TOYOTA MOTOR CREDIT CORPORATION - Toyota Financial
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2016
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________ to _______________
Commission File Number 1-9961
TOYOTA MOTOR CREDIT CORPORATION
(Exact name of registrant as specified in its charter)
California
(State or other jurisdiction of incorporation or organization)
95-3775816
(I.R.S. Employer Identification No.)
19001 S. Western Avenue Torrance, California
(Address of principal executive offices)
90501
(Zip Code)
Registrant's telephone number, including area code: (310) 468-1310
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (?232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer", "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
As of January 31, 2017, the number of outstanding shares of capital stock, no par value per share, of the registrant was 91,500, all of which shares were held by Toyota Financial Services International Corporation.
Reduced Disclosure Format
The registrant meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this Form with the reduced disclosure format.
TOYOTA MOTOR CREDIT CORPORATION FORM 10-Q
For the quarter ended December 31, 2016 INDEX PART I.................................................................................................................................................................................. 3
Item 1. Financial Statements ........................................................................................................................................ 3 Consolidated Statement of Income..................................................................................................................... 3 Consolidated Statement of Comprehensive Income........................................................................................... 3 Consolidated Balance Sheet ............................................................................................................................... 4 Consolidated Statement of Shareholder's Equity ............................................................................................... 5 Consolidated Statement of Cash Flows .............................................................................................................. 6 Notes to Consolidated Financial Statements ...................................................................................................... 7
Item 2. Management's Discussion and Analysis.......................................................................................................... 46 Item 3. Quantitative and Qualitative Disclosures About Market Risk ......................................................................... 71 Item 4. Controls and Procedures .................................................................................................................................. 71 PART II ................................................................................................................................................................................ 72 Item 1. Legal Proceedings............................................................................................................................................ 72 Item 1A. Risk Factors .................................................................................................................................................. 72 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds ......................................................................... 72 Item 3. Defaults Upon Senior Securities ...................................................................................................................... 72 Item 4. Mine Safety Disclosures .................................................................................................................................. 72 Item 5. Other Information ............................................................................................................................................ 72 Item 6. Exhibits ............................................................................................................................................................ 72 Signatures..................................................................................................................................................................... 73 Exhibit Index................................................................................................................................................................ 74
2
PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS
Financing revenues: Operating lease Retail Dealer
Total financing revenues Depreciation on operating leases Interest expense
Net financing revenues
TOYOTA MOTOR CREDIT CORPORATION
CONSOLIDATED STATEMENT OF INCOME
(Dollars in millions)
(Unaudited)
Three Months Ended
December 31,
2016
2015
Nine Months Ended
December 31,
2016
2015
$
1,946 $
1,795 $
5,762 $
5,280
468
484
1,383
1,406
123
97
346
298
2,537
2,376
7,491
6,984
1,722
1,503
4,994
4,309
701
277
1,305
988
114
596
1,192
1,687
Insurance earned premiums and contract revenues Gain on sale of commercial finance business Investment and other income, net Realized gains (losses), net on investments in marketable securities
Net financing revenues and other revenues
202
181
594
533
-
197
-
197
52
67
133
129
157
-
240
(10 )
525
1,041
2,159
2,536
Expenses: Provision for credit losses Operating and administrative Insurance losses and loss adjustment expenses
Total expenses
183
128
396
278
325
288
921
845
92
73
272
230
600
489
1,589
1,353
(Loss) income before income taxes (Benefit) provision for income taxes
(75 )
552
(29 )
210
570
1,183
212
441
Net (loss) income
$
(46 ) $
342 $
358 $
742
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Dollars in millions)
(Unaudited)
Three Months Ended
December 31,
2016
2015
Net (loss) income
$
(46 ) $
342 $
Other comprehensive (loss) income, net of tax:
Net unrealized losses on available-for-sale
marketable securities [net of tax benefit of
$40, $13, $8 and $54, respectively]
(66 )
(23 )
Reclassification adjustment for net (gains) losses on
available-for-sale marketable securities
included in investment and other income, net [net of
tax provision (benefit) of $60, $0, $92 and ($4),
respectively]
(97 )
-
Other comprehensive (loss) income
(163 )
(23 )
Comprehensive (loss) income
$
(209) $
319 $
Nine Months Ended
December 31,
2016
2015
358 $
742
(14 )
(91 )
(148 )
6
(162 )
(85 )
196 $
657
See accompanying Notes to Consolidated Financial Statements.
3
TOYOTA MOTOR CREDIT CORPORATION CONSOLIDATED BALANCE SHEET (Dollars in millions except share data) (Unaudited)
ASSETS Cash and cash equivalents Restricted cash and cash equivalents Investments in marketable securities Finance receivables, net Investments in operating leases, net Other assets Total assets
December 31, 2016
March 31, 2016
$
2,685 $
2,701
893
1,010
5,739
6,540
68,018
65,636
38,097
36,488
2,209
2,217
$
117,641 $
114,592
LIABILITIES AND SHAREHOLDER'S EQUITY
Debt
$
Deferred income taxes
Other liabilities
Total liabilities
Commitments and contingencies (See Note 12)
Shareholder's equity:
Capital stock, no par value (100,000 shares authorized; 91,500 issued
and outstanding) at December 31, 2016 and March 31, 2016
Additional paid-in capital
Accumulated other comprehensive income
Retained earnings
Total shareholder's equity
Total liabilities and shareholder's equity
$
96,198 $ 8,065 3,785 108,048
915 2 3
8,673 9,593 117,641 $
93,594 8,016 3,585 105,195
915 2
165 8,315 9,397 114,592
The following table presents the assets and liabilities of our consolidated variable interest entities (See Note 10).
ASSETS Finance receivables, net Investments in operating leases, net Other assets Total assets
December 31, 2016
March 31, 2016
$
12,879 $
14,130
2,811
2,504
68
84
$
15,758 $
16,718
LIABILITIES Debt Other liabilities Total liabilities
$
12,990 $
14,123
5
5
$
12,995 $
14,128
See accompanying Notes to Consolidated Financial Statements.
4
TOYOTA MOTOR CREDIT CORPORATION CONSOLIDATED STATEMENT OF SHAREHOLDER'S EQUITY
(Dollars in millions) (Unaudited)
Capital stock
Additional paid-in capital
Accumulated other
comprehensive income
Retained earnings
Total
Balance at March 31, 2015
$
915 $
2 $
220 $ 7,383 $ 8,520
Net income for the nine months ended December 31, 2015
Other comprehensive loss, net of tax
Balance at December 31, 2015
$
915 $
2 $
(85 ) 135 $
742 -
8,125 $
742 (85 ) 9,177
Balance at March 31, 2016
$
915 $
Net income for the nine months ended December 31, 2016
Other comprehensive loss, net of tax
Balance at December 31, 2016
$
915 $
See accompanying Notes to Consolidated Financial Statements.
2 $
2 $
165 $
(162 )
3 $
8,315 $
358 -
8,673 $
9,397
358 (162 ) 9,593
5
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