,110	1,248	2,220	2,562
Interest expense	396	199	719	380
Net revenues	574	620	1,164	1,272
Other income, net	26	24	55	38
Total net revenues	600	644	1,219	1,310
Expenses:
General and administrative expenses	129	124	256	243
Provision for credit losses	69	31	148	52
Early termination loss on operating leases	28	14	40	13
Loss on derivative instruments	247	601	176	1,126
Gain on foreign currency revaluation of debt	(208)	(449)	(158)	(877)
Total expenses	265	321	462	557
Income before income taxes	335	323	757	753
Income tax expense	89	82	221	199
Net income	246	241	536	554
Less: Net income attributable to noncontrolling interest	18	26	43	54
Net income attributable to American Honda Finance Corporation	$ 228	$ 215	$ 493	$ 500

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 246	$ 241	$ 536	$ 554
Other comprehensive income:
Foreign currency translation adjustment	(58)	(167)	(10)	(240)
Comprehensive income	188	74	526	314
Less: Comprehensive (loss)/income attributable to noncontrolling interest	(10)	(54)	38	(61)
Comprehensive income attributable to American Honda Finance Corporation	$ 198	$ 128	$ 488	$ 375

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Millions	Total	Retained earnings	Accumulated other comprehensive income/(loss)	Common stock	Noncontrolling interest
Beginning Balance at Mar. 31, 2022	$ 19,452	$ 16,901	$ (38)	$ 1,366	$ 1,223
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	554	500			54
Other comprehensive loss	(240)		(125)		(115)
Dividends declared	(829)	(766)			(63)
Ending Balance at Sep. 30, 2022	18,937	16,635	(163)	1,366	1,099
Beginning Balance at Mar. 31, 2023	19,025	16,688	(135)	1,366	1,106
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	536	493			43
Other comprehensive loss	(10)		(5)		(5)
Dividends declared	(587)	(553)			(34)
Ending Balance at Sep. 30, 2023	$ 18,964	$ 16,628	$ (140)	$ 1,366	$ 1,110

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions		6 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income		$ 536	$ 554
Adjustments to reconcile net income to net cash provided by operating activities:
Debt and derivative instrument valuation adjustments		124	274
Provision for credit losses		148	52
Early termination loss on operating leases		40	13
Depreciation on leased vehicles		2,214	2,550
Accretion of unearned subsidy income		(465)	(557)
Amortization of deferred dealer participation and other deferred costs		177	162
Gain on disposition of leased vehicles		(59)	(63)
Deferred income taxes		(215)	(456)
Changes in operating assets and liabilities:
Income taxes receivable/payable		(101)	(295)
Other assets		(25)	659
Accrued interest/discounts on debt		89	36
Other liabilities		114	(37)
Due to/from Parent and affiliated companies		(80)	(31)
Net cash provided by operating activities		2,497	2,861
Cash flows from investing activities:
Finance receivables acquired		(14,398)	(6,797)
Principal collected on finance receivables		9,009	8,904
Net change in wholesale loans		(23)	48
Purchase of operating lease vehicles		(7,068)	(4,413)
Disposal of operating lease vehicles		5,383	5,507
Cash received for unearned subsidy income		447	268
Other investing activities, net		(4)	(3)
Net cash (used in)/provided by investing activities		(6,654)	3,514
Cash flows from financing activities:
Proceeds from issuance of commercial paper		24,065	10,992
Paydown of commercial paper		(23,200)	(10,154)
Proceeds from issuance of short-term debt		600	0
Paydown of short-term debt		(74)	0
Proceeds from issuance of medium-term notes and other debt		6,578	516
Paydown of medium-term notes and other debt		(4,858)	(5,034)
Proceeds from issuance of secured debt		3,618	997
Paydown of secured debt		(2,356)	(2,657)
Dividends paid		(587)	(961)
Net cash provided by/(used in) financing activities		3,786	(6,301)
Effect of exchange rate changes on cash and cash equivalents		1	(6)
Net (decrease)/increase in cash and cash equivalents		(370)	68
Cash and cash equivalents and restricted cash at beginning of period		1,964	2,972
Cash and cash equivalents and restricted cash at end of period		1,594	3,040
Supplemental disclosures of cash flow information:
Interest paid		599	281
Income taxes paid		533	952
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents		993	2,253
Restricted cash included in other assets	[1]	601	787
Total		$ 1,594	$ 3,040
[1]Restricted cash balances relate to securitization arrangements (Note 9).

Summary of Business and Signifi

Summary of Business and Significant Accounting Policies	6 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Business and Significant Accounting Policies	Summary of Business and Significant Accounting Policies Organizational Structure American Honda Finance Corporation (AHFC) is a wholly-owned subsidiary of American Honda Motor Co., Inc. (AHM or the Parent). Honda Canada Finance Inc. (HCFI) is a majority-owned subsidiary of AHFC. Noncontrolling interest in HCFI is held by Honda Canada Inc. (HCI), an affiliate of AHFC. AHM is a wholly-owned subsidiary and HCI is an indirect wholly-owned subsidiary of Honda Motor Co., Ltd. (HMC). AHM and HCI are the sole authorized distributors of Honda and Acura products, including motor vehicles, parts and accessories in the United States and Canada. Unless otherwise indicated by the context, all references to the “Company”, “we”, “us”, and “our” in this report include AHFC and its consolidated subsidiaries, and references to “AHFC” refer solely to American Honda Finance Corporation (excluding AHFC’s subsidiaries). Basis of Presentation The unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim information, and instructions to the Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, these unaudited interim financial statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. Results for interim periods should not be considered indicative of results for the full year or for any other interim period. These unaudited interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements, significant accounting policies, and the other notes to the consolidated financial statements for the fiscal year ended March 31, 2023 included in the Company’s Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission (SEC) on June 23, 2023. All significant intercompany balances and transactions have been eliminated upon consolidation. Recently Adopted Accounting Standard Effective April 1, 2023, the Company adopted Accounting Standards Update (ASU) 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures . The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted ASU 2016-13 and enhance the disclosure requirements for certain loan refinancings and restructurings when borrowers are experiencing financial difficulty. In addition, the amendments require the disclosure of current-period gross write-offs for financing receivables by year of origination in the vintage disclosures. The adoption of this standard did not have a material impact on the consolidated financial statements. Recently Issued Accounting Standards

Finance Receivables

Finance Receivables	6 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Finance Receivables	Finance Receivables Finance receivables consisted of the following: September 30, 2023 Retail Dealer Total (U.S. dollars in millions) Finance receivables $ 39,990 $ 3,006 $ 42,996 Allowance for credit losses (327) (5) (332) Deferred dealer participation and other deferred costs 573 — 573 Unearned subsidy income (533) — (533) Finance receivables, net $ 39,703 $ 3,001 $ 42,704 March 31, 2023 Retail Dealer Total (U.S. dollars in millions) Finance receivables $ 35,110 $ 2,836 $ 37,946 Allowance for credit losses (248) (5) (253) Deferred dealer participation and other deferred costs 472 — 472 Unearned subsidy income (580) — (580) Finance receivables, net $ 34,754 $ 2,831 $ 37,585 Finance receivables include retail loans with a net carrying amount of $8.6 billion and $7.2 billion as of September 30, 2023 and March 31, 2023, respectively, which have been transferred to bankruptcy-remote Special Purpose Entities (SPEs) and are considered to be legally isolated but do not qualify for sale accounting treatment. These retail loans are restricted and serve as collateral for the payment of the related secured debt obligations. Refer to Note 9 for additional information. Allowance for Credit Losses The following is a summary of the activity in the allowance for credit losses of finance receivables: Three and six months ended September 30, 2023 Retail Dealer Total (U.S. dollars in millions) Beginning balance as of July 1, 2023 $ 303 $ 5 $ 308 Provision 69 — 69 Charge-offs (67) — (67) Recoveries 22 — 22 Ending balance as of September 30, 2023 $ 327 $ 5 $ 332 Beginning balance as of April 1, 2023 $ 248 $ 5 $ 253 Provision 148 — 148 Charge-offs (115) — (115) Recoveries 46 — 46 Ending balance as of September 30, 2023 $ 327 $ 5 $ 332 Three and six months ended September 30, 2022 Retail Dealer Total (U.S. dollars in millions) Beginning balance as of July 1, 2022 $ 212 $ 5 $ 217 Provision 31 — 31 Charge-offs (47) — (47) Recoveries 21 — 21 Effect of translation adjustment (1) — (1) Ending balance as of September 30, 2022 $ 216 $ 5 $ 221 Beginning balance as of April 1, 2022 $ 206 $ 5 $ 211 Provision 52 — 52 Charge-offs (84) (84) Recoveries 43 — 43 Effect of translation adjustment (1) — (1) Ending balance as of September 30, 2022 $ 216 $ 5 $ 221 The allowance increased during the six months ended September 30, 2023 primarily due to the expected credit losses recognized on the high volume of retail loan acquisitions during the period. Delinquencies Collection experience provides an indication of the credit quality of finance receivables. For retail loans, delinquencies are a good predictor of charge-offs in the near term. The likelihood of accounts charging off is significantly higher once an account becomes 60 days delinquent. Retail loans are considered delinquent if more than 10% of a scheduled payment is contractually past due on a cumulative basis. Dealer loans are considered delinquent when any payment is contractually past due. The following is an aging analysis of past due finance receivables: 30 – 59 days 60 – 89 days 90 days Total Current or Total (U.S. dollars in millions) September 30, 2023 Retail loans: New auto $ 261 $ 77 $ 19 $ 357 $ 31,019 $ 31,376 Used and certified auto 138 43 12 193 7,111 7,304 Motorcycle and other 16 7 3 26 1,324 1,350 Total retail loans 415 127 34 576 39,454 40,030 Dealer loans: Wholesale flooring 1 — — 1 1,966 1,967 Commercial loans — — — — 1,039 1,039 Total dealer loans 1 — — 1 3,005 3,006 Total finance receivables $ 416 $ 127 $ 34 $ 577 $ 42,459 $ 43,036 March 31, 2023 Retail loans: New auto $ 217 $ 44 $ 11 $ 272 $ 27,479 $ 27,751 Used and certified auto 103 25 6 134 5,870 6,004 Motorcycle and other 14 5 2 21 1,226 1,247 Total retail loans 334 74 19 427 34,575 35,002 Dealer loans: Wholesale flooring — — — — 1,946 1,946 Commercial loans — — — — 890 890 Total dealer loans — — — — 2,836 2,836 Total finance receivables $ 334 $ 74 $ 19 $ 427 $ 37,411 $ 37,838 Credit Quality Indicators Credit losses are an expected cost of extending credit. The majority of our credit risk is with consumer financing and to a lesser extent with dealer financing. Exposure to credit risk in retail loans is managed through regular monitoring and adjusting of underwriting standards, pricing of contracts for expected losses, and focusing collection efforts to minimize losses. Exposure to credit risk for dealers is managed through ongoing reviews of their financial condition. Retail Loan Segment The Company utilizes proprietary credit scoring systems to evaluate the credit risk of applicants and assign internal credit grades at origination. Factors used to develop a customer’s credit grade include the terms of the contract, the loan-to-value ratio, the customer’s debt ratios, and credit bureau attributes such as the number of trade lines, utilization ratio, and number of credit inquiries. Different scorecards are utilized depending on the type of product financed. The Company regularly reviews and analyzes the performance of the consumer-financing portfolio to ensure the effectiveness of underwriting guidelines, purchasing criteria and scorecard predictability of customers. Internal credit grades are determined only at the time of origination and are not reassessed during the life of the contract. The following describes the internal credit grade ratings. A - Borrowers classified as very low credit risks. Based on their application and credit bureau report, they have the ability to pay and have shown a willingness to pay. Generally, A credit borrowers have an extensive credit history, an excellent payment record and extensive financial resources. B - Borrowers classified as relatively low credit risks. Based on their application and credit bureau report, they have the ability to pay and have shown a willingness to pay. Generally, B credit borrowers may have one or more conditions that could reduce the internal credit score, such as a shorter credit history or a minor credit weakness. C - Borrowers classified as moderate credit risks. Based on their application and credit bureau report, they may have limited financial resources, limited credit history, or a weakness in credit history. D - Borrowers classified as relatively higher credit risks. Based on their application and credit bureau report, they may have very limited financial resources, very limited or no credit history, or a poor credit history. Others - Borrowers, including businesses, without credit bureau reports. The following table summarizes the amortized cost of retail loans by internal credit grade: Retail loans by vintage fiscal year 2024 2023 2022 2021 2020 Prior Total (U.S. dollars in millions) September 30, 2023 Credit grade A $ 7,899 $ 6,960 $ 4,791 $ 3,971 $ 1,035 $ 341 $ 24,997 Credit grade B 2,365 2,430 1,381 1,022 359 153 7,710 Credit grade C 1,597 1,592 949 690 293 138 5,259 Credit grade D 423 376 232 197 140 73 1,441 Others 199 174 119 76 35 20 623 Total retail loans $ 12,483 $ 11,532 $ 7,472 $ 5,956 $ 1,862 $ 725 $ 40,030 Gross charge-offs for the six months ended September 30, 2023 $ 3 $ 47 $ 31 $ 18 $ 10 $ 6 $ 115 Retail loans by vintage fiscal year 2023 2022 2021 2020 2019 Prior Total (U.S. dollars in millions) March 31, 2023 Credit grade A $ 8,332 $ 5,994 $ 5,188 $ 1,570 $ 661 $ 171 $ 21,916 Credit grade B 2,828 1,693 1,308 504 229 78 6,640 Credit grade C 1,864 1,174 887 407 189 71 4,592 Credit grade D 447 294 255 191 92 36 1,315 Others 211 146 97 50 22 13 539 Total retail loans $ 13,682 $ 9,301 $ 7,735 $ 2,722 $ 1,193 $ 369 $ 35,002 Dealer Loan Segment The Company utilizes an internal risk rating system to evaluate dealer credit risk. Dealerships are assigned an internal risk rating based on an assessment of their financial condition and other factors. Factors including liquidity, financial strength, management effectiveness, and operating efficiency are evaluated when assessing their financial condition. Financing limits and interest rates are based upon these risk ratings. Monitoring activities including financial reviews and inventory inspections are performed more frequently for dealerships with weaker risk ratings. The financial conditions of dealerships are reviewed and their risk ratings are updated at least annually. Dealerships have been divided into the following groups: Group I - Dealerships in the strongest internal risk rating tier Group II - Dealerships with internal risk ratings below the strongest tier Group III - Dealerships with impaired loans The following table summarizes the amortized cost of dealer loans by risk rating groups: Commercial loans by vintage fiscal year 2024 2023 2022 2021 2020 Prior Revolving loans Wholesale Flooring Total (U.S. dollars in millions) September 30, 2023 Group I $ 144 $ 57 $ 9 $ 117 $ 47 $ 83 $ 498 $ 1,195 $ 2,150 Group II 35 3 5 1 11 29 — 772 856 Group III — — — — — — — — — Total dealer loans $ 179 $ 60 $ 14 $ 118 $ 58 $ 112 $ 498 $ 1,967 $ 3,006 Gross charge-offs for the six months ended September 30, 2023 $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial loans by vintage fiscal year 2023 2022 2021 2020 2019 Prior Revolving loans Wholesale Flooring Total (U.S. dollars in millions) March 31, 2023 Group I $ 67 $ 10 $ 143 $ 56 $ 24 $ 89 $ 428 $ 1,223 $ 2,040 Group II 1 6 29 6 — 31 — 723 796 Group III — — — — — — — — — Total dealer loans $ 68 $ 16 $ 172 $ 62 $ 24 $ 120 $ 428 $ 1,946 $ 2,836 Loan Modifications The contractual terms of loans may be modified when borrowers are experiencing financial difficulties in an effort to mitigate losses. There were no dealer loans that were modified for dealers experiencing financial difficulties during the six months ended September 30, 2023. Payment deferrals are granted on retail loans, however the delays in payments are considered insignificant since the number of deferred payments are limited and interest continues to accrue during the deferral period. Starting in April 2023, the Company began granting term extensions on retail loans in the United States. Term extensions extend the maturity date of the loan which reduces the monthly payments over the remaining extended term of the loan. Term extensions do not change the contractual interest rates or reduce the outstanding principal balances. During the six months ended September 30, 2023, term extensions were not material to the Company’s consolidated financial statement. Retail loans may also be modified in reorganization proceedings pursuant to the U.S. Bankruptcy Code which may include interest rate adjustments, term extensions, and principal forgiveness. Retail loans modified under bankruptcy protection were not material to the Company’s consolidated financial statements during the six months ended September 30, 2023.

