Toyota Motor Credit (TM/28) 10-Q10 Feb 212021 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Dec. 31, 2020	Jan. 31, 2021
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Dec. 31, 2020
Amendment Flag	false
Entity Registrant Name	TOYOTA MOTOR CREDIT CORPORATION
Entity Central Index Key	0000834071
Current Fiscal Year End Date	--03-31
Trading Symbol	TM/28
Entity Filer Category	Non-accelerated Filer
Entity Common Stock Shares Outstanding		91,500
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	1-9961
Entity Tax Identification Number	95-3775816
Entity Address, Address Line One	6565 Headquarters Drive
Entity Address, City or Town	Plano
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75024
City Area Code	469
Local Phone Number	486-9300
Entity Incorporation, State or Country Code	CA
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Medium-Term Notes, Series BStated Maturity Date January 11, 2028
Security Exchange Name	NYSE
Entity Interactive Data Current	Yes

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Consolidated Statements of Income - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Financing revenues:
Operating lease	$ 2,122	$ 2,212	$ 6,365	$ 6,593
Retail	749	661	2,144	1,888
Dealer	103	171	312	544
Total financing revenues	2,974	3,044	8,821	9,025
Depreciation on operating leases	1,450	1,712	4,484	4,920
Interest expense	491	755	1,534	2,065
Net financing revenues	1,033	577	2,803	2,040
Insurance earned premiums and contract revenues	241	231	714	692
Investment and other income, net	179	57	445	272
Net financing revenues and other revenues	1,453	865	3,962	3,004
Expenses:
Provision for credit losses	118	128	366	264
Operating and administrative	354	406	1,088	1,101
Insurance losses and loss adjustment expenses	98	116	265	344
Total expenses	570	650	1,719	1,709
Income before income taxes	883	215	2,243	1,295
Provision for income taxes	215	34	546	296
Net income	$ 668	$ 181	$ 1,697	$ 999

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 668	$ 181	$ 1,697	$ 999
Other comprehensive income, net of tax
Net unrealized gains (losses) on available-for-sale marketable securities [net of tax benefit (provision) of $0, $1, ($6) and ($4), respectively]	2	(2)	26	14
Reclassification adjustment for net gains on available-for-sale marketable securities included in investment and other income, net [net of tax provision of $0, $1, $4 and $1, respectively]	(2)	(1)	(15)	(2)
Other comprehensive income (loss)	0	(3)	11	12
Comprehensive income	$ 668	$ 178	$ 1,708	$ 1,011

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net unrealized gains (losses) on available-for-sale marketable securities, tax (benefit) provision	$ 0	$ 1	$ (6)	$ (4)
Reclassification adjustment for net gains on available-for-sale marketable securities included in investment and other income, tax provision	$ 0	$ 1	$ 4	$ 1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2020	Mar. 31, 2020
ASSETS
Cash and cash equivalents	$ 10,622	$ 6,790
Restricted cash and cash equivalents	1,446	1,739
Investments in marketable securities	4,596	3,820
Finance receivables, net of allowance for credit losses of $1,162 and $727	78,800	73,996
Investments in operating leases, net	36,294	36,387
Other assets	2,733	2,823
Total assets	134,491	125,555
LIABILITIES AND SHAREHOLDER’S EQUITY
Debt	108,972	97,740
Deferred income taxes	3,589	5,458
Other liabilities	5,937	7,854
Total liabilities	118,498	111,052
Commitments and contingencies (Refer to Note 9)
Shareholder’s equity:
Capital stock, no par value (100,000 shares authorized; 91,500 issued and outstanding) at December 31, 2020 and March 31, 2020	915	915
Additional paid-in capital	2	2
Accumulated other comprehensive income	26	15
Retained earnings	15,050	13,571
Total shareholder's equity	15,993	14,503
Total liabilities and shareholder's equity	$ 134,491	$ 125,555

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2020	Mar. 31, 2020
Statement Of Financial Position [Abstract]
Finance receivables, allowance for credit losses	$ 1,162	$ 727
Common Stock, Par or Stated Value Per Share
Common Stock, Shares Authorized	100,000	100,000
Common Stock, Shares, Issued	91,500	91,500
Common Stock, Shares, Outstanding	91,500	91,500

Consolidated Balance Sheets (Su

Consolidated Balance Sheets (Supplemental) - USD ($) $ in Millions	Dec. 31, 2020	Mar. 31, 2020
ASSETS
Finance receivables, net	$ 78,800	$ 73,996
Investments in operating leases, net	36,294	36,387
Other assets	2,733	2,823
Total assets	134,491	125,555
LIABILITIES
Debt	108,972	97,740
Other liabilities	5,937	7,854
Total liabilities	118,498	111,052
Variable Interest Entity, Primary Beneficiary
ASSETS
Finance receivables, net	19,334	12,375
Investments in operating leases, net	6,268	5,586
Other assets	100	131
Total assets	25,702	18,092
LIABILITIES
Debt	21,720	14,568
Other liabilities	16	12
Total liabilities	$ 21,736	$ 14,580

Consolidated Statements of Shar

Consolidated Statements of Shareholder's Equity - USD ($) $ in Millions	Total	Cumulative Effect Period of Adoption Adjustment	Capital stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Retained earnings	Retained earningsCumulative Effect Period of Adoption Adjustment
Balance at Mar. 31, 2019	$ 13,578		$ 915	$ 2	$ 3	$ 12,658
Net income	999		0	0	0	999
Other comprehensive income (loss), net of tax	12		0	0	12	0
Balance at Dec. 31, 2019	14,589		915	2	15	13,657
Balance at Sep. 30, 2019	14,411		915	2	18	13,476
Net income	181		0	0	0	181
Other comprehensive income (loss), net of tax	(3)		0	0	(3)	0
Balance at Dec. 31, 2019	14,589		915	2	15	13,657
Balance at Mar. 31, 2020	14,503		915	2	15	13,571
Balance (ASU 2016-13) at Mar. 31, 2020		$ (218)					$ (218)
Net income	1,697		0	0	0	1,697
Other comprehensive income (loss), net of tax	11		0	0	11	0
Balance at Dec. 31, 2020	15,993		915	2	26	15,050
Balance at Sep. 30, 2020	15,325		915	2	26	14,382
Net income	668		0	0	0	668
Other comprehensive income (loss), net of tax	0		0	0	0	0
Balance at Dec. 31, 2020	$ 15,993		$ 915	$ 2	$ 26	$ 15,050

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 1,697	$ 999
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,572	5,003
Recognition of deferred income	(1,864)	(1,861)
Provision for credit losses	366	264
Amortization of deferred costs	572	525
Foreign currency and other adjustments to the carrying value of debt, net	1,806	151
Net gains from investments in marketable securities	(222)	(54)
Net change in:
Derivative assets	(9)	6
Other assets and accrued interest	140	(245)
Deferred income taxes	(1,797)	201
Derivative liabilities	(21)	(24)
Other liabilities	993	92
Net cash provided by operating activities	6,233	5,057
Cash flows from investing activities:
Purchase of investments in marketable securities	(1,862)	(1,402)
Proceeds from sales of investments in marketable securities	405	232
Proceeds from maturities of investments in marketable securities	916	520
Acquisition of finance receivables	(29,164)	(22,807)
Collection of finance receivables	20,390	19,102
Net change in wholesale and certain working capital receivables	3,261	782
Acquisition of investments in operating leases	(11,777)	(12,243)
Disposals of investments in operating leases	8,570	9,060
Long term loans to affiliates	(200)	(200)
Payments on long term loans from affiliates	406	19
Other, net	(48)	(26)
Net cash used in investing activities	(9,103)	(6,963)
Cash flows from financing activities:
Proceeds from issuance of debt	38,669	17,830
Payments on debt	(21,909)	(15,778)
Net change in commercial paper and other short-term financing	(7,334)	2,410
Payment on loan from affiliate	(3,000)	0
Net change in financing support provided by affiliates	(17)	43
Dividend paid	0	(10)
Net cash provided by financing activities	6,409	4,495
Net increase in cash and cash equivalents and restricted cash and cash equivalents	3,539	2,589
Cash and cash equivalents and restricted cash and cash equivalents at the beginning of the period	8,529	3,183
Cash and cash equivalents and restricted cash and cash equivalents at the end of the period	12,068	5,772
Supplemental disclosures:
Interest paid, net	1,909	1,971
Income taxes paid, net	$ 1,177	$ 105

Interim Financial Data

Interim Financial Data	9 Months Ended
Interim Financial Data	Dec. 31, 2020
Accounting Policies [Abstract]
Interim Financial Data	Note 1 – Interim Financial Data Basis of Presentation The information furnished in these unaudited interim consolidated financial statements as of and for the three and nine months ended December 31, 2020 and 2019 has been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). In the opinion of management, the unaudited consolidated financial information reflects all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. The results of operations for the three and nine months ended December 31, 2020 do not necessarily indicate the results which may be expected for the full fiscal year ending March 31, 2021 (“fiscal 2021”). These financial statements should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements included in Toyota Motor Credit Corporation’s Annual Report on Form 10-K (“Form 10-K”) for the fiscal year ended March 31, 2020 (“fiscal 2020”), which was filed with the Securities and Exchange Commission on June 4, 2020. References herein to “TMCC” denote Toyota Motor Credit Corporation, and references herein to “we”, “our”, and “us” denote Toyota Motor Credit Corporation and its consolidated subsidiaries. Other Matters As of April 1, 2020, TMCC began providing private label financial services to third-party automotive and mobility companies commencing with the provision of services to Mazda Motor of America, Inc. (“Mazda”). We currently offer exclusive private label automotive retail, lease, and dealer financing products and services marketed under the brand Mazda Financial Services to Mazda customers and dealers in the United States. As of August 1, 2020, we launched a full suite of insurance products under the name of Mazda Protection Products (MPP) that includes Vehicle Service Agreements, Guaranteed Auto Protection, Prepaid Maintenance, Excess Wear and Use, Tire and Wheel and Key Replacement. TMCC’s agreement with Mazda is for an initial term of approximately five years. We are leveraging our existing processes and personnel to service the newly originated assets, and we have made certain technology investments to support the Mazda program. TMCC did not acquire any existing Mazda assets or liabilities pursuant to the agreement and we do not expect launch costs to be significant through fiscal year 2021. We will continue to look for opportunities to optimize our private label financial services by partnering with our affiliates. Note 1 – Interim Financial Data (Continued) Recently Adopted Accounting Guidance On April 1, 2020, we adopted the following new accounting standards: Financial Instruments – Credit Losses We adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Refer to Note 2 – Investments in Marketable Securities, Note 3 – Finance Receivables, Net, and Note 5 – Allowance for Credit Losses for additional information. In conjunction with the adoption of ASU 2016-13, we updated our depreciation policy for operating leases so that the useful life of the vehicles incorporates our historical experience on early terminations due to customer defaults. As a result, we changed the presentation for reporting early termination expenses related to customer defaults on investments in operating leases. We now present the effects of operating lease early terminations as part of accumulated depreciation within Investments in operating leases, net in the Consolidated Balance Sheets and Depreciation on operating leases in the Consolidated Statements of Income. The comparative period’s information continues to be reported under the relevant accounting presentation in effect for that period. Refer to Note 4 – Investments in Operating Leases, Net for additional information. Other Recently Adopted Standards We adopted ASU 2018-13, Fair Value Measurement (Topic 820), We adopted ASU 2018-15, Intangibles – Goodwill and Other-Internal-Use Software, We adopted ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. We adopted ASU 2018-17, Consolidation (Topic 810) Note 1 – Interim Financial Data (Continued) Accounting Guidance Issued But Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs

Investments in Marketable Secur

Investments in Marketable Securities	9 Months Ended
Investments in Marketable Securities	Dec. 31, 2020
Marketable Securities [Abstract]
Investments in Marketable Securities	Note 2 – Investments in Marketable Securities Investments in marketable securities consist of debt securities and equity investments. We classify all of our debt securities as available-for-sale. Investments in marketable securities consisted of the following: December 31, 2020 Amortized Unrealized Unrealized Fair cost gains losses value Available-for-sale debt securities: U.S. government and agency obligations $ 223 $ 9 $ (2 ) $ 230 Municipal debt securities 8 2 - 10 Commercial paper 200 - - 200 Corporate debt securities 159 18 - 177 Mortgage-backed securities: U.S. government agency 35 2 - 37 Non-agency residential 1 - - 1 Non-agency commercial 47 2 (2 ) 47 Asset-backed securities 51 4 - 55 Total available-for-sale debt securities $ 724 $ 37 $ (4 ) $ 757 Equity investments 3,839 Total investments in marketable securities $ 4,596 March 31, 2020 Amortized Unrealized Unrealized Fair cost gains losses value Available-for-sale debt securities: U.S. government and agency obligations $ 160 $ 16 $ - $ 176 Municipal debt securities 9 2 - 11 Certificates of deposit 250 - (1 ) 249 Commercial paper 604 - (3 ) 601 Corporate debt securities 188 10 (1 ) 197 Mortgage-backed securities: U.S. government agency 47 2 - 49 Non-agency residential 1 - - 1 Non-agency commercial 47 - (2 ) 45 Asset-backed securities 75 - (3 ) 72 Total available-for-sale debt securities $ 1,381 $ 30 $ (10 ) $ 1,401 Equity investments 2,419 Total investments in marketable securities $ 3,820 A portion of our equity investments is investments in funds that are privately placed and managed by an open-end investment management company (the “Trust”). If we elect to redeem shares, the Trust will normally redeem all shares for cash, but may, in unusual circumstances, redeem amounts exceeding the lesser of $250 thousand or 1 percent of the Trust’s asset value by payment in kind of securities held by the respective fund during any 90-day period. We also invest in actively traded open-end mutual funds. Redemptions are subject to normal terms and conditions as described in each fund’s prospectus. Note 2 – Investments in Marketable Securities (Continued) Unrealized Losses on Securities Available-for-sale debt securities in a continuous loss position for less than twelve months and greater than twelve months were not significant as of December 31, 2020 and March 31, 2020. We adopted ASU 2016-13 on April 1, 2020, on a modified retrospective basis, as further described in Note 1 – Interim Financial Data. Under the new guidance, once it is determined that a credit loss has occurred, an allowance for credit losses is established. Prior to adoption of this standard, when a decline in fair value of a debt security was determined to be other- than-temporary, an impairment charge for the credit component was recorded in Investment and other income, net and a new cost basis in the investment was established. As of December 31, 2020, management determined that credit losses did not exist for securities in an unrealized loss position. This analysis considered a variety of factors including, but not limited to, performance indicators of the issuer, default rates, industry analyst reports, credit ratings, and other relevant information, which indicated that contractual cash flows are expected to occur. Gains and Losses on Securities The following table represents gains and losses on our investments in marketable securities presented in our Consolidated Statements of Income: Three months ended Nine months ended December 31, December 31, 2020 2019 2020 2019 Available-for-sale debt securities: Realized gains $ 2 $ 2 $ 19 $ 3 Equity investments: Unrealized gains (losses) recognized $ 49 $ (38 ) $ 188 $ 48 Realized gains on sales $ 3 $ - $ 15 $ 3 Contractual Maturities The amortized cost and fair value, by contractual maturity of available-for-sale debt securities are summarized in the following table. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations. December 31, 2020 Amortized c Fair value Available-for-sale debt securities: Due within 1 year $ 236 $ 237 Due after 1 year through 5 years 133 142 Due after 5 years through 10 years 141 151 Due after 10 years 80 87 Mortgage-backed and asset-backed securities 1 134 140 Total $ 724 $ 757 1 Mortgage-backed and asset-backed securities are shown separately from other maturity groupings as these securities have multiple maturity dates.

Finance Receivables, Net

Finance Receivables, Net	9 Months Ended
Finance Receivables, Net	Dec. 31, 2020
Receivables [Abstract]
Finance Receivables, Net	Note 3 – Finance Receivables, Net Finance receivables, net consists of the retail loan and the dealer products portfolio segments, which includes deferred costs, net of the allowance for credit losses and deferred income. Finance receivables, net also includes securitized retail receivables, which represent retail receivables that have been sold for legal purposes to securitization trusts but continue to be included in our consolidated financial statements, as discussed further in Note 8 – Variable Interest Entities. Cash flows from these securitized retail receivables are available only for the repayment of debt issued by these trusts and other obligations arising from the securitization transactions. They are not available for payment of our other obligations or to satisfy claims of our other creditors. Upon adoption of ASU 2016-13, we elected the accounting policy to present accrued interest related to finance receivables within Other assets in the Consolidated Balance Sheets. As of December 31, 2020, accrued interest related to finance receivables is $196 million and is included in Other assets. The comparative period’s information continues to be reported within Finance receivables, net. Upon adoption of ASU 2016-13, we no longer reverse accrued interest receivables from interest income for our dealer products portfolio when an account is deemed to be uncollectible. For both retail loan and dealer products portfolio segments, accrued interest is written off within allowance for credit losses at the earlier of when an account is deemed to be uncollectible or when an account is greater than 120 days past due. Finance receivables, net consisted of the following: December 31, March 31, 2020 2020 Retail receivables 1 $ 65,102 $ 57,088 Dealer financing 15,212 17,873 80,314 74,961 Deferred origination costs 1,083 890 Deferred income (1,435 ) (1,128 ) Allowance for credit losses Retail and securitized retail receivables (1,052 ) (486 ) Dealer financing (110 ) (241 ) Total allowance for credit losses (1,162 ) (727 ) Finance receivables, net $ 78,800 $ 73,996 1 Note 3 – Finance Receivables, Net (Continued) Credit Quality Indicators We are exposed to credit risk on our finance receivables. Credit risk is the risk of loss arising from the failure of customers or dealers to meet the terms of their contracts with us or otherwise fail to perform as agreed. Retail Loan Portfolio Segment The retail loan portfolio segment consists of one class of finance receivables. While we use various credit quality metrics to develop our allowance for credit losses on the retail loan portfolio segment, we primarily utilize the aging of the individual accounts to monitor the credit quality of these finance receivables. Based on our experience, the payment status of borrowers is the strongest indicator of the credit quality of the underlying receivables. Payment status also impacts charge-offs. Individual borrower accounts within the retail loan portfolio segment are segregated into aging categories based on the number of days outstanding. The aging for each class of finance receivables is updated monthly. The following table presents the amortized cost basis of our retail loan portfolio by credit quality indicator based on number of days outstanding by origination year at December 31, 2020: Amortized Cost Basis by Origination Fiscal Year 2021 2020 2019 2018 2017 2016 and Prior Total Aging of finance receivables: Current $ 24,905 $ 17,763 $ 10,165 $ 6,963 $ 3,117 $ 744 $ 63,657 30-59 days past due 137 215 177 132 78 50 789 60-89 days past due 32 62 52 36 22 15 219 90 days or greater past due 12 26 19 13 8 7 85 Total $ 25,086 $ 18,066 $ 10,413 $ 7,144 $ 3,225 $ 816 $ 64,750 The amortized cost of retail loan portfolio excludes accrued interest of $166 million at December 31, 2020. The table includes contracts greater than 120 days past due, which are recorded at the fair value of collateral less estimated costs to sell, and contracts in bankruptcy. The following table presents our retail loan portfolio by credit quality indicator at March 31, 2020: Retail loan March 31, 2020 Aging of finance receivables: Current $ 56,064 30-59 days past due 717 60-89 days past due 203 90 days or greater past due 104 Total $ 57,088 Note 3 – Finance Receivables, Net (Continued) Dealer Products Portfolio Segment The dealer products portfolio segment consists of three classes of finance receivables: wholesale, real estate and working capital. All loans outstanding for an individual dealer or dealer group, which includes affiliated entities, are aggregated and evaluated collectively by dealer or dealer group. This reflects the interconnected nature of financing provided to our individual dealer and dealer group customers, and their affiliated entities. When assessing the credit quality of the finance receivables within the dealer products portfolio segment, we segregate the finance receivables account balances into four categories representing distinct credit quality indicators based on internal risk assessments. The internal risk assessments for all finance receivables within the dealer products portfolio segment are updated on a monthly basis. The four credit quality indicators are: • Performing – Account not classified as either Credit Watch, At Risk or Default; • Credit Watch – Account designated for elevated attention; • At Risk – Account where there is an increased likelihood that default may exist based on qualitative and quantitative factors; and • Default – Account is not currently meeting contractual obligations or we have temporarily waived certain contractual requirements The following table presents the amortized cost basis of our dealer products portfolio by credit quality indicator based on internal risk assessments by origination year at December 31, 2020: Amortized Cost Basis by Origination Fiscal Year 2021 2020 2019 2018 2017 2016 and Prior Revolving loans Total Wholesale Performing $ - $ - $ - $ - $ - $ - $ 7,133 $ 7,133 Credit Watch - - - - - - 275 275 At Risk - - - - - - 34 34 Default - - - - - - 15 15 Wholesale total $ - $ - $ - $ - $ - $ - $ 7,457 $ 7,457 Real estate Performing $ 1,571 $ 355 $ 601 $ 386 $ 358 $ 1,652 $ - $ 4,923 Credit Watch 34 49 7 20 9 107 - 226 At Risk 14 - - - 5 17 - 36 Default - - - 13 9 - - 22 Real estate total $ 1,619 $ 404 $ 608 $ 419 $ 381 $ 1,776 $ - $ 5,207 Working Capital Performing $ 412 $ 346 $ 206 $ 47 $ 114 $ 197 $ 1,154 $ 2,476 Credit Watch 6 24 14 - - 19 1 64 At Risk - - - - 8 - - 8 Default - - - - - - - - Working capital total $ 418 $ 370 $ 220 $ 47 $ 122 $ 216 $ 1,155 $ 2,548 Total $ 2,037 $ 774 $ 828 $ 466 $ 503 $ 1,992 $ 8,612 $ 15,212 The amortized cost of the dealer products portfolio excludes accrued interest of $30 million at December 31, 2020. As of December 31, 2020, the amount of line-of-credit arrangements that are converted to term loans in each reporting period was insignificant. Note 3 – Finance Receivables, Net (Continued) The following table presents our dealer products portfolio by credit quality indicator at March 31, 2020: March 31, 2020 Wholesale Real estate Working capital Credit quality indicators: Performing $ 8,750 $ 3,974 $ 3,132 Credit Watch 962 576 195 At Risk 92 55 92 Default 22 23 - Total $ 9,826 $ 4,628 $ 3,419 Past Due Finance Receivables by Class Substantially all finance receivables do not involve recourse to the dealer in the event of customer default. Finance receivables include contracts greater than 120 days past due, which are recorded at the fair value of collateral less estimated costs to sell, and contracts in bankruptcy. Contracts for which vehicles have been repossessed are excluded. For all finance receivables, we define “past due” as any payment, including principal and interest, that is at least 30 days past the contractual due date. For any customer who is granted a payment extension under an extension program, the aging of the receivable is adjusted for the number of days of the extension granted. The following tables summarize the aging of the amortized cost basis of our finance receivables by class: December 31, 2020 30 - 59 Days past due 60 - 89 Days past due 90 greater past due Total due Current Total receivables 90 Days or greater p due and accruing Retail loan $ 789 $ 219 $ 85 $ 1,093 $ 63,657 $ 64,750 $ 65 Wholesale - - - - 7,457 7,457 - Real estate - - - - 5,207 5,207 - Working capital - - - - 2,548 2,548 - Total $ 789 $ 219 $ 85 $ 1,093 $ 78,869 $ 79,962 $ 65 Finance receivables excludes accrued interest of $196 million as of December 31, 2020. March 31, 2020 30 - 59 Days past due 60 - 89 Days past due 90 greater past due Total due Current Total receivables 90 greater p due and accruing Retail loan $ 717 $ 203 $ 104 $ 1,024 $ 56,064 $ 57,088 $ 66 Wholesale - - - - 9,826 9,826 - Real estate - - 1 1 4,627 4,628 - Working capital - - - - 3,419 3,419 - Total $ 717 $ 203 $ 105 $ 1,025 $ 73,936 $ 74,961 $ 66 Note 3 – Finance Receivables, Net (Continued) Troubled Debt Restructuring For accounts not under bankruptcy protection, the amount of finance receivables modified as a troubled debt restructuring during the three and nine months ended December 31, 2020 and 2019 was not significant for each class of finance receivables. Troubled debt restructurings for accounts not under bankruptcy protection within the retail loan class of finance receivables are comprised exclusively of contract term extensions that reduce the monthly payment due from the customer. For the three classes of finance receivables within the dealer products portfolio segment, troubled debt restructurings include contract term extensions, interest rate adjustments, waivers of loan covenants, or any combination of the three. Troubled debt restructurings of accounts not under bankruptcy protection did not include forgiveness of principal or interest rate adjustments during the three and nine months ended December 31, 2020 and 2019. We consider finance receivables under bankruptcy protection within the retail loan class to be troubled debt restructurings as of the date we receive notice of a customer filing for bankruptcy protection, regardless of the ultimate outcome of the bankruptcy proceedings. The bankruptcy court may impose modifications as part of the proceedings, including interest rate adjustments and forgiveness of principal. For the three and nine months ended December 31, 2020 and 2019, the financial impact of troubled debt restructurings related to finance receivables under bankruptcy protection was not significant to our Consolidated Statements of Income and Consolidated Balance Sheets. We have offered several programs to provide relief to customers during the COVID-19 pandemic. These programs, which were broadly available to our customers, included retail loan payment extensions and lease payment deferrals. We concluded that these programs did not meet troubled debt restructuring criteria due to the short-term nature of the modifications with no change in the contractual interest rate. To provide relief for our dealers we offered certain temporary interest reductions, interest payment deferrals, and interest waivers on dealer floorplan financing, and principal payment deferrals on dealer floorplan financing, dealer real estate and working capital loans. We also concluded that these programs did not meet troubled debt restructuring criteria as the finance receivables from the dealers were current.

