Income Taxes	6 Months Ended
Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Note 13 – Income Taxes Our effective tax rate was 37 percent for the first half of fiscal 2016 and fiscal 2015, respectively and 38 percent for the second quarter of fiscal 2016 and fiscal 2015, respectively. Our provision for income taxes for the three and six months ended September 30, 2015 was $161 million and $231 million, respectively, compared to $176 million and $389 million for the same periods in fiscal 2015. The decrease in the provision is consistent with the decrease in our income before tax for the first half and second quarter of fiscal 2016 compared to the same periods in fiscal 2015. Tax-related Contingencies As of September 30, 2015, we remain under IRS examination for fiscal 2016 and 2015. The IRS examination for fiscal 2014 was concluded in the second quarter of fiscal 2016. We periodically review our uncertain tax positions. Our assessment is based on many factors including the ongoing IRS audits. For the quarter ended September 30, 2015, our assessment did not result in a material change in unrecognized tax benefits. Our deferred tax assets were $2.1 billion and $2.2 billion at September 30, 2015 and March 31, 2015, and were primarily due to the deferred deduction of allowance for credit losses and cumulative federal tax loss carryforwards that expire in varying amounts beginning in fiscal 2029 through fiscal 2036. The total deferred tax liability at September 30, 2015, net of these deferred tax assets, was $7.7 billion compared with $7.5 billion at March 31, 2015. Realization with respect to the federal tax loss carryforwards is dependent on sufficient income prior to expiration of the loss carryforwards. Although realization 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. In October 2015, TMCC sold its commercial finance business to TICF. Pursuant to an agreement with TICF, TMCC will recognize a taxable gain that will result in a federal and state income tax liability in the third quarter of fiscal 2016.

Income Taxes

6 Months Ended

Sep. 30, 2015

Note 13 – Income Taxes

Our effective tax rate was 37 percent for the first half of fiscal 2016 and fiscal 2015, respectively and 38 percent for the second quarter of fiscal 2016 and fiscal 2015, respectively. Our provision for income taxes for the three and six months ended September 30, 2015 was $161 million and $231 million, respectively, compared to $176 million and $389 million for the same periods in fiscal 2015. The decrease in the provision is consistent with the decrease in our income before tax for the first half and second quarter of fiscal 2016 compared to the same periods in fiscal 2015.

Tax-related Contingencies

As of September 30, 2015, we remain under IRS examination for fiscal 2016 and 2015. The IRS examination for fiscal 2014 was concluded in the second quarter of fiscal 2016.

We periodically review our uncertain tax positions. Our assessment is based on many factors including the ongoing IRS audits. For the quarter ended September 30, 2015, our assessment did not result in a material change in unrecognized tax benefits.

Our deferred tax assets were $2.1 billion and $2.2 billion at September 30, 2015 and March 31, 2015, and were primarily due to the deferred deduction of allowance for credit losses and cumulative federal tax loss carryforwards that expire in varying amounts beginning in fiscal 2029 through fiscal 2036. The total deferred tax liability at September 30, 2015, net of these deferred tax assets, was $7.7 billion compared with $7.5 billion at March 31, 2015. Realization with respect to the federal tax loss carryforwards is dependent on sufficient income prior to expiration of the loss carryforwards. Although realization 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.

In October 2015, TMCC sold its commercial finance business to TICF. Pursuant to an agreement with TICF, TMCC will recognize a taxable gain that will result in a federal and state income tax liability in the third quarter of fiscal 2016.