Investment in Operating Leases

Investment in Operating Leases	6 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Investment in Operating Leases	Investment in Operating Leases Investment in operating leases consisted of the following: September 30, 2023 March 31, 2023 (U.S. dollars in millions) Operating lease vehicles $ 35,141 $ 36,412 Accumulated depreciation (7,279) (7,989) Deferred dealer participation and initial direct costs 95 88 Unearned subsidy income (684) (656) Estimated early termination losses (94) (77) Investment in operating leases, net $ 27,179 $ 27,778 Operating lease revenue consisted of the following: Three months ended September 30, Six months ended September 30, 2023 2022 2023 2022 (U.S. dollars in millions) Lease payments $ 1,384 $ 1,518 $ 2,784 $ 3,115 Subsidy income and dealer rate participation, net 123 145 251 303 Reimbursed lessor costs 23 24 32 37 Total operating lease revenue, net $ 1,530 $ 1,687 $ 3,067 $ 3,455 Leased vehicle expenses consisted of the following: Three months ended September 30, Six months ended September 30, 2023 2022 2023 2022 (U.S. dollars in millions) Depreciation expense $ 1,098 $ 1,235 $ 2,214 $ 2,550 Initial direct costs and other lessor costs 40 43 65 75 Gain on disposition of leased vehicles (1) (28) (30) (59) (63) Total leased vehicle expenses, net $ 1,110 $ 1,248 $ 2,220 $ 2,562 ________________________ (1) Included in the gain on disposition of leased vehicles are end of term charges of $1 million and less than $1 million for the three months ended September 30, 2023, and 2022, respectively, and $2 million and $1 million for the six months ended September 30, 2023 and 2022, respectively. As of March 31, 2023, investment in operating leases includes lease assets with a net carrying amount of $168 million, which were transferred to SPEs and considered to be legally isolated but did not qualify for sale accounting treatment. These investments in operating leases were restricted and served as collateral for the payment of the related secured debt obligations. There were no outstanding operating lease securitizations as of September 30, 2023. Refer to Note 9 for additional information. Contractual operating lease payments due as of September 30, 2023 are summarized below. Based on the Company's experience, it is expected that a portion of the Company's operating leases will terminate prior to the scheduled lease term. The summary below should not be regarded as a forecast of future cash collections. Twelve-month periods ending September 30, (U.S. dollars in millions) 2024 $ 4,349 2025 2,742 2026 1,232 2027 261 2028 54 Total $ 8,638 The Company recognized early termination losses on operating leases of $28 million and of $14 million during the three months ended September 30, 2023 and 2022, respectively, and $40 million and $13 million during the six months ended September 30, 2023 and 2022, respectively. Net realized losses totaled $20 million and $12 million during the three months ended September 30, 2023 and 2022, respectively, and $23 million and $13 million during the six months ended September 30, 2023 and 2022, respectively. The general allowance for uncollectible operating lease receivables was recorded through a reduction to revenue of $4 million and $1 million for the three months ended September 30, 2023 and 2022, respectively, and $7 million and $2 million for the six months ended September 30, 2023 and 2022, respectively. No impairment losses due to declines in estimated residual values were recognized during the three and six months ended September 30, 2023 and 2022.
Investment in Operating Leases	Investment in Operating Leases Investment in operating leases consisted of the following: September 30, 2023 March 31, 2023 (U.S. dollars in millions) Operating lease vehicles $ 35,141 $ 36,412 Accumulated depreciation (7,279) (7,989) Deferred dealer participation and initial direct costs 95 88 Unearned subsidy income (684) (656) Estimated early termination losses (94) (77) Investment in operating leases, net $ 27,179 $ 27,778 Operating lease revenue consisted of the following: Three months ended September 30, Six months ended September 30, 2023 2022 2023 2022 (U.S. dollars in millions) Lease payments $ 1,384 $ 1,518 $ 2,784 $ 3,115 Subsidy income and dealer rate participation, net 123 145 251 303 Reimbursed lessor costs 23 24 32 37 Total operating lease revenue, net $ 1,530 $ 1,687 $ 3,067 $ 3,455 Leased vehicle expenses consisted of the following: Three months ended September 30, Six months ended September 30, 2023 2022 2023 2022 (U.S. dollars in millions) Depreciation expense $ 1,098 $ 1,235 $ 2,214 $ 2,550 Initial direct costs and other lessor costs 40 43 65 75 Gain on disposition of leased vehicles (1) (28) (30) (59) (63) Total leased vehicle expenses, net $ 1,110 $ 1,248 $ 2,220 $ 2,562 ________________________ (1) Included in the gain on disposition of leased vehicles are end of term charges of $1 million and less than $1 million for the three months ended September 30, 2023, and 2022, respectively, and $2 million and $1 million for the six months ended September 30, 2023 and 2022, respectively. As of March 31, 2023, investment in operating leases includes lease assets with a net carrying amount of $168 million, which were transferred to SPEs and considered to be legally isolated but did not qualify for sale accounting treatment. These investments in operating leases were restricted and served as collateral for the payment of the related secured debt obligations. There were no outstanding operating lease securitizations as of September 30, 2023. Refer to Note 9 for additional information. Contractual operating lease payments due as of September 30, 2023 are summarized below. Based on the Company's experience, it is expected that a portion of the Company's operating leases will terminate prior to the scheduled lease term. The summary below should not be regarded as a forecast of future cash collections. Twelve-month periods ending September 30, (U.S. dollars in millions) 2024 $ 4,349 2025 2,742 2026 1,232 2027 261 2028 54 Total $ 8,638 The Company recognized early termination losses on operating leases of $28 million and of $14 million during the three months ended September 30, 2023 and 2022, respectively, and $40 million and $13 million during the six months ended September 30, 2023 and 2022, respectively. Net realized losses totaled $20 million and $12 million during the three months ended September 30, 2023 and 2022, respectively, and $23 million and $13 million during the six months ended September 30, 2023 and 2022, respectively. The general allowance for uncollectible operating lease receivables was recorded through a reduction to revenue of $4 million and $1 million for the three months ended September 30, 2023 and 2022, respectively, and $7 million and $2 million for the six months ended September 30, 2023 and 2022, respectively. No impairment losses due to declines in estimated residual values were recognized during the three and six months ended September 30, 2023 and 2022.

Debt

Debt	6 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt The Company issues debt in various currencies with both floating and fixed interest rates. Outstanding debt net of discounts and fees, weighted average contractual interest rates and range of contractual interest rates were as follows: Weighted average contractual interest rate (1) Contractual September 30, 2023 March 31, 2023 September 30, 2023 March 31, 2023 September 30, 2023 March 31, 2023 (U.S. dollars in millions) Unsecured debt: Commercial paper $ 7,240 $ 6,375 5.63 % 5.18 % 4.83 - 5.73% 4.30 - 5.93% Bank loans 1,817 1,894 6.23 % 5.66 % 5.89 - 6.66% 5.38 - 6.14% Public MTN program 24,102 21,962 2.85 % 1.99 % 0.30 - 6.14% 0.30 - 5.43% Other debt 3,199 3,176 3.60 % 3.15 % 1.34 - 6.39% 1.34 - 5.88% Total unsecured debt 36,358 33,407 Secured debt 8,193 6,927 3.78 % 2.42 % 0.27 - 5.95% 0.20 - 5.50% Total debt $ 44,551 $ 40,334 _______________________ (1) Weighted average contractual interest rates for commercial paper are bond equivalent yields. Contractual interest rates approximate effective yields. As of September 30, 2023, the outstanding principal balance of long-term debt with floating interest rates totaled $4.5 billion, long-term debt with fixed interest rates totaled $31.8 billion, and short-term debt with floating or fixed interest rates totaled $8.3 billion. As of March 31, 2023, the outstanding principal balance of long-term debt with floating interest rates totaled $4.1 billion, long-term debt with fixed interest rates totaled $29.5 billion, and short-term debt with floating or fixed interest rates totaled $6.7 billion. Commercial Paper As of both September 30, 2023 and March 31, 2023, the Company had commercial paper programs that provide the Company with available funds of up to $8.8 billion at prevailing market interest rates for terms up to one year. The commercial paper programs are supported by the Keep Well Agreements with HMC described in Note 6. Outstanding commercial paper averaged $6.9 billion and $2.9 billion during the six months ended September 30, 2023 and 2022, respectively. The maximum balance outstanding at any month-end during the six months ended September 30, 2023 and 2022 was $7.2 billion and $3.2 billion, respectively. Bank Loans Outstanding bank loans at September 30, 2023 were long-term, with floating interest rates, and denominated in U.S. dollars or Canadian dollars. Outstanding bank loans have prepayment options. No outstanding bank loans as of September 30, 2023 were supported by the Keep Well Agreements with HMC described in Note 6. Outstanding bank loans contain certain covenants, including limitations on liens, mergers, consolidations and asset sales. Public MTN Program In August 2022, AHFC renewed its Public MTN program by filing a registration statement with the SEC under which it may issue from time to time up to $30.0 billion aggregate principal amount of Public MTNs pursuant to the Public MTN program. The aggregate principal amount of MTNs offered under this program may be increased from time to time. Notes outstanding under the Public MTN program as of September 30, 2023 were short-term and long-term, with either fixed or floating interest rates, and denominated in U.S. dollars, Euro or Sterling. Notes under this program are issued pursuant to an indenture which contains certain covenants, including negative pledge provisions and limitations on mergers, consolidations and asset sales. Other Debt The outstanding balances as of September 30, 2023 consisted of private placement debt issued by HCFI which are long-term, with either fixed or floating interest rates, and denominated in Canadian dollars. Private placement debt is supported by the Keep Well Agreement with HMC described in Note 6. The notes are issued pursuant to the terms of an indenture which contain certain covenants, including negative pledge provisions. Secured Debt The Company issues notes through financing transactions that are secured by assets held by issuing SPEs. Notes outstanding as of September 30, 2023 were long-term and short-term with either fixed or floating interest rates, and denominated in U.S. dollars or Canadian dollars. Repayment of the notes is dependent on the performance of the underlying retail loans. Refer to Note 9 for additional information on the Company’s secured financing transactions. Credit Agreements Syndicated Bank Credit Facilities AHFC maintains a $7.0 billion syndicated bank credit facility that includes a $3.5 billion credit agreement, which expires on February 23, 2024, a $2.1 billion credit agreement, which expires on February 25, 2026, and a $1.4 billion credit agreement, which expires on February 25, 2028. As of September 30, 2023, no amounts were drawn upon under the AHFC credit agreements. AHFC intends to renew or replace these credit agreements prior to or on their respective expiration dates. HCFI maintains a $1.5 billion syndicated bank credit facility that includes a $737 million credit agreement, which expires on March 25, 2024 and a $737 million credit agreement, which expires on March 25, 2027. As of September 30, 2023, no amounts were drawn upon under the HCFI credit agreement. HCFI intends to renew or replace the credit agreement prior to or on the expiration date of each respective tranche. The credit agreements contain customary covenants, including limitations on liens, mergers, consolidations and asset sales and affiliate transactions. Loans, if any, under the credit agreements will be supported by the Keep Well Agreement described in Note 6. Other Credit Agreements

Derivative Instruments

Derivative Instruments	6 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The notional balances and fair values of the Company’s derivatives are presented below. The derivative instruments are presented on a gross basis in the Company’s consolidated balance sheets. Refer to Note 12 regarding the valuation of derivative instruments. September 30, 2023 March 31, 2023 Notional Assets Liabilities Notional Assets Liabilities (U.S. dollars in millions) Interest rate swaps $ 57,388 $ 1,157 $ 1,185 $ 55,974 $ 1,133 $ 1,062 Cross currency swaps 5,737 — 826 4,328 — 674 Gross derivative assets/liabilities 1,157 2,011 1,133 1,736 Collateral posted/held — 47 — 37 Counterparty netting adjustment (1,065) (1,065) (1,000) (1,000) Net derivative assets/liabilities $ 92 $ 993 $ 133 $ 773 The income statement impact of derivative instruments is presented below. There were no derivative instruments designated as part of a hedge accounting relationship during the periods presented. Three months ended September 30, Six months ended September 30, 2023 2022 2023 2022 (U.S. dollars in millions) Interest rate swaps $ (20) $ 61 $ 106 $ 70 Cross currency swaps (227) (662) (282) (1,196) Total loss on derivative instruments $ (247) $ (601) $ (176) $ (1,126) The fair value of derivative instruments is subject to the fluctuations in market interest rates and foreign currency exchange rates. Since the Company has elected not to apply hedge accounting, the volatility in the changes in fair value of these derivative instruments is recognized in earnings. All settlements of derivative instruments are presented within cash flows from operating activities in the consolidated statements of cash flows. These derivative instruments also contain an element of credit risk in the event the counterparties are unable to meet the terms of the agreements. However, the Company minimizes the risk exposure by limiting the counterparties to major financial institutions that meet established credit guidelines. In the event of default, all counterparties are subject to legally enforceable master netting agreements. In Canada, HCFI is a party to reciprocal credit support agreements that require posting of cash collateral to mitigate counterparty credit risk on derivative positions. Posted collateral is recognized in other assets and held collateral is recognized in other liabilities.

