Fair Value Measurements (Tables)

9 Months Ended

Dec. 31, 2025

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:


	December 31, 2025
	Level 1		Level 2		Level 3		Total

	(U.S. dollars in millions)
Assets:
Derivative instruments:
Interest rate swaps	$	—	$	351	$	—	$	351
Cross currency swaps	—		547		—		547
Total assets	$	—	$	898	$	—	$	898
Liabilities:
Derivative instruments:
Interest rate swaps	$	—	$	544	$	—	$	544
Cross currency swaps	—		175		—		175
Total liabilities	$	—	$	719	$	—	$	719

	March 31, 2025
	Level 1		Level 2		Level 3		Total

	(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

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 1		Level 2		Level 3		Total		Lower-of-cost or fair value adjustment

	(U.S. dollars in millions)
December 31, 2025
Vehicles held for disposition	$	—	$	—	$	138	$	138	$	54
December 31, 2024
Vehicles held for disposition	$	—	$	—	$	128	$	128	$	51

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.


	December 31, 2025
	Carrying		Fair value
	value		Level 1	Level 2		Level 3		Total

	(U.S. dollars in millions)
Assets:
Dealer loans, net	$	4,494	—	—		$	4,093	$	4,093
Retail loans, net	49,720		—	—		50,015		50,015
Liabilities:
Commercial paper	$	4,341	—	$	4,341	—		$	4,341

Bank loans	2,219		—	2,224		—		2,224
Public MTN Program	41,365		—	41,474		—		41,474
Other debt	3,455		—	3,513		—		3,513
Secured debt	14,433		—	14,560		—		14,560

	March 31, 2025
	Carrying		Fair value
	value		Level 1	Level 2		Level 3		Total

	(U.S. dollars in millions)
Assets:
Dealer loans, net	$	4,335	—	—		$	3,940	$	3,940
Retail loans, net	48,181		—	—		48,102		48,102
Liabilities:
Commercial paper	$	6,022	—	$	6,023	—		$	6,023
Related party debt	1,800		—	1,800		—		1,800
Bank loans	2,100		—	2,099		—		2,099
Public MTN Program	37,153		—	36,795		—		36,795
Other debt	3,088		—	3,130		—		3,130
Secured debt	12,384		—	12,472		—		12,472