Segment Information The Companys reportable segments are based on the two geographic regions where operating results are measured and evaluated by management: the United States and Canada. Segment performance is evaluated using an internal measurement basis, which differs from the Companys consolidated results prepared in accordance with GAAP. Segment performance is evaluated on a pre-tax basis before the effect of valuation adjustments on derivative instruments and revaluations of foreign currency denominated debt. Since the Company does not elect to apply hedge accounting, the impact to earnings resulting from these valuation adjustments as reported under GAAP is not representative of segment performance as evaluated by management. Realized gains and losses on derivative instruments, net of realized gains and losses on foreign currency denominated debt, are included in the measure of net revenues when evaluating segment performance. No adjustments are made to segment performance to allocate any revenues or expenses. Financing products offered throughout the United States and Canada are substantially similar. Segment revenues from the various financing products are reported on the same basis as GAAP consolidated results. Financial information for the Companys reportable segments for the fiscal years ended or at March 31 is summarized in the following tables: United States Canada Valuation adjustments and reclassifications Consolidated Total (U.S. dollars in millions) Year ended March 31, 2020 Revenues: Retail $ 1,533 $ 204 $  $ 1,737 Dealer 198 24  222 Operating leases 6,402 1,347  7,749 Total revenues 8,133 1,575  9,708 Leased vehicle expenses 4,667 1,026  5,693 Interest expense 1,063 178  1,241 Realized (gains)/losses on derivatives and foreign currency denominated debt 106 (4 ) (102 )  Net revenues 2,297 375 102 2,774 Other income 77 11  88 Total net revenues 2,374 386 102 2,862 Expenses: General and administrative expenses 439 59  498 Provision for credit losses 393 9  402 Impairment loss on operating lease     Early termination loss on operating leases 327 4  331 (Gain)/Loss on derivative instruments   305 305 (Gain)/Loss on foreign currency revaluation of debt   (107 ) (107 ) Income before income taxes $ 1,215 $ 314 $ (96 ) $ 1,433 March 31, 2020 Finance receivables, net $ 35,381 $ 4,173 $  $ 39,554 Investment in operating leases, net 28,809 5,034  33,843 Total assets 67,566 9,690  77,256 United States Canada Valuation adjustments and reclassifications Consolidated Total (U.S. dollars in millions) Year ended March 31, 2019 Revenues: Retail $ 1,406 $ 208 $  $ 1,614 Dealer 211 21  232 Operating leases 6,001 1,252  7,253 Total revenues 7,618 1,481  9,099 Leased vehicle expenses 4,420 969  5,389 Interest expense 1,015 175  1,190 Realized (gains)/losses on derivatives and foreign currency denominated debt 15 (17 ) 2  Net revenues 2,168 354 (2 ) 2,520 Other income 63 8  71 Total net revenues 2,231 362 (2 ) 2,591 Expenses: General and administrative expenses 403 53  456 Provision for credit losses 242 7  249 Impairment loss on operating leases 14   14 Early termination loss on operating leases 98 3  101 (Gain)/Loss on derivative instruments   509 509 (Gain)/Loss on foreign currency revaluation of debt   (407 ) (407 ) Income before income taxes $ 1,474 $ 299 $ (104 ) $ 1,669 March 31, 2019 Finance receivables, net $ 36,028 $ 4,396 $  $ 40,424 Investment in operating leases, net 27,493 5,113  32,606 Total assets 66,264 9,700  75,964 United States Canada Valuation adjustments and reclassifications Consolidated Total (U.S. dollars in millions) Year ended March 31, 2018 Revenues: Retail $ 1,181 $ 201 $  $ 1,382 Dealer 158 17  175 Operating leases 5,815 1,075  6,890 Total revenues 7,154 1,293  8,447 Leased vehicle expenses 4,532 859  5,391 Interest expense 770 127  897 Realized (gains)/losses on derivatives and foreign currency denominated debt (13 ) (1 ) 14  Net revenues 1,865 308 (14 ) 2,159 Other income 50 6  56 Total net revenues 1,915 314 (14 ) 2,215 Expenses: General and administrative expenses 384 55  439 Provision for credit losses 239 5  244 Early termination loss on operating leases 105 3  108 (Gain)/Loss on derivative instruments   (550 ) (550 ) (Gain)/Loss on foreign currency revaluation of debt   494 494 Income before income taxes $ 1,187 $ 251 $ 42 $ 1,480 March 31, 2018 Finance receivables, net $ 33,311 $ 4,645 $  $ 37,956 Investment in operating leases, net 27,040 4,777  31,817 Total assets 62,976 9,650  72,626