Investments in Operating Leases

Investments in Operating Leases, Net	9 Months Ended
Investments in Operating Leases, Net	Dec. 31, 2020
Leases Operating [Abstract]
Investments in Operating Leases, Net	Note 4 – Investments in Operating Leases, Net Investments in operating leases, net primarily consists of vehicle lease contracts acquired from dealers. Generally, lessees have the ability to extend their lease term in six month increments up to a total of 12 months from the original lease maturity date. A lease can be terminated at any time by satisfying the obligations under the lease contract. Early termination programs may be occasionally offered to eligible lessees. At the end of the lease, the customer has the option to buy the leased vehicle or return the vehicle to the dealer. Securitized investments in operating leases represent beneficial interests in a pool of certain vehicle leases that have been sold for legal purposes to securitization trusts but continue to be included in our consolidated financial statements as discussed further in Note 8 - Variable Interest Entities. Cash flows from these securitized investments in operating leases are available only for the repayment of debt issued by these trusts and other obligations arising from the securitization transactions. They are not available for payment of our other obligations or to satisfy claims of our other creditors. Operating lease revenues are recognized on a straight-line basis over the term of the lease. We have made an accounting policy election to exclude from the consideration in the contract, and from variable payments not included in the consideration in the contract, sales and other taxes assessed by a governmental authority that are both imposed on and concurrent with a specific lease revenue-producing transaction and collected from customers. Deferred fees and costs include incentive payments made to dealers and acquisition fees collected from customers. Deferred income includes payments received on affiliate sponsored subvention and other incentive programs. Both deferred fees and costs and deferred income are capitalized or deferred and amortized on a straight-line basis over the contract term. The accrual of revenue on investments in operating leases is discontinued at the time an account is determined to be uncollectible and subsequent revenue is recognized only to the extent a payment is received. Operating leases may be restored to accrual status when future payments are reasonably assured. Vehicle Lease Residual Values Contractual residual values of vehicle lease contracts are estimated at lease inception by examining external industry data, the anticipated Toyota, Lexus, and Mazda product pipeline and our own experience. Factors considered in this evaluation include, macroeconomic forecasts, new vehicle pricing, new vehicle incentive programs, new vehicle sales, vehicle features and specifications, the mix and level of used vehicle supply, the level of current used vehicle values, and fuel prices. We are exposed to a risk of loss to the extent the customer returns the vehicle and the value of the vehicle is lower than the residual value estimated at inception of the lease or if the number of returned vehicles is higher than anticipated. Depreciation on operating leases is recognized using the straight-line method over the lease term. The depreciable basis is the original acquisition cost of the vehicle less the estimated residual value of the vehicle at the end of the lease term. On a quarterly basis, we review the estimated end-of-term market values and return rates of leased vehicles to assess the appropriateness of the carrying values at lease-end. Factors affecting the estimated end-of-term market value are similar to those considered in the evaluation of residual values at lease inception discussed above. Adjustments to depreciation expense to reflect revised estimates of expected market values at lease termination and revised return rates are recorded prospectively on a straight-line basis over the remaining lease term. We use various channels to sell vehicles returned at lease-end. Upon disposition, the difference between the net book value of the lease and the proceeds received from the disposition of the asset, including any insurance proceeds is recorded as an adjustment to depreciation on operating leases. We evaluate our investment in operating leases portfolio for potential impairment when we determine a triggering event has occurred. When a triggering event has occurred, we perform a test of recoverability by comparing the expected undiscounted future cash flows (including expected residual values) over the remaining lease terms to the carrying value of asset group. If the test of recoverability identifies a possible impairment, the asset groups fair value is measured in accordance with the fair value measurement framework. An impairment charge would be recognized for the amount by which the carrying value of the asset group exceeds its estimated fair value and would be recorded in our Consolidated Statements of Income. Note 4 – Investments in Operating Leases, Net (Continued) In conjunction with the adoption of ASU 2016-13 on April 1, 2020, we updated our depreciation policy for operating leases so that the useful life of the vehicles incorporates our historical experience on early terminations due to customer defaults. As a result, we changed the presentation for reporting early termination expenses related to customer defaults on investments in operating leases. Previously, we presented the early termination expenses reserve on operating leases as part of the allowance for credit losses which reduced Investments in operating leases, net in the Consolidated Balance Sheets, and as part of Provision for credit losses in the Consolidated Statements of Income. We now consider the effects of operating lease early terminations when determining depreciation estimates, which are included as part of accumulated depreciation within Investments in operating leases, net in the Consolidated Balance Sheets and Depreciation on operating leases in the Consolidated Statements of Income. As of April 1, 2020, the change in presentation increased accumulated depreciation and decreased allowance for credit losses by $90 million. The comparative period’s information continues to be reported under the relevant accounting presentation in effect for that period. Investments in operating leases, net consisted of the following: December 31, March 31, 2020 2020 Investments in operating leases 1 $ 47,858 $ 48,638 Deferred origination (fees) and costs, net (135 ) (223 ) Deferred income (1,787 ) (1,962 ) Accumulated depreciation (9,642 ) (9,976 ) Allowance for credit losses - (90 ) Investments in operating leases, net $ 36,294 $ 36,387 1 Includes securitized investments in operating leases of $8.8 billion and $7.9 billion as of December 31, 2020 and March 31, 2020, respectively

Allowance for Credit Losses

Allowance for Credit Losses	9 Months Ended
Allowance for Credit Losses	Dec. 31, 2020
Loans And Leases Receivable Disclosure [Abstract]
Allowance for Credit Losses	Note 5 – Allowance for Credit Losses Upon adoption of ASU 2016-13 on April 1, 2020, the incurred loss impairment method was replaced with a new impairment model that reflects lifetime expected losses. Management develops and documents the allowance for credit losses on finance receivables based on two portfolio segments. The determination of portfolio segments is based primarily on the qualitative consideration of the nature of our business operations and the characteristics of the underlying finance receivables, as follows: • Retail Loan Portfolio Segment – The retail loan portfolio segment consists of retail contracts acquired from dealers in the U.S. and Puerto Rico. Under a retail contract, we are granted a security interest in the underlying collateral which consists primarily of Toyota, Lexus, and Mazda vehicles. Based on the common risk characteristics associated with the finance receivables, the retail loan portfolio segment is considered a single class of finance receivable. • Dealer Products Portfolio Segment – The dealer products portfolio segment consists of wholesale financing, working capital loans, revolving lines of credit and real estate loans to dealers in the U.S. and Puerto Rico. Wholesale financing is primarily collateralized by new or used vehicle inventory with the outstanding balance fluctuating based on the level of inventory. Working capital loans and revolving lines of credit are granted for working capital purposes and are secured by dealership assets. Real estate loans are collateralized by the underlying real estate, are underwritten primarily on a loan-to-value basis and are typically for a fixed term. Based on the risk characteristics associated with the underlying finance receivables, the dealer products portfolio segment consists of three classes of finance receivables: wholesale, working capital (including revolving lines of credit), and real estate. Management’s estimate of lifetime expected credit losses is based on an evaluation of relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the future collectability of the finance receivables. Management’s evaluation takes into consideration the risks in the retail loan portfolio and dealer products portfolio, past loss experience, delinquency trends, underwriting and collection practices, changes in portfolio composition, economic forecasts and other relevant factors. Methodology Used to Develop the Allowance for Credit Losses The allowance for credit losses is measured on a collective basis when loans have similar risk characteristics. Loans that do not share similar risk characteristics are evaluated on an individual basis. We generally use a discounted cash flow approach for determining allowance for credit losses for finance receivables modified as a troubled debt restructuring that are granted with interest rate concessions, and a non-discounted cash flow approach for other loans. We measure expected losses of all components of finance receivables on an amortized cost basis, excluding accrued interest, and off-balance-sheet lending commitments that are not unconditionally cancellable by TMCC. Estimated expected credit losses for off-balance-sheet lending commitments within our dealer products portfolio is included in Other liabilities in the Consolidated Balance Sheets. We have elected to exclude accrued interest from the measurement of expected credit losses as we apply policies and procedures that result in the timely write-offs of accrued interest. Retail Loan Portfolio Segment The level of credit risk in our retail loan portfolio segment is influenced by various factors such as economic conditions, the used vehicle market, credit quality, contract structure, and collection strategies and practices. The allowance for credit losses is measured on a collective basis when loans have similar risk characteristics such as loan-to-value ratio, book payment-to-income ratio, FICO score at origination, collateral type, term count, and other relevant factors. We use statistical models to estimate lifetime expected credit losses of our retail loan portfolio segment by applying probability of default and loss given default to the exposure at default on a loan level basis. Probability of default models are developed from internal risk scoring models which consider variables such as delinquency status, historical default frequency, and other credit quality indicators such as loan-to-value ratio, book payment-to-income ratio, FICO score at origination, collateral type (new or used, Lexus, Toyota, or Mazda), and term count. Loss given default models forecast the extent of losses given that a default has occurred and considers variables such as collateral, trends in recoveries, historical loss severity, and other contract structure variables. Exposure at default represents the expected outstanding principal balance, including the effects of expected prepayment when applicable. The lifetime expected credit losses incorporate the probability-weighted forward-looking macroeconomic forecasts for baseline, favorable, and adverse scenarios. The loan lifetime is regarded by management as the reasonable and supportable period. We use macroeconomic forecasts from a third party and update such forecasts quarterly. Note 5 – Allowance for Credit Losses (Continued) On an ongoing basis, we review our models, including macroeconomic factors, the selection of macroeconomic scenarios and their weighting to ensure they reflect the risk of the portfolio. If management does not believe the models reflect lifetime expected credit losses, a qualitative adjustment is made to reflect management judgment regarding observable changes in recent or expected economic trends and conditions, portfolio composition, and other relevant factors. While management uses the best information available to make such evaluations, future adjustments to the allowance for credit losses may be necessary if conditions differ substantially from the assumptions used in making the evaluations. Dealer Products Portfolio Segment The level of credit risk in our dealer products portfolio segment is influenced primarily by the financial strength of dealers within our portfolio, dealer concentration, collateral quality, and other economic factors. The financial strength of dealers within our portfolio is influenced by, among other factors, general economic conditions, the overall demand for new and used vehicles and the financial condition of automotive manufacturers. The allowance for credit losses is established for both outstanding dealer finance receivables and certain unfunded off-balance sheet lending commitments. The allowance for credit losses is measured on a collective basis when loans have similar risk characteristics such as dealer group internal risk rating and loan-to-value ratios. We measure lifetime expected credit losses of our dealer products portfolio segment by applying probability of default and loss given default to the exposure at default on a loan level basis. Probability of default is primarily established based on internal risk assessments. The probability of default model also considers qualitative factors related to macroeconomic outlooks. Loss given default is established based on the nature and market value of the collateral, loan-to-value ratios and other credit quality indicators. Exposure at default represents the expected outstanding principal balance. The lifetime of the loan or lending commitment is regarded by management as the reasonable and supportable period. On an ongoing basis, we review our models, including macroeconomic outlooks, to ensure they reflect the risk of the portfolio. If management does not believe the models reflect lifetime expected credit losses, a qualitative adjustment is made to reflect management judgment regarding observable changes in recent or expected economic trends and conditions, portfolio composition, and other relevant factors. While management uses the best information available to make such evaluations, future adjustments to the allowance for credit losses may be necessary if conditions differ substantially from the assumptions used in making the evaluations. The following tables provide information related to our allowance for credit losses for finance receivables and certain off-balance sheet lending commitments by portfolio segment: Three months ended December 31, 2020 Retail loan Dealer p Total Beginning balance, October 1, 2020 $ 1,020 $ 154 $ 1,174 Charge-offs (113 ) - (113 ) Recoveries 12 8 20 Provision for credit losses 133 (15 ) 118 Ending balance, December 31, 2020 2 $ 1,052 $ 147 $ 1,199 Nine months ended December 31, 2020 Retail loan Dealer p Total Beginning balance, April 1, 2020 $ 486 $ 241 $ 727 Adoption of ASU 2016-13 1 281 11 292 Charge-offs (228 ) - (228 ) Recoveries 33 9 42 Provision for credit losses 480 (114 ) 366 Ending balance, December 31, 2020 2 $ 1,052 $ 147 $ 1,199 1 Cumulative pre-tax adjustments recorded to retained earnings as of April 1, 2020. See Note 1 – Interim Financial Data for additional information. 2 Ending balance includes $37 million of allowances for credit losses related to off-balance sheet commitments in the dealer products portfolio which is included in Other liabilities in the Consolidated Balance Sheet. Note 5 – Allowance for Credit Losses (Continued) Finance receivables for the dealer products portfolio segment as of December 31, 2020 includes $1,025 million in finance receivables that are guaranteed by Toyota Motor North America, Inc. (“TMNA”), and $164 million in finance receivables that are guaranteed by third party private Toyota distributors. These finance receivables are related to certain Toyota and Lexus dealers and other third parties to whom we provided financing at the request of TMNA and third party private Toyota distributors. During the first nine months of fiscal 2021, the allowance for credit losses increased $472 million, reflecting an increase to the allowance for credit losses of $292 million related to the adoption of ASU 2016-13 in fiscal 2021, and an increase of $180 million primarily due to the increase in expected credit losses for the retail loan portfolio driven by economic conditions caused by the COVID-19 pandemic and the restrictions designed to slow the spread of COVID-19, including stay-at-home orders, increased unemployment, and decreased consumer spending. In addition to the initial adoption impact, ASU 2016-13 has led to an increase in the provision of credit losses with the growth of our retail loan portfolio as this standard replaces the incurred loss impairment model with a model that reflects expected credit losses over the expected life of the finance receivables and certain off-balance sheet lending commitment. Three months ended December 31, 2019 1 Allowance for Credit Losses for Finance Receivables: Retail Loan Dealer Total Beginning balance, October 1, 2019 $ 317 $ 188 $ 505 Charge-offs (117 ) - (117 ) Recoveries 12 - 12 Provision for credit losses 116 7 123 Ending balance, December 31, 2019 $ 328 $ 195 $ 523 Nine months ended December 31, 2019 1 Allowance for Credit Losses for Finance Receivables: Retail loan Dealer p Total Beginning balance, April 1, 2019 $ 304 $ 195 $ 499 Charge-offs (269 ) - (269 ) Recoveries 39 - 39 Provision for credit losses 254 - 254 Ending balance, December 31, 2019 $ 328 $ 195 $ 523 1 The omparative period’s information continues to be reported under the relevant accounting presentation in effect for that period. Finance receivables for the dealer products portfolio segment as of December 31, 2019 includes $1,024 million in finance receivables that are guaranteed by TMNA, and $137 million in finance receivables that are guaranteed by third party private Toyota distributors. These finance receivables are related to certain Toyota and Lexus dealers and other third parties to whom we provided financing at the request of TMNA and third party private Toyota distributors.

Derivatives, Hedging Activities

Derivatives, Hedging Activities and Interest Expense	9 Months Ended
Derivatives, Hedging Activities and Interest Expense	Dec. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivatives, Hedging Activities and Interest Expense	Note 6 – Derivatives, Hedging Activities and Interest Expense Derivative Instruments Our liabilities consist mainly of fixed and variable rate debt, denominated in U.S. dollars and various other currencies, which we issue in the global capital markets, while our assets consist primarily of U.S. dollar denominated, fixed rate receivables. We enter into interest rate swaps, and foreign currency swaps to economically hedge the interest rate and foreign currency risks that result from the different characteristics of our assets and liabilities. Our use of derivative transactions is intended to reduce long-term fluctuations in the fair value of assets and liabilities caused by market movements. All of our derivative activities are authorized and monitored by our management and our Asset-Liability Committee which provides a framework for financial controls and governance to manage market risk. Offsetting of Derivatives Accounting guidance permits the net presentation on our Consolidated Balance Sheets of derivative receivables and derivative payables with the same counterparty and the related cash collateral when a legally enforceable master netting agreement exists. When we meet this condition, we elect to present such balances on a net basis. Our International Swaps and Derivatives Association (“ISDA”) Master Agreements are our master netting agreements which permit multiple transactions to be cancelled and settled with a single net balance paid to either party. The master netting agreements also contain reciprocal collateral agreements which require the transfer of cash collateral to the party in a net asset position across all transactions. Our collateral agreements with substantially all our counterparties include a zero threshold, full collateralization arrangement. Although we have daily valuation and collateral exchange arrangements with all of our counterparties, due to the time required to move collateral, there may be a delay of up to one day between the exchange of collateral and the valuation of our derivatives. We would not be required to post additional collateral to the counterparties with whom we were in a net liability position at December 31, 2020 if our credit ratings were to decline, since we fully collateralize without regard to credit ratings with these counterparties. In addition, as our collateral agreements include legal right of offset provisions, collateral amounts are netted against derivative assets or derivative liabilities, the net amount of which is included in Other assets or Other liabilities in our Consolidated Balance Sheets. Note 6 – Derivatives, Hedging Activities and Interest Expense (Continued) Derivative Activity Impact on Consolidated Financial Statements The following tables show the financial statement line item and amount of our derivative assets and liabilities that are reported in our Consolidated Balance Sheets: December 31, 2020 March 31, 2020 Fair Fair Notional value Notional value Other assets: Interest rate swaps $ 38,555 $ 1,285 $ 30,362 $ 1,410 Foreign currency swaps 10,424 745 488 27 Total $ 48,979 $ 2,030 $ 30,850 $ 1,437 Counterparty netting (794 ) (966 ) Collateral held (1,176 ) (420 ) Carrying value of derivative contracts – Other assets $ 60 $ 51 Other liabilities: Interest rate swaps $ 56,256 $ 1,361 $ 69,079 $ 1,826 Foreign currency swaps 2,312 109 13,181 1,290 Total $ 58,568 $ 1,470 $ 82,260 $ 3,116 Counterparty netting (794 ) (966 ) Collateral posted (652 ) (2,105 ) Carrying value of derivative contracts – Other liabilities $ 24 $ 45 As of December 31, 2020 and March 31, 2020, we held excess collateral of $12 million and $10 million, respectively, which we did not use to offset derivative assets and was recorded in Other liabilities in our Consolidated Balance Sheets. As of December 31, 2020 and March 31, 2020, we posted excess collateral of $1 million, respectively, which we did not use to offset derivative liabilities and was recorded in Other assets in our Consolidated Balance Sheets. Note 6 – Derivatives, Hedging Activities and Interest Expense (Continued) The following table summarizes the components of interest expense, including the location and amount of gains and losses on derivative instruments and related hedged items, as reported in our Consolidated Statements of Income: Three months ended Nine months ended December 31, December 31, 2020 2019 2020 2019 Interest expense on debt $ 460 $ 620 $ 1,531 $ 1,914 Interest expense on derivatives 103 51 334 100 Interest expense on debt and derivatives 563 671 1,865 2,014 Losses (gains) on debt denominated in foreign currencies 655 452 1,703 (8 ) Gains on foreign currency swaps (658 ) (385 ) (1,754 ) (19 ) (Gains) losses on U.S. dollar interest rate swaps (69 ) 17 (280 ) 78 Total interest expense $ 491 $ 755 $ 1,534 $ 2,065 Interest expense on debt and derivatives represents net interest settlements and changes in accruals. Gains and losses on derivatives and debt denominated in foreign currencies exclude net interest settlements and changes in accruals. Cash flows associated with derivatives are reported in Net cash provided by operating activities in our Consolidated Statements of Cash Flows.

