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Income Taxes	6 Months Ended
Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 10 – Income Taxes Our effective tax rate was 25 percent and 24 percent for the three and six months ended September 30, 2020, compared to 26 percent and 24 percent for the same periods in fiscal 2020. Our provision for income taxes was $218 million and $331 million for the three and six months ended September 30, 2020, compared to $158 million and $262 million for the same periods in fiscal 2020. The increase in the provision for income taxes for the three and six months ended September 30, 2020, compared to the same periods in fiscal 2020, was primarily due to the increase in income before taxes. The lower effective tax rate for the three months ended September 30, 2020, compared to the same period in fiscal 2020 was primarily attributable to state tax law changes enacted in the second quarter of fiscal 2020. Tax-related Contingencies As of September 30, 2020, we remain under IRS examination for fiscal 2021, 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 September 30, 2020, our assessment did not result in a material change in unrecognized tax benefits. Our deferred tax assets include the deferred deduction of allowance for credit losses and residual value loss estimates and other deferred costs. The total deferred tax liability, net of these deferred tax assets, was $4.7 billion and $5.5 billion at September 30, 2020 and March 31, 2020, respectively. Although realization of the deferred tax assets 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.

Income Taxes

6 Months Ended

Sep. 30, 2020

Note 10 – Income Taxes

Our effective tax rate was 25 percent and 24 percent for the three and six months ended September 30, 2020, compared to 26 percent and 24 percent for the same periods in fiscal 2020. Our provision for income taxes was $218 million and $331 million for the three and six months ended September 30, 2020, compared to $158 million and $262 million for the same periods in fiscal 2020. The increase in the provision for income taxes for the three and six months ended September 30, 2020, compared to the same periods in fiscal 2020, was primarily due to the increase in income before taxes. The lower effective tax rate for the three months ended September 30, 2020, compared to the same period in fiscal 2020 was primarily attributable to state tax law changes enacted in the second quarter of fiscal 2020.

Tax-related Contingencies

As of September 30, 2020, we remain under IRS examination for fiscal 2021, 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 September 30, 2020, our assessment did not result in a material change in unrecognized tax benefits.

Our deferred tax assets include the deferred deduction of allowance for credit losses and residual value loss estimates and other deferred costs. The total deferred tax liability, net of these deferred tax assets, was $4.7 billion and $5.5 billion at September 30, 2020 and March 31, 2020, respectively. Although realization of the deferred tax assets 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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