Fair Value Measurements (Tables)

6 Months Ended

Sep. 30, 2016

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables summarize our financial assets and financial liabilities measured at fair value on a recurring basis by level within the fair value hierarchy except for certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient and are excluded from the leveling information provided in the table below. Fair value amounts presented below are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheet.

	September 30, 2016
									Counterparty
									netting &			Fair
	Level 1		Level 2			Level 3			collateral			value
Cash equivalents:
Money market instruments	$	236	$	1,037		$	-		$	-		$	1,273
Certificates of deposit		-		1,775			-			-			1,775
Cash equivalents total		236		2,812			-			-			3,048
Restricted cash equivalents		147		-			-			-			147
Available-for-sale securities:
Debt instruments:
U.S. government and agency obligations		2,812		55			2			-			2,869
Municipal debt securities		-		12			-			-			12
Certificates of deposit		455		400			-			-			855
Corporate debt securities		247		129			8			-			384
Mortgage-backed securities:
U.S. government agency		-		54			-			-			54
Non-agency residential		-		-			3			-			3
Non-agency commercial		-		-			38			-			38
Asset-backed securities		-		-			34			-			34
Equity instruments:
Fixed income mutual funds:
Fixed income mutual funds measured at net asset value		-		-			-			-			1,793
Total return bond funds		398		-			-			-			398
Equity mutual fund		266		-			-			-			266
Available-for-sale securities total		4,178		650			85			-			6,706
Derivative assets:
Foreign currency swaps		-		233			-			-			233
Interest rate swaps		-		559			33			-			592
Interest rate floors		-		4			-			-			4
Counterparty netting and collateral		-		-			-			(784	)		(784	)
Derivative assets total		-		796			33			(784	)		45
Assets at fair value		4,561		4,258			118			(784	)		9,946
Derivative liabilities:
Foreign currency swaps		-		(829	)		(49	)		-			(878	)
Interest rate swaps		-		(337	)		-			-			(337	)
Counterparty netting and collateral		-		-			-			1,210			1,210
Liabilities at fair value		-		(1,166	)		(49	)		1,210			(5	)
Net assets at fair value	$	4,561	$	3,092		$	69		$	426		$	9,941

	March 31, 2016
									Counterparty
									netting &			Fair
	Level 1		Level 2			Level 3			collateral			value
Cash equivalents:
Money market instruments	$	360	$	1,209		$	-		$	-		$	1,569
U.S. government and agency obligations		450		105			-			-			555
Certificates of deposit		-		500			-			-			500
Cash equivalents total		810		1,814			-			-			2,624
Available-for-sale securities:
Debt instruments:
U.S. government and agency obligations		2,777		56			2			-			2,835
Municipal debt securities		-		11			-			-			11
Certificates of deposit		300		200			-			-			500
Commercial paper		-		50			-			-			50
Corporate debt securities		228		252			7			-			487
Mortgage-backed securities:
U.S. government agency		-		59			-			-			59
Non-agency residential		-		-			3			-			3
Non-agency commercial		-		-			42			-			42
Asset-backed securities		-		-			37			-			37
Equity instruments:
Fixed income mutual funds:
Fixed income mutual funds measured at net asset value		-		-			-			-			1,747
Total return bond funds		380		-			-			-			380
Equity mutual fund		389		-			-			-			389
Available-for-sale securities total		4,074		628			91			-			6,540
Derivative assets:
Foreign currency swaps		-		329			-			-			329
Interest rate swaps		-		601			39			-			640
Interest rate floors		-		4			-			-			4
Counterparty netting and collateral		-		-			-			(905	)		(905	)
Derivative assets total		-		934			39			(905	)		68
Assets at fair value		4,884		3,376			130			(905	)		9,232
Derivative liabilities:
Foreign currency swaps		-		(821	)		(14	)		-			(835	)
Interest rate swaps		-		(475	)		-			-			(475	)
Counterparty netting and collateral		-		-			-			1,303			1,303
Liabilities at fair value		-		(1,296	)		(14	)		1,303			(7	)
Net assets at fair value	$	4,884	$	2,080		$	116		$	398		$	9,225

Assets and Liabilities Measured on Recurring Basis Using Significant Unobservable Inputs

The following tables summarize the rollforward of all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs:

	Three Months Ended September 30, 2016
																							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
	obligations		securities		securities			securities			securities			swaps			swaps			(liabilities)
Fair value, July 1, 2016	$	2	$	7	$	45		$	35		$	89		$	62		$	(42	)	$	20		$	109
Total gains (losses)
Included in earnings		-		-		-			-			-			-			(8	)		(8	)		(8	)
Included in other comprehensive income		-		1		-			-			1			-			-			-			1
Purchases, issuances, sales, and settlements
Purchases		-		-		-			1			1			-			-			-			1
Issuances		-		-		-			-			-			-			-			-			-
Sales		-		-		-			-			-			-			-			-			-
Settlements		-		-		(4	)		(2	)		(6	)		(29	)		1			(28	)		(34	)
Transfers in to Level 3		-		-		-			-			-			-			-			-			-
Transfers out of Level 3		-		-		-			-			-			-			-			-			-
Fair value, September 30, 2016	$	2	$	8	$	41		$	34		$	85		$	33		$	(49	)	$	(16	)	$	69
The amount of total gains (losses) included in earnings attributable to assets held at the reporting date														$	-		$	(8	)		(8	)		(8	)

