Cover Page
Cover Page | 12 Months Ended |
Mar. 31, 2020shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Interactive Data Current | Yes |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Registrant Name | ORIX CORP |
Entity Central Index Key | 0001070304 |
Current Fiscal Year End Date | --03-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Document Registration Statement | false |
Document Accounting Standard | U.S. GAAP |
Entity File Number | 001-14856 |
Entity Address, Address Line One | World Trade Center Building |
Entity Address, Address Line Two | 2-4-1 Hamamatsu-cho |
Entity Address, Address Line Three | Minato-ku |
Entity Address, City or Town | Tokyo |
Entity Address, Country | JP |
Entity Address, Postal Zip Code | 105-6135 |
Entity Incorporation, State or Country Code | M0 |
Entity Common Stock, Shares Outstanding | 1,324,629,128 |
Common Stock [Member] | |
Document Information [Line Items] | |
No Trading Symbol Flag | true |
Title of 12(b) Security | Common stock without par value (the “Shares”) |
Security Exchange Name | NONE |
American Depositary Shares [Member] | |
Document Information [Line Items] | |
Trading Symbol | IX |
Title of 12(b) Security | American depository shares (the “ADSs”), each of which represents five shares |
Security Exchange Name | NYSE |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | World Trade Center Building |
Entity Address, Address Line Two | 2-4-1 Hamamatsu-cho |
Entity Address, Address Line Three | Minato-ku |
Contact Personnel Name | Hiroya Goto |
Entity Address, City or Town | Tokyo |
Entity Address, Country | JP |
Entity Address, Postal Zip Code | 105-6135 |
Contact Personnel Fax Number | 3435-1276 |
City Area Code | 81-3 |
Local Phone Number | 3435-1274 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
ASSETS | ||
Cash and Cash Equivalents | ¥ 982,666 | ¥ 1,161,032 |
Restricted Cash | 152,618 | 122,548 |
Investment in Direct Financing Leases | 0 | 1,155,632 |
Net investment in Leases | 1,080,964 | 0 |
Installment Loans The amounts which are measured at fair value by electing the fair value option are as follows: March 31, 2019 ¥38,671 million March 31, 2020 ¥90,893 million | 3,740,486 | 3,277,670 |
Allowance for Doubtful Receivables on Finance Leases and Probable Loan Losses | (56,836) | (58,011) |
Investment in Securities The amounts which are measured at fair value by electing the fair value option are as follows: March 31, 2019 ¥27,367 million March 31, 2020 ¥25,295 million | 2,245,323 | 1,928,916 |
Investment in Operating Leases | 1,400,001 | 1,335,959 |
Property under Facility Operations | 562,485 | 441,632 |
Investment in Affiliates | 821,662 | 842,760 |
Trade Notes, Accounts and Other Receivable | 312,744 | 280,590 |
Inventories | 126,013 | 115,695 |
Office Facilities | 203,930 | 108,390 |
Other Assets | 1,495,472 | 1,462,104 |
Total Assets | 13,067,528 | 12,174,917 |
Liabilities: | ||
Short-Term Debt | 336,832 | 309,549 |
Deposits | 2,231,703 | 1,927,741 |
Trade Notes, Accounts and Other Payable | 282,727 | 293,480 |
Policy Liabilities and Policy Account Balances The amounts which are measured at fair value by electing the fair value option are as follows: March 31, 2019 ¥360,198 million March 31, 2020 ¥300,739 million | 1,591,475 | 1,521,355 |
Income Taxes: | ||
Current | 28,203 | 42,010 |
Deferred | 328,147 | 313,833 |
Long-Term Debt | 4,279,354 | 4,186,222 |
Other Liabilities | 912,921 | 617,746 |
Total Liabilities | 9,991,362 | 9,211,936 |
Redeemable Noncontrolling Interests | 10,331 | 9,780 |
Commitments and Contingent Liabilities | ||
Equity: | ||
Common stock: Authorized: 2,590,000,000 shares Issued: March 31, 2019 1,324,629,128 shares March 31, 2020 1,324,629,128 shares | 221,111 | 221,111 |
Additional Paid-in Capital | 257,638 | 257,625 |
Retained Earnings | 2,754,461 | 2,555,585 |
Accumulated Other Comprehensive Income (Loss) | (118,532) | (61,343) |
Treasury Stock, at Cost: | (121,070) | (75,904) |
ORIX Corporation Shareholders' Equity | 2,993,608 | 2,897,074 |
Noncontrolling Interests | 72,227 | 56,127 |
Total Equity | 3,065,835 | 2,953,201 |
Total Liabilities and Equity | 13,067,528 | 12,174,917 |
Variable Interest Entity, Primary Beneficiary | ||
ASSETS | ||
Cash and Cash Equivalents | 7,117 | 4,437 |
Investment in Direct Financing Leases | 0 | 15,058 |
Net investment in Leases | 3,377 | 0 |
Installment Loans (Net of Allowance for Doubtful Receivables on Finance Leases and Probable Loan Losses) | 218,268 | 185,988 |
Investment in Operating Leases | 75,904 | 82,405 |
Property under Facility Operations | 296,208 | 203,933 |
Investment in Affiliates | 51,456 | 52,079 |
Other Assets | 136,641 | 100,101 |
Total Assets | 788,971 | 644,001 |
Liabilities: | ||
Short-Term Debt | 6,030 | 580 |
Trade Notes, Accounts and Other Payable | 3,140 | 7,339 |
Income Taxes: | ||
Long-Term Debt | 464,904 | 418,631 |
Other Liabilities | 45,671 | 16,480 |
Total Liabilities | ¥ 519,745 | ¥ 443,030 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Installment Loans, fair value | ¥ 90,893 | ¥ 38,671 |
Investment in securities, measured at fair value | 25,295 | 27,367 |
Other assets, measured at fair value | 18,206 | 12,449 |
Policy liabilities and Policy Account Balances | ¥ 300,739 | ¥ 360,198 |
Common stock, authorized | 2,590,000,000 | 2,590,000,000 |
Common stock, shares issued | 1,324,629,128 | 1,324,629,128 |
Treasury stock, shares | 70,157,472 | 44,667,776 |
Officer's Compensation Board Incentive Plan | ||
Treasury stock, shares | 1,476,828 | 1,823,993 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues: | |||
Total revenues | ¥ 2,280,329 | ¥ 2,434,864 | ¥ 2,862,771 |
Expenses: | |||
Interest expense | 99,138 | 93,337 | 76,815 |
Costs of operating leases | 289,604 | 257,321 | 252,327 |
Life insurance costs | 269,425 | 246,533 | 255,070 |
Costs of goods and real estate sold | 354,006 | 535,261 | 1,003,509 |
Services expense | 483,914 | 508,320 | 482,796 |
Other (income) and expense | 14,925 | 1,301 | 429 |
Selling, general and administrative expenses | 460,199 | 437,028 | 431,594 |
Provision for doubtful receivables and probable loan losses | 24,425 | 22,525 | 17,265 |
Write-downs of long-lived assets | 3,043 | 2,418 | 5,525 |
Write-downs of securities | 11,969 | 1,382 | 1,246 |
Total expenses | 2,010,648 | 2,105,426 | 2,526,576 |
Operating Income | 269,681 | 329,438 | 336,195 |
Equity in Net Income of Affiliates | 67,924 | 32,978 | 50,103 |
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net | 74,001 | 33,314 | 49,203 |
Bargain Purchase Gain | 955 | 0 | 0 |
Income before Income Taxes | 412,561 | 395,730 | 435,501 |
Provision for Income Taxes | 105,837 | 68,691 | 113,912 |
Net Income | 306,724 | 327,039 | 321,589 |
Net Income Attributable to the Noncontrolling Interests | 3,640 | 2,890 | 8,002 |
Net Income Attributable to the Redeemable Noncontrolling Interests | 384 | 404 | 452 |
Net Income Attributable to ORIX Corporation Shareholders | ¥ 302,700 | ¥ 323,745 | ¥ 313,135 |
Basic: | |||
Net Income Attributable to ORIX Corporation Shareholders | ¥ 237.38 | ¥ 252.92 | ¥ 244.40 |
Diluted: | |||
Net Income Attributable to ORIX Corporation Shareholders | 237.17 | 252.70 | 244.15 |
Cash Dividends | ¥ 81 | ¥ 69 | ¥ 56.25 |
Finance Revenues | |||
Revenues: | |||
Total revenues | ¥ 276,864 | ¥ 242,893 | ¥ 228,252 |
Gains (losses) on investment securities and dividends | |||
Revenues: | |||
Total revenues | 22,499 | 15,958 | 43,302 |
Operating Leases | |||
Revenues: | |||
Total revenues | 430,665 | 413,918 | 379,665 |
Life Insurance Premiums And Related Investment Income | |||
Revenues: | |||
Total revenues | 367,778 | 347,136 | 351,590 |
Sales of Goods and Real Estate | |||
Revenues: | |||
Total revenues | 406,511 | 596,165 | 1,079,052 |
Services Income | |||
Revenues: | |||
Total revenues | ¥ 776,012 | ¥ 818,794 | ¥ 780,910 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | ¥ 306,724 | ¥ 327,039 | ¥ 321,589 |
Other comprehensive income (loss), net of tax: | |||
Net change of unrealized gains (losses) on investment in securities | (22,456) | 10,215 | (22,834) |
Net change of debt valuation adjustments | 875 | 231 | 0 |
Net change of defined benefit pension plans | 1,529 | (7,346) | (2,962) |
Net change of foreign currency translation adjustments | (31,664) | (11,537) | (1,955) |
Net change of unrealized gains (losses) on derivative instruments | (8,556) | (4,118) | 779 |
Total other comprehensive income (loss) | (60,272) | (12,555) | (26,972) |
Comprehensive Income | 246,452 | 314,484 | 294,617 |
Comprehensive Income Attributable to the Noncontrolling Interests | 756 | 2,784 | 6,433 |
Comprehensive Income Attributable to the Redeemable Noncontrolling Interests | 187 | 730 | 36 |
Comprehensive Income Attributable to ORIX Corporation Shareholders | ¥ 245,509 | ¥ 310,970 | ¥ 288,148 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - JPY (¥) ¥ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total ORIX Corporation Shareholders' Equity | Noncontrolling Interests |
Beginning Balance at Mar. 31, 2017 | ¥ 2,647,625 | ¥ 220,524 | ¥ 268,138 | ¥ 2,077,474 | ¥ (21,270) | ¥ (37,168) | ¥ 2,507,698 | ¥ 139,927 |
Contribution to subsidiaries | 13,830 | 0 | 13,830 | |||||
Transaction with noncontrolling interests | (36,495) | (972) | (1) | (973) | (35,522) | |||
Comprehensive income, net of tax: | ||||||||
Net income | 321,137 | 313,135 | 313,135 | 8,002 | ||||
Other comprehensive income (loss) | ||||||||
Net change of unrealized gains (losses) on investment in securities | (22,834) | (22,746) | (22,746) | (88) | ||||
Net change of debt valuation adjustments | 0 | |||||||
Net change of defined benefit pension plans | (2,962) | (2,984) | (2,984) | 22 | ||||
Net change of foreign currency translation adjustments | (1,539) | (2) | (2) | (1,537) | ||||
Net change of unrealized gains (losses) on derivative instruments | 779 | 745 | 745 | 34 | ||||
Total other comprehensive income (loss) | (26,556) | (24,987) | (1,569) | |||||
Total comprehensive income | 294,581 | 288,148 | 6,433 | |||||
Cash dividends | (80,975) | (72,757) | (72,757) | (8,218) | ||||
Exercise of stock options | 656 | 437 | 219 | 656 | 0 | |||
Acquisition of treasury stock | (39,110) | (39,110) | (39,110) | 0 | ||||
Disposal of treasury stock | 257 | (476) | 733 | 257 | 0 | |||
Adjustment of redeemable noncontrolling interests to redemption value | (1,876) | (1,876) | (1,876) | 0 | ||||
Reclassification of change in accounting standards | 0 | (692) | 692 | 0 | 0 | |||
Other, net | 381 | 382 | (1) | 381 | 0 | |||
Ending Balance at Mar. 31, 2018 | 2,798,874 | 220,961 | 267,291 | 2,315,283 | (45,566) | (75,545) | 2,682,424 | 116,450 |
Cumulative effect of adopting Accounting Standards Update (Accounting Standards Update 2014-09) at Mar. 31, 2018 | 759 | 405 | 405 | 354 | ||||
Cumulative effect of adopting Accounting Standards Update (Accounting Standards Update 2016-01) at Mar. 31, 2018 | 0 | 2,899 | (2,899) | 0 | 0 | |||
Cumulative effect of adopting Accounting Standards Update (Accounting Standards Update 2016-16) at Mar. 31, 2018 | 3,772 | 3,772 | 3,772 | 0 | ||||
Adjusted balance at Mar. 31, 2018 | 2,803,405 | 220,961 | 267,291 | 2,322,359 | (48,465) | (75,545) | 2,686,601 | 116,804 |
Contribution to subsidiaries | 7,680 | 0 | 7,680 | |||||
Transaction with noncontrolling interests | (70,483) | (10,033) | (103) | (10,136) | (60,347) | |||
Comprehensive income, net of tax: | ||||||||
Net income | 326,635 | 323,745 | 323,745 | 2,890 | ||||
Other comprehensive income (loss) | ||||||||
Net change of unrealized gains (losses) on investment in securities | 10,215 | 10,174 | 10,174 | 41 | ||||
Net change of debt valuation adjustments | 231 | 231 | 231 | 0 | ||||
Net change of defined benefit pension plans | (7,346) | (7,289) | (7,289) | (57) | ||||
Net change of foreign currency translation adjustments | (11,863) | (11,775) | (11,775) | (88) | ||||
Net change of unrealized gains (losses) on derivative instruments | (4,118) | (4,116) | (4,116) | (2) | ||||
Total other comprehensive income (loss) | (12,881) | (12,775) | (106) | |||||
Total comprehensive income | 313,754 | 310,970 | 2,784 | |||||
Cash dividends | (99,232) | (88,438) | (88,438) | (10,794) | ||||
Exercise of stock options | 225 | 150 | 75 | 225 | 0 | |||
Acquisition of treasury stock | (707) | (707) | (707) | 0 | ||||
Disposal of treasury stock | 115 | (233) | 348 | 115 | 0 | |||
Adjustment of redeemable noncontrolling interests to redemption value | (2,131) | (2,131) | (2,131) | 0 | ||||
Other, net | 575 | 525 | 50 | 575 | 0 | |||
Ending Balance at Mar. 31, 2019 | 2,953,201 | 221,111 | 257,625 | 2,555,585 | (61,343) | (75,904) | 2,897,074 | 56,127 |
Contribution to subsidiaries | 17,047 | 0 | 17,047 | |||||
Transaction with noncontrolling interests | 1,583 | 241 | 2 | 243 | 1,340 | |||
Comprehensive income, net of tax: | ||||||||
Net income | 306,340 | 302,700 | 302,700 | 3,640 | ||||
Other comprehensive income (loss) | ||||||||
Net change of unrealized gains (losses) on investment in securities | (22,456) | (22,390) | (22,390) | (66) | ||||
Net change of debt valuation adjustments | 875 | 875 | 875 | 0 | ||||
Net change of defined benefit pension plans | 1,529 | 1,527 | 1,527 | 2 | ||||
Net change of foreign currency translation adjustments | (31,467) | (28,917) | (28,917) | (2,550) | ||||
Net change of unrealized gains (losses) on derivative instruments | (8,556) | (8,286) | (8,286) | (270) | ||||
Total other comprehensive income (loss) | (60,075) | (57,191) | (2,884) | |||||
Total comprehensive income | 246,265 | 245,509 | 756 | |||||
Cash dividends | (106,867) | (103,824) | (103,824) | (3,043) | ||||
Acquisition of treasury stock | (45,720) | (45,720) | (45,720) | 0 | ||||
Disposal of treasury stock | 220 | (334) | 554 | 220 | 0 | |||
Adjustment of redeemable noncontrolling interests to redemption value | 0 | |||||||
Other, net | 106 | 106 | 106 | 0 | ||||
Ending Balance at Mar. 31, 2020 | ¥ 3,065,835 | ¥ 221,111 | ¥ 257,638 | ¥ 2,754,461 | ¥ (118,532) | ¥ (121,070) | ¥ 2,993,608 | ¥ 72,227 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Cash Flows from Operating Activities: | |||
Net income | ¥ 306,724 | ¥ 327,039 | ¥ 321,589 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 304,204 | 295,589 | 279,923 |
Principal payments received under net investment in leases | 474,110 | 0 | 0 |
Provision for doubtful receivables and probable loan losses | 24,425 | 22,525 | 17,265 |
Equity in net income of affiliates (excluding interest on loans) | (65,764) | (29,674) | (46,587) |
Gains on sales of subsidiaries and affiliates and liquidation losses, net | (74,001) | (33,314) | (49,203) |
Bargain purchase gain | (955) | 0 | 0 |
Gains on sales of securities other than trading | (18,886) | (10,182) | (32,083) |
Gains on sales of operating lease assets | (51,072) | (62,883) | (35,291) |
Write-downs of long-lived assets | 3,043 | 2,418 | 5,525 |
Write-downs of securities | 11,969 | 1,382 | 1,246 |
Deferred tax provision | 14,890 | (35,128) | 5,588 |
Decrease in trading securities | 63,681 | 95,370 | 144,367 |
Decrease in inventories | 11,938 | 6,852 | 10,609 |
Decrease (Increase) in trade notes, accounts and other receivable | 12,348 | (5,576) | (13,984) |
Increase (Decrease) in trade notes, accounts and other payable | (3,853) | 10,990 | 17,831 |
Increase (Decrease) in policy liabilities and policy account balances | 70,120 | 10,109 | (53,512) |
Increase (Decrease) in income taxes payable | (33,318) | 36,753 | (74,241) |
Other, net | (7,137) | (44,592) | 69,749 |
Net cash provided by operating activities | 1,042,466 | 587,678 | 568,791 |
Cash Flows from Investing Activities: | |||
Purchases of lease equipment | (948,445) | (998,073) | (971,163) |
Principal payments received under direct financing leases | 0 | 469,262 | 470,870 |
Installment loans made to customers | (1,527,000) | (1,460,336) | (1,396,724) |
Principal collected on installment loans | 1,134,142 | 1,239,385 | 1,184,298 |
Proceeds from sales of operating lease assets | 339,504 | 429,295 | 285,954 |
Investment in affiliates, net | (44,140) | (278,027) | (110,547) |
Proceeds from sales of investment in affiliates | 79,950 | 56,423 | 74,742 |
Purchases of available-for-sale debt securities | (711,973) | (556,213) | (372,236) |
Proceeds from sales of available-for-sale debt securities | 249,427 | 221,824 | 395,629 |
Proceeds from redemption of available-for-sale debt securities | 82,754 | 73,156 | 97,565 |
Purchases of equity securities other than trading | (53,616) | (66,959) | (67,147) |
Proceeds from sales of equity securities other than trading | 34,145 | 83,261 | 104,600 |
Purchases of property under facility operations | (44,466) | (62,221) | (80,095) |
Acquisitions of subsidiaries, net of cash acquired | (134,894) | (119,105) | (66,034) |
Sales of subsidiaries, net of cash disposed | 91,835 | 56,584 | 43,278 |
Other, net | (17,709) | 37,793 | (32,110) |
Net cash used in investing activities | (1,470,486) | (873,951) | (439,120) |
Cash Flows from Financing Activities: | |||
Net increase (decrease) in debt with maturities of three months or less | 16,182 | (50,881) | 50,900 |
Proceeds from debt with maturities longer than three months | 924,779 | 1,123,923 | 1,488,259 |
Repayment of debt with maturities longer than three months | (832,881) | (932,676) | (1,396,531) |
Net increase in deposits due to customers | 304,182 | 169,830 | 143,318 |
Cash dividends paid to ORIX Corporation shareholders | (103,824) | (88,438) | (72,757) |
Acquisition of treasury stock | (45,720) | (707) | (39,110) |
Contribution from noncontrolling interests | 23,994 | 22,760 | 4,740 |
Purchases of shares of subsidiaries from noncontrolling interests | (4,501) | (86,165) | (11,299) |
Net increase (decrease) in call money | 10,000 | 20,000 | (18,000) |
Other, net | (3,508) | (10,999) | (8,510) |
Net cash provided by financing activities | 288,703 | 166,647 | 141,010 |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (8,979) | (1,911) | 1,224 |
Net increase (decrease) in Cash, Cash Equivalents and Restricted Cash | (148,296) | (121,537) | 271,905 |
Cash, Cash Equivalents and Restricted Cash at Beginning of Year | 1,283,580 | 1,405,117 | 1,133,212 |
Cash, Cash Equivalents and Restricted Cash at End of Year | ¥ 1,135,284 | ¥ 1,283,580 | ¥ 1,405,117 |
Significant Accounting and Repo
Significant Accounting and Reporting Policies | 12 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting and Reporting Policies | 1. Significant Accounting and Reporting Policies In preparing the accompanying consolidated financial statements, ORIX Corporation (the “Company”) and its subsidiaries have complied with generally accepted accounting principles in the United States (“U.S. GAAP”), except for the accounting for stock splits. Significant accounting and reporting policies are summarized as follows: (a) Basis of presenting financial statements The Company and its subsidiaries in Japan maintain their books in conformity with Japanese accounting practices, which differ in certain respects from U.S. GAAP. The accompanying consolidated financial statements have been prepared in conformity with U.S. GAAP and, therefore, reflect certain adjustments to the books and records of the Company and its subsidiaries. The principal adjustments relate to revenue recognition for revenue from contracts with customers, initial direct costs to originate leases and loans, use of a straight-line basis of depreciation for operating lease assets, deferral of life insurance policy acquisition costs, calculation of insurance policy liabilities, accounting for goodwill and other intangible assets in business combinations, accounting for pension plans, accounting for sales of the parent’s ownership interest in subsidiaries, classification in the statements of cash flows, accounting for transfer of financial assets, accounting for investment in securities, accounting for fair value option, accounting for lessee’s lease and reflection of the income tax effect on such adjustments. (b) Principles of consolidation The consolidated financial statements include the accounts of the Company and all of its subsidiaries. Investments in affiliates, where the Company has the ability to exercise significant influence by way of 20% – 50% ownership or other means, are accounted for by using the equity method. Where the Company holds majority voting interests but noncontrolling shareholders have substantive participating rights to decisions that occur as part of the ordinary course of their business, the equity method is applied. In addition, the consolidated financial statements include VIEs to which the Company and its subsidiaries are primary beneficiaries. A certain overseas A lag period of up to three months is used on a consistent basis for recognizing the results of certain subsidiaries and affiliates. All significant intercompany accounts and transactions have been eliminated in consolidation. (c) Use of estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company has identified ten areas where it believes assumptions and estimates are particularly critical to the financial statements. The Company makes estimates and assumptions to the selection of valuation techniques and determination of assumptions used in fair value measurements, the determination and periodic reassessment of the unguaranteed residual value for finance leases and operating leases, the determination and reassessment of insurance policy liabilities and deferred policy acquisition costs, the determination of the allowance for doubtful receivables on finance leases and probable loan losses, the recognition and measurement of impairment of long-lived assets, the recognition and measurement of impairment of investment in securities, the determination of the valuation allowance for deferred tax assets and the evaluation of tax positions, the assessment and measurement of effectiveness in hedging relationship using derivative financial instruments, the determination of benefit obligation and net periodic pension cost and the recognition and measurement of impairment of goodwill and indefinite-lived intangible assets. In addition, we carefully considered the future outlook regarding the spread of the COVID-19. As of March 31, 2020, there was no significant impact on our accounting estimates. However, the outlook for future outbreaks of COVID-19 and the resulting global economic slowdown is uncertain and it may change rapidly. Therefore our accounting estimates may change over time. (d) Foreign currencies translation The Company and its subsidiaries maintain their accounting records in their functional currency. Transactions in foreign currencies are recorded in the entity’s functional currency based on the prevailing exchange rates on the transaction date. Monetary assets and liabilities in foreign currencies are recorded in the entity’s functional currency based on the prevailing exchange rates at the end of each fiscal year. The financial statements of overseas subsidiaries and affiliates are translated into Japanese yen by applying the exchange rates in effect at the end of each fiscal year to all assets and liabilities. Income and expenses are translated at the average rates of exchange prevailing during the fiscal year. The currencies in which the operations of the overseas subsidiaries and affiliates are conducted are regarded as the functional currencies of these companies. Foreign currency translation adjustments reflected in other comprehensive income (loss), net of applicable income taxes, arise from the translation of foreign currency financial statements into Japanese yen. (e) Revenue recognition The Company and its subsidiaries recognize revenues from only contracts with customers, such as sales of goods and real estate, and services income, based on the following five steps; Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation In accordance with these steps, revenues are recognized to depict the transfer of promised goods or services to customers in the amounts that reflect the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenues are recognized net of discount, incentives and estimated sales returns. In case that the Company and its subsidiaries receive payment from customers before satisfying performance obligations, the amounts are recognized as contract liabilities. In transactions that involve third parties, if the Company and its subsidiaries control the goods or services before they are transferred to the customers, revenue is recognized on gross amount as the principal. Excluding the aforementioned policy, the policies as specifically described hereinafter are applied for each of revenue items. Finance Revenues (1) Revenues from finance leases Lessor leases consist of leases for various equipment types, including office equipment, industrial machinery, transportation equipment and real estates. Net investment in leases includes sales-type leases and direct financing leases which are full-payout leases. Leases not qualifying as sales-type leases or direct financing leases are accounted for as operating leases. Interest income on net investment in leases is recognized over the life of each respective lease using the interest method. When lease payment is variable, it is accounted for as income in profit or loss in the period when the changes in facts and circumstances on which the variable payment is based occur. In providing leasing services, the Company and its subsidiaries execute supplemental businesses, such as handling taxes and paying insurance on leased assets on behalf of lessees. The estimated unguaranteed residual value represents estimated proceeds from the disposition of equipment at the time the lease is terminated. Estimates of residual values are determined based on market values of used equipment, estimates of when and the extent to which equipment will become obsolete and actual recovery being experienced for similar used equipment. Initial direct costs of sales-type leases and direct financing leases are being deferred and amortized as a yield adjustment over the life of the related lease by using interest method. The unamortized balance of initial direct costs of sales-type leases and direct financing leases is reflected as a component of net investment in leases. (2) Revenues from installment loans Interest income on installment loans is recognized on an accrual basis. Certain direct loan origination costs, net of origination fees, are being deferred and amortized over the contractual term of the loan as an adjustment of the related loan’s yield using the interest method. Interest payments received on impaired loans other than purchased loans are recorded as interest income unless the collection of the remaining investment is doubtful at which time payments received are recorded as reductions of principal. For purchased loans, although the acquired assets may remain loans in legal form, collections on these loans often do not reflect the normal historical experience of collecting delinquent accounts, and the need to tailor individual collateral-realization strategies often makes it difficult to reliably estimate the amount, timing, or nature of collections. Accordingly, the Company and its subsidiaries use the cost recovery method of income recognition for such purchased loans regardless of whether impairment is recognized or not. (3) Revenues from financial guarantees At the inception of a guarantee, fair value for the guarantee is recognized as a liability in the consolidated balance sheets. The Company and its subsidiaries recognize revenue mainly over the term of guarantee by a systematic and rational amortization method as the Company and the subsidiaries are released from the risk of the obligation. (4) Non-accrual In common with all classes, past-due past-due past-due past-due past-due past-due that their collections are doubtful based on factors such as individual debtors’ creditworthiness, historical loss experience, current delinquencies and delinquency trends. Accrued but uncollected interest is reclassified to net investment in leases or installment loans in the accompanying consolidated balance sheets and becomes subject to the allowance for doubtful receivables and probable loan loss process. Cash repayments received on non-accrual non-accrual Gains on investment securities and dividends — Operating leases — Investment in operating leases is recorded at cost less accumulated depreciation and is depreciated over their estimated useful lives mainly on a straight-line basis. The estimated average useful lives of principal operating lease assets classified as transportation equipment is years, measuring and information-related equipment is years, real estate (other than land) is years and other is years. Depreciation expenses are included in costs of operating leases. Gains or losses arising from dispositions of operating lease assets are included in operating lease revenues. Estimates of residual values are based on market values of used equipment, estimates of when and the extent to which equipment will become obsolete and actual recovery being experienced for similar used equipment. Initial direct costs of operating leases are being deferred and amortized as a straight-line basis over the life of the related lease. in vestment in (f) Insurance and reinsurance transactions Premium income from life insurance policies, net of premiums on reinsurance ceded, is recognized as earned premiums when due. Life insurance benefits are recorded as expenses when they are incurred. Policy liabilities and policy account balances for future policy benefits are measured using the net level premium method, based on actuarial estimates of the amount of future policyholder benefits. The policies are characterized as long-duration policies and mainly consist of whole life, term life, endowments, medical insurance and individual annuity insurance contracts. For policies other than individual annuity insurance contracts, computation of policy liabilities necessarily includes assumptions about mortality, morbidity, lapse rates, future yields on related investments and other factors applicable at the time the policies are written. A certain subsidiary continually evaluates the potential for changes in the estimates and assumptions applied in determining policy liabilities, both positive and negative and uses the results of these evaluations both to adjust recorded liabilities and to adjust underwriting criteria and product offerings. The insurance contracts sold by the subsidiary include variable annuity, variable life and fixed annuity insurance contracts. The subsidiary manages investment assets on behalf of variable annuity and variable life policyholders, which consist of equity securities and are included in investment in securities in the consolidated balance sheets. These investment assets are measured at fair value with realized and unrealized gains or losses recognized in life insurance premiums and related investment income in the consolidated statements of income. The subsidiary elected the fair value option for the entire variable annuity and variable life insurance contracts with changes in the fair value recognized in life insurance costs. The subsidiary provides minimum guarantees to variable annuity and variable life policyholders under which it is exposed to the risk of compensating losses incurred by the policyholders to the extent contractually required. To mitigate the risk, a portion of the minimum guarantee risk related to variable annuity and variable life insurance contracts is ceded to reinsurance companies and the remaining risk is economically hedged by entering into derivative contracts. The reinsurance contracts do not relieve the subsidiary from the obligation as the primary obligor to compensate certain losses incurred by the policyholders, and the default of the reinsurance companies may impose additional losses on the subsidiary. Certain subsidiaries have elected the fair value option for certain reinsurance contracts relating to variable annuity and variable life insurance contracts, which are included in other assets in the consolidated balance sheets. Policy liabilities and policy account balances for fixed annuity insurance contracts are measured based on the single-premiums plus interest based on expected rate and fair value adjustments relating to the acquisition of the subsidiary, less withdrawals, expenses and other charges. The credited interest is recorded in life insurance costs in the consolidated statements of income. Certain costs related directly to the successful acquisition of new or renewal insurance contracts, or deferred policy acquisition costs are deferred and amortized over the respective policy periods in proportion to anticipated premium revenue. These deferred policy acquisition costs consist primarily of agent commissions, except for recurring policy maintenance costs and certain variable costs and expenses for underwriting policies. (g) Allowance for doubtful receivables on net investment in losses The allowance for doubtful receivables on net investment in leases and probable loan losses is maintained at a level which, in the judgment of management, is appropriate to provide for probable losses inherent in lease and loan portfolios. The allowance is increased by provision charged to income and is decreased by charge-offs, net of recoveries. Developing the allowance for doubtful receivables on net investment in leases and probable loan losses is subject to numerous estimates and judgments. In evaluating the appropriateness of the allowance, management considers various factors, including the business characteristics and financial conditions of the obligors, current economic conditions and trends, prior charge-off Impaired loans are individually evaluated for a valuation allowance based on the present value of expected future cash flows, the loan’s observable market price or the fair value of the collateral securing the loans if the loans are collateral-dependent. For non-impaired charge-off charge-off The Company and its subsidiaries charge off doubtful receivables when the likelihood of any future collection is believed to be minimal considering debtors’ creditworthiness and the liquidation status of collateral. (h) Impairment of long-lived assets The Company and its subsidiaries perform a recoverability test for long-lived assets to be held and used in operations, including tangible assets and intangible assets being amortized, consisting primarily of office buildings, condominiums, mega solar and other properties under facility operations, whenever events or changes in circumstances indicated that the assets might be impaired. The assets are considered not recoverable when the undiscounted future cash flows estimated to be generated by those assets are less than the carrying amount of those assets. The carrying amount of assets not recoverable is reduced to fair value if lower than the carrying amount. The Company and its subsidiaries determine the fair value using appraisals prepared by independent third party appraisers or our own staff of qualified appraisers based on recent transactions involving sales of similar assets or other valuation techniques such as discounted cash flows methodologies using future cash flows estimated to be generated from operation of the existing assets or completion of development projects, as appropriate. (i) Investment in securities Equity securities are generally reported at fair value with unrealized gains and losses included in income. Equity securities without readily determinable fair values are recorded at its cost minus impairment, if any, plus or minus changes resulting from observable price changes under the election of the measurement alternative, except for investments which are valued at net asset value per share. Equity securities elected to apply the measurement alternative are written down to its fair value with losses included in income if a qualitative assessment indicates that the investment is impaired and the fair value of the investment is less than its carrying value. In addition, investments included in equity securities that are accounted for under the equity method are recorded at fair value with unrealized gains and losses included in income if certain subsidiaries elect the fair value option. Trading debt securities are reported at fair value with unrealized gains and losses included in income. Available-for-sale Held-to-maturity amortized For debt securities other than trading, where the fair value is less than the amortized cost, the Company and its subsidiaries consider whether those securities are other-than-temporarily impaired using all available information about their collectability. The Company and its subsidiaries do not consider a debt security to be other-than-temporarily impaired if (1) the Company and its subsidiaries do not intend to sell the debt security, (2) it is not more likely than not that the Company and its subsidiaries will be required to sell the debt security before recovery of its amortized cost basis and (3) the present value of estimated cash flows will fully cover the amortized cost of the security. On the other hand, the Company and its subsidiaries consider a debt security to be other-than-temporarily impaired if any of the above mentioned three conditions are not met. When the Company and its subsidiaries deem a debt security to be other-than-temporarily impaired, the Company and its subsidiaries recognize the entire difference between the amortized cost and the fair value of the debt security in earnings if the Company and its subsidiaries intend to sell the debt security or it is more likely than not that the Company and its subsidiaries will be required to sell the debt security before recovery of its amortized cost basis less any current-period credit loss. However, if the Company and its subsidiaries do not intend to sell the debt security and it is not more likely than not that the Company and its subsidiaries will be required to sell the debt security before recovery of its amortized cost basis less any current-period credit loss, the Company and its subsidiaries separate the difference between the amortized cost and the fair value of the debt security into the credit loss component and the non-credit non-credit (j) Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for tax loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rate is recognized in income in the period that includes the enactment date. The Company and its subsidiaries release to earnings stranded income tax effects in accumulated other comprehensive income (loss) resulting from changes in tax laws or rates or changes in judgment about realization of a valuation allowance on a specific identification basis when the individual items are completely sold or terminated. A valuation allowance is recognized if, based on the weight of available evidence, it is “more likely than not” that some portion or all of the deferred tax asset will not be realized. The Company and its subsidiaries file tax returns in Japan and certain foreign tax jurisdictions and recognize the financial statement effects of a tax position taken or expected to be taken in a tax return when it is more likely than not, based on the technical merits, that the position will be sustained upon tax examination, including resolution of any related appeals or litigation processes, and measure tax positions that meet the recognition threshold at the largest amount of tax benefit that is greater than 50 percent likely to be realized upon settlement with the taxing authority. The Company and its subsidiaries present an unrecognized tax benefit as either a reduction of a deferred tax asset, a reduction of an amount refundable or a liability, based on the intended method of settlement. The Company and its subsidiaries classify penalties and interest expense related to income taxes as part of provision for income taxes in the consolidated statements of income. The Company and certain subsidiaries have elected to file a consolidated tax return in Japan (k) Securitized assets The Company and its subsidiaries have securitized and sold to investors various financial assets such as lease receivables and loan receivables. In the securitization process, the assets to be securitized are sold to trusts or special purpose companies, collectively special purpose entities (“SPEs”) that issue asset-backed beneficial interests and securities to the investors. SPEs used in securitization transactions are consolidated if the Company and its subsidiaries are the primary beneficiary of the SPEs, and the transfers of the financial assets to those consolidated SPEs are not accounted for as sales. Assets held by consolidated SPEs continue to be accounted for as lease receivables or loan receivables, as they were before the transfer, and asset-backed beneficial interests and securities issued to the investors are accounted for as debt. When the Company and its subsidiaries have transferred financial assets to a transferee that is not subject to consolidation, the Company and its subsidiaries account for the transfer as a sale if control over the transferred assets is surrendered. The Company and certain subsidiaries originate and sell loans into the secondary market, while retaining the obligation to service those loans. In addition, a certain subsidiary undertakes obligations to service loans originated by others. The subsidiary recognizes servicing assets if it expects the benefit of servicing to more than adequately compensate it for performing the servicing or recognizes servicing liabilities if it expects the benefit of servicing to less than adequately compensate it. These servicing assets and liabilities are initially recognized at fair value and subsequently accounted for using the amortization method whereby the assets and liabilities are amortized in proportion to and over the period of estimated net servicing income or net servicing loss. On a quarterly basis, servicing assets and liabilities are evaluated for impairment or increased obligations. The fair value of servicing assets and liabilities is estimated using an internal valuation model, or by obtaining an opinion of value from an independent third-party vendor. Both methods are based on calculating the present value of estimated future net servicing cash flows, taking into consideration discount rates, prepayments and servicing costs. The internal valuation model is validated at least semiannually through third-party valuations. (l) Derivative financial instruments The Company and its subsidiaries recognize all derivatives on the consolidated balance sheets at fair value. The accounting treatment of subsequent changes in the fair value depends on their use, and whether they qualify as effective “hedges” for accounting purposes. Derivatives for the purpose of economic hedge that are not qualified for hedge accounting are adjusted to fair value through the consolidated statements of income. If a derivative is a hedge, then depending on its nature, changes in its fair value will be either offset against changes in the fair value of hedged assets or liabilities through the consolidated statements of income, or recorded in other comprehensive income (loss), net of applicable income taxes. If a derivative is held as a hedge of the variability of fair value related to a recognized asset or liability or an unrecognized firm commitment (“fair value” hedge), changes in the fair value of the derivative are recorded in earnings along with the changes in the fair value of the hedged item. If a derivative is held as a hedge of the variability of cash flows related to a forecasted transaction or a recognized asset or liability (“cash flow” hedge), changes in the fair value of the derivative are recorded in other comprehensive income (loss), net of applicable income taxes, until earnings are affected by the variability in cash flows of the designated hedged item. If a derivative is held as a hedge of a foreign-currency fair-value or cash-flow hedge (“foreign currency” hedge), changes in the fair value of the derivative are recorded in either earnings or other comprehensive income (loss), net of applicable income taxes, depending on whether the hedging activity is a fair-value hedge or a cash-flow hedge. However, if a derivative is used as a hedge of a net investment in a foreign operation, changes in its fair value are recorded in the foreign currency translation adjustments account within other comprehensive income (loss), net of applicable income taxes. Starting from this fiscal year, the Company and its subsidiaries select either the amortization approach or the fair value approach, depending on the type of hedging activity, for the initial value of the component excluded from the assessment of effectiveness, and recognize it through the consolidated statements of income. When the amortization approach is adopted, the change in fair value is recognized in earnings using a systematic and rational method over the life of the hedging instrument and then any difference between the change in fair value and the amount recognized in earnings is recognized in other comprehensive income (loss), net of applicable income taxes. When the fair value approach is adopted, the change in the fair value is immediately recognized through the consolidated statements of income. In the past fiscal year, the change in fair value of the component excluded from the assessment of effectiveness and the ineffective portion of qualified hedges were immediately recognized through the consolidated statements of income. For all hedging relationships that are designated and qualified for hedge accounting, at the inception of the hedge, the Company and its subsidiaries formally document the details of the hedging relationship and the hedging activity. The Company and its subsidiaries formally assess, both at the hedge’s inception and on an ongoing basis, the effectiveness of the hedge relationship. The Company and its subsidiaries cease hedge accounting prospectively when the derivative no longer qualifies for hedge accounting. (m) Pension plans The Company and certain subsidiaries have contributory and non-contributory The Company and its subsidiaries also recognize the funded status of pension plans, measured as the difference between the fair value of plan assets and the benefit obligation, on the consolidated balance sheets. Changes in that funded status are recognized in the year in which the changes occur through other comprehensive income (loss), net of applicable income taxes. (n) Stock-based compensation In principle, the Company and its subsidiaries measure stock-based compensation expense as consideration for services provided by employees based on the fair value on the grant date. The costs are recognized over the requisite service period. (o) Stock splits Stock splits implemented prior to October 1, 2001 had been accounted for by transferring an amount equivalent to the par value of the shares from additional paid-in As a result of a revision to the Code before amendment effective on October 1, 2001 and the Companies Act implemented on May 1, 2006, the above-mentioned method of accounting required by the Code became unnecessary. In the United States, stock splits in comparable circumstances are considered to be stock dividends and are accounted for by transferring from retained earnings to common stock and additional paid-in paid-in Had such stock splits made prior to October 1, 2001 been accounted for in this manner, additional paid-in (p) Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits placed with banks and short-term highly liquid investments with original maturities of three months or less. (q) Restricted cash Restricted cash consists of trust accounts under securitization programs and real estate, deposits related to servicing agreements, deposits collected on the underlying assets and applied to non-recourse (r) Property under facility operations Property under facility operations consist primarily of operating facilities (including hotels and training facilities) and environmental assets (including mega solar and thermal power stations), which are stated at cost less accumulated depreciation, and depreciation is calculated mainly on a straight-line basis over the estimated useful lives of the assets. Depreciation expenses in fiscal 2018, 2019 and 2020 were ¥25,444 million, ¥28,133 million and ¥27,147 million, respectively. Accumulated depreciation was ¥102,185 million and ¥105,433 million as of March 31, 2019 and 2020, respectively. Estimated useful lives range up to 50 years for buildings, up to 60 years for structures and up to 30 years for others. (s) Trade notes, accounts and other receivable Trade notes, accounts and other receivable primarily include accounts receivables in relation to sales of assets to be leased, inventories and other assets, payment made on behalf of lessees for property tax, maintenance fees and insurance premiums in relation to lease contracts, and receivables relating to debt securities sold. (t) Inventories Inventories consist primarily of residential condominiums under development, completed residential condominiums (including those waiting to be delivered to buyers under the contract for sale), and merchandise for sale. Residential condominiums under development are carried at cost less any impairment losses, and completed residential condominiums and merchandise for sale are stated at the lower of cost or fair value less cost to sell. The cost of inventories that are unique and not interchangeable is determined on the specific identification method and the cost of other inventories is principally determined on the average method. As of March 31, 2019 and 2020, residential condominiums |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 2. Fair Value Measurements The Company and its subsidiaries classify and prioritize inputs used in valuation techniques to measure fair value into the following three levels: Level 1 — Inputs of quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly or indirectly. Level 3 — Unobservable inputs for the assets or liabilities. The Company and its subsidiaries differentiate between those assets and liabilities required to be carried at fair value at every reporting period (“recurring”) and those assets and liabilities that are only required to be adjusted to fair value under certain circumstances (“nonrecurring”). The Company and its subsidiaries mainly measure certain loans held for sale, trading debt securities, available-for-sale The following tables present recorded amounts of major financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2019 and 2020: March 31, 2019 Millions of yen Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Loans held for sale*1 ¥ 38,671 ¥ 0 ¥ 38,671 ¥ 0 Trading debt securities 1,564 0 1,564 0 Available-for-sale 1,264,244 24,831 1,138,966 100,447 Japanese and foreign government bond securities*2 430,851 3,227 427,624 0 Japanese prefectural and foreign municipal bond securities 193,305 0 190,417 2,888 Corporate debt securities*3 487,997 21,604 459,235 7,158 CMBS and RMBS in the Americas 61,479 0 61,479 0 Other asset-backed securities and debt securities 90,612 0 211 90,401 Equity securities*4*5 425,593 68,631 295,769 61,193 Derivative assets: 15,495 299 9,924 5,272 Interest rate swap agreements 138 0 138 0 Options held/written and other 11,140 0 5,868 5,272 Futures, foreign exchange contracts 3,007 299 2,708 0 Foreign currency swap agreements 1,203 0 1,203 0 Credit derivatives written 7 0 7 0 Netting*6 (1,497 ) 0 0 0 Net derivative assets 13,998 0 0 0 Other assets: 12,449 0 0 12,449 Reinsurance recoverables*7 12,449 0 0 12,449 Total ¥ 1,758,016 ¥ 93,761 ¥ 1,484,894 ¥ 179,361 Liabilities: Derivative liabilities: ¥ 25,958 ¥ 522 ¥ 25,436 ¥ 0 Interest rate swap agreements 17,439 0 17,439 0 Options held/written and other 2,809 0 2,809 0 Futures, foreign exchange contracts 5,336 522 4,814 0 Foreign currency swap agreements 364 0 364 0 Credit derivatives held 10 0 10 0 Netting*6 (1,497 ) 0 0 0 Net derivative Liabilities 24,461 0 0 0 Policy Liabilities and Policy Account Balances: 360,198 0 0 360,198 Variable annuity and variable life insurance contracts*8 360,198 0 0 360,198 Total ¥ 386,156 ¥ 522 ¥ 25,436 ¥ 360,198 March 31, 2020 Millions of yen Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Loans held for sale*1 ¥ 90,893 ¥ 0 ¥ 90,893 ¥ 0 Trading debt securities 7,431 0 7,431 0 Available-for-sale 1,631,185 21,490 1,521,342 88,353 Japanese and foreign government bond securities*2 653,945 3,301 650,644 0 Japanese prefectural and foreign municipal bond securities 250,355 0 247,523 2,832 Corporate debt securities*3 596,477 18,189 574,294 3,994 CMBS and RMBS in the Americas 48,672 0 48,672 0 Other asset-backed securities and debt securities 81,736 0 209 81,527 Equity securities*4*5 375,174 58,400 232,873 83,901 Derivative assets: 39,690 202 20,258 19,230 Options held/written and other 21,346 0 2,116 19,230 Futures, foreign exchange contracts 13,265 202 13,063 0 Foreign currency swap agreements 5,079 0 5,079 0 Netting*6 (9,152 ) 0 0 0 Net derivative assets 30,538 0 0 0 Other assets: 18,206 0 0 18,206 Reinsurance recoverables*7 18,206 0 0 18,206 Total ¥ 2,162,579 ¥ 80,092 ¥ 1,872,797 ¥ 209,690 Liabilities: Derivative liabilities: ¥ 73,649 ¥ 2,471 ¥ 71,178 ¥ 0 Interest rate swap agreements 44,002 0 44,002 0 Options held/written and other 20,004 0 20,004 0 Futures, foreign exchange contracts 9,506 2,471 7,035 0 Foreign currency swap agreements 137 0 137 0 Netting*6 (9,152 ) 0 0 0 Net derivative Liabilities 64,497 0 0 0 Policy Liabilities and Policy Account Balances: 300,739 0 0 300,739 Variable annuity and variable life insurance contracts*8 300,739 0 0 300,739 Total ¥ 374,388 ¥ 2,471 ¥ 71,178 ¥ 300,739 *1 A certain subsidiary elected the fair value option on certain loans held for sale. These loans are multi-family and seniors housing loans and are sold to Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and institutional investors. Included in “Other (income) and expense” in the consolidated statements of income were a loss of ¥ million from the change in the fair value of the loans for fiscal 2018, 2019 and 2020, respectively. No gains or losses were recognized in earnings during fiscal 2018, 2019 and 2020 attributable to changes in instrument-specific credit risk. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of March 31, 2019, were ¥37,865 million and ¥38,671 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥806 million. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of March 31, 2020, were ¥84,906 million and ¥90,893 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥5,987 million. As of March 31, 2019 and 2020, there were no loans that are 90 days or more past due or, in non-accrual *2 A certain subsidiary elected the fair value option for investments in foreign government bond securities included in available-for-sale *3 A certain subsidiary elected the fair value option for investments in foreign corporate debt securities included in available-for-sale *4 Certain subsidiaries elected the fair value option for certain investments in investment funds included in equity securities. Included in “Gains on investment securities and dividends” in the consolidated statements of income were gains of ¥1,456 million, ¥1,141 million and ¥1,225 million from the change in the fair value of those investments for fiscal 2018, 2019 and 2020, respectively. The amounts of aggregate fair value elected the fair value option were ¥5,811 million and ¥6,326 million as of March 31, 2019 and 2020, respectively. *5 The amounts of investment funds measured at net asset value per share which are not included in the above tables were ¥12,100 million and ¥11,631 million as of March 31, 2019 and 2020, respectively. *6 It represents the amount offset under counterparty netting of derivative assets and liabilities. *7 Certain subsidiaries elected the fair value option for certain reinsurance contracts held. The fair value of the reinsurance contracts elected for the fair value option in other assets were ¥12,449 million and ¥18,206 million as of March 31, 2019 and 2020, respectively. For the effect of changes in the fair value of those reinsurance contracts on earnings for fiscal 2018, 2019 and 2020, see Note 26 “Life Insurance Operations.” *8 Certain subsidiaries elected the fair value option for the entire variable annuity and variable life insurance contracts held . The following tables present the reconciliation of financial assets and liabilities (net) measured at fair value on a recurring basis using significant unobservable inputs (Level 3) in fiscal 2018, 2019 and 2020: 2018 Millions of yen Balance at April 1, 2017 Gains or losses (realized/unrealized) Purchases*3 Sales Settlements*4 Transfers in and/ or out of Level 3 (net) Balance at March 31, 2018 Change in unrealized gains or losses included in earnings for assets and liabilities still held at March 31, 2018*1 Included in earnings*1 Included in other comprehensive income*2 Total Available-for-sale ¥ 124,516 ¥ 3,690 ¥ (5,717 ) ¥ (2,027 ) ¥ 79,925 ¥ (37,942 ) ¥ (43,555 ) ¥ 0 ¥ 120,917 ¥ (35 ) Corporate debt securities 1,618 0 2 2 2,050 0 (633 ) 0 3,037 0 CMBS and RMBS in the Americas 57,858 1,664 (3,248 ) (1,584 ) 1,858 (3,347 ) (18,775 ) 0 36,010 (97 ) Other asset-backed securities and debt securities 65,040 2,026 (2,471 ) (445 ) 76,017 (34,595 ) (24,147 ) 0 81,870 62 Other securities 27,801 4,169 (1,976 ) 2,193 26,991 (19,106 ) 0 0 37,879 4,274 Investment funds 27,801 4,169 (1,976 ) 2,193 26,991 (19,106 ) 0 0 37,879 4,274 Derivative assets and liabilities (net) 5,233 (3,356 ) 0 (3,356 ) 2,024 0 (1,610 ) 0 2,291 (3,356 ) Options held/written and other 5,233 (3,356 ) 0 (3,356 ) 2,024 0 (1,610 ) 0 2,291 (3,356 ) Other asset 22,116 (11,191 ) 0 (11,191 ) 5,385 0 (1,302 ) 0 15,008 (11,191 ) Reinsurance recoverables*5 22,116 (11,191 ) 0 (11,191 ) 5,385 0 (1,302 ) 0 15,008 (11,191 ) Policy Liabilities and Policy Account Balances 605,520 (19,265 ) 0 (19,265 ) 0 0 (180,775 ) 0 444,010 (19,265 ) Variable annuity and variable life insurance contracts*6 605,520 (19,265 ) 0 (19,265 ) 0 0 (180,775 ) 0 444,010 (19,265 ) *1 Principally, gains and losses from available-for-sale securities are included in “Gains on investment securities and dividends”, “Write-downs of securities” or “Life insurance premiums and related investment income”; other securities are included in “Gains on investment securities and dividends” and derivative assets and liabilities (net) are included in “Other (income) and expense” respectively. Additionally, for available-for-sale securities, amortization of interest recognized in finance revenues is included in these columns. *2 Unrealized gains and losses from available-for-sale securities are included in “Net change of unrealized gains (losses) on investment in securities” and “Net change of foreign currency translation adjustments.” Additionally, unrealized gains and losses from other securities are included mainly in “Net change of foreign currency translation adjustments.” *3 Increases resulting from an acquisition of a subsidiary and insurance contracts ceded to reinsurance companies are included. *4 Decreases resulting from the receipts of reimbursements for benefits, and decreases resulting from insurance payouts to variable annuity and variable life policyholders due to death, surrender and maturity of the investment period are included. *5 “Included in earnings” in the above table includes changes in the fair value of reinsurance contracts recorded in “Life insurance costs” and reinsurance premiums, net of reinsurance benefits received, recorded in “Life insurance premiums and related investment income.” *6 “Included in earnings” in the above table is recorded in “Life insurance costs” and includes changes in the fair value of policy liabilities and policy account balances resulting from gains or losses on the underlying investment assets managed on behalf of variable annuity and variable life policyholders, and the changes in the minimum guarantee risks relating to variable annuity and variable life insurance contracts as well as insurance costs recognized for insurance and annuity payouts as a result of insured events. Millions of yen Balance at April 1, 2018 Gains or losses (realized/unrealized) Purchases*3 Sales Settlements*4 Transfers in and/ or out of Level 3 (net) Balance at March 31, 2019 Change in unrealized gains or losses included in earnings for assets and liabilities still held at March 31, 2019*1 Included in earnings*1 Included in other comprehensive income*2 Total Available-for-sale ¥ 120,917 ¥ 1,912 ¥ 2,020 ¥ 3,932 ¥ 44,163 ¥ (23,241 ) ¥ (27,221 ) ¥ (18,103 ) ¥ 100,447 ¥ 268 Japanese prefectural and foreign municipal bond securities 0 (553 ) 136 (417 ) 0 0 0 3,305 2,888 0 Corporate debt securities 3,037 0 4 4 3,100 0 (981 ) 1,998 7,158 0 CMBS and RMBS in the Americas 36,010 1,034 546 1,580 1,304 (6,711 ) (8,777 ) (23,406 ) 0 0 Other asset-backed securities and debt securities 81,870 1,431 1,334 2,765 39,759 (16,530 ) (17,463 ) 0 90,401 268 Equity securities 37,879 4,443 578 5,021 37,871 (1,080 ) (18,498 ) 0 61,193 4,192 Investment funds 37,879 4,443 578 5,021 37,871 (1,080 ) (18,498 ) 0 61,193 4,192 Derivative assets and liabilities (net) 2,291 2,981 0 2,981 0 0 0 0 5,272 2,981 Options held/written and other 2,291 2,981 0 2,981 0 0 0 0 5,272 2,981 Other asset 15,008 (5,483 ) 0 (5,483 ) 3,572 0 (648 ) 0 12,449 (5,483 ) Reinsurance recoverables*5 15,008 (5,483 ) 0 (5,483 ) 3,572 0 (648 ) 0 12,449 (5,483 ) Policy Liabilities and Policy Account Balances 444,010 7,874 321 8,195 0 0 (75,617 ) 0 360,198 7,874 Variable annuity and variable life insurance contracts*6 444,010 7,874 321 8,195 0 0 (75,617 ) 0 360,198 7,874 Millions of yen Change in unrealized gains or losses included in earnings for assets and liabilities still held at March 31, 2020*1 Balance at April 1, 2019 Gains or losses (realized/unrealized) Purchases*3 Sales Settlements*4 Transfers in and/ or out of Level 3 (net) Balance at March 31, 2020 Included in earnings *1 Included in other comprehensive income*2 Total Available-for-sale ¥ 100,447 ¥ 1,291 ¥ (13,721 ) ¥ (12,430 ) ¥ 41,270 ¥ (3,925 ) ¥ (34,018 ) ¥ (2,991 ) ¥ 88,353 ¥ 131 Japanese prefectural and foreign municipal bond securities 2,888 0 (56 ) (56 ) 0 0 0 0 2,832 0 Corporate debt securities 7,158 0 (8 ) (8 ) 900 0 (1,065 ) (2,991 ) 3,994 0 Other asset-backed securities and debt securities 90,401 1,291 (13,657 ) (12,366 ) 40,370 (3,925 ) (32,953 ) 0 81,527 131 Equity securities 61,193 8,197 (1,641 ) 6,556 31,725 (10,108 ) (5,465 ) 0 83,901 8,033 Investment funds 61,193 8,197 (1,641 ) 6,556 31,725 (10,108 ) (5,465 ) 0 83,901 8,033 Derivative assets and liabilities (net) 5,272 10,402 (192 ) 10,210 3,748 0 0 0 19,230 10,402 Options held/written and other 5,272 10,402 (192 ) 10,210 3,748 0 0 0 19,230 10,402 Other asset 12,449 2,937 0 2,937 3,053 0 (233 ) 0 18,206 2,937 Reinsurance recoverables*5 12,449 2,937 0 2,937 3,053 0 (233 ) 0 18,206 2,937 Policy Liabilities and Policy Account Balances 360,198 4,802 1,215 6,017 0 0 (53,442 ) 0 300,739 4,802 Variable annuity and variable life insurance contracts*6 360,198 4,802 1,215 6,017 0 0 (53,442 ) 0 300,739 4,802 *1 Principally, gains and losses from available-for-sale available-for-sale *2 Unrealized gains and losses from available-for-sale *3 Increases resulting from an acquisition of a subsidiary and insurance contracts ceded to reinsurance companies are included. *4 Decreases resulting from the receipts of reimbursements for benefits, and decreases resulting from insurance payouts to variable annuity and variable life policyholders due to death, surrender and maturity of the investment period are included. *5 “Included in earnings” in the above table includes changes in the fair value of reinsurance contracts recorded in “Life insurance costs” and reinsurance premiums, net of reinsurance benefits received, recorded in “Life insurance premiums and related investment income.” *6 “Included in earnings” in the above table is recorded in “Life insurance costs” and includes changes in the fair value of policy liabilities and policy account balances resulting from gains or losses on the underlying investment assets managed on behalf of variable annuity and variable life policyholders, and the changes in the minimum guarantee risks relating to variable annuity and variable life insurance contracts as well as insurance costs recognized for insurance and annuity payouts as a result of insured events. There were no transfers in or out of Level 3 in fiscal 2018. In fiscal 2019, Japanese prefectural and foreign municipal bond securities totaling ¥3,305 million were transferred from Level 2 to Level 3, since the valuation techniques to measure fair value of a certain foreign municipal bond security has been changed to discounted cash flows methodologies using unobservable inputs. The change of the valuation techniques is due to judgement that the Company and its subsidiaries cannot rely on price quotations from independent pricing service vendors and brokers considering deterioration of estimated cash flows from the security. In addition, CMBS and RMBS in Americas totaling ¥23,406 million were transferred from Level 3 to Level 2, since the inputs such as trading price and/or bid price became observable due to the market returning to active. In fiscal 2020, corporate debt securities totaling ¥2,991 million were transferred from Level 3 to Level 2, since the inputs became observable. The following tables present recorded amounts of assets measured at fair value on a nonrecurring basis during fi s 2019 Millions of yen Total Carrying Value in Consolidated Balance Quoted Prices in Active Markets for Identical (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Loans held for sale ¥ 3,839 ¥ 0 ¥ 3,839 ¥ 0 Real estate collateral-dependent loans (net of allowance for probable loan losses) 6,630 0 0 6,630 Investment in operating leases and property under facility operations 12,901 0 0 12,901 Certain investments in affiliates 2,897 0 0 2,897 ¥ 26,267 ¥ 0 ¥ 3,839 ¥ 22,428 2020 Millions of yen Total Carrying Value in Consolidated Balance Quoted Prices in Active Markets for Identical (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Loans held for sale ¥ 4,823 ¥ 0 ¥ 0 ¥ 4,823 Real estate collateral-dependent loans (net of allowance for probable loan losses) 12,557 0 0 12,557 Investment in operating leases and property under facility operations 5,731 0 1,193 4,538 Certain investments in affiliates 11,213 8,741 0 2,472 ¥ 34,324 ¥ 8,741 ¥ 1,193 ¥ 24,390 The following is a description of the main valuation methodologies used for assets and liabilities measured at fair value. Loans held for sale Certain loans, which the Company and its subsidiaries have the intent and ability to sell to outside parties in the foreseeable future, are considered held-for-sale. Real estate collateral-dependent loans The valuation allowance for large balance non-homogeneous The Company and its subsidiaries determine the fair value of the real estate collateral of real estate collateral-dependent loans using appraisals prepared by independent third party appraisers or our own staff of qualified appraisers based on recent transactions involving sales of similar assets or other valuation techniques such as discounted cash flows methodologies using future cash flows estimated to be generated from operation of the existing assets or completion of development projects, as appropriate. The Company and its subsidiaries generally obtain a new appraisal once a fiscal year. In addition, the Company and its subsidiaries periodically monitor circumstances of the real estate collateral and then obtain a new appraisal in situations involving a significant change in economic and/or physical conditions, which may materially affect the fair value of the collateral. Real estate collateral-dependent loans whose fair values are estimated using appraisals of the underlying collateral based on these valuation techniques are classified as Level 3 because such appraisals involve unobservable inputs. These unobservable inputs contain discount rates and cap rates as well as future cash flows estimated to be generated from real estate collateral. An increase (decrease) in the discount rate or cap rate and a decrease (increase) in the estimated future cash flows would result in a decrease (increase) in the fair value of real estate collateral-dependent loans. Investment in operating leases and property under facility operations and land and buildings undeveloped or under construction Investment in operating leases measured at fair value is mostly real estate. The Company and its subsidiaries determine the fair value of investment in operating leases and property under facility operations and land and buildings undeveloped or under construction using appraisals prepared by independent third party appraisers or the Company’s own staff of qualified appraisers based on recent transactions involving sales of similar assets or other valuation techniques such as discounted cash flow methodologies using future cash flows estimated to be generated from operation of the existing assets or completion of development projects, as appropriate. The Company and its subsidiaries classified the assets as Level 3 because such appraisals involve unobservable inputs. These unobservable inputs contain discount rates as well as future cash flows estimated to be generated from the assets or projects. An increase (decrease) in the discount rate and a decrease (increase) in the estimated future cash flows would result in a decrease (increase) in the fair value of investment in operating leases and property under facility operations and land and buildings undeveloped or under construction. Movable properties owned by a certain subsidiary are classified as Level 2, because fair value measurement is based on observable inputs other than quoted prices included within Level 1, such as prices for similar assets. Trading debt securities and available-for-sale If active market prices are available, fair value measurement is based on quoted active market prices and, accordingly, these securities are classified as Level 1. If active market prices are not available, fair value measurement is based on observable inputs other than quoted prices included within Level 1, such as prices for similar assets and accordingly these securities are classified as Level 2. If market prices are not available and there are no observable inputs, then fair value is estimated by using valuation models such as discounted cash flow methodologies and broker quotes. Such securities are classified as Level 3, as the valuation models and broker quotes are based on inputs that are unobservable in the market. If fair value is based on broker quotes, the Company and its subsidiaries check the validity of received prices based on comparison to prices of other similar assets and market data such as relevant benchmark indices. The Company and its subsidiaries classified CMBS and RMBS in the Americas and other asset-backed securities as Level 2 if the inputs such as trading price and/or bid price are observable. The Company and its subsidiaries classified CMBS and RMBS in the Americas and other asset-backed securities as Level 3 if the Company and subsidiaries evaluate the fair value based on the unobservable inputs. In determining whether the inputs are observable or unobservable, the Company and its subsidiaries evaluate various factors such as the lack of recent transactions, price quotations that are not based on current information or vary substantially over time or among market makers, a significant increase in implied risk premium, a wide bid-ask principal-to-principal Equity securities and investment in affiliates If active market prices are available, fair value measurement is based on quoted active market prices and, accordingly, these securities are classified as Level 1. If active market prices are not available, fair value measurement is based on observable inputs other than quoted prices included within Level 1, such as prices for similar assets and accordingly these securities are classified as Level 2. In addition, a certain overseas subsidiary measures its investments held by the investment companies which are owned by the subsidiary at fair value. These investment funds and certain investments in affiliates are classified as Level 3, because fair value measurement is based on the combination of discounted cash flow methodologies and market multiple valuation methods, and broker quotes. Discounted cash flow methodologies use future cash flows to be generated from investees, weighted average cost of capital (WACC) and others. Market multiple valuation methods use earnings before interest, taxes, depreciation and amortization (EBITDA) multiples based on actual and projected cash flows, comparable peer companies, and comparable precedent transactions and others. Furthermore, certain subsidiaries elected the fair value option for investments in some funds. These investment funds for which the fair value option is elected are classified as level 3, because the subsidiaries measure their fair value using discounting to net asset value based on inputs that are unobservable in the market. Derivatives For exchange-traded derivatives, fair value is based on quoted market prices, and accordingly, classified as Level 1. For non-exchange Reinsurance recoverables Certain subsidiaries have elected the fair value option for certain reinsurance contracts related to variable annuity and variable life insurance contracts to partially offset the changes in fair value recognized in earnings of the policy liabilities and policy account balances attributable to the changes in the minimum guarantee risks of the variable annuity and variable life insurance contracts. These reinsurance contracts for which the fair value option is elected are classified as Level 3 because the subsidiaries measure their fair value using discounted cash flow methodologies based on inputs that are unobservable in the market. Variable annuity and variable life insurance contracts A certain subsidiary has elected the fair value option for the entire variable annuity and variable life insurance contracts held in order to match earnings recognized for changes in fair value of policy liabilities and policy account balances with the earnings recognized for gains or losses from the investment assets managed on behalf of variable annuity and variable life policyholders, derivative contracts and changes in fair value of reinsurance contracts. The changes in fair value of the variable annuity and variable life insurance contracts are linked to the fair value of the investment in securities managed on behalf of variable annuity and variable life policyholders. These securities consist mainly of equity securities traded in the market. In addition, variable annuity and variable life insurance contracts are exposed to the minimum guarantee risk, and the subsidiary adjusts the fair value of the underlying investments by incorporating changes in fair value of the minimum guarantee risk in the evaluation of the fair value of the entire variable annuity and variable life insurance contracts. The variable annuity and variable life insurance contracts for which the fair value option is elected are classified as Level 3 because the subsidiary measures the fair value using discounted cash flow methodologies based on inputs that are unobservable in the market. Information about Level 3 Fair Value Measurements The following tables provide information about the valuation techniques and significant unobservable inputs used in the valuation of Level 3 assets and liabilities measured at fair value on a recurring basis as of March 31, 2019 and 2020. March 31, 2019 Millions of Valuation technique(s) Significant unobservable inputs Range (Weighted average) Fair value Assets: Available-for-sale Japanese prefectural and foreign municipal bond securities ¥ 2,888 Discounted cash flows Discount rate 8.5% (8.5%) Corporate debt securities 2,162 Discounted cash flows Discount rate 0.1% – 1.3% (0.8%) 4,996 Appraisals/Broker quotes — — Other asset-backed securities and debt securities 23,651 Discounted cash flows Discount rate 0.2% – 51.2% (8.3%) Probability of default 0.6% – 1.6% (0.8%) 66,750 Appraisals/Broker quotes — — Equity securities: Investment funds 6,012 Internal cash flows Discount rate 0.0% – 65.0% (11.3%) 32,702 Discounted cash flows Discount rate 3.8% – 17.0% (14.1%) 22,479 Appraisals/Broker quotes — — Derivative assets: Options held/written and other 5,005 Discounted cash flows Discount rate 0.0% – 15.0% (8.6%) 267 Appraisals/Broker quotes — — Other assets: Reinsurance recoverables 12,449 Discounted cash flows Discount rate (0.1)% – 0.4% (0.1%) Mortality rate 0.0% – 100.0% (1.3%) Lapse rate 1.5% – 24.0% (16.2%) Annuitization rate (guaranteed minimum annuity benefit) 0.0% – 100.0% (99.9%) Total ¥ 179,361 Liabilities: Policy liabilities and Policy Account Balances: Variable annuity and variable life insurance contracts ¥ 360,198 Discounted cash flows Discount rate (0.1)% – 0.4% (0.1%) Mortality rate 0.0% – 100.0% (1.3%) Lapse rate 1.5% – 54.0% (16.0%) Annuitization rate (guaranteed minimum annuity benefit) 0.0% – 100.0% (80.3%) Total ¥ 360,198 March 31, 2020 Millions of Valuation technique(s) Significant unobservable inputs Range (Weighted average) Fair value Assets: Available-for-sale Japanese prefectural and foreign municipal bond securities ¥ 2,832 Discounted cash flows Discount rate 8.5% (8.5%) Corporate debt securities 1,995 Discounted cash flows Discount rate 0.4% – 2.5% (0.8%) 1,999 Appraisals/Broker quotes — — Other asset-backed securities and debt securities 20,582 Discounted cash flows Discount rate 1.0% – 51.2% (12.1%) Probability of default 1.9% (1.9%) 60,945 Appraisals/Broker quotes — — Equity securities: Investment funds 5,714 Internal cash flows Discount rate 0.0% (0.0%) 54,898 Discounted cash flows WACC 7.6% – 19.1% (16.5%) EV/Terminal EBITDA multiple 7.0x – 11.9x ( 9.3x ) Market multiples EV/Last twelve months EBITDA multiple 7.5x – 11.8x ( 9.4x ) EV/Forward EBITDA multiple 6.5x – 10.3x (8.4x) EV/Precedent transaction last twelve months EBITDA multiple 7.5x – 12.1x (9.5x) 23,289 Appraisals/Broker quotes — — Derivative assets: Options held/written and other 19,170 Discounted cash flows Discount rate 12.0% – 33.0% (14.4%) 60 Appraisals/Broker quotes — — Other assets: Reinsurance recoverables 18,206 Discounted cash flows Discount rate (0.2)% – 0.6% (0.2%) Mortality rate 0.0% – 100.0% (1.4%) Lapse rate 1.5% – 14.0% (7.1%) Annuitization rate (guaranteed minimum annuity benefit) 0.0% – 100.0% (100.0%) Total ¥ 209,690 Liabilities: Policy liabilities and Policy Account Balances: Variable annuity and variable life insurance contracts ¥ 300,739 Discounted cash flows Discount rate (0.2)% – 0.6% (0.2%) Mortality rate 0.0% – 100.0% (1.3%) Lapse rate 1.5% – 30.0% (6.9%) Annuitization rate (guaranteed minimum annuity benefit) 0.0% – 100.0% (80.9%) Total ¥300,739 The following tables provide information about the valuation techniques and significant unobservable inputs used in the valuation of Level 3 assets measured at fair value on a nonrecurring basis during fiscal 2019 and 2020. 2019 Millions of Significant unobservable Range (Weighted average) Fair value Valuation technique(s) Assets: Real estate collateral-dependent loans (net of allowance for probable loan losses) ¥ 6,630 Direct capitalization Capitalization rate 5.8% – 8.2% ((6.3%) Appraisals — — Investment in operating leases and property under facility operations 2,345 Discounted cash flows Discount rate 7.3% ((7.3%) 10,556 Appraisals — — Certain investments in affiliates 334 Business enterprise value multiples — — Discounted cash flows Discount rate 14.0% ((14.0%) 2,563 Appraisals — — ¥ 22,428 2020 Millions of Significant unobservable Range (Weighted average) Fair value Valuation technique(s) Assets: Loans held for sale ¥ 4,823 Discounted cash flows Discount rate 5.7% – 7.7% (6.8)% Real estate collateral-dependent loans (net of allowance for probable loan losses) 12,557 Direct capitalization Capitalization rate 5.6% – 7.0% ((6.0%) Appraisals — — Investment in operating leases and property under facility operations 302 Direct capitalization Capitalization rate 4.3% (4.3)% Discounted cash flows Discount rate 4.1% (4.1)% 4,236 Appraisals — — Certain investments in affiliates 359 Discounted cash flows WACC 14.0% (14.0%) Market multiples EV/Precedent transaction last twelve months EBITDA multiple 7.0x (7.0x) EV/Precedent transaction three year average EBITDA multiple 7.0x (7.0x) 2,113 Appraisals — — ¥ 24,390 The Company and its subsidiaries generally use discounted cash flow methodologies or similar internally developed models to determine the fair value of Level 3 assets and liabilities. Use of these techniques requires determination of relevant inputs and assumptions, some of which represent significant unobservable inputs as indicated in the preceding table. Accordingly, changes in these unobservable inputs may have a significant impact on the fair value. Certain of these unobservable inputs will have a directionally consistent impact on the fair value of the asset or liability for a given change in that input. Alternativ |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions and Divestitures | 3. Acquisitions and Divestitures (1) Acquisitions During fiscal 2018, the Company and its subsidiaries acquired entities for a total cost of the acquisition consideration of ¥71,840 million, which was paid mainly in cash. Goodwill initially recognized in these transactions amounted to ¥42,933 million and the goodwill is not deductible for income tax purposes. The amount of acquired intangible assets other than goodwill recognized in these transactions was ¥40,008 million. During fiscal 2019, the Company and its subsidiaries acquired entities for a total cost of the acquisition consideration of ¥148,483 million, which was paid mainly in cash. Goodwill initially recognized in these transactions amounted to ¥72,466 million and the goodwill is not deductible for income tax purposes. The amount of acquired intangible assets other than goodwill recognized in these transactions was ¥15,991 million. During fiscal 2020, the Company and its subsidiaries acquired entities for a total cost of the acquisition consideration of ¥190,119 million, which was paid mainly in cash. Goodwill initially recognized in these transactions amounted to ¥46,522 million and the goodwill is not deductible for income tax purposes. The amount of acquired intangible assets other than goodwill recognized in these transactions was ¥20,437 million. The Company reflected certain preliminary estimates with respect to the fair value of certain components of the underlying net assets of these entities in determining amounts of the goodwill. The amount of the goodwill and intangible assets could possibly be adjusted because certain of these acquisitions were made near the fiscal year-end The company did not recognize any bargain purchase gain during fiscal 2018 and 2019. As a result of the reassessment of the provisional purchase price allocation during fiscal The segment in which goodwill is allocated is disclosed in Note 16 “Goodwill and Other Intangible Assets.” (2) Divestitures Gains on sales of subsidiaries and affiliates and liquidation losses, net for fiscal 2018, 2019 and 2020 amounted to ¥49,203 million, ¥33,314 million and ¥74,001 million, respectively. Gains on sales of subsidiaries and affiliates and liquidation losses, net for fiscal 2018 mainly consisted of ¥30,176 million in Investment and Operation segment, ¥15,408 million in Overseas Business segment, ¥2,028 million in Corporate Financial Services segment and ¥1,604 million in Real Estate segment. Gains on sales of subsidiaries and affiliates and liquidation losses, net for fiscal 2019 mainly consisted of ¥23,513 million in Overseas Business segment, ¥8,025 million in Real Estate segment and ¥1,220 million in Maintenance Leasing segment. Gains on sales of subsidiaries and affiliates and liquidation losses, net for fiscal 2020 mainly consisted of ¥39,663 million in Overseas Business segment, ¥17,995 million in Investment and Operation segment and ¥16,223 million in Real Estate segment. During fiscal 2020, the |
Revenues from Contracts with Cu
Revenues from Contracts with Customers | 12 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Revenues from Contracts with Customers | 4. Revenues from Contracts with Customers The following table provides information about revenues from contracts with customers, and other sources of revenue in fiscal 2019 and 2020. For further information about sales of goods, real estate sales and services income in fiscal 2018, see Note 5 “Sales of Goods and Real Estate Sales and Services Income.” Millions of yen 2019 2020 Goods or services category Sales of goods ¥ 462,029 ¥ 287,558 Real estate sales 134,136 118,953 Asset management and servicing 191,820 181,851 Automobile related services 78,723 77,987 Facilities operation 104,005 69,297 Environment and energy services 132,243 141,532 Real estate management and brokerage 103,062 104,110 Real estate contract work 82,217 88,966 Other 107,341 104,059 Total revenues from contracts with customers ¥ 1,395,576 ¥ 1,174,313 Other revenues* 19,383 8,210 Total sales of goods and real estate and services income ¥ 1,414,959 ¥ 1,182,523 * Other revenues are not in the scope of revenue from contracts with customers. The following table provides information about costs of goods sold and real estate sold and services expense in fiscal 2019 and 2020. For further information about costs of goods sold, costs of real estate sold and services expenses in fiscal 2018, see Note 5 “Sales of Goods and Real Estate Sales and Services Income.” Millions of yen 2019 2020 Goods or services category Costs of goods sold ¥ 419,001 ¥ 247,036 Costs of real estate sold 116,260 106,970 Asset management and servicing 44,107 37,808 Automobile related services 47,859 48,579 Facilities operation 95,207 66,163 Environment and energy services 105,414 110,899 Real estate management and brokerage 94,869 94,119 Real estate contract work 71,958 76,983 Other 48,906 49,363 Total expenses of costs of goods and real estate sold and services expenses ¥ 1,043,581 ¥ 837,920 The Company and its subsidiaries recognize revenues when control of the promised goods or services is transferred to our customers, in the amounts that reflect the consideration we expect to receive in exchange for those goods or services. Revenues are recognized net of discounts, incentives and estimated sales returns. Amount to be collected for third party is deducted from revenues. The Company and its subsidiaries evaluate whether we are principal or agent on distinctive goods or services. In transaction that third party concerns, if the Company and its subsidiaries control the goods or services before they are transferred to customers, revenue is recognized on gross amount as the principal. There is no significant variability in considerations included in revenues, except for the performance fees regarding asset management business hereinafter, and there is no significant financing component in considerations on transactions. For further information about breakdowns of revenues disaggregated by goods or services category and geographical location by segment, see Note 34 “Segment Information.” Revenue recognition criteria on each goods or services category are mainly as follows: Sales of goods The Company and its subsidiaries sell various goods such as precious metals, medical equipment, business management software and other to customers. Revenues from sales of goods are recognized when there is a transfer of control of the product to customers. The Company and its subsidiaries determine transfer of control based on when the products are shipped or delivered to customers, or inspected by customers. Real estate sales Certain subsidiaries are involved in condominium business. Revenues from sale of detached houses and residential condominiums are recognized when the real estate is delivered to customers. Asset management and servicing Certain subsidiaries offer customers investment management services for their financial assets, asset management as well as maintenance and administrative services for their real estate properties. Furthermore, the Company and its subsidiaries perform servicing on behalf of customers. Revenues from asset management and servicing primarily include management fees, servicing fees, and performance fees. Management and servicing fees are recognized over the contract period with customers, since the customers simultaneously receive and consume the benefits provided by the performance as the subsidiaries perform. Management fees are calculated based on the predetermined percentages of the market value of the assets under management or net assets of the investment funds in accordance with contract terms. Servicing fees are calculated based on the predetermined percentages of the amount in assets under management in accordance with contract terms. Fees based on the performance of the assets under management are recognized when the performance obligations are satisfied, to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The performance fee is estimated by using the most likely amount method, in accordance with contract terms. Servicing fees related to financial assets that the Company and its subsidiaries had originated and transferred to investors, are not in the scope of revenue from contracts with customers. These fees are accounted for servicing assets under which the benefits of servicing are expected to more than adequately compensate for performing the servicing, or servicing liabilities under which the benefits of servicing are not expected to adequately compensate for performing the servicing. Automobile related services Certain subsidiaries mainly provide automobile maintenance services to customers, as automobile related services. In the service, since customers simultaneously receive and consume the benefits provided by the performance as the subsidiaries perform, revenues are recognized over the contract period with customers. For measurement of progress, the cost incurred is used, because that reasonably describes transfer of control of services to customers. The subsidiaries receive payments from customers before satisfying performance obligations, and the amounts are reported in other liabilities on the consolidated balance sheets as contract liabilities. Facilities operation The Company and its subsidiaries are running hotels, Japanese inns, training facilities, a multipurpose dome and other facilities. Revenues from these operations are recognized over the customers’ usage period of the facilities, since customers simultaneously receive and consume the benefits provided by the performance as the Company and its subsidiaries perform. The value transferred to customers is directly measured based on the usage period. With respect to operation of a multipurpose dome, a certain subsidiary receives payments from customers before satisfying performance obligations, and the amounts are reported in other liabilities on the consolidated balance sheets as contract liabilities. Gains on sale of property under facility operations included in services income are not in the scope of revenue from contracts with customers due to the gains are transfers of nonfinancial assets to counterparties that are not our customers. Environment and energy services The Company and its subsidiaries offer services that provide electric power for business operators’ factories, office buildings and other facilities. Revenues from electric power supply by purchasing electricity or running power plants are recognized over the contracted distribution period with customers, since customers simultaneously receive and consume the benefits provided by the performance as the Company and its subsidiaries perform. The value transferred to customers is directly measured based on electricity usage by customers. Furthermore, certain subsidiaries are running waste processing facilities. Revenues from resources and waste processing business are primarily recognized over the service contract period with customers, since customers simultaneously receive and consume the benefits provided by the performance as the subsidiaries perform. The value transferred to customers is directly measured based on the amount of resources and waste to be processed. Real estate management and brokerage The Company and its subsidiaries mainly offer management of condominiums, office buildings, and facilities and other, to customers, as real estate management and brokerage business. Since customers simultaneously receive and consume the benefits provided by the performance as the Company and its subsidiaries perform, revenues from these services are recognized over the contract period with customers. Direct measurement of the value transferred to customers based on time elapsed, is used as method of measuring progress. The Company and its subsidiaries receive payments from customers before satisfying performance obligations, and the amounts are reported in other liabilities on the consolidated balance sheets as contract liabilities. Real estate contract work Certain subsidiaries offer repair and contract work for condominiums, office buildings, and facilities, and other, to customers. The work is held on the real estate where customers own or rent, and the subsidiaries’ performance creates the asset that the customers’ control as the asset is created or enhanced. Additionally, the performance does not create an asset with an alternative use to the subsidiaries, and the subsidiaries have a substantial enforceable right to payment for performance completed to date so that revenues are recognized over the contract work period. For measurement of progress, the cost incurred is used, because that reasonably describes transfer of control of services to customers. The subsidiaries recognize contract assets regarding a part of performance obligations that the subsidiaries performed, and the amounts are reported in other assets on the consolidated balance sheets. Furthermore, the subsidiaries receive payments from customers before satisfying performance obligations, and the amounts are reported in other liabilities on the consolidated balance sheets as contract liabilities. Other The Company and its subsidiaries have been developing a variety of businesses. Main revenue streams are as follows; Maintenance services of software, measurement equipment and other: Certain subsidiaries offer business management Fee business: The Company and its subsidiaries are involved in insurance policy referrals and other agency business. Commission revenues from these businesses are primarily recognized when the contract between our customers and their client is signed. The following table provides information about balances from contracts with customers as of March 31, 2019 and 2020. Millions of yen March 31, 2019 March 31, 2020 Trade Notes, Accounts and Other Receivable ¥ 161,884 ¥ 165,676 Contract assets (Included in Other Assets) 2,277 3,811 Contract liabilities (Included in Other Liabilities) 45,371 32,805 For fiscal 2019 and 2020, there were no significant changes in contract assets. For fiscal 2019, there were no For fiscal 2019, revenue amounted to ¥38,905 million was included in contract liabilities as of the beginning of the previous fiscal year. For fiscal 2020, revenue amounted to ¥31,908 million was included in contract liabilities as of the end of the previous fiscal year. As of March 31, 2020, transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) is mainly related to automobile related services, real estate sales and amounted to ¥137,320 million. Remaining term for the obligations ranges up to 15 years. Furthermore, automobile related services primarily constitute the performance obligations that are unsatisfied (or partially unsatisfied) will be recognized as revenue over the next 10 years. The Company and its subsidiaries applied practical expedients in the disclosure, and performance obligations for contracts that have an original expected duration of one year or less and contracts under which the value transferred to a customer is directly measured and recognized as revenue by the amount it has a right to invoice to the customer are not included. The transaction price allocated to unsatisfied performance obligations does not include the estimate of material variable consideration. As of March 31, 2019 and 2020, assets recognized from the costs to obtain or fulfill contracts with customers were not material. |
