Income Taxes	3 Months Ended
Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Note 13 – Income Taxes Our effective tax rate was 19 percent for the three months ended June 30, 2018 compared to 37 percent for the same period in fiscal 2018. Our provision for income taxes was $22 million for the first quarter of fiscal 2019, compared to $96 million for the same period in fiscal 2018. The decreases in the effective tax rate and the provision for income taxes for the first quarter of fiscal 2019 compared to the same period in fiscal 2018 were due to the reduction of the federal statutory income tax rate by the TCJA from 35 percent to 21 percent, the decrease in our income before taxes and the adjustment to the deemed repatriation tax as described below. Our assessment of the impact of the TCJA is substantially complete, and is reflected in our financial statements as of June 30, 2018 and for the three months then ended. During the first quarter of fiscal 2019, we recorded an adjustment resulting in a tax benefit of $10 million related to the provisional deemed repatriation tax previously recorded in fiscal 2018. This adjustment is a result of new information which became available during the first quarter of fiscal 2019. Upon completion of our fiscal 2018 income tax return, we may identify additional revaluation adjustments to our recorded deferred tax liabilities, including the deemed repatriation tax. The issuance of future administrative guidance may further clarify the interpretation of the new law and require adjustments to the provisional amount we recorded for the deemed repatriation tax. Any adjustment required to this provisional amount is not expected to be material. Tax-related Contingencies As of June 30, 2018, we remain under IRS examination for fiscal 2018 and 2019. The IRS examination for fiscal 2017 was concluded in the first quarter of fiscal 2019. We periodically review our uncertain tax positions. Our assessment is based on many factors including any ongoing IRS audits. For the three months ended June 30, 2018, our assessment did not result in a material change in unrecognized tax benefits. Our deferred tax assets were $1.9 billion and $1.6 billion at June 30, 2018 and March 31, 2018, and were primarily due to the deferred deduction of allowance for credit and residual value losses and federal tax loss carryforward which has no expiration. The total deferred tax liability, net of these deferred tax assets, was $5.3 billion at both June 30, 2018 and March 31, 2018. Realization with respect to the federal tax loss carryforward is dependent on generating sufficient income. 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 August 3, 2018, the IRS and Department of the Treasury proposed regulations that provide guidance regarding the additional first year depreciation deduction under section 168(k) of the Internal Revenue Code. These proposed regulations reflect changes made by the TCJA. Under the proposed regulations, there will be an increase to our deferred tax assets driven by our federal tax loss carryforwards and an increase to our deferred tax liability related to vehicle depreciation. As a result, we expect no significant change to our deferred tax liability, net of deferred tax assets on our Consolidated Balance Sheets.

Note 13 – Income Taxes

Our effective tax rate was 19 percent for the three months ended June 30, 2018 compared to 37 percent for the same period in fiscal 2018. Our provision for income taxes was $22 million for the first quarter of fiscal 2019, compared to $96 million for the same period in fiscal 2018. The decreases in the effective tax rate and the provision for income taxes for the first quarter of fiscal 2019 compared to the same period in fiscal 2018 were due to the reduction of the federal statutory income tax rate by the TCJA from 35 percent to 21 percent, the decrease in our income before taxes and the adjustment to the deemed repatriation tax as described below.

Our assessment of the impact of the TCJA is substantially complete, and is reflected in our financial statements as of June 30, 2018 and for the three months then ended. During the first quarter of fiscal 2019, we recorded an adjustment resulting in a tax benefit of $10 million related to the provisional deemed repatriation tax previously recorded in fiscal 2018. This adjustment is a result of new information which became available during the first quarter of fiscal 2019. Upon completion of our fiscal 2018 income tax return, we may identify additional revaluation adjustments to our recorded deferred tax liabilities, including the deemed repatriation tax. The issuance of future administrative guidance may further clarify the interpretation of the new law and require adjustments to the provisional amount we recorded for the deemed repatriation tax. Any adjustment required to this provisional amount is not expected to be material.

Tax-related Contingencies

As of June 30, 2018, we remain under IRS examination for fiscal 2018 and 2019. The IRS examination for fiscal 2017 was concluded in the first quarter of fiscal 2019.

We periodically review our uncertain tax positions. Our assessment is based on many factors including any ongoing IRS audits. For the three months ended June 30, 2018, our assessment did not result in a material change in unrecognized tax benefits.

Our deferred tax assets were $1.9 billion and $1.6 billion at June 30, 2018 and March 31, 2018, and were primarily due to the deferred deduction of allowance for credit and residual value losses and federal tax loss carryforward which has no expiration. The total deferred tax liability, net of these deferred tax assets, was $5.3 billion at both June 30, 2018 and March 31, 2018. Realization with respect to the federal tax loss carryforward is dependent on generating sufficient income. 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 August 3, 2018, the IRS and Department of the Treasury proposed regulations that provide guidance regarding the additional first year depreciation deduction under section 168(k) of the Internal Revenue Code. These proposed regulations reflect changes made by the TCJA. Under the proposed regulations, there will be an increase to our deferred tax assets driven by our federal tax loss carryforwards and an increase to our deferred tax liability related to vehicle depreciation. As a result, we expect no significant change to our deferred tax liability, net of deferred tax assets on our Consolidated Balance Sheets.