Debt and Credit Facilities

Debt and Credit Facilities	9 Months Ended
Debt and Credit Facilities	Dec. 31, 2020
Debt Disclosure [Abstract]
Debt and Credit Facilities	Note 7 – Debt and Credit Facilities Debt and the related weighted average contractual interest rates are summarized as follows: December 31, 2020 March 31, 2020 Face value Carrying value Weighted average contractual interest rates Face value Carrying value Weighted average contractual interest rates Unsecured notes and loans payable $ 87,504 $ 87,252 1.42 % $ 83,477 $ 83,172 2.07 % Secured notes and loans payable 21,759 21,720 1.59 % 14,597 14,568 2.13 % Total debt $ 109,263 $ 108,972 1.45 % $ 98,074 $ 97,740 2.08 % The carrying value of our debt includes unamortized premiums, discounts, debt issuance costs and the effects of foreign currency translation adjustments. Weighted average contractual interest rates are calculated based on original notional or par value before consideration of premium or discount and approximate the effective interest rates. Debt is callable at par value. Unsecured Notes and Loans Payable Our unsecured notes and loans payable consist of commercial paper and fixed and variable rate debt. Short-term funding needs are met through the issuance of commercial paper in the U.S. Amounts outstanding under our commercial paper programs were $19.0 billion and $27.0 billion as of December 31, 2020 and March 31, 2020, respectively. Upon issuance of fixed rate debt, we generally elect to enter into pay-float swaps to convert fixed rate payments on debt to floating rate payments. Certain unsecured notes and loans payable are denominated in various foreign currencies. The debt is translated into U.S. dollars using the applicable exchange rate at the transaction date and retranslated at each balance sheet date using the exchange rate in effect at that date. Concurrent with the issuance of these foreign currency unsecured notes and loans payable, we enter into currency swaps in the same notional amount to convert non-U.S. currency payments to U.S. dollar denominated payments. Gains and losses related to foreign currency transactions are included in Interest expense in our Consolidated Statements of Income. Certain of our unsecured notes and loans payable contain covenants and conditions customary in transactions of this nature, including negative pledge provisions, cross-default provisions and limitations on certain consolidations, mergers and sales of assets. We are currently in compliance with these covenants and conditions. Secured Notes and Loans Payable Our secured notes and loans payable are denominated in U.S. dollars and consist of both fixed and variable rate debt. Secured notes and loans payable are issued using on-balance sheet securitization trusts, as further discussed in Note 8 – Variable Interest Entities. These notes are repayable only from collections on the underlying securitized retail finance receivables and the beneficial interests in investments in operating leases and from related credit enhancements. Some of our secured notes are backed by a revolving pool of finance receivables and cash collateral, with the ability to repay the notes in full after the revolving period ends, after which an amortization period begins. Note 7 – Debt and Credit Facilities (Continued) Credit Facilities and Letters of Credit For additional liquidity purposes, we maintain credit facilities as described below: 364 Day Credit Agreement, Three Year Credit Agreement and Five Year Credit Agreement In November 2020, TMCC, Toyota Credit de Puerto Rico Corp. (“TCPR”) and other Toyota affiliates re-entered into a $5.0 billion 364 day syndicated bank credit facility expiring in fiscal 2022. In November 2019, TMCC, TCPR and other Toyota affiliates entered into a $5.0 billion three year syndicated bank credit facility and a $5.0 billion five year syndicated bank credit facility, expiring in fiscal 2023 and 2025, respectively. The ability to make draws is subject to covenants and conditions customary in transactions of this nature, including negative pledge provisions, cross-default provisions and limitations on certain consolidations, mergers and sales of assets. These agreements may be used for general corporate purposes and none were drawn upon as of December 31, 2020 and March 31, 2020. We are currently in compliance with the covenants and conditions of the credit agreements described above. Committed Revolving Asset-backed Facility In July 2020, we entered into a 364 day revolving securitization facility with certain bank-sponsored asset-backed conduits and other financial institutions. Under the terms and subject to the conditions of this facility, the committed lenders under the facility have committed to make advances up to a facility limit of $6.5 billion backed by eligible retail finance receivables transferred by us to a special-purpose entity acting as borrower. This revolving facility allows us to obtain term funding and, with the consent of the committed lenders, may be renewed on an annual basis. Any utilized portion of the facility that is not renewed is repaid as the underlying assets amortize. As of December 31, 2020, $3.6 billion of this facility was utilized. We may obtain additional funding as we pay down the outstanding debt in conjunction with the amortization of transferred receivables, subject to having a sufficient amount of eligible receivables. Our utilization and renewal strategies are driven by economic considerations as well as our funding and liquidity needs. Other Unsecured Credit Agreements TMCC has entered into additional unsecured credit facilities with various banks. As of December 31, 2020, TMCC had committed bank credit facilities totaling $4.4 billion, of which $350 million, $1.9 billion, $1.8 billion and $300 million mature in fiscal 2021, 2022, 2023, and 2024, respectively. These credit agreements contain covenants and conditions customary in transactions of this nature, including negative pledge provisions, cross-default provisions and limitations on certain consolidations, mergers and sales of assets. These credit facilities were not drawn upon as of December 31, 2020 and March 31, 2020. We are currently in compliance with the covenants and conditions of the credit agreements described above. TMCC is party to a $5.0 billion three year revolving credit facility with Toyota Motor Sales U.S.A., Inc. expiring in fiscal 2022. This credit facility was drawn upon in fiscal 2020 for a principal amount of $3.0 billion with an interest rate of 1.86%, and on July 30, 2020, we voluntarily repaid the draw and accrued interest in full. The amount was recorded in Other liabilities on our Consolidated Balance Sheet and funds were used for general corporate purposes. From time to time, we may borrow from affiliates based upon a number of business factors such as funds availability, cash flow timing, relative cost of funds, and market access capabilities. Amounts borrowed from affiliates are recorded in Other liabilities on our Consolidated Balance Sheets.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
Variable Interest Entities	Dec. 31, 2020
Variable Interest Entities [Abstract]
Variable Interest Entities	Note 8 – Variable Interest Entities Consolidated Variable Interest Entities We use one or more special purpose entities that are considered Variable Interest Entities (“VIEs”) to issue asset-backed securities to third party bank-sponsored asset-backed securitization vehicles and to investors in securitization transactions. The securities issued by these VIEs are backed by the cash flows related to retail finance receivables and beneficial interests in investments in operating leases (“Securitized Assets”). We hold variable interests in the VIEs that could potentially be significant to the VIEs. We determined that we are the primary beneficiary of the securitization trusts because (i) our servicing responsibilities for the Securitized Assets give us the power to direct the activities that most significantly impact the performance of the VIEs, and (ii) our variable interests in the VIEs give us the obligation to absorb losses and the right to receive residual returns that could potentially be significant. The following tables show the assets and liabilities related to our VIE securitization transactions that were included in our Consolidated Balance Sheets: December 31, 2020 VIE Assets VIE Liabilities Net Restricted cash securitized assets Other assets Debt Other liabilities Retail finance receivables $ 1,116 $ 19,334 $ 44 $ 17,367 $ 15 Investments in operating leases 330 6,268 56 4,353 1 Total $ 1,446 $ 25,602 $ 100 $ 21,720 $ 16 March 31, 2020 VIE Assets VIE Liabilities Net Restricted cash securitized assets Other assets Debt Other liabilities Retail finance receivables $ 694 $ 12,375 $ 5 $ 10,933 $ 10 Investments in operating leases 302 5,586 126 3,635 2 Total $ 996 $ 17,961 $ 131 $ 14,568 $ 12 Restricted Cash, including cash equivalents, shown in the table above represents collections from the underlying Net securitized assets and certain reserve deposits held by TMCC for the VIEs and is included as part of Restricted cash and cash equivalents on our Consolidated Balance Sheets. Net securitized assets shown in the table above are presented net of deferred fees and costs, deferred income, accumulated depreciation and the allowance for credit losses. Other Assets represent used vehicles held-for-sale that were repossessed by or returned to TMCC for the benefit of the VIEs. The related debt of these consolidated VIEs is presented net of $1,284 million and $1,182 million of securities retained by TMCC at December 31, 2020 and March 31, 2020, respectively. Other liabilities represent accrued interest on the debt of the consolidated VIEs. In conjunction with the adoption of ASU 2016-13, we have changed the presentation of accrued interest related to finance receivables in the Consolidated Balance Sheets from Finance receivables, net to Other assets. As a result, Other assets as of December 31, 2020 include accrued interest related to securitized retail finance receivables. The comparative period’s information continues to be reported under the relevant accounting presentation in effect for that period. The assets of the VIEs and the restricted cash and cash equivalents held by TMCC serve as the sole source of repayment for the asset-backed securities issued by these entities. Investors in the notes issued by the VIEs do not have recourse to us or our other assets, with the exception of customary representation and warranty repurchase provisions and indemnities. As the primary beneficiary of these entities, we are exposed to credit, residual value, interest rate, and prepayment risk from the Securitized Assets in the VIEs. However, our exposure to these risks did not change as a result of the transfer of the assets to the VIEs. We may also be exposed to interest rate risk arising from the secured notes issued by the VIEs. Note 8 – Variable Interest Entities (Continued) In addition, we entered into interest rate swaps with certain special purpose entities that issue variable rate debt. Under the terms of these swaps, the special purpose entities are obligated to pay TMCC a fixed rate of interest on certain payment dates in exchange for receiving a floating rate of interest on notional amounts equal to the outstanding balance of the secured debt. This arrangement enables the special purpose entities to mitigate the interest rate risk inherent in issuing variable rate debt that is secured by fixed rate Securitized Assets. The transfers of the Securitized Assets to the special purpose entities in our securitizations are considered to be sales for legal purposes. However, the Securitized Assets and the related debt remain on our Consolidated Balance Sheets. We recognize financing revenue on the Securitized Assets and interest expense on the secured debt issued by the special purpose entities. We also maintain an allowance for credit losses on the securitized retail finance receivables using a methodology consistent with that used for our non-securitized asset portfolio. The interest rate swaps between TMCC and the special purpose entities are considered intercompany transactions and therefore are eliminated in our consolidated financial statements. Non-consolidated Variable Interest Entities We provide lending to Toyota and Lexus dealers through the Toyota Dealer Investment Group’s Dealer Capital Program (“TDIG Program”) operated by our affiliate TMNA, which has an equity interest in these dealerships. Dealers participating in this program have been determined to be VIEs. We do not consolidate the dealerships in this program as we are not the primary beneficiary and any exposure to loss is limited to the amount of the credit facility. Amounts due from these dealers under the TDIG Program that are classified as Finance receivables, net in our Consolidated Balance Sheets as of December 31, 2020 and March 31, 2020 and revenues earned from these dealers for the three and nine months ended December 31, 2020 and 2019 were not significant. We also have other lending relationships, which have been determined to be VIEs, but these relationships are not consolidated as we are not the primary beneficiary. Amounts due and revenues earned under these relationships as of and for the three and nine months ended December 31, 2020 and 2019 were not significant.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9 – Commitments and Contingencies Commitments and Guarantees We have entered into certain commitments and guarantees for which the maximum unfunded amounts are summarized in the table below: December 31, March 31, 2020 2020 Commitments: Credit facilities commitments with dealers $ 2,156 $ 1,226 Commitments under operating lease agreements 147 139 Total commitments 2,303 1,365 Guarantees of affiliate pollution control and solid waste disposal bonds 100 100 Total commitments and guarantees $ 2,403 $ 1,465 Wholesale financing is not considered to be a contractual commitment as the arrangements are not binding arrangements under which TMCC is required to perform. Commitments We provide fixed and variable rate working capital loans, revolving lines of credit, and real estate financing to dealers and various multi-franchise organizations referred to as dealer groups for facilities construction and refurbishment, working capital requirements, real estate purchases, business acquisitions and other general business purposes. These loans are typically secured with liens on real estate, vehicle inventory, and/or other dealership assets, as appropriate, and may be guaranteed by individual or corporate guarantees of affiliated dealers, dealer groups, or dealer principals. Although the loans are typically collateralized or guaranteed, the value of the underlying collateral or guarantees may not be sufficient to cover our exposure under such agreements. Our pricing reflects market conditions, the competitive environment, the level of support dealers provide our retail, lease and insurance business and the credit worthiness of each dealer. Amounts drawn under these facilities are reviewed for collectability on a quarterly basis, in conjunction with our evaluation of the allowance for credit losses. We have also extended credit facilities to affiliates as described in Note 12 – Related Party Transactions in our fiscal 2020 Form 10-K. Lease Commitments Our operating lease portfolio consists of real estate leases. Total operating lease expense, including payments to affiliates, was $28 million and $8 million for the first nine months and third quarter of fiscal 2021, respectively, as compared to $27 million and $9 million in the same periods in fiscal 2020. We have a lease agreement through August 2032 with TMNA for our headquarters facility in Plano, Texas. Commitments under operating lease agreements in the table above include $95 million and $102 million for facilities leases with affiliates at December 31, 2020 and March 31, 2020, respectively. Lease terms may contain renewal and extension options or early termination features. Generally, these options do not impact the lease term because TMCC is not reasonably certain that it will exercise the options. These lease agreements do not impose restrictions on our ability to pay dividends, engage in debt or equity financing transactions or enter into further lease agreements, nor do they have residual value guarantees. We exclude from our Consolidated Balance Sheets leases with a term equal to one year or less and do not separate non-lease components from our real estate leases. Note 9 – Commitments and Contingencies (Continued) Our commitments under operating lease agreements are summarized below: December 31, Years ending March 31, 2020 2021 $ 6 2022 26 2023 18 2024 16 2025 13 Thereafter 68 Total $ 147 Present value discount (17 ) Total operating lease liability $ 130 Operating lease liabilities and right-of-use (“ROU”) assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. The following table provides additional information related to operating lease agreements for which we are the lessee: December 31, 2020 ROU assets $ 123 Weighted average remaining lease term (in years) 8.68 Weighted average discount rate 2.77% Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities - operating cash flows $ 16 Supplemental non-cash information ROU assets obtained in exchange for operating lease obligations $ 23 Guarantees and Other Contingencies TMCC has guaranteed bond obligations totaling $100 million in principal that were issued by Putnam County, West Virginia and Gibson County, Indiana to finance the construction of pollution control facilities at manufacturing plants of certain TMCC affiliates. The bonds mature in the following fiscal years ending March 31: 2028 - $20 million; 2029 - $50 million; 2030 - $10 million; 2031 - $10 million; and 2032 - $10 million. TMCC would be required to perform under the guarantees in the event of non-payment on the bonds and other related obligations. TMCC is entitled to reimbursement by the applicable affiliates for any amounts paid. TMCC receives a nominal annual fee for guaranteeing such payments. TMCC has not been required to perform under any of these affiliate bond guarantees as of December 31, 2020 and March 31, 2020. Note 9 – Commitments and Contingencies (Continued) Indemnification In the ordinary course of business, we enter into agreements containing indemnification provisions standard in the industry related to several types of transactions, including, but not limited to, debt funding, derivatives, securitization transactions, and our vendor, supplier and service agreements. Performance under these indemnities would generally occur upon a breach of the representations, warranties, covenants or other commitments made or given in the agreement, or as a result of a third party claim. In addition, we have agreed in certain debt and derivative issuances, and subject to certain exceptions, to gross-up payments due to third parties in the event that withholding tax is imposed on such payments. In addition, certain of our funding arrangements may require us to pay lenders for increased costs due to certain changes in laws or regulations. Due to the difficulty in predicting events which could cause a breach of the indemnification provisions or trigger a gross-up or other payment obligation, we are not able to estimate our maximum exposure to future payments that could result from claims made under such provisions. We have not made any material payments in the past as a result of these provisions, and as of December 31, 2020, we determined that it is not probable that we will be required to make any material payments in the future. As of December 31, 2020 and March 31, 2020, no amounts have been recorded under these indemnification provisions. Litigation and Governmental Proceedings Various legal actions, governmental proceedings and other claims are pending or may be instituted or asserted in the future against us with respect to matters arising in the ordinary course of business. Certain of these actions are or purport to be class action suits, seeking sizeable damages and/or changes in our business operations, policies and practices. Certain of these actions are similar to suits that have been filed against other financial institutions and captive finance companies. In addition, we are subject to governmental and regulatory examinations, information-gathering requests, and investigations from time to time at the state and federal levels. It is inherently difficult to predict the course of such legal actions and governmental inquiries. We perform periodic reviews of pending claims and actions to determine the probability of adverse verdicts and resulting amounts of liability. We establish accruals for legal claims when payments associated with the claims become probable and the potential loss can be reasonably estimated. When we are able, we also determine estimates of reasonably probable loss or range of loss, whether in excess of any related accrued liability or where there is no accrued liability. Given the inherent uncertainty associated with legal matters, the actual costs of resolving legal claims and associated costs of defense may be substantially higher or lower than the amounts for which accruals have been established. Based on available information and established accruals, we do not believe it is reasonably probable that the results of these proceedings, either individually or in the aggregate, will have a material adverse effect on our consolidated financial condition or results of operations. On November 24, 2020, the Consumer Financial Protection Bureau (“CFPB”) issued a civil investigative demand to the Company seeking, among other things, certain information relating to the Company’s vehicle and payment protection products and credit reporting policies and procedures and reporting records. We are cooperating with the inquiry and cannot predict the eventual scope, duration or outcome at this time. As a result, we are unable to estimate the amount or range of any potential loss arising from this investigation.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 10 – Income Taxes Our effective tax rate was 24 percent for the three and nine months ended December 31, 2020, respectively, compared to 16 percent and 23 percent for the same periods in fiscal 2020. Our provision for income taxes was $215 million and $546 million for the three and nine months ended December 31, 2020, respectively, compared to $34 million and $296 million for the same periods in fiscal 2020. The increase in the provision for income taxes for the three and nine months ended December 31, 2020, compared to the same periods in fiscal 2020, was primarily due to the increase in income before income taxes. The higher effective tax rate for the three and nine months ended December 31, 2020, compared to the same periods in fiscal 2020 was primarily attributable to the tax benefit from the federal tax credit recognized in the third quarter of fiscal 2020. The federal tax credit for fuel cell vehicles was extended by the Taxpayer Certainty and Disaster Tax Relief Act of 2019 (H.R.1865) in December 2019 and applied retroactively to fuel cell vehicles purchased on or after January 1, 2018. Tax-related Contingencies As of December 31, 2020, we remain under IRS examination for fiscal 2021, 2020, 2019 and 2018. We periodically review our uncertain tax positions. Our assessment is based on many factors including any ongoing IRS audits. For the three months ended December 31, 2020, our assessment did not result in a material change in unrecognized tax benefits. Our deferred tax assets include the deferred deduction of allowance for credit losses and residual value loss estimates and other deferred costs. The total deferred tax liability, net of these deferred tax assets, was $3.6 billion and $5.5 billion at December 31, 2020 and March 31, 2020, respectively. The decrease in our net deferred tax liability was primarily due to the reversal of the temporary difference between depreciation expense reported for financial statement and that reported for income tax purposes. Although realization of the deferred tax assets is not assured, management believes it is more likely than not that the deferred tax assets will be realized. The amount of the deferred tax assets considered realizable could be reduced if management’s estimates change.