Sales of Goods and Real Estate
Sales of Goods and Real Estate Sales and Services Income | 12 Months Ended |
Mar. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Sales of Goods and Real Estate Sales and Services Income | 5. Sales of Goods and Real Estate Sales and Services Income The following table provides information about sales of goods and real estate and costs of goods and real estate sold in fiscal 2018. For further information about sales of goods, real estate sales, costs of goods sold and costs of real estate sold in fiscal 2019 and 2020, see Note 4 “Revenues from Contracts with Customers.” Millions of yen 2018 Sales of goods ¥ 954,807 Real estate sales 124,245 Sales of goods and real estate ¥ 1,079,052 Costs of goods sold ¥ 896,515 Costs of real estate sold 106,994 Costs of goods and real estate sold ¥ 1,003,509 Revenue recognition criteria on each goods are the followings: Sales of goods and real estate (1) Sales of goods The Company and its subsidiaries sell to our customers various types of goods, including precious metals and jewels. Revenues from such sales of goods are recognized when persuasive evidence of an arrangement exists, delivery has occurred, and collectability is reasonably assured. Delivery is considered to have occurred when the customer has taken title to the goods and assumed the risks and rewards of ownership. Revenues are recognized net of estimated sales returns and incentives. ( 2) Real estate sales Revenues from the sales of real estate are recognized when a contract is in place, a closing has taken place, the buyer’s initial and continuing investment is adequate to demonstrate a commitment to pay for the property and the Company and its subsidiaries do not have a substantial continuing involvement in the property. The following table provides information about services income and services expense in fiscal 2018. For further information about services income and services expense in fiscal 2019 and 2020, see Note 4 “Revenues from Contracts with Customers.” Millions of 2018 Revenues from asset management and servicing ¥ 213,667 Revenues from automobile related business 73,095 Revenues from facilities operation related business 104,187 Revenues from environment and energy business 112,821 Revenues from real estate management and contract work 183,243 Other 93,897 Services income ¥ 780,910 Expenses from asset management and servicing ¥ 49,848 Expenses from automobile related business 44,599 Expenses from facilities operation related business 90,623 Expenses from environment and energy business 89,278 Expenses from real estate management and contract work 166,487 Other 41,961 Services expense ¥ 482,796 Revenue recognition criteria on services category are mainly the followings: Services income — (1) Revenues from asset management and servicing The Company and its subsidiaries provide to our customers investment management services for investments Revenues from asset management and servicing primarily include management fees, servicing fees, and performance fees. Management and servicing fees are recognized when transactions occur or services (2) Revenues from automobile maintenance services The Company and its subsidiaries provide automobile maintenance services to lessees. Where under terms of the lease or related maintenance agreements the Company and its subsidiaries bear the favorable or unfavorable variability of cost, revenues and expenses are recorded on a gross basis. For those arrangements in which the Company and its subsidiaries do not have substantial risks and rewards of ownership, but instead serve as an agent in collecting from lessees and remitting payments to third parties, the Company and its subsidiaries record revenues net of third-party services costs. Revenues from automobile maintenance services are recognized over the contract period in proportion to the estimated service costs to be incurred. |
Cash Flow Information
Cash Flow Information | 12 Months Ended |
Mar. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow Information | 6. Cash Flow Information The following table provides information about Cash, Cash Equivalents and Restricted Cash which are included in the Company’s consolidated balance sheets as of March 31, 2019 and 2020, respectively. Millions of yen 2019 2020 Cash and Cash Equivalents ¥ 1,161,032 ¥ 982,666 Restricted Cash 122,548 152,618 Cash, Cash Equivalents and Restricted Cash ¥ 1,283,580 ¥ 1,135,284 Cash payments during fiscal 2018, 2019 and 2020 are as follows: Millions of yen 2018 2019 2020 Cash payments: Interest ¥ 75,013 ¥ 92,424 ¥ 99,788 Income taxes, net 181,854 67,065 124,236 Non-cash In fiscal 2018 and 2019, real estate under operating leases of ¥226 million and ¥1,373 million, respectively, were recognized with the corresponding amounts of installment loans being derecognized as a result of acquiring real estate collateral. In fiscal 2019, property under facility operations of ¥28 million was recognized with the corresponding amounts of installment loans being derecognized as a result of acquiring real estate collateral. In fiscal 2019 and 2020, other assets of ¥320 million and ¥29 million, respectively, were recognized In fiscal 2018, assets and liabilities decreased by ¥4,313 million and ¥2,304 million in the Company’s consolidated balance sheet due to deconsolidation of a subsidiary and certain VIEs which had been consolidated by certain subsidiaries. The derecognized assets mainly consist of installment loans, and the derecognized liabilities mainly consist of long-term debt. In fiscal 2019, assets and liabilities decreased by ¥12,805 million and ¥12,265 , On April 1, 2019, the Company and its subsidiaries adopted New Lease Standard, which resulted in a gross up of ROU assets and corresponding lease liabilities. ROU assets obtained in exchange for lease liabilities were not included in cash flows from investing activities or financing activities because they did not involve cash transactions. For further information, see Note 1 “Significant Accounting and Reporting Policies (ag) New accounting pronouncements” and Note 7 “Leases.” |
Leases
Leases | 12 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | 7. Leases (1) Lessor Lessor leases consist of leases for various equipment types, including office equipment, industrial machinery, transportation equipment and real estate. Net investment in leases includes sales-type leases and direct-financing leases. Interest income on net investment in leases is recognized over the life of each respective lease using the interest method. When lease payment is variable, it is accounted for as income in profit or loss in the period when the changes in facts and circumstances on which the variable payment is based occur. Sales-type leases and direct financing leases are full-payout leases. Leases not qualifying as sales-type leases or direct financing leases are accounted for as operating leases and related revenue is recognized on an equality over the lease term. In providing leasing services, the Company and its subsidiaries execute supplemental businesses, such as handling taxes and paying insurance on leased assets on behalf of lessees. The compensation for those lessor costs received from lessees are recognized as variable lease payments in finance revenues or operating lease revenues. Some of the contracts include options to extend or to terminate the lease. The Company and its subsidiaries determine the lease term while taking such periods covered by options into account when determined the lease term when it is reasonably certain that it will exercise these options. The majority of the lease contracts do not contain bargain purchase options for customers. The estimated unguaranteed residual value represents estimated proceeds from the disposition of equipment at the time the lease is terminated. The estimated unguaranteed residual value is determined based on market value of used equipment, estimates of when and how much equipment will become obsolete, and actual recovery Initial direct costs of sales-type leases and direct financing leases are mainly being deferred and amortized as a yield adjustment over the life of the related lease by using interest method. The unamortized balance of initial direct costs of sales-type leases and direct financing leases is reflected as net investment in leases. Initial direct costs of operating leases are mainly When auto leases are bundled with maintenance contracts, considerations on contracts are allocated based upon the estimated standalone selling prices of the lease and non-lease non-lease A c non-lease non-lease Lease income for fiscal 2020 is as follows: Millions of yen Fiscal Year ended March 31, 2020 Lease income – net investment in leases Interest income ¥ 72,663 Other 2,412 Lease income – operating leases* 430,665 Total lease income ¥ 505,740 * Gains from the disposition of real estate under operating leases included in operating lease revenues are ¥30,154 million, and gains from the disposition of operating lease assets other than real estate included in operating lease revenues are ¥20,918 million for fiscal year 2020. Lease income from net investment in leases is included in finance revenues in the consolidated Net investment in leases at March 31, 2020 consists of the following: Millions of yen March 31, 2020 Lease receivables ¥ 1,049,409 Unguaranteed residual value 27,868 Initial direct costs 3,687 Total ¥ 1,080,964 F-52 Remaining lease receivables of net investment in leases (including residual value guarantees) range up to 29 years at March 31, 2020. Remaining lease receivables of the operating lease contracts range up to 61 years at March 31, 2020. At March 31, 2020, the amounts due in each of the next five years and thereafter are as follows: Millions of yen Years ending March 31, Net investment in leases Operating leases 2021 ¥ 411,013 ¥ 289,277 2022 297,692 194,257 2023 197,792 130,752 2024 120,602 83,242 2025 68,894 48,525 Thereafter 82,385 126,200 Total lease payments 1,178,377 ¥ 872,253 Less imputed interest (128,968 ) Total lease receivables ¥ 1,049,409 (2) Lessee The Company and its subsidiaries determine if an arrangement is a lease at inception of each contract. The Company and its subsidiaries have operating and finance leases for various assets including lands, office buildings, employees’ accommodations, and vehicles. Some of the lease arrangements include options to extend or terminate lease term. The Company and its subsidiaries determine the lease term while taking such options into account when determined the lease term when it is reasonably certain that it will exercise these options. The Company and its subsidiaries’ lease arrangements do not contain material residual value guarantees or material restrictive covenants. As a rate implicit in most the The component of lease expense for fiscal 2020 are as follows: Millions of yen Year ended March 31, 2020 Finance lease cost Depreciation expenses of right-of-use ¥ 743 Interest expenses of lease liabilities 302 1,045 Operating lease cost 42,427 Short-term lease cost 2,633 Variable lease cost 948 Sublease income (3,688 ) Total ¥ 43,365 Supplemental cash flow information related to leases for fiscal 2020 are as follows: Millions of yen Year Ended March 31, Finance leases Operating leases Cash paid for amounts included in the measurements of lease liabilities: Cash flows from operating activities ¥ 302 ¥ 44,610 Cash flows from financing activities 494 0 Right-of-use ¥ 531 ¥ 39,775 Supplemental balance sheet information related to lessee leases at March 31, 2020 are as follows: Millions of yen, except lease term and discount rate March 31, 2020 Finance leases Operating leases Investment in Operating Leases ¥ 0 ¥ 121,553 Property under Facility Operations 2,241 73,226 Office Facilities 8 75,381 Total right-of-use 2,249 270,160 Other Liabilities 2,840 266,790 Total lease liabilities ¥ 2,840 ¥ 266,790 Weighted average remaining lease term 9years 13years Weighted average discount rate 3.01 % 1.08 % At March 31, 2020, the amounts of lease liabilities related to lessee leases due in each of the next five years and thereafter are as follows: Millions of yen Years ending March 31, Finance leases Operating leases 2021 ¥ 485 ¥ 45,303 2022 484 30,701 2023 482 26,884 2024 477 23,861 2025 473 21,649 Thereafter 848 135,909 Total lease payments 3,249 284,307 Less imputed interest (409 ) (17,517 ) Total lease liabilities ¥ 2,840 ¥ 266,790 |
Investment in Direct Financing
Investment in Direct Financing Leases | 12 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Investment in Direct Financing Leases | 8. Investment in Direct Financing Leases Investment in direct financing leases at March 31, 2019 consists of the following: Millions of yen 2019 Total Minimum lease payments to be received ¥ 1,312,418 Less : Estimated executory costs (60,787 ) Minimum lease payments receivable 1,251,631 Estimated residual value 37,655 Initial direct costs 6,337 Unearned lease income (139,991 ) ¥ 1,155,632 Included in finance revenues in the consolidated statements of income are direct financing leases revenues of ¥59,900 million and ¥58,246 million for fiscal 2018 and 2019, respectively. Gains and losses from the disposition of direct financing lease assets, which were included in finance revenues, were not material for fiscal 2018 and 2019. For further information about net investment in leases |
Investment in Operating Leases
Investment in Operating Leases | 12 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Investment in Operating Leases | 9. Investment in Operating Leases Investment in operating leases at March 31, 2019 consists of the following: Millions of yen 2019 Transportation equipment ¥ 1,304,925 Measuring and information-related equipment 266,436 Real estate 336,002 Other 31,152 1,938,515 Accumulated depreciation (634,478 ) Net 1,304,037 Accrued rental receivables 31,922 ¥ 1,335,959 For fiscal 2018 and 2019, gains from the disposition of real estate under operating leases included in operating lease revenues are ¥16,383 million and ¥36,763 million, respectively, and gains from the disposition of operating lease assets other than real estate included in operating lease revenues are ¥18,908 million and ¥26,120 million, respectively. Costs of operating leases include depreciation and various expenses (insurance, property tax and other). Depreciation and various expenses for fiscal 2018 and 2019 are as follows: Millions of yen 2018 2019 Depreciation expenses ¥ 195,047 ¥ 202,858 Various expenses 57,280 54,463 ¥ 252,327 ¥ 257,321 For further information about investment in operating |
Installment Loans
Installment Loans | 12 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Installment Loans | 10. Installment Loans The composition of installment loans by domicile and type of borrower at March 31, 2019 and 2020 is as follows: Millions of yen 2019 2020 Borrowers in Japan: Consumer— Real estate loans ¥ 1,560,832 ¥ 1,842,131 Card loans 245,139 223,651 Other 32,962 32,618 1,838,933 2,098,400 Corporate— Real estate companies 288,851 300,984 Non-recourse 53,067 48,566 Commercial, industrial and other companies 266,675 255,309 608,593 604,859 Overseas: Real estate companies 104,883 250,195 Non-recourse 49,915 83,515 Commercial, industrial companies and other 658,930 690,299 813,728 1,024,009 Purchased loans* 16,416 13,218 ¥ 3,277,670 ¥ 3,740,486 * Purchased loans represent loans with evidence of deterioration of credit quality since origination and for which it is probable at acquisition that collection of all contractually required payments from the debtors is unlikely. Generally, installment loans are made under agreements that require the borrower to provide collateral or guarantors. At March 31, 2020, the contractual maturities of installment loans (except purchased loans) for each of the next five years and thereafter are as follows: Years ending March 31, Millions of yen 2021 ¥ 579,065 2022 352,497 2023 350,778 2024 255,482 2025 247,876 Thereafter 1,941,570 Total ¥ 3,727,268 Revenues from installment loans which are included in finance revenues in the consolidated statements of income are ¥134,211 million, ¥148,863 million and ¥166,966 million for fiscal 2018, 2019 and 2020, respectively. Certain loans, for which the Company and its subsidiaries have the intent and ability to sell to outside parties in the foreseeable future, are considered held for sale and are carried at the lower of cost or market value determined on an individual basis, except loans held for sale for which the fair value option was elected. A subsidiary elected the fair value option on its loans held for sale. The subsidiary enters into forward sale agreements to offset the change in the fair value of loans held for sale, and the election of the fair value option allows the subsidiary to recognize both the change in the fair value of the loans and the change in the fair value of the forward sale agreements due to changes in interest rates in the same accounting period. Loans held for sale are included in installment loans, and the outstanding balances of these loans as of March 31, 2019 and 2020 were ¥54,311 million and ¥127,194 million, respectively. There were ¥38,671 million and ¥90,893 million of loans held for sale as of March 31, 2019 and 2020, respectively, measured at fair value by electing the fair value option. Purchased loans acquired by the Company and its subsidiaries are generally loans with evidence of deterioration of credit quality since origination and for which it is probable at acquisition that collection of all contractually required payments from the debtors is unlikely and characterized by extended period of non-performance negotiated transaction of such collateral before foreclosure, the renovation, refurbishment or the sale of such loans to third parties. Accordingly, although the acquired assets may remain loans in legal form, collections on these loans often do not reflect the normal historical experience of collecting delinquent accounts, and the need to tailor individual collateral-realization strategies often makes it difficult to reliably estimate the amount, timing, or nature of collections. Accordingly, the Company and its subsidiaries use the cost recovery method of income recognition for such purchased loans. The total carrying amounts of these purchased loans were ¥ million and ¥ million as of March , and , respectively, and the fair value at the acquisition date of purchased loans acquired during fiscal and were ¥ million and ¥ million, respectively. When it is probable that the Company and its subsidiaries will be unable to collect all book value, the Company and its subsidiaries consider purchased loans impaired, and a valuation allowance for the excess amount of the book value over the estimated recoverable amount of the loans is provided. For most cases, the recoverable amount is estimated based on the collateral value. Purchased loans for which valuation allowances were provided amounted to ¥3,658 million and ¥1,497 million as of March 31, 2019 and 2020, respectively. Changes in the allowance for uncollectible accounts relating to the purchased loans for fiscal 2018, 2019 and 2020 are as follows: Millions of yen 2018 2019 2020 Beginning balance ¥ 6,061 ¥ 4,292 ¥ 3,186 Provision (Reversal) (539 ) (331 ) (24 ) Charge-offs (1,375 ) (822 ) (1,789 ) Recoveries 152 126 77 Other* (7 ) (79 ) 8 Ending balance ¥ 4,292 ¥ 3,186 ¥ 1,458 * Other includes foreign currency translation adjustments. |
Credit Quality of Financing Rec
Credit Quality of Financing Receivables and the Allowance for Credit Losses | 12 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Credit Quality of Financing Receivables and the Allowance for Credit Losses | 11. Credit Quality of Financing Receivables and the Allowance for Credit Losses The Company and its subsidiaries provide the following information disaggregated by portfolio segment and class of financing receivable. Allowance for credit losses—by portfolio segment Credit quality of financing receivables—by class • Impaired loans • Credit quality indicators • Non-accrual past-due Information about troubled debt restructurings—by class A portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its allowance for credit losses. The Company and its subsidiaries classify our portfolio segments by instruments of loans and net investment in leases. Classes of financing receivables are determined The following table provides information about the allowance for credit losses for fiscal 2018, 2019 and 2020: March 31, 2018 Millions of yen Loans Direct f ing leases Total Consumer Corporate Purchased loans*1 Non-recourse loans Other Allowance for credit losses: Beginning balance ¥ 18,599 ¥ 2,951 ¥ 21,079 ¥ 6,061 ¥ 10,537 ¥ 59,227 Provision (Reversal) 11,922 (173 ) 3,814 (539 ) 2,241 17,265 Charge-offs (9,784 ) (2,031 ) (4,643 ) (1,375 ) (2,733 ) (20,566 ) Recoveries 657 — 260 152 32 1,101 Other*2 (198 ) (59 ) (2,103 ) (7 ) 12 (2,355 ) Ending balance ¥ 21,196 ¥ 688 ¥ 18,407 ¥ 4,292 ¥ 10,089 ¥ 54,672 Individually evaluated for impairment 3,020 149 8,295 2,880 — 14,344 Not individually evaluated for impairment 18,176 539 10,112 1,412 10,089 40,328 Financing receivables: Ending balance ¥ 1,739,173 ¥ 73,305 ¥ 974,058 ¥ 18,933 ¥ 1,194,888 ¥ 4,000,357 Individually evaluated for impairment 18,911 3,745 19,385 5,101 — 47,142 Not individually evaluated for impairment 1,720,262 69,560 954,673 13,832 1,194,888 3,953,215 March 31, 2019 Millions of yen Loans Direct f ing leases Total Consumer Corporate Purchased loans*1 Non-recourse loans Other Allowance for credit losses : Beginning balance ¥ 21,196 ¥ 688 ¥ 18,407 ¥ 4,292 ¥ 10,089 ¥ 54,672 Provision (Reversal) 12,400 213 5,919 (331 ) 4,324 22,525 Charge-offs (13,115 ) 0 (4,080 ) (822 ) (2,413 ) (20,430 ) Recoveries 687 0 246 126 158 1,217 Other*3 27 18 170 (79 ) (109 ) 27 Ending balance ¥ 21,195 ¥ 919 ¥ 20,662 ¥ 3,186 ¥ 12,049 ¥ 58,011 Individually evaluated for impairment 3,372 166 8,276 1,917 0 13,731 Not individually evaluated for impairment 17,823 753 12,386 1,269 12,049 44,280 Financing receivables : Ending balance ¥ 1,906,022 ¥ 99,028 ¥ 1,201,893 ¥ 16,416 ¥ 1,155,632 ¥ 4,378,991 Individually evaluated for impairment 23,163 4,448 27,452 3,764 0 58,827 Not individually evaluated for impairment 1,882,859 94,580 1,174,441 12,652 1,155,632 4,320,164 March 31, 2020 Millions of yen Loans Net investment in Total Consumer Corporate Purchased loans*1 Non-recourse loans Other Allowance for credit losses : Beginning balance ¥ 21,195 ¥ 919 ¥ 20,662 ¥ 3,186 ¥ 12,049 ¥ 58,011 Provision (Reversal) 12,254 903 7,988 (24 ) 3,304 24,425 Charge-offs (13,723 ) (1 ) (6,548 ) (1,789 ) (2,859 ) (24,920 ) Recoveries 554 0 133 77 24 788 Other*3 262 (35 ) (877 ) 8 (826 ) (1,468 ) Ending balance ¥ 20,542 ¥ 1,786 ¥ 21,358 ¥ 1,458 ¥ 11,692 ¥ 56,836 Individually evaluated for impairment 3,602 228 8,950 667 0 13,447 Not individually evaluated for impairment 16,940 1,558 12,408 791 11,692 43,389 Financing receivables : Ending balance ¥ 2,171,139 ¥ 132,081 ¥ 1,296,854 ¥ 13,218 ¥ 1,080,964 ¥ 4,694,256 Individually evaluated for impairment 26,533 2,466 55,216 1,605 0 85,820 Not individually evaluated for impairment 2,144,606 129,615 1,241,638 11,613 1,080,964 4,608,436 Notes 1: Loans held for sale are not included in the table above. 2: New Lease Standard has been adopted since April 1, 2019, and the amounts of investment in direct financing leases have been reclassified to net investment in leases. *1 Purchased loans represent loans with evidence of deterioration of credit quality since origination and for which it is probable at acquisition that collection of all contractually required payments from the debtors is unlikely. *2 Other mainly includes foreign currency translation adjustments and decrease in allowance related to sales of loans. *3 Other mainly includes foreign currency translation adjustments. In developing the allowance for credit losses, the Company and its subsidiaries consider, among other things, the following factors: • business characteristics and financial conditions of obligors; • current economic conditions and trends; • prior charge-off • current delinquencies and delinquency trends; and • value of underlying collateral and guarantees. The Company and its subsidiaries individually develop the allowance for credit losses for impaired loans. For non-impaired charge-off charge-off In common with all portfolio segments, a deterioration of debtors’ condition charge-off charge-off The decline of the value of underlying collateral and guarantees may increase the risk of inability to collect from the loans and net investment in leases. Particularly for non-recourse value In common with all portfolio segments, the Company and its subsidiaries charge off doubtful receivables when the likelihood of any future collection is believed to be minimal, mainly based upon an evaluation of the relevant debtors’ creditworthiness and the liquidation status of collateral. The following table provides information about the impaired loans as of March 31, 2019 and 2020: March 31, 2019 Millions of yen Portfolio segment Class Loans individually evaluated for impairment Unpaid principal balance Related allowance With no related allowance recorded *1 ¥ 17,593 ¥ 17,521 ¥ 0 Consumer borrowers 1,158 1,111 0 Real estate loans 589 542 0 Card loans 0 0 0 Other 569 569 0 Corporate borrowers 16,329 16,304 0 Non-recourse Japan 232 232 0 The Americas 3,404 3,404 0 Other than Non-recourse Real estate companies in Japan 47 47 0 Real estate companies in overseas 840 840 0 Commercial, industrial and other companies in Japan 975 950 0 Commercial, industrial and other companies in overseas 10,831 10,831 0 Purchased loans 106 106 0 With an allowance recorded *2 41,234 40,234 13,731 Consumer borrowers 22,005 21,401 3,372 Real estate loans 3,845 3,639 835 Card loans 3,945 3,937 633 Other 14,215 13,825 1,904 Corporate borrowers 15,571 15,175 8,442 Non-recourse Japan 0 0 0 The Americas 812 812 166 Other than Non-recourse Real estate companies in Japan 1,493 1,480 419 Real estate companies in overseas 0 0 0 Commercial, industrial and other companies in Japan 6,129 5,748 3,703 Commercial, industrial and other companies in overseas 7,137 7,136 4,154 Purchased loans 3,658 3,658 1,917 Total ¥ 58,827 ¥ 57,755 ¥ 13,731 Consumer borrowers 23,163 22,512 3,372 Real estate loans 4,434 4,181 835 Card loans 3,945 3,937 633 Other 14,784 14,394 1,904 Corporate borrowers 31,900 31,479 8,442 Non-recourse Japan 232 232 0 The Americas 4,216 4,216 166 Other than Non-recourse Real estate companies in Japan 1,540 1,527 419 Real estate companies in overseas 840 840 0 Commercial, industrial and other companies in Japan 7,104 6,698 3,703 Commercial, industrial and other companies in overseas 17,968 17,967 4,154 Purchased loans 3,764 3,764 1,917 March 31, 2020 Millions of yen Portfolio segment Class Loans individually evaluated for impairment Unpaid principal balance Related allowance With no related allowance recorded *1 ¥ 36,528 ¥ 36,524 ¥ 0 Consumer borrowers 997 995 0 Real estate loans 584 582 0 Card loans 0 0 0 Other 413 413 0 Corporate borrowers 35,423 35,421 0 Non-recourse The Americas 1,705 1,705 0 Other than Non-recourse Real estate companies in Japan 2,268 2,267 0 Real estate companies in overseas 11,231 11,231 0 Commercial, industrial and other companies in Japan 8,831 8,830 0 Commercial, industrial and other companies in overseas 11,388 11,388 0 Purchased loans 108 108 0 With an allowance recorded *2 49,292 48,936 13,447 Consumer borrowers 25,536 25,316 3,602 Real estate loans 5,178 5,162 817 Card loans 3,932 3,924 632 Other 16,426 16,230 2,153 Corporate borrowers 22,259 22,123 9,178 Non-recourse The Americas 761 761 228 Other than Non-recourse Real estate companies in Japan 1,233 1,219 374 Real estate companies in overseas 1,260 1,260 486 Commercial, industrial and other companies in Japan 3,649 3,527 2,371 Commercial, industrial and other companies in overseas 15,356 15,356 5,719 Purchased loans 1,497 1,497 667 Total ¥ 85,820 ¥ 85,460 ¥ 13,447 Consumer borrowers 26,533 26,311 3,602 Real estate loans 5,762 5,744 817 Card loans 3,932 3,924 632 Other 16,839 16,643 2,153 Corporate borrowers 57,682 57,544 9,178 Non-recourse The Americas 2,466 2,466 228 Other than Non-recourse Real estate companies in Japan 3,501 3,486 374 Real estate companies in overseas 12,491 12,491 486 Commercial, industrial and other companies in Japan 12,480 12,357 2,371 Commercial, industrial and other companies in overseas 26,744 26,744 5,719 Purchased loans 1,605 1,605 667 Note: Loans held for sale are not included in the table above. *1 “With no related allowance recorded” represents impaired loans with no allowance for credit losses as all amounts are considered to be collectible. *2 “With an allowance recorded” represents impaired loans with the allowance for credit losses as all or a part of the amounts are not considered to be collectible. The Company and its subsidiaries recognize installment loans other than purchased loans and loans to consumer borrowers as impaired loans when principal or interest is past-due non-recourse loan-to-value For purchased loans, the Company and its subsidiaries recognize them as impaired loans when it is probable that the Company and its subsidiaries will be unable to collect book values of the remaining investment due to factors such as a decline in the real estate collateral value and debtors’ creditworthiness since the acquisition of these loans. The Company and its subsidiaries consider that loans to consumer borrowers, including real es t a Interest payments received on impaired loans other than purchased loans are recorded as interest income unless the collection of the remaining investment is doubtful at which time payments received are recorded as reductions of principal. For purchased loans, although the acquired assets may remain loans in legal form, collections on these loans often do not reflect the normal historical experience of collecting delinquent accounts, and the need to tailor individual collateral-realization strategies often makes it difficult to reliably estimate the amount, timing, or nature of collections. Accordingly, the Company and its subsidiaries use the cost recovery method of income recognition for such purchased loans regardless of whether impairment is recognized or not. In common with all classes, impaired loans are individually evaluated for a valuation allowance based on the present value of expected future cash flows, the loan’s observable market price or the fair value of the collateral securing the loans if the loans are collateral-dependent. For non-recourse non-recourse The following table provides information about the average recorded investments in impaired loans and interest income on impaired loans for fiscal 2018, 2019 and 2020: March 31, 2018 Millions of yen Portfolio segment Class Average recorded investments in impaired loans * Interest income on impaired loans Interest on impaired loans collected in cash Consumer borrowers ¥ 17,799 ¥ 402 ¥ 300 Real estate loans 4,143 191 121 Card loans 4,081 60 52 Other 9,575 151 127 Corporate borrowers 30,661 204 196 Non-recourse Japan 210 8 8 The Americas 4,972 6 6 Other than Non-recourse Real estate companies in Japan 3,549 52 52 Real estate companies in overseas 2,108 1 — Commercial, industrial and other companies in Japan 10,698 136 129 Commercial, industrial and other companies in overseas 9,124 1 1 Purchased loans 6,304 18 3 Total ¥ 54,764 ¥ 624 ¥ 499 March 31, 2019 Millions of yen Portfolio segment Class Average recorded investments in impaired loans * Interest income on impaired loans Interest on impaired loans collected in cash Consumer borrowers ¥ 20,601 ¥ 392 ¥ 356 Real estate loans 4,099 133 129 Card loans 4,020 59 52 Other 12,482 200 175 Corporate borrowers 25,381 289 276 Non-recourse Japan 247 7 7 The Americas 2,851 0 0 Other than Non-recourse Real estate companies in Japan 1,606 38 38 Real estate companies in overseas 876 0 0 Commercial, industrial and other companies in Japan 5,943 106 95 Commercial, industrial and other companies in overseas 13,858 138 136 Purchased loans 4,678 88 87 Total ¥ 50,660 ¥ 769 ¥ 719 March 31, 2020 Millions of yen Portfolio segment Class Average recorded investments in impaired loans * Interest income on impaired loans Interest on impaired loans collected in cash Consumer borrowers ¥ 24,721 ¥ 446 ¥ 403 Real estate loans 5,077 141 137 Card loans 3,926 57 50 Other 15,718 248 216 Corporate borrowers 37,103 121 119 Non-recourse Japan 137 2 2 The Americas 2,954 0 0 Other than Non-recourse Real estate companies in Japan 1,621 30 30 Real estate companies in overseas 5,785 0 0 Commercial, industrial and other companies in Japan 6,754 76 75 Commercial, industrial and other companies in overseas 19,852 13 12 Purchased loans 3,108 139 139 Total ¥ 64,932 ¥ 706 ¥ 661 Note: Loans held for sale are not included in the table above. * Average balances are calculated on the basis of fiscal beginning and quarter-end The following table provides information about the credit quality indicators as of March 31, 2019 and 2020: March 31, 2019 Millions of yen Non-performing Portfolio segment Class Performing Loans individually evaluated for impairment 90+ days past-due loans not individually evaluated for impairment Subtotal Total Consumer borrowers ¥ 1,870,447 ¥ 23,163 ¥ 12,412 ¥ 35,575 ¥ 1,906,022 Real estate loans 1,593,005 4,434 1,388 5,822 1,598,827 Card loans 239,523 3,945 1,671 5,616 245,139 Other 37,919 14,784 9,353 24,137 62,056 Corporate borrowers 1,269,021 31,900 0 31,900 1,300,921 Non-recourse Japan 48,881 232 0 232 49,113 The Americas 45,699 4,216 0 4,216 49,915 Other than Non-recourse Real estate companies in Japan 287,311 1,540 0 1,540 288,851 Real estate companies in overseas 65,358 840 0 840 66,198 Commercial, industrial and other companies in Japan 259,572 7,104 0 7,104 266,676 Commercial, industrial and other companies in overseas 562,200 17,968 0 17,968 580,168 Purchased loans 12,652 3,764 0 3,764 16,416 Direct ing 1,140,825 0 14,807 14,807 1,155,632 Japan 787,081 0 6,158 6,158 793,239 Overseas 353,744 0 8,649 8,649 362,393 Total ¥ 4,292,945 ¥ 58,827 ¥ 27,219 ¥ 86,046 ¥ 4,378,991 March 31, 2020 Millions of yen Non-performing Portfolio segment Class Performing Loans individually evaluated for impairment 90+ days past-due loans not individually evaluated for impairment Subtotal Total Consumer borrowers ¥ 2,134,342 ¥ 26,533 ¥ 10,264 ¥ 36,797 ¥ 2,171,139 Real estate loans 1,877,227 5,762 1,370 7,132 1,884,359 Card loans 218,011 3,932 1,708 5,640 223,651 Other 39,104 16,839 7,186 24,025 63,129 Corporate borrowers 1,371,253 57,682 0 57,682 1,428,935 Non-recourse Japan 48,566 0 0 0 48,566 The Americas 81,049 2,466 0 2,466 83,515 Other than Non-recourse Real estate companies in Japan 297,483 3,501 0 3,501 300,984 Real estate companies in overseas 119,403 12,491 0 12,491 131,894 Commercial, industrial and other companies in Japan 242,831 12,480 0 12,480 255,311 Commercial, industrial and other companies in overseas 581,921 26,744 0 26,744 608,665 Purchased loans 11,613 1,605 0 1,605 13,218 Net investment in leases 1,065,618 0 15,346 15,346 1,080,964 Japan 741,636 0 5,971 5,971 747,607 Overseas 323,982 0 9,375 9,375 333,357 Total ¥ 4,582,826 ¥ 85,820 ¥ 25,610 ¥ 111,430 ¥ 4,694,256 Notes 1 2 have In common with all classes, the Company and its subsidiaries monitor the credit quality indicators as performing and non-performing non-performing past-due non-performing Out of non-performing homogeneous past-due non-performing The following table provides information about the non-accrual past-due March 31, 2019 Millions of yen Past-due Portfolio segment Class 30-89 past-due 90 days or more past-due Total past-due Total financing receivables Non-accrual Consumer borrowers ¥ 5,783 ¥ 15,647 ¥ 21,430 ¥ 1,906,022 ¥ 15,647 Real estate loans 1,721 2,654 4,375 1,598,827 2,654 Card loans 548 2,127 2,675 245,139 2,127 Other 3,514 10,866 14,380 62,056 10,866 Corporate borrowers 4,960 13,753 18,713 1,300,921 27,979 Non-recourse Japan 0 0 0 49,113 0 The Americas 2,925 2,457 5,382 49,915 3,818 Other than Non-recourse Real estate companies in Japan 0 552 552 288,851 552 Real estate companies in overseas 2 0 2 66,198 840 Commercial, industrial and other companies in Japan 78 4,656 4,734 266,676 4,656 Commercial, industrial and other companies in overseas 1,955 6,088 8,043 580,168 18,113 Direct fin ancing 7,181 14,807 21,988 1,155,632 14,807 Japan 679 6,158 6,837 793,239 6,158 Overseas 6,502 8,649 15,151 362,393 8,649 Total ¥ 17,924 ¥ 44,207 ¥ 62,131 ¥ 4,362,575 ¥ 58,433 March 31, 2020 Millions of yen Past-due Portfolio segment Class 30-89 past-due 90 days or more past-due Total past-due Total financing receivables Non-accrual Consumer borrowers ¥ 6,604 ¥ 13,607 ¥ 20,211 ¥ 2,171,139 ¥ 13,607 Real estate loans 1,863 2,469 4,332 1,884,359 2,469 Card loans 595 2,114 2,709 223,651 2,114 Other 4,146 9,024 13,170 63,129 9,024 Corporate borrowers 3,365 26,999 30,364 1,428,935 44,622 Non-recourse Japan 0 0 0 48,566 0 The Americas 0 2,466 2,466 83,515 2,466 Other than Non-recourse Real estate companies in Japan 0 586 586 300,984 586 Real estate companies in overseas 1 12,386 12,387 131,894 12,491 Commercial, industrial and other companies in Japan 226 2,409 2,635 255,311 2,409 Commercial, industrial and other companies in overseas 3,138 9,152 12,290 608,665 26,670 Net investment in 13,702 15,346 29,048 1,080,964 15,346 Japan 2,755 5,971 8,726 747,607 5,971 Overseas 10,947 9,375 20,322 333,357 9,375 Total ¥ 23,671 ¥ 55,952 ¥ 79,623 ¥ 4,681,038 ¥ 73,575 Notes 1 2 In common with all classes, the Company and its subsidiaries consider financing receivables as past-due past-due past-due past-due The Company and its subsidiaries suspend accruing revenues on past-due net investment in past-due non-accrual non-accrual The following table provides information about troubled debt restructurings of financing receivables that occurred during fiscal 2018, 2019 and 2020: March 31, 2018 Millions of yen Portfolio segment Class Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Consumer borrowers ¥ 9,632 ¥ 7,015 Real estate loans 12 12 Card loans 2,169 1,589 Other 7,451 5,414 Corporate borrowers 7,983 7,872 Non-recourse The Americas 3,460 3,460 Other than Non-recourse Commercial, industrial and other companies in Japan 111 — Other than Non-recourse Commercial, industrial and other companies in overseas 4,412 4,412 Total ¥ 17,615 ¥ 14,887 March 31, 2019 Millions of yen Portfolio segment Class Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Consumer borrowers ¥ 13,280 ¥ 9,294 Real estate loans 222 105 Card loans 2,106 1,393 Other 10,952 7,796 Corporate borrowers 6,002 6,001 Other than Non-recourse Commercial, industrial and other companies in overseas 6,002 6,001 Total ¥ 19,282 ¥ 15,295 March 31, 2020 Millions of yen Portfolio segment Class Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Consumer borrowers ¥ 12,041 ¥ 9,025 Real estate loans 19 17 Card loans 1,899 1,396 Other 10,123 7,612 Corporate borrowers 4,785 4,779 Non-recourse The Americas 751 751 Other than Non-recourse Commercial, industrial and other companies in overseas 4,034 4,028 Total ¥ 16,826 ¥ 13,804 A troubled debt restructuring is defined as a restructuring of a financing receivable in which the creditor grants a concession to the debtor for economic or other reasons related to the debtor’s financial difficulties. The Company and its subsidiaries offer various types of concessions to our debtors to protect as much of our investment as possible in troubled debt restructurings. For the debtors of non-recourse non-recourse In common with all portfolio segments, financing receivables modified as troubled debt restructurings are recognized as impaired and are individually evaluated for a valuation allowance. In most cases, these financing receivables have already been considered impaired and individually evaluated for allowance for credit losses prior to the restructurings. However, as a result of the restructuring, the Company and its subsidiaries may recognize additional provision for the restructured receivables. As of March 31, 2020, due to the spread of the COVID-19, although the Company The following table provides information about financing receivables modified as troubled debt restructurings within the previous 12 months from March 31, 2018 and for which there was a payment default during fiscal 2018: March 31, 2018 Millions of yen Portfolio segment Class Recorded investment Consumer borrowers ¥ 99 Card loans 25 Other 74 Corporate borrowers 7,872 Non-recourse The Americas 3,460 Other than Non-recourse Commercial, industrial other companies in overseas 4,412 Total ¥ 7,971 The following table provides information about financing receivables modified as troubled debt restructurings within the previous 12 months from March 31, 2019 and for which there was a payment default during fiscal 2019: March 31, 2019 Millions of yen Portfolio segment Class Recorded investment Consumer borrowers ¥ 2,013 Card loans 22 Other 1,991 Total ¥ 2,013 The following table provides information about financing receivables modified as troubled debt restructurings within the previous 12 months from March 31, 2020 and for which there was a payment default during fiscal 2020: March 31, 2020 Millions of yen Portfolio segment Class Recorded investment Consumer borrowers ¥ 1,687 Card loans 22 Other 1,665 Consumer borrowers 25 Other than Non-recourse Commercial, industrial and other companies in overseas 25 Total ¥ 1,712 The Company and its subsidiaries consider financing receivables whose terms have been modified in a restructuring as defaulted receivables when principal or interest is past-due In common with all portfolio segments, the Company and its subsidiaries suspend accruing revenues and may recognize additional provision as necessary for the defaulted financing receivables. As of March 31, 2019 and 2020, there were no foreclosed residential real estate properties. The carrying |
Investment in Securities
Investment in Securities | 12 Months Ended |
Mar. 31, 2020 | |
Investments Schedule [Abstract] | |
Investment in Securities | 12. Investment in Securities Investment in securities as of March 31, 2019 and 2020 consists of the following: Millions of yen 2019 2020 Equity securities* ¥ 549,047 ¥ 492,902 Trading debt securities 1,564 7,431 Available-for-sale 1,264,244 1,631,185 Held-to-maturity 114,061 113,805 Total ¥ 1,928,916 ¥ 2,245,323 * The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities were ¥324,220 million and ¥254,853 million as of March 31, 2019 and 2020, respectively. The amount of investment funds that are accounted for under the equity method included in equity securities were ¥75,923 million and ¥70,129 million as of March 31, 2019 and 2020, respectively. The amount of investment funds elected for the fair value option included in equity securities were ¥5,811 million and ¥6,326 million as of March 31, 2019 and 2020, respectively. Gains and losses realized from the sale of equity securities and net unrealized holding gains (losses) on equity securities are included in gains on investment securities and dividends, life insurance premiums and related investment income, and write-downs of securities. For further information, see Note 25 “Gains on Investment Securities and Dividends” and Note 26 “Life Insurance Operations.” Net unrealized holding gains (losses) on equity securities held as of March 31, 2019 and 2020 were losses of ¥ million and ¥ million for fiscal 2019 and 2020, respectively, which did not include net unrealized holding gains (losses) on the both investment funds above mentioned. Equity securities include non-marketable and for Millions of yen March 31, 2019 2019 Carrying Accumulated Accumulated Impairments Upward Equity securities measured ¥ 35,431 ¥ (1,688 ) ¥ 18 ¥ (159 ) ¥ 18 Millions of yen March 31, 2020 2020 Carrying Accumulated Accumulated Impairments Upward Equity securities measured using ¥ 35,968 ¥ (13,428 ) ¥ 112 ¥ (11,971 ) ¥ 94 Gains and losses realized from the sale of trading Gains and losses realized from the sale of trading debt securities and net unrealized holding gains (losses) on trading debt securities are included in gains on investment securities and dividends. Net unrealized holding gains (losses) on trading debt securities held as of March 31, 2019 and 2020 for 2019 a nd 2020 . During fiscal 2018, the Company and its subsidiaries Certain subsidiaries elected the fair value option for certain investments in investment funds included in equity securities whose net asset values do not represent the fair value of investments due to the illiquid nature of these investments. The subsidiaries manage these investments on a fair value basis and the election of the fair value option enables the subsidiaries to reflect more appropriate assumptions to measure the fair value of these investments. As of March 31, 2019 and 2020 A certain subsidiary elected the fair value option for investments in foreign government bond securities included in available-for-sale 2020 A certain subsidiary elected the fair value option for investments in foreign corporate debt securities included in available-for-sale debt securities and the derivatives used to reduce the risks of fluctuations in market interest rates and exchange rates on these foreign corporate debt securities. As of March , and 2020 , these investments were fair valued at ¥ million and ¥ million, respectively. The amortized cost basis amounts, gross unrealized holding gains, gross unrealized holding losses and fair values of available-for-sale held-to-maturity March 31, 2019 Millions of yen Amortized cost Gross unrealized gains Gross unrealized losses Fair value Available-for-sale Japanese and foreign government bond securities ¥ 416,218 ¥ 20,133 ¥ (5,500 ) ¥ 430,851 Japanese prefectural and foreign municipal bond securities 189,792 3,749 (236 ) 193,305 Corporate debt securities 485,156 5,205 (2,364 ) 487,997 CMBS and RMBS in the Americas 59,954 2,566 (1,041 ) 61,479 Other asset-backed securities and debt securities 88,620 3,381 (1,389 ) 90,612 1,239,740 35,034 (10,530 ) 1,264,244 Held-to-maturity Japanese government bond securities and other 114,061 30,265 0 144,326 ¥ 1,353,801 ¥ 65,299 ¥ (10,530 ) ¥ 1,408,570 March 31, 2 020 Millions of yen Amortized cost Gross unrealized gains Gross unrealized losses Fair value Available-for-sale Japanese and foreign government bond securities ¥ 640,197 ¥ 21,063 ¥ (7,315 ) ¥ 653,945 Japanese prefectural and foreign municipal bond securities 251,738 2,031 (3,414 ) 250,355 Corporate debt securities 595,625 8,727 (7,875 ) 596,477 CMBS and RMBS in the Americas 56,957 929 (9,214 ) 48,672 Other asset-backed securities and debt securities 92,363 3,267 (13,894 ) 81,736 1,636,880 36,017 (41,712 ) 1,631,185 Held-to-maturity Japanese government bond securities and other 113,805 29,384 0 143,189 ¥ 1,750,685 ¥ 65,401 ¥ (41,712 ) ¥ 1,774,374 The following tables provide information about available-for-sale March 31, 20 19 Millions of yen Less than 12 months 12 months or more Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses Available-for-sale Japanese and foreign government bond securities ¥ 51,551 ¥ (1,119 ) ¥ 98,830 ¥ (4,381 ) ¥ 150,381 ¥ (5,500 ) Japanese prefectural and foreign municipal bond securities 1,329 (35 ) 4,510 (201 ) 5,839 (236 ) Corporate debt securities 9,156 (18 ) 68,924 (2,346 ) 78,080 (2,364 ) CMBS and RMBS in the Americas 10,194 (362 ) 7,147 (679 ) 17,341 (1,041 ) Other asset-backed securities and debt securities 10,253 (411 ) 28,748 (978 ) 39,001 (1,389 ) ¥ 82,483 ¥ (1,945 ) ¥ 208,159 ¥ (8,585 ) ¥ 290,642 ¥ (10,530 ) March 31, 2020 Millions of yen Less than 12 months 12 months or more Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses Available-for-sale Japanese and foreign government bond securities ¥ 116,967 ¥ (2,881 ) ¥ 165,642 ¥ (4,434 ) ¥ 282,609 ¥ (7,315 ) Japanese prefectural and foreign municipal bond securities 143,563 (3,413 ) 219 (1 ) 143,782 (3,414 ) Corporate debt securities 260,738 (4,643 ) 22,631 (3,232 ) 283,369 (7,875 ) CMBS and RMBS in the Americas 30,830 (7,486 ) 5,768 (1,728 ) 36,598 (9,214 ) Other asset-backed securities and debt securities 26,612 (3,759 ) 22,727 (10,135 ) 49,339 (13,894 ) ¥ 578,710 ¥ (22,182 ) ¥ 216,987 ¥ (19,530 ) ¥ 795,697 ¥ (41,712 ) The number of investment securities that were in an unrealized loss position as of March 31, 2019 and 2020 were 199 and 678, respectively. The gross unrealized losses on these debt securities are attributable to a number of factors including changes in interest rates, credit spreads and market trends. For debt securities, in the case of the fair value being below the amortized cost, the Company and its subsidiaries consider whether those securities are other-than-temporarily impaired using all available information about their collectability. The Company and its subsidiaries do not consider a debt security to be other-than- temporarily impaired if the Company and its subsidiaries do not intend to sell the debt security, it is not more likely than not that the Company and its subsidiaries will be required to sell the debt security before recovery of its amortized cost basis and the present value of estimated cash flows will fully cover the amortized cost of the security. On the other hand, the Company and its subsidiaries consider a debt security to be other-than-temporarily impaired if any of the above mentioned three conditions are not met. The unrealized loss associated with debt securities are primarily due to changes in the market interest rates, currency exchange rates and risk premium. Considering all available information to assess the collectability of those investments (such as the financial condition of and business prospects for the issuers), the Company and its subsidiaries The other-than-temporary impairment losses recognized in other comprehensive income (loss) and earnings for fiscal Millions of yen 2018 2019 2020 Total other-than-temporary impairment losses ¥ 1,246 ¥ 1,359 ¥ 0 Portion of loss recognized in other comprehensive income (before taxes) 0 (136 ) 0 Net impairment losses recognized in earnings ¥ 1,246 ¥ 1,223 ¥ 0 During fiscal 2018 and 2019, other-than-temporary impairment losses related to debt securities are recognized mainly on certain foreign municipal bond securities and certain other asset-backed securities. These securities have experienced credit losses due to deterioration in utilization rates and a decline in value of the underlying assets. The credit loss assessment is made by comparing the securities’ amortized cost basis with the portion of the estimated fair value of the underlying assets available to repay the specified bonds, or with the present value of the expected cash flows from the mortgage-backed securities, that were estimated For debt securities held as of March 31, 2018, 2019, and 2020 , for fiscal Millions of yen 2018 2019 2020 Beginning ¥ 1,220 ¥ 1,021 ¥ 2,102 Addition during the period: Credit loss for which an other-than-temporary impairment was not previously recognized 0 1,103 0 Reduction during the period: For securities sold or redeemed 0 (22 ) 0 Due to change in intent to sell or requirement to sell (199 ) 0 0 Ending ¥ 1,021 ¥ 2,102 ¥ 2,102 In addition, the non-credit comprehensive The following is a summary of the contractual maturities of available-for-sale debt securities and held-to-maturity debt securities held as of March 31, 2020: Available-for-sale Millions of yen Amortized cost Fair value Due within one year ¥ 40,477 ¥ 39,425 Due after one to five years 290,323 284,489 Due after five to ten years 540,516 529,643 Due after ten years 765,564 777,628 ¥ 1,636,880 ¥ 1,631,185 Held-to-maturity Millions of yen Amortized cost Fair value Due after five to ten years ¥ 7,021 ¥ 8,343 Due after ten years 106,784 134,846 ¥ 113,805 ¥ 143,189 Debt securities not due at a single maturity date, such as mort g on Certain borrowers may have the right to call or prepay obligations. This right may cause actual maturities to differ from the contractual maturities summarized above. Included in finance revenues in the consolidated statements of income is interest income on investment securities of ¥15,756 million, ¥14,745 million and ¥13,657 million for fiscal 2018, 2019 and 2020, respectively. |
Transfer of Financial Assets
Transfer of Financial Assets | 12 Months Ended |
Mar. 31, 2020 | |
Transfers and Servicing [Abstract] | |
Transfer of Financial Assets | 13. Transfer of Financial Assets The Company and its subsidiaries have securitized and transferred In the securitization process, these financial assets are transferred to SPEs that issue beneficial interests of the securitization trusts and securities backed by the financial assets to investors. The cash flows collected from these assets transferred to the SPEs are then used to repay these asset-backed beneficial interests and securities. As the transferred assets are isolated from the Company and its subsidiaries, the investors and the SPEs have no recourse to other assets of the Company and its subsidiaries in cases where the debtors or the issuers of the transferred financial assets fail to perform under the original terms of those financial assets. The Company and its subsidiaries often have continuing involvement with transferred financial assets by retaining the servicing arrangements and the interests in the SPEs in the form of the beneficial interest of the securitization trusts. Those interests that continue to be held include interests in the transferred assets and are often subordinate to other tranche(s) of the securitization. Those beneficial interests that continue to be held by the Company and its subsidiaries are subject to credit risk, interest rate risk and prepayment risk on the securitized financial assets. With regards to these subordinated interests that the Company and its subsidiaries retain, they are subordinated to the senior investments and are exposed to different credit and prepayment risks, since they first absorb the risk of the decline in the cash flows from the financial assets transferred to the SPEs for defaults and prepayment of the transferred assets. If there is any excess cash remaining in the SPEs after payment to investors in the securitization of the contractual rate of returns, most of such excess cash is distributed to the Company and its subsidiaries for payments of the subordinated interests. SPEs used in securitization transactions have been consolidated if the Company and its subsidiaries are the primary beneficiary of the SPEs. When the Company and its subsidiaries have transferred financial assets to a transferee that is not subject to consolidation, the Company and its subsidiaries account for the transfer as a sale if control over the transferred assets is surrendered. During fiscal 2018, 2019 and 2020, the amount of installment loans that has been derecognized due to new securitization and transfer of loans were ¥394,688 million, ¥475,904 million and ¥643,422 million, respectively. A certain subsidiary originates and sells loans into the secondary market while retaining the obligation to service those loans. In addition, the subsidiary undertakes obligations to service loans originated by others. The servicing assets related to those servicing activities are included in other assets in the consolidated balance sheets and roll-forwards of the amount of the servicing assets during fiscal 2019 and 2020 are as follows: Millions of yen 2019 2020 Beginning balance ¥ 28,756 ¥ 31,572 Increase mainly from loans sold with servicing retained * 6,275 33,061 Decrease mainly from amortization (4,728 ) (6,229 ) Increase (Decrease) from the effects of changes in foreign exchange rates 1,269 (699 ) Ending balance ¥ 31,572 ¥ 57,705 * Increase mainly from loans sold with servicing retained includes increases in connection with acquisitions of subsidiaries. The fair value of the servicing assets as of March 31, 2019 and 2020 are as follows: Millions of yen March 31, 2019 March 31, 2020 Beginning balance ¥ 35,681 ¥ 39,846 Ending balance ¥ 39,846 ¥ 60,419 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | 14. Variable Interest Entities The Company and its subsidiaries use SPEs in the ordinary course of business. These SPEs are not always controlled by voting rights, and there are cases where voting rights do not exist for these SPEs. The Company and its subsidiaries determine a variable interest entity (hereinafter, “VIE”) among those SPEs when (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support provided by any parties, including the equity holders or (b) as a group, the holders of the equity investment at risk do not have (1) the ability to make decisions about an entity’s activities that most significantly impact the entity’s economic performance through voting rights or similar rights, (2) the obligation to absorb the expected losses of the entity or (3) the right to receive the expected residual returns of the entity. The Company and its subsidiaries perform a qualitative analysis to identify the primary beneficiary of VIEs. An enterprise that has both of the following characteristics is considered to be the primary beneficiary and therefore results in the consolidation of the VIE: • the power to direct the activities of a VIE that most significantly impact the entity’s economic performance; and • the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. All facts and circumstances are taken into consideration when determining whether the Company and its subsidiaries have variable interests that would deem it the primary beneficiary and therefore require consolidation of the VIE. The Company and its subsidiaries make ongoing reassessment of whether they are the primary beneficiaries of a VIE. The following are the factors that the Company and its subsidiaries are considering in a qualitative assessment: • which activities most significantly impact the economic performance of the VIE and who has the power to direct such activities; • characteristics of the Company and its subsidiaries’ variable interest or interests and other involvements (including involvement of related parties and de facto agents); • involvement of other variable interest holders; and • the entity’s purpose and design, including the risks that the entity was designed to create and pass through to its variable interest holders. The Company and its subsidiaries generally consider the following types of involvement to be significant when determining the primary beneficiary: • designing the structuring of a transaction; • providing an equity investment and debt financing; • being the investment manager, asset manager or servicer and receiving variable fees; and • providing liquidity and other financial support. The Company and its subsidiaries do not have the power to direct activities of a VIE that most significantly impact the VIE’s economic performance if that power is shared among multiple unrelated parties, and accordingly do not consolidate such VIE. Information about VIEs (consolidated and non-consolidated) for the Company and its subsidiaries are as follows: 1. Consolidated VIEs March 31, 2019 Millions of yen Types of VIEs Total assets*1 Total liabilities*1 Assets which are pledged as collateral*2 Commitments*3 (a) ¥ 0 ¥ 0 ¥ 0 ¥ 0 (b) 2,014 0 0 0 (c) 94,404 31,208 49,587 0 (d) 564 30 0 0 (e) 72,347 121 42 0 (f) 228,859 175,115 228,859 0 (g) 2,264 2,729 2,264 0 (h) 282,739 195,915 242,937 54,533 (i) 149,333 45,082 120,312 0 Total ¥ 832,524 ¥ 450,200 ¥ 644,001 ¥ 54,533 March 31, 2020 Millions of yen Types of VIEs Total assets*1 Total liabilities*1 Assets which are pledged as collateral*2 Commitments*3 (a) ¥ 0 ¥ 0 ¥ 0 ¥ 0 (b) 2,546 2 0 0 (c) 80,385 17,941 21,970 5,153 (d) 465 9 0 0 (e) 82,098 28 0 0 (f) 267,548 159,181 267,548 0 (g) 2,358 3,037 2,358 0 (h) 393,797 284,772 355,107 40,111 (i) 163,948 66,411 141,988 0 Total ¥ 993,145 ¥ 531,381 ¥ 788,971 ¥ 45,264 *1 The assets of most VIEs are used only to repay the liabilities of the VIEs, and the creditors of the liabilities of most VIEs have no recourse to other assets of the Company and its subsidiaries. *2 The assets are pledged as collateral by VIE for financing of the VIE. *3 This item represents remaining balance of commitments that could require the Company and its subsidiaries to provide investments or loans to the VIE. 2. Non-consolidated March 31, 2019 Millions of yen Carrying amount of the Types of VIEs Total assets Non-recourse Investments Maximum exposure to loss * (a) ¥ 8,524 ¥ 0 ¥ 991 ¥ 991 (b) 34,872 0 3,426 3,426 (c) 0 0 0 0 (d) 0 0 0 0 (e) 3,493,461 0 60,329 81,337 (f) 0 0 0 0 (g) 982,353 0 21,768 21,776 (h) 26,495 0 1,783 1,783 (i) 391,602 3,200 32,569 37,947 Total ¥ 4,937,307 ¥ 3,200 ¥ 120,866 ¥ 147,260 March 31, 2020 Millions of yen Carrying amount of the Types of VIEs Total assets Non-recourse Investments Maximum exposure to loss * (a) ¥ 8,508 ¥ 0 ¥ 991 ¥ 991 (b) 51,746 0 4,542 4,542 (c) 0 0 0 0 (d) 0 0 0 0 (e) 3,820,403 0 55,645 72,527 (f) 0 0 0 0 (g) 1,239,325 0 15,663 15,668 (h) 25,037 0 1,719 1,719 (i) 200,325 2,837 10,523 13,476 Total ¥ 5,345,344 ¥ 2,837 ¥ 89,083 ¥ 108,923 * Maximum exposure to loss includes remaining balance of commitments that could require the Company and its subsidiaries to provide investments or loans to the VIE. (a) VIEs for liquidating customer assets The Company and its subsidiaries may use VIEs in structuring financing for customers to liquidate specific customer assets. The VIEs are typically used to provide a structure that is bankruptcy remote with respect to the customer and the use of VIE structure is requested by such customer. Such VIEs typically acquire assets to be liquidated from the customer, borrow non-recourse Variable interests of non-consolidated (b) VIEs for acquisition of real estate and real estate development projects for customers Customers and the Company and its subsidiaries are involved with VIEs formed to acquire real estate and/or develop real estate projects. In each case, a customer establishes and makes an equity investment in a VIE that is designed to be bankruptcy remote from the customer. The VIEs acquire real estate and/or develop real estate projects. The Company and its subsidiaries provide non-recourse In the Company’s consolidated balance sheets, assets of consolidated VIEs are mainly included in cash and cash equivalents and investment in affiliates. Variable interests of non-consolidated (c) VIEs for acquisition of real estate for the Company and its subsidiaries’ real estate-related business The Company and its subsidiaries establish VIEs and acquire real estate to borrow non-recourse In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in cash and cash equivalents, restricted cash, investment in operating leases, investment in securities, property under facility operations and other assets, and liabilities of those consolidated VIEs are mainly included in long-term debt and other liabilities. The Company and certain subsidiaries have commitment agreements by which the Company and the subsidiaries may be required to make additional investment or execute loans in certain such consolidated VIEs. (d) VIEs for corporate rehabilitation support business Financial institutions, the Company and its subsidiaries are involved with VIEs established for the corporate rehabilitation support business. VIEs receive the funds from investors including The Company and its subsidiaries consolidated such VIEs since the Company and its subsidiaries have the majority of the investment share of such VIEs, and have the power to direct the activities of the VIEs that most significantly impact the entities’ economic performance through the servicing operations. In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in installment loans, and liabilities of those consolidated VIEs are mainly included in other liabilities. (e) VIEs for investment in securities The Company and its subsidiaries have interests in VIEs that are investment funds and mainly invest in equity and debt securities. Such VIEs are managed by certain subsidiaries or fund management companies that are independent of the Company and its subsidiaries. Certain subsidiaries consolidated certain such VIEs since the subsidiaries have the majority of the investment share of them, and have the power to direct the activities of those VIEs that most significantly impact the entities’ economic performance through involvement with the design of the VIEs or other means. In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in investment in securities and investment in affiliates, and liabilities of those consolidated VIEs are mainly included in other liabilities. Variable interests of non-consolidated non-consolidated (f) VIEs for securitizing financial assets such as finance lease receivable and loan receivable The Company and its subsidiaries use VIEs to securitize financial assets such as finance lease receivables and loans receivables. In the securitization process, these financial assets are transferred to SPEs, and the SPEs issue beneficial interests or securities backed by the transferred financial assets to investors. After the securitization, the Company and its subsidiaries continue to hold a subordinated part of the securities and act as a servicer. The Company and its subsidiaries consolidated such VIEs since the Company and its subsidiaries have the power to direct the activities that most significantly impact the entity’s economic performance by designing the securitization scheme and conducting servicing activities, and have a responsibility to absorb losses of the VIEs that could potentially be significant to the entities by retaining the subordinated part of the securities. In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in restricted cash, net investment in leases and installment loans, and liabilities of those consolidated VIEs are mainly included in long-term debt. (g) VIEs for securitization of loan receivable originated by third parties The Company and its subsidiaries invest in CMBS, RMBS and other asset-backed securities originated by third parties. In some cases of such securitization, certain subsidiaries hold the subordinated portion and the subsidiaries act as a special-servicer of the securitization transaction. As the special servicer, the subsidiaries have rights to dispose of real estate collateral related to the securitized commercial mortgage loans. The subsidiaries consolidate certain of these VIEs when the subsidiaries have the power to direct the activities of the VIEs that most significantly impact the entities’ economic performance through its role In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in installment loans, and liabilities of those consolidated VIEs are mainly included in long-term debt. Variable interests of non-consolidated non-consolidated (h) VIEs for power generation projects The Company and its subsidiaries may use VIEs in power generation projects. VIEs receive the funds from the Company and its subsidiaries, construct solar power stations, thermal power stations and wind power stations on acquired or leased lands, and sell the generated power to electric power companies. The Company and its subsidiaries have consolidated certain VIEs because the Company and its subsidiaries have the majority of the investment shares of such VIEs and effectively control the VIEs by acting as the asset manager of the VIEs. In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in cash and cash equivalents, restricted cash, property under facility operations and other assets, and liabilities of those consolidated VIEs are mainly included in trade notes, accounts and other payable, long-term debt, and other liabilities. The Company and certain subsidiaries have commitment agreements by which the Company and the subsidiaries may be required to make additional investment or execute loans in certain such consolidated VIEs. Variable interests of non-consolidated (i) Other VIEs The Company and its subsidiaries are involved with other types of VIEs for various purposes. Consolidated and non-consolidated In Japan, certain subsidiaries provide investment products to their customers that employ a contractual mechanism known as a kumiai, which in part result in the subsidiaries forming a type of SPE. As a means to finance the purchase of aircraft or other large-ticket items to be leased to third parties, the Company and its subsidiaries arrange and market kumiai products to investors, who invest a portion of the funds necessary into the kumiai structure. The remainder of the purchase funds is borrowed by the kumiai structure in the form of a non-recourse The Company may use VIEs for financing. The Company transfers its own held assets to SPEs, which borrow non-recourse In the Company’s consolidated balance sheets, assets of the consolidated VIEs are mainly included in investment in operating leases, investment in affiliates, office facilities and other assets, and liabilities of those consolidated VIEs are mainly included in long-term debt and other liabilities. With respect to variable interests of non-consolidated non-recourse non-consolidated |
Investment in Affiliates
Investment in Affiliates | 12 Months Ended |
Mar. 31, 2020 | |
Investments in and Advances to Affiliates [Abstract] | |
Investment in Affiliates | 15. Investment in Affiliates Investment in affiliates at March 31, 2019 and 2020 consists of the following: Millions of yen 2019 2020 Shares ¥ 789,638 ¥ 770,750 Loans and others 53,122 50,912 ¥ 842,760 ¥ 821,662 Certain affiliates are listed on stock exchanges. The aggregate investment in and quoted market value of those affiliates amounted to ¥168,569 million and ¥188,456 million, respectively, as of March 31, 2019 and ¥153,868 million and ¥166,296 million, respectively, as of March 31, 2020. In fiscal 2018, 2019 and 2020, the Company and its subsidiaries received dividends from affiliates of ¥47,688 million, ¥17,334 million and ¥38,372 million, respectively. In the Company’s consolidated balance sheets, the book value of investment in affiliates over the underlying equity in the net assets of such affiliates as of date of the most recent available financial statements of the investees were ¥87,424 million and ¥81,182 million as of March 31, 2019 and 2020, respectively. The differences mainly consist of goodwill and fair value adjustments for fixed assets. A company comprising a significant portion of investment in affiliates was Companies comprising a significant portion of investment in affiliates were Avolon Holdings Limited ( 30 % of equity share) and Kansai Airports (40 % of equity share) as of March 31, 2020. Combined and condensed information relating to the affiliates for fiscal 2018, 2019 and 2020 are as follows (some operation data for entities reflect only the period since the Company and its subsidiaries made the investment and on a lag basis): Millions of yen 2018 2019 2020 Operations: Total revenues ¥ 1,871,156 ¥ 1,606,565 ¥ 1,674,184 Income before income taxes 245,408 187,203 206,637 Net income 210,443 114,271 140,540 Financial position: Total assets ¥ 9,391,445 ¥ 11,473,689 ¥ 12,499,794 Total liabilities 6,717,326 7,542,997 8,428,007 Total equity 2,674,119 3,930,692 4,071,787 The Company and its subsidiaries had no significant transactions with these companies except as described above. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 16. Goodwill and Other Intangible Assets Changes in goodwill by reportable segment for fiscal 2018, 2019 and 2020 are as follows: Millions of yen Corporate Financial Services Maintenance Leasing Real Investment and Operation Retail Overseas Business Total Balance at March 31, 2017 Goodwill ¥ 56,203 ¥ 282 ¥ 32,239 ¥ 68,853 ¥ 15,424 ¥ 181,133 ¥ 354,134 Accumulated impairment losses (837 ) 0 (8,708 ) (39 ) 0 (3,372 ) (12,956 ) 55,366 282 23,531 68,814 15,424 177,761 341,178 Acquired 0 9,258 0 13,517 0 20,158 42,933 Impairment 0 0 0 0 0 0 0 Other (net)* 0 0 83 (20,756 ) 0 5,187 (15,486 ) Balance at March 31, 2018 Goodwill 56,203 9,540 32,322 61,614 15,424 206,478 381,581 Accumulated impairment losses (837 ) 0 (8,708 ) (39 ) 0 (3,372 ) (12,956 ) 55,366 9,540 23,614 61,575 15,424 203,106 368,625 Acquired 0 0 0 27,569 0 44,897 72,466 Impairment 0 0 0 0 0 0 0 Other (net)* 0 (270 ) (7,231 ) 34 0 (2,945 ) (10,412 ) Balance at March 31, 2019 Goodwill 56,203 9,270 16,383 89,217 15,424 248,430 434,927 Accumulated impairment losses (837 ) 0 0 (39 ) 0 (3,372 ) (4,248 ) 55,366 9,270 16,383 89,178 15,424 245,058 430,679 Acquired 1,299 0 0 26,705 672 17,846 46,522 Impairment 0 0 0 0 0 0 0 Other (net)* 0 0 (111 ) (22,172 ) 0 (11,100 ) (33,383 ) Balance at March 31, 2020 Goodwill 57,502 9,270 16,272 93,750 16,096 255,176 448,066 Accumulated impairment losses (837 ) 0 0 (39 ) 0 (3,372 ) (4,248 ) ¥ 56,665 ¥ 9,270 ¥ 16,272 ¥ 93,711 ¥ 16,096 ¥ 251,804 ¥ 443,818 Note: The Company changed the segment classification of DAIKYO from Investment and Operation segment to Real Estate segment from fiscal 2019. As a result of this change, the amounts as of the end of and for the previous fiscal year have been retrospectively reclassified. * The Company and its subsidiaries recognized no impairment loss on goodwill during fiscal 2018, 2019 and 2020. Other intangible assets at March 31, 2019 and 2020 consist of the following: Millions of yen 2019 2020 Indefinite-lived intangible assets: Trade names ¥ 78,252 ¥ 69,321 Asset management contracts 146,981 141,069 Others 3,847 4,192 229,080 214,582 Intangible assets subject to amortization: Software 111,767 119,666 Customer relationships 130,971 137,923 Others 92,306 88,189 335,044 345,778 Accumulated amortization (137,026 ) (155,868 ) Net 198,018 189,910 ¥ 427,098 ¥ 404,492 The aggregate amortization expenses for intangible assets are ¥30,959 million , ¥31,752 million and ¥32,189 million in fiscal 2018, 2019 and 2020, respectively. The estimated amortization expenses for each of five succeeding fiscal years are ¥29,076 million in fiscal 202 1 2 3 4 5 Intangible assets subject to amortization increased during fiscal 2020 are ¥47,909 million. They mainly consist of ¥16,603 million of software and ¥15,179 million of customer relationships recognized in acquisitions. The weighted average amortization periods for the software and the customer relationships recognized in acquisitions are 5 years and 17 years, respectively. As a result of the impairment test, the Company and its subsidiaries recognized an impairment loss of ¥194 million on intangible assets included in Investment and Operation segment during fiscal 2018. The Company and its subsidiaries recognized an impairment loss of ¥606 million on intangible assets included in Overseas Business segment during fiscal 2019. The Company and its subsidiaries recognized an impairment loss of ¥ million on intangible assets included in Corporate |
Short-Term and Long-Term Debt
Short-Term and Long-Term Debt | 12 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Short-Term and Long-Term Debt | 17. Short-Term and Long-Term Debt Short-term debt consists of borrowings from financial institutions and commercial paper. The composition of short-term debt and the weighted average contract interest rate on short-term debt at March 31, 2019 and 2020 are as follows: March 31, 2019 Millions of yen Weighted average rate Short-term debt in Japan, mainly from banks ¥ 121,870 1.9 % Short-term debt outside Japan, mainly from banks 146,618 3.7 Commercial paper in Japan 38,598 0.0 Commercial paper outside Japan 2,463 3.3 ¥ 309,549 2.5 March 31, 2020 Millions of yen Weighted average rate Short-term debt in Japan, mainly from banks ¥ 131,822 1.0 % Short-term debt outside Japan, mainly from banks 187,300 2.2 Commercial paper in Japan 12,998 0.1 Commercial paper outside Japan 4,712 2.6 ¥ 336,832 1.7 The composition of long-term debt, the weighted average contract interest rate on long-term debt and the repayment due dates at March 31, 2019 and 2020 are as follows: March 31, 2019 Due (Fiscal Year) Millions of yen Weighted average rate Banks: Fixed rate 2020~2037 ¥ 496,431 1.2 % Floating rate 2020~2077 1,895,176 1.8 Insurance companies and others: Fixed rate 2020~2037 348,103 0.8 Floating rate 2023~2077 271,170 0.7 Unsecured bonds 2023~2029 807,460 1.8 Unsecured notes under medium-term note program 2021~2027 190,082 3.1 Payables under securitized lease receivables 2021~2023 20,151 0.3 Payables under securitized loan receivables and investment in securities 2022~2039 157,649 2.4 ¥ 4,186,222 1.7 March 31, 2020 Due (Fiscal Year) Millions of yen Weighted average rate Banks: Fixed rate 2021~2037 ¥ 463,599 1.2 % Floating rate 2021~2077 1,957,105 1.5 Insurance companies and others: Fixed rate 2022~2037 336,821 1.2 Floating rate 2021~2077 336,949 1.8 Unsecured bonds 2022~2080 845,938 1.7 Unsecured notes under medium-term note program 2021~2027 176,802 3.1 Payables under securitized lease receivables 2021~2021 4,322 0.2 Payables under securitized loan receivables and investment in securities 2022~2039 157,818 2.2 ¥ 4,279,354 1.6 The repayment schedule for the next five years and thereafter for long-term debt at March 31, 2020 is as follows: Years ending March 31, Millions of yen 2021 ¥ 658,813 2022 632,540 2023 599,752 2024 438,901 2025 520,526 Thereafter 1,428,822 Total ¥ 4,279,354 Borrowings with floating rate from banks, insurance companies and others include the amount of ¥94,000 million of subordinated syndicated loan (hybrid loan executed in fiscal 2017, whose maturity date is fiscal 2077), o f which may Unsecured bonds include the amount of ¥100,000 million of unsecured subordinated bonds with interest payment deferrable clauses and optional early redemption conditions For borrowings from banks, insurance companies and other financial institutions, for bonds, and for medium-term notes, principal repayments are made upon maturity of the loan contracts and interest payments are usually paid semi-annually. During fiscal 2018, 2019 and 2020, the Company and certain subsidiaries recognized net amortization expenses of premiums and discounts of bonds and medium-term notes, and deferred issuance costs of bonds and medium-term notes in the amount of ¥957 million, ¥1,005 million and ¥989 million, respectively. Total committed credit lines for the Company and its subsidiaries were ¥497,882 million and ¥569,862 million at March 31, 2019 and 2020, respectively, and, of these lines, ¥346,609 million and ¥427,564 million were available at March 31, 2019 and 2020, respectively. Of the available committed credit lines, ¥303,309 million and ¥293,424 million were long-term committed credit lines at March 31, 2019 and 2020, respectively. The agreements related to debt payable to banks provide that the banks under certain circumstances may request additional security for loans and have the right to offset cash deposited against any short-term or long-term debt that becomes due and, in case of default and certain other specified events, against all other debt payable to the banks. Other than the assets of the consolidated VIEs pledged as collateral for financing (see Note 1 4 Millions of yen Lease payments, loans and investment in operating leases ¥ 198,160 Investment in securities 167,800 Property under facility operations 28,275 Other assets and other 26,982 ¥ 421,217 As of March 31, 2020, debt liabilities was secured by shares of subsidiaries of ¥166,888 million, which were eliminated through consolidation adjustment, and debt liabilities of affiliates were secured by investment in affiliates of ¥60,104 million. As of March 31, 2020, debt liabilities were secured by loans to subsidiaries, which were eliminated through consolidation adjustment, of ¥10,587 million. In addition, ¥69,313 million was pledged primarily by investment in securities for collateral deposits and deposit for real estate transaction as of March 31, 2020. Under loan agreements relating to short-term and long-term debt from commercial banks and certain insurance companies, the Company and certain subsidiaries are required to provide collateral against these debts at any time if requested by the lenders. The Company and the subsidiaries did not receive any such requests from the lenders as of March 31, 2020. |
Deposits
Deposits | 12 Months Ended |
Mar. 31, 2020 | |
Banking and Thrift [Abstract] | |
Deposits | 18. Deposits Deposits at March 31, 2019 and 2020 consist of the following: Millions of yen 2019 2020 Time deposits ¥ 1,409,158 ¥ 1,752,755 Other deposits 518,583 478,948 Total ¥ 1,927,741 ¥ 2,231,703 The balances of time deposits and certificates of deposit issued in amounts of ¥10 million or more were ¥952,970 million and ¥1,064,398 million at March 31, 2019 and 2020, respectively. The maturity schedule of time deposits at March 31, 2020 is as follows: Years ending March 31, Millions of yen 2021 ¥ 997,891 2022 177,285 2023 229,131 2024 56,387 2025 292,061 Thereafter 0 Total ¥ 1,752,755 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 19. Income Taxes Income before income taxes and the provision for income taxes in fiscal 2018, 2019 and 2020 are as follows: Millions of yen 2018 2019 2020 Income before income taxes: Japan ¥ 296,577 ¥ 254,352 ¥ 223,327 Overseas 138,924 141,378 189,234 ¥ 435,501 ¥ 395,730 ¥ 412,561 Provision for income taxes: Current— Japan ¥ 85,514 ¥ 83,995 ¥ 55,577 Overseas 22,810 19,824 35,370 108,324 103,819 90,947 Deferred— Japan 5,960 (51,795 ) 9,643 Overseas (372 ) 16,667 5,247 5,588 (35,128 ) 14,890 Provision for income taxes ¥ 113,912 ¥ 68,691 ¥ 105,837 In fiscal 2018, the Company and its subsidiaries in Japan were subject to a National Corporation tax of approximately 24%, an Inhabitant tax of approximately 4% and a deductible Enterprise tax of approximately 4%, which in the aggregate result in a statutory income tax rate of approximately 31.7%. In fiscal 2019 and 2020, the Company and its subsidiaries in Japan were subject to a National Corporation tax of approximately 24%, an Inhabitant tax of approximately 4% and a deductible Enterprise tax of approximately 4%, which in the aggregate result in a statutory income tax rate of approximately 31.5%. Reconciliations of the differences between the tax provision computed at the statutory rate and the consolidated provision for income taxes in fiscal 2018, 2019 and 2020 are as follows: Millions of yen 2018 2019 2020 Income before income taxes ¥ 435,501 ¥ 395,730 ¥ 412,561 Tax provision computed at statutory rate ¥ 138,054 ¥ 124,655 ¥ 129,957 Increases (reductions) in taxes due to: Change in valuation allowance (6,971 ) (329 ) 2,505 Nondeductible expenses 3,000 4,431 4,319 Nontaxable income (4,464 ) (15,176 ) (3,612 ) Effect of lower tax rates on certain subsidiaries (5,713 ) (17,950 ) (24,862 ) Effect of investor taxes on earnings of subsidiaries 3,831 (26,756 ) 3,039 Effect of the tax law and s (16,232 ) (1,264 ) (6,642 ) Other, net 2,407 1,080 1,133 Provision for income taxes ¥ 113,912 ¥ 68,691 ¥ 105,837 The effective income tax rate is different from the statutory tax rate primarily because of certain nondeductible expenses, nontaxable income, changes in valuation allowance, the effect of lower tax rates on certain subsidiaries, effect of investor taxes on earnings of subsidiaries, and the effect of tax law changes, including the tax reforms as discussed in the following paragraph. On December 22, 2017, the tax reform bill commonly referred to as the Tax Cuts and Jobs Act in the United States was enacted. From January 1, 2018, the U.S. corporate tax rate was reduced from 35% to 21%. The decrease in the deferred tax assets and liabilities due to the change in the tax reform resulted in a decrease in provision for income taxes by ¥17,465 million in the consolidated statements of income in fiscal 2018. On October 26, 2018, the Company decided to acquire common shares of its domestic subsidiary, DAIKYO through a tender offer (hereinafter, “the Tender Offer”), and with the establishment of the Tender Offer, the Company decided to change the method of collecting undistributed earnings of DAIKYO from collection through a taxable transaction to collection through a tax free transaction. On December 10, 2018, the Tender Offer was concluded. Along with the establishment of the event, the Company completely reversed the deferred tax liabilities previously recorded for undistributed earnings of DAIKYO. As a result of this reversal of deferred tax liabilities, income taxes decreased by ¥27,376 million in the consolidated statement of income in fiscal 2019. Total income taxes recognized in fiscal 2018, 2019 and 2020 was allocated as follows: Millions of yen 2018 2019 2020 Provision for income taxes ¥ 113,912 ¥ 68,691 ¥ 105,837 Income taxes allocated to other comprehensive income (loss): Net change of unrealized gains (losses) on investment in securities (11,084 ) 4,013 (7,016 ) Net change of debt valuation adjustments 0 90 340 Net change of defined benefit pension plans (911 ) (2,864 ) 448 Net change of foreign currency translation adjustments (1,517 ) 729 10,276 Net change of unrealized gains (losses) on derivative instruments 139 (1,258 ) (2,163 ) Direct adjustments to shareholders’ equity (2 ) 0 0 Total income taxes ¥ 100,537 ¥ 69,401 ¥ 107,722 The tax effects of temporary differences giving rise to the deferred tax assets and liabilities at March 31, 2019 and 2020 are as follows: Millions of yen 2019 2020 Assets: Net operating loss carryforwards ¥ 14,246 ¥ 22,471 Allowance for doubtful receivables on finance leases and probable loan losses 16,336 14,557 Investment in securities 5,045 11,305 Accrued expenses 21,498 18,978 Investment in operating leases 13,134 11,654 Property under facility operations 8,642 8,091 Installment loans 4,737 4,353 Unrealized losses on investment in securities 0 4,877 Lease liabilities 0 78,697 Other 58,689 56,169 142,327 231,152 Less: valuation allowance (13,156 ) (15,369 ) 129,171 215,783 Liabilities: Investment in direct financing leases 10,819 0 Net investment in Leases 0 8,594 Investment in operating leases 97,653 105,667 Unrealized gains on investment in securities 6,971 4,687 Deferred insurance policy acquisition costs 56,132 62,321 Policy liabilities and policy account balances 38,227 42,949 Property under facility operations 11,594 17,352 Other intangible assets 97,426 97,383 Undistributed earnings 42,329 47,878 Prepaid benefit cost 8,932 8,837 Advances paid 7,681 10,218 Right-of-use 0 79,642 Other 31,278 31,318 409,042 516,846 Net deferred tax liability ¥ 279,871 ¥ 301,063 Net deferred tax assets and liabilities at March 31, 2019 and 2020 are reflected in the accompanying consolidated balance sheets under the following captions: Millions of yen 2019 2020 Other assets ¥ 33,962 ¥ 27,084 Income taxes: Deferred 313,833 328,147 Net deferred tax liability ¥ 279,871 ¥ 301,063 The valuation allowance is primarily recognized for deferred tax assets of consolidated subsidiaries with tax tax-planning beginning-of-the-year The Company and certain subsidiaries have net operating loss carryforwards of ¥171,725 million at March 31, 2020, which expire as follows: Year s Millions of yen 2021 ¥ 12,549 2022 5,656 2023 8,847 2024 16,888 2025 10,882 Thereafter 90,681 Indefinite period 26,222 Total ¥ 171,725 The unrecognized tax benefits as of March 31, 2019 and 2020 were not material. The Company and its subsidiaries believe that it is not reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within 12 months of March 31, 2020. The total amounts of penalties and interest expense related to income taxes recognized in the consolidated balance sheets as of March 31, 2019 and 2020, and in the consolidated statements of income for the fiscal 2018, 2019 and 2020 were not material. The Company and its subsidiaries file tax returns in Japan and certain foreign tax jurisdictions. The Company is no longer subject to ordinary tax examination in Japan for the tax years prior to fiscal 2019, and its major domestic subsidiaries are no longer subject to ordinary tax examination for the tax years prior to fiscal 2016, respectively. Subsidiaries in the United States remain subject to a tax examination for the tax years after fiscal 2013. Subsidiaries in the Netherlands remain subject to a tax examination for the tax years after fiscal 2014. |
