Income Taxes	9 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 10 – Income Taxes Our effective tax rate was 16 percent and 23 percent for the three and nine months ended December 31, 2019, respectively, compared to 24 percent and 26 percent for the same periods in fiscal 2019. Our provision for income taxes was $34 million and $296 million for the three and nine months ended December 31, 2019, respectively, compared to $69 million and $178 million for the same periods in fiscal 2019. The decrease in our provision for income taxes for the third quarter of fiscal 2020, compared to the same period in fiscal 2019, was primarily due to the decrease in income before taxes. The increase in our provision for income taxes for the first nine months of fiscal 2020, compared to the same period in fiscal 2019, was primarily due to the increase in income before taxes. The decrease in the effective tax rate for the three and nine months ended December 31, 2019, compared to the same periods in fiscal 2019, was primarily due to the tax benefit from the federal tax credit for fuel cell vehicles which was extended by the Taxpayer Certainty and Disaster Tax Relief Act of 2019 (H.R. 1865) in December 2019 and applies retroactively to fuel cell vehicles purchased on or after January 1, 2018. The decrease in the effective tax rate also reflects state tax law changes taking effect in this fiscal year. Tax-related Contingencies As of December 31, 2019, we remain under IRS examination for fiscal 2020, 2019 and 2018. We periodically review our uncertain tax positions. Our assessment is based on many factors including any ongoing IRS audits. For the three months ended December 31, 2019, our assessment did not result in a material change in unrecognized tax benefits. Our deferred tax assets were $1.4 billion and $2.9 billion at December 31, 2019 and March 31, 2019, respectively, and were primarily due to the deferred deduction of allowance for credit losses 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 $5.7 billion and $5.5 billion at December 31, 2019 and March 31, 2019, respectively. 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.

Income Taxes

9 Months Ended

Dec. 31, 2019

Note 10 – Income Taxes

Our effective tax rate was 16 percent and 23 percent for the three and nine months ended December 31, 2019, respectively, compared to 24 percent and 26 percent for the same periods in fiscal 2019. Our provision for income taxes was $34 million and $296 million for the three and nine months ended December 31, 2019, respectively, compared to $69 million and $178 million for the same periods in fiscal 2019. The decrease in our provision for income taxes for the third quarter of fiscal 2020, compared to the same period in fiscal 2019, was primarily due to the decrease in income before taxes. The increase in our provision for income taxes for the first nine months of fiscal 2020, compared to the same period in fiscal 2019, was primarily due to the increase in income before taxes. The decrease in the effective tax rate for the three and nine months ended December 31, 2019, compared to the same periods in fiscal 2019, was primarily due to the tax benefit from the federal tax credit for fuel cell vehicles which was extended by the Taxpayer Certainty and Disaster Tax Relief Act of 2019 (H.R. 1865) in December 2019 and applies retroactively to fuel cell vehicles purchased on or after January 1, 2018. The decrease in the effective tax rate also reflects state tax law changes taking effect in this fiscal year.

Tax-related Contingencies

As of December 31, 2019, we remain under IRS examination for fiscal 2020, 2019 and 2018.

We periodically review our uncertain tax positions. Our assessment is based on many factors including any ongoing IRS audits. For the three months ended December 31, 2019, our assessment did not result in a material change in unrecognized tax benefits.

Our deferred tax assets were $1.4 billion and $2.9 billion at December 31, 2019 and March 31, 2019, respectively, and were primarily due to the deferred deduction of allowance for credit losses 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 $5.7 billion and $5.5 billion at December 31, 2019 and March 31, 2019, respectively. 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.