Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2018

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables summarize our financial assets and financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy except for certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and are excluded from the leveling information provided in the tables below. Fair value amounts presented below are intended to permit reconciliation of the fair value hierarchy to the amounts presented in our Consolidated Balance Sheets.

	March 31, 2018
									Counterparty
									netting &			Fair
	Level 1		Level 2			Level 3			collateral			value
Cash equivalents:
Money market instruments	$	347	$	550		$	-		$	-		$	897
Certificates of deposit		-		2,240			-			-			2,240
Commercial paper		-		255			-			-			255
Cash equivalents total		347		3,045			-			-			3,392
Restricted cash equivalents - money market instruments		173		709			-			-			882
Available-for-sale securities:
Debt instruments:
U.S. government and agency obligations		2,774		24			-			-			2,798
Municipal debt securities		-		11			-			-			11
Certificates of deposit		-		474			-			-			474
Commercial paper		-		52			-			-			52
Corporate debt securities		15		186			-			-			201
Mortgage-backed securities:
U.S. government agency		-		39			-			-			39
Non-agency residential		-		-			2			-			2
Non-agency commercial		-		-			29			-			29
Asset-backed securities		-		-			39			-			39
Equity instruments:
Fixed income mutual funds:
Fixed income mutual funds measured at net asset value													660
Total return bond funds		1,524		-			-			-			1,524
Available-for-sale securities total		4,313		786			70			-			5,829
Derivative assets:
Interest rate swaps		-		872			-			-			872
Interest rate floors		-		1			-			-			1
Foreign currency swaps		-		485			-			-			485
Counterparty netting and collateral		-		-			-			(1,297	)		(1,297	)
Derivative assets total		-		1,358			-			(1,297	)		61
Assets at fair value		4,833		5,898			70			(1,297	)		10,164
Derivative liabilities:
Interest rate swaps		-		(607	)		(21	)		-			(628	)
Foreign currency swaps		-		(200	)		-			-			(200	)
Counterparty netting and collateral		-		-			-			822			822
Liabilities at fair value		-		(807	)		(21	)		822			(6	)
Net assets at fair value	$	4,833	$	5,091		$	49		$	(475	)	$	10,158

	March 31, 2017
									Counterparty
									netting &			Fair
	Level 1		Level 2			Level 3			collateral			value
Cash equivalents:
Money market instruments	$	287	$	1,045		$	-		$	-		$	1,332
Certificates of deposit		-		2,630			-			-			2,630
Cash equivalents total		287		3,675			-			-			3,962
Available-for-sale securities:
Debt instruments:
U.S. government and agency obligations		2,273		33			2			-			2,308
Municipal debt securities		-		11			-			-			11
Certificates of deposit		105		650			-			-			755
Corporate debt securities		211		150			8			-			369
Mortgage-backed securities:
U.S. government agency		-		45			-			-			45
Non-agency residential		-		-			2			-			2
Non-agency commercial		-		-			37			-			37
Asset-backed securities		-		-			31			-			31
Equity instruments:
Fixed income mutual funds:
Fixed income mutual funds measured at net asset value													1,740
Total return bond funds		394		-			-			-			394
Available-for-sale securities total		2,983		889			80			-			5,692
Derivative assets:
Interest rate swaps		-		474			1			-			475
Interest rate floors		-		2			-			-			2
Foreign currency swaps		-		122			-			-			122
Counterparty netting and collateral		-		-			-			(548	)		(548	)
Derivative assets total		-		598			1			(548	)		51
Assets at fair value		3,270		5,162			81			(548	)		9,705
Derivative liabilities:
Interest rate swaps		-		(271	)		(6	)		-			(277	)
Foreign currency swaps		-		(1,114	)		(62	)		-			(1,176	)
Counterparty netting and collateral		-		-			-			1,407			1,407
Liabilities at fair value		-		(1,385	)		(68	)		1,407			(46	)
Net assets at fair value	$	3,270	$	3,777		$	13		$	859		$	9,659

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:

	Year Ended March 31, 2018
																									Total net
																									assets
	Available-for-sale securities															Derivative instruments, net									(liabilities)