Pension Plans
Pension Plans | 12 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Pension Plans | 20. Pension Plans The Company and certain subsidiaries have contributory and non-contributory lump-sum The Company and certain subsidiaries’ funding policy is to contribute annually the amounts actuarially determined. Assets of the plans are invested primarily in debt securities and marketable equity securities. The funded status of the defined benefit pension plans, which consists of Japanese plans and overseas plans, as of March 31, 2019 and 2020 are as follows: Millions of yen Japanese plans Overseas plans 2019 2020 2019 2020 Change in benefit obligation: Benefit obligation at beginning of year ¥ 104,593 ¥ 110,661 ¥ 100,782 ¥ 107,812 Service cost 5,526 5,879 3,186 3,566 Interest cost 721 585 2,002 1,634 Actuarial loss (income) 4,051 (3,935 ) 8,060 (2,465 ) Foreign currency exchange rate change 0 0 (4,392 ) (4,172 ) Plan participant’s contributions 0 0 0 392 Benefits paid (3,178 ) (4,111 ) (1,452 ) (1,788 ) Business combinations 0 1,399 0 0 Divestitures (684 ) 0 0 (237 ) Plan amendments (368 ) (11 ) (374 ) (1,126 ) Benefit obligation at end of year 110,661 110,467 107,812 103,616 Change in plan assets: Fair value of plan assets at beginning of year 121,269 123,628 93,338 96,837 Actual return on plan assets 1,383 (2,790 ) 7,023 3,114 Employer contribution 3,633 3,821 1,920 2,333 Plan participant’s contributions 0 0 0 392 Benefits paid (2,657 ) (3,429 ) (1,346 ) (1,683 ) Business combinations 0 1,550 0 0 Divestitures 0 0 0 (187 ) Foreign currency exchange rate change 0 0 (4,098 ) (3,812 ) Fair value of plan assets at end of year 123,628 122,780 96,837 96,994 The funded status of the plans ¥ 12,967 ¥ 12,313 ¥ (10,975 ) ¥ (6,622 ) Amount recognized in the consolidated balance sheets consists of: Prepaid benefit cost included in other assets ¥ 25,590 ¥ 24,521 ¥ 12 ¥ 11 Accrued benefit liability included in other liabilities (12,623 ) (12,208 ) (10,987 ) (6,633 ) Net amount recognized ¥ 12,967 ¥ 12,313 ¥ (10,975 ) ¥ (6,622 ) Amount recognized in accumulated other comprehensive income (loss), pre-tax, Millions of yen Japanese plans Overseas plans 2019 2020 2019 2020 Net prior service credit ¥ 1,364 ¥ 545 ¥ 594 ¥ 1,446 Net actuarial loss (28,389 ) (28,863 ) (14,711 ) (12,293 ) Net transition obligation 0 0 — 0 Total recognized in accumulated other comprehensive loss, pre-tax ¥ (27,025 ) ¥ (28,318 ) ¥ (14,117 ) ¥ (10,847 ) The estimated portions of the net prior service credit and net actuarial loss above that will be recognized as a component of net pension cost (gain) of Japanese pension plans in fiscal 2021 are a gain of ¥158 million and a loss of ¥1,323 million, respectively, the estimated portions of the net prior service credit, net actuarial loss and net transition obligation above that will be recognized as a component of net pension cost (gain) of overseas pension plans in fiscal 2021 are a gain losses The accumulated benefit obligations for all Japanese defined benefit pension plans were ¥97,819 million and ¥98,964 million, respectively, at March 31, 2019 and 2020. The accumulated benefit obligations for all overseas defined benefit pension plans were ¥95,879 million and ¥96,959 million, respectively, at March 31, 2019 and 2020. The aggregates of projected benefit obligations, accumulated benefit obligations and aggregate fair values of plan assets in Japanese pension plans with the accumulated benefit obligations in excess of plan assets were ¥20,739 million, ¥20,427 million and ¥8,116 million, respectively, at March 31, 2019 and ¥20,337 million, ¥20,095 million and ¥8,129 million, respectively, at March 31, 2020. The aggregates of projected benefit obligations, accumulated benefit obligations and aggregate fair values in overseas pension plans with the accumulated benefit obligations in excess of plan assets were ¥7,076 million, ¥7,012 million and ¥5,758 million, respectively, at March 31, 2019 and ¥6,553 million, ¥6,498 million and ¥5,355 million, respectively, at March 31, 2020. Net pension cost of the plans for fiscal 2018, 2019 and 2020 consists of the following: Millions of yen 2018 2019 2020 Japanese plans: Service cost ¥ 5,339 ¥ 5,526 ¥ 5,879 Interest cost 778 721 585 Expected return on plan assets (2,627 ) (2,723 ) (2,806 ) Amortization of prior service credit (912 ) (897 ) (820 ) Amortization of net actuarial loss 856 844 1,156 Amortization of transition obligation 45 — 0 Net periodic pension cost ¥ 3,479 ¥ 3,471 ¥ 3,994 Overseas plans: Service cost ¥ 3,455 ¥ 3,186 ¥ 3,566 Interest cost 1,994 2,002 1,634 Expected return on plan assets (4,217 ) (4,407 ) (4,262 ) Amortization of prior service credit (123 ) (174 ) (208 ) Amortization of net actuarial loss 38 75 739 Amortization of transition obligation 4 7 1 Net periodic pension cost ¥ 1,151 ¥ 689 ¥ 1,470 Note: The components of net periodic pension cost other than the service cost component are included in personnel expenses, which is included in selling, general and administrative expenses in the consolidated statements of income. Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for fiscal 2018, 2019 and 2020 are summarized as follows: Millions of yen 2018 2019 2020 Japanese plans: Current year actuarial gain (loss) ¥ (1,005 ) ¥ (5,078 ) ¥ (1,629 ) Amortization of net actuarial loss 856 844 1,156 Prior service credit due to amendments (5 ) 20 0 Amortization of prior service credit (912 ) (897 ) (820 ) Amortization of transition obligation 45 — 0 Total recognized in other comprehensive income (loss), pre-tax ¥ (1,021 ) ¥ (5,111 ) ¥ (1,293 ) Overseas plans: Current year actuarial gain (loss) ¥ (2,417 ) ¥ (5,553 ) ¥ 1,117 Amortization of net actuarial loss 38 75 739 Prior service credit due to amendments 0 50 1,097 Amortization of prior service credit (123 ) (174 ) (208 ) Amortization of transition obligation 4 7 1 Foreign currency exchange rate change (354 ) 496 524 Total recognized in other comprehensive income (loss), pre-tax ¥ (2,852 ) ¥ (5,099 ) ¥ 3,270 The Company and certain subsidiaries use March 31 as a measurement date for all of our material plans. Significant assumptions of Japanese pension plans and overseas pension plans used to determine these amounts are as follows: Japanese plans 2018 2019 2020 Weighted-average assumptions used to determine benefit obligations at March 31: Discount rate 0.7 % 0.5 % 0.6 % Rate of increase in compensation levels 4.6 % 4.4 % 4.0 % Weighted-average assumptions used to determine net periodic pension cost for years ended March 31: Discount rate 0.8 % 0.7 % 0.5 % Rate of increase in compensation levels 4.5 % 4.6 % 4.4 % Expected long-term rate of return on plan assets 2.2 % 2.2 % 2.2 % Overseas plans 2018 2019 2020 Weighted-average assumptions used to determine benefit obligations at March 31: Discount rate 2.0 % 1.7 % 1.7 % Rate of increase in compensation levels 2.4 % 2.4 % 2.2 % Weighted-average assumptions used to determine net periodic pension cost for years ended March 31: Discount rate 2.1 % 2.0 % 1.7 % Rate of increase in compensation levels 2.4 % 2.4 % 2.4 % Expected long-term rate of return on plan assets 4.9 % 4.7 % 3.7 % The Company and certain subsidiaries determine the expected long-term rate of return on plan assets annually based on the composition of the pension asset portfolios and the expected long-term rate of return on these portfolios. The expected long-term rate of return is designed to approximate the long-term rate of return actually earned on the plans’ assets over time to ensure that funds are available to meet the pension obligations that result from the services provided by employees. The Company and certain subsidiaries use a number of factors to determine the expected rate of return, including actual historical returns on the asset classes of the plans’ portfolios and independent projections of returns of the various asset classes. The Company and certain subsidiaries’ investment policies are designed to ensure adequate plan assets are available to provide future payments of pension benefits to eligible participants. The Company and certain subsidiaries formulate a policy portfolio appropriate to produce the expected long-term rate of return on plan assets and to ensure that plan assets are allocated under this policy portfolio. The Company and certain subsidiaries periodically have an external consulting firm monitor the results of actual return and revise the policy portfolio if necessary. The fair value of Japanese pension plan assets at March 31, 2019 and 2020, by asset category, are as follows. The three levels of input used to measure fair value are described in Note 2 “Fair Value Measurement s Millions of yen March 31, 2019 Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Inputs (Level 3) Equity securities: Japan Pooled funds*1 ¥ 19,824 ¥ 0 ¥ 0 ¥ 0 Other than Japan Pooled funds*2 24,535 0 0 0 Debt securities: Japan Pooled funds*3 19,243 0 0 0 Other than Japan Pooled funds*4 27,382 0 0 0 Other assets: Life insurance company general accounts*5 27,482 0 27,482 0 Others*6 5,162 0 5,162 0 ¥ 123,628 ¥ 0 ¥ 32,644 ¥ 0 *1 These funds invest in listed shares including shares of ORIX Corporation in the amounts of ¥42 million at March 31, 2019. *2 These funds invest in listed shares. *3 These funds invest approximately 60% in Japanese government bonds, approximately 10% in Japanese municipal bonds, and approximately 30% in Japanese corporate bonds. These funds include corporate bonds of ORIX Corporation in the amounts of ¥1,578 million at March 31, 2019. *4 These funds invest entirely in foreign government bonds. *5 Life insurance company general accounts are accounts with guaranteed capital and minimum interest rate, in which life insurance companies manage funds on several contracts. *6 Others include derivative instruments held for hedging change in the fair value of equity securities, and short-term instruments. At March 31, 2019, our policy for the portfolio of plans consists of three major components: approximately 40% is invested in equity securities, approximately 40% is invested in debt securities and approximately 20% is invested in other assets, primarily consisting of investments in life insurance company general accounts. Level 2 assets are comprised principally of investments in life insurance company general accounts. Investments in life insurance company general accounts are valued at conversion value. Pooled funds are valued at the net asset value per share at the measurement date and they have not been classified in the fair value hierarchy. Millions of yen March 31, 2020 Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Inputs (Level 3) Equity securities: Japan Pooled funds*1 ¥ 14,434 ¥ 0 ¥ 0 ¥ 0 Other than Japan Pooled funds*2 15,207 0 0 0 Debt securities: 0 Japan 0 Pooled funds*3 26,133 0 0 0 Other than Japan 0 Pooled funds*4 33,930 0 0 0 Other assets: Life insurance company general accounts*5 28,591 0 28,591 0 Others*6 4,485 0 4,485 0 ¥ 122,780 ¥ 0 ¥ 33,076 ¥ 0 *1 These funds invest in listed shares including shares of ORIX Corporation in the amounts of ¥17 million at March 31, 2020. *2 These funds invest in listed shares. *3 These funds invest approximately 70% in Japanese government bonds, approximately 10% in Japanese municipal bonds, and approximately 20% in Japanese corporate bonds. These funds include corporate bonds of ORIX Corporation in the amounts of ¥1,192 million at March 31, 2020. *4 These funds invest entirely in foreign government bonds. *5 Life insurance company general accounts are accounts with guaranteed capital and minimum interest rate, in which life insurance companies manage funds on several contracts. *6 Others include derivative instruments held for hedging change in the fair value of equity securities, and short-term instruments. At March 31, 2020, our policy for the portfolio of plans consists of three major components: approximately 20% is invested in equity securities, approximately 50% is invested in debt securities and approximately 30% is invested in other assets, primarily consisting of investments in life insurance company general accounts. Level 2 assets are comprised principally of investments in life insurance company general accounts. Investments in life insurance company general accounts are valued at conversion value. Pooled funds are valued at the net asset value per share at the measurement date and they have not been classified in the fair value hierarchy. The fair value of overseas pension plan assets at March 31, 2019 and 2020, by asset category, are as follows. The three levels of input used to measure fair value are described in Note 2 “Fair Value Measurement s Millions of yen March 31, 2019 Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Inputs (Level 3) Equity securities: Other than Japan Shares ¥ 42,124 ¥ 42,124 ¥ 0 ¥ 0 Pooled funds*1 392 0 0 0 Debt securities: Other than Japan Government bonds 47,269 47,269 0 0 Municipal bonds 4,640 0 4,640 0 Other assets: Life insurance company general accounts*2 588 0 588 0 Others*3 1,824 0 1,824 0 ¥ 96,837 ¥ 89,393 ¥ 7,052 ¥ 0 *1 These funds invest in listed shares. *2 Life insurance company general accounts are accounts with guaranteed capital and minimum interest rate, in which life insurance companies manage funds on several contracts. *3 Others include derivative instruments held for hedging change in the fair value of equity securities, and short-term instruments. At March 31, 2019, our policy for the portfolio of plans consists of three major components: approximately 40% is invested in equity securities and approximately 50% is invested in debt securities and approximately 10% is invested in other assets, primarily consisting of investments in life insurance company general accounts. Each level into which assets are categorized is based on inputs used to measure the fair value of the assets. Level 1 assets are comprised principally of equity securities and debt securities, which are valued using unadjusted quoted market prices in active markets with sufficient volume and frequency of transactions. Level 2 assets are comprised principally of debt securities and investments in life insurance company general accounts. Investments in life insurance company general accounts are valued at conversion value. Pooled funds are valued at the net asset value per share at the measurement date and they have not been classified in the fair value hierarchy. Millions of yen March 31, 2020 Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Inputs (Level 3) Equity securities: Other than Japan Shares ¥ 36,848 ¥ 36,848 ¥ 0 ¥ 0 Pooled funds*1 311 0 0 0 Debt securities: Other than Japan Government bonds 50,622 50,622 0 0 Municipal bonds 4,849 0 4,849 0 Other assets: Life insurance company general accounts*2 355 0 355 0 Others*3 4,009 0 4,009 0 ¥ 96,994 ¥ 87,470 ¥ 9,213 ¥ 0 *1 These funds invest in listed shares. *2 Life insurance company general accounts are accounts with guaranteed capital and minimum interest rate, in which life insurance companies manage funds on several contracts. *3 Others include derivative instruments held for hedging change in the fair value of equity securities, and short-term instruments. At March 31, 2020, our policy for the portfolio of plans consists of three major components: approximately 40% is invested in equity securities and approximately 50% is invested in debt securities and approximately 10% is invested in other assets, primarily consisting of investments in life insurance company general accounts. Each level into which assets are categorized is based on inputs used to measure the fair value of the assets. Level 1 assets are comprised principally of equity securities and debt securities, which are valued using unadjusted quoted market prices in active markets with sufficient volume and frequency of transactions. Level 2 assets are comprised principally of debt securities and investments in life insurance company general accounts. Investments in life insurance company general accounts are valued at conversion value. Pooled funds are valued at the net asset value per share at the measurement date and they have not been classified in the fair value hierarchy. The Company and certain subsidiaries expect to contribute ¥3,792 million to its Japanese pension plans and ¥2,195 million to its overseas pension plans during the year ending March 31, 202 1 At March 31, 2020, the benefits expected to be paid in each of the next five fiscal years, and in the aggregate for the five years thereafter are as follows: Millions of yen Years ending March 31, Japanese plans Overseas plans 2021 ¥ 3,057 ¥ 1,483 2022 2,910 1,541 2023 3,037 1,558 2024 3,263 1,685 2025 3,434 1,748 2026-2030 19,887 10,846 Total ¥ 35,588 ¥ 18,861 The cost recognized for Japanese defined contribution pension plans of the Company and certain of its subsidiaries for fiscal 2018, 2019 and 2020 were ¥1,626 million, ¥1,728 million and ¥1,779 million, respectively. The cost recognized for overseas defined contribution pension plans of the Company and certain of its subsidiaries for fiscal 2018, 2019 and 2020 were ¥2,354 million, ¥2,504 million and ¥2,320 million, respectively. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests | 12 Months Ended |
Mar. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Redeemable Noncontrolling Interests | 21. Redeemable Noncontrolling Interests Changes in redeemable noncontrolling interests in fiscal 2018, 2019 and 2020 are as follows: Millions of yen 2018 2019 2020 Beginning Balance ¥ 6,548 ¥ 7,420 ¥ 9,780 Adjustment of redeemable noncontrolling interests to redemption value 1,876 2,131 0 Transaction with noncontrolling interests 0 0 653 Comprehensive income Net Income 452 404 384 Other comprehensive income (loss) Net change of foreign currency translation adjustments (416 ) 326 (197 ) Total other comprehensive income (loss) (416 ) 326 (197 ) Comprehensive income 36 730 187 Dividends (1,040 ) (501 ) (289 ) Ending Balance ¥ 7,420 ¥ 9,780 ¥ 10,331 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Mar. 31, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 22. Stock-Based Compensation The Company has a number of stock-based compensation plans as incentive plans for directors, executive officers, corporate auditors and selected employees. Stock-option program Since fiscal 2010, the Company has not granted stock options, and there are no outstanding stock options and exercisable stock options as of March 31, 2019 and 2020. In fiscal 2018, 2019 and 2020, the Company did not recognize any stock-based compensation costs of its stock-option program. As of March 31, 2020, the Company had no unrecognized compensation costs. The Company received ¥656 million and ¥225 million in cash from the exercise of stock options during fiscal 2018 and 2019 , The total intrinsic value of options exercised during fiscal 2018 and 2019 was ¥118 million and ¥25 million , There are no stock options exercised during fiscal 2020. Stock compensation program The Company maintains a stock compensation program for directors, executive officers and group executives of the Company. In July 2014, the Company changed the way of provision of the compensation for retiree to provide these shares through the Board Incentive Plan Trust by a resolution of the Compensation Committee. The Board Incentive Plan Trust purchases the Company’s common shares including future granting shares by an entrusted fund which the Company set in advance. The Company holds those shares as entrusted assets, separately from other treasury stock which the Company holds. Under the program, points are granted annually to directors, executive officers and group executives of the Company based upon the prescribed standards of the Company. Upon retirement, eligible directors, executive officers and group executives receive a certain number of the Company’s common shares calculated by translating each point earned by that retiree to one common share. In fiscal 2020, the Company granted 320,250 points, and 446,805 points were settled for individuals who retired during fiscal 2020. Total points outstanding under the stock compensation program as of March 31, 2020 were 1,389,603 points. The points were adjusted for the 10-for-1 During fiscal 2018, 2019 and 2020, the Company recognized stock-based compensation costs of its stock compensation program in the amount of ¥701 million, ¥413 million and ¥417 million, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 23. Accumulated Other Comprehensive Income (Loss) Changes in each component of accumulated other comprehensive income (loss) attributable to ORIX Corporation Shareholders in fiscal 2018, 2019 and 2020 are as follows: Millions of yen Net unrealized Debt valuation Defined benefit pension plans Foreign Net unrealized Accumulated Balance at March 31, 2017 ¥ 32,279 ¥ 0 ¥ (17,330 ) ¥ (31,736 ) ¥ (4,483 ) ¥ (21,270 ) Net unrealized gains (losses) on investment in securities, net of tax of ¥2,045 million (2,408 ) (2,408 ) Reclassification adjustment included in net income, net of tax of ¥9,039 million (20,426 ) (20,426 ) Defined benefit pension plans, net of tax of ¥888 million (2,893 ) (2,893 ) Reclassification adjustment included in net income, net of tax of ¥23 million (69 ) (69 ) Foreign currency translation adjustments, net of tax of ¥2,813 million (1,387 ) (1,387 ) Reclassification adjustment included in net income, net of tax of ¥(1,296) million (568 ) (568 ) Net unrealized gains (losses) on derivative instruments, net of tax of ¥(1,120) million 3,820 3,820 Reclassification adjustment included in net income, net of tax of ¥981 million (3,041 ) (3,041 ) Total other comprehensive income (loss) (22,834 ) 0 (2,962 ) (1,955 ) 779 (26,972 ) Transaction with noncontrolling interests 0 0 0 (1 ) 0 (1 ) Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interest (88 ) 0 22 (1,537 ) 34 (1,569 ) Less: Other Comprehensive Income (Loss) Attributable to the Redeemable Noncontrolling Interests 0 0 0 (416 ) 0 (416 ) Reclassification of change in accounting standards 932 0 (173 ) (67 ) 0 692 Balance at March 31, 2018 ¥ 10,465 ¥ 0 ¥ (20,487 ) ¥ (31,806 ) ¥ (3,738 ) ¥ (45,566 ) Cumulative effect of adopting Accounting Standards Update 2016-01 (3,250 ) 351 0 0 0 (2,899 ) Balance at April 1, 2018 7,215 351 (20,487 ) (31,806 ) (3,738 ) (48,465 ) Net unrealized gains (losses) on investment in securities, net of tax of ¥(4,693) million 12,169 12,169 Reclassification adjustment included in net income, net of tax of ¥680 million (1,954 ) (1,954 ) Debt valuation adjustments, net of tax of ¥(101) million 258 258 Reclassification adjustment included in net income, net of tax of ¥11 million (27 ) (27 ) Defined benefit pension plans, net of tax of ¥2,821 million (7,244 ) (7,244 ) Reclassification adjustment included in net income, net of tax of ¥43 million (102 ) (102 ) Foreign currency translation adjustments, net of tax of ¥(729) million (11,540 ) (11,540 ) Reclassification adjustment included in net income, net of tax of ¥0 million 3 3 Net unrealized gains (losses) on derivative instruments, net of tax of ¥1,393 million (4,621 ) (4,621 ) Reclassification adjustment included in net income, net of tax of ¥(135) million 503 503 Total other comprehensive income (loss) 10,215 231 (7,346 ) (11,537 ) (4,118 ) (12,555 ) Transaction with noncontrolling interests 0 0 (126 ) 23 0 (103 ) Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interest 41 0 (57 ) (88 ) (2 ) (106 ) Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests 0 0 0 326 0 326 Balance at March 31, 2019 ¥ 17,389 ¥ 582 ¥ (27,902 ) ¥ (43,558 ) ¥ (7,854 ) ¥ (61,343 ) Note: Reclassification of change in accounting standards represents the amounts reclassified for the early adoption of the Accounting Standards Update 2018-02 - Millions of yen Net unrealized Debt valuation Defined benefit pension plans Foreign currency Net unrealized Accumulated Balance at March 31, 2019 ¥ 17,389 ¥ 582 ¥ (27,902 ) ¥ (43,558 ) ¥ (7,854 ) ¥ (61,343 ) Net unrealized gains (losses) on investment in securities, net of tax of ¥5,078 million (17,637 ) (17,637 ) Reclassification adjustment included in net income, net of tax of ¥1,938 million (4,819 ) (4,819 ) Debt valuation adjustments, net of tax of ¥(357) million 920 920 Reclassification adjustment included in net income, net of tax of ¥17 million (45 ) (45 ) Defined benefit pension plans, net of tax of ¥(223) million 886 886 Reclassification adjustment included in net income, net of tax of ¥(225) million 643 643 Foreign currency translation adjustments, net of tax of ¥(6,212) million (40,605 ) (40,605 ) Reclassification adjustment included in net income, net of tax of ¥(4,064) million 8,941 8,941 Net unrealized gains (losses) on derivative instruments, net of tax of ¥1,511 million (6,385 ) (6,385 ) Reclassification adjustment included in net income, net of tax of ¥652 million (2,171 ) (2,171 ) Total other comprehensive income (loss) (22,456 ) 875 1,529 (31,664 ) (8,556 ) (60,272 ) Transaction with noncontrolling interests 0 0 0 4 (2 ) 2 Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interests (66 ) 0 2 (2,550 ) (270 ) (2,884 ) Less: Other Comprehensive Income (Loss) Attributable to the Redeemable Noncontrolling Interests 0 0 0 (197 ) 0 (197 ) Balance at March 31, 2020 ¥ (5,001 ) ¥ 1,457 ¥ (26,375 ) ¥ (72,471 ) ¥ (16,142 ) ¥ (118,532 ) Amounts reclassified to net income from accumulated other comprehensive income (loss) for fiscal 2018, 2019 and 2020 are as follows: March 31, 2018 Details about accumulated other comprehensive Reclassification adjustment included in net income Consolidated statements of income caption Millions of yen Net unrealized gains (losses) on investment in securities Sales of investment securities ¥ 27,158 Gains on investment securities and dividends Sales of investment securities 4,228 Life insurance premiums and related investment income Amortization of investment securities (735 ) Finance revenues Amortization of investment securities (504 ) Life insurance premiums and related investment income Others (682 ) Write-downs of securities and other 29,465 Total before income tax (9,039 ) Income tax (expense) or benefit ¥ 20,426 Net of tax Defined benefit pension plans Amortization of prior service credit ¥ 1,035 See Note 20 “Pension Plans” Amortization of net actuarial loss (894 ) See Note 20 “Pension Plans” Amortization of transition obligation (49 ) See Note 20 “Pension Plans” 92 Total before income tax (23 ) Income tax (expense) or benefit ¥ 69 Net of tax Foreign currency translation adjustments Sales or liquidation ¥ (728 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net (728 ) Total before income tax 1,296 Income tax (expense) or benefit ¥ 568 Net of tax Net unrealized gains (losses) on derivative instruments Interest rate swap agreements ¥ 132 Finance revenues/Interest expense Foreign exchange contracts (20 ) Other (income) and expense Foreign currency swap agreements 3,910 Finance revenues/Interest expense/ Other (income) and expense 4,022 Total before income tax (981 ) Income tax (expense) or benefit ¥ 3,041 Net of tax March 31, 2019 Details about accumulated other comprehensive Reclassification net income Consolidated statements of income caption Millions of yen Net unrealized gains (losses) on investment in securities Sales of debt securities ¥ 3,460 Gains on investment securities and dividends Sales of debt securities 1,573 Life insurance premiums and related investment income Amortization of debt securities (1,030 ) Finance revenues Amortization of debt securities (146 ) Life insurance premiums and related investment income Others (1,223 ) Write-downs of securities and other 2,634 Total before income tax (680 ) Income tax (expense) or benefit ¥ 1,954 Net of tax Debt valuation adjustments Fulfillment of policy liabilities and amortization of policy account balances ¥ 38 Life insurance costs 38 Total before income tax (11 ) Income tax (expense) or benefit ¥ 27 Net of tax Defined benefit pension plans Amortization of prior service credit ¥ 1,071 See Note 20 “Pension Plans” Amortization of net actuarial loss (919 ) See Note 20 “Pension Plans” Amortization of transition obligation (7 ) See Note 20 “Pension Plans” 145 Total before income tax (43 ) Income tax (expense) or benefit ¥ 102 Net of tax Foreign currency translation adjustments Sales or liquidation ¥ (3 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net (3 ) Total before income tax 0 Income tax (expense) or benefit ¥ (3 ) Net of tax Net unrealized gains (losses) on derivative instruments Interest rate swap agreements ¥ 157 Finance revenues/Interest expense Foreign exchange contracts (156 ) Other (income) and expense Foreign currency swap agreements (639 ) Finance revenues/Interest expense/ Other (income) and expense (638 ) Total before income tax 135 Income tax (expense) or benefit ¥ (503 ) Net of tax March 31, 2020 Details about accumulated other comprehensive Reclassification adjustment net income Consolidated statements of income caption Millions of yen Net unrealized gains (losses) on investment in securities Sales of debt securities ¥ 2,366 Gains on investment securities and dividends Sales of debt securities 6,710 Life insurance premiums and related investment income Amortization of debt securities (1,425 ) Finance revenues Amortization of debt securities (894 ) Life insurance premiums and related investment income 6,757 Total before income tax (1,938 ) Income tax (expense) or benefit ¥ 4,819 Net of tax Debt valuation adjustments Fulfillment of policy liabilities and amortization of policy account balances ¥ 62 Life insurance costs 62 Total before income tax (17 ) Income tax (expense) or benefit ¥ 45 Net of tax Defined benefit pension plans Amortization of prior service credit ¥ 1,028 See Note 20 “Pension Plans” Amortization of net actuarial loss (1,895 ) See Note 20 “Pension Plans” Amortization of transition obligation (1 ) See Note 20 “Pension Plans” (868 ) Total before income tax 225 Income tax (expense) or benefit ¥ (643 ) Net of tax Foreign currency translation adjustments Foreign exchange contracts ¥ (5,760 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net/Interest expense/Write-downs of securities Sales or liquidation , other (7,245 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net/Write-downs of securities (13,005 ) Total before income tax 4,064 Income tax (expense) or benefit ¥ (8,941 ) Net of tax Net unrealized gains (losses) on derivative instruments Interest rate swap agreements ¥ (775 ) Interest expense Foreign exchange contracts (338 ) Interest expense /Other (income) and expense Foreign currency swap agreements 3,936 Interest expense/Other (income) and 2,823 Total before income tax (652 ) Income tax (expense) or benefit ¥ 2,171 Net of tax Comprehensive income (loss) and its components attributable to ORIX Corporation and noncontrolling interests have been reported, net of tax, in the consolidated statements of changes in equity, and information about comprehensive income (loss) and its components attributable to redeemable noncontrolling interests is provided in Note 21 “Redeemable Noncontrolling Interests.” Total comprehensive income (loss) and its components have been reported, net of tax, in the consolidated statements of comprehensive income. |
ORIX Corporation Shareholders'
ORIX Corporation Shareholders' Equity | 12 Months Ended |
Mar. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
ORIX Corporation Shareholders' Equity | 24. ORIX Corporation Shareholders’ Equity Changes in the number of shares issued in fiscal 2018, 2019 and 2020 are as follows: Number of shares 2018 2019 2020 Beginning balance 1,324,107,328 1,324,495,728 1,324,629,128 Exercise of stock options 388,400 133,400 0 Ending balance 1,324,495,728 1,324,629,128 1,324,629,128 The Japanese Companies Act (the “Act”) provides that an amount equivalent to 10% of any dividends resulting from appropriation of retained earnings be appropriated to the legal reserve until the aggregate amount of the additional paid-in paid-in The Act provides that at least one-half paid-in paid-in The amount available for dividends under the Act is calculated based on the amount recorded in the Company’s non-consolidated Retained earnings at March 31, 2020 include ¥114,496 million relating to equity in undistributed earnings of the companies accounted for by the equity method. As of March 31, 2020, the restricted net assets of certain subsidiaries include regulatory capital requirements mainly for banking and life insurance operations of ¥14,116 million. |
Gains on Investment Securities
Gains on Investment Securities and Dividends | 12 Months Ended |
Mar. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Gains on Investment Securities and Dividends | 25. Gains on Investment Securities and Dividends Gains on investment securities and dividends in fiscal 2018, 2019 and 2020 consist of the following: Millions of yen 2018 2019 2020 Net gains on investment securities ¥ 39,139 ¥ 14,273 ¥ 20,204 Dividends income, other 4,163 1,685 2,295 ¥ 43,302 ¥ 15,958 ¥ 22,499 * Unrealized changes in fair value of investments in equity securities have been included in “Net gains on investment securities” since fiscal 2019. |
Life Insurance Operations
Life Insurance Operations | 12 Months Ended |
Mar. 31, 2020 | |
Insurance [Abstract] | |
Life Insurance Operations | 26. Life Insurance Operations Life insurance premiums and related investment income in fiscal 2018, 2019 and 2020 consist of the following: Millions of yen 2018 2019 2020 Life insurance premiums ¥ 299,320 ¥ 330,811 ¥ 360,583 Life insurance related investment income* 52,270 16,325 7,195 ¥ 351,590 ¥ 347,136 ¥ 367,778 * Life insurance related investment income in fiscal 2018 includes a net unrealized holding gain of ¥14,463 million on trading securities held as of March 31, 2018. Life insurance related investment income in fiscal 2019 and 2020 include net unrealized holding losses of ¥217 million and ¥13,122 million on equity securities held as of March 31, 2019 and 2020, respectively. Life insurance premiums include reinsurance benefits, net of reinsurance premiums. For fiscal 2018, 2019 and 2020, reinsurance benefits and reinsurance premiums included in life insurance premiums are as follows: Millions of yen 2018 2019 2020 Reinsurance benefits ¥ 3,617 ¥ 2,849 ¥ 3,268 Reinsurance premiums (6,993 ) (5,546 ) (5,395 ) The benefits and expenses of life insurance operations included in life insurance costs in the consolidated statements of income are recognized so as to associate with earned premiums over the life of contracts. This association is accomplished by means of the provision for future policy benefits and the deferral and subsequent amortization of policy acquisition costs (principally commissions and certain other expenses directly relating to policy issuance and underwriting). Amortization charged to income for fiscal 2018, 2019 and 2020 amounted to ¥16,465 million, ¥19,592 million and ¥20,611 million, respectively. Life insurance premiums and related investment income include net realized and unrealized gains or losses from investment assets under management on behalf of variable annuity and variable life policyholders, and net gains or losses from derivative contracts, which consist of gains or losses from futures, foreign exchange contracts and options held, entered to economically hedge a portion of the minimum guarantee risk relating to variable annuity and variable life insurance contracts. In addition, the fair value option was elected for the entire variable annuity and variable life insurance contracts to offset earnings recognized for gains or losses from the investment assets managed on behalf of variable annuity and variable life policyholders, derivative contracts and the changes in the fair value of reinsurance contracts. Life insurance costs include the net amount of the changes in fair value of the variable annuity and variable life insurance contracts for which the fair value option was elected and insurance costs recognized for insurance and annuity payouts as a result of insured events. Certain subsidiaries have elected the fair value option for certain reinsurance contracts to partially offset the changes in fair value recognized in earnings of the policy liabilities and policy account balances attributable to the changes in the minimum guarantee risks of the variable annuity and variable life insurance contracts, and the changes in the fair value of the reinsurance contracts were recorded in life insurance costs. The portion of the total change in the fair value of variable annuity and variable life insurance contracts that results from a change in the instrument-specific credit risk is recognized in other comprehensive income (loss), net of applicable income taxes. The above mentioned gains or losses relating to variable annuity and variable life insurance contracts for fiscal 2018, 2019 and 2020 are mainly as follows: Millions of yen 2018 2019 2020 Life insurance premiums and related investment income : Net realized and unrealized gains or losses from investment assets ¥ 46,890 ¥ 879 ¥ (10,798 ) Net gains or losses from derivative contracts : (7,332 ) (1,348 ) 1,667 Futures (6,238 ) (374 ) 1,257 Foreign exchange contracts (270 ) (350 ) 8 Options held (824 ) (624 ) 402 Life insurance costs : Changes in the fair value of the policy liabilities and policy account balances ¥ (161,510 ) ¥ (83,491 ) ¥ (58,244 ) Insurance costs recognized for insurance and annuity payouts as a result of insured events 180,775 75,617 53,442 Changes in the fair value of the reinsurance contracts 7,108 2,559 (5,757 ) |
Write-Downs of Long-Lived Asset
Write-Downs of Long-Lived Assets | 12 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Write-Downs of Long-Lived Assets | 27. Write-Downs of Long-Lived Assets The Company and its subsidiaries perform tests for recoverability on long-lived assets classified as held and used for which events or changes in circumstances indicated that the assets might be impaired. The Company and its subsidiaries consider an asset’s carrying amount as not recoverable when such carrying amount exceeds the undiscounted future cash flows estimated to result from the use and eventual disposition of the asset. The net carrying amount of assets not recoverable is reduced to fair value if lower than the carrying amount. As of March 31, 2019 and 2020, the long-lived assets classified as held for sale in the accompanying consolidated balance sheets are as follows. Millions of yen 2019 2020 Investment in operating leases ¥ 24,956 ¥ 5,208 Property under facility operations 44,473 436 Other assets 19 0 The long-lived assets classified as held for sale as of March 31, 2019 are included in Corporate Financial Services segment, Real Estate segment, Investment and Operation segment and Overseas Business segment. The long-lived assets classified as held for sale as of March 31, 2020 are included in Real Estate segment and Investment and Operation segment. The Company and its subsidiaries determine the fair value using appraisals prepared by independent third party appraisers or our own staff of qualified appraisers, based on recent transactions involving sales of similar assets or other valuation techniques such as discounted cash flows methodologies using future cash flows estimated to be generated from operation of the existing assets or completion of development projects, as appropriate. During fiscal 2018, 2019 and 2020, the Company and its subsidiaries recognized impairment losses for the difference between carrying amounts and fair values in the amount of ¥5,525 million, ¥2,418 million and ¥3,043 million, respectively, which are reflected as write-downs of long-lived assets. Breakdowns of these amounts are as follows. Fiscal Year ended March 31, 2018 Write-downs of the assets held for sale Write-downs due to decline in Amount (Millions of yen) The number of Amount (Millions of yen) The number of Office buildings ¥ 190 2 ¥ 0 — Commercial facilities other than office buildings 1,134 2 297 3 Others* 538 — 3,366 — Total ¥ 1,862 — ¥ 3,663 — Fiscal Year ended March 31, 2019 Write-downs of the assets held for sale Write-downs due to decline in Amount (Millions of yen) The number of Amount (Millions of yen) The number of Commercial facilities other than office buildings ¥ 712 1 ¥ 16 1 Others* 0 — 1,690 — Total ¥ 712 — ¥ 1,706 — Fiscal Year ended March 31, 2020 Write-downs of the assets held for sale Write-downs due to decline in Amount (Millions of yen) The number of Amount (Millions of yen) The number of Commercial facilities other than office buildings ¥ 0 — ¥ 529 2 Condominiums 159 1 77 3 Land undeveloped or under construction 0 — 2,083 2 Others* 0 — 195 — Total ¥ 159 — ¥ 2,884 — * For the “Others”, the number of properties are omitted. Write-downs of long-lived assets for fiscal 2018 , and 2020 million, ¥825 million and Breakdowns of these amounts by segment are provided in Note 34 “Segment Information.” |
Per Share Data
Per Share Data | 12 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Per Share Data | 28. Per Share Data Reconciliation of the differences between basic and diluted earnings per share (EPS) in fiscal 2018, 2019 and 2020 is as follows: In fiscal 2018, the diluted EPS calculation excludes stock compensation for 192 thousand shares, as they were antidilutive. In fiscal 2019 and 2020, there was no stock compensation which was antidilutive. Millions of yen 2018 2019 2020 Net Income attributable to ORIX Corporation shareholders ¥ 313,135 ¥ 323,745 ¥ 302,700 Thousands of shares 2018 2019 2020 Weighted-average shares 1,281,238 1,280,020 1,275,166 Effect of dilutive securities Stock compensation 1,314 1,107 1,153 Weighted-average shares for diluted EPS computation 1,282,552 1,281,127 1,276,319 Yen 2018 2019 2020 Earnings per share for net income attributable to ORIX Corporation shareholders: Basic ¥ 244.40 ¥ 252.92 ¥ 237.38 Diluted 244.15 252.70 237.17 Note: The Company’s shares held through the Board Incentive Plan Trust are included in the number of treasury stock to be deducted in calculation of the weighted-average shares for EPS computation (1,946,561 shares, 1,740,314 shares and 1,735,570 shares in fiscal 2018, 2019 and 2020). |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging | 12 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Hedging | 29. Derivative Financial Instruments and Hedging Risk management policy The Company and its subsidiaries manage interest rate risk through asset-liability management (“ALM”). The Company and its subsidiaries use derivative financial instruments to hedge interest rate risk and avoid changes in interest rates that could have a significant adverse effect on the Company’s results of operations. As a result of interest rate changes, the fair value and/or cash flow of interest sensitive assets and liabilities will fluctuate. However, such fluctuation will generally be offset by using derivative financial instruments as hedging instruments. Derivative financial instruments that the Company and its subsidiaries use as part of the interest risk management include interest rate swaps. The Company and its subsidiaries utilize foreign currency borrowings, foreign exchange contracts and foreign currency swap agreements to hedge exchange rate risk that are associated with certain transactions and investments denominated in foreign currencies. Similarly, overseas subsidiaries generally structure their liabilities to match the currency-denomination of assets in each region. A certain subsidiary holds option agreements, futures and foreign exchange contracts for the purpose of economic hedges against minimum guarantee risk of variable annuity and variable life insurance contracts. By using derivative instruments, the Company and its subsidiaries are exposed to credit risk in the event of nonperformance by counterparties. The Company and its subsidiaries attempt to manage the credit risk by carefully evaluating the content of transactions and the quality of counterparties in advance and regularly monitoring the amount of notional principal, fair value, type of transaction and other factors pertaining to each counterparty. The Company and its subsidiaries have no derivative instruments with credit-risk-related contingent features as of March 31, 2019 and 2020. (a) Cash flow hedges The Company and its subsidiaries designate interest rate swap agreements, foreign currency swap agreements and foreign exchange contracts as cash flow hedges for variability of cash flows originating from floating rate borrowings and forecasted transactions and for exchange fluctuations. (b) Fair value hedges The Company and its subsidiaries use financial instruments designated as fair value hedges to hedge their exposure to interest rate risk and foreign currency exchange risk. The Company and its subsidiaries designate foreign exchange contracts to minimize foreign currency exposures on bonds in foreign currencies. The Company and certain overseas subsidiaries use interest rate swap agreements to hedge interest rate exposure of the fair values of National government bonds in foreign currencies. (c) Hedges of net investment in foreign operations The Company uses foreign exchange contracts and borrowings and bonds denominated in foreign currencies to hedge the foreign currency exposure of the net investment in overseas subsidiaries. (d) Derivatives not designated as hedging instruments The Company and its subsidiaries entered into interest rate swap agreements, futures and foreign exchange contracts for risk management purposes which are not qualified for hedge accounting. A certain subsidiary holds option agreements, futures and foreign exchange contracts for the purpose of economic hedges against minimum guarantee risk of variable annuity and variable life insurance contracts. The effect of derivative instruments on the consolidated statements of income, pre-tax, (1) Cash flow hedges Gains (losses) recognized in other comprehensive income on derivative (effective portion) Gains (losses) reclassified from other comprehensive income (loss) into income (effective portion) Gains (losses) recognized in income on derivative (ineffective portion and amount Millions of yen Consolidated statements of income location Millions of yen Consolidated statements of income location Millions of yen Interest rate swap agreements ¥ (114 ) Finance revenues/Interest expense ¥ 132 — ¥ 0 Foreign exchange contracts (566 ) Other (income) and expense (20 ) — 0 Foreign currency swap agreements 5,620 Finance revenues/Interest expense/Other 3,910 Other (income) and expense (1,124 ) (2) Fair value hedges Gains (losses) recognized in income on derivative and other Gains (losses) recognized in income on hedged item Millions of yen Consolidated statements of income location Millions of yen Consolidated statements of income location Interest rate swap agreements ¥ (393 ) Finance revenues/Interest expense ¥ 393 Finance revenues/Interest expense Foreign exchange contracts 956 Other (income) and expense (956 ) Other (income) and expense Foreign currency swap agreements 1,147 Other (income) and expense (1,147 ) Other (income) and expense (3) Hedges of net investment in foreign operations Gains (losses) recognized in other comprehensive income on derivative and others (effective portion) Gains (losses) reclassified from other comprehensive income (loss) into income (effective portion) Gains (losses) recognized in income on derivative and others (ineffective portion and amount excluded from effectiveness testing) Millions of yen Consolidated statements of Millions of yen Consolidated statements Millions of yen Foreign exchange contracts ¥ (14,300 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net ¥ (3,559 ) — ¥ 0 Borrowings and bonds in foreign currencies 8,746 — 0 — 0 (4) Derivatives not designated as hedging instruments Gains (losses) recognized in income on derivative Millions of yen Consolidated statements of income location Interest rate swap agreements ¥ 1,420 Other (income) and expense Futures (5,819 ) Gains on investment securities and dividends Life insurance premiums and related investment income* Foreign exchange contracts (6,626 ) Gains on investment securities and dividends Life insurance premiums and related investment income* Other (income) and expense Credit derivatives held (4 ) Other (income) and expense Options held/written and other (291 ) Other (income) and expense Life insurance premiums and related investment income* * Futures, foreign exchange contracts and options held/written and other in the above table include losses arising from futures, foreign exchange contracts and options held to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for fiscal 2018 (see Note 26 “Life Insurance Operations”). The effect of derivative instruments on the consolidated statements of income, pre-tax, (1) Cash flow hedges Gains (losses) recognized in other comprehensive income on derivative (effective portion) Gains (losses) reclassified from other comprehensive income (loss) into income (effective portion) Gains (losses) recognized in income on derivative Millions of yen Consolidated statements Millions of yen Consolidated statements Millions of yen Interest rate swap agreements ¥ (4,313 ) Finance revenues/Interest expense ¥ 157 — ¥ 0 Foreign exchange contracts 115 Other (income) and expense (156 ) — 0 Foreign currency swap agreements (1,816 ) Finance revenues/Interest expense/Other (income) and expense (639 ) — 0 (2) Fair value hedges Gains (losses) recognized in income on derivative and other Gains (losses) recognized in income on hedged item Millions of yen Consolidated statements Millions of yen Consolidated statements Interest rate swap agreements ¥ (8,448 ) Finance revenues/Interest expense ¥ 8,448 Finance revenues/Interest expense Foreign exchange contracts (5,538 ) Other (income) and expense 5,403 Other (income) and expense (3) Hedges of net investment in foreign operations Gains (losses) recognized in other comprehensive income on derivative and others (effective portion) Gains (losses) reclassified from other comprehensive income (loss) into income (effective portion) Gains (losses) recognized in income on derivative and others (ineffective portion and amount excluded from effectiveness testing) Millions of yen Consolidated statements Millions of yen Consolidated statements Millions of yen Foreign exchange contracts ¥ 4,850 Gains on sales of subsidiaries and affiliates and liquidation losses, net ¥ (2,540 ) — ¥ 0 Borrowings and bonds in foreign currencies (5,963 ) — 0 — 0 (4) Derivatives not designated as hedging instruments Gains (losses) recognized in income on derivative Millions of yen Consolidated statements of income location Interest rate swap agreements ¥ 832 Other (income) and expense Futures (912 ) Gains on investment securities and dividends Life insurance premiums and related investment income* Foreign exchange contracts (6,589 ) Gains on investment securities and dividends Life insurance premiums and related investment income* Other (income) and expense Credit derivatives held 105 Other (income) and expense Options held/written and other 710 Other (income) and expense Life insurance premiums and related investment income* * Futures, foreign exchange contracts and options held/written and other in the above table include gains (losses) arising from futures, foreign exchange contracts and options held to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for fiscal 2019 (see Note 26 “Life Insurance Operations”). The effect of derivative instruments on the consolidated statements of income, pre-tax, (1) Cash flow hedges Millions of yen Gains (losses) recognized in other comprehensive income on derivative Gains (losses) reclassified from other comprehensive income (loss) Interest expense Other (income) and expense Interest rate swap agreements ¥ (11,506 ) ¥ 775 ¥ 0 Foreign exchange contracts (241 ) (119 ) 457 Foreign currency swap agreements 3,851 413 (4,349 ) (2) Fair value hedges Millions of yen Gains (losses) recognized in income on derivative and other Gains (losses) recognized in income on hedged item Life insurance premiums Other (income) Life insurance premiums Other (income) Interest rate swap agreements ¥ (19,805 ) ¥ 0 ¥ 18,955 ¥ 0 Foreign exchange contracts 3,656 (187 ) (3,294 ) 244 (3) Hedges of net investment in foreign operations Millions of yen Gains (losses) recognized in other comprehensive income on derivative and others Gains (losses) reclassified from other comprehensive income (loss) into income (Millions of yen) Gains on sales of Write-downs Interest Foreign exchange contracts ¥ 15,273 ¥ 1,594 ¥ 2,759 ¥ 4,595 Borrowings and bonds in foreign currencies 13,489 0 0 0 (4) Derivatives not designated as hedging instruments Millions of yen Gains (losses) recognized in income on derivative (Millions of yen) Life insurance premiums Interest expense Other (income) Interest rate swap agreements ¥ 0 ¥ 7 ¥ 159 Futures 1,257 0 (1,843 ) Foreign exchange contracts 204 4,803 (1,840 ) Credit derivatives held 0 0 (6 ) Options held/written and other 402 0 4,481 * Futures, foreign exchange contracts and options held/written and other in the above table include gains (losses) arising from futures, foreign exchange contracts and options held to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for fiscal 2020 (see Note 26 “Life Insurance Operations”). The effect of the components excluded from the assessment of hedge effectiveness on the consolidated statements of income, pre-tax, Fair value hedges Millions of yen Gains (losses) Other (income) and expense Interest expense Life insurance premiums and Foreign exchange contracts ¥ 0 ¥ 3 ¥ (3,020 ) Options held/written and other 29 0 0 The carrying amount of hedged assets and liabilities recognized in balance sheets in fair value hedges and the cumulative amount of fair value hedging adjustments included in the carrying amount at March 31, 2020 is as follows. Assets as hedged items in fair value hedges Liabilities as hedged items in fair value hedges Millions of yen Millions of yen Consolidated balance sheets location Carrying amount The cumulative Consolidated balance sheets location Carrying amount The cumulative Investment in Securities* ¥ 320,344 ¥ 24,397 — ¥ 0 ¥ 0 * Accumulated fair value hedge adjustments of ¥(1,599) million are included for hedged items for which hedge accounting has been discontinued. Notional amounts of derivative instruments and other, fair values of derivative instruments and other before offsetting at March 31, 2019 and 2020 are as follows. March 31, 2019 Derivative assets Derivative liabilities Notional amount Fair value Consolidated Fair value Consolidated Millions of yen Millions of yen Millions of yen Derivatives designated as hedging instruments and other: Interest rate swap agreements ¥ 498,874 ¥ 11 Other Assets ¥ 17,320 Other Liabilities Futures, foreign exchange contracts 505,909 1,888 Other Assets 3,177 Other Liabilities Foreign currency swap agreements 65,575 1,203 Other Assets 364 Other Liabilities Foreign currency long-term debt 641,127 0 — 0 — Derivatives not designated as hedging instruments: Interest rate swap agreements ¥ 60,657 ¥ 127 Other Assets ¥ 119 Other Liabilities Options held/written and other* 556,668 11,140 Other Assets 2,809 Other Liabilities Futures, foreign exchange contracts* 320,710 1,119 Other Assets 2,159 Other Liabilities Credit derivatives held 262 7 Other Assets 10 Other Liabilities * The notional amounts of options held/written and other and futures, foreign exchange contracts in the above table include options held of ¥34,701 million, futures contracts of ¥37,359 million and foreign exchange contracts of ¥13,171 million to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at March 31, 2019, respectively. Derivative assets in the above table include fair value of the options held, futures contracts and foreign exchange contracts before offsetting of ¥206 million, ¥248 million and ¥30 million and derivative liabilities include fair value of the futures and foreign exchange contracts before offsetting of ¥258 million and ¥173 million at March 31, 2019, respectively. December 31, 2020 Derivative assets Derivative liabilities Notional amount Fair value Consolidated Fair value Consolidated Millions of yen Millions of yen Millions of yen Derivatives designated as hedging instruments and other: Interest rate swap agreements ¥ 494,893 ¥ 0 — ¥ 43,889 Other Liabilities Options held/written and other 742 28 Other Assets 0 — Futures, foreign exchange contracts 623,172 7,555 Other Assets 4,365 Other Liabilities Foreign currency swap agreements 68,840 5,079 Other Assets 137 Other Liabilities Foreign currency long-term debt 612,536 0 — 0 — Derivatives not designated as hedging instruments: Interest rate swap agreements ¥ 7,644 ¥ 0 — ¥ 113 Other Liabilities Options held/written and other* 670,044 21,318 Other Assets 20,004 Other Liabilities Futures, foreign exchange contracts* 372,948 5,710 Other Assets 5,141 Other Liabilities * The notional amounts of options held/written and other and futures, foreign exchange contracts in the above table include options held of ¥16,754 million, futures contracts of ¥35,875 million and foreign exchange contracts of ¥16,656 million to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at March 31, 2020, respectively. Derivative assets in the above table include fair value of the options held, futures contracts and foreign exchange contracts before offsetting of ¥598 million, ¥165 million and ¥111 million and derivative liabilities include fair value of the futures and foreign exchange contracts before offsetting of ¥1,564 million and ¥178 million at March 31, 2020, respectively. |
Offsetting Assets and Liabiliti
Offsetting Assets and Liabilities | 12 Months Ended |
Mar. 31, 2020 | |
Text Block [Abstract] | |
Offsetting Assets and Liabilities | 30. Offsetting Assets and Liabilities The gross amounts recognized, gross amounts offset, and net amounts presented in the consolidated balance sheets regarding derivative assets and liabilities as of March 31, 2019 and 2020 are as follows. March 31, 2019 Millions of yen Gross recognized Gross amounts offset in the consolidated balance sheets Net amounts presented in the consolidated balance sheets Gross amounts not offset Net amount Financial instruments Collateral received/ Derivative assets ¥ 15,495 ¥ (1,497 ) ¥ 13,998 ¥ (196 ) ¥ 0 ¥ 13,802 Total assets ¥ 15,495 ¥ (1,497 ) ¥ 13,998 ¥ (196 ) ¥ 0 ¥ 13,802 Derivative liabilities ¥ 25,958 ¥ (1,497 ) ¥ 24,461 ¥ (8,353 ) ¥ (79 ) ¥ 16,029 Total liabilities ¥ 25,958 ¥ (1,497 ) ¥ 24,461 ¥ (8,353 ) ¥ (79 ) ¥ 16,029 March 31, 2020 Millions of yen Gross recognized Gross amounts offset in the consolidated balance sheets Net amounts presented in the consolidated balance sheets Gross amounts not offset Net amount Financial instruments Collateral received/ Derivative assets ¥ 39,690 ¥ (9,152 ) ¥ 30,538 ¥ (598 ) ¥ (843 ) ¥ 29,097 Total assets ¥ 39,690 ¥ (9,152 ) ¥ 30,538 ¥ (598 ) ¥ (843 ) ¥ 29,097 Derivative liabilities ¥ 73,649 ¥ (9,152 ) ¥ 64,497 ¥ (25,997 ) ¥ 0 ¥ 38,500 Total liabilities ¥ 73,649 ¥ (9,152 ) ¥ 64,497 ¥ (25,997 ) ¥ 0 ¥ 38,500 * The balances related to enforceable master netting agreements or similar agreements which were not offset in the consolidated balance sheets. |
Significant Concentrations of C
Significant Concentrations of Credit Risk | 12 Months Ended |
Mar. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Significant Concentrations of Credit Risk | 31. Significant Concentrations of Credit Risk The Company and its subsidiaries have established various policies and procedures to manage credit exposure, including initial credit approval, credit limits, collateral and guarantee requirements, obtaining rights of offset and continuous oversight. The Company and its subsidiaries’ principal financial instrument portfolio consists of investment in net investment in leases which are secured by title to the leased assets and installment loans which are secured by assets specifically collateralized in relation to loan agreements. When deemed necessary, guarantees are also obtained. The value and adequacy of the collateral are continually monitored. Consequently, the risk of credit loss from counterparties’ failure to perform in connection with collateralized financing activities is believed to be minimal. The Company and its subsidiaries have access to collateral in case of bankruptcy and other losses. However, a significant decline in real estate markets could result in a decline in fair value of the collateral real estate below the mortgage setting amount, which would expose the Company and certain subsidiaries to unsecured credit risk. At March 31, 2019 and 2020, no concentration with a single obligor exceeded 1% of the Company’s consolidated total assets. With respect to the Company and its subsidiaries’ credit exposures on a geographic basis, ¥6,363 billion, or 72%, at March 31, 2019 and ¥6,995 billion, or 73%, at March 31, 2020 of the credit risks arising from all financial instruments are attributable to customers located in Japan. The largest concentration of credit risk outside of Japan is exposure attributable to obligors located in the Americas. The gross amount of such exposure is ¥1,075 billion and ¥1,374 billion as of March 31, 2019 and 2020, respectively. The Company and its subsidiaries have transportation equipment such as automobile operations and aircraft. Transportation equipment is mainly recorded in investment in net investment in leases and operating leases. In connection with investment in net investment in leases and operating leases, the percentage of investment in transportation equipment to consolidated total assets is 11.4% and 10.0% as of March 31, 2019 and 2020, respectively. The Company and its subsidiaries provide consumers with real estate loans. In connection with installment loans, the percentage of real estate loans for consumers to consolidated total assets is 13.1% and 14.4% as of March 31, 2019 and 2020, respectively. |
Estimated Fair Value of Financi
Estimated Fair Value of Financial Instruments | 12 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Value of Financial Instruments | 32. Estimated Fair Value of Financial Instruments The following information is provided to help readers gain an understanding of the relationship between carrying amount of financial instruments reported in the Company’s consolidated balance sheets and the related market or fair value. The disclosures do not include net investment in leases, investment in affiliates, pension obligations and insurance contracts and reinsurance contracts except for those classified as investment contracts. March 31, 2019 Millions of yen Carrying amount Estimated fair value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents ¥ 1,161,032 ¥ 1,161,032 ¥ 1,161,032 ¥ 0 ¥ 0 Restricted cash 122,548 122,548 122,548 0 0 Installment loans (net of allowance for probable loan losses) 3,231,708 3,228,750 0 199,590 3,029,160 Equity securities*1 425,593 425,593 68,631 295,769 61,193 Trading debt securities 1,564 1,564 0 1,564 0 Available-for-sale 1,264,244 1,264,244 24,831 1,138,966 100,447 Held-to-maturity 114,061 144,326 0 120,714 23,612 Other Assets: Time deposits 4,754 4,754 0 4,754 0 Derivative assets*2 13,998 13,998 0 0 0 Reinsurance recoverables (Investment contracts) 29,989 30,400 0 0 30,400 Liabilities: Short-term debt ¥ 309,549 ¥ 309,549 ¥ 0 ¥ 309,549 ¥ 0 Deposits 1,782,198 1,782,753 0 1,782,753 0 Policy liabilities and Policy account balances (Investment contracts) 244,497 244,653 0 0 244,653 Long-term debt 4,186,222 4,199,341 0 1,158,287 3,041,054 Other Liabilities: Derivative liabilities*2 24,461 24,461 0 0 0 *1 The amount of ¥12,100 million of investment funds measured at net asset value per share is not included. *2 It represents the amount after offset under counterparty netting of derivative assets and liabilities. For the information of input level before netting, see Note 2 March 31, 2020 Millions of yen Carrying amount Estimated fair value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents ¥ 982,666 ¥ 982,666 ¥ 982,666 ¥ 0 ¥ 0 Restricted cash 152,618 152,618 152,618 0 0 Installment loans (net of allowance for probable loan losses) 3,695,342 3,653,042 0 207,950 3,445,092 Equity securities*1 375,174 375,174 58,400 232,873 83,901 Trading debt securities 7,431 7,431 0 7,431 0 Available-for-sale 1,631,185 1,631,185 21,490 1,521,342 88,353 Held-to-maturity 113,805 143,189 0 118,472 24,717 Other Assets: Time deposits 5,918 5,918 0 5,918 0 Derivative assets*2 30,538 30,538 0 0 0 Reinsurance recoverables (Investment contracts) 8,625 8,298 0 0 8,298 Liabilities: Short-term debt ¥ 336,832 ¥ 336,832 ¥ 0 ¥ 336,832 ¥ 0 Deposits 2,086,765 2,088,513 0 2,088,513 0 Policy liabilities and Policy account balances (Investment contracts) 213,885 214,048 0 0 214,048 Long-term debt 4,279,354 4,291,697 0 1,247,587 3,044,110 Other Liabilities: Derivative liabilities*2 64,497 64,497 0 0 0 *1 The amount of ¥11,631 million of investment funds measured at net asset value per share is not included. *2 It represents the amount after offset under counterparty netting of derivative assets and liabilities. For the information of input level before netting, see Note 2 Input level of fair value measurement If active market prices are available, fair value measurement is based on quoted active market prices and classified as Level 1. If active market prices are not available, fair value measurement is based on observable inputs other than quoted prices included within Level 1 such as quoted market prices of similar assets and classified as Level 2. If market prices are not available and there are no observable inputs, then fair value is estimated by using valuation models including discounted cash flow methodologies, commonly used option-pricing models and broker quotes and classified as Level 3, as the valuation models and broker quotes are based on inputs that are unobservable in the market. |
Commitments, Guarantees and Con
Commitments, Guarantees and Contingent Liabilities | 12 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Guarantees and Contingent Liabilities | 33. Commitments, Guarantees and Contingent Liabilities Commitments —As of The minimum future rentals on non-cancelable Years ending March 31, Millions of yen 2020 ¥ 7,694 2021 6,647 2022 5,923 2023 5,434 2024 4,802 Thereafter 34,485 Total ¥ 64,985 The Company and certain subsidiaries lease lands under fixed-term land lease agreements, which are cancelable when certain conditions are met. The future maximum lease commitment under such arrangements at March 31, 2019 totals ¥57,388 million through March 31, 2024 and ¥64,222 million thereafter. The Company and certain subsidiaries lease office space under operating lease agreements, which are primarily cancelable, and made rental payments totaling ¥17,564 million in fiscal 2019. Certain computer systems of the Company and certain subsidiaries have been operated and maintained under non-cancelable Years ending March 31, Millions of yen 2021 ¥ 3,183 2022 901 2023 1,443 2024 374 2025 9 Thereafter 1 Total ¥ 5,911 The Company and certain subsidiaries have commitments to fund estimated construction costs and so forth to complete ongoing real estate development projects and other commitments, totaling ¥78,509 million as of March 31, 2020. The Company and certain subsidiaries have agreements to commit to execute loans for customers, and to invest in funds, as long as the agreed-upon terms are met. As of March 31, 2020, the total unused credit and capital amount available is ¥377,870 million. Guarantees 2019 2020 Millions of yen Fiscal year Millions of yen Fiscal year Guarantees Potential future payment Book value of guarantee liabilities Maturity contract Potential future payment Book value of guarantee liabilities Maturity contract Corporate loans ¥ 500,499 ¥ 6,707 2026 ¥ 490,839 ¥ 6,065 2026 Transferred loans 175,623 1,436 2059 355,452 2,371 2060 Consumer loans 343,119 42,400 2030 341,466 41,019 2031 Real estate loans 40,395 4,701 2048 29,235 4,422 2048 Other 263 1 2024 130 0 2024 Total ¥ 1,059,899 ¥ 55,245 — ¥ 1,217,122 ¥ 53,877 — Guarantee of corporate loans: Payment or performance risk of the guarantees is considered based on the historical experience of credit events. There have been no significant changes in the payment or performance risk of the guarantees in fiscal 2020. Guarantee of transferred loans: Under these programs, the subsidiary guarantees the performance of the loans transferred to Fannie Mae and Freddie Mac and has the payment or performance risk of the guarantees to absorb some of the losses when losses arise from the transferred loans. There were no significant changes in the payment or performance risk of these guarantees in fiscal 2020. As of March 31, 2019 and 2020, the total outstanding principal amount of loans transferred under the Delegated Underwriting and Servicing program, for which the subsidiary guarantees to absorb some of the losses, were ¥593,062 million and ¥1,643,060 million, respectively. Guarantee of consumer loans: Payment or performance risk of the guarantees is considered based on the historical experience of credit events. There were no significant changes in the payment or performance risk of the guarantees in fiscal 2020. Guarantee of real estate loans: Payment or performance risk of the guarantees is considered based on the historical experience of credit events. There were no significant changes in the payment or performance risk of the guarantees in fiscal 2020. Other guarantees: Litigation —The Company and certain subsidiaries are involved in legal proceedings and claims in the ordinary course of business. In the opinion of management, none of such proceedings and claims will have a significant impact on the Company’s financial position or results of operations. |
Segment Information
Segment Information | 12 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | 34. Segment Information Based on the nature of major products and services, customer base, and management organizations, our business are organized into six operating segments: Corporate Financial Services, Maintenance Leasing, Real Estate, Investment and Operation, Retail and Overseas Business. Financial information about the operating segments reported below is that which is available by segment and regularly reviewed by the chief operating decision maker to make decisions about resource allocations and assess performance. Types of products and services of the six segments are as follows. Corporate Financial Services : Finance and fee business Maintenance Leasing : Automobile leasing and rentals, car-sharing; IT-related Real Estate : Real estate development, rental and management; facility operation; real estate investment management Investment and Operation : Environment and energy, private equity and concession Retail : Life insurance, banking and card loan Overseas Business : Asset management, aircraft- and ship-related operations, private equity and finance In fiscal 2019, the Company had made DAIKYO Financial information of the segments for fiscal 2018, 2019 and 2020 is as follows: Year ended March 31, 2018 Millions of yen Corporate Maintenance Real Investment Retail Overseas Total Revenues ¥ 115,837 ¥ 275,933 ¥ 489,752 ¥ 1,083,505 ¥ 428,697 ¥ 479,619 ¥ 2,873,343 Finance revenues 30,737 14,247 2,072 9,274 72,929 98,426 227,685 Interest expense 5,019 3,242 2,285 5,670 4,026 51,536 71,778 Depreciation and amortization 10,404 131,829 18,218 18,460 21,642 70,109 270,662 Other significant non-cash Provision for doubtful receivables and probable loan losses 1,072 192 (8 ) (927 ) 11,244 5,783 17,356 Write-downs of long-lived assets 32 29 4,187 27 0 1,250 5,525 Increase (Decrease) in policy liabilities and policy account balances 0 0 0 0 (53,512 ) 0 (53,512 ) Equity in net income (loss) of affiliates and gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net 2,681 102 35,461 49,315 6 11,749 99,314 Segment profits 49,275 40,162 74,395 84,097 74,527 106,622 429,078 Segment assets 991,818 847,190 801,969 674,617 3,174,505 2,608,819 9,098,918 Long-lived assets 41,252 482,563 509,450 257,266 43,878 507,715 1,842,124 Expenditures for long-lived assets 3,764 170,727 69,693 47,841 174 286,730 578,929 Investment in affiliates 16,845 1,996 100,219 156,896 702 314,569 591,227 Year ended March 31, 2019 Millions of yen Corporate Financial Services Maintenance Leasing Real Investment and Operation Retail Overseas Business Total Revenues ¥ 95,212 ¥ 288,211 ¥ 529,064 ¥ 615,151 ¥ 428,904 ¥ 490,730 ¥ 2,447,272 Finance revenues 28,829 14,352 2,065 9,063 76,693 111,634 242,636 Interest expense 4,067 3,026 2,249 7,054 4,080 62,821 83,297 Depreciation and amortization 11,096 139,897 17,299 21,223 25,774 73,123 288,412 Other significant non-cash Provision for doubtful receivables and probable loan losses 1,106 336 23 (187 ) 11,541 9,564 22,383 Write-downs of long-lived assets 0 712 1,553 43 0 110 2,418 Increase (Decrease) in policy liabilities and policy account balances 0 0 0 0 10,109 0 10,109 Equity in net income (loss) of affiliates and gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net (416 ) 1,329 16,845 15,707 (17 ) 32,840 66,288 Segment profits 25,482 38,841 89,247 38,170 84,211 125,444 401,395 Segment assets 959,725 873,775 720,221 733,612 3,571,437 3,138,928 9,997,698 Long-lived assets 39,856 500,435 424,833 282,895 29,406 524,662 1,802,087 Expenditures for long-lived assets 2,781 195,443 73,321 40,818 2 308,808 621,173 Investment in affiliates 16,276 33 107,072 161,966 631 556,682 842,660 Year ended March 31, 2020 Millions of yen Corporate Financial Services Maintenance Leasing Real Investment and Operation Retail Overseas Business Total Revenues ¥ 97,007 ¥ 336,438 ¥ 466,639 ¥ 451,197 ¥ 454,751 ¥ 486,328 ¥ 2,292,360 Finance revenues 28,522 30,820 3,249 7,618 81,089 126,352 277,650 Interest expense 3,563 2,837 1,557 9,061 4,489 68,010 89,517 Depreciation and amortization 10,938 144,836 15,487 25,301 27,848 71,408 295,818 Other significant non-cash Provision for doubtful receivables and probable loan losses 1,119 349 14 (30 ) 11,971 11,002 24,425 Write-downs of long-lived assets 0 11 303 2,106 0 623 3,043 Increase (Decrease) in policy liabilities and policy account balances 0 0 0 0 70,120 0 70,120 Equity in net income (loss) of affiliates and gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net 659 (14 ) 28,743 35,463 3 77,029 141,883 Segment profits 14,611 33,724 76,857 55,715 80,387 156,433 417,727 Segment assets 948,268 889,615 749,694 847,082 4,183,894 3,287,445 10,905,998 Long-lived assets 92,434 529,757 470,888 411,636 28,911 470,720 2,004,346 Expenditures for long-lived assets 2,109 190,093 68,608 33,787 0 253,226 547,823 Investment in affiliates 18,328 19 91,835 150,856 400 560,162 821,600 The accounting policies of the segments are almost the same as those described in Note 1 “Significant Accounting and Reporting Policies” except for the treatment of income tax expenses, net income attributable to the noncontrolling interests, net income attributable to the redeemable noncontrolling interests. Net income attributable to noncontrolling interests and redeemable noncontrolling interests are not included in segment profits or losses because the management evaluates segments’ performance based on profits or losses (pre-tax) pre-tax Assets attributed to each segment are net investment in leases, installment loans, investment in operating leases, investment in securities, property under facility operations, investment in affiliates, inventories, advances for finance lease and operating lease (included in other assets), advances for property under facility operations (included in other assets), goodwill, intangible assets acquired in business combinations (included in other assets) and servicing assets (included in other assets). It should be noted that the depreciation expenses of office facilities are included in each segment profit and loss while the corresponding assets are not allocated to each segment’s assets. However, the amount is not significant. Certain line items presented in the consolidated statements of income have been changed starting from fiscal 2019. For further information, see Note 1 “Significant Accounting and Reporting Policies (ah) Reclassifications.” From fiscal 2019, consolidated VIEs for securitizing financial assets such as lease receivables and loan receivables, which had been excluded from segment revenues, segment profits and segment assets until the previous fiscal year, are included in segment revenues, segment profits and segment assets of each segment. As a result of this change, segment amounts as of the end of and for the previous fiscal year have been retrospectively reclassified. The New Lease Standard has been adopted since April 1, 2019. This adoption has resulted in a gross up of ROU assets of investment The reconciliation of segment totals to consolidated financial statement amounts is as follows. Significant items to be reconciled are segment revenues, segment profits and segment assets. Other items do not have a significant difference between segment amounts and consolidated amounts. Millions of yen 2018 2019 2020 Segment revenues: Total revenues for segments ¥ 2,873,343 ¥ 2,447,272 ¥ 2,292,360 Revenues related to corporate assets 8,531 8,655 8,559 Revenues from inter-segment transactions (19,103 ) (21,063 ) (20,590 ) Total consolidated revenues ¥ 2,862,771 ¥ 2,434,864 ¥ 2,280,329 Segment profits: Total segment profits ¥ 429,078 ¥ 401,395 ¥ 417,727 Corporate losses (4,329 ) (10,012 ) (10,395 ) Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests 10,752 4,347 5,229 Total consolidated income before income taxes ¥ 435,501 ¥ 395,730 ¥ 412,561 Segment assets: Total segment assets ¥ 9,098,918 ¥ 9,997,698 ¥ 10,905,998 Cash and cash equivalents, restricted cash 1,405,117 1,283,580 1,135,284 Allowance for doubtful receivables on finance leases and probable loan losses (54,672 ) (58,011 ) (56,836 ) Trade notes, accounts and other receivable 294,773 280,590 312,744 Other corporate assets 681,846 671,060 770,338 Total consolidated assets ¥ 11,425,982 ¥ 12,174,917 ¥ 13,067,528 The following information represents geographical revenues and income before income taxes, which are attributed to geographic areas, based on the country location of the Company and its subsidiaries. Millions of yen Fiscal Year ended March 31, 2018 Japan The Other*2 Total Total Revenues ¥ 2,377,729 ¥ 208,264 ¥ 276,778 ¥ 2,862,771 Income before Income Taxes 320,511 74,105 40,885 435,501 Millions of yen Fiscal Year ended March 31, 2019 Japan The Other*2 Total Total Revenues ¥ 1,948,868 ¥ 205,233 ¥ 280,763 ¥ 2,434,864 Income before Income Taxes 274,431 70,935 50,364 395,730 Millions of yen Fiscal Year ended March 31, 2020 Japan The Other*2 Total Total Revenues ¥ 1,792,790 ¥ 201,578 ¥ 285,961 ¥ 2,280,329 Income before Income Taxes 260,323 74,086 78,152 412,561 *1 Mainly the United States *2 Mainly Asia, Europe, Australasia and Middle East Revenues from one customer that exceeds 10% of consolidated revenue for fiscal 2018 consist of approximately ¥3 million in Corporate Financial Services Segment and ¥320,446 million in Investment and Operation Segment. No single customer accounted for 10% or more of the Company’s total revenues for fiscal 2019 and 2020. Disaggregation of revenues for revenues from contracts with customers, by goods or services category and geographical location is as follows: Millions of yen Fiscal Year ended March 31, 2019 Reportable segments Corporate revenue and intersegment transactions Total revenues Corporate Financial Services Maintenance Leasing Real Investment and Operation Retail Overseas Business Total Goods or services category Sales of goods ¥ 4,379 ¥ 5,392 ¥ 8,063 ¥ 436,044 ¥ 0 ¥ 6,798 ¥ 460,676 ¥ 1,353 ¥ 462,029 Real estate sales 0 0 133,426 0 0 710 134,136 0 134,136 Asset management and servicing 0 0 5,523 454 163 185,787 191,927 (107 ) 191,820 Automobile related services 486 61,398 0 204 0 16,994 79,082 (359 ) 78,723 Facilities operation 0 0 100,940 0 0 3,066 104,006 (1 ) 104,005 Environment and energy services 2,815 0 188 129,166 0 1,004 133,173 (930 ) 132,243 Real estate management and brokerage 0 0 105,278 0 0 0 105,278 (2,216 ) 103,062 Real estate contract work 0 0 83,182 0 0 0 83,182 (965 ) 82,217 Other 35,958 9,153 4,513 39,081 3,448 20,544 112,697 (5,356 ) 107,341 Total revenues from contracts with customers 43,638 75,943 441,113 604,949 3,611 234,903 1,404,157 (8,581 ) 1,395,576 Geographical location Japan 43,638 75,610 441,113 603,957 3,611 6,749 1,174,678 (4,886 ) 1,169,792 The Americas 0 0 0 0 0 114,614 114,614 0 114,614 Other 0 333 0 992 0 113,540 114,865 (3,695 ) 111,170 Total revenues from contracts with customers 43,638 75,943 441,113 604,949 3,611 234,903 1,404,157 (8,581 ) 1,395,576 Other revenues* 51,574 212,268 87,951 10,202 425,293 255,827 1,043,115 (3,827 ) 1,039,288 Segment revenues/Total revenues ¥ 95,212 ¥ 288,211 ¥ 529,064 ¥ 615,151 ¥ 428,904 ¥ 490,730 ¥ 2,447,272 ¥ (12,408 ) ¥ 2,434,864 Millions of yen Fiscal Year ended March 31, 2020 Reportable segments Corporate revenue and intersegment transactions Total revenues Corporate Financial Services Maintenance Leasing Real Investment and Operation Retail Overseas Business Total Goods or services category Sales of goods ¥ 5,707 ¥ 5,829 ¥ 4,261 ¥ 266,271 ¥ 0 ¥ 4,131 ¥ 286,199 ¥ 1,359 ¥ 287,558 Real estate sales 0 0 117,969 0 0 984 118,953 0 118,953 Asset management and servicing 0 0 7,453 383 167 173,948 181,951 (100 ) 181,851 Automobile related services 488 60,704 0 232 0 16,950 78,374 (387 ) 77,987 Facilities operation 0 0 68,934 0 0 363 69,297 0 69,297 Environment and energy services 2,911 0 0 138,380 0 963 142,254 (722 ) 141,532 Real estate management and brokerage 0 0 106,234 0 0 0 106,234 (2,124 ) 104,110 Real estate contract work 0 0 89,522 0 0 0 89,522 (556 ) 88,966 Other 36,340 10,630 3,921 34,942 4,147 17,313 107,293 (3,234 ) 104,059 Total revenues from contracts with customers 45,446 77,163 398,294 440,208 4,314 214,652 1,180,077 (5,764 ) 1,174,313 Geographical location Japan 45,446 76,462 398,294 436,500 4,314 5,704 966,720 (2,079 ) 964,641 The Americas 0 0 0 0 0 99,979 99,979 0 99,979 Other 0 701 0 3,708 0 108,969 113,378 (3,685 ) 109,693 Total revenues from contracts with customers 45,446 77,163 398,294 440,208 4,314 214,652 1,180,077 (5,764 ) 1,174,313 Other revenues* 51,561 259,275 68,345 10,989 450,437 271,676 1,112,283 (6,267 ) 1,106,016 Segment revenues/Total revenues ¥ 97,007 ¥ 336,438 ¥ 466,639 ¥ 451,197 ¥ 454,751 ¥ 486,328 ¥ 2,292,360 ¥ (12,031 ) ¥ 2,280,329 * Other revenues include revenues that are not in the scope of revenue from contracts with customers, such as life insurance premiums and related investment income, operating leases, finance revenues that include interest income, and others. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 35. Subsequent Events The share repurchase based on the resolution at the Board of Directors meeting held on October 28, 2019 and cancellation of own shares were completed. The details of share repurchase and cancellation of own shares subsequent to the balance sheet date are as follows. (1) Status of Share Repurchase • repurchased Common shares • repurchased 8,224,900 shares • repurchased ¥10,088,218,300 • Repurchased period April 1, 2020 – May 8, 2020 • Method of share repurchased Market purchases based on the discretionary dealing contract regarding repurchase of own shares (Reference) Cumulative number of own shares acquired based on the above resolution at the Board of Directors meeting as of May 8, 2020 • repurchased Common shares • repurchased 34,061,300 shares • repurchased ¥55,807,590,700 • Repurchased period November 1, 2019 – May 8, 2020 • Method of share repurchased Market purchases based on the discretionary dealing contract regarding repurchase of own shares (2) Cancellation of Own Shares • Common shares • 10,674,148 shares • May 29, 2020 |
Schedule II.-Valuation and Qual
Schedule II.-Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Mar. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II.-Valuation and Qualifying Accounts and Reserves | Schedule II.—Valuation and Qualifying Accounts and Reserves ORIX Corporation and Subsidiaries Millions of yen Year Ended March 31, 2018 Description Balance at beginning of period Acquisitions Addition: Charged to costs and expenses Deduction Translation adjustment Balance at end of period Restructuring cost: Severance and other benefits to terminated employees ¥ 144 ¥ 0 ¥ 2,159 ¥ (182 ) ¥ 30 ¥ 2,151 Total ¥ 144 ¥ 0 ¥ 2,159 ¥ (182 ) ¥ 30 ¥ 2,151 Millions of yen Year Ended March 31, 2019 Description Balance at beginning of period Acquisitions Addition: Charged to costs and expenses Deduction Translation adjustment Balance at end of period Restructuring cost: Severance and other benefits to terminated employees ¥ 2,151 ¥ 0 ¥ 0 ¥ (3 ) ¥ (99 ) ¥ 2,049 Total ¥ 2,151 ¥ 0 ¥ — ¥ (3 ) ¥ (99 ) ¥ 2,049 Millions of yen Year Ended March 31, 2020 Description Balance at beginning of period Acquisitions Addition: Charged to costs and expenses Deduction Translation adjustment Balance at end of period Restructuring cost: Severance and other benefits to terminated employees ¥ 2,049 ¥ 0 ¥ 73 ¥ (1,365 ) ¥ (67 ) ¥ 690 Total ¥ 2,049 ¥ 0 ¥ 73 ¥ (1,365 ) ¥ (67 ) ¥ 690 Millions of yen Description Balance at Acquisitions Addition: Charged to Deduction*1 Other*2 Balance at Deferred tax assets: Valuation allowance Year ended March 31, 2018 ¥ 43,487 ¥ 0 ¥ 1,451 ¥ (30,295 ) ¥ 33 ¥ 14,676 Year ended March 31, 2019 ¥ 14,676 ¥ 0 ¥ 2,376 ¥ (3,717 ) ¥ (179 ) ¥ 13,156 Year ended March 31, 2020 ¥ 13,156 ¥ 522 ¥ 3,401 ¥ (1,677 ) ¥ (33 ) ¥ 15,369 *1 The amount of deduction includes benefits recognized in earnings, expiration of loss carryforwards and sales of subsidiaries. The amounts of benefits recognized in earnings were ¥8,303 million in fiscal 2018, ¥2,648 million in fiscal 2019 and ¥890 million in fiscal 2020. *2 The amount of other includes translation adjustment and the effect of changes in statutory tax rate. |
Significant Accounting and Re_2
Significant Accounting and Reporting Policies (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of presenting financial statements | (a) Basis of presenting financial statements The Company and its subsidiaries in Japan maintain their books in conformity with Japanese accounting practices, which differ in certain respects from U.S. GAAP. The accompanying consolidated financial statements have been prepared in conformity with U.S. GAAP and, therefore, reflect certain adjustments to the books and records of the Company and its subsidiaries. The principal adjustments relate to revenue recognition for revenue from contracts with customers, initial direct costs to originate leases and loans, use of a straight-line basis of depreciation for operating lease assets, deferral of life insurance policy acquisition costs, calculation of insurance policy liabilities, accounting for goodwill and other intangible assets in business combinations, accounting for pension plans, accounting for sales of the parent’s ownership interest in subsidiaries, classification in the statements of cash flows, accounting for transfer of financial assets, accounting for investment in securities, accounting for fair value option, accounting for lessee’s lease and reflection of the income tax effect on such adjustments. |
Principles of consolidation | (b) Principles of consolidation The consolidated financial statements include the accounts of the Company and all of its subsidiaries. Investments in affiliates, where the Company has the ability to exercise significant influence by way of 20% – 50% ownership or other means, are accounted for by using the equity method. Where the Company holds majority voting interests but noncontrolling shareholders have substantive participating rights to decisions that occur as part of the ordinary course of their business, the equity method is applied. In addition, the consolidated financial statements include VIEs to which the Company and its subsidiaries are primary beneficiaries. A certain overseas A lag period of up to three months is used on a consistent basis for recognizing the results of certain subsidiaries and affiliates. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Use of estimates | (c) Use of estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company has identified ten areas where it believes assumptions and estimates are particularly critical to the financial statements. The Company makes estimates and assumptions to the selection of valuation techniques and determination of assumptions used in fair value measurements, the determination and periodic reassessment of the unguaranteed residual value for finance leases and operating leases, the determination and reassessment of insurance policy liabilities and deferred policy acquisition costs, the determination of the allowance for doubtful receivables on finance leases and probable loan losses, the recognition and measurement of impairment of long-lived assets, the recognition and measurement of impairment of investment in securities, the determination of the valuation allowance for deferred tax assets and the evaluation of tax positions, the assessment and measurement of effectiveness in hedging relationship using derivative financial instruments, the determination of benefit obligation and net periodic pension cost and the recognition and measurement of impairment of goodwill and indefinite-lived intangible assets. In addition, we carefully considered the future outlook regarding the spread of the COVID-19. As of March 31, 2020, there was no significant impact on our accounting estimates. However, the outlook for future outbreaks of COVID-19 and the resulting global economic slowdown is uncertain and it may change rapidly. Therefore our accounting estimates may change over time. |
