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Liquidity Facilities and Letters of Credit
12 Months Ended
Mar. 31, 2014
Liquidity Facilities and Letters of Credit [Abstract]  
Liquidity Facilities and Letters of Credit

Note 11 – Liquidity Facilities and Letters of Credit

 

For additional liquidity purposes, we maintain syndicated credit facilities with certain banks.

 

364 Day Credit Agreement, Three Year Credit Agreement and Five Year Credit Agreement

 

In fiscal 2013, TMCC, TCPR and other Toyota affiliates were parties to a $3.8 billion 364 day syndicated bank credit facility, a $3.8 billion three year syndicated bank credit facility and a $3.8 billion five year syndicated bank credit facility, expiring in fiscal 2014, 2016, and 2018, respectively. In November 2013, these agreements were terminated and TMCC, TCPR and other Toyota affiliates entered into a $4.3 billion 364 day syndicated bank credit facility, a $4.3 billion three year syndicated bank credit facility and a $4.3 billion five year syndicated bank credit facility, expiring in fiscal 2015, 2017, and 2019, respectively.

 

The ability to make draws is subject to covenants and conditions customary in transactions of this nature, including negative pledge provisions, cross-default provisions and limitations on consolidations, mergers and sales of assets. These agreements may be used for general corporate purposes and none were drawn upon as of March 31, 2014 and 2013.

 

Other Unsecured Credit Agreements

 

TMCC has entered into additional unsecured credit facilities with various banks. As of March 31, 2014, TMCC had committed bank credit facilities totaling $5.7 billion of which $3.3 billion, $2.0 billion and $400 million mature in fiscal 2015, 2016 and 2017, respectively.

 

These credit agreements contain covenants, and conditions customary in transactions of this nature, including negative pledge provisions, cross-default provisions and limitations on consolidations, mergers and sales of assets. These credit facilities were not drawn upon as of March 31, 2014 and 2013. We are in compliance with the covenants and conditions of the credit agreements described above.