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Related Party Transactions
 9 Months Ended
Dec. 31, 2015
Related Party Transactions [Abstract]  
Related Party Transactions

Note 14 – Related Party Transactions

As of December 31, 2015, there were no material changes to our related party agreements or relationships as described in our fiscal 2015 Form 10-K.  The tables below summarize amounts included in our Consolidated Statement of Income and in our Consolidated Balance Sheet under various related party agreements or relationships:

 

 

 

Three Months Ended

Nine Months Ended

 

 

 

December 31,

December 31,

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Net financing revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturers’ subvention support and other revenues

 

$

335

 

 

$

315

 

 

$

982

 

 

$

884

 

Origination costs paid to affiliates

 

$

-

 

 

$

-

 

 

$

(1

)

 

$

-

 

Credit support fees incurred

 

$

(24

)

 

$

(23

)

 

$

(69

)

 

$

(66

)

Interest and other expenses paid to affiliates

 

$

(1

)

 

$

(1

)

 

$

(3

)

 

$

(2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance earned premiums and contract revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate insurance premiums and contract revenues

 

$

33

 

 

$

32

 

 

$

98

 

 

$

97

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments and other income, net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest earned on notes receivable from affiliates

 

$

1

 

 

$

1

 

 

$

4

 

 

$

3

 

Gain on sale of commercial finance business

 

$

197

 

 

$

-

 

 

$

197

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shared services charges and other expenses

 

$

7

 

 

$

16

 

 

$

34

 

 

$

48

 

Employee benefits expense

 

$

8

 

 

$

5

 

 

$

24

 

 

$

18

 

Insurance losses and loss adjustment expenses

 

$

1

 

 

$

-

 

 

$

1

 

 

$

-

 

Note 14 – Related Party Transactions (Continued)

 

 

 

December 31,

 

 

March 31,

 

 

 

2015

 

 

2015

 

Assets:

 

 

 

 

 

 

 

 

Investments in marketable securities

 

 

 

 

 

 

 

 

Investments in affiliates’ commercial paper

 

$

-

 

 

$

37

 

 

 

 

 

 

 

 

 

 

Finance receivables, net

 

 

 

 

 

 

 

 

Accounts receivable from affiliates

 

$

99

 

 

$

83

 

Direct finance lease receivables from affiliates

 

$

-

 

 

$

6

 

Notes receivable under home loan programs

 

$

9

 

 

$

11

 

Deferred retail origination costs paid to affiliates

 

$

1

 

 

$

1

 

Deferred retail subvention income from affiliates

 

$

(828

)

 

$

(802

)

 

 

 

 

 

 

 

 

 

Investments in operating leases, net

 

 

 

 

 

 

 

 

Leases to affiliates

 

$

2

 

 

$

7

 

Deferred lease origination costs paid to affiliates

 

$

1

 

 

$

1

 

Deferred lease subvention income from affiliates

 

$

(1,068

)

 

$

(950

)

 

 

 

 

 

 

 

 

 

Other assets

 

 

 

 

 

 

 

 

Notes receivable from affiliates

 

$

1,126

 

 

$

1,184

 

Other receivables from affiliates

 

$

41

 

 

$

6

 

Subvention support receivable from affiliates

 

$

139

 

 

$

126

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Other liabilities

 

 

 

 

 

 

 

 

Unearned affiliate insurance premiums and contract revenues

 

$

265

 

 

$

252

 

Accounts payable to affiliates

 

$

81

 

 

$

136

 

Notes payable to affiliates

 

$

5

 

 

$

24

 

 

 

 

 

 

 

 

 

 

Shareholder’s Equity:

 

 

 

 

 

 

 

 

Stock-based compensation

 

$

2

 

 

$

2

 

   

In September 2015, TMCC entered into a promissory note with Toyota Financial Services Securities USA Corporation, an affiliate, under which TMCC can borrow up to $15 million.  As of December 31, 2015, no amounts have been borrowed on this promissory note.

On October 1, 2015, we completed the sale of our commercial finance business to TICF.  As part of this transaction, we entered into an Expense Reimbursement Agreement with TICF relating to certain expenses incurred by TMCC and a Transition Services Agreement relating to certain post-close services to be provided by TMCC to TICF.