	U.S.												Total									Total
	government			Corporate			Mortgage-			Asset-			available-			Interest			Foreign			derivative
	and agency			debt			backed			backed			for-sale			rate			currency			assets
	obligations			securities			securities			securities			securities			swaps			swaps			(liabilities)
Fair value, April 1, 2017	$	2		$	8		$	39		$	31		$	80		$	(5	)	$	(62	)	$	(67	)	$	13
Total gains (losses)
Included in earnings		-			-			-			-			-			-			7			7			7
Included in other comprehensive income		-			-			-			-			-			-			-			-			-
Purchases, issuances, sales, and settlements
Purchases		-			-			5			30			35			-			-			-			35
Issuances		-			-			-			-			-			-			-			-			-
Sales		-			-			-			-			-			-			-			-			-
Settlements		-			(9	)		(13	)		(22	)		(44	)		(16	)		55			39			(5	)
Transfers in to Level 3		-			1			-			-			1			-			-			-			1
Transfers out of Level 3		(2	)		-			-			-			(2	)		-			-			-			(2	)
Fair value, March 31, 2018	$	-		$	-		$	31		$	39		$	70		$	(21	)	$	-		$	(21	)	$	49
The amount of total gains (losses) included in earnings attributable to assets held at the reporting date																$	-		$	-		$	-		$	-

	Year Ended March 31, 2017
																							Total net
																							assets
	Available-for-sale securities													Derivative instruments, net									(liabilities)

	U.S.										Total									Total
	government		Corporate		Mortgage-			Asset-			available-			Interest			Foreign			derivative
	and agency		debt		backed			backed			for-sale			rate			currency			assets
	obligations		securities		securities			securities			securities			swaps			swaps			(liabilities)
Fair value, April 1, 2016	$	2	$	7	$	45		$	37		$	91		$	39		$	(14	)	$	25		$	116
Total gains (losses)
Included in earnings		-		-		-			-			-			(24	)		(43	)		(67	)		(67	)
Included in other comprehensive income		-		1		-			1			2			-			-			-			2
Purchases, issuances, sales, and settlements
Purchases		-		-		4			6			10			-			-			-			10
Issuances		-		-		-			-			-			-			-			-			-
Sales		-		-		-			-			-			-			-			-			-
Settlements		-		-		(10	)		(13	)		(23	)		(20	)		(5	)		(25	)		(48	)
Transfers in to Level 3		-		-		-			-			-			-			-			-			-
Transfers out of Level 3		-		-		-			-			-			-			-			-			-
Fair value, March 31, 2017	$	2	$	8	$	39		$	31		$	80		$	(5	)	$	(62	)	$	(67	)	$	13
The amount of total gains (losses) included in earnings attributable to assets held at the reporting date														$	(24	)	$	(43	)	$	(67	)	$	(67	)

Financial Assets and Liabilities Not Carried at Fair Value on Recurring Basis on Consolidated Balance Sheets

The following tables provide information about assets and liabilities not carried at fair value on a recurring basis on our Consolidated Balance Sheets:

	March 31, 2018
	Carrying								Total Fair
	value		Level 1		Level 2		Level 3		Value

Financial assets
Finance receivables, net
Retail loan	$	52,374	$	-	$	-	$	52,081	$	52,081
Wholesale		10,365		-		-		10,413		10,413
Real estate		4,492		-		-		4,409		4,409
Working capital		2,222		-		-		2,197		2,197

Financial liabilities
Commercial paper	$	27,313	$	-	$	27,313	$	-	$	27,313
Unsecured notes and loans payable		57,402		-		55,441		2,341		57,782
Secured notes and loans payable		13,638		-		-		13,588		13,588

	March 31, 2017
	Carrying								Total Fair
	value		Level 1		Level 2		Level 3		Value

Financial assets
Finance receivables, net
Retail loan	$	50,682	$	-	$	-	$	50,733	$	50,733
Wholesale		10,819		-		-		10,881		10,881
Real estate		4,602		-		-		4,459		4,459
Working capital		2,218		-		-		2,222		2,222

Financial liabilities
Commercial paper	$	26,632	$	-	$	26,632	$	-	$	26,632
Unsecured notes and loans payable		57,282		-		55,838		2,385		58,223
Secured notes and loans payable		14,319		-		-		14,322		14,322