v3.25.2
Fair Value Measurements (Tables)
 12 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Summary of Fair Value Hierarchy of Assets and Liabilities Measured at Fair Value on Recurring Basis
The following tables summarize the fair value hierarchy of assets and liabilities measured at fair value on a recurring basis:
March 31, 2025
Level 1Level 2Level 3Total
(U.S. dollars in millions)
Assets:
Derivative instruments:
Interest rate swaps$— $338 $— $338 
Cross currency swaps— 51 — 51 
Total assets$— $389 $— $389 
Liabilities:
Derivative instruments:
Interest rate swaps$— $676 $— $676 
Cross currency swaps— 444 — 444 
Total liabilities$— $1,120 $— $1,120 
March 31, 2024
Level 1Level 2Level 3Total
(U.S. dollars in millions)
Assets:
Derivative instruments:
Interest rate swaps$— $714 $— $714 
Cross currency swaps— 29 — 29 
Total assets$— $743 $— $743 
Liabilities:
Derivative instruments:
Interest rate swaps$— $881 $— 881 
Cross currency swaps— 591 — 591 
Total liabilities$— $1,472 $— $1,472 
Summary of Nonrecurring Fair Value Measurements Recognized for Assets
The following tables summarize nonrecurring fair value measurements recognized for assets still held at the end of the reporting periods presented:
Level 1Level 2Level 3TotalLower-of-cost
or fair value
adjustment
(U.S. dollars in millions)
March 31, 2025
Vehicles held for disposition$— $— $121 $121 $46 
March 31, 2024
Vehicles held for disposition$— $— $100 $100 $28 
Summary of Carrying Values and Fair Values of Financial Instruments Except for those Measured at Fair Value on a Recurring Basis
The following tables summarize the carrying values and fair values of the Company’s financial instruments except for those measured at fair value on a recurring basis. Certain financial instruments and all nonfinancial assets and liabilities are excluded from fair value disclosure requirements including the Company’s investment in operating leases. The carrying values of cash and cash equivalents, restricted cash, and short-term investments approximate fair values due to the short-term nature and limited credit risk of the instruments.

March 31, 2025
Fair value
Carrying
value		Level 1Level 2Level 3Total
(U.S. dollars in millions)
Assets:
Dealer loans, net$4,335 $— $— $3,940 $3,940 
Retail loans, net48,181 — — 48,102 48,102 
Liabilities:
Commercial paper$6,022 $— $6,023 $— $6,023 
Related party debt1,800 — 1,800 — 1,800 
Bank loans2,100 — 2,099 — 2,099 
Medium term note program37,153 — 36,795 — 36,795 
Other debt3,088 — 3,130 — 3,130 
Secured debt12,384 — 12,472 — 12,472 

March 31, 2024
Fair value
Carrying
value		Level 1Level 2Level 3Total
(U.S. dollars in millions)
Assets:
Dealer loans, net$4,052 $— $— $3,700 $3,700 
Retail loans, net43,196 — — 42,280 42,280 
Liabilities:
Commercial paper$5,293 $— $5,293 $— $5,293 
Bank loans1,804 — 1,811 — 1,811 
Medium term note program31,151 — 30,387 — 30,387 
Other debt3,318 — 3,251 — 3,251 
Secured debt9,351 — 9,333 — 9,333