Transactions Involving Related

Transactions Involving Related Parties	6 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Transactions Involving Related Parties	Transactions Involving Related Parties The following tables summarize the income statement and balance sheet impact of transactions with the Parent and affiliated companies: Three months ended September 30, Six months ended September 30, Income Statement 2023 2022 2023 2022 (U.S. dollars in millions) Revenue: Subsidy income $ 226 $ 265 $ 462 $ 554 General and administrative expenses: Support Compensation Agreement fees 16 16 31 33 Benefit plan expenses 1 2 3 4 Shared services 19 19 37 37 Lease expense 1 1 2 2 Balance Sheet September 30, 2023 March 31, 2023 (U.S. dollars in millions) Assets : Finance receivables, net: Unearned subsidy income $ (525) $ (573) Investment in operating leases, net: Unearned subsidy income (682) (655) Due from Parent and affiliated companies 101 66 Liabilities: Due to Parent and affiliated companies 117 161 Other liabilities: Accrued benefit expenses 66 63 Operating lease liabilities 9 11 Support Agreements HMC and AHFC are parties to a Keep Well Agreement, effective as of September 9, 2005. This Keep Well Agreement provides that HMC will (1) maintain (directly or indirectly) at least 80% ownership in AHFC’s voting stock and not pledge (directly or indirectly), or in any way encumber or otherwise dispose of, any such stock of AHFC that it is required to hold (or permit any of HMC’s subsidiaries to do so), (2) cause AHFC to have a positive consolidated tangible net worth with tangible net worth defined as (a) stockholder’s equity less (b) any intangible assets, determined on a consolidated basis in accordance with GAAP, and (3) ensure that AHFC has sufficient liquidity to meet its payment obligations for debt HMC has confirmed in writing is covered by this Keep Well Agreement, in accordance with its terms, or where necessary make available to AHFC, or HMC shall procure for AHFC, sufficient funds to enable AHFC to meet such obligations in accordance with such terms. This Keep Well Agreement is not a guarantee by HMC. HMC and HCFI are parties to a Keep Well Agreement effective as of September 26, 2005. This Keep Well Agreement provides that HMC will (1) maintain (directly or indirectly) at least 80% ownership in HCFI’s voting stock and not pledge (directly or indirectly), or in any way encumber or otherwise dispose of, any such stock of HCFI that it is required to hold (or permit any of HMC’s subsidiaries to do so), (2) cause HCFI to have a positive consolidated tangible net worth with tangible net worth defined as (a) stockholder’s equity less (b) any intangible assets, determined on a consolidated basis in accordance with generally accepted accounting principles in Canada, and (3) ensure that HCFI has sufficient liquidity to meet its payment obligations for debt HMC has confirmed in writing is covered by this Keep Well Agreement, in accordance with its terms, or where necessary make available to HCFI, or HMC shall procure for HCFI, sufficient funds to enable HCFI to meet such obligations in accordance with such terms. This Keep Well Agreement is not a guarantee by HMC. Debt programs supported by the Keep Well Agreements consist of the Company’s commercial paper programs, Public MTN Program, and HCFI’s private placement debt and loans, if any, under AHFC's and HCFI's syndicated bank credit facilities. In connection with the above agreements, AHFC and HCFI have entered into separate Support Compensation Agreements, where each has agreed to pay HMC a quarterly fee based on the amount of outstanding debt that benefit from the Keep Well Agreements. Support Compensation Agreement fees are recognized in general and administrative expenses. Incentive Financing Programs The Company receives subsidy payments from AHM and HCI, which supplement the revenues on financing products offered under incentive programs. Subsidy payments received on retail loans and leases are deferred and recognized as revenue over the term of the related contracts. The unearned balance is recognized as reductions to the carrying value of finance receivables and investment in operating leases. Subsidy payments on dealer loans are received as earned. Shared Services The Company shares certain common expenditures with AHM, HCI, and other related parties including information technology services and facilities. The allocated costs for shared services are included in general and administrative expenses. Benefit Plans The Company participates in various employee benefit plans that are sponsored by AHM and HCI. The allocated benefit plan expenses are included in general and administrative expenses. Income taxes The Company’s U.S. income taxes are recognized on a modified separate return basis pursuant to an intercompany income tax allocation agreement with AHM. Income tax related items are not included in the tables above. Refer to Note 7 for additional information. Other The majority of the amounts due from the Parent and affiliated companies at September 30, 2023 and March 31, 2023 were related to incentive financing program subsidies. The majority of the amounts due to the Parent and affiliated companies at September 30, 2023 and March 31, 2023 were related to wholesale flooring payable to the Parent. These receivable and payable accounts are non-interest-bearing and short-term in nature and are expected to be settled in the normal course of business. AHFC leases its premises from its parent, AHM. In July 2023 and 2022, AHFC declared and paid cash dividends of $553 million and $766 million, respectively, to its parent, AHM. In July 2023, HCFI declared and paid cash dividends to AHFC and HCI of $37 million and $34 million, respectively. In July 2022, HCFI declared and paid cash dividends to AHFC and HCI of $69 million and $63 million, respectively.

Income Taxes

Income Taxes	6 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes On August 16, 2022, the Inflation Reduction Act of 2022 (IRA) was enacted into law. The IRA includes tax provisions for a new corporate alternative minimum tax (CAMT) of 15% on adjusted financial statement income of corporations with profits greater than $1.0 billion, effective for taxable years beginning after December 31, 2022, in addition to a new tax credit for qualified commercial clean vehicles (QCCV) that applies to vehicles acquired after December 31, 2022. At September 30, 2023, based on proposed guidance and regulations issued to date, the Company does not expect to incur CAMT liability for fiscal year 2024 and expects to generate an immaterial amount of QCCV tax credits during the fourth quarter of fiscal year 2024. We will continue to evaluate the effects of IRA as additional guidance and regulations are issued. The Company's effective tax rate was 26.6% and 25.4% for the three months ended September 30, 2023 and 2022, respectively, and 29.2% and 26.4% for the six months ended September 30, 2023 and 2022, respectively. The increase in effective tax rates for the three and six months ended September 30, 2023 was primarily due to an increase in state taxes. The Company's effective tax rates for the three and six months ended September 30, 2023, differ from the U.S. federal statutory tax rate primarily as a result of U.S. state taxes. The Company does not provide for income taxes on its share of the undistributed earnings of HCFI which are intended to be indefinitely reinvested outside the United States. At September 30, 2023, $1.0 billion of accumulated undistributed earnings of HCFI were intended to be so reinvested. If the undistributed earnings as of September 30, 2023 were to be distributed, the tax liability associated with these earnings would be $136 million, inclusive of currency translation adjustments. As of September 30, 2023, the Company is subject to examination for U.S. federal returns filed for the taxable years ended March 31, 2014 through 2022, and for various U.S state returns filed for the taxable years ended March 31, 2008 through 2022. The Company’s Canadian subsidiary, HCFI, is subject to examination for federal and provincial returns filed for the taxable years ended March 31, 2016 through 2023. The Company believes appropriate provision has been made for all outstanding issues for all open years and does not expect any material changes in the amounts of unrecognized tax benefits during the fiscal year ending March 31, 2024.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Leases The Company leases certain premises and equipment through operating leases. AHFC leases its premises and equipment from AHM and third parties, and HCFI leases its premises from HCI. Many of the Company's leases contain renewal options, and generally have no residual value guarantees or material covenants. When it is reasonably certain that the Company will exercise the option to renew a lease, the Company will include the renewal option in the evaluation of the lease term. The Company has elected not to recognize right-of-use assets or lease liabilities for leases with a lease term of less than one year. As most of the Company's leases do not provide an implicit rate, the incremental borrowing rate is used in determining the present value of lease payments. The right-of-use assets in operating lease arrangements are reported in other assets on the Company's consolidated balance sheets. Operating lease liabilities are reported in other liabilities on the Company's consolidated balance sheets. At September 30, 2023, maturities of operating lease liabilities were as follows: Twelve-month periods ending September 30, (U.S. dollars in millions) 2024 $ 10 2025 9 2026 10 2027 10 2028 9 Thereafter 27 Total undiscounted future lease obligations 75 Less: imputed interest (9) Operating lease liabilities $ 66 Lease expense under operating leases was $3 million for both the three months ended September 30, 2023 and 2022, and $5 million for both the six months ended September 30, 2023 and 2022. Rent expense is included within general and administrative expenses. As of September 30, 2023, the weighted average remaining lease term for operating leases was 7.9 years and the weighted average remaining discount rate for operating leases was 3% . Revolving Lines of Credit to Dealerships The Company extends commercial revolving lines of credit to dealerships to support their business activities including facilities refurbishment and general working capital requirements. The amounts borrowed are generally secured by the assets of the borrowing entity. The unused balance of commercial revolving lines of credit was $636 million as of September 30, 2023. The Company also has commitments to finance the construction of auto dealership facilities. The remaining unfunded balance for these construction loans was $2 million as of September 30, 2023. Legal Proceedings and Regulatory Matters The Company establishes accruals for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. When able, the Company will determine estimates of reasonably possible loss or range of loss, whether in excess of any related accrued liability or where there is no accrued liability. Given the inherent uncertainty associated with legal matters, the actual costs of resolving legal claims and associated costs of defense may be substantially higher or lower than the amounts for which accruals have been established.

Securitizations and Variable In

Securitizations and Variable Interest Entities (VIE)	6 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Securitizations and Variable Interest Entities (VIE)	Securitizations and Variable Interest Entities (VIE) The Company utilizes SPEs for its asset-backed securitizations and these SPEs are considered VIEs, which are required to be consolidated by their primary beneficiary. The Company is considered to be the primary beneficiary of these SPEs due to (i) the power to direct the activities of the SPEs that most significantly impact the SPEs’ economic performance through the Company's role as servicer, and (ii) the obligation to absorb losses or the right to receive residual returns that could potentially be significant to the SPEs through the subordinated certificates and residual interest retained. The debt securities issued by the SPEs to third-party investors along with the assets of the SPEs are included in the Company’s consolidated financial statements. During the six months ended September 30, 2023 and 2022, the Company issued notes through asset-backed securitizations, which were accounted for as secured financing transactions totaling $3.6 billion and $1.0 billion, respectively. The notes were secured by assets with an initial balance of $3.9 billion and $1.1 billion, respectively. The table below presents the carrying amounts of assets and liabilities of consolidated SPEs as they are reported in the Company’s consolidated balance sheets. All amounts exclude intercompany balances, which have been eliminated upon consolidation. Investors in notes issued by a SPE only have recourse to the assets of such SPE and do not have recourse to the assets of AHFC, HCFI, or its other subsidiaries or to other SPEs. The assets of SPEs are the only source of funds for repayment on the notes. There were no outstanding operating lease securitizations as of September 30, 2023. September 30, 2023 Assets Liabilities (U.S. dollars in millions) Securitized assets Restricted cash (1) Other Secured debt Other Retail loan securitizations $ 8,634 $ 600 $ 16 $ 8,193 $ 12 March 31, 2023 Assets Liabilities (U.S. dollars in millions) Securitized assets Restricted cash (1) Other Secured debt Other Retail loan securitizations $ 7,216 $ 419 $ 12 $ 6,844 $ 6 Operating lease securitizations 168 1 1 83 1 Total $ 7,384 $ 420 $ 13 $ 6,927 $ 7 ________________________ (1) Included with other assets in the Company’s consolidated balance sheets (Note 10).

Other Assets

Other Assets	6 Months Ended
	Sep. 30, 2023
Other Assets [Abstract]
Other Assets	Other Assets Other assets consisted of the following: September 30, 2023 March 31, 2023 (U.S. dollars in millions) Accrued interest and fees on finance receivables $ 131 $ 103 Accrued rental payments and fees on operating leases 65 62 Vehicles held for disposition 61 50 Restricted cash 601 420 Operating lease right-of-use assets 58 61 Other miscellaneous assets 66 61 Total $ 982 $ 757 Certain balances as of March 31, 2023 have been reclassified to conform with the current period presentation.

