Fair Value Measurements (Tables)

3 Months Ended

Dec. 31, 2014

Fair Value Measurements [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

As of December 31, 2014
					Fair value measurements on a recurring basis
										Counterparty
										netting &		Fair
(Dollars in millions)				Level 1		Level 2		Level 3		collateral		value
Cash equivalents:
	Money market instruments			$	586	$	1,019	$	-	$	-	$	1,605
	U.S. government and agency obligations				100		-		-		-		100
	Certificates of deposit				-		1,310		-		-		1,310
	Cash equivalents total				686		2,329		-		-		3,015
Available-for-sale securities:
	Debt instruments:
		U.S. government and agency obligations			1,926		82		2		-		2,010
		Municipal debt securities			-		12		-		-		12
		Corporate debt securities			-		170		14		-		184
		Mortgage-backed securities:
			U.S. government agency		-		55		-		-		55
			Non-agency residential		-		-		4		-		4
			Non-agency commercial		-		-		45		-		45
		Asset-backed securities			-		-		25		-		25
	Equity instruments:
		Fixed income mutual funds:
			Short-term floating NAV fund II		-		190		-		-		190
			Short-term sector fund		-		37		-		-		37
			U.S. government sector fund		-		289		-		-		289
			Municipal sector fund		-		19		-		-		19
			Investment grade corporate sector fund		-		265		-		-		265
			High-yield sector fund		-		36		-		-		36
			Real return sector fund		-		227		-		-		227
			Mortgage sector fund		-		448		-		-		448
			Asset-backed securities sector fund		-		43		-		-		43
			Emerging market sector fund		-		55		-		-		55
			International sector fund		-		151		-		-		151
		Equity mutual fund			476		-		-		-		476
	Available-for-sale securities total				2,402		2,079		90		-		4,571
	Derivative assets:
		Foreign currency swaps			-		209		33		-		242
		Interest rate swaps			-		401		1		-		402
		Counterparty netting and collateral			-		-		-		(591)		(591)
	Derivative assets total				-		610		34		(591)		53
Assets at fair value					3,088		5,018		124		(591)		7,639
	Derivative liabilities:
		Foreign currency swaps			-		(802)		-		-		(802)
		Interest rate swaps			-		(324)		-		-		(324)
		Counterparty netting and collateral			-		-		-		1,100		1,100
Liabilities at fair value					-		(1,126)		-		1,100		(26)
Net assets at fair value				$	3,088	$	3,892	$	124	$	509	$	7,613

Note 2 – Fair Value Measurements (Continued)
As of March 31, 2014
					Fair value measurements on a recurring basis
										Counterparty
										netting &		Fair
(Dollars in millions)				Level 1		Level 2		Level 3		collateral		value
Cash equivalents:
	Money market instruments			$	730	$	694	$	-	$	-	$	1,424
	Certificates of deposit				-		1,437		-		-		1,437
	Commercial paper				-		708		-		-		708
	Cash equivalents total				730		2,839		-		-		3,569
Restricted Cash Equivalents-money market instruments					1,077		-		-		-		1,077
Available-for-sale securities:
	Debt instruments:
		U.S. government and agency obligations			398		252		2		-		652
		Municipal debt securities			-		11		-		-		11
		Certificates of deposit			-		1,599		-		-		1,599
		Commercial paper			-		507		-		-		507
		Corporate debt securities			-		157		12		-		169
		Mortgage-backed securities:
			U.S. government agency		-		60		-		-		60
			Non-agency residential		-		-		5		-		5
			Non-agency commercial		-		-		43		-		43
		Asset-backed securities			-		-		27		-		27
	Equity instruments:
		Fixed income mutual funds:
			Short-term sector fund		-		44		-		-		44
			U.S. government sector fund		-		327		-		-		327
			Municipal sector fund		-		22		-		-		22
			Investment grade corporate sector fund		-		316		-		-		316
			High-yield sector fund		-		45		-		-		45
			Real return sector fund		-		274		-		-		274
			Mortgage sector fund		-		520		-		-		520
			Asset-backed securities sector fund		-		50		-		-		50
			Emerging market sector fund		-		66		-		-		66
			International sector fund		-		171		-		-		171
		Equity mutual fund			481		-		-		-		481
	Available-for-sale securities total				879		4,421		89		-		5,389
	Derivative assets:
		Foreign currency swaps			-		804		70		-		874
		Interest rate swaps			-		358		3		-		361
		Counterparty netting and collateral			-		-		-		(1,186)		(1,186)
	Derivative assets total				-		1,162		73		(1,186)		49
Assets at fair value					2,686		8,422		162		(1,186)		10,084
	Derivative liabilities:
		Foreign currency swaps			-		(252)		-		-		(252)
		Interest rate swaps			-		(553)		-		-		(553)
		Counterparty netting and collateral			-		-		-		799		799
Liabilities at fair value					-		(805)		-		799		(6)
Net assets at fair value				$	2,686	$	7,617	$	162	$	(387)	$	10,078