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Note 11 – Related Party Transactions As of December 31, 2020, there were no material changes to our related party agreements or relationships as described in our fiscal 2020 Form 10-K. The tables below show the financial statement line items and amounts included in our Consolidated Statements of Income and in our Consolidated Balance Sheets under various related party agreements or relationships: Three months ended Nine months ended December 31, December 31, 2020 2019 2020 2019 Net financing revenues: Manufacturer's subvention and other revenues $ 503 $ 526 $ 1,504 $ 1,546 Depreciation on operating leases $ (33 ) $ (16 ) $ (82 ) $ (39 ) Interest expense: Credit support fees, interest and other expenses $ 26 $ 24 $ 93 $ 72 Insurance earned premiums and contract revenues: Insurance premiums and contract revenues $ 43 $ 46 $ 130 $ 136 Investment and other income, net: Interest and other income $ 3 $ 7 $ 16 $ 19 Expenses: Operating and administrative expenses $ 20 $ 29 $ 63 $ 65 Note 11 – Related Party Transactions (Continued) December 31, March 31, 2020 2020 Assets: Cash and cash equivalents Commercial paper $ 30 $ 276 Investments in marketable securities Commercial paper $ 200 $ 601 Finance receivables, net Accounts receivable $ 156 $ 112 Deferred retail subvention income $ (1,196 ) $ (1,065 ) Investments in operating leases, net Investments in operating leases, net $ (221 ) $ (100 ) Deferred lease subvention income $ (1,603 ) $ (1,941 ) Other assets Notes receivable $ 969 $ 1,175 Other receivables, net $ 84 $ 97 Liabilities: Other liabilities Unearned affiliate insurance premiums and contract revenues $ 349 $ 344 Other payables, net $ 168 $ 220 Notes payable $ 15 $ 3,032 TMCC receives subvention payments from TMNA which results in a gross monthly subvention receivable. As of December 31, 2020 and March 31, 2020, the subvention receivable from TMNA was $167 million and $113 million, respectively. We have a master netting agreement with TMNA which allows us to net settle payments for shared services and subvention transactions. Under this agreement, as of December 31, 2020 and March 31, 2020, respectively, we had a net amount payable to TMNA which is recorded in Other payables, net in Other liabilities.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 12 – Fair Value Measurements Recurring Fair Value Measurements Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following tables summarize our financial assets and financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy except for certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and are excluded from the leveling information provided in the tables below. Fair value amounts presented below are intended to permit reconciliation of the fair value hierarchy to the amounts presented in our Consolidated Balance Sheets. December 31, 2020 Counterparty netting & Fair Level 1 Level 2 Level 3 collateral value Investments in marketable securities: Available-for-sale debt securities: U.S. government and agency obligations $ 228 $ 2 $ - $ - $ 230 Municipal debt securities - 10 - - 10 Commercial paper - 200 - - 200 Corporate debt securities - 177 - - 177 Mortgage-backed securities: U.S. government agency - 37 - - 37 Non-agency residential - - 1 - 1 Non-agency commercial - - 47 - 47 Asset-backed securities - - 55 - 55 Available-for-sale debt securities total 228 426 103 - 757 Equity investments: Fixed income mutual funds: Fixed income mutual funds measured at net asset value 794 Total return bond funds 2,306 - - - 2,306 Equity mutual funds 739 - - - 739 Equity investments total 3,045 - - - 3,839 Investments in marketable securities total 3,273 426 103 - 4,596 Derivative assets: Interest rate swaps - 1,285 - - 1,285 Foreign currency swaps - 745 - - 745 Counterparty netting and collateral - - - (1,970 ) (1,970 ) Derivative assets total - 2,030 - (1,970 ) 60 Assets at fair value 3,273 2,456 103 (1,970 ) 4,656 Derivative liabilities: Interest rate swaps - (1,361 ) - - (1,361 ) Foreign currency swaps - (109 ) - - (109 ) Counterparty netting and collateral - - - 1,446 1,446 Liabilities at fair value - (1,470 ) - 1,446 (24 ) Net assets at fair value $ 3,273 $ 986 $ 103 $ (524 ) $ 4,632 Note 12 – Fair Value Measurements (Continued) March 31, 2020 Counterparty netting & Fair Level 1 Level 2 Level 3 collateral value Investments in marketable securities: Available-for-sale debt securities: U.S. government and agency obligations $ 174 $ 2 $ - $ - $ 176 Municipal debt securities - 11 - - 11 Certificates of deposit - 249 - - 249 Commercial paper - 601 - - 601 Corporate debt securities - 197 - - 197 Mortgage-backed securities: U.S. government agency - 49 - - 49 Non-agency residential - - 1 - 1 Non-agency commercial - - 45 - 45 Asset-backed securities - - 72 - 72 Available-for-sale debt securities total 174 1,109 118 - 1,401 Equity investments: Fixed income mutual funds: Fixed income mutual funds measured at net asset value 746 Total return bond funds 1,673 - - - 1,673 Equity investments total 1,673 - - - 2,419 Investments in marketable securities total 1,847 1,109 118 - 3,820 Derivative assets: Interest rate swaps - 1,410 - - 1,410 Foreign currency swaps - 27 - - 27 Counterparty netting and collateral - - - (1,386 ) (1,386 ) Derivative assets total - 1,437 - (1,386 ) 51 Assets at fair value 1,847 2,546 118 (1,386 ) 3,871 Derivative liabilities: Interest rate swaps - (1,826 ) - - (1,826 ) Foreign currency swaps - (1,290 ) - - (1,290 ) Counterparty netting and collateral - - - 3,071 3,071 Liabilities at fair value - (3,116 ) - 3,071 (45 ) Net assets at fair value $ 1,847 $ (570 ) $ 118 $ 1,685 $ 3,826 Note 12 – Fair Value Measurements (Continued) The following tables summarize the rollforward of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs: Three months ended December 31, 2020 Available-for-sale debt securities Total Mortgage- Asset- available- backed backed for-sale debt securities securities securities Fair value, October 1, 2020 $ 47 $ 58 $ 105 Total gains (losses) Included in other comprehensive income 1 - 1 Purchases, issuances, sales, and settlements Purchases - - - Issuances - - - Sales - - - Settlements - (3 ) (3 ) Transfers into Level 3 - - - Transfers out of Level 3 - - - Fair value, December 31, 2020 $ 48 $ 55 $ 103 The amount of total unrealized gains (losses) included in other comprehensive income attributable to assets held at the reporting date $ 1 $ 1 $ 2 Three months ended December 31, 2019 Available-for-sale debt securities Total Mortgage- Asset- available- backed backed for-sale debt securities securities securities Fair value, October 1, 2019 $ 46 $ 81 $ 127 Total gains (losses) Included in other comprehensive income (1 ) - (1 ) Purchases, issuances, sales, and settlements Purchases 6 4 10 Issuances - - - Sales - - - Settlements (1 ) (4 ) (5 ) Transfers into Level 3 - - - Transfers out of Level 3 - - - Fair value, December 31, 2019 $ 50 $ 81 $ 131 Note 12 – Fair Value Measurements (Continued) Nine months ended December 31, 2020 Available-for-sale debt securities Total Mortgage- Asset- available- backed backed for-sale debt securities securities securities Fair value, April 1, 2020 $ 46 $ 72 $ 118 Total gains (losses) Included in other comprehensive income 2 7 9 Purchases, issuances, sales, and settlements Purchases - 2 2 Issuances - - - Sales - (10 ) (10 ) Settlements - (16 ) (16 ) Transfers into Level 3 - - - Transfers out of Level 3 - - - Fair value, December 31, 2020 $ 48 $ 55 $ 103 The amount of total unrealized gains (losses) included in other comprehensive income attributable to assets held at the reporting date $ 2 $ 7 $ 9 Nine months ended December 31, 2019 Available-for-sale debt securities Total Mortgage- Asset- available- backed backed for-sale debt securities securities securities Fair value, April 1, 2019 $ 40 $ 53 $ 93 Total gains (losses) Included in other comprehensive income - 1 1 Purchases, issuances, sales, and settlements Purchases 11 38 49 Issuances - - - Sales - - - Settlements (1 ) (11 ) (12 ) Transfers into Level 3 - - - Transfers out of Level 3 - - - Fair value, December 31, 2019 $ 50 $ 81 $ 131 Excluded from the nine months ended December 31, 2019 table above is an interest rate swap. This instrument had a fair value of $1 million as of March 31, 2019, gains included in net income of $18 million and settlements of $6 million. It was transferred out of Level 3 but still held by the Company as of December 31, 2019. Note 12 – Fair Value Measurements (Continued) Nonrecurring Fair Value Measurements Nonrecurring fair value measurements include Level 3 net finance receivables that are not measured at fair value on a recurring basis but are subject to fair value adjustments utilizing the fair value of the underlying collateral when there is evidence of impairment. We did not have any significant nonrecurring fair value items as of December 31, 2020 and March 31, 2020. Level 3 Fair Value Measurements The Level 3 financial assets and liabilities recorded at fair value which are subject to recurring and nonrecurring fair value measurement, and the corresponding change in the fair value measurements of these assets and liabilities, were not significant to our Consolidated Balance Sheets or Consolidated Statements of Income as of and for the three and nine months ended December 31, 2020 and as of and for the year ended March 31, 2020. Note 12 – Fair Value Measurements (Continued) Financial Instruments The following tables provide information about assets and liabilities not carried at fair value on a recurring basis on our Consolidated Balance Sheets: December 31, 2020 Carrying Total Fair value Level 1 Level 2 Level 3 value Financial assets Finance receivables Retail loan $ 63,859 $ - $ - $ 67,499 $ 67,499 Wholesale 7,420 - - 7,444 7,444 Real estate 5,131 - - 5,218 5,218 Working capital 2,427 - - 2,356 2,356 Financial liabilities Unsecured notes and loans payable $ 87,252 $ - $ 88,752 $ 555 $ 89,307 Secured notes and loans payable 21,720 - - 22,054 22,054 March 31, 2020 Carrying Total Fair value Level 1 Level 2 Level 3 value Financial assets Finance receivables, net Retail loan $ 56,360 $ - $ - $ 57,303 $ 57,303 Wholesale 9,672 - - 9,637 9,637 Real estate 4,544 - - 4,140 4,140 Working capital 3,308 - - 2,811 2,811 Financial liabilities Unsecured notes and loans payable $ 83,172 $ - $ 82,429 $ 560 $ 82,989 Secured notes and loans payable 14,568 - - 14,608 14,608 In conjunction with the adoption of ASU 2016-13, we have changed the presentation of accrued interest related to finance receivables in the Consolidated Balance Sheet from Finance receivables, net to Other assets; however, TMCC measures the fair value of each class of finance receivables using scheduled principal and interest payments. Therefore, accrued interest has been included in the carrying value of each class of finance receivables in the tables above, along with the finance receivables, deferred costs, deferred income, and the allowance for credit losses. Finance receivables in the table above excludes related party transactions, for which the fair value approximates the carrying value, of $156 million and $109 million at December 31, 2020 and March 31, 2020, respectively. Fair values of related party finance receivables, net are classified as Level 3 of the fair value hierarchy. For Cash and cash equivalents and Restricted cash and cash equivalents on our Consolidated Balance Sheets, the fair value approximates the carrying value and these instruments are classified as Level 1 of the fair value hierarchy.

Segment Information

Segment Information	9 Months Ended
Segment Information	Dec. 31, 2020
Segment Reporting [Abstract]
Segment Information	Note 13 – Segment Information Financial information for our reportable operating segments is summarized as follows: Three months ended December 31, 2020 Finance Insurance Intercompany operations operations eliminations Total Total financing revenues $ 2,974 $ - $ - $ 2,974 Depreciation on operating leases 1,450 - - 1,450 Interest expense 491 - - 491 Net financing revenues 1,033 - - 1,033 Insurance earned premiums and contract revenues - 241 - 241 Investment and other income, net 21 158 - 179 Net financing and other revenues 1,054 399 - 1,453 Expenses: Provision for credit losses 118 - - 118 Operating and administrative expenses 268 86 - 354 Insurance losses and loss adjustment expenses - 98 - 98 Total expenses 386 184 - 570 Income before income taxes 668 215 - 883 Provision for income taxes 163 52 - 215 Net income $ 505 $ 163 $ - $ 668 Nine months ended December 31, 2020 Finance Insurance Intercompany operations operations eliminations Total Total financing revenues $ 8,821 $ - $ - $ 8,821 Depreciation on operating leases 4,484 - - 4,484 Interest expense 1,534 - - 1,534 Net financing revenues 2,803 - - 2,803 Insurance earned premiums and contract revenues - 714 - 714 Investment and other income, net 76 369 - 445 Net financing and other revenues 2,879 1,083 - 3,962 Expenses: Provision for credit losses 366 - - 366 Operating and administrative expenses 818 270 - 1,088 Insurance losses and loss adjustment expenses - 265 - 265 Total expenses 1,184 535 - 1,719 Income before income taxes 1,695 548 - 2,243 Provision for income taxes 414 132 - 546 Net income $ 1,281 $ 416 $ - $ 1,697 Total assets at December 31, 2020 $ 128,442 $ 6,176 $ (127 ) $ 134,491 Note 13 – Segment Information (Continued) Three months ended December 31, 2019 Finance Insurance Intercompany operations operations eliminations Total Total financing revenues $ 3,044 $ - $ - $ 3,044 Depreciation on operating leases 1,712 - - 1,712 Interest expense 759 - (4 ) 755 Net financing revenues 573 - 4 577 Insurance earned premiums and contract revenues - 231 - 231 Investment and other income, net 42 19 (4 ) 57 Net financing and other revenues 615 250 - 865 Expenses: Provision for credit losses 128 - - 128 Operating and administrative expenses 318 88 - 406 Insurance losses and loss adjustment expenses - 116 - 116 Total expenses 446 204 - 650 Income before income taxes 169 46 - 215 Provision for income taxes 23 11 - 34 Net income $ 146 $ 35 $ - $ 181 Nine months ended December 31, 2019 Finance Insurance Intercompany operations operations eliminations Total Total financing revenues $ 9,025 $ - $ - $ 9,025 Depreciation on operating leases 4,920 - - 4,920 Interest expense 2,081 - (16 ) 2,065 Net financing revenues 2,024 - 16 2,040 Insurance earned premiums and contract revenues - 692 - 692 Investment and other income, net 117 171 (16 ) 272 Net financing and other revenues 2,141 863 - 3,004 Expenses: Provision for credit losses 264 - - 264 Operating and administrative expenses 832 269 - 1,101 Insurance losses and loss adjustment expenses - 344 - 344 Total expenses 1,096 613 - 1,709 Income before income taxes 1,045 250 - 1,295 Provision for income taxes 235 61 - 296 Net income $ 810 $ 189 $ - $ 999 Total assets at December 31, 2019 $ 118,228 $ 5,491 $ (1,112 ) $ 122,607 Note 13 – Segment Information (Continued) Insurance Operations – Revenue Recognition For the three and nine months ended December 31, 2020, approximately 83 percent of Insurance earned premiums and contract revenues in the Insurance operations segment were accounted for under the guidance for revenue from contracts with customers. For the three and nine months ended December 31, 2019, approximately 85 percent and 84 percent, respectively, of Insurance earned premiums and contract revenues in the Insurance operations segment were accounted for under the guidance for revenue from contracts with customers. The Insurance operations segment defers contractually determined incentives paid to dealers as contract costs for selling vehicle and payment protection products. These costs are recorded in Other assets on our Consolidated Balance Sheets and are amortized to Operating and administrative expenses on the Consolidated Statements of Income using a methodology consistent with the recognition of revenue. The amount of capitalized dealer incentives and the related amortization was not significant to our consolidated financial statements as of and for the three and nine months ended December 31, 2020 and 2019. We had $2.4 billion and $2.2 billion of unearned insurance premiums and contract revenues from contracts with customers included in Other liabilities on our Consolidated Balance Sheets as of March 31, 2020 and 2019, respectively. We recognized $169 million and $537 million of these balances in Insurance earned premiums and contract revenues in our Consolidated Statements of Income during the three and nine months ended December 31, 2020, respectively, compared to $216 million and $519 million recognized during the same periods in fiscal 2020. At December 31, 2020, we had unearned insurance premiums and contract revenues of $2.4 billion included in Other liabilities on our Consolidated Balance Sheets, and with respect to this balance we expect to recognize revenue of $192 million during fiscal 2021