Other Liabilities

Other Liabilities	6 Months Ended
	Sep. 30, 2023
Other Liabilities Disclosure [Abstract]
Other Liabilities	Other Liabilities Other liabilities consisted of the following: September 30, 2023 March 31, 2023 (U.S. dollars in millions) Dealer payables $ 286 $ 188 Accrued interest expense 213 121 Accounts payable and accrued expenses 306 304 Lease security deposits 52 57 Unearned income, operating leases 254 269 Operating lease liabilities 66 69 Uncertain tax positions 95 92 Other liabilities 49 37 Total $ 1,321 $ 1,137

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	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. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 inputs are quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 inputs are those other than quoted prices included within Level 1 that are observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset or liability. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Nonperformance risk is also required to be reflected in the fair value measurement, including an entity’s own credit standing when measuring the fair value of a liability. Recurring Fair Value Measurements The following tables summarize the fair value hierarchy of assets and liabilities measured at fair value on a recurring basis: September 30, 2023 Level 1 Level 2 Level 3 Total (U.S. dollars in millions) Assets: Derivative instruments: Interest rate swaps $ — $ 1,157 $ — $ 1,157 Cross currency swaps — — — — Total assets $ — $ 1,157 $ — $ 1,157 Liabilities: Derivative instruments: Interest rate swaps $ — $ 1,185 $ — $ 1,185 Cross currency swaps — 826 — 826 Total liabilities $ — $ 2,011 $ — $ 2,011 March 31, 2023 Level 1 Level 2 Level 3 Total (U.S. dollars in millions) Assets: Derivative instruments: Interest rate swaps $ — $ 1,133 $ — $ 1,133 Cross currency swaps — — — — Total assets $ — $ 1,133 $ — $ 1,133 Liabilities: Derivative instruments: Interest rate swaps $ — $ 1,062 $ — $ 1,062 Cross currency swaps — 674 — 674 Total liabilities $ — $ 1,736 $ — $ 1,736 The valuation techniques used in measuring assets and liabilities at fair value on a recurring basis are described below: Derivative Instruments The Company’s derivatives are transacted in over-the-counter markets and quoted market prices are not readily available. The Company uses third-party developed valuation models to value derivative instruments. These models estimate fair values using discounted cash flow modeling techniques, which utilize the contractual terms of the derivative instruments and market-based inputs, including interest rates and foreign exchange rates. Discount rates incorporate counterparty and HMC specific credit default spreads to reflect nonperformance risk. The Company’s derivative instruments are classified as Level 2 since all significant inputs are observable and do not require management judgment. There were no transfers between fair value hierarchy levels during the six months ended September 30, 2023 and 2022. Refer to Note 5 for additional information on derivative instruments. Nonrecurring Fair Value Measurements The following tables summarize nonrecurring fair value measurements recognized for assets still held at the end of the reporting periods presented: Level 1 Level 2 Level 3 Total Lower-of-cost (U.S. dollars in millions) September 30, 2023 Vehicles held for disposition $ — $ — $ 46 $ 46 $ 12 September 30, 2022 Vehicles held for disposition $ — $ — $ 28 $ 28 $ 5 The following describes the methodologies and assumptions used in nonrecurring fair value measurements, which relate to the application of lower of cost or fair value accounting on long-lived assets. Vehicles Held for Disposition Vehicles held for disposition consist of returned and repossessed vehicles. They are valued at the lower of their carrying value or estimated fair value, less estimated disposition costs. The fair value is based on current average selling prices of like vehicles at wholesale used vehicle auctions. Fair Value of Financial Instruments The following tables summarize the carrying values and fair values of the Company’s financial instruments except for those measured at fair value on a recurring basis. Certain financial instruments and all nonfinancial assets and liabilities are excluded from fair value disclosure requirements including the Company’s investment in operating leases. The carrying values of cash and cash equivalents, restricted cash, and short-term investments approximate fair values due to the short-term nature and limited credit risk of the instruments. September 30, 2023 Carrying Fair value value Level 1 Level 2 Level 3 Total (U.S. dollars in millions) Assets: Dealer loans, net $ 3,001 — — $ 2,706 $ 2,706 Retail loans, net 39,703 — — 38,248 38,248 Liabilities: Commercial paper $ 7,240 — $ 7,240 — $ 7,240 Bank loans 1,817 — 1,818 — 1,818 Medium-term note programs 24,102 — 22,782 — 22,782 Other debt 3,199 — 3,037 — 3,037 Secured debt 8,193 — 8,080 — 8,080 March 31, 2023 Carrying Fair value value Level 1 Level 2 Level 3 Total (U.S. dollars in millions) Assets: Dealer loans, net $ 2,831 — — $ 2,507 $ 2,507 Retail loans, net 34,754 — — 33,674 33,674 Liabilities: Commercial paper $ 6,375 — $ 6,374 — $ 6,374 Bank loans 1,894 — 1,886 — 1,886 Medium-term note programs 21,962 — 20,745 — 20,745 Other debt 3,176 — 3,045 — 3,045 Secured debt 6,927 — 6,786 — 6,786 Fair value information presented in the tables above is based on information available at September 30, 2023 and March 31, 2023. Although the Company is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been updated since those dates, and therefore, the current estimates of fair value at dates subsequent to those dates may differ significantly from the amounts presented herein.

Segment Information

Segment Information	6 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information The Company’s reportable segments are based on the two geographic regions where operating results are measured and evaluated by management: the United States and Canada. Segment performance is evaluated using an internal measurement basis, which differs from the Company’s consolidated results prepared in accordance with GAAP. Segment performance is evaluated on a pre-tax basis before the effect of valuation adjustments on derivative instruments and revaluations of foreign currency denominated debt. Since the Company does not elect to apply hedge accounting, the impact to earnings resulting from these valuation adjustments as reported under GAAP is not representative of segment performance as evaluated by management. Realized gains and losses on derivative instruments, net of realized gains and losses on foreign currency denominated debt, are included in the measure of net revenues when evaluating segment performance. No adjustments are made to segment performance to allocate any revenues or expenses. Financing products offered throughout the United States and Canada are substantially similar. Segment revenues from the various financing products are reported on the same basis as GAAP consolidated results. Financial information for the three and six months ended September 30, 2023 and 2022 is summarized in the following tables: United Canada Valuation Consolidated (U.S. dollars in millions) Three months ended September 30, 2023 Revenues: Retail $ 444 $ 54 $ — $ 498 Dealer 46 6 — 52 Operating leases 1,299 231 — 1,530 Total revenues 1,789 291 — 2,080 Leased vehicle expenses 930 180 — 1,110 Interest expenses 336 60 — 396 Realized (gains)/losses on derivatives and foreign (33) (17) 50 — Net revenues 556 68 (50) 574 Other income, net 22 4 — 26 Total net revenues 578 72 (50) 600 Expenses: General and administrative expenses 116 13 — 129 Provision for credit losses 66 3 — 69 Early termination loss on operating leases 28 — — 28 Loss on derivative instruments — — 247 247 Gain on foreign currency revaluation of debt — — (208) (208) Income before income taxes $ 368 $ 56 $ (89) $ 335 Six months ended September 30, 2023 Revenues: Retail $ 832 $ 102 $ — $ 934 Dealer 91 11 — 102 Operating leases 2,596 471 — 3,067 Total revenues 3,519 584 — 4,103 Leased vehicle expenses 1,855 365 — 2,220 Interest expenses 605 114 — 719 Realized (gains)/losses on derivatives and foreign (73) (33) 106 — Net revenues 1,132 138 (106) 1,164 Other income, net 47 8 — 55 Total net revenues 1,179 146 (106) 1,219 Expenses: General and administrative expenses 230 26 — 256 Provision for credit losses 143 5 — 148 Early termination loss on operating leases 40 — — 40 Loss on derivative instruments — — 176 176 Gain on foreign currency revaluation of debt — — (158) (158) Income before income taxes $ 766 $ 115 $ (124) $ 757 September 30, 2023 Finance receivables, net $ 38,120 $ 4,584 $ — $ 42,704 Investment in operating leases, net 23,483 3,696 — 27,179 Total assets 64,494 8,687 — 73,181 United Canada Valuation Consolidated (U.S. dollars in millions) Three months ended September 30, 2022 Revenues: Retail $ 314 $ 42 $ — $ 356 Dealer 22 2 — 24 Operating leases 1,410 277 — 1,687 Total revenues 1,746 321 — 2,067 Leased vehicle expenses 1,032 216 — 1,248 Interest expense 160 39 — 199 Realized (gains)/losses on derivatives and foreign (14) (10) 24 — Net revenues 568 76 (24) 620 Other income, net 21 3 — 24 Total net revenues 589 79 (24) 644 Expenses: General and administrative expenses 111 13 — 124 Provision for credit losses 28 3 — 31 Early termination loss on operating leases 13 1 — 14 Loss on derivative instruments — — 601 601 Gain on foreign currency revaluation of debt — — (449) (449) Income before income taxes $ 437 $ 62 $ (176) $ 323 Six months ended September 30, 2022 Revenues: Retail $ 634 $ 84 $ — $ 718 Dealer 37 4 — 41 Operating leases 2,887 568 — 3,455 Total revenues 3,558 656 — 4,214 Leased vehicle expenses 2,121 441 — 2,562 Interest expense 311 69 — 380 Realized (gains)/losses on derivatives and foreign (14) (11) 25 — Net revenues 1,140 157 (25) 1,272 Other income, net 32 6 — 38 Total net revenues 1,172 163 (25) 1,310 Expenses: General and administrative expenses 216 27 — 243 Provision for credit losses 47 5 — 52 Early termination loss on operating leases 12 1 — 13 Loss on derivative instruments — — 1,126 1,126 Gain on foreign currency revaluation of debt — — (877) (877) Income before income taxes $ 897 $ 130 $ (274) $ 753 September 30, 2022 Finance receivables, net $ 31,061 $ 3,821 $ — $ 34,882 Investment in operating leases, net 25,538 4,145 — 29,683 Total assets 61,362 8,346 — 69,708

Summary of Business and Signi_2

Summary of Business and Significant Accounting Policies (Policies)	6 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organizational Structure	Organizational Structure American Honda Finance Corporation (AHFC) is a wholly-owned subsidiary of American Honda Motor Co., Inc. (AHM or the Parent). Honda Canada Finance Inc. (HCFI) is a majority-owned subsidiary of AHFC. Noncontrolling interest in HCFI is held by Honda Canada Inc. (HCI), an affiliate of AHFC. AHM is a wholly-owned subsidiary and HCI is an indirect wholly-owned subsidiary of Honda Motor Co., Ltd. (HMC). AHM and HCI are the sole authorized distributors of Honda and Acura products, including motor vehicles, parts and accessories in the United States and Canada. Unless otherwise indicated by the context, all references to the “Company”, “we”, “us”, and “our” in this report include AHFC and its consolidated subsidiaries, and references to “AHFC” refer solely to American Honda Finance Corporation (excluding AHFC’s subsidiaries).
Basis of Presentation	Basis of Presentation The unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim information, and instructions to the Quarterly Report on Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, these unaudited interim financial statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. Results for interim periods should not be considered indicative of results for the full year or for any other interim period. These unaudited interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements, significant accounting policies, and the other notes to the consolidated financial statements for the fiscal year ended March 31, 2023 included in the Company’s Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission (SEC) on June 23, 2023. All significant intercompany balances and transactions have been eliminated upon consolidation.
Recently Adopted Accounting Standard and Recently Issued Accounting Standards	Recently Adopted Accounting Standard Effective April 1, 2023, the Company adopted Accounting Standards Update (ASU) 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures . The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted ASU 2016-13 and enhance the disclosure requirements for certain loan refinancings and restructurings when borrowers are experiencing financial difficulty. In addition, the amendments require the disclosure of current-period gross write-offs for financing receivables by year of origination in the vintage disclosures. The adoption of this standard did not have a material impact on the consolidated financial statements. Recently Issued Accounting Standards

Finance Receivables (Tables)