Foreign currencies translation | (d) Foreign currencies translation The Company and its subsidiaries maintain their accounting records in their functional currency. Transactions in foreign currencies are recorded in the entity’s functional currency based on the prevailing exchange rates on the transaction date. Monetary assets and liabilities in foreign currencies are recorded in the entity’s functional currency based on the prevailing exchange rates at the end of each fiscal year. The financial statements of overseas subsidiaries and affiliates are translated into Japanese yen by applying the exchange rates in effect at the end of each fiscal year to all assets and liabilities. Income and expenses are translated at the average rates of exchange prevailing during the fiscal year. The currencies in which the operations of the overseas subsidiaries and affiliates are conducted are regarded as the functional currencies of these companies. Foreign currency translation adjustments reflected in other comprehensive income (loss), net of applicable income taxes, arise from the translation of foreign currency financial statements into Japanese yen. |
Revenue recognition | (e) Revenue recognition The Company and its subsidiaries recognize revenues from only contracts with customers, such as sales of goods and real estate, and services income, based on the following five steps; Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation In accordance with these steps, revenues are recognized to depict the transfer of promised goods or services to customers in the amounts that reflect the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenues are recognized net of discount, incentives and estimated sales returns. In case that the Company and its subsidiaries receive payment from customers before satisfying performance obligations, the amounts are recognized as contract liabilities. In transactions that involve third parties, if the Company and its subsidiaries control the goods or services before they are transferred to the customers, revenue is recognized on gross amount as the principal. Excluding the aforementioned policy, the policies as specifically described hereinafter are applied for each of revenue items. Finance Revenues (1) Revenues from finance leases Lessor leases consist of leases for various equipment types, including office equipment, industrial machinery, transportation equipment and real estates. Net investment in leases includes sales-type leases and direct financing leases which are full-payout leases. Leases not qualifying as sales-type leases or direct financing leases are accounted for as operating leases. Interest income on net investment in leases is recognized over the life of each respective lease using the interest method. When lease payment is variable, it is accounted for as income in profit or loss in the period when the changes in facts and circumstances on which the variable payment is based occur. In providing leasing services, the Company and its subsidiaries execute supplemental businesses, such as handling taxes and paying insurance on leased assets on behalf of lessees. The estimated unguaranteed residual value represents estimated proceeds from the disposition of equipment at the time the lease is terminated. Estimates of residual values are determined based on market values of used equipment, estimates of when and the extent to which equipment will become obsolete and actual recovery being experienced for similar used equipment. Initial direct costs of sales-type leases and direct financing leases are being deferred and amortized as a yield adjustment over the life of the related lease by using interest method. The unamortized balance of initial direct costs of sales-type leases and direct financing leases is reflected as a component of net investment in leases. (2) Revenues from installment loans Interest income on installment loans is recognized on an accrual basis. Certain direct loan origination costs, net of origination fees, are being deferred and amortized over the contractual term of the loan as an adjustment of the related loan’s yield using the interest method. Interest payments received on impaired loans other than purchased loans are recorded as interest income unless the collection of the remaining investment is doubtful at which time payments received are recorded as reductions of principal. For purchased loans, although the acquired assets may remain loans in legal form, collections on these loans often do not reflect the normal historical experience of collecting delinquent accounts, and the need to tailor individual collateral-realization strategies often makes it difficult to reliably estimate the amount, timing, or nature of collections. Accordingly, the Company and its subsidiaries use the cost recovery method of income recognition for such purchased loans regardless of whether impairment is recognized or not. (3) Revenues from financial guarantees At the inception of a guarantee, fair value for the guarantee is recognized as a liability in the consolidated balance sheets. The Company and its subsidiaries recognize revenue mainly over the term of guarantee by a systematic and rational amortization method as the Company and the subsidiaries are released from the risk of the obligation. (4) Non-accrual In common with all classes, past-due past-due past-due past-due past-due past-due that their collections are doubtful based on factors such as individual debtors’ creditworthiness, historical loss experience, current delinquencies and delinquency trends. Accrued but uncollected interest is reclassified to net investment in leases or installment loans in the accompanying consolidated balance sheets and becomes subject to the allowance for doubtful receivables and probable loan loss process. Cash repayments received on non-accrual non-accrual Gains on investment securities and dividends — Operating leases — Investment in operating leases is recorded at cost less accumulated depreciation and is depreciated over their estimated useful lives mainly on a straight-line basis. The estimated average useful lives of principal operating lease assets classified as transportation equipment is years, measuring and information-related equipment is years, real estate (other than land) is years and other is years. Depreciation expenses are included in costs of operating leases. Gains or losses arising from dispositions of operating lease assets are included in operating lease revenues. Estimates of residual values are based on market values of used equipment, estimates of when and the extent to which equipment will become obsolete and actual recovery being experienced for similar used equipment. Initial direct costs of operating leases are being deferred and amortized as a straight-line basis over the life of the related lease. in vestment in |
Insurance and reinsurance transactions | (f) Insurance and reinsurance transactions Premium income from life insurance policies, net of premiums on reinsurance ceded, is recognized as earned premiums when due. Life insurance benefits are recorded as expenses when they are incurred. Policy liabilities and policy account balances for future policy benefits are measured using the net level premium method, based on actuarial estimates of the amount of future policyholder benefits. The policies are characterized as long-duration policies and mainly consist of whole life, term life, endowments, medical insurance and individual annuity insurance contracts. For policies other than individual annuity insurance contracts, computation of policy liabilities necessarily includes assumptions about mortality, morbidity, lapse rates, future yields on related investments and other factors applicable at the time the policies are written. A certain subsidiary continually evaluates the potential for changes in the estimates and assumptions applied in determining policy liabilities, both positive and negative and uses the results of these evaluations both to adjust recorded liabilities and to adjust underwriting criteria and product offerings. The insurance contracts sold by the subsidiary include variable annuity, variable life and fixed annuity insurance contracts. The subsidiary manages investment assets on behalf of variable annuity and variable life |
Allowance for doubtful receivables on net investment in leases and probable loan losses | (g) Allowance for doubtful receivables on net investment in losses The allowance for doubtful receivables on net investment in leases and probable loan losses is maintained at a level which, in the judgment of management, is appropriate to provide for probable losses inherent in lease and loan portfolios. The allowance is increased by provision charged to income and is decreased by charge-offs, net of recoveries. Developing the allowance for doubtful receivables on net investment in leases and probable loan losses is subject to numerous estimates and judgments. In evaluating the appropriateness of the allowance, management considers various factors, including the business characteristics and financial conditions of the obligors, current economic conditions and trends, prior charge-off Impaired loans are individually evaluated for a valuation allowance based on the present value of expected future cash flows, the loan’s observable market price or the fair value of the collateral securing the loans if the loans are collateral-dependent. For non-impaired charge-off charge-off The Company and its subsidiaries charge off doubtful receivables when the likelihood of any future collection is believed to be minimal considering debtors’ creditworthiness and the liquidation status of collateral. |
Impairment of long-lived assets | (h) Impairment of long-lived assets The Company and its subsidiaries perform a recoverability test for long-lived assets to be held and used in operations, including tangible assets and intangible assets being amortized, consisting primarily of office buildings, condominiums, mega solar and other properties under facility operations, whenever events or changes in circumstances indicated that the assets might be impaired. The assets are considered not recoverable when the undiscounted future cash flows estimated to be generated by those assets are less than the carrying amount of those assets. The carrying amount of assets not recoverable is reduced to fair value if lower than the carrying amount. The Company and its subsidiaries determine the fair value using appraisals prepared by independent third party appraisers or our own staff of qualified appraisers based on recent transactions involving sales of similar assets or other valuation techniques such as discounted cash flows methodologies using future cash flows estimated to be generated from operation of the existing assets or completion of development projects, as appropriate. |
Investment in securities | (i) Investment in securities Equity securities are generally reported at fair value with unrealized gains and losses included in income. Equity securities without readily determinable fair values are recorded at its cost minus impairment, if any, plus or minus changes resulting from observable price changes under the election of the measurement alternative, except for investments which are valued at net asset value per share. Equity securities elected to apply the measurement alternative are written down to its fair value with losses included in income if a qualitative assessment indicates that the investment is impaired and the fair value of the investment is less than its carrying value. In addition, investments included in equity securities that are accounted for under the equity method are recorded at fair value with unrealized gains and losses included in income if certain subsidiaries elect the fair value option. Trading debt securities are reported at fair value with unrealized gains and losses included in income. Available-for-sale Held-to-maturity amortized For debt securities other than trading, where the fair value is less than the amortized cost, the Company and its subsidiaries consider whether those securities are other-than-temporarily impaired using all available information about their collectability. The Company and its subsidiaries do not consider a debt security to be other-than-temporarily impaired if (1) the Company and its subsidiaries do not intend to sell the debt security, (2) it is not more likely than not that the Company and its subsidiaries will be required to sell the debt security before recovery of its amortized cost basis and (3) the present value of estimated cash flows will fully cover the amortized cost of the security. On the other hand, the Company and its subsidiaries consider a debt security to be other-than-temporarily impaired if any of the above mentioned three conditions are not met. When the Company and its subsidiaries deem a debt security to be other-than-temporarily impaired, the Company and its subsidiaries recognize the entire difference between the amortized cost and the fair value of the debt security in earnings if the Company and its subsidiaries intend to sell the debt security or it is more likely than not that the Company and its subsidiaries will be required to sell the debt security before recovery of its amortized cost basis less any non-credit non-credit |
Income taxes | (j) Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and for tax loss carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rate is recognized in income in the period that includes the enactment date. The Company and its subsidiaries release to earnings stranded income tax effects in accumulated other comprehensive income (loss) resulting from changes in tax laws or rates or changes in judgment about realization of a valuation allowance on a specific identification basis when the individual items are completely sold or terminated. A valuation allowance is recognized if, based on the weight of available evidence, it is “more likely than not” that some portion or all of the deferred tax asset will not be realized. The Company and its subsidiaries file tax returns in Japan and certain foreign tax jurisdictions and recognize the financial statement effects of a tax position taken or expected to be taken in a tax return when it is more likely than not, based on the technical merits, that the position will be sustained upon tax examination, including resolution of any related appeals or litigation processes, and measure tax positions that meet the recognition threshold at the largest amount of tax benefit that is greater than 50 percent likely to be realized upon settlement with the taxing authority. The Company and its subsidiaries present an unrecognized tax benefit as either a reduction of a deferred tax asset, a reduction of an amount refundable or a liability, based on the intended method of settlement. The Company and its subsidiaries classify penalties and interest expense related to income taxes as part of provision for income taxes in the consolidated statements of income. The Company and certain subsidiaries have elected to file a consolidated tax return in Japan |
Securitized assets | (k) Securitized assets The Company and its subsidiaries have securitized and sold to investors various financial assets such as lease receivables and loan receivables. In the securitization process, the assets to be securitized are sold to trusts or special purpose companies, collectively special purpose entities (“SPEs”) that issue asset-backed beneficial interests and securities to the investors. SPEs used in securitization transactions are consolidated if the Company and its subsidiaries are the primary beneficiary of the SPEs, and the transfers of the financial assets to those consolidated SPEs are not accounted for as sales. Assets held by consolidated SPEs continue to be accounted for as lease receivables or loan receivables, as they were before the transfer, and asset-backed beneficial interests and securities issued to the investors are accounted for as debt. When the Company and its subsidiaries have transferred financial assets to a transferee that is not subject to consolidation, the Company and its subsidiaries account for the transfer as a sale if control over the transferred assets is surrendered. The Company and certain subsidiaries originate and sell loans into the secondary market, while retaining the obligation to service those loans. In addition, a certain subsidiary undertakes obligations to service loans originated by others. The subsidiary recognizes servicing assets if it expects the benefit of servicing to more than adequately compensate it for performing the servicing or recognizes servicing liabilities if it expects the benefit of servicing to less than adequately compensate it. These servicing assets and liabilities are initially recognized at fair value and subsequently accounted for using the amortization method whereby the assets and liabilities are amortized in proportion to and over the period of estimated net servicing income or net servicing loss. On a quarterly basis, servicing assets and liabilities are evaluated for impairment or increased obligations. The fair value of servicing assets and liabilities is estimated using an internal valuation model, or by obtaining an opinion of value from an independent third-party vendor. Both methods are based on calculating the present value of estimated future net servicing cash flows, taking into consideration discount rates, prepayments and servicing costs. The internal valuation model is validated at least semiannually through third-party valuations. |
Derivative financial instruments | (l) Derivative financial instruments The Company and its subsidiaries recognize all derivatives on the consolidated balance sheets at fair value. The accounting treatment of subsequent changes in the fair value depends on their use, and whether they qualify as effective “hedges” for accounting purposes. Derivatives for the purpose of economic hedge that are not qualified for hedge accounting are adjusted to fair value through the consolidated statements of income. If a derivative is a hedge, then depending on its nature, changes in its fair value will be either offset against changes in the fair value of hedged assets or liabilities through the consolidated statements of income, or recorded in other comprehensive income (loss), net of applicable income taxes. If a derivative is held as a hedge of the variability of fair value related to a recognized asset or liability or an unrecognized firm commitment (“fair value” hedge), changes in the fair value of the derivative are recorded in earnings along with the changes in the fair value of the hedged item. If a derivative is held as a hedge of the variability of cash flows related to a forecasted transaction or a recognized asset or liability (“cash flow” hedge), changes in the fair value of the derivative are recorded in other comprehensive income (loss), net of applicable income taxes, until earnings are affected by the variability in cash flows of the designated hedged item. If a derivative is held as a hedge of a foreign-currency fair-value or cash-flow hedge (“foreign currency” hedge), changes in the fair value of the derivative are recorded in either earnings or other comprehensive income (loss), net of applicable income taxes, depending on whether the hedging activity is a fair-value hedge or a cash-flow hedge. However, if a derivative is used as a hedge of a net investment in a foreign operation, changes in its fair value are recorded in the foreign currency translation adjustments account within other comprehensive income (loss), net of applicable income taxes. Starting from this fiscal year, the Company and its subsidiaries select either the amortization approach or the fair value approach, depending on the type of hedging activity, for the initial value of the component excluded from the assessment of effectiveness, and recognize it through the consolidated statements of income. When the amortization approach is adopted, the change in fair value is recognized in earnings using a systematic and rational method over the life of the hedging instrument and then any difference between the change in fair value and the amount recognized in earnings is recognized in other comprehensive income (loss), net of applicable income taxes. When the fair value approach is adopted, the change in the fair value is immediately recognized through the consolidated statements of income. In the past fiscal year, the change in fair value of the component excluded from the assessment of effectiveness and the ineffective portion of qualified hedges were immediately recognized through the consolidated statements of income. For all hedging relationships that are designated and qualified for hedge accounting, at the inception of the hedge, the Company and its subsidiaries formally document the details of the hedging relationship and the hedging activity. The Company and its subsidiaries formally assess, both at the hedge’s inception and on an ongoing basis, the effectiveness of the hedge relationship. The Company and its subsidiaries cease hedge accounting prospectively when the derivative no longer qualifies for hedge accounting. |
Pension plans | (m) Pension plans The Company and certain subsidiaries have contributory and non-contributory The Company and its subsidiaries also recognize the funded status of pension plans, measured as the difference between the fair value of plan assets and the benefit obligation, on the consolidated balance sheets. Changes in that funded status are recognized in the year in which the changes occur through other comprehensive income (loss), net of applicable income taxes. |
Stock-based compensation | (n) Stock-based compensation In principle, the Company and its subsidiaries measure stock-based compensation expense as consideration for services provided by employees based on the fair value on the grant date. The costs are recognized over the requisite service period. |
Stock splits | (o) Stock splits Stock splits implemented prior to October 1, 2001 had been accounted for by transferring an amount equivalent to the par value of the shares from additional paid-in As a result of a revision to the Code before amendment effective on October 1, 2001 and the Companies Act implemented on May 1, 2006, the above-mentioned method of accounting required by the Code became unnecessary. In the United States, stock splits in comparable circumstances are considered to be stock dividends and are accounted for by transferring from retained earnings to common stock and additional paid-in paid-in Had such stock splits made prior to October 1, 2001 been accounted for in this manner, additional paid-in |
Cash and cash equivalents | (p) Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits placed with banks and short-term highly liquid investments with original maturities of three months or less. |
Restricted cash | (q) Restricted cash Restricted cash consists of trust accounts under securitization programs and real estate, deposits related to servicing agreements, deposits collected on the underlying assets and applied to non-recourse |
Property under facility operations | (r) Property under facility operations Property under facility operations consist primarily of operating facilities (including hotels and training facilities) and environmental assets (including mega solar and thermal power stations), which are stated at cost less accumulated depreciation, and depreciation is calculated mainly on a straight-line basis over the estimated useful lives of the assets. Depreciation expenses in fiscal 2018, 2019 and 2020 were ¥25,444 million, ¥28,133 million and ¥27,147 million, respectively. Accumulated depreciation was ¥102,185 million and ¥105,433 million as of March 31, 2019 and 2020, respectively. Estimated useful lives range up to 50 years for buildings, up to 60 years for structures and up to 30 years for others. |
Trade notes, accounts and other receivable | (s) Trade notes, accounts and other receivable Trade notes, accounts and other receivable primarily include accounts receivables in relation to sales of assets to be leased, inventories and other assets, payment made on behalf of lessees for property tax, maintenance fees and insurance premiums in relation to lease contracts, and receivables relating to debt securities sold. |
Inventories | (t) Inventories Inventories consist primarily of residential condominiums under development, completed residential condominiums (including those waiting to be delivered to buyers under the contract for sale), and merchandise for sale. Residential condominiums under development are carried at cost less any impairment losses, and completed residential condominiums and merchandise for sale are stated at the lower of cost or fair value less cost to sell. The cost of inventories that are unique and not interchangeable is determined on the specific identification method and the cost of other inventories is principally determined on the average method. As of March 31, 2019 and 2020, residential condominiums under development were ¥55,860 million and ¥56,156 million, respectively, and completed residential condominiums and merchandise for sale were ¥59,835 million and ¥69,857 million, respectively. The Company and its subsidiaries recorded ¥936 million, ¥703 million and ¥863 million of write-downs principally on completed residential condominiums and merchandise for sale for fiscal 2018, 2019 and 2020, respectively, primarily resulting from a decrease in expected sales price. These write-downs were recorded in costs of goods and real estate sold and included in Real Estate segment, Investment and Operation segment and Corporate Financial Services segment. |
Office facilities | (u) Office facilities Office facilities are stated at cost less accumulated depreciation. Depreciation is calculated on a declining-balance basis or straight-line basis over the estimated useful lives of the assets. Depreciation expenses in fiscal 2018, 2019 and 2020 were ¥5,131 million, ¥4,912 million and ¥7,714 million, respectively. Accumulated depreciation was ¥54,499 million and ¥68,117 million as of March 31, 2019 and 2020, respectively. Estimated useful lives range up to 62 years for buildings and structures and up to 20 years for machinery and equipment. |
Right-of-use assets | (v) Right-of-use The Company and its subsidiaries record the ROU assets recognized from the lessee’s lease transaction as investment in operating leases, property under facility operations and office facilities. Lease liabilities are included in other liabilities. ROU assets are consisted of the amount of the initial measurement of the lease liability and any lease payments made to the lessor at or before the commencement date and stated at cost less accumulated amortization. The initial measurement of the lease liability is at the present value of the lease payments not yet paid, discounted using the discount rate for the lease at lease commencement. ROU assets of finance leases are amortized mainly on a straight-line basis over the lease term. ROU assets of operating leases are amortized over the lease term by the fixed term operating cost minus the interest cost. Amortization of ROU assets of finance leases and operating leases expenses are included in costs of operating leases, services expense and selling, general and administrative expenses. |
Other assets | (w) Other assets Other assets consist primarily of goodwill and other intangible assets in acquisitions, reinsurance recoverables in relation to reinsurance contracts, deferred insurance policy acquisition costs which are amortized over the contract periods, leasehold deposits, advance payments made in relation to construction of real estate under operating leases and property under facility operations, prepaid benefit cost, servicing assets, derivative assets, contract assets related to real estate contract works and deferred tax assets. |
Goodwill and other intangible assets | (x) Goodwill and other intangible assets The Company and its subsidiaries account for all business combinations using the acquisition method. The Company and its subsidiaries recognize intangible assets acquired in a business combination apart from goodwill if the intangible assets meet one of two criteria—either the contractual-legal criterion or the separately identifiable criterion. Goodwill is measured as an excess of the aggregate of consideration transferred and the fair value of noncontrolling interests over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed in the business combination measured at fair value. The Company and its subsidiaries would recognize a bargain purchase gain when the amount of recognized net assets exceeds the sum of consideration transferred and the fair value of noncontrolling interests. In a business combination achieved in stages, the Company and its subsidiaries remeasure their previously held equity interest at their acquisition-date fair value and recognize the resulting gain or loss, if any, in earnings. The Company and its subsidiaries perform an impairment test for goodwill and any indefinite-lived intangible assets at least annually. Additionally, if events or changes in circumstances indicate that the asset might be impaired, the Company and its subsidiaries test for impairment when such events or changes occur. The Company and its subsidiaries have the option to perform a qualitative assessment to determine whether to calculate the fair value of a reporting unit under the first step of the two-step two-step goodwill for which the qualitative assessment is performed, if, after assessing the totality of events or circumstances, the Company and/or subsidiaries determine that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then the Company and/or subsidiaries do not perform the two-step two-step goodwill impairment test is performed to measure the amount of impairment loss, if any. The second step of the goodwill impairment test compares implied fair value of goodwill with its carrying amount. If the carrying amount of goodwill exceeds its implied fair value, an impairment loss is recognized in an amount equal to that excess. The Company and its subsidiaries test the goodwill either at the operating segment level or one level below the operating segments. The Company and its subsidiaries have the option to perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. The Company and its subsidiaries perform the qualitative assessment for some indefinite-lived intangible assets but bypass the qualitative assessment and perform the quantitative assessment for other indefinite-lived intangible assets. For those indefinite-lived intangible assets for which the qualitative assessment is performed, if, after assessing the totality of events and circumstances, the Company and/or subsidiaries conclude that it is not more likely than not that the indefinite-lived intangible asset is impaired, then the Company and/or subsidiaries do not perform the quantitative impairment test. However, if the Company and/or subsidiaries conclude otherwise or determine to bypass the qualitative assessment, the Company and/or subsidiaries calculate the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test. If the carrying amount of the indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. Intangible assets with finite lives are amortized over their useful lives and tested for impairment. The Company and its subsidiaries perform a recoverability test for the intangible assets whenever events or changes in circumstances indicate that the assets might be impaired. The intangible assets are considered not recoverable when the undiscounted future cash flows estimated to be generated by those assets are less than the carrying amount of those assets, and the net carrying amount of assets not recoverable is reduced to fair value if lower than the carrying amount. |
Trade notes, accounts and other payable | (y) Trade notes, accounts and other payable Trade notes, accounts and other payable include primarily accounts payable in relation to purchase of assets to be leased, merchandise for sale and other assets, accounts payable in relation to construction work of residential condominiums and deposits received mainly for withholding income tax. |
Other Liabilities | (z) Other Liabilities Other liabilities include primarily lease liabilities recognized from the lessee’s lease transaction, accrued expenses related to interest and bonus, accrued benefit liability, advances received from lessees in relation to lease contracts, deposits received from real estate transaction, contract liabilities mainly related to automobile maintenance services and software services, and derivative liabilities. |
Capitalization of interest costs | (aa) Capitalization of interest costs The Company and its subsidiaries capitalized interest costs of ¥1,043 million, ¥940 million and ¥622 million in fiscal 2018, 2019 and 2020, respectively, primarily related to assets under construction such as specific environmental assets, long-term real estate development and ship projects. |
Advertising | (ab) Advertising The costs of advertising are expensed as incurred. The total amounts charged to advertising expense in fiscal 2018, 2019 and 2020 were ¥26,083 million, ¥20,650 million and ¥16,480 million, respectively. |
Earnings per share | (ac) Earnings per share Basic earnings per share is computed by dividing net income attributable to ORIX Corporation shareholders by the weighted average number of shares of outstanding common stock in each period. Diluted earnings per share is calculated by reflecting the potential dilution that could occur if securities or other contracts issuing common stock were exercised or converted into common stock. |
Additional acquisition and partial sale of the parent's ownership interest in subsidiaries | (ad) Additional acquisition and partial sale of the parent’s ownership interest in subsidiaries Additional acquisition of the parent’s ownership interest in subsidiaries and partial sale of such interest where the parent continues to retain control of the subsidiary are accounted for as equity transactions. On the other hand, in a transaction that results in the loss of control, the gain or loss recognized in income includes the realized gain or loss related to the portion of ownership interest sold and the gain or loss on the remeasurement to fair value of the interest retained. |
Redeemable noncontrolling interests | (ae) Redeemable noncontrolling interests Noncontrolling interests in a certain subsidiary are redeemable preferred shares which are subject to call and put rights upon certain shareholder events. As redemption of the noncontrolling interest is not solely in the control of the subsidiary, it is recorded between liabilities and equity on the consolidated balance sheets at its estimated redemption value. |
Issuance of stock by an affiliate | (af) Issuance of stock by an affiliate When an affiliate issues stocks to unrelated third parties, the Company and its subsidiaries’ ownership interest in the affiliate decreases. In the event that the price per share is more or less than the Company and its subsidiaries’ average carrying amount per share, the Company and its subsidiaries adjust the carrying amount of its investment in the affiliate and recognize the |
New accounting pronouncements | (ag) New accounting pronouncements In February 2016, Accounting Standards Update 2016-02 2019-01, The New Lease Standard provides a number of optional practical expedients in transition. The Company and its subsidiaries have elected the “package of practical expedients”, which permits the Company and its subsidiaries to not reassess under the New Lease Standard the prior conclusions about lease identification, lease classification and initial direct costs. The Company and its subsidiaries have elected other New Lease Standard’s available transitional practical expedients. The New Lease Standard also provides practical expedients for an entity’s ongoing accounting. The Company and its subsidiaries have elected the short-term lease recognition exemption mainly for vehicle and office equipment leases. Consequently, for those leases that meet the requirements, the Company and its subsidiaries have not recognized ROU assets or lease liabilities, and this includes not recognizing ROU assets or lease liabilities for existing short-term leases of those assets in transition. The Company and its subsidiaries also have elected the practical expedient to not separate lease and non-lease The impact of the adoption of these updates has resulted in a gross up of ROU assets and corresponding lease liabilities principally for operating leases, such as land leases and office and equipment leases where it is the lessee. The effect of the adoption of these updates on the Company and its subsidiaries’ financial position at the adoption date were in and s of ts these s an in by an in from by an in by an in by for the year In June 2016, Accounting Standards Update 2016-13 available-for-sale off-balance-sheet u approximately ¥29,000 million in other liabilities related to off-balance sheet credit exposures and a decrease of approximately ¥44,000 million in retained earnings in the consolidated balance sheets as of April 1, 2020. The Company and its subsidiaries continue to improve internal controls relevant to the new current expected credit loss model. The Company and its subsidiaries will expand their disclosures that are required by these updates, primarily regarding credit quality information and estimates of the allowance for credit losses. In January 2017, Accounting Standards Update 2017-04 g In August 2017, Accounting Standards Update 2017-12 In August 2018, Accounting Standards Update 2018-12 In August 2018, Accounting Standards Update 2018-13 In August 2018, Accounting Standards Update 2018-14 715-20 In December 2019, Accounting Standards Update 2019-12 In January 2020, Accounting Standards Update 2020-01 (“Clarifying the Interactions between Equity Securities, Equity Method and Joint Ventures, and Derivatives and Hedging” —ASC 321 (“Investments-Equity Securities”), ASC 323 (“Investments-Equity Method and Joint Ventures), and ASC 815 (“Derivatives and Hedging)) was issued. This update clarifies that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative in accordance with ASC 321 (“Investments-Equity Securities”) immediately before applying or upon discontinuing the equity method. This update also clarifies the scope of considerations for forward contracts and purchased options on certain securities that do not meet the definition of a derivative. This update is effective prospectively for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, and early adoption is permitted. The Company and its subsidiaries will adopt this update on April 1, 2021. The Company and its subsidiaries are currently evaluating the effect that the adoption of this update will have on the Company and its subsidiaries’ results of operations or financial position, as well as changes in disclosures required by this update. In March 2020, Accounting Standards Update 2020-04 (“Facilitation of the Effects of Reference Rate Reform on Financial Reporting”—ASC 848 (“Reference Rate Reform”)) was issued. This update provides companies with optional expedients and exceptions for applying generally accepted accounting principles to contract, hedging relationships and other transactions that reference London Interbank Offered Rate or another reference rate expected to be discontinued because of reference rate reform. This update is effective as of March 12, 2020 through December 31, 2022. We are currently in the process of identifying the potential effect on the Company and its subsidiaries’ results of operations or financial position by the adoption of this update. |
Reclassifications | (ah) Reclassifications Revenues from financial guarantees presented in the consolidated statements of income have been changed from “Services income” to “Finance revenues” starting from fiscal 2019. This change aims to reflect revenue structure of the Company and its subsidiaries more appropriately accompanying the adoption of ASC 606 (“Revenue from Contracts with Customers”). Corresponding to this change, the presented amount in the consolidated statements of income for fiscal 2018 has also been reclassified retrospectively to conform to the presentation for fiscal 2019. In the Company’s consolidated statements of income for fiscal 2018, “Services income” in the amount of ¥14,148 million has been reclassified to “Finance revenues.” |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Recorded Amounts of Major Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present recorded amounts of major financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2019 and 2020: March 31, 2019 Millions of yen Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Loans held for sale*1 ¥ 38,671 ¥ 0 ¥ 38,671 ¥ 0 Trading debt securities 1,564 0 1,564 0 Available-for-sale 1,264,244 24,831 1,138,966 100,447 Japanese and foreign government bond securities*2 430,851 3,227 427,624 0 Japanese prefectural and foreign municipal bond securities 193,305 0 190,417 2,888 Corporate debt securities*3 487,997 21,604 459,235 7,158 CMBS and RMBS in the Americas 61,479 0 61,479 0 Other asset-backed securities and debt securities 90,612 0 211 90,401 Equity securities*4*5 425,593 68,631 295,769 61,193 Derivative assets: 15,495 299 9,924 5,272 Interest rate swap agreements 138 0 138 0 Options held/written and other 11,140 0 5,868 5,272 Futures, foreign exchange contracts 3,007 299 2,708 0 Foreign currency swap agreements 1,203 0 1,203 0 Credit derivatives written 7 0 7 0 Netting*6 (1,497 ) 0 0 0 Net derivative assets 13,998 0 0 0 Other assets: 12,449 0 0 12,449 Reinsurance recoverables*7 12,449 0 0 12,449 Total ¥ 1,758,016 ¥ 93,761 ¥ 1,484,894 ¥ 179,361 Liabilities: Derivative liabilities: ¥ 25,958 ¥ 522 ¥ 25,436 ¥ 0 Interest rate swap agreements 17,439 0 17,439 0 Options held/written and other 2,809 0 2,809 0 Futures, foreign exchange contracts 5,336 522 4,814 0 Foreign currency swap agreements 364 0 364 0 Credit derivatives held 10 0 10 0 Netting*6 (1,497 ) 0 0 0 Net derivative Liabilities 24,461 0 0 0 Policy Liabilities and Policy Account Balances: 360,198 0 0 360,198 Variable annuity and variable life insurance contracts*8 360,198 0 0 360,198 Total ¥ 386,156 ¥ 522 ¥ 25,436 ¥ 360,198 March 31, 2020 Millions of yen Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Loans held for sale*1 ¥ 90,893 ¥ 0 ¥ 90,893 ¥ 0 Trading debt securities 7,431 0 7,431 0 Available-for-sale 1,631,185 21,490 1,521,342 88,353 Japanese and foreign government bond securities*2 653,945 3,301 650,644 0 Japanese prefectural and foreign municipal bond securities 250,355 0 247,523 2,832 Corporate debt securities*3 596,477 18,189 574,294 3,994 CMBS and RMBS in the Americas 48,672 0 48,672 0 Other asset-backed securities and debt securities 81,736 0 209 81,527 Equity securities*4*5 375,174 58,400 232,873 83,901 Derivative assets: 39,690 202 20,258 19,230 Options held/written and other 21,346 0 2,116 19,230 Futures, foreign exchange contracts 13,265 202 13,063 0 Foreign currency swap agreements 5,079 0 5,079 0 Netting*6 (9,152 ) 0 0 0 Net derivative assets 30,538 0 0 0 Other assets: 18,206 0 0 18,206 Reinsurance recoverables*7 18,206 0 0 18,206 Total ¥ 2,162,579 ¥ 80,092 ¥ 1,872,797 ¥ 209,690 Liabilities: Derivative liabilities: ¥ 73,649 ¥ 2,471 ¥ 71,178 ¥ 0 Interest rate swap agreements 44,002 0 44,002 0 Options held/written and other 20,004 0 20,004 0 Futures, foreign exchange contracts 9,506 2,471 7,035 0 Foreign currency swap agreements 137 0 137 0 Netting*6 (9,152 ) 0 0 0 Net derivative Liabilities 64,497 0 0 0 Policy Liabilities and Policy Account Balances: 300,739 0 0 300,739 Variable annuity and variable life insurance contracts*8 300,739 0 0 300,739 Total ¥ 374,388 ¥ 2,471 ¥ 71,178 ¥ 300,739 *1 A certain subsidiary elected the fair value option on certain loans held for sale. These loans are multi-family and seniors housing loans and are sold to Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and institutional investors. Included in “Other (income) and expense” in the consolidated statements of income were a loss of ¥ million from the change in the fair value of the loans for fiscal 2018, 2019 and 2020, respectively. No gains or losses were recognized in earnings during fiscal 2018, 2019 and 2020 attributable to changes in instrument-specific credit risk. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of March 31, 2019, were ¥37,865 million and ¥38,671 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥806 million. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of March 31, 2020, were ¥84,906 million and ¥90,893 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥5,987 million. As of March 31, 2019 and 2020, there were no loans that are 90 days or more past due or, in non-accrual *2 A certain subsidiary elected the fair value option for investments in foreign government bond securities included in available-for-sale *3 A certain subsidiary elected the fair value option for investments in foreign corporate debt securities included in available-for-sale *4 Certain subsidiaries elected the fair value option for certain investments in investment funds included in equity securities. Included in “Gains on investment securities and dividends” in the consolidated statements of income were gains of ¥1,456 million, ¥1,141 million and ¥1,225 million from the change in the fair value of those investments for fiscal 2018, 2019 and 2020, respectively. The amounts of aggregate fair value elected the fair value option were ¥5,811 million and ¥6,326 million as of March 31, 2019 and 2020, respectively. *5 The amounts of investment funds measured at net asset value per share which are not included in the above tables were ¥12,100 million and ¥11,631 million as of March 31, 2019 and 2020, respectively. *6 It represents the amount offset under counterparty netting of derivative assets and liabilities. *7 Certain subsidiaries elected the fair value option for certain reinsurance contracts held. The fair value of the reinsurance contracts elected for the fair value option in other assets were ¥12,449 million and ¥18,206 million as of March 31, 2019 and 2020, respectively. For the effect of changes in the fair value of those reinsurance contracts on earnings for fiscal 2018, 2019 and 2020, see Note 26 “Life Insurance Operations.” *8 Certain subsidiaries elected the fair value option for the entire variable annuity and variable life insurance contracts held . |
Reconciliation of Financial Assets and Liabilities (Net) Measured at Fair Value on Recurring Basis Using Significant Unobservable Input | The following tables present the reconciliation of financial assets and liabilities (net) measured at fair value on a recurring basis using significant unobservable inputs (Level 3) in fiscal 2018, 2019 and 2020: 2018 Millions of yen Balance at April 1, 2017 Gains or losses (realized/unrealized) Purchases*3 Sales Settlements*4 Transfers in and/ or out of Level 3 (net) Balance at March 31, 2018 Change in unrealized gains or losses included in earnings for assets and liabilities still held at March 31, 2018*1 Included in earnings*1 Included in other comprehensive income*2 Total Available-for-sale ¥ 124,516 ¥ 3,690 ¥ (5,717 ) ¥ (2,027 ) ¥ 79,925 ¥ (37,942 ) ¥ (43,555 ) ¥ 0 ¥ 120,917 ¥ (35 ) Corporate debt securities 1,618 0 2 2 2,050 0 (633 ) 0 3,037 0 CMBS and RMBS in the Americas 57,858 1,664 (3,248 ) (1,584 ) 1,858 (3,347 ) (18,775 ) 0 36,010 (97 ) Other asset-backed securities and debt securities 65,040 2,026 (2,471 ) (445 ) 76,017 (34,595 ) (24,147 ) 0 81,870 62 Other securities 27,801 4,169 (1,976 ) 2,193 26,991 (19,106 ) 0 0 37,879 4,274 Investment funds 27,801 4,169 (1,976 ) 2,193 26,991 (19,106 ) 0 0 37,879 4,274 Derivative assets and liabilities (net) 5,233 (3,356 ) 0 (3,356 ) 2,024 0 (1,610 ) 0 2,291 (3,356 ) Options held/written and other 5,233 (3,356 ) 0 (3,356 ) 2,024 0 (1,610 ) 0 2,291 (3,356 ) Other asset 22,116 (11,191 ) 0 (11,191 ) 5,385 0 (1,302 ) 0 15,008 (11,191 ) Reinsurance recoverables*5 22,116 (11,191 ) 0 (11,191 ) 5,385 0 (1,302 ) 0 15,008 (11,191 ) Policy Liabilities and Policy Account Balances 605,520 (19,265 ) 0 (19,265 ) 0 0 (180,775 ) 0 444,010 (19,265 ) Variable annuity and variable life insurance contracts*6 605,520 (19,265 ) 0 (19,265 ) 0 0 (180,775 ) 0 444,010 (19,265 ) *1 Principally, gains and losses from available-for-sale securities are included in “Gains on investment securities and dividends”, “Write-downs of securities” or “Life insurance premiums and related investment income”; other securities are included in “Gains on investment securities and dividends” and derivative assets and liabilities (net) are included in “Other (income) and expense” respectively. Additionally, for available-for-sale securities, amortization of interest recognized in finance revenues is included in these columns. *2 Unrealized gains and losses from available-for-sale securities are included in “Net change of unrealized gains (losses) on investment in securities” and “Net change of foreign currency translation adjustments.” Additionally, unrealized gains and losses from other securities are included mainly in “Net change of foreign currency translation adjustments.” *3 Increases resulting from an acquisition of a subsidiary and insurance contracts ceded to reinsurance companies are included. *4 Decreases resulting from the receipts of reimbursements for benefits, and decreases resulting from insurance payouts to variable annuity and variable life policyholders due to death, surrender and maturity of the investment period are included. *5 “Included in earnings” in the above table includes changes in the fair value of reinsurance contracts recorded in “Life insurance costs” and reinsurance premiums, net of reinsurance benefits received, recorded in “Life insurance premiums and related investment income.” *6 “Included in earnings” in the above table is recorded in “Life insurance costs” and includes changes in the fair value of policy liabilities and policy account balances resulting from gains or losses on the underlying investment assets managed on behalf of variable annuity and variable life policyholders, and the changes in the minimum guarantee risks relating to variable annuity and variable life insurance contracts as well as insurance costs recognized for insurance and annuity payouts as a result of insured events. Millions of yen Balance at April 1, 2018 Gains or losses (realized/unrealized) Purchases*3 Sales Settlements*4 Transfers in and/ or out of Level 3 (net) Balance at March 31, 2019 Change in unrealized gains or losses included in earnings for assets and liabilities still held at March 31, 2019*1 Included in earnings*1 Included in other comprehensive income*2 Total Available-for-sale ¥ 120,917 ¥ 1,912 ¥ 2,020 ¥ 3,932 ¥ 44,163 ¥ (23,241 ) ¥ (27,221 ) ¥ (18,103 ) ¥ 100,447 ¥ 268 Japanese prefectural and foreign municipal bond securities 0 (553 ) 136 (417 ) 0 0 0 3,305 2,888 0 Corporate debt securities 3,037 0 4 4 3,100 0 (981 ) 1,998 7,158 0 CMBS and RMBS in the Americas 36,010 1,034 546 1,580 1,304 (6,711 ) (8,777 ) (23,406 ) 0 0 Other asset-backed securities and debt securities 81,870 1,431 1,334 2,765 39,759 (16,530 ) (17,463 ) 0 90,401 268 Equity securities 37,879 4,443 578 5,021 37,871 (1,080 ) (18,498 ) 0 61,193 4,192 Investment funds 37,879 4,443 578 5,021 37,871 (1,080 ) (18,498 ) 0 61,193 4,192 Derivative assets and liabilities (net) 2,291 2,981 0 2,981 0 0 0 0 5,272 2,981 Options held/written and other 2,291 2,981 0 2,981 0 0 0 0 5,272 2,981 Other asset 15,008 (5,483 ) 0 (5,483 ) 3,572 0 (648 ) 0 12,449 (5,483 ) Reinsurance recoverables*5 15,008 (5,483 ) 0 (5,483 ) 3,572 0 (648 ) 0 12,449 (5,483 ) Policy Liabilities and Policy Account Balances 444,010 7,874 321 8,195 0 0 (75,617 ) 0 360,198 7,874 Variable annuity and variable life insurance contracts*6 444,010 7,874 321 8,195 0 0 (75,617 ) 0 360,198 7,874 Millions of yen Change in unrealized gains or losses included in earnings for assets and liabilities still held at March 31, 2020*1 Balance at April 1, 2019 Gains or losses (realized/unrealized) Purchases*3 Sales Settlements*4 Transfers in and/ or out of Level 3 (net) Balance at March 31, 2020 Included in earnings *1 Included in other comprehensive income*2 Total Available-for-sale ¥ 100,447 ¥ 1,291 ¥ (13,721 ) ¥ (12,430 ) ¥ 41,270 ¥ (3,925 ) ¥ (34,018 ) ¥ (2,991 ) ¥ 88,353 ¥ 131 Japanese prefectural and foreign municipal bond securities 2,888 0 (56 ) (56 ) 0 0 0 0 2,832 0 Corporate debt securities 7,158 0 (8 ) (8 ) 900 0 (1,065 ) (2,991 ) 3,994 0 Other asset-backed securities and debt securities 90,401 1,291 (13,657 ) (12,366 ) 40,370 (3,925 ) (32,953 ) 0 81,527 131 Equity securities 61,193 8,197 (1,641 ) 6,556 31,725 (10,108 ) (5,465 ) 0 83,901 8,033 Investment funds 61,193 8,197 (1,641 ) 6,556 31,725 (10,108 ) (5,465 ) 0 83,901 8,033 Derivative assets and liabilities (net) 5,272 10,402 (192 ) 10,210 3,748 0 0 0 19,230 10,402 Options held/written and other 5,272 10,402 (192 ) 10,210 3,748 0 0 0 19,230 10,402 Other asset 12,449 2,937 0 2,937 3,053 0 (233 ) 0 18,206 2,937 Reinsurance recoverables*5 12,449 2,937 0 2,937 3,053 0 (233 ) 0 18,206 2,937 Policy Liabilities and Policy Account Balances 360,198 4,802 1,215 6,017 0 0 (53,442 ) 0 300,739 4,802 Variable annuity and variable life insurance contracts*6 360,198 4,802 1,215 6,017 0 0 (53,442 ) 0 300,739 4,802 *1 Principally, gains and losses from available-for-sale available-for-sale *2 Unrealized gains and losses from available-for-sale *3 Increases resulting from an acquisition of a subsidiary and insurance contracts ceded to reinsurance companies are included. *4 Decreases resulting from the receipts of reimbursements for benefits, and decreases resulting from insurance payouts to variable annuity and variable life policyholders due to death, surrender and maturity of the investment period are included. *5 “Included in earnings” in the above table includes changes in the fair value of reinsurance contracts recorded in “Life insurance costs” and reinsurance premiums, net of reinsurance benefits received, recorded in “Life insurance premiums and related investment income.” *6 “Included in earnings” in the above table is recorded in “Life insurance costs” and includes changes in the fair value of policy liabilities and policy account balances resulting from gains or losses on the underlying investment assets managed on behalf of variable annuity and variable life policyholders, and the changes in the minimum guarantee risks relating to variable annuity and variable life insurance contracts as well as insurance costs recognized for insurance and annuity payouts as a result of insured events. There were no transfers in or out of Level 3 in fiscal 2018. In fiscal 2019, Japanese prefectural and foreign municipal bond securities totaling ¥3,305 million were transferred from Level 2 to Level 3, since the valuation techniques to measure fair value of a certain foreign municipal bond security has been changed to discounted cash flows methodologies using unobservable inputs. The change of the valuation techniques is due to judgement that the Company and its subsidiaries cannot rely on price quotations from independent pricing service vendors and brokers considering deterioration of estimated cash flows from the security. In addition, CMBS and RMBS in Americas totaling ¥23,406 million were transferred from Level 3 to Level 2, since the inputs such as trading price and/or bid price became observable due to the market returning to active. In fiscal 2020, corporate debt securities totaling ¥2,991 million were transferred from Level 3 to Level 2, since the inputs became observable. |
Recorded Amounts of Major Assets Measured at Fair Value on Nonrecurring Basis | These assets are measured at fair value on a nonrecurring basis mainly to recognize impairment: 2019 Millions of yen Total Carrying Value in Consolidated Balance Quoted Prices in Active Markets for Identical (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Loans held for sale ¥ 3,839 ¥ 0 ¥ 3,839 ¥ 0 Real estate collateral-dependent loans (net of allowance for probable loan losses) 6,630 0 0 6,630 Investment in operating leases and property under facility operations 12,901 0 0 12,901 Certain investments in affiliates 2,897 0 0 2,897 ¥ 26,267 ¥ 0 ¥ 3,839 ¥ 22,428 2020 Millions of yen Total Carrying Value in Consolidated Balance Quoted Prices in Active Markets for Identical (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Loans held for sale ¥ 4,823 ¥ 0 ¥ 0 ¥ 4,823 Real estate collateral-dependent loans (net of allowance for probable loan losses) 12,557 0 0 12,557 Investment in operating leases and property under facility operations 5,731 0 1,193 4,538 Certain investments in affiliates 11,213 8,741 0 2,472 ¥ 34,324 ¥ 8,741 ¥ 1,193 ¥ 24,390 |
Information about Valuation Techniques and Significant Unobservable Inputs Used in Valuation of Level Three Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables provide information about the valuation techniques and significant unobservable inputs used in the valuation of Level 3 assets and liabilities measured at fair value on a recurring basis as of March 31, 2019 and 2020. March 31, 2019 Millions of Valuation technique(s) Significant unobservable inputs Range (Weighted average) Fair value Assets: Available-for-sale Japanese prefectural and foreign municipal bond securities ¥ 2,888 Discounted cash flows Discount rate 8.5% (8.5%) Corporate debt securities 2,162 Discounted cash flows Discount rate 0.1% – 1.3% (0.8%) 4,996 Appraisals/Broker quotes — — Other asset-backed securities and debt securities 23,651 Discounted cash flows Discount rate 0.2% – 51.2% (8.3%) Probability of default 0.6% – 1.6% (0.8%) 66,750 Appraisals/Broker quotes — — Equity securities: Investment funds 6,012 Internal cash flows Discount rate 0.0% – 65.0% (11.3%) 32,702 Discounted cash flows Discount rate 3.8% – 17.0% (14.1%) 22,479 Appraisals/Broker quotes — — Derivative assets: Options held/written and other 5,005 Discounted cash flows Discount rate 0.0% – 15.0% (8.6%) 267 Appraisals/Broker quotes — — Other assets: Reinsurance recoverables 12,449 Discounted cash flows Discount rate (0.1)% – 0.4% (0.1%) Mortality rate 0.0% – 100.0% (1.3%) Lapse rate 1.5% – 24.0% (16.2%) Annuitization rate (guaranteed minimum annuity benefit) 0.0% – 100.0% (99.9%) Total ¥ 179,361 Liabilities: Policy liabilities and Policy Account Balances: Variable annuity and variable life insurance contracts ¥ 360,198 Discounted cash flows Discount rate (0.1)% – 0.4% (0.1%) Mortality rate 0.0% – 100.0% (1.3%) Lapse rate 1.5% – 54.0% (16.0%) Annuitization rate (guaranteed minimum annuity benefit) 0.0% – 100.0% (80.3%) Total ¥ 360,198 March 31, 2020 Millions of Valuation technique(s) Significant unobservable inputs Range (Weighted average) Fair value Assets: Available-for-sale Japanese prefectural and foreign municipal bond securities ¥ 2,832 Discounted cash flows Discount rate 8.5% (8.5%) Corporate debt securities 1,995 Discounted cash flows Discount rate 0.4% – 2.5% (0.8%) 1,999 Appraisals/Broker quotes — — Other asset-backed securities and debt securities 20,582 Discounted cash flows Discount rate 1.0% – 51.2% (12.1%) Probability of default 1.9% (1.9%) 60,945 Appraisals/Broker quotes — — Equity securities: Investment funds 5,714 Internal cash flows Discount rate 0.0% (0.0%) 54,898 Discounted cash flows WACC 7.6% – 19.1% (16.5%) EV/Terminal EBITDA multiple 7.0x – 11.9x ( 9.3x ) Market multiples EV/Last twelve months EBITDA multiple 7.5x – 11.8x ( 9.4x ) EV/Forward EBITDA multiple 6.5x – 10.3x (8.4x) EV/Precedent transaction last twelve months EBITDA multiple 7.5x – 12.1x (9.5x) 23,289 Appraisals/Broker quotes — — Derivative assets: Options held/written and other 19,170 Discounted cash flows Discount rate 12.0% – 33.0% (14.4%) 60 Appraisals/Broker quotes — — Other assets: Reinsurance recoverables 18,206 Discounted cash flows Discount rate (0.2)% – 0.6% (0.2%) Mortality rate 0.0% – 100.0% (1.4%) Lapse rate 1.5% – 14.0% (7.1%) Annuitization rate (guaranteed minimum annuity benefit) 0.0% – 100.0% (100.0%) Total ¥ 209,690 Liabilities: Policy liabilities and Policy Account Balances: Variable annuity and variable life insurance contracts ¥ 300,739 Discounted cash flows Discount rate (0.2)% – 0.6% (0.2%) Mortality rate 0.0% – 100.0% (1.3%) Lapse rate 1.5% – 30.0% (6.9%) Annuitization rate (guaranteed minimum annuity benefit) 0.0% – 100.0% (80.9%) Total ¥300,739 |
Information about Valuation Techniques and Significant Unobservable Inputs Used in Valuation of Level Three Assets Measured at Fair Value on Nonrecurring Basis | The following tables provide information about the valuation techniques and significant unobservable inputs used in the valuation of Level 3 assets measured at fair value on a nonrecurring basis during fiscal 2019 and 2020. 2019 Millions of Significant unobservable Range (Weighted average) Fair value Valuation technique(s) Assets: Real estate collateral-dependent loans (net of allowance for probable loan losses) ¥ 6,630 Direct capitalization Capitalization rate 5.8% – 8.2% ((6.3%) Appraisals — — Investment in operating leases and property under facility operations 2,345 Discounted cash flows Discount rate 7.3% ((7.3%) 10,556 Appraisals — — Certain investments in affiliates 334 Business enterprise value multiples — — Discounted cash flows Discount rate 14.0% ((14.0%) 2,563 Appraisals — — ¥ 22,428 2020 Millions of Significant unobservable Range (Weighted average) Fair value Valuation technique(s) Assets: Loans held for sale ¥ 4,823 Discounted cash flows Discount rate 5.7% – 7.7% (6.8)% Real estate collateral-dependent loans (net of allowance for probable loan losses) 12,557 Direct capitalization Capitalization rate 5.6% – 7.0% ((6.0%) Appraisals — — Investment in operating leases and property under facility operations 302 Direct capitalization Capitalization rate 4.3% (4.3)% Discounted cash flows Discount rate 4.1% (4.1)% 4,236 Appraisals — — Certain investments in affiliates 359 Discounted cash flows WACC 14.0% (14.0%) Market multiples EV/Precedent transaction last twelve months EBITDA multiple 7.0x (7.0x) EV/Precedent transaction three year average EBITDA multiple 7.0x (7.0x) 2,113 Appraisals — — ¥ 24,390 |
Revenues from Contracts with _2
Revenues from Contracts with Customers (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenue from Contract with Customers and Other Sources of Revenue | The following table provides information about revenues from contracts with customers, and other sources of revenue in fiscal 2019 and 2020. For further information about sales of goods, real estate sales and services income in fiscal 2018, see Note 5 “Sales of Goods and Real Estate Sales and Services Income.” Millions of yen 2019 2020 Goods or services category Sales of goods ¥ 462,029 ¥ 287,558 Real estate sales 134,136 118,953 Asset management and servicing 191,820 181,851 Automobile related services 78,723 77,987 Facilities operation 104,005 69,297 Environment and energy services 132,243 141,532 Real estate management and brokerage 103,062 104,110 Real estate contract work 82,217 88,966 Other 107,341 104,059 Total revenues from contracts with customers ¥ 1,395,576 ¥ 1,174,313 Other revenues* 19,383 8,210 Total sales of goods and real estate and services income ¥ 1,414,959 ¥ 1,182,523 * Other revenues are not in the scope of revenue from contracts with customers. |
Summary of Costs of Goods and Real Estate Sold and Service Expense | The following table provides information about costs of goods sold and real estate sold and services expense in fiscal 2019 and 2020. For further information about costs of goods sold, costs of real estate sold and services expenses in fiscal 2018, see Note 5 “Sales of Goods and Real Estate Sales and Services Income.” Millions of yen 2019 2020 Goods or services category Costs of goods sold ¥ 419,001 ¥ 247,036 Costs of real estate sold 116,260 106,970 Asset management and servicing 44,107 37,808 Automobile related services 47,859 48,579 Facilities operation 95,207 66,163 Environment and energy services 105,414 110,899 Real estate management and brokerage 94,869 94,119 Real estate contract work 71,958 76,983 Other 48,906 49,363 Total expenses of costs of goods and real estate sold and services expenses ¥ 1,043,581 ¥ 837,920 |
Summary of Balances from Contracts with Customers | The following table provides information about balances from contracts with customers as of March 31, 2019 and 2020. Millions of yen March 31, 2019 March 31, 2020 Trade Notes, Accounts and Other Receivable ¥ 161,884 ¥ 165,676 Contract assets (Included in Other Assets) 2,277 3,811 Contract liabilities (Included in Other Liabilities) 45,371 32,805 |
Sales of Goods and Real Estat_2
Sales of Goods and Real Estate Sales and Services Income (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Information about Sales of Goods and Real Estate and Costs of Goods and Real Estate Sold | The following table provides information about sales of goods and real estate and costs of goods and real estate sold in fiscal 2018. For further information about sales of goods, real estate sales, costs of goods sold and costs of real estate sold in fiscal 2019 and 2020, see Note 4 “Revenues from Contracts with Customers.” Millions of yen 2018 Sales of goods ¥ 954,807 Real estate sales 124,245 Sales of goods and real estate ¥ 1,079,052 Costs of goods sold ¥ 896,515 Costs of real estate sold 106,994 Costs of goods and real estate sold ¥ 1,003,509 |
Schedule of Information about Services Income and Services Expense | The following table provides information about services income and services expense in fiscal 2018. For further information about services income and services expense in fiscal 2019 and 2020, see Note 4 “Revenues from Contracts with Customers.” Millions of 2018 Revenues from asset management and servicing ¥ 213,667 Revenues from automobile related business 73,095 Revenues from facilities operation related business 104,187 Revenues from environment and energy business 112,821 Revenues from real estate management and contract work 183,243 Other 93,897 Services income ¥ 780,910 Expenses from asset management and servicing ¥ 49,848 Expenses from automobile related business 44,599 Expenses from facilities operation related business 90,623 Expenses from environment and energy business 89,278 Expenses from real estate management and contract work 166,487 Other 41,961 Services expense ¥ 482,796 |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |
Summary of Cash, Cash Equivalents and Restricted Cash | The following table provides information about Cash, Cash Equivalents and Restricted Cash which are included in the Company’s consolidated balance sheets as of March 31, 2019 and 2020, respectively. Millions of yen 2019 2020 Cash and Cash Equivalents ¥ 1,161,032 ¥ 982,666 Restricted Cash 122,548 152,618 Cash, Cash Equivalents and Restricted Cash ¥ 1,283,580 ¥ 1,135,284 |
Cash Payments | Cash payments during fiscal 2018, 2019 and 2020 are as follows: Millions of yen 2018 2019 2020 Cash payments: Interest ¥ 75,013 ¥ 92,424 ¥ 99,788 Income taxes, net 181,854 67,065 124,236 |
Leases (Table)
Leases (Table) | 12 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Lease Income | Lease income for fiscal 2020 is as follows: Millions of yen Fiscal Year ended March 31, 2020 Lease income – net investment in leases Interest income ¥ 72,663 Other 2,412 Lease income – operating leases* 430,665 Total lease income ¥ 505,740 * Gains from the disposition of real estate under operating leases included in operating lease revenues are ¥30,154 million, and gains from the disposition of operating lease assets other than real estate included in operating lease revenues are ¥20,918 million for fiscal year 2020. |
Net investment in lease direct financing and sales type | Net investment in leases at March 31, 2020 consists of the following: Millions of yen March 31, 2020 Lease receivables ¥ 1,049,409 Unguaranteed residual value 27,868 Initial direct costs 3,687 Total ¥ 1,080,964 |
Investment in Operating Leases | Investment in operating leases at March 31, 2020 consists of the following: Millions of yen March 31, 2020 Transportation equipment ¥ 1,305,908 Measuring and information-related equipment 287,301 Real estate 305,981 Other 32,119 1,931,309 Accumulated depreciation (678,245 ) Net 1,253,064 Right-of-use 121,553 Accrued rental receivables 25,384 Total ¥ 1,400,001 |
Depreciation and Various Expenses (Insurance, Property Tax and Other) of Operating Lease | Costs of operating leases include depreciation and various expenses (insurance, property tax and other). Depreciation and various expenses for fiscal 2020 are as follows: Millions of yen Fiscal Year ended March 31, 2020 Depreciation expenses ¥ 209,586 Various expenses 80,018 Total ¥ 289,604 |
Lease Receivables of the Operating Lease Contracts | Remaining lease receivables of the operating lease contracts range up to 61 years at March 31, 2020. At March 31, 2020, the amounts due in each of the next five years and thereafter are as follows: Millions of yen Years ending March 31, Net investment in leases Operating leases 2021 ¥ 411,013 ¥ 289,277 2022 297,692 194,257 2023 197,792 130,752 2024 120,602 83,242 2025 68,894 48,525 Thereafter 82,385 126,200 Total lease payments 1,178,377 ¥ 872,253 Less imputed interest (128,968 ) Total lease receivables ¥ 1,049,409 |
Component of Lease Expense | The component of lease expense for fiscal 2020 are as follows: Millions of yen Year ended March 31, 2020 Finance lease cost Depreciation expenses of right-of-use ¥ 743 Interest expenses of lease liabilities 302 1,045 Operating lease cost 42,427 Short-term lease cost 2,633 Variable lease cost 948 Sublease income (3,688 ) Total ¥ 43,365 |
Cash Flow Information Related To Lease | Supplemental cash flow information related to leases for fiscal 2020 are as follows: Millions of yen Year Ended March 31, Finance leases Operating leases Cash paid for amounts included in the measurements of lease liabilities: Cash flows from operating activities ¥ 302 ¥ 44,610 Cash flows from financing activities 494 0 Right-of-use ¥ 531 ¥ 39,775 |
Balance Sheet Information Related to Lessee Leases | Supplemental balance sheet information related to lessee leases at March 31, 2020 are as follows: Millions of yen, except lease term and discount rate March 31, 2020 Finance leases Operating leases Investment in Operating Leases ¥ 0 ¥ 121,553 Property under Facility Operations 2,241 73,226 Office Facilities 8 75,381 Total right-of-use 2,249 270,160 Other Liabilities 2,840 266,790 Total lease liabilities ¥ 2,840 ¥ 266,790 Weighted average remaining lease term 9years 13years Weighted average discount rate 3.01 % 1.08 % |
Operating And Finance Lease Liability Maturity | At March 31, 2020, the amounts of lease liabilities related to lessee leases due in each of the next five years and thereafter are as follows: Millions of yen Years ending March 31, Finance leases Operating leases 2021 ¥ 485 ¥ 45,303 2022 484 30,701 2023 482 26,884 2024 477 23,861 2025 473 21,649 Thereafter 848 135,909 Total lease payments 3,249 284,307 Less imputed interest (409 ) (17,517 ) Total lease liabilities ¥ 2,840 ¥ 266,790 |
Investment in Direct Financin_2
Investment in Direct Financing Leases (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Investment in Direct Financing Leases | Investment in direct financing leases at March 31, 2019 consists of the following: Millions of yen 2019 Total Minimum lease payments to be received ¥ 1,312,418 Less : Estimated executory costs (60,787 ) Minimum lease payments receivable 1,251,631 Estimated residual value 37,655 Initial direct costs 6,337 Unearned lease income (139,991 ) ¥ 1,155,632 |
Investment in Operating Leases
Investment in Operating Leases (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Investment in Operating Leases | Investment in operating leases at March 31, 2019 consists of the following: Millions of yen 2019 Transportation equipment ¥ 1,304,925 Measuring and information-related equipment 266,436 Real estate 336,002 Other 31,152 1,938,515 Accumulated depreciation (634,478 ) Net 1,304,037 Accrued rental receivables 31,922 ¥ 1,335,959 |
Depreciation and Various Expenses (Insurance, Property Tax and Other) of Operating Lease | Depreciation and various expenses for fiscal 2018 and 2019 are as follows: Millions of yen 2018 2019 Depreciation expenses ¥ 195,047 ¥ 202,858 Various expenses 57,280 54,463 ¥ 252,327 ¥ 257,321 |
Installment Loans (Tables)
Installment Loans (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Composition of Installment Loans By Domicile and Type of Borrower | The composition of installment loans by domicile and type of borrower at March 31, 2019 and 2020 is as follows: Millions of yen 2019 2020 Borrowers in Japan: Consumer— Real estate loans ¥ 1,560,832 ¥ 1,842,131 Card loans 245,139 223,651 Other 32,962 32,618 1,838,933 2,098,400 Corporate— Real estate companies 288,851 300,984 Non-recourse 53,067 48,566 Commercial, industrial and other companies 266,675 255,309 608,593 604,859 Overseas: Real estate companies 104,883 250,195 Non-recourse 49,915 83,515 Commercial, industrial companies and other 658,930 690,299 813,728 1,024,009 Purchased loans* 16,416 13,218 ¥ 3,277,670 ¥ 3,740,486 * Purchased loans represent loans with evidence of deterioration of credit quality since origination and for which it is probable at acquisition that collection of all contractually required payments from the debtors is unlikely. |
Contractual Maturities of Installment Loans Except Purchased Loans | At March 31, 2020, the contractual maturities of installment loans (except purchased loans) for each of the next five years and thereafter are as follows: Years ending March 31, Millions of yen 2021 ¥ 579,065 2022 352,497 2023 350,778 2024 255,482 2025 247,876 Thereafter 1,941,570 Total ¥ 3,727,268 |
Credit Quality of Financing R_2
Credit Quality of Financing Receivables and the Allowance for Credit Losses (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Information about Allowance for Credit Losses | The following table provides information about the allowance for credit losses for fiscal 2018, 2019 and 2020: March 31, 2018 Millions of yen Loans Direct f ing leases Total Consumer Corporate Purchased loans*1 Non-recourse loans Other Allowance for credit losses: Beginning balance ¥ 18,599 ¥ 2,951 ¥ 21,079 ¥ 6,061 ¥ 10,537 ¥ 59,227 Provision (Reversal) 11,922 (173 ) 3,814 (539 ) 2,241 17,265 Charge-offs (9,784 ) (2,031 ) (4,643 ) (1,375 ) (2,733 ) (20,566 ) Recoveries 657 — 260 152 32 1,101 Other*2 (198 ) (59 ) (2,103 ) (7 ) 12 (2,355 ) Ending balance ¥ 21,196 ¥ 688 ¥ 18,407 ¥ 4,292 ¥ 10,089 ¥ 54,672 Individually evaluated for impairment 3,020 149 8,295 2,880 — 14,344 Not individually evaluated for impairment 18,176 539 10,112 1,412 10,089 40,328 Financing receivables: Ending balance ¥ 1,739,173 ¥ 73,305 ¥ 974,058 ¥ 18,933 ¥ 1,194,888 ¥ 4,000,357 Individually evaluated for impairment 18,911 3,745 19,385 5,101 — 47,142 Not individually evaluated for impairment 1,720,262 69,560 954,673 13,832 1,194,888 3,953,215 March 31, 2019 Millions of yen Loans Direct f ing leases Total Consumer Corporate Purchased loans*1 Non-recourse loans Other Allowance for credit losses : Beginning balance ¥ 21,196 ¥ 688 ¥ 18,407 ¥ 4,292 ¥ 10,089 ¥ 54,672 Provision (Reversal) 12,400 213 5,919 (331 ) 4,324 22,525 Charge-offs (13,115 ) 0 (4,080 ) (822 ) (2,413 ) (20,430 ) Recoveries 687 0 246 126 158 1,217 Other*3 27 18 170 (79 ) (109 ) 27 Ending balance ¥ 21,195 ¥ 919 ¥ 20,662 ¥ 3,186 ¥ 12,049 ¥ 58,011 Individually evaluated for impairment 3,372 166 8,276 1,917 0 13,731 Not individually evaluated for impairment 17,823 753 12,386 1,269 12,049 44,280 Financing receivables : Ending balance ¥ 1,906,022 ¥ 99,028 ¥ 1,201,893 ¥ 16,416 ¥ 1,155,632 ¥ 4,378,991 Individually evaluated for impairment 23,163 4,448 27,452 3,764 0 58,827 Not individually evaluated for impairment 1,882,859 94,580 1,174,441 12,652 1,155,632 4,320,164 March 31, 2020 Millions of yen Loans Net investment in Total Consumer Corporate Purchased loans*1 Non-recourse loans Other Allowance for credit losses : Beginning balance ¥ 21,195 ¥ 919 ¥ 20,662 ¥ 3,186 ¥ 12,049 ¥ 58,011 Provision (Reversal) 12,254 903 7,988 (24 ) 3,304 24,425 Charge-offs (13,723 ) (1 ) (6,548 ) (1,789 ) (2,859 ) (24,920 ) Recoveries 554 0 133 77 24 788 Other*3 262 (35 ) (877 ) 8 (826 ) (1,468 ) Ending balance ¥ 20,542 ¥ 1,786 ¥ 21,358 ¥ 1,458 ¥ 11,692 ¥ 56,836 Individually evaluated for impairment 3,602 228 8,950 667 0 13,447 Not individually evaluated for impairment 16,940 1,558 12,408 791 11,692 43,389 Financing receivables : Ending balance ¥ 2,171,139 ¥ 132,081 ¥ 1,296,854 ¥ 13,218 ¥ 1,080,964 ¥ 4,694,256 Individually evaluated for impairment 26,533 2,466 55,216 1,605 0 85,820 Not individually evaluated for impairment 2,144,606 129,615 1,241,638 11,613 1,080,964 4,608,436 Notes 1: Loans held for sale are not included in the table above. 2: New Lease Standard has been adopted since April 1, 2019, and the amounts of investment in direct financing leases have been reclassified to net investment in leases. *1 Purchased loans represent loans with evidence of deterioration of credit quality since origination and for which it is probable at acquisition that collection of all contractually required payments from the debtors is unlikely. *2 Other mainly includes foreign currency translation adjustments and decrease in allowance related to sales of loans. *3 Other mainly includes foreign currency translation adjustments. |
Information about Impaired Loans | The following table provides information about the impaired loans as of March 31, 2019 and 2020: March 31, 2019 Millions of yen Portfolio segment Class Loans individually evaluated for impairment Unpaid principal balance Related allowance With no related allowance recorded *1 ¥ 17,593 ¥ 17,521 ¥ 0 Consumer borrowers 1,158 1,111 0 Real estate loans 589 542 0 Card loans 0 0 0 Other 569 569 0 Corporate borrowers 16,329 16,304 0 Non-recourse Japan 232 232 0 The Americas 3,404 3,404 0 Other than Non-recourse Real estate companies in Japan 47 47 0 Real estate companies in overseas 840 840 0 Commercial, industrial and other companies in Japan 975 950 0 Commercial, industrial and other companies in overseas 10,831 10,831 0 Purchased loans 106 106 0 With an allowance recorded *2 41,234 40,234 13,731 Consumer borrowers 22,005 21,401 3,372 Real estate loans 3,845 3,639 835 Card loans 3,945 3,937 633 Other 14,215 13,825 1,904 Corporate borrowers 15,571 15,175 8,442 Non-recourse Japan 0 0 0 The Americas 812 812 166 Other than Non-recourse Real estate companies in Japan 1,493 1,480 419 Real estate companies in overseas 0 0 0 Commercial, industrial and other companies in Japan 6,129 5,748 3,703 Commercial, industrial and other companies in overseas 7,137 7,136 4,154 Purchased loans 3,658 3,658 1,917 Total ¥ 58,827 ¥ 57,755 ¥ 13,731 Consumer borrowers 23,163 22,512 3,372 Real estate loans 4,434 4,181 835 Card loans 3,945 3,937 633 Other 14,784 14,394 1,904 Corporate borrowers 31,900 31,479 8,442 Non-recourse Japan 232 232 0 The Americas 4,216 4,216 166 Other than Non-recourse Real estate companies in Japan 1,540 1,527 419 Real estate companies in overseas 840 840 0 Commercial, industrial and other companies in Japan 7,104 6,698 3,703 Commercial, industrial and other companies in overseas 17,968 17,967 4,154 Purchased loans 3,764 3,764 1,917 March 31, 2020 Millions of yen Portfolio segment Class Loans individually evaluated for impairment Unpaid principal balance Related allowance With no related allowance recorded *1 ¥ 36,528 ¥ 36,524 ¥ 0 Consumer borrowers 997 995 0 Real estate loans 584 582 0 Card loans 0 0 0 Other 413 413 0 Corporate borrowers 35,423 35,421 0 Non-recourse The Americas 1,705 1,705 0 Other than Non-recourse Real estate companies in Japan 2,268 2,267 0 Real estate companies in overseas 11,231 11,231 0 Commercial, industrial and other companies in Japan 8,831 8,830 0 Commercial, industrial and other companies in overseas 11,388 11,388 0 Purchased loans 108 108 0 With an allowance recorded *2 49,292 48,936 13,447 Consumer borrowers 25,536 25,316 3,602 Real estate loans 5,178 5,162 817 Card loans 3,932 3,924 632 Other 16,426 16,230 2,153 Corporate borrowers 22,259 22,123 9,178 Non-recourse The Americas 761 761 228 Other than Non-recourse Real estate companies in Japan 1,233 1,219 374 Real estate companies in overseas 1,260 1,260 486 Commercial, industrial and other companies in Japan 3,649 3,527 2,371 Commercial, industrial and other companies in overseas 15,356 15,356 5,719 Purchased loans 1,497 1,497 667 Total ¥ 85,820 ¥ 85,460 ¥ 13,447 Consumer borrowers 26,533 26,311 3,602 Real estate loans 5,762 5,744 817 Card loans 3,932 3,924 632 Other 16,839 16,643 2,153 Corporate borrowers 57,682 57,544 9,178 Non-recourse The Americas 2,466 2,466 228 Other than Non-recourse Real estate companies in Japan 3,501 3,486 374 Real estate companies in overseas 12,491 12,491 486 Commercial, industrial and other companies in Japan 12,480 12,357 2,371 Commercial, industrial and other companies in overseas 26,744 26,744 5,719 Purchased loans 1,605 1,605 667 Note: Loans held for sale are not included in the table above. *1 “With no related allowance recorded” represents impaired loans with no allowance for credit losses as all amounts are considered to be collectible. *2 “With an allowance recorded” represents impaired loans with the allowance for credit losses as all or a part of the amounts are not considered to be collectible. |
Information about Average Recorded Investments in Impaired Loans and Interest Income | The following table provides information about the average recorded investments in impaired loans and interest income on impaired loans for fiscal 2018, 2019 and 2020: March 31, 2018 Millions of yen Portfolio segment Class Average recorded investments in impaired loans * Interest income on impaired loans Interest on impaired loans collected in cash Consumer borrowers ¥ 17,799 ¥ 402 ¥ 300 Real estate loans 4,143 191 121 Card loans 4,081 60 52 Other 9,575 151 127 Corporate borrowers 30,661 204 196 Non-recourse Japan 210 8 8 The Americas 4,972 6 6 Other than Non-recourse Real estate companies in Japan 3,549 52 52 Real estate companies in overseas 2,108 1 — Commercial, industrial and other companies in Japan 10,698 136 129 Commercial, industrial and other companies in overseas 9,124 1 1 Purchased loans 6,304 18 3 Total ¥ 54,764 ¥ 624 ¥ 499 March 31, 2019 Millions of yen Portfolio segment Class Average recorded investments in impaired loans * Interest income on impaired loans Interest on impaired loans collected in cash Consumer borrowers ¥ 20,601 ¥ 392 ¥ 356 Real estate loans 4,099 133 129 Card loans 4,020 59 52 Other 12,482 200 175 Corporate borrowers 25,381 289 276 Non-recourse Japan 247 7 7 The Americas 2,851 0 0 Other than Non-recourse Real estate companies in Japan 1,606 38 38 Real estate companies in overseas 876 0 0 Commercial, industrial and other companies in Japan 5,943 106 95 Commercial, industrial and other companies in overseas 13,858 138 136 Purchased loans 4,678 88 87 Total ¥ 50,660 ¥ 769 ¥ 719 March 31, 2020 Millions of yen Portfolio segment Class Average recorded investments in impaired loans * Interest income on impaired loans Interest on impaired loans collected in cash Consumer borrowers ¥ 24,721 ¥ 446 ¥ 403 Real estate loans 5,077 141 137 Card loans 3,926 57 50 Other 15,718 248 216 Corporate borrowers 37,103 121 119 Non-recourse Japan 137 2 2 The Americas 2,954 0 0 Other than Non-recourse Real estate companies in Japan 1,621 30 30 Real estate companies in overseas 5,785 0 0 Commercial, industrial and other companies in Japan 6,754 76 75 Commercial, industrial and other companies in overseas 19,852 13 12 Purchased loans 3,108 139 139 Total ¥ 64,932 ¥ 706 ¥ 661 Note: Loans held for sale are not included in the table above. * Average balances are calculated on the basis of fiscal beginning and quarter-end |
Information about Credit Quality Indicators | The following table provides information about the credit quality indicators as of March 31, 2019 and 2020: March 31, 2019 Millions of yen Non-performing Portfolio segment Class Performing Loans individually evaluated for impairment 90+ days past-due loans not individually evaluated for impairment Subtotal Total Consumer borrowers ¥ 1,870,447 ¥ 23,163 ¥ 12,412 ¥ 35,575 ¥ 1,906,022 Real estate loans 1,593,005 4,434 1,388 5,822 1,598,827 Card loans 239,523 3,945 1,671 5,616 245,139 Other 37,919 14,784 9,353 24,137 62,056 Corporate borrowers 1,269,021 31,900 0 31,900 1,300,921 Non-recourse Japan 48,881 232 0 232 49,113 The Americas 45,699 4,216 0 4,216 49,915 Other than Non-recourse Real estate companies in Japan 287,311 1,540 0 1,540 288,851 Real estate companies in overseas 65,358 840 0 840 66,198 Commercial, industrial and other companies in Japan 259,572 7,104 0 7,104 266,676 Commercial, industrial and other companies in overseas 562,200 17,968 0 17,968 580,168 Purchased loans 12,652 3,764 0 3,764 16,416 Direct ing 1,140,825 0 14,807 14,807 1,155,632 Japan 787,081 0 6,158 6,158 793,239 Overseas 353,744 0 8,649 8,649 362,393 Total ¥ 4,292,945 ¥ 58,827 ¥ 27,219 ¥ 86,046 ¥ 4,378,991 March 31, 2020 Millions of yen Non-performing Portfolio segment Class Performing Loans individually evaluated for impairment 90+ days past-due loans not individually evaluated for impairment Subtotal Total Consumer borrowers ¥ 2,134,342 ¥ 26,533 ¥ 10,264 ¥ 36,797 ¥ 2,171,139 Real estate loans 1,877,227 5,762 1,370 7,132 1,884,359 Card loans 218,011 3,932 1,708 5,640 223,651 Other 39,104 16,839 7,186 24,025 63,129 Corporate borrowers 1,371,253 57,682 0 57,682 1,428,935 Non-recourse Japan 48,566 0 0 0 48,566 The Americas 81,049 2,466 0 2,466 83,515 Other than Non-recourse Real estate companies in Japan 297,483 3,501 0 3,501 300,984 Real estate companies in overseas 119,403 12,491 0 12,491 131,894 Commercial, industrial and other companies in Japan 242,831 12,480 0 12,480 255,311 Commercial, industrial and other companies in overseas 581,921 26,744 0 26,744 608,665 Purchased loans 11,613 1,605 0 1,605 13,218 Net investment in leases 1,065,618 0 15,346 15,346 1,080,964 Japan 741,636 0 5,971 5,971 747,607 Overseas 323,982 0 9,375 9,375 333,357 Total ¥ 4,582,826 ¥ 85,820 ¥ 25,610 ¥ 111,430 ¥ 4,694,256 Notes 1 2 have |
Information about Nonaccrual and Past Due Financing Receivables | The following table provides information about the non-accrual past-due March 31, 2019 Millions of yen Past-due Portfolio segment Class 30-89 past-due 90 days or more past-due Total past-due Total financing receivables Non-accrual Consumer borrowers ¥ 5,783 ¥ 15,647 ¥ 21,430 ¥ 1,906,022 ¥ 15,647 Real estate loans 1,721 2,654 4,375 1,598,827 2,654 Card loans 548 2,127 2,675 245,139 2,127 Other 3,514 10,866 14,380 62,056 10,866 Corporate borrowers 4,960 13,753 18,713 1,300,921 27,979 Non-recourse Japan 0 0 0 49,113 0 The Americas 2,925 2,457 5,382 49,915 3,818 Other than Non-recourse Real estate companies in Japan 0 552 552 288,851 552 Real estate companies in overseas 2 0 2 66,198 840 Commercial, industrial and other companies in Japan 78 4,656 4,734 266,676 4,656 Commercial, industrial and other companies in overseas 1,955 6,088 8,043 580,168 18,113 Direct fin ancing 7,181 14,807 21,988 1,155,632 14,807 Japan 679 6,158 6,837 793,239 6,158 Overseas 6,502 8,649 15,151 362,393 8,649 Total ¥ 17,924 ¥ 44,207 ¥ 62,131 ¥ 4,362,575 ¥ 58,433 March 31, 2020 Millions of yen Past-due Portfolio segment Class 30-89 past-due 90 days or more past-due Total past-due Total financing receivables Non-accrual Consumer borrowers ¥ 6,604 ¥ 13,607 ¥ 20,211 ¥ 2,171,139 ¥ 13,607 Real estate loans 1,863 2,469 4,332 1,884,359 2,469 Card loans 595 2,114 2,709 223,651 2,114 Other 4,146 9,024 13,170 63,129 9,024 Corporate borrowers 3,365 26,999 30,364 1,428,935 44,622 Non-recourse Japan 0 0 0 48,566 0 The Americas 0 2,466 2,466 83,515 2,466 Other than Non-recourse Real estate companies in Japan 0 586 586 300,984 586 Real estate companies in overseas 1 12,386 12,387 131,894 12,491 Commercial, industrial and other companies in Japan 226 2,409 2,635 255,311 2,409 Commercial, industrial and other companies in overseas 3,138 9,152 12,290 608,665 26,670 Net investment in 13,702 15,346 29,048 1,080,964 15,346 Japan 2,755 5,971 8,726 747,607 5,971 Overseas 10,947 9,375 20,322 333,357 9,375 Total ¥ 23,671 ¥ 55,952 ¥ 79,623 ¥ 4,681,038 ¥ 73,575 Notes 1 2 |
Information about Troubled Debt Restructurings of Financing Receivables | The following table provides information about troubled debt restructurings of financing receivables that occurred during fiscal 2018, 2019 and 2020: March 31, 2018 Millions of yen Portfolio segment Class Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Consumer borrowers ¥ 9,632 ¥ 7,015 Real estate loans 12 12 Card loans 2,169 1,589 Other 7,451 5,414 Corporate borrowers 7,983 7,872 Non-recourse The Americas 3,460 3,460 Other than Non-recourse Commercial, industrial and other companies in Japan 111 — Other than Non-recourse Commercial, industrial and other companies in overseas 4,412 4,412 Total ¥ 17,615 ¥ 14,887 March 31, 2019 Millions of yen Portfolio segment Class Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Consumer borrowers ¥ 13,280 ¥ 9,294 Real estate loans 222 105 Card loans 2,106 1,393 Other 10,952 7,796 Corporate borrowers 6,002 6,001 Other than Non-recourse Commercial, industrial and other companies in overseas 6,002 6,001 Total ¥ 19,282 ¥ 15,295 March 31, 2020 Millions of yen Portfolio segment Class Pre-modification outstanding recorded investment Post-modification outstanding recorded investment Consumer borrowers ¥ 12,041 ¥ 9,025 Real estate loans 19 17 Card loans 1,899 1,396 Other 10,123 7,612 Corporate borrowers 4,785 4,779 Non-recourse The Americas 751 751 Other than Non-recourse Commercial, industrial and other companies in overseas 4,034 4,028 Total ¥ 16,826 ¥ 13,804 The following table provides information about financing receivables modified as troubled debt restructurings within the previous 12 months from March 31, 2018 and for which there was a payment default during fiscal 2018: March 31, 2018 Millions of yen Portfolio segment Class Recorded investment Consumer borrowers ¥ 99 Card loans 25 Other 74 Corporate borrowers 7,872 Non-recourse The Americas 3,460 Other than Non-recourse Commercial, industrial other companies in overseas 4,412 Total ¥ 7,971 The following table provides information about financing receivables modified as troubled debt restructurings within the previous 12 months from March 31, 2019 and for which there was a payment default during fiscal 2019: March 31, 2019 Millions of yen Portfolio segment Class Recorded investment Consumer borrowers ¥ 2,013 Card loans 22 Other 1,991 Total ¥ 2,013 The following table provides information about financing receivables modified as troubled debt restructurings within the previous 12 months from March 31, 2020 and for which there was a payment default during fiscal 2020: March 31, 2020 Millions of yen Portfolio segment Class Recorded investment Consumer borrowers ¥ 1,687 Card loans 22 Other 1,665 Consumer borrowers 25 Other than Non-recourse Commercial, industrial and other companies in overseas 25 Total ¥ 1,712 |
Purchased loans | |
Information about Allowance for Credit Losses | Changes in the allowance for uncollectible accounts relating to the purchased loans for fiscal 2018, 2019 and 2020 are as follows: Millions of yen 2018 2019 2020 Beginning balance ¥ 6,061 ¥ 4,292 ¥ 3,186 Provision (Reversal) (539 ) (331 ) (24 ) Charge-offs (1,375 ) (822 ) (1,789 ) Recoveries 152 126 77 Other* (7 ) (79 ) 8 Ending balance ¥ 4,292 ¥ 3,186 ¥ 1,458 * Other includes foreign currency translation adjustments. |