Interim Financial Data (Policie

Interim Financial Data (Policies)	9 Months Ended
Interim Financial Data (Policies)	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The information furnished in these unaudited interim consolidated financial statements as of and for the three and nine months ended December 31, 2020 and 2019 has been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). In the opinion of management, the unaudited consolidated financial information reflects all adjustments, consisting of normal recurring adjustments, necessary for a fair statement of the results for the interim periods presented. The results of operations for the three and nine months ended December 31, 2020 do not necessarily indicate the results which may be expected for the full fiscal year ending March 31, 2021 (“fiscal 2021”). These financial statements should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements included in Toyota Motor Credit Corporation’s Annual Report on Form 10-K (“Form 10-K”) for the fiscal year ended March 31, 2020 (“fiscal 2020”), which was filed with the Securities and Exchange Commission on June 4, 2020. References herein to “TMCC” denote Toyota Motor Credit Corporation, and references herein to “we”, “our”, and “us” denote Toyota Motor Credit Corporation and its consolidated subsidiaries. Other Matters As of April 1, 2020, TMCC began providing private label financial services to third-party automotive and mobility companies commencing with the provision of services to Mazda Motor of America, Inc. (“Mazda”). We currently offer exclusive private label automotive retail, lease, and dealer financing products and services marketed under the brand Mazda Financial Services to Mazda customers and dealers in the United States. As of August 1, 2020, we launched a full suite of insurance products under the name of Mazda Protection Products (MPP) that includes Vehicle Service Agreements, Guaranteed Auto Protection, Prepaid Maintenance, Excess Wear and Use, Tire and Wheel and Key Replacement. TMCC’s agreement with Mazda is for an initial term of approximately five years. We are leveraging our existing processes and personnel to service the newly originated assets, and we have made certain technology investments to support the Mazda program. TMCC did not acquire any existing Mazda assets or liabilities pursuant to the agreement and we do not expect launch costs to be significant through fiscal year 2021. We will continue to look for opportunities to optimize our private label financial services by partnering with our affiliates.
Recently Adopted Accounting Guidance	Recently Adopted Accounting Guidance On April 1, 2020, we adopted the following new accounting standards: Financial Instruments – Credit Losses We adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Refer to Note 2 – Investments in Marketable Securities, Note 3 – Finance Receivables, Net, and Note 5 – Allowance for Credit Losses for additional information. In conjunction with the adoption of ASU 2016-13, we updated our depreciation policy for operating leases so that the useful life of the vehicles incorporates our historical experience on early terminations due to customer defaults. As a result, we changed the presentation for reporting early termination expenses related to customer defaults on investments in operating leases. We now present the effects of operating lease early terminations as part of accumulated depreciation within Investments in operating leases, net in the Consolidated Balance Sheets and Depreciation on operating leases in the Consolidated Statements of Income. The comparative period’s information continues to be reported under the relevant accounting presentation in effect for that period. Refer to Note 4 – Investments in Operating Leases, Net for additional information.
Other Recently Adopted Standards	Other Recently Adopted Standards We adopted ASU 2018-13, Fair Value Measurement (Topic 820), We adopted ASU 2018-15, Intangibles – Goodwill and Other-Internal-Use Software, We adopted ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments. We adopted ASU 2018-17, Consolidation (Topic 810)
Accounting Guidance Issued But Not Yet Adopted	Accounting Guidance Issued But Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs
Finance Receivables, Net	Finance receivables, net consists of the retail loan and the dealer products portfolio segments, which includes deferred costs, net of the allowance for credit losses and deferred income. Finance receivables, net also includes securitized retail receivables, which represent retail receivables that have been sold for legal purposes to securitization trusts but continue to be included in our consolidated financial statements, as discussed further in Note 8 – Variable Interest Entities. Cash flows from these securitized retail receivables are available only for the repayment of debt issued by these trusts and other obligations arising from the securitization transactions. They are not available for payment of our other obligations or to satisfy claims of our other creditors. Upon adoption of ASU 2016-13, we elected the accounting policy to present accrued interest related to finance receivables within Other assets in the Consolidated Balance Sheets. As of December 31, 2020, accrued interest related to finance receivables is $196 million and is included in Other assets. The comparative period’s information continues to be reported within Finance receivables, net. Upon adoption of ASU 2016-13, we no longer reverse accrued interest receivables from interest income for our dealer products portfolio when an account is deemed to be uncollectible. For both retail loan and dealer products portfolio segments, accrued interest is written off within allowance for credit losses at the earlier of when an account is deemed to be uncollectible or when an account is greater than 120 days past due.
Investments in Operating Leases, Net	Investments in operating leases, net primarily consists of vehicle lease contracts acquired from dealers. Generally, lessees have the ability to extend their lease term in six month increments up to a total of 12 months from the original lease maturity date. A lease can be terminated at any time by satisfying the obligations under the lease contract. Early termination programs may be occasionally offered to eligible lessees. At the end of the lease, the customer has the option to buy the leased vehicle or return the vehicle to the dealer. Securitized investments in operating leases represent beneficial interests in a pool of certain vehicle leases that have been sold for legal purposes to securitization trusts but continue to be included in our consolidated financial statements as discussed further in Note 8 - Variable Interest Entities. Cash flows from these securitized investments in operating leases are available only for the repayment of debt issued by these trusts and other obligations arising from the securitization transactions. They are not available for payment of our other obligations or to satisfy claims of our other creditors. Operating lease revenues are recognized on a straight-line basis over the term of the lease. We have made an accounting policy election to exclude from the consideration in the contract, and from variable payments not included in the consideration in the contract, sales and other taxes assessed by a governmental authority that are both imposed on and concurrent with a specific lease revenue-producing transaction and collected from customers. Deferred fees and costs include incentive payments made to dealers and acquisition fees collected from customers. Deferred income includes payments received on affiliate sponsored subvention and other incentive programs. Both deferred fees and costs and deferred income are capitalized or deferred and amortized on a straight-line basis over the contract term. The accrual of revenue on investments in operating leases is discontinued at the time an account is determined to be uncollectible and subsequent revenue is recognized only to the extent a payment is received. Operating leases may be restored to accrual status when future payments are reasonably assured. Vehicle Lease Residual Values Contractual residual values of vehicle lease contracts are estimated at lease inception by examining external industry data, the anticipated Toyota, Lexus, and Mazda product pipeline and our own experience. Factors considered in this evaluation include, macroeconomic forecasts, new vehicle pricing, new vehicle incentive programs, new vehicle sales, vehicle features and specifications, the mix and level of used vehicle supply, the level of current used vehicle values, and fuel prices. We are exposed to a risk of loss to the extent the customer returns the vehicle and the value of the vehicle is lower than the residual value estimated at inception of the lease or if the number of returned vehicles is higher than anticipated. Depreciation on operating leases is recognized using the straight-line method over the lease term. The depreciable basis is the original acquisition cost of the vehicle less the estimated residual value of the vehicle at the end of the lease term. On a quarterly basis, we review the estimated end-of-term market values and return rates of leased vehicles to assess the appropriateness of the carrying values at lease-end. Factors affecting the estimated end-of-term market value are similar to those considered in the evaluation of residual values at lease inception discussed above. Adjustments to depreciation expense to reflect revised estimates of expected market values at lease termination and revised return rates are recorded prospectively on a straight-line basis over the remaining lease term. We use various channels to sell vehicles returned at lease-end. Upon disposition, the difference between the net book value of the lease and the proceeds received from the disposition of the asset, including any insurance proceeds is recorded as an adjustment to depreciation on operating leases. We evaluate our investment in operating leases portfolio for potential impairment when we determine a triggering event has occurred. When a triggering event has occurred, we perform a test of recoverability by comparing the expected undiscounted future cash flows (including expected residual values) over the remaining lease terms to the carrying value of asset group. If the test of recoverability identifies a possible impairment, the asset groups fair value is measured in accordance with the fair value measurement framework. An impairment charge would be recognized for the amount by which the carrying value of the asset group exceeds its estimated fair value and would be recorded in our Consolidated Statements of Income. Note 4 – Investments in Operating Leases, Net (Continued) In conjunction with the adoption of ASU 2016-13 on April 1, 2020, we updated our depreciation policy for operating leases so that the useful life of the vehicles incorporates our historical experience on early terminations due to customer defaults. As a result, we changed the presentation for reporting early termination expenses related to customer defaults on investments in operating leases. Previously, we presented the early termination expenses reserve on operating leases as part of the allowance for credit losses which reduced Investments in operating leases, net in the Consolidated Balance Sheets, and as part of Provision for credit losses in the Consolidated Statements of Income. We now consider the effects of operating lease early terminations when determining depreciation estimates, which are included as part of accumulated depreciation within Investments in operating leases, net in the Consolidated Balance Sheets and Depreciation on operating leases in the Consolidated Statements of Income. As of April 1, 2020, the change in presentation increased accumulated depreciation and decreased allowance for credit losses by $90 million. The comparative period’s information continues to be reported under the relevant accounting presentation in effect for that period.
Allowance for Credit Losses	Upon adoption of ASU 2016-13 on April 1, 2020, the incurred loss impairment method was replaced with a new impairment model that reflects lifetime expected losses. Management develops and documents the allowance for credit losses on finance receivables based on two portfolio segments. The determination of portfolio segments is based primarily on the qualitative consideration of the nature of our business operations and the characteristics of the underlying finance receivables, as follows: • Retail Loan Portfolio Segment – The retail loan portfolio segment consists of retail contracts acquired from dealers in the U.S. and Puerto Rico. Under a retail contract, we are granted a security interest in the underlying collateral which consists primarily of Toyota, Lexus, and Mazda vehicles. Based on the common risk characteristics associated with the finance receivables, the retail loan portfolio segment is considered a single class of finance receivable. • Dealer Products Portfolio Segment – The dealer products portfolio segment consists of wholesale financing, working capital loans, revolving lines of credit and real estate loans to dealers in the U.S. and Puerto Rico. Wholesale financing is primarily collateralized by new or used vehicle inventory with the outstanding balance fluctuating based on the level of inventory. Working capital loans and revolving lines of credit are granted for working capital purposes and are secured by dealership assets. Real estate loans are collateralized by the underlying real estate, are underwritten primarily on a loan-to-value basis and are typically for a fixed term. Based on the risk characteristics associated with the underlying finance receivables, the dealer products portfolio segment consists of three classes of finance receivables: wholesale, working capital (including revolving lines of credit), and real estate. Management’s estimate of lifetime expected credit losses is based on an evaluation of relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the future collectability of the finance receivables. Management’s evaluation takes into consideration the risks in the retail loan portfolio and dealer products portfolio, past loss experience, delinquency trends, underwriting and collection practices, changes in portfolio composition, economic forecasts and other relevant factors. Methodology Used to Develop the Allowance for Credit Losses The allowance for credit losses is measured on a collective basis when loans have similar risk characteristics. Loans that do not share similar risk characteristics are evaluated on an individual basis. We generally use a discounted cash flow approach for determining allowance for credit losses for finance receivables modified as a troubled debt restructuring that are granted with interest rate concessions, and a non-discounted cash flow approach for other loans. We measure expected losses of all components of finance receivables on an amortized cost basis, excluding accrued interest, and off-balance-sheet lending commitments that are not unconditionally cancellable by TMCC. Estimated expected credit losses for off-balance-sheet lending commitments within our dealer products portfolio is included in Other liabilities in the Consolidated Balance Sheets. We have elected to exclude accrued interest from the measurement of expected credit losses as we apply policies and procedures that result in the timely write-offs of accrued interest. Retail Loan Portfolio Segment The level of credit risk in our retail loan portfolio segment is influenced by various factors such as economic conditions, the used vehicle market, credit quality, contract structure, and collection strategies and practices. The allowance for credit losses is measured on a collective basis when loans have similar risk characteristics such as loan-to-value ratio, book payment-to-income ratio, FICO score at origination, collateral type, term count, and other relevant factors. We use statistical models to estimate lifetime expected credit losses of our retail loan portfolio segment by applying probability of default and loss given default to the exposure at default on a loan level basis. Probability of default models are developed from internal risk scoring models which consider variables such as delinquency status, historical default frequency, and other credit quality indicators such as loan-to-value ratio, book payment-to-income ratio, FICO score at origination, collateral type (new or used, Lexus, Toyota, or Mazda), and term count. Loss given default models forecast the extent of losses given that a default has occurred and considers variables such as collateral, trends in recoveries, historical loss severity, and other contract structure variables. Exposure at default represents the expected outstanding principal balance, including the effects of expected prepayment when applicable. The lifetime expected credit losses incorporate the probability-weighted forward-looking macroeconomic forecasts for baseline, favorable, and adverse scenarios. The loan lifetime is regarded by management as the reasonable and supportable period. We use macroeconomic forecasts from a third party and update such forecasts quarterly. Note 5 – Allowance for Credit Losses (Continued) On an ongoing basis, we review our models, including macroeconomic factors, the selection of macroeconomic scenarios and their weighting to ensure they reflect the risk of the portfolio. If management does not believe the models reflect lifetime expected credit losses, a qualitative adjustment is made to reflect management judgment regarding observable changes in recent or expected economic trends and conditions, portfolio composition, and other relevant factors. While management uses the best information available to make such evaluations, future adjustments to the allowance for credit losses may be necessary if conditions differ substantially from the assumptions used in making the evaluations. Dealer Products Portfolio Segment The level of credit risk in our dealer products portfolio segment is influenced primarily by the financial strength of dealers within our portfolio, dealer concentration, collateral quality, and other economic factors. The financial strength of dealers within our portfolio is influenced by, among other factors, general economic conditions, the overall demand for new and used vehicles and the financial condition of automotive manufacturers. The allowance for credit losses is established for both outstanding dealer finance receivables and certain unfunded off-balance sheet lending commitments. The allowance for credit losses is measured on a collective basis when loans have similar risk characteristics such as dealer group internal risk rating and loan-to-value ratios. We measure lifetime expected credit losses of our dealer products portfolio segment by applying probability of default and loss given default to the exposure at default on a loan level basis. Probability of default is primarily established based on internal risk assessments. The probability of default model also considers qualitative factors related to macroeconomic outlooks. Loss given default is established based on the nature and market value of the collateral, loan-to-value ratios and other credit quality indicators. Exposure at default represents the expected outstanding principal balance. The lifetime of the loan or lending commitment is regarded by management as the reasonable and supportable period. On an ongoing basis, we review our models, including macroeconomic outlooks, to ensure they reflect the risk of the portfolio.
Derivative Instruments	Derivative Instruments Our liabilities consist mainly of fixed and variable rate debt, denominated in U.S. dollars and various other currencies, which we issue in the global capital markets, while our assets consist primarily of U.S. dollar denominated, fixed rate receivables. We enter into interest rate swaps, and foreign currency swaps to economically hedge the interest rate and foreign currency risks that result from the different characteristics of our assets and liabilities. Our use of derivative transactions is intended to reduce long-term fluctuations in the fair value of assets and liabilities caused by market movements. All of our derivative activities are authorized and monitored by our management and our Asset-Liability Committee which provides a framework for financial controls and governance to manage market risk.
Offsetting of Derivatives	Offsetting of Derivatives Accounting guidance permits the net presentation on our Consolidated Balance Sheets of derivative receivables and derivative payables with the same counterparty and the related cash collateral when a legally enforceable master netting agreement exists. When we meet this condition, we elect to present such balances on a net basis. Our International Swaps and Derivatives Association (“ISDA”) Master Agreements are our master netting agreements which permit multiple transactions to be cancelled and settled with a single net balance paid to either party. The master netting agreements also contain reciprocal collateral agreements which require the transfer of cash collateral to the party in a net asset position across all transactions. Our collateral agreements with substantially all our counterparties include a zero threshold, full collateralization arrangement. Although we have daily valuation and collateral exchange arrangements with all of our counterparties, due to the time required to move collateral, there may be a delay of up to one day between the exchange of collateral and the valuation of our derivatives. We would not be required to post additional collateral to the counterparties with whom we were in a net liability position at December 31, 2020 if our credit ratings were to decline, since we fully collateralize without regard to credit ratings with these counterparties. In addition, as our collateral agreements include legal right of offset provisions, collateral amounts are netted against derivative assets or derivative liabilities, the net amount of which is included in Other assets or Other liabilities in our Consolidated Balance Sheets.
Consolidated Variable Interest Entities	Consolidated Variable Interest Entities We use one or more special purpose entities that are considered Variable Interest Entities (“VIEs”) to issue asset-backed securities to third party bank-sponsored asset-backed securitization vehicles and to investors in securitization transactions. The securities issued by these VIEs are backed by the cash flows related to retail finance receivables and beneficial interests in investments in operating leases (“Securitized Assets”). We hold variable interests in the VIEs that could potentially be significant to the VIEs. We determined that we are the primary beneficiary of the securitization trusts because (i) our servicing responsibilities for the Securitized Assets give us the power to direct the activities that most significantly impact the performance of the VIEs, and (ii) our variable interests in the VIEs give us the obligation to absorb losses and the right to receive residual returns that could potentially be significant.

Investments in Marketable Sec_2

Investments in Marketable Securities (Tables)	9 Months Ended
Investments in Marketable Securities (Tables)	Dec. 31, 2020
Marketable Securities [Abstract]
Summary of Investments in Marketable Securities	Investments in marketable securities consisted of the following: December 31, 2020 Amortized Unrealized Unrealized Fair cost gains losses value Available-for-sale debt securities: U.S. government and agency obligations $ 223 $ 9 $ (2 ) $ 230 Municipal debt securities 8 2 - 10 Commercial paper 200 - - 200 Corporate debt securities 159 18 - 177 Mortgage-backed securities: U.S. government agency 35 2 - 37 Non-agency residential 1 - - 1 Non-agency commercial 47 2 (2 ) 47 Asset-backed securities 51 4 - 55 Total available-for-sale debt securities $ 724 $ 37 $ (4 ) $ 757 Equity investments 3,839 Total investments in marketable securities $ 4,596 March 31, 2020 Amortized Unrealized Unrealized Fair cost gains losses value Available-for-sale debt securities: U.S. government and agency obligations $ 160 $ 16 $ - $ 176 Municipal debt securities 9 2 - 11 Certificates of deposit 250 - (1 ) 249 Commercial paper 604 - (3 ) 601 Corporate debt securities 188 10 (1 ) 197 Mortgage-backed securities: U.S. government agency 47 2 - 49 Non-agency residential 1 - - 1 Non-agency commercial 47 - (2 ) 45 Asset-backed securities 75 - (3 ) 72 Total available-for-sale debt securities $ 1,381 $ 30 $ (10 ) $ 1,401 Equity investments 2,419 Total investments in marketable securities $ 3,820
Schedule of Gains and Losses on Investments in Marketable Securities Presented in Our Consolidated Statement of Income	The following table represents gains and losses on our investments in marketable securities presented in our Consolidated Statements of Income: Three months ended Nine months ended December 31, December 31, 2020 2019 2020 2019 Available-for-sale debt securities: Realized gains $ 2 $ 2 $ 19 $ 3 Equity investments: Unrealized gains (losses) recognized $ 49 $ (38 ) $ 188 $ 48 Realized gains on sales $ 3 $ - $ 15 $ 3
Summary of Contractual Maturity of Available-For-Sale Debt Securities	The amortized cost and fair value, by contractual maturity of available-for-sale debt securities are summarized in the following table. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations. December 31, 2020 Amortized c Fair value Available-for-sale debt securities: Due within 1 year $ 236 $ 237 Due after 1 year through 5 years 133 142 Due after 5 years through 10 years 141 151 Due after 10 years 80 87 Mortgage-backed and asset-backed securities 1 134 140 Total $ 724 $ 757 1 Mortgage-backed and asset-backed securities are shown separately from other maturity groupings as these securities have multiple maturity dates.

Finance Receivables, Net (Table

Finance Receivables, Net (Tables)	9 Months Ended
Finance Receivables, Net (Tables)	Dec. 31, 2020
Receivables [Abstract]
Net Financing Receivables	Finance receivables, net consisted of the following: December 31, March 31, 2020 2020 Retail receivables 1 $ 65,102 $ 57,088 Dealer financing 15,212 17,873 80,314 74,961 Deferred origination costs 1,083 890 Deferred income (1,435 ) (1,128 ) Allowance for credit losses Retail and securitized retail receivables (1,052 ) (486 ) Dealer financing (110 ) (241 ) Total allowance for credit losses (1,162 ) (727 ) Finance receivables, net $ 78,800 $ 73,996 1
Schedule of Amortized Cost Basis of Retail Loan Portfolio and Dealer Products Portfolio by Credit Quality Indicator	The following table presents the amortized cost basis of our retail loan portfolio by credit quality indicator based on number of days outstanding by origination year at December 31, 2020: Amortized Cost Basis by Origination Fiscal Year 2021 2020 2019 2018 2017 2016 and Prior Total Aging of finance receivables: Current $ 24,905 $ 17,763 $ 10,165 $ 6,963 $ 3,117 $ 744 $ 63,657 30-59 days past due 137 215 177 132 78 50 789 60-89 days past due 32 62 52 36 22 15 219 90 days or greater past due 12 26 19 13 8 7 85 Total $ 25,086 $ 18,066 $ 10,413 $ 7,144 $ 3,225 $ 816 $ 64,750 The following table presents the amortized cost basis of our dealer products portfolio by credit quality indicator based on internal risk assessments by origination year at December 31, 2020: Amortized Cost Basis by Origination Fiscal Year 2021 2020 2019 2018 2017 2016 and Prior Revolving loans Total Wholesale Performing $ - $ - $ - $ - $ - $ - $ 7,133 $ 7,133 Credit Watch - - - - - - 275 275 At Risk - - - - - - 34 34 Default - - - - - - 15 15 Wholesale total $ - $ - $ - $ - $ - $ - $ 7,457 $ 7,457 Real estate Performing $ 1,571 $ 355 $ 601 $ 386 $ 358 $ 1,652 $ - $ 4,923 Credit Watch 34 49 7 20 9 107 - 226 At Risk 14 - - - 5 17 - 36 Default - - - 13 9 - - 22 Real estate total $ 1,619 $ 404 $ 608 $ 419 $ 381 $ 1,776 $ - $ 5,207 Working Capital Performing $ 412 $ 346 $ 206 $ 47 $ 114 $ 197 $ 1,154 $ 2,476 Credit Watch 6 24 14 - - 19 1 64 At Risk - - - - 8 - - 8 Default - - - - - - - - Working capital total $ 418 $ 370 $ 220 $ 47 $ 122 $ 216 $ 1,155 $ 2,548 Total $ 2,037 $ 774 $ 828 $ 466 $ 503 $ 1,992 $ 8,612 $ 15,212
Schedule of Retail Loan Portfolio and Dealer Products Portfolio by Credit Quality Indicator	The following table presents our retail loan portfolio by credit quality indicator at March 31, 2020: Retail loan March 31, 2020 Aging of finance receivables: Current $ 56,064 30-59 days past due 717 60-89 days past due 203 90 days or greater past due 104 Total $ 57,088 The following table presents our dealer products portfolio by credit quality indicator at March 31, 2020: March 31, 2020 Wholesale Real estate Working capital Credit quality indicators: Performing $ 8,750 $ 3,974 $ 3,132 Credit Watch 962 576 195 At Risk 92 55 92 Default 22 23 - Total $ 9,826 $ 4,628 $ 3,419
Aging of Amortized Cost Basis of Finance Receivables by Class	The following tables summarize the aging of the amortized cost basis of our finance receivables by class: December 31, 2020 30 - 59 Days past due 60 - 89 Days past due 90 greater past due Total due Current Total receivables 90 Days or greater p due and accruing Retail loan $ 789 $ 219 $ 85 $ 1,093 $ 63,657 $ 64,750 $ 65 Wholesale - - - - 7,457 7,457 - Real estate - - - - 5,207 5,207 - Working capital - - - - 2,548 2,548 - Total $ 789 $ 219 $ 85 $ 1,093 $ 78,869 $ 79,962 $ 65 Finance receivables excludes accrued interest of $196 million as of December 31, 2020. March 31, 2020 30 - 59 Days past due 60 - 89 Days past due 90 greater past due Total due Current Total receivables 90 greater p due and accruing Retail loan $ 717 $ 203 $ 104 $ 1,024 $ 56,064 $ 57,088 $ 66 Wholesale - - - - 9,826 9,826 - Real estate - - 1 1 4,627 4,628 - Working capital - - - - 3,419 3,419 - Total $ 717 $ 203 $ 105 $ 1,025 $ 73,936 $ 74,961 $ 66

Investments in Operating Leas_2

Investments in Operating Leases, Net (Tables)	9 Months Ended
Investments in Operating Leases, Net (Tables)	Dec. 31, 2020
Leases Operating [Abstract]
Investments in Operating Leases, Net	Investments in operating leases, net consisted of the following: December 31, March 31, 2020 2020 Investments in operating leases 1 $ 47,858 $ 48,638 Deferred origination (fees) and costs, net (135 ) (223 ) Deferred income (1,787 ) (1,962 ) Accumulated depreciation (9,642 ) (9,976 ) Allowance for credit losses - (90 ) Investments in operating leases, net $ 36,294 $ 36,387 1 Includes securitized investments in operating leases of $8.8 billion and $7.9 billion as of December 31, 2020 and March 31, 2020, respectively

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	9 Months Ended
Allowance for Credit Losses (Tables)	Dec. 31, 2020
Loans And Leases Receivable Disclosure [Abstract]
Allowance for Credit Losses and Finance Receivables by Portfolio Segment	The following tables provide information related to our allowance for credit losses for finance receivables and certain off-balance sheet lending commitments by portfolio segment: Three months ended December 31, 2020 Retail loan Dealer p Total Beginning balance, October 1, 2020 $ 1,020 $ 154 $ 1,174 Charge-offs (113 ) - (113 ) Recoveries 12 8 20 Provision for credit losses 133 (15 ) 118 Ending balance, December 31, 2020 2 $ 1,052 $ 147 $ 1,199 Nine months ended December 31, 2020 Retail loan Dealer p Total Beginning balance, April 1, 2020 $ 486 $ 241 $ 727 Adoption of ASU 2016-13 1 281 11 292 Charge-offs (228 ) - (228 ) Recoveries 33 9 42 Provision for credit losses 480 (114 ) 366 Ending balance, December 31, 2020 2 $ 1,052 $ 147 $ 1,199 Three months ended December 31, 2019 1 Allowance for Credit Losses for Finance Receivables: Retail Loan Dealer Total Beginning balance, October 1, 2019 $ 317 $ 188 $ 505 Charge-offs (117 ) - (117 ) Recoveries 12 - 12 Provision for credit losses 116 7 123 Ending balance, December 31, 2019 $ 328 $ 195 $ 523 Nine months ended December 31, 2019 1 Allowance for Credit Losses for Finance Receivables: Retail loan Dealer p Total Beginning balance, April 1, 2019 $ 304 $ 195 $ 499 Charge-offs (269 ) - (269 ) Recoveries 39 - 39 Provision for credit losses 254 - 254 Ending balance, December 31, 2019 $ 328 $ 195 $ 523 1 The omparative period’s information continues to be reported under the relevant accounting presentation in effect for that period.