Assets and Liabilities Measured on Recurring Basis Using Significant Unobservable Inputs

			Fair value measurements using significant unobservable inputs (Level 3)
																			Total net
																			assets
			Available-for-sale securities													Derivative instruments, net					(liabilities)
			U.S.								Total						Total
			government		Corporate		Mortgage-		Asset-		available-		Interest		Foreign			derivative
			and agency		debt		backed		backed		for-sale		rate		currency			assets
(Dollars in millions)			obligations		securities		securities		securities		securities		swaps		swaps			(liabilities)
Fair value, October 1, 2014			$	2	$	12	$	50	$	30	$	94	$	2	$	53	$	55	$	149
Total gains (losses)
		Included in earnings		-		-		-		-		-		(1)		(16)		(17)		(17)
		Included in other comprehensive income		-		-		-		-		-		-		-		-		-
Purchases, issuances, sales, and
	settlements
		Purchases		-		-		-		1		1		-		-		-		1
		Issuances		-		-		-		-		-		-		-		-		-
		Sales		-		-		-		(5)		(5)		-		-		-		(5)
		Settlements		-		-		(1)		(1)		(2)		-		(4)		(4)		(6)
Transfers in to Level 3				-		2		-		-		2		-		-		-		2
Transfers out of Level 3				-		-		-		-		-		-		-		-		-
Fair value, December 31, 2014			$	2	$	14	$	49	$	25	$	90	$	1	$	33	$	34	$	124
The amount of total (losses)
included in earnings attributable to
assets held at the reporting date													$	(1)	$	(16)	$	(17)	$	(17)

Note 2 – Fair Value Measurements (Continued)
Three Months Ended December 31, 2013
				Fair value measurements using significant unobservable inputs (Level 3)
																				Total net
																				assets
			Available-for-sale securities												Derivative instruments, net							(liabilities)
		U.S.								Total								Total
		government		Corporate		Mortgage-		Asset-		available-		Interest		Foreign				derivative
		and agency		debt		backed		backed		for-sale		rate		currency		Embedded		assets
(Dollars in millions)		obligations		securities		securities		securities		securities		swaps		swaps		derivatives		(liabilities)
Fair value, October 1, 2013		$	2	$	2	$	54	$	19	$	77	$	13	$	50	$	(9)	$	54	$	131
Total gains (losses)
	Included in earnings		-		-		-		-		-		3		8		9		20		20
	Included in other comprehensive income		-		-		-		-		-		-		-		-		-		-
Purchases, issuances, sales, and settlements
	Purchases		-		-		3		5		8		-		-		-		-		8
	Issuances		-		-		-		-		-		-		-		-		-		-
	Sales		-		-		-		-		-		-		-		-		-		-
	Settlements		-		-		(2)		(1)		(3)		(13)		(5)		-		(18)		(21)
Transfers in to Level 3			-		7		-		-		7		-		-		-		-		7
Transfers out of Level 3			-		-		-		-		-		-		-		-		-		-
Fair value, December 31, 2013		$	2	$	9	$	55	$	23	$	89	$	3	$	53	$	-	$	56	$	145
The amount of total gains included in
earnings attributable to assets
held at the reporting date												$	-	$	8	$	-	$	8	$	8