Investment in Securities (Table
Investment in Securities (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Investments Schedule [Abstract] | |
Summary of Investment in Securities | Investment in securities as of March 31, 2019 and 2020 consists of the following: Millions of yen 2019 2020 Equity securities* ¥ 549,047 ¥ 492,902 Trading debt securities 1,564 7,431 Available-for-sale 1,264,244 1,631,185 Held-to-maturity 114,061 113,805 Total ¥ 1,928,916 ¥ 2,245,323 * The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities were ¥324,220 million and ¥254,853 million as of March 31, 2019 and 2020, respectively. The amount of investment funds that are accounted for under the equity method included in equity securities were ¥75,923 million and ¥70,129 million as of March 31, 2019 and 2020, respectively. The amount of investment funds elected for the fair value option included in equity securities were ¥5,811 million and ¥6,326 million as of March 31, 2019 and 2020, respectively. |
Summary of Impairment and Downward or Upward Adjustment Due to Changes of Observable Price | The following tables provide information about impairment and upward or downward adjustments resulting from observable price changes as of March 31, 2019 and 2020 and for Millions of yen March 31, 2019 2019 Carrying Accumulated Accumulated Impairments Upward Equity securities measured ¥ 35,431 ¥ (1,688 ) ¥ 18 ¥ (159 ) ¥ 18 Millions of yen March 31, 2020 2020 Carrying Accumulated Accumulated Impairments Upward Equity securities measured using ¥ 35,968 ¥ (13,428 ) ¥ 112 ¥ (11,971 ) ¥ 94 |
Amortized Cost Basis Amounts, Gross Unrealized Holding Gains, Gross Unrealized Holding Losses and Fair Values of Available-for-Sale Securities and Held-to-Maturity Securities in Each Major Security Type | The amortized cost basis amounts, gross unrealized holding gains, gross unrealized holding losses and fair values of available-for-sale held-to-maturity March 31, 2019 Millions of yen Amortized cost Gross unrealized gains Gross unrealized losses Fair value Available-for-sale Japanese and foreign government bond securities ¥ 416,218 ¥ 20,133 ¥ (5,500 ) ¥ 430,851 Japanese prefectural and foreign municipal bond securities 189,792 3,749 (236 ) 193,305 Corporate debt securities 485,156 5,205 (2,364 ) 487,997 CMBS and RMBS in the Americas 59,954 2,566 (1,041 ) 61,479 Other asset-backed securities and debt securities 88,620 3,381 (1,389 ) 90,612 1,239,740 35,034 (10,530 ) 1,264,244 Held-to-maturity Japanese government bond securities and other 114,061 30,265 0 144,326 ¥ 1,353,801 ¥ 65,299 ¥ (10,530 ) ¥ 1,408,570 March 31, 2 020 Millions of yen Amortized cost Gross unrealized gains Gross unrealized losses Fair value Available-for-sale Japanese and foreign government bond securities ¥ 640,197 ¥ 21,063 ¥ (7,315 ) ¥ 653,945 Japanese prefectural and foreign municipal bond securities 251,738 2,031 (3,414 ) 250,355 Corporate debt securities 595,625 8,727 (7,875 ) 596,477 CMBS and RMBS in the Americas 56,957 929 (9,214 ) 48,672 Other asset-backed securities and debt securities 92,363 3,267 (13,894 ) 81,736 1,636,880 36,017 (41,712 ) 1,631,185 Held-to-maturity Japanese government bond securities and other 113,805 29,384 0 143,189 ¥ 1,750,685 ¥ 65,401 ¥ (41,712 ) ¥ 1,774,374 |
Information about Available-for-Sale Securities with Gross Unrealized Losses and Length of Time Individual Securities Have Been in Continuous Unrealized Loss Position | The following tables provide information about available-for-sale March 31, 20 19 Millions of yen Less than 12 months 12 months or more Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses Available-for-sale Japanese and foreign government bond securities ¥ 51,551 ¥ (1,119 ) ¥ 98,830 ¥ (4,381 ) ¥ 150,381 ¥ (5,500 ) Japanese prefectural and foreign municipal bond securities 1,329 (35 ) 4,510 (201 ) 5,839 (236 ) Corporate debt securities 9,156 (18 ) 68,924 (2,346 ) 78,080 (2,364 ) CMBS and RMBS in the Americas 10,194 (362 ) 7,147 (679 ) 17,341 (1,041 ) Other asset-backed securities and debt securities 10,253 (411 ) 28,748 (978 ) 39,001 (1,389 ) ¥ 82,483 ¥ (1,945 ) ¥ 208,159 ¥ (8,585 ) ¥ 290,642 ¥ (10,530 ) March 31, 2020 Millions of yen Less than 12 months 12 months or more Total Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses Available-for-sale Japanese and foreign government bond securities ¥ 116,967 ¥ (2,881 ) ¥ 165,642 ¥ (4,434 ) ¥ 282,609 ¥ (7,315 ) Japanese prefectural and foreign municipal bond securities 143,563 (3,413 ) 219 (1 ) 143,782 (3,414 ) Corporate debt securities 260,738 (4,643 ) 22,631 (3,232 ) 283,369 (7,875 ) CMBS and RMBS in the Americas 30,830 (7,486 ) 5,768 (1,728 ) 36,598 (9,214 ) Other asset-backed securities and debt securities 26,612 (3,759 ) 22,727 (10,135 ) 49,339 (13,894 ) ¥ 578,710 ¥ (22,182 ) ¥ 216,987 ¥ (19,530 ) ¥ 795,697 ¥ (41,712 ) |
Total Other-Than-Temporary Impairment with Offset for Amount of Total Other-Than-Temporary Impairment Recognized in Other Comprehensive Income | The other-than-temporary impairment losses recognized in other comprehensive income (loss) and earnings for fiscal Millions of yen 2018 2019 2020 Total other-than-temporary impairment losses ¥ 1,246 ¥ 1,359 ¥ 0 Portion of loss recognized in other comprehensive income (before taxes) 0 (136 ) 0 Net impairment losses recognized in earnings ¥ 1,246 ¥ 1,223 ¥ 0 |
Roll-Forwards of Amount of Accumulated Other-Than-Temporary Impairments Related to Credit Losses | For debt securities held as of March 31, 2018, 2019, and 2020 , for fiscal Millions of yen 2018 2019 2020 Beginning ¥ 1,220 ¥ 1,021 ¥ 2,102 Addition during the period: Credit loss for which an other-than-temporary impairment was not previously recognized 0 1,103 0 Reduction during the period: For securities sold or redeemed 0 (22 ) 0 Due to change in intent to sell or requirement to sell (199 ) 0 0 Ending ¥ 1,021 ¥ 2,102 ¥ 2,102 |
Summary of Contractual Maturities of Available-for-Sale Debt Securities and Held-to-Maturity Debt Securities | The following is a summary of the contractual maturities of available-for-sale debt securities and held-to-maturity debt securities held as of March 31, 2020: Available-for-sale Millions of yen Amortized cost Fair value Due within one year ¥ 40,477 ¥ 39,425 Due after one to five years 290,323 284,489 Due after five to ten years 540,516 529,643 Due after ten years 765,564 777,628 ¥ 1,636,880 ¥ 1,631,185 Held-to-maturity Millions of yen Amortized cost Fair value Due after five to ten years ¥ 7,021 ¥ 8,343 Due after ten years 106,784 134,846 ¥ 113,805 ¥ 143,189 |
Transfer of Financial Assets (T
Transfer of Financial Assets (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Transfers and Servicing [Abstract] | |
Roll-Forwards of Amount of Servicing Assets | The servicing assets related to those servicing activities are included in other assets in the consolidated balance sheets and roll-forwards of the amount of the servicing assets during fiscal 2019 and 2020 are as follows: Millions of yen 2019 2020 Beginning balance ¥ 28,756 ¥ 31,572 Increase mainly from loans sold with servicing retained * 6,275 33,061 Decrease mainly from amortization (4,728 ) (6,229 ) Increase (Decrease) from the effects of changes in foreign exchange rates 1,269 (699 ) Ending balance ¥ 31,572 ¥ 57,705 * Increase mainly from loans sold with servicing retained includes increases in connection with acquisitions of subsidiaries. |
Fair Value of Servicing Assets | The fair value of the servicing assets as of March 31, 2019 and 2020 are as follows: Millions of yen March 31, 2019 March 31, 2020 Beginning balance ¥ 35,681 ¥ 39,846 Ending balance ¥ 39,846 ¥ 60,419 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Variable Interest Entity, Primary Beneficiary | |
Information about Variable Interest Entities (Consolidated and Non-consolidated) | Information about VIEs (consolidated and non-consolidated) for the Company and its subsidiaries are as follows: 1. Consolidated VIEs March 31, 2019 Millions of yen Types of VIEs Total assets*1 Total liabilities*1 Assets which are pledged as collateral*2 Commitments*3 (a) ¥ 0 ¥ 0 ¥ 0 ¥ 0 (b) 2,014 0 0 0 (c) 94,404 31,208 49,587 0 (d) 564 30 0 0 (e) 72,347 121 42 0 (f) 228,859 175,115 228,859 0 (g) 2,264 2,729 2,264 0 (h) 282,739 195,915 242,937 54,533 (i) 149,333 45,082 120,312 0 Total ¥ 832,524 ¥ 450,200 ¥ 644,001 ¥ 54,533 March 31, 2020 Millions of yen Types of VIEs Total assets*1 Total liabilities*1 Assets which are pledged as collateral*2 Commitments*3 (a) ¥ 0 ¥ 0 ¥ 0 ¥ 0 (b) 2,546 2 0 0 (c) 80,385 17,941 21,970 5,153 (d) 465 9 0 0 (e) 82,098 28 0 0 (f) 267,548 159,181 267,548 0 (g) 2,358 3,037 2,358 0 (h) 393,797 284,772 355,107 40,111 (i) 163,948 66,411 141,988 0 Total ¥ 993,145 ¥ 531,381 ¥ 788,971 ¥ 45,264 *1 The assets of most VIEs are used only to repay the liabilities of the VIEs, and the creditors of the liabilities of most VIEs have no recourse to other assets of the Company and its subsidiaries. *2 The assets are pledged as collateral by VIE for financing of the VIE. *3 This item represents remaining balance of commitments that could require the Company and its subsidiaries to provide investments or loans to the VIE. |
Variable Interest Entity, Not Primary Beneficiary | |
Information about Variable Interest Entities (Consolidated and Non-consolidated) | 2. Non-consolidated March 31, 2019 Millions of yen Carrying amount of the Types of VIEs Total assets Non-recourse Investments Maximum exposure to loss * (a) ¥ 8,524 ¥ 0 ¥ 991 ¥ 991 (b) 34,872 0 3,426 3,426 (c) 0 0 0 0 (d) 0 0 0 0 (e) 3,493,461 0 60,329 81,337 (f) 0 0 0 0 (g) 982,353 0 21,768 21,776 (h) 26,495 0 1,783 1,783 (i) 391,602 3,200 32,569 37,947 Total ¥ 4,937,307 ¥ 3,200 ¥ 120,866 ¥ 147,260 March 31, 2020 Millions of yen Carrying amount of the Types of VIEs Total assets Non-recourse Investments Maximum exposure to loss * (a) ¥ 8,508 ¥ 0 ¥ 991 ¥ 991 (b) 51,746 0 4,542 4,542 (c) 0 0 0 0 (d) 0 0 0 0 (e) 3,820,403 0 55,645 72,527 (f) 0 0 0 0 (g) 1,239,325 0 15,663 15,668 (h) 25,037 0 1,719 1,719 (i) 200,325 2,837 10,523 13,476 Total ¥ 5,345,344 ¥ 2,837 ¥ 89,083 ¥ 108,923 * Maximum exposure to loss includes remaining balance of commitments that could require the Company and its subsidiaries to provide investments or loans to the VIE. |
Investment in Affiliates (Table
Investment in Affiliates (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Investments in and Advances to Affiliates [Abstract] | |
Summary of Investment in Affiliates | Investment in affiliates at March 31, 2019 and 2020 consists of the following: Millions of yen 2019 2020 Shares ¥ 789,638 ¥ 770,750 Loans and others 53,122 50,912 ¥ 842,760 ¥ 821,662 |
Combined and Condensed Information Related to Affiliates | Combined and condensed information relating to the affiliates for fiscal 2018, 2019 and 2020 are as follows (some operation data for entities reflect only the period since the Company and its subsidiaries made the investment and on a lag basis): Millions of yen 2018 2019 2020 Operations: Total revenues ¥ 1,871,156 ¥ 1,606,565 ¥ 1,674,184 Income before income taxes 245,408 187,203 206,637 Net income 210,443 114,271 140,540 Financial position: Total assets ¥ 9,391,445 ¥ 11,473,689 ¥ 12,499,794 Total liabilities 6,717,326 7,542,997 8,428,007 Total equity 2,674,119 3,930,692 4,071,787 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Goodwill by Reportable Segment | Changes in goodwill by reportable segment for fiscal 2018, 2019 and 2020 are as follows: Millions of yen Corporate Financial Services Maintenance Leasing Real Investment and Operation Retail Overseas Business Total Balance at March 31, 2017 Goodwill ¥ 56,203 ¥ 282 ¥ 32,239 ¥ 68,853 ¥ 15,424 ¥ 181,133 ¥ 354,134 Accumulated impairment losses (837 ) 0 (8,708 ) (39 ) 0 (3,372 ) (12,956 ) 55,366 282 23,531 68,814 15,424 177,761 341,178 Acquired 0 9,258 0 13,517 0 20,158 42,933 Impairment 0 0 0 0 0 0 0 Other (net)* 0 0 83 (20,756 ) 0 5,187 (15,486 ) Balance at March 31, 2018 Goodwill 56,203 9,540 32,322 61,614 15,424 206,478 381,581 Accumulated impairment losses (837 ) 0 (8,708 ) (39 ) 0 (3,372 ) (12,956 ) 55,366 9,540 23,614 61,575 15,424 203,106 368,625 Acquired 0 0 0 27,569 0 44,897 72,466 Impairment 0 0 0 0 0 0 0 Other (net)* 0 (270 ) (7,231 ) 34 0 (2,945 ) (10,412 ) Balance at March 31, 2019 Goodwill 56,203 9,270 16,383 89,217 15,424 248,430 434,927 Accumulated impairment losses (837 ) 0 0 (39 ) 0 (3,372 ) (4,248 ) 55,366 9,270 16,383 89,178 15,424 245,058 430,679 Acquired 1,299 0 0 26,705 672 17,846 46,522 Impairment 0 0 0 0 0 0 0 Other (net)* 0 0 (111 ) (22,172 ) 0 (11,100 ) (33,383 ) Balance at March 31, 2020 Goodwill 57,502 9,270 16,272 93,750 16,096 255,176 448,066 Accumulated impairment losses (837 ) 0 0 (39 ) 0 (3,372 ) (4,248 ) ¥ 56,665 ¥ 9,270 ¥ 16,272 ¥ 93,711 ¥ 16,096 ¥ 251,804 ¥ 443,818 Note: The Company changed the segment classification of DAIKYO from Investment and Operation segment to Real Estate segment from fiscal 2019. As a result of this change, the amounts as of the end of and for the previous fiscal year have been retrospectively reclassified. * |
Other Intangible Assets | Other intangible assets at March 31, 2019 and 2020 consist of the following: Millions of yen 2019 2020 Indefinite-lived intangible assets: Trade names ¥ 78,252 ¥ 69,321 Asset management contracts 146,981 141,069 Others 3,847 4,192 229,080 214,582 Intangible assets subject to amortization: Software 111,767 119,666 Customer relationships 130,971 137,923 Others 92,306 88,189 335,044 345,778 Accumulated amortization (137,026 ) (155,868 ) Net 198,018 189,910 ¥ 427,098 ¥ 404,492 |
Short-Term and Long-Term Debt (
Short-Term and Long-Term Debt (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Composition of Short Term Debt and Weighted Average Contract Interest Rate on Short Term Debt | The composition of short-term debt and the weighted average contract interest rate on short-term debt at March 31, 2019 and 2020 are as follows: March 31, 2019 Millions of yen Weighted average rate Short-term debt in Japan, mainly from banks ¥ 121,870 1.9 % Short-term debt outside Japan, mainly from banks 146,618 3.7 Commercial paper in Japan 38,598 0.0 Commercial paper outside Japan 2,463 3.3 ¥ 309,549 2.5 March 31, 2020 Millions of yen Weighted average rate Short-term debt in Japan, mainly from banks ¥ 131,822 1.0 % Short-term debt outside Japan, mainly from banks 187,300 2.2 Commercial paper in Japan 12,998 0.1 Commercial paper outside Japan 4,712 2.6 ¥ 336,832 1.7 |
Composition of Long Term Debt, Weighted Average Contract Interest Rate on Long Term Debt and Repayment Due Dates | The composition of long-term debt, the weighted average contract interest rate on long-term debt and the repayment due dates at March 31, 2019 and 2020 are as follows: March 31, 2019 Due (Fiscal Year) Millions of yen Weighted average rate Banks: Fixed rate 2020~2037 ¥ 496,431 1.2 % Floating rate 2020~2077 1,895,176 1.8 Insurance companies and others: Fixed rate 2020~2037 348,103 0.8 Floating rate 2023~2077 271,170 0.7 Unsecured bonds 2023~2029 807,460 1.8 Unsecured notes under medium-term note program 2021~2027 190,082 3.1 Payables under securitized lease receivables 2021~2023 20,151 0.3 Payables under securitized loan receivables and investment in securities 2022~2039 157,649 2.4 ¥ 4,186,222 1.7 March 31, 2020 Due (Fiscal Year) Millions of yen Weighted average rate Banks: Fixed rate 2021~2037 ¥ 463,599 1.2 % Floating rate 2021~2077 1,957,105 1.5 Insurance companies and others: Fixed rate 2022~2037 336,821 1.2 Floating rate 2021~2077 336,949 1.8 Unsecured bonds 2022~2080 845,938 1.7 Unsecured notes under medium-term note program 2021~2027 176,802 3.1 Payables under securitized lease receivables 2021~2021 4,322 0.2 Payables under securitized loan receivables and investment in securities 2022~2039 157,818 2.2 ¥ 4,279,354 1.6 |
Schedule of Long Term Debt Repayment | The repayment schedule for the next five years and thereafter for long-term debt at March 31, 2020 is as follows: Years ending March 31, Millions of yen 2021 ¥ 658,813 2022 632,540 2023 599,752 2024 438,901 2025 520,526 Thereafter 1,428,822 Total ¥ 4,279,354 |
Secured Assets for Short Term and Long Term Debt Payables to Financial Institutions | Other than the assets of the consolidated VIEs pledged as collateral for financing (see Note 1 4 Millions of yen Lease payments, loans and investment in operating leases ¥ 198,160 Investment in securities 167,800 Property under facility operations 28,275 Other assets and other 26,982 ¥ 421,217 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits at March 31, 2019 and 2020 consist of the following: Millions of yen 2019 2020 Time deposits ¥ 1,409,158 ¥ 1,752,755 Other deposits 518,583 478,948 Total ¥ 1,927,741 ¥ 2,231,703 |
Schedule of Time Deposits Maturity | The maturity schedule of time deposits at March 31, 2020 is as follows: Years ending March 31, Millions of yen 2021 ¥ 997,891 2022 177,285 2023 229,131 2024 56,387 2025 292,061 Thereafter 0 Total ¥ 1,752,755 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income before Income Taxes and Provision for Income Taxes | Income before income taxes and the provision for income taxes in fiscal 2018, 2019 and 2020 are as follows: Millions of yen 2018 2019 2020 Income before income taxes: Japan ¥ 296,577 ¥ 254,352 ¥ 223,327 Overseas 138,924 141,378 189,234 ¥ 435,501 ¥ 395,730 ¥ 412,561 Provision for income taxes: Current— Japan ¥ 85,514 ¥ 83,995 ¥ 55,577 Overseas 22,810 19,824 35,370 108,324 103,819 90,947 Deferred— Japan 5,960 (51,795 ) 9,643 Overseas (372 ) 16,667 5,247 5,588 (35,128 ) 14,890 Provision for income taxes ¥ 113,912 ¥ 68,691 ¥ 105,837 |
Reconciliations of Differences between Tax Provision Computed and Consolidated Provisions for Income Taxes | Reconciliations of the differences between the tax provision computed at the statutory rate and the consolidated provision for income taxes in fiscal 2018, 2019 and 2020 are as follows: Millions of yen 2018 2019 2020 Income before income taxes ¥ 435,501 ¥ 395,730 ¥ 412,561 Tax provision computed at statutory rate ¥ 138,054 ¥ 124,655 ¥ 129,957 Increases (reductions) in taxes due to: Change in valuation allowance (6,971 ) (329 ) 2,505 Nondeductible expenses 3,000 4,431 4,319 Nontaxable income (4,464 ) (15,176 ) (3,612 ) Effect of lower tax rates on certain subsidiaries (5,713 ) (17,950 ) (24,862 ) Effect of investor taxes on earnings of subsidiaries 3,831 (26,756 ) 3,039 Effect of the tax law and s (16,232 ) (1,264 ) (6,642 ) Other, net 2,407 1,080 1,133 Provision for income taxes ¥ 113,912 ¥ 68,691 ¥ 105,837 |
Total Income Tax Recognized | Total income taxes recognized in fiscal 2018, 2019 and 2020 was allocated as follows: Millions of yen 2018 2019 2020 Provision for income taxes ¥ 113,912 ¥ 68,691 ¥ 105,837 Income taxes allocated to other comprehensive income (loss): Net change of unrealized gains (losses) on investment in securities (11,084 ) 4,013 (7,016 ) Net change of debt valuation adjustments 0 90 340 Net change of defined benefit pension plans (911 ) (2,864 ) 448 Net change of foreign currency translation adjustments (1,517 ) 729 10,276 Net change of unrealized gains (losses) on derivative instruments 139 (1,258 ) (2,163 ) Direct adjustments to shareholders’ equity (2 ) 0 0 Total income taxes ¥ 100,537 ¥ 69,401 ¥ 107,722 |
Deferred Tax Assets and Liabilities | The tax effects of temporary differences giving rise to the deferred tax assets and liabilities at March 31, 2019 and 2020 are as follows: Millions of yen 2019 2020 Assets: Net operating loss carryforwards ¥ 14,246 ¥ 22,471 Allowance for doubtful receivables on finance leases and probable loan losses 16,336 14,557 Investment in securities 5,045 11,305 Accrued expenses 21,498 18,978 Investment in operating leases 13,134 11,654 Property under facility operations 8,642 8,091 Installment loans 4,737 4,353 Unrealized losses on investment in securities 0 4,877 Lease liabilities 0 78,697 Other 58,689 56,169 142,327 231,152 Less: valuation allowance (13,156 ) (15,369 ) 129,171 215,783 Liabilities: Investment in direct financing leases 10,819 0 Net investment in Leases 0 8,594 Investment in operating leases 97,653 105,667 Unrealized gains on investment in securities 6,971 4,687 Deferred insurance policy acquisition costs 56,132 62,321 Policy liabilities and policy account balances 38,227 42,949 Property under facility operations 11,594 17,352 Other intangible assets 97,426 97,383 Undistributed earnings 42,329 47,878 Prepaid benefit cost 8,932 8,837 Advances paid 7,681 10,218 Right-of-use 0 79,642 Other 31,278 31,318 409,042 516,846 Net deferred tax liability ¥ 279,871 ¥ 301,063 Net deferred tax assets and liabilities at March 31, 2019 and 2020 are reflected in the accompanying consolidated balance sheets under the following captions: Millions of yen 2019 2020 Other assets ¥ 33,962 ¥ 27,084 Income taxes: Deferred 313,833 328,147 Net deferred tax liability ¥ 279,871 ¥ 301,063 |
Net Operating Loss Carryforwards Expire Date | The Company and certain subsidiaries have net operating loss carryforwards of ¥171,725 million at March 31, 2020, which expire as follows: Year s Millions of yen 2021 ¥ 12,549 2022 5,656 2023 8,847 2024 16,888 2025 10,882 Thereafter 90,681 Indefinite period 26,222 Total ¥ 171,725 |
Pension Plans (Tables)
Pension Plans (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Funded Status of Defined Benefit Pension Plans | The funded status of the defined benefit pension plans, which consists of Japanese plans and overseas plans, as of March 31, 2019 and 2020 are as follows: Millions of yen Japanese plans Overseas plans 2019 2020 2019 2020 Change in benefit obligation: Benefit obligation at beginning of year ¥ 104,593 ¥ 110,661 ¥ 100,782 ¥ 107,812 Service cost 5,526 5,879 3,186 3,566 Interest cost 721 585 2,002 1,634 Actuarial loss (income) 4,051 (3,935 ) 8,060 (2,465 ) Foreign currency exchange rate change 0 0 (4,392 ) (4,172 ) Plan participant’s contributions 0 0 0 392 Benefits paid (3,178 ) (4,111 ) (1,452 ) (1,788 ) Business combinations 0 1,399 0 0 Divestitures (684 ) 0 0 (237 ) Plan amendments (368 ) (11 ) (374 ) (1,126 ) Benefit obligation at end of year 110,661 110,467 107,812 103,616 Change in plan assets: Fair value of plan assets at beginning of year 121,269 123,628 93,338 96,837 Actual return on plan assets 1,383 (2,790 ) 7,023 3,114 Employer contribution 3,633 3,821 1,920 2,333 Plan participant’s contributions 0 0 0 392 Benefits paid (2,657 ) (3,429 ) (1,346 ) (1,683 ) Business combinations 0 1,550 0 0 Divestitures 0 0 0 (187 ) Foreign currency exchange rate change 0 0 (4,098 ) (3,812 ) Fair value of plan assets at end of year 123,628 122,780 96,837 96,994 The funded status of the plans ¥ 12,967 ¥ 12,313 ¥ (10,975 ) ¥ (6,622 ) Amount recognized in the consolidated balance sheets consists of: Prepaid benefit cost included in other assets ¥ 25,590 ¥ 24,521 ¥ 12 ¥ 11 Accrued benefit liability included in other liabilities (12,623 ) (12,208 ) (10,987 ) (6,633 ) Net amount recognized ¥ 12,967 ¥ 12,313 ¥ (10,975 ) ¥ (6,622 ) |
Defined Benefit Plan Amount Recognized in Accumulated Other Comprehensive Income (Loss), Pre-tax | Amount recognized in accumulated other comprehensive income (loss), pre-tax, Millions of yen Japanese plans Overseas plans 2019 2020 2019 2020 Net prior service credit ¥ 1,364 ¥ 545 ¥ 594 ¥ 1,446 Net actuarial loss (28,389 ) (28,863 ) (14,711 ) (12,293 ) Net transition obligation 0 0 — 0 Total recognized in accumulated other comprehensive loss, pre-tax ¥ (27,025 ) ¥ (28,318 ) ¥ (14,117 ) ¥ (10,847 ) |
Net Pension Cost of Defined Benefit Plans | Net pension cost of the plans for fiscal 2018, 2019 and 2020 consists of the following: Millions of yen 2018 2019 2020 Japanese plans: Service cost ¥ 5,339 ¥ 5,526 ¥ 5,879 Interest cost 778 721 585 Expected return on plan assets (2,627 ) (2,723 ) (2,806 ) Amortization of prior service credit (912 ) (897 ) (820 ) Amortization of net actuarial loss 856 844 1,156 Amortization of transition obligation 45 — 0 Net periodic pension cost ¥ 3,479 ¥ 3,471 ¥ 3,994 Overseas plans: Service cost ¥ 3,455 ¥ 3,186 ¥ 3,566 Interest cost 1,994 2,002 1,634 Expected return on plan assets (4,217 ) (4,407 ) (4,262 ) Amortization of prior service credit (123 ) (174 ) (208 ) Amortization of net actuarial loss 38 75 739 Amortization of transition obligation 4 7 1 Net periodic pension cost ¥ 1,151 ¥ 689 ¥ 1,470 Note: The components of net periodic pension cost other than the service cost component are included in personnel expenses, which is included in selling, general and administrative expenses in the consolidated statements of income. |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) | Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for fiscal 2018, 2019 and 2020 are summarized as follows: Millions of yen 2018 2019 2020 Japanese plans: Current year actuarial gain (loss) ¥ (1,005 ) ¥ (5,078 ) ¥ (1,629 ) Amortization of net actuarial loss 856 844 1,156 Prior service credit due to amendments (5 ) 20 0 Amortization of prior service credit (912 ) (897 ) (820 ) Amortization of transition obligation 45 — 0 Total recognized in other comprehensive income (loss), pre-tax ¥ (1,021 ) ¥ (5,111 ) ¥ (1,293 ) Overseas plans: Current year actuarial gain (loss) ¥ (2,417 ) ¥ (5,553 ) ¥ 1,117 Amortization of net actuarial loss 38 75 739 Prior service credit due to amendments 0 50 1,097 Amortization of prior service credit (123 ) (174 ) (208 ) Amortization of transition obligation 4 7 1 Foreign currency exchange rate change (354 ) 496 524 Total recognized in other comprehensive income (loss), pre-tax ¥ (2,852 ) ¥ (5,099 ) ¥ 3,270 |
Significant Assumptions of Japan and Overseas Pension Plans Used to Determine Plan Amounts | Significant assumptions of Japanese pension plans and overseas pension plans used to determine these amounts are as follows: Japanese plans 2018 2019 2020 Weighted-average assumptions used to determine benefit obligations at March 31: Discount rate 0.7 % 0.5 % 0.6 % Rate of increase in compensation levels 4.6 % 4.4 % 4.0 % Weighted-average assumptions used to determine net periodic pension cost for years ended March 31: Discount rate 0.8 % 0.7 % 0.5 % Rate of increase in compensation levels 4.5 % 4.6 % 4.4 % Expected long-term rate of return on plan assets 2.2 % 2.2 % 2.2 % Overseas plans 2018 2019 2020 Weighted-average assumptions used to determine benefit obligations at March 31: Discount rate 2.0 % 1.7 % 1.7 % Rate of increase in compensation levels 2.4 % 2.4 % 2.2 % Weighted-average assumptions used to determine net periodic pension cost for years ended March 31: Discount rate 2.1 % 2.0 % 1.7 % Rate of increase in compensation levels 2.4 % 2.4 % 2.4 % Expected long-term rate of return on plan assets 4.9 % 4.7 % 3.7 % |
Benefits Expected to be Paid | At March 31, 2020, the benefits expected to be paid in each of the next five fiscal years, and in the aggregate for the five years thereafter are as follows: Millions of yen Years ending March 31, Japanese plans Overseas plans 2021 ¥ 3,057 ¥ 1,483 2022 2,910 1,541 2023 3,037 1,558 2024 3,263 1,685 2025 3,434 1,748 2026-2030 19,887 10,846 Total ¥ 35,588 ¥ 18,861 |
Japan | |
Fair Value of Pension Plan Assets by Asset Category | The fair value of Japanese pension plan assets at March 31, 2019 and 2020, by asset category, are as follows. The three levels of input used to measure fair value are described in Note 2 “Fair Value Measurement s Millions of yen March 31, 2019 Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Inputs (Level 3) Equity securities: Japan Pooled funds*1 ¥ 19,824 ¥ 0 ¥ 0 ¥ 0 Other than Japan Pooled funds*2 24,535 0 0 0 Debt securities: Japan Pooled funds*3 19,243 0 0 0 Other than Japan Pooled funds*4 27,382 0 0 0 Other assets: Life insurance company general accounts*5 27,482 0 27,482 0 Others*6 5,162 0 5,162 0 ¥ 123,628 ¥ 0 ¥ 32,644 ¥ 0 *1 These funds invest in listed shares including shares of ORIX Corporation in the amounts of ¥42 million at March 31, 2019. *2 These funds invest in listed shares. *3 These funds invest approximately 60% in Japanese government bonds, approximately 10% in Japanese municipal bonds, and approximately 30% in Japanese corporate bonds. These funds include corporate bonds of ORIX Corporation in the amounts of ¥1,578 million at March 31, 2019. *4 These funds invest entirely in foreign government bonds. *5 Life insurance company general accounts are accounts with guaranteed capital and minimum interest rate, in which life insurance companies manage funds on several contracts. *6 Others include derivative instruments held for hedging change in the fair value of equity securities, and short-term instruments. At March 31, 2019, our policy for the portfolio of plans consists of three major components: approximately 40% is invested in equity securities, approximately 40% is invested in debt securities and approximately 20% is invested in other assets, primarily consisting of investments in life insurance company general accounts. Level 2 assets are comprised principally of investments in life insurance company general accounts. Investments in life insurance company general accounts are valued at conversion value. Pooled funds are valued at the net asset value per share at the measurement date and they have not been classified in the fair value hierarchy. Millions of yen March 31, 2020 Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Inputs (Level 3) Equity securities: Japan Pooled funds*1 ¥ 14,434 ¥ 0 ¥ 0 ¥ 0 Other than Japan Pooled funds*2 15,207 0 0 0 Debt securities: 0 Japan 0 Pooled funds*3 26,133 0 0 0 Other than Japan 0 Pooled funds*4 33,930 0 0 0 Other assets: Life insurance company general accounts*5 28,591 0 28,591 0 Others*6 4,485 0 4,485 0 ¥ 122,780 ¥ 0 ¥ 33,076 ¥ 0 *1 These funds invest in listed shares including shares of ORIX Corporation in the amounts of ¥17 million at March 31, 2020. *2 These funds invest in listed shares. *3 These funds invest approximately 70% in Japanese government bonds, approximately 10% in Japanese municipal bonds, and approximately 20% in Japanese corporate bonds. These funds include corporate bonds of ORIX Corporation in the amounts of ¥1,192 million at March 31, 2020. *4 These funds invest entirely in foreign government bonds. *5 Life insurance company general accounts are accounts with guaranteed capital and minimum interest rate, in which life insurance companies manage funds on several contracts. *6 Others include derivative instruments held for hedging change in the fair value of equity securities, and short-term instruments. |
Overseas plans | |
Fair Value of Pension Plan Assets by Asset Category | The fair value of overseas pension plan assets at March 31, 2019 and 2020, by asset category, are as follows. The three levels of input used to measure fair value are described in Note 2 “Fair Value Measurement s Millions of yen March 31, 2019 Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Inputs (Level 3) Equity securities: Other than Japan Shares ¥ 42,124 ¥ 42,124 ¥ 0 ¥ 0 Pooled funds*1 392 0 0 0 Debt securities: Other than Japan Government bonds 47,269 47,269 0 0 Municipal bonds 4,640 0 4,640 0 Other assets: Life insurance company general accounts*2 588 0 588 0 Others*3 1,824 0 1,824 0 ¥ 96,837 ¥ 89,393 ¥ 7,052 ¥ 0 *1 These funds invest in listed shares. *2 Life insurance company general accounts are accounts with guaranteed capital and minimum interest rate, in which life insurance companies manage funds on several contracts. *3 Others include derivative instruments held for hedging change in the fair value of equity securities, and short-term instruments. At March 31, 2019, our policy for the portfolio of plans consists of three major components: approximately 40% is invested in equity securities and approximately 50% is invested in debt securities and approximately 10% is invested in other assets, primarily consisting of investments in life insurance company general accounts. Each level into which assets are categorized is based on inputs used to measure the fair value of the assets. Level 1 assets are comprised principally of equity securities and debt securities, which are valued using unadjusted quoted market prices in active markets with sufficient volume and frequency of transactions. Level 2 assets are comprised principally of debt securities and investments in life insurance company general accounts. Investments in life insurance company general accounts are valued at conversion value. Pooled funds are valued at the net asset value per share at the measurement date and they have not been classified in the fair value hierarchy. Millions of yen March 31, 2020 Total Carrying Value in Consolidated Balance Sheets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Inputs (Level 3) Equity securities: Other than Japan Shares ¥ 36,848 ¥ 36,848 ¥ 0 ¥ 0 Pooled funds*1 311 0 0 0 Debt securities: Other than Japan Government bonds 50,622 50,622 0 0 Municipal bonds 4,849 0 4,849 0 Other assets: Life insurance company general accounts*2 355 0 355 0 Others*3 4,009 0 4,009 0 ¥ 96,994 ¥ 87,470 ¥ 9,213 ¥ 0 *1 These funds invest in listed shares. *2 Life insurance company general accounts are accounts with guaranteed capital and minimum interest rate, in which life insurance companies manage funds on several contracts. *3 Others include derivative instruments held for hedging change in the fair value of equity securities, and short-term instruments. |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interests (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Changes in Redeemable Noncontrolling Interests | Changes in redeemable noncontrolling interests in fiscal 2018, 2019 and 2020 are as follows: Millions of yen 2018 2019 2020 Beginning Balance ¥ 6,548 ¥ 7,420 ¥ 9,780 Adjustment of redeemable noncontrolling interests to redemption value 1,876 2,131 0 Transaction with noncontrolling interests 0 0 653 Comprehensive income Net Income 452 404 384 Other comprehensive income (loss) Net change of foreign currency translation adjustments (416 ) 326 (197 ) Total other comprehensive income (loss) (416 ) 326 (197 ) Comprehensive income 36 730 187 Dividends (1,040 ) (501 ) (289 ) Ending Balance ¥ 7,420 ¥ 9,780 ¥ 10,331 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Changes in Components of Accumulated Other Comprehensive Income (Loss) | Changes in each component of accumulated other comprehensive income (loss) attributable to ORIX Corporation Shareholders in fiscal 2018, 2019 and 2020 are as follows: Millions of yen Net unrealized Debt valuation Defined benefit pension plans Foreign Net unrealized Accumulated Balance at March 31, 2017 ¥ 32,279 ¥ 0 ¥ (17,330 ) ¥ (31,736 ) ¥ (4,483 ) ¥ (21,270 ) Net unrealized gains (losses) on investment in securities, net of tax of ¥2,045 million (2,408 ) (2,408 ) Reclassification adjustment included in net income, net of tax of ¥9,039 million (20,426 ) (20,426 ) Defined benefit pension plans, net of tax of ¥888 million (2,893 ) (2,893 ) Reclassification adjustment included in net income, net of tax of ¥23 million (69 ) (69 ) Foreign currency translation adjustments, net of tax of ¥2,813 million (1,387 ) (1,387 ) Reclassification adjustment included in net income, net of tax of ¥(1,296) million (568 ) (568 ) Net unrealized gains (losses) on derivative instruments, net of tax of ¥(1,120) million 3,820 3,820 Reclassification adjustment included in net income, net of tax of ¥981 million (3,041 ) (3,041 ) Total other comprehensive income (loss) (22,834 ) 0 (2,962 ) (1,955 ) 779 (26,972 ) Transaction with noncontrolling interests 0 0 0 (1 ) 0 (1 ) Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interest (88 ) 0 22 (1,537 ) 34 (1,569 ) Less: Other Comprehensive Income (Loss) Attributable to the Redeemable Noncontrolling Interests 0 0 0 (416 ) 0 (416 ) Reclassification of change in accounting standards 932 0 (173 ) (67 ) 0 692 Balance at March 31, 2018 ¥ 10,465 ¥ 0 ¥ (20,487 ) ¥ (31,806 ) ¥ (3,738 ) ¥ (45,566 ) Cumulative effect of adopting Accounting Standards Update 2016-01 (3,250 ) 351 0 0 0 (2,899 ) Balance at April 1, 2018 7,215 351 (20,487 ) (31,806 ) (3,738 ) (48,465 ) Net unrealized gains (losses) on investment in securities, net of tax of ¥(4,693) million 12,169 12,169 Reclassification adjustment included in net income, net of tax of ¥680 million (1,954 ) (1,954 ) Debt valuation adjustments, net of tax of ¥(101) million 258 258 Reclassification adjustment included in net income, net of tax of ¥11 million (27 ) (27 ) Defined benefit pension plans, net of tax of ¥2,821 million (7,244 ) (7,244 ) Reclassification adjustment included in net income, net of tax of ¥43 million (102 ) (102 ) Foreign currency translation adjustments, net of tax of ¥(729) million (11,540 ) (11,540 ) Reclassification adjustment included in net income, net of tax of ¥0 million 3 3 Net unrealized gains (losses) on derivative instruments, net of tax of ¥1,393 million (4,621 ) (4,621 ) Reclassification adjustment included in net income, net of tax of ¥(135) million 503 503 Total other comprehensive income (loss) 10,215 231 (7,346 ) (11,537 ) (4,118 ) (12,555 ) Transaction with noncontrolling interests 0 0 (126 ) 23 0 (103 ) Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interest 41 0 (57 ) (88 ) (2 ) (106 ) Less: Other Comprehensive Income Attributable to the Redeemable Noncontrolling Interests 0 0 0 326 0 326 Balance at March 31, 2019 ¥ 17,389 ¥ 582 ¥ (27,902 ) ¥ (43,558 ) ¥ (7,854 ) ¥ (61,343 ) Note: Reclassification of change in accounting standards represents the amounts reclassified for the early adoption of the Accounting Standards Update 2018-02 - Millions of yen Net unrealized Debt valuation Defined benefit pension plans Foreign currency Net unrealized Accumulated Balance at March 31, 2019 ¥ 17,389 ¥ 582 ¥ (27,902 ) ¥ (43,558 ) ¥ (7,854 ) ¥ (61,343 ) Net unrealized gains (losses) on investment in securities, net of tax of ¥5,078 million (17,637 ) (17,637 ) Reclassification adjustment included in net income, net of tax of ¥1,938 million (4,819 ) (4,819 ) Debt valuation adjustments, net of tax of ¥(357) million 920 920 Reclassification adjustment included in net income, net of tax of ¥17 million (45 ) (45 ) Defined benefit pension plans, net of tax of ¥(223) million 886 886 Reclassification adjustment included in net income, net of tax of ¥(225) million 643 643 Foreign currency translation adjustments, net of tax of ¥(6,212) million (40,605 ) (40,605 ) Reclassification adjustment included in net income, net of tax of ¥(4,064) million 8,941 8,941 Net unrealized gains (losses) on derivative instruments, net of tax of ¥1,511 million (6,385 ) (6,385 ) Reclassification adjustment included in net income, net of tax of ¥652 million (2,171 ) (2,171 ) Total other comprehensive income (loss) (22,456 ) 875 1,529 (31,664 ) (8,556 ) (60,272 ) Transaction with noncontrolling interests 0 0 0 4 (2 ) 2 Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interests (66 ) 0 2 (2,550 ) (270 ) (2,884 ) Less: Other Comprehensive Income (Loss) Attributable to the Redeemable Noncontrolling Interests 0 0 0 (197 ) 0 (197 ) Balance at March 31, 2020 ¥ (5,001 ) ¥ 1,457 ¥ (26,375 ) ¥ (72,471 ) ¥ (16,142 ) ¥ (118,532 ) |
Amounts Reclassified to Net Income from Accumulated Other Comprehensive Income (loss) | Amounts reclassified to net income from accumulated other comprehensive income (loss) for fiscal 2018, 2019 and 2020 are as follows: March 31, 2018 Details about accumulated other comprehensive Reclassification adjustment included in net income Consolidated statements of income caption Millions of yen Net unrealized gains (losses) on investment in securities Sales of investment securities ¥ 27,158 Gains on investment securities and dividends Sales of investment securities 4,228 Life insurance premiums and related investment income Amortization of investment securities (735 ) Finance revenues Amortization of investment securities (504 ) Life insurance premiums and related investment income Others (682 ) Write-downs of securities and other 29,465 Total before income tax (9,039 ) Income tax (expense) or benefit ¥ 20,426 Net of tax Defined benefit pension plans Amortization of prior service credit ¥ 1,035 See Note 20 “Pension Plans” Amortization of net actuarial loss (894 ) See Note 20 “Pension Plans” Amortization of transition obligation (49 ) See Note 20 “Pension Plans” 92 Total before income tax (23 ) Income tax (expense) or benefit ¥ 69 Net of tax Foreign currency translation adjustments Sales or liquidation ¥ (728 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net (728 ) Total before income tax 1,296 Income tax (expense) or benefit ¥ 568 Net of tax Net unrealized gains (losses) on derivative instruments Interest rate swap agreements ¥ 132 Finance revenues/Interest expense Foreign exchange contracts (20 ) Other (income) and expense Foreign currency swap agreements 3,910 Finance revenues/Interest expense/ Other (income) and expense 4,022 Total before income tax (981 ) Income tax (expense) or benefit ¥ 3,041 Net of tax March 31, 2019 Details about accumulated other comprehensive Reclassification net income Consolidated statements of income caption Millions of yen Net unrealized gains (losses) on investment in securities Sales of debt securities ¥ 3,460 Gains on investment securities and dividends Sales of debt securities 1,573 Life insurance premiums and related investment income Amortization of debt securities (1,030 ) Finance revenues Amortization of debt securities (146 ) Life insurance premiums and related investment income Others (1,223 ) Write-downs of securities and other 2,634 Total before income tax (680 ) Income tax (expense) or benefit ¥ 1,954 Net of tax Debt valuation adjustments Fulfillment of policy liabilities and amortization of policy account balances ¥ 38 Life insurance costs 38 Total before income tax (11 ) Income tax (expense) or benefit ¥ 27 Net of tax Defined benefit pension plans Amortization of prior service credit ¥ 1,071 See Note 20 “Pension Plans” Amortization of net actuarial loss (919 ) See Note 20 “Pension Plans” Amortization of transition obligation (7 ) See Note 20 “Pension Plans” 145 Total before income tax (43 ) Income tax (expense) or benefit ¥ 102 Net of tax Foreign currency translation adjustments Sales or liquidation ¥ (3 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net (3 ) Total before income tax 0 Income tax (expense) or benefit ¥ (3 ) Net of tax Net unrealized gains (losses) on derivative instruments Interest rate swap agreements ¥ 157 Finance revenues/Interest expense Foreign exchange contracts (156 ) Other (income) and expense Foreign currency swap agreements (639 ) Finance revenues/Interest expense/ Other (income) and expense (638 ) Total before income tax 135 Income tax (expense) or benefit ¥ (503 ) Net of tax March 31, 2020 Details about accumulated other comprehensive Reclassification adjustment net income Consolidated statements of income caption Millions of yen Net unrealized gains (losses) on investment in securities Sales of debt securities ¥ 2,366 Gains on investment securities and dividends Sales of debt securities 6,710 Life insurance premiums and related investment income Amortization of debt securities (1,425 ) Finance revenues Amortization of debt securities (894 ) Life insurance premiums and related investment income 6,757 Total before income tax (1,938 ) Income tax (expense) or benefit ¥ 4,819 Net of tax Debt valuation adjustments Fulfillment of policy liabilities and amortization of policy account balances ¥ 62 Life insurance costs 62 Total before income tax (17 ) Income tax (expense) or benefit ¥ 45 Net of tax Defined benefit pension plans Amortization of prior service credit ¥ 1,028 See Note 20 “Pension Plans” Amortization of net actuarial loss (1,895 ) See Note 20 “Pension Plans” Amortization of transition obligation (1 ) See Note 20 “Pension Plans” (868 ) Total before income tax 225 Income tax (expense) or benefit ¥ (643 ) Net of tax Foreign currency translation adjustments Foreign exchange contracts ¥ (5,760 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net/Interest expense/Write-downs of securities Sales or liquidation , other (7,245 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net/Write-downs of securities (13,005 ) Total before income tax 4,064 Income tax (expense) or benefit ¥ (8,941 ) Net of tax Net unrealized gains (losses) on derivative instruments Interest rate swap agreements ¥ (775 ) Interest expense Foreign exchange contracts (338 ) Interest expense /Other (income) and expense Foreign currency swap agreements 3,936 Interest expense/Other (income) and 2,823 Total before income tax (652 ) Income tax (expense) or benefit ¥ 2,171 Net of tax |
ORIX Corporation Shareholders_2
ORIX Corporation Shareholders' Equity (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Changes in Number of Shares Issued | Changes in the number of shares issued in fiscal 2018, 2019 and 2020 are as follows: Number of shares 2018 2019 2020 Beginning balance 1,324,107,328 1,324,495,728 1,324,629,128 Exercise of stock options 388,400 133,400 0 Ending balance 1,324,495,728 1,324,629,128 1,324,629,128 |
Gains on Investment Securitie_2
Gains on Investment Securities and Dividends (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Gains on Investment Securities and Dividends | Gains on investment securities and dividends in fiscal 2018, 2019 and 2020 consist of the following: Millions of yen 2018 2019 2020 Net gains on investment securities ¥ 39,139 ¥ 14,273 ¥ 20,204 Dividends income, other 4,163 1,685 2,295 ¥ 43,302 ¥ 15,958 ¥ 22,499 * Unrealized changes in fair value of investments in equity securities have been included in “Net gains on investment securities” since fiscal 2019. |
Life Insurance Operations (Tabl
Life Insurance Operations (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Insurance [Abstract] | |
Life Insurance Premiums and Related Investment Income | Life insurance premiums and related investment income in fiscal 2018, 2019 and 2020 consist of the following: Millions of yen 2018 2019 2020 Life insurance premiums ¥ 299,320 ¥ 330,811 ¥ 360,583 Life insurance related investment income* 52,270 16,325 7,195 ¥ 351,590 ¥ 347,136 ¥ 367,778 * Life insurance related investment income in fiscal 2018 includes a net unrealized holding gain of ¥14,463 million on trading securities held as of March 31, 2018. Life insurance related investment income in fiscal 2019 and 2020 include net unrealized holding losses of ¥217 million and ¥13,122 million on equity securities held as of March 31, 2019 and 2020, respectively. |
Reinsurance Benefits and Reinsurance Premiums Included in Life Insurance Premiums | Life insurance premiums include reinsurance benefits, net of reinsurance premiums. For fiscal 2018, 2019 and 2020, reinsurance benefits and reinsurance premiums included in life insurance premiums are as follows: Millions of yen 2018 2019 2020 Reinsurance benefits ¥ 3,617 ¥ 2,849 ¥ 3,268 Reinsurance premiums (6,993 ) (5,546 ) (5,395 ) |
Gains or Losses Relating to Variable Annuity and Variable Life Insurance Contracts | The above mentioned gains or losses relating to variable annuity and variable life insurance contracts for fiscal 2018, 2019 and 2020 are mainly as follows: Millions of yen 2018 2019 2020 Life insurance premiums and related investment income : Net realized and unrealized gains or losses from investment assets ¥ 46,890 ¥ 879 ¥ (10,798 ) Net gains or losses from derivative contracts : (7,332 ) (1,348 ) 1,667 Futures (6,238 ) (374 ) 1,257 Foreign exchange contracts (270 ) (350 ) 8 Options held (824 ) (624 ) 402 Life insurance costs : Changes in the fair value of the policy liabilities and policy account balances ¥ (161,510 ) ¥ (83,491 ) ¥ (58,244 ) Insurance costs recognized for insurance and annuity payouts as a result of insured events 180,775 75,617 53,442 Changes in the fair value of the reinsurance contracts 7,108 2,559 (5,757 ) |
Write-Downs of Long-Lived Ass_2
Write-Downs of Long-Lived Assets (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Long-Lived Assets Classified as Held for Sale | As of March 31, 2019 and 2020, the long-lived assets classified as held for sale in the accompanying consolidated balance sheets are as follows. Millions of yen 2019 2020 Investment in operating leases ¥ 24,956 ¥ 5,208 Property under facility operations 44,473 436 Other assets 19 0 |
Breakdowns of Recognized Impairment Losses for Difference between Carrying Amounts and Fair Values Reflected as Write-Downs of Long-Lived Assets | During fiscal 2018, 2019 and 2020, the Company and its subsidiaries recognized impairment losses for the difference between carrying amounts and fair values in the amount of ¥5,525 million, ¥2,418 million and ¥3,043 million, respectively, which are reflected as write-downs of long-lived assets. Breakdowns of these amounts are as follows. Fiscal Year ended March 31, 2018 Write-downs of the assets held for sale Write-downs due to decline in Amount (Millions of yen) The number of Amount (Millions of yen) The number of Office buildings ¥ 190 2 ¥ 0 — Commercial facilities other than office buildings 1,134 2 297 3 Others* 538 — 3,366 — Total ¥ 1,862 — ¥ 3,663 — Fiscal Year ended March 31, 2019 Write-downs of the assets held for sale Write-downs due to decline in Amount (Millions of yen) The number of Amount (Millions of yen) The number of Commercial facilities other than office buildings ¥ 712 1 ¥ 16 1 Others* 0 — 1,690 — Total ¥ 712 — ¥ 1,706 — Fiscal Year ended March 31, 2020 Write-downs of the assets held for sale Write-downs due to decline in Amount (Millions of yen) The number of Amount (Millions of yen) The number of Commercial facilities other than office buildings ¥ 0 — ¥ 529 2 Condominiums 159 1 77 3 Land undeveloped or under construction 0 — 2,083 2 Others* 0 — 195 — Total ¥ 159 — ¥ 2,884 — * For the “Others”, the number of properties are omitted. Write-downs of long-lived assets for fiscal 2018 , and 2020 million, ¥825 million and |
Per Share Data (Tables)
Per Share Data (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of Differences Between Basic and Diluted Earnings Per Share (EPS) | In fiscal 2018, the diluted EPS calculation excludes stock compensation for 192 thousand shares, as they were antidilutive. In fiscal 2019 and 2020, there was no stock compensation which was antidilutive. Millions of yen 2018 2019 2020 Net Income attributable to ORIX Corporation shareholders ¥ 313,135 ¥ 323,745 ¥ 302,700 Thousands of shares 2018 2019 2020 Weighted-average shares 1,281,238 1,280,020 1,275,166 Effect of dilutive securities Stock compensation 1,314 1,107 1,153 Weighted-average shares for diluted EPS computation 1,282,552 1,281,127 1,276,319 Yen 2018 2019 2020 Earnings per share for net income attributable to ORIX Corporation shareholders: Basic ¥ 244.40 ¥ 252.92 ¥ 237.38 Diluted 244.15 252.70 237.17 Note: The Company’s shares held through the Board Incentive Plan Trust are included in the number of treasury stock to be deducted in calculation of the weighted-average shares for EPS computation (1,946,561 shares, 1,740,314 shares and 1,735,570 shares in fiscal 2018, 2019 and 2020). |
Derivative Financial Instrume_2
Derivative Financial Instruments and Hedging (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Effect of Derivative Instruments on Consolidated Statements of Income, Pre-tax | The effect of derivative instruments on the consolidated statements of income, pre-tax, (1) Cash flow hedges Gains (losses) recognized in other comprehensive income on derivative (effective portion) Gains (losses) reclassified from other comprehensive income (loss) into income (effective portion) Gains (losses) recognized in income on derivative (ineffective portion and amount Millions of yen Consolidated statements of income location Millions of yen Consolidated statements of income location Millions of yen Interest rate swap agreements ¥ (114 ) Finance revenues/Interest expense ¥ 132 — ¥ 0 Foreign exchange contracts (566 ) Other (income) and expense (20 ) — 0 Foreign currency swap agreements 5,620 Finance revenues/Interest expense/Other 3,910 Other (income) and expense (1,124 ) (2) Fair value hedges Gains (losses) recognized in income on derivative and other Gains (losses) recognized in income on hedged item Millions of yen Consolidated statements of income location Millions of yen Consolidated statements of income location Interest rate swap agreements ¥ (393 ) Finance revenues/Interest expense ¥ 393 Finance revenues/Interest expense Foreign exchange contracts 956 Other (income) and expense (956 ) Other (income) and expense Foreign currency swap agreements 1,147 Other (income) and expense (1,147 ) Other (income) and expense (3) Hedges of net investment in foreign operations Gains (losses) recognized in other comprehensive income on derivative and others (effective portion) Gains (losses) reclassified from other comprehensive income (loss) into income (effective portion) Gains (losses) recognized in income on derivative and others (ineffective portion and amount excluded from effectiveness testing) Millions of yen Consolidated statements of Millions of yen Consolidated statements Millions of yen Foreign exchange contracts ¥ (14,300 ) Gains on sales of subsidiaries and affiliates and liquidation losses, net ¥ (3,559 ) — ¥ 0 Borrowings and bonds in foreign currencies 8,746 — 0 — 0 (4) Derivatives not designated as hedging instruments Gains (losses) recognized in income on derivative Millions of yen Consolidated statements of income location Interest rate swap agreements ¥ 1,420 Other (income) and expense Futures (5,819 ) Gains on investment securities and dividends Life insurance premiums and related investment income* Foreign exchange contracts (6,626 ) Gains on investment securities and dividends Life insurance premiums and related investment income* Other (income) and expense Credit derivatives held (4 ) Other (income) and expense Options held/written and other (291 ) Other (income) and expense Life insurance premiums and related investment income* * Futures, foreign exchange contracts and options held/written and other in the above table include losses arising from futures, foreign exchange contracts and options held to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for fiscal 2018 (see Note 26 “Life Insurance Operations”). The effect of derivative instruments on the consolidated statements of income, pre-tax, (1) Cash flow hedges Gains (losses) recognized in other comprehensive income on derivative (effective portion) Gains (losses) reclassified from other comprehensive income (loss) into income (effective portion) Gains (losses) recognized in income on derivative Millions of yen Consolidated statements Millions of yen Consolidated statements Millions of yen Interest rate swap agreements ¥ (4,313 ) Finance revenues/Interest expense ¥ 157 — ¥ 0 Foreign exchange contracts 115 Other (income) and expense (156 ) — 0 Foreign currency swap agreements (1,816 ) Finance revenues/Interest expense/Other (income) and expense (639 ) — 0 (2) Fair value hedges Gains (losses) recognized in income on derivative and other Gains (losses) recognized in income on hedged item Millions of yen Consolidated statements Millions of yen Consolidated statements Interest rate swap agreements ¥ (8,448 ) Finance revenues/Interest expense ¥ 8,448 Finance revenues/Interest expense Foreign exchange contracts (5,538 ) Other (income) and expense 5,403 Other (income) and expense (3) Hedges of net investment in foreign operations Gains (losses) recognized in other comprehensive income on derivative and others (effective portion) Gains (losses) reclassified from other comprehensive income (loss) into income (effective portion) Gains (losses) recognized in income on derivative and others (ineffective portion and amount excluded from effectiveness testing) Millions of yen Consolidated statements Millions of yen Consolidated statements Millions of yen Foreign exchange contracts ¥ 4,850 Gains on sales of subsidiaries and affiliates and liquidation losses, net ¥ (2,540 ) — ¥ 0 Borrowings and bonds in foreign currencies (5,963 ) — 0 — 0 (4) Derivatives not designated as hedging instruments Gains (losses) recognized in income on derivative Millions of yen Consolidated statements of income location Interest rate swap agreements ¥ 832 Other (income) and expense Futures (912 ) Gains on investment securities and dividends Life insurance premiums and related investment income* Foreign exchange contracts (6,589 ) Gains on investment securities and dividends Life insurance premiums and related investment income* Other (income) and expense Credit derivatives held 105 Other (income) and expense Options held/written and other 710 Other (income) and expense Life insurance premiums and related investment income* * Futures, foreign exchange contracts and options held/written and other in the above table include gains (losses) arising from futures, foreign exchange contracts and options held to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for fiscal 2019 (see Note 26 “Life Insurance Operations”). The effect of derivative instruments on the consolidated statements of income, pre-tax, (1) Cash flow hedges Millions of yen Gains (losses) recognized in other comprehensive income on derivative Gains (losses) reclassified from other comprehensive income (loss) Interest expense Other (income) and expense Interest rate swap agreements ¥ (11,506 ) ¥ 775 ¥ 0 Foreign exchange contracts (241 ) (119 ) 457 Foreign currency swap agreements 3,851 413 (4,349 ) (2) Fair value hedges Millions of yen Gains (losses) recognized in income on derivative and other Gains (losses) recognized in income on hedged item Life insurance premiums Other (income) Life insurance premiums Other (income) Interest rate swap agreements ¥ (19,805 ) ¥ 0 ¥ 18,955 ¥ 0 Foreign exchange contracts 3,656 (187 ) (3,294 ) 244 (3) Hedges of net investment in foreign operations Millions of yen Gains (losses) recognized in other comprehensive income on derivative and others Gains (losses) reclassified from other comprehensive income (loss) into income (Millions of yen) Gains on sales of Write-downs Interest Foreign exchange contracts ¥ 15,273 ¥ 1,594 ¥ 2,759 ¥ 4,595 Borrowings and bonds in foreign currencies 13,489 0 0 0 (4) Derivatives not designated as hedging instruments Millions of yen Gains (losses) recognized in income on derivative (Millions of yen) Life insurance premiums Interest expense Other (income) Interest rate swap agreements ¥ 0 ¥ 7 ¥ 159 Futures 1,257 0 (1,843 ) Foreign exchange contracts 204 4,803 (1,840 ) Credit derivatives held 0 0 (6 ) Options held/written and other 402 0 4,481 * Futures, foreign exchange contracts and options held/written and other in the above table include gains (losses) arising from futures, foreign exchange contracts and options held to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for fiscal 2020 (see Note 26 “Life Insurance Operations”). The effect of the components excluded from the assessment of hedge effectiveness on the consolidated statements of income, pre-tax, Fair value hedges Millions of yen Gains (losses) Other (income) and expense Interest expense Life insurance premiums and Foreign exchange contracts ¥ 0 ¥ 3 ¥ (3,020 ) Options held/written and other 29 0 0 The carrying amount of hedged assets and liabilities recognized in balance sheets in fair value hedges and the cumulative amount of fair value hedging adjustments included in the carrying amount at March 31, 2020 is as follows. Assets as hedged items in fair value hedges Liabilities as hedged items in fair value hedges Millions of yen Millions of yen Consolidated balance sheets location Carrying amount The cumulative Consolidated balance sheets location Carrying amount The cumulative Investment in Securities* ¥ 320,344 ¥ 24,397 — ¥ 0 ¥ 0 * Accumulated fair value hedge adjustments of ¥(1,599) million are included for hedged items for which hedge accounting has been discontinued. |
Notional Amounts of Derivative Instruments and Other, Fair Values of Derivative Instruments and Other before Offsetting | Notional amounts of derivative instruments and other, fair values of derivative instruments and other before offsetting at March 31, 2019 and 2020 are as follows. March 31, 2019 Derivative assets Derivative liabilities Notional amount Fair value Consolidated Fair value Consolidated Millions of yen Millions of yen Millions of yen Derivatives designated as hedging instruments and other: Interest rate swap agreements ¥ 498,874 ¥ 11 Other Assets ¥ 17,320 Other Liabilities Futures, foreign exchange contracts 505,909 1,888 Other Assets 3,177 Other Liabilities Foreign currency swap agreements 65,575 1,203 Other Assets 364 Other Liabilities Foreign currency long-term debt 641,127 0 — 0 — Derivatives not designated as hedging instruments: Interest rate swap agreements ¥ 60,657 ¥ 127 Other Assets ¥ 119 Other Liabilities Options held/written and other* 556,668 11,140 Other Assets 2,809 Other Liabilities Futures, foreign exchange contracts* 320,710 1,119 Other Assets 2,159 Other Liabilities Credit derivatives held 262 7 Other Assets 10 Other Liabilities * The notional amounts of options held/written and other and futures, foreign exchange contracts in the above table include options held of ¥34,701 million, futures contracts of ¥37,359 million and foreign exchange contracts of ¥13,171 million to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at March 31, 2019, respectively. Derivative assets in the above table include fair value of the options held, futures contracts and foreign exchange contracts before offsetting of ¥206 million, ¥248 million and ¥30 million and derivative liabilities include fair value of the futures and foreign exchange contracts before offsetting of ¥258 million and ¥173 million at March 31, 2019, respectively. December 31, 2020 Derivative assets Derivative liabilities Notional amount Fair value Consolidated Fair value Consolidated Millions of yen Millions of yen Millions of yen Derivatives designated as hedging instruments and other: Interest rate swap agreements ¥ 494,893 ¥ 0 — ¥ 43,889 Other Liabilities Options held/written and other 742 28 Other Assets 0 — Futures, foreign exchange contracts 623,172 7,555 Other Assets 4,365 Other Liabilities Foreign currency swap agreements 68,840 5,079 Other Assets 137 Other Liabilities Foreign currency long-term debt 612,536 0 — 0 — Derivatives not designated as hedging instruments: Interest rate swap agreements ¥ 7,644 ¥ 0 — ¥ 113 Other Liabilities Options held/written and other* 670,044 21,318 Other Assets 20,004 Other Liabilities Futures, foreign exchange contracts* 372,948 5,710 Other Assets 5,141 Other Liabilities * The notional amounts of options held/written and other and futures, foreign exchange contracts in the above table include options held of ¥16,754 million, futures contracts of ¥35,875 million and foreign exchange contracts of ¥16,656 million to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at March 31, 2020, respectively. Derivative assets in the above table include fair value of the options held, futures contracts and foreign exchange contracts before offsetting of ¥598 million, ¥165 million and ¥111 million and derivative liabilities include fair value of the futures and foreign exchange contracts before offsetting of ¥1,564 million and ¥178 million at March 31, 2020, respectively. |
Offsetting Assets and Liabili_2
Offsetting Assets and Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Text Block [Abstract] | |
Gross Amounts Recognized, Gross Amounts Offset, and Net Amounts Presented in Consolidated Balance Sheets Regarding to Derivative Assets and Liabilities and Other Assets and Liabilities | The gross amounts recognized, gross amounts offset, and net amounts presented in the consolidated balance sheets regarding derivative assets and liabilities as of March 31, 2019 and 2020 are as follows. March 31, 2019 Millions of yen Gross recognized Gross amounts offset in the consolidated balance sheets Net amounts presented in the consolidated balance sheets Gross amounts not offset Net amount Financial instruments Collateral received/ Derivative assets ¥ 15,495 ¥ (1,497 ) ¥ 13,998 ¥ (196 ) ¥ 0 ¥ 13,802 Total assets ¥ 15,495 ¥ (1,497 ) ¥ 13,998 ¥ (196 ) ¥ 0 ¥ 13,802 Derivative liabilities ¥ 25,958 ¥ (1,497 ) ¥ 24,461 ¥ (8,353 ) ¥ (79 ) ¥ 16,029 Total liabilities ¥ 25,958 ¥ (1,497 ) ¥ 24,461 ¥ (8,353 ) ¥ (79 ) ¥ 16,029 March 31, 2020 Millions of yen Gross recognized Gross amounts offset in the consolidated balance sheets Net amounts presented in the consolidated balance sheets Gross amounts not offset Net amount Financial instruments Collateral received/ Derivative assets ¥ 39,690 ¥ (9,152 ) ¥ 30,538 ¥ (598 ) ¥ (843 ) ¥ 29,097 Total assets ¥ 39,690 ¥ (9,152 ) ¥ 30,538 ¥ (598 ) ¥ (843 ) ¥ 29,097 Derivative liabilities ¥ 73,649 ¥ (9,152 ) ¥ 64,497 ¥ (25,997 ) ¥ 0 ¥ 38,500 Total liabilities ¥ 73,649 ¥ (9,152 ) ¥ 64,497 ¥ (25,997 ) ¥ 0 ¥ 38,500 * The balances related to enforceable master netting agreements or similar agreements which were not offset in the consolidated balance sheets. |
Estimated Fair Value of Finan_2
Estimated Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Information about Carrying Amount of Financial Instruments Reported in Consolidated Balance Sheets and Related Market or Fair Value | The following information is provided to help readers gain an understanding of the relationship between carrying amount of financial instruments reported in the Company’s consolidated balance sheets and the related market or fair value. The disclosures do not include net investment in leases, investment in affiliates, pension obligations and insurance contracts and reinsurance contracts except for those classified as investment contracts. March 31, 2019 Millions of yen Carrying amount Estimated fair value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents ¥ 1,161,032 ¥ 1,161,032 ¥ 1,161,032 ¥ 0 ¥ 0 Restricted cash 122,548 122,548 122,548 0 0 Installment loans (net of allowance for probable loan losses) 3,231,708 3,228,750 0 199,590 3,029,160 Equity securities*1 425,593 425,593 68,631 295,769 61,193 Trading debt securities 1,564 1,564 0 1,564 0 Available-for-sale 1,264,244 1,264,244 24,831 1,138,966 100,447 Held-to-maturity 114,061 144,326 0 120,714 23,612 Other Assets: Time deposits 4,754 4,754 0 4,754 0 Derivative assets*2 13,998 13,998 0 0 0 Reinsurance recoverables (Investment contracts) 29,989 30,400 0 0 30,400 Liabilities: Short-term debt ¥ 309,549 ¥ 309,549 ¥ 0 ¥ 309,549 ¥ 0 Deposits 1,782,198 1,782,753 0 1,782,753 0 Policy liabilities and Policy account balances (Investment contracts) 244,497 244,653 0 0 244,653 Long-term debt 4,186,222 4,199,341 0 1,158,287 3,041,054 Other Liabilities: Derivative liabilities*2 24,461 24,461 0 0 0 *1 The amount of ¥12,100 million of investment funds measured at net asset value per share is not included. *2 It represents the amount after offset under counterparty netting of derivative assets and liabilities. For the information of input level before netting, see Note 2 March 31, 2020 Millions of yen Carrying amount Estimated fair value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents ¥ 982,666 ¥ 982,666 ¥ 982,666 ¥ 0 ¥ 0 Restricted cash 152,618 152,618 152,618 0 0 Installment loans (net of allowance for probable loan losses) 3,695,342 3,653,042 0 207,950 3,445,092 Equity securities*1 375,174 375,174 58,400 232,873 83,901 Trading debt securities 7,431 7,431 0 7,431 0 Available-for-sale 1,631,185 1,631,185 21,490 1,521,342 88,353 Held-to-maturity 113,805 143,189 0 118,472 24,717 Other Assets: Time deposits 5,918 5,918 0 5,918 0 Derivative assets*2 30,538 30,538 0 0 0 Reinsurance recoverables (Investment contracts) 8,625 8,298 0 0 8,298 Liabilities: Short-term debt ¥ 336,832 ¥ 336,832 ¥ 0 ¥ 336,832 ¥ 0 Deposits 2,086,765 2,088,513 0 2,088,513 0 Policy liabilities and Policy account balances (Investment contracts) 213,885 214,048 0 0 214,048 Long-term debt 4,279,354 4,291,697 0 1,247,587 3,044,110 Other Liabilities: Derivative liabilities*2 64,497 64,497 0 0 0 *1 The amount of ¥11,631 million of investment funds measured at net asset value per share is not included. *2 It represents the amount after offset under counterparty netting of derivative assets and liabilities. For the information of input level before netting, see Note 2 |
Commitments, Guarantees and C_2
Commitments, Guarantees and Contingent Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Minimum Future Rentals on Non-Cancelable Operating Leases | The minimum future rentals on non-cancelable Years ending March 31, Millions of yen 2020 ¥ 7,694 2021 6,647 2022 5,923 2023 5,434 2024 4,802 Thereafter 34,485 Total ¥ 64,985 |
Amounts Due of Certain Computer Systems Operated and Maintained under Non-cancelable Contracts with Third-party Service Providers | As of March 31, 2020, the amounts due are as follows: Years ending March 31, Millions of yen 2021 ¥ 3,183 2022 901 2023 1,443 2024 374 2025 9 Thereafter 1 Total ¥ 5,911 |
Summary of Potential Future Payments, Book Value Recorded as Guarantee Liabilities of Guarantee Contracts Outstanding and Maturity of Longest Guarantee Contracts | The following table represents the summary of potential future payments, book value recorded as guarantee liabilities of the guarantee contracts outstanding and maturity of the longest guarantee contracts as of March 31, 2019 and 2020: 2019 2020 Millions of yen Fiscal year Millions of yen Fiscal year Guarantees Potential future payment Book value of guarantee liabilities Maturity contract Potential future payment Book value of guarantee liabilities Maturity contract Corporate loans ¥ 500,499 ¥ 6,707 2026 ¥ 490,839 ¥ 6,065 2026 Transferred loans 175,623 1,436 2059 355,452 2,371 2060 Consumer loans 343,119 42,400 2030 341,466 41,019 2031 Real estate loans 40,395 4,701 2048 29,235 4,422 2048 Other 263 1 2024 130 0 2024 Total ¥ 1,059,899 ¥ 55,245 — ¥ 1,217,122 ¥ 53,877 — |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Financial Information of Segments | In fiscal 2019, the Company had made DAIKYO Financial information of the segments for fiscal 2018, 2019 and 2020 is as follows: Year ended March 31, 2018 Millions of yen Corporate Maintenance Real Investment Retail Overseas Total Revenues ¥ 115,837 ¥ 275,933 ¥ 489,752 ¥ 1,083,505 ¥ 428,697 ¥ 479,619 ¥ 2,873,343 Finance revenues 30,737 14,247 2,072 9,274 72,929 98,426 227,685 Interest expense 5,019 3,242 2,285 5,670 4,026 51,536 71,778 Depreciation and amortization 10,404 131,829 18,218 18,460 21,642 70,109 270,662 Other significant non-cash Provision for doubtful receivables and probable loan losses 1,072 192 (8 ) (927 ) 11,244 5,783 17,356 Write-downs of long-lived assets 32 29 4,187 27 0 1,250 5,525 Increase (Decrease) in policy liabilities and policy account balances 0 0 0 0 (53,512 ) 0 (53,512 ) Equity in net income (loss) of affiliates and gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net 2,681 102 35,461 49,315 6 11,749 99,314 Segment profits 49,275 40,162 74,395 84,097 74,527 106,622 429,078 Segment assets 991,818 847,190 801,969 674,617 3,174,505 2,608,819 9,098,918 Long-lived assets 41,252 482,563 509,450 257,266 43,878 507,715 1,842,124 Expenditures for long-lived assets 3,764 170,727 69,693 47,841 174 286,730 578,929 Investment in affiliates 16,845 1,996 100,219 156,896 702 314,569 591,227 |
Reconciliation of Segment Totals to Consolidated Financial Statement Amounts | The reconciliation of segment totals to consolidated financial statement amounts is as follows. Significant items to be reconciled are segment revenues, segment profits and segment assets. Other items do not have a significant difference between segment amounts and consolidated amounts. Millions of yen 2018 2019 2020 Segment revenues: Total revenues for segments ¥ 2,873,343 ¥ 2,447,272 ¥ 2,292,360 Revenues related to corporate assets 8,531 8,655 8,559 Revenues from inter-segment transactions (19,103 ) (21,063 ) (20,590 ) Total consolidated revenues ¥ 2,862,771 ¥ 2,434,864 ¥ 2,280,329 Segment profits: Total segment profits ¥ 429,078 ¥ 401,395 ¥ 417,727 Corporate losses (4,329 ) (10,012 ) (10,395 ) Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests 10,752 4,347 5,229 Total consolidated income before income taxes ¥ 435,501 ¥ 395,730 ¥ 412,561 Segment assets: Total segment assets ¥ 9,098,918 ¥ 9,997,698 ¥ 10,905,998 Cash and cash equivalents, restricted cash 1,405,117 1,283,580 1,135,284 Allowance for doubtful receivables on finance leases and probable loan losses (54,672 ) (58,011 ) (56,836 ) Trade notes, accounts and other receivable 294,773 280,590 312,744 Other corporate assets 681,846 671,060 770,338 Total consolidated assets ¥ 11,425,982 ¥ 12,174,917 ¥ 13,067,528 |
Geographical Revenues and Income before Income Taxes | The following information represents geographical revenues and income before income taxes, which are attributed to geographic areas, based on the country location of the Company and its subsidiaries. Millions of yen Fiscal Year ended March 31, 2018 Japan The Other*2 Total Total Revenues ¥ 2,377,729 ¥ 208,264 ¥ 276,778 ¥ 2,862,771 Income before Income Taxes 320,511 74,105 40,885 435,501 Millions of yen Fiscal Year ended March 31, 2019 Japan The Other*2 Total Total Revenues ¥ 1,948,868 ¥ 205,233 ¥ 280,763 ¥ 2,434,864 Income before Income Taxes 274,431 70,935 50,364 395,730 Millions of yen Fiscal Year ended March 31, 2020 Japan The Other*2 Total Total Revenues ¥ 1,792,790 ¥ 201,578 ¥ 285,961 ¥ 2,280,329 Income before Income Taxes 260,323 74,086 78,152 412,561 *1 Mainly the United States *2 Mainly Asia, Europe, Australasia and Middle East |
Disaggregation of Revenues for Revenues From Contracts With Customers, by Goods and Services Category and Geographical Location | Disaggregation of revenues for revenues from contracts with customers, by goods or services category and geographical location is as follows: Millions of yen Fiscal Year ended March 31, 2019 Reportable segments Corporate revenue and intersegment transactions Total revenues Corporate Financial Services Maintenance Leasing Real Investment and Operation Retail Overseas Business Total Goods or services category Sales of goods ¥ 4,379 ¥ 5,392 ¥ 8,063 ¥ 436,044 ¥ 0 ¥ 6,798 ¥ 460,676 ¥ 1,353 ¥ 462,029 Real estate sales 0 0 133,426 0 0 710 134,136 0 134,136 Asset management and servicing 0 0 5,523 454 163 185,787 191,927 (107 ) 191,820 Automobile related services 486 61,398 0 204 0 16,994 79,082 (359 ) 78,723 Facilities operation 0 0 100,940 0 0 3,066 104,006 (1 ) 104,005 Environment and energy services 2,815 0 188 129,166 0 1,004 133,173 (930 ) 132,243 Real estate management and brokerage 0 0 105,278 0 0 0 105,278 (2,216 ) 103,062 Real estate contract work 0 0 83,182 0 0 0 83,182 (965 ) 82,217 Other 35,958 9,153 4,513 39,081 3,448 20,544 112,697 (5,356 ) 107,341 Total revenues from contracts with customers 43,638 75,943 441,113 604,949 3,611 234,903 1,404,157 (8,581 ) 1,395,576 Geographical location Japan 43,638 75,610 441,113 603,957 3,611 6,749 1,174,678 (4,886 ) 1,169,792 The Americas 0 0 0 0 0 114,614 114,614 0 114,614 Other 0 333 0 992 0 113,540 114,865 (3,695 ) 111,170 Total revenues from contracts with customers 43,638 75,943 441,113 604,949 3,611 234,903 1,404,157 (8,581 ) 1,395,576 Other revenues* 51,574 212,268 87,951 10,202 425,293 255,827 1,043,115 (3,827 ) 1,039,288 Segment revenues/Total revenues ¥ 95,212 ¥ 288,211 ¥ 529,064 ¥ 615,151 ¥ 428,904 ¥ 490,730 ¥ 2,447,272 ¥ (12,408 ) ¥ 2,434,864 Millions of yen Fiscal Year ended March 31, 2020 Reportable segments Corporate revenue and intersegment transactions Total revenues Corporate Financial Services Maintenance Leasing Real Investment and Operation Retail Overseas Business Total Goods or services category Sales of goods ¥ 5,707 ¥ 5,829 ¥ 4,261 ¥ 266,271 ¥ 0 ¥ 4,131 ¥ 286,199 ¥ 1,359 ¥ 287,558 Real estate sales 0 0 117,969 0 0 984 118,953 0 118,953 Asset management and servicing 0 0 7,453 383 167 173,948 181,951 (100 ) 181,851 Automobile related services 488 60,704 0 232 0 16,950 78,374 (387 ) 77,987 Facilities operation 0 0 68,934 0 0 363 69,297 0 69,297 Environment and energy services 2,911 0 0 138,380 0 963 142,254 (722 ) 141,532 Real estate management and brokerage 0 0 106,234 0 0 0 106,234 (2,124 ) 104,110 Real estate contract work 0 0 89,522 0 0 0 89,522 (556 ) 88,966 Other 36,340 10,630 3,921 34,942 4,147 17,313 107,293 (3,234 ) 104,059 Total revenues from contracts with customers 45,446 77,163 398,294 440,208 4,314 214,652 1,180,077 (5,764 ) 1,174,313 Geographical location Japan 45,446 76,462 398,294 436,500 4,314 5,704 966,720 (2,079 ) 964,641 The Americas 0 0 0 0 0 99,979 99,979 0 99,979 Other 0 701 0 3,708 0 108,969 113,378 (3,685 ) 109,693 Total revenues from contracts with customers 45,446 77,163 398,294 440,208 4,314 214,652 1,180,077 (5,764 ) 1,174,313 Other revenues* 51,561 259,275 68,345 10,989 450,437 271,676 1,112,283 (6,267 ) 1,106,016 Segment revenues/Total revenues ¥ 97,007 ¥ 336,438 ¥ 466,639 ¥ 451,197 ¥ 454,751 ¥ 486,328 ¥ 2,292,360 ¥ (12,031 ) ¥ 2,280,329 * Other revenues include revenues that are not in the scope of revenue from contracts with customers, such as life insurance premiums and related investment income, operating leases, finance revenues that include interest income, and others. |
Significant Accounting and Re_3
Significant Accounting and Reporting Policies - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Significant Accounting Policies [Line Items] | |||
A maximum lag period of recognizing the results of subsidiaries and affiliates | 3 months | ||
Increase in additional paid-in capital had such stock splits made prior to October 1, 2001 | ¥ 24,674 | ||
Residential condominiums under development | 56,156 | ¥ 55,860 | |
Finished goods | 69,857 | 59,835 | |
Write-down on residential condominiums under development | 863 | 703 | ¥ 936 |
Capitalized interest costs primarily related to specific environment and energy business and long-term development projects | 622 | 940 | 1,043 |
Advertising expense | 16,480 | 20,650 | 26,083 |
Operating Lease, Liability | 266,790 | ||
Other liabilities | |||
Significant Accounting Policies [Line Items] | |||
Operating Lease, Liability | 266,790 | ||
Finance Revenues | |||
Significant Accounting Policies [Line Items] | |||
Total revenues | 14,148 | ||
Accounting Standards Update 2016-02 | |||
Significant Accounting Policies [Line Items] | |||
Increase in lease liabilities | 284,867 | ||
Increase of finance revenues | 19,953 | ||
Increase of revenues of operating leases | 24,157 | ||
Increase of costs of operating leases | 24,159 | ||
Increase of other (income) and expense | 19,952 | ||
Accounting Standards Update 2016-13 | |||
Significant Accounting Policies [Line Items] | |||
Increase in allowance for credit losses for financial assets | 32,000 | ||
Increase in other liabilities | 29,000 | ||
Decrease in retained earnings | 44,000 | ||
Investment in operating leases | |||
Significant Accounting Policies [Line Items] | |||
Right of use assets in investment in operating leases | 121,553 | ||
Increase in right of use assets | ¥ 134,345 | ||
Investment in operating leases | Transportation equipment | |||
Significant Accounting Policies [Line Items] | |||
Estimated average useful lives | 5 years | ||
Investment in operating leases | Measuring and information-related equipment | |||
Significant Accounting Policies [Line Items] | |||
Estimated average useful lives | 4 years | ||
Investment in operating leases | Real Estate Asset | |||
Significant Accounting Policies [Line Items] | |||
Estimated average useful lives | 32 years | ||
Investment in operating leases | Other | |||
Significant Accounting Policies [Line Items] | |||
Estimated average useful lives | 9 years | ||
Office facilities subject to operating lease | Other Investments | |||
Significant Accounting Policies [Line Items] | |||
Operating Lease, Liability | ¥ 75,381 | ||
Office facilities subject to operating lease | Accounting Standards Update 2016-02 | |||
Significant Accounting Policies [Line Items] | |||
Increase (decrease) In right of use assets in office facilities | 75,805 | ||
Property under Facility Operations | |||
Significant Accounting Policies [Line Items] | |||
Depreciation expenses | 27,147 | 28,133 | 25,444 |
Accumulated depreciation | 105,433 | 102,185 | |
Right of use assets in property under facility operations | 73,226 | ||
Property under Facility Operations | Accounting Standards Update 2016-02 | |||
Significant Accounting Policies [Line Items] | |||
Increase (decrease) in right of use assets in property under facility operations | 77,989 | ||
Office Facilities | |||
Significant Accounting Policies [Line Items] | |||
Depreciation expenses | 7,714 | 4,912 | ¥ 5,131 |
Accumulated depreciation | ¥ 68,117 | ¥ 54,499 | |
Minimum | |||
Significant Accounting Policies [Line Items] | |||
Income tax settlement by tax authority | 50.00% | ||
Maximum | Property under Facility Operations | Buildings | |||
Significant Accounting Policies [Line Items] | |||
Estimated average useful lives | 50 years | ||
Maximum | Property under Facility Operations | Structures | |||
Significant Accounting Policies [Line Items] | |||
Estimated average useful lives | 60 years | ||
Maximum | Property under Facility Operations | Property, Plant and Equipment, Other Types | |||
Significant Accounting Policies [Line Items] | |||
Estimated average useful lives | 30 years | ||
Maximum | Office Facilities | Buildings And Structures | |||
Significant Accounting Policies [Line Items] | |||
Estimated average useful lives | 62 years | ||
Maximum | Office Facilities | Machinery and equipment | |||
Significant Accounting Policies [Line Items] | |||
Estimated average useful lives | 20 years |
Fair Value Measurements (Record
Fair Value Measurements (Recorded Amounts of Major Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | ¥ 25,295 | ¥ 27,367 | ||
Derivative assets, gross amounts recognized | 39,690 | 15,495 | ||
Derivative assets, gross amounts offset in the consolidated balance sheets, assets | (9,152) | (1,497) | ||
Derivative assets, net amounts presented in the consolidated balance sheets, assets | 30,538 | 13,998 | ||
Other assets | 18,206 | 12,449 | ||
Derivative liabilities, gross amounts recognized | 73,649 | 25,958 | ||
Derivative liabilities, gross amounts offset in the consolidated balance sheets, liabilities | (9,152) | (1,497) | ||
Derivative liabilities, net amounts presented in the consolidated balance sheets, liabilities | 64,497 | 24,461 | ||
Policy liabilities and Policy Account Balances | 300,739 | 360,198 | ||
Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 39,690 | 15,495 | ||
Derivative assets, gross amounts offset in the consolidated balance sheets, assets | [1] | (9,152) | (1,497) | |
Derivative assets, net amounts presented in the consolidated balance sheets, assets | 30,538 | 13,998 | ||
Other assets | 18,206 | 12,449 | ||
Total financial assets | 2,162,579 | 1,758,016 | ||
Derivative liabilities, gross amounts recognized | 73,649 | 25,958 | ||
Derivative liabilities, gross amounts offset in the consolidated balance sheets, liabilities | [1] | (9,152) | (1,497) | |
Derivative liabilities, net amounts presented in the consolidated balance sheets, liabilities | 64,497 | 24,461 | [1] | |
Policy liabilities and Policy Account Balances | 300,739 | 360,198 | ||
Total financial liabilities | 374,388 | 386,156 | ||
Interest rate swap agreements | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 138 | |||
Derivative liabilities, gross amounts recognized | 44,002 | 17,439 | ||
Futures, foreign exchange contracts | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 13,265 | 3,007 | ||
Derivative liabilities, gross amounts recognized | 9,506 | 5,336 | ||
Equity securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [2],[3] | 375,174 | 425,593 | |
Japanese and foreign government bond securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [4] | 653,945 | ||
Options held/written and other | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 21,346 | 11,140 | ||
Derivative liabilities, gross amounts recognized | 20,004 | 2,809 | ||
Reinsurance Recoverable | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Other assets | 18,206 | 12,449 | [5] | |
Reinsurance Recoverable | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Other assets | [5] | 18,206 | ||
Credit derivatives held/written | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 7 | |||
Derivative liabilities, gross amounts recognized | 10 | |||
Variable Annuity and Variable Life Insurance Contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Policy liabilities and Policy Account Balances | 300,739 | 360,198 | ||
Variable Annuity and Variable Life Insurance Contracts | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Policy liabilities and Policy Account Balances | [6] | 300,739 | 360,198 | |
Loans Held-for-Sale | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [7] | 90,893 | 38,671 | |
Available-for-sale securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 1,264,244 | |||
Available-for-sale securities | Corporate debt securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [8] | 596,477 | 487,997 | |
Available-for-sale securities | Japanese and foreign government bond securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [4] | 430,851 | ||
Available-for-sale securities | Japanese prefectural and foreign municipal bond securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 250,355 | 193,305 | ||
Available-for-sale securities | CMBS and RMBS in the Americas | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 48,672 | 61,479 | ||
Available-for-sale securities | Other asset-backed securities and debt securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 81,736 | 90,612 | ||
Trading Debt Securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 7,431 | 1,564 | ||
Available-for-sale Debt Securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 1,631,185 | |||
Foreign currency swap agreements | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 5,079 | 1,203 | ||
Derivative liabilities, gross amounts recognized | 137 | 364 | ||
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, net amounts presented in the consolidated balance sheets, assets | [9] | 0 | 0 | |
Other assets | 0 | |||
Derivative liabilities, net amounts presented in the consolidated balance sheets, liabilities | [9] | 0 | 0 | |
Level 1 | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 202 | 299 | ||
Derivative assets, gross amounts offset in the consolidated balance sheets, assets | [1] | 0 | 0 | |
Derivative assets, net amounts presented in the consolidated balance sheets, assets | 0 | |||
Other assets | 0 | |||
Total financial assets | 80,092 | 93,761 | ||
Derivative liabilities, gross amounts recognized | 2,471 | 522 | ||
Derivative liabilities, gross amounts offset in the consolidated balance sheets, liabilities | [1] | 0 | 0 | |
Derivative liabilities, net amounts presented in the consolidated balance sheets, liabilities | 0 | 0 | [1] | |
Policy liabilities and Policy Account Balances | 0 | 0 | ||
Total financial liabilities | 2,471 | 522 | ||
Level 1 | Interest rate swap agreements | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 0 | |||
Derivative liabilities, gross amounts recognized | 0 | 0 | ||
Level 1 | Futures, foreign exchange contracts | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 202 | 299 | ||
Derivative liabilities, gross amounts recognized | 2,471 | 522 | ||
Level 1 | Equity securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [2],[3] | 58,400 | 68,631 | |
Level 1 | Japanese and foreign government bond securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [4] | 3,301 | ||
Level 1 | Japanese prefectural and foreign municipal bond securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 0 | |||
Level 1 | Options held/written and other | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 0 | 0 | ||
Derivative liabilities, gross amounts recognized | 0 | 0 | ||
Level 1 | Reinsurance Recoverable | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Other assets | [5] | 0 | ||
Level 1 | Reinsurance Recoverable | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Other assets | [5] | 0 | ||
Level 1 | Credit derivatives held/written | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 0 | |||
Derivative liabilities, gross amounts recognized | 0 | |||
Level 1 | Variable Annuity and Variable Life Insurance Contracts | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Policy liabilities and Policy Account Balances | [6] | 0 | 0 | |
Level 1 | Loans Held-for-Sale | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [7] | 0 | 0 | |
Level 1 | Available-for-sale securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 24,831 | |||
Level 1 | Available-for-sale securities | Corporate debt securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [8] | 18,189 | 21,604 | |
Level 1 | Available-for-sale securities | Japanese and foreign government bond securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [4] | 3,227 | ||
Level 1 | Available-for-sale securities | Japanese prefectural and foreign municipal bond securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 0 | |||
Level 1 | Available-for-sale securities | CMBS and RMBS in the Americas | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 0 | 0 | ||
Level 1 | Available-for-sale securities | Other asset-backed securities and debt securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 0 | 0 | ||
Level 1 | Trading Debt Securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 0 | 0 | ||
Level 1 | Available-for-sale Debt Securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 21,490 | |||
Level 1 | Foreign currency swap agreements | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 0 | 0 | ||
Derivative liabilities, gross amounts recognized | 0 | 0 | ||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, net amounts presented in the consolidated balance sheets, assets | [9] | 0 | 0 | |
Other assets | 0 | |||
Derivative liabilities, net amounts presented in the consolidated balance sheets, liabilities | [9] | 0 | 0 | |
Level 2 | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 20,258 | 9,924 | ||
Derivative assets, gross amounts offset in the consolidated balance sheets, assets | [1] | 0 | 0 | |
Derivative assets, net amounts presented in the consolidated balance sheets, assets | 0 | |||
Other assets | 0 | |||
Total financial assets | 1,872,797 | 1,484,894 | ||
Derivative liabilities, gross amounts recognized | 71,178 | 25,436 | ||
Derivative liabilities, gross amounts offset in the consolidated balance sheets, liabilities | [1] | 0 | 0 | |
Derivative liabilities, net amounts presented in the consolidated balance sheets, liabilities | 0 | 0 | [1] | |
Policy liabilities and Policy Account Balances | 0 | 0 | ||
Total financial liabilities | 71,178 | 25,436 | ||
Level 2 | Interest rate swap agreements | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 138 | |||
Derivative liabilities, gross amounts recognized | 44,002 | 17,439 | ||
Level 2 | Futures, foreign exchange contracts | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 13,063 | 2,708 | ||
Derivative liabilities, gross amounts recognized | 7,035 | 4,814 | ||
Level 2 | Equity securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [2],[3] | 232,873 | 295,769 | |
Level 2 | Japanese and foreign government bond securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [4] | 650,644 | ||
Level 2 | Japanese prefectural and foreign municipal bond securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 247,523 | |||
Level 2 | Options held/written and other | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 2,116 | 5,868 | ||