Finance Receivables (Tables)	6 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Summary of Finance Receivables	Finance receivables consisted of the following: September 30, 2023 Retail Dealer Total (U.S. dollars in millions) Finance receivables $ 39,990 $ 3,006 $ 42,996 Allowance for credit losses (327) (5) (332) Deferred dealer participation and other deferred costs 573 — 573 Unearned subsidy income (533) — (533) Finance receivables, net $ 39,703 $ 3,001 $ 42,704 March 31, 2023 Retail Dealer Total (U.S. dollars in millions) Finance receivables $ 35,110 $ 2,836 $ 37,946 Allowance for credit losses (248) (5) (253) Deferred dealer participation and other deferred costs 472 — 472 Unearned subsidy income (580) — (580) Finance receivables, net $ 34,754 $ 2,831 $ 37,585
Summary of Activity in Allowance for Credit Losses of Finance Receivables	The following is a summary of the activity in the allowance for credit losses of finance receivables: Three and six months ended September 30, 2023 Retail Dealer Total (U.S. dollars in millions) Beginning balance as of July 1, 2023 $ 303 $ 5 $ 308 Provision 69 — 69 Charge-offs (67) — (67) Recoveries 22 — 22 Ending balance as of September 30, 2023 $ 327 $ 5 $ 332 Beginning balance as of April 1, 2023 $ 248 $ 5 $ 253 Provision 148 — 148 Charge-offs (115) — (115) Recoveries 46 — 46 Ending balance as of September 30, 2023 $ 327 $ 5 $ 332 Three and six months ended September 30, 2022 Retail Dealer Total (U.S. dollars in millions) Beginning balance as of July 1, 2022 $ 212 $ 5 $ 217 Provision 31 — 31 Charge-offs (47) — (47) Recoveries 21 — 21 Effect of translation adjustment (1) — (1) Ending balance as of September 30, 2022 $ 216 $ 5 $ 221 Beginning balance as of April 1, 2022 $ 206 $ 5 $ 211 Provision 52 — 52 Charge-offs (84) (84) Recoveries 43 — 43 Effect of translation adjustment (1) — (1) Ending balance as of September 30, 2022 $ 216 $ 5 $ 221
Summary of Aging Analysis of Past Due Finance Receivables	The following is an aging analysis of past due finance receivables: 30 – 59 days 60 – 89 days 90 days Total Current or Total (U.S. dollars in millions) September 30, 2023 Retail loans: New auto $ 261 $ 77 $ 19 $ 357 $ 31,019 $ 31,376 Used and certified auto 138 43 12 193 7,111 7,304 Motorcycle and other 16 7 3 26 1,324 1,350 Total retail loans 415 127 34 576 39,454 40,030 Dealer loans: Wholesale flooring 1 — — 1 1,966 1,967 Commercial loans — — — — 1,039 1,039 Total dealer loans 1 — — 1 3,005 3,006 Total finance receivables $ 416 $ 127 $ 34 $ 577 $ 42,459 $ 43,036 March 31, 2023 Retail loans: New auto $ 217 $ 44 $ 11 $ 272 $ 27,479 $ 27,751 Used and certified auto 103 25 6 134 5,870 6,004 Motorcycle and other 14 5 2 21 1,226 1,247 Total retail loans 334 74 19 427 34,575 35,002 Dealer loans: Wholesale flooring — — — — 1,946 1,946 Commercial loans — — — — 890 890 Total dealer loans — — — — 2,836 2,836 Total finance receivables $ 334 $ 74 $ 19 $ 427 $ 37,411 $ 37,838
Summary of Portfolio of Retail Loans and Dealer Loans Leases by Credit Quality Indicator	The following table summarizes the amortized cost of retail loans by internal credit grade: Retail loans by vintage fiscal year 2024 2023 2022 2021 2020 Prior Total (U.S. dollars in millions) September 30, 2023 Credit grade A $ 7,899 $ 6,960 $ 4,791 $ 3,971 $ 1,035 $ 341 $ 24,997 Credit grade B 2,365 2,430 1,381 1,022 359 153 7,710 Credit grade C 1,597 1,592 949 690 293 138 5,259 Credit grade D 423 376 232 197 140 73 1,441 Others 199 174 119 76 35 20 623 Total retail loans $ 12,483 $ 11,532 $ 7,472 $ 5,956 $ 1,862 $ 725 $ 40,030 Gross charge-offs for the six months ended September 30, 2023 $ 3 $ 47 $ 31 $ 18 $ 10 $ 6 $ 115 Retail loans by vintage fiscal year 2023 2022 2021 2020 2019 Prior Total (U.S. dollars in millions) March 31, 2023 Credit grade A $ 8,332 $ 5,994 $ 5,188 $ 1,570 $ 661 $ 171 $ 21,916 Credit grade B 2,828 1,693 1,308 504 229 78 6,640 Credit grade C 1,864 1,174 887 407 189 71 4,592 Credit grade D 447 294 255 191 92 36 1,315 Others 211 146 97 50 22 13 539 Total retail loans $ 13,682 $ 9,301 $ 7,735 $ 2,722 $ 1,193 $ 369 $ 35,002 The following table summarizes the amortized cost of dealer loans by risk rating groups: Commercial loans by vintage fiscal year 2024 2023 2022 2021 2020 Prior Revolving loans Wholesale Flooring Total (U.S. dollars in millions) September 30, 2023 Group I $ 144 $ 57 $ 9 $ 117 $ 47 $ 83 $ 498 $ 1,195 $ 2,150 Group II 35 3 5 1 11 29 — 772 856 Group III — — — — — — — — — Total dealer loans $ 179 $ 60 $ 14 $ 118 $ 58 $ 112 $ 498 $ 1,967 $ 3,006 Gross charge-offs for the six months ended September 30, 2023 $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial loans by vintage fiscal year 2023 2022 2021 2020 2019 Prior Revolving loans Wholesale Flooring Total (U.S. dollars in millions) March 31, 2023 Group I $ 67 $ 10 $ 143 $ 56 $ 24 $ 89 $ 428 $ 1,223 $ 2,040 Group II 1 6 29 6 — 31 — 723 796 Group III — — — — — — — — — Total dealer loans $ 68 $ 16 $ 172 $ 62 $ 24 $ 120 $ 428 $ 1,946 $ 2,836

Investment in Operating Leases

Investment in Operating Leases (Tables)	6 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Schedule of Investment in Operating Leases	Investment in operating leases consisted of the following: September 30, 2023 March 31, 2023 (U.S. dollars in millions) Operating lease vehicles $ 35,141 $ 36,412 Accumulated depreciation (7,279) (7,989) Deferred dealer participation and initial direct costs 95 88 Unearned subsidy income (684) (656) Estimated early termination losses (94) (77) Investment in operating leases, net $ 27,179 $ 27,778
Schedule of Operating Lease Revenue	Operating lease revenue consisted of the following: Three months ended September 30, Six months ended September 30, 2023 2022 2023 2022 (U.S. dollars in millions) Lease payments $ 1,384 $ 1,518 $ 2,784 $ 3,115 Subsidy income and dealer rate participation, net 123 145 251 303 Reimbursed lessor costs 23 24 32 37 Total operating lease revenue, net $ 1,530 $ 1,687 $ 3,067 $ 3,455
Schedule of Operating Lease Expense	Leased vehicle expenses consisted of the following: Three months ended September 30, Six months ended September 30, 2023 2022 2023 2022 (U.S. dollars in millions) Depreciation expense $ 1,098 $ 1,235 $ 2,214 $ 2,550 Initial direct costs and other lessor costs 40 43 65 75 Gain on disposition of leased vehicles (1) (28) (30) (59) (63) Total leased vehicle expenses, net $ 1,110 $ 1,248 $ 2,220 $ 2,562 ________________________
Schedule of Contractual Operating Lease Payments	Contractual operating lease payments due as of September 30, 2023 are summarized below. Based on the Company's experience, it is expected that a portion of the Company's operating leases will terminate prior to the scheduled lease term. The summary below should not be regarded as a forecast of future cash collections. Twelve-month periods ending September 30, (U.S. dollars in millions) 2024 $ 4,349 2025 2,742 2026 1,232 2027 261 2028 54 Total $ 8,638

Debt (Tables)

Debt (Tables)	6 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Outstanding Debt, Weighted Average Contractual Interest Rates and Range of Contractual Interest Rates	The Company issues debt in various currencies with both floating and fixed interest rates. Outstanding debt net of discounts and fees, weighted average contractual interest rates and range of contractual interest rates were as follows: Weighted average contractual interest rate (1) Contractual September 30, 2023 March 31, 2023 September 30, 2023 March 31, 2023 September 30, 2023 March 31, 2023 (U.S. dollars in millions) Unsecured debt: Commercial paper $ 7,240 $ 6,375 5.63 % 5.18 % 4.83 - 5.73% 4.30 - 5.93% Bank loans 1,817 1,894 6.23 % 5.66 % 5.89 - 6.66% 5.38 - 6.14% Public MTN program 24,102 21,962 2.85 % 1.99 % 0.30 - 6.14% 0.30 - 5.43% Other debt 3,199 3,176 3.60 % 3.15 % 1.34 - 6.39% 1.34 - 5.88% Total unsecured debt 36,358 33,407 Secured debt 8,193 6,927 3.78 % 2.42 % 0.27 - 5.95% 0.20 - 5.50% Total debt $ 44,551 $ 40,334 _______________________ (1) Weighted average contractual interest rates for commercial paper are bond equivalent yields. Contractual interest rates approximate effective yields.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional Balances and Fair Values of Derivatives	The notional balances and fair values of the Company’s derivatives are presented below. The derivative instruments are presented on a gross basis in the Company’s consolidated balance sheets. Refer to Note 12 regarding the valuation of derivative instruments. September 30, 2023 March 31, 2023 Notional Assets Liabilities Notional Assets Liabilities (U.S. dollars in millions) Interest rate swaps $ 57,388 $ 1,157 $ 1,185 $ 55,974 $ 1,133 $ 1,062 Cross currency swaps 5,737 — 826 4,328 — 674 Gross derivative assets/liabilities 1,157 2,011 1,133 1,736 Collateral posted/held — 47 — 37 Counterparty netting adjustment (1,065) (1,065) (1,000) (1,000) Net derivative assets/liabilities $ 92 $ 993 $ 133 $ 773
Income Statement Impact of Derivative Instruments	The income statement impact of derivative instruments is presented below. There were no derivative instruments designated as part of a hedge accounting relationship during the periods presented. Three months ended September 30, Six months ended September 30, 2023 2022 2023 2022 (U.S. dollars in millions) Interest rate swaps $ (20) $ 61 $ 106 $ 70 Cross currency swaps (227) (662) (282) (1,196) Total loss on derivative instruments $ (247) $ (601) $ (176) $ (1,126)

Transactions Involving Relate_2

Transactions Involving Related Parties (Tables)	6 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Summary of Income Statement and Balance Sheet Impact of Transactions with Parent and Affiliated Companies	The following tables summarize the income statement and balance sheet impact of transactions with the Parent and affiliated companies: Three months ended September 30, Six months ended September 30, Income Statement 2023 2022 2023 2022 (U.S. dollars in millions) Revenue: Subsidy income $ 226 $ 265 $ 462 $ 554 General and administrative expenses: Support Compensation Agreement fees 16 16 31 33 Benefit plan expenses 1 2 3 4 Shared services 19 19 37 37 Lease expense 1 1 2 2 Balance Sheet September 30, 2023 March 31, 2023 (U.S. dollars in millions) Assets : Finance receivables, net: Unearned subsidy income $ (525) $ (573) Investment in operating leases, net: Unearned subsidy income (682) (655) Due from Parent and affiliated companies 101 66 Liabilities: Due to Parent and affiliated companies 117 161 Other liabilities: Accrued benefit expenses 66 63 Operating lease liabilities 9 11

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Maturities of Operating Lease Liabilities	At September 30, 2023, maturities of operating lease liabilities were as follows: Twelve-month periods ending September 30, (U.S. dollars in millions) 2024 $ 10 2025 9 2026 10 2027 10 2028 9 Thereafter 27 Total undiscounted future lease obligations 75 Less: imputed interest (9) Operating lease liabilities $ 66

Securitizations and Variable _2

Securitizations and Variable Interest Entities (VIE) (Tables)	6 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Carrying Amounts of Assets and Liabilities of Consolidated Securitization Trusts	The table below presents the carrying amounts of assets and liabilities of consolidated SPEs as they are reported in the Company’s consolidated balance sheets. All amounts exclude intercompany balances, which have been eliminated upon consolidation. Investors in notes issued by a SPE only have recourse to the assets of such SPE and do not have recourse to the assets of AHFC, HCFI, or its other subsidiaries or to other SPEs. The assets of SPEs are the only source of funds for repayment on the notes. There were no outstanding operating lease securitizations as of September 30, 2023. September 30, 2023 Assets Liabilities (U.S. dollars in millions) Securitized assets Restricted cash (1) Other Secured debt Other Retail loan securitizations $ 8,634 $ 600 $ 16 $ 8,193 $ 12 March 31, 2023 Assets Liabilities (U.S. dollars in millions) Securitized assets Restricted cash (1) Other Secured debt Other Retail loan securitizations $ 7,216 $ 419 $ 12 $ 6,844 $ 6 Operating lease securitizations 168 1 1 83 1 Total $ 7,384 $ 420 $ 13 $ 6,927 $ 7 ________________________ (1) Included with other assets in the Company’s consolidated balance sheets (Note 10).

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Sep. 30, 2023
Other Assets [Abstract]
Schedule of Other Assets	Other assets consisted of the following: September 30, 2023 March 31, 2023 (U.S. dollars in millions) Accrued interest and fees on finance receivables $ 131 $ 103 Accrued rental payments and fees on operating leases 65 62 Vehicles held for disposition 61 50 Restricted cash 601 420 Operating lease right-of-use assets 58 61 Other miscellaneous assets 66 61 Total $ 982 $ 757

Other Liabilities (Tables)

Other Liabilities (Tables)	6 Months Ended
	Sep. 30, 2023
Other Liabilities Disclosure [Abstract]
Schedule of Other Liabilities	Other liabilities consisted of the following: September 30, 2023 March 31, 2023 (U.S. dollars in millions) Dealer payables $ 286 $ 188 Accrued interest expense 213 121 Accounts payable and accrued expenses 306 304 Lease security deposits 52 57 Unearned income, operating leases 254 269 Operating lease liabilities 66 69 Uncertain tax positions 95 92 Other liabilities 49 37 Total $ 1,321 $ 1,137

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Summary of Fair Value Hierarchy of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following tables summarize the fair value hierarchy of assets and liabilities measured at fair value on a recurring basis: September 30, 2023 Level 1 Level 2 Level 3 Total (U.S. dollars in millions) Assets: Derivative instruments: Interest rate swaps $ — $ 1,157 $ — $ 1,157 Cross currency swaps — — — — Total assets $ — $ 1,157 $ — $ 1,157 Liabilities: Derivative instruments: Interest rate swaps $ — $ 1,185 $ — $ 1,185 Cross currency swaps — 826 — 826 Total liabilities $ — $ 2,011 $ — $ 2,011 March 31, 2023 Level 1 Level 2 Level 3 Total (U.S. dollars in millions) Assets: Derivative instruments: Interest rate swaps $ — $ 1,133 $ — $ 1,133 Cross currency swaps — — — — Total assets $ — $ 1,133 $ — $ 1,133 Liabilities: Derivative instruments: Interest rate swaps $ — $ 1,062 $ — $ 1,062 Cross currency swaps — 674 — 674 Total liabilities $ — $ 1,736 $ — $ 1,736
Summary of Nonrecurring Fair Value Measurements Recognized for Assets	The following tables summarize nonrecurring fair value measurements recognized for assets still held at the end of the reporting periods presented: Level 1 Level 2 Level 3 Total Lower-of-cost (U.S. dollars in millions) September 30, 2023 Vehicles held for disposition $ — $ — $ 46 $ 46 $ 12 September 30, 2022 Vehicles held for disposition $ — $ — $ 28 $ 28 $ 5
Summary of Carrying Values and Fair Values of Financial Instruments Except for those Measured at Fair Value on a Recurring Basis	The following tables summarize the carrying values and fair values of the Company’s financial instruments except for those measured at fair value on a recurring basis. Certain financial instruments and all nonfinancial assets and liabilities are excluded from fair value disclosure requirements including the Company’s investment in operating leases. The carrying values of cash and cash equivalents, restricted cash, and short-term investments approximate fair values due to the short-term nature and limited credit risk of the instruments. September 30, 2023 Carrying Fair value value Level 1 Level 2 Level 3 Total (U.S. dollars in millions) Assets: Dealer loans, net $ 3,001 — — $ 2,706 $ 2,706 Retail loans, net 39,703 — — 38,248 38,248 Liabilities: Commercial paper $ 7,240 — $ 7,240 — $ 7,240 Bank loans 1,817 — 1,818 — 1,818 Medium-term note programs 24,102 — 22,782 — 22,782 Other debt 3,199 — 3,037 — 3,037 Secured debt 8,193 — 8,080 — 8,080 March 31, 2023 Carrying Fair value value Level 1 Level 2 Level 3 Total (U.S. dollars in millions) Assets: Dealer loans, net $ 2,831 — — $ 2,507 $ 2,507 Retail loans, net 34,754 — — 33,674 33,674 Liabilities: Commercial paper $ 6,375 — $ 6,374 — $ 6,374 Bank loans 1,894 — 1,886 — 1,886 Medium-term note programs 21,962 — 20,745 — 20,745 Other debt 3,176 — 3,045 — 3,045 Secured debt 6,927 — 6,786 — 6,786

