Income Taxes	9 Months Ended
Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Note 13 – Income Taxes Our effective tax rate was 37 percent for the first nine months of fiscal 2016 and fiscal 2015, respectively and 38 percent for the third quarter of fiscal 2016 and fiscal 2015, respectively. Our provision for income taxes for the first nine months of fiscal 2016 was $441 million compared to $574 million for the same period in fiscal 2015 and $210 million for the third quarter of fiscal 2016 compared to $185 million for same period in fiscal 2015. The decrease in the provision for the first nine months of fiscal 2016 is consistent with the decrease in our income before tax compared to the first nine months of fiscal 2015. The increase in the provision for the third quarter of fiscal 2016 is consistent with the increase in our income before tax compared to the third quarter of fiscal 2015. Tax-related Contingencies As of December 31, 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 December 31, 2015, our assessment did not result in a material change in unrecognized tax benefits. Our deferred tax assets were $1.9 billion and $2.2 billion at December 31, 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 2035. The total deferred tax liability at December 31, 2015, net of these deferred tax assets, was $7.8 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. On October 1, 2015, TMCC sold its commercial finance business to TICF. Pursuant to the sale agreement with TICF, TMCC recognized a taxable gain that resulted in a current federal and state income tax liability of $87 million in the third quarter of fiscal 2016.

Note 13 – Income Taxes

Our effective tax rate was 37 percent for the first nine months of fiscal 2016 and fiscal 2015, respectively and 38 percent for the third quarter of fiscal 2016 and fiscal 2015, respectively. Our provision for income taxes for the first nine months of fiscal 2016 was $441 million compared to $574 million for the same period in fiscal 2015 and $210 million for the third quarter of fiscal 2016 compared to $185 million for same period in fiscal 2015. The decrease in the provision for the first nine months of fiscal 2016 is consistent with the decrease in our income before tax compared to the first nine months of fiscal 2015. The increase in the provision for the third quarter of fiscal 2016 is consistent with the increase in our income before tax compared to the third quarter of fiscal 2015.

Tax-related Contingencies

As of December 31, 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 December 31, 2015, our assessment did not result in a material change in unrecognized tax benefits.

Our deferred tax assets were $1.9 billion and $2.2 billion at December 31, 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 2035. The total deferred tax liability at December 31, 2015, net of these deferred tax assets, was $7.8 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.

On October 1, 2015, TMCC sold its commercial finance business to TICF. Pursuant to the sale agreement with TICF, TMCC recognized a taxable gain that resulted in a current federal and state income tax liability of $87 million in the third quarter of fiscal 2016.