Derivative liabilities, gross amounts recognized | 20,004 | 2,809 | ||
Level 2 | Reinsurance Recoverable | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Other assets | [5] | 0 | ||
Level 2 | Reinsurance Recoverable | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Other assets | [5] | 0 | ||
Level 2 | Credit derivatives held/written | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 7 | |||
Derivative liabilities, gross amounts recognized | 10 | |||
Level 2 | Variable Annuity and Variable Life Insurance Contracts | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Policy liabilities and Policy Account Balances | [6] | 0 | 0 | |
Level 2 | Loans Held-for-Sale | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [7] | 90,893 | 38,671 | |
Level 2 | Available-for-sale securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 1,138,966 | |||
Level 2 | Available-for-sale securities | Corporate debt securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [8] | 574,294 | 459,235 | |
Level 2 | Available-for-sale securities | Japanese and foreign government bond securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [4] | 427,624 | ||
Level 2 | Available-for-sale securities | Japanese prefectural and foreign municipal bond securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 190,417 | |||
Level 2 | Available-for-sale securities | CMBS and RMBS in the Americas | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 48,672 | 61,479 | ||
Level 2 | Available-for-sale securities | Other asset-backed securities and debt securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 209 | 211 | ||
Level 2 | Trading Debt Securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 7,431 | 1,564 | ||
Level 2 | Available-for-sale Debt Securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 1,521,342 | |||
Level 2 | Foreign currency swap agreements | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 5,079 | 1,203 | ||
Derivative liabilities, gross amounts recognized | 137 | 364 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, net amounts presented in the consolidated balance sheets, assets | [9] | 0 | 0 | |
Other assets | 12,449 | |||
Total financial assets | 209,690 | 179,361 | ||
Derivative liabilities, net amounts presented in the consolidated balance sheets, liabilities | [9] | 0 | 0 | |
Total financial liabilities | 300,739 | 360,198 | ||
Level 3 | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 19,230 | 5,272 | ||
Derivative assets, gross amounts offset in the consolidated balance sheets, assets | [1] | 0 | 0 | |
Derivative assets, net amounts presented in the consolidated balance sheets, assets | 0 | |||
Other assets | 18,206 | |||
Total financial assets | 209,690 | 179,361 | ||
Derivative liabilities, gross amounts recognized | 0 | 0 | ||
Derivative liabilities, gross amounts offset in the consolidated balance sheets, liabilities | [1] | 0 | 0 | |
Derivative liabilities, net amounts presented in the consolidated balance sheets, liabilities | 0 | 0 | [1] | |
Policy liabilities and Policy Account Balances | 300,739 | 360,198 | ||
Total financial liabilities | 300,739 | 360,198 | ||
Level 3 | Interest rate swap agreements | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 0 | |||
Derivative liabilities, gross amounts recognized | 0 | 0 | ||
Level 3 | Futures, foreign exchange contracts | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 0 | 0 | ||
Derivative liabilities, gross amounts recognized | 0 | 0 | ||
Level 3 | Equity securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [2],[3] | 83,901 | 61,193 | |
Level 3 | Japanese and foreign government bond securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [4] | 0 | ||
Level 3 | Japanese prefectural and foreign municipal bond securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 2,832 | |||
Level 3 | Options held/written and other | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 19,230 | 5,272 | ||
Derivative liabilities, gross amounts recognized | 0 | 0 | ||
Level 3 | Reinsurance Recoverable | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Other assets | [5] | 12,449 | ||
Level 3 | Reinsurance Recoverable | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Other assets | [5] | 18,206 | ||
Level 3 | Credit derivatives held/written | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 0 | |||
Derivative liabilities, gross amounts recognized | 0 | |||
Level 3 | Variable Annuity and Variable Life Insurance Contracts | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Policy liabilities and Policy Account Balances | [6] | 300,739 | 360,198 | |
Level 3 | Loans Held-for-Sale | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [7] | 0 | 0 | |
Level 3 | Available-for-sale securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 100,447 | |||
Level 3 | Available-for-sale securities | Corporate debt securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [8] | 3,994 | 7,158 | |
Level 3 | Available-for-sale securities | Japanese and foreign government bond securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | [4] | 0 | ||
Level 3 | Available-for-sale securities | Japanese prefectural and foreign municipal bond securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 2,888 | |||
Level 3 | Available-for-sale securities | CMBS and RMBS in the Americas | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 0 | 0 | ||
Level 3 | Available-for-sale securities | Other asset-backed securities and debt securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 81,527 | 90,401 | ||
Level 3 | Trading Debt Securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 0 | 0 | ||
Level 3 | Available-for-sale Debt Securities | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Fair value measured on recurring basis investments | 88,353 | |||
Level 3 | Foreign currency swap agreements | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||
Derivative assets, gross amounts recognized | 0 | 0 | ||
Derivative liabilities, gross amounts recognized | ¥ 0 | ¥ 0 | ||
[1] | It represents the amount offset under counterparty netting of derivative assets and liabilities. | |||
[2] | Certain subsidiaries elected the fair value option for certain investments in investment funds included in equity securities. Included in “Gains on investment securities and dividends” in the consolidated statements of income were gains of ¥1,456 million, ¥1,141 million and ¥1,225 million from the change in the fair value of those investments for fiscal 2018, 2019 and 2020, respectively. The amounts of aggregate fair value elected the fair value option were ¥5,811 million and ¥6,326 million as of March 31, 2019 and 2020, respectively. | |||
[3] | The amounts of investment funds measured at net asset value per share which are not included in the above tables were ¥12,100 million and ¥11,631 million as of March 31, 2019 and 2020, respectively. | |||
[4] | A certain subsidiary elected the fair value option for investments in foreign government bond securities included in available-for-sale debt securities. Included in “Gains on investment securities and dividends” in the consolidated statements of income were losses of ¥12 million, ¥19 million and ¥8 million from the change in the fair value of those investments for fiscal 2018, 2019 and 2020, respectively. The amounts of aggregate fair value elected the fair value option were ¥420 million and ¥780 million as of March 31, 2019 and 2020, respectively. | |||
[5] | Certain subsidiaries elected the fair value option for certain reinsurance contracts held. The fair value of the reinsurance contracts elected for the fair value option in other assets were ¥12,449 million and ¥18,206 million as of March 31, 2019 and 2020, respectively. For the effect of changes in the fair value of those reinsurance contracts on earnings for fiscal 2018, 2019 and 2020, see Note 26 “Life Insurance Operations.” | |||
[6] | Certain subsidiaries elected the fair value option for the entire variable annuity and variable life insurance contracts held. The fair value of the variable annuity and variable life insurance contracts elected for the fair value option in policy liabilities and policy account balances were ¥360,198 million and ¥300,739 million as of March 31, 2019 and 2020, respectively. For the effect of changes in the fair value of the variable annuity and variable life insurance contracts on earnings for fiscal 2018, 2019 and 2020, see Note 26 “Life Insurance Operations.” | |||
[7] | A certain subsidiary elected the fair value option on certain loans held for sale. These loans are multi-family and seniors housing loans and are sold to Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and institutional investors. Included in “Other (income) and expense” in the consolidated statements of income were a loss of ¥663 million, gains of ¥401 million and ¥5,220 million from the change in the fair value of the loans for fiscal 2018, 2019 and 2020,respectively. No gains or losses were recognized in earnings during fiscal 2018, 2019 and 2020 attributable to changes in instrument-specific credit risk. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of March 31, 2019, were ¥37,865 million and ¥38,671 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥806 million. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of March 31, 2020, were ¥84,906 million and ¥90,893 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥5,987 million. As of March 31, 2019 and 2020, there were no loans that are 90 days or more past due or, in non-accrual status. | |||
[8] | A certain subsidiary elected the fair value option for investments in foreign corporate debt securities included in available-for-sale debt securities. Included in “Gains on investment securities and dividends” in the consolidated statements of income were a loss of ¥181 million, gains of ¥784 million and ¥210 million from the change in the fair value of those investments for fiscal 2018, 2019 and 2020, respectively. The amounts of aggregate fair value elected the fair value option were ¥21,136 million and ¥18,189 million as of March 31, 2019 and 2020, respectively. | |||
[9] | It represents the amount after offset under counterparty netting of derivative assets and liabilities. For the information of input level before netting, see Note 2 “Fair Value Measurements.” |
Fair Value Measurements (Reco_2
Fair Value Measurements (Recorded Amounts of Major Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Parenthetical) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Aggregate loan fair value | ¥ 90,893 | ¥ 38,671 | |||
Investment in securities, measured at fair value | 25,295 | 27,367 | |||
Other assets | 18,206 | 12,449 | |||
Policy liabilities and Policy Account Balances | 300,739 | 360,198 | |||
Loans Held-for-Sale | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Aggregate unpaid loan principal balance | 90,893 | 38,671 | |||
Aggregate loan fair value | 84,906 | 37,865 | |||
Reinsurance Recoverable | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Other assets | 18,206 | 12,449 | [1] | ||
Variable Annuity and Variable Life Insurance Contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Policy liabilities and Policy Account Balances | 300,739 | 360,198 | |||
Equity securities | Investment funds | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Gains (losses) from change in fair value | 1,225 | 1,141 | ¥ 1,456 | ||
Investment in securities, measured at fair value | 6,326 | 5,811 | |||
Investment in securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Amount by which aggregate fair value of loan exceeds aggregate unpaid principal balance | 780 | 420 | |||
Investment in securities, measured at fair value | 11,631 | 12,100 | |||
Foreign government bond securities | Available-for-sale securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Gains (losses) from change in fair value | (8) | (19) | (12) | ||
Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Gains (losses) from changes in instrument-specific credit risk | 0 | 0 | 0 | ||
Amount by which aggregate fair value of loan exceeds aggregate unpaid principal balance | 5,987 | 806 | |||
Other assets | 18,206 | 12,449 | |||
Policy liabilities and Policy Account Balances | 300,739 | 360,198 | |||
Fair Value, Measurements, Recurring | Loans Held-for-Sale | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Gains (losses) from change in fair value | 5,220 | 401 | (663) | ||
Investment in securities, measured at fair value | [2] | 90,893 | 38,671 | ||
Fair Value, Measurements, Recurring | Available-for-sale securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Investment in securities, measured at fair value | 1,264,244 | ||||
Fair Value, Measurements, Recurring | Reinsurance Recoverable | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Other assets | [1] | 18,206 | |||
Fair Value, Measurements, Recurring | Variable Annuity and Variable Life Insurance Contracts | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Policy liabilities and Policy Account Balances | [3] | 300,739 | 360,198 | ||
Fair Value, Measurements, Recurring | Equity securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Investment in securities, measured at fair value | [4],[5] | 375,174 | 425,593 | ||
Foreign Corporate Debt Securities | Fair Value, Measurements, Recurring | Available-for-sale securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |||||
Gains (losses) from change in fair value | (210) | (784) | ¥ (181) | ||
Investment in securities, measured at fair value | ¥ 18,189 | ¥ 21,136 | |||
[1] | Certain subsidiaries elected the fair value option for certain reinsurance contracts held. The fair value of the reinsurance contracts elected for the fair value option in other assets were ¥12,449 million and ¥18,206 million as of March 31, 2019 and 2020, respectively. For the effect of changes in the fair value of those reinsurance contracts on earnings for fiscal 2018, 2019 and 2020, see Note 26 “Life Insurance Operations.” | ||||
[2] | A certain subsidiary elected the fair value option on certain loans held for sale. These loans are multi-family and seniors housing loans and are sold to Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie Mac”) and institutional investors. Included in “Other (income) and expense” in the consolidated statements of income were a loss of ¥663 million, gains of ¥401 million and ¥5,220 million from the change in the fair value of the loans for fiscal 2018, 2019 and 2020,respectively. No gains or losses were recognized in earnings during fiscal 2018, 2019 and 2020 attributable to changes in instrument-specific credit risk. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of March 31, 2019, were ¥37,865 million and ¥38,671 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥806 million. The amounts of aggregate unpaid principal balance and aggregate fair value of the loans held for sale as of March 31, 2020, were ¥84,906 million and ¥90,893 million, respectively, and the amount of the aggregate fair value exceeded the amount of aggregate unpaid principal balance by ¥5,987 million. As of March 31, 2019 and 2020, there were no loans that are 90 days or more past due or, in non-accrual status. | ||||
[3] | Certain subsidiaries elected the fair value option for the entire variable annuity and variable life insurance contracts held. The fair value of the variable annuity and variable life insurance contracts elected for the fair value option in policy liabilities and policy account balances were ¥360,198 million and ¥300,739 million as of March 31, 2019 and 2020, respectively. For the effect of changes in the fair value of the variable annuity and variable life insurance contracts on earnings for fiscal 2018, 2019 and 2020, see Note 26 “Life Insurance Operations.” | ||||
[4] | Certain subsidiaries elected the fair value option for certain investments in investment funds included in equity securities. Included in “Gains on investment securities and dividends” in the consolidated statements of income were gains of ¥1,456 million, ¥1,141 million and ¥1,225 million from the change in the fair value of those investments for fiscal 2018, 2019 and 2020, respectively. The amounts of aggregate fair value elected the fair value option were ¥5,811 million and ¥6,326 million as of March 31, 2019 and 2020, respectively. | ||||
[5] | The amounts of investment funds measured at net asset value per share which are not included in the above tables were ¥12,100 million and ¥11,631 million as of March 31, 2019 and 2020, respectively. |
Fair Value Measurements (Reconc
Fair Value Measurements (Reconciliation of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||||||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |||||
Equity securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Beginning Balance | ¥ 61,193 | ¥ 37,879 | |||||
Gains or losses (realized/ unrealized), included in earnings | [1] | 8,197 | 4,443 | ||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [2] | (1,641) | 578 | ||||
Gains or losses (realized/ unrealized), total | 6,556 | 5,021 | |||||
Purchases | [3] | 31,725 | 37,871 | ||||
Sales | (10,108) | (1,080) | |||||
Settlements | [4] | (5,465) | (18,498) | ||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | |||||
Ending Balance | 83,901 | 61,193 | |||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | 8,033 | 4,192 | ||||
Investment funds | Equity securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Beginning Balance | 61,193 | 37,879 | |||||
Gains or losses (realized/ unrealized), included in earnings | [1] | 8,197 | 4,443 | ||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [2] | (1,641) | 578 | ||||
Gains or losses (realized/ unrealized), total | 6,556 | 5,021 | |||||
Purchases | [3] | 31,725 | 37,871 | ||||
Sales | (10,108) | (1,080) | |||||
Settlements | [4] | (5,465) | (18,498) | ||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | |||||
Ending Balance | 83,901 | 61,193 | |||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | 8,033 | 4,192 | ||||
Other assets | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Beginning Balance | 12,449 | 15,008 | ¥ 22,116 | ||||
Gains or losses (realized/ unrealized), included in earnings | 2,937 | [1] | (5,483) | [1] | (11,191) | ||
Gains or losses (realized/ unrealized), included in other comprehensive income | 0 | [2] | 0 | [2] | 0 | [5] | |
Gains or losses (realized/ unrealized), total | 2,937 | (5,483) | (11,191) | ||||
Purchases | [3] | 3,053 | 3,572 | 5,385 | |||
Sales | 0 | 0 | 0 | ||||
Settlements | [4] | (233) | (648) | (1,302) | |||
Transfers in and/or out of Level 3 (net) | 0 | 0 | 0 | ||||
Ending Balance | 18,206 | 12,449 | 15,008 | ||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | 2,937 | (5,483) | (11,191) | |||
Variable Annuity and Variable Life Insurance Contracts | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Beginning Balance | [6] | 360,198 | 444,010 | 605,520 | |||
Gains or losses (realized/ unrealized), included in earnings | [6] | 4,802 | [1] | 7,874 | [1] | (19,265) | [7] |
Gains or losses (realized/ unrealized), included in other comprehensive income | [6] | 1,215 | [2] | 321 | [2] | 0 | [5] |
Gains or losses (realized/ unrealized), total | [6] | 6,017 | 8,195 | (19,265) | |||
Purchases | 0 | [3],[6] | 0 | [3],[6] | 0 | ||
Sales | [6] | 0 | 0 | 0 | |||
Settlements | (53,442) | [4],[6] | (75,617) | [4],[6] | (180,775) | ||
Transfers in and/or out of Level 3 (net) | [6] | 0 | 0 | 0 | |||
Ending Balance | [6] | 300,739 | 360,198 | 444,010 | |||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | 4,802 | [1],[6] | 7,874 | [1],[6] | (19,265) | ||
Reinsurance Recoverable | Other assets | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Beginning Balance | [8] | 12,449 | 15,008 | 22,116 | |||
Gains or losses (realized/ unrealized), included in earnings | [8] | 2,937 | [1] | (5,483) | [1] | (11,191) | [7] |
Gains or losses (realized/ unrealized), included in other comprehensive income | [8] | 0 | [2] | 0 | [2] | 0 | [5] |
Gains or losses (realized/ unrealized), total | [8] | 2,937 | (5,483) | (11,191) | |||
Purchases | 3,053 | [3],[8] | 3,572 | [3],[8] | 5,385 | ||
Sales | [8] | 0 | 0 | 0 | |||
Settlements | (233) | [4],[8] | (648) | [4],[8] | (1,302) | ||
Transfers in and/or out of Level 3 (net) | [8] | 0 | 0 | 0 | |||
Ending Balance | [8] | 18,206 | 12,449 | 15,008 | |||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | 2,937 | [1],[8] | (5,483) | [1],[8] | (11,191) | ||
Insurance Contract, Rights and Obligations | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Beginning Balance | 360,198 | 444,010 | 605,520 | ||||
Gains or losses (realized/ unrealized), included in earnings | 4,802 | [1] | 7,874 | [1] | (19,265) | ||
Gains or losses (realized/ unrealized), included in other comprehensive income | 1,215 | [2] | 321 | [2] | 0 | [5] | |
Gains or losses (realized/ unrealized), total | 6,017 | 8,195 | (19,265) | ||||
Purchases | [3] | 0 | 0 | 0 | |||
Sales | 0 | 0 | 0 | ||||
Settlements | [4] | (53,442) | (75,617) | (180,775) | |||
Transfers in and/or out of Level 3 (net) | 0 | 0 | 0 | ||||
Ending Balance | 300,739 | 360,198 | 444,010 | ||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | 4,802 | 7,874 | (19,265) | |||
Available-for-sale securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Beginning Balance | 124,516 | ||||||
Gains or losses (realized/ unrealized), included in earnings | 3,690 | ||||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [5] | (5,717) | |||||
Gains or losses (realized/ unrealized), total | (2,027) | ||||||
Purchases | [3] | 79,925 | |||||
Sales | (37,942) | ||||||
Settlements | [4] | (43,555) | |||||
Transfers in and/or out of Level 3 (net) | 0 | ||||||
Ending Balance | 120,917 | ||||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | (35) | |||||
Available-for-sale securities | Corporate debt securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Beginning Balance | 1,618 | ||||||
Gains or losses (realized/ unrealized), included in earnings | 0 | ||||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [5] | 2 | |||||
Gains or losses (realized/ unrealized), total | 2 | ||||||
Purchases | [3] | 2,050 | |||||
Sales | 0 | ||||||
Settlements | [4] | (633) | |||||
Transfers in and/or out of Level 3 (net) | 0 | ||||||
Ending Balance | 3,037 | ||||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | 0 | |||||
Available-for-sale securities | CMBS and RMBS in the Americas | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Beginning Balance | 57,858 | ||||||
Gains or losses (realized/ unrealized), included in earnings | 1,664 | ||||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [5] | (3,248) | |||||
Gains or losses (realized/ unrealized), total | (1,584) | ||||||
Purchases | [3] | 1,858 | |||||
Sales | (3,347) | ||||||
Settlements | [4] | (18,775) | |||||
Transfers in and/or out of Level 3 (net) | 0 | ||||||
Ending Balance | 36,010 | ||||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | (97) | |||||
Available-for-sale securities | Other asset-backed securities and debt securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Beginning Balance | 65,040 | ||||||
Gains or losses (realized/ unrealized), included in earnings | 2,026 | ||||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [5] | (2,471) | |||||
Gains or losses (realized/ unrealized), total | (445) | ||||||
Purchases | [3] | 76,017 | |||||
Sales | (34,595) | ||||||
Settlements | [4] | (24,147) | |||||
Transfers in and/or out of Level 3 (net) | 0 | ||||||
Ending Balance | 81,870 | ||||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | 62 | |||||
Other securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Beginning Balance | 27,801 | ||||||
Gains or losses (realized/ unrealized), included in earnings | 4,169 | ||||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [5] | (1,976) | |||||
Gains or losses (realized/ unrealized), total | 2,193 | ||||||
Purchases | [3] | 26,991 | |||||
Sales | (19,106) | ||||||
Settlements | [4] | 0 | |||||
Transfers in and/or out of Level 3 (net) | 0 | ||||||
Ending Balance | 37,879 | ||||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | 4,274 | |||||
Other securities | Investment funds | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Beginning Balance | 27,801 | ||||||
Gains or losses (realized/ unrealized), included in earnings | 4,169 | ||||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [5] | (1,976) | |||||
Gains or losses (realized/ unrealized), total | 2,193 | ||||||
Purchases | [3] | 26,991 | |||||
Sales | (19,106) | ||||||
Settlements | [4] | 0 | |||||
Transfers in and/or out of Level 3 (net) | 0 | ||||||
Ending Balance | 37,879 | ||||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | 4,274 | |||||
Derivative Financial Instruments, Assets and Liabilities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Beginning Balance | 5,272 | 2,291 | 5,233 | ||||
Gains or losses (realized/ unrealized), included in earnings | 10,402 | [1] | 2,981 | [1] | (3,356) | ||
Gains or losses (realized/ unrealized), included in other comprehensive income | (192) | [2] | 0 | [2] | 0 | [5] | |
Gains or losses (realized/ unrealized), total | 10,210 | 2,981 | (3,356) | ||||
Purchases | [3] | 3,748 | 0 | 2,024 | |||
Sales | 0 | 0 | 0 | ||||
Settlements | [4] | 0 | 0 | (1,610) | |||
Transfers in and/or out of Level 3 (net) | 0 | 0 | 0 | ||||
Ending Balance | 19,230 | 5,272 | 2,291 | ||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | 10,402 | 2,981 | (3,356) | |||
Derivative Financial Instruments, Assets and Liabilities | Options held/written and other | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Beginning Balance | 5,272 | 2,291 | 5,233 | ||||
Gains or losses (realized/ unrealized), included in earnings | 10,402 | [1] | 2,981 | [1] | (3,356) | ||
Gains or losses (realized/ unrealized), included in other comprehensive income | (192) | [2] | 0 | [2] | 0 | [5] | |
Gains or losses (realized/ unrealized), total | 10,210 | 2,981 | (3,356) | ||||
Purchases | [3] | 3,748 | 0 | 2,024 | |||
Sales | 0 | 0 | 0 | ||||
Settlements | [4] | 0 | 0 | (1,610) | |||
Transfers in and/or out of Level 3 (net) | 0 | 0 | 0 | ||||
Ending Balance | 19,230 | 5,272 | 2,291 | ||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | 10,402 | 2,981 | ¥ (3,356) | |||
Available-for-sale Debt Securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Beginning Balance | 100,447 | 120,917 | |||||
Gains or losses (realized/ unrealized), included in earnings | [1] | 1,291 | 1,912 | ||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [2] | (13,721) | 2,020 | ||||
Gains or losses (realized/ unrealized), total | (12,430) | 3,932 | |||||
Purchases | [3] | 41,270 | 44,163 | ||||
Sales | (3,925) | (23,241) | |||||
Settlements | [4] | (34,018) | (27,221) | ||||
Transfers in and/or out of Level 3 (net) | (2,991) | (18,103) | |||||
Ending Balance | 88,353 | 100,447 | |||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | 131 | 268 | ||||
Available-for-sale Debt Securities | Corporate debt securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Beginning Balance | 7,158 | 3,037 | |||||
Gains or losses (realized/ unrealized), included in earnings | [1] | 0 | 0 | ||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [2] | (8) | 4 | ||||
Gains or losses (realized/ unrealized), total | (8) | 4 | |||||
Purchases | [3] | 900 | 3,100 | ||||
Sales | 0 | 0 | |||||
Settlements | [4] | (1,065) | (981) | ||||
Transfers in and/or out of Level 3 (net) | (2,991) | 1,998 | |||||
Ending Balance | 3,994 | 7,158 | |||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | 0 | 0 | ||||
Available-for-sale Debt Securities | CMBS and RMBS in the Americas | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Beginning Balance | 36,010 | ||||||
Gains or losses (realized/ unrealized), included in earnings | [1] | 1,034 | |||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [2] | 546 | |||||
Gains or losses (realized/ unrealized), total | 1,580 | ||||||
Purchases | [3] | 1,304 | |||||
Sales | (6,711) | ||||||
Settlements | [4] | (8,777) | |||||
Transfers in and/or out of Level 3 (net) | (23,406) | ||||||
Ending Balance | 0 | ||||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | 0 | |||||
Available-for-sale Debt Securities | Other asset-backed securities and debt securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Beginning Balance | 90,401 | 81,870 | |||||
Gains or losses (realized/ unrealized), included in earnings | [1] | 1,291 | 1,431 | ||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [2] | (13,657) | 1,334 | ||||
Gains or losses (realized/ unrealized), total | (12,366) | 2,765 | |||||
Purchases | [3] | 40,370 | 39,759 | ||||
Sales | (3,925) | (16,530) | |||||
Settlements | [4] | (32,953) | (17,463) | ||||
Transfers in and/or out of Level 3 (net) | 0 | 0 | |||||
Ending Balance | 81,527 | 90,401 | |||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | 131 | 268 | ||||
Available-for-sale Debt Securities | Japanese prefectural and foreign municipal bond securities | |||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||
Beginning Balance | 2,888 | 0 | |||||
Gains or losses (realized/ unrealized), included in earnings | [1] | 0 | (553) | ||||
Gains or losses (realized/ unrealized), included in other comprehensive income | [2] | (56) | 136 | ||||
Gains or losses (realized/ unrealized), total | (56) | (417) | |||||
Purchases | [3] | 0 | 0 | ||||
Sales | 0 | 0 | |||||
Settlements | [4] | 0 | 0 | ||||
Transfers in and/or out of Level 3 (net) | 0 | 3,305 | |||||
Ending Balance | 2,832 | 2,888 | |||||
Change in unrealized gains or losses included in earnings for assets and liabilities still held at the end of period | [1] | ¥ 0 | ¥ 0 | ||||
[1] | Principally, gains and losses from available-for-sale debt securities are included in “Gains on investment securities and dividends”, “Write-downs of securities” or “Life insurance premiums and related investment income”; equity securities are included in “Gains on investment securities and dividends” and derivative assets and liabilities (net) are included in “Other (income) and expense” respectively. Additionally, for available-for-sale debt securities, amortization of interest recognized in finance revenues is included in these columns. | ||||||
[2] | Unrealized gains and losses from available-for-sale debt securities are included in “Net change of unrealized gains (losses) on investment in securities” and “Net change of foreign currency translation adjustments”, unrealized gains and losses from equity securities and derivative assets and liabilities (net) are included mainly in “Net change of foreign currency translation adjustments”, unrealized gains and losses from policy liabilities and policy account balances are included in “Net change of debt valuation adjustments.” | ||||||
[3] | Increases resulting from an acquisition of a subsidiary and insurance contracts ceded to reinsurance companies are included. | ||||||
[4] | Decreases resulting from the receipts of reimbursements for benefits, and decreases resulting from insurance payouts to variable annuity and variable life policyholders due to death, surrender and maturity of the investment period are included. | ||||||
[5] | Unrealized gains and losses from available-for-sale securities are included in “Net change of unrealized gains (losses) on investment in securities” and “Net change of foreign currency translation adjustments.” Additionally, unrealized gains and losses from other securities are included mainly in “Net change of foreign currency translation adjustments.” | ||||||
[6] | “Included in earnings” in the above table is recorded in “Life insurance costs” and includes changes in the fair value of policy liabilities and policy account balances resulting from gains or losses on the underlying investment assets managed on behalf of variable annuity and variable life policyholders, and the changes in the minimum guarantee risks relating to variable annuity and variable life insurance contracts as well as insurance costs recognized for insurance and annuity payouts as a result of insured events. | ||||||
[7] | Principally, gains and losses from available-for-sale securities are included in “Gains on investment securities and dividends”, “Write-downs of securities” or “Life insurance premiums and related investment income”; other securities are included in “Gains on investment securities and dividends” and derivative assets and liabilities (net) are included in “Other (income) and expense” respectively. Additionally, for available-for-sale securities, amortization of interest recognized in finance revenues is included in these columns. | ||||||
[8] | “Included in earnings” in the above table includes changes in the fair value of reinsurance contracts recorded in “Life insurance costs” and reinsurance premiums, net of reinsurance benefits received, recorded in “Life insurance premiums and related investment income.” |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - Fair Value, Measurements, Recurring - JPY (¥) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Fair Value Asset And Liabilities Measured On Recurring Basis [Line Items] | |||
Transfers in or out of Level 3 | ¥ 0 | ||
Japanese prefectural and foreign municipal bond securities | |||
Fair Value Asset And Liabilities Measured On Recurring Basis [Line Items] | |||
Transferred from level 2 to level 3 | ¥ 3,305,000,000 | ||
Corporate debt securities | |||
Fair Value Asset And Liabilities Measured On Recurring Basis [Line Items] | |||
Transferred from level 3 to level 2 | ¥ 2,991,000,000 | ||
CMBS and RMBS in the Americas | |||
Fair Value Asset And Liabilities Measured On Recurring Basis [Line Items] | |||
Transferred from level 3 to level 2 | ¥ 23,406,000,000 |
Fair Value Measurements (Reco_3
Fair Value Measurements (Recorded Amounts of Major Assets Measured at Fair Value on Nonrecurring Basis) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | ¥ 209,690 | ¥ 179,361 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 34,324 | 26,267 |
Fair Value, Measurements, Nonrecurring | Loans Held-for-Sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 4,823 | 3,839 |
Fair Value, Measurements, Nonrecurring | Real Estate Collateral Dependent Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 12,557 | 6,630 |
Fair Value, Measurements, Nonrecurring | Investment in Operating Leases and Properties under Facility Operations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 5,731 | 12,901 |
Fair Value, Measurements, Nonrecurring | Certain Investment in Affiliates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 11,213 | 2,897 |
Fair Value, Measurements, Nonrecurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 8,741 | 0 |
Fair Value, Measurements, Nonrecurring | Level 1 | Loans Held-for-Sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 1 | Real Estate Collateral Dependent Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 1 | Investment in Operating Leases and Properties under Facility Operations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 1 | Certain Investment in Affiliates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 8,741 | 0 |
Fair Value, Measurements, Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 1,193 | 3,839 |
Fair Value, Measurements, Nonrecurring | Level 2 | Loans Held-for-Sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 0 | 3,839 |
Fair Value, Measurements, Nonrecurring | Level 2 | Real Estate Collateral Dependent Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 2 | Investment in Operating Leases and Properties under Facility Operations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 1,193 | 0 |
Fair Value, Measurements, Nonrecurring | Level 2 | Certain Investment in Affiliates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 0 | 0 |
Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 24,390 | 22,428 |
Fair Value, Measurements, Nonrecurring | Level 3 | Loans Held-for-Sale | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 4,823 | 0 |
Fair Value, Measurements, Nonrecurring | Level 3 | Real Estate Collateral Dependent Loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 12,557 | 6,630 |
Fair Value, Measurements, Nonrecurring | Level 3 | Investment in Operating Leases and Properties under Facility Operations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | 4,538 | 12,901 |
Fair Value, Measurements, Nonrecurring | Level 3 | Certain Investment in Affiliates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a nonrecurring basis | ¥ 2,472 | ¥ 2,897 |
Fair Value Measurements (Inform
Fair Value Measurements (Information about Valuation Techniques and Significant Unobservable Inputs Used in Valuation of Level Three Assets and Liabilities Measured at Fair Value on Recurring Basis) (Detail) ¥ in Millions | Mar. 31, 2020JPY (¥) | Mar. 31, 2019JPY (¥) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | ¥ 1,631,185 | ¥ 1,264,244 | |||
Equity securities | [1] | 492,902 | 549,047 | ||
Derivative assets | 30,538 | 13,998 | |||
Other assets | 18,206 | 12,449 | |||
Policy liabilities and Policy Account Balances | 300,739 | 360,198 | |||
Corporate debt securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | 596,477 | 487,997 | |||
Other asset-backed securities and debt securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | 81,736 | 90,612 | |||
Japanese prefectural and foreign municipal bond securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | 250,355 | 193,305 | |||
Level 3 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | 88,353 | 100,447 | |||
Equity securities | 83,901 | [2] | 61,193 | [3] | |
Derivative assets | [4] | 0 | 0 | ||
Other assets | 12,449 | ||||
Total | 209,690 | 179,361 | |||
Total financial liabilities | 300,739 | 360,198 | |||
Level 3 | Corporate debt securities | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | 1,995 | 2,162 | |||
Level 3 | Corporate debt securities | Appraisals | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | 1,999 | 4,996 | |||
Level 3 | Other asset-backed securities and debt securities | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | 20,582 | 23,651 | |||
Level 3 | Other asset-backed securities and debt securities | Appraisals | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | ¥ 60,945 | 66,750 | |||
Level 3 | Other asset-backed securities and debt securities | Measurement Input, Default Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 1.9 | ||||
Level 3 | Investment funds | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity securities | ¥ 54,898 | 32,702 | |||
Level 3 | Investment funds | Appraisals | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity securities | 22,479 | ||||
Level 3 | Investment funds | Fair Value Inputs Level 3 Internal Cash Flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity securities | 5,714 | 6,012 | |||
Level 3 | Investment funds | Discount rate | Appraisals | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Equity securities | 23,289 | ||||
Level 3 | Options held | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 5,005 | ||||
Level 3 | Options held | Appraisals | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 60 | 267 | |||
Level 3 | Options held | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative assets | 19,170 | ||||
Level 3 | Reinsurance Recoverable | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Other assets | 18,206 | 12,449 | |||
Level 3 | Variable Annuity and Variable Life Insurance Contracts | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Policy liabilities and Policy Account Balances | 300,739 | 360,198 | |||
Level 3 | Japanese prefectural and foreign municipal bond securities | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Available-for-sale debt securities | ¥ 2,832 | ¥ 2,888 | |||
Level 3 | Japanese prefectural and foreign municipal bond securities | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 8.5 | 8.5 | |||
Minimum | Level 3 | Corporate debt securities | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 0.4 | 0.1 | |||
Minimum | Level 3 | Other asset-backed securities and debt securities | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 1 | 0.2 | |||
Minimum | Level 3 | Other asset-backed securities and debt securities | Measurement Input, Default Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 0.6 | ||||
Minimum | Level 3 | Investment funds | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 3.8 | ||||
Minimum | Level 3 | Investment funds | Discount rate | Fair Value Inputs Level 3 Internal Cash Flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 0 | 0 | |||
Minimum | Level 3 | Investment funds | WACC | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 7.6 | ||||
Minimum | Level 3 | Investment funds | Teminal EBITDA multiple | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 7 | ||||
Minimum | Level 3 | Investment funds | Measurement Input EV Terminal EBITDA | Market Multiples | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 6.5 | ||||
Minimum | Level 3 | Investment funds | Measurement Input EV Last Twelve Months EBITDA | Market Multiples | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 7.5 | ||||
Minimum | Level 3 | Investment funds | Measurement Input EV Precedent transaction Last Twelve Months EBITDA | Market Multiples | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 7.5 | ||||
Minimum | Level 3 | Options held | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Derivative assets | 12 | 0 | |||
Minimum | Level 3 | Reinsurance Recoverable | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 0.2 | (0.1) | |||
Minimum | Level 3 | Reinsurance Recoverable | Mortality Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 0 | 0 | |||
Minimum | Level 3 | Reinsurance Recoverable | Lapse Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 1.5 | 1.5 | |||
Minimum | Level 3 | Reinsurance Recoverable | Annuitization Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 0 | 0 | |||
Minimum | Level 3 | Variable Annuity and Variable Life Insurance Contracts | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 0.2 | 0.1 | |||
Minimum | Level 3 | Variable Annuity and Variable Life Insurance Contracts | Mortality Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 0 | 0 | |||
Minimum | Level 3 | Variable Annuity and Variable Life Insurance Contracts | Lapse Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 1.5 | 1.5 | |||
Minimum | Level 3 | Variable Annuity and Variable Life Insurance Contracts | Annuitization Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 0 | 0 | |||
Maximum | Level 3 | Corporate debt securities | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 2.5 | 1.3 | |||
Maximum | Level 3 | Other asset-backed securities and debt securities | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 51.2 | 51.2 | |||
Maximum | Level 3 | Other asset-backed securities and debt securities | Measurement Input, Default Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 1.6 | ||||
Maximum | Level 3 | Investment funds | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 17 | ||||
Maximum | Level 3 | Investment funds | Discount rate | Fair Value Inputs Level 3 Internal Cash Flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 65 | ||||
Maximum | Level 3 | Investment funds | WACC | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 19.1 | ||||
Maximum | Level 3 | Investment funds | Teminal EBITDA multiple | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 11.9 | ||||
Maximum | Level 3 | Investment funds | Measurement Input EV Terminal EBITDA | Market Multiples | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 10.3 | ||||
Maximum | Level 3 | Investment funds | Measurement Input EV Last Twelve Months EBITDA | Market Multiples | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 11.8 | ||||
Maximum | Level 3 | Investment funds | Measurement Input EV Precedent transaction Last Twelve Months EBITDA | Market Multiples | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 12.1 | ||||
Maximum | Level 3 | Options held | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Derivative assets | 33 | 15 | |||
Maximum | Level 3 | Reinsurance Recoverable | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 0.6 | 0.4 | |||
Maximum | Level 3 | Reinsurance Recoverable | Mortality Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 100 | 100 | |||
Maximum | Level 3 | Reinsurance Recoverable | Lapse Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 14 | 24 | |||
Maximum | Level 3 | Reinsurance Recoverable | Annuitization Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 100 | 100 | |||
Maximum | Level 3 | Variable Annuity and Variable Life Insurance Contracts | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 0.6 | 0.4 | |||
Maximum | Level 3 | Variable Annuity and Variable Life Insurance Contracts | Mortality Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 100 | 100 | |||
Maximum | Level 3 | Variable Annuity and Variable Life Insurance Contracts | Lapse Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 30 | 54 | |||
Maximum | Level 3 | Variable Annuity and Variable Life Insurance Contracts | Annuitization Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 100 | 100 | |||
Weighted Average | Level 3 | Corporate debt securities | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 0.8 | 0.8 | |||
Weighted Average | Level 3 | Other asset-backed securities and debt securities | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 12.1 | 8.3 | |||
Weighted Average | Level 3 | Other asset-backed securities and debt securities | Measurement Input, Default Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 1.9 | 0.8 | |||
Weighted Average | Level 3 | Investment funds | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 14.1 | ||||
Weighted Average | Level 3 | Investment funds | Discount rate | Fair Value Inputs Level 3 Internal Cash Flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 0 | 11.3 | |||
Weighted Average | Level 3 | Investment funds | WACC | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 16.5 | ||||
Weighted Average | Level 3 | Investment funds | Measurement Input EV Terminal EBITDA | Market Multiples | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs. Equity securities | 9.5 | ||||
Weighted Average | Level 3 | Options held | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Derivative assets | 14.4 | 8.6 | |||
Weighted Average | Level 3 | Reinsurance Recoverable | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 0.2 | 0.1 | |||
Weighted Average | Level 3 | Reinsurance Recoverable | Mortality Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 1.4 | 1.3 | |||
Weighted Average | Level 3 | Reinsurance Recoverable | Lapse Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 7.1 | 16.2 | |||
Weighted Average | Level 3 | Reinsurance Recoverable | Annuitization Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Other assets | 100 | 99.9 | |||
Weighted Average | Level 3 | Variable Annuity and Variable Life Insurance Contracts | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 0.2 | 0.1 | |||
Weighted Average | Level 3 | Variable Annuity and Variable Life Insurance Contracts | Mortality Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 1.3 | 1.3 | |||
Weighted Average | Level 3 | Variable Annuity and Variable Life Insurance Contracts | Lapse Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 6.9 | 16 | |||
Weighted Average | Level 3 | Variable Annuity and Variable Life Insurance Contracts | Annuitization Rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Policy liabilities and Policy Account Balances | 80.9 | 80.3 | |||
Weighted Average | Level 3 | Japanese prefectural and foreign municipal bond securities | Discount rate | Discounted cash flows | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Significant unobservable inputs, Available-for-sale debt securities | 8.5 | 8.5 | |||
[1] | The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities were ¥324,220 million and ¥254,853 million as of March 31, 2019 and 2020, respectively. The amount of investment funds that are accounted for under the equity method included in equity securities were ¥75,923 million and ¥70,129 million as of March 31, 2019 and 2020, respectively. The amount of investment funds elected for the fair value option included in equity securities were ¥5,811 million and ¥6,326 million as of March 31, 2019 and 2020, respectively. | ||||
[2] | The amount of ¥11,631 million of investment funds measured at net asset value per share is not included. | ||||
[3] | The amount of ¥12,100 million of investment funds measured at net asset value per share is not included. | ||||
[4] | It represents the amount after offset under counterparty netting of derivative assets and liabilities. For the information of input level before netting, see Note 2 “Fair Value Measurements.” |
Fair Value Measurements (Info_2
Fair Value Measurements (Information about Valuation Techniques and Significant Unobservable Inputs Used in Valuation of Level Three Assets Measured at Fair Value on Nonrecurring Basis) (Detail) - Fair Value, Measurements, Nonrecurring - Level 3 ¥ in Millions | Mar. 31, 2020JPY (¥)Times | Mar. 31, 2019JPY (¥) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ¥ 24,390 | ¥ 22,428 |
Loans Held-for-Sale [Member] | Discounted cash flows | Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ¥ 4,823 | |
Minimum | Loans Held-for-Sale [Member] | Discounted cash flows | Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 5.70% | |
Maximum | Loans Held-for-Sale [Member] | Discounted cash flows | Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 7.70% | |
Real Estate Collateral Dependent Loans | Direct capitalization | Capitalization rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ¥ 12,557 | ¥ 6,630 |
Real Estate Collateral Dependent Loans | Minimum | Direct capitalization | Capitalization rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 5.60% | 5.80% |
Real Estate Collateral Dependent Loans | Maximum | Direct capitalization | Capitalization rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 7.00% | 8.20% |
Real Estate Collateral Dependent Loans | Weighted Average | Direct capitalization | Capitalization rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | (6.00%) | (6.30%) |
Real Estate Collateral Dependent Loans | Weighted Average | Discounted cash flows | Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 6.80% | |
Investment in operating leases and property under facility operations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ¥ 302 | |
Investment in operating leases and property under facility operations | Discounted cash flows | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ¥ 2,345 | |
Investment in operating leases and property under facility operations | Appraisals | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ¥ 4,236 | ¥ 10,556 |
Investment in operating leases and property under facility operations | Minimum | Direct capitalization | Capitalization rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 4.30% | |
Investment in operating leases and property under facility operations | Minimum | Discounted cash flows | Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 7.30% | |
Investment in operating leases and property under facility operations | Minimum | Discounted cash flows | Capitalization rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 4.10% | |
Investment in operating leases and property under facility operations | Maximum | Direct capitalization | Capitalization rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 4.30% | |
Investment in operating leases and property under facility operations | Maximum | Discounted cash flows | Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | (7.30%) | |
Investment in operating leases and property under facility operations | Maximum | Discounted cash flows | Capitalization rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 4.10% | |
Certain Investment in Affiliates | Discounted cash flows | WACC | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ¥ 359 | |
Certain Investment in Affiliates | Appraisals | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ¥ 2,113 | ¥ 2,563 |
Certain Investment in Affiliates | Business enterprise value multiples | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | ¥ 334 | |
Certain Investment in Affiliates | Minimum | Discounted cash flows | Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 14.00% | |
Certain Investment in Affiliates | Minimum | Discounted cash flows | WACC | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 14.00% | |
Certain Investment in Affiliates | Minimum | Market Multiples | Measurement Input EV Precedent transaction Last Twelve Months EBITDA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | Times | 7 | |
Certain Investment in Affiliates | Minimum | Market Multiples | Measurement Input Precedent Transaction Three year average Ebitda [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | Times | 7 | |
Certain Investment in Affiliates | Maximum | Discounted cash flows | Discount rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | (14.00%) | |
Certain Investment in Affiliates | Maximum | Discounted cash flows | WACC | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | 14.00% | |
Certain Investment in Affiliates | Maximum | Market Multiples | Measurement Input EV Precedent transaction Last Twelve Months EBITDA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | Times | 7 | |
Certain Investment in Affiliates | Maximum | Market Multiples | Measurement Input Precedent Transaction Three year average Ebitda [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Range Discount Rate | Times | 7 |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Business Acquisition [Line Items] | ||||
Acquisitions consideration, cost of acquired entity paid in cash | ¥ 190,119 | ¥ 148,483 | ¥ 71,840 | |
Goodwill acquired | 443,818 | 430,679 | 368,625 | ¥ 341,178 |
Bargain Purchase Gain | 955 | 0 | 0 | |
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net | 74,001 | 33,314 | 49,203 | |
Property under Facility Operations | 562,485 | 441,632 | ||
Other Liabilities | 912,921 | 617,746 | ||
Overseas Business Segment | ||||
Business Acquisition [Line Items] | ||||
Goodwill acquired | 251,804 | 245,058 | 203,106 | 177,761 |
Investment and Operation Segment | ||||
Business Acquisition [Line Items] | ||||
Goodwill acquired | 93,711 | 89,178 | 61,575 | 68,814 |
Corporate Financial Services | ||||
Business Acquisition [Line Items] | ||||
Goodwill acquired | 56,665 | 55,366 | 55,366 | 55,366 |
Bargain Purchase Gain | 955 | |||
Real Estate Segment | ||||
Business Acquisition [Line Items] | ||||
Goodwill acquired | 16,272 | 16,383 | 23,614 | ¥ 23,531 |
Series of Individually Immaterial Business Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Goodwill acquired | 46,522 | 72,466 | 42,933 | |
Acquired intangible assets other than goodwill | 20,437 | 15,991 | 40,008 | |
Divestiture | ||||
Business Acquisition [Line Items] | ||||
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net | 74,001 | 33,314 | 49,203 | |
Divestiture | Overseas Business Segment | ||||
Business Acquisition [Line Items] | ||||
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net | 39,663 | 23,513 | 15,408 | |
Divestiture | Investment and Operation Segment | ||||
Business Acquisition [Line Items] | ||||
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net | 17,995 | 30,176 | ||
Divestiture | Corporate Financial Services | ||||
Business Acquisition [Line Items] | ||||
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net | 2,028 | |||
Divestiture | Real Estate Segment | ||||
Business Acquisition [Line Items] | ||||
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net | ¥ 16,223 | 8,025 | ¥ 1,604 | |
Property under Facility Operations | 42,595 | |||
Other Liabilities | 23,078 | |||
Divestiture | Maintenance Leasing Segment | ||||
Business Acquisition [Line Items] | ||||
Gains on Sales of Subsidiaries and Affiliates and Liquidation Losses, net | ¥ 1,220 |
Revenues from Contracts with _3
Revenues from Contracts with Customers - Summary of Revenues from Contracts with Customers, and Other Sources of Revenue (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue From Contract With Customers [Line Items] | |||
Other revenues | ¥ 8,210 | ¥ 19,383 | |
Total sales of goods and real estate and services income | 2,280,329 | 2,434,864 | ¥ 2,862,771 |
Sales of Goods | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues from contracts with customers | 287,558 | 462,029 | |
Real Estate Sales | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues from contracts with customers | 118,953 | 134,136 | |
Asset Management and Servicing | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues from contracts with customers | 181,851 | 191,820 | |
Automobile related services | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues from contracts with customers | 77,987 | 78,723 | |
Facilities operation | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues from contracts with customers | 69,297 | 104,005 | |
Environment and energy services | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues from contracts with customers | 141,532 | 132,243 | |
Real estate management and brokerage | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues from contracts with customers | 104,110 | 103,062 | |
Real estate contract work | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues from contracts with customers | 88,966 | 82,217 | |
Other | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues from contracts with customers | 104,059 | 107,341 | |
Sales of Goods and Real Estate and Service [Member] | |||
Revenue From Contract With Customers [Line Items] | |||
Total revenues from contracts with customers | 1,174,313 | 1,395,576 | |
Total sales of goods and real estate and services income | ¥ 1,182,523 | ¥ 1,414,959 |
Revenues from Contracts with _4
Revenues from Contracts with Customers - Summary of Costs of Goods and Real Estate Sold and Service Expense (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Sales And Costs Of Goods And Real Estate And Services Income And Expenses [Line Items] | |||
Total expenses of costs of goods and real estate sold and services expenses | ¥ 2,010,648 | ¥ 2,105,426 | ¥ 2,526,576 |
Product | |||
Sales And Costs Of Goods And Real Estate And Services Income And Expenses [Line Items] | |||
Total expenses of costs of goods and real estate sold and services expenses | 247,036 | 419,001 | |
Real Estate | |||
Sales And Costs Of Goods And Real Estate And Services Income And Expenses [Line Items] | |||
Total expenses of costs of goods and real estate sold and services expenses | 106,970 | 116,260 | |
Asset Management and Servicing | |||
Sales And Costs Of Goods And Real Estate And Services Income And Expenses [Line Items] | |||
Total expenses of costs of goods and real estate sold and services expenses | 37,808 | 44,107 | |
Automobile related services | |||
Sales And Costs Of Goods And Real Estate And Services Income And Expenses [Line Items] | |||
Total expenses of costs of goods and real estate sold and services expenses | 48,579 | 47,859 | |
Facilities operation | |||
Sales And Costs Of Goods And Real Estate And Services Income And Expenses [Line Items] | |||
Total expenses of costs of goods and real estate sold and services expenses | 66,163 | 95,207 | |
Environment and energy services | |||
Sales And Costs Of Goods And Real Estate And Services Income And Expenses [Line Items] | |||
Total expenses of costs of goods and real estate sold and services expenses | 110,899 | 105,414 | |
Real estate management and brokerage | |||
Sales And Costs Of Goods And Real Estate And Services Income And Expenses [Line Items] | |||
Total expenses of costs of goods and real estate sold and services expenses | 94,119 | 94,869 | |
Real estate contract work | |||
Sales And Costs Of Goods And Real Estate And Services Income And Expenses [Line Items] | |||
Total expenses of costs of goods and real estate sold and services expenses | 76,983 | 71,958 | |
Other | |||
Sales And Costs Of Goods And Real Estate And Services Income And Expenses [Line Items] | |||
Total expenses of costs of goods and real estate sold and services expenses | 49,363 | 48,906 | |
Sales of Goods and Real Estate and Service [Member] | |||
Sales And Costs Of Goods And Real Estate And Services Income And Expenses [Line Items] | |||
Total expenses of costs of goods and real estate sold and services expenses | ¥ 837,920 | ¥ 1,043,581 |
Revenues from Contracts with _5
Revenues from Contracts with Customers - Balances from Contracts with Customers in Fee Business (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Contract with Customer, Asset and Liability [Abstract] | ||
Trade Notes, Accounts and Other Receivable | ¥ 165,676 | ¥ 161,884 |
Contract assets (Included in Other Assets) | 3,811 | 2,277 |
Contract liabilities (Included in Other Liabilities) | ¥ 32,805 | ¥ 45,371 |
Revenues from Contracts with _6
Revenues from Contracts with Customers - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue From Contract With Customers [Line Items] | ||
Contract liabilities decrease due to deconsolidation of contract liabilities | ¥ 14,342 | |
Revenue included in contract liabilities | 31,908 | ¥ 38,905 |
Revenue remaining performance obligation | ¥ 137,320 | |
Automobile Services [Member] | ||
Revenue From Contract With Customers [Line Items] | ||
Revenue remaining performance obligation expected timing of satisfaction period | 10 years | |
Maximum | ||
Revenue From Contract With Customers [Line Items] | ||
Revenue remaining performance obligation expected timing of satisfaction, period | Remaining term for the obligations ranges up to 15 years. |
Sales and Costs of Goods and Re
Sales and Costs of Goods and Real Estate and Services Income and Expenses - Schedule of Information about Sales of Goods and Real Estate and Costs of Goods and Real Estate Sold (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Sales And Costs Of Goods And Real Estate And Services Income And Expenses [Line Items] | |||
Sales of goods and real estate | ¥ 1,079,052 | ||
Costs of goods and real estate sold | ¥ 354,006 | ¥ 535,261 | 1,003,509 |
Product | |||
Sales And Costs Of Goods And Real Estate And Services Income And Expenses [Line Items] | |||
Sales of goods and real estate | 954,807 | ||
Costs of goods and real estate sold | 896,515 | ||
Real Estate | |||
Sales And Costs Of Goods And Real Estate And Services Income And Expenses [Line Items] | |||
Sales of goods and real estate | 124,245 | ||
Costs of goods and real estate sold | ¥ 106,994 |
Sales and Costs of Goods and _2
Sales and Costs of Goods and Real Estate and Services Income and Expenses - Schedule of Information about Services Income and Services Expense (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Sales And Costs Of Goods And Real Estate And Services Income And Expenses [Line Items] | |||
Services expense | ¥ 483,914 | ¥ 508,320 | ¥ 482,796 |
Revenues from Asset Management and Servicing | |||
Sales And Costs Of Goods And Real Estate And Services Income And Expenses [Line Items] | |||
Total revenues | 213,667 | ||
Services expense | 49,848 | ||
Revenues from Automobile Related Business | |||
Sales And Costs Of Goods And Real Estate And Services Income And Expenses [Line Items] | |||
Total revenues | 73,095 | ||
Services expense | 44,599 | ||
Revenues from Facilities Operation Related Business | |||
Sales And Costs Of Goods And Real Estate And Services Income And Expenses [Line Items] | |||
Total revenues | 104,187 | ||
Services expense | 90,623 | ||
Revenues from Environment and Energy Business | |||
Sales And Costs Of Goods And Real Estate And Services Income And Expenses [Line Items] | |||
Total revenues | 112,821 | ||
Services expense | 89,278 | ||
Real Estate Management and Contract Work | |||
Sales And Costs Of Goods And Real Estate And Services Income And Expenses [Line Items] | |||
Total revenues | 183,243 | ||
Services expense | 166,487 | ||
Other | |||
Sales And Costs Of Goods And Real Estate And Services Income And Expenses [Line Items] | |||
Total revenues | 93,897 | ||
Services expense | 41,961 | ||
Services Income | |||
Sales And Costs Of Goods And Real Estate And Services Income And Expenses [Line Items] | |||
Total revenues | ¥ 780,910 |
Cash Flow Information - Summary
Cash Flow Information - Summary of Cash, Cash Equivalents and Restricted Cash (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | ¥ 982,666 | ¥ 1,161,032 | ||
Restricted Cash | 152,618 | 122,548 | ||
Cash, Cash Equivalents and Restricted Cash | ¥ 1,135,284 | ¥ 1,283,580 | ¥ 1,405,117 | ¥ 1,133,212 |
Cash Flow Information (Cash Pay
Cash Flow Information (Cash Payments) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Cash payments: | |||
Interest | ¥ 99,788 | ¥ 92,424 | ¥ 75,013 |
Income taxes, net | ¥ 124,236 | ¥ 67,065 | ¥ 181,854 |
Cash Flow Information - Additio
Cash Flow Information - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Schedule of Cash Flow, Supplemental [Line Items] | |||
Real estate under operating leases transferred from installment loans as a result of real estate collateral acquired from non-recourse loans | ¥ 1,373 | ¥ 226 | |
Assets decreased due to deconsolidation of VIEs | ¥ 1,281 | 12,805 | 4,313 |
Liabilities decreased due to deconsolidation of VIEs | 33 | 12,265 | ¥ 2,304 |
Property under Facility Operations | |||
Schedule of Cash Flow, Supplemental [Line Items] | |||
Real estate under operating leases transferred from installment loans as a result of real estate collateral acquired from non-recourse loans | 28 | ||
Property, Plant and Equipment, Other Types | |||
Schedule of Cash Flow, Supplemental [Line Items] | |||
Real estate under operating leases transferred from installment loans as a result of real estate collateral acquired from non-recourse loans | ¥ 29 | ¥ 320 |
Leases - Lessor_ Lease Income (
Leases - Lessor: Lease Income (Detail) ¥ in Millions | 12 Months Ended |
Mar. 31, 2020JPY (¥) | |
Lease income—net investment in leases | |
Interest Income | ¥ 72,663 |
Other | 2,412 |
Lease Income--Operating Leases | 430,665 |
Total lease income | ¥ 505,740 |
Leases - Additional Information
Leases - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Schedule of Operating Leases [Line Items] | |||
Gains on sales of operating lease assets | ¥ 51,072 | ¥ 62,883 | ¥ 35,291 |
Operating lease contracts, non- cancelable lease terms | 29 years | ||
Operating Lease Assets Other than Real Estate | |||
Schedule of Operating Leases [Line Items] | |||
Gains on sales of operating lease assets | ¥ 20,918 | 26,120 | 18,908 |
Real Estate Asset | |||
Schedule of Operating Leases [Line Items] | |||
Gains on sales of operating lease assets | ¥ 30,154 | ¥ 36,763 | ¥ 16,383 |
Leases - Lessor_ Net Investment
Leases - Lessor: Net Investment in Leases (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Schedule Of Net Investment In Direct Financing And Sales Type Lease [Abstract] | ||
Lease receivables | ¥ 1,049,409 | |
Unguaranteed residual value | 27,868 | |
Initial direct costs | 3,687 | |
Total | ¥ 1,080,964 | ¥ 0 |
Leases - Lessor_ Investment in
Leases - Lessor: Investment in Operating Leases (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Property Subject to or Available for Operating Lease [Line Items] | ||
Right-of-use-asset (operating leases) | ¥ 270,160 | |
Investment in Operating Leases | 1,400,001 | ¥ 1,335,959 |
Investment in Operating Leases | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property Subject to or Available for Operating Lease, Gross | 1,931,309 | 1,938,515 |
Accumulated depreciation | (678,245) | (634,478) |
Net | 1,253,064 | 1,304,037 |
Right-of-use-asset (operating leases) | 121,553 | |
Accrued rental receivables | 25,384 | 31,922 |
Investment in Operating Leases | 1,400,001 | 1,335,959 |
Transportation equipment | Investment in Operating Leases | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property Subject to or Available for Operating Lease, Gross | 1,305,908 | 1,304,925 |
Measuring and information-related equipment | Investment in Operating Leases | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property Subject to or Available for Operating Lease, Gross | 287,301 | 266,436 |
Real Estate Asset | Investment in Operating Leases | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property Subject to or Available for Operating Lease, Gross | 305,981 | 336,002 |
Other | Investment in Operating Leases | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property Subject to or Available for Operating Lease, Gross | ¥ 32,119 | ¥ 31,152 |
Leases - Lessor_ Depreciation a
Leases - Lessor: Depreciation and Various Expenses Included in Costs of Operating Leases (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Leases [Abstract] | |||
Depreciation expenses | ¥ 209,586 | ¥ 202,858 | ¥ 195,047 |
Various expenses | 80,018 | 54,463 | 57,280 |
Costs of operating leases | ¥ 289,604 | ¥ 257,321 | ¥ 252,327 |
Leases - Lessor_ Amounts of Rem
Leases - Lessor: Amounts of Remaining Lease Receivables of Net Investment in Leases and Opearting Lease Contracts Due in Each of Next Five Years and Thereafter (Detail) ¥ in Millions | Mar. 31, 2020JPY (¥) |
Operating leases | |
2021 | ¥ 289,277 |
2022 | 194,257 |
2023 | 130,752 |
2024 | 83,242 |
2025 | 48,525 |
Thereafter | 126,200 |
Total lease payments | 872,253 |
Net investment in leases | |
2021 | 411,013 |
2022 | 297,692 |
2023 | 197,792 |
2024 | 120,602 |
2025 | 68,894 |
Thereafter | 82,385 |
Total lease payments | 1,178,377 |
Less imputed interest | (128,968) |
Total lease receivables | ¥ 1,049,409 |
Leases - Lessee_ Component of L
Leases - Lessee: Component of Lease Expense (Detail) ¥ in Millions | 12 Months Ended |
Mar. 31, 2020JPY (¥) | |
Finance Leases Cost [Abstract] | |
Depreciation expenses of right-of-use assets | ¥ 743 |
Interest expenses of lease liabilities | 302 |
Finance lease cost total | 1,045 |
Operating lease cost | 42,427 |
Short-term lease cost | 2,633 |
Variable lease cost | 948 |
Sublease income | (3,688) |
Total | ¥ 43,365 |
Leases - Lessee_ Supplemental C
Leases - Lessee: Supplemental Cash Flow Information (Detail) ¥ in Millions | 12 Months Ended |
Mar. 31, 2020JPY (¥) | |
Schedule Of Cash Flow Information Related To Lease Abstract [Abstract] | |
Operating Leases, Cash flows from operating activities | ¥ 44,610 |
Operating Leases, Cash flows from financing activities | 0 |
Operating Leases, Right-of-use assets obtained in exchange for lease liabilities | 39,775 |
Finance Leases, Cash flows from operating activities | 302 |
Finance Leases, Cash flows from financing activities | 494 |
Finance Leases, Right-of-use assets obtained in exchange for lease liabilities: | ¥ 531 |
Leases - Lessee_ Supplemental B
Leases - Lessee: Supplemental Balance Sheet Information (Detail) ¥ in Millions | Mar. 31, 2020JPY (¥) |
Operating And Finance Lease Supplemental Balance Sheet Information Line Items [Line Items] | |
Right-of-use asset (operating leases) | ¥ 270,160 |
Operating lease, Total lease liabilities | 266,790 |
Operating lease, Other Liabilities | ¥ 266,790 |
Operating lease, Weighted average remaining lease term | 13 years |
Operating lease, Weighted average discount rate | 1.08% |
Right-of-use asset (finance leases) | ¥ 2,249 |
Finance leases, Total lease liabilities | 2,840 |
Finance leases, Other Liability | ¥ 2,840 |
Finance leases, Weighted average remaining lease term | 9 years |
Finance leases, Weighted average discount rate | 3.01% |
Investment in Operating Leases | |
Operating And Finance Lease Supplemental Balance Sheet Information Line Items [Line Items] | |
Right-of-use asset (operating leases) | ¥ 121,553 |
Right-of-use asset (finance leases) | 0 |
Property under Facility Operations | |
Operating And Finance Lease Supplemental Balance Sheet Information Line Items [Line Items] | |
Right-of-use asset (operating leases) | 73,226 |
Right-of-use asset (finance leases) | 2,241 |
Office Facilities | |
Operating And Finance Lease Supplemental Balance Sheet Information Line Items [Line Items] | |
Right-of-use asset (operating leases) | 75,381 |
Right-of-use asset (finance leases) | ¥ 8 |
Leases - Lessee_ Amounts of Lea
Leases - Lessee: Amounts of Lease Liabilities Due in Each of Next Five Years and Thereafter (Detail) ¥ in Millions | Mar. 31, 2020JPY (¥) |
Operating And Finance Lease Payments Due Abstract [Abstract] | |
Finance leases, 2021 | ¥ 485 |
Finance leases, 2022 | 484 |
Finance leases, 2023 | 482 |
Finance leases, 2024 | 477 |
Finance leases, 2025 | 473 |
Thereafter | 848 |
Total lease payments | 3,249 |
Less imputed interest | (409) |
Total Lease Liability | 2,840 |
Operating leases, 2021 | 45,303 |
Operating leases, 2022 | 30,701 |
Operating leases, 2023 | 26,884 |
Operating leases, 2024 | 23,861 |
Operating leases, 2025 | 21,649 |
Thereafter | 135,909 |
Total lease payments | 284,307 |
Less imputed interest | (17,517) |
Total lease liabilities | ¥ 266,790 |
Investment in Direct Financin_3
Investment in Direct Financing Leases (Investment in Direct Financing Leases) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Leases [Abstract] | ||
Total Minimum lease payments to be received | ¥ 1,312,418 | |
Less : Estimated executory costs | (60,787) | |
Minimum lease payments receivable | 1,251,631 | |
Estimated residual value | 37,655 | |
Initial direct costs | 6,337 | |
Unearned lease income | (139,991) | |
Investment in Direct Financing Leases | ¥ 0 | ¥ 1,155,632 |
Investment in Direct Financin_4
Investment in Direct Financing Leases - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Finance Revenues | ||
Lease Disclosure [Line Items] | ||
Direct financing leases revenues | ¥ 58,246 | ¥ 59,900 |
Investment in Operating Lease_2
Investment in Operating Leases (Investment in Operating Leases) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Schedule of Operating Leases [Line Items] | ||
Investment in Operating Leases | ¥ 1,400,001 | ¥ 1,335,959 |
Investment in Operating Leases | ||
Schedule of Operating Leases [Line Items] | ||
Property Subject to or Available for Operating Lease, Gross | 1,931,309 | 1,938,515 |
Accumulated depreciation | (678,245) | (634,478) |
Net | 1,253,064 | 1,304,037 |
Accrued rental receivables | 25,384 | 31,922 |
Investment in Operating Leases | 1,400,001 | 1,335,959 |
Transportation equipment | Investment in Operating Leases | ||
Schedule of Operating Leases [Line Items] | ||
Property Subject to or Available for Operating Lease, Gross | 1,305,908 | 1,304,925 |
Measuring and information-related equipment | Investment in Operating Leases | ||
Schedule of Operating Leases [Line Items] | ||
Property Subject to or Available for Operating Lease, Gross | 287,301 | 266,436 |
Real Estate Asset | Investment in Operating Leases | ||
Schedule of Operating Leases [Line Items] | ||
Property Subject to or Available for Operating Lease, Gross | 305,981 | 336,002 |
Other | Investment in Operating Leases | ||
Schedule of Operating Leases [Line Items] | ||
Property Subject to or Available for Operating Lease, Gross | ¥ 32,119 | ¥ 31,152 |
Investment in Operating Lease_3
Investment in Operating Leases - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Schedule of Operating Leases [Line Items] | |||
Gains on sales of operating lease assets | ¥ 51,072 | ¥ 62,883 | ¥ 35,291 |
Operating Lease Assets Other than Real Estate | |||
Schedule of Operating Leases [Line Items] | |||
Gains on sales of operating lease assets | 20,918 | 26,120 | 18,908 |
Real Estate Asset | |||
Schedule of Operating Leases [Line Items] | |||
Gains on sales of operating lease assets | ¥ 30,154 | ¥ 36,763 | ¥ 16,383 |
Investment in Operating Lease_4
Investment in Operating Leases (Depreciation and Various Expenses Included in Costs of Operating Leases) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Leases [Abstract] | |||
Depreciation expenses | ¥ 209,586 | ¥ 202,858 | ¥ 195,047 |
Various expenses | 80,018 | 54,463 | 57,280 |
Costs of operating leases | ¥ 289,604 | ¥ 257,321 | ¥ 252,327 |
Installment Loans (Composition
Installment Loans (Composition of Installment Loans By Domicile and Type of Borrower) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Installment loans | ¥ 3,740,486 | ¥ 3,277,670 | |
Non-recourse Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Installment loans | 48,566 | 53,067 | |
Corporate Commercial, industrial and other companies | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Installment loans | 255,309 | 266,675 | |
Purchased loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Installment loans | [1] | 13,218 | 16,416 |
Japan | Consumer borrowers | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Installment loans | 2,098,400 | 1,838,933 | |
Japan | Consumer borrowers | Consumer - Real Estate Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Installment loans | 1,842,131 | 1,560,832 | |
Japan | Consumer borrowers | Card loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Installment loans | 223,651 | 245,139 | |
Japan | Consumer borrowers | Consumer - Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Installment loans | 32,618 | 32,962 | |
Japan | Corporate borrowers | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Installment loans | 604,859 | 608,593 | |
Japan | Corporate borrowers | Corporate Real Estate Companies Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Installment loans | 300,984 | 288,851 | |
Overseas | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Installment loans | 1,024,009 | 813,728 | |
Overseas | Overseas Real estate companies | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Installment loans | 250,195 | 104,883 | |
Overseas | Non-recourse Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Installment loans | 83,515 | 49,915 | |
Overseas | Corporate Commercial, industrial and other companies | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Installment loans | ¥ 690,299 | ¥ 658,930 | |
[1] | Purchased loans represent loans with evidence of deterioration of credit quality since origination and for which it is probable at acquisition that collection of all contractually required payments from the debtors is unlikely. |
Installment Loans (Contractual
Installment Loans (Contractual Maturities of Installment Loans Except Purchased Loans) (Detail) ¥ in Millions | Mar. 31, 2020JPY (¥) |
Debt Disclosure [Abstract] | |
2021 | ¥ 579,065 |
2022 | 352,497 |
2023 | 350,778 |
2024 | 255,482 |
2025 | 247,876 |
Thereafter | 1,941,570 |
Total | ¥ 3,727,268 |
Installment Loans - Additional
Installment Loans - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income on loans | ¥ 166,966 | ¥ 148,863 | ¥ 134,211 |
Loans held for sale in installment loans | 127,194 | 54,311 | |
Loans held for sale measured at fair value | 90,893 | 38,671 | |
Installment loans | 3,740,486 | 3,277,670 | |
Purchased loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Installment loans | 13,218 | 16,416 | |
Fair value at the acquisition date of purchased loans acquired during the period | 2,983 | 4,716 | |
Purchased loans | Class Of Financing Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Purchased loans for which valuation allowances were provided | ¥ 1,497 | ¥ 3,658 |
Installment Loans (Changes in A
Installment Loans (Changes in Allowance for Uncollectible Accounts Relating to Purchased Loans) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||||||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Beginning balance | ¥ 58,011 | ¥ 54,672 | ¥ 59,227 | ||||
Provision (Reversal) | 24,425 | 22,525 | 17,265 | ||||
Charge-offs | (24,920) | (20,430) | (20,566) | ||||
Recoveries | 788 | 1,217 | 1,101 | ||||
Other | (1,468) | [1] | 27 | [1] | (2,355) | [2] | |
Ending balance | 56,836 | 58,011 | 54,672 | ||||
Purchased loans | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Beginning balance | [3] | 3,186 | 4,292 | 6,061 | |||
Provision (Reversal) | [3] | (24) | (331) | (539) | |||
Charge-offs | [3] | (1,789) | (822) | (1,375) | |||
Recoveries | [3] | 77 | 126 | 152 | |||
Other | [3],[4] | 8 | [1] | (79) | [1] | (7) | [2] |
Ending balance | [3] | ¥ 1,458 | ¥ 3,186 | ¥ 4,292 | |||
[1] | Other mainly includes foreign currency translation adjustments and decrease in allowance related to sales of loans. | ||||||
[2] | Other mainly includes foreign currency translation adjustments and decrease in allowance related to deconsolidated subsidiaries. | ||||||
[3] | Purchased loans represent loans with evidence of deterioration of credit quality since origination and for which it is probable at acquisition that collection of all contractually required payments from the debtors is unlikely. | ||||||
[4] | Other includes foreign currency translation adjustments. |
Credit Quality of Financing R_3
Credit Quality of Financing Receivables and the Allowance for Credit Losses (Information about Allowance for Credit Losses) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||||||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Beginning balance | ¥ 58,011 | ¥ 54,672 | ¥ 59,227 | ||||
Provision (Reversal) | 24,425 | 22,525 | 17,265 | ||||
Charge-offs | (24,920) | (20,430) | (20,566) | ||||
Recoveries | 788 | 1,217 | 1,101 | ||||
Other | (1,468) | [1] | 27 | [1] | (2,355) | [2] | |
Ending balance | 56,836 | 58,011 | 54,672 | ||||
Allowance for credit losses, Individually Evaluated for Impairment | 13,447 | 13,731 | 14,344 | ||||
Allowance for credit losses, Not Individually Evaluated for Impairment | 43,389 | 44,280 | 40,328 | ||||
Financing receivables, Ending balance | 4,694,256 | 4,378,991 | 4,000,357 | ||||
Financing receivables, Individually evaluated for impairment | 85,820 | 58,827 | 47,142 | ||||
Financing receivables, Not individually evaluated for impairment | 4,608,436 | 4,320,164 | 3,953,215 | ||||
Consumer borrowers | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Beginning balance | 21,195 | 21,196 | 18,599 | ||||
Provision (Reversal) | 12,254 | 12,400 | 11,922 | ||||
Charge-offs | (13,723) | (13,115) | (9,784) | ||||
Recoveries | 554 | 687 | 657 | ||||
Other | 262 | [1] | 27 | [1] | (198) | [2] | |
Ending balance | 20,542 | 21,195 | 21,196 | ||||
Allowance for credit losses, Individually Evaluated for Impairment | 3,602 | 3,372 | 3,020 | ||||
Allowance for credit losses, Not Individually Evaluated for Impairment | 16,940 | 17,823 | 18,176 | ||||
Financing receivables, Ending balance | 2,171,139 | 1,906,022 | 1,739,173 | ||||
Financing receivables, Individually evaluated for impairment | 26,533 | 23,163 | 18,911 | ||||
Financing receivables, Not individually evaluated for impairment | 2,144,606 | 1,882,859 | 1,720,262 | ||||
Corporate borrowers | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Allowance for credit losses, Individually Evaluated for Impairment | 9,178 | 8,442 | |||||
Financing receivables, Ending balance | 1,428,935 | 1,300,921 | |||||
Financing receivables, Individually evaluated for impairment | 57,682 | 31,900 | |||||
Purchased loans | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Beginning balance | [3] | 3,186 | 4,292 | 6,061 | |||
Provision (Reversal) | [3] | (24) | (331) | (539) | |||
Charge-offs | [3] | (1,789) | (822) | (1,375) | |||
Recoveries | [3] | 77 | 126 | 152 | |||
Other | [3],[4] | 8 | [1] | (79) | [1] | (7) | [2] |
Ending balance | [3] | 1,458 | 3,186 | 4,292 | |||
Allowance for credit losses, Individually Evaluated for Impairment | [3] | 667 | 1,917 | 2,880 | |||
Allowance for credit losses, Not Individually Evaluated for Impairment | [3] | 791 | 1,269 | 1,412 | |||
Financing receivables, Ending balance | [3] | 13,218 | 16,416 | 18,933 | |||
Financing receivables, Individually evaluated for impairment | [3] | 1,605 | 3,764 | 5,101 | |||
Financing receivables, Not individually evaluated for impairment | [3] | 11,613 | 12,652 | 13,832 | |||
Non-recourse Loans | Corporate borrowers | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Beginning balance | 919 | 688 | 2,951 | ||||
Provision (Reversal) | 903 | 213 | (173) | ||||
Charge-offs | (1) | 0 | (2,031) | ||||
Recoveries | 0 | 0 | 0 | ||||
Other | (35) | [1] | 18 | [1] | (59) | [2] | |
Ending balance | 1,786 | 919 | 688 | ||||
Allowance for credit losses, Individually Evaluated for Impairment | 228 | 166 | 149 | ||||
Allowance for credit losses, Not Individually Evaluated for Impairment | 1,558 | 753 | 539 | ||||
Financing receivables, Ending balance | 132,081 | 99,028 | 73,305 | ||||
Financing receivables, Individually evaluated for impairment | 2,466 | 4,448 | 3,745 | ||||
Financing receivables, Not individually evaluated for impairment | 129,615 | 94,580 | 69,560 | ||||
Other loans | Corporate borrowers | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Beginning balance | 20,662 | 18,407 | 21,079 | ||||
Provision (Reversal) | 7,988 | 5,919 | 3,814 | ||||
Charge-offs | (6,548) | (4,080) | (4,643) | ||||
Recoveries | 133 | 246 | 260 | ||||
Other | (877) | [1] | 170 | [1] | (2,103) | [2] | |
Ending balance | 21,358 | 20,662 | 18,407 | ||||
Allowance for credit losses, Individually Evaluated for Impairment | 8,950 | 8,276 | 8,295 | ||||
Allowance for credit losses, Not Individually Evaluated for Impairment | 12,408 | 12,386 | 10,112 | ||||
Financing receivables, Ending balance | 1,296,854 | 1,201,893 | 974,058 | ||||
Financing receivables, Individually evaluated for impairment | 55,216 | 27,452 | 19,385 | ||||
Financing receivables, Not individually evaluated for impairment | 1,241,638 | 1,174,441 | 954,673 | ||||
Direct financing leases | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Beginning balance | 12,049 | 10,089 | 10,537 | ||||
Provision (Reversal) | 4,324 | 2,241 | |||||
Charge-offs | (2,413) | (2,733) | |||||
Recoveries | 158 | 32 | |||||
Other | (109) | [1] | 12 | [2] | |||
Ending balance | 12,049 | 10,089 | |||||
Allowance for credit losses, Individually Evaluated for Impairment | 0 | 0 | |||||
Allowance for credit losses, Not Individually Evaluated for Impairment | 12,049 | 10,089 | |||||
Financing receivables, Ending balance | 1,080,964 | 1,155,632 | 1,194,888 | ||||
Financing receivables, Individually evaluated for impairment | 0 | 0 | |||||
Financing receivables, Not individually evaluated for impairment | 1,155,632 | ¥ 1,194,888 | |||||
Net investment in leases | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Beginning balance | 12,049 | ||||||
Provision (Reversal) | 3,304 | ||||||
Charge-offs | (2,859) | ||||||
Recoveries | 24 | ||||||
Other | [1] | (826) | |||||
Ending balance | 11,692 | ¥ 12,049 | |||||
Allowance for credit losses, Individually Evaluated for Impairment | 0 | ||||||
Allowance for credit losses, Not Individually Evaluated for Impairment | 11,692 | ||||||
Financing receivables, Ending balance | 1,080,964 | ||||||
Financing receivables, Individually evaluated for impairment | 0 | ||||||
Financing receivables, Not individually evaluated for impairment | ¥ 1,080,964 | ||||||
[1] | Other mainly includes foreign currency translation adjustments and decrease in allowance related to sales of loans. | ||||||
[2] | Other mainly includes foreign currency translation adjustments and decrease in allowance related to deconsolidated subsidiaries. | ||||||
[3] | Purchased loans represent loans with evidence of deterioration of credit quality since origination and for which it is probable at acquisition that collection of all contractually required payments from the debtors is unlikely. | ||||||
[4] | Other includes foreign currency translation adjustments. |
Credit Quality of Financing R_4
Credit Quality of Financing Receivables and the Allowance for Credit Losses (Information about Impaired Loans) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | ¥ 85,820 | ¥ 58,827 | ¥ 47,142 | |
Unpaid Principal Balance | 85,460 | 57,755 | ||
Related Allowance | 13,447 | 13,731 | 14,344 | |
Consumer borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 26,533 | 23,163 | 18,911 | |
Unpaid Principal Balance | 26,311 | 22,512 | ||
Related Allowance | 3,602 | 3,372 | 3,020 | |
Corporate borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 57,682 | 31,900 | ||
Unpaid Principal Balance | 57,544 | 31,479 | ||
Related Allowance | 9,178 | 8,442 | ||
Purchased loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | [1] | 1,605 | 3,764 | 5,101 |
Unpaid Principal Balance | 1,605 | 3,764 | ||
Related Allowance | [1] | 667 | 1,917 | 2,880 |
Consumer - Real Estate Loans | Consumer borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 5,762 | 4,434 | ||
Unpaid Principal Balance | 5,744 | 4,181 | ||
Related Allowance | 817 | 835 | ||
Consumer-Card loans | Consumer borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 3,932 | 3,945 | ||
Unpaid Principal Balance | 3,924 | 3,937 | ||
Related Allowance | 632 | 633 | ||
Consumer - Other | Consumer borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 16,839 | 14,784 | ||
Unpaid Principal Balance | 16,643 | 14,394 | ||
Related Allowance | 2,153 | 1,904 | ||
Non-recourse Loans | Corporate borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 2,466 | 4,448 | 3,745 | |
Related Allowance | 228 | 166 | ¥ 149 | |
Non-recourse Loans | Corporate borrowers | Japan | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 232 | |||
Unpaid Principal Balance | 232 | |||
Related Allowance | 0 | |||
Non-recourse Loans | Corporate borrowers | The Americas | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 2,466 | 4,216 | ||
Unpaid Principal Balance | 2,466 | 4,216 | ||
Related Allowance | 228 | 166 | ||
Real estate companies in Japan | Corporate borrowers | Japan | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 3,501 | 1,540 | ||
Unpaid Principal Balance | 3,486 | 1,527 | ||
Related Allowance | 374 | 419 | ||
Real estate companies in overseas | Corporate borrowers | Overseas | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 12,491 | 840 | ||
Unpaid Principal Balance | 12,491 | 840 | ||
Related Allowance | 486 | 0 | ||
Commercial, industrial and other companies in Japan | Corporate borrowers | Japan | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 12,480 | 7,104 | ||
Unpaid Principal Balance | 12,357 | 6,698 | ||
Related Allowance | 2,371 | 3,703 | ||
Commercial, industrial and other companies in overseas | Corporate borrowers | Overseas | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 26,744 | 17,968 | ||
Unpaid Principal Balance | 26,744 | 17,967 | ||
Related Allowance | 5,719 | 4,154 | ||
Impaired Financing Receivables with No Related Allowance | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | [2] | 36,528 | 17,593 | |
Unpaid Principal Balance | [2] | 36,524 | 17,521 | |
Related Allowance | [2] | 0 | 0 | |
Impaired Financing Receivables with No Related Allowance | Consumer borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 997 | 1,158 | ||
Unpaid Principal Balance | 995 | 1,111 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivables with No Related Allowance | Corporate borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 35,423 | 16,329 | ||
Unpaid Principal Balance | 35,421 | 16,304 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivables with No Related Allowance | Purchased loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 108 | 106 | ||
Unpaid Principal Balance | 108 | 106 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivables with No Related Allowance | Consumer - Real Estate Loans | Consumer borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 584 | 589 | ||
Unpaid Principal Balance | 582 | 542 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivables with No Related Allowance | Consumer-Card loans | Consumer borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 0 | 0 | ||
