Fair Value Measurements (Tables)

3 Months Ended

Jun. 30, 2026

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 recurring fair value measurements:


	June 30, 2026
	Level 1		Level 2		Level 3		Total

	(U.S. dollars in millions)
Assets:
Derivative instruments:
Interest rate swaps	$	—	$	330	$	—	$	330
Cross currency swaps	—		214		—		214
Total assets	$	—	$	544	$	—	$	544
Liabilities:
Derivative instruments:
Interest rate swaps	$	—	$	370	$	—	$	370
Cross currency swaps	—		234		—		234
Total liabilities	$	—	$	604	$	—	$	604

	March 31, 2026
	Level 1		Level 2		Level 3		Total

	(U.S. dollars in millions)
Assets:
Derivative instruments:
Interest rate swaps	$	—	$	228	$	—	$	228
Cross currency swaps	—		341		—		341
Total assets	$	—	$	569	$	—	$	569
Liabilities:
Derivative instruments:
Interest rate swaps	$	—	$	442	$	—	$	442
Cross currency swaps	—		219		—		219
Total liabilities	$	—	$	661	$	—	$	661

Summary of Nonrecurring Fair Value Measurements Recognized for Assets

The following tables summarize the fair value hierarchy of nonrecurring fair value measurements:


	Level 1		Level 2		Level 3		Total		Total loss recognized

	(U.S. dollars in millions)
June 30, 2026
Vehicles held for disposition	$	—	$	—	$	129	$	129	$	46

June 30, 2025
Vehicles held for disposition	$	—	$	—	$	119	$	119	$	46

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, cash equivalents, and restricted cash approximate fair values due to the short-term nature and limited credit risk of the instruments.


	June 30, 2026
	Carrying		Fair value
	value		Level 1	Level 2		Level 3		Total

	(U.S. dollars in millions)
Assets:
Dealer loans, net	$	4,687	—	—		$	4,346	$	4,346
Retail loans, net	50,201		—	—		50,197		50,197
Liabilities:
Commercial paper	$	5,638	—	$	5,638	—		$	5,638

Bank loans	2,355		—	2,356		—		2,356
Public MTN Program	39,084		—	38,841		—		38,841
Other debt	3,199		—	3,236		—		3,236
Secured debt	14,908		—	14,918		—		14,918

	March 31, 2026
	Carrying		Fair value
	value		Level 1	Level 2		Level 3		Total

	(U.S. dollars in millions)
Assets:
Dealer loans, net	$	4,694	—	—		$	4,222	$	4,222
Retail loans, net	49,649		—	—		49,713		49,713
Liabilities:
Commercial paper	$	2,929	—	$	2,929	—		$	2,929

Bank loans	2,382		—	2,374		—		2,374
Public MTN Program	40,726		—	40,411		—		40,411
Other debt	3,407		—	3,425		—		3,425
Secured debt	15,344		—	15,395		—		15,395