Income Taxes (Tables)

12 Months Ended

Mar. 31, 2019

Income Tax Disclosure [Abstract]

Provision (benefit) for Income Taxes

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

	Years ended March 31,
	2019			2018			2017
Current
Federal	$	(55	)	$	(45	)	$	136
State		76			(10	)		2
Foreign		4			3			7
Total		25			(52	)		145
Deferred
Federal		207			(2,625	)		(9	)
State		(49	)		48			5
Foreign		(1	)		-			1
Total		157			(2,577	)		(3	)
Provision (benefit) for income taxes	$	182		$	(2,629	)	$	142

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,
	2019			2018			2017
Provision for income taxes at U.S. federal statutory tax rate		21.0	%		31.6	%		35.0	%
State and local taxes (net of federal tax benefit)		4.6	%		4.8	%		3.6	%
Revaluation of federal deferred tax liability from TCJA		-			(371.6	)%		-
Tax rate differential from tax loss carryback		(2.8	)%		-			-
Adjustment for prior year provision to return differences		(1.4	)%		0.4	%		(2.2	)%
Effect of state tax law changes		(1.3	)%		(0.1	)%		1.5	%
Other, net		(1.5	)%		(1.7	)%		(3.2	)%
Effective tax rate		18.6	%		(336.6	)%		34.7	%

Deferred Tax Liabilities and Assets

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

	March 31,
	2019			2018
Liabilities:
Lease transactions	$	7,121		$	5,642
State taxes, net of federal tax benefit		847			856
Mark-to-market of investments in marketable securities and derivatives		44			185
Other		288			244
Deferred tax liabilities	$	8,300		$	6,927
Assets:
Provision for credit and residual value losses		361			420
Deferred costs and fees		192			186
Net operating loss and tax credit carryforwards		2,297			993
Other		22			31
Deferred tax assets		2,872			1,630
Valuation allowance		(24	)		(29	)
Net deferred tax assets	$	2,848		$	1,601
Net deferred income tax liability1	$	5,452		$	5,326

¹  Balance includes amounts attributable to unrealized gains or losses included in accumulated other comprehensive income or loss, net of $1 million of deferred tax liabilities and $7 million of deferred tax assets at March 31, 2019 and 2018, respectively. The change in this balance is not included in total deferred tax expense.