Unpaid Principal Balance | 0 | 0 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivables with No Related Allowance | Consumer - Other | Consumer borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 413 | 569 | ||
Unpaid Principal Balance | 413 | 569 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivables with No Related Allowance | Non-recourse Loans | Corporate borrowers | Japan | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 232 | |||
Unpaid Principal Balance | 232 | |||
Related Allowance | 0 | |||
Impaired Financing Receivables with No Related Allowance | Non-recourse Loans | Corporate borrowers | The Americas | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 1,705 | 3,404 | ||
Unpaid Principal Balance | 1,705 | 3,404 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivables with No Related Allowance | Real estate companies in Japan | Corporate borrowers | Japan | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 2,268 | 47 | ||
Unpaid Principal Balance | 2,267 | 47 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivables with No Related Allowance | Real estate companies in overseas | Corporate borrowers | Overseas | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 11,231 | 840 | ||
Unpaid Principal Balance | 11,231 | 840 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivables with No Related Allowance | Commercial, industrial and other companies in Japan | Corporate borrowers | Japan | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 8,831 | 975 | ||
Unpaid Principal Balance | 8,830 | 950 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivables with No Related Allowance | Commercial, industrial and other companies in overseas | Corporate borrowers | Overseas | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 11,388 | 10,831 | ||
Unpaid Principal Balance | 11,388 | 10,831 | ||
Related Allowance | 0 | 0 | ||
Impaired Financing Receivables with Related Allowance | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | [3] | 49,292 | 41,234 | |
Unpaid Principal Balance | [3] | 48,936 | 40,234 | |
Related Allowance | [3] | 13,447 | 13,731 | |
Impaired Financing Receivables with Related Allowance | Consumer borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 25,536 | 22,005 | ||
Unpaid Principal Balance | 25,316 | 21,401 | ||
Related Allowance | 3,602 | 3,372 | ||
Impaired Financing Receivables with Related Allowance | Corporate borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 22,259 | 15,571 | ||
Unpaid Principal Balance | 22,123 | 15,175 | ||
Related Allowance | 9,178 | 8,442 | ||
Impaired Financing Receivables with Related Allowance | Purchased loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 1,497 | 3,658 | ||
Unpaid Principal Balance | 1,497 | 3,658 | ||
Related Allowance | 667 | 1,917 | ||
Impaired Financing Receivables with Related Allowance | Consumer - Real Estate Loans | Consumer borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 5,178 | 3,845 | ||
Unpaid Principal Balance | 5,162 | 3,639 | ||
Related Allowance | 817 | 835 | ||
Impaired Financing Receivables with Related Allowance | Consumer-Card loans | Consumer borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 3,932 | 3,945 | ||
Unpaid Principal Balance | 3,924 | 3,937 | ||
Related Allowance | 632 | 633 | ||
Impaired Financing Receivables with Related Allowance | Consumer - Other | Consumer borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 16,426 | 14,215 | ||
Unpaid Principal Balance | 16,230 | 13,825 | ||
Related Allowance | 2,153 | 1,904 | ||
Impaired Financing Receivables with Related Allowance | Non-recourse Loans | Corporate borrowers | Japan | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 0 | |||
Unpaid Principal Balance | 0 | |||
Related Allowance | 0 | |||
Impaired Financing Receivables with Related Allowance | Non-recourse Loans | Corporate borrowers | The Americas | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 761 | 812 | ||
Unpaid Principal Balance | 761 | 812 | ||
Related Allowance | 228 | 166 | ||
Impaired Financing Receivables with Related Allowance | Real estate companies in Japan | Corporate borrowers | Japan | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 1,233 | 1,493 | ||
Unpaid Principal Balance | 1,219 | 1,480 | ||
Related Allowance | 374 | 419 | ||
Impaired Financing Receivables with Related Allowance | Real estate companies in overseas | Corporate borrowers | Overseas | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 1,260 | 0 | ||
Unpaid Principal Balance | 1,260 | 0 | ||
Related Allowance | 486 | 0 | ||
Impaired Financing Receivables with Related Allowance | Commercial, industrial and other companies in Japan | Corporate borrowers | Japan | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 3,649 | 6,129 | ||
Unpaid Principal Balance | 3,527 | 5,748 | ||
Related Allowance | 2,371 | 3,703 | ||
Impaired Financing Receivables with Related Allowance | Commercial, industrial and other companies in overseas | Corporate borrowers | Overseas | ||||
Financing Receivable, Impaired [Line Items] | ||||
Loans Individually Evaluated for Impairment | 15,356 | 7,137 | ||
Unpaid Principal Balance | 15,356 | 7,136 | ||
Related Allowance | ¥ 5,719 | ¥ 4,154 | ||
[1] | Purchased loans represent loans with evidence of deterioration of credit quality since origination and for which it is probable at acquisition that collection of all contractually required payments from the debtors is unlikely. | |||
[2] | “With no related allowance recorded” represents impaired loans with no allowance for credit losses as all amounts are considered to be collectible. | |||
[3] | “With an allowance recorded” represents impaired loans with the allowance for credit losses as all or a part of the amounts are not considered to be collectible. |
Credit Quality of Financing R_5
Credit Quality of Financing Receivables and the Allowance for Credit Losses (Information about Average Recorded Investments in Impaired Loans and Interest Income) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | ||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investments in impaired loans | [1] | ¥ 64,932 | ¥ 50,660 | ¥ 54,764 |
Interest income on impaired loans | 706 | 769 | 624 | |
Interest on impaired loans collected in cash | 661 | 719 | 499 | |
Consumer borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investments in impaired loans | [1] | 24,721 | 20,601 | 17,799 |
Interest income on impaired loans | 446 | 392 | 402 | |
Interest on impaired loans collected in cash | 403 | 356 | 300 | |
Consumer borrowers | Consumer - Real Estate Loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investments in impaired loans | [1] | 5,077 | 4,099 | 4,143 |
Interest income on impaired loans | 141 | 133 | 191 | |
Interest on impaired loans collected in cash | 137 | 129 | 121 | |
Consumer borrowers | Consumer-Card loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investments in impaired loans | [1] | 3,926 | 4,020 | 4,081 |
Interest income on impaired loans | 57 | 59 | 60 | |
Interest on impaired loans collected in cash | 50 | 52 | 52 | |
Consumer borrowers | Consumer - Other | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investments in impaired loans | [1] | 15,718 | 12,482 | 9,575 |
Interest income on impaired loans | 248 | 200 | 151 | |
Interest on impaired loans collected in cash | 216 | 175 | 127 | |
Corporate borrowers | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investments in impaired loans | [1] | 37,103 | 25,381 | 30,661 |
Interest income on impaired loans | 121 | 289 | 204 | |
Interest on impaired loans collected in cash | 119 | 276 | 196 | |
Corporate borrowers | Non-recourse Loans | Japan | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investments in impaired loans | [1] | 137 | 247 | 210 |
Interest income on impaired loans | 2 | 7 | 8 | |
Interest on impaired loans collected in cash | 2 | 8 | ||
Corporate borrowers | Non-recourse Loans | The Americas | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investments in impaired loans | [1] | 2,954 | 2,851 | 4,972 |
Interest income on impaired loans | 0 | 0 | 6 | |
Interest on impaired loans collected in cash | 0 | 0 | 6 | |
Corporate borrowers | Real estate companies in Japan | Japan | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investments in impaired loans | [1] | 1,621 | 1,606 | 3,549 |
Interest income on impaired loans | 30 | 38 | 52 | |
Interest on impaired loans collected in cash | 30 | 38 | 52 | |
Corporate borrowers | Real estate companies in overseas | Overseas | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investments in impaired loans | [1] | 5,785 | 876 | 2,108 |
Interest income on impaired loans | 0 | 0 | 1 | |
Interest on impaired loans collected in cash | 0 | 0 | 0 | |
Corporate borrowers | Commercial, industrial and other companies in Japan | Japan | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investments in impaired loans | [1] | 6,754 | 5,943 | 10,698 |
Interest income on impaired loans | 76 | 106 | 136 | |
Interest on impaired loans collected in cash | 75 | 95 | 129 | |
Corporate borrowers | Commercial, industrial and other companies in overseas | Overseas | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investments in impaired loans | [1] | 19,852 | 13,858 | 9,124 |
Interest income on impaired loans | 13 | 138 | 1 | |
Interest on impaired loans collected in cash | 12 | 136 | 1 | |
Purchased loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average recorded investments in impaired loans | [1] | 3,108 | 4,678 | 6,304 |
Interest income on impaired loans | 139 | 88 | 18 | |
Interest on impaired loans collected in cash | ¥ 139 | ¥ 87 | ¥ 3 | |
[1] | Average balances are calculated on the basis of fiscal beginning and quarter-end balances. |
Credit Quality of Financing R_6
Credit Quality of Financing Receivables and the Allowance for Credit Losses (Information about Credit Quality Indicators) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | ¥ 4,694,256 | ¥ 4,378,991 | ¥ 4,000,357 | |
Direct financing leases | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 1,080,964 | 1,155,632 | 1,194,888 | |
Direct financing leases | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 747,607 | 793,239 | ||
Direct financing leases | Overseas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 333,357 | 362,393 | ||
Consumer borrowers | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 2,171,139 | 1,906,022 | 1,739,173 | |
Consumer borrowers | Consumer - Real Estate Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 1,884,359 | 1,598,827 | ||
Consumer borrowers | Consumer-Card loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 223,651 | 245,139 | ||
Consumer borrowers | Consumer - Other | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 63,129 | 62,056 | ||
Corporate borrowers | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 1,428,935 | 1,300,921 | ||
Corporate borrowers | Non-recourse Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 132,081 | 99,028 | 73,305 | |
Corporate borrowers | Non-recourse Loans | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 48,566 | 49,113 | ||
Corporate borrowers | Non-recourse Loans | The Americas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 83,515 | 49,915 | ||
Corporate borrowers | Real estate companies in Japan | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 300,984 | 288,851 | ||
Corporate borrowers | Real estate companies in overseas | Overseas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 131,894 | 66,198 | ||
Corporate borrowers | Commercial, industrial and other companies in Japan | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 255,311 | 266,676 | ||
Corporate borrowers | Commercial, industrial and other companies in overseas | Overseas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 608,665 | 580,168 | ||
Purchased loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | [1] | 13,218 | 16,416 | ¥ 18,933 |
Performing | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 4,582,826 | 4,292,945 | ||
Performing | Direct financing leases | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 1,065,618 | 1,140,825 | ||
Performing | Direct financing leases | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 741,636 | 787,081 | ||
Performing | Direct financing leases | Overseas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 323,982 | 353,744 | ||
Performing | Consumer borrowers | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 2,134,342 | 1,870,447 | ||
Performing | Consumer borrowers | Consumer - Real Estate Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 1,877,227 | 1,593,005 | ||
Performing | Consumer borrowers | Consumer-Card loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 218,011 | 239,523 | ||
Performing | Consumer borrowers | Consumer - Other | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 39,104 | 37,919 | ||
Performing | Corporate borrowers | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 1,371,253 | 1,269,021 | ||
Performing | Corporate borrowers | Non-recourse Loans | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 48,566 | 48,881 | ||
Performing | Corporate borrowers | Non-recourse Loans | The Americas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 81,049 | 45,699 | ||
Performing | Corporate borrowers | Real estate companies in Japan | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 297,483 | 287,311 | ||
Performing | Corporate borrowers | Real estate companies in overseas | Overseas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 119,403 | 65,358 | ||
Performing | Corporate borrowers | Commercial, industrial and other companies in Japan | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 242,831 | 259,572 | ||
Performing | Corporate borrowers | Commercial, industrial and other companies in overseas | Overseas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 581,921 | 562,200 | ||
Performing | Purchased loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 11,613 | 12,652 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 85,820 | 58,827 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Direct financing leases | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 0 | 0 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Direct financing leases | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 0 | 0 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Direct financing leases | Overseas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 0 | 0 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Consumer borrowers | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 26,533 | 23,163 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Consumer borrowers | Consumer - Real Estate Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 5,762 | 4,434 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Consumer borrowers | Consumer-Card loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 3,932 | 3,945 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Consumer borrowers | Consumer - Other | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 16,839 | 14,784 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Corporate borrowers | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 57,682 | 31,900 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Corporate borrowers | Non-recourse Loans | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 0 | 232 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Corporate borrowers | Non-recourse Loans | The Americas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 2,466 | 4,216 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Corporate borrowers | Real estate companies in Japan | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 3,501 | 1,540 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Corporate borrowers | Real estate companies in overseas | Overseas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 12,491 | 840 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Corporate borrowers | Commercial, industrial and other companies in Japan | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 12,480 | 7,104 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Corporate borrowers | Commercial, industrial and other companies in overseas | Overseas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 26,744 | 17,968 | ||
Nonperforming Financing Receivable Individually Evaluated for Impairment | Purchased loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 1,605 | 3,764 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 25,610 | 27,219 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Direct financing leases | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 15,346 | 14,807 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Direct financing leases | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 5,971 | 6,158 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Direct financing leases | Overseas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 9,375 | 8,649 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Consumer borrowers | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 10,264 | 12,412 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Consumer borrowers | Consumer - Real Estate Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 1,370 | 1,388 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Consumer borrowers | Consumer-Card loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 1,708 | 1,671 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Consumer borrowers | Consumer - Other | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 7,186 | 9,353 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Corporate borrowers | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 0 | 0 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Corporate borrowers | Non-recourse Loans | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 0 | 0 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Corporate borrowers | Non-recourse Loans | The Americas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 0 | 0 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Corporate borrowers | Real estate companies in Japan | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 0 | 0 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Corporate borrowers | Real estate companies in overseas | Overseas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 0 | 0 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Corporate borrowers | Commercial, industrial and other companies in Japan | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 0 | 0 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Corporate borrowers | Commercial, industrial and other companies in overseas | Overseas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 0 | 0 | ||
Nonperforming Financing Receivable more than 90 days Past Due Not Individually Evaluated for Impairment | Purchased loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 0 | 0 | ||
Nonperforming | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 111,430 | 86,046 | ||
Nonperforming | Direct financing leases | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 15,346 | 14,807 | ||
Nonperforming | Direct financing leases | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 5,971 | 6,158 | ||
Nonperforming | Direct financing leases | Overseas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 9,375 | 8,649 | ||
Nonperforming | Consumer borrowers | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 36,797 | 35,575 | ||
Nonperforming | Consumer borrowers | Consumer - Real Estate Loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 7,132 | 5,822 | ||
Nonperforming | Consumer borrowers | Consumer-Card loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 5,640 | 5,616 | ||
Nonperforming | Consumer borrowers | Consumer - Other | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 24,025 | 24,137 | ||
Nonperforming | Corporate borrowers | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 57,682 | 31,900 | ||
Nonperforming | Corporate borrowers | Non-recourse Loans | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 0 | 232 | ||
Nonperforming | Corporate borrowers | Non-recourse Loans | The Americas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 2,466 | 4,216 | ||
Nonperforming | Corporate borrowers | Real estate companies in Japan | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 3,501 | 1,540 | ||
Nonperforming | Corporate borrowers | Real estate companies in overseas | Overseas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 12,491 | 840 | ||
Nonperforming | Corporate borrowers | Commercial, industrial and other companies in Japan | Japan | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 12,480 | 7,104 | ||
Nonperforming | Corporate borrowers | Commercial, industrial and other companies in overseas | Overseas | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | 26,744 | 17,968 | ||
Nonperforming | Purchased loans | ||||
Financing Receivable, Recorded Investment [Line Items] | ||||
Financing receivable | ¥ 1,605 | ¥ 3,764 | ||
[1] | Purchased loans represent loans with evidence of deterioration of credit quality since origination and for which it is probable at acquisition that collection of all contractually required payments from the debtors is unlikely. |
Credit Quality of Financing R_7
Credit Quality of Financing Receivables and the Allowance for Credit Losses (Information about Nonaccrual and Past Due Financing Receivables) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | ¥ 79,623 | ¥ 62,131 |
Total Financing Receivables | 4,681,038 | 4,362,575 |
Non-Accrual | 73,575 | 58,433 |
Non-recourse Loans | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 0 | |
Total Financing Receivables | 48,566 | |
Non-Accrual | 0 | |
Direct financing leases | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 21,988 | |
Total Financing Receivables | 1,155,632 | |
Non-Accrual | 14,807 | |
Direct financing leases | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 6,837 | |
Total Financing Receivables | 793,239 | |
Non-Accrual | 6,158 | |
Direct financing leases | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 15,151 | |
Total Financing Receivables | 362,393 | |
Non-Accrual | 8,649 | |
Net investment in leases | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 29,048 | |
Total Financing Receivables | 1,080,964 | |
Non-Accrual | 15,346 | |
Net investment in leases | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 8,726 | |
Total Financing Receivables | 747,607 | |
Non-Accrual | 5,971 | |
Net investment in leases | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 20,322 | |
Total Financing Receivables | 333,357 | |
Non-Accrual | 9,375 | |
Consumer borrowers | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 20,211 | 21,430 |
Total Financing Receivables | 2,171,139 | 1,906,022 |
Non-Accrual | 13,607 | 15,647 |
Consumer borrowers | Consumer - Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 4,332 | 4,375 |
Total Financing Receivables | 1,884,359 | 1,598,827 |
Non-Accrual | 2,469 | 2,654 |
Consumer borrowers | Consumer-Card loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 2,709 | 2,675 |
Total Financing Receivables | 223,651 | 245,139 |
Non-Accrual | 2,114 | 2,127 |
Consumer borrowers | Consumer - Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 13,170 | 14,380 |
Total Financing Receivables | 63,129 | 62,056 |
Non-Accrual | 9,024 | 10,866 |
Corporate borrowers | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 30,364 | 18,713 |
Total Financing Receivables | 1,428,935 | 1,300,921 |
Non-Accrual | 44,622 | 27,979 |
Corporate borrowers | Non-recourse Loans | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 0 | |
Total Financing Receivables | 49,113 | |
Non-Accrual | 0 | |
Corporate borrowers | Non-recourse Loans | The Americas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 2,466 | 5,382 |
Total Financing Receivables | 83,515 | 49,915 |
Non-Accrual | 2,466 | 3,818 |
Corporate borrowers | Real Estate Companies In Japan [Member] | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 586 | 552 |
Total Financing Receivables | 300,984 | 288,851 |
Non-Accrual | 586 | 552 |
Corporate borrowers | Real Estate Companies In Overseas [Member] | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 12,387 | 2 |
Total Financing Receivables | 131,894 | 66,198 |
Non-Accrual | 12,491 | 840 |
Corporate borrowers | Commercial Industrial And Other Companies In Japan [Member] | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 2,635 | 4,734 |
Total Financing Receivables | 255,311 | 266,676 |
Non-Accrual | 2,409 | 4,656 |
Corporate borrowers | Commercial Industrial And Other Companies In Overseas [Member] | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 12,290 | 8,043 |
Total Financing Receivables | 608,665 | 580,168 |
Non-Accrual | 26,670 | 18,113 |
30 To 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 23,671 | 17,924 |
30 To 89 Days Past Due | Non-recourse Loans | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 0 | |
30 To 89 Days Past Due | Direct financing leases | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 7,181 | |
30 To 89 Days Past Due | Direct financing leases | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 679 | |
30 To 89 Days Past Due | Direct financing leases | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 6,502 | |
30 To 89 Days Past Due | Net investment in leases | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 13,702 | |
30 To 89 Days Past Due | Net investment in leases | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 2,755 | |
30 To 89 Days Past Due | Net investment in leases | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 10,947 | |
30 To 89 Days Past Due | Consumer borrowers | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 6,604 | 5,783 |
30 To 89 Days Past Due | Consumer borrowers | Consumer - Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 1,863 | 1,721 |
30 To 89 Days Past Due | Consumer borrowers | Consumer-Card loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 595 | 548 |
30 To 89 Days Past Due | Consumer borrowers | Consumer - Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 4,146 | 3,514 |
30 To 89 Days Past Due | Corporate borrowers | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 3,365 | 4,960 |
30 To 89 Days Past Due | Corporate borrowers | Non-recourse Loans | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 0 | |
30 To 89 Days Past Due | Corporate borrowers | Non-recourse Loans | The Americas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 0 | 2,925 |
30 To 89 Days Past Due | Corporate borrowers | Real Estate Companies In Japan [Member] | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 0 | 0 |
30 To 89 Days Past Due | Corporate borrowers | Real Estate Companies In Overseas [Member] | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 1 | 2 |
30 To 89 Days Past Due | Corporate borrowers | Commercial Industrial And Other Companies In Japan [Member] | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 226 | 78 |
30 To 89 Days Past Due | Corporate borrowers | Commercial Industrial And Other Companies In Overseas [Member] | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 3,138 | 1,955 |
90 Days or More Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 55,952 | 44,207 |
90 Days or More Past Due | Non-recourse Loans | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 0 | |
90 Days or More Past Due | Direct financing leases | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 14,807 | |
90 Days or More Past Due | Direct financing leases | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 6,158 | |
90 Days or More Past Due | Direct financing leases | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 8,649 | |
90 Days or More Past Due | Net investment in leases | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 15,346 | |
90 Days or More Past Due | Net investment in leases | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 5,971 | |
90 Days or More Past Due | Net investment in leases | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 9,375 | |
90 Days or More Past Due | Consumer borrowers | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 13,607 | 15,647 |
90 Days or More Past Due | Consumer borrowers | Consumer - Real Estate Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 2,469 | 2,654 |
90 Days or More Past Due | Consumer borrowers | Consumer-Card loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 2,114 | 2,127 |
90 Days or More Past Due | Consumer borrowers | Consumer - Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 9,024 | 10,866 |
90 Days or More Past Due | Corporate borrowers | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 26,999 | 13,753 |
90 Days or More Past Due | Corporate borrowers | Non-recourse Loans | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 0 | |
90 Days or More Past Due | Corporate borrowers | Non-recourse Loans | The Americas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 2,466 | 2,457 |
90 Days or More Past Due | Corporate borrowers | Real Estate Companies In Japan [Member] | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 586 | 552 |
90 Days or More Past Due | Corporate borrowers | Real Estate Companies In Overseas [Member] | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 12,386 | 0 |
90 Days or More Past Due | Corporate borrowers | Commercial Industrial And Other Companies In Japan [Member] | Japan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | 2,409 | 4,656 |
90 Days or More Past Due | Corporate borrowers | Commercial Industrial And Other Companies In Overseas [Member] | Overseas | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Due Financing Receivables | ¥ 9,152 | ¥ 6,088 |
Credit Quality of Financing R_8
Credit Quality of Financing Receivables and the Allowance for Credit Losses (Information about Troubled Debt Restructurings of Financing Receivables) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Financing Receivable, Modifications [Line Items] | |||
Pre-modification outstanding recorded investment | ¥ 16,826 | ¥ 19,282 | ¥ 17,615 |
Post-modification outstanding recorded investment | 13,804 | 15,295 | 14,887 |
Financing Receivables Modification, Subsequently Defaulted Recorded Investment | 1,712 | 2,013 | 7,971 |
Consumer-Card loans | |||
Financing Receivable, Modifications [Line Items] | |||
Pre-modification outstanding recorded investment | 2,106 | ||
Post-modification outstanding recorded investment | 1,393 | ||
Consumer - Other | |||
Financing Receivable, Modifications [Line Items] | |||
Pre-modification outstanding recorded investment | 10,952 | ||
Post-modification outstanding recorded investment | 7,796 | ||
Commercial, industrial and other companies in overseas | Overseas | |||
Financing Receivable, Modifications [Line Items] | |||
Pre-modification outstanding recorded investment | 6,002 | ||
Post-modification outstanding recorded investment | 6,001 | ||
Consumer borrowers | |||
Financing Receivable, Modifications [Line Items] | |||
Pre-modification outstanding recorded investment | 12,041 | 13,280 | 9,632 |
Post-modification outstanding recorded investment | 9,025 | 9,294 | 7,015 |
Financing Receivables Modification, Subsequently Defaulted Recorded Investment | 1,687 | 2,013 | 99 |
Consumer borrowers | Consumer - Real Estate Loans | |||
Financing Receivable, Modifications [Line Items] | |||
Pre-modification outstanding recorded investment | 19 | 222 | 12 |
Post-modification outstanding recorded investment | 17 | 105 | 12 |
Consumer borrowers | Consumer-Card loans | |||
Financing Receivable, Modifications [Line Items] | |||
Pre-modification outstanding recorded investment | 1,899 | 2,169 | |
Post-modification outstanding recorded investment | 1,396 | 1,589 | |
Financing Receivables Modification, Subsequently Defaulted Recorded Investment | 22 | 22 | 25 |
Consumer borrowers | Consumer - Other | |||
Financing Receivable, Modifications [Line Items] | |||
Pre-modification outstanding recorded investment | 10,123 | 7,451 | |
Post-modification outstanding recorded investment | 7,612 | 5,414 | |
Financing Receivables Modification, Subsequently Defaulted Recorded Investment | 1,665 | 1,991 | 74 |
Corporate borrowers | |||
Financing Receivable, Modifications [Line Items] | |||
Pre-modification outstanding recorded investment | 4,785 | 6,002 | 7,983 |
Post-modification outstanding recorded investment | 4,779 | ¥ 6,001 | 7,872 |
Financing Receivables Modification, Subsequently Defaulted Recorded Investment | 25 | 7,872 | |
Corporate borrowers | Non-recourse Loans | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivables Modification, Subsequently Defaulted Recorded Investment | 3,460 | ||
Corporate borrowers | Non-recourse Loans | The Americas | |||
Financing Receivable, Modifications [Line Items] | |||
Pre-modification outstanding recorded investment | 751 | 3,460 | |
Post-modification outstanding recorded investment | 751 | 3,460 | |
Corporate borrowers | Commercial, industrial and other companies in Japan | Japan | |||
Financing Receivable, Modifications [Line Items] | |||
Pre-modification outstanding recorded investment | 111 | ||
Post-modification outstanding recorded investment | 0 | ||
Corporate borrowers | Commercial, industrial and other companies in overseas | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivables Modification, Subsequently Defaulted Recorded Investment | 4,412 | ||
Corporate borrowers | Commercial, industrial and other companies in overseas | Overseas | |||
Financing Receivable, Modifications [Line Items] | |||
Pre-modification outstanding recorded investment | 4,034 | 4,412 | |
Post-modification outstanding recorded investment | 4,028 | ¥ 4,412 | |
Financing Receivables Modification, Subsequently Defaulted Recorded Investment | ¥ 25 |
Credit Quality of Financing R_9
Credit Quality of Financing Receivables and the Allowance for Credit Losses - Additional Information (Detail) ¥ in Millions | Mar. 31, 2020JPY (¥)Property | Mar. 31, 2019JPY (¥)Property |
Receivables [Abstract] | ||
Number of foreclosed residential real estate properties | Property | 0 | 0 |
Residential mortgage loans in process of foreclosure | ¥ | ¥ 109 | ¥ 251 |
Investment in Securities (Summa
Investment in Securities (Summary of Investment in Securities) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |||
Equity securities | [1] | ¥ 492,902 | ¥ 549,047 |
Trading debt securities | 7,431 | 1,564 | |
Available-for-sale debt securities | 1,631,185 | 1,264,244 | |
Held-to-maturity debt securities | 113,805 | 114,061 | |
Total | ¥ 2,245,323 | ¥ 1,928,916 | |
[1] | The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities were ¥324,220 million and ¥254,853 million as of March 31, 2019 and 2020, respectively. The amount of investment funds that are accounted for under the equity method included in equity securities were ¥75,923 million and ¥70,129 million as of March 31, 2019 and 2020, respectively. The amount of investment funds elected for the fair value option included in equity securities were ¥5,811 million and ¥6,326 million as of March 31, 2019 and 2020, respectively. |
Investment in Securities (Sum_2
Investment in Securities (Summary of Investment in Securities) (Parenthetical) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 | |
Schedule of Investments [Line Items] | |||
Equity securities | [1] | ¥ 492,902 | ¥ 549,047 |
Investment Funds Elected for Fair Value Option | |||
Schedule of Investments [Line Items] | |||
Equity securities | 6,326 | 5,811 | |
Variable Annuity and Variable Life Insurance Contracts | |||
Schedule of Investments [Line Items] | |||
Equity securities | 254,853 | 324,220 | |
Investment funds that are accounted for under the equity method | |||
Schedule of Investments [Line Items] | |||
Equity securities | ¥ 70,129 | ¥ 75,923 | |
[1] | The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities were ¥324,220 million and ¥254,853 million as of March 31, 2019 and 2020, respectively. The amount of investment funds that are accounted for under the equity method included in equity securities were ¥75,923 million and ¥70,129 million as of March 31, 2019 and 2020, respectively. The amount of investment funds elected for the fair value option included in equity securities were ¥5,811 million and ¥6,326 million as of March 31, 2019 and 2020, respectively. |
Investment in Securities - Addi
Investment in Securities - Additional Information (Detail) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020JPY (¥)Investment | Mar. 31, 2019JPY (¥)Investment | Mar. 31, 2018JPY (¥) | |
Schedule of Investments [Line Items] | |||
Net unrealized holding gains (losses) on trading securities | ¥ (19,910) | ¥ (56) | ¥ 14,497 |
Proceeds from sales of available-for-sale securities | 456,270 | ||
Available-for-sale securities gross realized gains | 31,312 | ||
Available-for-sale securities gross realized losses | 596 | ||
Investment funds fair value | 25,295 | 27,367 | |
Proceeds from sales of available-for-sale debt securities | 249,427 | 221,824 | 395,629 |
Available-for-sale debt securities gross realized gains | 9,274 | 5,134 | |
Available-for-sale debt securities gross realized losses | ¥ 264 | ¥ 101 | |
Number of investment securities in an unrealized loss position | Investment | 678 | 199 | |
Finance revenues | ¥ 13,657 | ¥ 14,745 | ¥ 15,756 |
Equity securities | |||
Schedule of Investments [Line Items] | |||
Investment funds fair value | 6,326 | 5,811 | |
Trading Debt Securities | |||
Schedule of Investments [Line Items] | |||
Net unrealized holding gains (losses) on trading debt securities | 491 | 156 | |
Available-for-sale securities | Foreign Corporate Debt Securities | |||
Schedule of Investments [Line Items] | |||
Investment funds fair value | 18,189 | 21,136 | |
Available-for-sale Debt Securities | Foreign Government Bond Securities | |||
Schedule of Investments [Line Items] | |||
Investment funds fair value | ¥ 780 | ¥ 420 |
Investment in Securities (Infor
Investment in Securities (Information About Impairment and Upward or Downward Adjustments Resulting From Observable Price Changes) (Detail) - Equity securities - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Schedule Of Gain Loss On Investments Held At Cost Balance Sheet and Income Statement Reported Amounts Summary [Line Items] | ||
Carrying value | ¥ 35,968 | ¥ 35,431 |
Accumulated impairments and downward adjustments | (13,428) | (1,688) |
Accumulated upward adjustments | 112 | 18 |
Impairments and downward adjustments | (11,971) | (159) |
Upward adjustments | ¥ 94 | ¥ 18 |
Investment in Securities (Amort
Investment in Securities (Amortized Cost Basis Amounts, Gross Unrealized Holding Gains, Gross Unrealized Holding Losses and Fair Values of Available-for-Sale Securities and Held-to-Maturity Securities in Each Major Security Type) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Schedule of Investments [Line Items] | ||
Available-for-sale debt securities, Amortized cost | ¥ 1,636,880 | |
Available-for-sale debt securities, Fair value | 1,631,185 | ¥ 1,264,244 |
Held-to-maturity securities, Amortized cost | 113,805 | 114,061 |
Held-to-maturity securities, Fair value | 143,189 | |
Japanese Government Bond Securities | ||
Schedule of Investments [Line Items] | ||
Held-to-maturity securities, Amortized cost | 113,805 | 114,061 |
Held-to-maturity securities, Gross unrealized gains | 29,384 | 30,265 |
Held-to-maturity securities, Gross unrealized losses | 0 | 0 |
Held-to-maturity securities, Fair value | 143,189 | 144,326 |
Japanese and foreign government bond securities | ||
Schedule of Investments [Line Items] | ||
Available-for-sale debt securities, Amortized cost | 640,197 | 416,218 |
Available-for-sale debt securities, Gross unrealized gains | 21,063 | 20,133 |
Available-for-sale debt securities, Gross unrealized losses | (7,315) | (5,500) |
Available-for-sale debt securities, Fair value | 653,945 | 430,851 |
Japanese prefectural and foreign municipal bond securities | ||
Schedule of Investments [Line Items] | ||
Available-for-sale debt securities, Amortized cost | 251,738 | 189,792 |
Available-for-sale debt securities, Gross unrealized gains | 2,031 | 3,749 |
Available-for-sale debt securities, Gross unrealized losses | (3,414) | (236) |
Available-for-sale debt securities, Fair value | 250,355 | 193,305 |
Corporate debt securities | ||
Schedule of Investments [Line Items] | ||
Available-for-sale debt securities, Amortized cost | 595,625 | 485,156 |
Available-for-sale debt securities, Gross unrealized gains | 8,727 | 5,205 |
Available-for-sale debt securities, Gross unrealized losses | (7,875) | (2,364) |
Available-for-sale debt securities, Fair value | 596,477 | 487,997 |
CMBS and RMBS in the Americas | ||
Schedule of Investments [Line Items] | ||
Available-for-sale debt securities, Amortized cost | 56,957 | 59,954 |
Available-for-sale debt securities, Gross unrealized gains | 929 | 2,566 |
Available-for-sale debt securities, Gross unrealized losses | (9,214) | (1,041) |
Available-for-sale debt securities, Fair value | 48,672 | 61,479 |
Other asset-backed securities and debt securities | ||
Schedule of Investments [Line Items] | ||
Available-for-sale debt securities, Amortized cost | 92,363 | 88,620 |
Available-for-sale debt securities, Gross unrealized gains | 3,267 | 3,381 |
Available-for-sale debt securities, Gross unrealized losses | (13,894) | (1,389) |
Available-for-sale debt securities, Fair value | 81,736 | 90,612 |
Equity securities | ||
Schedule of Investments [Line Items] | ||
Available-for-sale debt securities, Amortized cost | 1,636,880 | 1,239,740 |
Available-for-sale debt securities, Gross unrealized gains | 36,017 | 35,034 |
Available-for-sale debt securities, Gross unrealized losses | (41,712) | (10,530) |
Available-for-sale debt securities, Fair value | 1,631,185 | 1,264,244 |
Held-to-maturity securities, Amortized cost | 1,750,685 | 1,353,801 |
Held-to-maturity securities, Gross unrealized gains | 65,401 | 65,299 |
Held-to-maturity securities, Gross unrealized losses | (41,712) | (10,530) |
Held-to-maturity securities, Fair value | ¥ 1,774,374 | ¥ 1,408,570 |
Investment in Securities (Inf_2
Investment in Securities (Information about Available-for-Sale and Held-to-Maturity Securities with Gross Unrealized Losses and Length of Time that Individual Securities Have Been in Continuous Unrealized Loss Position) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Japanese and foreign government bond securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale debt Securities, Less than 12 months Fair value | ¥ 51,551 | |
Available-for-sale debt Securities, Less than 12 months Gross unrealized losses | (1,119) | |
Available-for-sale debt Securities, 12 months or more Fair value | 98,830 | |
Available-for-sale debt Securities, 12 months or more Gross unrealized losses | (4,381) | |
Available-for-sale debt Securities, Total Fair value | 150,381 | |
Available-for-sale debt Securities, Total Gross unrealized losses | (5,500) | |
Available-for-sale Securities, Less than 12 months Fair value | ¥ 116,967 | |
Available-for-sale Securities, Less than 12 months Gross unrealized losses | (2,881) | |
Available-for-sale Securities, 12 months or more Fair value | 165,642 | |
Available-for-sale Securities, 12 months or more Gross unrealized losses | (4,434) | |
Available-for-sale Securities, Total Fair value | 282,609 | |
Available-for-sale Securities, Total Gross unrealized losses | (7,315) | |
Japanese prefectural and foreign municipal bond securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale debt Securities, Less than 12 months Fair value | 1,329 | |
Available-for-sale debt Securities, Less than 12 months Gross unrealized losses | (35) | |
Available-for-sale debt Securities, 12 months or more Fair value | 4,510 | |
Available-for-sale debt Securities, 12 months or more Gross unrealized losses | (201) | |
Available-for-sale debt Securities, Total Fair value | 5,839 | |
Available-for-sale debt Securities, Total Gross unrealized losses | (236) | |
Available-for-sale Securities, Less than 12 months Fair value | 143,563 | |
Available-for-sale Securities, Less than 12 months Gross unrealized losses | (3,413) | |
Available-for-sale Securities, 12 months or more Fair value | 219 | |
Available-for-sale Securities, 12 months or more Gross unrealized losses | (1) | |
Available-for-sale Securities, Total Fair value | 143,782 | |
Available-for-sale Securities, Total Gross unrealized losses | (3,414) | |
Corporate debt securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale debt Securities, Less than 12 months Fair value | 9,156 | |
Available-for-sale debt Securities, Less than 12 months Gross unrealized losses | (18) | |
Available-for-sale debt Securities, 12 months or more Fair value | 68,924 | |
Available-for-sale debt Securities, 12 months or more Gross unrealized losses | (2,346) | |
Available-for-sale debt Securities, Total Fair value | 78,080 | |
Available-for-sale debt Securities, Total Gross unrealized losses | (2,364) | |
Available-for-sale Securities, Less than 12 months Fair value | 260,738 | |
Available-for-sale Securities, Less than 12 months Gross unrealized losses | (4,643) | |
Available-for-sale Securities, 12 months or more Fair value | 22,631 | |
Available-for-sale Securities, 12 months or more Gross unrealized losses | (3,232) | |
Available-for-sale Securities, Total Fair value | 283,369 | |
Available-for-sale Securities, Total Gross unrealized losses | (7,875) | |
CMBS and RMBS in the Americas | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale debt Securities, Less than 12 months Fair value | 10,194 | |
Available-for-sale debt Securities, Less than 12 months Gross unrealized losses | (362) | |
Available-for-sale debt Securities, 12 months or more Fair value | 7,147 | |
Available-for-sale debt Securities, 12 months or more Gross unrealized losses | (679) | |
Available-for-sale debt Securities, Total Fair value | 17,341 | |
Available-for-sale debt Securities, Total Gross unrealized losses | (1,041) | |
Available-for-sale Securities, Less than 12 months Fair value | 30,830 | |
Available-for-sale Securities, Less than 12 months Gross unrealized losses | (7,486) | |
Available-for-sale Securities, 12 months or more Fair value | 5,768 | |
Available-for-sale Securities, 12 months or more Gross unrealized losses | (1,728) | |
Available-for-sale Securities, Total Fair value | 36,598 | |
Available-for-sale Securities, Total Gross unrealized losses | (9,214) | |
Other asset-backed securities and debt securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale debt Securities, Less than 12 months Fair value | 10,253 | |
Available-for-sale debt Securities, Less than 12 months Gross unrealized losses | (411) | |
Available-for-sale debt Securities, 12 months or more Fair value | 28,748 | |
Available-for-sale debt Securities, 12 months or more Gross unrealized losses | (978) | |
Available-for-sale debt Securities, Total Fair value | 39,001 | |
Available-for-sale debt Securities, Total Gross unrealized losses | (1,389) | |
Available-for-sale Securities, Less than 12 months Fair value | 26,612 | |
Available-for-sale Securities, Less than 12 months Gross unrealized losses | (3,759) | |
Available-for-sale Securities, 12 months or more Fair value | 22,727 | |
Available-for-sale Securities, 12 months or more Gross unrealized losses | (10,135) | |
Available-for-sale Securities, Total Fair value | 49,339 | |
Available-for-sale Securities, Total Gross unrealized losses | (13,894) | |
Equity securities | ||
Investments, Unrealized Loss Position [Line Items] | ||
Available-for-sale debt Securities, Less than 12 months Fair value | 82,483 | |
Available-for-sale debt Securities, Less than 12 months Gross unrealized losses | (1,945) | |
Available-for-sale debt Securities, 12 months or more Fair value | 208,159 | |
Available-for-sale debt Securities, 12 months or more Gross unrealized losses | (8,585) | |
Available-for-sale debt Securities, Total Fair value | 290,642 | |
Available-for-sale debt Securities, Total Gross unrealized losses | ¥ (10,530) | |
Available-for-sale Securities, Less than 12 months Fair value | 578,710 | |
Available-for-sale Securities, Less than 12 months Gross unrealized losses | (22,182) | |
Available-for-sale Securities, 12 months or more Fair value | 216,987 | |
Available-for-sale Securities, 12 months or more Gross unrealized losses | (19,530) | |
Available-for-sale Securities, Total Fair value | 795,697 | |
Available-for-sale Securities, Total Gross unrealized losses | ¥ (41,712) |
Investment in Securities (Total
Investment in Securities (Total Other-Than-Temporary Impairment with Offset for Amount of Total Other-Than-Temporary Impairment Recognized in Other Comprehensive Income (Loss)) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |||
Total other-than-temporary impairment losses | ¥ 0 | ¥ 1,359 | ¥ 1,246 |
Portion of loss recognized in other comprehensive income (before taxes) | 0 | (136) | 0 |
Net impairment losses recognized in earnings | ¥ 0 | ¥ 1,223 | ¥ 1,246 |
Investment in Securities (Roll-
Investment in Securities (Roll-Forwards of Amount of Accumulated Other-Than-Temporary Impairments Related to Credit Losses) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Investments in Debt Securities [Abstract] | |||
Beginning balance | ¥ 2,102 | ¥ 1,021 | ¥ 1,220 |
Credit loss for which an other-than-temporary impairment was not previously recognized | 0 | 1,103 | 0 |
For securities sold or redeemed | 0 | (22) | 0 |
Due to change in intent to sell or requirement to sell | 0 | 0 | (199) |
Ending balance | ¥ 2,102 | ¥ 2,102 | ¥ 1,021 |
Investment in Securities (Sum_3
Investment in Securities (Summary of Contractual Maturities of Available-for-Sale Debt Securities and Held-to-Maturity Debt Securities) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Available-for-sale debt securities, amortized cost | ||
Due within one year | ¥ 40,477 | |
Due after one to five years | 290,323 | |
Due after five to ten years | 540,516 | |
Due after ten years | 765,564 | |
Available-for-sale debt securities, Amortized cost | 1,636,880 | |
Available-for-sale debt securities, fair value | ||
Due within one year | 39,425 | |
Due after one to five years | 284,489 | |
Due after five to ten years | 529,643 | |
Due after ten years | 777,628 | |
Available-for-sale debt securities | 1,631,185 | ¥ 1,264,244 |
Held-to-maturity debt securities, amortized cost | ||
Due after five to ten years | 7,021 | |
Due after ten years | 106,784 | |
Held-to-maturity securities, Amortized cost | 113,805 | ¥ 114,061 |
Held-to-maturity debt securities, fair value | ||
Due after five to ten years | 8,343 | |
Due after ten years | 134,846 | |
Held-to-maturity securities, fair value | ¥ 143,189 |
Transfer of Financial Assets -
Transfer of Financial Assets - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Transfer of Financial Assets Accounted for as Sales [Line Items] | |||
Gain (losses) on sale from securitization and loan sales | ¥ 20,635 | ¥ 16,342 | ¥ 12,702 |
Installment Loans | |||
Transfer of Financial Assets Accounted for as Sales [Line Items] | |||
Installment loans | ¥ 643,422 | ¥ 475,904 | ¥ 394,688 |
Transfer of Financial Assets _2
Transfer of Financial Assets - Roll-Forwards of Amount of Servicing Assets (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Transfers and Servicing [Abstract] | |||
Beginning balance | ¥ 31,572 | ¥ 28,756 | |
Increase mainly from loans sold with servicing retained | [1] | 33,061 | 6,275 |
Decrease mainly from amortization | (6,229) | (4,728) | |
Increase (Decrease) from the effects of changes in foreign exchange rates | (699) | 1,269 | |
Ending balance | ¥ 57,705 | ¥ 31,572 | |
[1] | Increase mainly from loans sold with servicing retained includes increases in connection with acquisitions of subsidiaries. |
Transfer of Financial Assets _3
Transfer of Financial Assets - Fair Value of Servicing Assets (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Transfers and Servicing [Abstract] | ||
Beginning balance | ¥ 39,846 | ¥ 35,681 |
Ending balance | ¥ 60,419 | ¥ 39,846 |
Variable Interest Entities (Inf
Variable Interest Entities (Information about Consolidated VIEs) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 | |
Variable Interest Entity [Line Items] | |||
Total assets | [1] | ¥ 993,145 | ¥ 832,524 |
Total Liabilities | [1] | 531,381 | 450,200 |
Assets which are pledged as collateral | [2] | 788,971 | 644,001 |
Commitments | [3] | 45,264 | 54,533 |
Liquidating Customer Assets | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 0 | 0 |
Total Liabilities | [1] | 0 | 0 |
Assets which are pledged as collateral | [2] | 0 | 0 |
Commitments | [3] | 0 | 0 |
Acquisition Of Real Estate And Real Estate Development Projects For Customers | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 2,546 | 2,014 |
Total Liabilities | [1] | 2 | 0 |
Assets which are pledged as collateral | [2] | 0 | 0 |
Commitments | [3] | 0 | 0 |
Acquisition of real estate for the Company and its subsidiaries' real estate-related business | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 80,385 | 94,404 |
Total Liabilities | [1] | 17,941 | 31,208 |
Assets which are pledged as collateral | [2] | 21,970 | 49,587 |
Commitments | [3] | 5,153 | 0 |
Corporate Rehabilitation Support Business | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 465 | 564 |
Total Liabilities | [1] | 9 | 30 |
Assets which are pledged as collateral | [2] | 0 | 0 |
Commitments | [3] | 0 | 0 |
Investment in securities | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 82,098 | 72,347 |
Total Liabilities | [1] | 28 | 121 |
Assets which are pledged as collateral | [2] | 0 | 42 |
Commitments | [3] | 0 | 0 |
Securitizing Financial Assets | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 267,548 | 228,859 |
Total Liabilities | [1] | 159,181 | 175,115 |
Assets which are pledged as collateral | [2] | 267,548 | 228,859 |
Commitments | [3] | 0 | 0 |
Securitization Of Loans Receivable Originated By Third Parties | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 2,358 | 2,264 |
Total Liabilities | [1] | 3,037 | 2,729 |
Assets which are pledged as collateral | [2] | 2,358 | 2,264 |
Commitments | [3] | 0 | 0 |
Power Generation Projects | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 393,797 | 282,739 |
Total Liabilities | [1] | 284,772 | 195,915 |
Assets which are pledged as collateral | [2] | 355,107 | 242,937 |
Commitments | [3] | 40,111 | 54,533 |
Other VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets | [1] | 163,948 | 149,333 |
Total Liabilities | [1] | 66,411 | 45,082 |
Assets which are pledged as collateral | [2] | 141,988 | 120,312 |
Commitments | [3] | ¥ 0 | ¥ 0 |
[1] | The assets of most VIEs are used only to repay the liabilities of the VIEs, and the creditors of the liabilities of most VIEs have no recourse to other assets of the Company and its subsidiaries. | ||
[2] | The assets are pledged as collateral by VIE for financing of the VIE. | ||
[3] | This item represents remaining balance of commitments that could require the Company and its subsidiaries to provide investments or loans to the VIE. |
Variable Interest Entities (I_2
Variable Interest Entities (Information about Non-consolidated VIEs) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 | |
Variable Interest Entity [Line Items] | |||
Total assets | ¥ 5,345,344 | ¥ 4,937,307 | |
Non-recourse loans | 2,837 | 3,200 | |
Investments | 89,083 | 120,866 | |
Maximum exposure to loss | [1] | 108,923 | 147,260 |
Liquidating Customer Assets | |||
Variable Interest Entity [Line Items] | |||
Total assets | 8,508 | 8,524 | |
Non-recourse loans | 0 | 0 | |
Investments | 991 | 991 | |
Maximum exposure to loss | [1] | 991 | 991 |
Acquisition Of Real Estate And Real Estate Development Projects For Customers | |||
Variable Interest Entity [Line Items] | |||
Total assets | 51,746 | 34,872 | |
Non-recourse loans | 0 | 0 | |
Investments | 4,542 | 3,426 | |
Maximum exposure to loss | [1] | 4,542 | 3,426 |
Acquisition of real estate for the Company and its subsidiaries' real estate-related business | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Non-recourse loans | 0 | 0 | |
Investments | 0 | 0 | |
Maximum exposure to loss | [1] | 0 | 0 |
Corporate Rehabilitation Support Business | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Non-recourse loans | 0 | 0 | |
Investments | 0 | 0 | |
Maximum exposure to loss | [1] | 0 | 0 |
Investment in securities | |||
Variable Interest Entity [Line Items] | |||
Total assets | 3,820,403 | 3,493,461 | |
Non-recourse loans | 0 | 0 | |
Investments | 55,645 | 60,329 | |
Maximum exposure to loss | [1] | 72,527 | 81,337 |
Securitizing Financial Assets | |||
Variable Interest Entity [Line Items] | |||
Total assets | 0 | 0 | |
Non-recourse loans | 0 | 0 | |
Investments | 0 | 0 | |
Maximum exposure to loss | [1] | 0 | 0 |
Securitization Of Loans Receivable Originated By Third Parties | |||
Variable Interest Entity [Line Items] | |||
Total assets | 1,239,325 | 982,353 | |
Non-recourse loans | 0 | 0 | |
Investments | 15,663 | 21,768 | |
Maximum exposure to loss | [1] | 15,668 | 21,776 |
Power Generation Projects | |||
Variable Interest Entity [Line Items] | |||
Total assets | 25,037 | 26,495 | |
Non-recourse loans | 0 | 0 | |
Investments | 1,719 | 1,783 | |
Maximum exposure to loss | [1] | 1,719 | 1,783 |
Other VIEs | |||
Variable Interest Entity [Line Items] | |||
Total assets | 200,325 | 391,602 | |
Non-recourse loans | 2,837 | 3,200 | |
Investments | 10,523 | 32,569 | |
Maximum exposure to loss | [1] | ¥ 13,476 | ¥ 37,947 |
[1] | Maximum exposure to loss includes remaining balance of commitments that could require the Company and its subsidiaries to provide investments or loans to the VIE. |
Investment in Affiliates (Summa
Investment in Affiliates (Summary of Investment in Affiliates) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ||
Shares | ¥ 770,750 | ¥ 789,638 |
Loans and others | 50,912 | 53,122 |
Investment in Affiliates | ¥ 821,662 | ¥ 842,760 |
Investment in Affiliates - Addi
Investment in Affiliates - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Investment in affiliates, aggregate investment | ¥ 153,868 | ¥ 168,569 | |
Investment in affiliates, market value | 166,296 | 188,456 | |
Investment in affiliates, dividends received | 38,372 | 17,334 | ¥ 47,688 |
Investment in affiliates over underlying equity in net assets | ¥ 81,182 | ¥ 87,424 | |
Avolon Holdings | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 30.00% | 30.00% | |
Kansai Airports | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 40.00% |
Investment in Affiliates (Combi
Investment in Affiliates (Combined and Condensed Information Related to Affiliates) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Operations: | |||
Total revenues | ¥ 1,674,184 | ¥ 1,606,565 | ¥ 1,871,156 |
Income before income taxes | 206,637 | 187,203 | 245,408 |
Net income | 140,540 | 114,271 | 210,443 |
Financial position: | |||
Total assets | 12,499,794 | 11,473,689 | 9,391,445 |
Total liabilities | 8,428,007 | 7,542,997 | 6,717,326 |
Total equity | ¥ 4,071,787 | ¥ 3,930,692 | ¥ 2,674,119 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Changes in Goodwill by Reportable Segment) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | ||
Goodwill [Line Items] | |||||
Acquired | ¥ 46,522 | ¥ 72,466 | ¥ 42,933 | ||
Impairment | 0 | 0 | 0 | ||
Other (net) | [1] | (33,383) | (10,412) | (15,486) | |
Goodwill, Gross | 448,066 | 434,927 | 381,581 | ¥ 354,134 | |
Accumulated impairment losses | (4,248) | (4,248) | (12,956) | (12,956) | |
Goodwill | 443,818 | 430,679 | 368,625 | 341,178 | |
Corporate Financial Services | |||||
Goodwill [Line Items] | |||||
Acquired | 1,299 | 0 | 0 | ||
Impairment | 0 | 0 | 0 | ||
Other (net) | [1] | 0 | 0 | 0 | |
Goodwill, Gross | 57,502 | 56,203 | 56,203 | 56,203 | |
Accumulated impairment losses | (837) | (837) | (837) | (837) | |
Goodwill | 56,665 | 55,366 | 55,366 | 55,366 | |
Maintenance Leasing | |||||
Goodwill [Line Items] | |||||
Acquired | 0 | 0 | 9,258 | ||
Impairment | 0 | 0 | 0 | ||
Other (net) | [1] | 0 | (270) | 0 | |
Goodwill, Gross | 9,270 | 9,270 | 9,540 | 282 | |
Accumulated impairment losses | 0 | 0 | 0 | 0 | |
Goodwill | 9,270 | 9,270 | 9,540 | 282 | |
Real Estate Segment | |||||
Goodwill [Line Items] | |||||
Acquired | 0 | 0 | 0 | ||
Impairment | 0 | 0 | 0 | ||
Other (net) | [1] | (111) | (7,231) | 83 | |
Goodwill, Gross | 16,272 | 16,383 | 32,322 | 32,239 | |
Accumulated impairment losses | 0 | 0 | (8,708) | (8,708) | |
Goodwill | 16,272 | 16,383 | 23,614 | 23,531 | |
Investment and Operation Segment | |||||
Goodwill [Line Items] | |||||
Acquired | 26,705 | 27,569 | 13,517 | ||
Impairment | 0 | 0 | 0 | ||
Other (net) | [1] | (22,172) | 34 | (20,756) | |
Goodwill, Gross | 93,750 | 89,217 | 61,614 | 68,853 | |
Accumulated impairment losses | (39) | (39) | (39) | (39) | |
Goodwill | 93,711 | 89,178 | 61,575 | 68,814 | |
Retail | |||||
Goodwill [Line Items] | |||||
Acquired | 672 | 0 | 0 | ||
Impairment | 0 | 0 | 0 | ||
Other (net) | [1] | 0 | 0 | 0 | |
Goodwill, Gross | 16,096 | 15,424 | 15,424 | 15,424 | |
Accumulated impairment losses | 0 | 0 | 0 | 0 | |
Goodwill | 16,096 | 15,424 | 15,424 | 15,424 | |
Overseas Business Segment | |||||
Goodwill [Line Items] | |||||
Acquired | 17,846 | 44,897 | 20,158 | ||
Impairment | 0 | 0 | 0 | ||
Other (net) | [1] | (11,100) | (2,945) | 5,187 | |
Goodwill, Gross | 255,176 | 248,430 | 206,478 | 181,133 | |
Accumulated impairment losses | (3,372) | (3,372) | (3,372) | (3,372) | |
Goodwill | ¥ 251,804 | ¥ 245,058 | ¥ 203,106 | ¥ 177,761 | |
[1] | Other includes foreign currency translation adjustments, decreases due to sale of ownership interest in subsidiaries and certain other reclassifications. |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Intangible Assets by Major Class [Line Items] | |||
Impairment losses on goodwill | ¥ 0 | ¥ 0 | ¥ 0 |
Aggregate amortization expenses for intangible assets | 32,189 | 31,752 | 30,959 |
Estimated amortization expenses in fiscal 2021 | 29,076 | ||
Estimated amortization expenses in fiscal 2022 | 26,273 | ||
Estimated amortization expenses in fiscal 2023 | 21,713 | ||
Estimated amortization expenses in fiscal 2024 | 18,004 | ||
Estimated amortization expenses in fiscal 2025 | 14,924 | ||
Intangible assets subject to amortization acquired | 47,909 | ||
Impairment losses on intangible assets | 329 | ¥ 606 | ¥ 194 |
Software | |||
Intangible Assets by Major Class [Line Items] | |||
Intangible assets subject to amortization acquired | ¥ 16,603 | ||
Weighted average amortization period | 5 years | ||
Customer Relationships | |||
Intangible Assets by Major Class [Line Items] | |||
Intangible assets subject to amortization acquired | ¥ 15,179 | ||
Weighted average amortization period | 17 years |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Other Intangible Assets) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Indefinite-lived intangible assets: | ||
Trade names | ¥ 69,321 | ¥ 78,252 |
Asset management contracts | 141,069 | 146,981 |
Others | 4,192 | 3,847 |
Indefinite-Lived Intangible Assets (Excluding Goodwill), Total | 214,582 | 229,080 |
Intangible assets subject to amortization: | ||
Software | 119,666 | 111,767 |
Customer relationships | 137,923 | 130,971 |
Others | 88,189 | 92,306 |
Finite-Lived Intangible Assets, Gross, Total | 345,778 | 335,044 |
Accumulated amortization | (155,868) | (137,026) |
Net | 189,910 | 198,018 |
Intangible Assets, Net (Excluding Goodwill), Total | ¥ 404,492 | ¥ 427,098 |
Short-Term and Long-Term Debt_2
Short-Term and Long-Term Debt (Composition of Short-Term Debt and Weighted Average Contract Interest Rate on Short-Term Debt) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Short-term Debt [Line Items] | ||
Short-term debt | ¥ 336,832 | ¥ 309,549 |
Weighted average rate | 1.70% | 2.50% |
Japan | Bank Borrowings | ||
Short-term Debt [Line Items] | ||
Short-term debt | ¥ 131,822 | ¥ 121,870 |
Weighted average rate | 1.00% | 1.90% |
Japan | Commercial Paper | ||
Short-term Debt [Line Items] | ||
Short-term debt | ¥ 12,998 | ¥ 38,598 |
Weighted average rate | 0.10% | 0.00% |
Overseas | Bank Borrowings | ||
Short-term Debt [Line Items] | ||
Short-term debt | ¥ 187,300 | ¥ 146,618 |
Weighted average rate | 2.20% | 3.70% |
Overseas | Commercial Paper | ||
Short-term Debt [Line Items] | ||
Short-term debt | ¥ 4,712 | ¥ 2,463 |
Weighted average rate | 2.60% | 3.30% |
Short-Term and Long-Term Debt_3
Short-Term and Long-Term Debt (Composition of Long-Term Debt, Weighted Average Contract Interest Rate on Long-Term Debt and Repayment Due Dates) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Debt Instrument [Line Items] | ||
Long-term Debt | ¥ 4,279,354 | ¥ 4,186,222 |
Weighted average rate | 1.60% | 1.70% |
Banks Fixed Rate | ||
Debt Instrument [Line Items] | ||
Long-term Debt | ¥ 463,599 | ¥ 496,431 |
Weighted average rate | 1.20% | 1.20% |
Minimum maturity date | 2021 | 2020 |
Maximum maturity date | 2037 | 2037 |
Banks Floating Rate | ||
Debt Instrument [Line Items] | ||
Long-term Debt | ¥ 1,957,105 | ¥ 1,895,176 |
Weighted average rate | 1.50% | 1.80% |
Minimum maturity date | 2021 | 2020 |
Maximum maturity date | 2077 | 2077 |
Insurance Companies And Others Fixed Rate | ||
Debt Instrument [Line Items] | ||
Long-term Debt | ¥ 336,821 | ¥ 348,103 |
Weighted average rate | 1.20% | 0.80% |
Minimum maturity date | 2022 | 2020 |
Maximum maturity date | 2037 | 2037 |
Insurance Companies And Others Floating Rate | ||
Debt Instrument [Line Items] | ||
Long-term Debt | ¥ 336,949 | ¥ 271,170 |
Weighted average rate | 1.80% | 0.70% |
Minimum maturity date | 2021 | 2023 |
Maximum maturity date | 2077 | 2077 |
Unsecured Bonds | ||
Debt Instrument [Line Items] | ||
Long-term Debt | ¥ 845,938 | ¥ 807,460 |
Weighted average rate | 1.70% | 1.80% |
Minimum maturity date | 2022 | 2023 |
Maximum maturity date | 2080 | 2029 |
Unsecured Notes Under Medium Term Note Program | ||
Debt Instrument [Line Items] | ||
Long-term Debt | ¥ 176,802 | ¥ 190,082 |
Weighted average rate | 3.10% | 3.10% |
Minimum maturity date | 2021 | 2021 |
Maximum maturity date | 2027 | 2027 |
Payables Under Securitized Lease Receivables | ||
Debt Instrument [Line Items] | ||
Long-term Debt | ¥ 4,322 | ¥ 20,151 |
Weighted average rate | 0.20% | 0.30% |
Minimum maturity date | 2021 | 2021 |
Maximum maturity date | 2021 | 2023 |
Payables Under Securitized Loan Receivables And Investment In Securities | ||
Debt Instrument [Line Items] | ||
Long-term Debt | ¥ 157,818 | ¥ 157,649 |
Weighted average rate | 2.20% | 2.40% |
Minimum maturity date | 2022 | 2022 |
Maximum maturity date | 2039 | 2039 |
Short-Term and Long-Term Debt_4
Short-Term and Long-Term Debt (Repayment Schedule for Next Five Years and Thereafter for Long-Term Debt) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Debt Disclosure [Abstract] | ||
2021 | ¥ 658,813 | |
2022 | 632,540 | |
2023 | 599,752 | |
2024 | 438,901 | |
2025 | 520,526 | |
Thereafter | 1,428,822 | |
Total | ¥ 4,279,354 | ¥ 4,186,222 |
Short-Term and Long-Term Debt -
Short-Term and Long-Term Debt - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Debt Instrument [Line Items] | |||
Borrowings | ¥ 4,279,354 | ¥ 4,186,222 | |
Net amortization expenses of bond premiums and discounts, deferred issuance costs of bonds and medium-term notes | 989 | 1,005 | ¥ 957 |
Total committed credit lines | 569,862 | 497,882 | |
Available credit lines | 427,564 | 346,609 | |
Long-term committed credit lines | 293,424 | ¥ 303,309 | |
Investment in securities pledged for primarily collateral deposits | 166,888 | ||
Loans and leases consolidation adjustment | 10,587 | ||
Subordinated Syndicated Loan | |||
Debt Instrument [Line Items] | |||
Borrowings | ¥ 94,000 | ||
Maturity year of loan | 2077 | ||
Subordinated Syndicated Loan | Loan Maturing in 5 Year | |||
Debt Instrument [Line Items] | |||
Borrowings | ¥ 60,000 | ||
Subordinated Syndicated Loan | Loan Maturing in 7 Year | |||
Debt Instrument [Line Items] | |||
Borrowings | 34,000 | ||
Secured By Share | |||
Debt Instrument [Line Items] | |||
Secured debt | 60,104 | ||
Secured Investments | |||
Debt Instrument [Line Items] | |||
Secured debt | 69,313 | ||
Unsecured Subordinated Debt | |||
Debt Instrument [Line Items] | |||
Unsecured subordinated bonds face value | ¥ 100,000 | ||
Unsecured subordinated bonds year of maturity | 2080 | ||
Unsecured Subordinated Debt | Premature Redemption Period 5 Years | |||
Debt Instrument [Line Items] | |||
Unsecured subordinated bonds face value | ¥ 60,000 | ||
Unsecured subordinated bonds premature redemption period | 5 years | ||
Unsecured Subordinated Debt | Premature Redemption Period 10 Years | |||
Debt Instrument [Line Items] | |||
Unsecured subordinated bonds face value | ¥ 40,000 | ||
Unsecured subordinated bonds premature redemption period | 10 years |
Short-Term and Long-Term Debt_5
Short-Term and Long-Term Debt (Assets Provided as Collateral for Short-Term and Long-Term Debt Payables to Financial Institutions) (Detail) ¥ in Millions | Mar. 31, 2020JPY (¥) |
Debt Disclosure [Abstract] | |
Lease payments, loans and investment in operating leases | ¥ 198,160 |
Investment in securities | 167,800 |
Property under facility operations | 28,275 |
Other assets and other | 26,982 |
Total | ¥ 421,217 |
Deposits (Summary of Deposits)
Deposits (Summary of Deposits) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Banking and Thrift [Abstract] | ||
Time deposits | ¥ 1,752,755 | ¥ 1,409,158 |
Other deposits | 478,948 | 518,583 |
Total | ¥ 2,231,703 | ¥ 1,927,741 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Banking and Thrift [Abstract] | ||
Time deposits, including certificates of deposit issued in amounts of 10 million Yen or more | ¥ 1,064,398 | ¥ 952,970 |
Deposits (Maturity Schedule of
Deposits (Maturity Schedule of Time Deposits) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Banking and Thrift [Abstract] | ||
2021 | ¥ 997,891 | |
2022 | 177,285 | |
2023 | 229,131 | |
2024 | 56,387 | |
2025 | 292,061 | |
Thereafter | 0 | |
Total | ¥ 1,752,755 | ¥ 1,409,158 |
Income Taxes (Income before Inc
Income Taxes (Income before Income Taxes and Provision for Income Taxes) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Taxes [Line Items] | |||
Income before Income Taxes | ¥ 223,327 | ¥ 254,352 | ¥ 296,577 |
Income before Income Taxes | 189,234 | 141,378 | 138,924 |
Income before Income Taxes | 412,561 | 395,730 | 435,501 |
Current provision for income taxes | 90,947 | 103,819 | 108,324 |
Deferred provision for income taxes | 14,890 | (35,128) | 5,588 |
Provision for income taxes | 105,837 | 68,691 | 113,912 |
Japan | |||
Income Taxes [Line Items] | |||
Current provision for income taxes | 55,577 | 83,995 | 85,514 |
Deferred provision for income taxes | 9,643 | (51,795) | 5,960 |
Overseas | |||
Income Taxes [Line Items] | |||
Current provision for income taxes | 35,370 | 19,824 | 22,810 |
Deferred provision for income taxes | ¥ 5,247 | ¥ 16,667 | ¥ (372) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - JPY (¥) ¥ in Millions | 9 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||
National corporation tax | 24.00% | 24.00% | 24.00% | ||
Inhabitant tax | 4.00% | 4.00% | 4.00% | ||
Deductible enterprise tax | 4.00% | 4.00% | 4.00% | ||
Statutory income tax rate | 35.00% | 31.50% | 31.50% | 21.00% | 31.70% |
Decrease of deferred tax assets and liabilities | ¥ 17,465 | ||||
Decrease in provision for income taxes | ¥ 27,376 | ||||
Net changes in total valuation allowance | ¥ 2,213 | (1,520) | (28,811) | ||
Decrease in total valuation allowance recognized in earnings due to the utilization of net operating loss carryforwards | 890 | 2,648 | 8,303 | ||
Increase in valuation allowance | 942 | 1,044 | 2,677 | ||
Decrease in valuation allowance | 1,518 | 316 | 648 | ||
Net changes in valuation allowance | 576 | ¥ 728 | ¥ 2,029 | ||
Net operating loss carryforwards | ¥ 171,725 |
Income Taxes (Reconciliations o
Income Taxes (Reconciliations of Differences between Tax Provision Computed at Statutory Rate and Consolidated Provision for Income Taxes) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Income before Income Taxes | ¥ 412,561 | ¥ 395,730 | ¥ 435,501 |
Tax provision computed at statutory rate | 129,957 | 124,655 | 138,054 |
Increases (reductions) in taxes due to: | |||
Change in valuation allowance | 2,505 | (329) | (6,971) |
Nondeductible expenses | 4,319 | 4,431 | 3,000 |
Nontaxable income | (3,612) | (15,176) | (4,464) |
Effect of lower tax rates on certain subsidiaries | (24,862) | (17,950) | (5,713) |
Effect of investor taxes on earnings of subsidiaries | 3,039 | (26,756) | 3,831 |
Effect of the tax law and rate changes | (6,642) | (1,264) | (16,232) |
Other, net | 1,133 | 1,080 | 2,407 |
Provision for income taxes | ¥ 105,837 | ¥ 68,691 | ¥ 113,912 |
Income Taxes (Total Income Tax
Income Taxes (Total Income Tax Recognized) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Provision for income taxes | ¥ 105,837 | ¥ 68,691 | ¥ 113,912 |
Income taxes allocated to other comprehensive income (loss): | |||
Net change of unrealized gains (losses) on investment in securities | (7,016) | 4,013 | (11,084) |
Net change of debt valuation adjustments | 340 | 90 | 0 |
Net change of defined benefit pension plans | 448 | (2,864) | (911) |
Net change of foreign currency translation adjustments | 10,276 | 729 | (1,517) |
Net change of unrealized gains (losses) on derivative instruments | (2,163) | (1,258) | 139 |
Direct adjustments to shareholders' equity | 0 | 0 | (2) |
Total income taxes | ¥ 107,722 | ¥ 69,401 | ¥ 100,537 |
Income Taxes (Tax Effects of Te
Income Taxes (Tax Effects of Temporary Differences Giving Rise to Deferred Tax Assets and Liabilities) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Assets: | ||
Net operating loss carryforwards | ¥ 22,471 | ¥ 14,246 |
Allowance for doubtful receivables on finance leases and probable loan losses | 14,557 | 16,336 |
Investment in securities | 11,305 | 5,045 |
Accrued expenses | 18,978 | 21,498 |
Investment in operating leases | 11,654 | 13,134 |
Property under facility operations | 8,091 | 8,642 |
Installment loans | 4,353 | 4,737 |
Unrealized losses on investment in securities | 4,877 | 0 |
Lease liabilities | 78,697 | 0 |
Other | 56,169 | 58,689 |
Deferred Tax Assets, Gross, Total | 231,152 | 142,327 |
Less: valuation allowance | (15,369) | (13,156) |
Deferred Tax Assets, Net of Valuation Allowance, Total | 215,783 | 129,171 |
Liabilities: | ||
Investment in direct financing leases | 0 | 10,819 |
Net investment in Leases | 8,594 | 0 |
Investment in operating leases | 105,667 | 97,653 |
Unrealized gains on investment in securities | 4,687 | 6,971 |
Deferred insurance policy acquisition costs | 62,321 | 56,132 |
Policy liabilities and policy account balances | 42,949 | 38,227 |
Property under facility operations | 17,352 | 11,594 |
Other intangible assets | 97,383 | 97,426 |
Undistributed earnings | 47,878 | 42,329 |
Prepaid benefit cost | 8,837 | 8,932 |
Advances paid | 10,218 | 7,681 |
Right-of-use assets | 79,642 | 0 |
Other | 31,318 | 31,278 |
Deferred Tax Liabilities, Net, Total | 516,846 | 409,042 |
Net deferred tax liability | ¥ 301,063 | ¥ 279,871 |
Income Taxes (Captions of Net D
Income Taxes (Captions of Net Deferred Tax Assets and Liabilities Reflected in Consolidated Balance Sheets) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Other assets | ¥ 27,084 | ¥ 33,962 |
Income taxes: Deferred | 328,147 | 313,833 |
Net deferred tax liability | ¥ 301,063 | ¥ 279,871 |
Income Taxes (Expiry Schedule o
Income Taxes (Expiry Schedule of Net Operating Loss Carryforwards) (Detail) ¥ in Millions | Mar. 31, 2020JPY (¥) |
Income Tax Disclosure [Abstract] | |
2021 | ¥ 12,549 |
2022 | 5,656 |
2023 | 8,847 |
2024 | 16,888 |
2025 | 10,882 |
Thereafter | 90,681 |
Indefinite period | 26,222 |
Total | ¥ 171,725 |
Pension Plans (Funded Status of
Pension Plans (Funded Status of Defined Benefit Pension Plans) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Japan | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | ¥ 110,661 | ¥ 104,593 | |
Service cost | 5,879 | 5,526 | ¥ 5,339 |
Interest cost | 585 | 721 | 778 |
Actuarial loss (income) | (3,935) | 4,051 | |
Foreign currency exchange rate change | 0 | 0 | |
Plan participant's contributions | 0 | 0 | |
Benefits paid | (4,111) | (3,178) | |
Business combinations | 1,399 | 0 | |
Divestitures | 0 | (684) | |
Plan amendments | (11) | (368) | |
Benefit obligation at end of year | 110,467 | 110,661 | 104,593 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 123,628 | 121,269 | |
Actual return on plan assets | (2,790) | 1,383 | |
Employer contribution | 3,821 | 3,633 | |
Plan participant's contributions | 0 | 0 | |
Benefits paid | (3,429) | (2,657) | |
Business combinations | 1,550 | 0 | |
Divestitures | 0 | 0 | |
Foreign currency exchange rate change | 0 | 0 | |
Fair value of plan assets at end of year | 122,780 | 123,628 | 121,269 |
The funded status of the plans | 12,313 | 12,967 | |
Amount recognized in the consolidated balance sheets consists of: | |||
Prepaid benefit cost included in other assets | 24,521 | 25,590 | |
Accrued benefit liability included in other liabilities | (12,208) | (12,623) | |
Net amount recognized | 12,313 | 12,967 | |
Overseas plans | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 107,812 | 100,782 | |
Service cost | 3,566 | 3,186 | 3,455 |
Interest cost | 1,634 | 2,002 | 1,994 |
Actuarial loss (income) | (2,465) | 8,060 | |
Foreign currency exchange rate change | (4,172) | (4,392) | |
Plan participant's contributions | 392 | 0 | |
Benefits paid | (1,788) | (1,452) | |
Business combinations | 0 | 0 | |
Divestitures | (237) | 0 | |
Plan amendments | (1,126) | (374) | |
Benefit obligation at end of year | 103,616 | 107,812 | 100,782 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 96,837 | 93,338 | |
Actual return on plan assets | 3,114 | 7,023 | |
Employer contribution | 2,333 | 1,920 | |
Plan participant's contributions | 392 | 0 | |
Benefits paid | (1,683) | (1,346) | |
Business combinations | 0 | 0 | |
Divestitures | (187) | 0 | |
Foreign currency exchange rate change | (3,812) | (4,098) | |
Fair value of plan assets at end of year | 96,994 | 96,837 | ¥ 93,338 |
The funded status of the plans | (6,622) | (10,975) | |
Amount recognized in the consolidated balance sheets consists of: | |||
Prepaid benefit cost included in other assets | 11 | 12 | |
Accrued benefit liability included in other liabilities | (6,633) | (10,987) | |
Net amount recognized | ¥ (6,622) | ¥ (10,975) |
Pension Plans (Defined Benefit
Pension Plans (Defined Benefit Plan Amount Recognized in Accumulated Other Comprehensive Income (Loss), Pre-tax) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Japan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net prior service credit | ¥ 545 | ¥ 1,364 |
Net actuarial loss | (28,863) | (28,389) |
Net transition obligation | 0 | 0 |
Total recognized in accumulated other comprehensive loss, pre-tax | (28,318) | (27,025) |
Overseas plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net prior service credit | 1,446 | 594 |
Net actuarial loss | (12,293) | (14,711) |
Net transition obligation | 0 | |
Total recognized in accumulated other comprehensive loss, pre-tax | ¥ (10,847) | ¥ (14,117) |
Pension Plans - Additional Info
Pension Plans - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Japan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated portions of net prior service credit that will be recognized as a component of net pension cost in 2021 | ¥ 158 | ||
Estimated portions of net actuarial loss that will be recognized as a component of net pension cost in 2021 | 1,323 | ||
Accumulated benefit obligations for all defined benefit pension plans | 98,964 | ¥ 97,819 | |
Aggregate projected benefit obligations for plans with accumulated benefit obligations in excess of plan assets | 20,337 | 20,739 | |
Aggregate accumulated benefit obligations for plans with accumulated benefit obligations in excess of plan assets | 20,095 | 20,427 | |
Aggregate fair values of plan assets for the plans with accumulated benefit obligations in excess of plan assets | 8,129 | 8,116 | |
Expected pension plans contributions by Company and certain subsidiaries in 2020 | 3,792 | ||
Cost recognized for defined contribution pension plans of Company and certain of its subsidiaries | ¥ 1,779 | ¥ 1,728 | ¥ 1,626 |
Japan | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Portfolio of plans | 20.00% | 40.00% | |
Japan | Debt Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Portfolio of plans | 50.00% | 40.00% | |
Japan | Other Plan Asset | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Portfolio of plans | 30.00% | 20.00% | |
Overseas plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Estimated portions of net prior service credit that will be recognized as a component of net pension cost in 2021 | ¥ 293 | ||
Estimated portions of net actuarial loss that will be recognized as a component of net pension cost in 2021 | (187) | ||
Estimated portions of net transition obligation that will be recognized as a component of net pension in 2021 | 1 | ||
Accumulated benefit obligations for all defined benefit pension plans | 96,959 | ¥ 95,879 | |
Aggregate projected benefit obligations for plans with accumulated benefit obligations in excess of plan assets | 6,553 | 7,076 | |
Aggregate accumulated benefit obligations for plans with accumulated benefit obligations in excess of plan assets | 6,498 | 7,012 | |
Aggregate fair values of plan assets for the plans with accumulated benefit obligations in excess of plan assets | 5,355 | ¥ 5,758 | |
Expected pension plans contributions by Company and certain subsidiaries in 2020 | ¥ 2,195 | ||
Overseas plans | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Portfolio of plans | 40.00% | 40.00% | |
Overseas plans | Debt Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Portfolio of plans | 50.00% | 50.00% | |
Overseas plans | Other Plan Asset | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Portfolio of plans | 10.00% | 10.00% | |
Other Foreign Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Cost recognized for defined contribution pension plans of Company and certain of its subsidiaries | ¥ 2,320 | ¥ 2,504 | ¥ 2,354 |
Pension Plans (Net Pension Cost
Pension Plans (Net Pension Cost of Defined Benefit Plans) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Japan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | ¥ 5,879 | ¥ 5,526 | ¥ 5,339 |
Interest cost | 585 | 721 | 778 |
Expected return on plan assets | (2,806) | (2,723) | (2,627) |
Amortization of prior service credit | (820) | (897) | (912) |
Amortization of net actuarial loss | 1,156 | 844 | 856 |
Amortization of transition obligation | 0 | 45 | |
Net periodic pension cost | 3,994 | 3,471 | 3,479 |
Overseas plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 3,566 | 3,186 | 3,455 |
Interest cost | 1,634 | 2,002 | 1,994 |
Expected return on plan assets | (4,262) | (4,407) | (4,217) |
Amortization of prior service credit | (208) | (174) | (123) |
Amortization of net actuarial loss | 739 | 75 | 38 |
Amortization of transition obligation | 1 | 7 | 4 |
Net periodic pension cost | ¥ 1,470 | ¥ 689 | ¥ 1,151 |
Pension Plans (Significant Assu
Pension Plans (Significant Assumptions of Japan and Overseas Pension Plans Used to Determine Plan Amounts) (Detail) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Japan | |||
Weighted-average assumptions used to determine benefit obligations at March 31: | |||
Discount rate | 0.60% | 0.50% | 0.70% |
Rate of increase in compensation levels | 4.00% | 4.40% | 4.60% |
Weighted-average assumptions used to determine net periodic pension cost for years ended March 31: | |||
Discount rate | 0.50% | 0.70% | 0.80% |
Rate of increase in compensation levels | 4.40% | 4.60% | 4.50% |
Expected long-term rate of return on plan assets | 2.20% | 2.20% | 2.20% |
Overseas plans | |||
Weighted-average assumptions used to determine benefit obligations at March 31: | |||
Discount rate | 1.70% | 1.70% | 2.00% |
Rate of increase in compensation levels | 2.20% | 2.40% | 2.40% |
Weighted-average assumptions used to determine net periodic pension cost for years ended March 31: | |||
Discount rate | 1.70% | 2.00% | 2.10% |
Rate of increase in compensation levels | 2.40% | 2.40% | 2.40% |
Expected long-term rate of return on plan assets | 3.70% | 4.70% | 4.90% |
Pension Plans (Other Changes in
Pension Plans (Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Japan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Current year actuarial gain (loss) | ¥ (1,629) | ¥ (5,078) | ¥ (1,005) |
Amortization of net actuarial loss | 1,156 | 844 | 856 |
Prior service credit due to amendments | 0 | 20 | (5) |
Amortization of prior service credit | (820) | (897) | (912) |
Amortization of transition obligation | 0 | 45 | |
Total recognized in other comprehensive income (loss), pre-tax | (1,293) | (5,111) | (1,021) |
Overseas plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Current year actuarial gain (loss) | 1,117 | (5,553) | (2,417) |
Amortization of net actuarial loss | 739 | 75 | 38 |
Amortization of net actuarial loss | 739 | 75 | 38 |
Prior service credit due to amendments | 1,097 | 50 | 0 |
Amortization of prior service credit | (208) | (174) | (123) |
Amortization of transition obligation | 1 | 7 | 4 |
Foreign currency exchange rate change | 524 | 496 | (354) |
Total recognized in other comprehensive income (loss), pre-tax | ¥ 3,270 | ¥ (5,099) | ¥ (2,852) |
Pension Plans (Fair Value of Pe
Pension Plans (Fair Value of Pension Plan Assets by Asset Category) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |||
Japan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | ¥ 122,780 | ¥ 123,628 | ¥ 121,269 | |||
Japan | Level 1 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | 0 | 0 | ||||
Japan | Level 2 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | 33,076 | 32,644 | ||||
Japan | Level 3 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | 0 | 0 | ||||
Japan | Defined Benefit Plan, Equity Securities | Japan Pooled Funds | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | 14,434 | [1] | 19,824 | [2] | ||
Japan | Defined Benefit Plan, Equity Securities | Japan Pooled Funds | Level 1 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | 0 | [1] | 0 | [2] | ||
Japan | Defined Benefit Plan, Equity Securities | Japan Pooled Funds | Level 2 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | 0 | [1] | 0 | [2] | ||
Japan | Defined Benefit Plan, Equity Securities | Japan Pooled Funds | Level 3 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | 0 | [1] | 0 | [2] | ||
Japan | Defined Benefit Plan, Equity Securities | Other than Japan Pooled Funds | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | [3] | 15,207 | 24,535 | |||
Japan | Defined Benefit Plan, Equity Securities | Other than Japan Pooled Funds | Level 1 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | [3] | 0 | 0 | |||
Japan | Defined Benefit Plan, Equity Securities | Other than Japan Pooled Funds | Level 2 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | [3] | 0 | 0 | |||
Japan | Defined Benefit Plan, Equity Securities | Other than Japan Pooled Funds | Level 3 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | [3] | 0 | 0 | |||
Japan | Defined Benefit Plan, Debt Security | Japan Pooled Funds | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | 26,133 | [4] | 19,243 | [5] | ||
Japan | Defined Benefit Plan, Debt Security | Japan Pooled Funds | Level 1 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | 0 | [4] | 0 | [5] | ||
Japan | Defined Benefit Plan, Debt Security | Japan Pooled Funds | Level 2 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | 0 | [4] | 0 | [5] | ||
Japan | Defined Benefit Plan, Debt Security | Japan Pooled Funds | Level 3 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | 0 | [4] | 0 | [5] | ||
Japan | Defined Benefit Plan, Debt Security | Other than Japan Pooled Funds | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | [6] | 33,930 | 27,382 | |||
Japan | Defined Benefit Plan, Debt Security | Other than Japan Pooled Funds | Level 1 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | [6] | 0 | 0 | |||
Japan | Defined Benefit Plan, Debt Security | Other than Japan Pooled Funds | Level 2 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | [6] | 0 | 0 | |||
Japan | Defined Benefit Plan, Debt Security | Other than Japan Pooled Funds | Level 3 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | [6] | 0 | 0 | |||
Japan | Other Plan Asset | Life Insurance Company General Accounts | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | [7] | 28,591 | 27,482 | |||
Japan | Other Plan Asset | Life Insurance Company General Accounts | Level 1 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | [7] | 0 | 0 | |||
Japan | Other Plan Asset | Life Insurance Company General Accounts | Level 2 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | [7] | 28,591 | 27,482 | |||
Japan | Other Plan Asset | Life Insurance Company General Accounts | Level 3 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | [7] | 0 | 0 | |||
Japan | Other Plan Asset | Other Investment | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | [8] | 4,485 | 5,162 | |||
Japan | Other Plan Asset | Other Investment | Level 1 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | [8] | 0 | 0 | |||
Japan | Other Plan Asset | Other Investment | Level 2 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | [8] | 4,485 | 5,162 | |||
Japan | Other Plan Asset | Other Investment | Level 3 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | [8] | 0 | 0 | |||
Overseas plans | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | 96,994 | 96,837 | ¥ 93,338 | |||
Overseas plans | Level 1 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | 87,470 | 89,393 | ||||
Overseas plans | Level 2 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | 9,213 | 7,052 | ||||
Overseas plans | Level 3 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | 0 | 0 | ||||
Overseas plans | Defined Benefit Plan, Equity Securities | Other than Japan Pooled Funds | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | [3] | 311 | 392 | |||
Overseas plans | Defined Benefit Plan, Equity Securities | Other than Japan Pooled Funds | Level 1 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | [3] | 0 | 0 | |||
Overseas plans | Defined Benefit Plan, Equity Securities | Other than Japan Pooled Funds | Level 2 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | [3] | 0 | 0 | |||
Overseas plans | Defined Benefit Plan, Equity Securities | Other than Japan Pooled Funds | Level 3 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | [3] | 0 | 0 | |||
Overseas plans | Defined Benefit Plan, Equity Securities | Other than Japan Shares | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | 36,848 | 42,124 | ||||
Overseas plans | Defined Benefit Plan, Equity Securities | Other than Japan Shares | Level 1 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | 36,848 | 42,124 | ||||
Overseas plans | Defined Benefit Plan, Equity Securities | Other than Japan Shares | Level 2 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | 0 | 0 | ||||
Overseas plans | Defined Benefit Plan, Equity Securities | Other than Japan Shares | Level 3 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | 0 | 0 | ||||
Overseas plans | Defined Benefit Plan, Debt Security | Other than Japan Government Bonds | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | 50,622 | 47,269 | ||||