Derivatives, Hedging Activiti_2

Derivatives, Hedging Activities and Interest Expense (Tables)	9 Months Ended
	Dec. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Activity Impact on Consolidated Balance Sheet	The following tables show the financial statement line item and amount of our derivative assets and liabilities that are reported in our Consolidated Balance Sheets: December 31, 2020 March 31, 2020 Fair Fair Notional value Notional value Other assets: Interest rate swaps $ 38,555 $ 1,285 $ 30,362 $ 1,410 Foreign currency swaps 10,424 745 488 27 Total $ 48,979 $ 2,030 $ 30,850 $ 1,437 Counterparty netting (794 ) (966 ) Collateral held (1,176 ) (420 ) Carrying value of derivative contracts – Other assets $ 60 $ 51 Other liabilities: Interest rate swaps $ 56,256 $ 1,361 $ 69,079 $ 1,826 Foreign currency swaps 2,312 109 13,181 1,290 Total $ 58,568 $ 1,470 $ 82,260 $ 3,116 Counterparty netting (794 ) (966 ) Collateral posted (652 ) (2,105 ) Carrying value of derivative contracts – Other liabilities $ 24 $ 45
Components of Interest Expense	The following table summarizes the components of interest expense, including the location and amount of gains and losses on derivative instruments and related hedged items, as reported in our Consolidated Statements of Income: Three months ended Nine months ended December 31, December 31, 2020 2019 2020 2019 Interest expense on debt $ 460 $ 620 $ 1,531 $ 1,914 Interest expense on derivatives 103 51 334 100 Interest expense on debt and derivatives 563 671 1,865 2,014 Losses (gains) on debt denominated in foreign currencies 655 452 1,703 (8 ) Gains on foreign currency swaps (658 ) (385 ) (1,754 ) (19 ) (Gains) losses on U.S. dollar interest rate swaps (69 ) 17 (280 ) 78 Total interest expense $ 491 $ 755 $ 1,534 $ 2,065

Debt and Credit Facilities (Tab

Debt and Credit Facilities (Tables)	9 Months Ended
Debt and Credit Facilities (Tables)	Dec. 31, 2020
Debt Disclosure [Abstract]
Debt and Related Weighted Average Contractual Interest Rates	Debt and the related weighted average contractual interest rates are summarized as follows: December 31, 2020 March 31, 2020 Face value Carrying value Weighted average contractual interest rates Face value Carrying value Weighted average contractual interest rates Unsecured notes and loans payable $ 87,504 $ 87,252 1.42 % $ 83,477 $ 83,172 2.07 % Secured notes and loans payable 21,759 21,720 1.59 % 14,597 14,568 2.13 % Total debt $ 109,263 $ 108,972 1.45 % $ 98,074 $ 97,740 2.08 %

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
Variable Interest Entities (Tables)	Dec. 31, 2020
Variable Interest Entities [Abstract]
Schedule of Assets and Liabilities related to Variable Interest Entities Securitization Transactions	The following tables show the assets and liabilities related to our VIE securitization transactions that were included in our Consolidated Balance Sheets: December 31, 2020 VIE Assets VIE Liabilities Net Restricted cash securitized assets Other assets Debt Other liabilities Retail finance receivables $ 1,116 $ 19,334 $ 44 $ 17,367 $ 15 Investments in operating leases 330 6,268 56 4,353 1 Total $ 1,446 $ 25,602 $ 100 $ 21,720 $ 16 March 31, 2020 VIE Assets VIE Liabilities Net Restricted cash securitized assets Other assets Debt Other liabilities Retail finance receivables $ 694 $ 12,375 $ 5 $ 10,933 $ 10 Investments in operating leases 302 5,586 126 3,635 2 Total $ 996 $ 17,961 $ 131 $ 14,568 $ 12

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
Commitments and Contingencies (Tables)	Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Guarantees	We have entered into certain commitments and guarantees for which the maximum unfunded amounts are summarized in the table below: December 31, March 31, 2020 2020 Commitments: Credit facilities commitments with dealers $ 2,156 $ 1,226 Commitments under operating lease agreements 147 139 Total commitments 2,303 1,365 Guarantees of affiliate pollution control and solid waste disposal bonds 100 100 Total commitments and guarantees $ 2,403 $ 1,465
Future Minimum Lease Payments under Non-cancelable Operating Lease	Note 9 – Commitments and Contingencies (Continued) Our commitments under operating lease agreements are summarized below: December 31, Years ending March 31, 2020 2021 $ 6 2022 26 2023 18 2024 16 2025 13 Thereafter 68 Total $ 147 Present value discount (17 ) Total operating lease liability $ 130
Summary of Additional Information Related to Operating Lease Agreements	The following table provides additional information related to operating lease agreements for which we are the lessee: December 31, 2020 ROU assets $ 123 Weighted average remaining lease term (in years) 8.68 Weighted average discount rate 2.77% Supplemental cash flow information Cash paid for amounts included in the measurement of lease liabilities - operating cash flows $ 16 Supplemental non-cash information ROU assets obtained in exchange for operating lease obligations $ 23

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
Related Party Transactions (Tables)	Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions Included in Consolidated Statements of Income	The tables below show the financial statement line items and amounts included in our Consolidated Statements of Income and in our Consolidated Balance Sheets under various related party agreements or relationships: Three months ended Nine months ended December 31, December 31, 2020 2019 2020 2019 Net financing revenues: Manufacturer's subvention and other revenues $ 503 $ 526 $ 1,504 $ 1,546 Depreciation on operating leases $ (33 ) $ (16 ) $ (82 ) $ (39 ) Interest expense: Credit support fees, interest and other expenses $ 26 $ 24 $ 93 $ 72 Insurance earned premiums and contract revenues: Insurance premiums and contract revenues $ 43 $ 46 $ 130 $ 136 Investment and other income, net: Interest and other income $ 3 $ 7 $ 16 $ 19 Expenses: Operating and administrative expenses $ 20 $ 29 $ 63 $ 65
Related Party Transactions Included in Consolidated Balance Sheets	The tables below show the financial statement line items and amounts included in our Consolidated Statements of Income and in our Consolidated Balance Sheets under various related party agreements or relationships: December 31, March 31, 2020 2020 Assets: Cash and cash equivalents Commercial paper $ 30 $ 276 Investments in marketable securities Commercial paper $ 200 $ 601 Finance receivables, net Accounts receivable $ 156 $ 112 Deferred retail subvention income $ (1,196 ) $ (1,065 ) Investments in operating leases, net Investments in operating leases, net $ (221 ) $ (100 ) Deferred lease subvention income $ (1,603 ) $ (1,941 ) Other assets Notes receivable $ 969 $ 1,175 Other receivables, net $ 84 $ 97 Liabilities: Other liabilities Unearned affiliate insurance premiums and contract revenues $ 349 $ 344 Other payables, net $ 168 $ 220 Notes payable $ 15 $ 3,032

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables summarize our financial assets and financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy except for certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and are excluded from the leveling information provided in the tables below. Fair value amounts presented below are intended to permit reconciliation of the fair value hierarchy to the amounts presented in our Consolidated Balance Sheets. December 31, 2020 Counterparty netting & Fair Level 1 Level 2 Level 3 collateral value Investments in marketable securities: Available-for-sale debt securities: U.S. government and agency obligations $ 228 $ 2 $ - $ - $ 230 Municipal debt securities - 10 - - 10 Commercial paper - 200 - - 200 Corporate debt securities - 177 - - 177 Mortgage-backed securities: U.S. government agency - 37 - - 37 Non-agency residential - - 1 - 1 Non-agency commercial - - 47 - 47 Asset-backed securities - - 55 - 55 Available-for-sale debt securities total 228 426 103 - 757 Equity investments: Fixed income mutual funds: Fixed income mutual funds measured at net asset value 794 Total return bond funds 2,306 - - - 2,306 Equity mutual funds 739 - - - 739 Equity investments total 3,045 - - - 3,839 Investments in marketable securities total 3,273 426 103 - 4,596 Derivative assets: Interest rate swaps - 1,285 - - 1,285 Foreign currency swaps - 745 - - 745 Counterparty netting and collateral - - - (1,970 ) (1,970 ) Derivative assets total - 2,030 - (1,970 ) 60 Assets at fair value 3,273 2,456 103 (1,970 ) 4,656 Derivative liabilities: Interest rate swaps - (1,361 ) - - (1,361 ) Foreign currency swaps - (109 ) - - (109 ) Counterparty netting and collateral - - - 1,446 1,446 Liabilities at fair value - (1,470 ) - 1,446 (24 ) Net assets at fair value $ 3,273 $ 986 $ 103 $ (524 ) $ 4,632 March 31, 2020 Counterparty netting & Fair Level 1 Level 2 Level 3 collateral value Investments in marketable securities: Available-for-sale debt securities: U.S. government and agency obligations $ 174 $ 2 $ - $ - $ 176 Municipal debt securities - 11 - - 11 Certificates of deposit - 249 - - 249 Commercial paper - 601 - - 601 Corporate debt securities - 197 - - 197 Mortgage-backed securities: U.S. government agency - 49 - - 49 Non-agency residential - - 1 - 1 Non-agency commercial - - 45 - 45 Asset-backed securities - - 72 - 72 Available-for-sale debt securities total 174 1,109 118 - 1,401 Equity investments: Fixed income mutual funds: Fixed income mutual funds measured at net asset value 746 Total return bond funds 1,673 - - - 1,673 Equity investments total 1,673 - - - 2,419 Investments in marketable securities total 1,847 1,109 118 - 3,820 Derivative assets: Interest rate swaps - 1,410 - - 1,410 Foreign currency swaps - 27 - - 27 Counterparty netting and collateral - - - (1,386 ) (1,386 ) Derivative assets total - 1,437 - (1,386 ) 51 Assets at fair value 1,847 2,546 118 (1,386 ) 3,871 Derivative liabilities: Interest rate swaps - (1,826 ) - - (1,826 ) Foreign currency swaps - (1,290 ) - - (1,290 ) Counterparty netting and collateral - - - 3,071 3,071 Liabilities at fair value - (3,116 ) - 3,071 (45 ) Net assets at fair value $ 1,847 $ (570 ) $ 118 $ 1,685 $ 3,826
Assets and Liabilities Measured on Recurring Basis Using Significant Unobservable Inputs	The following tables summarize the rollforward of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs: Three months ended December 31, 2020 Available-for-sale debt securities Total Mortgage- Asset- available- backed backed for-sale debt securities securities securities Fair value, October 1, 2020 $ 47 $ 58 $ 105 Total gains (losses) Included in other comprehensive income 1 - 1 Purchases, issuances, sales, and settlements Purchases - - - Issuances - - - Sales - - - Settlements - (3 ) (3 ) Transfers into Level 3 - - - Transfers out of Level 3 - - - Fair value, December 31, 2020 $ 48 $ 55 $ 103 The amount of total unrealized gains (losses) included in other comprehensive income attributable to assets held at the reporting date $ 1 $ 1 $ 2 Three months ended December 31, 2019 Available-for-sale debt securities Total Mortgage- Asset- available- backed backed for-sale debt securities securities securities Fair value, October 1, 2019 $ 46 $ 81 $ 127 Total gains (losses) Included in other comprehensive income (1 ) - (1 ) Purchases, issuances, sales, and settlements Purchases 6 4 10 Issuances - - - Sales - - - Settlements (1 ) (4 ) (5 ) Transfers into Level 3 - - - Transfers out of Level 3 - - - Fair value, December 31, 2019 $ 50 $ 81 $ 131 Note 12 – Fair Value Measurements (Continued) Nine months ended December 31, 2020 Available-for-sale debt securities Total Mortgage- Asset- available- backed backed for-sale debt securities securities securities Fair value, April 1, 2020 $ 46 $ 72 $ 118 Total gains (losses) Included in other comprehensive income 2 7 9 Purchases, issuances, sales, and settlements Purchases - 2 2 Issuances - - - Sales - (10 ) (10 ) Settlements - (16 ) (16 ) Transfers into Level 3 - - - Transfers out of Level 3 - - - Fair value, December 31, 2020 $ 48 $ 55 $ 103 The amount of total unrealized gains (losses) included in other comprehensive income attributable to assets held at the reporting date $ 2 $ 7 $ 9 Nine months ended December 31, 2019 Available-for-sale debt securities Total Mortgage- Asset- available- backed backed for-sale debt securities securities securities Fair value, April 1, 2019 $ 40 $ 53 $ 93 Total gains (losses) Included in other comprehensive income - 1 1 Purchases, issuances, sales, and settlements Purchases 11 38 49 Issuances - - - Sales - - - Settlements (1 ) (11 ) (12 ) Transfers into Level 3 - - - Transfers out of Level 3 - - - Fair value, December 31, 2019 $ 50 $ 81 $ 131
Financial Assets and Liabilities Not Carried at Fair Value on Recurring Basis on Consolidated Balance Sheets	The following tables provide information about assets and liabilities not carried at fair value on a recurring basis on our Consolidated Balance Sheets: December 31, 2020 Carrying Total Fair value Level 1 Level 2 Level 3 value Financial assets Finance receivables Retail loan $ 63,859 $ - $ - $ 67,499 $ 67,499 Wholesale 7,420 - - 7,444 7,444 Real estate 5,131 - - 5,218 5,218 Working capital 2,427 - - 2,356 2,356 Financial liabilities Unsecured notes and loans payable $ 87,252 $ - $ 88,752 $ 555 $ 89,307 Secured notes and loans payable 21,720 - - 22,054 22,054 March 31, 2020 Carrying Total Fair value Level 1 Level 2 Level 3 value Financial assets Finance receivables, net Retail loan $ 56,360 $ - $ - $ 57,303 $ 57,303 Wholesale 9,672 - - 9,637 9,637 Real estate 4,544 - - 4,140 4,140 Working capital 3,308 - - 2,811 2,811 Financial liabilities Unsecured notes and loans payable $ 83,172 $ - $ 82,429 $ 560 $ 82,989 Secured notes and loans payable 14,568 - - 14,608 14,608

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
Segment Information (Tables)	Dec. 31, 2020
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Financial information for our reportable operating segments is summarized as follows: Three months ended December 31, 2020 Finance Insurance Intercompany operations operations eliminations Total Total financing revenues $ 2,974 $ - $ - $ 2,974 Depreciation on operating leases 1,450 - - 1,450 Interest expense 491 - - 491 Net financing revenues 1,033 - - 1,033 Insurance earned premiums and contract revenues - 241 - 241 Investment and other income, net 21 158 - 179 Net financing and other revenues 1,054 399 - 1,453 Expenses: Provision for credit losses 118 - - 118 Operating and administrative expenses 268 86 - 354 Insurance losses and loss adjustment expenses - 98 - 98 Total expenses 386 184 - 570 Income before income taxes 668 215 - 883 Provision for income taxes 163 52 - 215 Net income $ 505 $ 163 $ - $ 668 Nine months ended December 31, 2020 Finance Insurance Intercompany operations operations eliminations Total Total financing revenues $ 8,821 $ - $ - $ 8,821 Depreciation on operating leases 4,484 - - 4,484 Interest expense 1,534 - - 1,534 Net financing revenues 2,803 - - 2,803 Insurance earned premiums and contract revenues - 714 - 714 Investment and other income, net 76 369 - 445 Net financing and other revenues 2,879 1,083 - 3,962 Expenses: Provision for credit losses 366 - - 366 Operating and administrative expenses 818 270 - 1,088 Insurance losses and loss adjustment expenses - 265 - 265 Total expenses 1,184 535 - 1,719 Income before income taxes 1,695 548 - 2,243 Provision for income taxes 414 132 - 546 Net income $ 1,281 $ 416 $ - $ 1,697 Total assets at December 31, 2020 $ 128,442 $ 6,176 $ (127 ) $ 134,491 Note 13 – Segment Information (Continued) Three months ended December 31, 2019 Finance Insurance Intercompany operations operations eliminations Total Total financing revenues $ 3,044 $ - $ - $ 3,044 Depreciation on operating leases 1,712 - - 1,712 Interest expense 759 - (4 ) 755 Net financing revenues 573 - 4 577 Insurance earned premiums and contract revenues - 231 - 231 Investment and other income, net 42 19 (4 ) 57 Net financing and other revenues 615 250 - 865 Expenses: Provision for credit losses 128 - - 128 Operating and administrative expenses 318 88 - 406 Insurance losses and loss adjustment expenses - 116 - 116 Total expenses 446 204 - 650 Income before income taxes 169 46 - 215 Provision for income taxes 23 11 - 34 Net income $ 146 $ 35 $ - $ 181 Nine months ended December 31, 2019 Finance Insurance Intercompany operations operations eliminations Total Total financing revenues $ 9,025 $ - $ - $ 9,025 Depreciation on operating leases 4,920 - - 4,920 Interest expense 2,081 - (16 ) 2,065 Net financing revenues 2,024 - 16 2,040 Insurance earned premiums and contract revenues - 692 - 692 Investment and other income, net 117 171 (16 ) 272 Net financing and other revenues 2,141 863 - 3,004 Expenses: Provision for credit losses 264 - - 264 Operating and administrative expenses 832 269 - 1,101 Insurance losses and loss adjustment expenses - 344 - 344 Total expenses 1,096 613 - 1,709 Income before income taxes 1,045 250 - 1,295 Provision for income taxes 235 61 - 296 Net income $ 810 $ 189 $ - $ 999 Total assets at December 31, 2019 $ 118,228 $ 5,491 $ (1,112 ) $ 122,607

Interim Financial Data - Additi

Interim Financial Data - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2020	Apr. 01, 2020	Mar. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Retained earnings	$ 15,050		$ 13,571
Allowance for credit losses	$ 1,162		$ 727
ASU 2016-13 [Member]
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adoption date	Apr. 1, 2020
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, immaterial effect [true false]	false
ASU 2018-13 [Member]
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adoption date	Apr. 1, 2020
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, immaterial effect [true false]	true
ASU 2018-15 [Member]
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adoption date	Apr. 1, 2020
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, immaterial effect [true false]	true
ASU 2019-04 [Member]
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adoption date	Apr. 1, 2020
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, immaterial effect [true false]	true
ASU 2018-17 [Member]
Summary Of Significant Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adoption date	Apr. 1, 2020
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, immaterial effect [true false]	true
Cumulative Effect Period of Adoption Adjustment [Member] \| ASU 2016-13 [Member]
Summary Of Significant Accounting Policies [Line Items]
Retained earnings		$ 218
Allowance for credit losses		292
Accrued interest		$ 190

Investments in Marketable Sec_3

Investments in Marketable Securities - Summary of Investments in Marketable Securities (Details) - USD ($) $ in Millions	Dec. 31, 2020	Mar. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	$ 724	$ 1,381
Available-for-sale debt securities, Unrealized gains	37	30
Available-for-sale debt securities, Unrealized losses	(4)	(10)
Available-for-sale debt securities, Fair value	757	1,401
Equity investments, Fair value	3,839	2,419
Investments in marketable securities total	4,596	3,820
U.S. government and agency obligations [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	223	160
Available-for-sale debt securities, Unrealized gains	9	16
Available-for-sale debt securities, Unrealized losses	(2)	0
Available-for-sale debt securities, Fair value	230	176
Municipal debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	8	9
Available-for-sale debt securities, Unrealized gains	2	2
Available-for-sale debt securities, Unrealized losses	0	0
Available-for-sale debt securities, Fair value	10	11
Certificates of deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost		250
Available-for-sale debt securities, Unrealized gains		0
Available-for-sale debt securities, Unrealized losses		(1)
Available-for-sale debt securities, Fair value		249
Commercial paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	200	604
Available-for-sale debt securities, Unrealized gains	0	0
Available-for-sale debt securities, Unrealized losses	0	(3)
Available-for-sale debt securities, Fair value	200	601
Corporate debt securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	159	188
Available-for-sale debt securities, Unrealized gains	18	10
Available-for-sale debt securities, Unrealized losses	0	(1)
Available-for-sale debt securities, Fair value	177	197
U.S. government agency mortgage-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	35	47
Available-for-sale debt securities, Unrealized gains	2	2
Available-for-sale debt securities, Unrealized losses	0	0
Available-for-sale debt securities, Fair value	37	49
Non-agency residential mortgage-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	1	1
Available-for-sale debt securities, Unrealized gains	0	0
Available-for-sale debt securities, Unrealized losses	0	0
Available-for-sale debt securities, Fair value	1	1
Non-agency commercial mortgage-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	47	47
Available-for-sale debt securities, Unrealized gains	2	0
Available-for-sale debt securities, Unrealized losses	(2)	(2)
Available-for-sale debt securities, Fair value	47	45
Asset-backed securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale debt securities, Amortized cost	51	75
Available-for-sale debt securities, Unrealized gains	4	0
Available-for-sale debt securities, Unrealized losses	0	(3)
Available-for-sale debt securities, Fair value	$ 55	$ 72

Investments in Marketable Sec_4

Investments in Marketable Securities - Additional Information (Details)	9 Months Ended
	Dec. 31, 2020USD ($)
Marketable Securities [Abstract]
Private placement share redemption percentage	1.00%
Private placement share redemption amount	$ 250,000
Share redemption period	90 days

Investments in Marketable Sec_5

Investments in Marketable Securities - Schedule of Gains and Losses on Investments in Marketable Securities Presented in Our Consolidated Statement of Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Available-for-sale debt securities:
Realized gains	$ 2	$ 2	$ 19	$ 3
Equity investments:
Unrealized gains (losses) recognized	49	(38)	188	48
Realized gains on sales	$ 3	$ 0	$ 15	$ 3

Investments in Marketable Sec_6

Investments in Marketable Securities - Summary of Contractual Maturity of Available-for-Sale Debt Securities (Details) - USD ($) $ in Millions		Dec. 31, 2020	Mar. 31, 2020
Available-for-sale debt securities, Amortized Cost
Due within 1 Year, Amortized Cost		$ 236
Due after 1 Year through 5 Years, Amortized Cost		133
Due after 5 Years through 10 Years, Amortized Cost		141
Due after 10 Years, Amortized Cost		80
Mortgage-backed and asset-backed securities, Amortized Cost	[1]	134
Available-for-sale debt securities, Amortized cost		$ 724	$ 1,381
Debt Securities, Available-for-sale, Maturity Allocation [Extensible List]		us-gaap:DebtSecuritiesMaturityAllocationContractualMaturityMember
Available-for-sale debt securities, Fair Value
Due within 1 Year, Fair Value		$ 237
Due after 1 Year through 5 Years, Fair Value		142
Due after 5 Years through 10 Years, Fair Value		151
Due after 10 Years, Fair Value		87
Mortgage-backed and asset-backed securities, Fair Value	[1]	140
Total, Fair Value		$ 757	$ 1,401
Debt Securities, Available-for-sale, Maturity Allocation [Extensible List]		us-gaap:DebtSecuritiesMaturityAllocationContractualMaturityMember

[1]	Mortgage-backed and asset-backed securities are shown separately from other maturity groupings as these securities have multiple maturity dates.