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Financial Information by Segment	Financial information for the three and six months ended September 30, 2023 and 2022 is summarized in the following tables: United Canada Valuation Consolidated (U.S. dollars in millions) Three months ended September 30, 2023 Revenues: Retail $ 444 $ 54 $ — $ 498 Dealer 46 6 — 52 Operating leases 1,299 231 — 1,530 Total revenues 1,789 291 — 2,080 Leased vehicle expenses 930 180 — 1,110 Interest expenses 336 60 — 396 Realized (gains)/losses on derivatives and foreign (33) (17) 50 — Net revenues 556 68 (50) 574 Other income, net 22 4 — 26 Total net revenues 578 72 (50) 600 Expenses: General and administrative expenses 116 13 — 129 Provision for credit losses 66 3 — 69 Early termination loss on operating leases 28 — — 28 Loss on derivative instruments — — 247 247 Gain on foreign currency revaluation of debt — — (208) (208) Income before income taxes $ 368 $ 56 $ (89) $ 335 Six months ended September 30, 2023 Revenues: Retail $ 832 $ 102 $ — $ 934 Dealer 91 11 — 102 Operating leases 2,596 471 — 3,067 Total revenues 3,519 584 — 4,103 Leased vehicle expenses 1,855 365 — 2,220 Interest expenses 605 114 — 719 Realized (gains)/losses on derivatives and foreign (73) (33) 106 — Net revenues 1,132 138 (106) 1,164 Other income, net 47 8 — 55 Total net revenues 1,179 146 (106) 1,219 Expenses: General and administrative expenses 230 26 — 256 Provision for credit losses 143 5 — 148 Early termination loss on operating leases 40 — — 40 Loss on derivative instruments — — 176 176 Gain on foreign currency revaluation of debt — — (158) (158) Income before income taxes $ 766 $ 115 $ (124) $ 757 September 30, 2023 Finance receivables, net $ 38,120 $ 4,584 $ — $ 42,704 Investment in operating leases, net 23,483 3,696 — 27,179 Total assets 64,494 8,687 — 73,181 United Canada Valuation Consolidated (U.S. dollars in millions) Three months ended September 30, 2022 Revenues: Retail $ 314 $ 42 $ — $ 356 Dealer 22 2 — 24 Operating leases 1,410 277 — 1,687 Total revenues 1,746 321 — 2,067 Leased vehicle expenses 1,032 216 — 1,248 Interest expense 160 39 — 199 Realized (gains)/losses on derivatives and foreign (14) (10) 24 — Net revenues 568 76 (24) 620 Other income, net 21 3 — 24 Total net revenues 589 79 (24) 644 Expenses: General and administrative expenses 111 13 — 124 Provision for credit losses 28 3 — 31 Early termination loss on operating leases 13 1 — 14 Loss on derivative instruments — — 601 601 Gain on foreign currency revaluation of debt — — (449) (449) Income before income taxes $ 437 $ 62 $ (176) $ 323 Six months ended September 30, 2022 Revenues: Retail $ 634 $ 84 $ — $ 718 Dealer 37 4 — 41 Operating leases 2,887 568 — 3,455 Total revenues 3,558 656 — 4,214 Leased vehicle expenses 2,121 441 — 2,562 Interest expense 311 69 — 380 Realized (gains)/losses on derivatives and foreign (14) (11) 25 — Net revenues 1,140 157 (25) 1,272 Other income, net 32 6 — 38 Total net revenues 1,172 163 (25) 1,310 Expenses: General and administrative expenses 216 27 — 243 Provision for credit losses 47 5 — 52 Early termination loss on operating leases 12 1 — 13 Loss on derivative instruments — — 1,126 1,126 Gain on foreign currency revaluation of debt — — (877) (877) Income before income taxes $ 897 $ 130 $ (274) $ 753 September 30, 2022 Finance receivables, net $ 31,061 $ 3,821 $ — $ 34,882 Investment in operating leases, net 25,538 4,145 — 29,683 Total assets 61,362 8,346 — 69,708

Finance Receivables - Summary o

Finance Receivables - Summary of Finance Receivables (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables	$ 42,996		$ 37,946
Allowance for credit losses	(332)	$ (308)	(253)	$ (221)	$ (217)	$ (211)
Deferred dealer participation and other deferred costs	573		472
Unearned subsidy income	(533)		(580)
Finance receivables, net	42,704		37,585	34,882
Retail
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables	39,990		35,110
Allowance for credit losses	(327)	(303)	(248)	(216)	(212)	(206)
Deferred dealer participation and other deferred costs	573		472
Unearned subsidy income	(533)		(580)
Finance receivables, net	39,703		34,754
Dealer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Finance receivables	3,006		2,836
Allowance for credit losses	(5)	$ (5)	(5)	$ (5)	$ (5)	$ (5)
Deferred dealer participation and other deferred costs	0		0
Unearned subsidy income	0		0
Finance receivables, net	$ 3,001		$ 2,831

Finance Receivables - Narrative

Finance Receivables - Narrative (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables	$ 42,704	$ 37,585	$ 34,882
Retail loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables	39,703	34,754
Collateral Pledged | Retail loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivables	$ 8,600	$ 7,200

Finance Receivables - Summary_2

Finance Receivables - Summary of Activity in Allowance for Credit Losses of Finance Receivables (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 308	$ 217	$ 253	$ 211
Provision	69	31	148	52
Charge-offs	(67)	(47)	(115)	(84)
Recoveries	22	21	46	43
Effect of translation adjustment		(1)		(1)
Ending balance	332	221	332	221
Retail
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	303	212	248	206
Provision	69	31	148	52
Charge-offs	(67)	(47)	(115)	(84)
Recoveries	22	21	46	43
Effect of translation adjustment		(1)		(1)
Ending balance	327	216	327	216
Dealer
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	5	5	5	5
Provision	0	0	0	0
Charge-offs	0	0	0
Recoveries	0	0	0	0
Effect of translation adjustment		0		0
Ending balance	$ 5	$ 5	$ 5	$ 5

Finance Receivables - Summary_3

Finance Receivables - Summary of Aging Analysis of Past Due Finance Receivables (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Mar. 31, 2023
Financing Receivable, Past Due [Line Items]
Total finance receivables	$ 43,036	$ 37,838
Retail loans
Financing Receivable, Past Due [Line Items]
Total finance receivables	40,030	35,002
Retail loans | New auto
Financing Receivable, Past Due [Line Items]
Total finance receivables	31,376	27,751
Retail loans | Used and certified auto
Financing Receivable, Past Due [Line Items]
Total finance receivables	7,304	6,004
Retail loans | Motorcycle and other
Financing Receivable, Past Due [Line Items]
Total finance receivables	1,350	1,247
Dealer loans
Financing Receivable, Past Due [Line Items]
Total finance receivables	3,006	2,836
Dealer loans | Wholesale flooring
Financing Receivable, Past Due [Line Items]
Total finance receivables	1,967	1,946
Dealer loans | Commercial loans
Financing Receivable, Past Due [Line Items]
Total finance receivables	1,039	890
Total past due
Financing Receivable, Past Due [Line Items]
Total finance receivables	577	427
Total past due | Retail loans
Financing Receivable, Past Due [Line Items]
Total finance receivables	576	427
Total past due | Retail loans | New auto
Financing Receivable, Past Due [Line Items]
Total finance receivables	357	272
Total past due | Retail loans | Used and certified auto
Financing Receivable, Past Due [Line Items]
Total finance receivables	193	134
Total past due | Retail loans | Motorcycle and other
Financing Receivable, Past Due [Line Items]
Total finance receivables	26	21
Total past due | Dealer loans
Financing Receivable, Past Due [Line Items]
Total finance receivables	1	0
Total past due | Dealer loans | Wholesale flooring
Financing Receivable, Past Due [Line Items]
Total finance receivables	1	0
Total past due | Dealer loans | Commercial loans
Financing Receivable, Past Due [Line Items]
Total finance receivables	0	0
30 – 59 days past due
Financing Receivable, Past Due [Line Items]
Total finance receivables	416	334
30 – 59 days past due | Retail loans
Financing Receivable, Past Due [Line Items]
Total finance receivables	415	334
30 – 59 days past due | Retail loans | New auto
Financing Receivable, Past Due [Line Items]
Total finance receivables	261	217
30 – 59 days past due | Retail loans | Used and certified auto
Financing Receivable, Past Due [Line Items]
Total finance receivables	138	103
30 – 59 days past due | Retail loans | Motorcycle and other
Financing Receivable, Past Due [Line Items]
Total finance receivables	16	14
30 – 59 days past due | Dealer loans
Financing Receivable, Past Due [Line Items]
Total finance receivables	1	0
30 – 59 days past due | Dealer loans | Wholesale flooring
Financing Receivable, Past Due [Line Items]
Total finance receivables	1	0
30 – 59 days past due | Dealer loans | Commercial loans
Financing Receivable, Past Due [Line Items]
Total finance receivables	0	0
60 – 89 days past due
Financing Receivable, Past Due [Line Items]
Total finance receivables	127	74
60 – 89 days past due | Retail loans
Financing Receivable, Past Due [Line Items]
Total finance receivables	127	74
60 – 89 days past due | Retail loans | New auto
Financing Receivable, Past Due [Line Items]
Total finance receivables	77	44
60 – 89 days past due | Retail loans | Used and certified auto
Financing Receivable, Past Due [Line Items]
Total finance receivables	43	25
60 – 89 days past due | Retail loans | Motorcycle and other
Financing Receivable, Past Due [Line Items]
Total finance receivables	7	5
60 – 89 days past due | Dealer loans
Financing Receivable, Past Due [Line Items]
Total finance receivables	0	0
60 – 89 days past due | Dealer loans | Wholesale flooring
Financing Receivable, Past Due [Line Items]
Total finance receivables	0	0
60 – 89 days past due | Dealer loans | Commercial loans
Financing Receivable, Past Due [Line Items]
Total finance receivables	0	0
90 days or greater past due
Financing Receivable, Past Due [Line Items]
Total finance receivables	34	19
90 days or greater past due | Retail loans
Financing Receivable, Past Due [Line Items]
Total finance receivables	34	19
90 days or greater past due | Retail loans | New auto
Financing Receivable, Past Due [Line Items]
Total finance receivables	19	11
90 days or greater past due | Retail loans | Used and certified auto
Financing Receivable, Past Due [Line Items]
Total finance receivables	12	6
90 days or greater past due | Retail loans | Motorcycle and other
Financing Receivable, Past Due [Line Items]
Total finance receivables	3	2
90 days or greater past due | Dealer loans
Financing Receivable, Past Due [Line Items]
Total finance receivables	0	0
90 days or greater past due | Dealer loans | Wholesale flooring
Financing Receivable, Past Due [Line Items]
Total finance receivables	0	0
90 days or greater past due | Dealer loans | Commercial loans
Financing Receivable, Past Due [Line Items]
Total finance receivables	0	0
Current or less than 30 days past due
Financing Receivable, Past Due [Line Items]
Total finance receivables	42,459	37,411
Current or less than 30 days past due | Retail loans
Financing Receivable, Past Due [Line Items]
Total finance receivables	39,454	34,575
Current or less than 30 days past due | Retail loans | New auto
Financing Receivable, Past Due [Line Items]
Total finance receivables	31,019	27,479
Current or less than 30 days past due | Retail loans | Used and certified auto
Financing Receivable, Past Due [Line Items]
Total finance receivables	7,111	5,870
Current or less than 30 days past due | Retail loans | Motorcycle and other
Financing Receivable, Past Due [Line Items]
Total finance receivables	1,324	1,226
Current or less than 30 days past due | Dealer loans
Financing Receivable, Past Due [Line Items]
Total finance receivables	3,005	2,836
Current or less than 30 days past due | Dealer loans | Wholesale flooring
Financing Receivable, Past Due [Line Items]
Total finance receivables	1,966	1,946
Current or less than 30 days past due | Dealer loans | Commercial loans
Financing Receivable, Past Due [Line Items]
Total finance receivables	$ 1,039	$ 890