Overseas plans | Defined Benefit Plan, Debt Security | Other than Japan Government Bonds | Level 1 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | 50,622 | 47,269 | ||||
Overseas plans | Defined Benefit Plan, Debt Security | Other than Japan Government Bonds | Level 2 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | 0 | 0 | ||||
Overseas plans | Defined Benefit Plan, Debt Security | Other than Japan Government Bonds | Level 3 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | 0 | 0 | ||||
Overseas plans | Defined Benefit Plan, Debt Security | Other than Japan Municipal Bonds | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | 4,849 | 4,640 | ||||
Overseas plans | Defined Benefit Plan, Debt Security | Other than Japan Municipal Bonds | Level 1 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | 0 | 0 | ||||
Overseas plans | Defined Benefit Plan, Debt Security | Other than Japan Municipal Bonds | Level 2 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | 4,849 | 4,640 | ||||
Overseas plans | Defined Benefit Plan, Debt Security | Other than Japan Municipal Bonds | Level 3 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | 0 | 0 | ||||
Overseas plans | Other Plan Asset | Life Insurance Company General Accounts | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | [7] | 355 | 588 | |||
Overseas plans | Other Plan Asset | Life Insurance Company General Accounts | Level 1 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | [7] | 0 | 0 | |||
Overseas plans | Other Plan Asset | Life Insurance Company General Accounts | Level 2 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | [7] | 355 | 588 | |||
Overseas plans | Other Plan Asset | Life Insurance Company General Accounts | Level 3 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | [7] | 0 | 0 | |||
Overseas plans | Other Plan Asset | Other Investment | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | [8] | 4,009 | 1,824 | |||
Overseas plans | Other Plan Asset | Other Investment | Level 1 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | [8] | 0 | 0 | |||
Overseas plans | Other Plan Asset | Other Investment | Level 2 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | [8] | 4,009 | 1,824 | |||
Overseas plans | Other Plan Asset | Other Investment | Level 3 | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Fair value of pension plan assets | [8] | ¥ 0 | ¥ 0 | |||
[1] | These funds invest in listed shares including shares of ORIX Corporation in the amounts of ¥17 million at March 31, 2020. | |||||
[2] | These funds invest in listed shares including shares of ORIX Corporation in the amounts of ¥42 million at March 31, 2019. | |||||
[3] | These funds invest in listed shares. | |||||
[4] | These funds invest approximately 70% in Japanese government bonds, approximately 10% in Japanese municipal bonds, and approximately 20% in Japanese corporate bonds. These funds include corporate bonds of ORIX Corporation in the amounts of ¥1,192 million at March 31, 2020. | |||||
[5] | These funds invest approximately 60% in Japanese government bonds, approximately 10% in Japanese municipal bonds, and approximately 30% in Japanese corporate bonds. These funds include corporate bonds of ORIX Corporation in the amounts of ¥1,578 million at March 31, 2019. | |||||
[6] | These funds invest entirely in foreign government bonds. | |||||
[7] | Life insurance company general accounts are accounts with guaranteed capital and minimum interest rate, in which life insurance companies manage funds on several contracts. | |||||
[8] | Others include derivative instruments held for hedging change in the fair value of equity securities, and short-term instruments. |
Pension Plans (Fair Value of _2
Pension Plans (Fair Value of Pension Plan Assets by Asset Category) (Parenthetical) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Japanese Companies Equity Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of pension plan assets | ¥ 17 | ¥ 42 |
Japanese Government Bond Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets investment allocation in pooled funds | 70.00% | 60.00% |
Japanese Municipal Bonds Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets investment allocation in pooled funds | 10.00% | 10.00% |
Japanese Corporate Bonds Securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension plan assets investment allocation in pooled funds | 20.00% | 30.00% |
Fair value of pension plan assets | ¥ 1,192 | ¥ 1,578 |
Pension Plans (Benefits Expecte
Pension Plans (Benefits Expected to be Paid) (Detail) ¥ in Millions | Mar. 31, 2020JPY (¥) |
Japan | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | ¥ 3,057 |
2022 | 2,910 |
2023 | 3,037 |
2024 | 3,263 |
2025 | 3,434 |
2026-2030 | 19,887 |
Total | 35,588 |
Overseas plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | 1,483 |
2022 | 1,541 |
2023 | 1,558 |
2024 | 1,685 |
2025 | 1,748 |
2026-2030 | 10,846 |
Total | ¥ 18,861 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interests (Changes in Redeemable Noncontrolling Interests) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Beginning Balance | ¥ 9,780 | ¥ 7,420 | ¥ 6,548 |
Adjustment of redeemable noncontrolling interests to redemption value | 0 | 2,131 | 1,876 |
Transaction with noncontrolling interests | 653 | 0 | 0 |
Comprehensive income | |||
Net Income | 384 | 404 | 452 |
Other comprehensive income (loss) | |||
Net change of foreign currency translation adjustments | (197) | 326 | (416) |
Total other comprehensive income (loss) | (197) | 326 | (416) |
Comprehensive income | 187 | 730 | 36 |
Dividends | (289) | (501) | (1,040) |
Ending Balance | ¥ 10,331 | ¥ 9,780 | ¥ 7,420 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) | Apr. 01, 2013 | Mar. 31, 2020JPY (¥)Point | Mar. 31, 2019JPY (¥) | Mar. 31, 2018JPY (¥) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Cash received from the exercise of stock options | ¥ 225,000,000 | ¥ 656,000,000 | ||
Unrecognized compensation costs | ¥ 0 | |||
Points settled for individuals retired | Point | 446,805 | |||
Points outstanding | Point | 1,389,603 | |||
Stock split implemented | 10 | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total intrinsic value of options exercised | 25,000,000 | 118,000,000 | ||
Stock-based compensation costs recognized | ¥ 0 | |||
Stock Compensation Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Points granted | Point | 320,250 | |||
Stock-based compensation costs recognized | ¥ 417,000,000 | ¥ 413,000,000 | ¥ 701,000,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Changes in Components of Accumulated Other Comprehensive Income (Loss)) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Beginning Balance | ¥ 2,953,201 | ¥ 2,798,874 | ¥ 2,647,625 |
Adjusted balance | 2,803,405 | ||
Total other comprehensive income (loss) | (60,272) | (12,555) | (26,972) |
Reclassification of change in accounting standards | 0 | ||
Ending Balance | 3,065,835 | 2,953,201 | 2,798,874 |
Accounting Standards Update 2016-01 | |||
Cumulative effect of adopting Accounting Standards Update 2016-01 | 0 | ||
AOCI Attributable to Parent | |||
Beginning Balance | (61,343) | (45,566) | (21,270) |
Adjusted balance | (48,465) | ||
Total other comprehensive income (loss) | (60,272) | (12,555) | (26,972) |
Transaction with noncontrolling interests | 2 | (103) | (1) |
Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interests | (2,884) | (106) | (1,569) |
Less: Other Comprehensive Income (Loss) Attributable to the Redeemable Noncontrolling Interests | (197) | 326 | (416) |
Reclassification of change in accounting standards | 692 | ||
Ending Balance | (118,532) | (61,343) | (45,566) |
AOCI Attributable to Parent | Accounting Standards Update 2016-01 | |||
Cumulative effect of adopting Accounting Standards Update 2016-01 | (2,899) | ||
Net unrealized gains (losses) on investment in securities | |||
Beginning Balance | 17,389 | 10,465 | 32,279 |
Adjusted balance | 7,215 | ||
Net unrealized gains (losses) | (17,637) | 12,169 | (2,408) |
Reclassification adjustment included in net income, net of tax | (4,819) | (1,954) | (20,426) |
Total other comprehensive income (loss) | (22,456) | 10,215 | (22,834) |
Transaction with noncontrolling interests | 0 | 0 | 0 |
Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interests | (66) | 41 | (88) |
Less: Other Comprehensive Income (Loss) Attributable to the Redeemable Noncontrolling Interests | 0 | 0 | 0 |
Reclassification of change in accounting standards | 932 | ||
Ending Balance | (5,001) | 17,389 | 10,465 |
Net unrealized gains (losses) on investment in securities | Accounting Standards Update 2016-01 | |||
Cumulative effect of adopting Accounting Standards Update 2016-01 | (3,250) | ||
Debt Valuation Adjustments | |||
Beginning Balance | 582 | 0 | 0 |
Adjusted balance | 351 | ||
Net unrealized gains (losses) | 920 | 258 | |
Reclassification adjustment included in net income, net of tax | (45) | (27) | |
Total other comprehensive income (loss) | 875 | 231 | 0 |
Transaction with noncontrolling interests | 0 | 0 | 0 |
Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interests | 0 | 0 | 0 |
Less: Other Comprehensive Income (Loss) Attributable to the Redeemable Noncontrolling Interests | 0 | 0 | 0 |
Reclassification of change in accounting standards | 0 | ||
Ending Balance | 1,457 | 582 | 0 |
Debt Valuation Adjustments | Accounting Standards Update 2016-01 | |||
Cumulative effect of adopting Accounting Standards Update 2016-01 | 351 | ||
Defined benefit pension plans | |||
Beginning Balance | (27,902) | (20,487) | (17,330) |
Adjusted balance | (20,487) | ||
Net unrealized gains (losses) | 886 | (7,244) | (2,893) |
Reclassification adjustment included in net income, net of tax | 643 | (102) | (69) |
Total other comprehensive income (loss) | 1,529 | (7,346) | (2,962) |
Transaction with noncontrolling interests | 0 | (126) | 0 |
Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interests | 2 | (57) | 22 |
Less: Other Comprehensive Income (Loss) Attributable to the Redeemable Noncontrolling Interests | 0 | 0 | 0 |
Reclassification of change in accounting standards | (173) | ||
Ending Balance | (26,375) | (27,902) | (20,487) |
Defined benefit pension plans | Accounting Standards Update 2016-01 | |||
Cumulative effect of adopting Accounting Standards Update 2016-01 | 0 | ||
Foreign currency translation adjustments | |||
Beginning Balance | (43,558) | (31,806) | (31,736) |
Adjusted balance | (31,806) | ||
Net unrealized gains (losses) | (40,605) | (11,540) | (1,387) |
Reclassification adjustment included in net income, net of tax | 8,941 | 3 | (568) |
Total other comprehensive income (loss) | (31,664) | (1,955) | |
Total other comprehensive income (loss) | (11,537) | ||
Transaction with noncontrolling interests | 4 | 23 | (1) |
Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interests | (2,550) | (88) | (1,537) |
Less: Other Comprehensive Income (Loss) Attributable to the Redeemable Noncontrolling Interests | (197) | 326 | (416) |
Reclassification of change in accounting standards | (67) | ||
Ending Balance | (72,471) | (43,558) | (31,806) |
Foreign currency translation adjustments | Accounting Standards Update 2016-01 | |||
Cumulative effect of adopting Accounting Standards Update 2016-01 | 0 | ||
Net unrealized gains (losses) on derivative instruments | |||
Beginning Balance | (7,854) | (3,738) | (4,483) |
Adjusted balance | (3,738) | ||
Net unrealized gains (losses) | (6,385) | (4,621) | 3,820 |
Reclassification adjustment included in net income, net of tax | (2,171) | 503 | (3,041) |
Total other comprehensive income (loss) | (8,556) | (4,118) | 779 |
Transaction with noncontrolling interests | (2) | 0 | 0 |
Less: Other Comprehensive Income (Loss) Attributable to the Noncontrolling Interests | (270) | (2) | 34 |
Less: Other Comprehensive Income (Loss) Attributable to the Redeemable Noncontrolling Interests | 0 | 0 | 0 |
Reclassification of change in accounting standards | 0 | ||
Ending Balance | ¥ (16,142) | ¥ (7,854) | (3,738) |
Net unrealized gains (losses) on derivative instruments | Accounting Standards Update 2016-01 | |||
Cumulative effect of adopting Accounting Standards Update 2016-01 | ¥ 0 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Changes in Components of Accumulated Other Comprehensive Income (Loss)) (Parenthetical) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Net unrealized gains (losses) on derivative instruments | |||
Net unrealized gains (losses), tax | ¥ 1,511 | ¥ 1,393 | ¥ (1,120) |
Reclassification adjustment included in net income, tax | 652 | (135) | 981 |
Foreign currency translation adjustments | |||
Net unrealized gains (losses), tax | 6,212 | (729) | 2,813 |
Reclassification adjustment included in net income, tax | 4,064 | 0 | (1,296) |
Defined benefit pension plans | |||
Net unrealized gains (losses), tax | 223 | 2,821 | 888 |
Reclassification adjustment included in net income, tax | 225 | 43 | 23 |
Net unrealized gains (losses) on investment in securities | |||
Net unrealized gains (losses), tax | 5,078 | (4,693) | 2,045 |
Reclassification adjustment included in net income, tax | 1,938 | 680 | ¥ 9,039 |
Debt valuation adjustments | |||
Net unrealized gains (losses), tax | 357 | (101) | |
Reclassification adjustment included in net income, tax | ¥ 17 | ¥ 11 |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (Loss) (Amounts Reclassified to Net Income from Accumulated Other Comprehensive Income (loss)) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Gains on sales of subsidiaries and affiliates and liquidation losses, net | ¥ 74,001 | ¥ 33,314 | ¥ 49,203 |
Life insurance costs | (269,425) | (246,533) | (255,070) |
Write-downs of securities and other | (11,969) | (1,382) | (1,246) |
Income tax (expense) or benefit | (105,837) | (68,691) | (113,912) |
Net Income | 306,724 | 327,039 | 321,589 |
Interest expense | 99,138 | 93,337 | 76,815 |
Other (income) and expense | (14,925) | (1,301) | (429) |
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized gains (losses) on investment in securities | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total before income tax | 6,757 | 2,634 | 29,465 |
Income tax (expense) or benefit | (1,938) | (680) | (9,039) |
Net Income | 4,819 | 1,954 | 20,426 |
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized gains (losses) on investment in securities | Sale of Investments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Gains on investment securities and dividend | 2,366 | 3,460 | 27,158 |
Life insurance premiums and related investment income | 6,710 | 1,573 | 4,228 |
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized gains (losses) on investment in securities | Amortization of investment securities | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Life insurance premiums and related investment income | (894) | (146) | (504) |
Finance revenues | (1,425) | (1,030) | (735) |
Write-downs of securities and other | (1,223) | (682) | |
Reclassification out of Accumulated Other Comprehensive Income | Defined benefit pension plans | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Amortization of prior service credit | 1,028 | 1,071 | 1,035 |
Amortization of net actuarial loss | (1,895) | (919) | (894) |
Amortization of transition obligation | (1) | (7) | (49) |
Total before income tax | (868) | 145 | 92 |
Income tax (expense) or benefit | 225 | (43) | (23) |
Net Income | (643) | 102 | 69 |
Reclassification out of Accumulated Other Comprehensive Income | Foreign currency translation adjustments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Gains on sales of subsidiaries and affiliates and liquidation losses, net | (7,245) | (3) | (728) |
Total before income tax | (13,005) | (3) | (728) |
Income tax (expense) or benefit | 4,064 | 0 | 1,296 |
Net Income | (8,941) | (3) | 568 |
Reclassification out of Accumulated Other Comprehensive Income | Foreign currency translation adjustments | Foreign exchange contracts | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Gains on sales of subsidiaries and affiliates and liquidation losses, net/Interest expense/Other (income) and expense, net | (5,760) | ||
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized gains (losses) on derivative instruments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total before income tax | 2,823 | (638) | 4,022 |
Income tax (expense) or benefit | (652) | 135 | (981) |
Net Income | 2,171 | (503) | 3,041 |
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized gains (losses) on derivative instruments | Interest rate swap agreements | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Finance revenues/Interest expense | 157 | 132 | |
Interest expense | (775) | ||
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized gains (losses) on derivative instruments | Foreign exchange contracts | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest expense /Other (income) and expense | (338) | ||
Other (income) and expense | (156) | (20) | |
Reclassification out of Accumulated Other Comprehensive Income | Net unrealized gains (losses) on derivative instruments | Foreign currency swap agreements | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Interest expense /Other (income) and expense | 3,936 | ||
Finance revenues/Interest expense/Other (income) and expense, net | (639) | ¥ 3,910 | |
Reclassification out of Accumulated Other Comprehensive Income | Debt valuation adjustments | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Life insurance costs | 62 | 38 | |
Total before income tax | 62 | 38 | |
Income tax (expense) or benefit | (17) | (11) | |
Net Income | ¥ 45 | ¥ 27 |
ORIX Corporation Shareholders_3
ORIX Corporation Shareholders' Equity (Changes in Number of Shares Issued) (Detail) - shares | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | ||
Uncategorized [Abstract] | ||||
Beginning balance | 1,324,629,128 | 1,324,495,728 | 1,324,107,328 | |
Exercise of stock options | 0 | 133,400 | [1] | 388,400 |
Ending balance | 1,324,629,128 | 1,324,629,128 | 1,324,495,728 | |
[1] | The number of shares and exercise price of the granted options were adjusted for the 10-for-1 stock split implemented on April 1, 2013. |
ORIX Corporation Shareholders_4
ORIX Corporation Shareholders' Equity - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Class of Stock [Line Items] | |||
Dividends to be distributed to shareholders | ¥ 51,493 | ||
Declared date of dividends to be distributed to shareholders | 2020-05 | ||
Record date of dividends to be distributed to shareholders | Mar. 31, 2020 | ||
Amount available for dividends under the Japanese Companies Act | ¥ 789,063 | ||
Equity in undistributed earnings of the companies accounted for by the equity method | 67,924 | ¥ 32,978 | ¥ 50,103 |
Restricted net assets of certain subsidiaries include regulatory capital requirements for banking and life insurance operations | 14,116 | ||
Retained Earnings | |||
Class of Stock [Line Items] | |||
Equity in undistributed earnings of the companies accounted for by the equity method | ¥ 114,496 |
Gains on Investment Securitie_3
Gains on Investment Securities and Dividends (Gains on Investment Securities and Dividends) (Detail) - Gains (losses) on investment securities and dividends - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Net Investment Income [Line Items] | |||
Net gains on investment securities | ¥ 20,204 | ¥ 14,273 | ¥ 39,139 |
Dividends income, other | 2,295 | 1,685 | 4,163 |
Total revenues | ¥ 22,499 | ¥ 15,958 | ¥ 43,302 |
Life Insurance Operations (Life
Life Insurance Operations (Life Insurance Premiums and Related Investment Income) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | ||
Life insurance premiums | ||||
Net Investment Income [Line Items] | ||||
Total revenue | ¥ 360,583 | ¥ 330,811 | ¥ 299,320 | |
Life insurance related investment income | ||||
Net Investment Income [Line Items] | ||||
Total revenue | [1] | ¥ 7,195 | ¥ 16,325 | ¥ 52,270 |
[1] | Life insurance related investment income in fiscal 2018 includes a net unrealized holding gain of ¥14,463 million on trading securities held as of March 31, 2018. Life insurance related investment income in fiscal 2019 and 2020 include net unrealized holding losses of ¥217 million and ¥13,122 million on equity securities held as of March 31, 2019 and 2020, respectively. |
Life Insurance Operations - Add
Life Insurance Operations - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Net Investment Income [Line Items] | |||
Amortization of policy acquisition costs charged to income | ¥ 20,611 | ¥ 19,592 | ¥ 16,465 |
Life insurance related investment income | |||
Net Investment Income [Line Items] | |||
Net unrealized holding losses on equity securities | ¥ 13,122 | ¥ 217 | |
Life insurance related investment income | ¥ 14,463 |
Life Insurance Operations (Rein
Life Insurance Operations (Reinsurance Benefits and Reinsurance Premiums Included in Life Insurance Premiums) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Policyholders Account In Life Insurance Business [Abstract] | |||
Reinsurance benefits | ¥ 3,268 | ¥ 2,849 | ¥ 3,617 |
Reinsurance premiums | ¥ (5,395) | ¥ (5,546) | ¥ (6,993) |
Life Insurance Operations (Gain
Life Insurance Operations (Gains or Losses Relating to Variable Annuity and Variable Life Insurance Contracts) (Detail) - Variable Annuity and Variable Life Insurance Contracts - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Life insurance premiums and related investment income | |||
Net realized and unrealized gains or losses from investment assets | ¥ (10,798) | ¥ 879 | ¥ 46,890 |
Net gains or losses from derivative contracts | 1,667 | (1,348) | (7,332) |
Life insurance costs | |||
Changes in the fair value of the policy liabilities and policy account balances | (58,244) | (83,491) | (161,510) |
Insurance costs recognized for insurance and annuity payouts as a result of insured events | 53,442 | 75,617 | 180,775 |
Changes in the fair value of the reinsurance contracts | (5,757) | 2,559 | 7,108 |
Foreign exchange contracts | |||
Life insurance premiums and related investment income | |||
Net gains or losses from derivative contracts | 8 | (350) | (270) |
Futures | |||
Life insurance premiums and related investment income | |||
Net gains or losses from derivative contracts | 1,257 | (374) | (6,238) |
Options held | |||
Life insurance premiums and related investment income | |||
Net gains or losses from derivative contracts | ¥ 402 | ¥ (624) | ¥ (824) |
Write-Downs of Long-Lived Ass_3
Write-Downs of Long-Lived Assets (Long-Lived Assets Classified as Held for Sale) (Detail) - Discontinued Operations, Held-for-sale - Real estate properties and transportation equipment - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Long Lived Assets Held-for-sale [Line Items] | ||
Investment in operating leases | ¥ 5,208 | ¥ 24,956 |
Property under facility operations | 436 | 44,473 |
Other assets | ¥ 0 | ¥ 19 |
Write-Downs of Long-Lived Ass_4
Write-Downs of Long-Lived Assets - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |||
Write-downs of long-lived assets | ¥ 3,043 | ¥ 2,418 | ¥ 5,525 |
Write-Downs of Long-Lived Ass_5
Write-Downs of Long-Lived Assets (Breakdowns of Recognized Impairment Losses for Difference between Carrying Amounts and Fair Values Reflected as Write-Downs of Long-Lived Assets) (Detail) ¥ in Millions | 12 Months Ended | |||
Mar. 31, 2020JPY (¥)Property | Mar. 31, 2019JPY (¥)Property | Mar. 31, 2018JPY (¥)Property | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs of the assets held for sale, amount | ¥ 159 | ¥ 712 | ¥ 1,862 | |
Write-downs due to decline estimated future cash flows, amount | 2,884 | 1,706 | 3,663 | |
Office Buildings | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs of the assets held for sale, amount | ¥ 190 | |||
Write-downs of the assets held for sale, number of properties | Property | 2 | |||
Write-downs due to decline estimated future cash flows, amount | ¥ 0 | |||
Commercial Facilities Other Than Office Buildings | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs of the assets held for sale, amount | ¥ 0 | ¥ 712 | ¥ 1,134 | |
Write-downs of the assets held for sale, number of properties | Property | 0 | 1 | 2 | |
Write-downs due to decline estimated future cash flows, amount | ¥ 529 | ¥ 16 | ¥ 297 | |
Write-downs due to decline estimated future cash flows, number of properties | Property | 2 | 1 | 3 | |
Condominiums | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs of the assets held for sale, amount | ¥ 159 | |||
Write-downs of the assets held for sale, number of properties | Property | 1 | |||
Write-downs due to decline estimated future cash flows, amount | ¥ 77 | |||
Write-downs due to decline estimated future cash flows, number of properties | Property | 3 | |||
Land Undeveloped Or Under Construction Held for Sale | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs of the assets held for sale, amount | ¥ 0 | |||
Write-downs of the assets held for sale, number of properties | Property | 0 | |||
Write-downs due to decline estimated future cash flows, amount | ¥ 2,083 | |||
Write-downs due to decline estimated future cash flows, number of properties | Property | 2 | |||
Property, Plant and Equipment, Other Types | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs of the assets held for sale, amount | [1] | ¥ 0 | ¥ 0 | ¥ 538 |
Write-downs due to decline estimated future cash flows, amount | [1] | ¥ 195 | ¥ 1,690 | ¥ 3,366 |
[1] | For the “Others”, the number of properties are omitted. Write-downs of long-lived assets for fiscal 2018, 2019 and 2020 include write-downs of ¥2,138 million, ¥825 million and ¥109 million of hotels, respectively. |
Write-Downs of Long-Lived Ass_6
Write-Downs of Long-Lived Assets (Breakdowns of Recognized Impairment Losses for Difference between Carrying Amounts and Fair Values Reflected as Write-Downs of Long-Lived Assets) (Parenthetical) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | ||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs of the assets held for sale, amount | ¥ 159 | ¥ 712 | ¥ 1,862 | |
Property, Plant and Equipment, Other Types | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs of the assets held for sale, amount | [1] | 0 | 0 | 538 |
Property, Plant and Equipment, Other Types | Hotel | ||||
Impaired Long-Lived Assets Held and Used [Line Items] | ||||
Write-downs of the assets held for sale, amount | ¥ 109 | ¥ 825 | ¥ 2,138 | |
[1] | For the “Others”, the number of properties are omitted. Write-downs of long-lived assets for fiscal 2018, 2019 and 2020 include write-downs of ¥2,138 million, ¥825 million and ¥109 million of hotels, respectively. |
Per Share Data - Additional Inf
Per Share Data - Additional Information (Detail) - shares | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Officer's Compensation Board Incentive Plan | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of shares held for incentive plans, to be deducted in calculation of the weighted-average shares for EPS computation | 1,735,570 | 1,740,314 | 1,946,561 |
Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive shares excluded from calculation of diluted EPS | 0 | 0 | 192,000 |
Per Share Data (Reconciliation
Per Share Data (Reconciliation of Differences between Basic and Diluted Earnings Per Share) (Detail) - JPY (¥) ¥ / shares in Units, shares in Thousands, ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Net Income attributable to ORIX Corporation shareholders | ¥ 302,700 | ¥ 323,745 | ¥ 313,135 |
Weighted-average shares | 1,275,166 | 1,280,020 | 1,281,238 |
Effect of dilutive securities | |||
Stock compensation | 1,153 | 1,107 | 1,314 |
Weighted-average shares for diluted EPS computation | 1,276,319 | 1,281,127 | 1,282,552 |
Earnings per share for net income attributable to ORIX Corporation shareholders: | |||
Basic | ¥ 237.38 | ¥ 252.92 | ¥ 244.40 |
Diluted | ¥ 237.17 | ¥ 252.70 | ¥ 244.15 |
Derivative Financial Instrume_3
Derivative Financial Instruments and Hedging (Effect of Derivative Instruments on Consolidated Statements of Income, Pre-tax) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | ||
Derivatives designated as hedging instruments | Cash flow hedges | Interest rate swap agreements | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in other comprehensive income on derivative | ¥ (4,313) | |||
Gains (losses) recognized in other comprehensive income on derivative, (effective portion) | ¥ (11,506) | ¥ (114) | ||
Gains (losses) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 0 | 0 | ||
Derivatives designated as hedging instruments | Cash flow hedges | Interest rate swap agreements | Finance revenues/Interest expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income, (effective portion) | 775 | 132 | ||
Derivatives designated as hedging instruments | Cash flow hedges | Interest rate swap agreements | Other (income) and expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 0 | |||
Derivatives designated as hedging instruments | Cash flow hedges | Interest rate swap agreements | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 157 | |||
Derivatives designated as hedging instruments | Cash flow hedges | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in other comprehensive income on derivative | 115 | |||
Gains (losses) recognized in other comprehensive income on derivative, (effective portion) | (241) | (566) | ||
Gains (losses) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 457 | 0 | ||
Derivatives designated as hedging instruments | Cash flow hedges | Foreign exchange contracts | Other (income) and expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 0 | |||
Gains (losses) reclassified from other comprehensive income (loss) into income, (effective portion) | (119) | (20) | ||
Derivatives designated as hedging instruments | Cash flow hedges | Foreign exchange contracts | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | (156) | |||
Derivatives designated as hedging instruments | Cash flow hedges | Foreign currency swap agreements | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in other comprehensive income on derivative | (1,816) | |||
Gains (losses) recognized in other comprehensive income on derivative, (effective portion) | 3,851 | 5,620 | ||
Gains (losses) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | (4,349) | |||
Derivatives designated as hedging instruments | Cash flow hedges | Foreign currency swap agreements | Other (income) and expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 0 | |||
Gains (losses) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | (1,124) | |||
Derivatives designated as hedging instruments | Cash flow hedges | Foreign currency swap agreements | Finance revenues/Interest expense/Other (income) and expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income, (effective portion) | 413 | 3,910 | ||
Derivatives designated as hedging instruments | Cash flow hedges | Foreign currency swap agreements | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | (639) | |||
Derivatives designated as hedging instruments | Fair value hedges | Interest rate swap agreements | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in income on derivative | (393) | |||
Gains (losses) recognized in income on hedged item | 393 | |||
Derivatives designated as hedging instruments | Fair value hedges | Interest rate swap agreements | Other (income) and expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in income on derivative | 0 | 8,448 | ||
Gains (losses) recognized in income on hedged item | 0 | |||
Derivatives designated as hedging instruments | Fair value hedges | Interest rate swap agreements | Other Income (Expense), Net and Life Insurance Premiums and Related Investment Income (Loss) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in income on derivative | (19,805) | (8,448) | ||
Gains (losses) recognized in income on hedged item | 18,955 | |||
Derivatives designated as hedging instruments | Fair value hedges | Foreign exchange contracts | Other (income) and expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in income on derivative | (187) | 5,403 | 956 | |
Gains (losses) recognized in income on hedged item | 244 | (956) | ||
Derivatives designated as hedging instruments | Fair value hedges | Foreign exchange contracts | Other Income (Expense), Net and Life Insurance Premiums and Related Investment Income (Loss) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in income on derivative | 3,656 | (5,538) | ||
Gains (losses) recognized in income on hedged item | (3,294) | |||
Derivatives designated as hedging instruments | Fair value hedges | Foreign currency swap agreements | Other (income) and expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in income on derivative | 1,147 | |||
Gains (losses) recognized in income on hedged item | (1,147) | |||
Derivatives designated as hedging instruments | Hedges of net investment in foreign operations | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in other comprehensive income on derivative | 15,273 | |||
Gains (losses) recognized in other comprehensive income on derivative, (effective portion) | 4,850 | (14,300) | ||
Gains (losses) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 0 | 0 | ||
Derivatives designated as hedging instruments | Hedges of net investment in foreign operations | Foreign exchange contracts | Other (income) and expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 4,595 | |||
Derivatives designated as hedging instruments | Hedges of net investment in foreign operations | Foreign exchange contracts | Gains on sales of subsidiaries and affiliates and liquidation losses, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 1,594 | |||
Gains (losses) reclassified from other comprehensive income (loss) into income, (effective portion) | (2,540) | (3,559) | ||
Derivatives designated as hedging instruments | Hedges of net investment in foreign operations | Foreign exchange contracts | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 2,759 | |||
Derivatives designated as hedging instruments | Hedges of net investment in foreign operations | Debt Loans and Bonds in Foreign Currencies [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in other comprehensive income on derivative | 13,489 | |||
Gains (losses) recognized in other comprehensive income on derivative, (effective portion) | (5,963) | 8,746 | ||
Gains (losses) reclassified from other comprehensive income (loss) into income, (effective portion) | 0 | 0 | ||
Gains (losses) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | 0 | 0 | ||
Derivatives designated as hedging instruments | Hedges of net investment in foreign operations | Debt Loans and Bonds in Foreign Currencies [Member] | Other (income) and expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 0 | |||
Derivatives designated as hedging instruments | Hedges of net investment in foreign operations | Debt Loans and Bonds in Foreign Currencies [Member] | Gains on sales of subsidiaries and affiliates and liquidation losses, net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 0 | |||
Derivatives designated as hedging instruments | Hedges of net investment in foreign operations | Debt Loans and Bonds in Foreign Currencies [Member] | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 0 | |||
Nondesignated | Other (income) and expense | Futures | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in other comprehensive income on derivative | (1,843) | |||
Nondesignated | Gains on Investment Securities and Dividends and Life Insurance Premiums and Related Investment Income (Loss) | Futures | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in income on derivative | (912) | (5,819) | [1] | |
Nondesignated | Other Income (Expense), Net and Life Insurance Premiums and Related Investment Income (Loss) | Futures | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in other comprehensive income on derivative | 1,257 | |||
Nondesignated | Interest Expense [Member] | Futures | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in other comprehensive income on derivative | 0 | |||
Nondesignated | Interest rate swap agreements | Other (income) and expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in other comprehensive income on derivative | 159 | |||
Gains (losses) recognized in income on derivative | 832 | 1,420 | ||
Nondesignated | Interest rate swap agreements | Other Income (Expense), Net and Life Insurance Premiums and Related Investment Income (Loss) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in other comprehensive income on derivative | 0 | |||
Nondesignated | Interest rate swap agreements | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in other comprehensive income on derivative | 7 | |||
Nondesignated | Foreign exchange contracts | Other (income) and expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in other comprehensive income on derivative | (1,840) | |||
Nondesignated | Foreign exchange contracts | Gains on Investment Securities and Dividends and Life Insurance Premiums and Related Investment Income (Loss) and Other Income (Expense), Net | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in income on derivative | (6,589) | (6,626) | [1] | |
Nondesignated | Foreign exchange contracts | Other Income (Expense), Net and Life Insurance Premiums and Related Investment Income (Loss) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in other comprehensive income on derivative | 204 | |||
Nondesignated | Foreign exchange contracts | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in other comprehensive income on derivative | 4,803 | |||
Nondesignated | Credit derivatives held/written | Other (income) and expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in other comprehensive income on derivative | (6) | |||
Gains (losses) recognized in income on derivative | 105 | (4) | ||
Nondesignated | Credit derivatives held/written | Other Income (Expense), Net and Life Insurance Premiums and Related Investment Income (Loss) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in other comprehensive income on derivative | 0 | |||
Nondesignated | Credit derivatives held/written | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in other comprehensive income on derivative | 0 | |||
Nondesignated | Options held/written and other | Other (income) and expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in other comprehensive income on derivative | 4,481 | |||
Nondesignated | Options held/written and other | Other Income (Expense), Net and Life Insurance Premiums and Related Investment Income (Loss) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in other comprehensive income on derivative | 402 | |||
Gains (losses) recognized in income on derivative | ¥ 710 | ¥ (291) | [1] | |
Nondesignated | Options held/written and other | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in other comprehensive income on derivative | 0 | |||
Nondesignated | Fair value hedges | Foreign exchange contracts | Other (income) and expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 0 | |||
Nondesignated | Fair value hedges | Foreign exchange contracts | Other Income (Expense), Net and Life Insurance Premiums and Related Investment Income (Loss) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | (3,020) | |||
Nondesignated | Fair value hedges | Foreign exchange contracts | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 3 | |||
Nondesignated | Fair value hedges | Options held/written and other | Other (income) and expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 29 | |||
Nondesignated | Fair value hedges | Options held/written and other | Other Income (Expense), Net and Life Insurance Premiums and Related Investment Income (Loss) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | 0 | |||
Nondesignated | Fair value hedges | Options held/written and other | Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) reclassified from other comprehensive income (loss) into income | ¥ 0 | |||
[1] | Futures, foreign exchange contracts and options held/written and other in the above table include losses arising from futures, foreign exchange contracts and options held to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts for fiscal 2018 (see Note 26 “Life Insurance Operations”). |
Derivative Financial Instrume_4
Derivative Financial Instruments and Hedging (Notional Amounts of Derivative Instruments and Other, Fair Values of Derivative Instruments and Other before Offsetting) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 | ||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | ¥ 39,690 | ¥ 15,495 | ||
Derivative liabilities, Fair value | 73,649 | 25,958 | ||
Interest rate swap agreements | Derivatives designated as hedging instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 494,893 | 498,874 | ||
Interest rate swap agreements | Derivatives designated as hedging instruments | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 0 | 11 | ||
Interest rate swap agreements | Derivatives designated as hedging instruments | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | 43,889 | 17,320 | ||
Interest rate swap agreements | Nondesignated | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 7,644 | 60,657 | ||
Interest rate swap agreements | Nondesignated | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 0 | 127 | ||
Interest rate swap agreements | Nondesignated | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | 113 | 119 | ||
Futures, foreign exchange contracts | Derivatives designated as hedging instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 623,172 | 505,909 | ||
Futures, foreign exchange contracts | Derivatives designated as hedging instruments | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 7,555 | 1,888 | ||
Futures, foreign exchange contracts | Derivatives designated as hedging instruments | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | 4,365 | 3,177 | ||
Futures, foreign exchange contracts | Nondesignated | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 372,948 | [1] | 320,710 | [2] |
Futures, foreign exchange contracts | Nondesignated | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 5,710 | [1] | 1,119 | [2] |
Futures, foreign exchange contracts | Nondesignated | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | 5,141 | [1] | 2,159 | [2] |
Foreign currency swap agreements | Derivatives designated as hedging instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 68,840 | 65,575 | ||
Foreign currency swap agreements | Derivatives designated as hedging instruments | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 5,079 | 1,203 | ||
Foreign currency swap agreements | Derivatives designated as hedging instruments | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | 137 | 364 | ||
Foreign currency long- term-debt | Derivatives designated as hedging instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 612,536 | 641,127 | ||
Foreign currency long- term-debt | Derivatives designated as hedging instruments | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 0 | 0 | ||
Foreign currency long- term-debt | Derivatives designated as hedging instruments | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | 0 | 0 | ||
Options held/written and other | Derivatives designated as hedging instruments | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 742 | |||
Options held/written and other | Derivatives designated as hedging instruments | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 28 | |||
Options held/written and other | Derivatives designated as hedging instruments | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | 0 | |||
Options held/written and other | Nondesignated | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 670,044 | [1] | 556,668 | [2] |
Options held/written and other | Nondesignated | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 21,318 | [1] | 11,140 | [2] |
Options held/written and other | Nondesignated | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | ¥ 20,004 | [1] | 2,809 | [2] |
Credit derivatives held/written | Nondesignated | ||||
Derivatives, Fair Value [Line Items] | ||||
Notional amount | 262 | |||
Credit derivatives held/written | Nondesignated | Other assets | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative assets, Fair value | 7 | |||
Credit derivatives held/written | Nondesignated | Other liabilities | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative liabilities, Fair value | ¥ 10 | |||
[1] | The notional amounts of options held/written and other and futures, foreign exchange contracts in the above table include options held of ¥16,754 million, futures contracts of ¥35,875 million and foreign exchange contracts of ¥16,656 million to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at March 31, 2020, respectively. Derivative assets in the above table include fair value of the options held, futures contracts and foreign exchange contracts before offsetting of ¥598 million, ¥165 million and ¥111 million and derivative liabilities include fair value of the futures and foreign exchange contracts before offsetting of ¥1,564 million and ¥178 million at March 31, 2020, respectively. | |||
[2] | The notional amounts of options held/written and other and futures, foreign exchange contracts in the above table include options held of ¥34,701 million, futures contracts of ¥37,359 million and foreign exchange contracts of ¥13,171 million to economically hedge the minimum guarantee risk of variable annuity and variable life insurance contracts at March 31, 2019, respectively. Derivative assets in the above table include fair value of the options held, futures contracts and foreign exchange contracts before offsetting of ¥206 million, ¥248 million and ¥30 million and derivative liabilities include fair value of the futures and foreign exchange contracts before offsetting of ¥258 million and ¥173 million at March 31, 2019, respectively. |
Derivative Financial Instrume_5
Derivative Financial Instruments and Hedging (Notional Amounts of Derivative Instruments and Other, Fair Values of Derivative Instruments and Other before Offsetting) (Parenthetical) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets Fair value | ¥ 39,690 | ¥ 15,495 |
Derivative liabilities Fair value | 73,649 | 25,958 |
Options held | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets Fair value | 598 | 206 |
Options held | Variable Annuity and Variable Life Insurance Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 16,754 | 34,701 |
Futures | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets Fair value | 165 | 248 |
Derivative liabilities Fair value | 1,564 | 258 |
Futures | Variable Annuity and Variable Life Insurance Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 35,875 | 37,359 |
Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets Fair value | 111 | 30 |
Derivative liabilities Fair value | 178 | 173 |
Foreign exchange contracts | Variable Annuity and Variable Life Insurance Contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | ¥ 16,656 | ¥ 13,171 |
Derivative Financial Instrume_6
Derivative Financial Instruments and Hedging (Derivative instruments fair value hedge assets and liabilities) (Detail) ¥ in Millions | Mar. 31, 2020JPY (¥) | [1] |
Carrying amount | ¥ 320,344 | |
The cumulative amount of fair value hedging adjustments included in the carrying amount | 24,397 | |
Carrying amount | 0 | |
The cumulative amount of fair value hedging adjustments included in the carrying amount | ¥ 0 | |
[1] | Accumulated fair value hedge adjustments of ¥(1,599) million are included for hedged items for which hedge accounting has been discontinued. |
Offsetting Assets and Liabili_3
Offsetting Assets and Liabilities (Gross Amounts Recognized, Gross Amounts Offset, and Net Amounts Presented in Consolidated Balance Sheets Regarding to Derivative Assets and Liabilities and Other Assets and Liabilities) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 | |
Offsetting Asset and Liabilities [Line Items] | |||
Gross amounts recognized, assets | ¥ 39,690 | ¥ 15,495 | |
Gross amounts offset in the consolidated balance sheets, assets | (9,152) | (1,497) | |
Net amounts presented in the consolidated balance sheets, assets | 30,538 | 13,998 | |
Gross amounts not offset in the consolidated balance sheets, financial instruments, assets | [1] | (598) | (196) |
Gross amounts not offset in the consolidated balance sheets, collateral, assets | [1] | (843) | 0 |
Net amount, assets | 29,097 | 13,802 | |
Gross amounts recognized, liabilities | 73,649 | 25,958 | |
Gross amounts offset in the consolidated balance sheets, liabilities | (9,152) | (1,497) | |
Net amounts presented in the consolidated balance sheets, liabilities | 64,497 | 24,461 | |
Gross amounts not offset in the consolidated balance sheets, financial instruments, liabilities | [1] | (25,997) | (8,353) |
Gross amounts not offset in the consolidated balance sheets, collateral, liabilities | [1] | 0 | (79) |
Net amount, liabilities | 38,500 | 16,029 | |
Derivative liabilities | |||
Offsetting Asset and Liabilities [Line Items] | |||
Gross amounts recognized, liabilities | 73,649 | 25,958 | |
Gross amounts offset in the consolidated balance sheets, liabilities | (9,152) | (1,497) | |
Net amounts presented in the consolidated balance sheets, liabilities | 64,497 | 24,461 | |
Gross amounts not offset in the consolidated balance sheets, financial instruments, liabilities | [1] | (8,353) | |
Gross amounts not offset in the consolidated balance sheets, collateral, liabilities | [1] | (79) | |
Net amount, liabilities | 38,500 | 16,029 | |
Derivative assets | |||
Offsetting Asset and Liabilities [Line Items] | |||
Gross amounts recognized, assets | 39,690 | 15,495 | |
Gross amounts offset in the consolidated balance sheets, assets | (9,152) | (1,497) | |
Net amounts presented in the consolidated balance sheets, assets | 30,538 | 13,998 | |
Gross amounts not offset in the consolidated balance sheets, financial instruments, assets | [1] | (196) | |
Gross amounts not offset in the consolidated balance sheets, collateral, assets | [1] | 0 | |
Net amount, assets | ¥ 29,097 | ¥ 13,802 | |
[1] | The balances related to enforceable master netting agreements or similar agreements which were not offset in the consolidated balance sheets. |
Significant Concentrations of_2
Significant Concentrations of Credit Risk - Additional Information (Detail) - JPY (¥) ¥ in Billions | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Concentration Risk [Line Items] | ||
Concentration of risk description | no concentration with a single obligor exceeded 1% of the Company’s consolidated total assets. | no concentration with a single obligor exceeded 1% of the Company’s consolidated total assets. |
Transportation equipment | Assets | ||
Concentration Risk [Line Items] | ||
Concentration risk , percentage | 10.00% | 11.40% |
Consumer - Real Estate Loans | Assets | ||
Concentration Risk [Line Items] | ||
Concentration risk , percentage | 14.40% | 13.10% |
Japan | Geographic Concentration Risk | Assets | ||
Concentration Risk [Line Items] | ||
Credit exposures on a geographic basis | ¥ 6,995 | ¥ 6,363 |
Concentration risk , percentage | 73.00% | 72.00% |
United States | Geographic Concentration Risk | Assets | ||
Concentration Risk [Line Items] | ||
Credit exposures on a geographic basis | ¥ 1,374 | ¥ 1,075 |
Estimated Fair Value of Finan_3
Estimated Fair Value of Financial Instruments (Information about Carrying Amount of Financial Instruments Reported in Consolidated Balance Sheets and Related Market or Fair Value) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 | |||
Assets: | |||||
Cash and cash equivalents | ¥ 982,666 | ¥ 1,161,032 | |||
Restricted Cash | 152,618 | 122,548 | |||
Equity securities | [1] | 492,902 | 549,047 | ||
Trading debt securities | 7,431 | 1,564 | |||
Available-for-sale debt securities | 1,631,185 | 1,264,244 | |||
Held-to-maturity debt securities | 113,805 | 114,061 | |||
Other Assets: | |||||
Derivative assets | 30,538 | 13,998 | |||
Liabilities: | |||||
Short-term debt | 336,832 | 309,549 | |||
Deposits | 2,231,703 | 1,927,741 | |||
Long-term debt | 4,279,354 | 4,186,222 | |||
Other Liabilities: | |||||
Derivative liabilities | 64,497 | 24,461 | |||
Level 1 | |||||
Assets: | |||||
Cash and cash equivalents | 982,666 | 1,161,032 | |||
Restricted Cash | 152,618 | 122,548 | |||
Installment loans (net of allowance for probable loan losses) | 0 | 0 | |||
Equity securities | 58,400 | [2] | 68,631 | [3] | |
Trading debt securities | 0 | 0 | |||
Available-for-sale debt securities | 21,490 | 24,831 | |||
Held-to-maturity debt securities | 0 | 0 | |||
Other Assets: | |||||
Time deposits | 0 | 0 | |||
Derivative assets | [4] | 0 | 0 | ||
Reinsurance recoverables (Investment contracts) | 0 | 0 | |||
Liabilities: | |||||
Short-term debt | 0 | 0 | |||
Deposits | 0 | 0 | |||
Policy liabilities and Policy account balances (Investment contracts) | 0 | 0 | |||
Long-term debt | 0 | 0 | |||
Other Liabilities: | |||||
Derivative liabilities | [4] | 0 | 0 | ||
Level 2 | |||||
Assets: | |||||
Cash and cash equivalents | 0 | 0 | |||
Restricted Cash | 0 | 0 | |||
Installment loans (net of allowance for probable loan losses) | 207,950 | 199,590 | |||
Equity securities | 232,873 | [2] | 295,769 | [3] | |
Trading debt securities | 7,431 | 1,564 | |||
Available-for-sale debt securities | 1,521,342 | 1,138,966 | |||
Held-to-maturity debt securities | 118,472 | 120,714 | |||
Other Assets: | |||||
Time deposits | 5,918 | 4,754 | |||
Derivative assets | [4] | 0 | 0 | ||
Reinsurance recoverables (Investment contracts) | 0 | 0 | |||
Liabilities: | |||||
Short-term debt | 336,832 | 309,549 | |||
Deposits | 2,088,513 | 1,782,753 | |||
Policy liabilities and Policy account balances (Investment contracts) | 0 | 0 | |||
Long-term debt | 1,247,587 | 1,158,287 | |||
Other Liabilities: | |||||
Derivative liabilities | [4] | 0 | 0 | ||
Level 3 | |||||
Assets: | |||||
Cash and cash equivalents | 0 | 0 | |||
Restricted Cash | 0 | 0 | |||
Installment loans (net of allowance for probable loan losses) | 3,445,092 | 3,029,160 | |||
Equity securities | 83,901 | [2] | 61,193 | [3] | |
Trading debt securities | 0 | 0 | |||
Available-for-sale debt securities | 88,353 | 100,447 | |||
Held-to-maturity debt securities | 24,717 | 23,612 | |||
Other Assets: | |||||
Time deposits | 0 | 0 | |||
Derivative assets | [4] | 0 | 0 | ||
Reinsurance recoverables (Investment contracts) | 8,298 | 30,400 | |||
Liabilities: | |||||
Short-term debt | 0 | 0 | |||
Deposits | 0 | 0 | |||
Policy liabilities and Policy account balances (Investment contracts) | 214,048 | 244,653 | |||
Long-term debt | 3,044,110 | 3,041,054 | |||
Other Liabilities: | |||||
Derivative liabilities | [4] | 0 | 0 | ||
Carrying amount | |||||
Assets: | |||||
Cash and cash equivalents | 982,666 | 1,161,032 | |||
Restricted Cash | 152,618 | 122,548 | |||
Installment loans (net of allowance for probable loan losses) | 3,695,342 | 3,231,708 | |||
Equity securities | 375,174 | [2] | 425,593 | [3] | |
Trading debt securities | 7,431 | 1,564 | |||
Available-for-sale debt securities | 1,631,185 | 1,264,244 | |||
Held-to-maturity debt securities | 113,805 | 114,061 | |||
Other Assets: | |||||
Time deposits | 5,918 | 4,754 | |||
Derivative assets | [4] | 30,538 | 13,998 | ||
Reinsurance recoverables (Investment contracts) | 8,625 | 29,989 | |||
Liabilities: | |||||
Short-term debt | 336,832 | 309,549 | |||
Deposits | 2,086,765 | 1,782,198 | |||
Policy liabilities and Policy account balances (Investment contracts) | 213,885 | 244,497 | |||
Long-term debt | 4,279,354 | 4,186,222 | |||
Other Liabilities: | |||||
Derivative liabilities | [4] | 64,497 | 24,461 | ||
Estimated fair value | |||||
Assets: | |||||
Cash and cash equivalents | 982,666 | 1,161,032 | |||
Restricted Cash | 152,618 | 122,548 | |||
Installment loans (net of allowance for probable loan losses) | 3,653,042 | 3,228,750 | |||
Equity securities | 375,174 | [2] | 425,593 | [3] | |
Trading debt securities | 7,431 | 1,564 | |||
Available-for-sale debt securities | 1,631,185 | 1,264,244 | |||
Held-to-maturity debt securities | 143,189 | 144,326 | |||
Other Assets: | |||||
Time deposits | 5,918 | 4,754 | |||
Derivative assets | [4] | 30,538 | 13,998 | ||
Reinsurance recoverables (Investment contracts) | 8,298 | 30,400 | |||
Liabilities: | |||||
Short-term debt | 336,832 | 309,549 | |||
Deposits | 2,088,513 | 1,782,753 | |||
Policy liabilities and Policy account balances (Investment contracts) | 214,048 | 244,653 | |||
Long-term debt | 4,291,697 | 4,199,341 | |||
Other Liabilities: | |||||
Derivative liabilities | [4] | ¥ 64,497 | ¥ 24,461 | ||
[1] | The amount of assets under management of variable annuity and variable life insurance contracts included in equity securities were ¥324,220 million and ¥254,853 million as of March 31, 2019 and 2020, respectively. The amount of investment funds that are accounted for under the equity method included in equity securities were ¥75,923 million and ¥70,129 million as of March 31, 2019 and 2020, respectively. The amount of investment funds elected for the fair value option included in equity securities were ¥5,811 million and ¥6,326 million as of March 31, 2019 and 2020, respectively. | ||||
[2] | The amount of ¥11,631 million of investment funds measured at net asset value per share is not included. | ||||
[3] | The amount of ¥12,100 million of investment funds measured at net asset value per share is not included. | ||||
[4] | It represents the amount after offset under counterparty netting of derivative assets and liabilities. For the information of input level before netting, see Note 2 “Fair Value Measurements.” |
Estimated Fair Value of Finan_4
Estimated Fair Value of Financial Instruments (Information about Carrying Amount of Financial Instruments Reported in Consolidated Balance Sheets and Related Market or Fair Value) (Parenthetical) (Detail) - JPY (¥) ¥ in Millions | Mar. 31, 2020 | Mar. 31, 2019 |
Estimated fair value | Investment in securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investment funds | ¥ 11,631 | ¥ 12,100 |
Commitments, Guarantees, and Co
Commitments, Guarantees, and Contingent Liabilities - Additional Information (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Line Items] | |||
Commitments for purchase of equipment to be leased at cost | ¥ 3,027 | ||
Cancelable fixed term maximum lease commitment due, through 2024 | ¥ 57,388 | ||
Cancelable fixed term maximum lease commitment due, thereafter | 64,222 | ||
Rental payments made under cancelable operating lease agreements | 17,564 | ||
Payments for computer systems under non-cancelable contracts | 7,139 | 7,355 | ¥ 5,922 |
Estimated construction costs | 78,509 | ||
Total unused credit and capital amount available | 377,870 | ||
Guarantee Obligations Maximum Exposure | 1,217,122 | 1,059,899 | |
Guarantee Obligations Current Carrying Value | 53,877 | 55,245 | |
Outstanding principal amount of loans transferred under Delegated Underwriting and Servicing program | 1,643,060 | 593,062 | |
Corporate Loans | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Guarantee Obligations Maximum Exposure | 490,839 | 500,499 | |
Guarantee Obligations Current Carrying Value | 6,065 | 6,707 | |
Performance Guarantee | Corporate Loans | |||
Commitments and Contingencies Disclosure [Line Items] | |||
Guarantee Obligations Maximum Exposure | 715,000 | 1,089,000 | |
Guarantee Obligations Current Carrying Value | ¥ 2,498 | ¥ 2,559 |
Commitments, Guarantees and C_3
Commitments, Guarantees and Contingent Liabilities - Minimum Future Rentals on Non-Cancelable Operating Leases (Detail) ¥ in Millions | Mar. 31, 2019JPY (¥) |
Commitments and Contingencies Disclosure [Abstract] | |
2020 | ¥ 7,694 |
2021 | 6,647 |
2022 | 5,923 |
2023 | 5,434 |
2024 | 4,802 |
Thereafter | 34,485 |
Total | ¥ 64,985 |
Commitments, Guarantees and C_4
Commitments, Guarantees and Contingent Liabilities - Amounts Due of Certain Computer Systems Operated and Maintained under Non-cancelable Contracts with Third-party Service Providers (Detail) ¥ in Millions | Mar. 31, 2020JPY (¥) |
Commitments and Contingencies Disclosure [Abstract] | |
2021 | ¥ 3,183 |
2022 | 901 |
2023 | 1,443 |
2024 | 374 |
2025 | 9 |
Thereafter | 1 |
Total | ¥ 5,911 |
Commitments, Guarantees, and _2
Commitments, Guarantees, and Contingent Liabilities (Summary of Potential Future Payments, Book Value Recorded as Guarantee Liabilities of Guarantee Contracts Outstanding and Maturity of Longest Guarantee Contracts) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Guarantor Obligations [Line Items] | ||
Potential future payment | ¥ 1,217,122 | ¥ 1,059,899 |
Book value of guarantee liabilities | 53,877 | 55,245 |
Transferred Loans | ||
Guarantor Obligations [Line Items] | ||
Potential future payment | 355,452 | 175,623 |
Book value of guarantee liabilities | ¥ 2,371 | ¥ 1,436 |
Maturity of the longest contract (Years) | 2060 | 2059 |
Consumer Loans | ||
Guarantor Obligations [Line Items] | ||
Potential future payment | ¥ 341,466 | ¥ 343,119 |
Book value of guarantee liabilities | ¥ 41,019 | ¥ 42,400 |
Maturity of the longest contract (Years) | 2031 | 2030 |
Real Estate Loans | ||
Guarantor Obligations [Line Items] | ||
Potential future payment | ¥ 29,235 | ¥ 40,395 |
Book value of guarantee liabilities | ¥ 4,422 | ¥ 4,701 |
Maturity of the longest contract (Years) | 2048 | 2048 |
Other Guarantees | ||
Guarantor Obligations [Line Items] | ||
Potential future payment | ¥ 130 | ¥ 263 |
Book value of guarantee liabilities | ¥ 0 | ¥ 1 |
Maturity of the longest contract (Years) | 2024 | 2024 |
Corporate Loans | ||
Guarantor Obligations [Line Items] | ||
Potential future payment | ¥ 490,839 | ¥ 500,499 |
Book value of guarantee liabilities | ¥ 6,065 | ¥ 6,707 |
Maturity of the longest contract (Years) | 2026 | 2026 |
Segment Information (Financial
Segment Information (Financial Information of Segments) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Revenues | ¥ 2,280,329 | ¥ 2,434,864 | ¥ 2,862,771 |
Interest expense | 99,138 | 93,337 | 76,815 |
Depreciation and amortization | 304,204 | 295,589 | 279,923 |
Other significant non-cash items: | |||
Provision for doubtful receivables and probable loan losses | 24,425 | 22,525 | 17,265 |
Write-downs of long-lived assets | 3,043 | 2,418 | 5,525 |
Increase (Decrease) in policy liabilities and policy account balances | 70,120 | 10,109 | (53,512) |
Segment profits | 306,724 | 327,039 | 321,589 |
Segment assets | 13,067,528 | 12,174,917 | 11,425,982 |
Investment in affiliates | 821,662 | 842,760 | |
Operating Segment | |||
Segment Reporting Information [Line Items] | |||
Revenues | 2,292,360 | 2,447,272 | 2,873,343 |
Finance revenues | 277,650 | 242,636 | 227,685 |
Interest expense | 89,517 | 83,297 | 71,778 |
Depreciation and amortization | 295,818 | 288,412 | 270,662 |
Other significant non-cash items: | |||
Provision for doubtful receivables and probable loan losses | 24,425 | 22,383 | 17,356 |
Write-downs of long-lived assets | 3,043 | 2,418 | 5,525 |
Increase (Decrease) in policy liabilities and policy account balances | 70,120 | 10,109 | (53,512) |
Equity in net income (loss) of affiliates and gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net | 141,883 | 66,288 | 99,314 |
Segment profits | 417,727 | 401,395 | 429,078 |
Segment assets | 10,905,998 | 9,997,698 | 9,098,918 |
Long-lived assets | 2,004,346 | 1,802,087 | 1,842,124 |
Expenditures for long-lived assets | 547,823 | 621,173 | 578,929 |
Investment in affiliates | 821,600 | 842,660 | 591,227 |
Operating Segment | Corporate Financial Services | |||
Segment Reporting Information [Line Items] | |||
Revenues | 97,007 | 95,212 | 115,837 |
Finance revenues | 28,522 | 28,829 | 30,737 |
Interest expense | 3,563 | 4,067 | 5,019 |
Depreciation and amortization | 10,938 | 11,096 | 10,404 |
Other significant non-cash items: | |||
Provision for doubtful receivables and probable loan losses | 1,119 | 1,106 | 1,072 |
Write-downs of long-lived assets | 0 | 0 | 32 |
Increase (Decrease) in policy liabilities and policy account balances | 0 | 0 | 0 |
Equity in net income (loss) of affiliates and gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net | 659 | (416) | 2,681 |
Segment profits | 14,611 | 25,482 | 49,275 |
Segment assets | 948,268 | 959,725 | 991,818 |
Long-lived assets | 92,434 | 39,856 | 41,252 |
Expenditures for long-lived assets | 2,109 | 2,781 | 3,764 |
Investment in affiliates | 18,328 | 16,276 | 16,845 |
Operating Segment | Maintenance Leasing | |||
Segment Reporting Information [Line Items] | |||
Revenues | 336,438 | 288,211 | 275,933 |
Finance revenues | 30,820 | 14,352 | 14,247 |
Interest expense | 2,837 | 3,026 | 3,242 |
Depreciation and amortization | 144,836 | 139,897 | 131,829 |
Other significant non-cash items: | |||
Provision for doubtful receivables and probable loan losses | 349 | 336 | 192 |
Write-downs of long-lived assets | 11 | 712 | 29 |
Increase (Decrease) in policy liabilities and policy account balances | 0 | 0 | 0 |
Equity in net income (loss) of affiliates and gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net | (14) | 1,329 | 102 |
Segment profits | 33,724 | 38,841 | 40,162 |
Segment assets | 889,615 | 873,775 | 847,190 |
Long-lived assets | 529,757 | 500,435 | 482,563 |
Expenditures for long-lived assets | 190,093 | 195,443 | 170,727 |
Investment in affiliates | 19 | 33 | 1,996 |
Operating Segment | Real Estate | |||
Segment Reporting Information [Line Items] | |||
Revenues | 466,639 | 529,064 | 489,752 |
Finance revenues | 3,249 | 2,065 | 2,072 |
Interest expense | 1,557 | 2,249 | 2,285 |
Depreciation and amortization | 15,487 | 17,299 | 18,218 |
Other significant non-cash items: | |||
Provision for doubtful receivables and probable loan losses | 14 | 23 | (8) |
Write-downs of long-lived assets | 303 | 1,553 | 4,187 |
Increase (Decrease) in policy liabilities and policy account balances | 0 | 0 | 0 |
Equity in net income (loss) of affiliates and gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net | 28,743 | 16,845 | 35,461 |
Segment profits | 76,857 | 89,247 | 74,395 |
Segment assets | 749,694 | 720,221 | 801,969 |
Long-lived assets | 470,888 | 424,833 | 509,450 |
Expenditures for long-lived assets | 68,608 | 73,321 | 69,693 |
Investment in affiliates | 91,835 | 107,072 | 100,219 |
Operating Segment | Investment and Operation | |||
Segment Reporting Information [Line Items] | |||
Revenues | 451,197 | 615,151 | 1,083,505 |
Finance revenues | 7,618 | 9,063 | 9,274 |
Interest expense | 9,061 | 7,054 | 5,670 |
Depreciation and amortization | 25,301 | 21,223 | 18,460 |
Other significant non-cash items: | |||
Provision for doubtful receivables and probable loan losses | (30) | (187) | (927) |
Write-downs of long-lived assets | 2,106 | 43 | 27 |
Increase (Decrease) in policy liabilities and policy account balances | 0 | 0 | 0 |
Equity in net income (loss) of affiliates and gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net | 35,463 | 15,707 | 49,315 |
Segment profits | 55,715 | 38,170 | 84,097 |
Segment assets | 847,082 | 733,612 | 674,617 |
Long-lived assets | 411,636 | 282,895 | 257,266 |
Expenditures for long-lived assets | 33,787 | 40,818 | 47,841 |
Investment in affiliates | 150,856 | 161,966 | 156,896 |
Operating Segment | Retail | |||
Segment Reporting Information [Line Items] | |||
Revenues | 454,751 | 428,904 | 428,697 |
Finance revenues | 81,089 | 76,693 | 72,929 |
Interest expense | 4,489 | 4,080 | 4,026 |
Depreciation and amortization | 27,848 | 25,774 | 21,642 |
Other significant non-cash items: | |||
Provision for doubtful receivables and probable loan losses | 11,971 | 11,541 | 11,244 |
Write-downs of long-lived assets | 0 | 0 | 0 |
Increase (Decrease) in policy liabilities and policy account balances | 70,120 | 10,109 | (53,512) |
Equity in net income (loss) of affiliates and gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net | 3 | (17) | 6 |
Segment profits | 80,387 | 84,211 | 74,527 |
Segment assets | 4,183,894 | 3,571,437 | 3,174,505 |
Long-lived assets | 28,911 | 29,406 | 43,878 |
Expenditures for long-lived assets | 0 | 2 | 174 |
Investment in affiliates | 400 | 631 | 702 |
Operating Segment | Overseas Business | |||
Segment Reporting Information [Line Items] | |||
Revenues | 486,328 | 490,730 | 479,619 |
Finance revenues | 126,352 | 111,634 | 98,426 |
Interest expense | 68,010 | 62,821 | 51,536 |
Depreciation and amortization | 71,408 | 73,123 | 70,109 |
Other significant non-cash items: | |||
Provision for doubtful receivables and probable loan losses | 11,002 | 9,564 | 5,783 |
Write-downs of long-lived assets | 623 | 110 | 1,250 |
Increase (Decrease) in policy liabilities and policy account balances | 0 | 0 | 0 |
Equity in net income (loss) of affiliates and gains (losses) on sales of subsidiaries and affiliates and liquidation losses, net | 77,029 | 32,840 | 11,749 |
Segment profits | 156,433 | 125,444 | 106,622 |
Segment assets | 3,287,445 | 3,138,928 | 2,608,819 |
Long-lived assets | 470,720 | 524,662 | 507,715 |
Expenditures for long-lived assets | 253,226 | 308,808 | 286,730 |
Investment in affiliates | ¥ 560,162 | ¥ 556,682 | ¥ 314,569 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Segment Totals to Consolidated Financial Statement Amounts) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Segment revenues: | ||||
Revenues | ¥ 2,280,329 | ¥ 2,434,864 | ¥ 2,862,771 | |
Segment profits: | ||||
Total segment profits | 269,681 | 329,438 | 336,195 | |
Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests | (384) | (404) | (452) | |
Income before Income Taxes | 412,561 | 395,730 | 435,501 | |
Segment assets: | ||||
Allowance for doubtful receivables on finance leases and probable loan losses | (56,836) | (58,011) | (54,672) | ¥ (59,227) |
Trade Notes, Accounts and Other Receivable | 312,744 | 280,590 | ||
Other corporate assets | 1,495,472 | 1,462,104 | ||
Assets | 13,067,528 | 12,174,917 | 11,425,982 | |
Operating Segment | ||||
Segment revenues: | ||||
Revenues | 2,292,360 | 2,447,272 | 2,873,343 | |
Segment profits: | ||||
Total segment profits | 417,727 | 401,395 | 429,078 | |
Segment assets: | ||||
Assets | 10,905,998 | 9,997,698 | 9,098,918 | |
Corporate, Non-Segment | ||||
Segment revenues: | ||||
Revenues | 8,559 | 8,655 | 8,531 | |
Segment profits: | ||||
Corporate losses | (10,395) | (10,012) | (4,329) | |
Net income attributable to the noncontrolling interests and net income attributable to the redeemable noncontrolling interests | 5,229 | 4,347 | 10,752 | |
Segment assets: | ||||
Cash and cash equivalents, restricted cash | 1,135,284 | 1,283,580 | 1,405,117 | |
Allowance for doubtful receivables on finance leases and probable loan losses | (56,836) | (58,011) | (54,672) | |
Trade Notes, Accounts and Other Receivable | 312,744 | 280,590 | 294,773 | |
Other corporate assets | 770,338 | 671,060 | 681,846 | |
Intersegment Eliminations | ||||
Segment revenues: | ||||
Revenues | ¥ (20,590) | ¥ (21,063) | ¥ (19,103) |
Segment Information (Geographic
Segment Information (Geographical Revenues and Income before Income Taxes) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | ||
Segment Reporting Information [Line Items] | ||||
Total Revenues | ¥ 2,280,329 | ¥ 2,434,864 | ¥ 2,862,771 | |
Income before Income Taxes | 412,561 | 395,730 | 435,501 | |
Japan | Reportable Geographical Components | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | 1,792,790 | 1,948,868 | 2,377,729 | |
Income before Income Taxes | 260,323 | 274,431 | 320,511 | |
The Americas | Reportable Geographical Components | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | [1] | 201,578 | 205,233 | 208,264 |
Income before Income Taxes | [1] | 74,086 | 70,935 | 74,105 |
Other Countries | Reportable Geographical Components | ||||
Segment Reporting Information [Line Items] | ||||
Total Revenues | [2] | 285,961 | 280,763 | 276,778 |
Income before Income Taxes | [2] | ¥ 78,152 | ¥ 50,364 | ¥ 40,885 |
[1] | Mainly the United States | |||
[2] | Mainly Asia, Europe, Australasia and Middle East |
Segment Information - Additiona
Segment Information - Additional Information (Detail) ¥ in Millions | 12 Months Ended |
Mar. 31, 2018JPY (¥) | |
Corporate Financial Services | |
Segment Reporting Information [Line Items] | |
Revenues | ¥ 3 |
Investment Banking | |
Segment Reporting Information [Line Items] | |
Revenues | ¥ 320,446 |
Segment Information (Disaggrega
Segment Information (Disaggregation of Revenues for Revenues From Contracts With Customers, by Goods and Services Category and Geographical Location) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | ||
Segment Reporting Information [Line Items] | ||||
Segment revenues /Total revenues | ¥ 2,280,329 | ¥ 2,434,864 | ¥ 2,862,771 | |
Sales of Goods | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 287,558 | 462,029 | ||
Real Estate Sales | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 118,953 | 134,136 | ||
Asset Management and Servicing | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 181,851 | 191,820 | ||
Automobile related services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 77,987 | 78,723 | ||
Facilities operation | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 69,297 | 104,005 | ||
Environment and energy services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 141,532 | 132,243 | ||
Real estate management and brokerage | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 104,110 | 103,062 | ||
Real estate contract work | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 88,966 | 82,217 | ||
Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 104,059 | 107,341 | ||
Sales of Goods and Real Estate and Service [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 1,174,313 | 1,395,576 | ||
Segment revenues /Total revenues | 1,182,523 | 1,414,959 | ||
Other Revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | [1] | 1,106,016 | 1,039,288 | |
Japan | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 964,641 | 1,169,792 | ||
The Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 99,979 | 114,614 | ||
Other Countries | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 109,693 | 111,170 | ||
Operating Segment | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenues /Total revenues | 2,292,360 | 2,447,272 | 2,873,343 | |
Operating Segment | Sales of Goods | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 286,199 | 460,676 | ||
Operating Segment | Real Estate Sales | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 118,953 | 134,136 | ||
Operating Segment | Asset Management and Servicing | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 181,951 | 191,927 | ||
Operating Segment | Automobile related services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 78,374 | 79,082 | ||
Operating Segment | Facilities operation | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 69,297 | 104,006 | ||
Operating Segment | Environment and energy services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 142,254 | 133,173 | ||
Operating Segment | Real estate management and brokerage | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 106,234 | 105,278 | ||
Operating Segment | Real estate contract work | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 89,522 | 83,182 | ||
Operating Segment | Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 107,293 | 112,697 | ||
Operating Segment | Sales of Goods and Real Estate and Service [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 1,180,077 | 1,404,157 | ||
Operating Segment | Other Revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | [1] | 1,112,283 | 1,043,115 | |
Operating Segment | Corporate Financial Services | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenues /Total revenues | 97,007 | 95,212 | 115,837 | |
Operating Segment | Corporate Financial Services | Sales of Goods | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 5,707 | 4,379 | ||
Operating Segment | Corporate Financial Services | Real Estate Sales | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | Corporate Financial Services | Asset Management and Servicing | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | Corporate Financial Services | Automobile related services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 488 | 486 | ||
Operating Segment | Corporate Financial Services | Facilities operation | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | Corporate Financial Services | Environment and energy services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 2,911 | 2,815 | ||
Operating Segment | Corporate Financial Services | Real estate management and brokerage | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | Corporate Financial Services | Real estate contract work | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | Corporate Financial Services | Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 36,340 | 35,958 | ||
Operating Segment | Corporate Financial Services | Sales of Goods and Real Estate and Service [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 45,446 | 43,638 | ||
Operating Segment | Corporate Financial Services | Other Revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | [1] | 51,561 | 51,574 | |
Operating Segment | Maintenance Leasing | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenues /Total revenues | 336,438 | 288,211 | 275,933 | |
Operating Segment | Maintenance Leasing | Sales of Goods | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 5,829 | 5,392 | ||
Operating Segment | Maintenance Leasing | Real Estate Sales | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | Maintenance Leasing | Asset Management and Servicing | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | Maintenance Leasing | Automobile related services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 60,704 | 61,398 | ||
Operating Segment | Maintenance Leasing | Facilities operation | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | Maintenance Leasing | Environment and energy services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | Maintenance Leasing | Real estate management and brokerage | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | Maintenance Leasing | Real estate contract work | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | Maintenance Leasing | Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 10,630 | 9,153 | ||
Operating Segment | Maintenance Leasing | Sales of Goods and Real Estate and Service [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 77,163 | 75,943 | ||
Operating Segment | Maintenance Leasing | Other Revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | [1] | 259,275 | 212,268 | |
Operating Segment | Real Estate | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenues /Total revenues | 466,639 | 529,064 | 489,752 | |
Operating Segment | Real Estate | Sales of Goods | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 4,261 | 8,063 | ||
Operating Segment | Real Estate | Real Estate Sales | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 117,969 | 133,426 | ||
Operating Segment | Real Estate | Asset Management and Servicing | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 7,453 | 5,523 | ||
Operating Segment | Real Estate | Automobile related services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | Real Estate | Facilities operation | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 68,934 | 100,940 | ||
Operating Segment | Real Estate | Environment and energy services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 188 | ||
Operating Segment | Real Estate | Real estate management and brokerage | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 106,234 | 105,278 | ||
Operating Segment | Real Estate | Real estate contract work | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 89,522 | 83,182 | ||
Operating Segment | Real Estate | Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 3,921 | 4,513 | ||
Operating Segment | Real Estate | Sales of Goods and Real Estate and Service [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 398,294 | 441,113 | ||
Operating Segment | Real Estate | Other Revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | [1] | 68,345 | 87,951 | |
Operating Segment | Investment and Operation | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenues /Total revenues | 451,197 | 615,151 | 1,083,505 | |
Operating Segment | Investment and Operation | Sales of Goods | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 266,271 | 436,044 | ||
Operating Segment | Investment and Operation | Real Estate Sales | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | Investment and Operation | Asset Management and Servicing | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 383 | 454 | ||
Operating Segment | Investment and Operation | Automobile related services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 232 | 204 | ||
Operating Segment | Investment and Operation | Facilities operation | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | Investment and Operation | Environment and energy services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 138,380 | 129,166 | ||
Operating Segment | Investment and Operation | Real estate management and brokerage | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | Investment and Operation | Real estate contract work | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | Investment and Operation | Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 34,942 | 39,081 | ||
Operating Segment | Investment and Operation | Sales of Goods and Real Estate and Service [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 440,208 | 604,949 | ||
Operating Segment | Investment and Operation | Other Revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | [1] | 10,989 | 10,202 | |
Operating Segment | Retail | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenues /Total revenues | 454,751 | 428,904 | 428,697 | |
Operating Segment | Retail | Sales of Goods | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | Retail | Real Estate Sales | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | Retail | Asset Management and Servicing | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 167 | 163 | ||
Operating Segment | Retail | Automobile related services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | Retail | Facilities operation | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | Retail | Environment and energy services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | Retail | Real estate management and brokerage | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | Retail | Real estate contract work | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | Retail | Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 4,147 | 3,448 | ||
Operating Segment | Retail | Sales of Goods and Real Estate and Service [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 4,314 | 3,611 | ||
Operating Segment | Retail | Other Revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | [1] | 450,437 | 425,293 | |
Operating Segment | Overseas Business | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenues /Total revenues | 486,328 | 490,730 | ¥ 479,619 | |
Operating Segment | Overseas Business | Sales of Goods | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 4,131 | 6,798 | ||
Operating Segment | Overseas Business | Real Estate Sales | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 984 | 710 | ||
Operating Segment | Overseas Business | Asset Management and Servicing | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 173,948 | 185,787 | ||
Operating Segment | Overseas Business | Automobile related services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 16,950 | 16,994 | ||
Operating Segment | Overseas Business | Facilities operation | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 363 | 3,066 | ||
Operating Segment | Overseas Business | Environment and energy services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 963 | 1,004 | ||
Operating Segment | Overseas Business | Real estate management and brokerage | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | Overseas Business | Real estate contract work | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | Overseas Business | Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 17,313 | 20,544 | ||
Operating Segment | Overseas Business | Sales of Goods and Real Estate and Service [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 214,652 | 234,903 | ||
Operating Segment | Overseas Business | Other Revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | [1] | 271,676 | 255,827 | |
Operating Segment | Japan | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 966,720 | 1,174,678 | ||
Operating Segment | Japan | Corporate Financial Services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 45,446 | 43,638 | ||
Operating Segment | Japan | Maintenance Leasing | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 76,462 | 75,610 | ||
Operating Segment | Japan | Real Estate | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 398,294 | 441,113 | ||
Operating Segment | Japan | Investment and Operation | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 436,500 | 603,957 | ||
Operating Segment | Japan | Retail | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 4,314 | 3,611 | ||
Operating Segment | Japan | Overseas Business | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 5,704 | 6,749 | ||
Operating Segment | The Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 99,979 | 114,614 | ||
Operating Segment | The Americas | Corporate Financial Services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | The Americas | Maintenance Leasing | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | The Americas | Real Estate | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | The Americas | Investment and Operation | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | The Americas | Retail | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | The Americas | Overseas Business | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 99,979 | 114,614 | ||
Operating Segment | Other Countries | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 113,378 | 114,865 | ||
Operating Segment | Other Countries | Corporate Financial Services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | Other Countries | Maintenance Leasing | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 701 | 333 | ||
Operating Segment | Other Countries | Real Estate | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | Other Countries | Investment and Operation | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 3,708 | 992 | ||
Operating Segment | Other Countries | Retail | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Operating Segment | Other Countries | Overseas Business | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 108,969 | 113,540 | ||
Corporate And Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Segment revenues /Total revenues | (12,031) | (12,408) | ||
Corporate And Intersegment Eliminations [Member] | Sales of Goods | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 1,359 | 1,353 | ||
Corporate And Intersegment Eliminations [Member] | Real Estate Sales | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Corporate And Intersegment Eliminations [Member] | Asset Management and Servicing | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | (100) | (107) | ||
Corporate And Intersegment Eliminations [Member] | Automobile related services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | (387) | (359) | ||
Corporate And Intersegment Eliminations [Member] | Facilities operation | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | (1) | ||
Corporate And Intersegment Eliminations [Member] | Environment and energy services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | (722) | (930) | ||
Corporate And Intersegment Eliminations [Member] | Real estate management and brokerage | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | (2,124) | (2,216) | ||
Corporate And Intersegment Eliminations [Member] | Real estate contract work | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | (556) | (965) | ||
Corporate And Intersegment Eliminations [Member] | Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | (3,234) | (5,356) | ||
Corporate And Intersegment Eliminations [Member] | Sales of Goods and Real Estate and Service [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | (5,764) | (8,581) | ||
Corporate And Intersegment Eliminations [Member] | Other Revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | [1] | (6,267) | (3,827) | |
Corporate And Intersegment Eliminations [Member] | Japan | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | (2,079) | (4,886) | ||
Corporate And Intersegment Eliminations [Member] | The Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | 0 | 0 | ||
Corporate And Intersegment Eliminations [Member] | Other Countries | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from contracts with customers | ¥ (3,685) | ¥ (3,695) | ||
[1] | Other revenues include revenues that are not in the scope of revenue from contracts with customers, such as life insurance premiums and related investment income, operating leases, finance revenues that include interest income, and others. |
Subsequent Events (Detail)
Subsequent Events (Detail) - Common Stock - Subsequent Event [Member] - JPY (¥) | May 29, 2020 | May 08, 2020 | May 08, 2020 |
Subsequent Event [Line Items] | |||
Number of shares repurchased | 8,224,900 | 34,061,300 | |
Value of shares repurchased | ¥ 10,088,218,300 | ¥ 55,807,590,700 | |
Repurchased period description | April 1, 2020 – May 8, 2020 | November 1, 2019 – May 8, 2020 | |
Number of shares cancelled | 10,674,148 | ||
Share Cancellation Date | May 29, 2020 |
Schedule II.-Valuation and Qu_2
Schedule II.-Valuation and Qualifying Accounts and Reserves (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | ||
Restructuring cost | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of period | ¥ 2,049 | ¥ 2,151 | ¥ 144 | |
Acquisitions | 0 | 0 | 0 | |
Addition: Charged to costs and expenses | 73 | 2,159 | ||
Deduction | (1,365) | (3) | (182) | |
Translation adjustment | (67) | (99) | 30 | |
Balance at end of period | 690 | 2,049 | 2,151 | |
Restructuring cost | Severance and other benefits to terminated employees | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of period | 2,049 | 2,151 | 144 | |
Acquisitions | 0 | 0 | 0 | |
Addition: Charged to costs and expenses | 73 | 0 | 2,159 | |
Deduction | (1,365) | (3) | (182) | |
Translation adjustment | (67) | (99) | 30 | |
Balance at end of period | 690 | 2,049 | 2,151 | |
Valuation Allowance of Deferred Tax Assets | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of period | 13,156 | 14,676 | 43,487 | |
Acquisitions | 522 | 0 | 0 | |
Addition: Charged to costs and expenses | 3,401 | 2,376 | 1,451 | |
Deduction | [1] | (1,677) | (3,717) | (30,295) |
Other | [2] | (33) | (179) | 33 |
Balance at end of period | ¥ 15,369 | ¥ 13,156 | ¥ 14,676 | |
[1] | The amount of deduction includes benefits recognized in earnings, expiration of loss carryforwards and sales of subsidiaries. The amounts of benefits recognized in earnings were ¥8,303 million in fiscal 2018, ¥2,648 million in fiscal 2019 and ¥890 million in fiscal 2020. | |||
[2] | The amount of other includes translation adjustment and the effect of changes in statutory tax rate. |
Schedule II.-Valuation and Qu_3
Schedule II.-Valuation and Qualifying Accounts and Reserves (Parenthetical) (Detail) - JPY (¥) ¥ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||
Decrease in total valuation allowance recognized in earnings | ¥ 890 | ¥ 2,648 | ¥ 8,303 |