Finance Receivables, Net - Addi

Finance Receivables, Net - Additional Information (Details) $ in Millions	Dec. 31, 2020USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable accrued interest before allowance for credit loss	$ 196
Retail Loan [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable accrued interest before allowance for credit loss	166
Dealer Products [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing receivable accrued interest before allowance for credit loss	$ 30

Finance Receivables, Net - Net

Finance Receivables, Net - Net Financing Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2020	Mar. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	$ 79,962	$ 74,961
Allowance for credit losses	(1,162)	(727)
Finance receivables, net	78,800	73,996
Finance Receivables, Net [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	80,314	74,961
Deferred origination costs	1,083	890
Deferred income	(1,435)	(1,128)
Allowance for credit losses	(1,162)	(727)
Finance receivables, net	78,800	73,996
Finance Receivables, Net [Member] \| Retail receivables [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	65,102	57,088
Finance Receivables, Net [Member] \| Dealer financing [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	15,212	17,873
Allowance for credit losses	(110)	(241)
Finance Receivables, Net [Member] \| Retail and securitized retail receivables [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for credit losses	$ (1,052)	$ (486)

Finance Receivables, Net - Ne_2

Finance Receivables, Net - Net Financing Receivables (Parenthetical) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Mar. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	$ 79,962	$ 74,961
Finance Receivables, Net [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	80,314	74,961
Finance Receivables, Net [Member] \| Securitized retail receivables [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gross finance receivables	$ 19,600	$ 12,700

Finance Receivables, Net - Sche

Finance Receivables, Net - Schedule of Amortized Cost Basis of Retail Loan Portfolio and Dealer Products Portfolio by Credit Quality Indicator (Details) $ in Millions	Dec. 31, 2020USD ($)
Financing Receivable, Recorded Investment [Line Items]
2021	$ 2,037
2020	774
2019	828
2018	466
2017	503
2016 and Prior	1,992
Revolving loans	8,612
Total	15,212
Retail Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	25,086
2020	18,066
2019	10,413
2018	7,144
2017	3,225
2016 and Prior	816
Total	64,750
Current [Member] \| Retail Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	24,905
2020	17,763
2019	10,165
2018	6,963
2017	3,117
2016 and Prior	744
Total	63,657
30-59 Days Past Due [Member] \| Retail Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	137
2020	215
2019	177
2018	132
2017	78
2016 and Prior	50
Total	789
60-89 Days Past Due [Member] \| Retail Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	32
2020	62
2019	52
2018	36
2017	22
2016 and Prior	15
Total	219
90 Days or Greater Past Due [Member] \| Retail Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	12
2020	26
2019	19
2018	13
2017	8
2016 and Prior	7
Total	85
Wholesale [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	0
2020	0
2019	0
2018	0
2017	0
2016 and Prior	0
Revolving loans	7,457
Total	7,457
Wholesale [Member] \| Performing [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	0
2020	0
2019	0
2018	0
2017	0
2016 and Prior	0
Revolving loans	7,133
Total	7,133
Wholesale [Member] \| Credit Watch [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	0
2020	0
2019	0
2018	0
2017	0
2016 and Prior	0
Revolving loans	275
Total	275
Wholesale [Member] \| At Risk [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	0
2020	0
2019	0
2018	0
2017	0
2016 and Prior	0
Revolving loans	34
Total	34
Wholesale [Member] \| Default [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	0
2020	0
2019	0
2018	0
2017	0
2016 and Prior	0
Revolving loans	15
Total	15
Real estate [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	1,619
2020	404
2019	608
2018	419
2017	381
2016 and Prior	1,776
Revolving loans	0
Total	5,207
Real estate [Member] \| Performing [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	1,571
2020	355
2019	601
2018	386
2017	358
2016 and Prior	1,652
Revolving loans	0
Total	4,923
Real estate [Member] \| Credit Watch [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	34
2020	49
2019	7
2018	20
2017	9
2016 and Prior	107
Revolving loans	0
Total	226
Real estate [Member] \| At Risk [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	14
2020	0
2019	0
2018	0
2017	5
2016 and Prior	17
Revolving loans	0
Total	36
Real estate [Member] \| Default [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	0
2020	0
2019	0
2018	13
2017	9
2016 and Prior	0
Revolving loans	0
Total	22
Working capital [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	418
2020	370
2019	220
2018	47
2017	122
2016 and Prior	216
Revolving loans	1,155
Total	2,548
Working capital [Member] \| Performing [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	412
2020	346
2019	206
2018	47
2017	114
2016 and Prior	197
Revolving loans	1,154
Total	2,476
Working capital [Member] \| Credit Watch [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	6
2020	24
2019	14
2018	0
2017	0
2016 and Prior	19
Revolving loans	1
Total	64
Working capital [Member] \| At Risk [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	0
2020	0
2019	0
2018	0
2017	8
2016 and Prior	0
Revolving loans	0
Total	8
Working capital [Member] \| Default [Member]
Financing Receivable, Recorded Investment [Line Items]
2021	0
2020	0
2019	0
2018	0
2017	0
2016 and Prior	0
Revolving loans	0
Total	$ 0

Finance Receivables, Net - Sc_2

Finance Receivables, Net - Schedule of Retail Loan Portfolio and Dealer Products Portfolio by Credit Quality Indicator (Details) - USD ($) $ in Millions	Dec. 31, 2020	Mar. 31, 2020
Financing Receivable, Recorded Investment [Line Items]
Current	$ 78,869	$ 73,936
Financing receivables, past due	1,093	1,025
Total Finance receivables	79,962	74,961
Retail Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Current	63,657	56,064
Financing receivables, past due	1,093	1,024
Total Finance receivables	64,750	57,088
Wholesale [Member]
Financing Receivable, Recorded Investment [Line Items]
Current	7,457	9,826
Financing receivables, past due	0	0
Total Finance receivables	7,457	9,826
Wholesale [Member] \| Performing [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		8,750
Wholesale [Member] \| Credit Watch [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		962
Wholesale [Member] \| At Risk [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		92
Wholesale [Member] \| Default [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		22
Real estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Current	5,207	4,627
Financing receivables, past due	0	1
Total Finance receivables	5,207	4,628
Real estate [Member] \| Performing [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		3,974
Real estate [Member] \| Credit Watch [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		576
Real estate [Member] \| At Risk [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		55
Real estate [Member] \| Default [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		23
Working capital [Member]
Financing Receivable, Recorded Investment [Line Items]
Current	2,548	3,419
Financing receivables, past due	0	0
Total Finance receivables	2,548	3,419
Working capital [Member] \| Performing [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		3,132
Working capital [Member] \| Credit Watch [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		195
Working capital [Member] \| At Risk [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		92
Working capital [Member] \| Default [Member]
Financing Receivable, Recorded Investment [Line Items]
Total Finance receivables		0
30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing receivables, past due	789	717
30-59 Days Past Due [Member] \| Retail Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing receivables, past due	789	717
30-59 Days Past Due [Member] \| Wholesale [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing receivables, past due	0	0
30-59 Days Past Due [Member] \| Real estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing receivables, past due	0	0
30-59 Days Past Due [Member] \| Working capital [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing receivables, past due	0	0
60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing receivables, past due	219	203
60-89 Days Past Due [Member] \| Retail Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing receivables, past due	219	203
60-89 Days Past Due [Member] \| Wholesale [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing receivables, past due	0	0
60-89 Days Past Due [Member] \| Real estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing receivables, past due	0	0
60-89 Days Past Due [Member] \| Working capital [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing receivables, past due	0	0
90 Days or Greater Past Due [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing receivables, past due	85	105
90 Days or Greater Past Due [Member] \| Retail Loan [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing receivables, past due	85	104
90 Days or Greater Past Due [Member] \| Wholesale [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing receivables, past due	0	0
90 Days or Greater Past Due [Member] \| Real estate [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing receivables, past due	0	1
90 Days or Greater Past Due [Member] \| Working capital [Member]
Financing Receivable, Recorded Investment [Line Items]
Financing receivables, past due	$ 0	$ 0

Finance Receivables, Net - Agin

Finance Receivables, Net - Aging of Amortized Cost Basis of Finance Receivables by Class (Details) - USD ($) $ in Millions	Dec. 31, 2020	Mar. 31, 2020
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	$ 1,093	$ 1,025
Current	78,869	73,936
Total Finance receivables	79,962	74,961
90 Days or greater past due and accruing	65	66
30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	789	717
60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	219	203
90 Days or Greater Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	85	105
Retail Loan [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	1,093	1,024
Current	63,657	56,064
Total Finance receivables	64,750	57,088
90 Days or greater past due and accruing	65	66
Retail Loan [Member] \| 30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	789	717
Retail Loan [Member] \| 60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	219	203
Retail Loan [Member] \| 90 Days or Greater Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	85	104
Wholesale [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Current	7,457	9,826
Total Finance receivables	7,457	9,826
90 Days or greater past due and accruing	0	0
Wholesale [Member] \| 30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Wholesale [Member] \| 60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Wholesale [Member] \| 90 Days or Greater Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Real estate [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	1
Current	5,207	4,627
Total Finance receivables	5,207	4,628
90 Days or greater past due and accruing	0	0
Real estate [Member] \| 30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Real estate [Member] \| 60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Real estate [Member] \| 90 Days or Greater Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	1
Working capital [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Current	2,548	3,419
Total Finance receivables	2,548	3,419
90 Days or greater past due and accruing	0	0
Working capital [Member] \| 30-59 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Working capital [Member] \| 60-89 Days Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	0	0
Working capital [Member] \| 90 Days or Greater Past Due [Member]
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total Past Due	$ 0	$ 0

Investments in Operating Leas_3

Investments in Operating Leases, Net - Additional Information (Details) - USD ($) $ in Millions	Apr. 01, 2020	Dec. 31, 2020
Property Subject To Or Available For Operating Lease [Line Items]
Operating lease, existence of option to extend		true
Operating lease, option to extend		Generally, lessees have the ability to extend their lease term in six month increments up to a total of 12 months from the original lease maturity date.
ASU 2016-13
Property Subject To Or Available For Operating Lease [Line Items]
Increased in accumulated depreciation	$ 90
Decreased in allowance for credit loss	$ (90)

Investments in Operating Leas_4

Investments in Operating Leases, Net - Investments in Operating Leases, Net (Details) - USD ($) $ in Millions		Dec. 31, 2020	Mar. 31, 2020
Property Subject To Or Available For Operating Lease [Line Items]
Investments in operating leases, net		$ 36,294	$ 36,387
Investments in operating leases [Member]
Property Subject To Or Available For Operating Lease [Line Items]
Investments in operating leases	[1]	47,858	48,638
Investments In Operating Leases, Net [Member]
Property Subject To Or Available For Operating Lease [Line Items]
Deferred origination (fees) and costs, net		(135)	(223)
Deferred income		(1,787)	(1,962)
Accumulated depreciation		(9,642)	(9,976)
Allowance for credit losses		$ 0	$ (90)

[1]	Includes securitized investments in operating leases of $8.8 billion and $7.9 billion as of December 31, 2020 and March 31, 2020, respectively

Investments in Operating Leas_5

Investments in Operating Leases, Net - Investments in Operating Leases, Net (Parenthetical) (Details) - USD ($) $ in Billions	Dec. 31, 2020	Mar. 31, 2020
Securitized investments in operating leases [Member]
Property Subject To Or Available For Operating Lease [Line Items]
Investments in operating leases	$ 8.8	$ 7.9

Allowance for Credit Losses - A

Allowance for Credit Losses - Allowance for Credit Losses and Finance Receivables by Portfolio Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Financing Receivable Allowance For Credit Losses [Line Items]
Provision for credit losses			$ 366	$ 264
Finance Receivables, Net [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Allowance for credit losses at beginning of period	$ 1,174	$ 505	727	499
Charge-offs	(113)	(117)	(228)	(269)
Recoveries	20	12	42	39
Provision for credit losses	118	123	366	254
Allowance for credit losses at end of period	1,199	523	1,199	523
Finance Receivables, Net [Member] \| ASU 2016-13 [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Adoption of ASU 2016-13 1			292
Finance Receivables, Net [Member] \| Retail Loan [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Allowance for credit losses at beginning of period	1,020	317	486	304
Charge-offs	(113)	(117)	(228)	(269)
Recoveries	12	12	33	39
Provision for credit losses	133	116	480	254
Allowance for credit losses at end of period	1,052	328	1,052	328
Finance Receivables, Net [Member] \| Retail Loan [Member] \| ASU 2016-13 [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Adoption of ASU 2016-13 1			281
Finance Receivables, Net [Member] \| Dealer Products [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Allowance for credit losses at beginning of period	154	188	241	195
Charge-offs	0	0	0	0
Recoveries	8	0	9	0
Provision for credit losses	(15)	7	(114)	0
Allowance for credit losses at end of period	$ 147	$ 195	147	$ 195
Finance Receivables, Net [Member] \| Dealer Products [Member] \| ASU 2016-13 [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Adoption of ASU 2016-13 1			$ 11

Allowance for Credit Losses -_2

Allowance for Credit Losses - Allowance for Credit Losses and Finance Receivables by Portfolio Segment (Parenthetical) (Details) $ in Millions	Dec. 31, 2020USD ($)
Finance Receivables, Net [Member] \| Dealer Products [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Allowance for credit losses related to off-balance sheet commitments	$ 37

Allowance for Credit Losses -_3

Allowance for Credit Losses - Additional Information (Details) - USD ($) $ in Millions	Apr. 01, 2020	Dec. 31, 2020	Dec. 31, 2019
ASU 2016-13 [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Increase in provision for credit losses	$ (90)
Finance Receivables, Net [Member] \| Retail Loan [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Increase in provision for credit losses		$ 472
Finance Receivables, Net [Member] \| Retail Loan [Member] \| ASU 2016-13 [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Increase in provision for credit losses		292
Finance Receivables, Net [Member] \| Retail Loan [Member] \| COVID-19 [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Increase in provision for expected credit losses		180
Finance Receivables, Net [Member] \| TMNA [Member] \| Financial Guarantee [Member] \| Dealer Products [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Ending Balance: collectively evaluated for impairment		1,025	$ 1,024
Finance Receivables, Net [Member] \| Private Toyota Distributors [Member] \| Financial Guarantee [Member] \| Dealer Products [Member]
Financing Receivable Allowance For Credit Losses [Line Items]
Ending Balance: collectively evaluated for impairment		$ 164	$ 137

Derivatives, Hedging Activiti_3

Derivatives, Hedging Activities and Interest Expense - Derivative Activity Impact on Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2020	Mar. 31, 2020
Other assets [Member]
Derivatives Fair Value [Line Items]
Notional	$ 48,979	$ 30,850
Fair value	2,030	1,437
Counterparty netting	(794)	(966)
Collateral held	(1,176)	(420)
Other assets [Member] \| Interest rate swaps [Member]
Derivatives Fair Value [Line Items]
Notional	38,555	30,362
Fair value	1,285	1,410
Other assets [Member] \| Foreign currency swaps [Member]
Derivatives Fair Value [Line Items]
Notional	10,424	488
Fair value	745	27
Other liabilities [Member]
Derivatives Fair Value [Line Items]
Notional	58,568	82,260
Fair value	1,470	3,116
Counterparty netting	(794)	(966)
Collateral posted	(652)	(2,105)
Other liabilities [Member] \| Interest rate swaps [Member]
Derivatives Fair Value [Line Items]
Notional	56,256	69,079
Fair value	1,361	1,826
Other liabilities [Member] \| Foreign currency swaps [Member]
Derivatives Fair Value [Line Items]
Notional	2,312	13,181
Fair value	109	1,290
Carrying value [Member] \| Other assets [Member]
Derivatives Fair Value [Line Items]
Carrying value of derivative contracts – Other assets	60	51
Carrying value [Member] \| Other liabilities [Member]
Derivatives Fair Value [Line Items]
Carrying value of derivative contracts – Other liabilities	$ 24	$ 45

Derivatives, Hedging Activiti_4

Derivatives, Hedging Activities and Interest Expense - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2020	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Collateral held in excess of the fair value of derivative assets	$ 12	$ 10
Collateral posted in excess of the fair value of derivative liabilities	$ 1	$ 1

Derivatives, Hedging Activiti_5

Derivatives, Hedging Activities and Interest Expense - Components of Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments Gain Loss [Line Items]
Interest expense on debt	$ 460	$ 620	$ 1,531	$ 1,914
Interest expense on derivatives	103	51	334	100
Interest expense on debt and derivatives	563	671	1,865	2,014
Losses (gains) on debt denominated in foreign currencies	655	452	1,703	(8)
Gains on foreign currency swaps	(658)	(385)	(1,754)	(19)
Total interest expense	491	755	1,534	2,065
Interest Expense
Derivative Instruments Gain Loss [Line Items]
(Gains) losses on U.S. dollar interest rate swaps	$ (69)	$ 17	$ (280)	$ 78

Debt and Credit Facilities - De

Debt and Credit Facilities - Debt and Related Weighted Average Contractual Interest Rates (Details) - USD ($) $ in Millions	Dec. 31, 2020	Mar. 31, 2020
Debt Instrument [Line Items]
Debt, Face value	$ 109,263	$ 98,074
Debt, Carrying value	$ 108,972	$ 97,740
Weighted average contractual interest rates	1.45%	2.08%
Unsecured notes and loans payable [Member]
Debt Instrument [Line Items]
Debt, Face value	$ 87,504	$ 83,477
Debt, Carrying value	$ 87,252	$ 83,172
Weighted average contractual interest rates	1.42%	2.07%
Secured notes and loans payable [Member]
Debt Instrument [Line Items]
Debt, Face value	$ 21,759	$ 14,597
Debt, Carrying value	$ 21,720	$ 14,568
Weighted average contractual interest rates	1.59%	2.13%

Debt and Credit Facilities - Ad

Debt and Credit Facilities - Additional Information (Details 1) - USD ($) $ in Billions	Dec. 31, 2020	Mar. 31, 2020
Debt Disclosure [Abstract]
Commercial paper outstanding	$ 19	$ 27

Debt and Credit Facilities - _2

Debt and Credit Facilities - Additional Information (Details) - USD ($)	Jul. 30, 2020	Nov. 30, 2020	Nov. 30, 2019	Dec. 31, 2020	Jul. 31, 2020	Mar. 31, 2020
364 Day Credit Agreement Expiring 2022 [Member]
Line Of Credit Facility [Line Items]
Initiation date		2020-11
Maximum borrowing capacity		$ 5,000,000,000
Credit facilities amount outstanding				$ 0		$ 0
Three Year Agreement Expiring 2023 [Member]
Line Of Credit Facility [Line Items]
Initiation date			2019-11
Maximum borrowing capacity			$ 5,000,000,000
Credit facilities amount outstanding				0		0
Five Year Agreement Expiring 2025 [Member]
Line Of Credit Facility [Line Items]
Initiation date			2019-11
Maximum borrowing capacity			$ 5,000,000,000
Credit facilities amount outstanding				0		0
Revolving Securitization Facility [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity					$ 6,500,000,000
Credit facilities amount outstanding				3,600,000,000
Total Committed Bank Credit Facilities [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity				4,400,000,000
Credit facilities amount outstanding				0		$ 0
Committed Bank Credit Facility Expiring 2021 [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity				350,000,000
Committed Bank Credit Facility Expiring 2022 [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity				1,900,000,000
Committed Bank Credit Facility Expiring 2023 [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity				1,800,000,000
Committed Bank Credit Facility Expiring 2024 [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity				300,000,000
Three Year Revolving Credit Facility Expiring 2022 [Member]
Line Of Credit Facility [Line Items]
Maximum borrowing capacity				$ 5,000,000,000
Credit facility, repayment of principal and accrued interest	$ 3,000,000,000
Credit facilities interest rate				1.86%

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Assets and Liabilities related to Variable Interest Entities Securitization Transactions (Details) - USD ($) $ in Millions	Dec. 31, 2020	Mar. 31, 2020
Variable Interest Entity [Line Items]
Restricted Cash	$ 1,446	$ 1,739
Net Securitized Assets	78,800	73,996
Other Assets	2,733	2,823
Debt	108,972	97,740
Other liabilities	5,937	7,854
Other assets [Member]
Variable Interest Entity [Line Items]
Restricted Cash	1,446	996
Net Securitized Assets	25,602	17,961
Other Assets	100	131
Other liabilities [Member]
Variable Interest Entity [Line Items]
Debt	21,720	14,568
Other liabilities	16	12
Retail Finance Receivables [Member] \| Other assets [Member]
Variable Interest Entity [Line Items]
Restricted Cash	1,116	694
Net Securitized Assets	19,334	12,375
Other Assets	44	5
Retail Finance Receivables [Member] \| Other liabilities [Member]
Variable Interest Entity [Line Items]
Debt	17,367	10,933
Other liabilities	15	10
Investments In Operating Leases, Net [Member] \| Other assets [Member]
Variable Interest Entity [Line Items]
Restricted Cash	330	302
Net Securitized Assets	6,268	5,586
Other Assets	56	126
Investments In Operating Leases, Net [Member] \| Other liabilities [Member]
Variable Interest Entity [Line Items]
Debt	4,353	3,635
Other liabilities	$ 1	$ 2

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2020	Mar. 31, 2020
Variable Interest Entities [Abstract]
Securities retained by TMCC	$ 1,284	$ 1,182

Commitments and Contingencies -

Commitments and Contingencies - Commitments and Guarantees (Details) - USD ($) $ in Millions	Dec. 31, 2020	Mar. 31, 2020
Commitments:
Credit facilities commitments with dealers	$ 2,156	$ 1,226
Commitments under operating lease agreements	147	139
Total commitments	2,303	1,365
Total commitments and guarantees	2,403	1,465
Performance Guarantee [Member] \| Putnam and Gibson Counties [Member]
Commitments:
Guarantees of affiliate pollution control and solid waste disposal bonds	$ 100	$ 100

