Income Taxes	3 Months Ended
Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 10 – Income Taxes Our effective tax rate was 22 percent for the three months ended June 30, 2019 and 19 percent for the same period in fiscal 2019. Our provision for income taxes was $104 million for the three months ended June 30, 2019 and $22 million for the same period in fiscal 2019. The increase in the provision for income taxes for the first quarter of fiscal 2020 was primarily due to the increase in our income before taxes compared to the same period in fiscal 2019. The increase in the effective tax rate for the first quarter of fiscal 2020 compared to the same period in fiscal 2019, was primarily due to a one-time discrete tax benefit related to the provisional deemed repatriation tax adjustment recorded in fiscal 2019. Tax-related Contingencies As of June 30, 2019, we remain under IRS examination for fiscal 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 June 30, 2019, our assessment did not result in a material change in unrecognized tax benefits. Our deferred tax assets were $2.1 billion and $2.9 billion at June 30, 2019 and March 31, 2019, respectively, and were primarily due to the deferred deduction of allowance for credit losses and residual value losses and federal tax loss carryforward which has no expiration. The total deferred tax liability, net of these deferred tax assets, was $5.5 billion at June 30, 2019 and March 31, 2019, respectively. Realization with respect to the federal tax loss carryforward is dependent on generating sufficient income. Although realization 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. In July 2019, the California tax conformity bill was signed by the governor which limits the nonrecognition of gain or loss on like-kind exchanges to real property. As changes to tax law are accounted for in the period of enactment, we expect to recognize an amount which is not significant related to the revaluation of our deferred tax assets and liabilities in California in our income tax provision for the second quarter of fiscal 2020. We do not expect the impact from this tax law change to have a material impact on our consolidated financial statements or our effective tax rate. Further changes in tax laws and rates may affect our deferred tax assets and liabilities and our effective tax rate in the future.

Income Taxes

3 Months Ended

Jun. 30, 2019

Note 10 – Income Taxes

Our effective tax rate was 22 percent for the three months ended June 30, 2019 and 19 percent for the same period in fiscal 2019. Our provision for income taxes was $104 million for the three months ended June 30, 2019 and $22 million for the same period in fiscal 2019. The increase in the provision for income taxes for the first quarter of fiscal 2020 was primarily due to the increase in our income before taxes compared to the same period in fiscal 2019. The increase in the effective tax rate for the first quarter of fiscal 2020 compared to the same period in fiscal 2019, was primarily due to a one-time discrete tax benefit related to the provisional deemed repatriation tax adjustment recorded in fiscal 2019.

Tax-related Contingencies

As of June 30, 2019, we remain under IRS examination for fiscal 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 June 30, 2019, our assessment did not result in a material change in unrecognized tax benefits.

Our deferred tax assets were $2.1 billion and $2.9 billion at June 30, 2019 and March 31, 2019, respectively, and were primarily due to the deferred deduction of allowance for credit losses and residual value losses and federal tax loss carryforward which has no expiration. The total deferred tax liability, net of these deferred tax assets, was $5.5 billion at June 30, 2019 and March 31, 2019, respectively. Realization with respect to the federal tax loss carryforward is dependent on generating sufficient income. Although realization 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.

In July 2019, the California tax conformity bill was signed by the governor which limits the nonrecognition of gain or loss on like-kind exchanges to real property. As changes to tax law are accounted for in the period of enactment, we expect to recognize an amount which is not significant related to the revaluation of our deferred tax assets and liabilities in California in our income tax provision for the second quarter of fiscal 2020. We do not expect the impact from this tax law change to have a material impact on our consolidated financial statements or our effective tax rate. Further changes in tax laws and rates may affect our deferred tax assets and liabilities and our effective tax rate in the future.