Finance Receivables - Summary_4

Finance Receivables - Summary of Loans by Internal Credit Grade (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Current Period
Total	$ 42,996		$ 42,996		$ 37,946
Current Period, Gross charge-offs
Total	67	$ 47	115	$ 84
Prior Year
Total	42,996		42,996		37,946
Retail loans
Current Period
Total	39,990		39,990		35,110
Current Period, Gross charge-offs
Total	67	$ 47	115	$ 84
Prior Year
Total	39,990		39,990		35,110
Performing | Retail loans
Current Period
2024	12,483		12,483		13,682
2023	11,532		11,532		9,301
2022	7,472		7,472		7,735
2021	5,956		5,956		2,722
2020	1,862		1,862		1,193
Prior	725		725		369
Total	40,030		40,030		35,002
Current Period, Gross charge-offs
2024			3
2023			47
2022			31
2021			18
2020			10
Prior			6
Total			115
Prior Year
2023	12,483		12,483		13,682
2022	11,532		11,532		9,301
2021	7,472		7,472		7,735
2020	5,956		5,956		2,722
2019	1,862		1,862		1,193
Prior	725		725		369
Total	40,030		40,030		35,002
Credit grade A | Performing | Retail loans
Current Period
2024	7,899		7,899		8,332
2023	6,960		6,960		5,994
2022	4,791		4,791		5,188
2021	3,971		3,971		1,570
2020	1,035		1,035		661
Prior	341		341		171
Total	24,997		24,997		21,916
Prior Year
2023	7,899		7,899		8,332
2022	6,960		6,960		5,994
2021	4,791		4,791		5,188
2020	3,971		3,971		1,570
2019	1,035		1,035		661
Prior	341		341		171
Total	24,997		24,997		21,916
Credit grade B | Performing | Retail loans
Current Period
2024	2,365		2,365		2,828
2023	2,430		2,430		1,693
2022	1,381		1,381		1,308
2021	1,022		1,022		504
2020	359		359		229
Prior	153		153		78
Total	7,710		7,710		6,640
Prior Year
2023	2,365		2,365		2,828
2022	2,430		2,430		1,693
2021	1,381		1,381		1,308
2020	1,022		1,022		504
2019	359		359		229
Prior	153		153		78
Total	7,710		7,710		6,640
Credit grade C | Performing | Retail loans
Current Period
2024	1,597		1,597		1,864
2023	1,592		1,592		1,174
2022	949		949		887
2021	690		690		407
2020	293		293		189
Prior	138		138		71
Total	5,259		5,259		4,592
Prior Year
2023	1,597		1,597		1,864
2022	1,592		1,592		1,174
2021	949		949		887
2020	690		690		407
2019	293		293		189
Prior	138		138		71
Total	5,259		5,259		4,592
Credit grade D | Performing | Retail loans
Current Period
2024	423		423		447
2023	376		376		294
2022	232		232		255
2021	197		197		191
2020	140		140		92
Prior	73		73		36
Total	1,441		1,441		1,315
Prior Year
2023	423		423		447
2022	376		376		294
2021	232		232		255
2020	197		197		191
2019	140		140		92
Prior	73		73		36
Total	1,441		1,441		1,315
Others | Performing | Retail loans
Current Period
2024	199		199		211
2023	174		174		146
2022	119		119		97
2021	76		76		50
2020	35		35		22
Prior	20		20		13
Total	623		623		539
Prior Year
2023	199		199		211
2022	174		174		146
2021	119		119		97
2020	76		76		50
2019	35		35		22
Prior	20		20		13
Total	$ 623		$ 623		$ 539

Finance Receivables - Summary_5

Finance Receivables - Summary of Loans by Risk Rate Grouping (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Current Period
Total	$ 42,996		$ 42,996		$ 37,946
Current Period, Gross charge-offs
Total	67	$ 47	115	$ 84
Prior Year
Total	42,996		42,996		37,946
Dealer loans
Current Period
Total	3,006		3,006		2,836
Current Period, Gross charge-offs
Total	0	$ 0	0
Prior Year
Total	3,006		3,006		2,836
Dealer loans | Performing
Current Period
Total	3,006		3,006		2,836
Current Period, Gross charge-offs
Total			0
Prior Year
Total	3,006		3,006		2,836
Dealer loans | Group I | Performing
Current Period
Total	2,150		2,150		2,040
Prior Year
Total	2,150		2,150		2,040
Dealer loans | Group II | Performing
Current Period
Total	856		856		796
Prior Year
Total	856		856		796
Dealer loans | Group III | Performing
Current Period
Total	0		0		0
Prior Year
Total	0		0		0
Dealer loans | Commercial loans | Performing
Current Period
2024	179		179		68
2023	60		60		16
2022	14		14		172
2021	118		118		62
2020	58		58		24
Prior	112		112		120
Revolving loans	498		498		428
Current Period, Gross charge-offs
2024			0
2023			0
2022			0
2021			0
2020			0
Prior			0
Revolving loans			0
Prior Year
2023	179		179		68
2022	60		60		16
2021	14		14		172
2020	118		118		62
2019	58		58		24
Prior	112		112		120
Revolving loans	498		498		428
Dealer loans | Commercial loans | Group I | Performing
Current Period
2024	144		144		67
2023	57		57		10
2022	9		9		143
2021	117		117		56
2020	47		47		24
Prior	83		83		89
Revolving loans	498		498		428
Prior Year
2023	144		144		67
2022	57		57		10
2021	9		9		143
2020	117		117		56
2019	47		47		24
Prior	83		83		89
Revolving loans	498		498		428
Dealer loans | Commercial loans | Group II | Performing
Current Period
2024	35		35		1
2023	3		3		6
2022	5		5		29
2021	1		1		6
2020	11		11		0
Prior	29		29		31
Revolving loans	0		0		0
Prior Year
2023	35		35		1
2022	3		3		6
2021	5		5		29
2020	1		1		6
2019	11		11		0
Prior	29		29		31
Revolving loans	0		0		0
Dealer loans | Commercial loans | Group III | Performing
Current Period
2024	0		0		0
2023	0		0		0
2022	0		0		0
2021	0		0		0
2020	0		0		0
Prior	0		0		0
Revolving loans	0		0		0
Prior Year
2023	0		0		0
2022	0		0		0
2021	0		0		0
2020	0		0		0
2019	0		0		0
Prior	0		0		0
Revolving loans	0		0		0
Dealer loans | Wholesale flooring | Performing
Current Period
Total	1,967		1,967		1,946
Current Period, Gross charge-offs
Total			0
Prior Year
Total	1,967		1,967		1,946
Dealer loans | Wholesale flooring | Group I | Performing
Current Period
Total	1,195		1,195		1,223
Prior Year
Total	1,195		1,195		1,223
Dealer loans | Wholesale flooring | Group II | Performing
Current Period
Total	772		772		723
Prior Year
Total	772		772		723
Dealer loans | Wholesale flooring | Group III | Performing
Current Period
Total	0		0		0
Prior Year
Total	$ 0		$ 0		$ 0

Investment in Operating Lease_2

Investment in Operating Leases - Schedule of Investment in Operating Leases (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease vehicles	$ 35,141	$ 36,412
Accumulated depreciation	(7,279)	(7,989)
Deferred dealer participation and initial direct costs	95	88
Unearned subsidy income	(684)	(656)
Estimated early termination losses	(94)	(77)
Investment in operating leases, net	$ 27,179	$ 27,778	$ 29,683

Investment in Operating Lease_3

Investment in Operating Leases - Schedule of Operating Lease Revenue (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Lease payments	$ 1,384	$ 1,518	$ 2,784	$ 3,115
Subsidy income and dealer rate participation, net	123	145	251	303
Reimbursed lessor costs	23	24	32	37
Total operating lease revenue, net	$ 1,530	$ 1,687	$ 3,067	$ 3,455

Investment in Operating Lease_4

Investment in Operating Leases - Schedule of Leased Vehicle Expenses (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Lessor, Lease, Description [Line Items]
End of term charges included in gain on disposition of vehicles (less than for three months ended September 30, 2022)	$ 1	$ 1	$ 2	$ 1
Leased Vehicles
Lessor, Lease, Description [Line Items]
Depreciation expense	1,098	1,235	2,214	2,550
Initial direct costs and other lessor costs	40	43	65	75
Gain on disposition of leased vehicles	(28)	(30)	(59)	(63)
Total leased vehicle expenses, net	$ 1,110	$ 1,248	$ 2,220	$ 2,562

Investment in Operating Lease_5

Investment in Operating Leases - Narrative (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Lessor, Lease, Description [Line Items]
Net carrying amount of lease assets	$ 27,179,000,000	$ 29,683,000,000	$ 27,179,000,000	$ 29,683,000,000	$ 27,778,000,000
Early termination loss on operating leases	28,000,000	14,000,000	40,000,000	13,000,000
Actual net losses realized on operating leases	20,000,000	12,000,000	23,000,000	13,000,000
Provision for credit losses on operating leases	4,000,000	1,000,000	7,000,000	2,000,000
Impairment losses	0	$ 0	0	$ 0
Collateral Pledged
Lessor, Lease, Description [Line Items]
Net carrying amount of lease assets	$ 0		$ 0		$ 168,000,000

Investment in Operating Lease_6

Investment in Operating Leases - Schedule of Contractual Operating Lease Payments (Detail) $ in Millions	Sep. 30, 2023 USD ($)
Leases [Abstract]
2024	$ 4,349
2025	2,742
2026	1,232
2027	261
2028	54
Total	$ 8,638

Debt - Schedule of Outstanding

Debt - Schedule of Outstanding Debt Net of Discounts and Fees, Weighted Average Contractual Interest Rates and Range of Contractual Interest Rates (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Mar. 31, 2023
Debt Instrument [Line Items]
Unsecured debt	$ 36,358	$ 33,407
Secured debt	8,193	6,927
Total debt	44,551	40,334
Commercial paper
Debt Instrument [Line Items]
Unsecured debt	$ 7,240	$ 6,375
Weighted average contractual interest rate (percentage)	5.63%	5.18%
Commercial paper | Minimum
Debt Instrument [Line Items]
Contractual interest rate ranges (percentage)	4.83%	4.30%
Commercial paper | Maximum
Debt Instrument [Line Items]
Contractual interest rate ranges (percentage)	5.73%	5.93%
Bank loans
Debt Instrument [Line Items]
Unsecured debt	$ 1,817	$ 1,894
Weighted average contractual interest rate (percentage)	6.23%	5.66%
Bank loans | Minimum
Debt Instrument [Line Items]
Contractual interest rate ranges (percentage)	5.89%	5.38%
Bank loans | Maximum
Debt Instrument [Line Items]
Contractual interest rate ranges (percentage)	6.66%	6.14%
Public MTN program
Debt Instrument [Line Items]
Unsecured debt	$ 24,102	$ 21,962
Weighted average contractual interest rate (percentage)	2.85%	1.99%
Public MTN program | Minimum
Debt Instrument [Line Items]
Contractual interest rate ranges (percentage)	0.30%	0.30%
Public MTN program | Maximum
Debt Instrument [Line Items]
Contractual interest rate ranges (percentage)	6.14%	5.43%
Other debt
Debt Instrument [Line Items]
Unsecured debt	$ 3,199	$ 3,176
Weighted average contractual interest rate (percentage)	3.60%	3.15%
Other debt | Minimum
Debt Instrument [Line Items]
Contractual interest rate ranges (percentage)	1.34%	1.34%
Other debt | Maximum
Debt Instrument [Line Items]
Contractual interest rate ranges (percentage)	6.39%	5.88%
Secured debt
Debt Instrument [Line Items]
Secured debt	$ 8,193	$ 6,927
Weighted average contractual interest rate (percentage)	3.78%	2.42%
Secured debt | Minimum
Debt Instrument [Line Items]
Contractual interest rate ranges (percentage)	0.27%	0.20%
Secured debt | Maximum
Debt Instrument [Line Items]
Contractual interest rate ranges (percentage)	5.95%	5.50%

Debt - Narrative (Detail)

Debt - Narrative (Detail) - USD ($)	6 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023	Aug. 31, 2022
Debt Instrument [Line Items]
Outstanding principal balance of long-term debt with floating interest rates	$ 4,500,000,000		$ 4,100,000,000
Outstanding principal balance of long-term debt with fixed interest rates	31,800,000,000		29,500,000,000
Short-term debt	8,300,000,000		6,700,000,000
AHFC | Other Credit Agreements
Debt Instrument [Line Items]
Maximum funds available	1,000,000,000
Line of credit facility outstanding amount	0
AHFC | Syndicated Bank Credit Facilities
Debt Instrument [Line Items]
Maximum funds available	7,000,000,000
Line of credit facility outstanding amount	0
AHFC | Syndicated Bank Credit Facilities With 364 Day Credit Agreement
Debt Instrument [Line Items]
Maximum funds available	3,500,000,000
AHFC | Syndicated Bank Credit Facilities With Three Year Credit Agreement
Debt Instrument [Line Items]
Maximum funds available	2,100,000,000
AHFC | Syndicated Bank Credit Facilities With Five Year Credit Agreement
Debt Instrument [Line Items]
Maximum funds available	1,400,000,000
HCFI | Syndicated Bank Credit Facilities
Debt Instrument [Line Items]
Maximum funds available	1,500,000,000
Line of credit facility outstanding amount	0
HCFI | Syndicated Bank Credit Facilities With One Year Revolving Term
Debt Instrument [Line Items]
Maximum funds available	737,000,000
HCFI | Syndicated Bank Credit Facilities With Five Year Revolving Term
Debt Instrument [Line Items]
Maximum funds available	737,000,000
Commercial paper
Debt Instrument [Line Items]
Maximum funds available	$ 8,800,000,000		$ 8,800,000,000
Line of credit, term (up to)	1 year		1 year
Average outstanding balance	$ 6,900,000,000	$ 2,900,000,000
Commercial paper | Other Credit Agreements
Debt Instrument [Line Items]
Line of credit facility, maximum month-end outstanding amount	$ 7,200,000,000	$ 3,200,000,000
Public MTN program
Debt Instrument [Line Items]
Maximum funds available				$ 30,000,000,000

Derivative Instruments - Notion

Derivative Instruments - Notional Balances and Fair Values of Derivatives (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Mar. 31, 2023
Derivatives, Fair Value [Line Items]
Assets	$ 1,157	$ 1,133
Collateral posted/held	0	0
Counterparty netting adjustment	(1,065)	(1,000)
Net derivative assets	92	133
Liabilities	2,011	1,736
Collateral posted/held	47	37
Counterparty netting adjustment	(1,065)	(1,000)
Net derivative liabilities	993	773
Interest rate swaps
Derivatives, Fair Value [Line Items]
Notional balances	57,388	55,974
Assets	1,157	1,133
Liabilities	1,185	1,062
Cross currency swaps
Derivatives, Fair Value [Line Items]
Notional balances	5,737	4,328
Assets	0	0
Liabilities	$ 826	$ 674