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Commitments And Contingencies [Line Items]
Commitments under operating lease agreements	$ 130,000,000		$ 130,000,000
Lease description			Lease terms may contain renewal and extension options or early termination features. Generally, these options do not impact the lease term because TMCC is not reasonably certain that it will exercise the options. These lease agreements do not impose restrictions on our ability to pay dividends, engage in debt or equity financing transactions or enter into further lease agreements, nor do they have residual value guarantees. We exclude from our Consolidated Balance Sheets leases with a term equal to one year or less and do not separate non-lease components from our real estate leases.
Indemnification provisions	0		$ 0		$ 0
Putnam and Gibson Counties [Member] \| Performance Guarantee [Member]
Commitments And Contingencies [Line Items]
Guarantees of affiliate pollution control and solid waste disposal bonds	100,000,000		$ 100,000,000		100,000,000
TMNA [Member]
Commitments And Contingencies [Line Items]
Lease agreement expiration date			2032-08
Total operating lease expense, including payments to affiliates	8,000,000	$ 9,000,000	$ 28,000,000	$ 27,000,000
TMCC-affiliated companies [Member]
Commitments And Contingencies [Line Items]
Commitments under operating lease agreements	95,000,000		95,000,000		$ 102,000,000
TMCC-affiliated companies [Member] \| Putnam and Gibson Counties [Member] \| Performance Guarantee [Member]
Commitments And Contingencies [Line Items]
Guarantees of affiliate pollution control and solid waste disposal bonds	100,000,000		100,000,000
TMCC-affiliated companies [Member] \| Putnam and Gibson Counties [Member] \| Performance Guarantee [Member] \| 2028 [Member]
Commitments And Contingencies [Line Items]
Guarantees of affiliate pollution control and solid waste disposal bonds	20,000,000		20,000,000
TMCC-affiliated companies [Member] \| Putnam and Gibson Counties [Member] \| Performance Guarantee [Member] \| 2029 [Member]
Commitments And Contingencies [Line Items]
Guarantees of affiliate pollution control and solid waste disposal bonds	50,000,000		50,000,000
TMCC-affiliated companies [Member] \| Putnam and Gibson Counties [Member] \| Performance Guarantee [Member] \| 2030 [Member]
Commitments And Contingencies [Line Items]
Guarantees of affiliate pollution control and solid waste disposal bonds	10,000,000		10,000,000
TMCC-affiliated companies [Member] \| Putnam and Gibson Counties [Member] \| Performance Guarantee [Member] \| 2031 [Member]
Commitments And Contingencies [Line Items]
Guarantees of affiliate pollution control and solid waste disposal bonds	10,000,000		10,000,000
TMCC-affiliated companies [Member] \| Putnam and Gibson Counties [Member] \| Performance Guarantee [Member] \| 2032 [Member]
Commitments And Contingencies [Line Items]
Guarantees of affiliate pollution control and solid waste disposal bonds	$ 10,000,000		$ 10,000,000

Commitments and Contingencies_3

Commitments and Contingencies - Commitments under Operating Lease Agreements (Details) - USD ($) $ in Millions	Dec. 31, 2020	Mar. 31, 2020
Amounts due on operating lease liabilities
Remainder of fiscal year	$ 6
Year 1	26
Year 2	18
Year 3	16
Year 4	13
Year 4 after	68
Total	147	$ 139
Present value discount	(17)
Total operating lease liability	$ 130

Commitments and Contingencies_4

Commitments and Contingencies - Summary of Additional Information Related to Operating Lease Agreements (Details) $ in Millions	9 Months Ended
	Dec. 31, 2020USD ($)
Commitments And Contingencies Disclosure [Abstract]
ROU assets	$ 123
Weighted average remaining lease term (in years)	8 years 8 months 4 days
Weighted average discount rate	2.77%
Cash paid for amounts included in the measurement of lease liabilities - operating cash flows	$ 16
ROU assets obtained in exchange for operating lease obligations	$ 23

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 215	$ 34	$ 546	$ 296
Effective tax rate	24.00%	16.00%	24.00%	23.00%
Net deferred income tax liability	$ 3,600		$ 3,600		$ 5,500

Related Party Transactions - Re

Related Party Transactions - Related Party Transactions Included in Consolidated Statements of Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Net financing revenues:
Depreciation on operating leases	$ (1,450)	$ (1,712)	$ (4,484)	$ (4,920)
Insurance earned premiums and contract revenues:
Insurance premiums and contract revenues	241	231	714	692
Expenses:
Operating and administrative expenses	354	406	1,088	1,101
TMCC-affiliated companies [Member]
Net financing revenues:
Manufacturer's subvention and other revenues	503	526	1,504	1,546
Depreciation on operating leases	(33)	(16)	(82)	(39)
Interest expense:
Credit support fees, interest and other expenses	26	24	93	72
Insurance earned premiums and contract revenues:
Insurance premiums and contract revenues	43	46	130	136
Investment and other income, net:
Interest and other income	3	7	16	19
Expenses:
Operating and administrative expenses	$ 20	$ 29	$ 63	$ 65

Related Party Transactions - _2

Related Party Transactions - Related Party Transactions Included in Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2020	Mar. 31, 2020
Cash and cash equivalents
Cash and cash equivalents	$ 10,622	$ 6,790
TMCC-affiliated companies [Member]
Investments in marketable securities
Commercial paper	200	601
Finance receivables, net
Accounts receivable	156	112
Deferred retail subvention income	(1,196)	(1,065)
Investments in operating leases, net
Investments in operating leases, net	(221)	(100)
Deferred lease subvention income	(1,603)	(1,941)
Other assets
Notes receivable	969	1,175
Other receivables, net	84	97
Other liabilities
Unearned affiliate insurance premiums and contract revenues	349	344
Other payables, net	168	220
Notes payable	15	3,032
Commercial paper [Member] \| TMCC-affiliated companies [Member]
Cash and cash equivalents
Cash and cash equivalents	$ 30	$ 276

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2020	Mar. 31, 2020
Related Party Transactions [Abstract]
Subvention support receivable	$ 167	$ 113

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2020	Mar. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	$ 757	$ 1,401
Equity investments	3,839	2,419
Investments in marketable securities total	4,596	3,820
U.S. government and agency obligations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	230	176
Municipal debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	10	11
Corporate debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	177	197
U.S. government agency mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	37	49
Non-agency residential mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	1	1
Non-agency commercial mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	47	45
Asset-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	55	72
Recurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	757	1,401
Equity investments	3,839	2,419
Investments in marketable securities total	4,596	3,820
Derivative assets	60	51
Counterparty netting and collateral	(1,970)	(1,386)
Assets at fair value	4,656	3,871
Counterparty netting and collateral	1,446	3,071
Liabilities at fair value	(24)	(45)
Net assets at fair value	4,632	3,826
Recurring [Member] \| Certificates of deposit [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities		249
Recurring [Member] \| Commercial paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	200	601
Recurring [Member] \| U.S. government and agency obligations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	230	176
Recurring [Member] \| Municipal debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	10	11
Recurring [Member] \| Corporate debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	177	197
Recurring [Member] \| U.S. government agency mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	37	49
Recurring [Member] \| Non-agency residential mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	1	1
Recurring [Member] \| Non-agency commercial mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	47	45
Recurring [Member] \| Asset-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	55	72
Recurring [Member] \| Equity mutual funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	739
Recurring [Member] \| Fixed income total return bond funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	2,306	1,673
Recurring [Member] \| Counterparty Netting & Collateral [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Equity investments	0	0
Investments in marketable securities total	0	0
Derivative assets	(1,970)	(1,386)
Counterparty netting and collateral	(1,970)	(1,386)
Assets at fair value	(1,970)	(1,386)
Counterparty netting and collateral	1,446	3,071
Liabilities at fair value	1,446	3,071
Net assets at fair value	(524)	1,685
Recurring [Member] \| Counterparty Netting & Collateral [Member] \| Certificates of deposit [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities		0
Recurring [Member] \| Counterparty Netting & Collateral [Member] \| Commercial paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Counterparty Netting & Collateral [Member] \| U.S. government and agency obligations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Counterparty Netting & Collateral [Member] \| Municipal debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Counterparty Netting & Collateral [Member] \| Corporate debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Counterparty Netting & Collateral [Member] \| U.S. government agency mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Counterparty Netting & Collateral [Member] \| Non-agency residential mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Counterparty Netting & Collateral [Member] \| Non-agency commercial mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Counterparty Netting & Collateral [Member] \| Asset-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Counterparty Netting & Collateral [Member] \| Equity mutual funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	0
Recurring [Member] \| Counterparty Netting & Collateral [Member] \| Fixed income total return bond funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	0	0
Recurring [Member] \| Foreign currency swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	745	27
Derivative liabilities	(109)	(1,290)
Recurring [Member] \| Foreign currency swaps [Member] \| Counterparty Netting & Collateral [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Recurring [Member] \| Interest rate swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	1,285	1,410
Derivative liabilities	(1,361)	(1,826)
Recurring [Member] \| Interest rate swaps [Member] \| Counterparty Netting & Collateral [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Recurring [Member] \| Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	228	174
Equity investments	3,045	1,673
Investments in marketable securities total	3,273	1,847
Derivative assets	0	0
Counterparty netting and collateral	0	0
Assets at fair value	3,273	1,847
Counterparty netting and collateral	0	0
Liabilities at fair value	0	0
Net assets at fair value	3,273	1,847
Recurring [Member] \| Level 1 [Member] \| Certificates of deposit [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities		0
Recurring [Member] \| Level 1 [Member] \| Commercial paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Level 1 [Member] \| U.S. government and agency obligations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	228	174
Recurring [Member] \| Level 1 [Member] \| Municipal debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Level 1 [Member] \| Corporate debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Level 1 [Member] \| U.S. government agency mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Level 1 [Member] \| Non-agency residential mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Level 1 [Member] \| Non-agency commercial mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Level 1 [Member] \| Asset-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Level 1 [Member] \| Equity mutual funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	739
Recurring [Member] \| Level 1 [Member] \| Fixed income total return bond funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	2,306	1,673
Recurring [Member] \| Level 1 [Member] \| Foreign currency swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Recurring [Member] \| Level 1 [Member] \| Interest rate swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Recurring [Member] \| Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	426	1,109
Equity investments	0	0
Investments in marketable securities total	426	1,109
Derivative assets	2,030	1,437
Counterparty netting and collateral	0	0
Assets at fair value	2,456	2,546
Counterparty netting and collateral	0	0
Liabilities at fair value	(1,470)	(3,116)
Net assets at fair value	986	(570)
Recurring [Member] \| Level 2 [Member] \| Certificates of deposit [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities		249
Recurring [Member] \| Level 2 [Member] \| Commercial paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	200	601
Recurring [Member] \| Level 2 [Member] \| U.S. government and agency obligations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	2	2
Recurring [Member] \| Level 2 [Member] \| Municipal debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	10	11
Recurring [Member] \| Level 2 [Member] \| Corporate debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	177	197
Recurring [Member] \| Level 2 [Member] \| U.S. government agency mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	37	49
Recurring [Member] \| Level 2 [Member] \| Non-agency residential mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Level 2 [Member] \| Non-agency commercial mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Level 2 [Member] \| Asset-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Level 2 [Member] \| Equity mutual funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	0
Recurring [Member] \| Level 2 [Member] \| Fixed income total return bond funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	0	0
Recurring [Member] \| Level 2 [Member] \| Foreign currency swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	745	27
Derivative liabilities	(109)	(1,290)
Recurring [Member] \| Level 2 [Member] \| Interest rate swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	1,285	1,410
Derivative liabilities	(1,361)	(1,826)
Recurring [Member] \| Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	103	118
Equity investments	0	0
Investments in marketable securities total	103	118
Derivative assets	0	0
Counterparty netting and collateral	0	0
Assets at fair value	103	118
Counterparty netting and collateral	0	0
Liabilities at fair value	0	0
Net assets at fair value	103	118
Recurring [Member] \| Level 3 [Member] \| Certificates of deposit [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities		0
Recurring [Member] \| Level 3 [Member] \| Commercial paper [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Level 3 [Member] \| U.S. government and agency obligations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Level 3 [Member] \| Municipal debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Level 3 [Member] \| Corporate debt securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Level 3 [Member] \| U.S. government agency mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	0	0
Recurring [Member] \| Level 3 [Member] \| Non-agency residential mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	1	1
Recurring [Member] \| Level 3 [Member] \| Non-agency commercial mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	47	45
Recurring [Member] \| Level 3 [Member] \| Asset-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Available-for-sale securities, Debt securities	55	72
Recurring [Member] \| Level 3 [Member] \| Equity mutual funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	0
Recurring [Member] \| Level 3 [Member] \| Fixed income total return bond funds [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	0	0
Recurring [Member] \| Level 3 [Member] \| Foreign currency swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Recurring [Member] \| Level 3 [Member] \| Interest rate swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative assets	0	0
Derivative liabilities	0	0
Recurring [Member] \| Fixed income mutual funds measured at net asset value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	794	746
Recurring [Member] \| Fixed income mutual funds measured at net asset value [Member] \| Counterparty Netting & Collateral [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity investments	$ 0	$ 0

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis Using Significant Unobservable Inputs (Details) - Available-for-sale debt securities [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value	$ 105	$ 127	$ 118	$ 93
Total gains (losses) included in other comprehensive income	1	(1)	9	1
Purchases	0	10	2	49
Issuances	0	0	0	0
Sales	0	0	(10)	0
Settlements	(3)	(5)	(16)	(12)
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Fair value	103	131	103	131
The amount of total unrealized gains (losses) included in other comprehensive income attributable to assets held at the reporting date	2		9
Mortgage-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value	47	46	46	40
Total gains (losses) included in other comprehensive income	1	(1)	2	0
Purchases	0	6	0	11
Issuances	0	0	0	0
Sales	0	0	0	0
Settlements	0	(1)	0	(1)
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Fair value	48	50	48	50
The amount of total unrealized gains (losses) included in other comprehensive income attributable to assets held at the reporting date	1		2
Asset-backed securities [Member]
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value	58	81	72	53
Total gains (losses) included in other comprehensive income	0	0	7	1
Purchases	0	4	2	38
Issuances	0	0	0	0
Sales	0	0	(10)	0
Settlements	(3)	(4)	(16)	(11)
Transfers into Level 3	0	0	0	0
Transfers out of Level 3	0	0	0	0
Fair value	55	$ 81	55	$ 81
The amount of total unrealized gains (losses) included in other comprehensive income attributable to assets held at the reporting date	$ 1		$ 7

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Dec. 31, 2019	Dec. 31, 2020	Mar. 31, 2020	Mar. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Finance receivables from related party		$ 156	$ 109
Derivative [Member] \| Interest rate swaps [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value				$ 1
Gains included in net income	$ 18
Settlements	$ 6

Fair Value Measurements - Ass_2

Fair Value Measurements - Assets and Liabilities Not Carried at Fair Value on Recurring Basis on Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2020	Mar. 31, 2020
Carrying value [Member] \| Unsecured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	$ 87,252	$ 83,172
Carrying value [Member] \| Secured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	21,720	14,568
Fair value [Member] \| Unsecured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	89,307	82,989
Fair value [Member] \| Secured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	22,054	14,608
Fair value [Member] \| Level 1 [Member] \| Unsecured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	0	0
Fair value [Member] \| Level 1 [Member] \| Secured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	0	0
Fair value [Member] \| Level 2 [Member] \| Unsecured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	88,752	82,429
Fair value [Member] \| Level 2 [Member] \| Secured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	0	0
Fair value [Member] \| Level 3 [Member] \| Unsecured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	555	560
Fair value [Member] \| Level 3 [Member] \| Secured Notes and Loans Payable [Member]
Financial liabilities
Financial liabilities	22,054	14,608
Retail Loan [Member] \| Carrying value [Member]
Financial assets
Finance receivables, net	63,859	56,360
Retail Loan [Member] \| Fair value [Member]
Financial assets
Finance receivables, net	67,499	57,303
Retail Loan [Member] \| Fair value [Member] \| Level 1 [Member]
Financial assets
Finance receivables, net	0	0
Retail Loan [Member] \| Fair value [Member] \| Level 2 [Member]
Financial assets
Finance receivables, net	0	0
Retail Loan [Member] \| Fair value [Member] \| Level 3 [Member]
Financial assets
Finance receivables, net	67,499	57,303
Wholesale [Member] \| Carrying value [Member]
Financial assets
Finance receivables, net	7,420	9,672
Wholesale [Member] \| Fair value [Member]
Financial assets
Finance receivables, net	7,444	9,637
Wholesale [Member] \| Fair value [Member] \| Level 1 [Member]
Financial assets
Finance receivables, net	0	0
Wholesale [Member] \| Fair value [Member] \| Level 2 [Member]
Financial assets
Finance receivables, net	0	0
Wholesale [Member] \| Fair value [Member] \| Level 3 [Member]
Financial assets
Finance receivables, net	7,444	9,637
Real estate [Member] \| Carrying value [Member]
Financial assets
Finance receivables, net	5,131	4,544
Real estate [Member] \| Fair value [Member]
Financial assets
Finance receivables, net	5,218	4,140
Real estate [Member] \| Fair value [Member] \| Level 1 [Member]
Financial assets
Finance receivables, net	0	0
Real estate [Member] \| Fair value [Member] \| Level 2 [Member]
Financial assets
Finance receivables, net	0	0
Real estate [Member] \| Fair value [Member] \| Level 3 [Member]
Financial assets
Finance receivables, net	5,218	4,140
Working capital [Member] \| Carrying value [Member]
Financial assets
Finance receivables, net	2,427	3,308
Working capital [Member] \| Fair value [Member]
Financial assets
Finance receivables, net	2,356	2,811
Working capital [Member] \| Fair value [Member] \| Level 1 [Member]
Financial assets
Finance receivables, net	0	0
Working capital [Member] \| Fair value [Member] \| Level 2 [Member]
Financial assets
Finance receivables, net	0	0
Working capital [Member] \| Fair value [Member] \| Level 3 [Member]
Financial assets
Finance receivables, net	$ 2,356	$ 2,811

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020
Segment Reporting Information [Line Items]
Total financing revenues	$ 2,974	$ 3,044	$ 8,821	$ 9,025
Depreciation on operating leases	1,450	1,712	4,484	4,920
Interest expense	491	755	1,534	2,065
Net financing revenues	1,033	577	2,803	2,040
Insurance earned premiums and contract revenues	241	231	714	692
Investment and other income, net	179	57	445	272
Net financing revenues and other revenues	1,453	865	3,962	3,004
Expenses:
Provision for credit losses	118	128	366	264
Operating and administrative expenses	354	406	1,088	1,101
Insurance losses and loss adjustment expenses	98	116	265	344
Total expenses	570	650	1,719	1,709
Income before income taxes	883	215	2,243	1,295
Provision for income taxes	215	34	546	296
Net income	668	181	1,697	999
Total assets	134,491	122,607	134,491	122,607	$ 125,555
Intercompany Eliminations [Member]
Segment Reporting Information [Line Items]
Total financing revenues	0	0	0	0
Depreciation on operating leases	0	0	0	0
Interest expense	0	(4)	0	(16)
Net financing revenues	0	4	0	16
Insurance earned premiums and contract revenues	0	0	0	0
Investment and other income, net	0	(4)	0	(16)
Net financing revenues and other revenues	0	0	0	0
Expenses:
Provision for credit losses	0	0	0	0
Operating and administrative expenses	0	0	0	0
Insurance losses and loss adjustment expenses	0	0	0	0
Total expenses	0	0	0	0
Income before income taxes	0	0	0	0
Provision for income taxes	0	0	0	0
Net income	0	0	0	0
Total assets	(127)	(1,112)	(127)	(1,112)
Finance Operations [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Total financing revenues	2,974	3,044	8,821	9,025
Depreciation on operating leases	1,450	1,712	4,484	4,920
Interest expense	491	759	1,534	2,081
Net financing revenues	1,033	573	2,803	2,024
Insurance earned premiums and contract revenues	0	0	0	0
Investment and other income, net	21	42	76	117
Net financing revenues and other revenues	1,054	615	2,879	2,141
Expenses:
Provision for credit losses	118	128	366	264
Operating and administrative expenses	268	318	818	832
Insurance losses and loss adjustment expenses	0	0	0	0
Total expenses	386	446	1,184	1,096
Income before income taxes	668	169	1,695	1,045
Provision for income taxes	163	23	414	235
Net income	505	146	1,281	810
Total assets	128,442	118,228	128,442	118,228
Insurance Operations [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Total financing revenues	0	0	0	0
Depreciation on operating leases	0	0	0	0
Interest expense	0	0	0	0
Net financing revenues	0	0	0	0
Insurance earned premiums and contract revenues	241	231	714	692
Investment and other income, net	158	19	369	171
Net financing revenues and other revenues	399	250	1,083	863
Expenses:
Provision for credit losses	0	0	0	0
Operating and administrative expenses	86	88	270	269
Insurance losses and loss adjustment expenses	98	116	265	344
Total expenses	184	204	535	613
Income before income taxes	215	46	548	250
Provision for income taxes	52	11	132	61
Net income	163	35	416	189
Total assets	$ 6,176	$ 5,491	$ 6,176	$ 5,491

Segment Information - Additiona

Segment Information - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Unearned insurance premiums and contract revenues		$ 2,300		$ 2,300
Insurance earned premiums and contract revenues	$ 169	$ 216	$ 537	$ 519
Other liabilities [Member]
Segment Reporting Information [Line Items]
Unearned insurance premiums and contract revenues	$ 2,400		$ 2,400		$ 2,400	$ 2,200
Accounting Standards Update 2014-09 [Member]
Segment Reporting Information [Line Items]
Percentage of insurance earned premiums and contract revenues accounted under guidance for revenue from contracts with customers	83.00%	85.00%	83.00%	84.00%

Segment Information - Additio_2

Segment Information - Additional Information (Details1) $ in Millions	Dec. 31, 2020USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01
Segment Reporting Information [Line Items]
Revenue, remaining performance obligation, amount	$ 192
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-04-01
Segment Reporting Information [Line Items]
Revenue, remaining performance obligation, amount	$ 2,200
Revenue, remaining performance obligation, expected timing of satisfaction, period