Nine Months Ended December 31, 2014
		Fair value measurements using significant unobservable inputs (Level 3)
																		Total net
																		assets
		Available-for-sale securities													Derivative instruments, net					(liabilities)
		U.S.								Total						Total
		government		Corporate		Mortgage-		Asset-		available-		Interest		Foreign		derivative
		and agency		debt		backed		backed		for-sale		rate		currency		assets
(Dollars in millions)		obligations		securities		securities		securities		securities		swaps		swaps		(liabilities)
Fair value, April 1, 2014		$	2	$	12	$	48	$	27	$	89	$	3	$	70	$	73	$	162
Total (losses) gains
	Included in earnings		-		-		-		-		-		(1)		(28)		(29)		(29)
	Included in other comprehensive income		-		-		1		-		1		-		-		-		1
Purchases, issuances, sales, and settlements
	Purchases		-		3		12		7		22		-		-		-		22
	Issuances		-		-		-		-		-		-		-		-		-
	Sales		-		(3)		(7)		(5)		(15)		-		-		-		(15)
	Settlements		-		-		(5)		(4)		(9)		(1)		(9)		(10)		(19)
Transfers in to Level 3			-		2		-		-		2		-		-		-		2
Transfers out of Level 3			-		-		-		-		-		-		-		-		-
Fair value, December 31, 2014		$	2	$	14	$	49	$	25	$	90	$	1	$	33	$	34	$	124
The amount of total losses included in
earnings attributable to assets held
at the reporting date												$	(1)	$	(28)	$	(29)	$	(29)

Note 2 – Fair Value Measurements (Continued)
Nine Months Ended December 31, 2013
				Fair value measurements using significant unobservable inputs (Level 3)
																				Total net
																				assets
				Available-for-sale securities											Derivative instruments, net							(liabilities)
		U.S.								Total								Total
		government		Corporate		Mortgage-		Asset-		available-		Interest		Foreign				derivative
		and agency		debt		backed		backed		for-sale		rate		currency		Embedded		assets
(Dollars in millions)		obligations		securities		securities		securities		securities		swaps		swaps		derivatives		(liabilities)
Fair value, April 1, 2013		$	-	$	4	$	56	$	13	$	73	$	12	$	55	$	(12)	$	55	$	128
Total gains (losses)
	Included in earnings		-		-		-		-		-		5		15		12		32		32
	Included in other comprehensive income		-		-		(3)		-		(3)		-		-		-		-		(3)
Purchases, issuances, sales, and settlements
	Purchases		-		-		5		12		17		-		-		-		-		17
	Issuances		-		-		-		-		-		-		-		-		-		-
	Sales		-		-		-		-		-		-		-		-		-		-
	Settlements		-		-		(3)		(2)		(5)		(14)		(17)		-		(31)		(36)
Transfers in to Level 3			2		7		-		-		9		-		-		-		-		9
Transfers out of Level 3			-		(2)		-		-		(2)		-		-		-		-		(2)
Fair value, December 31, 2013		$	2	$	9	$	55	$	23	$	89	$	3	$	53	$	-	$	56	$	145
The amount of total (losses)/gains
included in earnings attributable to
assets held at the reporting date												$	(2)	$	17	$	-	$	15	$	15

Carrying Value of Certain Financial Instruments

					Fair value measurement hierarchy
			Carrying								Total Fair
(Dollars in millions)			value		Level 1		Level 2		Level 3		Value
As of December 31, 2014
Financial assets
	Finance receivables, net
		Retail loan	$	50,064	$	-	$	-	$	50,195	$	50,195
		Commercial		207		-		-		198		198
		Wholesale		9,388		-		-		9,420		9,420
		Real estate		4,638		-		-		4,553		4,553
		Working capital		1,855		-		-		1,817		1,817
Financial liabilities
	Commercial paper		$	27,485	$	-	$	27,485	$	-	$	27,485
	Unsecured notes and loans payable			51,134		-		51,550		697		52,247
	Secured notes and loans payable			9,335		-		-		9,322		9,322

Note 2 - Fair Value Measurements (Continued)
					Fair value measurement hierarchy
			Carrying								Total Fair
(Dollars in millions)			value		Level 1		Level 2		Level 3		Value
As of March 31, 2014
Financial assets
	Finance receivables, net
		Retail loan	$	48,892	$	-	$	-	$	49,392	$	49,392
		Commercial		174		-		-		160		160
		Wholesale		9,344		-		-		9,391		9,391
		Real estate		4,601		-		-		4,552		4,552
		Working capital		1,802		-		-		1,807		1,807
Financial liabilities
	Commercial paper		$	27,709	$	-	$	27,709	$	-	$	27,709
	Unsecured notes and loans payable			49,500		-		49,697		736		50,433
	Secured notes and loans payable			8,158		-		-		8,165		8,165