	Three Months Ended September 30, 2015
																							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
	obligations		securities		securities			securities			securities			swaps			swaps			(liabilities)
Fair value, July 1, 2015	$	2	$	8	$	46		$	37		$	93		$	1		$	30		$	31		$	124
Total gains (losses)
Included in earnings		-		-		-			-			-			(1	)		(20	)		(21	)		(21	)
Included in other comprehensive income		-		-		-			-			-			-			-			-			-
Purchases, issuances, sales, and settlements
Purchases		-		-		-			-			-			-			-			-			-
Issuances		-		-		-			-			-			-			-			-			-
Sales		-		-		-			-			-			-			-			-			-
Settlements		-		-		(1	)		(1	)		(2	)		(1	)		-			(1	)		(3	)
Transfers in to Level 3		-		-		-			-			-			-			-			-			-
Transfers out of Level 3		-		-		-			-			-			-			-			-			-
Fair value, September 30, 2015	$	2	$	8	$	45		$	36		$	91		$	(1	)	$	10		$	9		$	100
The amount of total gains (losses) included in earnings attributable to assets held at the reporting date														$	(1	)	$	(20	)	$	(21	)	$	(21	)

	Six Months Ended September 30, 2016
																							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
	obligations		securities		securities			securities			securities			swaps			swaps			(liabilities)
Fair value, April 1, 2016	$	2	$	7	$	45		$	37		$	91		$	39		$	(14	)	$	25		$	116
Total gains (losses)
Included in earnings		-		-		-			-			-			20			(32	)		(12	)		(12	)
Included in other comprehensive income		-		1		1			-			2			-			-			-			2
Purchases, issuances, sales, and settlements
Purchases		-		-		-			3			3			-			-			-			3
Issuances		-		-		-			-			-			-			-			-			-
Sales		-		-		-			-			-			-			-			-			-
Settlements		-		-		(5	)		(6	)		(11	)		(26	)		(3	)		(29	)		(40	)
Transfers in to Level 3		-		-		-			-			-			-			-			-			-
Transfers out of Level 3		-		-		-			-			-			-			-			-			-
Fair value, September 30, 2016	$	2	$	8	$	41		$	34		$	85		$	33		$	(49	)	$	(16	)	$	69
The amount of total gains (losses) included in earnings attributable to assets held at the reporting date														$	20		$	(32	)	$	(12	)	$	(12	)

	Six Months Ended September 30, 2015
																								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
	obligations		securities			securities			securities			securities			swaps			swaps			(liabilities)
Fair value, April 1, 2015	$	2	$	14		$	48		$	39		$	103		$	1		$	7		$	8		$	111
Total gains (losses)
Included in earnings		-		-			-			-			-			(1	)		7			6			6
Included in other comprehensive income		-		-			(1	)		-			(1	)		-			-			-			(1	)
Purchases, issuances, sales, and settlements
Purchases		-		-			-			-			-			-			-			-			-
Issuances		-		-			-			-			-			-			-			-			-
Sales		-		(2	)		-			(1	)		(3	)		-			-			-			(3	)
Settlements		-		-			(2	)		(2	)		(4	)		(1	)		(4	)		(5	)		(9	)
Transfers in to Level 3		-		-			-			-			-			-			-			-			-
Transfers out of Level 3		-		(4	)		-			-			(4	)		-			-			-			(4	)
Fair value, September 30, 2015	$	2	$	8		$	45		$	36		$	91		$	(1	)	$	10		$	9		$	100
The amount of total gains (losses) included in earnings attributable to assets held at the reporting date															$	(1	)	$	7		$	6		$	6

Financial Assets and Liabilities Not Carried at Fair Value on Recurring Basis on Consolidated Balance Sheet

The following tables provide information about assets and liabilities not carried at fair value on a recurring basis on our Consolidated Balance Sheet:

	September 30, 2016
	Carrying								Total Fair
	value		Level 1		Level 2		Level 3		Value

Financial assets
Finance receivables, net
Retail loan	$	50,123	$	-	$	-	$	50,309	$	50,309
Wholesale		8,756		-		-		8,806		8,806
Real estate		4,584		-		-		4,342		4,342
Working capital		1,887		-		-		1,876		1,876

Financial liabilities
Commercial paper	$	27,718	$	-	$	27,718	$	-	$	27,718
Unsecured notes and loans payable		52,196		-		51,696		2,211		53,907
Secured notes and loans payable		14,172		-		-		14,214		14,214

	March 31, 2016
	Carrying								Total Fair
	value		Level 1		Level 2		Level 3		Value

Financial assets
Finance receivables, net
Retail loan	$	49,865	$	-	$	-	$	49,551	$	49,551
Wholesale		9,160		-		-		9,207		9,207
Real estate		4,590		-		-		4,277		4,277
Working capital		1,888		-		-		1,894		1,894

Financial liabilities
Commercial paper	$	26,608	$	-	$	26,608	$	-	$	26,608
Unsecured notes and loans payable		52,863		-		52,913		1,387		54,300
Secured notes and loans payable		14,123		-		-		14,125		14,125