Income Taxes(Tables)

12 Months Ended

Mar. 31, 2018

Income Tax Disclosure [Abstract]

Provision (benefit) for Income Taxes

The (benefit) provision for income taxes consisted of the following:

	Years ended March 31,
	2018			2017			2016
Current
Federal	$	(45	)	$	136		$	73
State		(10	)		2			(33	)
Foreign		3			7			9
Total		(52	)		145			49
Deferred
Federal		(2,625	)		(9	)		420
State		48			5			111
Foreign		-			1			-
Total		(2,577	)		(3	)		531
(Benefit) provision for income taxes	$	(2,629	)	$	142		$	580

Reconciliation Between U.S. Federal Statutory Tax Rate and Effective Tax Rate

A reconciliation between the U.S. federal statutory tax rate and the effective tax rate is as follows:

	Years ended March 31,
	2018			2017			2016
Provision for income taxes at U.S. federal statutory tax rate1		31.6	%		35.0	%		35.0	%
State and local taxes (net of federal tax benefit)		4.8	%		3.6	%		3.2	%
Revaluation of federal deferred tax liability from TCJA		(371.6	)%		-			-
Other, net		(1.4	)%		(3.9	)%		0.2	%
Effective tax rate		(336.6	)%		34.7	%		38.4	%

¹Our federal statutory rate for fiscal 2018 was a blended rate of 31.6% compared to 35% for fiscal 2017 and 2016 due to the reduction of the corporate income tax rate from 35% to 21% by the TCJA.

Deferred Tax Liabilities and Assets

Our net deferred income tax liability consisted of the following deferred tax liabilities and assets:

	March 31,
	2018			2017
Liabilities:
Lease transactions	$	5,642		$	7,647
State taxes, net of federal tax benefit		856			640
Mark-to-market of investments in marketable securities and derivatives		185			267
Other		244			383
Deferred tax liabilities	$	6,927		$	8,937
Assets:
Provision for credit and residual value losses		420			593
Deferred costs and fees		186			306
Net operating loss and tax credit carryforwards		993			67
Other		31			66
Deferred tax assets		1,630			1,032
Valuation allowance		(29	)		(21	)
Net deferred tax assets	$	1,601		$	1,011
Net deferred income tax liability1	$	5,326		$	7,926

¹  Balance includes deferred tax assets attributable to unrealized gains or losses included in accumulated other comprehensive income or loss, net of $7 million at March 31, 2018 and deferred tax liabilities of $15 million at March 31, 2017, respectively. The change in this deferred liability is not included in total deferred tax expense.