Derivative Instruments - Income

Derivative Instruments - Income Statement Impact of Derivative Instruments (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Total loss on derivative instruments	$ (247)	$ (601)	$ (176)	$ (1,126)
Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Total loss on derivative instruments	(20)	61	106	70
Cross currency swaps
Derivative Instruments, Gain (Loss) [Line Items]
Total loss on derivative instruments	$ (227)	$ (662)	$ (282)	$ (1,196)

Transactions Involving Relate_3

Transactions Involving Related Parties - Summary of Income Statement Impact of Transactions with Parent and Affiliated Companies (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue:
Subsidy income	$ 2,080	$ 2,067	$ 4,103	$ 4,214
General and administrative expenses:
Lease expense	3	3	5	5
Affiliated Entity
Revenue:
Subsidy income	226	265	462	554
General and administrative expenses:
Support Compensation Agreement fees	16	16	31	33
Benefit plan expenses	1	2	3	4
Shared services	19	19	37	37
Lease expense	$ 1	$ 1	$ 2	$ 2

Transactions Involving Relate_4

Transactions Involving Related Parties - Summary of Balance Sheet Impact of Transactions with Parent and Affiliated Companies (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Mar. 31, 2023
Other liabilities:
Operating lease liabilities	$ 66	$ 69
Affiliated Entity
Finance receivables, net:
Unearned subsidy income	(525)	(573)
Investment in operating leases, net:
Unearned subsidy income	(682)	(655)
Due from Parent and affiliated companies	101	66
Liabilities
Due to Parent and affiliated companies	117	161
Other liabilities:
Accrued benefit expenses	66	63
Operating lease liabilities	$ 9	$ 11

Transactions Involving Relate_5

Transactions Involving Related Parties - Narrative (Detail) - USD ($) $ in Millions	1 Months Ended		6 Months Ended
	Jul. 31, 2023	Jul. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Dividends			$ 587	$ 829
AHFC | HMC
Related Party Transaction [Line Items]
Honda Motor Company required ownership interest (percentage)			80%
AHM
Related Party Transaction [Line Items]
Dividends	$ 553	$ 766
HCFI | HMC
Related Party Transaction [Line Items]
Honda Motor Company required ownership interest (percentage)			80%
HCFI | AHM
Related Party Transaction [Line Items]
Dividends	37	69
HCFI | HCI
Related Party Transaction [Line Items]
Dividends	$ 34	$ 63

Income Taxes (Detail)

Income Taxes (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate (percentage)	26.60%	25.40%	29.20%	26.40%
Accumulated undistributed earnings of HCFI	$ 1,000		$ 1,000
Unrecognized deferred tax liability from undistributed foreign earnings	$ 136		$ 136

Commitments and Contingencies -

Commitments and Contingencies - Maturities of Operating Lease Liabilities (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
2024	$ 10
2025	9
2026	10
2027	10
2028	9
Thereafter	27
Total undiscounted future lease obligations	75
Less: imputed interest	(9)
Operating lease liabilities	$ 66	$ 69

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Commitments And Contingencies Disclosure [Line Items]
Lease expense under operating leases	$ 3	$ 3	$ 5	$ 5
Operating lease, weighted average remaining lease term	7 years 10 months 24 days		7 years 10 months 24 days
Operating lease, weighted average discount rate (percentage)	3%		3%
Revolving lines of credit
Commitments And Contingencies Disclosure [Line Items]
Unused balance of commercial revolving lines of credit	$ 636		$ 636
Construction of auto dealership facilities
Commitments And Contingencies Disclosure [Line Items]
Remaining unfunded balance for construction loans	$ 2		$ 2

Securitizations and Variable _3

Securitizations and Variable Interest Entities (VIE) - Narrative (Detail) - USD ($) $ in Millions	6 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Asset-backed securitization notes issued during period	$ 3,600	$ 1,000
Initial receivable principal balance underlying asset-backed securitization notes issued during period	3,900	$ 1,100
Cash to be remitted to trusts	$ 407		$ 400

Securitizations and Variable _4

Securitizations and Variable Interest Entities (VIE) - Schedule of Carrying Amounts of Assets and Liabilities of Consolidated Securitization Trusts (Detail) - USD ($) $ in Millions	Sep. 30, 2023		Mar. 31, 2023	Sep. 30, 2022	[1]
Assets
Restricted cash	$ 601	[1]	$ 420	$ 787
Other	66		61
Liabilities
Secured debt	$ 8,193		$ 6,927
Restricted Cash and Cash Equivalents, Statement of Financial Position [Extensible Enumeration]	Other assets		Other assets
Variable Interest Entity, Primary Beneficiary
Assets
Securitized assets			$ 7,384
Restricted cash	$ 600		420
Other			13
Liabilities
Secured debt			6,927
Other	12		7
Variable Interest Entity, Primary Beneficiary | Retail loan securitizations
Assets
Securitized assets	8,634		7,216
Restricted cash			419
Other	16		12
Liabilities
Secured debt	8,193		6,844
Other	$ 12		6
Variable Interest Entity, Primary Beneficiary | Operating lease securitizations
Assets
Securitized assets			168
Restricted cash			1
Other			1
Liabilities
Secured debt			83
Other			$ 1
[1]Restricted cash balances relate to securitization arrangements (Note 9).

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Detail) - USD ($) $ in Millions	Sep. 30, 2023		Mar. 31, 2023	Sep. 30, 2022	[1]
Other Assets [Abstract]
Accrued interest and fees on finance receivables	$ 131		$ 103
Accrued rental payments and fees on operating leases	65		62
Vehicles held for disposition	61		50
Restricted cash	601	[1]	420	$ 787
Operating lease right-of-use assets	58		61
Other miscellaneous assets	66		61
Total	$ 982		$ 757
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Total		Total
[1]Restricted cash balances relate to securitization arrangements (Note 9).

Other Liabilities - Components

Other Liabilities - Components of Other Liabilities (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Mar. 31, 2023
Other Liabilities [Line Items]
Dealer payables	$ 286	$ 188
Accrued interest expense	213	121
Accounts payable and accrued expenses	306	304
Lease security deposits	52	57
Unearned income, operating leases	254	269
Operating lease liabilities	66	69
Uncertain tax positions	95	92
Other liabilities	$ 49	$ 37
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Total	Total
Nonrelated Party
Other Liabilities [Line Items]
Total	$ 1,321	$ 1,137

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value Hierarchy of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Mar. 31, 2023
Derivative instruments:
Assets	$ 1,157	$ 1,133
Liabilities	2,011	1,736
Interest rate swaps
Derivative instruments:
Assets	1,157	1,133
Liabilities	1,185	1,062
Cross currency swaps
Derivative instruments:
Assets	0	0
Liabilities	826	674
Level 1
Derivative instruments:
Assets	0	0
Liabilities	0	0
Level 1 | Interest rate swaps
Derivative instruments:
Assets	0	0
Liabilities	0	0
Level 1 | Cross currency swaps
Derivative instruments:
Assets	0	0
Liabilities	0	0
Level 2
Derivative instruments:
Assets	1,157	1,133
Liabilities	2,011	1,736
Level 2 | Interest rate swaps
Derivative instruments:
Assets	1,157	1,133
Liabilities	1,185	1,062
Level 2 | Cross currency swaps
Derivative instruments:
Assets	0	0
Liabilities	826	674
Level 3
Derivative instruments:
Assets	0	0
Liabilities	0	0
Level 3 | Interest rate swaps
Derivative instruments:
Assets	0	0
Liabilities	0	0
Level 3 | Cross currency swaps
Derivative instruments:
Assets	0	0
Liabilities	$ 0	$ 0

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of Nonrecurring Fair Value Measurements (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Vehicles held for disposition	$ 46	$ 28
Lower-of-cost or fair value adjustment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Vehicles held for disposition	12	5
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Vehicles held for disposition	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Vehicles held for disposition	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Vehicles held for disposition	$ 46	$ 28

Fair Value Measurements - Sum_3

Fair Value Measurements - Summary of Carrying Values and Fair Values of Financial Instruments Except for those Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Mar. 31, 2023
Assets
Dealer loans, net	$ 3,001	$ 2,831
Retail loans, net	39,703	34,754
Liabilities
Commercial paper	7,240	6,375
Bank loans	1,817	1,894
Medium-term note programs	24,102	21,962
Other debt	3,199	3,176
Secured debt	8,193	6,927
Fair value
Assets
Dealer loans, net	2,706	2,507
Retail loans, net	38,248	33,674
Liabilities
Commercial paper	7,240	6,374
Bank loans	1,818	1,886
Medium-term note programs	22,782	20,745
Other debt	3,037	3,045
Secured debt	8,080	6,786
Fair value | Level 1
Assets
Dealer loans, net	0	0
Retail loans, net	0	0
Liabilities
Commercial paper	0	0
Bank loans	0	0
Medium-term note programs	0	0
Other debt	0	0
Secured debt	0	0
Fair value | Level 2
Assets
Dealer loans, net	0	0
Retail loans, net	0	0
Liabilities
Commercial paper	7,240	6,374
Bank loans	1,818	1,886
Medium-term note programs	22,782	20,745
Other debt	3,037	3,045
Secured debt	8,080	6,786
Fair value | Level 3
Assets
Dealer loans, net	2,706	2,507
Retail loans, net	38,248	33,674
Liabilities
Commercial paper	0	0
Bank loans	0	0
Medium-term note programs	0	0
Other debt	0	0
Secured debt	$ 0	$ 0

Segment Information - Financial

Segment Information - Financial Information for Reportable Segments (Detail) $ in Millions	3 Months Ended		6 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) reportable_segment	Sep. 30, 2022 USD ($)	Mar. 31, 2023 USD ($)
Number of reportable segments
Number of reportable segments | reportable_segment			2
Revenues:
Retail	$ 498	$ 356	$ 934	$ 718
Dealer	52	24	102	41
Operating leases	1,530	1,687	3,067	3,455
Total revenues	2,080	2,067	4,103	4,214
Leased vehicle expenses	1,110	1,248	2,220	2,562
Interest expense	396	199	719	380
Realized (gains)/losses on derivatives and foreign    currency denominated debt	0	0	0	0
Net revenues	574	620	1,164	1,272
Other income, net	26	24	55	38
Total net revenues	600	644	1,219	1,310
Expenses:
General and administrative expenses	129	124	256	243
Provision for credit losses	69	31	148	52
Early termination loss on operating leases	28	14	40	13
Loss on derivative instruments	247	601	176	1,126
Gain on foreign currency revaluation of debt	(208)	(449)	(158)	(877)
Income before income taxes	335	323	757	753
Assets
Finance receivables, net	42,704	34,882	42,704	34,882	$ 37,585
Investment in operating leases, net	27,179	29,683	27,179	29,683	27,778
Total assets	73,181	69,708	73,181	69,708	$ 68,891
Valuation adjustments and reclassifications
Revenues:
Retail	0	0	0	0
Dealer	0	0	0	0
Operating leases	0	0	0	0
Total revenues	0	0	0	0
Leased vehicle expenses	0	0	0	0
Interest expense	0	0	0	0
Realized (gains)/losses on derivatives and foreign    currency denominated debt	50	24	106	25
Net revenues	(50)	(24)	(106)	(25)
Other income, net	0	0	0	0
Total net revenues	(50)	(24)	(106)	(25)
Expenses:
General and administrative expenses	0	0	0	0
Provision for credit losses	0	0	0	0
Early termination loss on operating leases	0	0	0	0
Loss on derivative instruments	247	601	176	1,126
Gain on foreign currency revaluation of debt	(208)	(449)	(158)	(877)
Income before income taxes	(89)	(176)	(124)	(274)
Assets
Finance receivables, net	0	0	0	0
Investment in operating leases, net	0	0	0	0
Total assets	0	0	0	0
United States | Operating Segments
Revenues:
Retail	444	314	832	634
Dealer	46	22	91	37
Operating leases	1,299	1,410	2,596	2,887
Total revenues	1,789	1,746	3,519	3,558
Leased vehicle expenses	930	1,032	1,855	2,121
Interest expense	336	160	605	311
Realized (gains)/losses on derivatives and foreign    currency denominated debt	(33)	(14)	(73)	(14)
Net revenues	556	568	1,132	1,140
Other income, net	22	21	47	32
Total net revenues	578	589	1,179	1,172
Expenses:
General and administrative expenses	116	111	230	216
Provision for credit losses	66	28	143	47
Early termination loss on operating leases	28	13	40	12
Loss on derivative instruments	0	0	0	0
Gain on foreign currency revaluation of debt	0	0	0	0
Income before income taxes	368	437	766	897
Assets
Finance receivables, net	38,120	31,061	38,120	31,061
Investment in operating leases, net	23,483	25,538	23,483	25,538
Total assets	64,494	61,362	64,494	61,362
Canada | Operating Segments
Revenues:
Retail	54	42	102	84
Dealer	6	2	11	4
Operating leases	231	277	471	568
Total revenues	291	321	584	656
Leased vehicle expenses	180	216	365	441
Interest expense	60	39	114	69
Realized (gains)/losses on derivatives and foreign    currency denominated debt	(17)	(10)	(33)	(11)
Net revenues	68	76	138	157
Other income, net	4	3	8	6
Total net revenues	72	79	146	163
Expenses:
General and administrative expenses	13	13	26	27
Provision for credit losses	3	3	5	5
Early termination loss on operating leases	0	1	0	1
Loss on derivative instruments	0	0	0	0
Gain on foreign currency revaluation of debt	0	0	0	0
Income before income taxes	56	62	115	130
Assets
Finance receivables, net	4,584	3,821	4,584	3,821
Investment in operating leases, net	3,696	4,145	3,696	4,145
Total assets	$ 8,687	$ 8,346	$ 8,687	$ 8,346