Segment Information (Tables)

9 Months Ended

Dec. 31, 2023

Financial information for the three and nine months ended December 31, 2023 and 2022 is summarized in the following tables:


	United States		Canada		Valuation adjustments and reclassifications		Consolidated Total

	(U.S. dollars in millions)
Three months ended December 31, 2023
Revenues:
Retail	$	495	$	58	$	—	$	553
Dealer	54		6		—		60
Operating leases	1,285		219		—		1,504
Total revenues	1,834		283		—		2,117
Leased vehicle expenses	898		168		—		1,066
Interest expense	404		62		—		466
Realized (gains)/losses on derivatives and foreign currency denominated debt	(13)		(15)		28		—
Net revenues	545		68		(28)		585
Other income, net	27		3		—		30
Total net revenues	572		71		(28)		615
Expenses:
General and administrative expenses	109		12		—		121
Provision for credit losses	71		3		—		74
Early termination loss on operating leases	29		1		—		30
Gain on derivative instruments	—		—		(308)		(308)
Loss on foreign currency revaluation of debt	—		—		235		235
Income before income taxes	$	363	$	55	$	45	$	463

Nine months ended December 31, 2023
Revenues:
Retail	$	1,327	$	160	$	—	$	1,487
Dealer	145		17		—		162
Operating leases	3,881		690		—		4,571
Total revenues	5,353		867		—		6,220
Leased vehicle expenses	2,753		533		—		3,286
Interest expense	1,009		176		—		1,185
Realized (gains)/losses on derivatives and foreign currency denominated debt	(86)		(48)		134		—
Net revenues	1,677		206		(134)		1,749
Other income, net	74		11		—		85
Total net revenues	1,751		217		(134)		1,834
Expenses:
General and administrative expenses	339		38		—		377
Provision for credit losses	214		8		—		222
Early termination loss on operating leases	69		1		—		70
Gain on derivative instruments	—		—		(132)		(132)
Loss on foreign currency revaluation of debt	—		—		77		77
Income before income taxes	$	1,129	$	170	$	(79)	$	1,220

December 31, 2023
Finance receivables, net	$	40,691	$	4,844	$	—	$	45,535
Investment in operating leases, net	23,543		3,703		—		27,246
Total assets	67,425		8,892		—		76,317


	United States		Canada		Valuation adjustments and reclassifications		Consolidated Total

	(U.S. dollars in millions)
Three months ended December 31, 2022
Revenues:
Retail	$	321	$	42	$	—	$	363
Dealer	29		4		—		33
Operating leases	1,335		253		—		1,588
Total revenues	1,685		299		—		1,984
Leased vehicle expenses	979		199		—		1,178
Interest expense	189		45		—		234
Realized (gains)/losses on derivatives and foreign currency denominated debt	(34)		(13)		47		—
Net revenues	551		68		(47)		572
Other income, net	23		4		—		27
Total net revenues	574		72		(47)		599
Expenses:
General and administrative expenses	98		14		—		112
Provision for credit losses	47		2		—		49
Early termination loss on operating leases	20		—		—		20
Loss on derivative instruments	—		—		(404)		(404)
Gain on foreign currency revaluation of debt	—		—		401		401
Income before income taxes	$	409	$	56	$	(44)	$	421

Nine months ended December 31, 2022
Revenues:
Retail	$	955	$	126	$	—	$	1,081
Dealer	66		8		—		74
Operating leases	4,222		821		—		5,043
Total revenues	5,243		955		—		6,198
Leased vehicle expenses	3,100		640		—		3,740
Interest expense	500		114		—		614
Realized (gains)/losses on derivatives and foreign currency denominated debt	(48)		(24)		72		—
Net revenues	1,691		225		(72)		1,844
Other income, net	55		10		—		65
Total net revenues	1,746		235		(72)		1,909
Expenses:
General and administrative expenses	314		41		—		355
Provision for credit losses	94		7		—		101
Early termination loss on operating leases	32		1		—		33
Loss on derivative instruments	—		—		722		722
Gain on foreign currency revaluation of debt	—		—		(476)		(476)
Income before income taxes	$	1,306	$	186	$	(318)	$	1,174

December 31, 2022
Finance receivables, net	$	31,809	$	4,008	$	—	$	35,817
Investment in operating leases, net	24,535		4,108		—		28,643
Total assets	60,403		8,565		—		68,968