Fair Value Measurements (Tables)

6 Months Ended

Sep. 30, 2020

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.

	September 30, 2020
								Counterparty
								netting &			Fair
	Level 1		Level 2			Level 3		collateral			value
Investments in marketable securities:
Available-for-sale debt securities:
U.S. government and agency obligations	$	205	$	2		$	-	$	-		$	207
Municipal debt securities		-		12			-		-			12
Certificates of deposit		-		-			-		-			-
Commercial paper		-		362			-		-			362
Corporate debt securities		-		180			-		-			180
Mortgage-backed securities:
U.S. government agency		-		43			-		-			43
Non-agency residential		-		-			1		-			1
Non-agency commercial		-		-			46		-			46
Asset-backed securities		-		-			58		-			58
Available-for-sale debt securities total		205		599			105		-			909
Equity investments:
Fixed income mutual funds:
Fixed income mutual funds measured at net asset value												784
Total return bond funds		2,259		-			-		-			2,259
Equity mutual funds		362		-			-		-			362
Equity investments total		2,621		-			-		-			3,405
Investments in marketable securities total		2,826		599			105		-			4,314
Derivative assets:
Interest rate swaps		-		1,387			-		-			1,387
Foreign currency swaps		-		260			-		-			260
Counterparty netting and collateral		-		-			-		(1,581	)		(1,581	)
Derivative assets total		-		1,647			-		(1,581	)		66
Assets at fair value		2,826		2,246			105		(1,581	)		4,380
Derivative liabilities:
Interest rate swaps		-		(1,605	)		-		-			(1,605	)
Foreign currency swaps		-		(306	)		-		-			(306	)
Counterparty netting and collateral		-		-			-		1,905			1,905
Liabilities at fair value		-		(1,911	)		-		1,905			(6	)
Net assets at fair value	$	2,826	$	335		$	105	$	324		$	4,374

	March 31, 2020
								Counterparty
								netting &			Fair
	Level 1		Level 2			Level 3		collateral			value
Investments in marketable securities:
Available-for-sale debt securities:
U.S. government and agency obligations	$	174	$	2		$	-	$	-		$	176
Municipal debt securities		-		11			-		-			11
Certificates of deposit		-		249			-		-			249
Commercial paper		-		601			-		-			601
Corporate debt securities		-		197			-		-			197
Mortgage-backed securities:
U.S. government agency		-		49			-		-			49
Non-agency residential		-		-			1		-			1
Non-agency commercial		-		-			45		-			45
Asset-backed securities		-		-			72		-			72
Available-for-sale debt securities total		174		1,109			118		-			1,401
Equity investments:
Fixed income mutual funds:
Fixed income mutual funds measured at net asset value												746
Total return bond funds		1,673		-			-		-			1,673
Equity investments total		1,673		-			-		-			2,419
Investments in marketable securities total		1,847		1,109			118		-			3,820
Derivative assets:
Interest rate swaps		-		1,410			-		-			1,410
Foreign currency swaps		-		27			-		-			27
Counterparty netting and collateral		-		-			-		(1,386	)		(1,386	)
Derivative assets total		-		1,437			-		(1,386	)		51
Assets at fair value		1,847		2,546			118		(1,386	)		3,871
Derivative liabilities:
Interest rate swaps		-		(1,826	)		-		-			(1,826	)
Foreign currency swaps		-		(1,290	)		-		-			(1,290	)
Counterparty netting and collateral		-		-			-		3,071			3,071
Liabilities at fair value		-		(3,116	)		-		3,071			(45	)
Net assets at fair value	$	1,847	$	(570	)	$	118	$	1,685		$	3,826

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:

	Three months ended September 30, 2020

	Available-for-sale debt securities
							Total
	Mortgage-			Asset-			available-
	backed			backed			for-sale debt
	securities			securities			securities
Fair value, July 1, 2020	$	48		$	72		$	120
Total gains (losses)
Included in other comprehensive income		(1	)		2			1
Purchases, issuances, sales, and settlements
Purchases		-			2			2
Issuances		-			-			-
Sales		-			(9	)		(9	)
Settlements		-			(9	)		(9	)
Transfers into Level 3		-			-			-
Transfers out of Level 3		-			-			-
Fair value, September 30, 2020	$	47		$	58		$	105
The amount of total unrealized gains (losses) included in other comprehensive income attributable to assets held at the reporting date	$	(1	)	$	1		$	-

	Three months ended September 30, 2019
	Available-for-sale debt securities
						Total
	Mortgage-		Asset-			available-
	backed		backed			for-sale debt
	securities		securities			securities
Fair value, July 1, 2019	$	41	$	66		$	107
Total gains (losses)
Included in other comprehensive income		-		-			-
Purchases, issuances, sales, and settlements
Purchases		5		19			24
Issuances		-		-			-
Sales		-		-			-
Settlements		-		(4	)		(4	)
Transfers into Level 3		-		-			-
Transfers out of Level 3		-		-			-
Fair value, September 30, 2019	$	46	$	81		$	127

Note 12 – Fair Value Measurements (Continued)

	Six months ended September 30, 2020
	Available-for-sale debt securities
						Total
	Mortgage-		Asset-			available-
	backed		backed			for-sale debt
	securities		securities			securities
Fair value, April 1, 2020	$	46	$	72		$	118
Total gains (losses)
Included in other comprehensive income		1		7			8
Purchases, issuances, sales, and settlements
Purchases		-		2			2
Issuances		-		-			-
Sales		-		(10	)		(10	)
Settlements		-		(13	)		(13	)
Transfers into Level 3		-		-			-
Transfers out of Level 3		-		-			-
Fair value, September 30, 2020	$	47	$	58		$	105
The amount of total unrealized gains (losses) included in other comprehensive income attributable to assets held at the reporting date	$	1	$	6		$	7

	Six months ended September 30, 2019
	Available-for-sale debt securities
						Total
	Mortgage-		Asset-			available-
	backed		backed			for-sale debt
	securities		securities			securities
Fair value, April 1, 2019	$	40	$	53		$	93
Total gains (losses)
Included in other comprehensive income		1		1			2
Purchases, issuances, sales, and settlements
Purchases		5		34			39
Issuances		-		-			-
Sales		-		-			-
Settlements		-		(7	)		(7	)
Transfers into Level 3		-		-			-
Transfers out of Level 3		-		-			-
Fair value, September 30, 2019	$	46	$	81		$	127

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:

	September 30, 2020
	Carrying								Total Fair
	value		Level 1		Level 2		Level 3		value
Financial assets
Finance receivables
Retail loan	$	61,249	$	-	$	-	$	64,583	$	64,583
Wholesale		5,999		-		-		6,045		6,045
Real estate		4,876		-		-		4,858		4,858
Working capital		2,244		-		-		2,111		2,111

Financial liabilities
Unsecured notes and loans payable	$	85,422	$	-	$	87,043	$	491	$	87,534
Secured notes and loans payable		20,480		-		-		20,831		20,831

	March 31, 2020
	Carrying								Total Fair
	value		Level 1		Level 2		Level 3		value
Financial assets
Finance receivables, net
Retail loan	$	56,360	$	-	$	-	$	57,303	$	57,303
Wholesale		9,672		-		-		9,637		9,637
Real estate		4,544		-		-		4,140		4,140
Working capital		3,308		-		-		2,811		2,811

Financial liabilities
Unsecured notes and loans payable	$	83,172	$	-	$	82,429	$	560	$	82,989
Secured notes and loans payable		14,568		-		-		14,608		14,608